Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2024 | Apr. 30, 2024 | |
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 | Q1 | |
Document Fiscal Year Focus | 2024 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2024 | |
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 | |
Trading Symbol | CATY | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 72,813,413 |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Assets | ||
Cash and due from banks | $ 165,284 | $ 173,988 |
Short-term investments and interest-bearing deposits | 1,010,651 | 654,813 |
Securities available-for-sale (amortized cost of $1,783,915 at March 31, 2024 and $1,726,080 at December 31, 2023) | 1,653,167 | 1,604,570 |
Loans held for sale | 23,171 | 0 |
Loans held for investment | 19,429,396 | 19,548,140 |
Less: Allowance for loan losses | (154,589) | (154,562) |
Unamortized deferred loan fees, net | (11,737) | (10,720) |
Loans held for investment, net | 19,263,070 | 19,382,858 |
Equity securities | 31,380 | 40,406 |
Federal Home Loan Bank stock | 17,250 | 17,746 |
Other real estate owned, net | 19,441 | 19,441 |
Affordable housing investments and alternative energy partnerships, net | 330,912 | 315,683 |
Premises and equipment, net | 90,454 | 91,097 |
Customers’ liability on acceptances | 17,074 | 3,264 |
Accrued interest receivable | 97,937 | 97,673 |
Goodwill | 375,696 | 375,696 |
Other intangible assets, net | 4,131 | 4,461 |
Right-of-use assets - operating leases | 31,698 | 32,076 |
Other assets | 273,487 | 267,762 |
Total assets | 23,404,803 | 23,081,534 |
Deposits: | ||
Non-interest-bearing | 3,289,539 | 3,529,018 |
Interest-bearing: | ||
NOW deposits | 2,331,486 | 2,370,685 |
Money market deposits | 3,117,557 | 3,049,754 |
Savings deposits | 1,039,144 | 1,039,203 |
Time deposits | 10,068,533 | 9,336,787 |
Total deposits | 19,846,259 | 19,325,447 |
Advances from the Federal Home Loan Bank | 265,000 | 540,000 |
Other borrowings of affordable housing investments | 17,557 | 15,787 |
Long-term debt | 119,136 | 119,136 |
Acceptances outstanding | 17,074 | 3,264 |
Lease liabilities - operating leases | 34,325 | 34,797 |
Other liabilities | 327,380 | 306,528 |
Total liabilities | 20,626,731 | 20,344,959 |
Commitments and contingencies | ||
Stockholders’ Equity | ||
Common stock, $0.01 par value, 100,000,000 shares authorized; 91,411,744 issued and 72,688,191 outstanding at March 31, 2024, and 91,392,480 issued and 72,668,927 outstanding at December 31, 2023 | 914 | 914 |
Additional paid-in-capital | 989,578 | 987,953 |
Accumulated other comprehensive loss, net | (92,279) | (85,416) |
Retained earnings | 2,547,068 | 2,500,341 |
Treasury stock, at cost (18,723,553 shares at March 31, 2024, and 18,723,553 shares at December 31, 2023) | (667,209) | (667,217) |
Total stockholders' equity | 2,778,072 | 2,736,575 |
Total liabilities and stockholders' equity | $ 23,404,803 | $ 23,081,534 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Securities available-for-sale, amortized cost | $ 1,783,915 | $ 1,726,080 |
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) | 91,411,744 | 91,392,480 |
Common stock, shares outstanding (in shares) | 72,688,191 | 72,668,927 |
Treasury stock, shares (in shares) | 18,723,553 | 18,723,553 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Interest and Dividend Income | ||
Loans receivable | $ 302,528 | $ 261,179 |
Investment securities | 14,951 | 11,764 |
Federal Home Loan Bank stock | 431 | 304 |
Deposits with banks | 14,732 | 12,139 |
Total interest and dividend income | 332,642 | 285,386 |
Interest Expense | ||
Time deposits | 109,546 | 64,174 |
Other deposits | 42,788 | 23,817 |
Advances from Federal Home Loan Bank | 9,316 | 2,598 |
Long-term debt | 1,721 | 1,443 |
Short-term debt | 699 | 919 |
Total interest expense | 164,070 | 92,951 |
Net interest income before provision for credit losses | 168,572 | 192,435 |
Provision for credit losses | (1,900) | (8,100) |
Net interest income after provision for credit losses | 166,672 | 184,335 |
Non-Interest Income | ||
Net (losses)/gains from equity securities | (9,027) | 4,853 |
Net gains/(losses) from securities available for sale | 1,107 | (3,000) |
Letters of credit commissions | 1,717 | 1,570 |
Other operating income | 5,626 | 5,092 |
Total non-interest income | 6,611 | 14,244 |
Non-Interest Expense | ||
Salaries and employee benefits | 43,552 | 38,226 |
Occupancy expense | 5,967 | 5,504 |
Computer and equipment expense | 5,068 | 4,285 |
Professional services expense | 6,992 | 7,406 |
Data processing service expense | 3,929 | 3,724 |
FDIC and regulatory assessments | 6,089 | 3,155 |
Marketing expense | 1,914 | 774 |
Other real estate owned expense | 253 | 50 |
Amortization of investments in low income housing and alternative energy partnerships | 14,432 | 15,594 |
Amortization of core deposit intangibles | 339 | 250 |
Other operating expense | 4,704 | 4,218 |
Total non-interest expense | 93,239 | 83,186 |
Income before income tax expense | 80,044 | 115,393 |
Income tax expense | 8,609 | 19,386 |
Net income | 71,435 | 96,007 |
Other Comprehensive Income/(Loss), net of tax | ||
Net holding (losses)/gains on securities available-for-sale | (6,422) | 11,659 |
Net holding losses on cash flow hedge derivatives | (441) | (441) |
Total other comprehensive (loss)/income, net of tax | (6,863) | 11,218 |
Total other comprehensive income | $ 64,572 | $ 107,225 |
Net Income Per Common Share: | ||
Basic (in dollars per share) | $ 0.98 | $ 1.32 |
Diluted (in dollars per share) | 0.98 | 1.32 |
Cash dividends paid per common share (in dollars per share) | $ 0.34 | $ 0.34 |
Average Common Shares Outstanding: | ||
Basic (in shares) | 72,673,974 | 72,533,239 |
Diluted (in shares) | 72,971,157 | 72,899,662 |
Deposit Account [Member] | ||
Non-Interest Income | ||
Non-Interest Income | $ 1,550 | $ 1,832 |
Asset Management [Member] | ||
Non-Interest Income | ||
Non-Interest Income | $ 5,638 | $ 3,897 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($) $ in Thousands | Common Stock Outstanding [Member] | Additional Paid-in Capital [Member] | AOCI Attributable to Parent [Member] | Retained Earnings [Member] | Treasury Stock, Common [Member] | Total |
Balance (in shares) at Dec. 31, 2022 | 72,742,151 | |||||
Beginning balance, loss, net of tax at Dec. 31, 2022 | $ 911 | $ 981,119 | $ (102,295) | $ 2,244,856 | $ (650,551) | $ 2,474,040 |
Dividend Reinvestment Plan (in shares) | 23,020 | |||||
Dividend Reinvestment Plan | $ 0 | 918 | 0 | 0 | 0 | 918 |
Restricted stock units vested (in shares) | 613 | |||||
Restricted stock units vested | $ 0 | 0 | 0 | 0 | 0 | 0 |
Shares withheld related to net share settlement of RSUs | $ 0 | (14) | 0 | 0 | 0 | (14) |
Purchases of treasury stock (in shares) | (375,090) | |||||
Stock-based compensation | $ 0 | 1,511 | 0 | 0 | 0 | 1,511 |
Cash dividends | 0 | 0 | 0 | (24,605) | 0 | (24,605) |
Other comprehensive loss | 0 | 0 | 11,218 | 0 | 0 | 11,218 |
Net income | 0 | 0 | 0 | 96,007 | 0 | 96,007 |
Purchases of treasury stock | $ 0 | 0 | 0 | 0 | (16,736) | (16,736) |
Balance (in shares) at Mar. 31, 2023 | 72,390,694 | |||||
Ending balance, loss, net of tax at Mar. 31, 2023 | $ 911 | 983,534 | (91,077) | 2,316,258 | (667,287) | 2,542,339 |
Balance (in shares) at Dec. 31, 2023 | 72,668,927 | |||||
Beginning balance, loss, net of tax at Dec. 31, 2023 | $ 914 | 987,953 | (85,416) | 2,500,341 | (667,217) | 2,736,575 |
Dividend Reinvestment Plan (in shares) | 18,468 | |||||
Dividend Reinvestment Plan | $ 0 | 744 | 0 | 0 | 0 | 744 |
Restricted stock units vested (in shares) | 796 | |||||
Restricted stock units vested | $ 0 | 0 | 0 | 0 | 0 | 0 |
Shares withheld related to net share settlement of RSUs | $ 0 | (24) | 0 | 0 | 0 | (24) |
Purchases of treasury stock (in shares) | 0 | |||||
Purchases of treasury stock | $ 0 | 0 | 0 | 0 | 8 | 8 |
Stock-based compensation | 0 | 905 | 0 | 0 | 0 | 905 |
Cash dividends | 0 | 0 | 0 | (24,708) | 0 | (24,708) |
Other comprehensive loss | 0 | 0 | (6,863) | 0 | 0 | (6,863) |
Net income | $ 0 | 0 | 0 | 71,435 | 0 | 71,435 |
Balance (in shares) at Mar. 30, 2024 | 72,688,191 | |||||
Ending balance, loss, net of tax at Mar. 30, 2024 | $ 914 | 989,578 | (92,279) | 2,547,068 | (667,209) | 2,778,072 |
Balance (in shares) at Dec. 31, 2023 | 72,668,927 | |||||
Beginning balance, loss, net of tax at Dec. 31, 2023 | $ 914 | $ 987,953 | (85,416) | $ 2,500,341 | $ (667,217) | 2,736,575 |
Cash dividends | (24,700) | |||||
Other comprehensive loss | (6,863) | |||||
Net income | 71,435 | |||||
Purchases of treasury stock | (8) | |||||
Ending balance, loss, net of tax at Mar. 31, 2024 | $ (92,279) | $ 2,778,072 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Stockholders' Equity (Unaudited) (Parentheticals) - $ / shares | 3 Months Ended | |
Mar. 30, 2024 | Mar. 31, 2023 | |
Retained Earnings [Member] | ||
Cash dividends (in dollars per share) | $ 0.34 | $ 0.34 |
Cash dividends (in dollars per share) | $ 0.34 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2024 | Mar. 30, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Cash Flows from Operating Activities | ||||
Net income | $ 71,435 | $ 71,435 | $ 96,007 | |
Adjustments to reconcile net income to net cash provided by operating activities: | ||||
Provision for credit losses | 1,900 | 8,100 | ||
Deferred tax benefit | (4,782) | (7,293) | ||
Depreciation and amortization | 1,889 | 2,054 | ||
Amortization of right-of-use asset | 2,477 | 2,405 | ||
Change in operating lease liabilities | (472) | 81 | ||
Net gains on sale of loans | (20) | 0 | ||
Loss on sales or disposal of premises and equipment | 0 | 6 | ||
Amortization on alternative energy partnerships, venture capital and other investments | 14,432 | 15,594 | ||
Net gains on sales of securities available-for-sale | (1,107) | 0 | ||
Amortization/accretion of securities available-for-sale premiums/discounts, net | (6,370) | (1,324) | ||
Unrealized loss/(gain) on equity securities | 9,026 | (4,853) | ||
Write off of securities available-for-sale | 0 | 3,000 | ||
Stock-based compensation and stock issued to officers as compensation | 905 | 1,511 | ||
Net change in accrued interest receivable and other assets | (1,424) | 15,608 | ||
Net change in other liabilities | 281 | (9,730) | ||
Net cash provided by operating activities | 88,170 | 121,166 | ||
Cash Flows from Investing Activities | ||||
Purchase of securities available-for-sale | (469,647) | (156,597) | ||
Proceeds from repayments, maturities and calls of securities available-for-sale | 384,721 | 104,669 | ||
Proceeds from sale of securities available-for-sale | 33,690 | 0 | ||
Purchase of Federal Home Loan Bank stock | (12,535) | (680) | ||
Redemption of Federal Home Loan Bank stock | 13,031 | 680 | ||
Proceeds from sale of loans originally classified as held-for-investment | 83,803 | 0 | ||
Net increase/(decrease) in loans | 10,634 | (68,133) | ||
Purchase of premises and equipment | (916) | (295) | ||
Net increase in affordable housing investments and alternative energy partnerships | (5,680) | (8,078) | ||
Net cash provided/(used) for investing activities | 37,101 | (128,434) | ||
Cash Flows from Financing Activities | ||||
Increase in deposits | 520,843 | 143,633 | ||
Advances from Federal Home Loan Bank | 4,403,000 | 2,075,000 | ||
Repayment of Federal Home Loan Bank borrowings | (4,678,000) | (2,200,000) | ||
Cash dividends paid | (24,708) | (24,605) | ||
Purchases of treasury stock | 8 | (16,736) | ||
Proceeds from shares issued under Dividend Reinvestment Plan | 744 | 918 | ||
Taxes paid related to net share settlement of RSUs | (24) | (14) | ||
Net cash provided/(used) by financing activities | 221,863 | (21,804) | ||
Increase/(decrease) in cash, cash equivalents, and restricted cash | 347,134 | (29,072) | ||
Cash, cash equivalents, and restricted cash, beginning of the period | 828,801 | $ 828,801 | 1,162,402 | $ 1,162,402 |
Cash, cash equivalents, and restricted cash, end of the period | 1,175,935 | 1,133,330 | $ 828,801 | |
Supplemental disclosure of cash flow information | ||||
Interest | 155,048 | 86,785 | ||
Income taxes paid | 282 | 0 | ||
Non-cash investing and financing activities: | ||||
Net change in unrealized holding (loss)/gain on securities available-for-sale, net of tax | (6,422) | 11,659 | ||
Net change in unrealized holding loss on cash flow hedge derivatives | (441) | (441) | ||
Loans transferred from held-for-investment to held-for-sale | $ 106,953 | $ 0 |
Note 1 - Business
Note 1 - Business | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Nature of Operations [Text Block] | 1. Cathay General Bancorp (“Bancorp”) is the holding company for Cathay Bank (the “Bank” and, together, with Bancorp, the “Company”), and eleven five 1962 March 31, 2024 not |
Note 2 - Basis of Presentation
Note 2 - Basis of Presentation and Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 2. The accompanying unaudited Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with the instructions to Form 10 10 X. not not may December 31, 2023. 10 December 31, 2023 February 28, 2024 ( “2023 10 The preparation of the Consolidated Financial Statements in accordance with GAAP requires management of the Company to make estimates and judgments that affect the reported amounts of assets and liabilities, revenues and expenses, and related disclosures of contingent assets and liabilities at the date of the Consolidated Financial Statements. Actual results could differ from those estimates. The Company expects that the most significant estimate subject to change is the allowance for loan losses. |
Note 3 - Recent Accounting Pron
Note 3 - Recent Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Accounting Standards Update and Change in Accounting Principle [Text Block] | 3. In March 2023, 2023 02, 323 2023 02 2023 02 December 15, 2023. not 2023 02. In June 2022, 2022 03, 820 2022 03 not not 2022 03 2022 03 not Other Accounting Standards Pending Adoption In November 2023, No. 2023 07, 280 one may one one December 15, 2024, On March 6, 2024, No. 33 11275, January 1, 2025, In December 2023, No. 2023 09, 740 December 15, 2024. |
Note 4 - Cash, Cash Equivalents
Note 4 - Cash, Cash Equivalents and Restricted Cash | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Cash and Cash Equivalents Disclosure [Text Block] | 4. The Company manages its cash and cash equivalents based upon the Company’s operating, investment, and financing activities. Cash and cash equivalents, for the purposes of reporting cash flows, consist of cash and due from banks, 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 $1.05 billion as of March 31, 2024 December 31, 2023 March 31, 2024 December 31, 2023 March 31, 2024 December 31, 2023 March 31, 2024 December 31, 2023 |
Note 5 - Earnings Per Share
Note 5 - Earnings Per Share | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 5. Basic earnings per share excludes dilution and is computed by dividing net income available to common stockholders by the weighted-average number of common shares outstanding for the period. Diluted earnings per common share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock and resulted in the issuance of common stock that then shared in earnings. Restricted stock units (“RSUs”) with anti-dilutive effect were not Three Months Ended March 31, 2024 2023 (In thousands, except share and per share data) Net income $ 71,435 $ 96,007 Weighted-average shares: Basic weighted-average number of common shares outstanding 72,673,974 72,533,239 Dilutive effect of weighted-average outstanding common share equivalents: RSUs 297,183 366,423 Diluted weighted-average number of common shares outstanding 72,971,157 72,899,662 Average restricted stock units with anti-dilutive effect — 777 Earnings per common share: Basic $ 0.98 $ 1.32 Diluted $ 0.98 $ 1.32 |
Note 6 - Stock-based Compensati
Note 6 - Stock-based Compensation | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Share-Based Payment Arrangement [Text Block] | 6. Pursuant to the Company’s 2005 may RSUs 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 and to a maximum of 150% of the target. The amount of performance-based RSUs that are eligible to vest is determined at the end of each performance period and is then added together to determine the total number of performance shares that are eligible to vest. Performance-based RSUs generally cliff vest 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 during the three March 31, 2024 Time-Based RSUs Performance-Based RSUs Weighted-Average Weighted-Average Grant Date Grant Date Shares Fair Value Shares Fair Value Balance at December 31, 2023 194,389 $ 34.83 349,661 $ 32.94 Granted 1,241 37.96 — — Vested (1,326 ) 43.24 — — Forfeited (16,400 ) 41.94 (17,395 ) 39.26 Balance at March 31, 2024 177,904 $ 34.13 332,266 $ 32.61 The compensation expense recorded for RSUs was $0.9 million and $1.5 million for the three March 31, 2024 2023 March 31, 2024 2023 March 31, 2024 As of March 31, 2024 2005 |
Note 7 - Investment Securities
