Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Feb. 15, 2023 | Jun. 30, 2022 | |
Document Information [Line Items] | |||
Entity Central Index Key | 0000861842 | ||
Entity Registrant Name | Cathay General Bancorp | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2022 | ||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2022 | ||
Document Transition Report | false | ||
Entity File Number | 001-31830 | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 95-4274680 | ||
Entity Address, Address Line One | 777 North Broadway | ||
Entity Address, City or Town | Los Angeles | ||
Entity Address, State or Province | CA | ||
Entity Address, Postal Zip Code | 90012 | ||
City Area Code | 213 | ||
Local Phone Number | 625-4700 | ||
Title of 12(b) Security | Common Stock, $0.01 par value | ||
Trading Symbol | CATY | ||
Security Exchange Name | NASDAQ | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Entity Public Float | $ 2,768,182,154 | ||
Entity Common Stock, Shares Outstanding | 72,556,149 | ||
Auditor Name | KPMG LLP | ||
Auditor Firm ID | 185 | ||
Auditor Location | Los Angeles, California |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Assets | ||
Cash and due from banks | $ 195,440 | $ 134,141 |
Short-term investments and interest-bearing deposits | 966,962 | 2,315,563 |
Securities available-for-sale (amortized cost of $1,622,173 in 2022 and $1,126,867 in 2021) | 1,473,348 | 1,127,309 |
Loans | 18,254,024 | 16,342,479 |
Less: Allowance for loan losses | (146,485) | (136,157) |
Unamortized deferred loan fees, net | (6,641) | (4,321) |
Loans, net | 18,100,898 | 16,202,001 |
Equity securities | 22,158 | 22,319 |
Federal Home Loan Bank stock | 17,250 | 17,250 |
Other real estate owned, net | 4,067 | 4,368 |
Affordable housing investments and alternative energy partnerships, net | 327,128 | 299,211 |
Premises and equipment, net | 94,776 | 99,402 |
Customers’ liability on acceptances | 2,372 | 8,112 |
Accrued interest receivable | 82,428 | 56,994 |
Goodwill | 375,696 | 372,189 |
Other intangible assets, net | 5,757 | 4,627 |
Right-of-use assets- operating leases | 29,627 | 27,834 |
Other assets | 250,069 | 195,403 |
Total assets | 21,947,976 | 20,886,723 |
Deposits: | ||
Non-interest-bearing demand deposits | 4,168,989 | 4,492,054 |
Interest-bearing deposits: | ||
NOW deposits | 2,509,736 | 2,522,442 |
Money market deposits | 3,812,724 | 4,611,579 |
Savings deposits | 1,000,460 | 915,515 |
Time deposits | 7,013,370 | 5,517,252 |
Total deposits | 18,505,279 | 18,058,842 |
Advances from the Federal Home Loan Bank | 485,000 | 20,000 |
Other borrowings for affordable housing investments | 22,600 | 23,145 |
Long-term debt | 119,136 | 119,136 |
Acceptances outstanding | 2,372 | 8,112 |
Lease liabilities - operating leases | 32,518 | 30,694 |
Other liabilities | 307,031 | 180,543 |
Total liabilities | 19,473,936 | 18,440,472 |
Commitments and contingencies | ||
Stockholders’ Equity | ||
Common stock, $0.01 par value, 100,000,000 shares authorized, 91,090,614 issued and 72,742,151 outstanding at December 31, 2022, and 90,871,860 issued and 75,750,862 outstanding at December 31, 2021 | 911 | 909 |
Additional paid-in-capital | 981,119 | 972,474 |
Accumulated other comprehensive income/(loss), net | (102,295) | (3,065) |
Retained earnings | 2,244,856 | 1,985,168 |
Treasury stock, at cost (18,348,463 shares at December 31, 2022, and 15,120,998 shares at December 31, 2021) | (650,551) | (509,235) |
Total equity | 2,474,040 | 2,446,251 |
Total liabilities and equity | $ 21,947,976 | $ 20,886,723 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Securities available-for-sale, amortized cost | $ 1,622,173 | $ 1,126,867 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 100,000,000 | 100,000,000 |
Common stock, shares issued (in shares) | 91,090,614 | 90,871,860 |
Common stock, shares outstanding (in shares) | 72,742,151 | 75,750,862 |
Treasury stock shares (in shares) | 18,348,463 | 15,120,998 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Interest and Dividend Income | |||
Loan receivable | $ 801,981 | $ 649,224 | $ 677,193 |
Investment securities | 28,240 | 14,151 | 20,599 |
Federal Home Loan Bank stock | 1,103 | 991 | 952 |
Deposits with banks | 19,957 | 2,145 | 1,830 |
Total interest and dividend income | 851,281 | 666,511 | 700,574 |
Interest Expense | |||
Time deposits | 56,354 | 40,542 | 111,629 |
Other deposits | 48,942 | 21,259 | 25,396 |
Advances from the Federal Home Loan Bank | 5,880 | 1,182 | 5,299 |
Long-term debt | 5,546 | 5,773 | 5,791 |
Deferred payments from acquisition | 0 | 0 | 115 |
Short-term borrowings | 862 | 0 | 234 |
Total interest expense | 117,584 | 68,756 | 148,464 |
Net interest income before provision/(reversal) for credit losses | 733,697 | 597,755 | 552,110 |
Provision/(reversal) for credit losses | (14,543) | 16,008 | (57,500) |
Net interest income after provision/(reversal) for credit losses | 719,154 | 613,763 | 494,610 |
Non-Interest Income | |||
Net gains/(losses) from equity securities | 392 | (1,426) | (1,148) |
Securities gains, net | 0 | 853 | 1,695 |
Letters of credit commissions | 6,351 | 7,103 | 6,741 |
Other operating income | 27,112 | 27,433 | 20,054 |
Total non-interest income | 56,814 | 54,603 | 42,820 |
Non-Interest Expense | |||
Salaries and employee benefits | 142,546 | 132,795 | 124,022 |
Occupancy expense | 22,808 | 20,318 | 20,634 |
Computer and equipment expense | 13,603 | 13,549 | 11,133 |
Professional services expense | 28,237 | 23,666 | 21,856 |
Data processing service expense | 13,181 | 13,607 | 14,897 |
FDIC and State assessments | 8,037 | 7,132 | 8,999 |
Marketing expense | 6,863 | 6,913 | 5,224 |
Other real estate owned expense/(income) | 127 | 343 | (3,091) |
Amortization of investments in low income housing and alternative energy partnerships | 42,065 | 45,447 | 58,225 |
Amortization of core deposit premium | 1,892 | 687 | 687 |
Cost associated with debt redemption | 0 | 732 | 693 |
Acquisition, integration and reorganization costs | 4,127 | 1,425 | 0 |
Other operating expense | 19,946 | 19,909 | 20,186 |
Total non-interest expense | 303,432 | 286,523 | 283,465 |
Income before income tax expense | 472,536 | 381,843 | 253,965 |
Income tax expense | 111,894 | 83,539 | 25,105 |
Net income | 360,642 | 298,304 | 228,860 |
Other Comprehensive Income/(Loss), Net of Tax: | |||
Net holding (losses)/gains on securities available-for-sale | (105,043) | (11,989) | 6,486 |
Loss, net of taxes (1) | 5,813 | 3,614 | (3,478) |
Total other comprehensive income/(loss), net of tax | (99,230) | (8,375) | 3,008 |
Total comprehensive income/(loss) | $ 261,412 | $ 289,929 | $ 231,868 |
Net Income Per Common Share | |||
Basic (in dollars per share) | $ 4.85 | $ 3.81 | $ 2.88 |
Diluted (in dollars per share) | 4.83 | 3.80 | 2.87 |
Common Stock, Dividends, Per Share, Cash Paid (in dollars per share) | $ 1.36 | $ 1.27 | $ 1.24 |
Average Common Shares Outstanding: | |||
Basic (in shares) | 74,337,265 | 78,268,369 | 79,584,560 |
Diluted (in shares) | 74,664,735 | 78,570,638 | 79,777,847 |
Deposit Account [Member] | |||
Non-Interest Income | |||
Non-Interest Income | $ 6,523 | $ 5,584 | $ 4,949 |
Asset Management [Member] | |||
Non-Interest Income | |||
Non-Interest Income | $ 16,436 | $ 15,056 | $ 10,529 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands | Cumulative Effect, Period of Adoption, Adjustment [Member] Common Stock Outstanding [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] Additional Paid-in Capital [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] AOCI Attributable to Parent [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] Retained Earnings [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] Treasury Stock [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Common Stock Outstanding [Member] | Additional Paid-in Capital [Member] | AOCI Attributable to Parent [Member] | Retained Earnings [Member] | Treasury Stock [Member] | Total | |
Balance (in shares) at Dec. 31, 2019 | 79,729,419 | ||||||||||||
Beginning balance, loss, net of tax at Dec. 31, 2019 | $ 900 | $ 950,466 | $ 2,302 | $ 1,659,153 | $ (318,538) | $ 2,294,283 | |||||||
Dividend Reinvestment Plan (in shares) | 358,157 | 358,157 | |||||||||||
Dividend Reinvestment Plan | $ 4 | 9,773 | 0 | 0 | 0 | $ 9,777 | |||||||
Restricted stock units vested (in shares) | 189,557 | ||||||||||||
Restricted stock units vested | $ 2 | 0 | 0 | 0 | 0 | 2 | |||||||
Shares withheld related to net share settlement of RSUs | $ 0 | (1,911) | 0 | 0 | 0 | (1,911) | |||||||
Stock issued to directors (in shares) | 31,110 | ||||||||||||
Stock issued to directors | $ 0 | 800 | 0 | 0 | 0 | 800 | |||||||
Purchases of treasury stock (in shares) | (799,978) | ||||||||||||
Purchases of treasury stock | $ 0 | 0 | 0 | 0 | (23,593) | (23,593) | |||||||
Stock -based compensation | 0 | 5,606 | 0 | 0 | 0 | 5,606 | |||||||
Cash dividends | 0 | 0 | 0 | (98,688) | 0 | (98,688) | |||||||
Other comprehensive income/(loss) | 0 | 0 | 3,008 | 0 | 0 | 3,008 | |||||||
Net income | $ 0 | 0 | 0 | 228,860 | 0 | 228,860 | |||||||
Balance (in shares) at Dec. 31, 2020 | 79,508,265 | ||||||||||||
Ending balance, loss, net of tax (Accounting Standards Update 2016-13 [Member]) at Dec. 31, 2020 | [1] | $ 0 | $ 0 | $ 0 | $ (3,139) | $ 0 | $ (3,139) | ||||||
Ending balance, loss, net of tax at Dec. 31, 2020 | $ 906 | 964,734 | 5,310 | 1,789,325 | (342,131) | $ 2,418,144 | |||||||
Dividend Reinvestment Plan (in shares) | 84,011 | 84,011 | |||||||||||
Dividend Reinvestment Plan | $ 1 | 3,562 | 0 | 0 | 0 | $ 3,563 | |||||||
Restricted stock units vested (in shares) | 123,893 | ||||||||||||
Restricted stock units vested | $ 2 | 0 | 0 | 0 | 0 | 2 | |||||||
Shares withheld related to net share settlement of RSUs | $ 0 | (2,632) | 0 | 0 | 0 | (2,632) | |||||||
Stock issued to directors (in shares) | 20,750 | ||||||||||||
Stock issued to directors | $ 0 | 850 | 0 | 0 | 0 | 850 | |||||||
Purchases of treasury stock (in shares) | (3,986,057) | ||||||||||||
Purchases of treasury stock | $ 0 | 0 | 0 | 0 | (167,104) | (167,104) | |||||||
Stock -based compensation | 0 | 5,960 | 0 | 0 | 0 | 5,960 | |||||||
Cash dividends | 0 | 0 | 0 | (99,322) | 0 | (99,322) | |||||||
Other comprehensive income/(loss) | 0 | 0 | (8,375) | 0 | 0 | (8,375) | |||||||
Net income | $ 0 | 0 | 0 | 298,304 | 0 | 298,304 | |||||||
Balance (in shares) at Dec. 31, 2021 | 75,750,862 | ||||||||||||
Ending balance, loss, net of tax at Dec. 31, 2021 | $ 909 | 972,474 | (3,065) | 1,985,168 | (509,235) | $ 2,446,251 | |||||||
Dividend Reinvestment Plan (in shares) | 86,501 | 86,501 | |||||||||||
Dividend Reinvestment Plan | $ 1 | 3,718 | 0 | 0 | 0 | $ 3,719 | |||||||
Restricted stock units vested (in shares) | 112,473 | ||||||||||||
Restricted stock units vested | $ 1 | 0 | 0 | 0 | 0 | 1 | |||||||
Shares withheld related to net share settlement of RSUs | $ 0 | (2,905) | 0 | 0 | 0 | (2,905) | |||||||
Stock issued to directors (in shares) | 19,780 | ||||||||||||
Stock issued to directors | $ 0 | 849 | 0 | 0 | 0 | $ 849 | |||||||
Purchases of treasury stock (in shares) | (3,227,465) | (3,227,465) | |||||||||||
Purchases of treasury stock | $ 0 | 0 | 0 | 0 | (141,315) | $ (141,315) | |||||||
Stock -based compensation | 0 | 6,983 | 0 | 0 | 0 | 6,983 | |||||||
Cash dividends | 0 | 0 | 0 | (100,955) | 0 | (100,955) | |||||||
Other comprehensive income/(loss) | 0 | 0 | (99,230) | 0 | 0 | (99,230) | |||||||
Net income | $ 0 | 0 | 0 | 360,642 | 0 | 360,642 | |||||||
Balance (in shares) at Dec. 31, 2022 | 72,742,151 | ||||||||||||
Ending balance, loss, net of tax at Dec. 31, 2022 | $ 911 | $ 981,119 | $ (102,295) | $ 2,244,855 | $ (650,550) | $ 2,474,040 | |||||||
[1]Represents the impact of the adoption of Accounting Standards Update ASU 2016-13, Financial Instruments - Credit Losses (Topic 326) on January 1, 2021. |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Stockholders' Equity (Parentheticals) - $ / shares | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Retained Earnings [Member] | |||
Cash dividends (in dollars per share) | $ 1.36 | $ 1.27 | $ 1.24 |
Cash dividends (in dollars per share) | $ 1.36 | $ 1.27 | $ 1.24 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Cash Flows from Operating Activities | |||
Net income | $ 360,642 | $ 298,304 | $ 228,860 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Provision/(reversal) for credit losses | 14,543 | (16,008) | 57,500 |
Provision for losses on other real estate owned | 0 | 17 | 717 |
Deferred tax (benefit)/ provision | (2,088) | 9,168 | (9,486) |
Depreciation and amortization | 9,958 | 7,956 | 7,660 |
Amortization of right-of-use asset | 9,845 | 8,160 | 8,852 |
Change in operating lease liabilities | (4,629) | (2,790) | (2,389) |
Net gains on sale and transfers of other real estate owned | (6) | (57) | (4,216) |
Net gains on sale of loans | (1) | (357) | (413) |
Proceeds from sale of loans | 33 | 5,351 | 11,098 |
Originations of loans held for sale | 0 | (4,994) | (10,685) |
Loss on sales or disposal of fixed assets | 67 | 55 | 45 |
Amortization of alternative energy partnerships, venture capital and other investments | 42,065 | 45,447 | 58,131 |
Net gain on sales and calls of securities | (101) | (853) | (1,695) |
Amortization/accretion of security premiums/discount, net | 2,465 | 7,865 | 8,617 |
Unrealized loss/(gain) on equity securities | (291) | 2,036 | 1,148 |
Stock-based compensation and stock issued to officers as compensation | 7,832 | 6,810 | 6,406 |
Net change in accrued interest receivable and other assets | (80,411) | (34,196) | (21,247) |
Net change in other liabilities | 107,467 | 2,403 | (18,948) |
Net cash provided by operating activities | 467,390 | 334,317 | 319,955 |
Cash Flows from Investing Activities | |||
Purchase of investment securities available-for-sale | (711,707) | (560,140) | (434,165) |
Proceeds from repayment, maturity, and call of investment securities available-for-sale | 213,936 | 424,386 | 734,485 |
Proceeds from sale of investment securities available-for-sale | 0 | 21,102 | 117,249 |
Proceeds from sale of equity securities | 553 | 0 | 3,112 |
Purchase of Federal Home Loan Bank stock | (9,776) | 0 | (840) |
Redemption of Federal Home Loan Bank stock | 9,776 | 0 | 1,680 |
Net increase in loans | (1,272,268) | (715,862) | (583,136) |
Purchase of premises and equipment | (3,390) | (3,728) | (5,778) |
Benefits received on bank owned life insurance | 4,013 | 2,752 | 0 |
Proceeds from sales of other real estate owned | 307 | 795 | 4,308 |
Net increase in investment in affordable housing and alternative energy partnerships | (6,995) | (29,229) | (79,119) |
Acquisitions, net of cash acquired | (73,882) | 0 | 0 |
Net cash used for investing activities | (1,849,433) | (859,924) | (242,204) |
Cash Flows from Financing Activities | |||
(Decrease)/increase in deposits | (128,803) | 1,949,728 | 1,417,310 |
Advances from Federal Home Loan Bank | 465,000 | 50,000 | 1,450,000 |
Repayment of Federal Home Loan Bank borrowings | 0 | (180,000) | (1,970,000) |
Cash dividends paid | (100,955) | (99,322) | (98,688) |
Purchase of treasury stock | (141,316) | (167,104) | (23,593) |
Repayment of short-term borrowings | 0 | 0 | (25,683) |
Repayment of other borrowings | 0 | 0 | (7,663) |
Proceeds from shares issued under Dividend Reinvestment Plan | 3,720 | 3,563 | 9,777 |
Taxes paid related to net share settlement of RSUs | (2,905) | (2,632) | (1,911) |
Net cash provided by financing activities | 94,741 | 1,554,233 | 749,549 |
(Decrease)/Increase in cash, cash equivalents, and restricted cash | (1,287,302) | 1,028,626 | 827,300 |
Cash, cash equivalents, and restricted cash, beginning of the year | 2,449,704 | 1,421,078 | 593,778 |
Cash, cash equivalents, and restricted cash, end of the period | 1,162,402 | 2,449,704 | 1,421,078 |
Supplemental Cash Flow Information | |||
Interest | 105,521 | 75,486 | 162,434 |
Income taxes | 96,881 | 92,691 | 45,371 |
Non-cash investing and financing activities: | |||
Net change in unrealized holding (loss)/gain on securities available-for-sale, net of tax | (105,042) | (11,989) | 6,486 |
Net change in unrealized holding gain/(loss) on cash flow hedge derivatives | 5,813 | 3,614 | (3,478) |
Transfers to other real estate owned from loans held for investment | 0 | 205 | 0 |
Loans transferred from held-for investment to loans held for sale | $ 32 | $ 0 | $ 0 |
Note 1 - Summary of Significant
Note 1 - Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 1. Summary of Significant Accounting Policies The accompanying Consolidated Financial Statements include the accounts of Cathay General Bancorp (the “Bancorp”), a Delaware corporation, its wholly-owned subsidiaries, Cathay Bank (the “Bank”), a California state-chartered bank, ten Organization and Background The Bancorp’s primary business is to act as the holding company for the Bank. The Bank is a commercial bank, servicing primarily the individuals, professionals, and small to medium-sized businesses in the local markets in which its branches are located. Its operations include the acceptance of checking, savings, and time deposits, and the making of commercial, real estate, and consumer loans. The Bank also offers trade financing, letters of credit, wire transfer, foreign currency spot and forward contracts, Internet banking, investment services, and other customary banking services to its clients. The Bank owns 100% of the common securities of Cathay Holdings LLC. Use of Estimates. Concentrations. December 31, 2022, December 31, 2022, Securities Available for Sale. January 1, 2021, 2016 13, 1 2 not Interest income includes amortization of premiums and discounts as an adjustment of yield on a level-yield basis. Premiums on callable debt securities are amortized to their earliest call date. Gains and losses on sales are recorded on the trade date and determined using the specific identification method. A debt security is placed on nonaccrual status at the time any principal or interest payments become delinquent by 90 not No Allowance for Credit Losses on Available for Sale Securities. first not not not Changes in the allowance for credit losses are recorded as provision for credit loss expense. Losses are charged against the allowance when management believes the uncollectability of an available-for-sale security is confirmed or when either of the criteria regarding intent or requirement to sell is met. The amortized cost of the Company’s AFS debt securities exclude accrued interest, which is included in “accrued interest receivable” on the Consolidated Balance Sheets. The Company has made an accounting policy election not Trading securities Investment in Federal Home Loan Bank ( FHLB ) Stock. December 31, 2022, 2021. December 31, 2022, Loans Held for Investment. 360 Generally, loans are placed on nonaccrual status when they become 90 not not not Loans held for sale Allowance for Credit Losses ( ACL ) on Loans Held for Investment. 2016 13, Financial Instruments Credit Losses (Topic 326 January 1, 2021 The ACL on loans held for investment is the combination of the allowance for loan losses and the reserve for unfunded loan commitments. The allowance for loan losses is reported as a reduction of the amortized cost basis of loans, while the reserve for unfunded loan commitments is included within "other liabilities" on the Consolidated Balance Sheets. The amortized cost basis of loans does not Under the Company’s CECL approach, management estimates the ACL using relevant available information from internal and external sources, relating to past events, GDP, unemployment rates, CRE and home price indexes, and reasonable and supportable economic forecasts that vary by loan portfolio. We use economic forecasts from Moody’s Analytics in this process. The economic forecast is updated monthly; therefore, the one one not one Under the CECL methodology, quantitative and qualitative loss factors are applied to our population of loans on a collective pool basis when similar risk characteristics exist. When loans do not not may one 1 2 not Under the Company’s CECL methodology, nine three six six 2007 fourth 2020. fourth 2007 fourth 2020. The Company’s CECL methodology utilizes an eight four 1 10th 3 90th four six The Company’s CECL methodology estimates expected credit losses over the contractual term of the loans, adjusted for expected prepayments when appropriate. The contractual term excludes expected extensions, renewals, and modifications unless either of the following applies: (i) management has a reasonable expectation at the reporting date that a troubled debt restructuring will be executed with an individual borrower or (ii) the extension or renewal options are included in the original or modified contract at the reporting date and are not The simplified approach portfolios include Small Business Administration (“SBA”) loans, Home Equity Lines of Credit (“HELOCs”) and cash-secured loans, which are not three first eight four Under the Company’s CECL methodology, the qualitative portion of the reserve on pooled loans represents management’s judgment of additional considerations to account for internal and external risk factors that are not may not The Company’s CECL methodology requires a significant amount of management judgment in determining the appropriate allowance for credit losses. Several of the steps in the methodology involve judgment and are subjective in nature including, among other things: segmenting the loan portfolio; determining the period over which loss history to consider; selecting predictive econometric regression models that use appropriate macroeconomic variables; determining the methodology to forecast prepayments; selecting the most appropriate economic forecast scenario; determining the length of the R&S forecast and reversion periods; estimating expected utilization rates on unfunded loan commitments; and assessing relevant and appropriate qualitative factors. In addition, the CECL methodology is dependent on economic forecasts that are inherently imprecise and will change from period to period. Although the allowance for credit losses is considered by management to be appropriate, there can be no Management believes the allowance for credit losses is appropriate for the CECL in our loan portfolio and associated unfunded commitments, and the risk ratings and inherent loss rates currently assigned are reasonable and appropriate as of the reporting date. Individually Evaluated Loans not no may one 90 Prior to January 1, 2021, • Specific allowance: For impaired loans, we provide specific allowances for loans that are not may • General allowance: The unclassified portfolio is segmented on a group basis. Segmentation is determined by loan types and common risk characteristics. The non-impaired loans are grouped into 19 two ten one one one one one one one fourth 2016, five eight first 2009 forty-eight fourth 2020. five Troubled Debt Restructured Loan ( TDR ). may six The allowance for credit loss on a TDR is measured using the same method as all other loans held for investment, except when the value of a concession cannot be measured using a method other than the discounted cash flow method. When the value of a concession is measured using the discounted cash flow method, the allowance for credit loss is determined by discounting the expected future cash flows at the original interest rate of the loan. The Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) as extended by the Consolidated Appropriation Act, 2021 19 not March 1, 2020, January 1, 2022 not 30 December 31, 2019. Unfunded Loan Commitments. not 14 The Company estimates expected credit losses over the contractual period in which the Company is exposed to credit risk via a contractual obligation to extend credit, unless that obligation is unconditionally cancellable by the Company, using the same loss factors as used for the allowance for loan losses. The reserve for unfunded loan commitments uses the expected historical usage rate of the unfunded commitments during the contractual life of the commitments. The allowance for unfunded commitments is included in “other liabilities” on the Consolidated Balance Sheets. Changes in the allowance for unfunded commitments are included in the provision for loan losses. Letter of Credit Fees Other Real Estate Owned ( OREO ). Investments in Affordable Housing Partnerships and Other Tax Credit Investments. 6 December 31, 2022, ten ten Investments in Venture Capital. Premises and Equipment. Type Estimated Useful Life (years) Buildings 15 to 45 Building improvements 5 to 20 Furniture, fixtures, and equipment 3 to 25 Leasehold improvements Shorter of useful lives or the terms of the leases Improvements are capitalized and amortized to occupancy expense based on the above table. Construction in process is carried at cost and includes land acquisition cost, architectural fees, general contractor fees, capitalized interest and other costs related directly to the construction of a property. Goodwill and Other Intangible Assets. December 31 may not no December 31, 2022 2021. Other intangible assets. Bank-Owned Life Insurance. Stock-Based Compensation. Derivatives 815 not third not Foreign Exchange Forwards and Foreign Currency Option Contracts. not Income Taxes. not not Comprehensive Income/(loss). Net Income per Common Share Foreign Currency Translation. Statement of Cash Flows three Segment Reporting. one Recent Accounting Pronouncements In March 2020, No. 2020 04, 848 No. 2020 04 March 12, 2020, December 31, 2022 2022 06 December 31, 2024 no 848. December 31, 2024. January 2021, 2021 01 848 may 2020 04 2021 01 January 1, 2021. not In March 2022, 2022 01, 815 not 2022 01 one 2022 01 2022 01 January 1, 2023 2022 01 not In March 2022, 2022 02, 326 2022 02 310 40, 2022 02 326 20, 2022 02 January 1, 2023 2022 02 not In June 2022, 2022 03, 820 2022 03 not not 2022 03 2022 03 January 1, 2024 2022 03 not |
Note 2 - Business Combinations
Note 2 - Business Combinations | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | 2. Business Combinations The Company’s subsidiary bank, Cathay Bank completed the purchase of HSBC Bank USA, National Association’s West Coast mass retail market consumer banking business and retail business banking business on February 7, 2022. The assets and liabilities, both tangible and intangible, were recorded at their estimated fair values as of the February 7, 2022 one The fair value of the assets and the liabilities acquired as of February 7, 2022 Balance Sheet (In thousands) Assets: Cash and cash equivalents $ 473 Loans 641,839 Right-of-use assets - operating leases 6,453 Core deposit intangible 3,138 Other 561 Total assets $ 652,464 Liabilities assumed: Deposits $ 575,163 Lease liabilities 6,453 Total liabilities assumed $ 581,616 Net assets acquired $ 70,848 Total cash paid at closing $ 74,355 Goodwill $ 3,507 |
Note 3 - Cash, Cash Equivalents
Note 3 - Cash, Cash Equivalents and Restricted Cash | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Cash and Cash Equivalents Disclosure [Text Block] | 3. Cash, Cash Equivalents and Restricted Cash The Company manages its cash and cash equivalents based upon the Company’s operating, investment, and financing activities. Cash and cash equivalents, for the purpose of reporting cash flows, consist of cash and due from banks and short-term investments and interest-bearing deposits. Cash and due from banks include cash on hand, cash items in transit, cash due from the Federal Reserve Bank of San Francisco (“FRBSF”) and other financial institutions. Short-term investments and interest-bearing deposits include cash placed with other banks with original maturity of three The Company had average excess balance with FRBSF of $1.24 billion and $1.61 billion as of December 31, 2022 2021, December 31, 2022 December 31, 2021, December 31, 2022 December 31, 2021, December 31, 2022 December 31, 2021, |
Note 4 - Investment Securities
Note 4 - Investment Securities | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | 4. Investment Securities Investment Securities. December 31, 2022 December 31, 2021: As of December 31, 2022 Gross Gross Amortized Unrealized Unrealized Cost Gains Losses Fair Value (In thousands) Securities Available-for-Sale U.S. treasury securities $ 241,611 $ — $ 1,111 $ 240,500 U.S. government agency entities 63,347 384 121 63,610 U.S. government sponsored entities 30,000 — — 30,000 Mortgage-backed securities 993,883 194 126,983 867,094 Collateralized mortgage obligations 34,552 — 3,491 31,061 Corporate debt securities 258,780 112 17,809 241,083 Total $ 1,622,173 $ 690 $ 149,515 $ 1,473,348 As of December 31, 2021 Gross Gross Amortized Unrealized Unrealized Cost Gains Losses Fair Value (In thousands) Securities Available-for-Sale U.S. treasury securities $ — $ — $ — $ — U.S. government agency entities 86,475 1,169 135 87,509 Mortgage-backed securities 886,614 9,465 7,414 888,665 Collateralized mortgage obligations 9,547 — 430 9,117 Corporate debt securities 144,231 441 2,654 142,018 Total $ 1,126,867 $ 11,075 $ 10,633 $ 1,127,309 The amortized cost and fair value of securities available-for-sale as of December 31, 2022, may may Securities Available-for-Sale As of December 31, 2022 Amortized Cost Fair Value (In thousands) Due in one year or less $ 311,603 $ 310,050 Due after one year through five years 213,395 196,616 Due after five years through ten years 168,767 159,448 Due after ten years 928,408 807,234 Total $ 1,622,173 $ 1,473,348 Proceeds from the sale of investment securities were $0, $21.1 million and $117.2 million for the years ended December 31, 2022, 2021 2020, December 31, 2022, 2021 2020, Allowance for Credit Losses The securities that were in an unrealized loss position as of December 31, 2022, 1 The Company concluded the unrealized losses were primarily attributed to yield curve movement, together with widened liquidity spreads and credit spreads. The issuers have not, no not no December 31, 2022 2021, no December 31, 2022 2021. December 31, 2020, no The tables below show the related fair value and the gross unrealized losses of the Company’s investment portfolio, aggregated by investment category and the length of time that individual securities have been in a continuous unrealized loss position as of December 31, 2022, December 31, 2021: As of December 31, 2022 Less than 12 months 12 months or longer Total Fair Gross Unrealized Fair Gross Unrealized Fair Gross Unrealized Value Losses Value Losses Value Losses (In thousands) Securities Available-for-Sale U.S. treasury securities $ 240,500 $ 1,111 $ — $ — $ 240,500 $ 1,111 U.S. government agency entities — — 1,806 121 1,806 121 Mortgage-backed securities 394,123 33,042 452,739 93,941 846,862 126,983 Collateralized mortgage obligations 24,427 1,614 6,634 1,877 31,061 3,491 Corporate debt securities 109,995 3,256 100,977 14,553 210,972 17,809 Total $ 769,045 $ 39,023 $ 562,156 $ 110,492 $ 1,331,201 $ 149,515 As of December 31, 2021 Less than 12 months 12 months or longer Total Fair Gross Unrealized Fair Gross Unrealized Fair Gross Unrealized Value Losses Value Losses Value Losses (In thousands) Securities Available-for-Sale U.S. treasury securities $ — $ — $ — $ — $ — $ — U.S. government agency entities — — 2,337 135 2,337 135 Mortgage-backed securities 527,276 6,659 6,496 755 533,772 7,414 Collateralized mortgage obligations 8,989 417 128 13 9,117 430 Corporate debt securities 103,720 2,122 19,468 532 123,188 2,654 Total $ 639,985 $ 9,198 $ 28,429 $ 1,435 $ 668,414 $ 10,633 As of December 31, 2022 no December 31, 2021, Securities available-for-sale having a carrying value of $145.7 million and $30.5 million as of December 31, 2022, December 31, 2021, Equity securities were $22.2 million as of December 31, 2022, December 31, 2021. December 31, 2022 2021, December 31, 2020. |
Note 5 - Loans
