Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
For the quarterly period ended March 31, 2022 |
Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 | ||||||||
For the transition period from to . |
Pennsylvania | 27-2290659 | |||||||||||||
(State or other jurisdiction of incorporation or organization) | (IRS Employer Identification No.) |
Title of Each Class | Trading Symbols | Name of Each Exchange on which Registered | ||||||||||||
Voting Common Stock, par value $1.00 per share | CUBI | New York Stock Exchange | ||||||||||||
Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series E, par value $1.00 per share | CUBI/PE | New York Stock Exchange | ||||||||||||
Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series F, par value $1.00 per share | CUBI/PF | New York Stock Exchange | ||||||||||||
5.375% Subordinated Notes due 2034 | CUBB | New York Stock Exchange |
Large accelerated filer | x | Accelerated Filer | ☐ | |||||||||||||||||
Non-accelerated filer | o | Smaller Reporting Company | ☐ | |||||||||||||||||
Emerging Growth Company | ||||||||||||||||||||
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. |
Item 1. | ||||||||
Item 2. | ||||||||
Item 3. | ||||||||
Item 4. | ||||||||
Item 1. | ||||||||
Item 1A. | ||||||||
Item 2. | ||||||||
Item 3. | ||||||||
Item 4. | ||||||||
Item 5. | ||||||||
Item 6. | ||||||||
ACL | Allowance for credit losses | ||||
AFS | Available for sale | ||||
ASC | Accounting Standards Codification | ||||
AOCI | Accumulated other comprehensive income (loss) | ||||
ASU | Accounting Standards Update | ||||
ATM | Automated teller machine | ||||
Bancorp | Customers Bancorp, Inc. | ||||
Bank | Customers Bank | ||||
BBB spread | BBB rated corporate bond spreads to U.S. Treasury securities | ||||
BMT | BankMobile Technologies, Inc. | ||||
BM Technologies | BM Technologies, Inc. | ||||
BOLI | Bank-owned life insurance | ||||
CAA | Consolidated Appropriations Act, 2021 | ||||
CARES Act | Coronavirus Aid, Relief and Economic Security Act | ||||
CBITTM | Customers Bank Instant Token | ||||
CCF | Customers Commercial Finance, LLC | ||||
CECL | Current expected credit losses | ||||
Commission | U.S. Securities and Exchange Commission | ||||
Company | Customers Bancorp, Inc. and subsidiaries | ||||
COVID-19 | Coronavirus Disease 2019 | ||||
CPI | Consumer Price Index | ||||
CRA | Community Reinvestment Act | ||||
CUBI | Symbol for Customers Bancorp, Inc. common stock traded on the NYSE | ||||
Customers | Customers Bancorp, Inc. and Customers Bank, collectively | ||||
Customers Bancorp | Customers Bancorp, Inc. | ||||
DCF | Discounted cash flow | ||||
Disbursement Business | One Account Student Checking and Refund Management Disbursement Services Business | ||||
ED | U.S. Department of Education | ||||
EPS | Earnings per share | ||||
EVE | Economic value of equity | ||||
Exchange Act | Securities Exchange Act of 1934 | ||||
FDIC | Federal Deposit Insurance Corporation | ||||
Fed Funds | Federal Reserve Board's Effective Federal Funds Rate | ||||
Federal Reserve Board | Board of Governors of the Federal Reserve System | ||||
FHLB | Federal Home Loan Bank | ||||
FICO | Fair, Isaac and Company | ||||
Fintech | Third-Party Financial Technology | ||||
FMV | Fair Market Value | ||||
FPRD | Final Program Review Determination | ||||
FRB | Federal Reserve Bank of Philadelphia | ||||
GDP | Gross domestic product | ||||
Higher One | Higher One Holdings, Inc. | ||||
LIBOR | London Interbank Offered Rate | ||||
LPO | Limited Purpose Office | ||||
MFAC | Megalith Financial Acquisition Corp. | ||||
MMDA | Money market deposit accounts | ||||
NIM | Net interest margin, tax equivalent | ||||
NM | Not meaningful | ||||
NPA | Non-performing asset | ||||
NPL | Non-performing loan | ||||
NYSE | New York Stock Exchange | ||||
OCI | Other comprehensive income (loss) | ||||
OREO | Other real estate owned | ||||
PCD | Purchased Credit-Deteriorated | ||||
PPP | Paycheck Protection Program | ||||
PPPLF | FRB Paycheck Protection Program Liquidity Facility | ||||
PUT | Purchase Upon Termination | ||||
Rate Shocks | Interest rates rising or falling immediately | ||||
ROU | Right-of-use | ||||
SBA | U.S. Small Business Administration | ||||
SBA loans | Loans originated pursuant to the rules and regulations of the SBA | ||||
SEC | U.S. Securities and Exchange Commission | ||||
Securities Act | Securities Act of 1933, as amended | ||||
Series C Preferred Stock | Fixed-to-floating rate non-cumulative perpetual preferred stock, series C | ||||
Series D Preferred Stock | Fixed-to-floating rate non-cumulative perpetual preferred stock, series D | ||||
Series E Preferred Stock | Fixed-to-floating rate non-cumulative perpetual preferred stock, series E | ||||
Series F Preferred Stock | Fixed-to-floating rate non-cumulative perpetual preferred stock, series F | ||||
SERP | Supplemental Executive Retirement Plan | ||||
Share Repurchase Program | Share repurchase program authorized by the Board of Directors of Customers Bancorp in 2021 | ||||
SOFR | Secured Overnight Financing Rate | ||||
TDR | Troubled debt restructuring | ||||
TRAC | Terminal Rental Adjustment Clause | ||||
U.S. GAAP | Accounting principles generally accepted in the United States of America | ||||
VIE | Variable interest entity | ||||
VOE | Voting interest entity | ||||
March 31, 2022 | December 31, 2021 | ||||||||||
ASSETS | |||||||||||
Cash and due from banks | $ | 55,515 | $ | 35,238 | |||||||
Interest earning deposits | 219,085 | 482,794 | |||||||||
Cash and cash equivalents | 274,600 | 518,032 | |||||||||
Investment securities, at fair value (includes allowance for credit losses of $728 at March 31, 2022) | 4,169,853 | 3,817,150 | |||||||||
Loans held for sale (includes $2,496 and $15,747, respectively, at fair value) | 3,003 | 16,254 | |||||||||
Loans receivable, mortgage warehouse, at fair value | 1,755,758 | 2,284,325 | |||||||||
Loans receivable, PPP | 2,195,902 | 3,250,008 | |||||||||
Loans and leases receivable | 10,118,855 | 9,018,298 | |||||||||
Allowance for credit losses on loans and leases | (145,847) | (137,804) | |||||||||
Total loans and leases receivable, net of allowance for credit losses on loans and leases | 13,924,668 | 14,414,827 | |||||||||
FHLB, Federal Reserve Bank, and other restricted stock | 54,553 | 64,584 | |||||||||
Accrued interest receivable | 94,669 | 92,239 | |||||||||
Bank premises and equipment, net | 8,233 | 8,890 | |||||||||
Bank-owned life insurance | 332,239 | 333,705 | |||||||||
Goodwill and other intangibles | 3,678 | 3,736 | |||||||||
Other assets | 298,212 | 305,611 | |||||||||
Total assets | $ | 19,163,708 | $ | 19,575,028 | |||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||
Liabilities: | |||||||||||
Deposits: | |||||||||||
Demand, non-interest bearing | $ | 4,594,428 | $ | 4,459,790 | |||||||
Interest bearing | 11,821,132 | 12,318,134 | |||||||||
Total deposits | 16,415,560 | 16,777,924 | |||||||||
Federal funds purchased | 700,000 | 75,000 | |||||||||
FHLB advances | — | 700,000 | |||||||||
Other borrowings | 223,230 | 223,086 | |||||||||
Subordinated debt | 181,742 | 181,673 | |||||||||
Accrued interest payable and other liabilities | 265,770 | 251,128 | |||||||||
Total liabilities | 17,786,302 | 18,208,811 | |||||||||
Commitments and contingencies (NOTE 15) | 0 | 0 | |||||||||
Shareholders’ equity: | |||||||||||
Preferred stock, par value $1.00 per share; liquidation preference $25.00 per share; 100,000,000 shares authorized, 5,700,000 shares issued and outstanding as of March 31, 2022 and December 31, 2021 | 137,794 | 137,794 | |||||||||
Common stock, par value $1.00 per share; 200,000,000 shares authorized; 34,881,580 and 34,721,675 shares issued as of March 31, 2022 and December 31, 2021; 32,957,847 and 32,913,267 shares outstanding as of March 31, 2022 and December 31, 2021 | 34,882 | 34,722 | |||||||||
Additional paid in capital | 542,402 | 542,391 | |||||||||
Retained earnings | 780,628 | 705,732 | |||||||||
Accumulated other comprehensive income (loss), net | (62,548) | (4,980) | |||||||||
Treasury stock, at cost (1,923,732 and 1,808,408 shares as of March 31, 2022 and December 31, 2021) | (55,752) | (49,442) | |||||||||
Total shareholders’ equity | 1,377,406 | 1,366,217 | |||||||||
Total liabilities and shareholders’ equity | $ | 19,163,708 | $ | 19,575,028 |
September 30, 2017 | December 31, 2016 | ||||||
ASSETS | |||||||
Cash and due from banks | $ | 13,318 | $ | 37,485 | |||
Interest-earning deposits | 206,162 | 227,224 | |||||
Cash and cash equivalents | 219,480 | 264,709 | |||||
Investment securities available for sale, at fair value | 584,823 | 493,474 | |||||
Loans held for sale (includes $1,963,076 and $2,117,510, respectively, at fair value) | 2,113,293 | 2,117,510 | |||||
Loans receivable | 7,061,338 | 6,154,637 | |||||
Allowance for loan losses | (38,314 | ) | (37,315 | ) | |||
Total loans receivable, net of allowance for loan losses | 7,023,024 | 6,117,322 | |||||
FHLB, Federal Reserve Bank, and other restricted stock | 98,611 | 68,408 | |||||
Accrued interest receivable | 27,135 | 23,690 | |||||
Bank premises and equipment, net | 12,369 | 12,769 | |||||
Bank-owned life insurance | 255,683 | 161,494 | |||||
Other real estate owned | 1,059 | 3,108 | |||||
Goodwill and other intangibles | 16,604 | 17,621 | |||||
Other assets | 119,748 | 102,631 | |||||
Total assets | $ | 10,471,829 | $ | 9,382,736 | |||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||
Liabilities: | |||||||
Deposits: | |||||||
Demand, non-interest bearing | $ | 1,427,304 | $ | 966,058 | |||
Interest-bearing | 6,169,772 | 6,337,717 | |||||
Total deposits | 7,597,076 | 7,303,775 | |||||
Federal funds purchased | 147,000 | 83,000 | |||||
FHLB advances | 1,462,343 | 868,800 | |||||
Other borrowings | 186,258 | 87,123 | |||||
Subordinated debt | 108,856 | 108,783 | |||||
Accrued interest payable and other liabilities | 59,654 | 75,383 | |||||
Total liabilities | 9,561,187 | 8,526,864 | |||||
Shareholders’ equity: | |||||||
Preferred stock, par value $1.00 per share; liquidation preference $25.00 per share; 100,000,000 shares authorized, 9,000,000 shares issued and outstanding as of September 30, 2017 and December 31, 2016 | 217,471 | 217,471 | |||||
Common stock, par value $1.00 per share; 200,000,000 shares authorized; 31,317,892 and 30,820,177 shares issued as of September 30, 2017 and December 31, 2016; 30,787,632 and 30,289,917 shares outstanding as of September 30, 2017 and December 31, 2016 | 31,318 | 30,820 | |||||
Additional paid in capital | 429,633 | 427,008 | |||||
Retained earnings | 240,076 | 193,698 | |||||
Accumulated other comprehensive income (loss), net | 377 | (4,892 | ) | ||||
Treasury stock, at cost (530,260 shares as of September 30, 2017 and December 31, 2016) | (8,233 | ) | (8,233 | ) | |||
Total shareholders’ equity | 910,642 | 855,872 | |||||
Total liabilities and shareholders’ equity | $ | 10,471,829 | $ | 9,382,736 |
Three Months Ended March 31, | |||||||||||||||||||||||
2022 | 2021 | ||||||||||||||||||||||
Interest income: | |||||||||||||||||||||||
Loans and leases | $ | 157,175 | $ | 152,117 | |||||||||||||||||||
Investment securities | 20,295 | 7,979 | |||||||||||||||||||||
Other | 6,006 | 1,019 | |||||||||||||||||||||
Total interest income | 183,476 | 161,115 | |||||||||||||||||||||
Interest expense: | |||||||||||||||||||||||
Deposits | 13,712 | 15,658 | |||||||||||||||||||||
FHLB advances | — | 5,192 | |||||||||||||||||||||
Subordinated debt | 2,689 | 2,689 | |||||||||||||||||||||
FRB PPP liquidity facility, federal funds purchased and other borrowings | 2,376 | 4,845 | |||||||||||||||||||||
Total interest expense | 18,777 | 28,384 | |||||||||||||||||||||
Net interest income | 164,699 | 132,731 | |||||||||||||||||||||
Provision (benefit) for credit losses | 15,997 | (2,919) | |||||||||||||||||||||
Net interest income after provision (benefit) for credit losses | 148,702 | 135,650 | |||||||||||||||||||||
Non-interest income: | |||||||||||||||||||||||
Interchange and card revenue | 76 | 85 | |||||||||||||||||||||
Deposit fees | 940 | 863 | |||||||||||||||||||||
Commercial lease income | 5,895 | 5,205 | |||||||||||||||||||||
Bank-owned life insurance | 8,326 | 1,679 | |||||||||||||||||||||
Mortgage warehouse transactional fees | 2,015 | 4,247 | |||||||||||||||||||||
Gain (loss) on sale of SBA and other loans | 1,507 | 1,575 | |||||||||||||||||||||
Loan fees | 2,545 | 1,436 | |||||||||||||||||||||
Mortgage banking income | 481 | 463 | |||||||||||||||||||||
Gain (loss) on sale of investment securities | (1,063) | 23,566 | |||||||||||||||||||||
Unrealized gain (loss) on investment securities | (276) | 974 | |||||||||||||||||||||
Unrealized gain (loss) on derivatives | 964 | 2,537 | |||||||||||||||||||||
Loss on cash flow hedge derivative terminations | — | (24,467) | |||||||||||||||||||||
Other | (212) | 305 | |||||||||||||||||||||
Total non-interest income | 21,198 | 18,468 | |||||||||||||||||||||
Non-interest expense: | |||||||||||||||||||||||
Salaries and employee benefits | 26,607 | 23,971 | |||||||||||||||||||||
Technology, communication and bank operations | 24,068 | 19,988 | |||||||||||||||||||||
Professional services | 6,956 | 5,877 | |||||||||||||||||||||
Occupancy | 3,050 | 2,621 | |||||||||||||||||||||
Commercial lease depreciation | 4,942 | 4,291 | |||||||||||||||||||||
FDIC assessments, non-income taxes and regulatory fees | 2,383 | 2,719 | |||||||||||||||||||||
Loan servicing | 2,371 | 437 | |||||||||||||||||||||
Advertising and promotion | 315 | 561 | |||||||||||||||||||||
Merger and acquisition related expenses | — | 418 | |||||||||||||||||||||
Loan workout | (38) | (261) | |||||||||||||||||||||
Other | 3,153 | 1,305 | |||||||||||||||||||||
Total non-interest expense | 73,807 | 61,927 | |||||||||||||||||||||
Income before income tax expense | 96,093 | 92,191 | |||||||||||||||||||||
Income tax expense | 19,332 | 17,560 | |||||||||||||||||||||
Net income from continuing operations | $ | 76,761 | $ | 74,631 | |||||||||||||||||||
(continued) | |||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Interest income: | |||||||||||||||
Loans receivable | $ | 67,107 | $ | 60,362 | $ | 195,605 | $ | 173,847 | |||||||
Loans held for sale | 21,633 | 18,737 | 53,103 | 50,272 | |||||||||||
Investment securities | 7,307 | 3,528 | 21,017 | 10,875 | |||||||||||
Other | 2,238 | 1,585 | 5,507 | 3,937 | |||||||||||
Total interest income | 98,285 | 84,212 | 275,232 | 238,931 | |||||||||||
Interest expense: | |||||||||||||||
Deposits | 18,381 | 13,009 | 48,934 | 34,365 | |||||||||||
Other borrowings | 3,168 | 1,642 | 6,767 | 4,867 | |||||||||||
FHLB advances | 7,032 | 3,291 | 15,433 | 9,274 | |||||||||||
Subordinated debt | 1,685 | 1,685 | 5,055 | 5,055 | |||||||||||
Total interest expense | 30,266 | 19,627 | 76,189 | 53,561 | |||||||||||
Net interest income | 68,019 | 64,585 | 199,043 | 185,370 | |||||||||||
Provision for loan losses | 2,352 | 88 | 5,937 | 2,854 | |||||||||||
Net interest income after provision for loan losses | 65,667 | 64,497 | 193,106 | 182,516 | |||||||||||
Non-interest income: | |||||||||||||||
Interchange and card revenue | 9,570 | 11,547 | 31,729 | 13,806 | |||||||||||
Gain (loss) on sale of investment securities | 5,349 | (1 | ) | 8,532 | 25 | ||||||||||
Deposit fees | 2,659 | 4,218 | 7,918 | 5,260 | |||||||||||
Mortgage warehouse transactional fees | 2,396 | 3,080 | 7,139 | 8,702 | |||||||||||
Bank-owned life insurance | 1,672 | 1,386 | 5,297 | 3,629 | |||||||||||
Gain on sale of SBA and other loans | 1,144 | 1,206 | 3,045 | 2,135 | |||||||||||
Mortgage banking income | 257 | 287 | 703 | 737 | |||||||||||
Impairment loss on investment securities | (8,349 | ) | — | (12,934 | ) | — | |||||||||
Other | 3,328 | 5,763 | 7,741 | 6,943 | |||||||||||
Total non-interest income | 18,026 | 27,486 | 59,170 | 41,237 | |||||||||||
Non-interest expense: | |||||||||||||||
Salaries and employee benefits | 24,807 | 22,681 | 69,569 | 58,051 | |||||||||||
Technology, communication and bank operations | 14,401 | 12,525 | 33,227 | 19,021 | |||||||||||
Professional services | 7,403 | 7,006 | 21,142 | 13,213 | |||||||||||
Occupancy | 2,857 | 2,450 | 8,228 | 7,248 | |||||||||||
FDIC assessments, taxes, and regulatory fees | 2,475 | 2,726 | 6,615 | 11,191 | |||||||||||
Provision for operating losses | 1,509 | 1,406 | 4,901 | 1,943 | |||||||||||
Loan workout | 915 | 592 | 1,844 | 1,497 | |||||||||||
Other real estate owned | 445 | 1,192 | 550 | 1,663 | |||||||||||
Advertising and promotion | 404 | 591 | 1,108 | 1,178 | |||||||||||
Acquisition related expenses | — | 144 | — | 1,195 | |||||||||||
Other | 5,824 | 4,905 | 13,634 | 12,106 | |||||||||||
Total non-interest expense | 61,040 | 56,218 | 160,818 | 128,306 | |||||||||||
Income before income tax expense | 22,653 | 35,765 | 91,458 | 95,447 | |||||||||||
Income tax expense | 14,899 | 14,558 | 34,236 | 36,572 | |||||||||||
Net income | 7,754 | 21,207 | 57,222 | 58,875 | |||||||||||
Preferred stock dividends | 3,615 | 2,552 | 10,844 | 5,900 | |||||||||||
Net income available to common shareholders | $ | 4,139 | $ | 18,655 | $ | 46,378 | $ | 52,975 | |||||||
Basic earnings per common share | $ | 0.13 | $ | 0.68 | $ | 1.52 | $ | 1.95 | |||||||
Diluted earnings per common share | $ | 0.13 | $ | 0.63 | $ | 1.42 | $ | 1.80 |
Three Months Ended March 31, | |||||||||||||||||||||||
2022 | 2021 | ||||||||||||||||||||||
Loss from discontinued operations before income taxes | $ | — | $ | (20,354) | |||||||||||||||||||
Income tax expense from discontinued operations | — | 17,682 | |||||||||||||||||||||
Net loss from discontinued operations | — | (38,036) | |||||||||||||||||||||
Net income | 76,761 | 36,595 | |||||||||||||||||||||
Preferred stock dividends | 1,865 | 3,391 | |||||||||||||||||||||
Net income available to common shareholders | $ | 74,896 | $ | 33,204 | |||||||||||||||||||
Basic earnings per common share from continuing operations | $ | 2.27 | $ | 2.23 | |||||||||||||||||||
Basic earnings per common share | 2.27 | 1.04 | |||||||||||||||||||||
Diluted earnings per common share from continuing operations | 2.18 | 2.17 | |||||||||||||||||||||
Diluted earnings per common share | 2.18 | 1.01 |
Three Months Ended March 31, | |||||||||||||||||||||||
2022 | 2021 | ||||||||||||||||||||||
Net income | $ | 76,761 | $ | 36,595 | |||||||||||||||||||
Unrealized gains (losses) on available for sale debt securities: | |||||||||||||||||||||||
Unrealized gains (losses) arising during the period | (78,858) | 400 | |||||||||||||||||||||
Income tax effect | 20,503 | (104) | |||||||||||||||||||||
Reclassification adjustments for (gains) losses included in net income | 1,063 | (23,566) | |||||||||||||||||||||
Income tax effect | (276) | 6,127 | |||||||||||||||||||||
Net unrealized gains (losses) on available for sale debt securities | (57,568) | (17,143) | |||||||||||||||||||||
Unrealized gains (losses) on cash flow hedges: | |||||||||||||||||||||||
Unrealized gains (losses) arising during the period | — | 12,315 | |||||||||||||||||||||
Income tax effect | — | (3,202) | |||||||||||||||||||||
Reclassification adjustment for (gains) losses included in net income | — | 25,926 | |||||||||||||||||||||
Income tax effect | — | (6,741) | |||||||||||||||||||||
Net unrealized gains (losses) on cash flow hedges | — | 28,298 | |||||||||||||||||||||
Other comprehensive income (loss), net of income tax effect | (57,568) | 11,155 | |||||||||||||||||||||
Comprehensive income (loss) | $ | 19,193 | $ | 47,750 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Net income | $ | 7,754 | $ | 21,207 | $ | 57,222 | $ | 58,875 | |||||||
Unrealized (losses) gains on available-for-sale securities: | |||||||||||||||
Unrealized holding (losses) gains on securities arising during the period | (3,570 | ) | 329 | 15,192 | 15,256 | ||||||||||
Income tax effect | 1,393 | (124 | ) | (5,924 | ) | (5,721 | ) | ||||||||
Reclassification adjustments for (gains) losses on securities included in net income | (5,349 | ) | 1 | (8,532 | ) | (25 | ) | ||||||||
Income tax effect | 2,086 | — | 3,327 | 9 | |||||||||||
Net unrealized (losses) gains on available-for-sale securities | (5,440 | ) | 206 | 4,063 | 9,519 | ||||||||||
Unrealized gains (losses) on cash flow hedges: | |||||||||||||||
Unrealized gains (losses) arising during the period | 171 | 890 | (189 | ) | (2,523 | ) | |||||||||
Income tax effect | (67 | ) | (334 | ) | 74 | 946 | |||||||||
Reclassification adjustment for losses included in net income | 572 | 703 | 2,166 | 1,306 | |||||||||||
Income tax effect | (223 | ) | (264 | ) | (845 | ) | (490 | ) | |||||||
Net unrealized gains (losses) on cash flow hedges | 453 | 995 | 1,206 | (761 | ) | ||||||||||
Other comprehensive (loss) income, net of income tax effect | (4,987 | ) | 1,201 | 5,269 | 8,758 | ||||||||||
Comprehensive income | $ | 2,767 | $ | 22,408 | $ | 62,491 | $ | 67,633 |
Three Months Ended March 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred Stock | Common Stock | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares of Preferred Stock Outstanding | Preferred Stock | Shares of Common Stock Outstanding | Common Stock | Additional Paid in Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Treasury Stock | Total | |||||||||||||||||||||||||||||||||||||||||||||
Balance, December 31, 2021 | 5,700,000 | $ | 137,794 | 32,913,267 | $ | 34,722 | $ | 542,391 | $ | 705,732 | $ | (4,980) | $ | (49,442) | $ | 1,366,217 | |||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | 76,761 | — | — | 76,761 | ||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) | — | — | — | — | — | — | (57,568) | — | (57,568) | ||||||||||||||||||||||||||||||||||||||||||||
Preferred stock dividends (1) | — | — | — | — | — | (1,865) | — | — | (1,865) | ||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation expense | — | — | — | — | 3,703 | — | — | — | 3,703 | ||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock under share-based compensation arrangements | — | — | 159,904 | 160 | (3,692) | — | — | — | (3,532) | ||||||||||||||||||||||||||||||||||||||||||||
Repurchase of common shares | — | — | (115,324) | — | — | — | — | (6,310) | (6,310) | ||||||||||||||||||||||||||||||||||||||||||||
Balance, March 31, 2022 | 5,700,000 | $ | 137,794 | 32,957,847 | $ | 34,882 | $ | 542,402 | $ | 780,628 | $ | (62,548) | $ | (55,752) | $ | 1,377,406 | |||||||||||||||||||||||||||||||||||||