Note 7 - Investment Securities | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | 7. The following tables set forth the amortized cost, gross unrealized gains, gross unrealized losses, and fair value of securities available-for-sale ("AFS") as of March 31, 2024 December 31, 2023 March 31, 2024 Gross Gross Amortized Unrealized Unrealized Cost Gains Losses Fair Value (In thousands) Securities AFS U.S. treasury securities $ 541,914 $ 4 $ 120 $ 541,798 U.S. government agency entities 12,123 61 126 12,058 U.S. government sponsored entities 59,785 — 40 59,745 Mortgage-backed securities 871,231 63 117,132 754,162 Collateralized mortgage obligations 30,494 — 3,296 27,198 Corporate debt securities 268,368 34 10,196 258,206 Total $ 1,783,915 $ 162 $ 130,910 $ 1,653,167 December 31, 2023 Gross Gross Amortized Unrealized Unrealized Cost Gains Losses Fair Value (In thousands) Securities AFS U.S. treasury securities $ 495,167 $ 153 $ 20 $ 495,300 U.S. government agency entities 48,282 117 230 48,169 Mortgage-backed securities 892,942 223 106,442 786,723 Collateralized mortgage obligations 31,238 — 3,194 28,044 Corporate debt securities 258,451 22 12,139 246,334 Total $ 1,726,080 $ 515 $ 122,025 $ 1,604,570 As of March 31, 2024 see Note 1 Summary of Significant Accounting Policies Securities Available for Sale Allowance for Credit Losses on Available for Sale Securities 2023 10 The amortized cost and fair value of securities AFS as of March 31, 2024 may may March 31, 2024 Securities AFS Amortized Cost Fair Value (In thousands) Due in one year or less $ 661,864 $ 661,135 Due after one year through five years 207,407 198,023 Due after five years through ten years 140,147 131,192 Due after ten years 774,497 662,817 Total $ 1,783,915 $ 1,653,167 Equity Securities three March 31, 2024 three March 31, 2023 March 31, 2024 December 31, 2023 The following tables set forth the gross unrealized losses and related fair value of the Company’s investment portfolio, aggregated by investment category and the length of time that individual security has been in a continuous unrealized loss position, as of March 31, 2024 December 31, 2023 March 31, 2024 Less than 12 Months 12 Months or Longer Total Gross Gross Gross Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses (In thousands) Securities AFS U.S. treasury securities $ 392,376 $ 120 $ — $ — $ 392,376 $ 120 U.S. government agency entities 1,471 2 2,524 124 3,995 126 U.S. government sponsored entities 59,745 40 — — 59,745 40 Mortgage-backed securities 16,923 87 736,362 117,045 753,285 117,132 Collateralized mortgage obligations — — 27,198 3,296 27,198 3,296 Corporate debt securities 54,531 469 168,641 9,727 223,172 10,196 Total $ 525,046 $ 718 $ 934,725 $ 130,192 $ 1,459,771 $ 130,910 December 31, 2023 Less than 12 Months 12 Months or Longer Total Gross Gross Gross Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses (In thousands) Securities AFS U.S. treasury securities $ 49,831 $ 20 $ — $ — $ 49,831 $ 20 U.S. government agency entities 18,301 108 1,313 122 19,614 230 Mortgage-backed securities — — 768,274 106,442 768,274 106,442 Collateralized mortgage obligations — — 28,044 3,194 28,044 3,194 Corporate debt securities 64,448 552 166,864 11,587 231,312 12,139 Total $ 132,580 $ 680 $ 964,495 $ 121,345 $ 1,097,075 $ 122,025 As of March 31, 2024 no eight five five December 31, 2023 no one eight In March 2023, March 31, 2024, Allowance for Credit Losses The securities AFS that were in an unrealized loss position at March 31, 2024 see Note 1 Summary of Significant Accounting Policies - Allowance for Credit Losses on Available for Sale Securities 2023 10 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 March 31, 2024 three March 31, 2024 Securities AFS having a carrying value of $30.6 million and $134.2 million as of March 31, 2024 December 31, 2023 |
Note 8 - Loans
Note 8 - Loans | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | 8. 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; Dallas and Houston, 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 types of loans in the Company’s Consolidated Balance Sheets as of March 31, 2024 December 31, 2023 March 31, 2024 December 31, 2023 (In thousands) Commercial loans $ 3,132,580 $ 3,305,048 Construction loans 382,775 422,647 Commercial real estate loans 9,821,807 9,729,581 Residential mortgage loans 5,841,846 5,838,747 Equity lines 245,222 245,919 Installment and other loans 5,166 6,198 Gross loans $ 19,429,396 $ 19,548,140 Allowance for loan losses (154,589 ) (154,562 ) Unamortized deferred loan fees, net (11,737 ) (10,720 ) Total loans held for investment, net $ 19,263,070 $ 19,382,858 Loans held for sale $ 23,171 $ — As of March 31, 2024 December 31, 2023 March 31, 2024 December 31, 2023 The following table presents non-accrual loans and the related allowance as of March 31, 2024 December 31, 2023 March 31, 2024 Unpaid Principal Balance Recorded Investment Allowance (In thousands) With no allocated allowance: Commercial loans $ 16,329 $ 4,492 $ — Construction loans 22,998 22,998 — Commercial real estate loans 59,261 47,465 — Residential mortgage loans and equity lines 13,500 13,002 — Subtotal $ 112,088 $ 87,957 $ — With allocated allowance: Commercial loans $ 10,753 $ 10,150 $ 5,100 Subtotal $ 10,753 $ 10,150 $ 5,100 Total non-accrual loans $ 122,841 $ 98,107 $ 5,100 December 31, 2023 Unpaid Principal Balance Recorded Investment Allowance (In thousands) With no allocated allowance: Commercial loans $ 26,310 $ 14,404 $ — Construction loans 7,736 7,736 — Commercial real estate loans 41,725 32,030 — Residential mortgage loans and equity lines 12,957 12,511 — Subtotal $ 88,728 $ 66,681 $ — Total non-accrual loans $ 88,728 $ 66,681 $ — The following tables present the average recorded investment and interest income recognized on non-accrual loans for the period indicated: Three Months Ended March 31, 2024 Average Recorded Investment Interest Income Recognized (In thousands) Commercial loans $ 15,097 $ 3 Construction loans 28,099 — Commercial real estate loans 43,871 48 Residential mortgage loans and equity lines 14,169 — Total non-accrual loans $ 101,236 $ 51 Three Months Ended March 31, 2023 Average Recorded Investment Interest Income Recognized (In thousands) Commercial loans $ 23,395 $ 4 Commercial real estate loans 36,214 231 Residential mortgage loans and equity lines 9,965 — Installment and other loans 3 — Total non-accrual loans $ 69,577 $ 235 The following tables present the aging of the loan portfolio by type as of March 31, 2024 December 31, 2023 March 31, 2024 Accruing 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 (In thousands) Type of Loans: Commercial loans $ 25,777 $ 21,857 $ 6,060 $ 14,642 $ 68,336 $ 3,064,244 $ 3,132,580 Construction loans — — — 22,998 22,998 359,777 382,775 Commercial real estate loans 25,684 13,803 1,500 47,465 88,452 9,733,355 9,821,807 Residential mortgage loans and equity lines 61,403 671 — 13,002 75,076 6,011,992 6,087,068 Installment and other loans — — — — — 5,166 5,166 Total loans $ 112,864 $ 36,331 $ 7,560 $ 98,107 $ 254,862 $ 19,174,534 $ 19,429,396 December 31, 2023 Accruing 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 (In thousands) Type of Loans: Commercial loans $ 11,771 $ 7,770 $ 508 $ 14,404 $ 34,453 $ 3,270,595 $ 3,305,048 Construction loans 25,389 22,998 — 7,736 56,123 366,524 422,647 Commercial real estate loans 27,900 1,503 6,649 32,030 68,082 9,661,499 9,729,581 Residential mortgage loans and equity lines 59,606 6,670 — 12,511 78,787 6,005,879 6,084,666 Installment and other loans 32 — — — 32 6,166 6,198 Total loans $ 124,698 $ 38,941 $ 7,157 $ 66,681 $ 237,477 $ 19,310,663 $ 19,548,140 The Company has adopted ASU 2022 02, January 1, 2023. Under this guidance on loan modifications made to borrowers experiencing financial difficulty, when a loan held for investment is modified and is considered to be a continuation of the original loan, the Company uses the post-modification contractual rate to derive the effective interest rate when using a discounted cash flow method to determine the allowance for credit loss. The amendments in this guidance require that an entity evaluate whether the modification represents a new loan or a continuation of an existing loan. The Company establishes a specific reserve for individually evaluated loans that do not 2022 02 If economic conditions or other factors worsen relative to the assumptions the Company utilized, the expected loan losses will increase accordingly in future periods. The following table presents the amortized cost of loans modified to borrowers experiencing financial difficulty disaggregated by class of financing receivable and type of concession granted and the financial effects of the modifications for the three March 31, 2024 no three March 31, 2023. Three Months Ended March 31, 2024 Financial Effects of Loan Modifications Term Extension Combo-Rate Reduction/Term Extension/Payment Delay Total Modification as a % of Loan Class Weighted-Average Rate Reduction Weighted-Average Term Extension (in Years) Weighted-Average Payment Deferral (in Years) (In thousands) Loan Type Commercial loans $ — $ 2,529 $ 2,529 0.08 % 1.12 2.20 0.90 Residential mortgage loans 222 — 222 0.00 % 0.12 0.00 2.00 Total $ 222 $ 2,529 $ 2,751 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 tracks the performance of modified loans. There were no loans that received a modification during the three March 31, 2024 A modified loan may may no three March 31, 2024. The Company closely monitors the performance of modified loans to borrowers experiencing financial difficulty to understand the effectiveness of its modification efforts. The following table presents the performance of loans that were modified as of March 31, 2024 2022 02 January 1, 2023. Three Months Ended March 31, 2024 Current 30–89 Days Past Due 90+ Days Past Due Total (In thousands) Loan Type Commercial loans $ — $ — $ 2,529 $ 2,529 Residential mortgage loans — — 222 222 Total $ — $ — $ 2,751 $ 2,751 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 March 31, 2024 no 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 grade 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 loans held for investment and current year-to-date gross write-offs as of March 31, 2024 December 31, 2023 Loans Amortized Cost Basis by Origination Year March 31, 2024 2024 2023 2022 2021 2020 Prior Revolving Loans Revolving Converted to Term Loans Total (In thousands) Commercial loans Pass/Watch $ 112,388 $ 363,390 $ 288,235 $ 285,412 $ 71,446 $ 141,867 $ 1,670,791 $ 8,632 $ 2,942,161 Special Mention — — 9,791 15,092 23,013 — 63,531 50 111,477 Substandard — 5,984 510 10,528 2,453 6,463 48,262 176 74,376 Total $ 112,388 $ 369,374 $ 298,536 $ 311,032 $ 96,912 $ 148,330 $ 1,782,584 $ 8,858 $ 3,128,014 YTD gross write-offs $ — $ 193 $ 342 $ 196 $ 98 $ 40 $ 1,070 $ — $ 1,939 Construction loans Pass/Watch $ — $ 34,582 $ 138,347 $ 124,103 $ 19,592 $ 13,613 $ — $ — $ 330,237 Special Mention — 2,990 — — 25,421 — — — 28,411 Substandard — — — — — 22,998 — — 22,998 Total $ — $ 37,572 $ 138,347 $ 124,103 $ 45,013 $ 36,611 $ — $ — $ 381,646 YTD gross write-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — Commercial real estate loans Pass/Watch $ 326,264 $ 2,121,324 $ 1,926,019 $ 1,565,519 $ 874,626 $ 2,605,759 $ 160,035 $ — $ 9,579,546 Special Mention 488 23,587 16,213 40,453 1,407 19,526 1,380 — 103,054 Substandard — 11,187 14,422 11,764 2,965 90,710 664 — 131,712 Total $ 326,752 $ 2,156,098 $ 1,956,654 $ 1,617,736 $ 878,998 $ 2,715,995 $ 162,079 $ — $ 9,814,312 YTD gross write-offs $ — $ — $ — $ — $ — $ 251 $ — $ — $ 251 Residential mortgage loans Pass/Watch $ 180,962 $ 1,109,711 $ 1,106,601 $ 884,987 $ 506,331 $ 2,034,462 $ — $ — $ 5,823,054 Special Mention — — — — 340 6,101 — — 6,441 Substandard — 26 12 1,289 3,356 8,251 — — 12,934 Total $ 180,962 $ 1,109,737 $ 1,106,613 $ 886,276 $ 510,027 $ 2,048,814 $ — $ — $ 5,842,429 YTD gross write-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — Equity lines Pass/Watch $ — $ — $ 92 $ — $ — $ — $ 227,752 $ 16,374 $ 244,218 Substandard — — — — — — 1,794 172 1,966 Total $ — $ — $ 92 $ — $ — $ — $ 229,546 $ 16,546 $ 246,184 YTD gross write-offs $ — $ — $ — $ — $ — $ — $ — $ 3 $ 3 Installment and other loans Pass/Watch $ 879 $ 4,027 $ 166 $ 2 $ — $ — $ — $ — $ 5,074 Total $ 879 $ 4,027 $ 166 $ 2 $ — $ — $ — $ — $ 5,074 YTD gross write-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — Total loans $ 620,981 $ 3,676,808 $ 3,500,408 $ 2,939,149 $ 1,530,950 $ 4,949,750 $ 2,174,209 $ 25,404 $ 19,417,659 Total YTD gross write-offs $ — $ 193 $ 342 $ 196 $ 98 $ 291 $ 1,070 $ 3 $ 2,193 Loans Amortized Cost Basis by Origination Year December 31, 2023 2023 2022 2021 2020 2019 Prior Revolving Loans Revolving Converted to Term Loans Total (In thousands) Commercial loans Pass/Watch $ 381,705 $ 323,939 $ 326,650 $ 96,725 $ 75,281 $ 136,162 $ 1,775,162 $ 8,308 $ 3,123,932 Special Mention 4,488 4,875 8,559 23,380 — — 75,419 — 116,721 Substandard 1,752 653 9,895 2,462 763 5,775 40,131 116 61,547 Total $ 387,945 $ 329,467 $ 345,104 $ 122,567 $ 76,044 $ 141,937 $ 1,890,712 $ 8,424 $ 3,302,200 YTD gross write-offs $ — $ 977 $ 1,312 $ 384 $ 3,672 $ 6,044 $ 1,520 $ — $ 13,909 Construction loans Pass/Watch $ 29,550 $ 131,984 $ 153,977 $ 19,461 $ 13,298 $ 3,131 $ — $ — $ 351,401 Special Mention 1,911 — 11,707 25,389 — 22,998 — — 62,005 Substandard — — — — 7,736 — — — 7,736 Total $ 31,461 $ 131,984 $ 165,684 $ 44,850 $ 21,034 $ 26,129 $ — $ — $ 421,142 YTD gross write-offs $ — $ — $ — $ — $ — $ 4,221 $ — $ — $ 4,221 Commercial real estate loans Pass/Watch $ 2,121,489 $ 1,959,239 $ 1,585,010 $ 887,508 $ 1,019,952 $ 1,726,015 $ 184,601 $ — $ 9,483,814 Special Mention 37,604 18,910 38,405 3,499 10,303 17,210 1,384 — 127,315 Substandard — 11,870 12,170 2,965 17,293 66,205 — — 110,503 Total $ 2,159,093 $ 1,990,019 $ 1,635,585 $ 893,972 $ 1,047,548 $ 1,809,430 $ 185,985 $ — $ 9,721,632 YTD gross write-offs $ — $ — $ 208 $ — $ 969 $ 4,164 $ — $ — $ 5,341 Residential mortgage loans Pass/Watch $ 1,140,998 $ 1,128,526 $ 902,613 $ 524,315 $ 541,005 $ 1,583,118 $ — $ — $ 5,820,575 Special Mention — — — 33 — 1,619 — — 1,652 Substandard 7 652 3,325 2,577 1,334 9,311 — — 17,206 Total $ 1,141,005 $ 1,129,178 $ 905,938 $ 526,925 $ 542,339 $ 1,594,048 $ — $ — $ 5,839,433 YTD gross write-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — Equity lines Pass/Watch $ — $ 98 $ — $ — $ — $ — $ 227,502 $ 16,628 $ 244,228 Special Mention — 3 — — — — — — 3 Substandard — — — — — — 2,511 173 2,684 Total $ — $ 101 $ — $ — $ — $ — $ 230,013 $ 16,801 $ 246,915 YTD gross write-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — Installment and other loans Pass/Watch $ 5,114 $ 981 $ 3 $ — $ — $ — $ — $ — $ 6,098 Total $ 5,114 $ 981 $ 3 $ — $ — $ — $ — $ — $ 6,098 YTD gross write-offs $ — $ 15 $ — $ — $ — $ — $ — $ — $ 15 Total loans $ 3,724,618 $ 3,581,730 $ 3,052,314 $ 1,588,314 $ 1,686,965 $ 3,571,544 $ 2,306,710 $ 25,225 $ 19,537,420 Total YTD gross write-offs $ — $ 992 $ 1,520 $ 384 $ 4,641 $ 14,429 $ 1,520 $ — $ 23,486 Allowance for Credit Losses The Company has an allowance framework under ASC Topic 326 The ACL 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 (Unaudited). 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, current conditions, 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. The Company evaluates loans for expected credit losses on an individual basis if, based on current information and events, the loan does not may one 1 2 not Quantitative Factors Under the Company’s CECL methodology, nine three six six fourth 2007 fourth 2022. fourth 2007 fourth 2022. 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 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 Qualitative Factors 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 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 amount of 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 ● 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 credit risk ratings and inherent loss rates currently assigned are reasonable and appropriate as of the reporting date. The criteria for default may one 90 Individually Evaluated Loans When a loan no one two 1 2 not Unfunded Loan Commitments Unfunded loan commitments are generally related to providing credit facilities to clients of the Bank and are not 9 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 a one The following tables set forth activity in the allowance for loan losses by portfolio segment for the three March 31, 2024 March 31, 2023. Residential Commercial Mortgage Loans Installment Commercial Construction Real Estate and and Other Loans Loans Loans Equity Lines Loans Total (In thousands) Allowance for Loan Losses: December 31, 2023 Ending Balance $ 53,791 $ 8,180 $ 74,428 $ 18,140 $ 23 $ 154,562 (Reversal)/provision for expected credit losses (1,374 ) 359 2,872 (677 ) (13 ) 1,167 Charge-offs (1,939 ) — (251 ) (3 ) — (2,193 ) Recoveries 812 — — 241 — 1,053 Net (charge-offs)/recoveries (1,127 ) — (251 ) 238 — (1,140 ) March 31, 2024 Ending Balance $ 51,290 $ 8,539 $ 77,049 $ 17,701 $ 10 $ 154,589 Allowance for unfunded credit commitments: December 31, 2023 Ending Balance $ 6,888 $ 2,165 $ — $ — $ — $ 9,053 Provision for expected credit losses 572 161 — — — 733 March 31, 2024 Ending Balance $ 7,460 $ 2,326 $ — $ — $ — $ 9,786 Residential Commercial Mortgage Loans Installment Commercial Construction Real Estate and and Other Loans Loans Loans Equity Lines Loans Total (In thousands) Allowance for Loan Losses: December 31, 2022 Ending Balance $ 49,435 $ 10,417 $ 68,366 $ 18,232 $ 35 $ 146,485 (Reversal)/provision for expected credit losses (60 ) 483 3,463 (611 ) (20 ) 3,255 Charge-offs (3,911 ) — (3,990 ) — (6 ) (7,907 ) Recoveries 511 — 2,528 12 — 3,051 Net (charge-offs)/recoveries (3,400 ) — (1,462 ) 12 (6 ) (4,856 ) March 31, 2023 Ending Balance $ 45,975 $ 10,900 $ 70,367 $ 17,633 $ 9 $ 144,884 Allowance for unfunded credit commitments: December 31, 2022 Ending Balance $ 4,840 $ 3,890 $ — $ — $ — $ 8,730 Provision for expected credit losses 3,435 1,325 85 — — 4,845 March 31, 2023 Ending Balance $ 8,275 $ 5,215 $ 85 $ — $ — $ 13,575 |
Note 9 - Commitments and Contin
Note 9 - Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 9. From time to time, Bancorp and its subsidiaries are parties to litigation that arises in the ordinary course of business or otherwise is incidental to various aspects of its operations. Based upon information available to the Company and its review of any such litigation with counsel, management presently believes that the liability relating to such litigation, if any, would not one Although the Company establishes accruals for legal proceedings when information related to the loss contingencies represented by those matters indicates both that a loss is probable and that the amount of loss can be reasonably estimated, the Company does not may not may In the normal course of business, the Company from time to time becomes a party to financial instruments with off-balance sheet risk to meet the financing needs of its clients. These financial instruments include commitments to extend credit in the form of loans, or through commercial or standby letters of credit and financial guarantees. These instruments represent varying degrees of exposure to risk in excess of the amounts included in the accompanying Consolidated Balance Sheets. The contractual or notional amount of these instruments indicates a level of activity associated with a particular class of financial instrument and is not The Company’s unfunded commitments related to investments in qualified affordable housing and alternative energy partnerships were $123.6 million and $130.3 million as of March 31, 2024 December 31, 2023 |