Note 5 - Loans | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | 5. Loans Most of the Company’s business activities are with clients located in the high-density Asian-populated areas of Southern and Northern California; New York City, New York; Houston and Dallas, Texas; Seattle, Washington; Boston, Massachusetts; Chicago, Illinois; Edison, New Jersey; Rockville, Maryland; and Las Vegas, Nevada. The Company also has loan clients in Hong Kong. The Company has no The following table presents the composition of the Company’s loans as of December 31, 2022, 2021, As of December 31, 2022 2021 (In thousands) Loans: Commercial loans $ 3,318,778 $ 2,982,399 Real estate construction loans 559,372 611,031 Commercial mortgage loans 8,793,685 8,143,272 Residential mortgage loans 5,252,952 4,182,006 Equity lines 324,548 419,487 Installment and other loans 4,689 4,284 Gross loans 18,254,024 16,342,479 Less: Allowance for loan losses (146,485 ) (136,157 ) Unamortized deferred loan fees (6,641 ) (4,321 ) Total loans, net $ 18,100,898 $ 16,202,001 The Company pledged real estate loans of $13.07 billion as of December 31, 2022, December 31, 2021, December 31, 2022, December 31, 2021, Loans serviced for others as of December 31, 2022, December 31, 2021, The Company has entered into transactions with its directors, executive officers, or principal holders of its equity securities, or the associates of such persons (“Related Parties”). All loans to Related Parties were current as of December 31, 2022 2021. December 31, 2022 2021 (In thousands) Balance at beginning of year $ 38,532 $ 51,288 Additional loans made 25,050 29,182 Payment received (30,365 ) (41,938 ) Balance at end of year $ 33,217 $ 38,532 As of December 31, 2022, December 31, 2021, December 31, 2022 2021, December 31, 2022, 2021 2020. December 31, 2022 December 31, 2021. The following tables present the average balance and interest income recognized on non-accrual loans for the periods indicated: For the year ended December 31, 2022 Average Recorded Investment Interest Income Recognized (In thousands) Commercial loans $ 28,109 $ 4 Commercial mortgage loans 28,983 405 Residential mortgage and equity lines 14,251 26 Installment and other loans 28 — Total $ 71,371 $ 435 For the year ended December 31, 2021 Average Recorded Investment Interest Income Recognized (In thousands) Commercial loans $ 21,453 $ — Real estate construction loans 3,805 — Commercial mortgage loans 38,047 1,044 Residential mortgage and equity lines 9,435 30 Total $ 72,740 $ 1,074 The following table presents non-accrual loans and the related allowance as of December 31, 2022 2021: As of December 31, 2022 Unpaid Principal Balance Recorded Investment Allowance (In thousands) With no allocated allowance: Commercial loans $ 27,341 $ 12,949 $ — Commercial mortgage loans 37,697 32,205 — Residential mortgage and equity lines 9,626 8,978 — Installment and other loans 9 8 — Subtotal $ 74,673 $ 54,140 $ — With allocated allowance: Commercial loans $ 14,643 $ 12,823 $ 3,734 Commercial mortgage loans 1,896 1,891 207 Residential mortgage and equity lines — — — Subtotal $ 16,539 $ 14,714 $ 3,941 Total non-accrual loans $ 91,212 $ 68,854 $ 3,941 As of December 31, 2021 Unpaid Principal Balance Recorded Investment Allowance (In thousands) With no allocated allowance: Commercial loans $ 15,879 $ 11,342 $ — Commercial mortgage loans 24,437 21,209 — Residential mortgage and equity lines 6,020 5,850 — Subtotal $ 46,336 $ 38,401 $ — With allocated allowance: Commercial loans $ 14,294 $ 5,217 $ 894 Commercial mortgage loans 17,930 16,964 3,631 Residential mortgage and equity lines 6,048 5,264 22 Subtotal $ 38,272 $ 27,445 $ 4,547 Total non-accrual loans $ 84,608 $ 65,846 $ 4,547 The following table is a summary of non-accrual loans as of December 31, 2022, 2021, 2020 As of December 31, 2022 2021 2020 (In thousands) Non-accrual portfolio loans $ 68,854 $ 65,846 $ 67,684 Contractual interest due 4,620 4,032 3,093 Interest recognized 435 1,074 1,008 Net interest foregone $ 4,185 $ 2,958 $ 2,085 The following tables present the aging of the loan portfolio by type as of December 31, 2022, December 31, 2021: As of December 31, 2022 30-59 Days Past Due 60-89 Days Past Due 90 Days or More Past Due Non-accrual Loans Total Past Due Loans Not Past Due Total Type of Loans: (In thousands) Commercial loans $ 8,192 $ 3,235 $ 10,208 $ 25,772 $ 47,407 $ 3,271,371 $ 3,318,778 Real estate construction loans — — — — — 559,372 559,372 Commercial mortgage loans 25,772 — 1,372 34,096 61,240 8,732,445 8,793,685 Residential mortgage loans and equity lines 47,043 5,685 — 8,978 61,706 5,515,794 5,577,500 Installment and other loans 5 1 — 8 14 4,675 4,689 Total loans $ 81,012 $ 8,921 $ 11,580 $ 68,854 $ 170,367 $ 18,083,657 $ 18,254,024 As of December 31, 2021 30-59 Days Past Due 60-89 Days Past Due 90 Days or More Past Due Non-accrual Loans Total Past Due Loans Not Past Due Total Type of Loans: (In thousands) Commercial loans $ 4,294 $ 9,877 $ 1,439 $ 16,558 $ 32,168 $ 2,950,231 $ 2,982,399 Real estate construction loans — — — — — 611,031 611,031 Commercial mortgage loans 8,389 — — 38,173 46,562 8,096,710 8,143,272 Residential mortgage loans 20,129 3,138 — 11,115 34,382 4,567,111 4,601,493 Installment and other loans — — — — — 4,284 4,284 Total loans $ 32,812 $ 13,015 $ 1,439 $ 65,846 $ 113,112 $ 16,229,367 $ 16,342,479 A TDR is a formal modification of the terms of a loan when the lender, for economic or legal reasons related to the borrower’s financial difficulties, grants a concession to the borrower. The concessions may six The allowance for credit loss on a TDR is measured using the same method as all other loans held for investment, except when the value of a concession cannot be measured using a method other than the discounted cash flow method. When the value of a concession is measured using the discounted cash flow method, the allowance for credit loss is determined by discounting the expected future cash flows at the original interest rate of the loan. The Company establishes a specific reserve for individually evaluated loans that do not Although the Company took steps to incorporate the impact of the COVID- 19 As of December 31, 2022, December 31, 2021. December 31, 2022, seven thousand three thousand December 31, 2021. 2022, December 31, 2022, 2022: Loans Modified as TDRs During the Year Ended December 31, 2022 No. of Contracts Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment Specific Reserve (1) Charge-offs (Dollars in thousands) Commercial loans 4 $ 6,115 $ 6,115 $ 427 $ — Commercial mortgage loans 3 3,676 3,669 — — Residential mortgage and equity lines 8 2,189 2,162 — — Total 15 $ 11,980 $ 11,946 $ 427 $ — ( 1 The following table presents TDRs that were modified during 2021, December 31, 2021, 2021: Loans Modified as TDRs During the Year Ended December 31, 2021 No. of Contracts Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment Specific Reserve Charge-offs (Dollars in thousands) Commercial loans 3 $ 2,150 $ 2,150 $ — $ — Residential mortgage and equity lines 2 3 3 — — Total 5 $ 2,153 $ 2,153 $ — $ — The following table presents TDRs that were modified during 2020, December 31, 2020, 2020: Loans Modified as TDRs During the Year Ended December 31, 2020 No. of Contracts Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment Specific Reserve Charge-off (Dollars in thousands) Commercial loans 5 $ 5,417 $ 5,417 $ — $ — Total 5 $ 5,417 $ 5,417 $ — $ — A summary of TDRs by type of concession and by type of loans as of December 31, 2022, December 31, 2021, December 31, 2022 Accruing TDRs Payment Deferral Rate Reduction Rate Reduction and Payment Deferral Total (In thousands) Commercial loans $ 2,588 $ — $ — $ 2,588 Commercial mortgage loans 2,791 — 5,855 8,646 Residential mortgage loans 2,181 445 1,285 3,911 Total accruing TDRs $ 7,560 $ 445 $ 7,140 $ 15,145 December 31, 2022 Non-accrual TDRs Payment Deferral Rate Reduction Rate Reduction and Payment Deferral Total (In thousands) Commercial loans $ 3,629 $ — $ — $ 3,629 Commercial mortgage loans 1,098 — — 1,098 Residential mortgage loans 1,621 — — 1,621 Total non-accrual TDRs $ 6,348 $ — $ — $ 6,348 December 31, 2021 Accruing TDRs Payment Deferral Rate Reduction Rate Reduction and Payment Deferral Total (In thousands) Commercial loans $ 3,368 $ — $ — $ 3,368 Commercial mortgage loans 438 5,522 168 6,128 Residential mortgage loans 1,464 249 1,628 3,341 Total accruing TDRs $ 5,270 $ 5,771 $ 1,796 $ 12,837 December 31, 2021 Non-accrual TDRs Payment Deferral Rate Reduction Rate Reduction and Payment Deferral Total (In thousands) Commercial loans $ 7,717 $ — $ — $ 7,717 Residential mortgage loans 458 — — 458 Total non-accrual TDRs $ 8,175 $ — $ — $ 8,175 Modifications of the loan terms in the twelve December 31, 2022, three twelve We expect that the TDRs on accruing status as of December 31, 2022, The Company considers a loan to be in payment default once it is 60 to 90 days contractually past due under the modified terms. The Company did not twelve December 31, 2022. Under the Company’s internal underwriting policy, an evaluation is performed of the probability that the borrower will be in payment default on any of its debt in the foreseeable future without the modification in order to determine whether a borrower is experiencing financial difficulty. As of December 31, 2022, no The CARES Act, signed into law on March 27, 2020, 2021, 19 March 1, 2020 January 1, 2022 not 30 December 31, 2019. 19 19 As part of the on-going monitoring of the credit quality of our loan portfolio, the Company utilizes a risk grading matrix to assign a risk rating to each loan. Loans are risk rated based on analysis of the current state of the borrower’s credit quality. The analysis of credit quality includes a review of sources of repayment, the borrower’s current financial and liquidity status and other relevant information. The risk rating categories can be generally described by the following grouping for non-homogeneous loans: ● Pass/Watch ● Special Mention not may ● Substandard may not not ● Doubtful may ● Loss no The following table summarizes the Company’s loan held for investment as of December 31, 2022 2021, Loans Amortized Cost Basis by Origination Year December 31, 2022 2022 2021 2020 2019 2018 Prior Revolving Loans Revolving Converted to Term Loans Total (In thousands) Commercial loans Pass/Watch $ 488,748 $ 446,647 $ 180,226 $ 119,355 $ 107,896 $ 106,649 $ 1,753,509 $ 6,560 $ 3,209,590 Special Mention 1,212 4,696 2,818 68 308 4,354 41,110 — 54,566 Substandard 25 12,750 342 4,859 2,766 6,985 22,084 133 49,944 Doubtful — — — 1,504 2,185 — 234 — 3,923 Total $ 489,985 $ 464,093 $ 183,386 $ 125,786 $ 113,155 $ 117,988 $ 1,816,937 $ 6,693 $ 3,318,023 YTD period charge-offs $ 96 $ 587 $ 120 $ 71 $ 1,786 $ 360 $ 202 $ — $ 3,222 YTD period recoveries (8 ) — (39 ) — (254 ) (335 ) (1,829 ) — (2,465 ) Net $ 88 $ 587 $ 81 $ 71 $ 1,532 $ 25 $ (1,627 ) $ — $ 757 Real estate construction loans Pass/Watch $ 99,798 $ 264,197 $ 113,312 $ 20,479 $ 3,067 $ — $ — $ — $ 500,853 Special Mention — 360 9,449 11,643 22,945 — — — 44,397 Substandard — — — 1,736 9,309 — — — 11,045 Total $ 99,798 $ 264,557 $ 122,761 $ 33,858 $ 35,321 $ — $ — $ — $ 556,295 YTD period charge-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — YTD period recoveries — — — — — (6 ) — — (6 ) Net $ — $ — $ — $ — $ — $ (6 ) $ — $ — $ (6 ) Commercial mortgage loans Pass/Watch $ 2,087,650 $ 1,728,607 $ 975,953 $ 1,094,505 $ 908,748 $ 1,420,982 $ 178,116 $ — $ 8,394,561 Special Mention 22,150 57,015 25,593 32,119 17,999 63,782 1,600 — 220,258 Substandard 12,320 7,861 14,392 19,972 34,899 81,844 2,631 — 173,919 Total $ 2,122,120 $ 1,793,483 $ 1,015,938 $ 1,146,596 $ 961,646 $ 1,566,608 $ 182,347 $ — $ 8,788,738 YTD period charge-offs $ — $ — $ — $ — $ 2,091 $ — $ — $ — $ 2,091 YTD period recoveries — — — (240 ) — (7 ) (111 ) — (358 ) Net $ — $ — $ — $ (240 ) $ 2,091 $ (7 ) $ (111 ) $ — $ 1,733 Residential mortgage loans Pass/Watch $ 1,228,391 $ 964,799 $ 580,990 $ 600,786 $ 417,565 $ 1,444,320 $ — $ — $ 5,236,851 Special Mention — — 33 — 752 905 — — 1,690 Substandard 206 762 2,028 1,966 1,799 8,785 — — 15,546 Total $ 1,228,597 $ 965,561 $ 583,051 $ 602,752 $ 420,116 $ 1,454,010 $ — $ — $ 5,254,087 YTD period charge-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — YTD period recoveries — — — — — (45 ) — — (45 ) Net $ — $ — $ — $ — $ — $ (45 ) $ — $ — $ (45 ) Equity lines Pass/Watch $ 731 $ — $ — $ — $ — $ — $ 302,825 $ 21,460 $ 325,016 Special Mention 5 — — — — — — — 5 Substandard 12 — — — — — 1,043 220 1,275 Total $ 748 $ — $ — $ — $ — $ — $ 303,868 $ 21,680 $ 326,296 YTD period charge-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — YTD period recoveries — — — — — — (11 ) (16 ) (27 ) Net $ — $ — $ — $ — $ — $ — $ (11 ) $ (16 ) $ (27 ) Installment and other loans Pass/Watch $ 1,792 $ 2,152 $ — $ — $ — $ — $ — $ — $ 3,944 Total $ 1,792 $ 2,152 $ — $ — $ — $ — $ — $ — $ 3,944 YTD period charge-offs $ 115 $ — $ — $ — $ — $ — $ 62 $ — $ 177 YTD period recoveries (2 ) — — — — — (2 ) — (4 ) Net $ 113 $ — $ — $ — $ — $ — $ 60 $ — $ 173 Total loans $ 3,943,040 $ 3,489,846 $ 1,905,136 $ 1,908,992 $ 1,530,238 $ 3,138,606 $ 2,303,152 $ 28,373 $ 18,247,383 Net charge-offs/(recoveries) $ 201 $ 587 $ 81 $ (169 ) $ 3,623 $ (33 ) $ (1,689 ) $ (16 ) $ 2,585 Loans Amortized Cost Basis by Origination Year December 31, 2021 2021 2020 2019 2018 2017 Prior Revolving Loans Revolving Converted to Term Loans Total (In thousands) Commercial loans Pass/Watch $ 606,770 $ 268,756 $ 183,468 $ 142,419 $ 80,701 $ 100,496 $ 1,437,463 $ 7,433 $ 2,827,506 Special Mention 395 780 1,138 1,645 3,157 — 40,761 49 47,925 Substandard 450 5,879 22,513 16,423 14,309 5,221 34,713 5,716 105,224 Doubtful — — — — — — 900 — 900 Total $ 607,615 $ 275,415 $ 207,119 $ 160,487 $ 98,167 $ 105,717 $ 1,513,837 $ 13,198 $ 2,981,555 YTD period charge-offs $ — $ 1,478 $ 507 $ 366 $ — $ 50 $ 17,650 $ — $ 20,051 YTD period recoveries — (1 ) (29 ) (124 ) — (191 ) (1,361 ) — (1,706 ) Net $ — $ 1,477 $ 478 $ 242 $ — $ (141 ) $ 16,289 $ — $ 18,345 Real estate construction loans Pass/Watch $ 199,188 $ 188,782 $ 125,316 $ 24,548 $ — $ — $ — $ — $ 537,834 Special Mention — 23,107 27,672 17,374 — — — — 68,153 Substandard — — 1,919 — — — — — 1,919 Total $ 199,188 $ 211,889 $ 154,907 $ 41,922 $ — $ — $ — $ — $ 607,906 YTD period charge-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — YTD period recoveries — — — — — (76 ) — — (76 ) Net $ — $ — $ — $ — $ — $ (76 ) $ — $ — $ (76 ) Commercial mortgage loans Pass/Watch $ 1,893,807 $ 1,201,825 $ 1,253,548 $ 1,031,191 $ 727,916 $ 1,313,882 $ 198,869 $ — $ 7,621,038 Special Mention 45,719 59,182 49,796 103,101 61,105 60,448 750 — 380,101 Substandard 1,110 — 13,483 42,803 1,580 76,906 3,297 — 139,179 Total $ 1,940,636 $ 1,261,007 $ 1,316,827 $ 1,177,095 $ 790,601 $ 1,451,236 $ 202,916 $ — $ 8,140,318 YTD period charge-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — YTD period recoveries — — (240 ) — — (28 ) (111 ) — (379 ) Net $ — $ — $ (240 ) $ — $ — $ (28 ) $ (111 ) $ — $ (379 ) Residential mortgage loans Pass/Watch $ 978,375 $ 622,999 $ 678,775 $ 502,325 $ 453,992 $ 929,846 $ — $ — $ 4,166,312 Special Mention — 46 1,576 1,064 836 438 — — 3,960 Substandard 1,684 147 2,698 2,574 862 5,255 — — 13,220 Total $ 980,059 $ 623,192 $ 683,049 $ 505,963 $ 455,690 $ 935,539 $ — $ — $ 4,183,492 YTD period charge-offs $ — $ — $ — $ — $ 3 $ — $ — $ — $ 3 YTD period recoveries — — — — — (208 ) — — (208 ) Net $ — $ — $ — $ — $ 3 $ (208 ) $ — $ — $ (205 ) Equity lines Pass/Watch $ — $ — $ — $ — $ — $ 5 $ 389,069 $ 30,025 $ 419,099 Substandard — — — — — — 1,230 273 1,503 Total $ — $ — $ — $ — $ — $ 5 $ 390,299 $ 30,298 $ 420,602 YTD period charge-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — YTD period recoveries — — — — — — (10 ) (64 ) (74 ) Net $ — $ — $ — $ — $ — $ — $ (10 ) $ (64 ) $ (74 ) Installment and other loans Pass/Watch $ 4,117 $ 168 $ — $ — $ — $ — $ — $ — $ 4,285 Total $ 4,117 $ 168 $ — $ — $ — $ — $ — $ — $ 4,285 YTD period charge-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — YTD period recoveries — — — — — — — — — Net $ — $ — $ — $ — $ — $ — $ — $ — $ — Total loans $ 3,731,615 $ 2,371,671 $ 2,361,902 $ 1,885,467 $ 1,344,458 $ 2,492,497 $ 2,107,052 $ 43,496 $ 16,338,158 Net charge-offs/(recoveries) $ — $ 1,477 $ 238 $ 242 $ 3 $ (453 ) $ 16,168 $ (64 ) $ 17,611 Revolving loans that are converted to term loans presented in the table above are excluded from the term loans by vintage year columns. The following table details activity in the allowance for loan losses by portfolio segment for the years ended December 31, 2022, 2021. one not Real Estate Commercial Residential Installment Commercial Construction Mortgage Mortgage and Other Loans Loans Loans and Equity Lines Loans Total (In thousands) 2021 Beginning Balance $ 68,742 $ 30,854 $ 49,205 $ 17,737 $ — $ 166,538 Impact of ASU 2016-13 adoption $ (31,466 ) $ (24,307 ) $ 34,993 $ 19,211 $ 9 $ (1,560 ) Allowance for loan losses, January 1, 2021 $ 37,276 $ 6,547 $ 84,198 $ 36,948 $ 9 $ 164,978 Provision/(reversal) for loan losses 24,463 (321 ) (23,401 ) (11,943 ) (8 ) (11,210 ) Charge-offs (20,051 ) — — (3 ) — (20,054 ) Recoveries 1,706 76 284 377 — 2,443 Net (Charge-offs)/Recoveries $ (18,345 ) $ 76 $ 284 $ 374 $ — $ (17,611 ) 2021 Ending Balance $ 43,394 $ 6,302 $ 61,081 $ 25,379 $ 1 $ 136,157 Provision/(reversal) for loan losses 6,798 4,109 9,018 (7,219 ) 207 12,913 Charge-offs (3,222 ) — (2,091 ) — (177 ) (5,490 ) Recoveries 2,465 6 358 72 4 2,905 Net (Charge-offs)/Recoveries $ (757 ) $ 6 $ (1,733 ) $ 72 $ (173 ) $ (2,585 ) 2022 Ending Balance $ 49,435 $ 10,417 $ 68,366 $ 18,232 $ 35 $ 146,485 Allowance for unfunded credit commitments, January 1, 2021 $ 8,038 $ 3,825 $ 35 $ — $ — $ 11,898 Provision/(reversal) for possible credit losses (4,313 ) (450 ) (35 ) — — (4,798 ) Allowance for unfunded credit commitments 2021 Ending Balance $ 3,725 $ 3,375 $ — $ — $ — $ 7,100 Provision/(reversal) for possible credit losses 1,115 515 — — — 1,630 Allowance for unfunded credit commitments 2022 Ending Balance $ 4,840 $ 3,890 $ — $ — $ — $ 8,730 Residential mortgage loans in process of formal foreclosure proceedings were $456 thousand as of December 31, 2022, December 31, 2021. |
Note 6 - Investments in Afforda
Note 6 - Investments in Affordable Housing and Alternative Energy Partnerships | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Investments in Affordable Housing [Text Block] | 6. Investments in Affordable Housing and Alternative Energy Partnerships The Company holds ownership interests in a number of limited partnerships that were formed to develop and operate housing for lower-income tenants throughout the United States and alternative energy partnerships that qualify for energy tax credits. The Company evaluates its interests in these partnerships to determine whether they meet the definition of a Variable Interest Entity (“VIE”) and whether the Company is required to consolidate these entities. A VIE is consolidated by its primary beneficiary, which is the party that has both (i) the power to direct the activities that most significantly impact the economic performance of the VIE and (ii) a variable interest that could potentially be significant to the VIE. To determine whether or not 810, not ten not not not The investment in these entities approximates the maximum exposure to loss as a result of the Company’s involvement with these unconsolidated entities. The balance of the Company’s investments in these entities was $327.1 million and $299.2 million as of December 31, 2022, 2021, The Company’s investments in these partnerships, net, are presented in the table below: As of December 31, 2022 2021 (In thousands) Investments in affordable housing partnerships, net $ 289,920 $ 287,517 Other borrowings for affordable housing limited partnerships $ 22,600 $ 23,145 Investments in affordable housing and alternative energy partnerships, unfunded commitments $ 133,491 $ 107,652 Investments in alternative energy tax credit partnerships, net $ 37,208 $ 11,694 As of December 31, 2022, ten December 31, 2022, December 31, 2021. December 31, 2022 2021, December 31, 2022 2021, As of December 31, 2022, Amount Year Ending December 31, (In thousands) 2023 $ 78,897 2024 $ 33,154 2025 $ 14,076 2026 $ 1,678 2027 $ 1,533 Thereafter $ 4,153 Total unfunded commitments $ 133,491 Each of the partnerships must meet regulatory requirements for affordable housing and alternative energy projects, including long-term minimum compliance periods (such as a 15 may not December 31, 2022. not three not 2022 2021, The following table summarizes the Company’s usage of affordable housing and other tax credits including energy tax credits. As of December 31, 2022 2021 2020 (In thousands) Affordable housing and other tax credits recognized $ 29,524 $ 26,459 $ 23,273 Alternative energy tax credits recognized $ 4,707 $ 6,337 $ 29,706 |
Note 7 - Premises and Equipment
Note 7 - Premises and Equipment | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | 7. Premises and Equipment Premises and equipment consisted of the following as of December 31, 2022, December 31, 2021: As of December 31, 2022 2021 (In thousands) Land and land improvements $ 42,566 $ 42,475 Building and building improvements 81,613 81,290 Furniture, fixtures and equipment 65,872 62,138 Leasehold improvement 18,009 17,862 Construction in process 375 2,453 208,435 206,218 Less: Accumulated depreciation 113,659 106,816 Premises and equipment, net $ 94,776 $ 99,402 The amount of depreciation included in operating expense was $8.0 million, $7.7 million and $7.0 million for the years ended December 31, 2022, 2021 2020, |
Note 8 - Goodwill and Other Int
Note 8 - Goodwill and Other Intangible Assets | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | 8. Goodwill and Other Intangible Assets Goodwill. December 31, 2022 December 31, 2021. February 7, 2022. 1 not December 31, 2022 2021. Core Deposit Intangibles. 2022. December 31, 2022 2021: December 31, 2022 2021 (In thousands) Gross balance $ 10,562 $ 7,424 Accumulated amortization (4,291 ) (3,317 ) Impairment (918 ) — Net carrying balance $ 5,353 $ 4,107 There was $918 thousand in impairment write-downs on core deposit intangibles for the year ended December 31, 2022 No December 31, 2021 2020. The Company amortizes the core deposit intangibles based on the projected useful lives of the related deposits. The amortization expense related to the core deposit intangible assets was $1.9 million, $687 thousand and $687 thousand for the years ended December 31, 2022, 2021 2020, Amount (In thousands) 2023 $ 1,001 2024 $ 1,001 2025 $ 946 2026 $ 870 2027 $ 870 thereafter $ 665 Total $ 5,353 |
Note 9 - Deposits
Note 9 - Deposits | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Deposit Liabilities Disclosures [Text Block] | 9. Deposits The following table displays deposit balances as of December 31, 2022, December 31, 2021: As of December 31, 2022 2021 (In thousands) Deposits Non-interest-bearing demand deposits $ 4,168,989 $ 4,492,054 Interest bearing demand deposits 2,509,736 2,522,442 Money market deposits 3,812,724 4,611,579 Savings deposits 1,000,460 915,515 Time deposits 7,013,370 5,517,252 Total deposits $ 18,505,279 $ 18,058,842 Time deposits outstanding as of December 31, 2022, Expected Maturity Date at December 31, 2023 2024 2025 2026 2027 Thereafter Total (In thousands) Time deposits $ 6,926,121 $ 79,376 $ 5,094 $ 591 $ 2,168 $ 20 $ 7,013,370 Accrued interest payable on client deposits was $13.2 million, $1.7 million, and $8.5 million as of December 31, 2022, 2021 2020, December 31, 2022, 2021, 2020: Year Ended December 31, 2022 2021 2020 (In thousands) Interest bearing demand $ 8,176 $ 2,249 $ 2,816 Money market accounts 39,913 18,241 21,574 Saving accounts 853 769 1,006 Time deposits 56,354 40,542 111,629 Total $ 105,296 $ 61,801 $ 137,025 The aggregate amount of domestic time deposits in denominations that meet or exceed the current FDIC insurance limit of $250 December 31, 2022, 2021, December 31, 2022, 2021, $250 |
Note 10 - Borrowed Funds
Note 10 - Borrowed Funds | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 10. Borrowed Funds There were no outstanding securities sold under agreements to repurchase at December 31, 2022, December 31, 2021. Securities sold under agreements to repurchase, if any, are accounted for as collateralized financing transactions and recorded at the amounts at which the securities were sold. No 2022, 2021, 2020. As of December 31, 2022, 2022 2021. December 31, 2022, December 31, 2021. December 31, 2022, January 2023, May 2023 September 2024. Other Liabilities. November 23, 2004, December 31, 2005, January 1 first first seventh 2004 November 23, 2014, ten March 13, 2014, December 31, 2013 January 1 first first seventh March 28, 2019, five Interest of $116 thousand during 2022, 2021, 2020 December 31, 2022, December 31, 2021. We established three 2003 two 2007 twenty may not, As of December 31, 2022 2021, December 31, 2022, 2021 2020, 2022 2022. |
Note 11 - Capital Resources
Note 11 - Capital Resources | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | 11. Capital Resources Total equity was $2.47 billion as of December 31, 2022, December 31, 2021, 2022, 2021, 2020. The Company completed its September 2021 first 2022. On May 26th, 2022, 2022, The five not not May 19, 2010, 2 May 19, 2010, $15.0 December 31, 2009, 1 December 31, 2022, 2021, $15.0 no 1 The table below summarizes the outstanding Junior Subordinated Notes issued by the Company to each trust as of December 31, 2022 2021: As of December 31, 2022 Principal Not Current Date of Payable/ Issuance Balance of Redeemable Stated Annualized Interest Rate Distribution Trust Name Date Notes Until Maturity Coupon Rate Rate Change Date (Dollars in thousands) Cathay Capital Trust I June 26, $ 20,619 June 30, June 30, 3-month 6.82 % December 29, March 30 2003 2008 2033 LIBOR 2022 June 30 + 3.15% September 30 December 30 Cathay Statutory Trust I September 17, 20,619 September 17, September 17, 3-month 6.53 % December 18, March 17 2003 2008 2033 LIBOR 2022 June 17 + 3.00% September 17 December 17 Cathay Capital Trust II December 30, 12,887 March 30, March 30, 3-month 6.57 % December 29, March 30 2003 2009 2034 LIBOR 2022 June 30 + 2.90% September 30 December 30 Cathay Capital Trust III March 28, 46,392 June 15, June 15, 3-month 4.77 % December 14, March 15 2007 2012 2037 LIBOR 2022 June 15 + 1.48% September 15 December 15 Cathay Capital Trust IV May 31, 18,619 September 6, September 6, 3-month 4.54 % December 5, March 6 2007 2012 2037 LIBOR 2022 June 6 + 1.4% September 6 December 6 Total Junior Subordinated Notes $ 119,136 As of December 31, 2021 Principal Not Current Date of Payable/ Issuance Balance of Redeemable Stated Annualized Interest Rate Distribution Trust Name Date Notes Until Maturity Coupon Rate Rate Change Date (Dollars in thousands) Cathay Capital Trust I June 26, $ 20,619 June 30, June 30, 3-month 3.37 % December 31, March 31 2003 2008 2033 LIBOR 2021 June 30 + 3.15% September 30 December 31 Cathay Statutory Trust I September 17, 20,619 September 17, September 17, 3-month 3.22 % December 17, March 17 2003 2008 2033 LIBOR 2021 June 17 + 3.00% September 17 December 17 Cathay Capital Trust II December 30, 12,887 March 30, March 30, 3-month 3.12 % December 31, March 31 2003 2009 2034 LIBOR 2021 June 30 + 2.90% September 30 December 31 Cathay Capital Trust III March 28, 46,392 June 15, June 15, 3-month 1.68 % December 15, March 15 2007 2012 2037 LIBOR 2021 June 15 + 1.48% September 15 December 15 Cathay Capital Trust IV May 31, 18,619 September 6, September 6, 3-month 1.58 % December 6, March 7 2007 2012 2037 LIBOR 2021 June 6 + 1.4% September 6 December 6 Total Junior Subordinated Notes $ 119,136 |
Note 12 - Income Taxes
Note 12 - Income Taxes | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 12. Income Taxes For the years ended December 31, 2022, 2021, 2020, Year Ended December 31, 2022 2021 2020 (In thousands) Current: Federal $ 57,029 $ 29,955 $ (2,196 ) State 56,953 44,416 36,787 Total Current $ 113,982 $ 74,371 $ 34,591 Deferred: Federal $ (1,776 ) $ 5,986 $ (3,234 ) State (312 ) 3,182 (6,252 ) Total Deferred $ (2,088 ) $ 9,168 $ (9,486 ) Total income tax expense $ 111,894 $ 83,539 $ 25,105 Temporary differences between the amounts reported in the financial statements and the tax basis of assets and liabilities give rise to deferred taxes. Net deferred tax assets as of December 31, 2022 2021, As of December 31, 2022 2021 (In thousands) Deferred Tax Assets Loan loss allowance, due to differences in computation of bad debts $ 47,673 $ 43,895 Accrual for bonuses 2,591 4,935 Non-accrual interest 1,572 1,117 Write-down on equity securities and venture capital investments 1,975 2,000 State tax 6,251 4,691 Unrealized loss on interest rate swaps — 1,394 Unrealized loss on securities available-for-sale, net 40,400 — Tax credits carried forward 9,136 9,136 Net operating loss carried forward 5,916 8,732 Other, net 4,711 3,765 Gross deferred tax assets $ 120,225 $ 79,665 Deferred Tax Liabilities Deferred loan costs $ (10,025 ) $ (9,936 ) Depreciation and amortization (2,856 ) (3,150 ) Unrealized gain on interest rate swaps (1,364 ) — Unrealized gain on securities available-for-sale, net — (3,823 ) OREO Installment Sale — (1,273 ) Dividends on Federal Home Loan Bank common stock (981 ) (978 ) Other, net (3,506 ) (2,168 ) Gross deferred tax liabilities $ (18,732 ) $ (21,328 ) Net deferred tax assets $ 101,493 $ 58,337 Amounts for the current year are based upon estimates and assumptions and could vary from amounts shown on the tax returns as filed. As of December 31, 2022, 382 December 31, 2022, 382 $8.8 2022 $7.3 not 2030. December 31, 2022, not 2028. In assessing the realization of deferred tax assets, management considers whether it is more likely than not not not The Company had current income tax receivables of $16.7 million as of December 31, 2022, December 31, 2021. The Company’s tax returns are open for audits by the Internal Revenue Service back to 2019 2018. 2017 July 2020 not twelve not Income tax expense results in effective tax rates that differ from the statutory federal income tax rate for the years indicated as follows: Year Ended December 31, 2022 2021 2020 (Dollars in thousands) Tax provision at Federal statutory rate $ 99,233 21.0 % $ 80,187 21.0 % $ 53,333 21.0 % State income taxes, net of Federal income tax benefit 44,837 9.5 37,602 9.8 23,602 9.3 Excess deduction for stock option and RSUs (140 ) — (20 ) — 264 0.1 Low income housing and other tax credits (34,231 ) (7.2 ) (32,795 ) (8.6 ) (52,979 ) (20.8 ) Other, net 2,195 0.4 (1,435 ) (0.3 ) 885 0.3 Total income tax expense $ 111,894 23.7 % $ 83,539 21.9 % $ 25,105 9.9 % |
Note 13 - Stockholders' Equity
Note 13 - Stockholders' Equity and Earnings Per Share | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 13. Stockholders Equity and Earnings per Share As a bank holding company, the Bancorp’s ability to pay dividends will depend upon the dividends it receives from the Bank and on the income it may may Under California banking law, the Bank may not, three December 31, 2022, December 31,2021. Activity in accumulated other comprehensive income, net of tax, and reclassification out of accumulated other comprehensive income for the years ended December 31, 2022, 2021 2022 2021 Pre-tax Tax expense/ (benefit) Net-of-tax Pre-tax Tax expense/ (benefit) Net-of-tax Beginning balance, loss, net of tax (In thousands) Securities available-for-sale $ 211 $ 12,200 Cash flow hedge derivatives (3,276 ) (6,890 ) Total $ (3,065 ) $ 5,310 Net unrealized gains/(losses) arising during the period Securities available-for-sale $ (149,124 ) $ (44,081 ) $ (105,043 ) $ (16,167 ) $ (4,779 ) $ (11,388 ) Cash flow hedge derivatives 10,864 3,211 7,653 5,131 1,517 3,614 Total (138,260 ) (40,870 ) (97,390 ) (11,036 ) (3,262 ) (7,774 ) Reclassification adjustment for net gains in net income Securities available-for-sale — — — (853 ) (252 ) (601 ) Cash flow hedge derivatives (2,612 ) (772 ) (1,840 ) — — — Total (2,612 ) (772 ) (1,840 ) (853 ) (252 ) (601 ) Total other comprehensive income/(loss) Securities available-for-sale (149,124 ) (44,081 ) (105,043 ) (17,020 ) (5,031 ) (11,989 ) Cash flow hedge derivatives 8,252 2,439 5,813 5,131 1,517 3,614 Total $ (140,872 ) $ (41,642 ) $ (99,230 ) $ (11,889 ) $ (3,514 ) $ (8,375 ) Ending balance, gain/(loss), net of tax Securities available-for-sale $ (104,832 ) $ 211 Cash flow hedge derivatives 2,537 (3,276 ) Total $ (102,295 ) $ (3,065 ) The Board of Directors of the Bancorp is authorized to issue preferred stock in one may may may no The following is the reconciliation of the numerators and denominators of the basic and diluted earnings per share computations for the years as indicated: Year Ended December 31, 2022 2021 2020 Per Per Per Income Shares Share Income Shares Share Income Shares Share (Numerator) (Denominator) Amount (Numerator) (Denominator) Amount (Numerator) (Denominator) Amount (In thousands, except shares and per share data) Net income $ 360,642 $ 298,304 $ 228,860 Basic EPS, income $ 360,642 74,337,265 $ 4.85 $ 298,304 78,268,369 $ 3.81 $ 228,860 79,584,560 $ 2.88 Effect of dilutive stock options and RSU 327,470 302,269 193,287 Diluted EPS, income $ 360,642 74,664,735 $ 4.83 $ 298,304 78,570,638 $ 3.80 $ 228,860 79,777,847 $ 2.87 |
Note 14 - Commitments and Conti
Note 14 - Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 14. Commitments and Contingencies Legal Proceedings. not In accordance with ASC 450, may not may Lending not The Company’s exposure to credit loss in the event of non-performance by the other party to the financial instrument for commitments to extend credit is represented by the contractual amount of those instruments. The Company uses the same credit policies in making commitments and conditional obligations as it does for on-balance sheet instruments. Unless noted otherwise, the Company does not Financial instruments for which contract amounts represent the amount of credit risk include the following: As of December 31, 2022 2021 (In thousands) Commitments to extend credit $ 3,630,304 $ 3,297,362 Standby letters of credit 315,821 266,490 Commercial letters of credit 29,416 16,652 Total $ 3,975,541 $ 3,580,504 Commitments to extend credit are agreements to lend to a client provided there is no not As of December 31, 2022, not no As of December 31, 2022, December 31, 2021 Commercial letters of credit and bill of lading guarantees are issued to facilitate domestic and foreign trade transactions while standby letters of credit are issued to make payments on behalf of clients if certain specified future events occur. The credit risk involved in issuing letters of credit and bill of lading guarantees is essentially the same as that involved in making loans to clients. |
Note 15 - Leases
Note 15 - Leases | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | 15. Leases The Company enters into operating leases in the normal course of business primarily for branch offices, office spaces and certain equipment. The Company may ROU assets and lease liabilities are recognized at the lease commencement date based on the estimated present value of the lease payments over the lease term. The Company uses its incremental borrowing rate to determine the present value of its lease liabilities. The Company has elected to not not 12 not December 31, 2022 2021. The following table represents the operating lease amounts reported on the Consolidated Balance Sheets and other supplemental information as of December 31, 2022, December 31, 2021: December 31, 2022 December 31, 2021 (Dollars in millions) Operating Leases: ROU assets $ 29.6 $ 27.8 Lease liabilities $ 32.5 $ 30.7 Weighted-average remaining lease term (in years) 4.0 4.4 Weighted-average discount rate 2.90 % 2.61 % Operating cash flows from operating leases $ 11.4 $ 9.9 ROU assets obtained in exchange for lease obligations $ 5.9 $ 6.0 Operating lease expense is recognized on a straight-line basis over the lease term. Operating lease expense was $13.1 million, $11.6 million and $11.7 million for the years ended December 31, 2022, 2021 2020, The following table presents a maturity analysis of the Company’s operating lease liabilities as of December 31, 2022: As of December 31, 2022 Operating Leases (In thousands) 2023 $ 10,833 2024 $ 8,415 2025 $ 5,702 2026 $ 4,587 2027 $ 2,991 Thereafter $ 1,955 Total lease payments $ 34,483 Less amount of payment representing interest (1,965 ) Total present value of lease payments $ 32,518 |
Note 16 - Financial Derivatives