Three Months Ended March 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred Stock | Common Stock | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares of Preferred Stock Outstanding | Preferred Stock | Shares of Common Stock Outstanding | Common Stock | Additional Paid in Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Treasury Stock | Total | |||||||||||||||||||||||||||||||||||||||||||||
Balance, December 31, 2020 | 9,000,000 | $ | 217,471 | 31,705,088 | $ | 32,986 | $ | 455,592 | $ | 438,581 | $ | (5,764) | $ | (21,780) | $ | 1,117,086 | |||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | 36,595 | — | — | 36,595 | ||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) | — | — | — | — | — | — | 11,155 | — | 11,155 | ||||||||||||||||||||||||||||||||||||||||||||
Preferred stock dividends (1) | — | — | — | — | — | (3,391) | — | — | (3,391) | ||||||||||||||||||||||||||||||||||||||||||||
Sale of non-controlling interest in BMT (2) | — | — | — | — | 31,893 | — | — | — | 31,893 | ||||||||||||||||||||||||||||||||||||||||||||
Distribution of investment in BM Technologies (3) | — | — | — | — | — | (32,983) | — | — | (32,983) | ||||||||||||||||||||||||||||||||||||||||||||
Restricted stock awards to certain BMT team members (4) | — | — | — | — | 19,592 | — | — | — | 19,592 | ||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation expense | — | — | — | — | 3,609 | — | — | — | 3,609 | ||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock under share-based compensation arrangements | — | — | 533,674 | 533 | 4,632 | — | — | — | 5,165 | ||||||||||||||||||||||||||||||||||||||||||||
Balance, March 31, 2021 | 9,000,000 | $ | 217,471 | 32,238,762 | $ | 33,519 | $ | 515,318 | $ | 438,802 | $ | 5,391 | $ | (21,780) | $ | 1,188,721 |
Nine Months Ended September 30, 2017 | |||||||||||||||||||||||||||||||||
Preferred Stock | Common Stock | ||||||||||||||||||||||||||||||||
Shares of Preferred Stock Outstanding | Preferred Stock | Shares of Common Stock Outstanding | Common Stock | Additional Paid in Capital | Retained Earnings | Accumulated Other Comprehensive Income/(Loss) | Treasury Stock | Total | |||||||||||||||||||||||||
Balance, December 31, 2016 | 9,000,000 | $ | 217,471 | 30,289,917 | $ | 30,820 | $ | 427,008 | $ | 193,698 | $ | (4,892 | ) | $ | (8,233 | ) | $ | 855,872 | |||||||||||||||
Net income | — | — | — | — | — | 57,222 | — | — | 57,222 | ||||||||||||||||||||||||
Other comprehensive income | — | — | — | — | — | — | 5,269 | — | 5,269 | ||||||||||||||||||||||||
Preferred stock dividends | — | — | — | — | — | (10,844 | ) | — | — | (10,844 | ) | ||||||||||||||||||||||
Share-based compensation expense | — | — | — | — | 4,536 | — | — | — | 4,536 | ||||||||||||||||||||||||
Exercise of warrants | — | — | 50,387 | 50 | 507 | — | — | — | 557 | ||||||||||||||||||||||||
Issuance of common stock under share-based compensation arrangements | — | — | 447,328 | 448 | (2,418 | ) | — | — | — | (1,970 | ) | ||||||||||||||||||||||
Balance, September 30, 2017 | 9,000,000 | $ | 217,471 | 30,787,632 | $ | 31,318 | $ | 429,633 | $ | 240,076 | $ | 377 | $ | (8,233 | ) | $ | 910,642 | ||||||||||||||||
Nine Months Ended September 30, 2016 | |||||||||||||||||||||||||||||||||
Preferred Stock | Common Stock | ||||||||||||||||||||||||||||||||
Shares of Preferred Stock Outstanding | Preferred Stock | Shares of Common Stock Outstanding | Common Stock | Additional Paid in Capital | Retained Earnings | Accumulated Other Comprehensive Income/(Loss) | Treasury Stock | Total | |||||||||||||||||||||||||
Balance, December 31, 2015 | 2,300,000 | $ | 55,569 | 26,901,801 | $ | 27,432 | $ | 362,607 | $ | 124,511 | $ | (7,984 | ) | $ | (8,233 | ) | $ | 553,902 | |||||||||||||||
Net income | — | — | — | — | — | 58,875 | — | — | 58,875 | ||||||||||||||||||||||||
Other comprehensive income | — | — | — | — | — | — | 8,758 | — | 8,758 | ||||||||||||||||||||||||
Issuance of common stock, net of offering costs of $217 | — | — | 226,677 | 227 | 5,450 | — | — | — | 5,677 | ||||||||||||||||||||||||
Issuance of preferred stock, net of offering costs of $5,520 | 6,700,000 | 161,980 | — | — | — | — | — | — | 161,980 | ||||||||||||||||||||||||
Preferred stock dividends | — | — | — | — | — | (5,900 | ) | — | (5,900 | ) | |||||||||||||||||||||||
Share-based compensation expense | — | — | — | — | 4,569 | — | — | — | 4,569 | ||||||||||||||||||||||||
Exercise of warrants | — | — | 259,851 | 259 | 862 | — | — | — | 1,121 | ||||||||||||||||||||||||
Issuance of common stock under share-based compensation arrangements | — | — | 155,888 | 156 | 673 | — | — | — | 829 | ||||||||||||||||||||||||
Balance, September 30, 2016 | 9,000,000 | $ | 217,549 | 27,544,217 | $ | 28,074 | $ | 374,161 | $ | 177,486 | $ | 774 | $ | (8,233 | ) | $ | 789,811 |
Nine Months Ended September 30, | |||||||
2017 | 2016 | ||||||
Cash Flows from Operating Activities | |||||||
Net income | $ | 57,222 | $ | 58,875 | |||
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | |||||||
Provision for loan losses, net of change to FDIC receivable and clawback liability | 5,937 | 2,854 | |||||
Depreciation and amortization | 7,476 | 4,138 | |||||
Share-based compensation expense | 5,377 | 5,213 | |||||
Deferred taxes | 286 | (4,846 | ) | ||||
Net amortization of investment securities premiums and discounts | 520 | 664 | |||||
Gain on sale of investment securities | (8,532 | ) | (25 | ) | |||
Impairment loss on investment securities | 12,934 | — | |||||
Gain on sale of SBA and other loans | (3,553 | ) | (2,674 | ) | |||
Origination of loans held for sale | (22,770,726 | ) | (27,092,862 | ) | |||
Proceeds from the sale of loans held for sale | 22,925,668 | 26,473,789 | |||||
Decrease in FDIC loss sharing receivable net of clawback liability | — | 255 | |||||
Amortization of fair value discounts and premiums | 93 | 312 | |||||
Net loss on sales of other real estate owned | 154 | 85 | |||||
Valuation and other adjustments to other real estate owned, net of FDIC receivable | 298 | 1,261 | |||||
Earnings on investment in bank-owned life insurance | (5,297 | ) | (3,629 | ) | |||
Increase in accrued interest receivable and other assets | (27,862 | ) | (38,672 | ) | |||
(Decrease) increase in accrued interest payable and other liabilities | (14,106 | ) | 66,577 | ||||
Net Cash Provided By (Used In) Operating Activities | 185,889 | (528,685 | ) | ||||
Cash Flows from Investing Activities | |||||||
Proceeds from maturities, calls and principal repayments of securities available for sale | 36,461 | 46,097 | |||||
Proceeds from sales of investment securities available for sale | 698,451 | 2,853 | |||||
Purchases of investment securities available for sale | (796,594 | ) | (5,000 | ) | |||
Net increase in loans | (921,049 | ) | (641,093 | ) | |||
Proceeds from sales of loans | 124,703 | 91,868 | |||||
Purchase of loans | (262,641 | ) | — | ||||
Purchases of bank-owned life insurance | (90,000 | ) | — | ||||
Proceeds from bank-owned life insurance | 1,418 | 619 | |||||
Net (purchases of) proceeds from FHLB, Federal Reserve Bank, and other restricted stock | (30,203 | ) | 19,220 | ||||
Payments to the FDIC on loss sharing agreements | — | (2,049 | ) | ||||
Purchases of bank premises and equipment | (1,725 | ) | (3,343 | ) | |||
Proceeds from sales of other real estate owned | 1,680 | 419 | |||||
Acquisition of Disbursements business, net | — | (17,000 | ) | ||||
Net Cash Used In Investing Activities | (1,267,428 | ) | (507,409 | ) | |||
Cash Flows from Financing Activities | |||||||
Net increase in deposits | 293,301 | 1,479,471 | |||||
Net increase (decrease) in short-term borrowed funds from the FHLB | 593,543 | (663,600 | ) | ||||
Net increase (decrease) in federal funds purchased | 64,000 | (18,000 | ) | ||||
Proceeds from long-term FHLB borrowings | — | 75,000 | |||||
Net proceeds from issuance of long-term debt | 98,564 | — | |||||
Net proceeds from issuance of preferred stock | — | 161,980 | |||||
Preferred stock dividends paid | (10,844 | ) | (5,450 | ) | |||
Exercise of warrants | 557 | 1,121 | |||||
Payments of employee taxes withheld from share-based awards | (4,923 | ) | (702 | ) | |||
Proceeds from issuance of common stock | 2,112 | 7,269 | |||||
Net Cash Provided By Financing Activities | 1,036,310 | 1,037,089 | |||||
Net (Decrease) Increase in Cash and Cash Equivalents | (45,229 | ) | 995 | ||||
Cash and Cash Equivalents – Beginning | 264,709 | 264,593 | |||||
Cash and Cash Equivalents – Ending | $ | 219,480 | $ | 265,588 | |||
(continued) | |||||||
Supplementary Cash Flows Information | |||||||
Interest paid | $ | 70,706 | $ | 50,410 | |||
Income taxes paid | 31,545 | 40,966 | |||||
Non-cash items: | |||||||
Transfer of loans to other real estate owned | $ | 83 | $ | 605 | |||
Transfer of loans held for investment to loans held for sale | 150,638 | — |
Three Months Ended March 31, | |||||||||||
2022 | 2021 | ||||||||||
Cash Flows from Operating Activities | |||||||||||
Net income from continuing operations | $ | 76,761 | $ | 74,631 | |||||||
Adjustments to reconcile net income to net cash provided by (used in) by continuing operating activities: | |||||||||||
Provision (benefit) for credit losses | 15,997 | (2,919) | |||||||||
Depreciation and amortization | 6,055 | 5,321 | |||||||||
Share-based compensation expense | 3,718 | 3,082 | |||||||||
Deferred taxes | (22,810) | (6,198) | |||||||||
Net amortization (accretion) of investment securities premiums and discounts | 918 | (14) | |||||||||
Unrealized (gain) loss on investment securities | 276 | (974) | |||||||||
(Gain) loss on sale of investment securities | 1,063 | (23,566) | |||||||||
Unrealized (gain) loss on derivatives | (964) | (2,537) | |||||||||
Loss on cash flow hedge derivative terminations | — | 24,467 | |||||||||
Settlement of terminated cash flow hedge derivatives | — | (27,156) | |||||||||
Fair value adjustment on loans held for sale | — | (1,115) | |||||||||
(Gain) loss on sale of loans | (2,070) | (2,071) | |||||||||
Origination of loans held for sale | (10,999) | (12,323) | |||||||||
Proceeds from the sale of loans held for sale | 24,813 | 17,122 | |||||||||
Amortization (accretion) of loan net deferred fees, discounts and premiums | (27,907) | (345) | |||||||||
Earnings on investment in bank-owned life insurance | (8,326) | (1,679) | |||||||||
(Increase) decrease in accrued interest receivable and other assets | 66,855 | 20,979 | |||||||||
Increase (decrease) in accrued interest payable and other liabilities | (6,440) | 135,679 | |||||||||
Net Cash Provided By (Used In) Continuing Operating Activities | 116,940 | 200,384 | |||||||||
Cash Flows from Investing Activities | |||||||||||
Proceeds from maturities, calls and principal repayments of investment securities | 224,809 | 62,348 | |||||||||
Proceeds from sales of investment securities available for sale | 155,954 | 353,915 | |||||||||
Purchases of investment securities available for sale | (814,246) | (589,874) | |||||||||
Origination of mortgage warehouse loans | (7,938,526) | (16,998,093) | |||||||||
Proceeds from repayments of mortgage warehouse loans | 8,475,173 | 17,211,909 | |||||||||
Net (increase) decrease in loans and leases, excluding mortgage warehouse loans | 159,706 | (486,158) | |||||||||
Proceeds from sales of loans and leases | 14,281 | 39,534 | |||||||||
Purchase of loans | (206,330) | (117,036) | |||||||||
Proceeds from bank-owned life insurance | 5,850 | — | |||||||||
Net proceeds from sale of FHLB, Federal Reserve Bank, and other restricted stock | 15,205 | 1,948 | |||||||||
Purchases of bank premises and equipment | (274) | (298) | |||||||||
Purchases of leased assets under lessor operating leases | (2,930) | (4,849) | |||||||||
Net Cash Provided By (Used In) Continuing Investing Activities | 88,672 | (526,654) | |||||||||
Cash Flows from Financing Activities | |||||||||||
Net increase (decrease) in deposits | (362,364) | 1,162,511 | |||||||||
Net increase (decrease) in short-term borrowed funds from the FHLB | (700,000) | — | |||||||||
Net increase (decrease) in federal funds purchased | 625,000 | 115,000 | |||||||||
Net increase (decrease) in borrowed funds from FRB PPP liquidity facility | — | (1,130,860) | |||||||||
Preferred stock dividends paid | (1,823) | (3,401) | |||||||||
Purchase of treasury stock | (6,310) | — | |||||||||
Payments of employee taxes withheld from share-based awards | (3,755) | (1,988) | |||||||||
Proceeds from issuance of common stock | 208 | 6,684 | |||||||||
Proceeds from sale of non-controlling interest in BMT | — | 23,125 | |||||||||
Net Cash Provided By (Used In) Continuing Financing Activities | (449,044) | 171,071 | |||||||||
Net Increase (Decrease) in Cash and Cash Equivalents From Continuing Operations | $ | (243,432) | $ | (155,199) | |||||||
Discontinued Operations: | |||||||||||
Net Cash Used In Operating Activities | $ | — | $ | (22,791) | |||||||
Net Increase (Decrease) in Cash and Cash Equivalents From Discontinued Operations | — | (22,791) | |||||||||
Net Increase (Decrease) in Cash and Cash Equivalents | (243,432) | (177,990) | |||||||||
Cash and Cash Equivalents – Beginning | 518,032 | 693,354 | |||||||||
Cash and Cash Equivalents – Ending | $ | 274,600 | $ | 515,364 | |||||||
(continued) | |||||||||||
Three Months Ended March 31, | |||||||||||
2022 | 2021 | ||||||||||
Non-cash Investing and Financing Activities: | |||||||||||
Distribution of investment in BM Technologies common stock | $ | — | $ | 32,983 | |||||||
Transfer of loans held for investment to held for sale | — | 44,258 | |||||||||
Unsettled purchases of investment securities | — | 56,620 | |||||||||
(amounts in thousands) | |||
Fair value of assets acquired: | |||
Developed software | $ | 27,400 | |
Other intangible assets | 9,300 | ||
Accounts receivable | 2,784 | ||
Prepaid expenses | 418 | ||
Fixed assets, net | 229 | ||
Total assets acquired | 40,131 | ||
Fair value of liabilities assumed: | |||
Other liabilities | 5,735 | ||
Deferred revenue | 2,655 | ||
Total liabilities assumed | 8,390 | ||
Net assets acquired | $ | 31,741 | |
Transaction cash consideration (1) | $ | 37,000 | |
Goodwill recognized | $ | 5,259 |
December 31, 2016 As Previously Reported | Effect of Reclassification From Held For Sale to Held and Used | December 31, 2016 After Reclassification | |||||||||
(amounts in thousands) | |||||||||||
ASSETS | |||||||||||
Cash and cash equivalents | $ | 244,709 | $ | 20,000 | $ | 264,709 | |||||
Loans receivable | 6,142,390 | 12,247 | 6,154,637 | ||||||||
Bank premises and equipment, net | 12,259 | 510 | 12,769 | ||||||||
Goodwill and other intangibles | 3,639 | 13,982 | 17,621 | ||||||||
Assets held for sale | 79,271 | (79,271 | ) | — | |||||||
Other assets | 70,099 | 32,532 | 102,631 | ||||||||
LIABILITIES | |||||||||||
Demand, non-interest bearing deposits | $ | 512,664 | $ | 453,394 | $ | 966,058 | |||||
Interest bearing deposits | 6,334,316 | 3,401 | 6,337,717 | ||||||||
Non-interest bearing deposits held for sale | 453,394 | (453,394 | ) | — | |||||||
Other liabilities held for sale | 31,403 | (31,403 | ) | — | |||||||
Accrued interest payable and other liabilities | 47,381 | 28,002 | 75,383 |
Three Months Ended September 30, 2016 | Effect of Reclassification From Held For Sale to Held and Used | Three Months Ended September 30, 2016 | |||||||||
As Previously Reported | After Reclassification | ||||||||||
Interest income | $ | 84,212 | $ | — | $ | 84,212 | |||||
Interest expense | 19,622 | 5 | 19,627 | ||||||||
Net interest income | 64,590 | (5 | ) | 64,585 | |||||||
Provision for loan losses | (161 | ) | 249 | 88 | |||||||
Non-interest income | 11,121 | 16,365 | 27,486 | ||||||||
Non-interest expenses | 36,750 | 19,468 | 56,218 | ||||||||
Income from continuing operations before income taxes | 39,122 | (3,357 | ) | 35,765 | |||||||
Provision for income taxes | 15,834 | (1,276 | ) | 14,558 | |||||||
Net income from continuing operations | 23,288 | (2,081 | ) | 21,207 | |||||||
Loss from discontinued operations before income taxes | (3,357 | ) | 3,357 | — | |||||||
Income tax benefit from discontinued operations | (1,276 | ) | 1,276 | — | |||||||
Net loss from discontinued operations | (2,081 | ) | 2,081 | — | |||||||
Net income | 21,207 | — | 21,207 | ||||||||
Preferred stock dividend | 2,552 | — | 2,552 | ||||||||
Net income available to common shareholders | $ | 18,655 | $ | — | $ | 18,655 | |||||
Nine Months Ended September 30, 2016 | Effect of Reclassification From Held For Sale to Held and Used | Nine Months Ended September 30, 2016 | |||||||||
As Previously Reported | After Reclassification | ||||||||||
Interest income | $ | 238,931 | $ | — | $ | 238,931 | |||||
Interest expense | 53,548 | 13 | 53,561 | ||||||||
Net interest income | 185,383 | (13 | ) | 185,370 | |||||||
Provision for loan losses | 2,605 | 249 | 2,854 | ||||||||
Non-interest income | 22,241 | 18,996 | 41,237 | ||||||||
Non-interest expenses | 100,706 | 27,600 | 128,306 | ||||||||
Income from continuing operations before income taxes | 104,313 | (8,866 | ) | 95,447 | |||||||
Provision for income taxes | 39,942 | (3,370 | ) | 36,572 | |||||||
Net income from continuing operations | 64,371 | (5,496 | ) | 58,875 | |||||||
Loss from discontinued operations before income taxes | (8,865 | ) | 8,865 | — | |||||||
Income tax benefit from discontinued operations | (3,369 | ) | 3,369 | — | |||||||
Net loss from discontinued operations | (5,496 | ) | 5,496 | — | |||||||
Net income | 58,875 | — | 58,875 | ||||||||
Preferred stock dividend | 5,900 | — | 5,900 | ||||||||
Net income available to common shareholders | $ | 52,975 | $ | — | $ | 52,975 | |||||
Standard | Summary of Guidance | Effects on Financial Statements | ||||||||||||
ASU 2020-06, Debt - Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity's Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity's Own Equity Issued August 2020 | • Provides for simplified accounting for convertible debt instruments by eliminating separation models in ASC 470-20 for convertible debt instruments with a cash conversion feature, or another beneficial conversion feature. • Removes the requirements to consider whether a contract would be settled in registered shares, to consider whether collateral is required to be posted and to assess shareholders rights upon conversion. • Effective for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. Early adoption is permitted, but no earlier than fiscal years beginning after December 15, 2020, including interim periods within those fiscal years. | • Customers adopted this guidance on January 1, 2022. • The adoption of this guidance did not have any impact on Customers' financial condition, results of operations and consolidated financial statements. | ||||||||||||
ASU 2021-05, Leases (Topic 842): Lessors - Certain Leases with Variable Lease Payments Issued July 2021 | • Provides updates for accounting for leases with variable lease payments under ASC 842. • Allows for variable lease payments which are 1) not driven by a reference rate and 2) not dependent upon an estimate to be included within consideration or the investment in a lease at the inception of a sales-type or direct financing lease. • Effective for fiscal years beginning after December 15, 2021 and interim periods within those fiscal years. Early adoption is permitted. | • Customers adopted this guidance on January 1, 2022. • The adoption of this guidance did not have any impact on Customers' financial condition, results of operations and consolidated financial statements. | ||||||||||||
Standard | Summary of Guidance | Effects on Financial Statements | ||||||||||||
ASU 2022-02, Financial Instruments - Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures Issued March 2022 | • Eliminates the accounting guidance for TDRs by creditors, and applies the loan refinancing and restructuring guidance when a borrower is experiencing financial difficulty to determine whether a modification results in a new loan or a continuation of an existing loan. • Provides enhanced disclosure requirements for certain loan refinancing and restructurings and disclosure of current-period gross write-offs by year of origination for financing receivables and net investments in leases within the scope of ASC 326. • Effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. Early adoption is permitted, including adoption in any interim period, provided the amendments are adopted as of the beginning of the fiscal year that includes the interim period of adoption. Early adoption is permitted separately for the amendments to TDRs and vintage disclosures. • TDR and vintage disclosures are to be adopted prospectively. An entity may adopt TDR recognition and measurement guidance prospectively or elect to use a modified retrospective transition method, with a cumulative effect adjustment to retained earnings at the beginning of the period of adoption. | • Customers expects this guidance will result in additional disclosures related to gross write-offs by vintage year and expansive disclosures for certain loan modifications to borrowers experiencing financial difficulty. • Customers intends to adopt this guidance during adoption period and is currently evaluating the expected impact of this guidance | ||||||||||||
Three Months Ended March 31, | ||||||||||||||||||||||||||||||||||||||
(amounts in thousands) | 2022 | 2021 | ||||||||||||||||||||||||||||||||||||
Discontinued operations: | ||||||||||||||||||||||||||||||||||||||
Non-interest income | $ | — | $ | — | ||||||||||||||||||||||||||||||||||
Non-interest expense | — | 20,354 | ||||||||||||||||||||||||||||||||||||
Loss from discontinued operations before income taxes | — | (20,354) | ||||||||||||||||||||||||||||||||||||
Income tax expense (benefit) | — | 17,682 | ||||||||||||||||||||||||||||||||||||
Net loss from discontinued operations | $ | — | $ | (38,036) |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
(amounts in thousands, except share and per share data) | |||||||||||||||
Net income available to common shareholders | $ | 4,139 | $ | 18,655 | $ | 46,378 | $ | 52,975 | |||||||
Weighted-average number of common shares outstanding - basic | 30,739,671 | 27,367,551 | 30,597,314 | 27,131,960 | |||||||||||
Share-based compensation plans | 1,754,480 | 2,205,291 | 2,004,917 | 2,119,717 | |||||||||||
Warrants | 18,541 | 124,365 | 24,392 | 243,531 | |||||||||||
Weighted-average number of common shares - diluted | 32,512,692 | 29,697,207 | 32,626,623 | 29,495,208 | |||||||||||
Basic earnings per common share | $ | 0.13 | $ | 0.68 | $ | 1.52 | $ | 1.95 | |||||||
Diluted earnings per common share | $ | 0.13 | $ | 0.63 | $ | 1.42 | $ | 1.80 |
Three Months Ended March 31, | |||||||||||||||||||||||
(amounts in thousands, except share and per share data) | 2022 | 2021 | |||||||||||||||||||||