Note 10 - Borrowed Funds
Note 10 - Borrowed Funds | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 10. Borrowings from the Federal Home Loan Bank ( FHLB ) March 31, 2024 December 31, 2023 March 31, 2024 December 31, 2023 March 31, 2024 April 2024 September 2024. March 31, 2024 December 31, 2023 March 31, 2024 December 31, 2023 Junior Subordinated Notes three 2003 two 2007 twenty may not, At March 31, 2024 December 31, 2023 |
Note 11 - Income Taxes
Note 11 - Income Taxes | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 11. The effective tax rate for the first three 2024 first three 2023 The Company’s tax returns are open for audit by the Internal Revenue Service back to 2020 2019 It is reasonably possible that unrecognized tax benefits could change significantly over the next twelve not |
Note 12 - Fair Value Measuremen
Note 12 - Fair Value Measurements and Fair Value of Financial Instruments | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 12. 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. 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 Interest Rate Swaps third 2 Currency Option Contracts and Foreign Exchange Contracts 2 The following tables present financial assets and liabilities that are measured at fair value on a recurring basis as of March 31, 2024 December 31, 2023 March 31, 2024 Fair Value Measurements Using Total Fair Value Level 1 Level 2 Level 3 Measurements (In thousands) Assets Securities AFS U.S. Treasury securities $ 541,798 $ — $ — $ 541,798 U.S. government agency entities — 12,058 — 12,058 U.S. government sponsored entities — 59,745 — 59,745 Mortgage-backed securities — 754,162 — 754,162 Collateralized mortgage obligations — 27,198 — 27,198 Corporate debt securities — 258,206 — 258,206 Total securities AFS 541,798 1,111,369 — 1,653,167 Equity securities Mutual funds 5,526 — — 5,526 Preferred stock of government sponsored entities 2,384 — — 2,384 Other equity securities 23,470 — — 23,470 Total equity securities 31,380 — — 31,380 Interest rate swaps — 55,138 — 55,138 Foreign exchange contracts — 334 — 334 Total assets $ 573,178 $ 1,166,841 $ — $ 1,740,019 Liabilities Interest rate swaps $ — $ 42,014 $ — $ 42,014 Foreign exchange contracts — 186 — 186 Total liabilities $ — $ 42,200 $ — $ 42,200 December 31, 2023 Fair Value Measurements Using Total Fair Value Level 1 Level 2 Level 3 Measurements (In thousands) Assets Securities AFS U.S. Treasury securities $ 495,300 $ — $ — $ 495,300 U.S. government agency entities — 48,169 — 48,169 Mortgage-backed securities — 786,723 — 786,723 Collateralized mortgage obligations — 28,044 — 28,044 Corporate debt securities — 246,334 — 246,334 Total securities AFS 495,300 1,109,270 — 1,604,570 Equity securities Mutual funds 5,585 — — 5,585 Preferred stock of government sponsored entities 1,821 — — 1,821 Other equity securities 33,000 — — 33,000 Total equity securities 40,406 — — 40,406 Interest rate swaps — 54,268 — 54,268 Foreign exchange contracts — 379 — 379 Total assets $ 535,706 $ 1,163,917 $ — $ 1,699,623 Liabilities Interest rate swaps $ — $ 45,762 $ — $ 45,762 Foreign exchange contracts — 175 — 175 Total liabilities $ — $ 45,937 $ — $ 45,937 Financial assets and liabilities 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 periods ended March 31, 2024 December 31, 2023 no For financial assets measured at fair value on a nonrecurring basis that were still reflected in the Consolidated Balance Sheets as of March 31, 2024 December 31, 2023, March 31, 2024 December 31, 2023 As of March 31, 2024 Total Losses Fair Value Measurements Using Total Fair Value For the Three Months Ended Level 1 Level 2 Level 3 Measurements March 31, 2024 March 31, 2023 (In thousands) Assets Non accrual loans by type: Commercial loans $ — $ — $ 129 $ 129 $ 1,038 $ 2,793 Commercial real estate loans — — 20,002 20,002 251 3,990 Total non accrual loans — — 20,131 20,131 1,289 6,783 Other real estate owned (1) — — 20,446 20,446 — — Investments in venture capital — — 93 93 — — Total assets $ — $ — $ 40,670 $ 40,670 $ 1,289 $ 6,783 ( 1 As of December 31, 2023 Total Losses Fair Value Measurements Using Total Fair Value For the Twelve Months Ended Level 1 Level 2 Level 3 Measurements December 31, 2023 December 31, 2022 (In thousands) Assets Non accrual loans by type: Commercial loans $ — $ — $ 191 $ 191 $ — $ 1,786 Commercial real estate loans — — 6,882 6,882 4,069 2,091 Total non accrual loans — — 7,073 7,073 4,069 3,877 Other real estate owned (1) — — 20,446 20,446 — — Investments in venture capital — — 237 237 227 268 Total assets $ — $ — $ 27,756 $ 27,756 $ 4,296 $ 4,145 ( 1 The significant unobservable (Level 3 twelve The fair value of individually evaluated loans is 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 3 Loans held for sale are recorded at the lower of cost or fair value upon transfer. Loans held for sale may 2 The significant unobservable inputs (Level 3 There were no warrants outstanding as of March 31, 2024, December 31, 2023. Fair value is estimated in accordance with ASC Topic 825. not one no The following table sets forth the carrying and notional amounts and estimated fair value of financial instruments as of March 31, 2024 December 31, 2023 March 31, 2024 December 31, 2023 Carrying Carrying Amount Fair Value Amount Fair Value (In thousands) Financial Assets Cash and due from banks $ 165,284 $ 165,284 $ 173,988 $ 173,988 Short-term investments 1,010,651 1,010,651 654,813 654,813 Securities AFS 1,653,167 1,653,167 1,604,570 1,604,570 Loans held-for-sale 23,171 23,171 — — Loans held for investment, net 19,263,070 19,597,530 19,382,858 19,605,152 Equity securities 31,380 31,380 40,406 40,406 Investment in Federal Home Loan Bank stock 17,250 17,250 17,746 17,746 Notional Notional Amount Fair Value Amount Fair Value Foreign exchange contracts $ 250,648 $ 334 $ 124,452 $ 379 Interest rate swaps 1,100,019 55,138 1,406,879 54,268 Carrying Carrying Amount Fair Value Amount Fair Value Financial Liabilities Deposits $ 19,846,259 $ 19,855,328 $ 19,325,447 $ 19,347,070 Advances from Federal Home Loan Bank 265,000 264,596 540,000 536,996 Other borrowings 17,557 15,373 15,787 13,978 Long-term debt 119,136 73,102 119,136 72,304 Notional Notional Amount Fair Value Amount Fair Value Foreign exchange contracts $ 66,081 $ 186 $ 101,378 $ 175 Interest rate swaps 952,560 42,014 1,078,880 45,762 Notional Notional Amount Fair Value Amount Fair Value Off-Balance Sheet Financial Instruments Commitments to extend credit $ 3,925,285 $ (19,052 ) $ 3,808,620 $ (14,344 ) Standby letters of credit 386,442 (3,031 ) 368,618 (2,821 ) Other letters of credit 19,450 (17 ) 11,308 (10 ) The following tables set forth the level in the fair value hierarchy for the estimated fair values of financial instruments as of March 31, 2024 December 31, 2023 As of March 31, 2024 Fair Value Level 1 Level 2 Level 3 (In thousands) Financial Assets Cash and due from banks $ 165,284 $ 165,284 $ — $ — Short-term investments 1,010,651 1,010,651 — — Loans held-for-sale 23,171 — 23,171 — Loans held for investment, net 19,597,530 — — 19,597,530 Equity securities 31,380 31,380 — — Investment in Federal Home Loan Bank stock 17,250 — 17,250 — Financial Liabilities Deposits 19,855,328 — — 19,855,328 Advances from Federal Home Loan Bank 264,596 — 264,596 — Other borrowings 15,373 — — 15,373 Long-term debt 73,102 — 73,102 — As of December 31, 2023 Fair Value Level 1 Level 2 Level 3 (In thousands) Financial Assets Cash and due from banks $ 173,988 $ 173,988 $ — $ — Short-term investments 654,813 654,813 — — Loans held for investment, net 19,605,152 — — 19,605,152 Equity securities 40,406 40,406 — — Investment in Federal Home Loan Bank stock 17,746 — 17,746 — Financial Liabilities Deposits 19,347,070 — — 19,347,070 Advances from Federal Home Loan Bank 536,996 — 536,996 — Other borrowings 13,978 — — 13,978 Long-term debt 72,304 — 72,304 — |
Note 13 - Goodwill and Other In
Note 13 - Goodwill and Other Intangible Assets | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | 13. Goodwill. March 31, 2024 December 31, 2023 not December 31, 2023 first three 2023 2024 not March 31, 2024 Core Deposit Intangibles. The following table presents the gross carrying amount and accumulated amortization of core deposits intangible assets as of March 31, 2024 December 31, 2023 March 31, 2024 December 31, 2023 (In thousands) Gross balance $ 10,562 $ 10,562 Accumulated amortization (5,542 ) (5,291 ) Impairment (1,315 ) (1,227 ) Net carrying balance $ 3,705 $ 4,044 There was $88 thousand in impairment write-downs included in amortization of core deposit intangibles for the three March 31, 2024 three March 31, 2023. 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 $339 thousand and $250 thousand for the three March 31, 2024, 2023, The following table presents the estimated aggregate amortization expense of core deposit intangibles for each of the five Amount (In thousands) 2024 $ 751 2025 946 2026 870 2027 870 Thereafter 268 Total $ 3,705 |
Note 14 - Financial Derivatives
Note 14 - Financial Derivatives | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | 14. 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 March 31, 2024 December 31, 2023 third third March 31, 2024 December 31, 2023 In May 2014, ten five ten June 2014 June 2024, three 2022 December 31, 2022, June 2024. As of March 31, 2024 three ten March 31, 2024 2023 not The Company has designated as a partial-term hedging election of $692.0 million notional with a fair value of $6.8 million as last-of-layer hedge on pools of loans with a notational value of $1.17 billion as of March 31, 2024 not 1 March 31, 2024 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 The notional amount and net unrealized loss of the Company’s fair value derivative financial instruments as of March 31, 2024 December 31, 2023 March 31, 2024 December 31, 2023 (In thousands) Fair value swap hedges: Notional $ 775,466 $ 1,156,007 Weighted average fixed rate-pay 2.87 % 2.01 % Weighted average variable rate spread 0.22 % 0.32 % Weighted average variable rate-receive 5.56 % 5.41 % Net gain (1) $ 11,502 $ 7,935 Three Months Ended March 31, 2024 March 31, 2023 Periodic net settlement of swaps (2) $ 6,841 $ 6,336 ( 1 ( 2 Included in the total notional amount of $775.5 million of the fair value interest rate contracts entered into with financial counterparties as of March 31, 2024 March 31, 2024 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 March 31, 2024 December 31, 2023 not Derivative financial instruments not designated as hedging instruments: March 31, 2024 December 31, 2023 (In thousands) Notional amounts: Forward, and swap contracts with positive fair value $ 875,200 $ 775,324 Forward, and swap contracts with negative fair value $ 690,633 $ 752,250 Fair value: Forward, and swap contracts with positive fair value $ 42,347 $ 39,010 Forward, and swap contracts with negative fair value $ (42,189 ) $ (38,807 ) |
Note 15 - Balance Sheet Offsett
Note 15 - Balance Sheet Offsetting | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Supplemental Balance Sheet Disclosures [Text Block] | 15. 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 March 31, 2024 December 31, 2023 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 (In thousands) March 31, 2024 Assets: Derivatives $ 55,138 $ 2,857 $ 52,281 $ — $ 50,243 $ 2,038 Liabilities: Derivatives $ 42,014 $ — $ 42,014 $ — $ — $ 42,014 December 31, 2023 Assets: Derivatives $ 54,268 $ 335 $ 53,933 $ — $ 44,860 $ 9,073 Liabilities: Derivatives $ 45,762 $ — $ 45,762 $ — $ — $ 45,762 |
Note 16 - Revenue From Contract
Note 16 - Revenue From Contracts With Clients | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | 16. The following is a summary of revenue from contracts with clients that are in-scope and not 606: Three Months Ended March 31, 2024 2023 (In thousands) Non-interest income, in-scope: Fees and service charges on deposit accounts $ 2,238 $ 2,519 Wealth management fees 5,638 3,897 Other service fees (1) 4,050 3,544 Total noninterest income 11,926 9,960 Noninterest income, not in-scope (2) (5,315 ) 4,284 Total noninterest income $ 6,611 $ 14,244 ( 1 ( 2 606 The major revenue streams by fee type that are within the scope of ASC Topic 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 by the Company once the performance obligations are met. 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 by the Company. 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 contracts, the Company also applies the practical expedient in ASC 606 10 32 18 not one |
Note 17 - Stockholders' Equity
Note 17 - Stockholders' Equity | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Equity [Text Block] | 17. ’ Equity Total equity was $2.78 billion as of March 31, 2024 December 31, 2023 Activity in accumulated other comprehensive income/(loss), net of tax, and reclassification out of accumulated other comprehensive income/(loss) for the three March 31, 2024 March 31, 2023, Three Months Ended March 31, 2024 Three Months Ended March 31, 2023 Pre-tax Tax expense/ (benefit) Net-of-tax Pre-tax Tax expense/ (benefit) Net-of-tax (In thousands) Beginning balance, gain/(loss), net of tax Securities AFS $ (86,190 ) $ (104,832 ) Cash flow hedge derivatives 774 2,537 Total $ (85,416 ) $ (102,295 ) Net unrealized gains/(losses) arising during the period Securities AFS $ (8,010 ) $ (2,368 ) $ (5,642 ) $ 13,552 $ 4,006 $ 9,546 Cash flow hedge derivatives (626 ) (185 ) (441 ) (626 ) (185 ) (441 ) Total $ (8,636 ) $ (2,553 ) $ (6,083 ) $ 12,926 $ 3,821 $ 9,105 Reclassification adjustment for net losses in net income Securities AFS $ (1,107 ) $ (327 ) $ (780 ) $ 3,000 $ 887 $ 2,113 Cash flow hedge derivatives — — — — — — Total (1,107 ) (327 ) (780 ) 3,000 887 2,113 Total other comprehensive income/(loss) Securities AFS $ (9,117 ) $ (2,695 ) $ (6,422 ) $ 16,552 $ 4,893 $ 11,659 Cash flow hedge derivatives (626 ) (185 ) (441 ) (626 ) (185 ) (441 ) Total $ (9,743 ) $ (2,880 ) $ (6,863 ) $ 15,926 $ 4,708 $ 11,218 Ending balance, gain/(loss), net of tax Securities AFS $ (92,612 ) $ (93,173 ) Cash flow hedge derivatives 333 2,096 Total $ (92,279 ) $ (91,077 ) |
Note 18 - Stock Repurchase Prog
Note 18 - Stock Repurchase Program | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Treasury Stock [Text Block] | 18. On February 21, 2023, May 2022 first 2023, |
Note 19 - Subsequent Events
Note 19 - Subsequent Events | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 19. The Company has evaluated the effect of events that have occurred subsequent to March 31, 2024 no |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Mar. 31, 2024 | |
Insider Trading Arr Line Items | |
Material Terms of Trading Arrangement [Text Block] | 5. OTHER INFORMATION. None |
Rule 10b5-1 Arrangement Adopted [Flag] | false |
Non-Rule 10b5-1 Arrangement Adopted [Flag] | false |
Rule 10b5-1 Arrangement Terminated [Flag] | false |
Non-Rule 10b5-1 Arrangement Terminated [Flag] | false |
Note 5 - Earnings Per Share (Ta
Note 5 - Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended March 31, 2024 2023 (In thousands, except share and per share data) Net income $ 71,435 $ 96,007 Weighted-average shares: Basic weighted-average number of common shares outstanding 72,673,974 72,533,239 Dilutive effect of weighted-average outstanding common share equivalents: RSUs 297,183 366,423 Diluted weighted-average number of common shares outstanding 72,971,157 72,899,662 Average restricted stock units with anti-dilutive effect — 777 Earnings per common share: Basic $ 0.98 $ 1.32 Diluted $ 0.98 $ 1.32 |
Note 6 - Stock-based Compensa_2
Note 6 - Stock-based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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, 2023 194,389 $ 34.83 349,661 $ 32.94 Granted 1,241 37.96 — — Vested (1,326 ) 43.24 — — Forfeited (16,400 ) 41.94 (17,395 ) 39.26 Balance at March 31, 2024 177,904 $ 34.13 332,266 $ 32.61 |
Note 7 - Investment Securities
Note 7 - Investment Securities (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Schedule of Available-for-Sale Securities Reconciliation [Table Text Block] | March 31, 2024 Gross Gross Amortized Unrealized Unrealized Cost Gains Losses Fair Value (In thousands) Securities AFS U.S. treasury securities $ 541,914 $ 4 $ 120 $ 541,798 U.S. government agency entities 12,123 61 126 12,058 U.S. government sponsored entities 59,785 — 40 59,745 Mortgage-backed securities 871,231 63 117,132 754,162 Collateralized mortgage obligations 30,494 — 3,296 27,198 Corporate debt securities 268,368 34 10,196 258,206 Total $ 1,783,915 $ 162 $ 130,910 $ 1,653,167 December 31, 2023 Gross Gross Amortized Unrealized Unrealized Cost Gains Losses Fair Value (In thousands) Securities AFS U.S. treasury securities $ 495,167 $ 153 $ 20 $ 495,300 U.S. government agency entities 48,282 117 230 48,169 Mortgage-backed securities 892,942 223 106,442 786,723 Collateralized mortgage obligations 31,238 — 3,194 28,044 Corporate debt securities 258,451 22 12,139 246,334 Total $ 1,726,080 $ 515 $ 122,025 $ 1,604,570 |
Investments Classified by Contractual Maturity Date [Table Text Block] | March 31, 2024 Securities AFS Amortized Cost Fair Value (In thousands) Due in one year or less $ 661,864 $ 661,135 Due after one year through five years 207,407 198,023 Due after five years through ten years 140,147 131,192 Due after ten years 774,497 662,817 Total $ 1,783,915 $ 1,653,167 |
Unrealized Gain (Loss) on Investments [Table Text Block] | March 31, 2024 Less than 12 Months 12 Months or Longer Total Gross Gross Gross Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses (In thousands) Securities AFS U.S. treasury securities $ 392,376 $ 120 $ — $ — $ 392,376 $ 120 U.S. government agency entities 1,471 2 2,524 124 3,995 126 U.S. government sponsored entities 59,745 40 — — 59,745 40 Mortgage-backed securities 16,923 87 736,362 117,045 753,285 117,132 Collateralized mortgage obligations — — 27,198 3,296 27,198 3,296 Corporate debt securities 54,531 469 168,641 9,727 223,172 10,196 Total $ 525,046 $ 718 $ 934,725 $ 130,192 $ 1,459,771 $ 130,910 December 31, 2023 Less than 12 Months 12 Months or Longer Total Gross Gross Gross Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses (In thousands) Securities AFS U.S. treasury securities $ 49,831 $ 20 $ — $ — $ 49,831 $ 20 U.S. government agency entities 18,301 108 1,313 122 19,614 230 Mortgage-backed securities — — 768,274 106,442 768,274 106,442 Collateralized mortgage obligations — — 28,044 3,194 28,044 3,194 Corporate debt securities 64,448 552 166,864 11,587 231,312 12,139 Total $ 132,580 $ 680 $ 964,495 $ 121,345 $ 1,097,075 $ 122,025 |