Note 16 - Financial Derivatives | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | 16. Financial Derivatives The Company does not may may may The Company follows ASC Topic 815 not third not The Company offers various interest rate derivative contracts to its clients. When derivative transactions are executed with its clients, the derivative contracts are offset by paired trades with third not not third December 31, 2022 2021, third December 31, 2022, December 31, 2022 In May 2014, ten five ten June 2014 June 2024, three December 31, 2022 December 31, 2022, 2021, not The notional amount and net unrealized loss of the Company’s cash flow derivative financial instruments as of December 31, 2022, December 31, 2021, December 31, 2022 December 31, 2021 Cash flow swap hedges: ($ in thousands) Notional $ — $ 119,136 Weighted average fixed rate-pay 0.00 % 2.61 % Weighted average variable rate-receive 0.00 % 0.16 % Loss, net of taxes (1) $ — $ (3,276 ) Year ended December 31, 2022 December 31, 2021 Periodic net settlement of swaps (2) $ 772 $ 2,949 ( 1 ( 2 As of December 31, 2022, three ten December 31, 2022, 2021, not The Company has designated as a partial-term hedging election $669.7 million and $404.4 million notional as last-of-layer hedge on pools of loans with a notational value of $1.2 billion and $748.6 million as of December 31, 2022 2021, not 1 1 December 31, 2022 2021, Interest rate swap contracts involve the risk of dealing with institutional derivative counterparties and their ability to meet contractual terms. Institutional counterparties must have a strong credit profile and be approved by the Company’s Board of Directors. The Company’s credit exposure on interest rate swaps is limited to the net favorable value and interest payments of all swaps by each counterparty. Credit exposure may December 31, 2022, December 31, 2021. The notional amount and net unrealized loss of the Company’s fair value derivative financial instruments as of December 31, 2022, December 31, 2021, December 31, 2022 December 31, 2021 Fair value swap hedges: ($ in thousands) Notional $ 874,034 $ 729,280 Weighted average fixed rate-pay 2.12 % 2.65 % Weighted average variable rate spread 0.68 % 1.31 % Weighted average variable rate-receive 2.61 % 1.43 % Net gain/(loss) (1) $ 38,589 $ (1,013 ) Year ended December 31, 2022 December 31, 2021 Periodic net settlement of SWAPs (2) $ 3,107 $ (9,345 ) ( 1 ( 2 Included in the total notional amount of $874.0 million of the fair value interest rate contracts entered into with financial counterparties as of December 31, 2022, December 31, 2022. The Company enters into foreign exchange forward contracts with various counterparties to mitigate the risk of fluctuations in foreign currency exchange rates for foreign exchange certificates of deposit or foreign exchange contracts entered into with our clients. These contracts are not The notional amount and fair value of the Company’s derivative financial instruments not December 31, 2022, December 31, 2021, December 31, 2022 December 31, 2021 Derivative financial instruments not designated as hedging instruments: (In thousands) Notional amounts: Option contracts $ — $ 676 Forward, and swap contracts with positive fair value $ 72,996 $ 181,997 Forward, and swap contracts with negative fair value $ 170,213 $ 51,782 Fair value: Option contracts $ — $ 3 Forward, and swap contracts with positive fair value $ 448 $ 1,113 Forward, and swap contracts with negative fair value $ (942 ) $ (327 ) |
Note 17 - Fair Value Measuremen
Note 17 - Fair Value Measurements and Fair Value of Financial Instruments | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 17. Fair Value Measurements and Fair Value of Financial Instruments The Company uses fair value to measure certain assets and liabilities on a recurring basis, primarily securities available for-sale and derivatives. For assets measured at the lower of cost or fair value, the fair value measurement criteria may may not The Company used valuation methodologies to measure assets at fair value under ASC Topic 820 825, 2016 01 2018 03, not one three ● Level 1 ● Level 2 not not ● Level 3 The classification of assets and liabilities within the hierarchy is based on whether inputs to the valuation methodology used are observable or unobservable, and the significance of those inputs in the fair value measurement. The Company’s assets and liabilities are classified in their entirety based on the lowest level of input that is significant to their fair value measurements as follows: Financial assets and liabilities measured at fair value on a recurring basis The Company uses the following methodologies to measure the fair value of its financial assets and liabilities on a recurring basis: Securities Available for Sale and Equity Securities 1 2 Warrants 3 Currency Option Contracts and Foreign Exchange Contracts 2 Interest Rate Swaps third 2 The following tables present the Company’s hierarchy for its assets and liabilities measured at fair value on a recurring basis as of December 31, 2022, December 31, 2021: As of December 31, 2022 Fair Value Measurements Using Total at Level 1 Level 2 Level 3 Fair Value Assets (In thousands) Securities available-for-sale U.S. Treasury securities $ 240,500 $ — $ — $ 240,500 U.S. government agency entities — 63,610 — 63,610 U.S. government sponsored entities — 30,000 — 30,000 Mortgage-backed securities — 867,094 — 867,094 Collateralized mortgage obligations — 31,061 — 31,061 Corporate debt securities — 241,083 — 241,083 Total securities available-for-sale 240,500 1,232,848 — 1,473,348 Equity securities Mutual funds 5,509 — — 5,509 Preferred stock of government sponsored entities 1,289 — — 1,289 Other equity securities 15,360 — — 15,360 Total equity securities 22,158 — — 22,158 Warrants — — 50 50 Interest rate swaps — 44,443 — 44,443 Foreign exchange contracts — 448 — 448 Total assets $ 262,658 $ 1,277,739 $ 50 $ 1,540,447 Liabilities Interest rate swaps $ — $ 51,864 $ — $ 51,864 Foreign exchange contracts — 942 — 942 Total liabilities $ — $ 52,806 $ — $ 52,806 As of December 31, 2021 Fair Value Measurements Using Total at Level 1 Level 2 Level 3 Fair Value Assets (In thousands) Securities available-for-sale U.S. Treasury securities $ — $ — $ — $ — U.S. government agency entities — 87,509 — 87,509 Mortgage-backed securities — 888,665 — 888,665 Collateralized mortgage obligations — 9,117 — 9,117 Corporate debt securities — 142,018 — 142,018 Total securities available-for-sale — 1,127,309 — 1,127,309 Equity securities Mutual funds 6,230 — — 6,230 Preferred stock of government sponsored entities 1,811 — — 1,811 Other equity securities 14,278 — — 14,278 Total equity securities 22,319 — — 22,319 Warrants — — 23 23 Interest rate swaps — 10,090 — 10,090 Foreign exchange contracts — 1,113 — 1,113 Total assets $ 22,319 $ 1,138,512 $ 23 $ 1,160,854 Liabilities Interest rate swaps $ — $ 12,642 $ — $ 12,642 Foreign exchange contracts — 327 — 327 Total liabilities $ — $ 12,969 $ — $ 12,969 Assets measured at estimated fair value on a non-recurring basis. Certain assets or liabilities are required to be measured at estimated fair value on a nonrecurring basis subsequent to initial recognition. Generally, these adjustments are the result of lower-of-cost-or-fair value or other impairment write-downs of individual assets. In determining the estimated fair values during the period, the Company determined that substantially all the changes in estimated fair value were due to declines in market conditions versus instrument specific credit risk. For the year ended December 31, 2022, December 31, 2021, no For financial assets measured at fair value on a nonrecurring basis that were still reflected in the Consolidated Balance Sheets as of December 31, 2022, 2021, December 31, 2022, December 31, 2021, As of December 31, 2022 Total Losses Fair Value Measurements Using Total at For the Twelve Months Ended Level 1 Level 2 Level 3 Fair Value December 31, 2022 December 31, 2021 Assets (In thousands) Non-accrual loans by type: Commercial loans $ — $ — $ 12,950 $ 12,950 $ 1,786 $ 1,012 Commercial mortgage loans — — 32,205 32,205 2,091 — Residential mortgage and equity lines — — 8,978 8,978 — — Installment and other loans — — 8 8 — — Total non-accrual loans — — 54,141 54,141 3,877 1,012 Other real estate owned (1) — — 4,328 4,328 — 17 Investments in venture capital — — 689 689 268 143 Total assets $ — $ — $ 59,158 $ 59,158 $ 4,145 $ 1,172 ( 1 As of December 31, 2021 Total Losses/(Gains) Fair Value Measurements Using Total at For the Twelve Months Ended Level 1 Level 2 Level 3 Fair Value December 31, 2021 December 31, 2020 Assets (In thousands) Non-accrual loans by type: Commercial loans $ — $ — $ 4,327 $ 4,327 $ 1,012 $ 7,012 Commercial mortgage loans — — 13,335 13,335 — — Residential mortgage and equity lines — — 5,243 5,243 — — Total non-accrual loans — — 22,905 22,905 1,012 7,012 Other real estate owned (1) — — 4,589 4,589 17 717 Investments in venture capital — — 952 952 143 107 Total assets $ — $ — $ 28,446 $ 28,446 $ 1,172 $ 7,836 ( 1 The significant unobservable inputs used in the fair value measurement of collateral for collateral-dependent non-accrual loans was primarily based on the appraised value of collateral adjusted by estimated sales cost and commissions. The Company generally obtains new appraisal reports on an annual basis. As the Company’s primary objective in the event of default would be to monetize the collateral to settle the outstanding balance of the loan, less marketable collateral would receive a larger discount. The Company is using borrower specific collateral discounts with various discount levels for accounts receivable and inventory collateral. The fair value of non-accrual loans was calculated based on the net realizable fair value of the collateral or the observable market price of the most recent sale or quoted price from loans held for sale. The Company does not 2 12 3 The significant unobservable inputs used in the fair value measurement of OREO was primarily based on the appraised value of OREO adjusted by estimated sales cost and commissions. The Company applies estimated sales cost and commission ranging from 3% to 6% of collateral value of impaired loans, quoted price or loan sale price of loans held for sale, and appraised value of OREOs. The significant unobservable inputs in the Black-Scholes option pricing model for the fair value of warrants are the expected life of warrant ranging from one six Fair value estimates were made at specific points in time, based on relevant market information and information about the financial instrument. Because no The following tables present carrying amounts and estimated fair values of certain financial instruments as of the dates indicated: December 31, 2022 December 31, 2021 Carrying Carrying Amount Fair Value Amount Fair Value (In thousands) Financial Assets Cash and due from banks $ 195,440 $ 195,440 $ 134,141 $ 134,141 Short-term investments 966,962 966,962 2,315,563 2,315,563 Securities available-for-sale 1,473,348 1,473,348 1,127,309 1,127,309 Loans, net 18,100,898 17,944,588 16,202,001 16,499,869 Equity securities 22,158 22,158 22,319 22,319 Investment in Federal Home Loan Bank stock 17,250 17,250 17,250 17,250 Warrants 50 50 23 23 Notional Notional Amount Fair Value Amount Fair Value Foreign exchange contracts $ 72,996 $ 448 $ 181,997 $ 1,113 Interest rate swaps 817,615 44,443 904,635 10,090 Financial Liabilities Carrying Carrying Amount Fair Value Amount Fair Value Deposits $ 18,505,279 $ 18,572,387 $ 18,058,842 $ 18,051,720 Advances from Federal Home Loan Bank 485,000 482,737 20,000 21,279 Other borrowings 22,600 18,385 23,145 18,945 Long-term debt 119,136 68,231 119,136 62,274 Notional Notional Amount Fair Value Amount Fair Value Option contracts $ — $ — $ 676 $ 3 Foreign exchange contracts 170,213 942 51,782 327 Interest rate swaps 595,426 51,864 872,400 12,642 Notional Notional Amount Fair Value Amount Fair Value Off-Balance Sheet Financial Instruments Commitments to extend credit $ 3,630,304 $ (14,797 ) $ 3,297,362 $ (12,594 ) Standby letters of credit 315,821 (2,738 ) 266,490 (2,640 ) Other letters of credit 29,416 (33 ) 16,652 (13 ) Bill of lading guarantees — — — — The following tables present the level in the fair value hierarchy for the estimated fair values of certain financial instruments as of December 31, 2022, December 31, 2021. As of December 31, 2022 Estimated Fair Value Measurements Level 1 Level 2 Level 3 (In thousands) Financial Assets Cash and due from banks $ 195,440 $ 195,440 $ — $ — Short-term investments 966,962 966,962 — — Securities available-for-sale 1,473,348 240,500 1,232,848 — Loans, net 17,944,588 — — 17,944,588 Equity securities 22,158 22,158 — — Investment in Federal Home Loan Bank stock 17,250 — 17,250 — Warrants 50 — — 50 Financial Liabilities Deposits 18,572,387 — — 18,572,387 Advances from Federal Home Loan Bank 482,737 — 482,737 — Other borrowings 18,385 — — 18,385 Long-term debt 68,231 — 68,231 — As of December 31, 2021 Estimated Fair Value Measurements Level 1 Level 2 Level 3 (In thousands) Financial Assets Cash and due from banks $ 134,141 $ 134,141 $ — $ — Short-term investments 2,315,563 2,315,563 — — Securities available-for-sale 1,127,309 — 1,127,309 — Loans, net 16,499,869 — — 16,499,869 Equity securities 22,319 22,319 — — Investment in Federal Home Loan Bank stock 17,250 — 17,250 — Warrants 23 — — 23 Financial Liabilities Deposits 18,051,720 — — 18,051,720 Advances from Federal Home Loan Bank 21,279 — 21,279 — Other borrowings 18,945 — — 18,945 Long-term debt 62,274 — 62,274 — |
Note 18 - Revenue from Contract
Note 18 - Revenue from Contracts with Customers | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | 18. Revenue from Contracts with Clients The Company’s revenue from contracts with clients consists primarily of service charges and fees related to deposit accounts and wealth management fees. The new standard did not no The following is a summary of revenue from contracts with clients that are in-scope and not 606: Year Ended December 31, 2022 2021 2020 (In thousands) Non-interest income, in-scope: Fees and service charges on deposit accounts $ 9,394 $ 8,618 $ 7,965 Wealth management fees 16,436 15,056 10,529 Other service fees (1) 16,349 15,400 13,742 Total in-scope non-interest income 42,179 39,074 32,236 Noninterest income, not in-scope (2) 14,635 15,529 10,584 Total non-interest income $ 56,814 $ 54,603 $ 42,820 ( 1 Other service fees comprise of fees related to letters of credit, wire fees, fees on foreign exchange transactions and other immaterial individual revenue streams. ( 2 These amounts primarily represent revenue from contracts with customers that are out of the scope of ASC 606. The major revenue streams by fee type that are within the scope of ASC 606 Fees and Services Charges on Deposit Accounts Fees and service charges on deposit accounts include charges for analysis, overdraft, cash checking, ATM, and safe deposit activities executed by our deposit clients, as well as interchange income earned through card payment networks for the acceptance of card-based transactions. Fees earned from our deposit clients are governed by contracts that provide for overall custody and access to deposited funds and other related services and can be terminated at will by either party. Fees received from deposit clients for the various deposit activities are recognized as revenue once the performance obligations are met. The adoption of ASU 2014 09 no Wealth Management Fees The Company employs financial consultants to provide investment planning services for clients including wealth management services, asset allocation strategies, portfolio analysis and monitoring, investment strategies, and risk management strategies. The fees the Company earns are variable and are generally received monthly. The Company recognizes revenue for the services performed at quarter end based on actual transaction details received from the broker dealer the Company engages. Practical Expedients and Exemptions The Company applies the practical expedient in ASC 606 10 50 14 not one one In addition, given the short-term nature of the Company’s contracts, the Company also applies the practical expedient in ASC 606 10 32 18 not one |
Note 19 - Employee Benefit Plan
Note 19 - Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Compensation and Employee Benefit Plans [Text Block] | 19. Employee Benefit Plans Employee Stock Ownership Plan. two 1,000 two not 2004 not June 17, 2004, 2022, 2021, 2020, 2022, 2021, 2020. 2022, 2021, 2020. December 31, 2022, 401 1997, 401 March 1, 1997. one 21 first may not may October 1, 2022, three three June 1, 2018, first first 30 2022, 2021, 2020. may Bank-Owned Life Insurance. December 31, 2022 2021, |
Note 20 - Equity Incentive Plan
Note 20 - Equity Incentive Plans | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Share-Based Payment Arrangement [Text Block] | 20. Equity Incentive Plans Pursuant to the Company’s 2005 May 2015, may As of December 31, 2022, 2005 In addition to stock options, the Company also grants restricted stock units (“RSUs”) that are generally granted at no three one three may may Performance-based RSUs are granted at the target amount of awards. Based on the Company’s attainment of specified performance goals and consideration of market conditions, the number of shares that vest can be adjusted to a minimum of zero three Compensation costs for the time-based awards are based on the quoted market price of the Company’s stock at the grant date. Compensation costs associated with performance-based RSUs are based on grant date fair value, which considers both market and performance conditions. Compensation costs of both time-based and performance-based awards are recognized on a straight-line basis from the grant date until the vesting date of each grant. The following table presents RSU activity for 2022, 2021, 2020: Time-Based RSUs Performance-Based RSUs Weighted-Average Weighted-Average Grant Date Grant Date Shares Fair Value Shares Fair Value Balance at December 31, 2019 273,200 35.90 297,744 32.65 Granted 110,495 21.79 212,369 22.96 Vested (80,654 ) 25.34 (193,240 ) 21.68 Forfeited (10,371 ) 39.04 (14,071 ) 39.08 Balance at December 31, 2020 292,670 33.37 302,802 32.55 Granted 63,467 41.18 113,764 37.13 Vested (96,869 ) 41.72 (76,292 ) 41.69 Forfeited (23,324 ) 29.92 (7,768 ) 40.85 Balance at December 31, 2021 235,944 32.38 332,506 31.82 Granted 67,652 46.69 112,393 40.24 Vested (89,386 ) 40.92 (81,934 ) 44.52 Forfeited (12,151 ) 34.07 — — Balance at December 31, 2022 202,059 33.29 362,965 31.56 The compensation expense recorded for RSUs was $7.0 million in 2022, 2021, 2020. December 31, 2022, 2021, December 31, 2022, |
Note 21 - Condensed Financial I
Note 21 - Condensed Financial Information of Cathay General Bancorp | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Condensed Financial Information of Parent Company Only Disclosure [Text Block] | 21. Condensed Financial Information of Cathay General Bancorp The condensed financial information of the Bancorp as of December 31, 2022, December 31, 2021, December 31, 2022, 2021, 2020 Balance Sheets As of December 31, 2022 2021 (In thousands, except share and per share data) Assets Cash $ 14,902 $ 19,629 Cash pledged as margin for interest rate swaps — 1,071 Short-term certificates of deposit 334 333 Equity securities 16,360 15,627 Investment in Cathay Bank subsidiary 2,566,266 2,530,850 Investment in non-bank subsidiary 764 807 Other assets 4,385 4,691 Total assets $ 2,603,011 $ 2,573,008 Liabilities Junior subordinated debt $ 119,136 $ 119,136 Other liabilities 9,835 7,621 Total liabilities 128,971 126,757 Commitments and contingencies — — Stockholders' equity Common stock, $ 0.01 100,000,000 91,090,614 72,742,151 90,871,860 75,750,862 911 909 Additional paid-in-capital 981,119 972,474 Accumulated other comprehensive loss, net (102,295 ) (3,065 ) Retained earnings 2,244,856 1,985,168 Treasury stock, at cost ( 18,348,463 15,120,998 (650,551 ) (509,235 ) Total equity 2,474,040 2,446,251 Total liabilities and equity $ 2,603,011 $ 2,573,008 Statements of Operations Year Ended December 31, 2022 2021 2020 (In thousands) Cash dividends from Cathay Bank $ 232,773 $ 230,000 $ 146,000 Interest income 30 36 49 Interest expense 5,560 5,773 5,906 Non-interest Income/(loss) 1,018 3,117 (435 ) Non-interest expense 3,937 3,224 4,846 Income before income tax expense 224,324 224,156 134,862 Income tax expense (2,885 ) (1,810 ) (3,692 ) Income before undistributed earnings of subsidiaries 227,209 225,966 138,554 Undistributed earnings of subsidiary 133,433 72,338 90,306 Net income $ 360,642 $ 298,304 $ 228,860 Statements of Cash Flows Year Ended December 31, 2022 2021 2020 (In thousands) Cash flows from Operating Activities Net income $ 360,642 $ 298,304 $ 228,860 Adjustments to reconcile net income to net cash provided by operating activities: Equity in undistributed earnings of subsidiaries (133,433 ) (72,338 ) (90,306 ) Loss/(gain) on equity securities (733 ) (122 ) 641 Write-downs on venture capital and other investments 268 73 107 (Gain)/loss in fair value of warrants (27 ) — 18 Stock issued to directors as compensation 849 850 800 Net change in accrued interest receivable and other assets (434 ) 1,918 (1,182 ) Net change in other liabilities 8,532 4,934 (9,853 ) Net cash provided by operating activities 235,664 233,619 129,085 Cash flows from Investment Activities Proceeds from liquidation of subsidiary — — 2,399 Proceeds from sale of equity securities — — 3,112 Venture capital and other investments (5 ) 357 116 Net cash (used)/provided by investment activities (5 ) 357 5,627 Cash flows from Financing Activities Repayment of long-term debt — — (7,644 ) Cash dividends paid (100,955 ) (99,322 ) (98,688 ) Proceeds from shares issued under the Dividend Reinvestment Plan 3,719 3,563 9,777 Taxes paid related to net share settlement of RSUs (2,905 ) (2,632 ) (1,911 ) Purchase of treasury stock (141,316 ) (167,104 ) (23,593 ) Net cash used in financing activities (241,457 ) (265,495 ) (122,059 ) Increase/(decrease) in cash, cash equivalents and restricted cash (5,798 ) (31,519 ) 12,653 Cash, cash equivalents, and restricted cash, beginning of the year 20,700 52,219 39,566 Cash, cash equivalents, and restricted cash, end of the period $ 14,902 $ 20,700 $ 52,219 |
Note 22 - Dividend Reinvestment
Note 22 - Dividend Reinvestment Plan | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Dividend Reinvestment Plan [Text Block] | 22. Dividend Reinvestment Plan The Company has a Dividend Reinvestment Plan which allows for participants’ reinvestment of cash dividends and certain optional additional investments in the Bancorp’s common stock. Shares issued under the plan and the consideration received were 86,501 shares for $3.7 million in 2022, 2021, 2020. |
Note 23 - Regulatory Matters
Note 23 - Regulatory Matters | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Regulatory Capital Requirements under Banking Regulations [Text Block] | 23. Regulatory Matters The Bank is subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet minimum capital requirements can result in certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the Bank’s financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Bank must meet specific capital guidelines that involve quantitative measures of the Bank’s assets, liabilities, and certain off-balance-sheet items as calculated under regulatory accounting practices. The Bank’s capital amounts, and classification are also subject to qualitative judgments by the regulators about components, risk weightings, and other factors. The Federal Deposit Insurance Corporation has established five 1 1 1 December 31, 2022, 2021, The Bancorp’s and the Bank’s capital and leverage ratios as of December 31, 2022, December 31, 2021, Actual Minimum Capital Required - Basel III Required to be Considered Well Capitalized Capital Amount Ratio Capital Amount Ratio Capital Amount Ratio December 31, 2022 (In thousands) Common Equity Tier 1 to Risk-Weighted Assets Cathay General Bancorp $ 2,182,066 12.21 $ 1,250,914 7.00 $ 1,161,563 6.50 Cathay Bank 2,276,830 12.75 1,250,461 7.00 1,161,142 6.50 Tier 1 Capital to Risk-Weighted Assets Cathay General Bancorp 2,182,066 12.21 1,518,967 8.50 1,429,616 8.00 Cathay Bank 2,276,830 12.75 1,518,417 8.50 1,429,098 8.00 Total Capital to Risk-Weighted Assets Cathay General Bancorp 2,452,781 13.73 1,876,371 10.50 1,787,020 10.00 Cathay Bank 2,432,045 13.61 1,875,691 10.50 1,786,373 10.00 Leverage Ratio Cathay General Bancorp 2,182,066 10.08 865,470 4.00 1,081,838 5.00 Cathay Bank 2,276,830 10.53 864,918 4.00 1,081,148 5.00 Actual Minimum Capital Required - Basel III Required to be Considered Well Capitalized Capital Amount Ratio Capital Amount Ratio Capital Amount Ratio December 31, 2021 (In thousands) Common Equity Tier 1 to Risk-Weighted Assets Cathay General Bancorp $ 2,056,601 12.80 $ 1,124,381 7.00 $ 1,044,068 6.50 Cathay Bank 2,137,925 13.32 1,123,721 7.00 1,043,455 6.50 Tier 1 Capital to Risk-Weighted Assets Cathay General Bancorp 2,056,601 12.80 1,365,320 8.50 1,285,007 8.00 Cathay Bank 2,137,925 13.32 1,364,519 8.50 1,284,253 8.00 Total Capital to Risk-Weighted Assets Cathay General Bancorp 2,315,358 14.41 1,686,572 10.50 1,606,259 10.00 Cathay Bank 2,281,182 14.21 1,685,582 10.50 1,605,316 10.00 Leverage Ratio Cathay General Bancorp 2,056,601 10.40 791,226 4.00 989,033 5.00 Cathay Bank 2,137,925 10.82 790,430 4.00 988,037 5.00 |
Note 24 - Balance Sheet Offsett
Note 24 - Balance Sheet Offsetting | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Supplemental Balance Sheet Disclosures [Text Block] | 24. Balance Sheet Offsetting Certain financial instruments, including resell and repurchase agreements, securities lending arrangements and derivatives, may may not Financial instruments that are eligible for offset in the Consolidated Balance Sheets, as of December 31, 2022, December 31, 2021, Gross Amounts Not Offset in the Balance Sheet Gross Amounts Recognized Gross Amounts Offset in the Balance Sheet Net Amounts Presented in the Balance Sheet Financial Instruments Collateral Posted Net Amount December 31, 2022 (In thousands) Assets: Derivatives $ 90,451 $ 46,008 $ 44,443 $ — $ 42,930 $ 1,513 Liabilities: Derivatives $ 51,864 $ — $ 51,864 $ — $ — $ 51,864 December 31, 2021 Assets: Derivatives $ 10,090 $ — $ 10,090 $ — $ — $ 10,090 Liabilities: Derivatives $ 15,748 $ (3,106 ) $ 12,642 $ — $ — $ 12,642 |
Note 25 - Subsequent Events
Note 25 - Subsequent Events | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 25. Subsequent Events On February 16, 2023, first 2023 March 9, 2023 February 27, 2023 On February 21, 2023, May 2022 The Company has evaluated the effect of events that have occurred subsequent to December 31, 2022, none |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates. |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Concentrations. December 31, 2022, December 31, 2022, |
Marketable Securities, Policy [Policy Text Block] | Securities Available for Sale. January 1, 2021, 2016 13, 1 2 not Interest income includes amortization of premiums and discounts as an adjustment of yield on a level-yield basis. Premiums on callable debt securities are amortized to their earliest call date. Gains and losses on sales are recorded on the trade date and determined using the specific identification method. A debt security is placed on nonaccrual status at the time any principal or interest payments become delinquent by 90 not No |
Allowance for Credit Losses on Available for Sale Debt Securities [Policy Text Block] | Allowance for Credit Losses on Available for Sale Securities. first not not not Changes in the allowance for credit losses are recorded as provision for credit loss expense. Losses are charged against the allowance when management believes the uncollectability of an available-for-sale security is confirmed or when either of the criteria regarding intent or requirement to sell is met. The amortized cost of the Company’s AFS debt securities exclude accrued interest, which is included in “accrued interest receivable” on the Consolidated Balance Sheets. The Company has made an accounting policy election not Trading securities |
Investment in Federal Home Loan Bank Stock [Policy Text Block] | Investment in Federal Home Loan Bank ( FHLB ) Stock. December 31, 2022, 2021. December 31, 2022, |
Financing Receivable, Held-for-investment [Policy Text Block] | Loans Held for Investment. 360 Generally, loans are placed on nonaccrual status when they become 90 not not not |
Financing Receivable, Held-for-sale [Policy Text Block] | Loans held for sale |
Loans and Leases Receivable, Allowance for Loan Losses Policy [Policy Text Block] | Allowance for Credit Losses ( ACL ) on Loans Held for Investment. 2016 13, Financial Instruments Credit Losses (Topic 326 January 1, 2021 The ACL on loans held for investment is the combination of the allowance for loan losses and the reserve for unfunded loan commitments. The allowance for loan losses is reported as a reduction of the amortized cost basis of loans, while the reserve for unfunded loan commitments is included within "other liabilities" on the Consolidated Balance Sheets. The amortized cost basis of loans does not Under the Company’s CECL approach, management estimates the ACL using relevant available information from internal and external sources, relating to past events, GDP, unemployment rates, CRE and home price indexes, and reasonable and supportable economic forecasts that vary by loan portfolio. We use economic forecasts from Moody’s Analytics in this process. The economic forecast is updated monthly; therefore, the one one not one Under the CECL methodology, quantitative and qualitative loss factors are applied to our population of loans on a collective pool basis when similar risk characteristics exist. When loans do not not may one 1 2 not Under the Company’s CECL methodology, nine three six six 2007 fourth 2020. fourth 2007 fourth 2020. The Company’s CECL methodology utilizes an eight four 1 10th 3 90th four six The Company’s CECL methodology estimates expected credit losses over the contractual term of the loans, adjusted for expected prepayments when appropriate. The contractual term excludes expected extensions, renewals, and modifications unless either of the following applies: (i) management has a reasonable expectation at the reporting date that a troubled debt restructuring will be executed with an individual borrower or (ii) the extension or renewal options are included in the original or modified contract at the reporting date and are not The simplified approach portfolios include Small Business Administration (“SBA”) loans, Home Equity Lines of Credit (“HELOCs”) and cash-secured loans, which are not three first eight four Under the Company’s CECL methodology, the qualitative portion of the reserve on pooled loans represents management’s judgment of additional considerations to account for internal and external risk factors that are not may not The Company’s CECL methodology requires a significant amount of management judgment in determining the appropriate allowance for credit losses. Several of the steps in the methodology involve judgment and are subjective in nature including, among other things: segmenting the loan portfolio; determining the period over which loss history to consider; selecting predictive econometric regression models that use appropriate macroeconomic variables; determining the methodology to forecast prepayments; selecting the most appropriate economic forecast scenario; determining the length of the R&S forecast and reversion periods; estimating expected utilization rates on unfunded loan commitments; and assessing relevant and appropriate qualitative factors. In addition, the CECL methodology is dependent on economic forecasts that are inherently imprecise and will change from period to period. Although the allowance for credit losses is considered by management to be appropriate, there can be no Management believes the allowance for credit losses is appropriate for the CECL in our loan portfolio and associated unfunded commitments, and the risk ratings and inherent loss rates currently assigned are reasonable and appropriate as of the reporting date. Individually Evaluated Loans not no may one 90 Prior to January 1, 2021, • Specific allowance: For impaired loans, we provide specific allowances for loans that are not may • General allowance: The unclassified portfolio is segmented on a group basis. Segmentation is determined by loan types and common risk characteristics. The non-impaired loans are grouped into 19 two ten one one one one one one one fourth 2016, five eight first 2009 forty-eight fourth 2020. five |
Troubled Debt Restructuring [Policy Text Block] | Troubled Debt Restructured Loan ( TDR ). may six The allowance for credit loss on a TDR is measured using the same method as all other loans held for investment, except when the value of a concession cannot be measured using a method other than the discounted cash flow method. When the value of a concession is measured using the discounted cash flow method, the allowance for credit loss is determined by discounting the expected future cash flows at the original interest rate of the loan. The Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) as extended by the Consolidated Appropriation Act, 2021 19 not March 1, 2020, January 1, 2022 not 30 December 31, 2019. |
Loan Commitments, Policy [Policy Text Block] | Unfunded Loan Commitments. not 14 The Company estimates expected credit losses over the contractual period in which the Company is exposed to credit risk via a contractual obligation to extend credit, unless that obligation is unconditionally cancellable by the Company, using the same loss factors as used for the allowance for loan losses. The reserve for unfunded loan commitments uses the expected historical usage rate of the unfunded commitments during the contractual life of the commitments. The allowance for unfunded commitments is included in “other liabilities” on the Consolidated Balance Sheets. Changes in the allowance for unfunded commitments are included in the provision for loan losses. |
Letter of Credit Fees [Policy Text Block] | Letter of Credit Fees |
Real Estate Owned, Valuation Allowance, Policy [Policy Text Block] | Other Real Estate Owned ( OREO ). |
Investments In Affordable Housing [Policy Text Block] | Investments in Affordable Housing Partnerships and Other Tax Credit Investments. 6 December 31, 2022, ten ten |
Investments in Venture Capital [Policy Text Block] | Investments in Venture Capital. |