Net income from continuing operations available to common shareholders | $ | 74,896 | $ | 71,240 | |||||||||||||||||||
Net loss from discontinued operations | — | (38,036) | |||||||||||||||||||||
Net income available to common shareholders | $ | 74,896 | $ | 33,204 | |||||||||||||||||||
Weighted-average number of common shares outstanding – basic | 32,957,033 | 31,883,946 | |||||||||||||||||||||
Share-based compensation plans | 1,370,032 | 957,765 | |||||||||||||||||||||
Weighted-average number of common shares – diluted | 34,327,065 | 32,841,711 | |||||||||||||||||||||
Basic earnings (loss) per common share from continuing operations | $ | 2.27 | $ | 2.23 | |||||||||||||||||||
Basic earnings (loss) per common share from discontinued operations | — | (1.19) | |||||||||||||||||||||
Basic earnings (loss) per common share | 2.27 | 1.04 | |||||||||||||||||||||
Diluted earnings (loss) per common share from continuing operations | $ | 2.18 | $ | 2.17 | |||||||||||||||||||
Diluted earnings (loss) per common share from discontinued operations | — | (1.16) | |||||||||||||||||||||
Diluted earnings (loss) per common share | 2.18 | 1.01 |
Three Months Ended March 31, | |||||||||||||||||||||||
2022 | 2021 | ||||||||||||||||||||||
Anti-dilutive securities: | |||||||||||||||||||||||
Share-based compensation awards | — | 277,725 | |||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||
Anti-dilutive securities: | |||||||||||
Share-based compensation awards | 409,225 | 616,995 | 409,225 | 616,995 | |||||||
Warrants | 52,242 | 52,242 | 52,242 | 52,242 | |||||||
Total anti-dilutive securities | 461,467 | 669,237 | 461,467 | 669,237 |
Three Months Ended March 31, 2022 | ||||||||||||||||||||||||||
(amounts in thousands) | Unrealized Gains (Losses) on Available for Sale Securities (1) | Unrealized Gains (Losses) on Cash Flow Hedges (2) | Total | |||||||||||||||||||||||
Balance - December 31, 2021 | $ | (4,980) | $ | — | $ | (4,980) | ||||||||||||||||||||
Unrealized gains (losses) arising during period, before tax | (78,858) | — | (78,858) | |||||||||||||||||||||||
Income tax effect | 20,503 | — | 20,503 | |||||||||||||||||||||||
Other comprehensive income (loss) before reclassifications | (58,355) | — | (58,355) | |||||||||||||||||||||||
Reclassification adjustments for (gains) losses included in net income, before tax | 1,063 | — | 1,063 | |||||||||||||||||||||||
Income tax effect | (276) | — | (276) | |||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) to net income | 787 | — | 787 | |||||||||||||||||||||||
Net current-period other comprehensive income (loss) | (57,568) | — | (57,568) | |||||||||||||||||||||||
Balance - March 31, 2022 | $ | (62,548) | $ | — | $ | (62,548) |
Three Months Ended March 31, 2021 | |||||||||||||||||||||||
(amounts in thousands) | Unrealized Gains (Losses) on Available for Sale Securities (1) | Unrealized Gains (Losses) on Cash Flow Hedges (2) | Total | ||||||||||||||||||||
Balance - December 31, 2020 | $ | 23,312 | $ | (29,076) | $ | (5,764) | |||||||||||||||||
Unrealized gains (losses) arising during period, before tax | 400 | 12,315 | 12,715 | ||||||||||||||||||||
Income tax effect | (104) | (3,202) | (3,306) | ||||||||||||||||||||
Other comprehensive income (loss) before reclassifications | 296 | 9,113 | 9,409 | ||||||||||||||||||||
Reclassification adjustments for (gains) losses included in net income, before tax | (23,566) | 25,926 | 2,360 | ||||||||||||||||||||
Income tax effect | 6,127 | (6,741) | (614) | ||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) to net income | (17,439) | 19,185 | 1,746 | ||||||||||||||||||||
Net current-period other comprehensive income (loss) | (17,143) | 28,298 | 11,155 | ||||||||||||||||||||
Balance - March 31, 2021 | $ | 6,169 | $ | (778) | $ | 5,391 |
Three Months Ended September 30, 2017 | |||||||||||
(amounts in thousands) | Unrealized Gains (Losses) on Available-For-Sale Securities | Unrealized Loss on Cash Flow Hedges | Total | ||||||||
Balance - June 30, 2017 | $ | 6,822 | $ | (1,458 | ) | $ | 5,364 | ||||
Other comprehensive income (loss) before reclassifications | (2,177 | ) | 104 | (2,073 | ) | ||||||
Amounts reclassified from accumulated other comprehensive income (loss) to net income (2) | (3,263 | ) | 349 | (2,914 | ) | ||||||
Net current-period other comprehensive (loss) income | (5,440 | ) | 453 | (4,987 | ) | ||||||
Balance - September 30, 2017 | $ | 1,382 | $ | (1,005 | ) | $ | 377 |
Nine Months Ended September 30, 2017 | |||||||||||
(amounts in thousands) | Unrealized Gains (Losses) on Available-For-Sale Securities | Unrealized Loss on Cash Flow Hedges | Total | ||||||||
Balance - December 31, 2016 | $ | (2,681 | ) | $ | (2,211 | ) | $ | (4,892 | ) | ||
Other comprehensive income (loss) before reclassifications | 9,268 | (115 | ) | 9,153 | |||||||
Amounts reclassified from accumulated other comprehensive income (loss) to net income (2) | (5,205 | ) | 1,321 | (3,884 | ) | ||||||
Net current-period other comprehensive income | 4,063 | 1,206 | 5,269 | ||||||||
Balance - September 30, 2017 | $ | 1,382 | $ | (1,005 | ) | $ | 377 | ||||
Three Months Ended September 30, 2016 | |||||||||||||||||
Available-for-sale-securities | |||||||||||||||||
(amounts in thousands) | Unrealized Gains | Foreign Currency Items | Total Unrealized Gains | Unrealized Loss on Cash Flow Hedge | Total | ||||||||||||
Balance - June 30, 2016 | $ | 4,895 | $ | (768 | ) | $ | 4,127 | $ | (4,554 | ) | $ | (427 | ) | ||||
Other comprehensive income (loss) before reclassifications | 15 | 190 | 205 | 556 | 761 | ||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) to net income (2) | 1 | — | 1 | 439 | 440 | ||||||||||||
Net current-period other comprehensive income | 16 | 190 | 206 | 995 | 1,201 | ||||||||||||
Balance - September 30, 2016 | $ | 4,911 | $ | (578 | ) | $ | 4,333 | $ | (3,559 | ) | $ | 774 |
Nine Months Ended September 30, 2016 | |||||||||||||||||
Available-for-sale-securities | |||||||||||||||||
(amounts in thousands) | Unrealized Gains (Losses) | Foreign Currency Items | Total Unrealized Gains (Losses) | Unrealized Loss on Cash Flow Hedge | Total | ||||||||||||
Balance - December 31, 2015 | $ | (4,602 | ) | $ | (584 | ) | $ | (5,186 | ) | $ | (2,798 | ) | $ | (7,984 | ) | ||
Other comprehensive income (loss) before reclassifications | 9,529 | 6 | 9,535 | (1,577 | ) | 7,958 | |||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) to net income (2) | (16 | ) | — | (16 | ) | 816 | 800 | ||||||||||
Net current-period other comprehensive income (loss) | 9,513 | 6 | 9,519 | (761 | ) | 8,758 | |||||||||||
Balance - September 30, 2016 | $ | 4,911 | $ | (578 | ) | $ | 4,333 | $ | (3,559 | ) | $ | 774 | |||||
March 31, 2022 (1) | |||||||||||||||||||||||||||||
(amounts in thousands) | Amortized Cost | Allowance for Credit Losses | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | ||||||||||||||||||||||||
Available for sale debt securities: | |||||||||||||||||||||||||||||
Asset-backed securities | $ | 351,847 | $ | (728) | $ | 87 | $ | (7,587) | $ | 343,619 | |||||||||||||||||||
Agency-guaranteed residential mortgage-backed securities | 9,242 | — | — | (973) | 8,269 | ||||||||||||||||||||||||
Agency-guaranteed commercial mortgage-backed securities | 2,140 | — | — | (95) | 2,045 | ||||||||||||||||||||||||
Agency-guaranteed residential collateralized mortgage obligations | 618,998 | — | 833 | (16,428) | 603,403 | ||||||||||||||||||||||||
Agency-guaranteed commercial collateralized mortgage obligations | 172,410 | — | — | (9,811) | 162,599 | ||||||||||||||||||||||||
Collateralized loan obligations | 1,010,938 | — | — | (6,576) | 1,004,362 | ||||||||||||||||||||||||
Commercial mortgage-backed securities | 148,993 | — | — | (1,368) | 147,625 | ||||||||||||||||||||||||
Corporate notes (2) | 607,230 | — | 1,376 | (14,856) | 593,750 | ||||||||||||||||||||||||
Private label collateralized mortgage obligations | 1,302,400 | — | — | (31,993) | 1,270,407 | ||||||||||||||||||||||||
State and political subdivision debt securities (3) | 8,531 | — | — | (581) | 7,950 | ||||||||||||||||||||||||
Available for sale debt securities | $ | 4,232,729 | $ | (728) | $ | 2,296 | $ | (90,268) | 4,144,029 | ||||||||||||||||||||
Equity securities (4) | 25,824 | ||||||||||||||||||||||||||||
Total investment securities, at fair value | $ | 4,169,853 |
December 31, 2021 (1) | |||||||||||||||||||||||||||||
(amounts in thousands) | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | |||||||||||||||||||||||||
Available for sale debt securities: | |||||||||||||||||||||||||||||
Asset-backed securities | $ | 297,291 | $ | 253 | $ | (119) | $ | 297,425 | |||||||||||||||||||||
Agency-guaranteed residential mortgage-backed securities | 9,865 | — | (312) | 9,553 | |||||||||||||||||||||||||
Agency-guaranteed commercial mortgage-backed securities | 2,162 | — | (10) | 2,152 | |||||||||||||||||||||||||
Agency-guaranteed residential collateralized mortgage obligations | 199,091 | 154 | (2,315) | 196,930 | |||||||||||||||||||||||||
Agency-guaranteed commercial collateralized mortgage obligations | 242,668 | 53 | (3,877) | 238,844 | |||||||||||||||||||||||||
Collateralized loan obligations | 1,067,770 | 247 | (1,215) | 1,066,802 | |||||||||||||||||||||||||
Commercial mortgage-backed securities | 149,054 | 53 | (180) | 148,927 | |||||||||||||||||||||||||
Corporate notes (2) | 575,273 | 6,334 | (1,561) | 580,046 | |||||||||||||||||||||||||
Private label collateralized mortgage obligations | 1,248,142 | 333 | (6,010) | 1,242,465 | |||||||||||||||||||||||||
State and political subdivision debt securities (3) | 8,535 | — | (104) | 8,431 | |||||||||||||||||||||||||
Available for sale debt securities | $ | 3,799,851 | $ | 7,427 | $ | (15,703) | 3,791,575 | ||||||||||||||||||||||
Equity securities (4) | 25,575 | ||||||||||||||||||||||||||||
Total investment securities, at fair value | $ | 3,817,150 |
September 30, 2017 | |||||||||||||||
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | ||||||||||||
(amounts in thousands) | |||||||||||||||
Available for Sale: | |||||||||||||||
Agency-guaranteed residential mortgage-backed securities | $ | 197,606 | $ | 521 | $ | (1,800 | ) | $ | 196,327 | ||||||
Agency-guaranteed commercial real estate mortgage-backed securities | 337,683 | 2,843 | (418 | ) | 340,108 | ||||||||||
Corporate notes (1) | 44,958 | 1,119 | — | 46,077 | |||||||||||
Equity securities (2) | 2,311 | — | — | 2,311 | |||||||||||
$ | 582,558 | $ | 4,483 | $ | (2,218 | ) | $ | 584,823 |
December 31, 2016 | |||||||||||||||
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | ||||||||||||
(amounts in thousands) | |||||||||||||||
Available for Sale: | |||||||||||||||
Agency-guaranteed residential mortgage-backed securities | $ | 233,002 | $ | 918 | $ | (2,657 | ) | $ | 231,263 | ||||||
Agency-guaranteed commercial real estate mortgage-backed securities | 204,689 | — | (2,872 | ) | 201,817 | ||||||||||
Corporate notes (1) | 44,932 | 401 | (185 | ) | 45,148 | ||||||||||
Equity securities (2) | 15,246 | — | — | 15,246 | |||||||||||
$ | 497,869 | $ | 1,319 | $ | (5,714 | ) | $ | 493,474 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
(amounts in thousands) | |||||||||||||||
Proceeds from sale of available-for-sale securities | $ | 554,540 | $ | 5 | $ | 698,451 | $ | 2,853 | |||||||
Gross gains | $ | 5,349 | $ | — | $ | 8,532 | $ | 26 | |||||||
Gross losses | — | (1 | ) | — | (1 | ) | |||||||||
Net gains (losses) | $ | 5,349 | $ | (1 | ) | $ | 8,532 | $ | 25 |
March 31, 2022 | |||||||||||
(amounts in thousands) | Amortized Cost | Fair Value | |||||||||
Due in one year or less | $ | 4,992 | $ | 4,999 | |||||||
Due after one year through five years | 419,539 | 409,141 | |||||||||
Due after five years through ten years | 191,230 | 187,560 | |||||||||
Asset-backed securities | 351,847 | 343,619 | |||||||||
Collateralized loan obligations | 1,010,938 | 1,004,362 | |||||||||
Commercial mortgage-backed securities | 148,993 | 147,625 | |||||||||
Agency-guaranteed residential mortgage-backed securities | 9,242 | 8,269 | |||||||||
Agency-guaranteed commercial mortgage-backed securities | 2,140 | 2,045 | |||||||||
Agency-guaranteed residential collateralized mortgage obligations | 618,998 | 603,403 | |||||||||
Agency-guaranteed commercial collateralized mortgage obligations | 172,410 | 162,599 | |||||||||
Private label collateralized mortgage obligations | 1,302,400 | 1,270,407 | |||||||||
Total debt securities | $ | 4,232,729 | $ | 4,144,029 |
September 30, 2017 | |||||||
Amortized Cost | Fair Value | ||||||
(amounts in thousands) | |||||||
Due in one year or less | $ | — | $ | — | |||
Due after one year through five years | — | — | |||||
Due after five years through ten years | 42,958 | 43,854 | |||||
Due after ten years | 2,000 | 2,223 | |||||
Agency-guaranteed residential mortgage-backed securities | 197,606 | 196,327 | |||||
Agency-guaranteed commercial real estate mortgage-backed securities | 337,683 | 340,108 | |||||
Total debt securities | $ | 580,247 | $ | 582,512 |
March 31, 2022 | |||||||||||||||||||||||||||||||||||
Less Than 12 Months | 12 Months or More | Total | |||||||||||||||||||||||||||||||||
(amounts in thousands) | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | |||||||||||||||||||||||||||||
Available for sale debt securities: | |||||||||||||||||||||||||||||||||||
Asset-backed securities | $ | 199,725 | $ | (3,832) | $ | — | $ | — | $ | 199,725 | $ | (3,832) | |||||||||||||||||||||||
Agency-guaranteed residential mortgage-backed securities | — | — | 8,269 | (973) | 8,269 | (973) | |||||||||||||||||||||||||||||
Agency-guaranteed commercial mortgage-backed securities | 2,045 | (95) | — | — | 2,045 | (95) | |||||||||||||||||||||||||||||
Agency-guaranteed residential collateralized mortgage obligations | 434,524 | (16,428) | — | — | 434,524 | (16,428) | |||||||||||||||||||||||||||||
Agency-guaranteed commercial collateralized mortgage obligations | 95,995 | (3,764) | 66,605 | (6,047) | 162,600 | (9,811) | |||||||||||||||||||||||||||||
Collateralized loan obligations | 934,954 | (6,457) | 25,510 | (119) | 960,464 | (6,576) | |||||||||||||||||||||||||||||
Commercial mortgage-backed securities | 129,365 | (1,368) | — | — | 129,365 | (1,368) | |||||||||||||||||||||||||||||
Corporate notes | 393,997 | (13,972) | 14,115 | (884) | 408,112 | (14,856) | |||||||||||||||||||||||||||||
Private label collateralized mortgage obligations | 856,760 | (27,386) | 42,196 | (4,607) | 898,956 | (31,993) | |||||||||||||||||||||||||||||
State and political subdivision debt securities | 7,950 | (581) | — | — | 7,950 | (581) | |||||||||||||||||||||||||||||
Total | $ | 3,055,315 | $ | (73,883) | $ | 156,695 | $ | (12,630) | $ | 3,212,010 | $ | (86,513) |
September 30, 2017 | |||||||||||||||||||||||
Less Than 12 Months | 12 Months or More | Total | |||||||||||||||||||||
Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | ||||||||||||||||||
(amounts in thousands) | |||||||||||||||||||||||
Available for Sale: | |||||||||||||||||||||||
Agency-guaranteed residential mortgage-backed securities | $ | 54,525 | $ | (279 | ) | $ | 45,682 | $ | (1,521 | ) | $ | 100,207 | $ | (1,800 | ) | ||||||||
Agency-guaranteed commercial real estate mortgage-backed securities | 105,044 | (418 | ) | — | — | 105,044 | (418 | ) | |||||||||||||||
Total | $ | 159,569 | $ | (697 | ) | $ | 45,682 | $ | (1,521 | ) | $ | 205,251 | $ | (2,218 | ) |
December 31, 2021 | |||||||||||||||||||||||||||||||||||
Less Than 12 Months | 12 Months or More | Total | |||||||||||||||||||||||||||||||||
(amounts in thousands) | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | |||||||||||||||||||||||||||||
Available for sale debt securities: | |||||||||||||||||||||||||||||||||||
Asset-backed securities | $ | 54,753 | $ | (119) | $ | — | $ | — | $ | 54,753 | $ | (119) | |||||||||||||||||||||||
Agency-guaranteed residential mortgage-backed securities | 9,554 | (312) | — | — | 9,554 | (312) | |||||||||||||||||||||||||||||
Agency-guaranteed commercial mortgage-backed securities | 2,152 | (10) | — | — | 2,152 | (10) | |||||||||||||||||||||||||||||
Agency-guaranteed residential collateralized mortgage obligations | 173,492 | (2,315) | — | — | 173,492 | (2,315) | |||||||||||||||||||||||||||||
Agency-guaranteed commercial collateralized mortgage obligations | 118,334 | (3,877) | — | — | 118,334 | (3,877) | |||||||||||||||||||||||||||||
Collateralized loan obligations | 715,250 | (1,215) | — | — | 715,250 | (1,215) | |||||||||||||||||||||||||||||
Commercial mortgage-backed securities | 122,597 | (180) | — | — | 122,597 | (180) | |||||||||||||||||||||||||||||
Corporate notes | 188,100 | (1,561) | — | — | 188,100 | (1,561) | |||||||||||||||||||||||||||||
Private label collateralized mortgage obligations | 632,091 | (5,874) | 6,818 | (136) | 638,909 | (6,010) | |||||||||||||||||||||||||||||
State and political subdivision debt securities | 8,430 | (104) | — | — | 8,430 | (104) | |||||||||||||||||||||||||||||
Total | $ | 2,024,753 | $ | (15,567) | $ | 6,818 | $ | (136) | $ | 2,031,571 | $ | (15,703) |
December 31, 2016 | |||||||||||||||||||||||
Less Than 12 Months | 12 Months or More | Total | |||||||||||||||||||||
Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | ||||||||||||||||||
(amounts in thousands) | |||||||||||||||||||||||
Available for Sale: | |||||||||||||||||||||||
Agency-guaranteed residential mortgage-backed securities | $ | 87,433 | $ | (1,330 | ) | $ | 30,592 | $ | (1,327 | ) | $ | 118,025 | $ | (2,657 | ) | ||||||||
Agency-guaranteed commercial real estate mortgage-backed securities | 201,817 | (2,872 | ) | — | — | 201,817 | (2,872 | ) | |||||||||||||||
Corporate notes (1) | 9,747 | (185 | ) | — | — | 9,747 | (185 | ) | |||||||||||||||
Total | $ | 298,997 | $ | (4,387 | ) | $ | 30,592 | $ | (1,327 | ) | $ | 329,589 | $ | (5,714 | ) |
Asset-backed securities | |||||
(amounts in thousands) | Three Months Ended March 31, 2022 | ||||
Balance at January 1, | $ | — | |||
Credit losses on securities for which credit losses were not previously recorded | 728 | ||||
Balance at March 31, | $ | 728 |
(amounts in thousands) | March 31, 2022 | December 31, 2021 | |||||||||
Consumer loans: | |||||||||||
Home equity conversion mortgages, at lower of cost or fair value | $ | 507 | $ | 507 | |||||||
Residential mortgage loans, at fair value | 2,496 | 15,747 | |||||||||
Total consumer loans held for sale | 3,003 | 16,254 | |||||||||
Loans held for sale | $ | 3,003 | $ | 16,254 |
September 30, 2017 | December 31, 2016 | ||||||
(amounts in thousands) | |||||||
Commercial loans: | |||||||
Mortgage warehouse loans, at fair value | $ | 1,961,248 | $ | 2,116,815 | |||
Multi-family loans at lower of cost or fair value | 150,217 | — | |||||
Total commercial loans held for sale | 2,111,465 | 2,116,815 | |||||
Consumer loans: | |||||||
Residential mortgage loans, at fair value | 1,828 | 695 | |||||
Loans held for sale | $ | 2,113,293 | $ | 2,117,510 |
(amounts in thousands) | March 31, 2022 | December 31, 2021 | |||||||||
Loans and leases receivable, mortgage warehouse, at fair value | $ | 1,755,758 | $ | 2,284,325 | |||||||
Loans receivable, PPP | 2,195,902 | 3,250,008 | |||||||||
Loans and leases receivable: | |||||||||||
Commercial: | |||||||||||
Multi-family | 1,705,027 | 1,486,308 | |||||||||
Commercial and industrial (1) | 3,995,802 | 3,424,783 | |||||||||
Commercial real estate owner occupied | 701,893 | 654,922 | |||||||||
Commercial real estate non-owner occupied | 1,140,311 | 1,121,238 | |||||||||
Construction | 161,024 | 198,981 | |||||||||
Total commercial loans and leases receivable | 7,704,057 | 6,886,232 | |||||||||
Consumer: | |||||||||||
Residential real estate | 466,423 | 334,730 | |||||||||
Manufactured housing | 50,669 | 52,861 | |||||||||
Installment | 1,897,706 | 1,744,475 | |||||||||
Total consumer loans receivable | 2,414,798 | 2,132,066 | |||||||||
Loans and leases receivable | 10,118,855 | 9,018,298 | |||||||||
Allowance for credit losses on loans and leases | (145,847) | (137,804) | |||||||||
Total loans and leases receivable, net of allowance for credit losses on loans and leases (2) | $ | 13,924,668 | $ | 14,414,827 |
September 30, 2017 | December 31, 2016 | ||||||
(amounts in thousands) | |||||||
Commercial: | |||||||
Multi-family | $ | 3,618,989 | $ | 3,214,999 | |||
Commercial and industrial (including owner occupied commercial real estate) | 1,601,789 | 1,382,343 | |||||
Commercial real estate non-owner occupied | 1,237,849 | 1,193,715 | |||||
Construction | 73,203 | 64,789 | |||||
Total commercial loans | 6,531,830 | 5,855,846 | |||||
Consumer: | |||||||
Residential real estate | 435,188 | 193,502 | |||||
Manufactured housing | 92,938 | 101,730 | |||||
Other | 3,819 | 3,483 | |||||
Total consumer loans | 531,945 | 298,715 | |||||
Total loans receivable | 7,063,775 | 6,154,561 | |||||
Deferred (fees)/costs and unamortized (discounts)/premiums, net | (2,437 | ) | 76 | ||||
Allowance for loan losses | (38,314 | ) | (37,315 | ) | |||
Loans receivable, net of allowance for loan losses | $ | 7,023,024 | $ | 6,117,322 |
March 31, 2022 | |||||||||||||||||||||||||||||||||||
(amounts in thousands) | 30-59 Days past due (1) | 60-89 Days past due (1) | 90 Days or more past due (1) | Total past due (1) | Loans and leases not past due (2) | Total loans and leases (3) | |||||||||||||||||||||||||||||
Multi-family | $ | 10,690 | $ | — | $ | 16,181 | $ | 26,871 | $ | 1,678,156 | $ | 1,705,027 | |||||||||||||||||||||||
Commercial and industrial | 2,591 | 92 | 5,432 | 8,115 | 3,987,687 | 3,995,802 | |||||||||||||||||||||||||||||
Commercial real estate owner occupied | 2,935 | — | 1,046 | 3,981 | 697,912 | 701,893 | |||||||||||||||||||||||||||||
Commercial real estate non-owner occupied | — | — | 1,302 | 1,302 | 1,139,009 | 1,140,311 | |||||||||||||||||||||||||||||
Construction | — | — | — | — | 161,024 | 161,024 | |||||||||||||||||||||||||||||
Residential real estate | 5,151 | 446 | 4,808 | 10,405 | 456,018 | 466,423 | |||||||||||||||||||||||||||||
Manufactured housing | 975 | 280 | 4,488 | 5,743 | 44,926 | 50,669 | |||||||||||||||||||||||||||||
Installment | 7,974 | 4,868 | 4,865 | 17,707 | 1,879,999 | 1,897,706 | |||||||||||||||||||||||||||||
Total | $ | 30,316 | $ | 5,686 | $ | 38,122 | $ | 74,124 | $ | 10,044,731 | $ | 10,118,855 |
September 30, 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
30-89 Days Past Due (1) | 90 Days Or More Past Due(1) | Total Past Due (1) | Non- Accrual | Current (2) | Purchased- Credit- Impaired Loans (3) | Total Loans (4) | December 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