Note 8 - Loans (Tables)
Note 8 - Loans (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | March 31, 2024 December 31, 2023 (In thousands) Commercial loans $ 3,132,580 $ 3,305,048 Construction loans 382,775 422,647 Commercial real estate loans 9,821,807 9,729,581 Residential mortgage loans 5,841,846 5,838,747 Equity lines 245,222 245,919 Installment and other loans 5,166 6,198 Gross loans $ 19,429,396 $ 19,548,140 Allowance for loan losses (154,589 ) (154,562 ) Unamortized deferred loan fees, net (11,737 ) (10,720 ) Total loans held for investment, net $ 19,263,070 $ 19,382,858 Loans held for sale $ 23,171 $ — |
Schedule of Nonaccrual Loans and Related Allowance and Charge Off [Table Text Block] | March 31, 2024 Unpaid Principal Balance Recorded Investment Allowance (In thousands) With no allocated allowance: Commercial loans $ 16,329 $ 4,492 $ — Construction loans 22,998 22,998 — Commercial real estate loans 59,261 47,465 — Residential mortgage loans and equity lines 13,500 13,002 — Subtotal $ 112,088 $ 87,957 $ — With allocated allowance: Commercial loans $ 10,753 $ 10,150 $ 5,100 Subtotal $ 10,753 $ 10,150 $ 5,100 Total non-accrual loans $ 122,841 $ 98,107 $ 5,100 December 31, 2023 Unpaid Principal Balance Recorded Investment Allowance (In thousands) With no allocated allowance: Commercial loans $ 26,310 $ 14,404 $ — Construction loans 7,736 7,736 — Commercial real estate loans 41,725 32,030 — Residential mortgage loans and equity lines 12,957 12,511 — Subtotal $ 88,728 $ 66,681 $ — Total non-accrual loans $ 88,728 $ 66,681 $ — |
Financing Receivable, Nonaccrual [Table Text Block] | Three Months Ended March 31, 2024 Average Recorded Investment Interest Income Recognized (In thousands) Commercial loans $ 15,097 $ 3 Construction loans 28,099 — Commercial real estate loans 43,871 48 Residential mortgage loans and equity lines 14,169 — Total non-accrual loans $ 101,236 $ 51 Three Months Ended March 31, 2023 Average Recorded Investment Interest Income Recognized (In thousands) Commercial loans $ 23,395 $ 4 Commercial real estate loans 36,214 231 Residential mortgage loans and equity lines 9,965 — Installment and other loans 3 — Total non-accrual loans $ 69,577 $ 235 |
Financing Receivable, Past Due [Table Text Block] | March 31, 2024 Accruing 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 (In thousands) Type of Loans: Commercial loans $ 25,777 $ 21,857 $ 6,060 $ 14,642 $ 68,336 $ 3,064,244 $ 3,132,580 Construction loans — — — 22,998 22,998 359,777 382,775 Commercial real estate loans 25,684 13,803 1,500 47,465 88,452 9,733,355 9,821,807 Residential mortgage loans and equity lines 61,403 671 — 13,002 75,076 6,011,992 6,087,068 Installment and other loans — — — — — 5,166 5,166 Total loans $ 112,864 $ 36,331 $ 7,560 $ 98,107 $ 254,862 $ 19,174,534 $ 19,429,396 December 31, 2023 Accruing 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 (In thousands) Type of Loans: Commercial loans $ 11,771 $ 7,770 $ 508 $ 14,404 $ 34,453 $ 3,270,595 $ 3,305,048 Construction loans 25,389 22,998 — 7,736 56,123 366,524 422,647 Commercial real estate loans 27,900 1,503 6,649 32,030 68,082 9,661,499 9,729,581 Residential mortgage loans and equity lines 59,606 6,670 — 12,511 78,787 6,005,879 6,084,666 Installment and other loans 32 — — — 32 6,166 6,198 Total loans $ 124,698 $ 38,941 $ 7,157 $ 66,681 $ 237,477 $ 19,310,663 $ 19,548,140 |
Financing Receivable, Modified, Amortized Cost [Table Text Block] | Three Months Ended March 31, 2024 Financial Effects of Loan Modifications Term Extension Combo-Rate Reduction/Term Extension/Payment Delay Total Modification as a % of Loan Class Weighted-Average Rate Reduction Weighted-Average Term Extension (in Years) Weighted-Average Payment Deferral (in Years) (In thousands) Loan Type Commercial loans $ — $ 2,529 $ 2,529 0.08 % 1.12 2.20 0.90 Residential mortgage loans 222 — 222 0.00 % 0.12 0.00 2.00 Total $ 222 $ 2,529 $ 2,751 |
Financing Receivable, Modified, Performance [Table Text Block] | Three Months Ended March 31, 2024 Current 30–89 Days Past Due 90+ Days Past Due Total (In thousands) Loan Type Commercial loans $ — $ — $ 2,529 $ 2,529 Residential mortgage loans — — 222 222 Total $ — $ — $ 2,751 $ 2,751 |
Loan Held for Investment by Loan Portfolio Segments, Internal Risk Ratings and Vintage Year [Table Text Block] | Loans Amortized Cost Basis by Origination Year March 31, 2024 2024 2023 2022 2021 2020 Prior Revolving Loans Revolving Converted to Term Loans Total (In thousands) Commercial loans Pass/Watch $ 112,388 $ 363,390 $ 288,235 $ 285,412 $ 71,446 $ 141,867 $ 1,670,791 $ 8,632 $ 2,942,161 Special Mention — — 9,791 15,092 23,013 — 63,531 50 111,477 Substandard — 5,984 510 10,528 2,453 6,463 48,262 176 74,376 Total $ 112,388 $ 369,374 $ 298,536 $ 311,032 $ 96,912 $ 148,330 $ 1,782,584 $ 8,858 $ 3,128,014 YTD gross write-offs $ — $ 193 $ 342 $ 196 $ 98 $ 40 $ 1,070 $ — $ 1,939 Construction loans Pass/Watch $ — $ 34,582 $ 138,347 $ 124,103 $ 19,592 $ 13,613 $ — $ — $ 330,237 Special Mention — 2,990 — — 25,421 — — — 28,411 Substandard — — — — — 22,998 — — 22,998 Total $ — $ 37,572 $ 138,347 $ 124,103 $ 45,013 $ 36,611 $ — $ — $ 381,646 YTD gross write-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — Commercial real estate loans Pass/Watch $ 326,264 $ 2,121,324 $ 1,926,019 $ 1,565,519 $ 874,626 $ 2,605,759 $ 160,035 $ — $ 9,579,546 Special Mention 488 23,587 16,213 40,453 1,407 19,526 1,380 — 103,054 Substandard — 11,187 14,422 11,764 2,965 90,710 664 — 131,712 Total $ 326,752 $ 2,156,098 $ 1,956,654 $ 1,617,736 $ 878,998 $ 2,715,995 $ 162,079 $ — $ 9,814,312 YTD gross write-offs $ — $ — $ — $ — $ — $ 251 $ — $ — $ 251 Residential mortgage loans Pass/Watch $ 180,962 $ 1,109,711 $ 1,106,601 $ 884,987 $ 506,331 $ 2,034,462 $ — $ — $ 5,823,054 Special Mention — — — — 340 6,101 — — 6,441 Substandard — 26 12 1,289 3,356 8,251 — — 12,934 Total $ 180,962 $ 1,109,737 $ 1,106,613 $ 886,276 $ 510,027 $ 2,048,814 $ — $ — $ 5,842,429 YTD gross write-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — Equity lines Pass/Watch $ — $ — $ 92 $ — $ — $ — $ 227,752 $ 16,374 $ 244,218 Substandard — — — — — — 1,794 172 1,966 Total $ — $ — $ 92 $ — $ — $ — $ 229,546 $ 16,546 $ 246,184 YTD gross write-offs $ — $ — $ — $ — $ — $ — $ — $ 3 $ 3 Installment and other loans Pass/Watch $ 879 $ 4,027 $ 166 $ 2 $ — $ — $ — $ — $ 5,074 Total $ 879 $ 4,027 $ 166 $ 2 $ — $ — $ — $ — $ 5,074 YTD gross write-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — Total loans $ 620,981 $ 3,676,808 $ 3,500,408 $ 2,939,149 $ 1,530,950 $ 4,949,750 $ 2,174,209 $ 25,404 $ 19,417,659 Total YTD gross write-offs $ — $ 193 $ 342 $ 196 $ 98 $ 291 $ 1,070 $ 3 $ 2,193 Loans Amortized Cost Basis by Origination Year December 31, 2023 2023 2022 2021 2020 2019 Prior Revolving Loans Revolving Converted to Term Loans Total (In thousands) Commercial loans Pass/Watch $ 381,705 $ 323,939 $ 326,650 $ 96,725 $ 75,281 $ 136,162 $ 1,775,162 $ 8,308 $ 3,123,932 Special Mention 4,488 4,875 8,559 23,380 — — 75,419 — 116,721 Substandard 1,752 653 9,895 2,462 763 5,775 40,131 116 61,547 Total $ 387,945 $ 329,467 $ 345,104 $ 122,567 $ 76,044 $ 141,937 $ 1,890,712 $ 8,424 $ 3,302,200 YTD gross write-offs $ — $ 977 $ 1,312 $ 384 $ 3,672 $ 6,044 $ 1,520 $ — $ 13,909 Construction loans Pass/Watch $ 29,550 $ 131,984 $ 153,977 $ 19,461 $ 13,298 $ 3,131 $ — $ — $ 351,401 Special Mention 1,911 — 11,707 25,389 — 22,998 — — 62,005 Substandard — — — — 7,736 — — — 7,736 Total $ 31,461 $ 131,984 $ 165,684 $ 44,850 $ 21,034 $ 26,129 $ — $ — $ 421,142 YTD gross write-offs $ — $ — $ — $ — $ — $ 4,221 $ — $ — $ 4,221 Commercial real estate loans Pass/Watch $ 2,121,489 $ 1,959,239 $ 1,585,010 $ 887,508 $ 1,019,952 $ 1,726,015 $ 184,601 $ — $ 9,483,814 Special Mention 37,604 18,910 38,405 3,499 10,303 17,210 1,384 — 127,315 Substandard — 11,870 12,170 2,965 17,293 66,205 — — 110,503 Total $ 2,159,093 $ 1,990,019 $ 1,635,585 $ 893,972 $ 1,047,548 $ 1,809,430 $ 185,985 $ — $ 9,721,632 YTD gross write-offs $ — $ — $ 208 $ — $ 969 $ 4,164 $ — $ — $ 5,341 Residential mortgage loans Pass/Watch $ 1,140,998 $ 1,128,526 $ 902,613 $ 524,315 $ 541,005 $ 1,583,118 $ — $ — $ 5,820,575 Special Mention — — — 33 — 1,619 — — 1,652 Substandard 7 652 3,325 2,577 1,334 9,311 — — 17,206 Total $ 1,141,005 $ 1,129,178 $ 905,938 $ 526,925 $ 542,339 $ 1,594,048 $ — $ — $ 5,839,433 YTD gross write-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — Equity lines Pass/Watch $ — $ 98 $ — $ — $ — $ — $ 227,502 $ 16,628 $ 244,228 Special Mention — 3 — — — — — — 3 Substandard — — — — — — 2,511 173 2,684 Total $ — $ 101 $ — $ — $ — $ — $ 230,013 $ 16,801 $ 246,915 YTD gross write-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — Installment and other loans Pass/Watch $ 5,114 $ 981 $ 3 $ — $ — $ — $ — $ — $ 6,098 Total $ 5,114 $ 981 $ 3 $ — $ — $ — $ — $ — $ 6,098 YTD gross write-offs $ — $ 15 $ — $ — $ — $ — $ — $ — $ 15 Total loans $ 3,724,618 $ 3,581,730 $ 3,052,314 $ 1,588,314 $ 1,686,965 $ 3,571,544 $ 2,306,710 $ 25,225 $ 19,537,420 Total YTD gross write-offs $ — $ 992 $ 1,520 $ 384 $ 4,641 $ 14,429 $ 1,520 $ — $ 23,486 |
Financing Receivable, Allowance for Credit Loss [Table Text Block] | Residential Commercial Mortgage Loans Installment Commercial Construction Real Estate and and Other Loans Loans Loans Equity Lines Loans Total (In thousands) Allowance for Loan Losses: December 31, 2023 Ending Balance $ 53,791 $ 8,180 $ 74,428 $ 18,140 $ 23 $ 154,562 (Reversal)/provision for expected credit losses (1,374 ) 359 2,872 (677 ) (13 ) 1,167 Charge-offs (1,939 ) — (251 ) (3 ) — (2,193 ) Recoveries 812 — — 241 — 1,053 Net (charge-offs)/recoveries (1,127 ) — (251 ) 238 — (1,140 ) March 31, 2024 Ending Balance $ 51,290 $ 8,539 $ 77,049 $ 17,701 $ 10 $ 154,589 Allowance for unfunded credit commitments: December 31, 2023 Ending Balance $ 6,888 $ 2,165 $ — $ — $ — $ 9,053 Provision for expected credit losses 572 161 — — — 733 March 31, 2024 Ending Balance $ 7,460 $ 2,326 $ — $ — $ — $ 9,786 Residential Commercial Mortgage Loans Installment Commercial Construction Real Estate and and Other Loans Loans Loans Equity Lines Loans Total (In thousands) Allowance for Loan Losses: December 31, 2022 Ending Balance $ 49,435 $ 10,417 $ 68,366 $ 18,232 $ 35 $ 146,485 (Reversal)/provision for expected credit losses (60 ) 483 3,463 (611 ) (20 ) 3,255 Charge-offs (3,911 ) — (3,990 ) — (6 ) (7,907 ) Recoveries 511 — 2,528 12 — 3,051 Net (charge-offs)/recoveries (3,400 ) — (1,462 ) 12 (6 ) (4,856 ) March 31, 2023 Ending Balance $ 45,975 $ 10,900 $ 70,367 $ 17,633 $ 9 $ 144,884 Allowance for unfunded credit commitments: December 31, 2022 Ending Balance $ 4,840 $ 3,890 $ — $ — $ — $ 8,730 Provision for expected credit losses 3,435 1,325 85 — — 4,845 March 31, 2023 Ending Balance $ 8,275 $ 5,215 $ 85 $ — $ — $ 13,575 |
Note 12 - Fair Value Measurem_2
Note 12 - Fair Value Measurements and Fair Value of Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | March 31, 2024 Fair Value Measurements Using Total Fair Value Level 1 Level 2 Level 3 Measurements (In thousands) Assets Securities AFS U.S. Treasury securities $ 541,798 $ — $ — $ 541,798 U.S. government agency entities — 12,058 — 12,058 U.S. government sponsored entities — 59,745 — 59,745 Mortgage-backed securities — 754,162 — 754,162 Collateralized mortgage obligations — 27,198 — 27,198 Corporate debt securities — 258,206 — 258,206 Total securities AFS 541,798 1,111,369 — 1,653,167 Equity securities Mutual funds 5,526 — — 5,526 Preferred stock of government sponsored entities 2,384 — — 2,384 Other equity securities 23,470 — — 23,470 Total equity securities 31,380 — — 31,380 Interest rate swaps — 55,138 — 55,138 Foreign exchange contracts — 334 — 334 Total assets $ 573,178 $ 1,166,841 $ — $ 1,740,019 Liabilities Interest rate swaps $ — $ 42,014 $ — $ 42,014 Foreign exchange contracts — 186 — 186 Total liabilities $ — $ 42,200 $ — $ 42,200 December 31, 2023 Fair Value Measurements Using Total Fair Value Level 1 Level 2 Level 3 Measurements (In thousands) Assets Securities AFS U.S. Treasury securities $ 495,300 $ — $ — $ 495,300 U.S. government agency entities — 48,169 — 48,169 Mortgage-backed securities — 786,723 — 786,723 Collateralized mortgage obligations — 28,044 — 28,044 Corporate debt securities — 246,334 — 246,334 Total securities AFS 495,300 1,109,270 — 1,604,570 Equity securities Mutual funds 5,585 — — 5,585 Preferred stock of government sponsored entities 1,821 — — 1,821 Other equity securities 33,000 — — 33,000 Total equity securities 40,406 — — 40,406 Interest rate swaps — 54,268 — 54,268 Foreign exchange contracts — 379 — 379 Total assets $ 535,706 $ 1,163,917 $ — $ 1,699,623 Liabilities Interest rate swaps $ — $ 45,762 $ — $ 45,762 Foreign exchange contracts — 175 — 175 Total liabilities $ — $ 45,937 $ — $ 45,937 |
Fair Value Measurements, Nonrecurring [Table Text Block] | As of March 31, 2024 Total Losses Fair Value Measurements Using Total Fair Value For the Three Months Ended Level 1 Level 2 Level 3 Measurements March 31, 2024 March 31, 2023 (In thousands) Assets Non accrual loans by type: Commercial loans $ — $ — $ 129 $ 129 $ 1,038 $ 2,793 Commercial real estate loans — — 20,002 20,002 251 3,990 Total non accrual loans — — 20,131 20,131 1,289 6,783 Other real estate owned (1) — — 20,446 20,446 — — Investments in venture capital — — 93 93 — — Total assets $ — $ — $ 40,670 $ 40,670 $ 1,289 $ 6,783 As of December 31, 2023 Total Losses Fair Value Measurements Using Total Fair Value For the Twelve Months Ended Level 1 Level 2 Level 3 Measurements December 31, 2023 December 31, 2022 (In thousands) Assets Non accrual loans by type: Commercial loans $ — $ — $ 191 $ 191 $ — $ 1,786 Commercial real estate loans — — 6,882 6,882 4,069 2,091 Total non accrual loans — — 7,073 7,073 4,069 3,877 Other real estate owned (1) — — 20,446 20,446 — — Investments in venture capital — — 237 237 227 268 Total assets $ — $ — $ 27,756 $ 27,756 $ 4,296 $ 4,145 |
Fair Value, by Balance Sheet Grouping [Table Text Block] | March 31, 2024 December 31, 2023 Carrying Carrying Amount Fair Value Amount Fair Value (In thousands) Financial Assets Cash and due from banks $ 165,284 $ 165,284 $ 173,988 $ 173,988 Short-term investments 1,010,651 1,010,651 654,813 654,813 Securities AFS 1,653,167 1,653,167 1,604,570 1,604,570 Loans held-for-sale 23,171 23,171 — — Loans held for investment, net 19,263,070 19,597,530 19,382,858 19,605,152 Equity securities 31,380 31,380 40,406 40,406 Investment in Federal Home Loan Bank stock 17,250 17,250 17,746 17,746 Notional Notional Amount Fair Value Amount Fair Value Foreign exchange contracts $ 250,648 $ 334 $ 124,452 $ 379 Interest rate swaps 1,100,019 55,138 1,406,879 54,268 Carrying Carrying Amount Fair Value Amount Fair Value Financial Liabilities Deposits $ 19,846,259 $ 19,855,328 $ 19,325,447 $ 19,347,070 Advances from Federal Home Loan Bank 265,000 264,596 540,000 536,996 Other borrowings 17,557 15,373 15,787 13,978 Long-term debt 119,136 73,102 119,136 72,304 Notional Notional Amount Fair Value Amount Fair Value Foreign exchange contracts $ 66,081 $ 186 $ 101,378 $ 175 Interest rate swaps 952,560 42,014 1,078,880 45,762 Notional Notional Amount Fair Value Amount Fair Value Off-Balance Sheet Financial Instruments Commitments to extend credit $ 3,925,285 $ (19,052 ) $ 3,808,620 $ (14,344 ) Standby letters of credit 386,442 (3,031 ) 368,618 (2,821 ) Other letters of credit 19,450 (17 ) 11,308 (10 ) |
Schedule Of Fair Value Of Financial Instruments [Table Text Block] | As of March 31, 2024 Fair Value Level 1 Level 2 Level 3 (In thousands) Financial Assets Cash and due from banks $ 165,284 $ 165,284 $ — $ — Short-term investments 1,010,651 1,010,651 — — Loans held-for-sale 23,171 — 23,171 — Loans held for investment, net 19,597,530 — — 19,597,530 Equity securities 31,380 31,380 — — Investment in Federal Home Loan Bank stock 17,250 — 17,250 — Financial Liabilities Deposits 19,855,328 — — 19,855,328 Advances from Federal Home Loan Bank 264,596 — 264,596 — Other borrowings 15,373 — — 15,373 Long-term debt 73,102 — 73,102 — As of December 31, 2023 Fair Value Level 1 Level 2 Level 3 (In thousands) Financial Assets Cash and due from banks $ 173,988 $ 173,988 $ — $ — Short-term investments 654,813 654,813 — — Loans held for investment, net 19,605,152 — — 19,605,152 Equity securities 40,406 40,406 — — Investment in Federal Home Loan Bank stock 17,746 — 17,746 — Financial Liabilities Deposits 19,347,070 — — 19,347,070 Advances from Federal Home Loan Bank 536,996 — 536,996 — Other borrowings 13,978 — — 13,978 Long-term debt 72,304 — 72,304 — |
Note 13 - Goodwill and Other _2
Note 13 - Goodwill and Other Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | March 31, 2024 December 31, 2023 (In thousands) Gross balance $ 10,562 $ 10,562 Accumulated amortization (5,542 ) (5,291 ) Impairment (1,315 ) (1,227 ) Net carrying balance $ 3,705 $ 4,044 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | Amount (In thousands) 2024 $ 751 2025 946 2026 870 2027 870 Thereafter 268 Total $ 3,705 |
Note 14 - Financial Derivativ_2
Note 14 - Financial Derivatives (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Schedule of Cash Flow Hedging Instruments, Statements of Financial Performance and Financial Position, Location [Table Text Block] | March 31, 2024 December 31, 2023 (In thousands) Fair value swap hedges: Notional $ 775,466 $ 1,156,007 Weighted average fixed rate-pay 2.87 % 2.01 % Weighted average variable rate spread 0.22 % 0.32 % Weighted average variable rate-receive 5.56 % 5.41 % Net gain (1) $ 11,502 $ 7,935 Three Months Ended March 31, 2024 March 31, 2023 Periodic net settlement of swaps (2) $ 6,841 $ 6,336 |