Property, Plant and Equipment, Policy [Policy Text Block] | Premises and Equipment. Type Estimated Useful Life (years) Buildings 15 to 45 Building improvements 5 to 20 Furniture, fixtures, and equipment 3 to 25 Leasehold improvements Shorter of useful lives or the terms of the leases Improvements are capitalized and amortized to occupancy expense based on the above table. Construction in process is carried at cost and includes land acquisition cost, architectural fees, general contractor fees, capitalized interest and other costs related directly to the construction of a property. |
Goodwill and Intangible Assets, Policy [Policy Text Block] | Goodwill and Other Intangible Assets. December 31 may not no December 31, 2022 2021. |
Intangible Assets, Finite-Lived, Policy [Policy Text Block] | Other intangible assets. |
Bank-Owned Life Insurance [Policy text Block] | Bank-Owned Life Insurance. |
Share-Based Payment Arrangement [Policy Text Block] | Stock-Based Compensation. |
Derivatives, Policy [Policy Text Block] | Derivatives 815 not third not |
Foreign Exchanged Forwards and Foreign Currency Option Contracts [Policy Text Block] | Foreign Exchange Forwards and Foreign Currency Option Contracts. not |
Income Tax, Policy [Policy Text Block] | Income Taxes. not not |
Comprehensive Income, Policy [Policy Text Block] | Comprehensive Income/(loss). |
Earnings Per Share, Policy [Policy Text Block] | Net Income per Common Share |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | Foreign Currency Translation. |
Cash and Cash Equivalents, Policy [Policy Text Block] | Statement of Cash Flows three |
Segment Reporting, Policy [Policy Text Block] | Segment Reporting. one |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements In March 2020, No. 2020 04, 848 No. 2020 04 March 12, 2020, December 31, 2022 2022 06 December 31, 2024 no 848. December 31, 2024. January 2021, 2021 01 848 may 2020 04 2021 01 January 1, 2021. not In March 2022, 2022 01, 815 not 2022 01 one 2022 01 2022 01 January 1, 2023 2022 01 not In March 2022, 2022 02, 326 2022 02 310 40, 2022 02 326 20, 2022 02 January 1, 2023 2022 02 not In June 2022, 2022 03, 820 2022 03 not not 2022 03 2022 03 January 1, 2024 2022 03 not |
Note 1 - Summary of Significa_2
Note 1 - Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Estimated Useful Lives of Assets [Table Text Block] | Type Estimated Useful Life (years) Buildings 15 to 45 Building improvements 5 to 20 Furniture, fixtures, and equipment 3 to 25 Leasehold improvements Shorter of useful lives or the terms of the leases |
Note 2 - Business Combinations
Note 2 - Business Combinations (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | Balance Sheet (In thousands) Assets: Cash and cash equivalents $ 473 Loans 641,839 Right-of-use assets - operating leases 6,453 Core deposit intangible 3,138 Other 561 Total assets $ 652,464 Liabilities assumed: Deposits $ 575,163 Lease liabilities 6,453 Total liabilities assumed $ 581,616 Net assets acquired $ 70,848 Total cash paid at closing $ 74,355 Goodwill $ 3,507 |
Note 4 - Investment Securities
Note 4 - Investment Securities (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Available-for-Sale Securities Reconciliation [Table Text Block] | As of December 31, 2022 Gross Gross Amortized Unrealized Unrealized Cost Gains Losses Fair Value (In thousands) Securities Available-for-Sale U.S. treasury securities $ 241,611 $ — $ 1,111 $ 240,500 U.S. government agency entities 63,347 384 121 63,610 U.S. government sponsored entities 30,000 — — 30,000 Mortgage-backed securities 993,883 194 126,983 867,094 Collateralized mortgage obligations 34,552 — 3,491 31,061 Corporate debt securities 258,780 112 17,809 241,083 Total $ 1,622,173 $ 690 $ 149,515 $ 1,473,348 As of December 31, 2021 Gross Gross Amortized Unrealized Unrealized Cost Gains Losses Fair Value (In thousands) Securities Available-for-Sale U.S. treasury securities $ — $ — $ — $ — U.S. government agency entities 86,475 1,169 135 87,509 Mortgage-backed securities 886,614 9,465 7,414 888,665 Collateralized mortgage obligations 9,547 — 430 9,117 Corporate debt securities 144,231 441 2,654 142,018 Total $ 1,126,867 $ 11,075 $ 10,633 $ 1,127,309 |
Investments Classified by Contractual Maturity Date [Table Text Block] | Securities Available-for-Sale As of December 31, 2022 Amortized Cost Fair Value (In thousands) Due in one year or less $ 311,603 $ 310,050 Due after one year through five years 213,395 196,616 Due after five years through ten years 168,767 159,448 Due after ten years 928,408 807,234 Total $ 1,622,173 $ 1,473,348 |
Schedule of Unrealized Loss on Investments [Table Text Block] | As of December 31, 2022 Less than 12 months 12 months or longer Total Fair Gross Unrealized Fair Gross Unrealized Fair Gross Unrealized Value Losses Value Losses Value Losses (In thousands) Securities Available-for-Sale U.S. treasury securities $ 240,500 $ 1,111 $ — $ — $ 240,500 $ 1,111 U.S. government agency entities — — 1,806 121 1,806 121 Mortgage-backed securities 394,123 33,042 452,739 93,941 846,862 126,983 Collateralized mortgage obligations 24,427 1,614 6,634 1,877 31,061 3,491 Corporate debt securities 109,995 3,256 100,977 14,553 210,972 17,809 Total $ 769,045 $ 39,023 $ 562,156 $ 110,492 $ 1,331,201 $ 149,515 As of December 31, 2021 Less than 12 months 12 months or longer Total Fair Gross Unrealized Fair Gross Unrealized Fair Gross Unrealized Value Losses Value Losses Value Losses (In thousands) Securities Available-for-Sale U.S. treasury securities $ — $ — $ — $ — $ — $ — U.S. government agency entities — — 2,337 135 2,337 135 Mortgage-backed securities 527,276 6,659 6,496 755 533,772 7,414 Collateralized mortgage obligations 8,989 417 128 13 9,117 430 Corporate debt securities 103,720 2,122 19,468 532 123,188 2,654 Total $ 639,985 $ 9,198 $ 28,429 $ 1,435 $ 668,414 $ 10,633 |
Note 5 - Loans (Tables)
Note 5 - Loans (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | As of December 31, 2022 2021 (In thousands) Loans: Commercial loans $ 3,318,778 $ 2,982,399 Real estate construction loans 559,372 611,031 Commercial mortgage loans 8,793,685 8,143,272 Residential mortgage loans 5,252,952 4,182,006 Equity lines 324,548 419,487 Installment and other loans 4,689 4,284 Gross loans 18,254,024 16,342,479 Less: Allowance for loan losses (146,485 ) (136,157 ) Unamortized deferred loan fees (6,641 ) (4,321 ) Total loans, net $ 18,100,898 $ 16,202,001 |
Schedule of Related Party Transactions [Table Text Block] | December 31, 2022 2021 (In thousands) Balance at beginning of year $ 38,532 $ 51,288 Additional loans made 25,050 29,182 Payment received (30,365 ) (41,938 ) Balance at end of year $ 33,217 $ 38,532 |
Impaired Financing Receivables [Table Text Block] | For the year ended December 31, 2022 Average Recorded Investment Interest Income Recognized (In thousands) Commercial loans $ 28,109 $ 4 Commercial mortgage loans 28,983 405 Residential mortgage and equity lines 14,251 26 Installment and other loans 28 — Total $ 71,371 $ 435 For the year ended December 31, 2021 Average Recorded Investment Interest Income Recognized (In thousands) Commercial loans $ 21,453 $ — Real estate construction loans 3,805 — Commercial mortgage loans 38,047 1,044 Residential mortgage and equity lines 9,435 30 Total $ 72,740 $ 1,074 |
Schedule Of Impaired Loans And Related Allowance And Charge Off [Table Text Block] | As of December 31, 2022 Unpaid Principal Balance Recorded Investment Allowance (In thousands) With no allocated allowance: Commercial loans $ 27,341 $ 12,949 $ — Commercial mortgage loans 37,697 32,205 — Residential mortgage and equity lines 9,626 8,978 — Installment and other loans 9 8 — Subtotal $ 74,673 $ 54,140 $ — With allocated allowance: Commercial loans $ 14,643 $ 12,823 $ 3,734 Commercial mortgage loans 1,896 1,891 207 Residential mortgage and equity lines — — — Subtotal $ 16,539 $ 14,714 $ 3,941 Total non-accrual loans $ 91,212 $ 68,854 $ 3,941 As of December 31, 2021 Unpaid Principal Balance Recorded Investment Allowance (In thousands) With no allocated allowance: Commercial loans $ 15,879 $ 11,342 $ — Commercial mortgage loans 24,437 21,209 — Residential mortgage and equity lines 6,020 5,850 — Subtotal $ 46,336 $ 38,401 $ — With allocated allowance: Commercial loans $ 14,294 $ 5,217 $ 894 Commercial mortgage loans 17,930 16,964 3,631 Residential mortgage and equity lines 6,048 5,264 22 Subtotal $ 38,272 $ 27,445 $ 4,547 Total non-accrual loans $ 84,608 $ 65,846 $ 4,547 |
Financing Receivable, Nonaccrual [Table Text Block] | As of December 31, 2022 2021 2020 (In thousands) Non-accrual portfolio loans $ 68,854 $ 65,846 $ 67,684 Contractual interest due 4,620 4,032 3,093 Interest recognized 435 1,074 1,008 Net interest foregone $ 4,185 $ 2,958 $ 2,085 |
Financing Receivable, Past Due [Table Text Block] | As of December 31, 2022 30-59 Days Past Due 60-89 Days Past Due 90 Days or More Past Due Non-accrual Loans Total Past Due Loans Not Past Due Total Type of Loans: (In thousands) Commercial loans $ 8,192 $ 3,235 $ 10,208 $ 25,772 $ 47,407 $ 3,271,371 $ 3,318,778 Real estate construction loans — — — — — 559,372 559,372 Commercial mortgage loans 25,772 — 1,372 34,096 61,240 8,732,445 8,793,685 Residential mortgage loans and equity lines 47,043 5,685 — 8,978 61,706 5,515,794 5,577,500 Installment and other loans 5 1 — 8 14 4,675 4,689 Total loans $ 81,012 $ 8,921 $ 11,580 $ 68,854 $ 170,367 $ 18,083,657 $ 18,254,024 As of December 31, 2021 30-59 Days Past Due 60-89 Days Past Due 90 Days or More Past Due Non-accrual Loans Total Past Due Loans Not Past Due Total Type of Loans: (In thousands) Commercial loans $ 4,294 $ 9,877 $ 1,439 $ 16,558 $ 32,168 $ 2,950,231 $ 2,982,399 Real estate construction loans — — — — — 611,031 611,031 Commercial mortgage loans 8,389 — — 38,173 46,562 8,096,710 8,143,272 Residential mortgage loans 20,129 3,138 — 11,115 34,382 4,567,111 4,601,493 Installment and other loans — — — — — 4,284 4,284 Total loans $ 32,812 $ 13,015 $ 1,439 $ 65,846 $ 113,112 $ 16,229,367 $ 16,342,479 |
Schedule Of Troubled Debt Restructurings [Table Text Block] | Loans Modified as TDRs During the Year Ended December 31, 2022 No. of Contracts Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment Specific Reserve (1) Charge-offs (Dollars in thousands) Commercial loans 4 $ 6,115 $ 6,115 $ 427 $ — Commercial mortgage loans 3 3,676 3,669 — — Residential mortgage and equity lines 8 2,189 2,162 — — Total 15 $ 11,980 $ 11,946 $ 427 $ — Loans Modified as TDRs During the Year Ended December 31, 2021 No. of Contracts Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment Specific Reserve Charge-offs (Dollars in thousands) Commercial loans 3 $ 2,150 $ 2,150 $ — $ — Residential mortgage and equity lines 2 3 3 — — Total 5 $ 2,153 $ 2,153 $ — $ — Loans Modified as TDRs During the Year Ended December 31, 2020 No. of Contracts Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment Specific Reserve Charge-off (Dollars in thousands) Commercial loans 5 $ 5,417 $ 5,417 $ — $ — Total 5 $ 5,417 $ 5,417 $ — $ — |
Financing Receivable, Troubled Debt Restructuring [Table Text Block] | December 31, 2022 Accruing TDRs Payment Deferral Rate Reduction Rate Reduction and Payment Deferral Total (In thousands) Commercial loans $ 2,588 $ — $ — $ 2,588 Commercial mortgage loans 2,791 — 5,855 8,646 Residential mortgage loans 2,181 445 1,285 3,911 Total accruing TDRs $ 7,560 $ 445 $ 7,140 $ 15,145 December 31, 2021 Accruing TDRs Payment Deferral Rate Reduction Rate Reduction and Payment Deferral Total (In thousands) Commercial loans $ 3,368 $ — $ — $ 3,368 Commercial mortgage loans 438 5,522 168 6,128 Residential mortgage loans 1,464 249 1,628 3,341 Total accruing TDRs $ 5,270 $ 5,771 $ 1,796 $ 12,837 |
Non Accrual Troubled Debt Restructurings [Table Text Block] | December 31, 2022 Non-accrual TDRs Payment Deferral Rate Reduction Rate Reduction and Payment Deferral Total (In thousands) Commercial loans $ 3,629 $ — $ — $ 3,629 Commercial mortgage loans 1,098 — — 1,098 Residential mortgage loans 1,621 — — 1,621 Total non-accrual TDRs $ 6,348 $ — $ — $ 6,348 December 31, 2021 Non-accrual TDRs Payment Deferral Rate Reduction Rate Reduction and Payment Deferral Total (In thousands) Commercial loans $ 7,717 $ — $ — $ 7,717 Residential mortgage loans 458 — — 458 Total non-accrual TDRs $ 8,175 $ — $ — $ 8,175 |
Loan Held for Investment by Loan Portfolio Segments, Internal Risk Ratings and Vintage Year [Table Text Block] | Loans Amortized Cost Basis by Origination Year December 31, 2022 2022 2021 2020 2019 2018 Prior Revolving Loans Revolving Converted to Term Loans Total (In thousands) Commercial loans Pass/Watch $ 488,748 $ 446,647 $ 180,226 $ 119,355 $ 107,896 $ 106,649 $ 1,753,509 $ 6,560 $ 3,209,590 Special Mention 1,212 4,696 2,818 68 308 4,354 41,110 — 54,566 Substandard 25 12,750 342 4,859 2,766 6,985 22,084 133 49,944 Doubtful — — — 1,504 2,185 — 234 — 3,923 Total $ 489,985 $ 464,093 $ 183,386 $ 125,786 $ 113,155 $ 117,988 $ 1,816,937 $ 6,693 $ 3,318,023 YTD period charge-offs $ 96 $ 587 $ 120 $ 71 $ 1,786 $ 360 $ 202 $ — $ 3,222 YTD period recoveries (8 ) — (39 ) — (254 ) (335 ) (1,829 ) — (2,465 ) Net $ 88 $ 587 $ 81 $ 71 $ 1,532 $ 25 $ (1,627 ) $ — $ 757 Real estate construction loans Pass/Watch $ 99,798 $ 264,197 $ 113,312 $ 20,479 $ 3,067 $ — $ — $ — $ 500,853 Special Mention — 360 9,449 11,643 22,945 — — — 44,397 Substandard — — — 1,736 9,309 — — — 11,045 Total $ 99,798 $ 264,557 $ 122,761 $ 33,858 $ 35,321 $ — $ — $ — $ 556,295 YTD period charge-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — YTD period recoveries — — — — — (6 ) — — (6 ) Net $ — $ — $ — $ — $ — $ (6 ) $ — $ — $ (6 ) Commercial mortgage loans Pass/Watch $ 2,087,650 $ 1,728,607 $ 975,953 $ 1,094,505 $ 908,748 $ 1,420,982 $ 178,116 $ — $ 8,394,561 Special Mention 22,150 57,015 25,593 32,119 17,999 63,782 1,600 — 220,258 Substandard 12,320 7,861 14,392 19,972 34,899 81,844 2,631 — 173,919 Total $ 2,122,120 $ 1,793,483 $ 1,015,938 $ 1,146,596 $ 961,646 $ 1,566,608 $ 182,347 $ — $ 8,788,738 YTD period charge-offs $ — $ — $ — $ — $ 2,091 $ — $ — $ — $ 2,091 YTD period recoveries — — — (240 ) — (7 ) (111 ) — (358 ) Net $ — $ — $ — $ (240 ) $ 2,091 $ (7 ) $ (111 ) $ — $ 1,733 Residential mortgage loans Pass/Watch $ 1,228,391 $ 964,799 $ 580,990 $ 600,786 $ 417,565 $ 1,444,320 $ — $ — $ 5,236,851 Special Mention — — 33 — 752 905 — — 1,690 Substandard 206 762 2,028 1,966 1,799 8,785 — — 15,546 Total $ 1,228,597 $ 965,561 $ 583,051 $ 602,752 $ 420,116 $ 1,454,010 $ — $ — $ 5,254,087 YTD period charge-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — YTD period recoveries — — — — — (45 ) — — (45 ) Net $ — $ — $ — $ — $ — $ (45 ) $ — $ — $ (45 ) Equity lines Pass/Watch $ 731 $ — $ — $ — $ — $ — $ 302,825 $ 21,460 $ 325,016 Special Mention 5 — — — — — — — 5 Substandard 12 — — — — — 1,043 220 1,275 Total $ 748 $ — $ — $ — $ — $ — $ 303,868 $ 21,680 $ 326,296 YTD period charge-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — YTD period recoveries — — — — — — (11 ) (16 ) (27 ) Net $ — $ — $ — $ — $ — $ — $ (11 ) $ (16 ) $ (27 ) Installment and other loans Pass/Watch $ 1,792 $ 2,152 $ — $ — $ — $ — $ — $ — $ 3,944 Total $ 1,792 $ 2,152 $ — $ — $ — $ — $ — $ — $ 3,944 YTD period charge-offs $ 115 $ — $ — $ — $ — $ — $ 62 $ — $ 177 YTD period recoveries (2 ) — — — — — (2 ) — (4 ) Net $ 113 $ — $ — $ — $ — $ — $ 60 $ — $ 173 Total loans $ 3,943,040 $ 3,489,846 $ 1,905,136 $ 1,908,992 $ 1,530,238 $ 3,138,606 $ 2,303,152 $ 28,373 $ 18,247,383 Net charge-offs/(recoveries) $ 201 $ 587 $ 81 $ (169 ) $ 3,623 $ (33 ) $ (1,689 ) $ (16 ) $ 2,585 Loans Amortized Cost Basis by Origination Year December 31, 2021 2021 2020 2019 2018 2017 Prior Revolving Loans Revolving Converted to Term Loans Total (In thousands) Commercial loans Pass/Watch $ 606,770 $ 268,756 $ 183,468 $ 142,419 $ 80,701 $ 100,496 $ 1,437,463 $ 7,433 $ 2,827,506 Special Mention 395 780 1,138 1,645 3,157 — 40,761 49 47,925 Substandard 450 5,879 22,513 16,423 14,309 5,221 34,713 5,716 105,224 Doubtful — — — — — — 900 — 900 Total $ 607,615 $ 275,415 $ 207,119 $ 160,487 $ 98,167 $ 105,717 $ 1,513,837 $ 13,198 $ 2,981,555 YTD period charge-offs $ — $ 1,478 $ 507 $ 366 $ — $ 50 $ 17,650 $ — $ 20,051 YTD period recoveries — (1 ) (29 ) (124 ) — (191 ) (1,361 ) — (1,706 ) Net $ — $ 1,477 $ 478 $ 242 $ — $ (141 ) $ 16,289 $ — $ 18,345 Real estate construction loans Pass/Watch $ 199,188 $ 188,782 $ 125,316 $ 24,548 $ — $ — $ — $ — $ 537,834 Special Mention — 23,107 27,672 17,374 — — — — 68,153 Substandard — — 1,919 — — — — — 1,919 Total $ 199,188 $ 211,889 $ 154,907 $ 41,922 $ — $ — $ — $ — $ 607,906 YTD period charge-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — YTD period recoveries — — — — — (76 ) — — (76 ) Net $ — $ — $ — $ — $ — $ (76 ) $ — $ — $ (76 ) Commercial mortgage loans Pass/Watch $ 1,893,807 $ 1,201,825 $ 1,253,548 $ 1,031,191 $ 727,916 $ 1,313,882 $ 198,869 $ — $ 7,621,038 Special Mention 45,719 59,182 49,796 103,101 61,105 60,448 750 — 380,101 Substandard 1,110 — 13,483 42,803 1,580 76,906 3,297 — 139,179 Total $ 1,940,636 $ 1,261,007 $ 1,316,827 $ 1,177,095 $ 790,601 $ 1,451,236 $ 202,916 $ — $ 8,140,318 YTD period charge-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — YTD period recoveries — — (240 ) — — (28 ) (111 ) — (379 ) Net $ — $ — $ (240 ) $ — $ — $ (28 ) $ (111 ) $ — $ (379 ) Residential mortgage loans Pass/Watch $ 978,375 $ 622,999 $ 678,775 $ 502,325 $ 453,992 $ 929,846 $ — $ — $ 4,166,312 Special Mention — 46 1,576 1,064 836 438 — — 3,960 Substandard 1,684 147 2,698 2,574 862 5,255 — — 13,220 Total $ 980,059 $ 623,192 $ 683,049 $ 505,963 $ 455,690 $ 935,539 $ — $ — $ 4,183,492 YTD period charge-offs $ — $ — $ — $ — $ 3 $ — $ — $ — $ 3 YTD period recoveries — — — — — (208 ) — — (208 ) Net $ — $ — $ — $ — $ 3 $ (208 ) $ — $ — $ (205 ) Equity lines Pass/Watch $ — $ — $ — $ — $ — $ 5 $ 389,069 $ 30,025 $ 419,099 Substandard — — — — — — 1,230 273 1,503 Total $ — $ — $ — $ — $ — $ 5 $ 390,299 $ 30,298 $ 420,602 YTD period charge-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — YTD period recoveries — — — — — — (10 ) (64 ) (74 ) Net $ — $ — $ — $ — $ — $ — $ (10 ) $ (64 ) $ (74 ) Installment and other loans Pass/Watch $ 4,117 $ 168 $ — $ — $ — $ — $ — $ — $ 4,285 Total $ 4,117 $ 168 $ — $ — $ — $ — $ — $ — $ 4,285 YTD period charge-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — YTD period recoveries — — — — — — — — — Net $ — $ — $ — $ — $ — $ — $ — $ — $ — Total loans $ 3,731,615 $ 2,371,671 $ 2,361,902 $ 1,885,467 $ 1,344,458 $ 2,492,497 $ 2,107,052 $ 43,496 $ 16,338,158 Net charge-offs/(recoveries) $ — $ 1,477 $ 238 $ 242 $ 3 $ (453 ) $ 16,168 $ (64 ) $ 17,611 |
Financing Receivable, Allowance for Credit Loss [Table Text Block] | Real Estate Commercial Residential Installment Commercial Construction Mortgage Mortgage and Other Loans Loans Loans and Equity Lines Loans Total (In thousands) 2021 Beginning Balance $ 68,742 $ 30,854 $ 49,205 $ 17,737 $ — $ 166,538 Impact of ASU 2016-13 adoption $ (31,466 ) $ (24,307 ) $ 34,993 $ 19,211 $ 9 $ (1,560 ) Allowance for loan losses, January 1, 2021 $ 37,276 $ 6,547 $ 84,198 $ 36,948 $ 9 $ 164,978 Provision/(reversal) for loan losses 24,463 (321 ) (23,401 ) (11,943 ) (8 ) (11,210 ) Charge-offs (20,051 ) — — (3 ) — (20,054 ) Recoveries 1,706 76 284 377 — 2,443 Net (Charge-offs)/Recoveries $ (18,345 ) $ 76 $ 284 $ 374 $ — $ (17,611 ) 2021 Ending Balance $ 43,394 $ 6,302 $ 61,081 $ 25,379 $ 1 $ 136,157 Provision/(reversal) for loan losses 6,798 4,109 9,018 (7,219 ) 207 12,913 Charge-offs (3,222 ) — (2,091 ) — (177 ) (5,490 ) Recoveries 2,465 6 358 72 4 2,905 Net (Charge-offs)/Recoveries $ (757 ) $ 6 $ (1,733 ) $ 72 $ (173 ) $ (2,585 ) 2022 Ending Balance $ 49,435 $ 10,417 $ 68,366 $ 18,232 $ 35 $ 146,485 Allowance for unfunded credit commitments, January 1, 2021 $ 8,038 $ 3,825 $ 35 $ — $ — $ 11,898 Provision/(reversal) for possible credit losses (4,313 ) (450 ) (35 ) — — (4,798 ) Allowance for unfunded credit commitments 2021 Ending Balance $ 3,725 $ 3,375 $ — $ — $ — $ 7,100 Provision/(reversal) for possible credit losses 1,115 515 — — — 1,630 Allowance for unfunded credit commitments 2022 Ending Balance $ 4,840 $ 3,890 $ — $ — $ — $ 8,730 |
Note 6 - Investments in Affor_2
Note 6 - Investments in Affordable Housing and Alternative Energy Partnerships (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Investments in Affordable Housing and Alternative Energy Partnerships [Table Text Block] | As of December 31, 2022 2021 (In thousands) Investments in affordable housing partnerships, net $ 289,920 $ 287,517 Other borrowings for affordable housing limited partnerships $ 22,600 $ 23,145 Investments in affordable housing and alternative energy partnerships, unfunded commitments $ 133,491 $ 107,652 Investments in alternative energy tax credit partnerships, net $ 37,208 $ 11,694 |
Unfunded Commitments Future Estimated Payments [Table Text Block] | Amount Year Ending December 31, (In thousands) 2023 $ 78,897 2024 $ 33,154 2025 $ 14,076 2026 $ 1,678 2027 $ 1,533 Thereafter $ 4,153 Total unfunded commitments $ 133,491 |
Usage of Affordable Housing and Other Tax Credits Including Energy Tax Credit [Table Text Block] | As of December 31, 2022 2021 2020 (In thousands) Affordable housing and other tax credits recognized $ 29,524 $ 26,459 $ 23,273 Alternative energy tax credits recognized $ 4,707 $ 6,337 $ 29,706 |
Note 7 - Premises and Equipme_2
Note 7 - Premises and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | As of December 31, 2022 2021 (In thousands) Land and land improvements $ 42,566 $ 42,475 Building and building improvements 81,613 81,290 Furniture, fixtures and equipment 65,872 62,138 Leasehold improvement 18,009 17,862 Construction in process 375 2,453 208,435 206,218 Less: Accumulated depreciation 113,659 106,816 Premises and equipment, net $ 94,776 $ 99,402 |
Note 8 - Goodwill and Other I_2
Note 8 - Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | December 31, 2022 2021 (In thousands) Gross balance $ 10,562 $ 7,424 Accumulated amortization (4,291 ) (3,317 ) Impairment (918 ) — Net carrying balance $ 5,353 $ 4,107 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | Amount (In thousands) 2023 $ 1,001 2024 $ 1,001 2025 $ 946 2026 $ 870 2027 $ 870 thereafter $ 665 Total $ 5,353 |
Note 9 - Deposits (Tables)
Note 9 - Deposits (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Summary of Deposits [Table Text Block] | As of December 31, 2022 2021 (In thousands) Deposits Non-interest-bearing demand deposits $ 4,168,989 $ 4,492,054 Interest bearing demand deposits 2,509,736 2,522,442 Money market deposits 3,812,724 4,611,579 Savings deposits 1,000,460 915,515 Time deposits 7,013,370 5,517,252 Total deposits $ 18,505,279 $ 18,058,842 |
Schedule of Maturities for Time Deposits [Table Text Block] | Expected Maturity Date at December 31, 2023 2024 2025 2026 2027 Thereafter Total (In thousands) Time deposits $ 6,926,121 $ 79,376 $ 5,094 $ 591 $ 2,168 $ 20 $ 7,013,370 |
Summary of Interest Expense on Deposits [Table Text Block] | Year Ended December 31, 2022 2021 2020 (In thousands) Interest bearing demand $ 8,176 $ 2,249 $ 2,816 Money market accounts 39,913 18,241 21,574 Saving accounts 853 769 1,006 Time deposits 56,354 40,542 111,629 Total $ 105,296 $ 61,801 $ 137,025 |
Note 11 - Capital Resources (Ta
Note 11 - Capital Resources (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Subordinated Borrowing [Table Text Block] | As of December 31, 2022 Principal Not Current Date of Payable/ Issuance Balance of Redeemable Stated Annualized Interest Rate Distribution Trust Name Date Notes Until Maturity Coupon Rate Rate Change Date (Dollars in thousands) Cathay Capital Trust I June 26, $ 20,619 June 30, June 30, 3-month 6.82 % December 29, March 30 2003 2008 2033 LIBOR 2022 June 30 + 3.15% September 30 December 30 Cathay Statutory Trust I September 17, 20,619 September 17, September 17, 3-month 6.53 % December 18, March 17 2003 2008 2033 LIBOR 2022 June 17 + 3.00% September 17 December 17 Cathay Capital Trust II December 30, 12,887 March 30, March 30, 3-month 6.57 % December 29, March 30 2003 2009 2034 LIBOR 2022 June 30 + 2.90% September 30 December 30 Cathay Capital Trust III March 28, 46,392 June 15, June 15, 3-month 4.77 % December 14, March 15 2007 2012 2037 LIBOR 2022 June 15 + 1.48% September 15 December 15 Cathay Capital Trust IV May 31, 18,619 September 6, September 6, 3-month 4.54 % December 5, March 6 2007 2012 2037 LIBOR 2022 June 6 + 1.4% September 6 December 6 Total Junior Subordinated Notes $ 119,136 As of December 31, 2021 Principal Not Current Date of Payable/ Issuance Balance of Redeemable Stated Annualized Interest Rate Distribution Trust Name Date Notes Until Maturity Coupon Rate Rate Change Date (Dollars in thousands) Cathay Capital Trust I June 26, $ 20,619 June 30, June 30, 3-month 3.37 % December 31, March 31 2003 2008 2033 LIBOR 2021 June 30 + 3.15% September 30 December 31 Cathay Statutory Trust I September 17, 20,619 September 17, September 17, 3-month 3.22 % December 17, March 17 2003 2008 2033 LIBOR 2021 June 17 + 3.00% September 17 December 17 Cathay Capital Trust II December 30, 12,887 March 30, March 30, 3-month 3.12 % December 31, March 31 2003 2009 2034 LIBOR 2021 June 30 + 2.90% September 30 December 31 Cathay Capital Trust III March 28, 46,392 June 15, June 15, 3-month 1.68 % December 15, March 15 2007 2012 2037 LIBOR 2021 June 15 + 1.48% September 15 December 15 Cathay Capital Trust IV May 31, 18,619 September 6, September 6, 3-month 1.58 % December 6, March 7 2007 2012 2037 LIBOR 2021 June 6 + 1.4% September 6 December 6 Total Junior Subordinated Notes $ 119,136 |
Note 12 - Income Taxes (Tables)
Note 12 - Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Year Ended December 31, 2022 2021 2020 (In thousands) Current: Federal $ 57,029 $ 29,955 $ (2,196 ) State 56,953 44,416 36,787 Total Current $ 113,982 $ 74,371 $ 34,591 Deferred: Federal $ (1,776 ) $ 5,986 $ (3,234 ) State (312 ) 3,182 (6,252 ) Total Deferred $ (2,088 ) $ 9,168 $ (9,486 ) Total income tax expense $ 111,894 $ 83,539 $ 25,105 |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | As of December 31, 2022 2021 (In thousands) Deferred Tax Assets Loan loss allowance, due to differences in computation of bad debts $ 47,673 $ 43,895 Accrual for bonuses 2,591 4,935 Non-accrual interest 1,572 1,117 Write-down on equity securities and venture capital investments 1,975 2,000 State tax 6,251 4,691 Unrealized loss on interest rate swaps — 1,394 Unrealized loss on securities available-for-sale, net 40,400 — Tax credits carried forward 9,136 9,136 Net operating loss carried forward 5,916 8,732 Other, net 4,711 3,765 Gross deferred tax assets $ 120,225 $ 79,665 Deferred Tax Liabilities Deferred loan costs $ (10,025 ) $ (9,936 ) Depreciation and amortization (2,856 ) (3,150 ) Unrealized gain on interest rate swaps (1,364 ) — Unrealized gain on securities available-for-sale, net — (3,823 ) OREO Installment Sale — (1,273 ) Dividends on Federal Home Loan Bank common stock (981 ) (978 ) Other, net (3,506 ) (2,168 ) Gross deferred tax liabilities $ (18,732 ) $ (21,328 ) Net deferred tax assets $ 101,493 $ 58,337 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Year Ended December 31, 2022 2021 2020 (Dollars in thousands) Tax provision at Federal statutory rate $ 99,233 21.0 % $ 80,187 21.0 % $ 53,333 21.0 % State income taxes, net of Federal income tax benefit 44,837 9.5 37,602 9.8 23,602 9.3 Excess deduction for stock option and RSUs (140 ) — (20 ) — 264 0.1 Low income housing and other tax credits (34,231 ) (7.2 ) (32,795 ) (8.6 ) (52,979 ) (20.8 ) Other, net 2,195 0.4 (1,435 ) (0.3 ) 885 0.3 Total income tax expense $ 111,894 23.7 % $ 83,539 21.9 % $ 25,105 9.9 % |
Note 13 - Stockholders' Equit_2
Note 13 - Stockholders' Equity and Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | 2022 2021 Pre-tax Tax expense/ (benefit) Net-of-tax Pre-tax Tax expense/ (benefit) Net-of-tax Beginning balance, loss, net of tax (In thousands) Securities available-for-sale $ 211 $ 12,200 Cash flow hedge derivatives (3,276 ) (6,890 ) Total $ (3,065 ) $ 5,310 Net unrealized gains/(losses) arising during the period Securities available-for-sale $ (149,124 ) $ (44,081 ) $ (105,043 ) $ (16,167 ) $ (4,779 ) $ (11,388 ) Cash flow hedge derivatives 10,864 3,211 7,653 5,131 1,517 3,614 Total (138,260 ) (40,870 ) (97,390 ) (11,036 ) (3,262 ) (7,774 ) Reclassification adjustment for net gains in net income Securities available-for-sale — — — (853 ) (252 ) (601 ) Cash flow hedge derivatives (2,612 ) (772 ) (1,840 ) — — — Total (2,612 ) (772 ) (1,840 ) (853 ) (252 ) (601 ) Total other comprehensive income/(loss) Securities available-for-sale (149,124 ) (44,081 ) (105,043 ) (17,020 ) (5,031 ) (11,989 ) Cash flow hedge derivatives 8,252 2,439 5,813 5,131 1,517 3,614 Total $ (140,872 ) $ (41,642 ) $ (99,230 ) $ (11,889 ) $ (3,514 ) $ (8,375 ) Ending balance, gain/(loss), net of tax Securities available-for-sale $ (104,832 ) $ 211 Cash flow hedge derivatives 2,537 (3,276 ) Total $ (102,295 ) $ (3,065 ) |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Year Ended December 31, 2022 2021 2020 Per Per Per Income Shares Share Income Shares Share Income Shares Share (Numerator) (Denominator) Amount (Numerator) (Denominator) Amount (Numerator) (Denominator) Amount (In thousands, except shares and per share data) Net income $ 360,642 $ 298,304 $ 228,860 Basic EPS, income $ 360,642 74,337,265 $ 4.85 $ 298,304 78,268,369 $ 3.81 $ 228,860 79,584,560 $ 2.88 Effect of dilutive stock options and RSU 327,470 302,269 193,287 Diluted EPS, income $ 360,642 74,664,735 $ 4.83 $ 298,304 78,570,638 $ 3.80 $ 228,860 79,777,847 $ 2.87 |
Note 14 - Commitments and Con_2
Note 14 - Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Fair Value, off-Balance-Sheet Risks [Table Text Block] | As of December 31, 2022 2021 (In thousands) Commitments to extend credit $ 3,630,304 $ 3,297,362 Standby letters of credit 315,821 266,490 Commercial letters of credit 29,416 16,652 Total $ 3,975,541 $ 3,580,504 |
Note 15 - Leases (Tables)
Note 15 - Leases (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Operating Lease, Assets and Liabilities, Weighted Average Remaining Terms and Discount Rate [Table Text Block] | December 31, 2022 December 31, 2021 (Dollars in millions) Operating Leases: ROU assets $ 29.6 $ 27.8 Lease liabilities $ 32.5 $ 30.7 Weighted-average remaining lease term (in years) 4.0 4.4 Weighted-average discount rate 2.90 % 2.61 % Operating cash flows from operating leases $ 11.4 $ 9.9 ROU assets obtained in exchange for lease obligations $ 5.9 $ 6.0 |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | As of December 31, 2022 Operating Leases (In thousands) 2023 $ 10,833 2024 $ 8,415 2025 $ 5,702 2026 $ 4,587 2027 $ 2,991 Thereafter $ 1,955 Total lease payments $ 34,483 Less amount of payment representing interest (1,965 ) Total present value of lease payments $ 32,518 |
Note 16 - Financial Derivativ_2
Note 16 - Financial Derivatives (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Cash Flow Hedging Instruments, Statements of Financial Performance and Financial Position, Location [Table Text Block] | December 31, 2022 December 31, 2021 Cash flow swap hedges: ($ in thousands) Notional $ — $ 119,136 Weighted average fixed rate-pay 0.00 % 2.61 % Weighted average variable rate-receive 0.00 % 0.16 % Loss, net of taxes (1) $ — $ (3,276 ) Year ended December 31, 2022 December 31, 2021 Periodic net settlement of swaps (2) $ 772 $ 2,949 |
Schedule of Fair Value Hedging Instruments, Statements of Financial Performance and Financial Position, Location [Table Text Block] | December 31, 2022 December 31, 2021 Fair value swap hedges: ($ in thousands) Notional $ 874,034 $ 729,280 Weighted average fixed rate-pay 2.12 % 2.65 % Weighted average variable rate spread 0.68 % 1.31 % Weighted average variable rate-receive 2.61 % 1.43 % Net gain/(loss) (1) $ 38,589 $ (1,013 ) Year ended December 31, 2022 December 31, 2021 Periodic net settlement of SWAPs (2) $ 3,107 $ (9,345 ) |
Derivatives Not Designated as Hedging Instruments [Table Text Block] | December 31, 2022 December 31, 2021 Derivative financial instruments not designated as hedging instruments: (In thousands) Notional amounts: Option contracts $ — $ 676 Forward, and swap contracts with positive fair value $ 72,996 $ 181,997 Forward, and swap contracts with negative fair value $ 170,213 $ 51,782 Fair value: Option contracts $ — $ 3 Forward, and swap contracts with positive fair value $ 448 $ 1,113 Forward, and swap contracts with negative fair value $ (942 ) $ (327 ) |
Note 17 - Fair Value Measurem_2
Note 17 - Fair Value Measurements and Fair Value of Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | As of December 31, 2022 Fair Value Measurements Using Total at Level 1 Level 2 Level 3 Fair Value Assets (In thousands) Securities available-for-sale U.S. Treasury securities $ 240,500 $ — $ — $ 240,500 U.S. government agency entities — 63,610 — 63,610 U.S. government sponsored entities — 30,000 — 30,000 Mortgage-backed securities — 867,094 — 867,094 Collateralized mortgage obligations — 31,061 — 31,061 Corporate debt securities — 241,083 — 241,083 Total securities available-for-sale 240,500 1,232,848 — 1,473,348 Equity securities Mutual funds 5,509 — — 5,509 Preferred stock of government sponsored entities 1,289 — — 1,289 Other equity securities 15,360 — — 15,360 Total equity securities 22,158 — — 22,158 Warrants — — 50 50 Interest rate swaps — 44,443 — 44,443 Foreign exchange contracts — 448 — 448 Total assets $ 262,658 $ 1,277,739 $ 50 $ 1,540,447 Liabilities Interest rate swaps $ — $ 51,864 $ — $ 51,864 Foreign exchange contracts — 942 — 942 Total liabilities $ — $ 52,806 $ — $ 52,806 As of December 31, 2021 Fair Value Measurements Using Total at Level 1 Level 2 Level 3 Fair Value Assets (In thousands) Securities available-for-sale U.S. Treasury securities $ — $ — $ — $ — U.S. government agency entities — 87,509 — 87,509 Mortgage-backed securities — 888,665 — 888,665 Collateralized mortgage obligations — 9,117 — 9,117 Corporate debt securities — 142,018 — 142,018 Total securities available-for-sale — 1,127,309 — 1,127,309 Equity securities Mutual funds 6,230 — — 6,230 Preferred stock of government sponsored entities 1,811 — — 1,811 Other equity securities 14,278 — — 14,278 Total equity securities 22,319 — — 22,319 Warrants — — 23 23 Interest rate swaps — 10,090 — 10,090 Foreign exchange contracts — 1,113 — 1,113 Total assets $ 22,319 $ 1,138,512 $ 23 $ 1,160,854 Liabilities Interest rate swaps $ — $ 12,642 $ — $ 12,642 Foreign exchange contracts — 327 — 327 Total liabilities $ — $ 12,969 $ — $ 12,969 |