(amounts in thousands) | (amounts in thousands) | 30-59 Days past due (1) | 60-89 Days past due (1) | 90 Days or more past due (1) | Total past due (1) | Loans and leases not past due (2) | Total loans and leases (3) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Multi-family | $ | — | $ | — | $ | — | $ | — | $ | 3,617,062 | $ | 1,927 | $ | 3,618,989 | Multi-family | $ | 1,682 | $ | 2,707 | $ | 18,235 | $ | 22,624 | $ | 1,463,684 | $ | 1,486,308 | |||||||||||||||||||||||||||||||||||
Commercial and industrial | — | — | — | 20,423 | 1,093,997 | 802 | 1,115,222 | Commercial and industrial | 2,093 | 95 | 5,929 | 8,117 | 3,416,666 | 3,424,783 | ||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate - owner occupied | — | — | — | 2,949 | 472,832 | 10,786 | 486,567 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate - non-owner occupied | — | — | — | 184 | 1,232,212 | 5,453 | 1,237,849 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate owner occupied | Commercial real estate owner occupied | 287 | — | 1,304 | 1,591 | 653,331 | 654,922 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate non-owner occupied | Commercial real estate non-owner occupied | — | — | 2,815 | 2,815 | 1,118,423 | 1,121,238 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Construction | — | — | — | — | 73,203 | — | 73,203 | Construction | — | — | — | — | 198,981 | 198,981 | ||||||||||||||||||||||||||||||||||||||||||||||||
Residential real estate | 1,607 | — | 1,607 | 4,269 | 423,551 | 5,761 | 435,188 | Residential real estate | 4,655 | 789 | 4,390 | 9,834 | 324,896 | 334,730 | ||||||||||||||||||||||||||||||||||||||||||||||||
Manufactured housing (5) | 2,937 | 2,505 | 5,442 | 1,959 | 82,896 | 2,641 | 92,938 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other consumer | 67 | — | 67 | 58 | 3,474 | 220 | 3,819 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Manufactured housing | Manufactured housing | 2,308 | 768 | 4,949 | 8,025 | 44,836 | 52,861 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Installment | Installment | 7,349 | 4,295 | 3,783 | 15,427 | 1,729,048 | 1,744,475 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 4,611 | $ | 2,505 | $ | 7,116 | $ | 29,842 | $ | 6,999,227 | $ | 27,590 | $ | 7,063,775 | Total | $ | 18,374 | $ | 8,654 | $ | 41,405 | $ | 68,433 | $ | 8,949,865 | $ | 9,018,298 | |||||||||||||||||||||||||||||||||||
December 31, 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
30-89 Days Past Due (1) | 90 Days Or More Past Due(1) | Total Past Due (1) | Non- Accrual | Current (2) | Purchased- Credit- Impaired Loans (3) | Total Loans (4) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(amounts in thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Multi-family | $ | 12,573 | $ | — | $ | 12,573 | $ | — | $ | 3,200,322 | $ | 2,104 | $ | 3,214,999 | ||||||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | 350 | — | 350 | 8,443 | 978,881 | 1,037 | 988,711 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate - owner occupied | 137 | — | 137 | 2,039 | 379,227 | 12,229 | 393,632 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate - non-owner occupied | — | — | — | 2,057 | 1,185,331 | 6,327 | 1,193,715 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Construction | — | — | — | — | 64,789 | — | 64,789 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential real estate | 4,417 | — | 4,417 | 2,959 | 178,559 | 7,567 | 193,502 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Manufactured housing (5) | 3,761 | 2,813 | 6,574 | 2,236 | 89,850 | 3,070 | 101,730 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other consumer | 12 | — | 12 | 58 | 3,177 | 236 | 3,483 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 21,250 | $ | 2,813 | $ | 24,063 | $ | 17,792 | $ | 6,080,136 | $ | 32,570 | $ | 6,154,561 |
March 31, 2022 (1) | December 31, 2021 (1) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(amounts in thousands) | Nonaccrual loans with no related allowance | Nonaccrual loans with related allowance | Total nonaccrual loans | Nonaccrual loans with no related allowance | Nonaccrual loans with related allowance | Total nonaccrual loans | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Multi-family | $ | 17,869 | $ | — | $ | 17,869 | $ | 22,654 | $ | — | $ | 22,654 | |||||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | 5,490 | — | 5,490 | 5,837 | 259 | 6,096 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate owner occupied | 2,191 | — | 2,191 | 2,475 | — | 2,475 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate non-owner occupied | 1,302 | — | 1,302 | 2,815 | — | 2,815 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential real estate | 8,124 | — | 8,124 | 7,727 | — | 7,727 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Manufactured housing | — | 3,430 | 3,430 | — | 3,563 | 3,563 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Installment | — | 4,865 | 4,865 | — | 3,783 | 3,783 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 34,976 | $ | 8,295 | $ | 43,271 | $ | 41,508 | $ | 7,605 | $ | 49,113 |
Three Months Ended September 30, 2017 | Multi-family | Commercial and Industrial | Commercial Real Estate Owner Occupied | Commercial Real Estate Non-Owner Occupied | Construction | Residential Real Estate | Manufactured Housing | Other Consumer | Total | ||||||||||||||||||||||||||
(amounts in thousands) | |||||||||||||||||||||||||||||||||||
Ending Balance, June 30, 2017 | $ | 12,028 | $ | 11,585 | $ | 2,976 | $ | 7,786 | $ | 716 | $ | 2,995 | $ | 268 | $ | 104 | $ | 38,458 | |||||||||||||||||
Charge-offs | — | (2,032 | ) | — | (77 | ) | — | (120 | ) | — | (356 | ) | (2,585 | ) | |||||||||||||||||||||
Recoveries | — | 54 | — | — | 27 | 7 | — | 1 | 89 | ||||||||||||||||||||||||||
Provision for loan losses | 668 | 966 | 262 | (53 | ) | 104 | 72 | (77 | ) | 410 | 2,352 | ||||||||||||||||||||||||
Ending Balance, September 30, 2017 | $ | 12,696 | $ | 10,573 | $ | 3,238 | $ | 7,656 | $ | 847 | $ | 2,954 | $ | 191 | $ | 159 | $ | 38,314 | |||||||||||||||||
Nine Months Ended September 30, 2017 | |||||||||||||||||||||||||||||||||||
Ending Balance, December 31, 2016 | $ | 11,602 | $ | 11,050 | $ | 2,183 | $ | 7,894 | $ | 840 | $ | 3,342 | $ | 286 | $ | 118 | $ | 37,315 | |||||||||||||||||
Charge-offs | — | (4,079 | ) | — | (485 | ) | — | (410 | ) | — | (602 | ) | (5,576 | ) | |||||||||||||||||||||
Recoveries | — | 337 | 9 | — | 157 | 34 | — | 101 | 638 | ||||||||||||||||||||||||||
Provision for loan losses | 1,094 | 3,265 | 1,046 | 247 | (150 | ) | (12 | ) | (95 | ) | 542 | 5,937 | |||||||||||||||||||||||
Ending Balance, September 30, 2017 | $ | 12,696 | $ | 10,573 | $ | 3,238 | $ | 7,656 | $ | 847 | $ | 2,954 | $ | 191 | $ | 159 | $ | 38,314 | |||||||||||||||||
As of September 30, 2017 | |||||||||||||||||||||||||||||||||||
Loans: | |||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | — | $ | 20,493 | $ | 2,950 | $ | 184 | $ | — | $ | 8,178 | $ | 10,340 | $ | 56 | $ | 42,201 | |||||||||||||||||
Collectively evaluated for impairment | 3,617,062 | 1,093,927 | 472,831 | 1,232,212 | 73,203 | 421,249 | 79,957 | 3,543 | 6,993,984 | ||||||||||||||||||||||||||
Loans acquired with credit deterioration | 1,927 | 802 | 10,786 | 5,453 | — | 5,761 | 2,641 | 220 | 27,590 | ||||||||||||||||||||||||||
$ | 3,618,989 | $ | 1,115,222 | $ | 486,567 | $ | 1,237,849 | $ | 73,203 | $ | 435,188 | $ | 92,938 | $ | 3,819 | $ | 7,063,775 | ||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | — | $ | 625 | $ | 740 | $ | — | $ | — | $ | 142 | $ | 5 | $ | 15 | $ | 1,527 | |||||||||||||||||
Collectively evaluated for impairment | 12,696 | 9,462 | 2,481 | 4,732 | 847 | 2,222 | 83 | 93 | 32,616 | ||||||||||||||||||||||||||
Loans acquired with credit deterioration | — | 486 | 17 | 2,924 | — | 590 | 103 | 51 | 4,171 | ||||||||||||||||||||||||||
$ | 12,696 | $ | 10,573 | $ | 3,238 | $ | 7,656 | $ | 847 | $ | 2,954 | $ | 191 | $ | 159 | $ | 38,314 |
Three Months Ended September 30, 2016 | Multi-family | Commercial and Industrial | Commercial Real Estate Owner Occupied | Commercial Real Estate Non-Owner Occupied | Construction | Residential Real Estate | Manufactured Housing | Other Consumer | Total | ||||||||||||||||||||||||||
(amounts in thousands) | |||||||||||||||||||||||||||||||||||
Ending Balance, June 30, 2016 | $ | 12,368 | $ | 10,370 | $ | 1,582 | $ | 8,483 | $ | 1,209 | $ | 3,535 | $ | 440 | $ | 110 | $ | 38,097 | |||||||||||||||||
Charge-offs | — | (237 | ) | — | (140 | ) | — | (43 | ) | — | (246 | ) | (666 | ) | |||||||||||||||||||||
Recoveries | — | 62 | — | — | 8 | 298 | — | 10 | 378 | ||||||||||||||||||||||||||
Provision for loan losses | (695 | ) | 832 | 305 | 3 | (168 | ) | (411 | ) | (18 | ) | 240 | 88 | ||||||||||||||||||||||
Ending Balance, September 30, 2016 | $ | 11,673 | $ | 11,027 | $ | 1,887 | $ | 8,346 | $ | 1,049 | $ | 3,379 | $ | 422 | $ | 114 | $ | 37,897 | |||||||||||||||||
Nine Months Ended September 30, 2016 | |||||||||||||||||||||||||||||||||||
Ending Balance, December 31, 2015 | $ | 12,016 | $ | 8,864 | $ | 1,348 | $ | 8,420 | $ | 1,074 | $ | 3,298 | $ | 494 | $ | 133 | $ | 35,647 | |||||||||||||||||
Charge-offs | — | (774 | ) | — | (140 | ) | — | (456 | ) | — | (478 | ) | (1,848 | ) | |||||||||||||||||||||
Recoveries | — | 173 | — | 8 | 465 | 299 | — | 10 | 955 | ||||||||||||||||||||||||||
Provision for loan losses | (343 | ) | 2,764 | 539 | 58 | (490 | ) | 238 | (72 | ) | 449 | 3,143 | |||||||||||||||||||||||
Ending Balance, September 30, 2016 | $ | 11,673 | $ | 11,027 | $ | 1,887 | $ | 8,346 | $ | 1,049 | $ | 3,379 | $ | 422 | $ | 114 | $ | 37,897 | |||||||||||||||||
As of December 31, 2016 | |||||||||||||||||||||||||||||||||||
Loans: | |||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | — | $ | 8,516 | $ | 2,050 | $ | 2,151 | $ | — | $ | 6,972 | $ | 9,665 | $ | 57 | $ | 29,411 | |||||||||||||||||
Collectively evaluated for impairment | 3,212,895 | 979,158 | 379,353 | 1,185,237 | 64,789 | 178,963 | 88,995 | 3,190 | 6,092,580 | ||||||||||||||||||||||||||
Loans acquired with credit deterioration | 2,104 | 1,037 | 12,229 | 6,327 | — | 7,567 | 3,070 | 236 | 32,570 | ||||||||||||||||||||||||||
$ | 3,214,999 | $ | 988,711 | $ | 393,632 | $ | 1,193,715 | $ | 64,789 | $ | 193,502 | $ | 101,730 | $ | 3,483 | $ | 6,154,561 | ||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | — | $ | 1,024 | $ | 287 | $ | 14 | $ | — | $ | 35 | $ | — | $ | — | $ | 1,360 | |||||||||||||||||
Collectively evaluated for impairment | 11,602 | 9,686 | 1,896 | 4,626 | 772 | 2,414 | 88 | 60 | 31,144 | ||||||||||||||||||||||||||
Loans acquired with credit deterioration | — | 340 | — | 3,254 | 68 | 893 | 198 | 58 | 4,811 | ||||||||||||||||||||||||||
$ | 11,602 | $ | 11,050 | $ | 2,183 | $ | 7,894 | $ | 840 | $ | 3,342 | $ | 286 | $ | 118 | $ | 37,315 |
(amounts in thousands) | Multi-family | Commercial and industrial | Commercial real estate owner occupied | Commercial real estate non-owner occupied | Construction | Residential real estate | Manufactured housing | Installment | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended March 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ending balance, December 31, 2021 | $ | 4,477 | $ | 12,702 | $ | 3,213 | $ | 6,210 | $ | 692 | $ | 2,383 | $ | 4,278 | $ | 103,849 | $ | 137,804 | |||||||||||||||||||||||||||||||||||||||||
Charge-offs | — | (301) | — | — | — | (4) | — | (8,865) | (9,170) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Recoveries | 337 | 360 | 7 | 8 | 113 | 6 | — | 1,113 | 1,944 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Provision (benefit) for credit losses on loans and leases | 2,623 | (1,996) | 621 | (263) | 134 | 2,300 | 64 | 11,786 | 15,269 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Ending balance, March 31, 2022 | $ | 7,437 | $ | 10,765 | $ | 3,841 | $ | 5,955 | $ | 939 | $ | 4,685 | $ | 4,342 | $ | 107,883 | $ | 145,847 | |||||||||||||||||||||||||||||||||||||||||
Three Months Ended March 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ending balance, at December 31, 2020 | $ | 12,620 | $ | 12,239 | $ | 9,512 | $ | 19,452 | $ | 5,871 | $ | 3,977 | $ | 5,190 | $ | 75,315 | $ | 144,176 | |||||||||||||||||||||||||||||||||||||||||
Charge-offs | (1,132) | (635) | (142) | — | — | (50) | — | (12,687) | (14,646) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Recoveries | — | 260 | 8 | 10 | 5 | 10 | — | 1,832 | 2,125 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Provision (benefit) for credit losses on loans and leases | (3,462) | (4,361) | (3,443) | (7,841) | (1,773) | (728) | (390) | 19,079 | (2,919) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Ending Balance, March 31, 2021 | $ | 8,026 | $ | 7,503 | $ | 5,935 | $ | 11,621 | $ | 4,103 | $ | 3,209 | $ | 4,800 | $ | 83,539 | $ | 128,736 | |||||||||||||||||||||||||||||||||||||||||
September 30, 2017 | Three Months Ended September 30, 2017 | Nine Months Ended September 30, 2017 | |||||||||||||||||||||||||
Recorded Investment Net of Charge offs | Unpaid Principal Balance | Related Allowance | Average Recorded Investment | Interest Income Recognized | Average Recorded Investment | Interest Income Recognized | |||||||||||||||||||||
(amounts in thousands) | |||||||||||||||||||||||||||
With no related allowance recorded: | |||||||||||||||||||||||||||
Commercial and industrial | $ | 19,433 | $ | 22,354 | $ | — | $ | 13,345 | $ | 354 | $ | 8,796 | $ | 450 | |||||||||||||
Commercial real estate owner occupied | 1,669 | 1,936 | — | 1,744 | 15 | 1,589 | 18 | ||||||||||||||||||||
Commercial real estate non-owner occupied | 184 | 428 | — | 184 | 91 | 989 | 93 | ||||||||||||||||||||
Other consumer | 32 | 32 | — | 44 | — | 50 | — | ||||||||||||||||||||
Residential real estate | 7,457 | 7,664 | — | 5,228 | 125 | 4,865 | 126 | ||||||||||||||||||||
Manufactured housing | 10,340 | 10,340 | — | 10,243 | 164 | 10,038 | 457 | ||||||||||||||||||||
With an allowance recorded: | |||||||||||||||||||||||||||
Commercial and industrial | 1,060 | 1,331 | 625 | 1,963 | — | 5,400 | 22 | ||||||||||||||||||||
Commercial real estate owner occupied | 1,281 | 1,281 | 740 | 1,056 | 1 | 950 | 3 | ||||||||||||||||||||
Commercial real estate non-owner occupied | — | — | — | 51 | — | 94 | — | ||||||||||||||||||||
Other consumer | 24 | 24 | 15 | 12 | — | 6 | — | ||||||||||||||||||||
Residential real estate | 721 | 741 | 142 | 2,862 | — | 2,729 | 84 | ||||||||||||||||||||
Manufactured housing | — | — | 5 | 114 | — | 108 | 8 | ||||||||||||||||||||
Total | $ | 42,201 | $ | 46,131 | $ | 1,527 | $ | 36,846 | $ | 750 | $ | 35,614 | $ | 1,261 |
December 31, 2016 | Three Months Ended September 30, 2016 | Nine Months Ended September 30, 2016 | |||||||||||||||||||||||||
Recorded Investment Net of Charge offs | Unpaid Principal Balance | Related Allowance | Average Recorded Investment | Interest Income Recognized | Average Recorded Investment | Interest Income Recognized | |||||||||||||||||||||
(amounts in thousands) | |||||||||||||||||||||||||||
With no related allowance recorded: | |||||||||||||||||||||||||||
Multi-family | $ | — | $ | — | $ | — | $ | 2,080 | $ | 38 | $ | 1,205 | $ | 38 | |||||||||||||
Commercial and industrial | 2,396 | 3,430 | — | 21,859 | 406 | 18,681 | 879 | ||||||||||||||||||||
Commercial real estate owner occupied | 1,210 | 1,210 | — | 10,182 | 201 | 9,651 | 403 | ||||||||||||||||||||
Commercial real estate non-owner occupied | 2,002 | 2,114 | — | 7,983 | 118 | 6,081 | 133 | ||||||||||||||||||||
Other consumer | 57 | 57 | — | 43 | — | 45 | — | ||||||||||||||||||||
Residential real estate | 6,682 | 6,749 | — | 3,835 | 39 | 4,039 | 83 | ||||||||||||||||||||
Manufactured housing | 9,665 | 9,665 | — | 8,971 | 9 | 8,785 | 290 | ||||||||||||||||||||
With an allowance recorded: | |||||||||||||||||||||||||||
Multi-family | — | — | — | 383 | 5 | 290 | 15 | ||||||||||||||||||||
Commercial and industrial | 6,120 | 6,120 | 1,024 | 7,561 | 43 | 7,256 | 155 | ||||||||||||||||||||
Commercial real estate - owner occupied | 840 | 840 | 287 | — | — | 6 | — | ||||||||||||||||||||
Commercial real estate non-owner occupied | 149 | 204 | 14 | 328 | 2 | 438 | 6 | ||||||||||||||||||||
Other consumer | — | — | — | — | — | 36 | — | ||||||||||||||||||||
Residential real estate | 290 | 303 | 35 | 300 | — | 421 | — | ||||||||||||||||||||
Total | $ | 29,411 | $ | 30,692 | $ | 1,360 | $ | 63,525 | $ | 861 | $ | 56,934 | $ | 2,002 |
Three Months Ended September 30, 2017 | Three Months Ended September 30, 2016 | ||||||||||||
Number of Loans | Recorded Investment | Number of Loans | Recorded Investment | ||||||||||
(dollars in thousands) | |||||||||||||
Extensions of maturity | 1 | $ | 60 | — | $ | — | |||||||
Interest-rate reductions | 3 | 122 | 10 | 533 | |||||||||
Total | 4 | $ | 182 | 10 | $ | 533 |
Nine Months Ended September 30, 2017 | Nine Months Ended September 30, 2016 | ||||||||||||
Number of Loans | Recorded Investment | Number of Loans | Recorded Investment | ||||||||||
(dollars in thousands) | |||||||||||||
Extensions of maturity | 4 | $ | 6,263 | 3 | $ | 1,995 | |||||||
Interest-rate reductions | 32 | 1,297 | 49 | 1,932 | |||||||||
Total | 36 | $ | 7,560 | 52 | $ | 3,927 |
Three Months Ended September 30, 2017 | Three Months Ended September 30, 2016 | ||||||||||||
Number of Loans | Recorded Investment | Number of Loans | Recorded Investment | ||||||||||
(dollars in thousands) | |||||||||||||
Commercial and industrial | — | $ | — | — | $ | — | |||||||
Manufactured housing | 4 | 182 | 10 | 533 | |||||||||
Residential real estate | — | — | — | — | |||||||||
Total loans | 4 | $ | 182 | 10 | $ | 533 |
Three Months Ended March 31, | |||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | ||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | Number of loans | Recorded investment | Number of loans | Recorded investment | |||||||||||||||||||||||||||||||||||||||||||
Interest-rate reductions | 10 | $ | 346 | 8 | $ | 184 | |||||||||||||||||||||||||||||||||||||||||
Other (1) | 32 | 451 | 20 | 541 | |||||||||||||||||||||||||||||||||||||||||||
Total | 42 | $ | 797 | 28 | $ | 725 |
Nine Months Ended September 30, 2017 | Nine Months Ended September 30, 2016 | ||||||||||||
Number of Loans | Recorded Investment | Number of Loans | Recorded Investment | ||||||||||
(dollars in thousands) | |||||||||||||
Commercial and industrial | 3 | $ | 6,203 | 1 | $ | 76 | |||||||
Commercial real estate non-owner occupied | — | — | 1 | 1,844 | |||||||||
Manufactured housing | 33 | 1,357 | 47 | 1,716 | |||||||||
Residential real estate | — | — | 3 | 291 | |||||||||
Total loans | 36 | $ | 7,560 | 52 | $ | 3,927 |
March 31, 2022 | March 31, 2021 | ||||||||||||||||||||||||||||||||||
(dollars in thousands) | Number of loans | Recorded investment | Number of loans | Recorded investment | |||||||||||||||||||||||||||||||
Manufactured housing | 1 | $ | 49 | 3 | $ | 48 | |||||||||||||||||||||||||||||
Residential real estate | — | — | 1 | 56 | |||||||||||||||||||||||||||||||
Installment | 23 | 276 | 16 | 250 | |||||||||||||||||||||||||||||||
Total loans | 24 | $ | 325 | 20 | $ | 354 |
Three Months Ended September 30, | |||||||
2017 | 2016 | ||||||
(amounts in thousands) | |||||||
Accretable yield balance as of June 30, | $ | 9,006 | $ | 11,165 | |||
Accretion to interest income | (368 | ) | (460 | ) | |||
Reclassification from nonaccretable difference and disposals, net | (276 | ) | 107 | ||||
Accretable yield balance as of September 30, | $ | 8,362 | $ | 10,812 |
Nine Months Ended September 30, | |||||||
2017 | 2016 | ||||||
(amounts in thousands) | |||||||
Accretable yield balance as of December 31, | $ | 10,202 | $ | 12,947 | |||
Accretion to interest income | (1,326 | ) | (1,429 | ) | |||
Reclassification from nonaccretable difference and disposals, net | (514 | ) | (706 | ) | |||
Accretable yield balance as of September 30, | $ | 8,362 | $ | 10,812 |
Allowance for Loan Losses | |||||||
Three Months Ended September 30, | |||||||
(amounts in thousands) | 2017 | 2016 | |||||
Ending balance as of June 30, | $ | 38,458 | $ | 38,097 | |||
Provision for loan losses (1) | 2,352 | 88 | |||||
Charge-offs | (2,585 | ) | (666 | ) | |||
Recoveries | 89 | 378 | |||||
Ending balance as of September 30, | $ | 38,314 | $ | 37,897 |
FDIC Loss Sharing Receivable/ Clawback Liability | |||||||
Three Months Ended September 30, | |||||||
(amounts in thousands) | 2017 | 2016 | |||||
Ending balance as of June 30, | $ | — | $ | (1,381 | ) | ||
Cash payments to the FDIC | — | 1,381 | |||||
Ending balance as of September 30, | $ | — | $ | — | |||
(1) Provision for loan losses | $ | 2,352 | $ | 88 | |||
Net amount reported as provision for loan losses | $ | 2,352 | $ | 88 |
Allowance for Loan Losses | |||||||
Nine Months Ended September 30, | |||||||
(amounts in thousands) | 2017 | 2016 | |||||
Ending balance as of December 31, | $ | 37,315 | $ | 35,647 | |||
Provision for loan losses (1) | 5,937 | 3,143 | |||||
Charge-offs | (5,576 | ) | (1,848 | ) | |||
Recoveries | 638 | 955 | |||||
Ending balance as of September 30, | $ | 38,314 | $ | 37,897 |
FDIC Loss Sharing Receivable/ Clawback Liability | |||||||
Nine Months Ended September 30, | |||||||
(amounts in thousands) | 2017 | 2016 | |||||
Ending balance as of December 31, | $ | — | $ | (2,083 | ) | ||
Increased estimated cash flows (2) | — | 289 | |||||
Other activity, net (a) | — | (255 | ) | ||||
Cash payments to the FDIC | — | 2,049 | |||||
Ending balance as of September 30, | $ | — | $ | — | |||
(1) Provision for loan losses | $ | 5,937 | $ | 3,143 | |||
(2) Effect attributable to FDIC loss share arrangements | — | (289 | ) | ||||
Net amount reported as provision for loan losses | $ | 5,937 | $ | 2,854 |
September 30, 2017 | |||||||||||||||||||||||||||||||||||
Multi-family | Commercial and Industrial | Commercial Real Estate Owner Occupied | Commercial Real Estate Non-Owner Occupied | Construction | Residential Real Estate | Manufactured Housing | Other Consumer | Total | |||||||||||||||||||||||||||
(amounts in thousands) | |||||||||||||||||||||||||||||||||||
Pass/Satisfactory | $ | 3,577,304 | $ | 1,080,797 | $ | 468,389 | $ | 1,212,945 | $ | 73,203 | $ | 431,364 | $ | — | $ | — | $ | 6,844,002 | |||||||||||||||||
Special Mention | 36,604 | 8,663 | 9,716 | 22,008 | — | — | — | — | 76,991 | ||||||||||||||||||||||||||
Substandard | 5,081 | 25,762 | 8,462 | 2,896 | — | 3,824 | — | — | 46,025 | ||||||||||||||||||||||||||
Performing (1) | — | — | — | — | — | — | 85,537 | 3,694 | 89,231 | ||||||||||||||||||||||||||
Non-performing (2) | — | — | — | — | — | — | 7,401 | 125 | 7,526 | ||||||||||||||||||||||||||