Derivatives Not Designated as Hedging Instruments [Table Text Block] | Derivative financial instruments not designated as hedging instruments: March 31, 2024 December 31, 2023 (In thousands) Notional amounts: Forward, and swap contracts with positive fair value $ 875,200 $ 775,324 Forward, and swap contracts with negative fair value $ 690,633 $ 752,250 Fair value: Forward, and swap contracts with positive fair value $ 42,347 $ 39,010 Forward, and swap contracts with negative fair value $ (42,189 ) $ (38,807 ) |
Note 15 - Balance Sheet Offse_2
Note 15 - Balance Sheet Offsetting (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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 (In thousands) March 31, 2024 Assets: Derivatives $ 55,138 $ 2,857 $ 52,281 $ — $ 50,243 $ 2,038 Liabilities: Derivatives $ 42,014 $ — $ 42,014 $ — $ — $ 42,014 December 31, 2023 Assets: Derivatives $ 54,268 $ 335 $ 53,933 $ — $ 44,860 $ 9,073 Liabilities: Derivatives $ 45,762 $ — $ 45,762 $ — $ — $ 45,762 |
Note 16 - Revenue From Contra_2
Note 16 - Revenue From Contracts With Clients (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Three Months Ended March 31, 2024 2023 (In thousands) Non-interest income, in-scope: Fees and service charges on deposit accounts $ 2,238 $ 2,519 Wealth management fees 5,638 3,897 Other service fees (1) 4,050 3,544 Total noninterest income 11,926 9,960 Noninterest income, not in-scope (2) (5,315 ) 4,284 Total noninterest income $ 6,611 $ 14,244 |
Note 17 - Stockholders' Equity
Note 17 - Stockholders' Equity (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Three Months Ended March 31, 2024 Three Months Ended March 31, 2023 Pre-tax Tax expense/ (benefit) Net-of-tax Pre-tax Tax expense/ (benefit) Net-of-tax (In thousands) Beginning balance, gain/(loss), net of tax Securities AFS $ (86,190 ) $ (104,832 ) Cash flow hedge derivatives 774 2,537 Total $ (85,416 ) $ (102,295 ) Net unrealized gains/(losses) arising during the period Securities AFS $ (8,010 ) $ (2,368 ) $ (5,642 ) $ 13,552 $ 4,006 $ 9,546 Cash flow hedge derivatives (626 ) (185 ) (441 ) (626 ) (185 ) (441 ) Total $ (8,636 ) $ (2,553 ) $ (6,083 ) $ 12,926 $ 3,821 $ 9,105 Reclassification adjustment for net losses in net income Securities AFS $ (1,107 ) $ (327 ) $ (780 ) $ 3,000 $ 887 $ 2,113 Cash flow hedge derivatives — — — — — — Total (1,107 ) (327 ) (780 ) 3,000 887 2,113 Total other comprehensive income/(loss) Securities AFS $ (9,117 ) $ (2,695 ) $ (6,422 ) $ 16,552 $ 4,893 $ 11,659 Cash flow hedge derivatives (626 ) (185 ) (441 ) (626 ) (185 ) (441 ) Total $ (9,743 ) $ (2,880 ) $ (6,863 ) $ 15,926 $ 4,708 $ 11,218 Ending balance, gain/(loss), net of tax Securities AFS $ (92,612 ) $ (93,173 ) Cash flow hedge derivatives 333 2,096 Total $ (92,279 ) $ (91,077 ) |
Note 1 - Business (Details Text
Note 1 - Business (Details Textual) | Mar. 31, 2024 |
Number Of Limited Partnerships In Housing Investments | 11 |
Percentage of Subsidiaries Common Securities Owned by Parent Company | 100% |
Southern California1 [Member] | |
Number Of Branch Locations | 24 |
Northern California 1 [Member] | |
Number Of Branch Locations | 19 |
NEW YORK | |
Number Of Branch Locations | 9 |
WASHINGTON | |
Number Of Branch Locations | 4 |
ILLINOIS | |
Number Of Branch Locations | 2 |
TEXAS | |
Number Of Branch Locations | 2 |
MARYLAND | |
Number Of Branch Locations | 1 |
HONG KONG | |
Number Of Branch Locations | 1 |
MASSACHUSETTS | |
Number Of Branch Locations | 1 |
NEVADA | |
Number Of Branch Locations | 1 |
NEW JERSEY | |
Number Of Branch Locations | 1 |
Note 4 - Cash, Cash Equivalen_2
Note 4 - Cash, Cash Equivalents and Restricted Cash (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
Average Excess Balances Maintained With Federal Reserve Bank | $ 1,050 | $ 1,090 |
Margin Deposit Assets | 60,900 | 53,800 |
Restricted Cash | 29,300 | 6,400 |
Bank [Member] | ||
Restricted Cash | $ 7,800 | $ 8,600 |
Note 5 - Earnings Per Share - E
Note 5 - Earnings Per Share - Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 30, 2024 | Mar. 31, 2023 | |
Net income | $ 71,435 | $ 71,435 | $ 96,007 |
Basic weighted-average number of common shares outstanding (in shares) | 72,673,974 | 72,533,239 | |
Dilutive effect of weighted-average outstanding common share equivalents RSUs (in shares) | 297,183 | 366,423 | |
Diluted weighted-average number of common shares outstanding (in shares) | 72,971,157 | 72,899,662 | |
Average restricted stock units with anti-dilutive effect (in shares) | 0 | 777 | |
Basic (in dollars per share) | $ 0.98 | $ 1.32 | |
Diluted (in dollars per share) | $ 0.98 | $ 1.32 |
Note 6 - Stock-based Compensa_3
Note 6 - Stock-based Compensation (Details Textual) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Share-Based Payment Arrangement, Expense | $ 0.9 | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares) | 1,455,440 | |
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 | $ 0.9 | $ 1.5 |
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ 7.7 | $ 7.4 |
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 Payment Arrangement, Cliff Vesting [Member] | Minimum [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year) | 1 year | |
Restricted Stock Units (RSUs) [Member] | Share-Based Payment Arrangement, Cliff Vesting [Member] | Maximum [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year) | 3 years | |
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] | Share-Based Payment Arrangement, Tranche One [Member] | Minimum [Member] | ||
Performance-based Restricted Stock Units, Number of Shares That May Vest, Percentage of Target | 0% | |
Performance-based Restricted Stock Units [Member] | Share-Based Payment Arrangement, Tranche One [Member] | Maximum [Member] | ||
Performance-based Restricted Stock Units, Number of Shares That May Vest, Percentage of Target | 150% |
Note 6 - Stock-based Compensa_4
Note 6 - Stock-based Compensation - Restricted Stock Units (Details) | 3 Months Ended |
Mar. 31, 2024 $ / shares shares | |
Time-based Restricted Stock Units [Member] | |
Balance (in shares) | shares | 194,389 |
Balance, weighted-average grant date fair value (in dollars per share) | $ / shares | $ 34.83 |
Granted (in shares) | shares | 1,241 |
Granted, weighted-average grant date fair value (in dollars per share) | $ / shares | $ 37.96 |
Vested (in shares) | shares | (1,326) |
Vested, weighted-average grant date fair value (in dollars per share) | $ / shares | $ 43.24 |
Forfeited (in shares) | shares | (16,400) |
Forfeited, weighted-average grant date fair value (in dollars per share) | $ / shares | $ 41.94 |
Balance (in shares) | shares | 177,904 |
Balance, weighted-average grant date fair value (in dollars per share) | $ / shares | $ 34.13 |
Performance-based Restricted Stock Units [Member] | |
Balance (in shares) | shares | 349,661 |
Balance, weighted-average grant date fair value (in dollars per share) | $ / shares | $ 32.94 |
Granted (in shares) | shares | 0 |
Granted, weighted-average grant date fair value (in dollars per share) | $ / shares | $ 0 |
Vested (in shares) | shares | 0 |
Vested, weighted-average grant date fair value (in dollars per share) | $ / shares | $ 0 |
Forfeited (in shares) | shares | (17,395) |
Forfeited, weighted-average grant date fair value (in dollars per share) | $ / shares | $ 39.26 |
Balance (in shares) | shares | 332,266 |
Balance, weighted-average grant date fair value (in dollars per share) | $ / shares | $ 32.61 |
Note 7 - Investment Securitie_2
Note 7 - Investment Securities (Details Textual) $ in Thousands | 1 Months Ended | 3 Months Ended | ||
Mar. 31, 2023 USD ($) | Mar. 31, 2024 USD ($) | Mar. 31, 2023 USD ($) | Dec. 31, 2023 USD ($) | |
Debt Securities, Available-for-Sale, Accrued Interest, after Allowance for Credit Loss | $ 4,800 | |||
Equity Securities, FV-NI, Unrealized Gain (Loss) | (9,026) | $ 4,853 | ||
Equity Securities, FV-NI, Current | $ 40,400 | $ 31,380 | 40,400 | $ 40,406 |
Debt Securities, Available-for-Sale, Unrealized Loss Position, Number of Positions | 200 | 192 | ||
Proceeds from Sale of Debt Securities, Available-for-Sale | $ 33,690 | $ 0 | ||
Debt Securities, Available-for-Sale, Allowance for Credit Loss | 0 | |||
Debt Securities, Available-for-Sale, Transfer in, Allowance for Credit Loss, Expense | 0 | |||
Pledged Investment Securities | 30,600 | $ 134,200 | ||
Signature Bank [Member] | ||||
Debt Securities, Available-for-Sale, Realized Loss | $ 3,000 | |||
Proceeds from Sale of Debt Securities, Available-for-Sale | $ 1,400 | |||
Collateralized Mortgage-Backed Securities [Member] | ||||
Debt Securities, Available-for-Sale, Unrealized Loss Position, Number of Positions | 156 | 154 | ||
Corporate Debt Securities [Member] | ||||
Debt Securities, Available-for-Sale, Unrealized Loss Position, Number of Positions | 23 | 24 | ||
US Treasury Securities [Member] | ||||
Debt Securities, Available-for-Sale, Unrealized Loss Position, Number of Positions | 8 | 1 | ||
Collateralized Mortgage Obligations [Member] | ||||
Debt Securities, Available-for-Sale, Unrealized Loss Position, Number of Positions | 5 | 5 | ||
US Government Corporations and Agencies Securities [Member] | ||||
Debt Securities, Available-for-Sale, Unrealized Loss Position, Number of Positions | 5 | 8 |
Note 7 - Investment Securitie_3
Note 7 - Investment Securities - Investment Securities (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Investment securities available for sale, amortized cost | $ 1,783,915 | $ 1,726,080 |
Investment securities available for sale, gross unrealized gains | 162 | 515 |
Investment securities available for sale, gross unrealized losses | 130,910 | 122,025 |
Securities AFS | 1,653,167 | 1,604,570 |
US Treasury Securities [Member] | ||
Investment securities available for sale, amortized cost | 541,914 | 495,167 |
Investment securities available for sale, gross unrealized gains | 4 | 153 |
Investment securities available for sale, gross unrealized losses | 120 | 20 |
Securities AFS | 541,798 | 495,300 |
US Government Corporations and Agencies Securities [Member] | ||
Investment securities available for sale, amortized cost | 12,123 | 48,282 |
Investment securities available for sale, gross unrealized gains | 61 | 117 |
Investment securities available for sale, gross unrealized losses | 126 | 230 |
Securities AFS | 12,058 | 48,169 |
US Government-sponsored Enterprises Debt Securities [Member] | ||
Investment securities available for sale, amortized cost | 59,785 | |
Investment securities available for sale, gross unrealized gains | 0 | |
Investment securities available for sale, gross unrealized losses | 40 | |
Securities AFS | 59,745 | |
Collateralized Mortgage-Backed Securities [Member] | ||
Investment securities available for sale, amortized cost | 871,231 | 892,942 |
Investment securities available for sale, gross unrealized gains | 63 | 223 |
Investment securities available for sale, gross unrealized losses | 117,132 | 106,442 |
Securities AFS | 754,162 | 786,723 |
Collateralized Mortgage Obligations [Member] | ||
Investment securities available for sale, amortized cost | 30,494 | 31,238 |
Investment securities available for sale, gross unrealized gains | 0 | 0 |
Investment securities available for sale, gross unrealized losses | 3,296 | 3,194 |
Securities AFS | 27,198 | 28,044 |
Corporate Debt Securities [Member] | ||
Investment securities available for sale, amortized cost | 268,368 | 258,451 |
Investment securities available for sale, gross unrealized gains | 34 | 22 |
Investment securities available for sale, gross unrealized losses | 10,196 | 12,139 |
Securities AFS | $ 258,206 | $ 246,334 |
Note 7 - Investment Securitie_4
Note 7 - Investment Securities - Investments by Contractual Maturity Date (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Due in one year or less, Amortized Cost | $ 661,864 | |
Due in one year or less, Fair Value | 661,135 | |
Due after one year through five years, Amortized Cost | 207,407 | |
Due after one year through five years, Fair Value | 198,023 | |
Due after five years through ten years, Amortized Cost | 140,147 | |
Due after five years through ten years, Fair Value | 131,192 | |
Due after ten years, Amortized Cost | 774,497 | |
Due after ten years, Fair Value | 662,817 | |
Total, Amortized Cost | 1,783,915 | $ 1,726,080 |
Total, Fair Value | $ 1,653,167 | $ 1,604,570 |
Note 7 - Investment Securitie_5
Note 7 - Investment Securities - Temporarily Impaired Securities (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Temporarily impaired securities, less than 12 months, fair value | $ 525,046 | $ 132,580 |
Temporarily impaired securities, less than 12 months, unrealized losses | 718 | 680 |
Temporarily impaired securities, 12 months or longer, fair value | 934,725 | 964,495 |
Temporarily impaired securities, 12 months or longer, unrealized losses | 130,192 | 121,345 |
Temporarily impaired securities, total fair value | 1,459,771 | 1,097,075 |
Temporarily impaired securities, total unrealized losses | 130,910 | 122,025 |
US Treasury Securities [Member] | ||
Temporarily impaired securities, less than 12 months, fair value | 392,376 | 49,831 |
Temporarily impaired securities, less than 12 months, unrealized losses | 120 | 20 |
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 | 392,376 | 49,831 |
Temporarily impaired securities, total unrealized losses | 120 | 20 |
US Government Corporations and Agencies Securities [Member] | ||
Temporarily impaired securities, less than 12 months, fair value | 1,471 | 18,301 |
Temporarily impaired securities, less than 12 months, unrealized losses | 2 | 108 |
Temporarily impaired securities, 12 months or longer, fair value | 2,524 | 1,313 |
Temporarily impaired securities, 12 months or longer, unrealized losses | 124 | 122 |
Temporarily impaired securities, total fair value | 3,995 | 19,614 |
Temporarily impaired securities, total unrealized losses | 126 | 230 |
US Government-sponsored Enterprises Debt Securities [Member] | ||
Temporarily impaired securities, less than 12 months, fair value | 59,745 | |
Temporarily impaired securities, less than 12 months, unrealized losses | 40 | |
Temporarily impaired securities, 12 months or longer, fair value | 0 | |
Temporarily impaired securities, 12 months or longer, unrealized losses | 0 | |
Temporarily impaired securities, total fair value | 59,745 | |
Temporarily impaired securities, total unrealized losses | 40 | |
Collateralized Mortgage-Backed Securities [Member] | ||
Temporarily impaired securities, less than 12 months, fair value | 16,923 | 0 |
Temporarily impaired securities, less than 12 months, unrealized losses | 87 | 0 |
Temporarily impaired securities, 12 months or longer, fair value | 736,362 | 768,274 |
Temporarily impaired securities, 12 months or longer, unrealized losses | 117,045 | 106,442 |
Temporarily impaired securities, total fair value | 753,285 | 768,274 |
Temporarily impaired securities, total unrealized losses | 117,132 | 106,442 |
Collateralized Mortgage Obligations [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 | 27,198 | 28,044 |
Temporarily impaired securities, 12 months or longer, unrealized losses | 3,296 | 3,194 |
Temporarily impaired securities, total fair value | 27,198 | 28,044 |
Temporarily impaired securities, total unrealized losses | 3,296 | 3,194 |
Corporate Debt Securities [Member] | ||
Temporarily impaired securities, less than 12 months, fair value | 54,531 | 64,448 |
Temporarily impaired securities, less than 12 months, unrealized losses | 469 | 552 |
Temporarily impaired securities, 12 months or longer, fair value | 168,641 | 166,864 |
Temporarily impaired securities, 12 months or longer, unrealized losses | 9,727 | 11,587 |
Temporarily impaired securities, total fair value | 223,172 | 231,312 |
Temporarily impaired securities, total unrealized losses | $ 10,196 | $ 12,139 |
Note 8 - Loans (Details Textual
Note 8 - Loans (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Dec. 31, 2023 | |
Financing Receivable, Nonaccrual | $ 98,107 | $ 66,681 |
Percentage Of Charge Off To Contractual Balances For Impaired Loans | 4.40% | 15.80% |
Financing Receivable, Modified, 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 |
Note 8 - Loans - Components of
Note 8 - Loans - Components of Loans in Consolidated Balance Sheets (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 | Dec. 31, 2022 |
Loans held for investment | $ 19,429,396 | $ 19,548,140 | ||
Less: Allowance for loan losses | (154,589) | (154,562) | $ (144,884) | $ (146,485) |
Unamortized deferred loan fees, net | (11,737) | (10,720) | ||
Loans held for investment, net | 19,263,070 | 19,382,858 | ||
Loans held for sale | 23,171 | 0 | ||
Commercial Portfolio Segment [Member] | ||||
Loans held for investment | 3,132,580 | 3,305,048 | ||
Less: Allowance for loan losses | (51,290) | (53,791) | (45,975) | (49,435) |
Real Estate Construction Portfolio Segment [Member] | ||||
Loans held for investment | 382,775 | 422,647 | ||
Less: Allowance for loan losses | (8,539) | (8,180) | (10,900) | (10,417) |
Commercial Real Estate Portfolio Segment [Member] | ||||
Loans held for investment | 9,821,807 | 9,729,581 | ||
Less: Allowance for loan losses | (77,049) | (74,428) | (70,367) | (68,366) |
Residential Portfolio Segment [Member] | ||||
Loans held for investment | 5,841,846 | 5,838,747 | ||
Equity Lines Portfolio Segment [Member] | ||||
Loans held for investment | 245,222 | 245,919 | ||
Installment and Other Loans [Member ] | ||||
Loans held for investment | 5,166 | 6,198 | ||
Less: Allowance for loan losses | $ (10) | $ (23) | $ (9) | $ (35) |
Note 8 - Loans - Nonaccrual Loa
Note 8 - Loans - Nonaccrual Loans and Related Allowance for Credit Losses (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Loans with no related allowance, unpaid principal balance | $ 112,088 | $ 88,728 |
Loans with no related allowance, recorded investment | 87,957 | 66,681 |
Loans with related allowance, unpaid principal balance | 10,753 | |
Loans with related allowance, recorded investment | 10,150 | |
Allowance | 5,100 | 0 |
Unpaid principal balance | 122,841 | 88,728 |
Recorded investment | 98,107 | 66,681 |
Commercial Portfolio Segment [Member] | ||
Loans with no related allowance, unpaid principal balance | 16,329 | 26,310 |
Loans with no related allowance, recorded investment | 4,492 | 14,404 |
Loans with related allowance, unpaid principal balance | 10,753 | |
Loans with related allowance, recorded investment | 10,150 | |
Allowance | 5,100 | |
Real Estate Construction Portfolio Segment [Member] | ||