Fair Value Measurements, Nonrecurring [Table Text Block] | As of December 31, 2022 Total Losses Fair Value Measurements Using Total at For the Twelve Months Ended Level 1 Level 2 Level 3 Fair Value December 31, 2022 December 31, 2021 Assets (In thousands) Non-accrual loans by type: Commercial loans $ — $ — $ 12,950 $ 12,950 $ 1,786 $ 1,012 Commercial mortgage loans — — 32,205 32,205 2,091 — Residential mortgage and equity lines — — 8,978 8,978 — — Installment and other loans — — 8 8 — — Total non-accrual loans — — 54,141 54,141 3,877 1,012 Other real estate owned (1) — — 4,328 4,328 — 17 Investments in venture capital — — 689 689 268 143 Total assets $ — $ — $ 59,158 $ 59,158 $ 4,145 $ 1,172 As of December 31, 2021 Total Losses/(Gains) Fair Value Measurements Using Total at For the Twelve Months Ended Level 1 Level 2 Level 3 Fair Value December 31, 2021 December 31, 2020 Assets (In thousands) Non-accrual loans by type: Commercial loans $ — $ — $ 4,327 $ 4,327 $ 1,012 $ 7,012 Commercial mortgage loans — — 13,335 13,335 — — Residential mortgage and equity lines — — 5,243 5,243 — — Total non-accrual loans — — 22,905 22,905 1,012 7,012 Other real estate owned (1) — — 4,589 4,589 17 717 Investments in venture capital — — 952 952 143 107 Total assets $ — $ — $ 28,446 $ 28,446 $ 1,172 $ 7,836 |
Fair Value, by Balance Sheet Grouping [Table Text Block] | December 31, 2022 December 31, 2021 Carrying Carrying Amount Fair Value Amount Fair Value (In thousands) Financial Assets Cash and due from banks $ 195,440 $ 195,440 $ 134,141 $ 134,141 Short-term investments 966,962 966,962 2,315,563 2,315,563 Securities available-for-sale 1,473,348 1,473,348 1,127,309 1,127,309 Loans, net 18,100,898 17,944,588 16,202,001 16,499,869 Equity securities 22,158 22,158 22,319 22,319 Investment in Federal Home Loan Bank stock 17,250 17,250 17,250 17,250 Warrants 50 50 23 23 Notional Notional Amount Fair Value Amount Fair Value Foreign exchange contracts $ 72,996 $ 448 $ 181,997 $ 1,113 Interest rate swaps 817,615 44,443 904,635 10,090 Financial Liabilities Carrying Carrying Amount Fair Value Amount Fair Value Deposits $ 18,505,279 $ 18,572,387 $ 18,058,842 $ 18,051,720 Advances from Federal Home Loan Bank 485,000 482,737 20,000 21,279 Other borrowings 22,600 18,385 23,145 18,945 Long-term debt 119,136 68,231 119,136 62,274 Notional Notional Amount Fair Value Amount Fair Value Option contracts $ — $ — $ 676 $ 3 Foreign exchange contracts 170,213 942 51,782 327 Interest rate swaps 595,426 51,864 872,400 12,642 Notional Notional Amount Fair Value Amount Fair Value Off-Balance Sheet Financial Instruments Commitments to extend credit $ 3,630,304 $ (14,797 ) $ 3,297,362 $ (12,594 ) Standby letters of credit 315,821 (2,738 ) 266,490 (2,640 ) Other letters of credit 29,416 (33 ) 16,652 (13 ) Bill of lading guarantees — — — — |
Schedule Of Fair Value Of Financial Instruments [Table Text Block] | As of December 31, 2022 Estimated Fair Value Measurements Level 1 Level 2 Level 3 (In thousands) Financial Assets Cash and due from banks $ 195,440 $ 195,440 $ — $ — Short-term investments 966,962 966,962 — — Securities available-for-sale 1,473,348 240,500 1,232,848 — Loans, net 17,944,588 — — 17,944,588 Equity securities 22,158 22,158 — — Investment in Federal Home Loan Bank stock 17,250 — 17,250 — Warrants 50 — — 50 Financial Liabilities Deposits 18,572,387 — — 18,572,387 Advances from Federal Home Loan Bank 482,737 — 482,737 — Other borrowings 18,385 — — 18,385 Long-term debt 68,231 — 68,231 — As of December 31, 2021 Estimated Fair Value Measurements Level 1 Level 2 Level 3 (In thousands) Financial Assets Cash and due from banks $ 134,141 $ 134,141 $ — $ — Short-term investments 2,315,563 2,315,563 — — Securities available-for-sale 1,127,309 — 1,127,309 — Loans, net 16,499,869 — — 16,499,869 Equity securities 22,319 22,319 — — Investment in Federal Home Loan Bank stock 17,250 — 17,250 — Warrants 23 — — 23 Financial Liabilities Deposits 18,051,720 — — 18,051,720 Advances from Federal Home Loan Bank 21,279 — 21,279 — Other borrowings 18,945 — — 18,945 Long-term debt 62,274 — 62,274 — |
Note 18 - Revenue from Contra_2
Note 18 - Revenue from Contracts with Customers (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Year Ended December 31, 2022 2021 2020 (In thousands) Non-interest income, in-scope: Fees and service charges on deposit accounts $ 9,394 $ 8,618 $ 7,965 Wealth management fees 16,436 15,056 10,529 Other service fees (1) 16,349 15,400 13,742 Total in-scope non-interest income 42,179 39,074 32,236 Noninterest income, not in-scope (2) 14,635 15,529 10,584 Total non-interest income $ 56,814 $ 54,603 $ 42,820 |
Note 20 - Equity Incentive Pl_2
Note 20 - Equity Incentive Plans (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Share-Based Payment Arrangement, Restricted Stock Unit, Activity [Table Text Block] | Time-Based RSUs Performance-Based RSUs Weighted-Average Weighted-Average Grant Date Grant Date Shares Fair Value Shares Fair Value Balance at December 31, 2019 273,200 35.90 297,744 32.65 Granted 110,495 21.79 212,369 22.96 Vested (80,654 ) 25.34 (193,240 ) 21.68 Forfeited (10,371 ) 39.04 (14,071 ) 39.08 Balance at December 31, 2020 292,670 33.37 302,802 32.55 Granted 63,467 41.18 113,764 37.13 Vested (96,869 ) 41.72 (76,292 ) 41.69 Forfeited (23,324 ) 29.92 (7,768 ) 40.85 Balance at December 31, 2021 235,944 32.38 332,506 31.82 Granted 67,652 46.69 112,393 40.24 Vested (89,386 ) 40.92 (81,934 ) 44.52 Forfeited (12,151 ) 34.07 — — Balance at December 31, 2022 202,059 33.29 362,965 31.56 |
Note 21 - Condensed Financial_2
Note 21 - Condensed Financial Information of Cathay General Bancorp (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Condensed Balance Sheet [Table Text Block] | As of December 31, 2022 2021 (In thousands, except share and per share data) Assets Cash $ 14,902 $ 19,629 Cash pledged as margin for interest rate swaps — 1,071 Short-term certificates of deposit 334 333 Equity securities 16,360 15,627 Investment in Cathay Bank subsidiary 2,566,266 2,530,850 Investment in non-bank subsidiary 764 807 Other assets 4,385 4,691 Total assets $ 2,603,011 $ 2,573,008 Liabilities Junior subordinated debt $ 119,136 $ 119,136 Other liabilities 9,835 7,621 Total liabilities 128,971 126,757 Commitments and contingencies — — Stockholders' equity Common stock, $ 0.01 100,000,000 91,090,614 72,742,151 90,871,860 75,750,862 911 909 Additional paid-in-capital 981,119 972,474 Accumulated other comprehensive loss, net (102,295 ) (3,065 ) Retained earnings 2,244,856 1,985,168 Treasury stock, at cost ( 18,348,463 15,120,998 (650,551 ) (509,235 ) Total equity 2,474,040 2,446,251 Total liabilities and equity $ 2,603,011 $ 2,573,008 |
Condensed Income Statement [Table Text Block] | Year Ended December 31, 2022 2021 2020 (In thousands) Cash dividends from Cathay Bank $ 232,773 $ 230,000 $ 146,000 Interest income 30 36 49 Interest expense 5,560 5,773 5,906 Non-interest Income/(loss) 1,018 3,117 (435 ) Non-interest expense 3,937 3,224 4,846 Income before income tax expense 224,324 224,156 134,862 Income tax expense (2,885 ) (1,810 ) (3,692 ) Income before undistributed earnings of subsidiaries 227,209 225,966 138,554 Undistributed earnings of subsidiary 133,433 72,338 90,306 Net income $ 360,642 $ 298,304 $ 228,860 |
Condensed Cash Flow Statement [Table Text Block] | Year Ended December 31, 2022 2021 2020 (In thousands) Cash flows from Operating Activities Net income $ 360,642 $ 298,304 $ 228,860 Adjustments to reconcile net income to net cash provided by operating activities: Equity in undistributed earnings of subsidiaries (133,433 ) (72,338 ) (90,306 ) Loss/(gain) on equity securities (733 ) (122 ) 641 Write-downs on venture capital and other investments 268 73 107 (Gain)/loss in fair value of warrants (27 ) — 18 Stock issued to directors as compensation 849 850 800 Net change in accrued interest receivable and other assets (434 ) 1,918 (1,182 ) Net change in other liabilities 8,532 4,934 (9,853 ) Net cash provided by operating activities 235,664 233,619 129,085 Cash flows from Investment Activities Proceeds from liquidation of subsidiary — — 2,399 Proceeds from sale of equity securities — — 3,112 Venture capital and other investments (5 ) 357 116 Net cash (used)/provided by investment activities (5 ) 357 5,627 Cash flows from Financing Activities Repayment of long-term debt — — (7,644 ) Cash dividends paid (100,955 ) (99,322 ) (98,688 ) Proceeds from shares issued under the Dividend Reinvestment Plan 3,719 3,563 9,777 Taxes paid related to net share settlement of RSUs (2,905 ) (2,632 ) (1,911 ) Purchase of treasury stock (141,316 ) (167,104 ) (23,593 ) Net cash used in financing activities (241,457 ) (265,495 ) (122,059 ) Increase/(decrease) in cash, cash equivalents and restricted cash (5,798 ) (31,519 ) 12,653 Cash, cash equivalents, and restricted cash, beginning of the year 20,700 52,219 39,566 Cash, cash equivalents, and restricted cash, end of the period $ 14,902 $ 20,700 $ 52,219 |
Note 23 - Regulatory Matters (T
Note 23 - Regulatory Matters (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations [Table Text Block] | Actual Minimum Capital Required - Basel III Required to be Considered Well Capitalized Capital Amount Ratio Capital Amount Ratio Capital Amount Ratio December 31, 2022 (In thousands) Common Equity Tier 1 to Risk-Weighted Assets Cathay General Bancorp $ 2,182,066 12.21 $ 1,250,914 7.00 $ 1,161,563 6.50 Cathay Bank 2,276,830 12.75 1,250,461 7.00 1,161,142 6.50 Tier 1 Capital to Risk-Weighted Assets Cathay General Bancorp 2,182,066 12.21 1,518,967 8.50 1,429,616 8.00 Cathay Bank 2,276,830 12.75 1,518,417 8.50 1,429,098 8.00 Total Capital to Risk-Weighted Assets Cathay General Bancorp 2,452,781 13.73 1,876,371 10.50 1,787,020 10.00 Cathay Bank 2,432,045 13.61 1,875,691 10.50 1,786,373 10.00 Leverage Ratio Cathay General Bancorp 2,182,066 10.08 865,470 4.00 1,081,838 5.00 Cathay Bank 2,276,830 10.53 864,918 4.00 1,081,148 5.00 Actual Minimum Capital Required - Basel III Required to be Considered Well Capitalized Capital Amount Ratio Capital Amount Ratio Capital Amount Ratio December 31, 2021 (In thousands) Common Equity Tier 1 to Risk-Weighted Assets Cathay General Bancorp $ 2,056,601 12.80 $ 1,124,381 7.00 $ 1,044,068 6.50 Cathay Bank 2,137,925 13.32 1,123,721 7.00 1,043,455 6.50 Tier 1 Capital to Risk-Weighted Assets Cathay General Bancorp 2,056,601 12.80 1,365,320 8.50 1,285,007 8.00 Cathay Bank 2,137,925 13.32 1,364,519 8.50 1,284,253 8.00 Total Capital to Risk-Weighted Assets Cathay General Bancorp 2,315,358 14.41 1,686,572 10.50 1,606,259 10.00 Cathay Bank 2,281,182 14.21 1,685,582 10.50 1,605,316 10.00 Leverage Ratio Cathay General Bancorp 2,056,601 10.40 791,226 4.00 989,033 5.00 Cathay Bank 2,137,925 10.82 790,430 4.00 988,037 5.00 |
Note 24 - Balance Sheet Offse_2
Note 24 - Balance Sheet Offsetting (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Amounts Recognized in Balance Sheet [Table Text Block] | Gross Amounts Not Offset in the Balance Sheet Gross Amounts Recognized Gross Amounts Offset in the Balance Sheet Net Amounts Presented in the Balance Sheet Financial Instruments Collateral Posted Net Amount December 31, 2022 (In thousands) Assets: Derivatives $ 90,451 $ 46,008 $ 44,443 $ — $ 42,930 $ 1,513 Liabilities: Derivatives $ 51,864 $ — $ 51,864 $ — $ — $ 51,864 December 31, 2021 Assets: Derivatives $ 10,090 $ — $ 10,090 $ — $ — $ 10,090 Liabilities: Derivatives $ 15,748 $ (3,106 ) $ 12,642 $ — $ — $ 12,642 |
Note 1 - Summary of Significa_3
Note 1 - Summary of Significant Accounting Policies (Details Textual) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 USD ($) shares | Dec. 31, 2021 USD ($) | Dec. 31, 2020 | |
Number Of Limited Partnerships In Housing Investments | 10 | ||
Percentage of Subsidiaries Common Securities Owned by Parent Company | 100% | ||
Gross Loans Comprised of Commercial Mortgage Loans Percentage | 48.20% | ||
Residential Mortgages Properties Percentage | 28.80% | ||
Gross Loans Comprised of Commercial Loans Percentage | 18.20% | ||
Federal Home Loan Bank Stock | $ | $ 17,250 | $ 17,250 | |
Federal Home Loan Bank Stock Shares (in shares) | shares | 172,500 | ||
Minimum Stock Requirement on Outstanding Federal Home Loan Bank Borrowings Shares (in shares) | shares | 150,000 | ||
Variable Interest Entity, Primary Beneficiary, Number of Entities | 10 | ||
Goodwill, Impairment Loss | $ | $ 0 | $ 0 | |
Number of Reportable Segments | 1 | ||
California [Member] | |||
Residential Mortgages Properties Percentage | 47.30% |
Note 1 - Summary of Significa_4
Note 1 - Summary of Significant Accounting Policies - Estimated Useful Lives of Assets (Details) | 12 Months Ended |
Dec. 31, 2022 | |
Minimum [Member] | Building [Member] | |
Assets, estimated useful life (Year) | 15 years |
Minimum [Member] | Building Improvements [Member] | |
Assets, estimated useful life (Year) | 5 years |
Minimum [Member] | Furniture Fixtures and Equipment [Member] | |
Assets, estimated useful life (Year) | 3 years |
Maximum [Member] | Building [Member] | |
Assets, estimated useful life (Year) | 45 years |
Maximum [Member] | Building Improvements [Member] | |
Assets, estimated useful life (Year) | 20 years |
Maximum [Member] | Furniture Fixtures and Equipment [Member] | |
Assets, estimated useful life (Year) | 25 years |
Note 2 - Business Combination_2
Note 2 - Business Combinations (Details Textual) $ in Thousands | Feb. 07, 2022 USD ($) |
HSBC Bank USA [Member] | |
Number Of Branch Locations | 10 |
HSBC Bank USA West Coast Mass Market Consumer and Retail Banking Business [Member] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Financing Receivable | $ 646,100 |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deposit Liabilities | $ 575,163 |
Note 2 - Business Combination_3
Note 2 - Business Combinations - Assets and Liabilities Acquired (Details) - USD ($) $ in Thousands | Feb. 07, 2022 | Dec. 31, 2022 | Dec. 31, 2021 |
Goodwill | $ 375,696 | $ 372,189 | |
HSBC Bank USA West Coast Mass Market Consumer and Retail Banking Business [Member] | |||
Cash and cash equivalents | $ 473 | ||
Loans | 641,839 | ||
Right-of-use assets - operating leases | 6,453 | ||
Core deposit intangible | 3,138 | ||
Other | 561 | ||
Total assets | 652,464 | ||
Deposits | 575,163 | ||
Lease liabilities | 6,453 | ||
Total liabilities assumed | 581,616 | ||
Net assets acquired | 70,848 | ||
Total cash paid at closing | 74,355 | ||
Goodwill | $ 3,507 |
Note 3 - Cash, Cash Equivalen_2
Note 3 - Cash, Cash Equivalents and Restricted Cash (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2022 | |
Average Excess Balances Maintained With Federal Reserve Bank | $ 1,240,000 | $ 1,610,000 | |
Margin Deposit Assets | 88,900 | 24,300 | |
Restricted Cash, Total | 25,400 | 690 | |
Bank [Member] | |||
Restricted Cash, Total | $ 8,200 | $ 5,900 | $ 0 |
Note 4 - Investment Securitie_2
Note 4 - Investment Securities (Details Textual) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Proceeds from Sale of Debt Securities, Available-for-Sale | $ 0 | $ 21,102 | $ 117,249 |
Debt Securities, Available-for-Sale, Realized Gain | $ 101 | 853 | 1,700 |
Debt Securities, Available-for-Sale, Unrealized Loss Position, Number of Positions | 195 | ||
Pledged Investment Securities | $ 145,700 | 30,500 | |
Equity Securities, FV-NI, Current | 22,158 | 22,319 | |
Equity Securities, Net Realized Loss From Decrease in Fair Value | $ 291 | $ 1,400 | $ 1,100 |
Collateralized Mortgage-Backed Securities [Member] | |||
Debt Securities, Available-for-Sale, Unrealized Loss Position, Number of Positions | 159 | 70 | |
Corporate Debt Securities [Member] | |||
Debt Securities, Available-for-Sale, Unrealized Loss Position, Number of Positions | 22 | 12 | |
US Treasury Securities [Member] | |||
Debt Securities, Available-for-Sale, Unrealized Loss Position, Number of Positions | 6 | ||
Collateralized Mortgage Obligations [Member] | |||
Debt Securities, Available-for-Sale, Unrealized Loss Position, Number of Positions | 5 | 3 | |
US Government Corporations and Agencies Securities [Member] | |||
Debt Securities, Available-for-Sale, Unrealized Loss Position, Number of Positions | 3 | 3 |
Note 4 - Investment Securitie_3
Note 4 - Investment Securities - Investment Securities (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Investment securities available for sale, amortized cost | $ 1,622,173 | $ 1,126,867 |
Investment securities available for sale, gross unrealized gains | 690 | 11,075 |
Investment securities available for sale, gross unrealized losses | 149,515 | 10,633 |
Securities available-for-sale | 1,473,348 | 1,127,309 |
US Treasury Securities [Member] | ||
Investment securities available for sale, amortized cost | 241,611 | 0 |
Investment securities available for sale, gross unrealized gains | 0 | 0 |
Investment securities available for sale, gross unrealized losses | 1,111 | 0 |
Securities available-for-sale | 240,500 | 0 |
US Government Corporations and Agencies Securities [Member] | ||
Investment securities available for sale, amortized cost | 63,347 | 86,475 |
Investment securities available for sale, gross unrealized gains | 384 | 1,169 |
Investment securities available for sale, gross unrealized losses | 121 | 135 |
Securities available-for-sale | 63,610 | 87,509 |
US Government-sponsored Enterprises Debt Securities [Member] | ||
Investment securities available for sale, amortized cost | 30,000 | |
Investment securities available for sale, gross unrealized gains | 0 | |
Investment securities available for sale, gross unrealized losses | 0 | |
Securities available-for-sale | 30,000 | |
Collateralized Mortgage-Backed Securities [Member] | ||
Investment securities available for sale, amortized cost | 993,883 | 886,614 |
Investment securities available for sale, gross unrealized gains | 194 | 9,465 |
Investment securities available for sale, gross unrealized losses | 126,983 | 7,414 |
Securities available-for-sale | 867,094 | 888,665 |
Collateralized Mortgage Obligations [Member] | ||
Investment securities available for sale, amortized cost | 34,552 | 9,547 |
Investment securities available for sale, gross unrealized gains | 0 | 0 |
Investment securities available for sale, gross unrealized losses | 3,491 | 430 |
Securities available-for-sale | 31,061 | 9,117 |
Corporate Debt Securities [Member] | ||
Investment securities available for sale, amortized cost | 258,780 | 144,231 |
Investment securities available for sale, gross unrealized gains | 112 | 441 |
Investment securities available for sale, gross unrealized losses | 17,809 | 2,654 |
Securities available-for-sale | $ 241,083 | $ 142,018 |
Note 4 - Investment Securitie_4
Note 4 - Investment Securities - Investments by Contractual Maturity Date (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Due in one year or less, Amortized Cost | $ 311,603 | |
Due in one year or less, Fair Value | 310,050 | |
Due after one year through five years, Amortized Cost | 213,395 | |
Due after one year through five years, Fair Value | 196,616 | |
Due after five years through ten years, Amortized Cost | 168,767 | |
Due after five years through ten years, Fair Value | 159,448 | |
Due after ten years, Amortized Cost | 928,408 | |
Due after ten years, Fair Value | 807,234 | |
Total, Amortized Cost | 1,622,173 | $ 1,126,867 |
Total, Fair Value | $ 1,473,348 | $ 1,127,309 |
Note 4 - Investment Securitie_5
Note 4 - Investment Securities - Temporarily Impaired Securities (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Temporarily impaired securities, less than 12 months, fair value | $ 769,045 | $ 639,985 |
Temporarily impaired securities, less than 12 months, unrealized losses | 39,023 | 9,198 |
Temporarily impaired securities, 12 months or longer, fair value | 562,156 | 28,429 |
Temporarily impaired securities, 12 months or longer, unrealized losses | 110,492 | 1,435 |
Temporarily impaired securities, total fair value | 1,331,201 | 668,414 |
Temporarily impaired securities, total unrealized losses | 149,515 | 10,633 |
US Treasury Securities [Member] | ||
Temporarily impaired securities, less than 12 months, fair value | 240,500 | 0 |
Temporarily impaired securities, less than 12 months, unrealized losses | 1,111 | 0 |
Temporarily impaired securities, 12 months or longer, fair value | 0 | 0 |
Temporarily impaired securities, 12 months or longer, unrealized losses | 0 | 0 |
Temporarily impaired securities, total fair value | 240,500 | 0 |
Temporarily impaired securities, total unrealized losses | 1,111 | 0 |
US Government Corporations and Agencies Securities [Member] | ||
Temporarily impaired securities, less than 12 months, fair value | 0 | 0 |
Temporarily impaired securities, less than 12 months, unrealized losses | 0 | 0 |
Temporarily impaired securities, 12 months or longer, fair value | 1,806 | 2,337 |
Temporarily impaired securities, 12 months or longer, unrealized losses | 121 | 135 |
Temporarily impaired securities, total fair value | 1,806 | 2,337 |
Temporarily impaired securities, total unrealized losses | 121 | 135 |
Collateralized Mortgage-Backed Securities [Member] | ||
Temporarily impaired securities, less than 12 months, fair value | 394,123 | 527,276 |
Temporarily impaired securities, less than 12 months, unrealized losses | 33,042 | 6,659 |
Temporarily impaired securities, 12 months or longer, fair value | 452,739 | 6,496 |
Temporarily impaired securities, 12 months or longer, unrealized losses | 93,941 | 755 |
Temporarily impaired securities, total fair value | 846,862 | 533,772 |
Temporarily impaired securities, total unrealized losses | 126,983 | 7,414 |
Collateralized Mortgage Obligations [Member] | ||
Temporarily impaired securities, less than 12 months, fair value | 24,427 | 8,989 |
Temporarily impaired securities, less than 12 months, unrealized losses | 1,614 | 417 |
Temporarily impaired securities, 12 months or longer, fair value | 6,634 | 128 |
Temporarily impaired securities, 12 months or longer, unrealized losses | 1,877 | 13 |
Temporarily impaired securities, total fair value | 31,061 | 9,117 |
Temporarily impaired securities, total unrealized losses | 3,491 | 430 |
Corporate Debt Securities [Member] | ||
Temporarily impaired securities, less than 12 months, fair value | 109,995 | 103,720 |
Temporarily impaired securities, less than 12 months, unrealized losses | 3,256 | 2,122 |
Temporarily impaired securities, 12 months or longer, fair value | 100,977 | 19,468 |
Temporarily impaired securities, 12 months or longer, unrealized losses | 14,553 | 532 |
Temporarily impaired securities, total fair value | 210,972 | 123,188 |
Temporarily impaired securities, total unrealized losses | $ 17,809 | $ 2,654 |
Note 5 - Loans (Details Textual
Note 5 - Loans (Details Textual) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Servicing Asset, Total | $ 181,400,000 | $ 141,500,000 | |
Impaired Financing Receivable, Recorded Investment | 68,854,000 | 65,846,000 | |
Impaired Financing Receivable, Average Recorded Investment | 71,371,000 | 72,740,000 | |
Impaired Financing Receivable, Interest Income, Accrual Method | $ 435,000 | $ 1,074,000 | $ 1,000,000 |
Percentage Of Charge Off To Contractual Balances For Impaired Loans | 14.10% | 10.70% | |
Financing Receivables, Impaired, Troubled Debt Restructuring, Specific Reserve | $ 427,000 | $ 0 | 0 |
Financing Receivable, Troubled Debt Restructuring, Subsequent Default | 0 | ||
Financing Receivable, Troubled Debt Restructuring, Commitment to Lend | $ 0 | ||
Minimum [Member] | |||
Period Loan Is In Payment Default (Day) | 60 days | ||
Maximum [Member] | |||
Period Loan Is In Payment Default (Day) | 90 days | ||
Nonaccrual Loans [Member] | |||
Impaired Financing Receivable, Recorded Investment | $ 68,900,000 | 65,800,000 | |
Accruing Troubled Debt Restructuring [Member] | |||
Financing Receivable, Troubled Debt Restructuring | 15,100,000 | 12,800,000 | |
Financing Receivables, Impaired, Troubled Debt Restructuring, Specific Reserve | 0 | 7,000 | |
Non-accruing Troubled Debt Restructuring [Member] | |||
Financing Receivable, Troubled Debt Restructuring | 6,300,000 | 8,200,000 | |
Financing Receivables, Impaired, Troubled Debt Restructuring, Specific Reserve | 427,000 | 3,000 | |
Residential Portfolio Segment [Member] | |||
Servicing Asset, Total | 80,200,000 | 92,100,000 | |
Repossessed Assets, Total | 456,000 | 2,000,000 | |
Commercial Real Estate Portfolio Segment [Member] | |||
Servicing Asset, Total | 51,600,000 | 17,000,000 | |
Impaired Financing Receivable, Average Recorded Investment | 28,983,000 | 38,047,000 | |
Impaired Financing Receivable, Interest Income, Accrual Method | 405,000 | 1,044,000 | |
Commercial Construction Loans [Member] | |||
Servicing Asset, Total | 2,500,000 | 30,100,000 | |
Commercial Portfolio Segment [Member] | |||
Servicing Asset, Total | 47,100,000 | 2,300,000 | |
Impaired Financing Receivable, Average Recorded Investment | 28,109,000 | 21,453,000 | |
Impaired Financing Receivable, Interest Income, Accrual Method | 4,000 | 0 | |
Financing Receivables, Impaired, Troubled Debt Restructuring, Specific Reserve | 427,000 | 0 | $ 0 |
Real Estate Loan [Member] | |||
Federal Home Loan Bank, Advances, General Debt Obligations, Disclosures, Collateral Pledged | 13,070,000,000 | 11,540,000,000 | |
Commercial Loans [Member] | |||
Loans Pledged with Federal Reserve Bank | $ 583,000 | $ 773,000,000 |
Note 5 - Loans - Components of
Note 5 - Loans - Components of Loans in Consolidated Balance Sheets (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Loans | $ 18,254,024 | $ 16,342,479 | |
Less: Allowance for loan losses | (146,485) | (136,157) | $ (166,538) |
Unamortized deferred loan fees, net | (6,641) | (4,321) | |
Loans, net | 18,100,898 | 16,202,001 | |
Commercial Portfolio Segment [Member] | |||
Loans | 3,318,778 | 2,982,399 | |
Less: Allowance for loan losses | (49,435) | (43,394) | (68,742) |
Real Estate Construction Portfolio Segment [Member] | |||
Loans | 559,372 | 611,031 | |
Less: Allowance for loan losses | (10,417) | (6,302) | (30,854) |
Commercial Real Estate Portfolio Segment [Member] | |||
Loans | 8,793,685 | 8,143,272 | |
Less: Allowance for loan losses | (68,366) | (61,081) | (49,205) |
Residential Portfolio Segment [Member] | |||
Loans | 5,252,952 | 4,182,006 | |
Equity Lines Portfolio Segment [Member] | |||
Loans | 324,548 | 419,487 | |
Installment and Other Loans [Member ] | |||
Loans | 4,689 | 4,284 | |
Less: Allowance for loan losses | $ (35) | $ (1) | $ 0 |
Note 5 - Loans - Loans to Relat
Note 5 - Loans - Loans to Related Parties (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Balance at beginning of year | $ 38,532 | $ 51,288 |
Additional loans made | 25,050 | 29,182 |
Payment received | (30,365) | (41,938) |
Balance at end of year | $ 33,217 | $ 38,532 |
Note 5 - Loans - Average Balanc
Note 5 - Loans - Average Balance and Interest Income Recognized Related to Impaired Loans (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Average Recorded Investment | $ 71,371 | $ 72,740 | |
Interest Income Recognized | 435 | 1,074 | $ 1,000 |
Commercial Portfolio Segment [Member] | |||
Average Recorded Investment | 28,109 | 21,453 | |
Interest Income Recognized | 4 | 0 | |
Commercial Real Estate Portfolio Segment [Member] | |||
Average Recorded Investment | 28,983 | 38,047 | |
Interest Income Recognized | 405 | 1,044 | |
Real Estate Construction Portfolio Segment [Member] | |||
Average Recorded Investment | 3,805 | ||
Interest Income Recognized | 0 | ||
Residential Mortgage and Equity Lines Portfolio Segment [Member] | |||
Average Recorded Investment | 14,251 | 9,435 | |
Interest Income Recognized | 26 | $ 30 | |
Installment and Other Loans [Member ] | |||
Average Recorded Investment | 28 | ||
Interest Income Recognized | $ 0 |
Note 5 - Loans - Impaired Loans
Note 5 - Loans - Impaired Loans and Related Allowance for Credit Losses (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Loans with no related allowance, unpaid principal balance | $ 74,673 | $ 46,336 |
Loans with no related allowance, recorded investment | 54,140 | 38,401 |
Loans with related allowance, unpaid principal balance | 16,539 | 38,272 |
Loans with related allowance, recorded investment | 14,714 | 27,445 |
Allowance | 3,941 | 4,547 |
Unpaid principal balance | 91,212 | 84,608 |
Recorded investment | 68,854 | 65,846 |
Commercial Portfolio Segment [Member] | ||
Loans with no related allowance, unpaid principal balance | 27,341 | 15,879 |
Loans with no related allowance, recorded investment | 12,949 | 11,342 |
Loans with related allowance, unpaid principal balance | 14,643 | 14,294 |
Loans with related allowance, recorded investment | 12,823 | 5,217 |
Allowance | 3,734 | 894 |
Commercial Real Estate Portfolio Segment [Member] | ||
Loans with no related allowance, unpaid principal balance | 37,697 | 24,437 |
Loans with no related allowance, recorded investment | 32,205 | 21,209 |
Loans with related allowance, unpaid principal balance | 1,896 | 17,930 |
Loans with related allowance, recorded investment | 1,891 | 16,964 |
Allowance | 207 | 3,631 |
Residential Mortgage and Equity Lines Portfolio Segment [Member] | ||
Loans with no related allowance, unpaid principal balance | 9,626 | 6,020 |
Loans with no related allowance, recorded investment | 8,978 | 5,850 |
Loans with related allowance, unpaid principal balance | 0 | 6,048 |
Loans with related allowance, recorded investment | 0 | 5,264 |
Allowance | 0 | $ 22 |
Installment and Other Loans [Member ] | ||
Loans with no related allowance, unpaid principal balance | 9 | |
Loans with no related allowance, recorded investment | $ 8 |
Note 5 - Loans - Non-accrual Lo
Note 5 - Loans - Non-accrual Loans (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Non-accrual portfolio loans | $ 68,854 | $ 65,846 | $ 67,684 |
Interest Income Recognized | 435 | 1,074 | 1,000 |
Nonaccrual Loans [Member] | |||
Interest Income Recognized | 4,620 | 4,032 | 3,093 |
Interest recognized | 435 | 1,074 | 1,008 |
Net interest foregone | $ 4,185 | $ 2,958 | $ 2,085 |
Note 5 - Loans - Aging of Loan
Note 5 - Loans - Aging of Loan Portfolio (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Loans | $ 18,254,024 | $ 16,342,479 |
Financial Asset, 30 to 59 Days Past Due [Member] | ||
Loans | 81,012 | 32,812 |
Financial Asset, 60 to 89 Days Past Due [Member] | ||
Loans | 8,921 | 13,015 |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans | 11,580 | 1,439 |
Financial Asset, Past Due [Member] | ||
Loans | 170,367 | 113,112 |
Non-accrual loans | 68,854 | 65,846 |
Financial Asset, Not Past Due [Member] | ||
Loans | 18,083,657 | 16,229,367 |
Commercial Portfolio Segment [Member] | ||
Loans | 3,318,778 | 2,982,399 |
Commercial Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Loans | 8,192 | 4,294 |
Commercial Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Loans | 3,235 | 9,877 |
Commercial Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans | 10,208 | 1,439 |
Commercial Portfolio Segment [Member] | Financial Asset, Past Due [Member] | ||
Loans | 47,407 | 32,168 |
Non-accrual loans | 25,772 | 16,558 |
Commercial Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | ||
Loans | 3,271,371 | 2,950,231 |
Real Estate Construction Portfolio Segment [Member] | ||
Loans | 559,372 | 611,031 |
Real Estate Construction Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Loans | 0 | 0 |
Real Estate Construction Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Loans | 0 | 0 |
Real Estate Construction Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans | 0 | 0 |
Real Estate Construction Portfolio Segment [Member] | Financial Asset, Past Due [Member] | ||
Loans | 0 | 0 |
Non-accrual loans | 0 | 0 |
Real Estate Construction Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | ||
Loans | 559,372 | 611,031 |
Commercial Real Estate Portfolio Segment [Member] | ||
Loans | 8,793,685 | 8,143,272 |
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Loans | 25,772 | 8,389 |
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Loans | 0 | 0 |
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans | 1,372 | 0 |
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, Past Due [Member] | ||
Loans | 61,240 | 46,562 |
Non-accrual loans | 34,096 | 38,173 |
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | ||
Loans | 8,732,445 | 8,096,710 |
Residential Mortgage and Equity Lines Portfolio Segment [Member] | ||
Loans | 5,577,500 | 4,601,493 |
Residential Mortgage and Equity Lines Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Loans | 47,043 | 20,129 |
Residential Mortgage and Equity Lines Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Loans | 5,685 | 3,138 |
Residential Mortgage and Equity Lines Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans | 0 | 0 |
Residential Mortgage and Equity Lines Portfolio Segment [Member] | Financial Asset, Past Due [Member] | ||
Loans | 61,706 | 34,382 |
Non-accrual loans | 8,978 | 11,115 |
Residential Mortgage and Equity Lines Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | ||
Loans | 5,515,794 | 4,567,111 |
Installment and Other Loans [Member ] | ||
Loans | 4,689 | 4,284 |
Installment and Other Loans [Member ] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Loans | 5 | 0 |
Installment and Other Loans [Member ] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Loans | 1 | 0 |
Installment and Other Loans [Member ] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans | 0 | 0 |
Installment and Other Loans [Member ] | Financial Asset, Past Due [Member] | ||
Loans | 14 | 0 |
Non-accrual loans | 8 | 0 |
Installment and Other Loans [Member ] | Financial Asset, Not Past Due [Member] | ||
Loans | $ 4,675 | $ 4,284 |
Note 5 - Loans - Troubled Debt
Note 5 - Loans - Troubled Debt Restructuring (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
No. of Contracts | 15 | 5 | 5 |
Pre-Modification Outstanding Recorded Investment | $ 11,980 | $ 2,153 | $ 5,417 |
Post-Modification Outstanding Recorded Investment | 11,946 | 2,153 | 5,417 |
Specific Reserve | 427 | 0 | 0 |
Charge-offs | $ 0 | $ 0 | $ 0 |
Commercial Portfolio Segment [Member] | |||
No. of Contracts | 4 | 3 | 5 |
Pre-Modification Outstanding Recorded Investment | $ 6,115 | $ 2,150 | $ 5,417 |