Total | $ | 3,618,989 | $ | 1,115,222 | $ | 486,567 | $ | 1,237,849 | $ | 73,203 | $ | 435,188 | $ | 92,938 | $ | 3,819 | $ | 7,063,775 |
Term Loans Amortized Cost Basis by Origination Year as of March 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
(amounts in thousands) | 2022 | 2021 | 2020 | 2019 | 2018 | Prior | Revolving loans amortized cost basis | Revolving loans converted to term | Total | ||||||||||||||||||||||||||||||||||||||||||||
Multi-family loans: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 385,034 | $ | 400,699 | $ | 132,732 | $ | 22,884 | $ | 126,850 | $ | 520,645 | $ | — | $ | — | $ | 1,588,844 | |||||||||||||||||||||||||||||||||||
Special mention | — | 1,523 | — | 0 | 5,033 | 49,200 | — | — | 55,756 | ||||||||||||||||||||||||||||||||||||||||||||
Substandard | — | — | — | — | — | 60,427 | — | — | 60,427 | ||||||||||||||||||||||||||||||||||||||||||||
Doubtful | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Total multi-family loans | $ | 385,034 | $ | 402,222 | $ | 132,732 | $ | 22,884 | $ | 131,883 | $ | 630,272 | $ | — | $ | — | $ | 1,705,027 | |||||||||||||||||||||||||||||||||||
Commercial and industrial loans and leases: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 1,008,340 | $ | 627,255 | $ | 284,982 | $ | 224,881 | $ | 57,750 | $ | 136,853 | $ | 1,578,024 | $ | — | $ | 3,918,085 | |||||||||||||||||||||||||||||||||||
Special mention | — | — | 57 | 156 | — | 36,223 | 2,524 | — | 38,960 | ||||||||||||||||||||||||||||||||||||||||||||
Substandard | 0 | 20,400 | 4,901 | 4,565 | 86 | 1,464 | 7,341 | — | 38,757 | ||||||||||||||||||||||||||||||||||||||||||||
Doubtful | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Total commercial and industrial loans and leases | $ | 1,008,340 | $ | 647,655 | $ | 289,940 | $ | 229,602 | $ | 57,836 | $ | 174,540 | $ | 1,587,889 | $ | �� | $ | 3,995,802 | |||||||||||||||||||||||||||||||||||
Commercial real estate owner occupied loans: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 60,055 | $ | 210,933 | $ | 59,025 | $ | 122,135 | $ | 60,968 | $ | 150,564 | $ | 672 | $ | — | $ | 664,352 | |||||||||||||||||||||||||||||||||||
Special mention | — | — | — | 3,010 | — | 2,302 | — | — | 5,312 | ||||||||||||||||||||||||||||||||||||||||||||
Substandard | — | — | — | 3,495 | 9,635 | 19,099 | — | — | 32,229 | ||||||||||||||||||||||||||||||||||||||||||||
Doubtful | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Total commercial real estate owner occupied loans | $ | 60,055 | $ | 210,933 | $ | 59,025 | $ | 128,640 | $ | 70,603 | $ | 171,965 | $ | 672 | $ | — | $ | 701,893 | |||||||||||||||||||||||||||||||||||
Commercial real estate non-owner occupied: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 73,544 | $ | 135,995 | $ | 147,873 | $ | 76,351 | $ | 65,061 | $ | 443,165 | $ | — | $ | — | $ | 941,989 | |||||||||||||||||||||||||||||||||||
Special mention | — | — | 21,572 | — | 953 | 6,069 | — | — | 28,594 | ||||||||||||||||||||||||||||||||||||||||||||
Substandard | — | — | — | 29,184 | 38,409 | 102,135 | — | — | 169,728 | ||||||||||||||||||||||||||||||||||||||||||||
Doubtful | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Total commercial real estate non-owner occupied loans | $ | 73,544 | $ | 135,995 | $ | 169,445 | $ | 105,535 | $ | 104,423 | $ | 551,369 | $ | — | $ | — | $ | 1,140,311 | |||||||||||||||||||||||||||||||||||
Construction: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 11,779 | $ | 70,404 | $ | 13,894 | $ | 49,175 | $ | 4,791 | $ | 9,321 | $ | 1,660 | $ | — | $ | 161,024 | |||||||||||||||||||||||||||||||||||
Special mention | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Substandard | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Doubtful | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Total construction loans | $ | 11,779 | $ | 70,404 | $ | 13,894 | $ | 49,175 | $ | 4,791 | $ | 9,321 | $ | 1,660 | $ | — | $ | 161,024 | |||||||||||||||||||||||||||||||||||
Total commercial loans and leases receivable | $ | 1,538,752 | $ | 1,467,209 | $ | 665,036 | $ | 535,836 | $ | 369,536 | $ | 1,537,467 | $ | 1,590,221 | $ | — | $ | 7,704,057 | |||||||||||||||||||||||||||||||||||
Residential real estate loans: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Performing | $ | 8,713 | $ | 178,623 | $ | 12,064 | $ | 31,045 | $ | 17,126 | $ | 127,537 | $ | 84,904 | $ | — | $ | 460,012 | |||||||||||||||||||||||||||||||||||
Non-performing | — | — | — | 329 | 1,138 | 4,009 | 935 | — | 6,411 | ||||||||||||||||||||||||||||||||||||||||||||
Total residential real estate loans | $ | 8,713 | $ | 178,623 | $ | 12,064 | $ | 31,374 | $ | 18,264 | $ | 131,546 | $ | 85,839 | $ | — | $ | 466,423 | |||||||||||||||||||||||||||||||||||
Manufactured housing loans: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Performing | $ | — | $ | — | $ | — | $ | 248 | $ | 291 | $ | 46,315 | $ | — | $ | — | $ | 46,854 | |||||||||||||||||||||||||||||||||||
Non-performing | — | — | — | — | — | 3,815 | — | — | 3,815 | ||||||||||||||||||||||||||||||||||||||||||||
Total manufactured housing loans | $ | — | $ | — | $ | — | $ | 248 | $ | 291 | $ | 50,130 | $ | — | $ | — | $ | 50,669 | |||||||||||||||||||||||||||||||||||
Installment loans: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Performing | $ | 311,579 | $ | 883,638 | $ | 325,741 | $ | 265,764 | $ | 25,590 | $ | 2,082 | $ | 78,600 | $ | — | $ | 1,892,994 | |||||||||||||||||||||||||||||||||||
Non-performing | — | 1,834 | 1,065 | 1,534 | 83 | 115 | 81 | — | 4,712 | ||||||||||||||||||||||||||||||||||||||||||||
Total installment loans | $ | 311,579 | $ | 885,472 | $ | 326,806 | $ | 267,298 | $ | 25,673 | $ | 2,197 | $ | 78,681 | $ | — | $ | 1,897,706 | |||||||||||||||||||||||||||||||||||
Total consumer loans | $ | 320,292 | $ | 1,064,095 | $ | 338,870 | $ | 298,920 | $ | 44,228 | $ | 183,873 | $ | 164,520 | $ | — | $ | 2,414,798 | |||||||||||||||||||||||||||||||||||
Loans and leases receivable | $ | 1,859,044 | $ | 2,531,304 | $ | 1,003,906 | $ | 834,756 | $ | 413,764 | $ | 1,721,340 | $ | 1,754,741 | $ | — | $ | 10,118,855 |
December 31, 2016 | |||||||||||||||||||||||||||||||||||
Multi-family | Commercial and Industrial | Commercial Real Estate Owner Occupied | Commercial Real Estate Non-Owner Occupied | Construction | Residential Real Estate | Manufactured Housing | Other Consumer | Total | |||||||||||||||||||||||||||
(amounts in thousands) | |||||||||||||||||||||||||||||||||||
Pass/Satisfactory | $ | 3,198,290 | $ | 954,846 | $ | 375,919 | $ | 1,175,850 | $ | 50,291 | $ | 189,919 | $ | — | $ | — | $ | 5,945,115 | |||||||||||||||||
Special Mention | — | 19,552 | 12,065 | 10,824 | 14,498 | — | — | — | 56,939 | ||||||||||||||||||||||||||
Substandard | 16,709 | 14,313 | 5,648 | 7,041 | — | 3,583 | — | — | 47,294 | ||||||||||||||||||||||||||
Performing (1) | — | — | — | — | — | — | 92,920 | 3,413 | 96,333 | ||||||||||||||||||||||||||
Non-performing (2) | — | — | — | — | — | — | 8,810 | 70 | 8,880 | ||||||||||||||||||||||||||
Total | $ | 3,214,999 | $ | 988,711 | $ | 393,632 | $ | 1,193,715 | $ | 64,789 | $ | 193,502 | $ | 101,730 | $ | 3,483 | $ | 6,154,561 |
Term Loans Amortized Cost Basis by Origination Year as of December 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
(amounts in thousands) | 2021 | 2020 | 2019 | 2018 | 2017 | Prior | Revolving loans amortized cost basis | Revolving loans converted to term | Total | ||||||||||||||||||||||||||||||||||||||||||||
Multi-family loans: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 403,075 | $ | 133,452 | $ | 23,068 | $ | 209,070 | $ | 282,663 | $ | 316,491 | $ | — | $ | — | $ | 1,367,819 | |||||||||||||||||||||||||||||||||||
Special mention | — | — | — | 9,936 | 18,489 | 28,776 | — | — | 57,201 | ||||||||||||||||||||||||||||||||||||||||||||
Substandard | — | — | — | — | 38,216 | 23,072 | — | — | 61,288 | ||||||||||||||||||||||||||||||||||||||||||||
Doubtful | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Total multi-family loans | $ | 403,075 | $ | 133,452 | $ | 23,068 | $ | 219,006 | $ | 339,368 | $ | 368,339 | $ | — | $ | — | $ | 1,486,308 | |||||||||||||||||||||||||||||||||||
Commercial and industrial loans and leases: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 974,016 | $ | 337,045 | $ | 266,677 | $ | 86,691 | $ | 55,536 | $ | 89,860 | $ | 1,484,287 | $ | — | $ | 3,294,112 | |||||||||||||||||||||||||||||||||||
Special mention | 476 | 1,408 | 3,325 | 4,904 | 36,252 | 92 | 14,662 | — | 61,119 | ||||||||||||||||||||||||||||||||||||||||||||
Substandard | 18,786 | 10,257 | 9,543 | 11,586 | 5,682 | 6,764 | 6,934 | — | 69,552 | ||||||||||||||||||||||||||||||||||||||||||||
Doubtful | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Total commercial and industrial loans and leases | $ | 993,278 | $ | 348,710 | $ | 279,545 | $ | 103,181 | $ | 97,470 | $ | 96,716 | $ | 1,505,883 | $ | — | $ | 3,424,783 | |||||||||||||||||||||||||||||||||||
Commercial real estate owner occupied loans: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 213,102 | $ | 59,348 | $ | 124,626 | $ | 60,993 | $ | 58,073 | $ | 99,219 | $ | 672 | $ | — | $ | 616,033 | |||||||||||||||||||||||||||||||||||
Special mention | — | — | 2,876 | 318 | 2,044 | 572 | — | — | 5,810 | ||||||||||||||||||||||||||||||||||||||||||||
Substandard | — | — | 3,750 | 9,682 | 8,824 | 10,823 | — | — | 33,079 | ||||||||||||||||||||||||||||||||||||||||||||
Doubtful | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Total commercial real estate owner occupied loans | $ | 213,102 | $ | 59,348 | $ | 131,252 | $ | 70,993 | $ | 68,941 | $ | 110,614 | $ | 672 | $ | — | $ | 654,922 | |||||||||||||||||||||||||||||||||||
Commercial real estate non-owner occupied: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 136,897 | $ | 149,898 | $ | 95,504 | $ | 66,040 | $ | 153,509 | $ | 310,435 | $ | — | $ | — | $ | 912,283 | |||||||||||||||||||||||||||||||||||
Special mention | — | 21,694 | 11,113 | 9,373 | 43,215 | 20,540 | — | — | 105,935 | ||||||||||||||||||||||||||||||||||||||||||||
Substandard | — | — | — | 35,846 | 20,516 | 46,658 | — | — | 103,020 | ||||||||||||||||||||||||||||||||||||||||||||
Doubtful | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Total commercial real estate non-owner occupied loans | $ | 136,897 | $ | 171,592 | $ | 106,617 | $ | 111,259 | $ | 217,240 | $ | 377,633 | $ | — | $ | — | $ | 1,121,238 | |||||||||||||||||||||||||||||||||||
Construction: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 57,105 | $ | 49,199 | $ | 77,622 | $ | 4,828 | $ | — | $ | 9,414 | $ | 813 | $ | — | $ | 198,981 | |||||||||||||||||||||||||||||||||||
Special mention | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Substandard | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Doubtful | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Total construction loans | $ | 57,105 | $ | 49,199 | $ | 77,622 | $ | 4,828 | $ | — | $ | 9,414 | $ | 813 | $ | — | $ | 198,981 | |||||||||||||||||||||||||||||||||||
Total commercial loans and leases receivable | $ | 1,803,457 | $ | 762,301 | $ | 618,104 | $ | 509,267 | $ | 723,019 | $ | 962,716 | $ | 1,507,368 | $ | — | $ | 6,886,232 | |||||||||||||||||||||||||||||||||||
Residential real estate loans: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Performing | $ | 107,854 | $ | 8,251 | $ | 21,096 | $ | 11,389 | $ | 6,707 | $ | 84,035 | $ | 87,438 | $ | — | $ | 326,770 | |||||||||||||||||||||||||||||||||||
Non-performing | — | — | 335 | 1,015 | 669 | 3,587 | 2,354 | — | 7,960 | ||||||||||||||||||||||||||||||||||||||||||||
Total residential real estate loans | $ | 107,854 | $ | 8,251 | $ | 21,431 | $ | 12,404 | $ | 7,376 | $ | 87,622 | $ | 89,792 | $ | — | $ | 334,730 | |||||||||||||||||||||||||||||||||||
Manufactured housing loans: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Performing | $ | — | $ | — | $ | 253 | $ | 299 | $ | 73 | $ | 47,537 | $ | — | $ | — | 48,162 | ||||||||||||||||||||||||||||||||||||
Non-performing | — | — | — | — | — | 4,699 | — | — | 4,699 | ||||||||||||||||||||||||||||||||||||||||||||
Total manufactured housing loans | $ | — | $ | — | $ | 253 | $ | 299 | $ | 73 | $ | 52,236 | $ | — | $ | — | $ | 52,861 | |||||||||||||||||||||||||||||||||||
Installment loans: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Performing | $ | 973,525 | $ | 390,788 | $ | 341,582 | $ | 31,481 | $ | 1,601 | $ | 1,016 | $ | 25 | $ | — | $ | 1,740,018 | |||||||||||||||||||||||||||||||||||
Non-performing | 1,162 | 1,002 | 2,074 | 156 | 2 | 61 | — | — | 4,457 | ||||||||||||||||||||||||||||||||||||||||||||
Total installment loans | $ | 974,687 | $ | 391,790 | $ | 343,656 | $ | 31,637 | $ | 1,603 | $ | 1,077 | $ | 25 | $ | — | $ | 1,744,475 | |||||||||||||||||||||||||||||||||||
Total consumer loans | $ | 1,082,541 | $ | 400,041 | $ | 365,340 | $ | 44,340 | $ | 9,052 | $ | 140,935 | $ | 89,817 | $ | — | $ | 2,132,066 | |||||||||||||||||||||||||||||||||||
Loans and leases receivable | $ | 2,885,998 | $ | 1,162,342 | $ | 983,444 | $ | 553,607 | $ | 732,071 | $ | 1,103,651 | $ | 1,597,185 | $ | — | $ | 9,018,298 |
Three Months Ended March 31, | |||||||||||||||||||||||
(amounts in thousands) | 2022 | 2021 | |||||||||||||||||||||
Purchases (1) | |||||||||||||||||||||||
Residential real estate | $ | 146,874 | $ | — | |||||||||||||||||||
Installment (2) | 59,456 | 115,849 | |||||||||||||||||||||
Total | $ | 206,330 | $ | 115,849 | |||||||||||||||||||
Sales (3) | |||||||||||||||||||||||
Commercial and industrial | $ | 8,840 | $ | 18,931 | |||||||||||||||||||
Commercial real estate owner occupied | 5,441 | 2,237 | |||||||||||||||||||||
Commercial real estate non-owner occupied | — | 18,366 | |||||||||||||||||||||
Total | $ | 14,281 | $ | 39,534 |
(amounts in thousands) | Classification | March 31, 2022 | December 31, 2021 | ||||||||||||||||||||
ASSETS | |||||||||||||||||||||||
Operating lease ROU assets | Other assets | $ | 12,364 | $ | 12,677 | ||||||||||||||||||
LIABILITIES | |||||||||||||||||||||||
Operating lease liabilities | Other liabilities | $ | 14,003 | $ | 14,524 |
Three Months Ended March 31, | |||||||||||||||||||||||||||||
(amounts in thousands) | Classification | 2022 | 2021 | ||||||||||||||||||||||||||
Operating lease cost (1) | Occupancy expenses | $ | 998 | $ | 1,117 | ||||||||||||||||||||||||
(amounts in thousands) | March 31, 2022 | |||||||
2022 | $ | 3,238 | ||||||
2023 | 4,018 | |||||||
2024 | 2,991 | |||||||
2025 | 2,060 | |||||||
2026 | 1,125 | |||||||
Thereafter | 1,791 | |||||||
Total minimum payments | 15,223 | |||||||
Less: interest | 1,220 | |||||||
Present value of lease liabilities | $ | 14,003 |
March 31, 2022 | December 31, 2021 | ||||||||||||||||
Weighted average remaining lease term (years) | |||||||||||||||||
Operating leases | 4.7 years | 3.9 years | |||||||||||||||
Weighted average discount rate | |||||||||||||||||
Operating leases | 2.82 | % | 2.74 | % |
(amounts in thousands) | Classification | March 31, 2022 | December 31, 2021 | ||||||||||||||||||||
ASSETS | |||||||||||||||||||||||
Direct financing leases | |||||||||||||||||||||||
Lease receivables | Loans and leases receivable | $ | 139,203 | $ | 134,855 | ||||||||||||||||||
Guaranteed residual assets | Loans and leases receivable | 11,631 | 11,397 | ||||||||||||||||||||
Unguaranteed residual assets | Loans and leases receivable | 5,820 | 5,665 | ||||||||||||||||||||
Deferred initial direct costs | Loans and leases receivable | 623 | 448 | ||||||||||||||||||||
Unearned income | Loans and leases receivable | (5,917) | (5,383) | ||||||||||||||||||||
Net investment in direct financing leases | $ | 151,360 | $ | 146,982 | |||||||||||||||||||
Operating leases | |||||||||||||||||||||||
Investment in operating leases | Other assets | $ | 159,177 | $ | 158,135 | ||||||||||||||||||
Accumulated depreciation | Other assets | (43,802) | (40,749) | ||||||||||||||||||||
Deferred initial direct costs | Other assets | 809 | 872 | ||||||||||||||||||||
Net investment in operating leases | 116,184 | 118,258 | |||||||||||||||||||||
Total lease assets | $ | 267,544 | $ | 265,240 | |||||||||||||||||||
March 31, 2022 | December 31, 2021 | ||||||||||||||||||||||
(dollars in thousands) | Amount | Rate | Amount | Rate | |||||||||||||||||||
FHLB advances | $ | — | — | % | $ | 700,000 | 0.26 | % | |||||||||||||||
Federal funds purchased | 700,000 | 0.40 | % | 75,000 | 0.05 | % | |||||||||||||||||
Total short-term debt | $ | 700,000 | $ | 775,000 |
(dollars in thousands) | March 31, 2022 (1) | December 31, 2021 (2) | |||||||||||||||
FHLB advances | |||||||||||||||||
Maximum outstanding at any month end | $ | — | $ | 850,000 | |||||||||||||
Average balance during the period | 127,778 | 264,704 | |||||||||||||||
Weighted-average interest rate during the period | 0.32 | % | 2.35 | % | |||||||||||||
Federal funds purchased | |||||||||||||||||
Maximum outstanding at any month end | 700,000 | 365,000 | |||||||||||||||
Average balance during the period | 88,611 | 22,110 | |||||||||||||||
Weighted-average interest rate during the period | 0.33 | % | 0.07 | % |
(amounts in thousands) | March 31, 2022 | December 31, 2021 | |||||||||
Total maximum borrowing capacity with the FHLB | $ | 3,337,211 | $ | 2,973,635 | |||||||
Total maximum borrowing capacity with the FRB (1) | 214,908 | 183,052 | |||||||||
Qualifying loans serving as collateral against FHLB and FRB advances (1) | 4,218,252 | 3,594,339 | |||||||||
March 31, 2022 | December 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Issued by | Ranking | Carrying Amount | Carrying Amount | Rate | Issued Amount | Date Issued | Maturity | Price | ||||||||||||||||||||||||||||||||||||||||||
Customers Bancorp | Senior (1) | $ | 99,844 | $ | 98,642 | 2.875 | % | $ | 100,000 | August 2021 | August 2031 | 100.000 | % | |||||||||||||||||||||||||||||||||||||
Customers Bancorp | Senior | 24,702 | 24,672 | 4.500 | % | 25,000 | September 2019 | September 2024 | 100.000 | % | ||||||||||||||||||||||||||||||||||||||||
Customers Bancorp | Senior | 98,684 | 99,772 | 3.950 | % | 100,000 | June 2017 | June 2022 | 99.775 | % | ||||||||||||||||||||||||||||||||||||||||
Total other borrowings | $ | 223,230 | $ | 223,086 | ||||||||||||||||||||||||||||||||||||||||||||||
Customers Bancorp | Subordinated (2)(3) | $ | 72,448 | $ | 72,403 | 5.375 | % | $ | 74,750 | December 2019 | December 2034 | 100.000 | % | |||||||||||||||||||||||||||||||||||||
Customers Bank | Subordinated (2)(4) | 109,294 | 109,270 | 6.125 | % | 110,000 | June 2014 | June 2029 | 100.000 | % | ||||||||||||||||||||||||||||||||||||||||
Total subordinated debt | $ | 181,742 | $ | 181,673 |
(amounts in thousands except share and per share data) | Shares at | Carrying value at | Initial Fixed Rate | Date at which dividend rate becomes floating and earliest redemption date | Floating rate of Three-Month LIBOR Plus: | Dividend Paid Per Share in 2022 (1) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fixed-to-floating rate: | Issue Date | March 31, 2022 | December 31, 2021 | March 31, 2022 | December 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Series E | April 28, 2016 | 2,300,000 | 2,300,000 | $ | 55,593 | $ | 55,593 | 6.45 | % | June 15, 2021 | 5.140 | % | $ | 0.33 | ||||||||||||||||||||||||||||||||||||||||||||||||
Series F | September 16, 2016 | 3,400,000 | 3,400,000 | 82,201 | 82,201 | 6.00 | % | December 15, 2021 | 4.762 | % | $ | 0.31 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Totals | 5,700,000 | 5,700,000 | $ | 137,794 | $ | 137,794 |
Actual | For Capital Adequacy Purposes (Minimum Plus Capital Buffer) | To Be Well Capitalized Under Prompt Corrective Action Provisions | ||||||||||||||||||
(amounts in thousands) | Amount | Ratio | Amount | Ratio | Amount | Ratio | ||||||||||||||
As of September 30, 2017: | ||||||||||||||||||||
Common equity Tier 1 capital (to risk weighted assets) | ||||||||||||||||||||
Customers Bancorp, Inc. | $ | 677,976 | 8.284 | % | $ | 470,603 | 5.750 | % | N/A | N/A | ||||||||||
Customers Bank | $ | 1,009,380 | 12.342 | % | $ | 470,242 | 5.750 | % | $ | 531,578 | 6.500 | % | ||||||||
Tier 1 capital (to risk weighted assets) | ||||||||||||||||||||
Customers Bancorp, Inc. | $ | 895,447 | 10.941 | % | $ | 593,369 | 7.250 | % | N/A | N/A | ||||||||||
Customers Bank | $ | 1,009,380 | 12.342 | % | $ | 592,914 | 7.250 | % | $ | 654,250 | 8.000 | % | ||||||||
Total capital (to risk weighted assets) | ||||||||||||||||||||
Customers Bancorp, Inc. | $ | 1,014,784 | 12.399 | % | $ | 757,057 | 9.250 | % | N/A | N/A | ||||||||||
Customers Bank | $ | 1,156,766 | 14.145 | % | $ | 756,477 | 9.250 | % | $ | 817,813 | 10.000 | % | ||||||||
Tier 1 capital (to average assets) | ||||||||||||||||||||
Customers Bancorp, Inc. | $ | 895,447 | 8.355 | % | $ | 428,709 | 4.000 | % | N/A | N/A | ||||||||||
Customers Bank | $ | 1,009,380 | 9.434 | % | $ | 427,963 | 4.000 | % | $ | 534,954 | 5.000 | % | ||||||||
As of December 31, 2016: | ||||||||||||||||||||
Common equity Tier 1 capital (to risk weighted assets) | ||||||||||||||||||||
Customers Bancorp, Inc. | $ | 628,139 | 8.487 | % | $ | 379,306 | 5.125 | % | N/A | N/A | ||||||||||
Customers Bank | $ | 857,421 | 11.626 | % | $ | 377,973 | 5.125 | % | $ | 479,380 | 6.500 | % | ||||||||
Tier 1 capital (to risk weighted assets) | ||||||||||||||||||||
Customers Bancorp, Inc. | $ | 844,755 | 11.414 | % | $ | 490,322 | 6.625 | % | N/A | N/A | ||||||||||
Customers Bank | $ | 857,421 | 11.626 | % | $ | 488,599 | 6.625 | % | $ | 590,006 | 8.000 | % | ||||||||
Total capital (to risk weighted assets) | ||||||||||||||||||||
Customers Bancorp, Inc. | $ | 966,097 | 13.053 | % | $ | 638,343 | 8.625 | % | N/A | N/A | ||||||||||
Customers Bank | $ | 1,003,609 | 13.608 | % | $ | 636,101 | 8.625 | % | $ | 737,508 | 10.000 | % | ||||||||
Tier 1 capital (to average assets) | ||||||||||||||||||||
Customers Bancorp, Inc. | $ | 844,755 | 9.067 | % | $ | 372,652 | 4.000 | % | N/A | N/A | ||||||||||
Customers Bank | $ | 857,421 | 9.233 | % | $ | 371,466 | 4.000 | % | $ | 464,333 | 5.000 | % |
Minimum Capital Levels to be Classified as: | |||||||||||||||||||||||||||||||||||||||||||||||
Actual | Adequately Capitalized | Well Capitalized | Basel III Compliant | ||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | Amount | Ratio | Amount | Ratio | Amount | Ratio | Amount | Ratio | |||||||||||||||||||||||||||||||||||||||
As of March 31, 2022: | |||||||||||||||||||||||||||||||||||||||||||||||
Common equity Tier 1 capital (to risk-weighted assets) | |||||||||||||||||||||||||||||||||||||||||||||||
Customers Bancorp, Inc. | $ | 1,344,684 | 9.893 | % | $ | 611,629 | 4.500 | % | N/A | N/A | $ | 951,423 | 7.000 | % | |||||||||||||||||||||||||||||||||