Loans with no related allowance, unpaid principal balance | 22,998 | 7,736 |
Loans with no related allowance, recorded investment | 22,998 | 7,736 |
Commercial Real Estate Portfolio Segment [Member] | ||
Loans with no related allowance, unpaid principal balance | 59,261 | 41,725 |
Loans with no related allowance, recorded investment | 47,465 | 32,030 |
Residential Mortgage and Equity Lines Portfolio Segment [Member] | ||
Loans with no related allowance, unpaid principal balance | 13,500 | 12,957 |
Loans with no related allowance, recorded investment | $ 13,002 | $ 12,511 |
Note 8 - Loans - Average Balanc
Note 8 - Loans - Average Balance and Interest Income Recognized Related to Non-accrual Loans (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Average Recorded Investment | $ 101,236 | $ 69,577 |
Interest Income Recognized | 51 | 235 |
Commercial Portfolio Segment [Member] | ||
Average Recorded Investment | 15,097 | 23,395 |
Interest Income Recognized | 3 | 4 |
Real Estate Construction Portfolio Segment [Member] | ||
Average Recorded Investment | 28,099 | |
Interest Income Recognized | 0 | |
Commercial Real Estate Portfolio Segment [Member] | ||
Average Recorded Investment | 43,871 | 36,214 |
Interest Income Recognized | 48 | 231 |
Residential Mortgage and Equity Lines Portfolio Segment [Member] | ||
Average Recorded Investment | 14,169 | 9,965 |
Interest Income Recognized | $ 0 | 0 |
Installment and Other Loans [Member ] | ||
Average Recorded Investment | 3 | |
Interest Income Recognized | $ 0 |
Note 8 - Loans - Aging of Loan
Note 8 - Loans - Aging of Loan Portfolio (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Loans held for investment | $ 19,429,396 | $ 19,548,140 |
Recorded investment | 98,107 | 66,681 |
Financial Asset, 30 to 59 Days Past Due [Member] | ||
Loans held for investment | 112,864 | 124,698 |
Financial Asset, 60 to 89 Days Past Due [Member] | ||
Loans held for investment | 36,331 | 38,941 |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans held for investment | 7,560 | 7,157 |
Financial Asset, Past Due [Member] | ||
Loans held for investment | 254,862 | 237,477 |
Recorded investment | 98,107 | 66,681 |
Financial Asset, Not Past Due [Member] | ||
Loans held for investment | 19,174,534 | 19,310,663 |
Commercial Portfolio Segment [Member] | ||
Loans held for investment | 3,132,580 | 3,305,048 |
Commercial Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Loans held for investment | 25,777 | 11,771 |
Commercial Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Loans held for investment | 21,857 | 7,770 |
Commercial Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans held for investment | 6,060 | 508 |
Commercial Portfolio Segment [Member] | Financial Asset, Past Due [Member] | ||
Loans held for investment | 68,336 | 34,453 |
Recorded investment | 14,642 | 14,404 |
Commercial Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | ||
Loans held for investment | 3,064,244 | 3,270,595 |
Real Estate Construction Portfolio Segment [Member] | ||
Loans held for investment | 382,775 | 422,647 |
Real Estate Construction Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Loans held for investment | 0 | 25,389 |
Real Estate Construction Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Loans held for investment | 0 | 22,998 |
Real Estate Construction Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans held for investment | 0 | 0 |
Real Estate Construction Portfolio Segment [Member] | Financial Asset, Past Due [Member] | ||
Loans held for investment | 22,998 | 56,123 |
Recorded investment | 22,998 | 7,736 |
Real Estate Construction Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | ||
Loans held for investment | 359,777 | 366,524 |
Commercial Real Estate Portfolio Segment [Member] | ||
Loans held for investment | 9,821,807 | 9,729,581 |
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Loans held for investment | 25,684 | 27,900 |
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Loans held for investment | 13,803 | 1,503 |
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans held for investment | 1,500 | 6,649 |
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, Past Due [Member] | ||
Loans held for investment | 88,452 | 68,082 |
Recorded investment | 47,465 | 32,030 |
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | ||
Loans held for investment | 9,733,355 | 9,661,499 |
Residential Mortgage and Equity Lines Portfolio Segment [Member] | ||
Loans held for investment | 6,087,068 | 6,084,666 |
Residential Mortgage and Equity Lines Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Loans held for investment | 61,403 | 59,606 |
Residential Mortgage and Equity Lines Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Loans held for investment | 671 | 6,670 |
Residential Mortgage and Equity Lines Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans held for investment | 0 | 0 |
Residential Mortgage and Equity Lines Portfolio Segment [Member] | Financial Asset, Past Due [Member] | ||
Loans held for investment | 75,076 | 78,787 |
Recorded investment | 13,002 | 12,511 |
Residential Mortgage and Equity Lines Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | ||
Loans held for investment | 6,011,992 | 6,005,879 |
Installment and Other Loans [Member ] | ||
Loans held for investment | 5,166 | 6,198 |
Installment and Other Loans [Member ] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Loans held for investment | 0 | 32 |
Installment and Other Loans [Member ] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Loans held for investment | 0 | 0 |
Installment and Other Loans [Member ] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans held for investment | 0 | 0 |
Installment and Other Loans [Member ] | Financial Asset, Past Due [Member] | ||
Loans held for investment | 0 | 32 |
Recorded investment | 0 | 0 |
Installment and Other Loans [Member ] | Financial Asset, Not Past Due [Member] | ||
Loans held for investment | $ 5,166 | $ 6,166 |
Note 8 - Loans - Amortized Cost
Note 8 - Loans - Amortized Cost of Modified Loans (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2024 USD ($) | |
Modified | $ 2,751 |
Extended Maturity [Member] | |
Modified | 222 |
Rate Reduction and Term Extension and Payment Deferral [Member] | |
Modified | 2,529 |
Commercial Portfolio Segment [Member] | |
Modified | $ 2,529 |
% of total loans | 0.08% |
Weighted average rate reduction | 1.12% |
Weighted average term increase (Year) | 2 years 2 months 12 days |
Weighted average payment deferral (Year) | 10 months 24 days |
Commercial Portfolio Segment [Member] | Extended Maturity [Member] | |
Modified | $ 0 |
Commercial Portfolio Segment [Member] | Rate Reduction and Term Extension and Payment Deferral [Member] | |
Modified | 2,529 |
Residential Mortgage and Equity Lines Portfolio Segment [Member] | |
Modified | $ 222,000 |
% of total loans | 0% |
Weighted average rate reduction | 0.12% |
Weighted average term increase (Year) | 0 years |
Weighted average payment deferral (Year) | 2 years |
Residential Mortgage and Equity Lines Portfolio Segment [Member] | Extended Maturity [Member] | |
Modified | $ 222,000 |
Residential Mortgage and Equity Lines Portfolio Segment [Member] | Rate Reduction and Term Extension and Payment Deferral [Member] | |
Modified | $ 0 |
Note 8 - Loans - Performance of
Note 8 - Loans - Performance of Modified Loans (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2024 USD ($) | |
Modified | $ 2,751 |
Financial Asset, Not Past Due [Member] | |
Modified | 0 |
Financial Asset, 30 to 89 Days Past Due [Member] | |
Modified | 0 |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |
Modified | 2,751 |
Commercial Portfolio Segment [Member] | |
Modified | 2,529 |
Commercial Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | |
Modified | 0 |
Commercial Portfolio Segment [Member] | Financial Asset, 30 to 89 Days Past Due [Member] | |
Modified | 0 |
Commercial Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |
Modified | 2,529 |
Residential Mortgage and Equity Lines Portfolio Segment [Member] | |
Modified | 222 |
Residential Mortgage and Equity Lines Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | |
Modified | 0 |
Residential Mortgage and Equity Lines Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |
Modified | 222 |
Residential Mortgage and Equity Lines Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | |
Modified | $ 0 |
Note 8 - Loans - Loan Held for
Note 8 - Loans - Loan Held for Investment by Loan Portfolio Segments, Internal Risk Ratings and Vintage Year (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Loans originated in current year | $ 620,981 | $ 3,724,618 | |
Loans originated year prior | 3,676,808 | 3,581,730 | |
Loans originated three years prior | 3,500,408 | 3,052,314 | |
Loans originated four years prior | 2,939,149 | 1,588,314 | |
Loans originated five years prior | 1,530,950 | 1,686,965 | |
Total, Loans Amortized Cost Basis by Origination Year Prior | 4,949,750 | 3,571,544 | |
Total, Revolving Loans | 2,174,209 | 2,306,710 | |
Total, Revolving Converted to Term Loans | 25,404 | 25,225 | |
Total loans | 19,417,659 | 19,537,420 | |
Loans originated in current year, write offs | 0 | 0 | |
Loans originated year prior, write offs | 193 | 992 | |
Loans originated three years prior, write offs | 342 | 1,520 | |
Loans originated four years prior, write offs | 196 | 384 | |
Loans originated five years prior, write offs | 98 | 4,641 | |
Total, Loans Amortized Cost Basis by Origination Year Prior, Write Offs | 291 | 14,429 | |
Total, Revolving Loans Write Offs | 1,070 | 1,520 | |
Total, Revolving Converted to Term Loans, Write Offs | 3 | 0 | |
YTD gross write-offs | 2,193 | $ 7,907 | 23,486 |
Total loans | 19,417,659 | 19,537,420 | |
Commercial Portfolio Segment [Member] | |||
Loans originated in current year | 112,388 | 387,945 | |
Loans originated year prior | 369,374 | 329,467 | |
Loans originated three years prior | 298,536 | 345,104 | |
Loans originated four years prior | 311,032 | 122,567 | |
Loans originated five years prior | 96,912 | 76,044 | |
Total, Loans Amortized Cost Basis by Origination Year Prior | 148,330 | 141,937 | |
Total, Revolving Loans | 1,782,584 | 1,890,712 | |
Total, Revolving Converted to Term Loans | 8,858 | 8,424 | |
Total loans | 3,128,014 | 3,302,200 | |
Loans originated in current year, write offs | 0 | 0 | |
Loans originated year prior, write offs | 193 | 977 | |
Loans originated three years prior, write offs | 342 | 1,312 | |
Loans originated four years prior, write offs | 196 | 384 | |
Loans originated five years prior, write offs | 98 | 3,672 | |
Total, Loans Amortized Cost Basis by Origination Year Prior, Write Offs | 40 | 6,044 | |
Total, Revolving Loans Write Offs | 1,070 | 1,520 | |
Total, Revolving Converted to Term Loans, Write Offs | 0 | 0 | |
YTD gross write-offs | 1,939 | 3,911 | 13,909 |
Total loans | 3,128,014 | 3,302,200 | |
Commercial Portfolio Segment [Member] | Pass [Member] | |||
Loans originated in current year | 112,388 | 381,705 | |
Loans originated year prior | 363,390 | 323,939 | |
Loans originated three years prior | 288,235 | 326,650 | |
Loans originated four years prior | 285,412 | 96,725 | |
Loans originated five years prior | 71,446 | 75,281 | |
Total, Loans Amortized Cost Basis by Origination Year Prior | 141,867 | 136,162 | |
Total, Revolving Loans | 1,670,791 | 1,775,162 | |
Total, Revolving Converted to Term Loans | 8,632 | 8,308 | |
Total loans | 2,942,161 | 3,123,932 | |
Total loans | 2,942,161 | 3,123,932 | |
Commercial Portfolio Segment [Member] | Special Mention [Member] | |||
Loans originated in current year | 0 | 4,488 | |
Loans originated year prior | 0 | 4,875 | |
Loans originated three years prior | 9,791 | 8,559 | |
Loans originated four years prior | 15,092 | 23,380 | |
Loans originated five years prior | 23,013 | 0 | |
Total, Loans Amortized Cost Basis by Origination Year Prior | 0 | 0 | |
Total, Revolving Loans | 63,531 | 75,419 | |
Total, Revolving Converted to Term Loans | 50 | 0 | |
Total loans | 111,477 | 116,721 | |
Total loans | 111,477 | 116,721 | |
Commercial Portfolio Segment [Member] | Substandard [Member] | |||
Loans originated in current year | 0 | 1,752 | |
Loans originated year prior | 5,984 | 653 | |
Loans originated three years prior | 510 | 9,895 | |
Loans originated four years prior | 10,528 | 2,462 | |
Loans originated five years prior | 2,453 | 763 | |
Total, Loans Amortized Cost Basis by Origination Year Prior | 6,463 | 5,775 | |
Total, Revolving Loans | 48,262 | 40,131 | |
Total, Revolving Converted to Term Loans | 176 | 116 | |
Total loans | 74,376 | 61,547 | |
Total loans | 74,376 | 61,547 | |
Real Estate Construction Portfolio Segment [Member] | |||
Loans originated in current year | 0 | 31,461 | |
Loans originated year prior | 37,572 | 131,984 | |
Loans originated three years prior | 138,347 | 165,684 | |
Loans originated four years prior | 124,103 | 44,850 | |
Loans originated five years prior | 45,013 | 21,034 | |
Total, Loans Amortized Cost Basis by Origination Year Prior | 36,611 | 26,129 | |
Total, Revolving Loans | 0 | 0 | |
Total, Revolving Converted to Term Loans | 0 | 0 | |
Total loans | 381,646 | 421,142 | |
Loans originated in current year, write offs | 0 | 0 | |
Loans originated year prior, write offs | 0 | 0 | |
Loans originated three years prior, write offs | 0 | 0 | |
Loans originated four years prior, write offs | 0 | 0 | |
Loans originated five years prior, write offs | 0 | 0 | |
Total, Loans Amortized Cost Basis by Origination Year Prior, Write Offs | 0 | 4,221 | |
Total, Revolving Loans Write Offs | 0 | 0 | |
Total, Revolving Converted to Term Loans, Write Offs | 0 | 0 | |
YTD gross write-offs | 0 | 0 | 4,221 |
Total loans | 381,646 | 421,142 | |
Real Estate Construction Portfolio Segment [Member] | Pass [Member] | |||
Loans originated in current year | 0 | 29,550 | |
Loans originated year prior | 34,582 | 131,984 | |
Loans originated three years prior | 138,347 | 153,977 | |
Loans originated four years prior | 124,103 | 19,461 | |
Loans originated five years prior | 19,592 | 13,298 | |
Total, Loans Amortized Cost Basis by Origination Year Prior | 13,613 | 3,131 | |
Total, Revolving Loans | 0 | 0 | |
Total, Revolving Converted to Term Loans | 0 | 0 | |
Total loans | 330,237 | 351,401 | |
Total loans | 330,237 | 351,401 | |
Real Estate Construction Portfolio Segment [Member] | Special Mention [Member] | |||
Loans originated in current year | 0 | 1,911 | |
Loans originated year prior | 2,990 | 0 | |
Loans originated three years prior | 0 | 11,707 | |
Loans originated four years prior | 0 | 25,389 | |
Loans originated five years prior | 25,421 | 0 | |
Total, Loans Amortized Cost Basis by Origination Year Prior | 0 | 22,998 | |
Total, Revolving Loans | 0 | 0 | |
Total, Revolving Converted to Term Loans | 0 | 0 | |
Total loans | 28,411 | 62,005 | |
Total loans | 28,411 | 62,005 | |
Real Estate Construction Portfolio Segment [Member] | Substandard [Member] | |||
Loans originated in current year | 0 | 0 | |
Loans originated year prior | 0 | 0 | |
Loans originated three years prior | 0 | 0 | |
Loans originated four years prior | 0 | 0 | |
Loans originated five years prior | 0 | 7,736 | |
Total, Loans Amortized Cost Basis by Origination Year Prior | 22,998 | 0 | |
Total, Revolving Loans | 0 | 0 | |
Total, Revolving Converted to Term Loans | 0 | 0 | |
Total loans | 22,998 | 7,736 | |
Total loans | 22,998 | 7,736 | |
Commercial Real Estate Portfolio Segment [Member] | |||
Loans originated in current year | 326,752 | 2,159,093 | |
Loans originated year prior | 2,156,098 | 1,990,019 | |
Loans originated three years prior | 1,956,654 | 1,635,585 | |
Loans originated four years prior | 1,617,736 | 893,972 | |
Loans originated five years prior | 878,998 | 1,047,548 | |
Total, Loans Amortized Cost Basis by Origination Year Prior | 2,715,995 | 1,809,430 | |
Total, Revolving Loans | 162,079 | 185,985 | |
Total, Revolving Converted to Term Loans | 0 | 0 | |
Total loans | 9,814,312 | 9,721,632 | |
Loans originated in current year, write offs | 0 | 0 | |
Loans originated year prior, write offs | 0 | 0 | |
Loans originated three years prior, write offs | 0 | 208 | |
Loans originated four years prior, write offs | 0 | 0 | |
Loans originated five years prior, write offs | 0 | 969 | |
Total, Loans Amortized Cost Basis by Origination Year Prior, Write Offs | 251 | 4,164 | |
Total, Revolving Loans Write Offs | 0 | 0 | |
Total, Revolving Converted to Term Loans, Write Offs | 0 | 0 | |
YTD gross write-offs | 251 | 3,990 | 5,341 |
Total loans | 9,814,312 | 9,721,632 | |
Commercial Real Estate Portfolio Segment [Member] | Pass [Member] | |||
Loans originated in current year | 326,264 | 2,121,489 | |
Loans originated year prior | 2,121,324 | 1,959,239 | |
Loans originated three years prior | 1,926,019 | 1,585,010 | |
Loans originated four years prior | 1,565,519 | 887,508 | |
Loans originated five years prior | 874,626 | 1,019,952 | |
Total, Loans Amortized Cost Basis by Origination Year Prior | 2,605,759 | 1,726,015 | |
Total, Revolving Loans | 160,035 | 184,601 | |
Total, Revolving Converted to Term Loans | 0 | 0 | |
Total loans | 9,579,546 | 9,483,814 | |
Total loans | 9,579,546 | 9,483,814 | |
Commercial Real Estate Portfolio Segment [Member] | Special Mention [Member] | |||
Loans originated in current year | 488 | 37,604 | |
Loans originated year prior | 23,587 | 18,910 | |
Loans originated three years prior | 16,213 | 38,405 | |
Loans originated four years prior | 40,453 | 3,499 | |
Loans originated five years prior | 1,407 | 10,303 | |
Total, Loans Amortized Cost Basis by Origination Year Prior | 19,526 | 17,210 | |
Total, Revolving Loans | 1,380 | 1,384 | |
Total, Revolving Converted to Term Loans | 0 | 0 | |
Total loans | 103,054 | 127,315 | |
Total loans | 103,054 | 127,315 | |
Commercial Real Estate Portfolio Segment [Member] | Substandard [Member] | |||
Loans originated in current year | 0 | 0 | |
Loans originated year prior | 11,187 | 11,870 | |
Loans originated three years prior | 14,422 | 12,170 | |
Loans originated four years prior | 11,764 | 2,965 | |
Loans originated five years prior | 2,965 | 17,293 | |
Total, Loans Amortized Cost Basis by Origination Year Prior | 90,710 | 66,205 | |
Total, Revolving Loans | 664 | 0 | |