Post-Modification Outstanding Recorded Investment | 6,115 | 2,150 | 5,417 |
Specific Reserve | 427 | 0 | 0 |
Charge-offs | $ 0 | $ 0 | $ 0 |
Commercial Mortgage Loans [Member] | |||
No. of Contracts | 3 | ||
Pre-Modification Outstanding Recorded Investment | $ 3,676 | ||
Post-Modification Outstanding Recorded Investment | 3,669 | ||
Specific Reserve | 0 | ||
Charge-offs | $ 0 | ||
Residential Mortgage and Equity Lines Portfolio Segment [Member] | |||
No. of Contracts | 8 | 2 | |
Pre-Modification Outstanding Recorded Investment | $ 2,189 | $ 3 | |
Post-Modification Outstanding Recorded Investment | 2,162 | 3 | |
Specific Reserve | 0 | 0 | |
Charge-offs | $ 0 | $ 0 |
Note 5 - Loans - Accruing Troub
Note 5 - Loans - Accruing Troubled Debt Restructurings (Details) - Accruing Troubled Debt Restructuring [Member] - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Accruing TDRs | $ 15,145 | $ 12,837 |
Payment Deferral [Member] | ||
Accruing TDRs | 7,560 | 5,270 |
Contractual Interest Rate Reduction [Member] | ||
Accruing TDRs | 445 | 5,771 |
Rate Reduction and Payment Deferral [Member] | ||
Accruing TDRs | 7,140 | 1,796 |
Commercial Portfolio Segment [Member] | ||
Accruing TDRs | 2,588 | 3,368 |
Commercial Portfolio Segment [Member] | Payment Deferral [Member] | ||
Accruing TDRs | 2,588 | 3,368 |
Commercial Portfolio Segment [Member] | Contractual Interest Rate Reduction [Member] | ||
Accruing TDRs | 0 | 0 |
Commercial Portfolio Segment [Member] | Rate Reduction and Payment Deferral [Member] | ||
Accruing TDRs | 0 | 0 |
Commercial Real Estate Portfolio Segment [Member] | ||
Accruing TDRs | 8,646 | 6,128 |
Commercial Real Estate Portfolio Segment [Member] | Payment Deferral [Member] | ||
Accruing TDRs | 2,791 | 438 |
Commercial Real Estate Portfolio Segment [Member] | Contractual Interest Rate Reduction [Member] | ||
Accruing TDRs | 0 | 5,522 |
Commercial Real Estate Portfolio Segment [Member] | Rate Reduction and Payment Deferral [Member] | ||
Accruing TDRs | 5,855 | 168 |
Residential Portfolio Segment [Member] | ||
Accruing TDRs | 3,911 | 3,341 |
Residential Portfolio Segment [Member] | Payment Deferral [Member] | ||
Accruing TDRs | 2,181 | 1,464 |
Residential Portfolio Segment [Member] | Contractual Interest Rate Reduction [Member] | ||
Accruing TDRs | 445 | 249 |
Residential Portfolio Segment [Member] | Rate Reduction and Payment Deferral [Member] | ||
Accruing TDRs | $ 1,285 | $ 1,628 |
Note 5 - Loans - Non-accrual Tr
Note 5 - Loans - Non-accrual Troubled Debt Restructurings (Details) - Non-accruing Troubled Debt Restructuring [Member] - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Accruing TDRs | $ 6,348 | $ 8,175 |
Payment Deferral [Member] | ||
Accruing TDRs | 6,348 | 8,175 |
Contractual Interest Rate Reduction [Member] | ||
Accruing TDRs | 0 | 0 |
Rate Reduction and Payment Deferral [Member] | ||
Accruing TDRs | 0 | 0 |
Commercial Portfolio Segment [Member] | ||
Accruing TDRs | 3,629 | 7,717 |
Commercial Portfolio Segment [Member] | Payment Deferral [Member] | ||
Accruing TDRs | 3,629 | 7,717 |
Commercial Portfolio Segment [Member] | Contractual Interest Rate Reduction [Member] | ||
Accruing TDRs | 0 | 0 |
Commercial Portfolio Segment [Member] | Rate Reduction and Payment Deferral [Member] | ||
Accruing TDRs | 0 | 0 |
Commercial Real Estate Portfolio Segment [Member] | ||
Accruing TDRs | 1,098 | |
Commercial Real Estate Portfolio Segment [Member] | Payment Deferral [Member] | ||
Accruing TDRs | 1,098 | |
Commercial Real Estate Portfolio Segment [Member] | Contractual Interest Rate Reduction [Member] | ||
Accruing TDRs | 0 | |
Commercial Real Estate Portfolio Segment [Member] | Rate Reduction and Payment Deferral [Member] | ||
Accruing TDRs | 0 | |
Residential Portfolio Segment [Member] | ||
Accruing TDRs | 1,621 | 458 |
Residential Portfolio Segment [Member] | Payment Deferral [Member] | ||
Accruing TDRs | 1,621 | 458 |
Residential Portfolio Segment [Member] | Contractual Interest Rate Reduction [Member] | ||
Accruing TDRs | 0 | 0 |
Residential Portfolio Segment [Member] | Rate Reduction and Payment Deferral [Member] | ||
Accruing TDRs | $ 0 | $ 0 |
Note 5 - Loans - Loan Held for
Note 5 - Loans - Loan Held for Investment by Loan Portfolio Segments, Internal Risk Ratings and Vintage Year (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Total, Loans Amortized Cost Basis by Origination Year 2021 | $ 3,943,040 | $ 3,731,615 |
Total, Loans Amortized Cost Basis by Origination Year 2020 | 3,489,846 | 2,371,671 |
Total, Loans Amortized Cost Basis by Origination Year 2019 | 1,905,136 | 2,361,902 |
Total, Loans Amortized Cost Basis by Origination Year 2018 | 1,908,992 | 1,885,467 |
Total, Loans Amortized Cost Basis by Origination Year 2017 | 1,530,238 | 1,344,458 |
Total, Loans Amortized Cost Basis by Origination Year Prior | 3,138,606 | 2,492,497 |
Total, Revolving Loans | 2,303,152 | 2,107,052 |
Total, Revolving Converted to Term Loans | 28,373 | 43,496 |
Total loans | 18,247,383 | 16,338,158 |
YTD period charge-offs, Loans Amortized Cost Basis by Origination Year 2021 | 201 | 0 |
YTD period charge-offs | 5,490 | 20,054 |
YTD period recoveries | (2,905) | (2,443) |
Net, Loans Amortized Cost Basis by Origination Year 2020 | 587 | 1,477 |
Net, Loans Amortized Cost Basis by Origination Year 2019 | 81 | 238 |
Net, Loans Amortized Cost Basis by Origination Year 2018 | (169) | 242 |
Net, Loans Amortized Cost Basis by Origination Year 2017 | 3,623 | 3 |
Net, Loans Amortized Cost Basis by Origination Year Prior | (33) | (453) |
Net, Revolving Loans | (1,689) | 16,168 |
Net, Revolving Converted to Term Loans | (16) | (64) |
Net | 2,585 | 17,611 |
Special Mention | 18,247,383 | 16,338,158 |
Commercial Portfolio Segment [Member] | ||
Total, Loans Amortized Cost Basis by Origination Year 2021 | 489,985 | 607,615 |
Total, Loans Amortized Cost Basis by Origination Year 2020 | 464,093 | 275,415 |
Total, Loans Amortized Cost Basis by Origination Year 2019 | 183,386 | 207,119 |
Total, Loans Amortized Cost Basis by Origination Year 2018 | 125,786 | 160,487 |
Total, Loans Amortized Cost Basis by Origination Year 2017 | 113,155 | 98,167 |
Total, Loans Amortized Cost Basis by Origination Year Prior | 117,988 | 105,717 |
Total, Revolving Loans | 1,816,937 | 1,513,837 |
Total, Revolving Converted to Term Loans | 6,693 | 13,198 |
Total loans | 3,318,023 | 2,981,555 |
YTD period charge-offs, Loans Amortized Cost Basis by Origination Year 2021 | 96 | 0 |
YTD period charge-offs, Loans Amortized Cost Basis by Origination Year 2020 | 587 | 1,478 |
YTD period charge-offs, Loans Amortized Cost Basis by Origination Year 2019 | 120 | 507 |
YTD period charge-offs, Loans Amortized Cost Basis by Origination Year 2018 | 71 | 366 |
YTD period charge-offs, Loans Amortized Cost Basis by Origination Year 2017 | 1,786 | 0 |
YTD period charge-offs, Loans Amortized Cost Basis by Origination Year Prior | 360 | 50 |
YTD period charge-offs, Revolving Loans | 202 | 17,650 |
YTD period charge-offs, Revolving Converted to Term Loans | 0 | 0 |
YTD period charge-offs | 3,222 | 20,051 |
YTD period recoveries, Loans Amortized Cost Basis by Origination Year 2021 | (8) | 0 |
YTD period recoveries, Loans Amortized Cost Basis by Origination Year 2020 | 0 | (1) |
YTD period recoveries, Loans Amortized Cost Basis by Origination Year 2019 | (39) | (29) |
YTD period recoveries, Loans Amortized Cost Basis by Origination Year 2018 | 0 | (124) |
YTD period recoveries, Loans Amortized Cost Basis by Origination Year 2017 | (254) | 0 |
YTD period recoveries, Loans Amortized Cost Basis by Origination Year Prior | (335) | (191) |
YTD period recoveries, Revolving Loans | (1,829) | (1,361) |
YTD period recoveries, Revolving Converted to Term Loans | 0 | 0 |
YTD period recoveries | (2,465) | (1,706) |
Net, Loans Amortized Cost Basis by Origination Year 2021 | 88 | 0 |
Net, Loans Amortized Cost Basis by Origination Year 2020 | 587 | 1,477 |
Net, Loans Amortized Cost Basis by Origination Year 2019 | 81 | 478 |
Net, Loans Amortized Cost Basis by Origination Year 2018 | 71 | 242 |
Net, Loans Amortized Cost Basis by Origination Year 2017 | 1,532 | 0 |
Net, Loans Amortized Cost Basis by Origination Year Prior | 25 | (141) |
Net, Revolving Loans | (1,627) | 16,289 |
Net, Revolving Converted to Term Loans | 0 | 0 |
Net | 757 | 18,345 |
Special Mention | 3,318,023 | 2,981,555 |
Commercial Portfolio Segment [Member] | Pass [Member] | ||
Total, Loans Amortized Cost Basis by Origination Year 2021 | 488,748 | 606,770 |
Total, Loans Amortized Cost Basis by Origination Year 2020 | 446,647 | 268,756 |
Total, Loans Amortized Cost Basis by Origination Year 2019 | 180,226 | 183,468 |
Total, Loans Amortized Cost Basis by Origination Year 2018 | 119,355 | 142,419 |
Total, Loans Amortized Cost Basis by Origination Year 2017 | 107,896 | 80,701 |
Total, Loans Amortized Cost Basis by Origination Year Prior | 106,649 | 100,496 |
Total, Revolving Loans | 1,753,509 | 1,437,463 |
Total, Revolving Converted to Term Loans | 6,560 | 7,433 |
Total loans | 3,209,590 | 2,827,506 |
Special Mention | 3,209,590 | 2,827,506 |
Commercial Portfolio Segment [Member] | Special Mention [Member] | ||
Total, Loans Amortized Cost Basis by Origination Year 2021 | 1,212 | 395 |
Total, Loans Amortized Cost Basis by Origination Year 2020 | 4,696 | 780 |
Total, Loans Amortized Cost Basis by Origination Year 2019 | 2,818 | 1,138 |
Total, Loans Amortized Cost Basis by Origination Year 2018 | 68 | 1,645 |
Total, Loans Amortized Cost Basis by Origination Year 2017 | 308 | 3,157 |
Total, Loans Amortized Cost Basis by Origination Year Prior | 4,354 | 0 |
Total, Revolving Loans | 41,110 | 40,761 |
Total, Revolving Converted to Term Loans | 0 | 49 |
Total loans | 54,566 | 47,925 |
Special Mention | 54,566 | 47,925 |
Commercial Portfolio Segment [Member] | Substandard [Member] | ||
Total, Loans Amortized Cost Basis by Origination Year 2021 | 25 | 450 |
Total, Loans Amortized Cost Basis by Origination Year 2020 | 12,750 | 5,879 |
Total, Loans Amortized Cost Basis by Origination Year 2019 | 342 | 22,513 |
Total, Loans Amortized Cost Basis by Origination Year 2018 | 4,859 | 16,423 |
Total, Loans Amortized Cost Basis by Origination Year 2017 | 2,766 | 14,309 |
Total, Loans Amortized Cost Basis by Origination Year Prior | 6,985 | 5,221 |
Total, Revolving Loans | 22,084 | 34,713 |
Total, Revolving Converted to Term Loans | 133 | 5,716 |
Total loans | 49,944 | 105,224 |
Special Mention | 49,944 | 105,224 |
Commercial Portfolio Segment [Member] | Doubtful [Member] | ||
Total, Loans Amortized Cost Basis by Origination Year 2021 | 0 | 0 |
Total, Loans Amortized Cost Basis by Origination Year 2020 | 0 | 0 |
Total, Loans Amortized Cost Basis by Origination Year 2019 | 0 | 0 |
Total, Loans Amortized Cost Basis by Origination Year 2018 | 1,504 | 0 |
Total, Loans Amortized Cost Basis by Origination Year 2017 | 2,185 | 0 |
Total, Loans Amortized Cost Basis by Origination Year Prior | 0 | 0 |
Total, Revolving Loans | 234 | 900 |
Total, Revolving Converted to Term Loans | 0 | 0 |
Total loans | 3,923 | 900 |
Special Mention | 3,923 | 900 |
Real Estate Construction Portfolio Segment [Member] | ||
Total, Loans Amortized Cost Basis by Origination Year 2021 | 99,798 | 199,188 |
Total, Loans Amortized Cost Basis by Origination Year 2020 | 264,557 | 211,889 |
Total, Loans Amortized Cost Basis by Origination Year 2019 | 122,761 | 154,907 |
Total, Loans Amortized Cost Basis by Origination Year 2018 | 33,858 | 41,922 |
Total, Loans Amortized Cost Basis by Origination Year 2017 | 35,321 | 0 |
Total, Loans Amortized Cost Basis by Origination Year Prior | 0 | 0 |
Total, Revolving Loans | 0 | 0 |
Total, Revolving Converted to Term Loans | 0 | 0 |
Total loans | 556,295 | 607,906 |
YTD period charge-offs, Loans Amortized Cost Basis by Origination Year 2021 | 0 | 0 |
YTD period charge-offs, Loans Amortized Cost Basis by Origination Year 2020 | 0 | 0 |
YTD period charge-offs, Loans Amortized Cost Basis by Origination Year 2019 | 0 | 0 |
YTD period charge-offs, Loans Amortized Cost Basis by Origination Year 2018 | 0 | 0 |
YTD period charge-offs, Loans Amortized Cost Basis by Origination Year 2017 | 0 | 0 |
YTD period charge-offs, Loans Amortized Cost Basis by Origination Year Prior | 0 | 0 |
YTD period charge-offs, Revolving Loans | 0 | 0 |
YTD period charge-offs, Revolving Converted to Term Loans | 0 | 0 |
YTD period charge-offs | 0 | 0 |
YTD period recoveries, Loans Amortized Cost Basis by Origination Year 2021 | 0 | 0 |
YTD period recoveries, Loans Amortized Cost Basis by Origination Year 2020 | 0 | 0 |
YTD period recoveries, Loans Amortized Cost Basis by Origination Year 2019 | 0 | 0 |
YTD period recoveries, Loans Amortized Cost Basis by Origination Year 2018 | 0 | 0 |
YTD period recoveries, Loans Amortized Cost Basis by Origination Year 2017 | 0 | 0 |
YTD period recoveries, Loans Amortized Cost Basis by Origination Year Prior | (6) | (76) |
YTD period recoveries, Revolving Loans | 0 | 0 |
YTD period recoveries, Revolving Converted to Term Loans | 0 | 0 |
YTD period recoveries | (6) | (76) |
Net, Loans Amortized Cost Basis by Origination Year 2021 | 0 | 0 |
Net, Loans Amortized Cost Basis by Origination Year 2020 | 0 | 0 |
Net, Loans Amortized Cost Basis by Origination Year 2019 | 0 | 0 |
Net, Loans Amortized Cost Basis by Origination Year 2018 | 0 | 0 |
Net, Loans Amortized Cost Basis by Origination Year 2017 | 0 | 0 |
Net, Loans Amortized Cost Basis by Origination Year Prior | (6) | (76) |
Net, Revolving Loans | 0 | 0 |
Net, Revolving Converted to Term Loans | 0 | 0 |
Net | (6) | (76) |
Special Mention | 556,295 | 607,906 |
Real Estate Construction Portfolio Segment [Member] | Pass [Member] | ||
Total, Loans Amortized Cost Basis by Origination Year 2021 | 99,798 | 199,188 |
Total, Loans Amortized Cost Basis by Origination Year 2020 | 264,197 | 188,782 |
Total, Loans Amortized Cost Basis by Origination Year 2019 | 113,312 | 125,316 |
Total, Loans Amortized Cost Basis by Origination Year 2018 | 20,479 | 24,548 |
Total, Loans Amortized Cost Basis by Origination Year 2017 | 3,067 | 0 |
Total, Loans Amortized Cost Basis by Origination Year Prior | 0 | 0 |
Total, Revolving Loans | 0 | 0 |
Total, Revolving Converted to Term Loans | 0 | 0 |
Total loans | 500,853 | 537,834 |
Special Mention | 500,853 | 537,834 |
Real Estate Construction Portfolio Segment [Member] | Special Mention [Member] | ||
Total, Loans Amortized Cost Basis by Origination Year 2021 | 0 | 0 |
Total, Loans Amortized Cost Basis by Origination Year 2020 | 360 | 23,107 |
Total, Loans Amortized Cost Basis by Origination Year 2019 | 9,449 | 27,672 |
Total, Loans Amortized Cost Basis by Origination Year 2018 | 11,643 | 17,374 |
Total, Loans Amortized Cost Basis by Origination Year 2017 | 22,945 | 0 |
Total, Loans Amortized Cost Basis by Origination Year Prior | 0 | 0 |
Total, Revolving Loans | 0 | 0 |
Total, Revolving Converted to Term Loans | 0 | 0 |
Total loans | 44,397 | 68,153 |
Special Mention | 44,397 | 68,153 |
Real Estate Construction Portfolio Segment [Member] | Substandard [Member] | ||
Total, Loans Amortized Cost Basis by Origination Year 2021 | 0 | 0 |
Total, Loans Amortized Cost Basis by Origination Year 2020 | 0 | 0 |
Total, Loans Amortized Cost Basis by Origination Year 2019 | 0 | 1,919 |
Total, Loans Amortized Cost Basis by Origination Year 2018 | 1,736 | 0 |
Total, Loans Amortized Cost Basis by Origination Year 2017 | 9,309 | 0 |
Total, Loans Amortized Cost Basis by Origination Year Prior | 0 | 0 |
Total, Revolving Loans | 0 | 0 |
Total, Revolving Converted to Term Loans | 0 | 0 |
Total loans | 11,045 | 1,919 |
Special Mention | 11,045 | 1,919 |
Commercial Real Estate Portfolio Segment [Member] | ||
Total, Loans Amortized Cost Basis by Origination Year 2021 | 2,122,120 | 1,940,636 |
Total, Loans Amortized Cost Basis by Origination Year 2020 | 1,793,483 | 1,261,007 |
Total, Loans Amortized Cost Basis by Origination Year 2019 | 1,015,938 | 1,316,827 |
Total, Loans Amortized Cost Basis by Origination Year 2018 | 1,146,596 | 1,177,095 |
Total, Loans Amortized Cost Basis by Origination Year 2017 | 961,646 | 790,601 |
Total, Loans Amortized Cost Basis by Origination Year Prior | 1,566,608 | 1,451,236 |
Total, Revolving Loans | 182,347 | 202,916 |
Total, Revolving Converted to Term Loans | 0 | 0 |
Total loans | 8,788,738 | 8,140,318 |
YTD period charge-offs, Loans Amortized Cost Basis by Origination Year 2021 | 0 | 0 |
YTD period charge-offs, Loans Amortized Cost Basis by Origination Year 2020 | 0 | 0 |
YTD period charge-offs, Loans Amortized Cost Basis by Origination Year 2019 | 0 | 0 |
YTD period charge-offs, Loans Amortized Cost Basis by Origination Year 2018 | 0 | 0 |
YTD period charge-offs, Loans Amortized Cost Basis by Origination Year 2017 | 2,091 | 0 |
YTD period charge-offs, Loans Amortized Cost Basis by Origination Year Prior | 0 | 0 |
YTD period charge-offs, Revolving Loans | 0 | 0 |
YTD period charge-offs, Revolving Converted to Term Loans | 0 | 0 |
YTD period charge-offs | 2,091 | 0 |
YTD period recoveries, Loans Amortized Cost Basis by Origination Year 2021 | 0 | 0 |
YTD period recoveries, Loans Amortized Cost Basis by Origination Year 2020 | 0 | 0 |
YTD period recoveries, Loans Amortized Cost Basis by Origination Year 2019 | 0 | (240) |
YTD period recoveries, Loans Amortized Cost Basis by Origination Year 2018 | (240) | 0 |
YTD period recoveries, Loans Amortized Cost Basis by Origination Year 2017 | 0 | 0 |
YTD period recoveries, Loans Amortized Cost Basis by Origination Year Prior | (7) | (28) |
YTD period recoveries, Revolving Loans | (111) | (111) |
YTD period recoveries, Revolving Converted to Term Loans | 0 | 0 |
YTD period recoveries | (358) | (284) |
Net, Loans Amortized Cost Basis by Origination Year 2021 | 0 | 0 |
Net, Loans Amortized Cost Basis by Origination Year 2020 | 0 | 0 |
Net, Loans Amortized Cost Basis by Origination Year 2019 | 0 | (240) |
Net, Loans Amortized Cost Basis by Origination Year 2018 | (240) | 0 |
Net, Loans Amortized Cost Basis by Origination Year 2017 | 2,091 | 0 |
Net, Loans Amortized Cost Basis by Origination Year Prior | (7) | (28) |
Net, Revolving Loans | (111) | (111) |
Net, Revolving Converted to Term Loans | 0 | 0 |
Net | 1,733 | (379) |
YTD period recoveries | (358) | (379) |
Special Mention | 8,788,738 | 8,140,318 |
Commercial Real Estate Portfolio Segment [Member] | Pass [Member] | ||
Total, Loans Amortized Cost Basis by Origination Year 2021 | 2,087,650 | 1,893,807 |
Total, Loans Amortized Cost Basis by Origination Year 2020 | 1,728,607 | 1,201,825 |
Total, Loans Amortized Cost Basis by Origination Year 2019 | 975,953 | 1,253,548 |
Total, Loans Amortized Cost Basis by Origination Year 2018 | 1,094,505 | 1,031,191 |
Total, Loans Amortized Cost Basis by Origination Year 2017 | 908,748 | 727,916 |
Total, Loans Amortized Cost Basis by Origination Year Prior | 1,420,982 | 1,313,882 |
Total, Revolving Loans | 178,116 | 198,869 |
Total, Revolving Converted to Term Loans | 0 | 0 |
Total loans | 8,394,561 | 7,621,038 |
Special Mention | 8,394,561 | 7,621,038 |
Commercial Real Estate Portfolio Segment [Member] | Special Mention [Member] | ||
Total, Loans Amortized Cost Basis by Origination Year 2021 | 22,150 | 45,719 |
Total, Loans Amortized Cost Basis by Origination Year 2020 | 57,015 | 59,182 |
Total, Loans Amortized Cost Basis by Origination Year 2019 | 25,593 | 49,796 |
Total, Loans Amortized Cost Basis by Origination Year 2018 | 32,119 | 103,101 |
Total, Loans Amortized Cost Basis by Origination Year 2017 | 17,999 | 61,105 |
Total, Loans Amortized Cost Basis by Origination Year Prior | 63,782 | 60,448 |
Total, Revolving Loans | 1,600 | 750 |
Total, Revolving Converted to Term Loans | 0 | 0 |
Total loans | 220,258 | 380,101 |
Special Mention | 220,258 | 380,101 |
Commercial Real Estate Portfolio Segment [Member] | Substandard [Member] | ||
Total, Loans Amortized Cost Basis by Origination Year 2021 | 12,320 | 1,110 |
Total, Loans Amortized Cost Basis by Origination Year 2020 | 7,861 | 0 |
Total, Loans Amortized Cost Basis by Origination Year 2019 | 14,392 | 13,483 |
Total, Loans Amortized Cost Basis by Origination Year 2018 | 19,972 | 42,803 |
Total, Loans Amortized Cost Basis by Origination Year 2017 | 34,899 | 1,580 |
Total, Loans Amortized Cost Basis by Origination Year Prior | 81,844 | 76,906 |
Total, Revolving Loans | 2,631 | 3,297 |
Total, Revolving Converted to Term Loans | 0 | 0 |
Total loans | 173,919 | 139,179 |
Special Mention | 173,919 | 139,179 |
Residential Portfolio Segment [Member] | ||
Total, Loans Amortized Cost Basis by Origination Year 2021 | 1,228,597 | 980,059 |
Total, Loans Amortized Cost Basis by Origination Year 2020 | 965,561 | 623,192 |
Total, Loans Amortized Cost Basis by Origination Year 2019 | 583,051 | 683,049 |
Total, Loans Amortized Cost Basis by Origination Year 2018 | 602,752 | 505,963 |
Total, Loans Amortized Cost Basis by Origination Year 2017 | 420,116 | 455,690 |
Total, Loans Amortized Cost Basis by Origination Year Prior | 1,454,010 | 935,539 |
Total, Revolving Loans | 0 | 0 |
Total, Revolving Converted to Term Loans | 0 | 0 |
Total loans | 5,254,087 | 4,183,492 |
YTD period charge-offs, Loans Amortized Cost Basis by Origination Year 2021 | 0 | 0 |
YTD period charge-offs, Loans Amortized Cost Basis by Origination Year 2020 | 0 | 0 |
YTD period charge-offs, Loans Amortized Cost Basis by Origination Year 2019 | 0 | 0 |
YTD period charge-offs, Loans Amortized Cost Basis by Origination Year 2018 | 0 | 0 |
YTD period charge-offs, Loans Amortized Cost Basis by Origination Year 2017 | 0 | 3 |
YTD period charge-offs, Loans Amortized Cost Basis by Origination Year Prior | 0 | 0 |
YTD period charge-offs, Revolving Loans | 0 | 0 |
YTD period charge-offs, Revolving Converted to Term Loans | 0 | 0 |
YTD period charge-offs | 0 | 3 |
YTD period recoveries, Loans Amortized Cost Basis by Origination Year 2021 | 0 | 0 |
YTD period recoveries, Loans Amortized Cost Basis by Origination Year 2020 | 0 | 0 |
YTD period recoveries, Loans Amortized Cost Basis by Origination Year 2019 | 0 | 0 |
YTD period recoveries, Loans Amortized Cost Basis by Origination Year 2018 | 0 | 0 |
YTD period recoveries, Loans Amortized Cost Basis by Origination Year 2017 | 0 | 0 |
YTD period recoveries, Loans Amortized Cost Basis by Origination Year Prior | (45) | (208) |
YTD period recoveries, Revolving Loans | 0 | 0 |
YTD period recoveries, Revolving Converted to Term Loans | 0 | 0 |
YTD period recoveries | (45) | (208) |
Net, Loans Amortized Cost Basis by Origination Year 2021 | 0 | 0 |
Net, Loans Amortized Cost Basis by Origination Year 2020 | 0 | 0 |
Net, Loans Amortized Cost Basis by Origination Year 2019 | 0 | 0 |
Net, Loans Amortized Cost Basis by Origination Year 2018 | 0 | 0 |
Net, Loans Amortized Cost Basis by Origination Year 2017 | 0 | 3 |
Net, Loans Amortized Cost Basis by Origination Year Prior | (45) | (208) |
Net, Revolving Loans | 0 | 0 |
Net, Revolving Converted to Term Loans | 0 | 0 |
Net | (45) | (205) |
Special Mention | 5,254,087 | 4,183,492 |
Residential Portfolio Segment [Member] | Pass [Member] | ||
Total, Loans Amortized Cost Basis by Origination Year 2021 | 1,228,391 | 978,375 |
Total, Loans Amortized Cost Basis by Origination Year 2020 | 964,799 | 622,999 |
Total, Loans Amortized Cost Basis by Origination Year 2019 | 580,990 | 678,775 |
Total, Loans Amortized Cost Basis by Origination Year 2018 | 600,786 | 502,325 |
Total, Loans Amortized Cost Basis by Origination Year 2017 | 417,565 | 453,992 |
Total, Loans Amortized Cost Basis by Origination Year Prior | 1,444,320 | 929,846 |
Total, Revolving Loans | 0 | 0 |
Total, Revolving Converted to Term Loans | 0 | 0 |
Total loans | 5,236,851 | 4,166,312 |
Special Mention | 5,236,851 | 4,166,312 |
Residential Portfolio Segment [Member] | Special Mention [Member] | ||
Total, Loans Amortized Cost Basis by Origination Year 2021 | 0 | 0 |
Total, Loans Amortized Cost Basis by Origination Year 2020 | 0 | 46 |
Total, Loans Amortized Cost Basis by Origination Year 2019 | 33 | 1,576 |
Total, Loans Amortized Cost Basis by Origination Year 2018 | 0 | 1,064 |
Total, Loans Amortized Cost Basis by Origination Year 2017 | 752 | 836 |
Total, Loans Amortized Cost Basis by Origination Year Prior | 905 | 438 |
Total, Revolving Loans | 0 | 0 |
Total, Revolving Converted to Term Loans | 0 | 0 |
Total loans | 1,690 | 3,960 |
Special Mention | 1,690 | 3,960 |
Residential Portfolio Segment [Member] | Substandard [Member] | ||
Total, Loans Amortized Cost Basis by Origination Year 2021 | 206 | 1,684 |
Total, Loans Amortized Cost Basis by Origination Year 2020 | 762 | 147 |
Total, Loans Amortized Cost Basis by Origination Year 2019 | 2,028 | 2,698 |
Total, Loans Amortized Cost Basis by Origination Year 2018 | 1,966 | 2,574 |
Total, Loans Amortized Cost Basis by Origination Year 2017 | 1,799 | 862 |
Total, Loans Amortized Cost Basis by Origination Year Prior | 8,785 | 5,255 |
Total, Revolving Loans | 0 | 0 |
Total, Revolving Converted to Term Loans | 0 | 0 |
Total loans | 15,546 | 13,220 |
Special Mention | 15,546 | 13,220 |
Equity Lines Portfolio Segment [Member] | ||
Total, Loans Amortized Cost Basis by Origination Year 2021 | 748 | 0 |
Total, Loans Amortized Cost Basis by Origination Year 2020 | 0 | 0 |
Total, Loans Amortized Cost Basis by Origination Year 2019 | 0 | 0 |
Total, Loans Amortized Cost Basis by Origination Year 2018 | 0 | 0 |
Total, Loans Amortized Cost Basis by Origination Year 2017 | 0 | 0 |
Total, Loans Amortized Cost Basis by Origination Year Prior | 0 | 5 |
Total, Revolving Loans | 303,868 | 390,299 |
Total, Revolving Converted to Term Loans | 21,680 | 30,298 |
Total loans | 326,296 | 420,602 |
YTD period charge-offs, Loans Amortized Cost Basis by Origination Year 2021 | 0 | 0 |
YTD period charge-offs, Loans Amortized Cost Basis by Origination Year 2020 | 0 | 0 |
YTD period charge-offs, Loans Amortized Cost Basis by Origination Year 2019 | 0 | 0 |
YTD period charge-offs, Loans Amortized Cost Basis by Origination Year 2018 | 0 | 0 |
YTD period charge-offs, Loans Amortized Cost Basis by Origination Year 2017 | 0 | 0 |
YTD period charge-offs, Loans Amortized Cost Basis by Origination Year Prior | 0 | 0 |
YTD period charge-offs, Revolving Loans | 0 | 0 |
YTD period charge-offs, Revolving Converted to Term Loans | 0 | 0 |
YTD period charge-offs | 0 | 0 |
YTD period recoveries, Loans Amortized Cost Basis by Origination Year 2021 | 0 | 0 |
YTD period recoveries, Loans Amortized Cost Basis by Origination Year 2020 | 0 | 0 |
YTD period recoveries, Loans Amortized Cost Basis by Origination Year 2019 | 0 | 0 |
YTD period recoveries, Loans Amortized Cost Basis by Origination Year 2018 | 0 | 0 |
YTD period recoveries, Loans Amortized Cost Basis by Origination Year 2017 | 0 | 0 |
YTD period recoveries, Loans Amortized Cost Basis by Origination Year Prior | 0 | 0 |
YTD period recoveries, Revolving Loans | (11) | (10) |
YTD period recoveries, Revolving Converted to Term Loans | (16) | (64) |
YTD period recoveries | (27) | (74) |
Net, Loans Amortized Cost Basis by Origination Year 2021 | 0 | 0 |
Net, Loans Amortized Cost Basis by Origination Year 2020 | 0 | 0 |
Net, Loans Amortized Cost Basis by Origination Year 2019 | 0 | 0 |
Net, Loans Amortized Cost Basis by Origination Year 2018 | 0 | 0 |
Net, Loans Amortized Cost Basis by Origination Year 2017 | 0 | 0 |
Net, Loans Amortized Cost Basis by Origination Year Prior | 0 | 0 |
Net, Revolving Loans | (11) | (10) |
Net, Revolving Converted to Term Loans | (16) | (64) |
Net | (27) | (74) |
Special Mention | 326,296 | 420,602 |
Equity Lines Portfolio Segment [Member] | Pass [Member] | ||
Total, Loans Amortized Cost Basis by Origination Year 2021 | 731 | 0 |
Total, Loans Amortized Cost Basis by Origination Year 2020 | 0 | 0 |
Total, Loans Amortized Cost Basis by Origination Year 2019 | 0 | 0 |
Total, Loans Amortized Cost Basis by Origination Year 2018 | 0 | 0 |
Total, Loans Amortized Cost Basis by Origination Year 2017 | 0 | 0 |
Total, Loans Amortized Cost Basis by Origination Year Prior | 0 | 5 |
Total, Revolving Loans | 302,825 | 389,069 |
Total, Revolving Converted to Term Loans | 21,460 | 30,025 |
Total loans | 325,016 | 419,099 |
Special Mention | 325,016 | 419,099 |
Equity Lines Portfolio Segment [Member] | Special Mention [Member] | ||
Total, Loans Amortized Cost Basis by Origination Year 2021 | 5 | |
Total, Loans Amortized Cost Basis by Origination Year 2020 | 0 | |
Total, Loans Amortized Cost Basis by Origination Year 2019 | 0 | |
Total, Loans Amortized Cost Basis by Origination Year 2018 | 0 | |
Total, Loans Amortized Cost Basis by Origination Year 2017 | 0 | |
Total, Loans Amortized Cost Basis by Origination Year Prior | 0 | |
Total, Revolving Loans | 0 | |
Total, Revolving Converted to Term Loans | 0 | |
Total loans | 5 | |
Special Mention | 5 | |
Equity Lines Portfolio Segment [Member] | Substandard [Member] | ||
Total, Loans Amortized Cost Basis by Origination Year 2021 | 12 | 0 |
Total, Loans Amortized Cost Basis by Origination Year 2020 | 0 | 0 |
Total, Loans Amortized Cost Basis by Origination Year 2019 | 0 | 0 |
Total, Loans Amortized Cost Basis by Origination Year 2018 | 0 | 0 |
Total, Loans Amortized Cost Basis by Origination Year 2017 | 0 | 0 |
Total, Loans Amortized Cost Basis by Origination Year Prior | 0 | 0 |
Total, Revolving Loans | 1,043 | 1,230 |
Total, Revolving Converted to Term Loans | 220 | 273 |
Total loans | 1,275 | 1,503 |
Special Mention | 1,275 | 1,503 |
Installment and Other Loans [Member ] | ||
Total, Loans Amortized Cost Basis by Origination Year 2021 | 1,792 | 4,117 |
Total, Loans Amortized Cost Basis by Origination Year 2020 | 2,152 | 168 |
Total, Loans Amortized Cost Basis by Origination Year 2019 | 0 | 0 |
Total, Loans Amortized Cost Basis by Origination Year 2018 | 0 | 0 |
Total, Loans Amortized Cost Basis by Origination Year 2017 | 0 | 0 |
Total, Loans Amortized Cost Basis by Origination Year Prior | 0 | 0 |
Total, Revolving Loans | 0 | 0 |
Total, Revolving Converted to Term Loans | 0 | 0 |
Total loans | 3,944 | 4,285 |
YTD period charge-offs, Loans Amortized Cost Basis by Origination Year 2021 | 115 | 0 |
YTD period charge-offs, Loans Amortized Cost Basis by Origination Year 2020 | 0 | 0 |
YTD period charge-offs, Loans Amortized Cost Basis by Origination Year 2019 | 0 | 0 |
YTD period charge-offs, Loans Amortized Cost Basis by Origination Year 2018 | 0 | 0 |
YTD period charge-offs, Loans Amortized Cost Basis by Origination Year 2017 | 0 | 0 |
YTD period charge-offs, Loans Amortized Cost Basis by Origination Year Prior | 0 | 0 |
YTD period charge-offs, Revolving Loans | 62 | 0 |
YTD period charge-offs, Revolving Converted to Term Loans | 0 | 0 |
YTD period charge-offs | 177 | 0 |
YTD period recoveries, Loans Amortized Cost Basis by Origination Year 2021 | (2) | 0 |
YTD period recoveries, Loans Amortized Cost Basis by Origination Year 2020 | 0 | 0 |
YTD period recoveries, Loans Amortized Cost Basis by Origination Year 2019 | 0 | 0 |
YTD period recoveries, Loans Amortized Cost Basis by Origination Year 2018 | 0 | 0 |
YTD period recoveries, Loans Amortized Cost Basis by Origination Year 2017 | 0 | 0 |
YTD period recoveries, Loans Amortized Cost Basis by Origination Year Prior | 0 | 0 |
YTD period recoveries, Revolving Loans | (2) | 0 |
YTD period recoveries, Revolving Converted to Term Loans | 0 | 0 |
YTD period recoveries | (4) | 0 |
Net, Loans Amortized Cost Basis by Origination Year 2021 | 113 | 0 |
Net, Loans Amortized Cost Basis by Origination Year 2020 | 0 | 0 |
Net, Loans Amortized Cost Basis by Origination Year 2019 | 0 | 0 |
Net, Loans Amortized Cost Basis by Origination Year 2018 | 0 | 0 |
Net, Loans Amortized Cost Basis by Origination Year 2017 | 0 | 0 |
Net, Loans Amortized Cost Basis by Origination Year Prior | 0 | 0 |
Net, Revolving Loans | 60 | 0 |
Net, Revolving Converted to Term Loans | 0 | 0 |
Net | 173 | 0 |
Special Mention | 3,944 | 4,285 |
Installment and Other Loans [Member ] | Pass [Member] | ||
Total, Loans Amortized Cost Basis by Origination Year 2021 | 1,792 | 4,117 |
Total, Loans Amortized Cost Basis by Origination Year 2020 | 2,152 | 168 |
Total, Loans Amortized Cost Basis by Origination Year 2019 | 0 | 0 |
Total, Loans Amortized Cost Basis by Origination Year 2018 | 0 | 0 |
Total, Loans Amortized Cost Basis by Origination Year 2017 | 0 | 0 |
Total, Loans Amortized Cost Basis by Origination Year Prior | 0 | 0 |
Total, Revolving Loans | 0 | 0 |
Total, Revolving Converted to Term Loans | 0 | 0 |
Total loans | 3,944 | 4,285 |
Special Mention | $ 3,944 | $ 4,285 |
Note 5 - Loans - Allowance for
Note 5 - Loans - Allowance for Loan Losses by Portfolio Segment (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Balance | $ 136,157 | $ 166,538 | |
Provision/(reversal) for loan losses | 12,913 | (11,210) | |
Charge-offs | (5,490) | (20,054) | |
Recoveries | 2,905 | 2,443 | |
Net (Charge-offs)/Recoveries | (2,585) | (17,611) | |
Balance | 146,485 | 136,157 | $ 166,538 |
Provision/(reversal) for credit losses | 14,543 | (16,008) | 57,500 |
Commitments to Extend Credit [Member] | |||
Balance | 7,100 | 11,898 | |
Balance | 8,730 | 7,100 | 11,898 |
Provision/(reversal) for credit losses | 1,630 | (4,798) | |
Cumulative Effect, Period of Adoption, Adjustment [Member] | Accounting Standards Update 2016-13 [Member] | |||
Balance | (1,560) | ||
Balance | (1,560) | ||
Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | |||
Balance | 164,978 | ||
Balance | 164,978 | ||
Commercial Portfolio Segment [Member] | |||
Balance | 43,394 | 68,742 | |
Provision/(reversal) for loan losses | 6,798 | 24,463 | |
Charge-offs | (3,222) | (20,051) | |
Recoveries | 2,465 | 1,706 | |
Net (Charge-offs)/Recoveries | (757) | (18,345) | |
Balance | 49,435 | 43,394 | 68,742 |
Commercial Portfolio Segment [Member] | Commitments to Extend Credit [Member] | |||
Balance | 3,725 | 8,038 | |
Balance | 4,840 | 3,725 | 8,038 |
Provision/(reversal) for credit losses | 1,115 | (4,313) | |
Commercial Portfolio Segment [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Accounting Standards Update 2016-13 [Member] | |||
Balance | (31,466) | ||
Balance | (31,466) | ||
Commercial Portfolio Segment [Member] | Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | |||
Balance | 37,276 | ||
Balance | 37,276 | ||
Real Estate Construction Portfolio Segment [Member] | |||
Balance | 6,302 | 30,854 | |
Provision/(reversal) for loan losses | 4,109 | (321) | |
Charge-offs | 0 | 0 | |
Recoveries | 6 | 76 | |
Net (Charge-offs)/Recoveries | 6 | 76 | |