Customers Bank | $ | 1,573,796 | 11.598 | % | $ | 610,658 | 4.500 | % | $ | 882,062 | 6.500 | % | $ | 949,913 | 7.000 | % | |||||||||||||||||||||||||||||||
Tier 1 capital (to risk-weighted assets) | |||||||||||||||||||||||||||||||||||||||||||||||
Customers Bancorp, Inc. | $ | 1,482,477 | 10.907 | % | $ | 815,505 | 6.000 | % | N/A | N/A | $ | 1,155,299 | 8.500 | % | |||||||||||||||||||||||||||||||||
Customers Bank | $ | 1,573,796 | 11.598 | % | $ | 814,211 | 6.000 | % | $ | 1,085,615 | 8.000 | % | $ | 1,153,466 | 8.500 | % | |||||||||||||||||||||||||||||||
Total capital (to risk-weighted assets) | |||||||||||||||||||||||||||||||||||||||||||||||
Customers Bancorp, Inc. | $ | 1,749,655 | 12.873 | % | $ | 1,087,340 | 8.000 | % | N/A | N/A | $ | 1,427,134 | 10.500 | % | |||||||||||||||||||||||||||||||||
Customers Bank | $ | 1,768,525 | 13.032 | % | $ | 1,085,615 | 8.000 | % | $ | 1,357,019 | 10.000 | % | $ | 1,424,870 | 10.500 | % | |||||||||||||||||||||||||||||||
Tier 1 capital (to average assets) | |||||||||||||||||||||||||||||||||||||||||||||||
Customers Bancorp, Inc. | $ | 1,482,477 | 7.723 | % | $ | 767,836 | 4.000 | % | N/A | N/A | $ | 767,836 | 4.000 | % | |||||||||||||||||||||||||||||||||
Customers Bank | $ | 1,573,796 | 8.211 | % | $ | 766,712 | 4.000 | % | $ | 958,391 | 5.000 | % | $ | 766,712 | 4.000 | % | |||||||||||||||||||||||||||||||
As of December 31, 2021: | |||||||||||||||||||||||||||||||||||||||||||||||
Common equity Tier 1 capital (to risk-weighted assets) | |||||||||||||||||||||||||||||||||||||||||||||||
Customers Bancorp, Inc. | $ | 1,291,270 | 9.981 | % | $ | 582,179 | 4.500 | % | N/A | N/A | $ | 905,611 | 7.000 | % | |||||||||||||||||||||||||||||||||
Customers Bank | $ | 1,526,583 | 11.825 | % | $ | 580,943 | 4.500 | % | $ | 839,140 | 6.500 | % | $ | 903,689 | 7.000 | % | |||||||||||||||||||||||||||||||
Tier 1 capital (to risk-weighted assets) | |||||||||||||||||||||||||||||||||||||||||||||||
Customers Bancorp, Inc. | $ | 1,429,063 | 11.046 | % | $ | 776,238 | 6.000 | % | N/A | N/A | $ | 1,099,671 | 8.500 | % | |||||||||||||||||||||||||||||||||
Customers Bank | $ | 1,526,583 | 11.825 | % | $ | 774,591 | 6.000 | % | $ | 1,032,788 | 8.000 | % | $ | 1,097,337 | 8.500 | % | |||||||||||||||||||||||||||||||
Total capital (to risk-weighted assets) | |||||||||||||||||||||||||||||||||||||||||||||||
Customers Bancorp, Inc. | $ | 1,667,395 | 12.888 | % | $ | 1,034,984 | 8.000 | % | N/A | N/A | $ | 1,358,417 | 10.500 | % | |||||||||||||||||||||||||||||||||
Customers Bank | $ | 1,692,512 | 13.110 | % | $ | 1,032,788 | 8.000 | % | $ | 1,290,985 | 10.000 | % | $ | 1,355,534 | 10.500 | % | |||||||||||||||||||||||||||||||
Tier 1 capital (to average assets) | |||||||||||||||||||||||||||||||||||||||||||||||
Customers Bancorp, Inc. | $ | 1,429,063 | 7.413 | % | $ | 771,084 | 4.000 | % | N/A | N/A | $ | 771,084 | 4.000 | % | |||||||||||||||||||||||||||||||||
Customers Bank | $ | 1,526,583 | 7.925 | % | $ | 770,528 | 4.000 | % | $ | 963,160 | 5.000 | % | $ | 770,528 | 4.000 | % |
Fair Value Measurements at March 31, 2022 | |||||||||||||||||||||||||||||
(amounts in thousands) | Carrying Amount | Estimated Fair Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 274,600 | $ | 274,600 | $ | 274,600 | $ | — | $ | — | |||||||||||||||||||
Debt securities, available for sale | 4,144,029 | 4,144,029 | — | 4,022,176 | 121,853 | ||||||||||||||||||||||||
Loans held for sale | 3,003 | 3,003 | — | 2,496 | 507 | ||||||||||||||||||||||||
Total loans and leases receivable, net of allowance for credit losses on loans and leases | 13,924,668 | 13,571,137 | — | 1,755,758 | 11,815,379 | ||||||||||||||||||||||||
FHLB, Federal Reserve Bank and other restricted stock | 46,040 | 46,040 | — | 46,040 | — | ||||||||||||||||||||||||
Derivatives | 21,954 | 21,954 | — | 21,805 | 149 | ||||||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||
Deposits | $ | 16,415,560 | $ | 16,343,932 | $ | 15,969,368 | $ | 374,564 | $ | — | |||||||||||||||||||
Federal funds purchased | 700,000 | 700,000 | 700,000 | — | — | ||||||||||||||||||||||||
Other borrowings | 223,230 | 219,130 | — | 219,130 | — | ||||||||||||||||||||||||
Subordinated debt | 181,742 | 196,482 | — | 196,482 | — | ||||||||||||||||||||||||
Derivatives | 18,370 | 18,370 | — | 18,370 | — |
Fair Value Measurements at December 31, 2021 | |||||||||||||||||||||||||||||
(amounts in thousands) | Carrying Amount | Estimated Fair Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 518,032 | $ | 518,032 | $ | 518,032 | $ | — | $ | — | |||||||||||||||||||
Debt securities, available for sale | 3,791,575 | 3,791,575 | — | 3,648,690 | 142,885 | ||||||||||||||||||||||||
Loans held for sale | 16,254 | 16,254 | — | 15,747 | 507 | ||||||||||||||||||||||||
Total loans and leases receivable, net of allowance for credit losses on loans and leases | 14,414,827 | 14,207,811 | — | 2,284,325 | 11,923,486 | ||||||||||||||||||||||||
FHLB, Federal Reserve Bank and other restricted stock | 64,584 | 64,584 | — | 64,584 | — | ||||||||||||||||||||||||
Derivatives | 27,295 | 27,295 | — | 27,116 | 179 | ||||||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||
Deposits | $ | 16,777,924 | $ | 16,777,236 | $ | 16,270,586 | $ | 506,650 | $ | — | |||||||||||||||||||
Federal funds purchased | 75,000 | 75,000 | 75,000 | — | — | ||||||||||||||||||||||||
FHLB advances | 700,000 | 700,000 | — | 700,000 | — | ||||||||||||||||||||||||
Other borrowings | 223,086 | 226,585 | — | 226,585 | — | ||||||||||||||||||||||||
Subordinated debt | 181,673 | 204,782 | — | 204,782 | — | ||||||||||||||||||||||||
Derivatives | 26,544 | 26,544 | — | 26,544 | — |
Fair Value Measurements at September 30, 2017 | |||||||||||||||||||
Carrying Amount | Estimated Fair Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | |||||||||||||||
(amounts in thousands) | |||||||||||||||||||
Assets: | |||||||||||||||||||
Cash and cash equivalents | $ | 219,480 | $ | 219,480 | $ | 219,480 | $ | — | $ | — | |||||||||
Investment securities, available for sale | 584,823 | 584,823 | 2,311 | 582,512 | — | ||||||||||||||
Loans held for sale | 2,113,293 | 2,113,473 | — | 1,963,076 | 150,397 | ||||||||||||||
Loans receivable, net of allowance for loan losses | 7,023,024 | 7,020,487 | — | — | 7,020,487 | ||||||||||||||
FHLB, Federal Reserve Bank and other restricted stock | 98,611 | 98,611 | — | 98,611 | — | ||||||||||||||
Derivatives | 10,447 | 10,447 | — | 10,344 | 103 | ||||||||||||||
Liabilities: | |||||||||||||||||||
Deposits | $ | 7,597,076 | $ | 7,596,324 | $ | 5,296,636 | $ | 2,299,688 | $ | — | |||||||||
Federal funds purchased | 147,000 | 147,000 | 147,000 | — | — | ||||||||||||||
FHLB advances | 1,462,343 | 1,462,245 | 727,343 | 734,902 | — | ||||||||||||||
Other borrowings | 186,258 | 194,157 | 65,704 | 128,453 | — | ||||||||||||||
Subordinated debt | 108,856 | 115,500 | — | 115,500 | — | ||||||||||||||
Derivatives | 12,092 | 12,092 | — | 12,092 | — |
Fair Value Measurements at December 31, 2016 | |||||||||||||||||||
Carrying Amount | Estimated Fair Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | |||||||||||||||
(amounts in thousands) | |||||||||||||||||||
Assets: | |||||||||||||||||||
Cash and cash equivalents | $ | 264,709 | $ | 264,709 | $ | 264,709 | $ | — | $ | — | |||||||||
Investment securities, available for sale | 493,474 | 493,474 | 15,246 | 478,228 | — | ||||||||||||||
Loans held for sale | 2,117,510 | 2,117,510 | — | 2,117,510 | — | ||||||||||||||
Loans receivable, net of allowance for loan losses | 6,117,322 | 6,162,020 | — | — | 6,162,020 | ||||||||||||||
FHLB, Federal Reserve Bank and other restricted stock | 68,408 | 68,408 | — | 68,408 | — | ||||||||||||||
Derivatives | 10,864 | 10,864 | — | 10,819 | 45 | ||||||||||||||
Liabilities: | |||||||||||||||||||
Deposits | $ | 7,303,775 | $ | 7,303,663 | $ | 4,472,013 | $ | 2,831,650 | $ | — | |||||||||
Federal funds purchased | 83,000 | 83,000 | 83,000 | — | — | ||||||||||||||
FHLB advances | 868,800 | 869,049 | 688,800 | 180,249 | — | ||||||||||||||
Other borrowings | 87,123 | 91,761 | 66,261 | 25,500 | — | ||||||||||||||
Subordinated debt | 108,783 | 111,375 | — | 111,375 | — | ||||||||||||||
Derivatives | 14,172 | 14,172 | — | 14,172 | — |
March 31, 2022 | |||||||||||||||||||||||
Fair Value Measurements at the End of the Reporting Period Using | |||||||||||||||||||||||
(amounts in thousands) | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | |||||||||||||||||||
Measured at Fair Value on a Recurring Basis: | |||||||||||||||||||||||
Assets | |||||||||||||||||||||||
Available for sale debt securities: | |||||||||||||||||||||||
Asset-backed securities | $ | — | $ | 221,766 | $ | 121,853 | $ | 343,619 | |||||||||||||||
Agency-guaranteed residential mortgage-backed securities | — | 8,269 | — | 8,269 | |||||||||||||||||||
Agency-guaranteed commercial mortgage-backed securities | — | 2,045 | — | 2,045 | |||||||||||||||||||
Agency-guaranteed residential collateralized mortgage obligations | — | 603,403 | — | 603,403 | |||||||||||||||||||
Agency-guaranteed commercial collateralized mortgage obligations | — | 162,599 | — | 162,599 | |||||||||||||||||||
Collateralized loan obligations | — | 1,004,362 | — | 1,004,362 | |||||||||||||||||||
Commercial mortgage-backed securities | — | 147,625 | — | 147,625 | |||||||||||||||||||
Corporate notes | — | 593,750 | — | 593,750 | |||||||||||||||||||
Private label collateralized mortgage obligations | — | 1,270,407 | — | 1,270,407 | |||||||||||||||||||
State and political subdivision debt securities | — | 7,950 | — | 7,950 | |||||||||||||||||||
Derivatives | — | 21,805 | 149 | 21,954 | |||||||||||||||||||
Loans held for sale – fair value option | — | 2,496 | — | 2,496 | |||||||||||||||||||
Loans receivable, mortgage warehouse – fair value option | — | 1,755,758 | — | 1,755,758 | |||||||||||||||||||
Total assets – recurring fair value measurements | $ | — | $ | 5,802,235 | $ | 122,002 | $ | 5,924,237 | |||||||||||||||
Liabilities | |||||||||||||||||||||||
Derivatives | $ | — | $ | 18,370 | $ | — | $ | 18,370 | |||||||||||||||
Measured at Fair Value on a Nonrecurring Basis: | |||||||||||||||||||||||
Assets | |||||||||||||||||||||||
Collateral-dependent loans | $ | — | $ | — | $ | 2,485 | $ | 2,485 | |||||||||||||||
Total assets – nonrecurring fair value measurements | $ | — | $ | — | $ | 2,485 | $ | 2,485 |
September 30, 2017 | ||||||||||||||||||||||||||||||||||||||
Fair Value Measurements at the End of the Reporting Period Using | December 31, 2021 | |||||||||||||||||||||||||||||||||||||
Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | Fair Value Measurements at the End of the Reporting Period Using | ||||||||||||||||||||||||||||||||||
(amounts in thousands) | (amounts in thousands) | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | |||||||||||||||||||||||||||||||||
Measured at Fair Value on a Recurring Basis: | Measured at Fair Value on a Recurring Basis: | |||||||||||||||||||||||||||||||||||||
Assets | Assets | |||||||||||||||||||||||||||||||||||||
Available-for-sale securities: | ||||||||||||||||||||||||||||||||||||||
Agency-guaranteed residential mortgage-backed securities | $ | — | $ | 196,327 | $ | — | $ | 196,327 | ||||||||||||||||||||||||||||||
Agency guaranteed commercial mortgage-backed securities | — | 340,108 | — | 340,108 | ||||||||||||||||||||||||||||||||||
Available for sale debt securities: | Available for sale debt securities: | |||||||||||||||||||||||||||||||||||||
Asset-backed securities | Asset-backed securities | $ | — | $ | 154,540 | $ | 142,885 | $ | 297,425 | |||||||||||||||||||||||||||||
Agency-guaranteed residential mortgage–backed securities | Agency-guaranteed residential mortgage–backed securities | — | 9,553 | — | 9,553 | |||||||||||||||||||||||||||||||||
Agency-guaranteed commercial mortgage–backed securities | Agency-guaranteed commercial mortgage–backed securities | — | 2,152 | — | 2,152 | |||||||||||||||||||||||||||||||||
Agency-guaranteed residential collateralized mortgage obligations | Agency-guaranteed residential collateralized mortgage obligations | — | 196,930 | — | 196,930 | |||||||||||||||||||||||||||||||||
Agency-guaranteed commercial collateralized mortgage obligations | Agency-guaranteed commercial collateralized mortgage obligations | — | 238,844 | — | 238,844 | |||||||||||||||||||||||||||||||||
Collateralized loan obligations | Collateralized loan obligations | — | 1,066,802 | — | 1,066,802 | |||||||||||||||||||||||||||||||||
Commercial mortgage-backed securities | Commercial mortgage-backed securities | — | 148,927 | — | 148,927 | |||||||||||||||||||||||||||||||||
Corporate notes | — | 46,077 | — | 46,077 | Corporate notes | — | 580,046 | — | 580,046 | |||||||||||||||||||||||||||||
Equity securities | 2,311 | — | — | 2,311 | ||||||||||||||||||||||||||||||||||
Private label collateralized mortgage obligations | Private label collateralized mortgage obligations | — | 1,242,465 | — | 1,242,465 | |||||||||||||||||||||||||||||||||
State and political subdivision debt securities | State and political subdivision debt securities | — | 8,431 | — | 8,431 | |||||||||||||||||||||||||||||||||
Derivatives | — | 10,344 | 103 | 10,447 | Derivatives | — | 27,116 | 179 | 27,295 | |||||||||||||||||||||||||||||
Loans held for sale – fair value option | — | 1,963,076 | — | 1,963,076 | Loans held for sale – fair value option | — | 15,747 | — | 15,747 | |||||||||||||||||||||||||||||
Total assets - recurring fair value measurements | $ | 2,311 | $ | 2,555,932 | $ | 103 | $ | 2,558,346 | ||||||||||||||||||||||||||||||
Loans receivable, mortgage warehouse – fair value option | Loans receivable, mortgage warehouse – fair value option | — | 2,284,325 | — | 2,284,325 | |||||||||||||||||||||||||||||||||
Total assets – recurring fair value measurements | Total assets – recurring fair value measurements | $ | — | $ | 5,975,878 | $ | 143,064 | $ | 6,118,942 | |||||||||||||||||||||||||||||
Liabilities | Liabilities | |||||||||||||||||||||||||||||||||||||
Derivatives | $ | — | $ | 12,092 | $ | — | $ | 12,092 | Derivatives | $ | — | $ | 26,544 | $ | — | $ | 26,544 | |||||||||||||||||||||
Measured at Fair Value on a Nonrecurring Basis: | Measured at Fair Value on a Nonrecurring Basis: | |||||||||||||||||||||||||||||||||||||
Assets | Assets | |||||||||||||||||||||||||||||||||||||
Impaired loans, net of reserves of $1,527 | $ | — | $ | — | $ | 2,976 | $ | 2,976 | ||||||||||||||||||||||||||||||
Other real estate owned | — | — | 782 | 782 | ||||||||||||||||||||||||||||||||||
Total assets - nonrecurring fair value measurements | $ | — | $ | — | $ | 3,758 | $ | 3,758 | ||||||||||||||||||||||||||||||
Collateral-dependent loans | Collateral-dependent loans | $ | — | $ | — | $ | 5,121 | $ | 5,121 | |||||||||||||||||||||||||||||
Total assets – nonrecurring fair value measurements | Total assets – nonrecurring fair value measurements | $ | — | $ | — | $ | 5,121 | $ | 5,121 |
December 31, 2016 | |||||||||||||||
Fair Value Measurements at the End of the Reporting Period Using | |||||||||||||||
Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | ||||||||||||
(amounts in thousands) | |||||||||||||||
Measured at Fair Value on a Recurring Basis: | |||||||||||||||
Assets | |||||||||||||||
Available-for-sale securities: | |||||||||||||||
Agency-guaranteed residential mortgage-backed securities | $ | — | $ | 231,263 | $ | — | $ | 231,263 | |||||||
Agency-guaranteed commercial mortgage-backed securities | — | 201,817 | — | 201,817 | |||||||||||
Corporate notes | — | 45,148 | — | 45,148 | |||||||||||
Equity securities | 15,246 | — | — | 15,246 | |||||||||||
Derivatives | — | 10,819 | 45 | 10,864 | |||||||||||
Loans held for sale – fair value option | — | 2,117,510 | — | 2,117,510 | |||||||||||
Total assets - recurring fair value measurements | $ | 15,246 | $ | 2,606,557 | $ | 45 | $ | 2,621,848 | |||||||
Liabilities | |||||||||||||||
Derivatives | $ | — | $ | 14,172 | $ | — | $ | 14,172 | |||||||
Measured at Fair Value on a Nonrecurring Basis: | |||||||||||||||
Assets | |||||||||||||||
Impaired loans, net of reserves of $1,360 | $ | — | $ | — | $ | 6,527 | $ | 6,527 | |||||||
Other real estate owned | — | — | 2,731 | 2,731 | |||||||||||
Total assets - nonrecurring fair value measurements | $ | — | $ | — | $ | 9,258 | $ | 9,258 |
Residential Mortgage Loan Commitments | |||||||||||
Three Months Ended March 31, | |||||||||||
(amounts in thousands) | 2022 | 2021 | |||||||||
Balance at January 1, | $ | 179 | $ | 200 | |||||||
Issuances | 149 | 196 | |||||||||
Settlements | (179) | (200) | |||||||||
Balance at March 31, | $ | 149 | $ | 196 |
Residential Mortgage Loan Commitments | |||||||
Three Months Ended September 30, | |||||||
2017 | 2016 | ||||||
(amounts in thousands) | |||||||
Balance at June 30 | $ | 102 | $ | 157 | |||
Issuances | 103 | 85 | |||||
Settlements | (102 | ) | (157 | ) | |||
Balance at September 30 | $ | 103 | $ | 85 |
Residential Mortgage Loan Commitments | |||||||
Nine Months Ended September 30, | |||||||
2017 | 2016 | ||||||
(amounts in thousands) | |||||||
Balance at December 31 | $ | 45 | $ | 45 | |||
Issuances | 300 | 315 | |||||
Settlements | (242 | ) | (275 | ) | |||
Balance at September 30 | $ | 103 | $ | 85 | |||
Asset-backed securities | |||||
(amounts in thousands) | Three Months Ended March 31, 2022 | ||||
Balance at January 1, | $ | 142,885 | |||
Principal payments | (16,349) | ||||
Credit losses | (728) | ||||
Change in fair value recognized in OCI | (3,955) | ||||
Balance at March 31, | $ | 121,853 |
Quantitative Information about Level 3 Fair Value Measurements | |||||||||
September 30, 2017 | Fair Value Estimate | Valuation Technique | Unobservable Input | Range (Weighted Average) (4) | |||||
(amounts in thousands) | |||||||||
Impaired loans | $ | 2,976 | Collateral appraisal (1) | Liquidation expenses (2) | (8)% | ||||
Other real estate owned | 782 | Collateral appraisal (1) | Liquidation expenses (2) | (8)% | |||||
Residential mortgage loan commitments | 103 | Adjusted market bid | Pull-through rate | 90% |
Quantitative Information about Level 3 Fair Value Measurements | |||||||||
December 31, 2016 | Fair Value Estimate | Valuation Technique | Unobservable Input | Range (Weighted Average) (4) | |||||
(amounts in thousands) | |||||||||
Impaired loans | $ | 1,431 | Collateral appraisal (1) | Liquidation expenses (2) | (8)% | ||||
Impaired loans | 5,096 | Discounted cash flow | Projected cash flows (3) | 4 times EBITDA | |||||
Other real estate owned | 2,731 | Collateral appraisal (1) | Liquidation expenses (2) | (8)% | |||||
Residential mortgage loan commitments | 45 | Adjusted market bid | Pull-through rate | 90% |
(amounts in | Fair Value Estimate | Valuation Technique | Unobservable Input | Range (Weighted Average) (4) |
March 31, 2022 | |||||||||||||||||||||||
121,853 | Discounted cash flow | Discount rate Annualized loss rate Constant prepayment rate | 4% - 6% (4%) 7% - 8% (8%) 16% - 30% (19%) |
Collateral-dependent loans – real estate | 1,809 | Collateral appraisal (1) | Liquidation expenses (2) | 5% - 5% (5%) | |||||||||||||||||||
Collateral appraisal (1) Business asset valuation (3) | Liquidation expenses (2) Business asset valuation adjustments (4) | 8% - 26% (13%) 25% - 27% (26%) |
Residential mortgage loan commitments | 149 | Adjusted market bid | Pull-through rate | 69% - 88% (82%) |
Quantitative Information about Level 3 Fair Value Measurements | |||||||||||||||||||||||
(amounts in thousands) | Fair Value Estimate | Valuation Technique | Unobservable Input | Range (Weighted Average) (4) | |||||||||||||||||||
December 31, 2021 | |||||||||||||||||||||||
Asset-backed securities | $ | 142,885 | Discounted cash flow | Discount rate Annualized loss rate Constant prepayment rate | 4% - 5% (5%) 4% - 4% (4%) 17% - 33% (19%) | ||||||||||||||||||
Collateral-dependent loans | 4,170 | Collateral appraisal (1) | Liquidation expenses (2) | 8% - 8% (8%) | |||||||||||||||||||
Collateral-dependent loans – commercial and industrial | 951 | Collateral appraisal (1) Business asset valuation (3) | Liquidation expenses (2) Business asset valuation adjustments (4) | 8% - 26% (12%) 20% - 20% (20%) | |||||||||||||||||||
Residential mortgage loan commitments | 179 | Adjusted market bid | Pull-through rate | 76% - 89% (85%) |
Amortized Cost | Cumulative Amount of Fair Value Hedging Adjustment to Hedged Items | |||||||||||||||||||||||||
(amounts in thousands) | March 31, 2022 | December 31, 2021 | March 31, 2022 | December 31, 2021 | ||||||||||||||||||||||
AFS debt securities | $ | 64,000 | $ | 80,500 | $ | 3,653 | $ | 1,750 |
March 31, 2022 | ||||||||||||||||||||||||||
Derivative Assets | Derivative Liabilities | |||||||||||||||||||||||||
(amounts in thousands) | Balance Sheet Location | Fair Value | Balance Sheet Location | Fair Value | ||||||||||||||||||||||
Derivatives designated as fair value hedges: | ||||||||||||||||||||||||||
Interest rate swaps | Other assets | $ | 3,653 | Other liabilities | $ | — | ||||||||||||||||||||
Total | $ | 3,653 | $ | — | ||||||||||||||||||||||
Derivatives not designated as hedging instruments: | ||||||||||||||||||||||||||
Interest rate swaps | Other assets | $ | 16,007 | Other liabilities | $ | 16,158 | ||||||||||||||||||||
Interest rate caps | Other assets | 2,090 | Other liabilities | 2,090 | ||||||||||||||||||||||
Credit contracts | Other assets | 55 | Other liabilities | 122 | ||||||||||||||||||||||
Residential mortgage loan commitments | Other assets | 149 | Other liabilities | — | ||||||||||||||||||||||
Total | $ | 18,301 | $ | 18,370 |
December 31, 2021 | ||||||||||||||||||||||||||
Derivative Assets | Derivative Liabilities | |||||||||||||||||||||||||
(amounts in thousands) | Balance Sheet Location | Fair Value | Balance Sheet Location | Fair Value | ||||||||||||||||||||||
Derivatives designated as fair value hedges: | ||||||||||||||||||||||||||
Interest rate swaps | Other assets | $ | 1,750 | Other liabilities | $ | — | ||||||||||||||||||||
Total | $ | 1,750 | $ | — | ||||||||||||||||||||||
Derivatives not designated as hedging instruments: | ||||||||||||||||||||||||||
Interest rate swaps | Other assets | $ | 24,747 | Other liabilities | $ | 25,855 | ||||||||||||||||||||
Interest rate caps | Other assets | 488 | Other liabilities | 488 | ||||||||||||||||||||||
Credit contracts | Other assets | 131 | Other liabilities | 201 | ||||||||||||||||||||||
Residential mortgage loan commitments | Other assets | 179 | Other liabilities | — | ||||||||||||||||||||||
Total | $ | 25,545 | $ | 26,544 |
September 30, 2017 | ||||||||||||