Total, Revolving Converted to Term Loans | 0 | 0 | |
Total loans | 131,712 | 110,503 | |
Total loans | 131,712 | 110,503 | |
Residential Portfolio Segment [Member] | |||
Loans originated in current year | 180,962 | 1,141,005 | |
Loans originated year prior | 1,109,737 | 1,129,178 | |
Loans originated three years prior | 1,106,613 | 905,938 | |
Loans originated four years prior | 886,276 | 526,925 | |
Loans originated five years prior | 510,027 | 542,339 | |
Total, Loans Amortized Cost Basis by Origination Year Prior | 2,048,814 | 1,594,048 | |
Total, Revolving Loans | 0 | 0 | |
Total, Revolving Converted to Term Loans | 0 | 0 | |
Total loans | 5,842,429 | 5,839,433 | |
Loans originated in current year, write offs | 0 | 0 | |
Loans originated year prior, write offs | 0 | 0 | |
Loans originated three years prior, write offs | 0 | 0 | |
Loans originated four years prior, write offs | 0 | 0 | |
Loans originated five years prior, write offs | 0 | 0 | |
Total, Loans Amortized Cost Basis by Origination Year Prior, Write Offs | 0 | 0 | |
Total, Revolving Loans Write Offs | 0 | 0 | |
Total, Revolving Converted to Term Loans, Write Offs | 0 | 0 | |
YTD gross write-offs | 0 | 0 | |
Total loans | 5,842,429 | 5,839,433 | |
Residential Portfolio Segment [Member] | Pass [Member] | |||
Loans originated in current year | 180,962 | 1,140,998 | |
Loans originated year prior | 1,109,711 | 1,128,526 | |
Loans originated three years prior | 1,106,601 | 902,613 | |
Loans originated four years prior | 884,987 | 524,315 | |
Loans originated five years prior | 506,331 | 541,005 | |
Total, Loans Amortized Cost Basis by Origination Year Prior | 2,034,462 | 1,583,118 | |
Total, Revolving Loans | 0 | 0 | |
Total, Revolving Converted to Term Loans | 0 | 0 | |
Total loans | 5,823,054 | 5,820,575 | |
Total loans | 5,823,054 | 5,820,575 | |
Residential Portfolio Segment [Member] | Special Mention [Member] | |||
Loans originated in current year | 0 | 0 | |
Loans originated year prior | 0 | 0 | |
Loans originated three years prior | 0 | 0 | |
Loans originated four years prior | 0 | 33 | |
Loans originated five years prior | 340 | 0 | |
Total, Loans Amortized Cost Basis by Origination Year Prior | 6,101 | 1,619 | |
Total, Revolving Loans | 0 | 0 | |
Total, Revolving Converted to Term Loans | 0 | 0 | |
Total loans | 6,441 | 1,652 | |
Total loans | 6,441 | 1,652 | |
Residential Portfolio Segment [Member] | Substandard [Member] | |||
Loans originated in current year | 0 | 7 | |
Loans originated year prior | 26 | 652 | |
Loans originated three years prior | 12 | 3,325 | |
Loans originated four years prior | 1,289 | 2,577 | |
Loans originated five years prior | 3,356 | 1,334 | |
Total, Loans Amortized Cost Basis by Origination Year Prior | 8,251 | 9,311 | |
Total, Revolving Loans | 0 | 0 | |
Total, Revolving Converted to Term Loans | 0 | 0 | |
Total loans | 12,934 | 17,206 | |
Total loans | 12,934 | 17,206 | |
Equity Lines Portfolio Segment [Member] | |||
Loans originated in current year | 0 | 0 | |
Loans originated year prior | 0 | 101 | |
Loans originated three years prior | 92 | 0 | |
Loans originated four years prior | 0 | 0 | |
Loans originated five years prior | 0 | 0 | |
Total, Loans Amortized Cost Basis by Origination Year Prior | 0 | 0 | |
Total, Revolving Loans | 229,546 | 230,013 | |
Total, Revolving Converted to Term Loans | 16,546 | 16,801 | |
Total loans | 246,184 | 246,915 | |
Loans originated in current year, write offs | 0 | 0 | |
Loans originated year prior, write offs | 0 | 0 | |
Loans originated three years prior, write offs | 0 | 0 | |
Loans originated four years prior, write offs | 0 | 0 | |
Loans originated five years prior, write offs | 0 | 0 | |
Total, Loans Amortized Cost Basis by Origination Year Prior, Write Offs | 0 | 0 | |
Total, Revolving Loans Write Offs | 0 | 0 | |
Total, Revolving Converted to Term Loans, Write Offs | 3 | 0 | |
YTD gross write-offs | 3 | 0 | |
Total loans | 246,184 | 246,915 | |
Equity Lines Portfolio Segment [Member] | Pass [Member] | |||
Loans originated in current year | 0 | 0 | |
Loans originated year prior | 0 | 98 | |
Loans originated three years prior | 92 | 0 | |
Loans originated four years prior | 0 | 0 | |
Loans originated five years prior | 0 | 0 | |
Total, Loans Amortized Cost Basis by Origination Year Prior | 0 | 0 | |
Total, Revolving Loans | 227,752 | 227,502 | |
Total, Revolving Converted to Term Loans | 16,374 | 16,628 | |
Total loans | 244,218 | 244,228 | |
Total loans | 244,218 | 244,228 | |
Equity Lines Portfolio Segment [Member] | Special Mention [Member] | |||
Loans originated in current year | 0 | ||
Loans originated year prior | 3 | ||
Loans originated three years prior | 0 | ||
Loans originated four years prior | 0 | ||
Loans originated five years prior | 0 | ||
Total, Loans Amortized Cost Basis by Origination Year Prior | 0 | ||
Total, Revolving Loans | 0 | ||
Total, Revolving Converted to Term Loans | 0 | ||
Total loans | 3 | ||
Total loans | 3 | ||
Equity Lines Portfolio Segment [Member] | Substandard [Member] | |||
Loans originated in current year | 0 | 0 | |
Loans originated year prior | 0 | 0 | |
Loans originated three years prior | 0 | 0 | |
Loans originated four years prior | 0 | 0 | |
Loans originated five years prior | 0 | 0 | |
Total, Loans Amortized Cost Basis by Origination Year Prior | 0 | 0 | |
Total, Revolving Loans | 1,794 | 2,511 | |
Total, Revolving Converted to Term Loans | 172 | 173 | |
Total loans | 1,966 | 2,684 | |
Total loans | 1,966 | 2,684 | |
Installment and Other Loans [Member ] | |||
Loans originated in current year | 879 | 5,114 | |
Loans originated year prior | 4,027 | 981 | |
Loans originated three years prior | 166 | 3 | |
Loans originated four years prior | 2 | 0 | |
Loans originated five years prior | 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 | 5,074 | 6,098 | |
Loans originated in current year, write offs | 0 | 0 | |
Loans originated year prior, write offs | 0 | 15 | |
Loans originated three years prior, write offs | 0 | 0 | |
Loans originated four years prior, write offs | 0 | 0 | |
Loans originated five years prior, write offs | 0 | 0 | |
Total, Loans Amortized Cost Basis by Origination Year Prior, Write Offs | 0 | 0 | |
Total, Revolving Loans Write Offs | 0 | 0 | |
Total, Revolving Converted to Term Loans, Write Offs | 0 | 0 | |
YTD gross write-offs | 0 | $ 6 | 15 |
Total loans | 5,074 | 6,098 | |
Installment and Other Loans [Member ] | Pass [Member] | |||
Loans originated in current year | 879 | 5,114 | |
Loans originated year prior | 4,027 | 981 | |
Loans originated three years prior | 166 | 3 | |
Loans originated four years prior | 2 | 0 | |
Loans originated five years prior | 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 | 5,074 | 6,098 | |
Total loans | $ 5,074 | $ 6,098 |
Note 8 - Loans - Allowance for
Note 8 - Loans - Allowance for Loan Losses by Portfolio Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Balance | $ 154,562 | $ 146,485 | $ 146,485 |
(Reversal)/provision for expected credit losses | 1,167 | 3,255 | |
Charge-offs | (2,193) | (7,907) | (23,486) |
Recoveries | 1,053 | 3,051 | |
Net (charge-offs)/recoveries | (1,140) | (4,856) | |
Balance | 154,589 | 144,884 | 154,562 |
Commitments to Extend Credit [Member] | |||
Balance | 9,053 | 8,730 | 8,730 |
(Reversal)/provision for expected credit losses | 733 | 4,845 | |
Balance | 9,786 | 13,575 | 9,053 |
Commercial Portfolio Segment [Member] | |||
Balance | 53,791 | 49,435 | 49,435 |
(Reversal)/provision for expected credit losses | (1,374) | (60) | |
Charge-offs | (1,939) | (3,911) | (13,909) |
Recoveries | 812 | 511 | |
Net (charge-offs)/recoveries | (1,127) | (3,400) | |
Balance | 51,290 | 45,975 | 53,791 |
Commercial Portfolio Segment [Member] | Commitments to Extend Credit [Member] | |||
Balance | 6,888 | 4,840 | 4,840 |
(Reversal)/provision for expected credit losses | 572 | 3,435 | |
Balance | 7,460 | 8,275 | 6,888 |
Real Estate Construction Portfolio Segment [Member] | |||
Balance | 8,180 | 10,417 | 10,417 |
(Reversal)/provision for expected credit losses | 359 | 483 | |
Charge-offs | 0 | 0 | (4,221) |
Recoveries | 0 | 0 | |
Net (charge-offs)/recoveries | 0 | 0 | |
Balance | 8,539 | 10,900 | 8,180 |
Real Estate Construction Portfolio Segment [Member] | Commitments to Extend Credit [Member] | |||
Balance | 2,165 | 3,890 | 3,890 |
(Reversal)/provision for expected credit losses | 161 | 1,325 | |
Balance | 2,326 | 5,215 | 2,165 |
Commercial Real Estate Portfolio Segment [Member] | |||
Balance | 74,428 | 68,366 | 68,366 |
(Reversal)/provision for expected credit losses | 2,872 | 3,463 | |
Charge-offs | (251) | (3,990) | (5,341) |
Recoveries | 0 | 2,528 | |
Net (charge-offs)/recoveries | (251) | (1,462) | |
Balance | 77,049 | 70,367 | 74,428 |
Commercial Real Estate Portfolio Segment [Member] | Commitments to Extend Credit [Member] | |||
Balance | 0 | 0 | 0 |
(Reversal)/provision for expected credit losses | 0 | 85 | |
Balance | 0 | 85 | 0 |
Residential Mortgage and Equity Lines Portfolio Segment [Member] | |||
Balance | 18,140 | 18,232 | 18,232 |
(Reversal)/provision for expected credit losses | (677) | (611) | |
Charge-offs | (3) | 0 | |
Recoveries | 241 | 12 | |
Net (charge-offs)/recoveries | 238 | 12 | |
Balance | 17,701 | 17,633 | 18,140 |
Residential Mortgage and Equity Lines Portfolio Segment [Member] | Commitments to Extend Credit [Member] | |||
Balance | 0 | 0 | 0 |
(Reversal)/provision for expected credit losses | 0 | 0 | |
Balance | 0 | 0 | 0 |
Installment and Other Loans [Member ] | |||
Balance | 23 | 35 | 35 |
(Reversal)/provision for expected credit losses | (13) | (20) | |
Charge-offs | 0 | (6) | (15) |
Recoveries | 0 | 0 | |
Net (charge-offs)/recoveries | 0 | (6) | |
Balance | 10 | 9 | 23 |
Installment and Other Loans [Member ] | Commitments to Extend Credit [Member] | |||
Balance | 0 | 0 | 0 |
(Reversal)/provision for expected credit losses | 0 | 0 | |
Balance | $ 0 | $ 0 | $ 0 |
Note 9 - Commitments and Cont_2
Note 9 - Commitments and Contingencies (Details Textual) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Commitments to Fund Fixed Rate Loans | $ 123.6 | $ 130.3 |
Note 10 - Borrowed Funds (Detai
Note 10 - Borrowed Funds (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Dec. 31, 2023 | |
Advance from Federal Home Loan Bank | $ 265,000 | $ 540,000 |
Federal Home Loan Bank, Advances, General Debt Obligations, Amount of Available, Unused Funds | 7,210 | 6,600 |
Debt Securities, Available-for-Sale | 1,653,167 | 1,604,570 |
Junior Subordinated Notes, Noncurrent | $ 119,100 | |
Junior Subordinated Debt [Member] | ||
Junior Subordinated Notes, Noncurrent | $ 119,100 | |
Debt Instrument, Interest Rate, Effective Percentage | 7.92% | 7.54% |
Debt Instrument, Term (Year) | 30 years | |
Federal Home Loan Bank Securities [Member] | Asset Not Pledged as Collateral [Member] | ||
Debt Securities, Available-for-Sale | $ 1,620,000 | $ 1,470,000 |
Mature in April 2024 [Member] | ||
Advance from Federal Home Loan Bank | 250,000 | |
Mature in September 2024 [Member] | ||
Advance from Federal Home Loan Bank | 15,000 | |
Over-night Borrowings [Member] | ||
Advance from Federal Home Loan Bank | 0 | 0 |
Non Overnight Borrowings [Member] | ||
Advance from Federal Home Loan Bank | $ 265,000 | $ 540,000 |
Federal Home Loan Bank, Advance, Branch of FHLBank, Interest Rate | 5.62% | 5.64% |
Note 11 - Income Taxes (Details
Note 11 - Income Taxes (Details Textual) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Effective Income Tax Rate Reconciliation, Percent | 10.80% | 16.80% |
Domestic Tax Jurisdiction [Member] | Internal Revenue Service (IRS) [Member] | ||
Open Tax Year | 2020 2021 2022 2023 | |
State and Local Jurisdiction [Member] | California Franchise Tax Board [Member] | ||
Open Tax Year | 2019 2020 2021 2022 2023 |
Note 12 - Fair Value Measurem_3
Note 12 - Fair Value Measurements and Fair Value of Financial Instruments (Details Textual) - USD ($) shares in Thousands, $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Other Real Estate, Foreclosed Assets, and Repossessed Assets | $ 19,441 | $ 19,441 |
Class of Warrant or Right, Outstanding (in shares) | 0 | 0 |
Minimum [Member] | ||
Estimated Sales Cost Applied To Collateral | 3% | |
Maximum [Member] | ||
Estimated Sales Cost Applied To Collateral | 6% | |
Net of Estimated Disposal Costs [Member] | ||
Other Real Estate, Foreclosed Assets, and Repossessed Assets | $ 19,400 | $ 19,400 |
Note 12 - Fair Value Measurem_4
Note 12 - Fair Value Measurements and Fair Value of Financial Instruments - Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 |
Securities available-for-sale | $ 1,653,167 | $ 1,604,570 | |
Equity securities | 31,380 | 40,406 | $ 40,400 |
Derivative asset | 55,138 | 54,268 | |
Assets, fair value disclosure | 1,740,019 | 1,699,623 | |
Derivative liability | 42,014 | 45,762 | |
Liabilities, fair value disclosure | 42,200 | 45,937 | |
Interest Rate Swap [Member] | |||
Derivative asset | 55,138 | 54,268 | |
Derivative liability | 42,014 | 45,762 | |
Foreign Exchange Contract [Member] | |||
Derivative asset | 334 | 379 | |
Derivative liability | 186 | 175 | |
Mutual Funds [Member] | |||
Equity securities | 5,526 | 5,585 | |
Preferred Stock of Government Sponsored Entities [Member] | |||
Equity securities | 2,384 | 1,821 | |
Other Equity Securities [Member] | |||
Equity securities | 23,470 | 33,000 | |
Fair Value, Inputs, Level 1 [Member] | |||
Securities available-for-sale | 541,798 | 495,300 | |
Equity securities | 31,380 | 40,406 | |
Assets, fair value disclosure | 573,178 | 535,706 | |
Liabilities, fair value disclosure | 0 | 0 | |
Fair Value, Inputs, Level 1 [Member] | Interest Rate Swap [Member] | |||
Derivative asset | 0 | 0 | |
Derivative liability | 0 | 0 | |
Fair Value, Inputs, Level 1 [Member] | Foreign Exchange Contract [Member] | |||
Derivative asset | 0 | 0 | |
Derivative liability | 0 | 0 | |
Fair Value, Inputs, Level 1 [Member] | Mutual Funds [Member] | |||
Equity securities | 5,526 | 5,585 | |
Fair Value, Inputs, Level 1 [Member] | Preferred Stock of Government Sponsored Entities [Member] | |||
Equity securities | 2,384 | 1,821 | |
Fair Value, Inputs, Level 1 [Member] | Other Equity Securities [Member] | |||
Equity securities | 23,470 | 33,000 | |
Fair Value, Inputs, Level 2 [Member] | |||
Securities available-for-sale | 1,111,369 | 1,109,270 | |
Equity securities | 0 | 0 | |
Assets, fair value disclosure | 1,166,841 | 1,163,917 | |
Liabilities, fair value disclosure | 42,200 | 45,937 | |
Fair Value, Inputs, Level 2 [Member] | Interest Rate Swap [Member] | |||
Derivative asset | 55,138 | 54,268 | |
Derivative liability | 42,014 | 45,762 | |
Fair Value, Inputs, Level 2 [Member] | Foreign Exchange Contract [Member] | |||
Derivative asset | 334 | 379 | |
Derivative liability | 186 | 175 | |
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 3 [Member] | |||
Securities available-for-sale | 0 | 0 | |
Equity securities | 0 | 0 | |
Assets, fair value disclosure | 0 | 0 | |
Liabilities, fair value disclosure | 0 | 0 | |
Fair Value, Inputs, Level 3 [Member] | Interest Rate Swap [Member] | |||
Derivative asset | 0 | 0 | |
Derivative liability | 0 | 0 | |
Fair Value, Inputs, Level 3 [Member] | Foreign Exchange Contract [Member] | |||
Derivative asset | 0 | 0 | |
Derivative liability | 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 | |
US Treasury Securities [Member] | |||
Securities available-for-sale | 541,798 | 495,300 | |
US Treasury Securities [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Securities available-for-sale | 541,798 | 495,300 | |
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 | 12,058 | 48,169 | |
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 | 12,058 | 48,169 | |
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 | 59,745 | ||
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 | 59,745 | ||
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 | 754,162 | 786,723 | |
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 | 754,162 | 786,723 | |
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 | 27,198 | 28,044 | |
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 | 27,198 | 28,044 | |
Collateralized Mortgage Obligations [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Securities available-for-sale | 0 | 0 | |
Corporate Debt Securities [Member] | |||
Securities available-for-sale | 258,206 | 246,334 | |
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 | 258,206 | 246,334 | |
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Securities available-for-sale | $ 0 | $ 0 |
Note 12 - Fair Value Measurem_5
Note 12 - Fair Value Measurements and Fair Value of Financial Instruments - Financial Assets and Liabilities Measured on a Non-recurring Basis (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | ||
Total at Fair Value | $ 1,740,019 | $ 1,699,623 | |||
Total Losses | 1,289 | $ 6,783 | 4,296 | $ 4,145 | |
Fair Value, Nonrecurring [Member] | |||||
Total at Fair Value | 40,670 | 27,756 | |||
Fair Value, Inputs, Level 1 [Member] | |||||
Total at Fair Value | 573,178 | 535,706 | |||
Fair Value, Inputs, Level 1 [Member] | Fair Value, Nonrecurring [Member] | |||||
Total at Fair Value | 0 | 0 | |||
Fair Value, Inputs, Level 2 [Member] | |||||
Total at Fair Value | 1,166,841 | 1,163,917 | |||
Fair Value, Inputs, Level 2 [Member] | Fair Value, Nonrecurring [Member] | |||||
Total at Fair Value | 0 | 0 | |||
Fair Value, Inputs, Level 3 [Member] | |||||
Total at Fair Value | 0 | 0 | |||
Fair Value, Inputs, Level 3 [Member] | Fair Value, Nonrecurring [Member] | |||||
Total at Fair Value | 40,670 | 27,756 | |||
Impaired Loans [Member] | |||||
Total Losses | 1,289 | 6,783 | 4,069 | 3,877 | |
Impaired Loans [Member] | Fair Value, Nonrecurring [Member] | |||||
Total at Fair Value | 20,131 | 7,073 | |||
Impaired Loans [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Nonrecurring [Member] | |||||
Total at Fair Value | 0 | 0 | |||
Impaired Loans [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Nonrecurring [Member] | |||||
Total at Fair Value | 0 | 0 | |||
Impaired Loans [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Nonrecurring [Member] | |||||
Total at Fair Value | 20,131 | 7,073 | |||
Impaired Loans [Member] | Commercial Portfolio Segment [Member] | |||||
Total Losses | 1,038 | 2,793 | 0 | 1,786 | |