Balance | 10,417 | 6,302 | 30,854 |
Real Estate Construction Portfolio Segment [Member] | Commitments to Extend Credit [Member] | |||
Balance | 3,375 | 3,825 | |
Balance | 3,890 | 3,375 | 3,825 |
Provision/(reversal) for credit losses | 515 | (450) | |
Real Estate Construction Portfolio Segment [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Accounting Standards Update 2016-13 [Member] | |||
Balance | (24,307) | ||
Balance | (24,307) | ||
Real Estate Construction Portfolio Segment [Member] | Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | |||
Balance | 6,547 | ||
Balance | 6,547 | ||
Commercial Real Estate Portfolio Segment [Member] | |||
Balance | 61,081 | 49,205 | |
Provision/(reversal) for loan losses | 9,018 | (23,401) | |
Charge-offs | (2,091) | 0 | |
Recoveries | 358 | 284 | |
Net (Charge-offs)/Recoveries | (1,733) | 284 | |
Balance | 68,366 | 61,081 | 49,205 |
Commercial Real Estate Portfolio Segment [Member] | Commitments to Extend Credit [Member] | |||
Balance | 0 | 35 | |
Balance | 0 | 0 | 35 |
Provision/(reversal) for credit losses | 0 | (35) | |
Commercial Real Estate Portfolio Segment [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Accounting Standards Update 2016-13 [Member] | |||
Balance | 34,993 | ||
Balance | 34,993 | ||
Commercial Real Estate Portfolio Segment [Member] | Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | |||
Balance | 84,198 | ||
Balance | 84,198 | ||
Residential Mortgage and Equity Lines Portfolio Segment [Member] | |||
Balance | 25,379 | 17,737 | |
Provision/(reversal) for loan losses | (7,219) | (11,943) | |
Charge-offs | 0 | (3) | |
Recoveries | 72 | 377 | |
Net (Charge-offs)/Recoveries | 72 | 374 | |
Balance | 18,232 | 25,379 | 17,737 |
Residential Mortgage and Equity Lines Portfolio Segment [Member] | Commitments to Extend Credit [Member] | |||
Balance | 0 | 0 | |
Balance | 0 | 0 | 0 |
Provision/(reversal) for credit losses | 0 | 0 | |
Residential Mortgage and Equity Lines Portfolio Segment [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Accounting Standards Update 2016-13 [Member] | |||
Balance | 19,211 | ||
Balance | 19,211 | ||
Residential Mortgage and Equity Lines Portfolio Segment [Member] | Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | |||
Balance | 36,948 | ||
Balance | 36,948 | ||
Installment and Other Loans [Member ] | |||
Balance | 1 | 0 | |
Provision/(reversal) for loan losses | 207 | (8) | |
Charge-offs | (177) | 0 | |
Recoveries | 4 | 0 | |
Net (Charge-offs)/Recoveries | (173) | 0 | |
Balance | 35 | 1 | 0 |
Installment and Other Loans [Member ] | Commitments to Extend Credit [Member] | |||
Balance | 0 | 0 | |
Balance | 0 | 0 | 0 |
Provision/(reversal) for credit losses | $ 0 | 0 | |
Installment and Other Loans [Member ] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Accounting Standards Update 2016-13 [Member] | |||
Balance | 9 | ||
Balance | 9 | ||
Installment and Other Loans [Member ] | Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | |||
Balance | $ 9 | ||
Balance | $ 9 |
Note 6 - Investments in Affor_3
Note 6 - Investments in Affordable Housing and Alternative Energy Partnerships (Details Textual) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 USD ($) | Dec. 30, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Investments in Affordable Housing and Alternative Energy Partnerships | $ 327,100 | $ 299,200 | ||
Number of Limited Partnerships Deemed to be Variable Interest Entities | 10 | |||
Increase in Total Assets and Liabilities from Consolidating Affordable Housing Equity Interest | 31,300 | $ 31,100 | ||
Alternative Energy Tax Credit Partnership Investments, Net | $ 37,208 | 37,200 | 11,694 | |
Alternative Energy Tax Credit Partnership Investments, Held in Escrow | 25,400 | 690,000 | ||
Asset Impairment Charges, Total | $ 4,145 | 1,172 | $ 7,836 | |
Affordable Housing Limited Partnerships [Member] | ||||
Asset Impairment Charges, Total | 6,200 | $ 1,800 | ||
Affordable Housing Limited Partnerships [Member] | Domestic Tax Authority [Member] | ||||
Remaining and Future Available Tax Credit | 238,600 | |||
Affordable Housing Limited Partnerships [Member] | State and Local Jurisdiction [Member] | ||||
Remaining and Future Available Tax Credit | $ 7,900 |
Note 6 - Investments in Affor_4
Note 6 - Investments in Affordable Housing and Alternative Energy Partnerships - Investments in Affordable Housing and Alternative Energy Partnerships (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 30, 2022 | Dec. 31, 2021 |
Investments in affordable housing partnerships, net | $ 289,920 | $ 287,517 | |
Other borrowings for affordable housing limited partnerships | 22,600 | 23,145 | |
Investments in affordable housing and alternative energy partnerships, unfunded commitments | 133,491 | 107,652 | |
Investments in alternative energy tax credit partnerships, net | $ 37,208 | $ 37,200 | $ 11,694 |
Note 6 - Investments in Affor_5
Note 6 - Investments in Affordable Housing and Alternative Energy Partnerships - Unfunded Commitments Future Estimated Payments (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
2023 | $ 78,897 | |
2024 | 33,154 | |
2025 | 14,076 | |
2026 | 1,678 | |
2027 | 1,533 | |
Thereafter | 4,153 | |
Total unfunded commitments | $ 133,491 | $ 107,652 |
Note 6 - Investments in Affor_6
Note 6 - Investments in Affordable Housing and Alternative Energy Partnerships - Usage of Affordable Housing and Other Tax Credits Including Energy Tax Credit (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Affordable housing and other tax credits recognized | $ 29,524 | $ 26,459 | $ 23,273 |
Alternative energy tax credits recognized | $ 4,707 | $ 6,337 | $ 29,706 |
Note 7 - Premises and Equipme_3
Note 7 - Premises and Equipment (Details Textual) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Depreciation, Amortization and Accretion, Net, Total | $ 8 | $ 7.7 | $ 7 |
Note 7 - Premises and Equipme_4
Note 7 - Premises and Equipment - Premises and Equipment (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Property, plant, and equipment, gross | $ 208,435 | $ 206,218 |
Less: Accumulated depreciation | 113,659 | 106,816 |
Premises and equipment, net | 94,776 | 99,402 |
Land and Land Improvements [Member] | ||
Property, plant, and equipment, gross | 42,566 | 42,475 |
Building and Building Improvements [Member] | ||
Property, plant, and equipment, gross | 81,613 | 81,290 |
Furniture Fixtures and Equipment [Member] | ||
Property, plant, and equipment, gross | 65,872 | 62,138 |
Leasehold Improvements [Member] | ||
Property, plant, and equipment, gross | 18,009 | 17,862 |
Construction in Progress [Member] | ||
Property, plant, and equipment, gross | $ 375 | $ 2,453 |
Note 8 - Goodwill and Other I_3
Note 8 - Goodwill and Other Intangible Assets (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |||
Feb. 07, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Goodwill, Ending Balance | $ 375,696 | $ 372,189 | ||
Amortization of Intangible Assets | 1,892 | 687 | $ 687 | |
Core Deposits [Member] | ||||
Amortization of Intangible Assets | 1,900 | 687 | 687 | |
Core Deposits [Member] | Amortization of Core Deposit Intangibles [Member] | ||||
Impairment of Intangible Assets, Finite-Lived | 918 | $ 0 | $ 0 | |
HSBC Bank USA West Coast Mass Market Consumer and Retail Banking Business [Member] | ||||
Goodwill, Ending Balance | $ 3,507 | |||
Goodwill, Acquired During Period | $ 3,500 | |||
HSBC Bank USA West Coast Mass Market Consumer and Retail Banking Business [Member] | Core Deposits [Member] | ||||
Finite-Lived Intangible Assets Acquired | $ 3,100 |
Note 8 - Goodwill and Other I_4
Note 8 - Goodwill and Other Intangible Assets - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Net carrying balance | $ 5,353 | ||
Core Deposits [Member] | |||
Gross balance | 10,562 | $ 7,424 | |
Accumulated amortization | (4,291) | (3,317) | |
Net carrying balance | 5,353 | 4,107 | |
Core Deposits [Member] | Amortization of Core Deposit Intangibles [Member] | |||
Impairment | $ (918) | $ 0 | $ 0 |
Note 8 - Goodwill and Other I_5
Note 8 - Goodwill and Other Intangible Assets - Maturity Schedule of Intangible Assets (Details) $ in Thousands | Dec. 31, 2022 USD ($) |
2023 | $ 1,001 |
2024 | 1,001 |
2025 | 946 |
2026 | 870 |
2027 | 870 |
thereafter | 665 |
Total | $ 5,353 |
Note 9 - Deposits (Details Text
Note 9 - Deposits (Details Textual) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Deposit Liabilities, Accrued Interest | $ 13.2 | $ 1.7 | $ 8.5 |
Geographic Distribution, Domestic [Member] | |||
Time Deposits, at or Above FDIC Insurance Limit | 4,100 | 2,700 | |
Geographic Distribution, Foreign [Member] | |||
Time Deposits, at or Above FDIC Insurance Limit | $ 128.6 | $ 156.9 |
Note 9 - Deposits - Deposit Bal
Note 9 - Deposits - Deposit Balances (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Non-interest-bearing demand deposits | $ 4,168,989 | $ 4,492,054 |
Interest bearing demand deposits | 2,509,736 | 2,522,442 |
Money market deposits | 3,812,724 | 4,611,579 |
Savings deposits | 1,000,460 | 915,515 |
Time deposits | 7,013,370 | 5,517,252 |
Total deposits | $ 18,505,279 | $ 18,058,842 |
Note 9 - Deposits - Time Deposi
Note 9 - Deposits - Time Deposit Maturities (Details) $ in Thousands | Dec. 31, 2022 USD ($) |
Time deposits 2023 | $ 6,926,121 |
Time deposits 2024 | 79,376 |
Time deposits 2025 | 5,094 |
Time deposits 2026 | 591 |
Time deposits 2027 | 2,168 |
Time deposits thereafter | 20 |
Time deposits | $ 7,013,370 |
Note 9 - Deposits - Interest Ex
Note 9 - Deposits - Interest Expense on Time Deposits (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Interest bearing demand | $ 8,176 | $ 2,249 | $ 2,816 |
Money market accounts | 39,913 | 18,241 | 21,574 |
Saving accounts | 853 | 769 | 1,006 |
Time deposits | 56,354 | 40,542 | 111,629 |
Total | $ 105,296 | $ 61,801 | $ 137,025 |
Note 10 - Borrowed Funds (Detai
Note 10 - Borrowed Funds (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||||||
Mar. 28, 2019 | Nov. 23, 2014 | Mar. 13, 2014 | Nov. 23, 2004 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Securities Sold under Agreements to Repurchase, Total | $ 0 | $ 0 | |||||
Advance from Federal Home Loan Bank, Total | 485,000 | 20,000 | |||||
Threshold for Deferred Bonus | $ 225,000 | ||||||
Amount of Deferred Bonus Accrued in Other Liabilities | $ 300 | $ 610 | |||||
Accrued Interest on Deferred Bonus | 5.72% | 5.06% | 5.02% | 7% | |||
Interest Expense, Other | 116 | 110 | $ 105 | ||||
Accrued Bonuses | 2,300 | 2,100 | |||||
Junior Subordinated Notes, Noncurrent | $ 119,100 | $ 119,100 | |||||
Junior Subordinated Debt [Member] | |||||||
Debt Instrument, Term (Year) | 30 years | ||||||
Debt Instrument, Interest Rate, Effective Percentage | 4.01% | 2.38% | |||||
Interest Expense, Debt, Total | $ 4,800 | $ 2,800 | $ 3,600 | ||||
Mature in May 2023 [Member] | |||||||
Advance from Federal Home Loan Bank, Total | 300,000 | 20,000 | |||||
Mature in September 2024 [Member] | |||||||
Advance from Federal Home Loan Bank, Total | 15,000 | ||||||
Ten-year Treasury Note [Member] | |||||||
Debt Instrument, Basis Spread on Variable Rate | 2.75% | ||||||
Debt Instrument, Term (Year) | 10 years | ||||||
Five-year Treasury Note [Member] | |||||||
Debt Instrument, Basis Spread on Variable Rate | 3.50% | ||||||
Debt Instrument, Term (Year) | 5 years | ||||||
Over-night Borrowings [Member] | |||||||
Advance from Federal Home Loan Bank, Total | $ 150,000 | 0 | |||||
Federal Home Loan Bank, Advances, Branch of FHLB Bank, Interest Rate | 4.65% | ||||||
Non Overnight Borrowings [Member] | |||||||
Advance from Federal Home Loan Bank, Total | $ 335,000 | $ 20,000 | |||||
Federal Home Loan Bank, Advances, Branch of FHLB Bank, Interest Rate | 4.54% | 2.89% |
Note 11 - Capital Resources (De
Note 11 - Capital Resources (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 7 Months Ended | 12 Months Ended | ||||
Mar. 31, 2022 | Dec. 31, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Sep. 02, 2021 | Dec. 31, 2019 | |
Stockholders' Equity Attributable to Parent, Ending Balance | $ 2,474,040 | $ 2,474,040 | $ 2,446,251 | $ 2,418,144 | $ 2,294,283 | ||
Stockholders' Equity, Period Increase (Decrease), Total | $ 27,800 | ||||||
Stockholders' Equity, Period Increase (Decrease), Percentage | 1.10% | ||||||
Net Income (Loss) Attributable to Parent, Total | $ 360,642 | 298,304 | 228,860 | ||||
Proceeds from Issuance of Common Stock, Dividend Reinvestment Plan | 3,720 | 3,563 | 9,777 | ||||
Share-Based Payment Arrangement, Expense | 7,000 | ||||||
Other Comprehensive Income (Loss), Net of Tax, Total | (99,230) | (8,375) | 3,008 | ||||
Share-Based Payment Arrangement, Decrease for Tax Withholding Obligation | 2,905 | 2,632 | 1,911 | ||||
Treasury Stock, Value, Acquired, Cost Method | $ 32,900 | $ 108,400 | 141,315 | 167,104 | 23,593 | ||
Dividends, Common Stock, Cash | $ 100,955 | $ 99,322 | $ 98,688 | ||||
Common Stock, Dividends, Per Share, Cash Paid (in dollars per share) | $ 1.36 | $ 1.27 | $ 1.24 | ||||
Treasury Stock, Shares, Acquired (in shares) | 704,927 | 2,522,538 | 3,227,465 | ||||
Treasury Stock Acquired, Average Cost Per Share (in dollars per share) | $ 46.67 | $ 42.98 | $ 43.79 | ||||
Stock Repurchase Program, Authorized Amount | $ 125,000 | ||||||
Restricted Stock Units (RSUs) [Member] | |||||||
Share-Based Payment Arrangement, Expense | $ 7,000 | $ 6,000 | $ 5,600 | ||||
Share-Based Payment Arrangement, Decrease for Tax Withholding Obligation | $ 2,900 |
Note 11 - Capital Resources - O
Note 11 - Capital Resources - Outstanding Junior Subordinated Notes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | May 31, 2014 | |
Junior subordinated debt | $ 119,136 | $ 119,136 | $ 119,100 |
Cathay Capital Trust I [Member] | |||
Junior subordinated debt | $ 20,619 | $ 20,619 | |
current interest rate | 6.82% | 3.37% | |
coupon rate | 3.15% | 3.15% | |
Cathay Statutory Trust I [Member] | |||
Junior subordinated debt | $ 20,619 | $ 20,619 | |
current interest rate | 6.53% | 3.22% | |
coupon rate | 3% | 3% | |
Cathay Capital Trust II [Member] | |||
Junior subordinated debt | $ 12,887 | $ 12,887 | |
current interest rate | 6.57% | 3.12% | |
coupon rate | 2.90% | 2.90% | |
Cathay Capital Trust III [Member] | |||
Junior subordinated debt | $ 46,392 | $ 46,392 | |
current interest rate | 4.77% | 1.68% | |
coupon rate | 1.48% | 1.48% | |
Cathay Capital Trust IV [Member] | |||
Junior subordinated debt | $ 18,619 | $ 18,619 | |
current interest rate | 4.54% | 1.58% | |
coupon rate | 1.40% | 1.40% |
Note 12 - Income Taxes (Details
Note 12 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2022 | Dec. 31, 2021 | |
Operating Loss Carryforwards | $ 9,600 | ||
Deferred Tax Assets, Operating Loss Carryforwards, Total | 5,916 | $ 8,732 | |
Deferred Tax Assets, Tax Credit Carryforwards, Other | 7,500 | ||
Deferred Tax Assets, Tax Credit Carryforwards, Alternative Minimum Tax | 1,000 | ||
Income Taxes Receivable | 16,700 | $ 41,100 | |
Domestic Tax Authority [Member] | |||
Deferred Tax Assets, Operating Loss Carryforwards, Total | 2,020 | ||
Domestic Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | |||
Open Tax Year | 2017 2018 2019 2020 2021 | ||
State and Local Jurisdiction [Member] | California Franchise Tax Board [Member] | |||
Operating Loss Carryforwards | 39,400 | ||
Deferred Tax Assets, Operating Loss Carryforwards, Total | $ 3,900 |
Note 12 - Income Taxes - Compon
Note 12 - Income Taxes - Components of Income Tax Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Federal | $ 57,029 | $ 29,955 | $ (2,196) |
State | 56,953 | 44,416 | 36,787 |
Total Current | 113,982 | 74,371 | 34,591 |
Federal | (1,776) | 5,986 | (3,234) |
State | (312) | 3,182 | (6,252) |
Total Deferred | (2,088) | 9,168 | (9,486) |
Total income tax expense, amount | $ 111,894 | $ 83,539 | $ 25,105 |
Note 12 - Income Taxes - Deferr
Note 12 - Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Loan loss allowance, due to differences in computation of bad debts | $ 47,673 | $ 43,895 |
Accrual for bonuses | 2,591 | 4,935 |
Non-accrual interest | 1,572 | 1,117 |
Write-down on equity securities and venture capital investments | 1,975 | 2,000 |
State tax | 6,251 | 4,691 |
Unrealized loss on interest rate swaps | 0 | 1,394 |
Unrealized loss on securities available-for-sale, net | 40,400 | 0 |
Tax credits carried forward | 9,136 | 9,136 |
Net operating loss carried forward | 5,916 | 8,732 |
Other, net | 4,711 | 3,765 |
Gross deferred tax assets | 120,225 | 79,665 |
Deferred loan costs | (10,025) | (9,936) |
Depreciation and amortization | (2,856) | (3,150) |
Unrealized gain on interest rate swaps | (1,364) | 0 |
Unrealized gain on securities available-for-sale, net | 0 | (3,823) |
OREO Installment Sale | 0 | (1,273) |
Dividends on Federal Home Loan Bank common stock | (981) | (978) |
Other, net | (3,506) | (2,168) |
Gross deferred tax liabilities | (18,732) | (21,328) |
Net deferred tax assets | $ 101,493 | $ 58,337 |
Note 12 - Income Taxes - Income
Note 12 - Income Taxes - Income Tax Reconciliation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Tax provision at Federal statutory rate, amount | $ 99,233 | $ 80,187 | $ 53,333 |
Tax provision at Federal statutory rate, percent | 21% | 21% | 21% |
State income taxes, net of Federal income tax benefit, amount | $ 44,837 | $ 37,602 | $ 23,602 |
State income taxes, net of Federal income tax benefit, percent | 9.50% | 9.80% | 9.30% |
Excess deduction for stock option and RSUs, amount | $ (140) | $ (20) | $ 264 |
Excess deduction for stock option and RSUs, percent | 0% | 0% | 0.10% |
Low income housing and other tax credits, amount | $ (34,231) | $ (32,795) | $ (52,979) |
Low income housing and other tax credits, percent | (7.20%) | (8.60%) | (20.80%) |
Other, net, amount | $ 2,195 | $ (1,435) | $ 885 |
Other, net, percent | 0.40% | (0.30%) | 0.30% |
Total income tax expense, amount | $ 111,894 | $ 83,539 | $ 25,105 |
Total income tax expense, percent | 23.70% | 21.90% | 9.90% |
Note 13 - Stockholders' Equit_3
Note 13 - Stockholders' Equity and Earnings Per Share (Details Textual) - USD ($) shares in Thousands, $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Statutory Accounting Practices, Statutory Amount Available for Dividend Payments with Regulatory Approval | $ 296.2 | $ 207.8 |
Preferred Stock, Shares Issued, Total (in shares) | 0 |
Note 13 - Stockholders' Equit_4
Note 13 - Stockholders' Equity and Earnings Per Share- Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Beginning balance, loss, net of tax | $ 2,446,251 | $ 2,418,144 | $ 2,294,283 |
Total other comprehensive (loss)/income, net of tax | (99,230) | (8,375) | 3,008 |
Ending balance, loss, net of tax | 2,474,040 | 2,446,251 | 2,418,144 |
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-Sale, Parent [Member] | |||
Beginning balance, loss, net of tax | 211 | 12,200 | |
Net unrealized (losses)/gains arising during the period, pre-tax | (149,124) | (16,167) | |
Net unrealized (losses)/gains arising during the period, tax | (44,081) | (4,779) | |
Net unrealized (losses)/gains arising during the period, net of tax | (105,043) | (11,388) | |
Reclassification adjustment for net losses/(gains) included in net income, pre-tax | 0 | 853 | |
Reclassification adjustment for net losses/(gains) included in net income, tax | 0 | 252 | |
Reclassification adjustment for net losses/(gains) included in net income, net of tax | 0 | 601 | |
Total other comprehensive (loss)/income, pre-tax | (149,124) | (17,020) | |
Total other comprehensive (loss)/income, tax | (44,081) | (5,031) | |
Total other comprehensive (loss)/income, net of tax | (105,043) | (11,989) | |
Ending balance, loss, net of tax | (104,832) | 211 | 12,200 |
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member] | |||
Beginning balance, loss, net of tax | (3,276) | (6,890) | |
Net unrealized (losses)/gains arising during the period, pre-tax | 10,864 | 5,131 | |
Net unrealized (losses)/gains arising during the period, tax | 3,211 | 1,517 | |
Net unrealized (losses)/gains arising during the period, net of tax | 7,653 | 3,614 | |
Reclassification adjustment for net losses/(gains) included in net income, pre-tax | 2,612 | 0 | |
Reclassification adjustment for net losses/(gains) included in net income, tax | 772 | 0 | |
Reclassification adjustment for net losses/(gains) included in net income, net of tax | 1,840 | 0 | |
Total other comprehensive (loss)/income, pre-tax | 8,252 | 5,131 | |
Total other comprehensive (loss)/income, tax | 2,439 | 1,517 | |
Total other comprehensive (loss)/income, net of tax | 5,813 | 3,614 | |
Ending balance, loss, net of tax | 2,537 | (3,276) | (6,890) |
AOCI Attributable to Parent [Member] | |||
Beginning balance, loss, net of tax | (3,065) | 5,310 | 2,302 |
Net unrealized (losses)/gains arising during the period, pre-tax | (138,260) | (11,036) | |
Net unrealized (losses)/gains arising during the period, tax | (40,870) | (3,262) | |
Net unrealized (losses)/gains arising during the period, net of tax | (97,390) | (7,774) | |
Reclassification adjustment for net losses/(gains) included in net income, pre-tax | 2,612 | 853 | |
Reclassification adjustment for net losses/(gains) included in net income, tax | 772 | 252 | |
Reclassification adjustment for net losses/(gains) included in net income, net of tax | 1,840 | 601 | |
Total other comprehensive (loss)/income, pre-tax | (140,872) | (11,889) | |
Total other comprehensive (loss)/income, tax | (41,642) | (3,514) | |
Total other comprehensive (loss)/income, net of tax | (99,230) | (8,375) | 3,008 |
Ending balance, loss, net of tax | $ (102,295) | $ (3,065) | $ 5,310 |
Note 13 - Stockholders' Equit_5
Note 13 - Stockholders' Equity and Earnings Per Share - Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Net income | $ 360,642 | $ 298,304 | $ 228,860 |
Basic EPS, income | $ 360,642 | $ 298,304 | $ 228,860 |
Basic EPS, income (in shares) | 74,337,265 | 78,268,369 | 79,584,560 |
Basic EPS, income (in dollars per share) | $ 4.85 | $ 3.81 | $ 2.88 |
Effect of dilutive stock options and RSU (in shares) | 327,470 | 302,269 | 193,287 |
Diluted EPS, income | $ 360,642 | $ 298,304 | $ 228,860 |
Diluted EPS, income (in shares) | 74,664,735 | 78,570,638 | 79,777,847 |
Diluted EPS, income (in dollars per share) | $ 4.83 | $ 3.80 | $ 2.87 |
Note 14 - Commitments and Con_3
Note 14 - Commitments and Contingencies (Details Textual) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Commitments To Extend Notional Amount | $ 3,630,304 | $ 3,297,362 |
Commitments to Fund Fixed Rate Loans | 93,100 | 111,400 |
Commitments to Fund Adjustable Rate Loans | $ 3,540,000 | $ 3,190,000 |
Note 14 - Commitments and Con_4
Note 14 - Commitments and Contingencies - Financial Instruments With Off-balance Sheet Risk (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Commitments | $ 3,975,541 | $ 3,580,504 |
Commitments to Extend Credit [Member] | ||
Commitments | 3,630,304 | 3,297,362 |
Standby Letters of Credit [Member] | ||
Commitments | 315,821 | 266,490 |
Commercial Letters of Credit [Member] | ||
Commitments | $ 29,416 | $ 16,652 |
Note 15 - Leases (Details Textu
Note 15 - Leases (Details Textual) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Operating Lease, Expense | $ 13.1 | $ 11.6 | $ 11.7 |
Note 15 - Leases - Operating Le
Note 15 - Leases - Operating Lease Related Assets and Liabilities (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Right-of-use assets- operating leases | $ 29,627 | $ 27,834 |
Lease liabilities - operating leases | $ 32,518 | $ 30,694 |
Weighted-average remaining lease term (in years) (Year) | 4 years | 4 years 4 months 24 days |
Weighted-average discount rate | 2.90% | 2.61% |
Operating cash flows from operating leases | $ 11,400 | $ 9,900 |
ROU assets obtained in exchange for lease obligations | $ 5,900 | $ 6,000 |
Note 13 - Leases - Lease Maturi
Note 13 - Leases - Lease Maturity Schedule (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
2023 | $ 10,833 | |
2024 | 8,415 | |
2025 | 5,702 | |
2026 | 4,587 | |
2027 | 2,991 | |
Thereafter | 1,955 | |
Total lease payments | 34,483 | |
Less amount of payment representing interest | (1,965) | |
Lease liabilities - operating leases | $ 32,518 | $ 30,694 |
Note 16 - Financial Derivativ_3
Note 16 - Financial Derivatives (Details Textual) $ in Thousands | 12 Months Ended | ||
May 31, 2014 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Junior Subordinated Notes, Total | $ 119,100 | $ 119,136 | $ 119,136 |
Cash [Member] | |||
Collateral Already Posted, Aggregate Fair Value | 0 | 5,900 | |
Interest Rate Swap [Member] | |||
Derivative, Notional Amount | 204,300 | ||
Interest Rate Swap [Member] | Cash Flow Hedging [Member] | Designated as Hedging Instrument [Member] | |||
Derivative Outstanding, Notional Amount | $ 119,100 | 595,400 | 457,000 |
Derivative, Notional Amount | 0 | 119,136 | |
Derivative Asset, Number of Instruments Held | 5 | ||
Derivative Original Maturity (Year) | 10 years | ||
Deferred Gain on Early Termination of Derivative | 4,000 | ||
Interest Rate Swap [Member] | Cash Flow Hedging [Member] | Designated as Hedging Instrument [Member] | Central Counterparties (CCP) [Member] | |||
Derivative, Notional Amount | 205,600 | ||
Derivative, Gain on Derivative | 20,200 | ||
Interest Rate Swap [Member] | Fair Value Hedging [Member] | Designated as Hedging Instrument [Member] | |||
Derivative, Notional Amount | $ 874,034 | 729,280 | |
Interest Rate Swap [Member] | Fair Value Hedging [Member] | Designated as Hedging Instrument [Member] | Minimum [Member] | |||
Derivative, Term of Contract (Year) | 3 years | ||
Interest Rate Swap [Member] | Fair Value Hedging [Member] | Designated as Hedging Instrument [Member] | Maximum [Member] | |||
Derivative, Term of Contract (Year) | 10 years | ||
Interest Rate Swap [Member] | Fair Value Hedging [Member] | Designated as Hedging Instrument [Member] | Central Counterparties (CCP) [Member] | |||
Derivative, Notional Amount | $ 449,300 | ||
Derivative, Gain on Derivative | 25,800 | ||
Loans Receivable with Partial-term Hedging Designation [Member] | |||
Derivative, Notional Amount | 748,600 | ||
Hedged Asset, Fair Value Hedge | 669,700 | 404,400 | |
Loan, Notational Amount | 1,200 | ||
Hedged Asset, Fair Value Hedge, Last-of-Layer, Cumulative Increase (Decrease) | $ 31,000 | $ 4,900 |
Note 16 - Financial Derivativ_4
Note 16 - Financial Derivatives - Cash Flow Swap Hedges (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Loss, net of taxes (1) | $ 5,813 | $ 3,614 | $ (3,478) | |
Interest Rate Swap [Member] | ||||
Notional | 204,300 | |||
Interest Rate Swap [Member] | Cash Flow Hedging [Member] | Designated as Hedging Instrument [Member] | ||||
Notional | $ 0 | $ 119,136 | ||
Weighted average fixed rate-pay | 0% | 2.61% | ||
Weighted average variable rate-receive | 0% | 0.16% | ||
Loss, net of taxes (1) | $ 0 | $ (3,276) | ||
Periodic net settlement of swaps | [1] | $ 772 | $ 2,949 | |
[1]the amount of periodic net settlement of interest rate swaps was included in interest expense. |
Note 16 - Financial Derivativ_5
Note 16 - Financial Derivatives - Fair Value Swap Hedges (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Net gain/(loss) (1) | $ 5,813 | $ 3,614 | $ (3,478) | |
Periodic net settlement of SWAPs | [1] | 3,107 | (9,345) | |
Interest Rate Swap [Member] | ||||
Derivative, Notional Amount | 204,300 | |||
Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | Fair Value Hedging [Member] | ||||
Derivative, Notional Amount | $ 874,034 | $ 729,280 | ||
Weighted average fixed rate-pay | 2.12% | 2.65% | ||
Weighted average variable rate-receive | 2.61% | 1.43% | ||
Net gain/(loss) (1) | $ 38,589 | $ (1,013) | ||
Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | Fair Value Hedging [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||
Weighted average variable rate spread | 0.68% | 1.31% | ||
[1]the amount of periodic net settlement of interest rate swaps was included in interest income. |
Note 16 - Financial Derivativ_6
Note 16 - Financial Derivatives - Not Designated as Hedging (Details) - Not Designated as Hedging Instrument [Member] - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Foreign Exchange Forward [Member] | ||
Notional | $ 0 | $ 676 |
Option contracts | 0 | 3 |
Spot, Forward, and Swap Contracts with Negative Fair Value [Member] | ||
Notional | 72,996 | 181,997 |
Option contracts | 448 | 1,113 |
Spot, Forward, and Swap Contracts with Positive Fair Value [Member] | ||
Notional | 170,213 | 51,782 |
Option contracts | $ (942) | $ (327) |
Note 17 - Fair Value Measurem_3
Note 17 - Fair Value Measurements and Fair Value of Financial Instruments (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Other Real Estate, Foreclosed Assets, and Repossessed Assets, Total | $ 4,067 | $ 4,368 |
Minimum [Member] | ||
Estimated Sales Cost Applied To Collateral | 3% | |
Minimum [Member] | Measurement Input, Risk Free Interest Rate [Member] | ||
Warrants and Rights Outstanding, Measurement Input | 4.25 | |
Minimum [Member] | Measurement Input, Price Volatility [Member] | ||
Warrants and Rights Outstanding, Measurement Input | 20.14 | |
Minimum [Member] | Warrants Outstanding [Member] | ||
Expected Life Of Warrants (Year) | 1 year | |
Maximum [Member] | ||
Estimated Sales Cost Applied To Collateral | 6% | |
Maximum [Member] | Measurement Input, Risk Free Interest Rate [Member] | ||
Warrants and Rights Outstanding, Measurement Input | 5.11 | |
Maximum [Member] | Measurement Input, Price Volatility [Member] | ||
Warrants and Rights Outstanding, Measurement Input | 27.69 | |
Maximum [Member] | Warrants Outstanding [Member] | ||
Expected Life Of Warrants (Year) | 6 years | |
Net of Estimated Disposal Costs [Member] | ||
Other Real Estate, Foreclosed Assets, and Repossessed Assets, Total | $ 4,100 | $ 4,400 |
Note 17 - Fair Value Measurem_4
Note 17 - Fair Value Measurements and Fair Value of Financial Instruments - Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Securities available-for-sale | $ 1,473,348 | $ 1,127,309 |
Equity securities | 22,158 | 22,319 |
Assets, fair value disclosure | 1,540,447 | 1,160,854 |
Liabilities, fair value disclosure | 52,806 | 12,969 |
Mutual Funds [Member] | ||
Equity securities | 5,509 | 6,230 |
Preferred Stock of Government Sponsored Entities [Member] | ||
Equity securities | 1,289 | 1,811 |
Other Equity Securities [Member] | ||
Equity securities | 15,360 | 14,278 |
Warrant [Member] | ||
Assets, fair value disclosure | 50 | 23 |
Interest Rate Swap [Member] | ||
Assets, fair value disclosure | 44,443 | 10,090 |
Liabilities, fair value disclosure | 51,864 | 12,642 |
Foreign Exchange Contract [Member] | ||
Assets, fair value disclosure | 448 | 1,113 |
Liabilities, fair value disclosure | 942 | 327 |
Fair Value, Inputs, Level 1 [Member] | ||
Securities available-for-sale | 240,500 | 0 |
Equity securities | 22,158 | 22,319 |
Assets, fair value disclosure | 262,658 | 22,319 |
Liabilities, fair value disclosure | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Mutual Funds [Member] | ||
Equity securities | 5,509 | 6,230 |
Fair Value, Inputs, Level 1 [Member] | Preferred Stock of Government Sponsored Entities [Member] | ||
Equity securities | 1,289 | 1,811 |
Fair Value, Inputs, Level 1 [Member] | Other Equity Securities [Member] | ||
Equity securities | 15,360 | 14,278 |
Fair Value, Inputs, Level 1 [Member] | Warrant [Member] | ||
Assets, fair value disclosure | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Interest Rate Swap [Member] | ||
Assets, fair value disclosure | 0 | 0 |
Liabilities, fair value disclosure | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Foreign Exchange Contract [Member] | ||
Assets, fair value disclosure | 0 | 0 |
Liabilities, fair value disclosure | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | ||
Securities available-for-sale | 1,232,848 | 1,127,309 |
Equity securities | 0 | 0 |
Assets, fair value disclosure | 1,277,739 | 1,138,512 |
Liabilities, fair value disclosure | 52,806 | 12,969 |
Fair Value, Inputs, Level 2 [Member] | Mutual Funds [Member] | ||
Equity securities | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | Preferred Stock of Government Sponsored Entities [Member] | ||
Equity securities | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | Other Equity Securities [Member] | ||
Equity securities | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | Warrant [Member] | ||
Assets, fair value disclosure | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | Interest Rate Swap [Member] | ||
Assets, fair value disclosure | 44,443 | 10,090 |
Liabilities, fair value disclosure | 51,864 | 12,642 |
Fair Value, Inputs, Level 2 [Member] | Foreign Exchange Contract [Member] | ||
Assets, fair value disclosure | 448 | 1,113 |
Liabilities, fair value disclosure | 942 | 327 |
Fair Value, Inputs, Level 3 [Member] | ||
Securities available-for-sale | 0 | 0 |
Equity securities | 0 | 0 |
Assets, fair value disclosure | 50 | 23 |
Liabilities, fair value disclosure | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Mutual Funds [Member] | ||
Equity securities | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Preferred Stock of Government Sponsored Entities [Member] | ||
Equity securities | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Other Equity Securities [Member] | ||
Equity securities | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Warrant [Member] | ||
Assets, fair value disclosure | 50 | 23 |
Fair Value, Inputs, Level 3 [Member] | Interest Rate Swap [Member] | ||
Assets, fair value disclosure | 0 | 0 |
Liabilities, fair value disclosure | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Foreign Exchange Contract [Member] | ||
Assets, fair value disclosure | 0 | 0 |
Liabilities, fair value disclosure | 0 | 0 |
US Treasury Securities [Member] | ||
Securities available-for-sale | 240,500 | 0 |
US Treasury Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Securities available-for-sale | 240,500 | 0 |
US Treasury Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Securities available-for-sale | 0 | 0 |
US Treasury Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Securities available-for-sale | 0 | 0 |
US Government Corporations and Agencies Securities [Member] | ||
Securities available-for-sale | 63,610 | 87,509 |
US Government Corporations and Agencies Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Securities available-for-sale | 0 | 0 |
US Government Corporations and Agencies Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Securities available-for-sale | 63,610 | 87,509 |