Derivative Assets | Derivative Liabilities | |||||||||||
Balance Sheet Location | Fair Value | Balance Sheet Location | Fair Value | |||||||||
(amounts in thousands) | ||||||||||||
Derivatives designated as cash flow hedges: | ||||||||||||
Interest rate swaps | Other assets | $ | 355 | Other liabilities | $ | 2,001 | ||||||
Total | $ | 355 | $ | 2,001 | ||||||||
Derivatives not designated as hedging instruments: | ||||||||||||
Interest rate swaps | Other assets | $ | 9,861 | Other liabilities | $ | 10,083 | ||||||
Credit contracts | Other assets | 128 | Other liabilities | 8 | ||||||||
Residential mortgage loan commitments | Other assets | 103 | Other liabilities | — | ||||||||
Total | $ | 10,092 | $ | 10,091 |
December 31, 2016 | |||||||||||||||||||||||||||||||||||||||||
Derivative Assets | Derivative Liabilities | ||||||||||||||||||||||||||||||||||||||||
Balance Sheet | Balance Sheet | Amount of Income (Loss) Recognized in Earnings | |||||||||||||||||||||||||||||||||||||||
Location | Fair Value | Location | Fair Value | Three Months Ended March 31, | |||||||||||||||||||||||||||||||||||||
(amounts in thousands) | (amounts in thousands) | Income Statement Location | 2022 | 2021 | |||||||||||||||||||||||||||||||||||||
Derivatives designated as cash flow hedges: | |||||||||||||||||||||||||||||||||||||||||
Interest rate swaps | Other assets | $ | — | Other liabilities | $ | 3,624 | |||||||||||||||||||||||||||||||||||
Derivatives designated as fair value hedges: | Derivatives designated as fair value hedges: | ||||||||||||||||||||||||||||||||||||||||
Recognized on interest rate swaps | Recognized on interest rate swaps | Net interest income | $ | 2,521 | $ | 4,907 | |||||||||||||||||||||||||||||||||||
Recognized on hedged AFS debt securities | Recognized on hedged AFS debt securities | Net interest income | (2,521) | (4,907) | |||||||||||||||||||||||||||||||||||||
Total | $ | — | $ | 3,624 | Total | $ | — | $ | — | ||||||||||||||||||||||||||||||||
Derivatives not designated as hedging instruments: | Derivatives not designated as hedging instruments: | ||||||||||||||||||||||||||||||||||||||||
Interest rate swaps | Other assets | $ | 10,683 | Other liabilities | $ | 10,537 | Interest rate swaps | Other non-interest income | $ | 961 | $ | 2,399 | |||||||||||||||||||||||||||||
Interest rate caps | Interest rate caps | Other non-interest income | — | — | |||||||||||||||||||||||||||||||||||||
Credit contracts | Other assets | 136 | Other liabilities | 11 | Credit contracts | Other non-interest income | 3 | 137 | |||||||||||||||||||||||||||||||||
Residential mortgage loan commitments | Other assets | 45 | Other liabilities | — | Residential mortgage loan commitments | Mortgage banking income | (31) | (4) | |||||||||||||||||||||||||||||||||
Total | $ | 10,864 | $ | 10,548 | Total | $ | 933 | $ | 2,532 |
Amount of Gain (Loss) Recognized in OCI on Derivatives (1) | Location of Gain (Loss) Reclassified from Accumulated OCI into Income | Amount of Gain (Loss) Reclassified from Accumulated OCI into Income | |||||||||||||||||||||||||||
Three Months Ended March 31, | Three Months Ended March 31, | ||||||||||||||||||||||||||||
(amounts in thousands) | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||
Derivatives in cash flow hedging relationships: | |||||||||||||||||||||||||||||
Interest rate swaps | $ | — | $ | 9,113 | Interest expense | $ | — | $ | (1,459) | ||||||||||||||||||||
0 | 0 | Other non-interest income (2) | — | (24,467) | |||||||||||||||||||||||||
0 | 0 | $ | — | $ | (25,926) | ||||||||||||||||||||||||
Three Months Ended September 30, 2017 | |||||
Income Statement Location | Amount of Income (Loss) Recognized in Earnings | ||||
(amounts in thousands) | |||||
Derivatives not designated as hedging instruments: | |||||
Interest rate swaps | Other non-interest income | $ | 91 | ||
Credit contracts | Other non-interest income | (6 | ) | ||
Residential mortgage loan commitments | Mortgage banking income | 1 | |||
Total | $ | 86 |
Three Months Ended September 30, 2016 | |||||
Income Statement Location | Amount of Income (Loss) Recognized in Earnings | ||||
(amounts in thousands) | |||||
Derivatives not designated as hedging instruments: | |||||
Interest rate swaps | Other non-interest income | $ | 1,737 | ||
Credit contracts | Other non-interest income | (15 | ) | ||
Residential mortgage loan commitments | Mortgage banking income | (71 | ) | ||
Total | $ | 1,651 |
Nine Months Ended September 30, 2017 | |||||
Income Statement Location | Amount of Income (Loss) Recognized in Earnings | ||||
(amounts in thousands) | |||||
Derivatives not designated as hedging instruments: | |||||
Interest rate swaps | Other non-interest income | $ | 429 | ||
Credit contracts | Other non-interest income | (5 | ) | ||
Residential mortgage loan commitments | Mortgage banking income | 58 | |||
Total | $ | 482 | |||
Nine Months Ended September 30, 2016 | |||||
Income Statement Location | Amount of Income Recognized in Earnings | ||||
(amounts in thousands) | |||||
Derivatives not designated as hedging instruments: | |||||
Interest rate swaps | Other non-interest income | $ | 1,250 | ||
Credit contracts | Other non-interest income | 257 | |||
Residential mortgage loan commitments | Mortgage banking income | 41 | |||
Total | $ | 1,548 | |||
Three Months Ended September 30, 2017 | |||||||||
Amount of Gain Recognized in OCI on Derivatives (Effective Portion) (1) | Location of Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) | Amount of Loss Reclassified from Accumulated OCI into Income (Effective Portion) | |||||||
(amounts in thousands) | |||||||||
Derivatives in cash flow hedging relationships: | |||||||||
Interest rate swaps | $ | 104 | Interest expense | $ | (572 | ) |
Three Months Ended September 30, 2016 | |||||||||
Amount of Gain Recognized in OCI on Derivatives (Effective Portion) (1) | Location of Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) | Amount of Loss Reclassified from Accumulated OCI into Income (Effective Portion) | |||||||
(amounts in thousands) | |||||||||
Derivatives in cash flow hedging relationships: | |||||||||
Interest rate swaps | $ | 556 | Interest expense | $ | (703 | ) |
Nine Months Ended September 30, 2017 | |||||||||
Amount of Loss Recognized in OCI on Derivatives (Effective Portion) (1) | Location of Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) | Amount of Loss Reclassified from Accumulated OCI into Income (Effective Portion) | |||||||
(amounts in thousands) | |||||||||
Derivative in cash flow hedging relationships: | |||||||||
Interest rate swaps | $ | (115 | ) | Interest expense | $ | (2,166 | ) | ||
Nine Months Ended September 30, 2016 | |||||||||
Amount of Loss Recognized in OCI on Derivatives (Effective Portion) (1) | Location of Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) | Amount of Loss Reclassified from Accumulated OCI into Income (Effective Portion) | |||||||
(amounts in thousands) | |||||||||
Derivative in cash flow hedging relationships: | |||||||||
Interest rate swaps | $ | (1,577 | ) | Interest expense | $ | (1,306 | ) | ||
Gross Amounts Recognized on the Consolidated Balance Sheets | Gross Amounts Not Offset in the Consolidated Balance Sheet | ||||||||||||||||||||||||||||||||||
(amounts in thousands) | Financial Instruments | Cash Collateral Received/(Posted) | Net Amount | ||||||||||||||||||||||||||||||||
March 31, 2022 | |||||||||||||||||||||||||||||||||||
Interest rate derivative assets with institutional counterparties | $ | 6,546 | $ | — | $ | — | $ | 6,546 | |||||||||||||||||||||||||||
Interest rate derivative liabilities with institutional counterparties | $ | 4,115 | $ | — | $ | (4,115) | $ | — |
Gross Amounts Recognized on the Consolidated Balance Sheets | Gross Amounts Not Offset in the Consolidated Balance Sheet | ||||||||||||||||||||||||||||||||||
(amounts in thousands) | Financial Instruments | Cash Collateral Received/(Posted) | Net Amount | ||||||||||||||||||||||||||||||||
December 31, 2021 | |||||||||||||||||||||||||||||||||||
Interest rate derivative assets with institutional counterparties | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||||||||||
Interest rate derivative liabilities with institutional counterparties | $ | 23,348 | $ | — | $ | (23,348) | $ | — |
Gross Amount of Recognized Assets | Gross Amounts Offset in the Consolidated Balance Sheet | Net Amounts of Assets Presented in the Consolidated Balance Sheet | Gross Amounts Not Offset in the Consolidated Balance Sheet | Net Amount | |||||||||||||||||||
Financial Instruments | Cash Collateral Received | ||||||||||||||||||||||
(amounts in thousands) | |||||||||||||||||||||||
Description | |||||||||||||||||||||||
Interest rate swap derivatives with institutional counterparties | $ | 4,190 | $ | — | $ | 4,190 | $ | — | $ | 1,900 | $ | 2,290 |
Gross Amount of Recognized Liabilities | Gross Amounts Offset in the Consolidated Balance Sheet | Net Amounts of Liabilities Presented in the Consolidated Balance Sheet | Gross Amounts Not Offset in the Consolidated Balance Sheet | ||||||||||||||||||||
Financial Instruments | Cash Collateral Pledged | Net Amount | |||||||||||||||||||||
(amounts in thousands) | |||||||||||||||||||||||
Description | |||||||||||||||||||||||
Interest rate swap derivatives with institutional counterparties | $ | 8,400 | $ | — | $ | 8,400 | $ | — | $ | 8,262 | $ | 138 |
Gross Amount of Recognized Assets | Gross Amounts Offset in the Consolidated Balance Sheet | Net Amounts of Assets Presented in the Consolidated Balance Sheet | Gross Amounts Not Offset in the Consolidated Balance Sheet | Net Amount | |||||||||||||||||||
Financial Instruments | Cash Collateral Received | ||||||||||||||||||||||
(amounts in thousands) | |||||||||||||||||||||||
Description | |||||||||||||||||||||||
Interest rate swap derivatives with institutional counterparties | $ | 4,723 | $ | — | $ | 4,723 | $ | — | $ | — | $ | 4,723 |
Gross Amount of Recognized Liabilities | Gross Amounts Offset in the Consolidated Balance Sheet | Net Amounts of Liabilities Presented in the Consolidated Balance Sheet | Gross Amounts Not Offset in the Consolidated Balance Sheet | Net Amount | |||||||||||||||||||
Financial Instruments | Cash Collateral Pledged | ||||||||||||||||||||||
(amounts in thousands) | |||||||||||||||||||||||
Description | |||||||||||||||||||||||
Interest rate swap derivatives with institutional counterparties | $ | 9,825 | $ | — | $ | 9,825 | $ | — | $ | 4,472 | $ | 5,353 |
Three Months Ended September 30, 2017 | ||||||||||||
Community Business Banking | BankMobile | Consolidated | ||||||||||
Interest income | $ | 95,585 | $ | 2,700 | (1 | ) | $ | 98,285 | ||||
Interest expense | 30,250 | 16 | 30,266 | |||||||||
Net interest income | 65,335 | 2,684 | 68,019 | |||||||||
Provision for loan losses | 1,874 | 478 | 2,352 | |||||||||
Non-interest income | 4,190 | 13,836 | 18,026 | |||||||||
Non-interest expense | 33,990 | 27,050 | 61,040 | |||||||||
Income (loss) before income tax expense (benefit) | 33,661 | (11,008 | ) | 22,653 | ||||||||
Income tax expense (benefit) | 18,999 | (4,100 | ) | 14,899 | ||||||||
Net income (loss) | 14,662 | (6,908 | ) | 7,754 | ||||||||
Preferred stock dividends | 3,615 | — | 3,615 | |||||||||
Net income (loss) available to common shareholders | $ | 11,047 | $ | (6,908 | ) | $ | 4,139 | |||||
Three Months Ended September 30, 2016 | ||||||||||||
Community Business Banking | BankMobile | Consolidated | ||||||||||
Interest income | $ | 82,828 | $ | 1,384 | (1 | ) | $ | 84,212 | ||||
Interest expense | 19,620 | 7 | 19,627 | |||||||||
Net interest income | 63,208 | 1,377 | 64,585 | |||||||||
Provision for loan losses | (162 | ) | 250 | 88 | ||||||||
Non-interest income | 11,121 | 16,365 | 27,486 | |||||||||
Non-interest expense | 36,864 | 19,354 | 56,218 | |||||||||
Income (loss) before income tax expense (benefit) | 37,627 | (1,862 | ) | 35,765 | ||||||||
Income tax expense (benefit) | 15,266 | (708 | ) | 14,558 | ||||||||
Net income (loss) | 22,361 | (1,154 | ) | 21,207 | ||||||||
Preferred stock dividends | 2,552 | — | 2,552 | |||||||||
Net income (loss) available to common shareholders | $ | 19,809 | $ | (1,154 | ) | $ | 18,655 | |||||
Nine Months Ended September 30, 2017 | ||||||||||||
Community Business Banking | BankMobile | Consolidated | ||||||||||
Interest income | $ | 265,524 | $ | 9,708 | (1 | ) | $ | 275,232 | ||||
Interest expense | 76,134 | 55 | 76,189 | |||||||||
Net interest income | 189,390 | 9,653 | 199,043 | |||||||||
Provision for loan losses | 5,459 | 478 | 5,937 | |||||||||
Non-interest income | 16,587 | 42,583 | 59,170 | |||||||||
Non-interest expense | 94,704 | 66,114 | 160,818 | |||||||||
Income before income tax expense (benefit) | 105,814 | (14,356 | ) | 91,458 | ||||||||
Income tax expense (benefit) | 39,584 | (5,348 | ) | 34,236 | ||||||||
Net income (loss) | 66,230 | (9,008 | ) | 57,222 | ||||||||
Preferred stock dividends | 10,844 | — | 10,844 | |||||||||
Net income (loss) available to common shareholders | $ | 55,386 | $ | (9,008 | ) | $ | 46,378 | |||||
As of September 30, 2017 | ||||||||||||
Goodwill and other intangibles | $ | 3,632 | $ | 12,972 | $ | 16,604 | ||||||
Total assets | $ | 10,405,452 | $ | 66,377 | (2 | ) | $ | 10,471,829 | ||||
Total deposits | $ | 6,815,994 | $ | 781,082 | $ | 7,597,076 | ||||||
Nine Months Ended September 30, 2016 | ||||||||||||
Community Business Banking | BankMobile | Consolidated | ||||||||||
Interest income | $ | 234,513 | $ | 4,418 | (1 | ) | $ | 238,931 | ||||
Interest expense | 53,539 | 22 | 53,561 | |||||||||
Net interest income | 180,974 | 4,396 | 185,370 | |||||||||
Provision for loan losses | 2,605 | 249 | 2,854 | |||||||||
Non-interest income | 22,241 | 18,996 | 41,237 | |||||||||
Non-interest expense | 101,053 | 27,253 | 128,306 | |||||||||
Income (loss) before income tax expense (benefit) | 99,557 | (4,110 | ) | 95,447 | ||||||||
Income tax expense (benefit) | 38,134 | (1,562 | ) | 36,572 | ||||||||
Net income (loss) | 61,423 | (2,548 | ) | 58,875 | ||||||||
Preferred stock dividends | 5,900 | — | 5,900 | |||||||||
Net income (loss) available to common shareholders | $ | 55,523 | $ | (2,548 | ) | $ | 52,975 | |||||
As of September 30, 2016 | ||||||||||||
Goodwill and other intangibles | $ | 3,642 | $ | 13,282 | $ | 16,924 | ||||||
Total assets | $ | 9,532,281 | $ | 70,329 | (2 | ) | $ | 9,602,610 | ||||
Total deposits | $ | 6,855,788 | $ | 533,182 | $ | 7,388,970 | ||||||
(dollars in thousands) | March 31, 2022 | December 31, 2021 | |||||||||
Loans held for sale (GAAP) | $ | 3,003 | $ | 16,254 | |||||||
Loans receivable, mortgage warehouse, at fair value (GAAP) | 1,755,758 | 2,284,325 | |||||||||
Loans and leases receivable (GAAP) | 12,314,757 | 12,268,306 | |||||||||
Total loans and leases receivable (GAAP) | 14,073,518 | 14,568,885 | |||||||||
Less: Loans receivable, PPP | 2,195,902 | 3,250,008 | |||||||||
Total loans and leases, excluding PPP (Non-GAAP) | $ | 11,877,616 | $ | 11,318,877 | |||||||
Commercial deferments (GAAP) | $ | — | $ | — | |||||||
Consumer deferments (GAAP) | 3,262 | 6,060 | |||||||||
Total deferments (GAAP) | $ | 3,262 | $ | 6,060 | |||||||
Commercial deferments to total loans and leases, excluding PPP (Non-GAAP) | — | % | — | % | |||||||
Consumer deferments to total loans and leases, excluding PPP (Non-GAAP) | 0.0 | % | 0.1 | % | |||||||
Total deferments to total loans and leases, excluding PPP (Non-GAAP) | 0.0 | % | 0.1 | % |
Three Months Ended March 31, | |||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | 2022 | 2021 | Change | % Change | |||||||||||||||||||||||||||||||||||||||||||
Net interest income | $ | 164,699 | $ | 132,731 | $ | 31,968 | 24.1 | % | |||||||||||||||||||||||||||||||||||||||
Provision (benefit) for credit losses | 15,997 | (2,919) | 18,916 | (648.0) | % | ||||||||||||||||||||||||||||||||||||||||||
Total non-interest income | 21,198 | 18,468 | 2,730 | 14.8 | % | ||||||||||||||||||||||||||||||||||||||||||
Total non-interest expense | 73,807 | 61,927 | 11,880 | 19.2 | % | ||||||||||||||||||||||||||||||||||||||||||
Income before income tax expense | 96,093 | 92,191 | 3,902 | 4.2 | % | ||||||||||||||||||||||||||||||||||||||||||
Income tax expense | 19,332 | 17,560 | 1,772 | 10.1 | % | ||||||||||||||||||||||||||||||||||||||||||
Net income from continuing operations | 76,761 | 74,631 | 2,130 | 2.9 | % | ||||||||||||||||||||||||||||||||||||||||||
Loss from discontinued operations before income taxes | — | (20,354) | 20,354 | (100.0) | % | ||||||||||||||||||||||||||||||||||||||||||
Income tax expense from discontinued operations | — | 17,682 | (17,682) | (100.0) | % | ||||||||||||||||||||||||||||||||||||||||||
Net loss from discontinued operations | — | (38,036) | 38,036 | (100.0) | % | ||||||||||||||||||||||||||||||||||||||||||
Net income | 76,761 | 36,595 | 40,166 | 109.8 | % | ||||||||||||||||||||||||||||||||||||||||||
Preferred stock dividends | 1,865 | 3,391 | (1,526) | (45.0) | % | ||||||||||||||||||||||||||||||||||||||||||
Net income available to common shareholders | $ | 74,896 | $ | 33,204 | $ | 41,692 | 125.6 | % |
Three Months Ended September 30, | |||||||||||||||||||||
2017 | 2016 | ||||||||||||||||||||
Average Balance | Interest Income or Expense | Average Yield or Cost (%) | Average Balance | Interest Income or Expense | Average Yield or Cost (%) | ||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||
Assets | |||||||||||||||||||||
Interest-earning deposits | $ | 280,845 | $ | 923 | 1.30 | % | $ | 237,753 | $ | 326 | 0.55 | % | |||||||||
Investment securities (A) | 1,017,065 | 7,307 | 2.87 | % | 534,333 | 3,528 | 2.64 | % | |||||||||||||
Loans: | |||||||||||||||||||||
Commercial loans to mortgage companies | 1,956,587 | 21,099 | 4.28 | % | 2,142,986 | 18,990 | 3.53 | % | |||||||||||||
Multifamily loans | 3,639,566 | 33,301 | 3.63 | % | 3,283,007 | 31,373 | 3.80 | % | |||||||||||||
Commercial and industrial | 1,476,083 | 15,792 | 4.24 | % | 1,193,906 | 11,887 | 3.96 | % | |||||||||||||
Non-owner occupied commercial real estate | 1,294,996 | 12,706 | 3.89 | % | 1,236,054 | 12,295 | 3.96 | % | |||||||||||||
All other loans | 561,911 | 5,842 | 4.12 | % | 385,511 | 4,554 | 4.70 | % | |||||||||||||
Total loans (B) | 8,929,143 | 88,740 | 3.94 | % | 8,241,464 | 79,099 | 3.82 | % | |||||||||||||
Other interest-earning assets | 125,341 | 1,315 | 4.16 | % | 90,010 | 1,259 | 5.56 | % | |||||||||||||
Total interest-earning assets | 10,352,394 | 98,285 | 3.77 | % | 9,103,560 | 84,212 | 3.68 | % | |||||||||||||
Non-interest-earning assets | 389,797 | 336,013 | |||||||||||||||||||
Total assets | $ | 10,742,191 | $ | 9,439,573 | |||||||||||||||||
Liabilities | |||||||||||||||||||||
Interest checking accounts | $ | 351,422 | 708 | 0.80 | % | $ | 202,645 | 278 | 0.55 | % | |||||||||||
Money market deposit accounts | 3,427,682 | 9,866 | 1.14 | % | 3,115,076 | 5,200 | 0.66 | % | |||||||||||||
Other savings accounts | 40,310 | 29 | 0.28 | % | 36,516 | 22 | 0.24 | % | |||||||||||||
Certificates of deposit | 2,361,069 | 7,778 | 1.31 | % | 2,796,028 | 7,509 | 1.07 | % | |||||||||||||
Total interest-bearing deposits | 6,180,483 | 18,381 | 1.18 | % | 6,150,265 | 13,009 | 0.84 | % | |||||||||||||
Borrowings | 2,414,086 | 11,885 | 1.96 | % | 1,586,262 | 6,618 | 1.66 | % | |||||||||||||
Total interest-bearing liabilities | 8,594,569 | 30,266 | 1.40 | % | 7,736,527 | 19,627 | 1.01 | % | |||||||||||||
Non-interest-bearing deposits | 1,158,911 | 863,435 | |||||||||||||||||||
Total deposits and borrowings | 9,753,480 | 1.23 | % | 8,599,962 | 0.91 | % | |||||||||||||||
Other non-interest-bearing liabilities | 66,220 | 129,208 | |||||||||||||||||||
Total liabilities | 9,819,700 | 8,729,170 | |||||||||||||||||||
Shareholders’ Equity | 922,491 | 710,403 | |||||||||||||||||||
Total liabilities and shareholders’ equity | $ | 10,742,191 | $ | 9,439,573 | |||||||||||||||||
Net interest earnings | 68,019 | 64,585 | |||||||||||||||||||
Tax-equivalent adjustment (C) | 203 | 96 | |||||||||||||||||||
Net interest earnings | $ | 68,222 | $ | 64,681 | |||||||||||||||||
Interest spread | 2.54 | % | 2.77 | % | |||||||||||||||||
Net interest margin | 2.61 | % | 2.82 | % | |||||||||||||||||
Net interest margin tax equivalent (C) | 2.62 | % | 2.83 | % |
Three Months Ended September 30, | |||||||||||
2017 vs. 2016 | |||||||||||
Increase (Decrease) due to Change in | |||||||||||
Rate | Volume | Total | |||||||||
(amounts in thousands) | |||||||||||
Interest income | |||||||||||
Interest-earning deposits | $ | 528 | $ | 69 | $ | 597 | |||||
Investment securities | 335 | 3,444 | 3,779 | ||||||||
Loans: | |||||||||||
Commercial loans to mortgage companies | 3,853 | (1,744 | ) | 2,109 | |||||||
Multifamily loans | (1,440 | ) | 3,368 | 1,928 | |||||||
Commercial and industrial | 908 | 2,997 | 3,905 | ||||||||
Non-owner occupied commercial real estate | (195 | ) | 606 | 411 | |||||||
All other loans | (610 | ) | 1,898 | 1,288 | |||||||
Total loans | 2,516 | 7,125 | 9,641 | ||||||||
Other interest-earning assets | (365 | ) | 421 | 56 | |||||||
Total interest income | 3,014 | 11,059 | 14,073 | ||||||||
Interest expense | |||||||||||
Interest checking accounts | 167 | 263 | 430 | ||||||||
Money market deposit accounts | 4,095 | 571 | 4,666 | ||||||||
Other savings accounts | 4 | 3 | 7 | ||||||||
Certificates of deposit | 1,539 | (1,270 | ) | 269 | |||||||
Total interest-bearing deposits | 5,805 | (433 | ) | 5,372 | |||||||
Borrowings | 1,337 | 3,930 | 5,267 | ||||||||
Total interest expense | 7,142 | 3,497 | 10,639 | ||||||||
Net interest income | $ | (4,128 | ) | $ | 7,562 | $ | 3,434 |
Three Months Ended March 31, | Three Months Ended March 31, | ||||||||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 vs. 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | Average Balance | Interest Income or Expense | Average Yield or Cost (%) | Average Balance | Interest Income or Expense | Average Yield or Cost (%) | Due to rate | Due to volume | Total | ||||||||||||||||||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest-earning deposits | $ | 826,240 | $ | 329 | 0.16 | % | $ | 1,177,315 | $ | 302 | 0.10 | % | $ | 133 | $ | (106) | $ | 27 | |||||||||||||||||||||||||||||||||||
Investment securities (1) | 4,036,966 | 20,295 | 2.01 | % | 1,357,558 | 7,979 | 2.35 | % | (1,279) | 13,595 | 12,316 | ||||||||||||||||||||||||||||||||||||||||||
Loans and leases: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial loans to mortgage companies | 1,836,647 | 14,006 | 3.09 | % | 3,122,098 | 23,791 | 3.09 | % | — | (9,785) | (9,785) | ||||||||||||||||||||||||||||||||||||||||||