Impaired Loans [Member] | Commercial Portfolio Segment [Member] | Fair Value, Nonrecurring [Member] | |||||
Total at Fair Value | 129 | 191 | |||
Impaired Loans [Member] | Commercial Portfolio Segment [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Nonrecurring [Member] | |||||
Total at Fair Value | 0 | 0 | |||
Impaired Loans [Member] | Commercial Portfolio Segment [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Nonrecurring [Member] | |||||
Total at Fair Value | 0 | 0 | |||
Impaired Loans [Member] | Commercial Portfolio Segment [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Nonrecurring [Member] | |||||
Total at Fair Value | 129 | 191 | |||
Impaired Loans [Member] | Commercial Real Estate Portfolio Segment [Member] | |||||
Total Losses | 251 | 3,990 | 4,069 | 2,091 | |
Impaired Loans [Member] | Commercial Real Estate Portfolio Segment [Member] | Fair Value, Nonrecurring [Member] | |||||
Total at Fair Value | 20,002 | 6,882 | |||
Impaired Loans [Member] | Commercial Real Estate Portfolio Segment [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Nonrecurring [Member] | |||||
Total at Fair Value | 0 | 0 | |||
Impaired Loans [Member] | Commercial Real Estate Portfolio Segment [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Nonrecurring [Member] | |||||
Total at Fair Value | 0 | 0 | |||
Impaired Loans [Member] | Commercial Real Estate Portfolio Segment [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Nonrecurring [Member] | |||||
Total at Fair Value | 20,002 | 6,882 | |||
Other Real Estate Owned [Member] | |||||
Total Losses | [1] | 0 | 0 | 0 | 0 |
Other Real Estate Owned [Member] | Fair Value, Nonrecurring [Member] | |||||
Total at Fair Value | [1] | 20,446 | 20,446 | ||
Other Real Estate Owned [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Nonrecurring [Member] | |||||
Total at Fair Value | [1] | 0 | 0 | ||
Other Real Estate Owned [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Nonrecurring [Member] | |||||
Total at Fair Value | [1] | 0 | 0 | ||
Other Real Estate Owned [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Nonrecurring [Member] | |||||
Total at Fair Value | [1] | 20,446 | 20,446 | ||
Investments in Venture Capital [Member] | |||||
Total Losses | 0 | $ 0 | 227 | $ 268 | |
Investments in Venture Capital [Member] | Fair Value, Nonrecurring [Member] | |||||
Total at Fair Value | 93 | 237 | |||
Investments in Venture Capital [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Nonrecurring [Member] | |||||
Total at Fair Value | 0 | 0 | |||
Investments in Venture Capital [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Nonrecurring [Member] | |||||
Total at Fair Value | 0 | 0 | |||
Investments in Venture Capital [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Nonrecurring [Member] | |||||
Total at Fair Value | $ 93 | $ 237 | |||
[1]Other real estate owned balance of $19.4 million in the Consolidated Balance Sheets is net of estimated disposal costs. |
Note 12 - Fair Value Measurem_6
Note 12 - Fair Value Measurements and Fair Value of Financial Instruments - Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 |
Securities AFS | $ 1,653,167 | $ 1,604,570 | |
Equity securities | 31,380 | 40,406 | $ 40,400 |
Foreign exchange contracts with gain | 250,648 | 124,452 | |
Foreign exchange contracts with gain, fair value | 334 | 379 | |
Interest rate swaps | 1,100,019 | 1,406,879 | |
Interest rate swaps, fair value | 55,138 | 54,268 | |
Foreign exchange contracts with loss | 66,081 | 101,378 | |
Foreign exchange contracts with loss, fair value | 186 | 175 | |
Interest rate swaps | 952,560 | 1,078,880 | |
Interest rate swaps, fair value | 42,014 | 45,762 | |
Commitments to extend credit | 3,925,285 | 3,808,620 | |
Commitments to extend credit, fair value | (19,052) | (14,344) | |
Standby letters of credit | 386,442 | 368,618 | |
Standby letters of credit, fair value | (3,031) | (2,821) | |
Other letters of credit | 19,450 | 11,308 | |
Other letters of credit, fair value | (17) | (10) | |
Reported Value Measurement [Member] | |||
Cash and due from banks | 165,284 | 173,988 | |
Short-term investments | 1,010,651 | 654,813 | |
Securities AFS | 1,653,167 | 1,604,570 | |
Loans held-for-sale | 23,171 | 0 | |
Loans held for investment, net | 19,263,070 | 19,382,858 | |
Equity securities | 31,380 | 40,406 | |
Investment in Federal Home Loan Bank stock | 17,250 | 17,746 | |
Deposits | 19,846,259 | 19,325,447 | |
Advances from Federal Home Loan Bank | 265,000 | 540,000 | |
Other borrowings | 17,557 | 15,787 | |
Long-term debt | 119,136 | 119,136 | |
Estimate of Fair Value Measurement [Member] | |||
Cash and due from banks | 165,284 | 173,988 | |
Short-term investments | 1,010,651 | 654,813 | |
Securities AFS | 1,653,167 | 1,604,570 | |
Loans held-for-sale | 23,171 | 0 | |
Loans held for investment, net | 19,597,530 | 19,605,152 | |
Equity securities | 31,380 | 40,406 | |
Investment in Federal Home Loan Bank stock | 17,250 | 17,746 | |
Deposits | 19,855,328 | 19,347,070 | |
Advances from Federal Home Loan Bank | 264,596 | 536,996 | |
Other borrowings | 15,373 | 13,978 | |
Long-term debt | $ 73,102 | $ 72,304 |
Note 12 - Fair Value Measurem_7
Note 12 - Fair Value Measurements and Fair Value of Financial Instruments - Fair Value Hierarchy of Financial Instruments (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 |
Equity securities | $ 31,380 | $ 40,406 | $ 40,400 |
Fair Value, Inputs, Level 1 [Member] | |||
Equity securities | 31,380 | 40,406 | |
Fair Value, Inputs, Level 2 [Member] | |||
Equity securities | 0 | 0 | |
Fair Value, Inputs, Level 3 [Member] | |||
Equity securities | 0 | 0 | |
Estimate of Fair Value Measurement [Member] | |||
Cash and due from banks | 165,284 | 173,988 | |
Short-term investments | 1,010,651 | 654,813 | |
Loans held-for-sale | 23,171 | 0 | |
Loans held for investment, net | 19,597,530 | 19,605,152 | |
Equity securities | 31,380 | 40,406 | |
Investment in Federal Home Loan Bank stock | 17,250 | 17,746 | |
Deposits | 19,855,328 | 19,347,070 | |
Advances from Federal Home Loan Bank | 264,596 | 536,996 | |
Other borrowings | 15,373 | 13,978 | |
Long-term debt | 73,102 | 72,304 | |
Loans held for investment, net | 19,597,530 | 19,605,152 | |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Cash and due from banks | 165,284 | 173,988 | |
Short-term investments | 1,010,651 | 654,813 | |
Loans held-for-sale | 0 | ||
Loans held for investment, net | 0 | 0 | |
Equity securities | 31,380 | 40,406 | |
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 | |
Loans held for investment, net | 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 | |
Loans held-for-sale | 23,171 | ||
Loans held for investment, net | 0 | 0 | |
Equity securities | 0 | 0 | |
Investment in Federal Home Loan Bank stock | 17,250 | 17,746 | |
Deposits | 0 | 0 | |
Advances from Federal Home Loan Bank | 264,596 | 536,996 | |
Other borrowings | 0 | 0 | |
Long-term debt | 73,102 | 72,304 | |
Loans held for investment, net | 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 | |
Loans held-for-sale | 0 | ||
Loans held for investment, net | 19,597,530 | 19,605,152 | |
Equity securities | 0 | 0 | |
Investment in Federal Home Loan Bank stock | 0 | 0 | |
Deposits | 19,855,328 | 19,347,070 | |
Advances from Federal Home Loan Bank | 0 | 0 | |
Other borrowings | 15,373 | 13,978 | |
Long-term debt | 0 | 0 | |
Loans held for investment, net | $ 19,597,530 | $ 19,605,152 |
Note 13 - Goodwill and Other _3
Note 13 - Goodwill and Other Intangible Assets (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Goodwill, Ending Balance | $ 375,696 | $ 375,696 | |
Goodwill, Impairment Loss | $ 0 | ||
Amortization of Intangible Assets | 339 | $ 250 | |
Core Deposits [Member] | |||
Impairment of Intangible Assets, Finite-Lived | 88 | 0 | |
Amortization of Intangible Assets | $ 339 | $ 250 |
Note 13 - Goodwill and Other _4
Note 13 - Goodwill and Other Intangible Assets - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Net carrying balance | $ 3,705 | |
Core Deposits [Member] | ||
Gross balance | 10,562 | $ 10,562 |
Accumulated amortization | (5,542) | (5,291) |
Impairment | (1,315) | (1,227) |
Net carrying balance | $ 3,705 | $ 4,044 |
Note 13 - Goodwill and Other _5
Note 13 - Goodwill and Other Intangible Assets - Maturity Schedule of Intangible Assets (Details) $ in Thousands | Mar. 31, 2024 USD ($) |
2024 | $ 751 |
2025 | 946 |
2026 | 870 |
2027 | 870 |
Thereafter | 268 |
Total | $ 3,705 |
Note 14 - Financial Derivativ_3
Note 14 - Financial Derivatives (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2024 | May 31, 2014 | Mar. 31, 2024 | Dec. 31, 2022 | Dec. 31, 2023 | |
Junior Subordinated Notes, Total | $ 119,100 | ||||
Interest Rate Swap [Member] | Cash Flow Hedging [Member] | Designated as Hedging Instrument [Member] | |||||
Derivative Outstanding, Notional Amount | $ 624,600 | $ 119,100 | $ 624,600 | $ 650,900 | |
Derivative, Notional Amount | 42,000 | 42,000 | 38,600 | ||
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 | 0 | 0 | 0 | ||
Interest Rate Swap [Member] | Fair Value Hedging [Member] | Designated as Hedging Instrument [Member] | |||||
Derivative, Notional Amount | 775,466 | 775,466 | $ 1,156,007 | ||
Interest Rate Swap [Member] | Fair Value Hedging [Member] | Designated as Hedging Instrument [Member] | Central Counterparties (CCP) [Member] | |||||
Derivative, Notional Amount | 471,300 | 471,300 | |||
Derivative, Gain on Derivative | 2,500 | ||||
Interest Rate Contract [Member] | Fair Value Hedging [Member] | Designated as Hedging Instrument [Member] | |||||
Derivative Outstanding, Notional Amount | 83,500 | 83,500 | |||
Derivative, Notional Amount | 4,700 | $ 4,700 | |||
Interest Rate Contract [Member] | Fair Value Hedging [Member] | Designated as Hedging Instrument [Member] | Minimum [Member] | |||||
Derivative, Term of Contract (Year) | 3 years | ||||
Interest Rate Contract [Member] | Fair Value Hedging [Member] | Designated as Hedging Instrument [Member] | Maximum [Member] | |||||
Derivative, Term of Contract (Year) | 10 years | ||||
Loans Receivable with Partial-term Hedging Designation [Member] | |||||
Derivative, Notional Amount | 6,800 | $ 6,800 | |||
Hedged Asset, Fair Value Hedge | 692,000 | 692,000 | |||
Loan, Notational Amount | 1,170,000 | 1,170,000 | |||
Hedged Asset, Fair Value Hedge, Portfolio Layer Method, Hedged Layer, Fair Value, Cumulative Increase (Decrease) | $ (5,400) | $ (5,400) |
Note 14 - Financial Derivativ_4
Note 14 - Financial Derivatives - Cash Flow Swap Hedges (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | ||
Net change in unrealized holding loss on cash flow hedge derivatives | $ (441,000) | $ (441,000) | ||
Fair Value Hedging [Member] | Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | ||||
Notional | $ 775,466,000 | $ 1,156,007,000 | ||
Weighted average fixed rate-pay | 2.87% | 2.01% | ||
Weighted average variable rate spread | 0.22% | 0.32% | ||
Weighted average variable rate-receive | 5.56% | 5.41% | ||
Net change in unrealized holding loss on cash flow hedge derivatives | [1] | $ 11,502 | $ 7,935 | |
Cash Flow Hedging [Member] | Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | ||||
Notional | 42,000,000 | 38,600,000 | ||
Periodic net settlement of swaps | [2] | $ 6,841,000 | $ 6,336,000 | |
[1]the amount is included in other non-interest income.[2]the amount of periodic net settlement of interest rate swaps was included in interest income. |
Note 14 - Financial Derivativ_5
Note 14 - Financial Derivatives - Not Designated as Hedging (Details) - Not Designated as Hedging Instrument [Member] - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Spot, Forward, and Swap Contracts with Positive Fair Value [Member] | ||
Notional | $ 875,200 | $ 775,324 |
Forward, and swap contracts with positive fair value | 42,347 | 39,010 |
Spot, Forward, and Swap Contracts with Negative Fair Value [Member] | ||
Notional | 690,633 | 752,250 |
Forward, and swap contracts with positive fair value | $ (42,189) | $ (38,807) |
Note 15 - Balance Sheet Offse_3
Note 15 - Balance Sheet Offsetting - Financial Instruments That Are Eligible for Offset in the Consolidated Balance Sheet (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Derivative assets, gross | $ 55,138 | $ 54,268 |
Derivatives, Gross Amounts Offset in the Balance Sheet | 2,857 | 335 |
Derivative assets, net | 52,281 | 53,933 |
Derivatives, collateral posted | 50,243 | 44,860 |
Derivative assets not offset | 2,038 | 9,073 |
Derivative liabilities, gross | 42,014 | 45,762 |
Derivatives, Gross Amounts Offset in the Balance Sheet | 0 | 0 |
Derivative liabilities, net | 42,014 | 45,762 |
Derivatives, collateral posted | 0 | 0 |
Derivative liabilities not offset | $ 42,014 | $ 45,762 |
Note 16 - Revenue From Contra_3
Note 16 - Revenue From Contracts With Clients - Summary of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | ||
Revenues | $ 11,926 | $ 9,960 | |
Noninterest income, not in-scope(2) | [1] | (5,315) | 4,284 |
Total noninterest income | 6,611 | 14,244 | |
Fees and Services Charges on Deposit Account [Member] | |||
Revenues | 2,238 | 2,519 | |
Wealth Management Fees [Member] | |||
Revenues | 5,638 | 3,897 | |
Other Service Fees [Member] | |||
Revenues | [2] | $ 4,050 | $ 3,544 |
[1]These amounts primarily represent revenue from contracts with clients that are out of the scope of ASC Topic 606 and primarily represent revenue from interest rate swap fees, unrealized losses on equity securities and other miscellaneous income.[2]Other service fees comprise of fees related to letters of credit, wire fees, fees on foreign exchange transactions and other immaterial individual revenue streams. |
Note 17 - Stockholders' Equit_2
Note 17 - Stockholders' Equity (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |||||
Feb. 21, 2023 | Mar. 31, 2024 | Mar. 30, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | |
Equity, Attributable to Parent | $ 2,778,072 | $ 2,778,072 | $ 2,542,339 | $ 2,736,575 | $ 2,474,040 | |
Stockholders' Equity, Period Increase (Decrease) | 41,500 | |||||
Net Income (Loss) Attributable to Parent | 71,435 | 71,435 | 96,007 | |||
Share-Based Payment Arrangement, Expense | 900 | |||||
Proceeds from Issuance of Common Stock, Dividend Reinvestment Plan | 744 | 918 | ||||
Treasury Stock, Value, Acquired, Cost Method | $ 16,600 | 8 | 16,736 | |||
Dividends, Common Stock, Cash | 24,700 | 24,708 | 24,605 | |||
Other Comprehensive Income (Loss), Net of Tax | (6,863) | 11,218 | ||||
Share-Based Payment Arrangement, Decrease for Tax Withholding Obligation | $ 24 | 14 | ||||
Restricted Stock Units (RSUs) [Member] | ||||||
Share-Based Payment Arrangement, Expense | 900 | $ 1,500 | ||||
Share-Based Payment Arrangement, Decrease for Tax Withholding Obligation | $ 24 |
Note 17 - Stockholders' Equit_3
Note 17 - Stockholders' Equity - Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 30, 2024 | Mar. 31, 2023 | |
Beginning balance, loss, net of tax | $ 2,736,575 | $ 2,736,575 | $ 2,474,040 |
Total other comprehensive (loss)/income, net of tax | (6,863) | 11,218 | |
Ending balance, loss, net of tax | 2,778,072 | 2,778,072 | 2,542,339 |
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-Sale, Parent [Member] | |||
Beginning balance, loss, net of tax | (86,190) | (86,190) | (104,832) |
Net unrealized (losses)/gains arising during the period, pre-tax | (8,010) | 13,552 | |
Net unrealized (losses)/gains arising during the period, tax | (2,368) | 4,006 | |
Net unrealized (losses)/gains arising during the period, net of tax | (5,642) | 9,546 | |
Net unrealized (losses)/gains arising during the period, pre-tax | (1,107) | 3,000 | |
Reclassification adjustment for net losses/(gains) included in net income, tax | (327) | 887 | |
Reclassification adjustment for net losses/(gains) included in net income, net of tax | (780) | 2,113 | |
Total other comprehensive (loss)/income, pre-tax | (9,117) | 16,552 | |
Total other comprehensive (loss)/income, tax | (2,695) | 4,893 | |
Total other comprehensive (loss)/income, net of tax | (6,422) | 11,659 | |
Ending balance, loss, net of tax | (92,612) | (93,173) | |
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member] | |||
Beginning balance, loss, net of tax | 774 | 774 | 2,537 |
Net unrealized (losses)/gains arising during the period, pre-tax | (626) | (626) | |
Net unrealized (losses)/gains arising during the period, tax | (185) | (185) | |
Net unrealized (losses)/gains arising during the period, net of tax | (441) | (441) | |
Net unrealized (losses)/gains arising during the period, pre-tax | 0 | 0 | |
Reclassification adjustment for net losses/(gains) included in net income, tax | 0 | 0 | |
Reclassification adjustment for net losses/(gains) included in net income, net of tax | 0 | 0 | |
Total other comprehensive (loss)/income, pre-tax | (626) | (626) | |
Total other comprehensive (loss)/income, tax | (185) | (185) | |
Total other comprehensive (loss)/income, net of tax | (441) | (441) | |
Ending balance, loss, net of tax | 333 | 2,096 | |
AOCI Attributable to Parent [Member] | |||
Beginning balance, loss, net of tax | (85,416) | (85,416) | (102,295) |
Net unrealized (losses)/gains arising during the period, pre-tax | (8,636) | 12,926 | |
Net unrealized (losses)/gains arising during the period, tax | (2,553) | 3,821 | |
Net unrealized (losses)/gains arising during the period, net of tax | (6,083) | 9,105 | |
Net unrealized (losses)/gains arising during the period, pre-tax | (1,107) | 3,000 | |
Reclassification adjustment for net losses/(gains) included in net income, tax | (327) | 887 | |
Reclassification adjustment for net losses/(gains) included in net income, net of tax | (780) | 2,113 | |
Total other comprehensive (loss)/income, pre-tax | (9,743) | 15,926 | |
Total other comprehensive (loss)/income, tax | (2,880) | 4,708 | |
Total other comprehensive (loss)/income, net of tax | (6,863) | (6,863) | 11,218 |
Ending balance, loss, net of tax | $ (92,279) | $ (92,279) | $ (91,077) |
Note 18 - Stock Repurchase Pr_2
Note 18 - Stock Repurchase Program (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | ||
Feb. 21, 2023 | Mar. 31, 2024 | Mar. 31, 2023 | |
Treasury Stock, Shares, Acquired (in shares) | 375,090 | ||
Shares Acquired, Average Cost Per Share (in dollars per share) | $ 44.2 | ||
Treasury Stock, Value, Acquired, Cost Method | $ 16,600 | $ 8 | $ 16,736 |