US Government Corporations and Agencies Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Securities available-for-sale | 0 | 0 |
US Government-sponsored Enterprises Debt Securities [Member] | ||
Securities available-for-sale | 30,000 | |
US Government-sponsored Enterprises Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Securities available-for-sale | 0 | |
US Government-sponsored Enterprises Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Securities available-for-sale | 30,000 | |
US Government-sponsored Enterprises Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Securities available-for-sale | 0 | |
Commercial Mortgage-Backed Securities [Member] | ||
Securities available-for-sale | 867,094 | 888,665 |
Commercial Mortgage-Backed Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Securities available-for-sale | 0 | 0 |
Commercial Mortgage-Backed Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Securities available-for-sale | 867,094 | 888,665 |
Commercial Mortgage-Backed Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Securities available-for-sale | 0 | 0 |
Collateralized Mortgage Obligations [Member] | ||
Securities available-for-sale | 31,061 | 9,117 |
Collateralized Mortgage Obligations [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Securities available-for-sale | 0 | 0 |
Collateralized Mortgage Obligations [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Securities available-for-sale | 31,061 | 9,117 |
Collateralized Mortgage Obligations [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Securities available-for-sale | 0 | 0 |
Corporate Debt Securities [Member] | ||
Securities available-for-sale | 241,083 | 142,018 |
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Securities available-for-sale | 0 | 0 |
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Securities available-for-sale | 241,083 | 142,018 |
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Securities available-for-sale | $ 0 | $ 0 |
Note 17 - Fair Value Measurem_5
Note 17 - Fair Value Measurements and Fair Value of Financial Instruments - Financial Assets and Liabilities Measured on a Non-recurring Basis (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Assets, fair value disclosure | $ 1,540,447 | $ 1,160,854 | ||
Total Losses | 4,145 | 1,172 | $ 7,836 | |
Fair Value, Nonrecurring [Member] | ||||
Assets, fair value disclosure | 59,158 | 28,446 | ||
Fair Value, Inputs, Level 1 [Member] | ||||
Assets, fair value disclosure | 262,658 | 22,319 | ||
Fair Value, Inputs, Level 1 [Member] | Fair Value, Nonrecurring [Member] | ||||
Assets, fair value disclosure | 0 | 0 | ||
Fair Value, Inputs, Level 2 [Member] | ||||
Assets, fair value disclosure | 1,277,739 | 1,138,512 | ||
Fair Value, Inputs, Level 2 [Member] | Fair Value, Nonrecurring [Member] | ||||
Assets, fair value disclosure | 0 | 0 | ||
Fair Value, Inputs, Level 3 [Member] | ||||
Assets, fair value disclosure | 50 | 23 | ||
Fair Value, Inputs, Level 3 [Member] | Fair Value, Nonrecurring [Member] | ||||
Assets, fair value disclosure | 59,158 | 28,446 | ||
Impaired Loans [Member] | ||||
Total Losses | 3,877 | 1,012 | 7,012 | |
Impaired Loans [Member] | Fair Value, Nonrecurring [Member] | ||||
Assets, fair value disclosure | 54,141 | 22,905 | ||
Impaired Loans [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Nonrecurring [Member] | ||||
Assets, fair value disclosure | 0 | 0 | ||
Impaired Loans [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Nonrecurring [Member] | ||||
Assets, fair value disclosure | 0 | 0 | ||
Impaired Loans [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Nonrecurring [Member] | ||||
Assets, fair value disclosure | 54,141 | 22,905 | ||
Impaired Loans [Member] | Commercial Portfolio Segment [Member] | ||||
Total Losses | 1,786 | 1,012 | 7,012 | |
Impaired Loans [Member] | Commercial Portfolio Segment [Member] | Fair Value, Nonrecurring [Member] | ||||
Assets, fair value disclosure | 12,950 | 4,327 | ||
Impaired Loans [Member] | Commercial Portfolio Segment [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Nonrecurring [Member] | ||||
Assets, fair value disclosure | 0 | 0 | ||
Impaired Loans [Member] | Commercial Portfolio Segment [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Nonrecurring [Member] | ||||
Assets, fair value disclosure | 0 | 0 | ||
Impaired Loans [Member] | Commercial Portfolio Segment [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Nonrecurring [Member] | ||||
Assets, fair value disclosure | 12,950 | 4,327 | ||
Impaired Loans [Member] | Commercial Real Estate Portfolio Segment [Member] | ||||
Total Losses | 2,091 | 0 | 0 | |
Impaired Loans [Member] | Commercial Real Estate Portfolio Segment [Member] | Fair Value, Nonrecurring [Member] | ||||
Assets, fair value disclosure | 32,205 | 13,335 | ||
Impaired Loans [Member] | Commercial Real Estate Portfolio Segment [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Nonrecurring [Member] | ||||
Assets, fair value disclosure | 0 | 0 | ||
Impaired Loans [Member] | Commercial Real Estate Portfolio Segment [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Nonrecurring [Member] | ||||
Assets, fair value disclosure | 0 | 0 | ||
Impaired Loans [Member] | Commercial Real Estate Portfolio Segment [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Nonrecurring [Member] | ||||
Assets, fair value disclosure | 32,205 | 13,335 | ||
Impaired Loans [Member] | Residential Mortgage and Equity Lines Portfolio Segment [Member] | ||||
Assets, fair value disclosure | 8,978 | 5,243 | ||
Total Losses | 0 | 0 | 0 | |
Impaired Loans [Member] | Residential Mortgage and Equity Lines Portfolio Segment [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Assets, fair value disclosure | 0 | 0 | ||
Impaired Loans [Member] | Residential Mortgage and Equity Lines Portfolio Segment [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Assets, fair value disclosure | 0 | 0 | ||
Impaired Loans [Member] | Residential Mortgage and Equity Lines Portfolio Segment [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Assets, fair value disclosure | 8,978 | 5,243 | ||
Impaired Loans [Member] | Other Installment Loans [Member] | Fair Value, Nonrecurring [Member] | ||||
Assets, fair value disclosure | 8 | |||
Total Losses | 0 | 0 | ||
Impaired Loans [Member] | Other Installment Loans [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Nonrecurring [Member] | ||||
Assets, fair value disclosure | 0 | |||
Impaired Loans [Member] | Other Installment Loans [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Nonrecurring [Member] | ||||
Assets, fair value disclosure | 0 | |||
Impaired Loans [Member] | Other Installment Loans [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Nonrecurring [Member] | ||||
Assets, fair value disclosure | 8 | |||
Other Real Estate Owned [Member] | ||||
Total Losses | [1] | 0 | 17 | 717 |
Other Real Estate Owned [Member] | Fair Value, Nonrecurring [Member] | ||||
Assets, fair value disclosure | [1] | 4,328 | 4,589 | |
Other Real Estate Owned [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Nonrecurring [Member] | ||||
Assets, fair value disclosure | [1] | 0 | 0 | |
Other Real Estate Owned [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Nonrecurring [Member] | ||||
Assets, fair value disclosure | [1] | 0 | 0 | |
Other Real Estate Owned [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Nonrecurring [Member] | ||||
Assets, fair value disclosure | [1] | 4,328 | 4,589 | |
Investments in Venture Capital [Member] | ||||
Total Losses | 268 | 143 | $ 107 | |
Investments in Venture Capital [Member] | Fair Value, Nonrecurring [Member] | ||||
Assets, fair value disclosure | 689 | 952 | ||
Investments in Venture Capital [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Nonrecurring [Member] | ||||
Assets, fair value disclosure | 0 | 0 | ||
Investments in Venture Capital [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Nonrecurring [Member] | ||||
Assets, fair value disclosure | 0 | 0 | ||
Investments in Venture Capital [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Nonrecurring [Member] | ||||
Assets, fair value disclosure | $ 689 | $ 952 | ||
[1]Other real estate owned balance of $4.1 million in the Consolidated Balance Sheets is net of estimated disposal costs. |
Note 17 - Fair Value Measurem_6
Note 17 - Fair Value Measurements and Fair Value of Financial Instruments - Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | |
Securities available-for-sale | $ 1,473,348 | $ 1,127,309 | |
Equity securities | 22,158 | 22,319 | |
Warrants | 90,451 | 10,090 | |
Foreign exchange contracts with gain | 72,996 | 181,997 | |
Foreign exchange contracts with gain, fair value | 448 | 1,113 | |
Interest rate swaps | 817,615 | 904,635 | |
Interest rate swaps, fair value | 44,443 | 10,090 | |
Option contracts | 0 | 676 | |
Option contracts, fair value | 0 | 3 | |
Foreign exchange contracts with loss | 170,213 | 51,782 | |
Foreign exchange contracts with loss, fair value | 942 | 327 | |
Interest rate swaps | 595,426 | 872,400 | |
Interest rate swaps, fair value | 51,864 | 12,642 | |
Commitments to extend credit | 3,630,304 | 3,297,362 | |
Commitments to extend credit, fair value | (14,797) | (12,594) | |
Standby letters of credit | 315,821 | 266,490 | |
Standby letters of credit, fair value | (2,738) | (2,640) | |
Other letters of credit | 29,416 | 16,652 | |
Other letters of credit, fair value | (33) | (13) | |
Reported Value Measurement [Member] | |||
Cash and due from banks | 195,440 | 134,141 | |
Short-term investments | 966,962 | 2,315,563 | |
Securities available-for-sale | 1,473,348 | 1,127,309 | |
Loans, net | 18,100,898 | 16,202,001 | |
Equity securities | 22,158 | 22,319 | |
Investment in Federal Home Loan Bank stock | 17,250 | 17,250 | |
Deposits | 18,505,279 | 18,058,842 | |
Advances from Federal Home Loan Bank | 485,000 | 20,000 | |
Other borrowings | 22,600 | 23,145 | |
Long-term debt | 119,136 | 119,136 | |
Reported Value Measurement [Member] | Warrants [Member] | |||
Warrants | 50 | 23 | |
Estimate of Fair Value Measurement [Member] | |||
Cash and due from banks | 195,440 | 134,141 | |
Short-term investments | 966,962 | 2,315,563 | |
Securities available-for-sale | 1,473,348 | 1,127,309 | |
Loans, net | [1] | 17,944,588 | 16,499,869 |
Equity securities | 22,158 | 22,319 | |
Investment in Federal Home Loan Bank stock | 17,250 | 17,250 | |
Deposits | 18,572,387 | 18,051,720 | |
Advances from Federal Home Loan Bank | 482,737 | 21,279 | |
Other borrowings | 18,385 | 18,945 | |
Long-term debt | 68,231 | 62,274 | |
Estimate of Fair Value Measurement [Member] | Warrants [Member] | |||
Warrants | $ 50 | $ 23 | |
[1]In accordance with the prospective adoption of ASU 2016-01, the fair value of loans as of December 31, 2019 & 2018 was measured using an exit price notion. |
Note 17 - Fair Value Measurem_7
Note 17 - Fair Value Measurements and Fair Value of Financial Instruments - Fair Value Hierarchy of Financial Instruments (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | |
Securities available-for-sale | $ 1,473,348 | $ 1,127,309 | |
Equity securities | 22,158 | 22,319 | |
Warrants | 90,451 | 10,090 | |
Fair Value, Inputs, Level 1 [Member] | |||
Securities available-for-sale | 240,500 | 0 | |
Equity securities | 22,158 | 22,319 | |
Fair Value, Inputs, Level 2 [Member] | |||
Securities available-for-sale | 1,232,848 | 1,127,309 | |
Equity securities | 0 | 0 | |
Fair Value, Inputs, Level 3 [Member] | |||
Securities available-for-sale | 0 | 0 | |
Equity securities | 0 | 0 | |
Estimate of Fair Value Measurement [Member] | |||
Cash and due from banks | 195,440 | 134,141 | |
Short-term investments | 966,962 | 2,315,563 | |
Securities available-for-sale | 1,473,348 | 1,127,309 | |
Loans, net | [1] | 17,944,588 | 16,499,869 |
Equity securities | 22,158 | 22,319 | |
Investment in Federal Home Loan Bank stock | 17,250 | 17,250 | |
Deposits | 18,572,387 | 18,051,720 | |
Advances from Federal Home Loan Bank | 482,737 | 21,279 | |
Other borrowings | 18,385 | 18,945 | |
Long-term debt | 68,231 | 62,274 | |
Estimate of Fair Value Measurement [Member] | Warrants [Member] | |||
Warrants | 50 | 23 | |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Cash and due from banks | 195,440 | 134,141 | |
Short-term investments | 966,962 | 2,315,563 | |
Securities available-for-sale | 240,500 | 0 | |
Loans, net | [1] | 0 | 0 |
Equity securities | 22,158 | 22,319 | |
Investment in Federal Home Loan Bank stock | 0 | 0 | |
Deposits | 0 | 0 | |
Advances from Federal Home Loan Bank | 0 | 0 | |
Other borrowings | 0 | 0 | |
Long-term debt | 0 | 0 | |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | Warrants [Member] | |||
Warrants | 0 | 0 | |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Cash and due from banks | 0 | 0 | |
Short-term investments | 0 | 0 | |
Securities available-for-sale | 1,232,848 | 1,127,309 | |
Loans, net | [1] | 0 | 0 |
Equity securities | 0 | 0 | |
Investment in Federal Home Loan Bank stock | 17,250 | 17,250 | |
Deposits | 0 | 0 | |
Advances from Federal Home Loan Bank | 482,737 | 21,279 | |
Other borrowings | 0 | 0 | |
Long-term debt | 68,231 | 62,274 | |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | Warrants [Member] | |||
Warrants | 0 | 0 | |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Cash and due from banks | 0 | 0 | |
Short-term investments | 0 | 0 | |
Securities available-for-sale | 0 | 0 | |
Loans, net | [1] | 17,944,588 | 16,499,869 |
Equity securities | 0 | 0 | |
Investment in Federal Home Loan Bank stock | 0 | 0 | |
Deposits | 18,572,387 | 18,051,720 | |
Advances from Federal Home Loan Bank | 0 | 0 | |
Other borrowings | 18,385 | 18,945 | |
Long-term debt | 0 | 0 | |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | Warrants [Member] | |||
Warrants | $ 50 | $ 23 | |
[1]In accordance with the prospective adoption of ASU 2016-01, the fair value of loans as of December 31, 2019 & 2018 was measured using an exit price notion. |
Note 18 - Revenue from Contra_3
Note 18 - Revenue from Contracts with Customers - Summary of Revenue (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Revenues | $ 42,179 | $ 39,074 | $ 32,236 | |
Noninterest income, not in-scope(2) | [1],[2] | 14,635 | 15,529 | 10,584 |
Total non-interest income | 56,814 | 54,603 | 42,820 | |
Fees and Services Charges on Deposit Account [Member] | ||||
Revenues | 9,394 | 8,618 | 7,965 | |
Wealth Management Fees [Member] | ||||
Revenues | 16,436 | 15,056 | 10,529 | |
Other Service Fees [Member] | ||||
Revenues | [1] | $ 16,349 | $ 15,400 | $ 13,742 |
[1]Other service fees comprise of fees related to letters of credit, wire fees, fees on foreign exchange transactions and other immaterial individual revenue streams.[2]These amounts primarily represent revenue from interest rate swaps, unrealized net gains on equity securities and other miscellaneous income. |
Note 19 - Employee Benefit Pl_2
Note 19 - Employee Benefit Plans (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | 43 Months Ended | 255 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2021 | May 31, 2018 | |
Minimum Number of Years Allowed to Participate in Employee Stock Ownership Plan (Year) | 2 years | ||||
Stock Issued During Period, Shares, Employee Stock Ownership Plan (in shares) | 18,808 | 18,338 | 32,128 | ||
Stock Issued During Period, Value, Employee Stock Ownership Plan | $ 814 | $ 781 | $ 818 | ||
Employee Stock Ownership Plan (ESOP), Number of Allocated Shares (in shares) | 29,363 | 47,617 | 33,629 | 47,617 | |
Employee Stock Ownership Plan (ESOP), Shares in ESOP, Total (in shares) | 705,815 | ||||
Percentage of Outstanding Common Stock under Employee Stock Ownership Plan | 1% | ||||
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent | 75% | ||||
Defined Contribution Plan, Employers Matching Contribution, Vesting Percentage, Less Than Two Years of Service | 0% | ||||
Defined Contribution Plan, Employers Matching Contribution, Vesting Percentage, After Five Years of Service | 100% | ||||
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 100% | ||||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 5% | ||||
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ 3,900 | $ 3,600 | $ 3,700 | ||
Percentage of Participant Borrowing Capacity of Vested Amount | 50% | ||||
Cash Surrender Value of Life Insurance | $ 49,900 | $ 52,000 | $ 52,000 | ||
Maximum [Member] | |||||
Employee Stock Ownership Plan (ESOP), Debt Structure, Direct Loan, Employer Cash Payments Used for Debt Service | 50 | ||||
Minimum [Member] | |||||
Employee Stock Ownership Plan (ESOP), Debt Structure, Direct Loan, Employer Cash Payments Used for Debt Service | $ 1 |
Note 20 - Equity Incentive Pl_3
Note 20 - Equity Incentive Plans (Details Textual) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Share-Based Payment Arrangement, Expense | $ 7 | ||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 9 | $ 8.6 | |
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 1 year 8 months 12 days | ||
Restricted Stock Units (RSUs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 3 years | ||
Share-Based Payment Arrangement, Expense | $ 7 | $ 6 | $ 5.6 |
Performance-based Restricted Stock Units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 3 years | ||
Performance-based Restricted Stock Units [Member] | Minimum [Member] | Share-Based Payment Arrangement, Tranche One [Member] | |||
Performance-based Restricted Stock Units, Number of Shares That May Vest, Percentage of Target | 0% | ||
Performance-based Restricted Stock Units [Member] | Maximum [Member] | Share-Based Payment Arrangement, Tranche One [Member] | |||
Performance-based Restricted Stock Units, Number of Shares That May Vest, Percentage of Target | 150% | ||
2005 Incentive Plan [Member] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares) | 1,658,201 |
Note 20 - Equity Incentive Pl_4
Note 20 - Equity Incentive Plans - Restricted Stock Units (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Time-based Restricted Stock Units [Member] | |||
Balance (in shares) | 235,944 | 292,670 | 273,200 |
Balance, weighted-average grant date fair value (in dollars per share) | $ 32.38 | $ 33.37 | $ 35.90 |
Granted (in shares) | 67,652 | 63,467 | 110,495 |
Granted, weighted-average grant date fair value (in dollars per share) | $ 46.69 | $ 41.18 | $ 21.79 |
Vested (in shares) | (89,386) | (96,869) | (80,654) |
Vested, weighted-average grant date fair value (in dollars per share) | $ 40.92 | $ 41.72 | $ 25.34 |
Forfeited (in shares) | (12,151) | (23,324) | (10,371) |
Forfeited, weighted-average grant date fair value (in dollars per share) | $ 34.07 | $ 29.92 | $ 39.04 |
Balance (in shares) | 202,059 | 235,944 | 292,670 |
Balance, weighted-average grant date fair value (in dollars per share) | $ 33.29 | $ 32.38 | $ 33.37 |
Performance-based Restricted Stock Units [Member] | |||
Balance (in shares) | 332,506 | 302,802 | 297,744 |
Balance, weighted-average grant date fair value (in dollars per share) | $ 31.82 | $ 32.55 | $ 32.65 |
Granted (in shares) | 112,393 | 113,764 | 212,369 |
Granted, weighted-average grant date fair value (in dollars per share) | $ 40.24 | $ 37.13 | $ 22.96 |
Vested (in shares) | (81,934) | (76,292) | (193,240) |
Vested, weighted-average grant date fair value (in dollars per share) | $ 44.52 | $ 41.69 | $ 21.68 |
Forfeited (in shares) | 0 | (7,768) | (14,071) |
Forfeited, weighted-average grant date fair value (in dollars per share) | $ 0 | $ 40.85 | $ 39.08 |
Balance (in shares) | 362,965 | 332,506 | 302,802 |
Balance, weighted-average grant date fair value (in dollars per share) | $ 31.56 | $ 31.82 | $ 32.55 |
Note 21 - Condensed Financial_3
Note 21 - Condensed Financial Information of Cathay General Bancorp - Balance Sheets (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | May 31, 2014 |
Assets | |||||
Cash pledged as margin for interest rate swaps | $ 88,900 | $ 24,300 | |||
Equity securities | 22,158 | 22,319 | |||
Other assets | 250,069 | 195,403 | |||
Total assets | 21,947,976 | 20,886,723 | |||
Liabilities | |||||
Junior subordinated debt | 119,136 | 119,136 | $ 119,100 | ||
Other liabilities | 307,031 | 180,543 | |||
Total liabilities | 19,473,936 | 18,440,472 | |||
Commitments and contingencies | |||||
Stockholders' equity | |||||
Common stock, $0.01 par value, 100,000,000 shares authorized, 91,090,614 issued and 72,742,151 outstanding at December 31, 2022, and 90,871,860 issued and 75,750,862 outstanding at December 31, 2021. | 911 | 909 | |||
Additional paid-in-capital | 981,119 | 972,474 | |||
Accumulated other comprehensive income/(loss), net | (102,295) | (3,065) | |||
Retained earnings | 2,244,856 | 1,985,168 | |||
Treasury stock, at cost (18,348,463 shares at December 31, 2022, and 15,120,998 shares at December 31, 2021) | (650,551) | (509,235) | |||
Total equity | 2,474,040 | 2,446,251 | $ 2,418,144 | $ 2,294,283 | |
Total liabilities and equity | 21,947,976 | 20,886,723 | |||
Parent Company [Member] | |||||
Assets | |||||
Cash | 14,902 | 19,629 | |||
Cash pledged as margin for interest rate swaps | 0 | 1,071 | |||
Short-term certificates of deposit | 334 | 333 | |||
Equity securities | 16,360 | 15,627 | |||
Other assets | 4,385 | 4,691 | |||
Total assets | 2,603,011 | 2,573,008 | |||
Liabilities | |||||
Junior subordinated debt | 119,136 | 119,136 | |||
Other liabilities | 9,835 | 7,621 | |||
Total liabilities | 128,971 | 126,757 | |||
Commitments and contingencies | |||||
Stockholders' equity | |||||
Common stock, $0.01 par value, 100,000,000 shares authorized, 91,090,614 issued and 72,742,151 outstanding at December 31, 2022, and 90,871,860 issued and 75,750,862 outstanding at December 31, 2021. | 911 | 909 | |||
Additional paid-in-capital | 981,119 | 972,474 | |||
Accumulated other comprehensive income/(loss), net | (102,295) | (3,065) | |||
Retained earnings | 2,244,856 | 1,985,168 | |||
Treasury stock, at cost (18,348,463 shares at December 31, 2022, and 15,120,998 shares at December 31, 2021) | (650,551) | (509,235) | |||
Total equity | 2,474,040 | 2,446,251 | |||
Total liabilities and equity | 2,603,011 | 2,573,008 | |||
Parent Company [Member] | Bank Subsidiaries [Member] | |||||
Assets | |||||
Investment in subsidiaries | 2,566,266 | 2,530,850 | |||
Non Bank Subsidiaries [Member] | Bank Subsidiaries [Member] | |||||
Assets | |||||
Investment in subsidiaries | $ 764 | $ 807 |
Note 21 - Condensed Financial_4
Note 21 - Condensed Financial Information of Cathay General Bancorp - Balance Sheets (Details) (Parentheticals) - $ / shares | Dec. 31, 2022 | Dec. 31, 2021 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 100,000,000 | 100,000,000 |
Common stock, shares issued (in shares) | 91,090,614 | 90,871,860 |
Common stock, shares outstanding (in shares) | 72,742,151 | 75,750,862 |
Treasury stock shares (in shares) | 18,348,463 | 15,120,998 |
Parent Company [Member] | ||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 100,000,000 | 100,000,000 |
Common stock, shares issued (in shares) | 91,090,614 | 90,871,860 |
Common stock, shares outstanding (in shares) | 72,742,151 | 75,750,862 |
Treasury stock shares (in shares) | 18,348,463 | 15,120,998 |
Note 21 - Condensed Financial_5
Note 21 - Condensed Financial Information of Cathay General Bancorp - Statements of Operations (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Interest expense | $ 117,584 | $ 68,756 | $ 148,464 |
Non-interest expense | 303,432 | 286,523 | 283,465 |
Income before income tax expense | 472,536 | 381,843 | 253,965 |
Income tax expense | 111,894 | 83,539 | 25,105 |
Net income | 360,642 | 298,304 | 228,860 |
Parent Company [Member] | |||
Cash dividends from Cathay Bank | 232,773 | 230,000 | 146,000 |
Interest income | 30 | 36 | 49 |
Interest expense | 5,560 | 5,773 | 5,906 |
Non-interest Income/(loss) | 1,018 | 3,117 | (435) |
Non-interest expense | 3,937 | 3,224 | 4,846 |
Income before income tax expense | 224,324 | 224,156 | 134,862 |
Income tax expense | (2,885) | (1,810) | (3,692) |
Income before undistributed earnings of subsidiaries | 227,209 | 225,966 | 138,554 |
Undistributed earnings of subsidiary | 133,433 | 72,338 | 90,306 |
Net income | $ 360,642 | $ 298,304 | $ 228,860 |
Note 21 - Condensed Financial_6
Note 21 - Condensed Financial Information of Cathay General Bancorp - Statements of Cash Flows (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Cash Flows from Operating Activities | |||
Net income | $ 360,642 | $ 298,304 | $ 228,860 |
Write-downs on venture capital and other investments | 42,065 | 45,447 | 58,131 |
Net change in accrued interest receivable and other assets | (80,411) | (34,196) | (21,247) |
Net change in other liabilities | 107,467 | 2,403 | (18,948) |
Net cash provided by operating activities | 467,390 | 334,317 | 319,955 |
Cash Flows from Investing Activities | |||
Proceeds from sale of equity securities | 553 | 0 | 3,112 |
Net cash used for investing activities | (1,849,433) | (859,924) | (242,204) |
Cash Flows from Financing Activities | |||
Repayment of long-term debt | 0 | 0 | (7,663) |
Cash dividends paid | (100,955) | (99,322) | (98,688) |
Taxes paid related to net share settlement of RSUs | (2,905) | (2,632) | (1,911) |
Purchase of treasury stock | (141,316) | (167,104) | (23,593) |
Net cash provided by financing activities | 94,741 | 1,554,233 | 749,549 |
(Decrease)/Increase in cash, cash equivalents, and restricted cash | (1,287,302) | 1,028,626 | 827,300 |
Cash, cash equivalents, and restricted cash, beginning of the year | 2,449,704 | 1,421,078 | 593,778 |
Cash, cash equivalents, and restricted cash, end of the period | 1,162,402 | 2,449,704 | 1,421,078 |
Parent Company [Member] | |||
Cash Flows from Operating Activities | |||
Net income | 360,642 | 298,304 | 228,860 |
Equity in undistributed earnings of subsidiaries | (133,433) | (72,338) | (90,306) |
Loss/(gain) on equity securities | (733) | (122) | 641 |
Write-downs on venture capital and other investments | 268 | 73 | 107 |
(Gain)/loss in fair value of warrants | (27) | 0 | 18 |
Stock issued to directors as compensation | 849 | 850 | 800 |
Net change in accrued interest receivable and other assets | (434) | 1,918 | (1,182) |
Net change in other liabilities | 8,532 | 4,934 | (9,853) |
Net cash provided by operating activities | 235,664 | 233,619 | 129,085 |
Cash Flows from Investing Activities | |||
Proceeds from liquidation of subsidiary | 0 | 0 | 2,399 |
Proceeds from sale of equity securities | 0 | 0 | 3,112 |
Venture capital and other investments | (5) | 357 | 116 |
Net cash used for investing activities | (5) | 357 | 5,627 |
Cash Flows from Financing Activities | |||
Repayment of long-term debt | 0 | 0 | (7,644) |
Cash dividends paid | (100,955) | (99,322) | (98,688) |
Proceeds from shares issued under the Dividend Reinvestment Plan | 3,719 | 3,563 | 9,777 |
Taxes paid related to net share settlement of RSUs | (2,905) | (2,632) | (1,911) |
Purchase of treasury stock | (141,316) | (167,104) | (23,593) |
Net cash provided by financing activities | (241,457) | (265,495) | (122,059) |
(Decrease)/Increase in cash, cash equivalents, and restricted cash | (5,798) | (31,519) | 12,653 |
Cash, cash equivalents, and restricted cash, beginning of the year | 20,700 | 52,219 | 39,566 |
Cash, cash equivalents, and restricted cash, end of the period | $ 14,902 | $ 20,700 | $ 52,219 |
Note 22 - Dividend Reinvestme_2
Note 22 - Dividend Reinvestment Plan (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Stock Issued During Period, Shares, Dividend Reinvestment Plan (in shares) | 86,501 | 84,011 | 358,157 |
Stock Issued During Period, Value, Dividend Reinvestment Plan | $ 3,719 | $ 3,563 | $ 9,777 |
Note 23 - Regulatory Matters (D
Note 23 - Regulatory Matters (Details Textual) | Dec. 31, 2022 | Dec. 31, 2021 |
Common Equity, Tier One Risk Based Capital Required to Be Well Capitalized to Risk Weighted Assets | 6.50% | 6.50% |
Tier One Risk Based Capital Required to be Well Capitalized to Risk Weighted Assets | 0.08 | 0.0800 |
Capital Required to be Well Capitalized to Risk Weighted Assets | 0.10 | 0.1000 |
Tier One Leverage Capital Required to be Well Capitalized to Average Assets | 0.05 | 0.0500 |
Note 23 - Regulatory Matters -
Note 23 - Regulatory Matters - Capital and Leverage Ratios (Details) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Common Equity Tier 1 to Risk-Weighted Assets, Actual amount | $ 2,276,830,000 | $ 2,137,925,000 |
Common Equity Tier 1 to Risk-Weighted Assets, Actual ratio | 12.75% | 13.32% |
Common Equity Tier 1 to Risk-Weighted Assets, Minimum Capital Required | $ 1,250,461,000 | $ 1,123,721,000 |
Common Equity Tier 1 to Risk-Weighted Assets, Minimum Capital Required, Ratio | 7% | 7% |
Common Equity Tier 1 to Risk-Weighted Assets, Required to be Considered Well Capitalized | $ 1,161,142,000 | $ 1,043,455,000 |
Common Equity Tier 1 to Risk-Weighted Assets, Required to be Considered Well Capitalized, Ratio | 6.50% | 6.50% |
Tier 1 Capital to Risk-Weighted Assets, Actual amount | $ 2,276,830,000 | $ 2,137,925,000 |
Tier 1 Capital to Risk-Weighted Assets, Actual ratio | 0.1275 | 0.1332 |
Tier 1 Capital to Risk-Weighted Assets, Minimum Capital Required | $ 1,518,417,000 | $ 1,364,519,000 |
Tier 1 Capital to Risk-Weighted Assets, Minimum Capital Required, Ratio | 8.50% | 8.50% |
Tier 1 Capital to Risk-Weighted Assets, Required to be Considered Well Capitalized | $ 1,429,098,000 | $ 1,284,253,000 |
Tier 1 Capital to Risk-Weighted Assets, Required to be Considered Well Capitalized, Ratio | 0.08 | 0.0800 |
Total Capital to Risk-Weighted Assets, Actual amount | $ 2,432,045,000 | $ 2,281,182,000 |
Total Capital to Risk-Weighted Assets, Actual ratio | 0.1361 | 0.1421 |
Total Capital to Risk-Weighted Assets, Minimum Capital Required | $ 1,875,691,000 | $ 1,685,582,000 |
Total Capital to Risk-Weighted Assets, Minimum Capital Required, Ratio | 10.50% | 10.50% |
Total Capital to Risk-Weighted Assets, Required to be Considered Well Capitalized | $ 1,786,373,000 | $ 1,605,316,000 |
Total Capital to Risk-Weighted Assets, Required to be Considered Well Capitalized, Ratio | 0.10 | 0.1000 |
Leverage Ratio, Actual amount | $ 2,276,830,000 | $ 2,137,925,000 |
Leverage Ratio, Actual ratio | 0.1053 | 0.1082 |
Leverage Ratio, Minimum Capital Required | $ 864,918,000 | $ 790,430,000 |
Leverage Ratio Minimum Capital Required, Ratio | 0.0400 | 0.0400 |
Leverage Ratio, Required to be Considered Well Capitalized | $ 1,081,148,000 | $ 988,037,000 |
Leverage Ratio Required to be Considered Well Capitalized, Ratio | 0.05 | 0.0500 |
Bank [Member] | ||
Common Equity Tier 1 to Risk-Weighted Assets, Actual amount | $ 2,182,066,000 | $ 2,056,601,000 |
Common Equity Tier 1 to Risk-Weighted Assets, Actual ratio | 12.21% | 12.80% |
Common Equity Tier 1 to Risk-Weighted Assets, Minimum Capital Required | $ 1,250,914 | $ 1,124,381 |
Common Equity Tier 1 to Risk-Weighted Assets, Minimum Capital Required, Ratio | 7% | 7% |
Common Equity Tier 1 to Risk-Weighted Assets, Required to be Considered Well Capitalized | $ 1,161,563,000 | $ 1,044,068,000 |
Common Equity Tier 1 to Risk-Weighted Assets, Required to be Considered Well Capitalized, Ratio | 6.50% | 6.50% |
Tier 1 Capital to Risk-Weighted Assets, Actual amount | $ 2,182,066,000 | $ 2,056,601,000 |
Tier 1 Capital to Risk-Weighted Assets, Actual ratio | 0.1221 | 0.1280 |
Tier 1 Capital to Risk-Weighted Assets, Minimum Capital Required | $ 1,518,967,000 | $ 1,365,320,000 |
Tier 1 Capital to Risk-Weighted Assets, Minimum Capital Required, Ratio | 8.50% | 8.50% |
Tier 1 Capital to Risk-Weighted Assets, Required to be Considered Well Capitalized | $ 1,429,616,000 | $ 1,285,007,000 |
Tier 1 Capital to Risk-Weighted Assets, Required to be Considered Well Capitalized, Ratio | 0.0800 | 0.0800 |
Total Capital to Risk-Weighted Assets, Actual amount | $ 2,452,781,000 | $ 2,315,358,000 |
Total Capital to Risk-Weighted Assets, Actual ratio | 0.1373 | 0.1441 |
Total Capital to Risk-Weighted Assets, Minimum Capital Required | $ 1,876,371,000 | $ 1,686,572,000 |
Total Capital to Risk-Weighted Assets, Minimum Capital Required, Ratio | 10.50% | 10.50% |
Total Capital to Risk-Weighted Assets, Required to be Considered Well Capitalized | $ 1,787,020,000 | $ 1,606,259,000 |
Total Capital to Risk-Weighted Assets, Required to be Considered Well Capitalized, Ratio | 0.1000 | 0.1000 |
Leverage Ratio, Actual amount | $ 2,182,066,000 | $ 2,056,601,000 |
Leverage Ratio, Actual ratio | 0.1008 | 0.1040 |
Leverage Ratio, Minimum Capital Required | $ 865,470,000 | $ 791,226,000 |
Leverage Ratio Minimum Capital Required, Ratio | 0.0400 | 0.0400 |
Leverage Ratio, Required to be Considered Well Capitalized | $ 1,081,838,000 | $ 989,033,000 |
Leverage Ratio Required to be Considered Well Capitalized, Ratio | 0.0500 | 0.0500 |
Note 24 - Balance Sheet Offse_3
Note 24 - Balance Sheet Offsetting - Financial Instruments That Are Eligible for Offset in the Consolidated Balance Sheet (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Derivative assets, gross | $ 90,451 | $ 10,090 |
Derivatives, Gross Amounts Offset in the Balance Sheet | 46,008 | |
Derivative assets, net | 44,443 | 10,090 |
Derivatives, collateral posted | 42,930 | |
Derivative assets not offset | 1,513 | 10,090 |
Derivative liabilities, gross | 51,864 | 15,748 |
Derivative liabilities, net | 51,864 | 12,642 |
Derivatives | $ 51,864 | 12,642 |
Derivatives, Gross Amounts Offset in the Balance Sheet | $ (3,106) |
Note 25 - Subsequent Events (De
Note 25 - Subsequent Events (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 7 Months Ended | 12 Months Ended | ||||
Feb. 21, 2023 | Feb. 16, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Treasury Stock, Shares, Acquired (in shares) | 704,927 | 2,522,538 | 3,227,465 | ||||
Treasury Stock Acquired, Average Cost Per Share (in dollars per share) | $ 46.67 | $ 42.98 | $ 43.79 | ||||
Treasury Stock, Value, Acquired, Cost Method | $ 32,900 | $ 108,400 | $ 141,315 | $ 167,104 | $ 23,593 | ||
Subsequent Event [Member] | |||||||
Dividends Payable, Amount Per Share (in dollars per share) | $ 0.34 | ||||||
Treasury Stock, Shares, Acquired (in shares) | 2,897,628 | ||||||
Treasury Stock Acquired, Average Cost Per Share (in dollars per share) | $ 43.14 | ||||||
Treasury Stock, Value, Acquired, Cost Method | $ 125,000 | ||||||
Dividends Payable, Date to be Paid | Mar. 09, 2023 | ||||||
Dividends Payable, Date of Record | Feb. 27, 2023 |