Multi-family loans | 1,531,846 | 13,766 | 3.64 | % | 1,689,174 | 15,848 | 3.80 | % | (648) | (1,434) | (2,082) | ||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial loans and leases (2) | 4,124,408 | 36,659 | 3.60 | % | 2,848,328 | 27,850 | 3.97 | % | (2,786) | 11,595 | 8,809 | ||||||||||||||||||||||||||||||||||||||||||
PPP loans | 2,641,318 | 36,894 | 5.66 | % | 4,623,213 | 38,832 | 3.41 | % | 19,028 | (20,966) | (1,938) | ||||||||||||||||||||||||||||||||||||||||||
Non-owner occupied commercial real estate loans | 1,312,210 | 12,207 | 3.77 | % | 1,348,938 | 12,794 | 3.85 | % | (254) | (333) | (587) | ||||||||||||||||||||||||||||||||||||||||||
Residential mortgages | 416,417 | 3,680 | 3.58 | % | 373,497 | 3,485 | 3.78 | % | (191) | 386 | 195 | ||||||||||||||||||||||||||||||||||||||||||
Installment loans | 1,794,145 | 39,963 | 9.03 | % | 1,323,863 | 29,517 | 9.04 | % | (33) | 10,479 | 10,446 | ||||||||||||||||||||||||||||||||||||||||||
Total loans and leases (3) | 13,656,991 | 157,175 | 4.67 | % | 15,329,111 | 152,117 | 4.02 | % | 22,816 | (17,758) | 5,058 | ||||||||||||||||||||||||||||||||||||||||||
Other interest-earning assets | 52,111 | 5,677 | NM | (7) | 79,960 | 717 | 3.64 | % | 5,294 | (334) | 4,960 | ||||||||||||||||||||||||||||||||||||||||||
Total interest-earning assets | 18,572,308 | 183,476 | 4.00 | % | 17,943,944 | 161,115 | 3.64 | % | 16,514 | 5,847 | 22,361 | ||||||||||||||||||||||||||||||||||||||||||
Non-interest-earning assets | 557,022 | 581,777 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Total assets | $ | 19,129,330 | $ | 18,525,721 | |||||||||||||||||||||||||||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest checking accounts | $ | 5,769,372 | 7,730 | 0.54 | % | $ | 2,691,723 | 5,599 | 0.84 | % | (2,527) | 4,658 | 2,131 | ||||||||||||||||||||||||||||||||||||||||
Money market deposit accounts | 4,880,051 | 4,674 | 0.39 | % | 4,435,930 | 6,059 | 0.55 | % | (1,926) | 541 | (1,385) | ||||||||||||||||||||||||||||||||||||||||||
Other savings accounts | 880,113 | 784 | 0.36 | % | 1,414,350 | 2,400 | 0.69 | % | (903) | (713) | (1,616) | ||||||||||||||||||||||||||||||||||||||||||
Certificates of deposit | 450,644 | 524 | 0.47 | % | 666,239 | 1,600 | 0.97 | % | (661) | (415) | (1,076) | ||||||||||||||||||||||||||||||||||||||||||
Total interest-bearing deposits (4) | 11,980,180 | 13,712 | 0.46 | % | 9,208,242 | 15,658 | 0.69 | % | (5,979) | 4,033 | (1,946) | ||||||||||||||||||||||||||||||||||||||||||
Federal funds purchased | 88,611 | 73 | 0.33 | % | 16,333 | 3 | 0.07 | % | 32 | 38 | 70 | ||||||||||||||||||||||||||||||||||||||||||
FRB PPP liquidity facility | — | — | — | % | 3,941,718 | 3,402 | 0.35 | % | — | (3,402) | (3,402) | ||||||||||||||||||||||||||||||||||||||||||
Borrowings | 532,610 | 4,992 | 3.80 | % | 1,155,493 | 9,321 | 3.27 | % | 1,321 | (5,650) | (4,329) | ||||||||||||||||||||||||||||||||||||||||||
Total interest-bearing liabilities | 12,601,401 | 18,777 | 0.60 | % | 14,321,786 | 28,384 | 0.80�� | % | (6,489) | (3,118) | (9,607) | ||||||||||||||||||||||||||||||||||||||||||
Non-interest-bearing deposits (4) | 4,900,983 | 2,819,871 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Total deposits and borrowings | 17,502,384 | 0.43 | % | 17,141,657 | 0.67 | % | |||||||||||||||||||||||||||||||||||||||||||||||
Other non-interest-bearing liabilities | 237,131 | 247,798 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities | 17,739,515 | 17,389,455 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Shareholders' equity | 1,389,815 | 1,136,266 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities and shareholders' equity | $ | 19,129,330 | $ | 18,525,721 | |||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income | 164,699 | 132,731 | $ | 23,003 | $ | 8,965 | $ | 31,968 | |||||||||||||||||||||||||||||||||||||||||||||
Tax-equivalent adjustment (5) | 239 | 292 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest earnings | $ | 164,938 | $ | 133,023 | |||||||||||||||||||||||||||||||||||||||||||||||||
Interest spread | 3.57 | % | 2.97 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
Net interest margin | 3.59 | % | 3.00 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
Net interest margin tax equivalent (5) | 3.60 | % | 3.00 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
Net interest margin tax equivalent, excluding PPP loans (6) | 3.32 | % | 2.99 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended March 31, | |||||||||||||||||||||||
(dollars in thousands) | 2022 | 2021 | |||||||||||||||||||||
Net interest income (GAAP) | $ | 164,699 | $ | 132,731 | |||||||||||||||||||
Tax-equivalent adjustment | 239 | 292 | |||||||||||||||||||||
Net interest income tax equivalent (Non-GAAP) | 164,938 | 133,023 | |||||||||||||||||||||
Loans receivable, PPP net interest income | (34,615) | (34,842) | |||||||||||||||||||||
Net interest income tax equivalent, excluding PPP loans (Non-GAAP) | $ | 130,323 | $ | 98,181 | |||||||||||||||||||
Average total interest-earning assets (GAAP) | $ | 18,572,308 | $ | 17,943,944 | |||||||||||||||||||
Average PPP loans | (2,641,318) | (4,623,213) | |||||||||||||||||||||
Adjusted average total interest-earning assets (Non-GAAP) | $ | 15,930,990 | $ | 13,320,731 | |||||||||||||||||||
Net interest margin (GAAP) | 3.59 | % | 3.00 | % | |||||||||||||||||||
Net interest margin tax equivalent (Non-GAAP) | 3.60 | % | 3.00 | % | |||||||||||||||||||
Net interest margin tax equivalent, excluding PPP loans (Non-GAAP) | 3.32 | % | 2.99 | % |
Three Months Ended March 31, | |||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | 2022 | 2021 | Change | % Change | |||||||||||||||||||||||||||||||||||||||||||
Interchange and card revenue | $ | 76 | $ | 85 | $ | (9) | (10.6) | % | |||||||||||||||||||||||||||||||||||||||
Deposit fees | 940 | 863 | 77 | 8.9 | % | ||||||||||||||||||||||||||||||||||||||||||
Commercial lease income | 5,895 | 5,205 | 690 | 13.3 | % | ||||||||||||||||||||||||||||||||||||||||||
Bank-owned life insurance | 8,326 | 1,679 | 6,647 | 395.9 | % | ||||||||||||||||||||||||||||||||||||||||||
Mortgage warehouse transactional fees | 2,015 | 4,247 | (2,232) | (52.6) | % | ||||||||||||||||||||||||||||||||||||||||||
Gain (loss) on sale of SBA and other loans | 1,507 | 1,575 | (68) | (4.3) | % | ||||||||||||||||||||||||||||||||||||||||||
Loan fees | 2,545 | 1,436 | 1,109 | 77.2 | % | ||||||||||||||||||||||||||||||||||||||||||
Mortgage banking income | 481 | 463 | 18 | 3.9 | % | ||||||||||||||||||||||||||||||||||||||||||
Gain (loss) on sale of investment securities | (1,063) | 23,566 | (24,629) | (104.5) | % | ||||||||||||||||||||||||||||||||||||||||||
Unrealized gain (loss) on investment securities | (276) | 974 | (1,250) | (128.3) | % | ||||||||||||||||||||||||||||||||||||||||||
Unrealized gain (loss) on derivatives | 964 | 2,537 | (1,573) | (62.0) | % | ||||||||||||||||||||||||||||||||||||||||||
Loss on cash flow hedge derivative terminations | — | (24,467) | 24,467 | (100.0) | % | ||||||||||||||||||||||||||||||||||||||||||
Other | (212) | 305 | (517) | (169.5) | % | ||||||||||||||||||||||||||||||||||||||||||
Total non-interest income | $ | 21,198 | $ | 18,468 | $ | 2,730 | 14.8 | % |
Three Months Ended September 30, | |||||||
2017 | 2016 | ||||||
(amounts in thousands) | |||||||
Interchange and card revenue | $ | 9,570 | $ | 11,547 | |||
Gain (loss) on sale of investment securities | 5,349 | (1 | ) | ||||
Deposit fees | 2,659 | 4,218 | |||||
Mortgage warehouse transactional fees | 2,396 | 3,080 | |||||
Bank-owned life insurance | 1,672 | 1,386 | |||||
Gain on sale of SBA and other loans | 1,144 | 1,206 | |||||
Mortgage banking income | 257 | 287 | |||||
Impairment loss on investment securities | (8,349 | ) | — | ||||
Other | 3,328 | 5,763 | |||||
Total non-interest income | $ | 18,026 | $ | 27,486 |
Three Months Ended March 31, | |||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | 2022 | 2021 | Change | % Change | |||||||||||||||||||||||||||||||||||||||||||
Salaries and employee benefits | $ | 26,607 | $ | 23,971 | $ | 2,636 | 11.0 | % | |||||||||||||||||||||||||||||||||||||||
Technology, communication and bank operations | 24,068 | 19,988 | 4,080 | 20.4 | % | ||||||||||||||||||||||||||||||||||||||||||
Professional services | 6,956 | 5,877 | 1,079 | 18.4 | % | ||||||||||||||||||||||||||||||||||||||||||
Occupancy | 3,050 | 2,621 | 429 | 16.4 | % | ||||||||||||||||||||||||||||||||||||||||||
Commercial lease depreciation | 4,942 | 4,291 | 651 | 15.2 | % | ||||||||||||||||||||||||||||||||||||||||||
FDIC assessments, non-income taxes and regulatory fees | 2,383 | 2,719 | (336) | (12.4) | % | ||||||||||||||||||||||||||||||||||||||||||
Loan servicing | 2,371 | 437 | 1,934 | 442.6 | % | ||||||||||||||||||||||||||||||||||||||||||
Advertising and promotion | 315 | 561 | (246) | (43.9) | % | ||||||||||||||||||||||||||||||||||||||||||
Merger and acquisition related expenses | — | 418 | (418) | (100.0) | % | ||||||||||||||||||||||||||||||||||||||||||
Loan workout | (38) | (261) | 223 | (85.4) | % | ||||||||||||||||||||||||||||||||||||||||||
Other | 3,153 | 1,305 | 1,848 | 141.6 | % | ||||||||||||||||||||||||||||||||||||||||||
Total non-interest expense | $ | 73,807 | $ | 61,927 | $ | 11,880 | 19.2 | % |
Three Months Ended September 30, | |||||||
2017 | 2016 | ||||||
(amounts in thousands) | |||||||
Salaries and employee benefits | $ | 24,807 | $ | 22,681 | |||
Technology, communication and bank operations | 14,401 | 12,525 | |||||
Professional services | 7,403 | 7,006 | |||||
Occupancy | 2,857 | 2,450 | |||||
FDIC assessments, taxes, and regulatory fees | 2,475 | 2,726 | |||||
Provision for operating losses | 1,509 | 1,406 | |||||
Loan workout | 915 | 592 | |||||
Other real estate owned | 445 | 1,192 | |||||
Advertising and promotion | 404 | 591 | |||||
Acquisition related expenses | — | 144 | |||||
Other | 5,824 | 4,905 | |||||
Total non-interest expense | $ | 61,040 | $ | 56,218 |
Three Months Ended March 31, | |||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | 2022 | 2021 | Change | % Change | |||||||||||||||||||||||||||||||||||||||||||
Income before income tax expense | $ | 96,093 | $ | 92,191 | $ | 3,902 | 4.2 | % | |||||||||||||||||||||||||||||||||||||||
Income tax expense | 19,332 | 17,560 | 1,772 | 10.1 | % | ||||||||||||||||||||||||||||||||||||||||||
Effective tax rate | 20.12 | % | 19.05 | % |
Three Months Ended March 31, | |||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | 2022 | 2021 | Change | % Change | |||||||||||||||||||||||||||||||||||||||||||
Loss from discontinued operations before income taxes | $ | — | $ | (20,354) | $ | 20,354 | (100.0) | % | |||||||||||||||||||||||||||||||||||||||
Income tax expense from discontinued operations | — | 17,682 | (17,682) | (100.0) | % | ||||||||||||||||||||||||||||||||||||||||||
Net loss from discontinued operations | $ | — | $ | (38,036) | $ | 38,036 | (100.0) | % |
Nine Months Ended September 30, | |||||||||||||||||||||
2017 | 2016 | ||||||||||||||||||||
Average Balance | Interest Income or Expense | Average Yield or Cost (%) | Average Balance | Interest Income or Expense | Average Yield or Cost | ||||||||||||||||
(amounts in thousands) | |||||||||||||||||||||
Assets | |||||||||||||||||||||
Interest-earning deposits | $ | 327,154 | $ | 2,446 | 1.00 | % | $ | 211,971 | $ | 845 | 0.53 | % | |||||||||
Investment securities (A) | 971,710 | 21,017 | 2.88 | % | 548,921 | 10,875 | 2.64 | % | |||||||||||||
Loans: | |||||||||||||||||||||
Commercial loans to mortgage companies | 1,734,874 | 53,860 | 4.15 | % | 1,931,892 | 50,767 | 3.51 | % | |||||||||||||
Multifamily loans | 3,496,276 | 96,570 | 3.69 | % | 3,235,689 | 91,611 | 3.78 | % | |||||||||||||
Commercial and industrial | 1,402,650 | 44,034 | 4.20 | % | 1,127,622 | 33,626 | 3.98 | % | |||||||||||||
Non-owner occupied commercial real estate | 1,290,762 | 37,654 | 3.90 | % | 1,170,996 | 33,759 | 3.85 | % | |||||||||||||
All other loans | 515,567 | 16,590 | 4.30 | % | 399,202 | 14,356 | 4.80 | % | |||||||||||||
Total loans (B) | 8,440,129 | 248,708 | 3.94 | % | 7,865,401 | 224,119 | 3.81 | % | |||||||||||||
Other interest-earning assets | 102,590 | 3,061 | 3.99 | % | 90,911 | 3,092 | 4.54 | % | |||||||||||||
Total interest earning assets | 9,841,583 | 275,232 | 3.74 | % | 8,717,204 | 238,931 | 3.66 | % | |||||||||||||
Non-interest-earning assets | 367,595 | 305,326 | |||||||||||||||||||
Total assets | $ | 10,209,178 | $ | 9,022,530 | |||||||||||||||||
Liabilities | |||||||||||||||||||||
Interest checking accounts | $ | 338,991 | 1,839 | 0.73 | % | $ | 160,525 | 681 | 0.57 | % | |||||||||||
Money market deposit accounts | 3,347,661 | 24,462 | 0.98 | % | 3,044,696 | 13,674 | 0.60 | % | |||||||||||||
Other savings accounts | 41,685 | 87 | 0.28 | % | 39,075 | 66 | 0.23 | % | |||||||||||||
Certificates of deposit | 2,489,970 | 22,546 | 1.21 | % | 2,556,935 | 19,944 | 1.04 | % | |||||||||||||
Total interest-bearing deposits | 6,218,307 | 48,934 | 1.05 | % | 5,801,231 | 34,365 | 0.79 | % | |||||||||||||
Borrowings | 1,836,654 | 27,255 | 1.98 | % | 1,693,455 | 19,196 | 1.51 | % | |||||||||||||
Total interest-bearing liabilities | 8,054,961 | 76,189 | 1.26 | % | 7,494,686 | 53,561 | 0.95 | % | |||||||||||||
Non-interest-bearing deposits | 1,185,062 | 800,358 | |||||||||||||||||||
Total deposits and borrowings | 9,240,023 | 1.10 | % | 8,295,044 | 0.86 | % | |||||||||||||||
Other non-interest-bearing liabilities | 72,622 | 76,774 | |||||||||||||||||||
Total liabilities | 9,312,645 | 8,371,818 | |||||||||||||||||||
Shareholders’ Equity | 896,533 | 650,712 | |||||||||||||||||||
Total liabilities and shareholders’ equity | $ | 10,209,178 | $ | 9,022,530 | |||||||||||||||||
Net interest earnings | 199,043 | 185,370 | |||||||||||||||||||
Tax-equivalent adjustment (C) | 399 | 298 | |||||||||||||||||||
Net interest earnings | $ | 199,442 | $ | 185,668 | |||||||||||||||||
Interest spread | 2.64 | % | 2.80 | % | |||||||||||||||||
Net interest margin | 2.70 | % | 2.84 | % | |||||||||||||||||
Net interest margin tax equivalent (C) | 2.71 | % | 2.84 | % |
Nine Months Ended September 30, | |||||||||||
2017 vs. 2016 | |||||||||||
Increase (Decrease) due to Change in | |||||||||||
Rate | Volume | Total | |||||||||
(amounts in thousands) | |||||||||||
Interest income | |||||||||||
Interest-earning deposits | $ | 989 | $ | 612 | $ | 1,601 | |||||
Investment securities | 1,079 | 9,063 | 10,142 | ||||||||
Loans: | |||||||||||
Commercial loans to mortgage companies | 8,621 | (5,528 | ) | 3,093 | |||||||
Multifamily loans | (2,213 | ) | 7,172 | 4,959 | |||||||
Commercial and industrial | 1,879 | 8,529 | 10,408 | ||||||||
Non-owner occupied commercial real estate | 434 | 3,461 | 3,895 | ||||||||
All other loans | (1,616 | ) | 3,850 | 2,234 | |||||||
Total loans | 7,105 | 17,484 | 24,589 | ||||||||
Other interest-earning assets | (402 | ) | 371 | (31 | ) | ||||||
Total interest income | 8,771 | 27,530 | 36,301 | ||||||||
Interest expense | |||||||||||
Interest checking accounts | 233 | 925 | 1,158 | ||||||||
Money market deposit accounts | 9,313 | 1,475 | 10,788 | ||||||||
Other savings accounts | 16 | 5 | 21 | ||||||||
Certificates of deposit | 3,138 | (536 | ) | 2,602 | |||||||
Total interest-bearing deposits | 12,700 | 1,869 | 14,569 | ||||||||
Borrowings | 6,333 | 1,726 | 8,059 | ||||||||
Total interest expense | 19,033 | 3,595 | 22,628 | ||||||||
Net interest income | $ | (10,262 | ) | $ | 23,935 | $ | 13,673 |
Nine Months Ended September 30, | |||||||
2017 | 2016 | ||||||
(amounts in thousands) | |||||||
Interchange and card revenue | $ | 31,729 | $ | 13,806 | |||
Gain on sale of investment securities | 8,532 | 25 | |||||
Deposit fees | 7,918 | 5,260 | |||||
Mortgage warehouse transactional fees | 7,139 | 8,702 | |||||
Bank-owned life insurance | 5,297 | 3,629 | |||||
Gain on sale of SBA and other loans | 3,045 | 2,135 | |||||
Mortgage banking income | 703 | 737 | |||||
Impairment loss on investment securities | (12,934 | ) | — | ||||
Other | 7,741 | 6,943 | |||||
Total non-interest income | $ | 59,170 | $ | 41,237 |
Nine Months Ended September 30, | |||||||
2017 | 2016 | ||||||
(amounts in thousands) | |||||||
Salaries and employee benefits | $ | 69,569 | $ | 58,051 | |||
Technology, communication and bank operations | 33,227 | 19,021 | |||||
Professional services | 21,142 | 13,213 | |||||
Occupancy | 8,228 | 7,248 | |||||
FDIC assessments, taxes, and regulatory fees | 6,615 | 11,191 | |||||
Provision for operating losses | 4,901 | 1,943 | |||||
Loan workout | 1,844 | 1,497 | |||||
Advertising and promotion | 1,108 | 1,178 | |||||
Other real estate owned | 550 | 1,663 | |||||
Acquisition related expenses | — | 1,195 | |||||
Other | 13,634 | 12,106 | |||||
Total non-interest expense | $ | 160,818 | $ | 128,306 |
(dollars in thousands) | (dollars in thousands) | March 31, 2022 | December 31, 2021 | Change | % Change | |||||||||||||||||||||||||
Cash and cash equivalents | Cash and cash equivalents | $ | 274,600 | $ | 518,032 | $ | (243,432) | (47.0) | % | |||||||||||||||||||||
Investment securities, at fair value | Investment securities, at fair value | 4,169,853 | 3,817,150 | 352,703 | 9.2 | % | ||||||||||||||||||||||||
Loans held for sale | Loans held for sale | 3,003 | 16,254 | (13,251) | (81.5) | % | ||||||||||||||||||||||||
Loans receivable, mortgage warehouse, at fair value | Loans receivable, mortgage warehouse, at fair value | 1,755,758 | 2,284,325 | (528,567) | (23.1) | % | ||||||||||||||||||||||||
Loans receivable, PPP | Loans receivable, PPP | 2,195,902 | 3,250,008 | (1,054,106) | (32.4) | % | ||||||||||||||||||||||||
Loans and leases receivable | Loans and leases receivable | 10,118,855 | 9,018,298 | 1,100,557 | 12.2 | % | ||||||||||||||||||||||||
Allowance for credit losses on loans and leases | Allowance for credit losses on loans and leases | (145,847) | (137,804) | (8,043) | 5.8 | % | ||||||||||||||||||||||||
Bank-owned life insurance | Bank-owned life insurance | 332,239 | 333,705 | (1,466) | (0.4) | % | ||||||||||||||||||||||||
Other assets | Other assets | 298,212 | 305,611 | (7,399) | (2.4) | % | ||||||||||||||||||||||||
September 30, 2017 | December 31, 2016 | |||||||||||||||||||||||||||||
(amounts in thousands) | ||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 219,480 | $ | 264,709 | ||||||||||||||||||||||||||
Investment securities available for sale, at fair value | 584,823 | 493,474 | ||||||||||||||||||||||||||||
Loans held for sale (includes $1,963,076 and $2,117,510, respectively, at fair value) | 2,113,293 | 2,117,510 | ||||||||||||||||||||||||||||
Loans receivable | 7,061,338 | 6,154,637 | ||||||||||||||||||||||||||||
Allowance for loan losses | (38,314 | ) | (37,315 | ) | ||||||||||||||||||||||||||
Total assets | 10,471,829 | 9,382,736 | Total assets | 19,163,708 | 19,575,028 | (411,320) | (2.1) | % | ||||||||||||||||||||||
Total deposits | 7,597,076 | 7,303,775 | Total deposits | 16,415,560 | 16,777,924 | (362,364) | (2.2) | % | ||||||||||||||||||||||
Federal funds purchased | 147,000 | 83,000 | Federal funds purchased | 700,000 | 75,000 | 625,000 | 833.3 | % | ||||||||||||||||||||||
FHLB advances | 1,462,343 | 868,800 | FHLB advances | — | 700,000 | (700,000) | (100.0) | % | ||||||||||||||||||||||
Other borrowings | 186,258 | 87,123 | Other borrowings | 223,230 | 223,086 | 144 | 0.1 | % | ||||||||||||||||||||||
Subordinated debt | 108,856 | 108,783 | Subordinated debt | 181,742 | 181,673 | 69 | — | % | ||||||||||||||||||||||
Accrued interest payable and other liabilities | Accrued interest payable and other liabilities | 265,770 | 251,128 | 14,642 | 5.8 | % | ||||||||||||||||||||||||
Total liabilities | 9,561,187 | 8,526,864 | Total liabilities | 17,786,302 | 18,208,811 | (422,509) | (2.3) | % | ||||||||||||||||||||||
Total shareholders’ equity | 910,642 | 855,872 | Total shareholders’ equity | 1,377,406 | 1,366,217 | 11,189 | 0.8 | % | ||||||||||||||||||||||
Total liabilities and shareholders’ equity | 10,471,829 | 9,382,736 | Total liabilities and shareholders’ equity | $ | 19,163,708 | $ | 19,575,028 | $ | (411,320) | (2.1) | % |
Three Months Ended March 31, | |||||||||||||||||||||||
(amounts in thousands) | 2022 | 2021 | |||||||||||||||||||||
Purchases (1) | |||||||||||||||||||||||
Residential real estate | $ | 146,874 | $ | — | |||||||||||||||||||
Installment (2) | 59,456 | 115,849 | |||||||||||||||||||||
Total | $ | 206,330 | $ | 115,849 | |||||||||||||||||||
Sales (3) | |||||||||||||||||||||||
Commercial and industrial (4) | $ | 8,840 | $ | 18,931 | |||||||||||||||||||
Commercial real estate owner occupied (4) | 5,441 | 2,237 | |||||||||||||||||||||
Commercial real estate non-owner occupied | — | 18,366 | |||||||||||||||||||||
Total | $ | 14,281 | $ | 39,534 |
(amounts in thousands) | March 31, 2022 | December 31, 2021 | |||||||||
Consumer loans: | |||||||||||
Home equity conversion mortgages, at lower of cost or fair value | $ | 507 | $ | 507 | |||||||
Residential mortgage loans, at fair value | 2,496 | 15,747 | |||||||||
Total consumer loans held for sale | 3,003 | 16,254 | |||||||||
Loans held for sale | $ | 3,003 | $ | 16,254 |
September 30, | December 31, | ||||||
2017 | 2016 | ||||||
(amounts in thousands) | |||||||
Commercial loans: | |||||||
Mortgage warehouse loans, at fair value | $ | 1,961,248 | $ | 2,116,815 | |||
Multi-family loans at lower of cost or fair value | 150,217 | — | |||||
Total commercial loans held for sale | 2,111,465 | 2,116,815 | |||||
Consumer Loans: | |||||||
Residential mortgage loans, at fair value | 1,828 | 695 | |||||
Loans held for sale | $ | 2,113,293 | $ | 2,117,510 |
(amounts in thousands) | March 31, 2022 | December 31, 2021 | |||||||||
Loans and leases receivable, mortgage warehouse, at fair value | $ | 1,755,758 | $ | 2,284,325 | |||||||
Loans receivable, PPP | 2,195,902 | 3,250,008 | |||||||||
Loans and leases receivable: | |||||||||||
Commercial: | |||||||||||
Multi-family | 1,705,027 | 1,486,308 | |||||||||
Commercial and industrial (1) | 3,995,802 | 3,424,783 | |||||||||
Commercial real estate owner occupied | 701,893 | 654,922 | |||||||||
Commercial real estate non-owner occupied | 1,140,311 | 1,121,238 | |||||||||
Construction | 161,024 | 198,981 | |||||||||
Total commercial loans and leases receivable | 7,704,057 | 6,886,232 | |||||||||
Consumer: | |||||||||||
Residential real estate | 466,423 | 334,730 | |||||||||
Manufactured housing | 50,669 | 52,861 | |||||||||
Installment | 1,897,706 | 1,744,475 | |||||||||
Total consumer loans receivable | 2,414,798 | 2,132,066 | |||||||||
Loans and leases receivable | 10,118,855 | 9,018,298 | |||||||||
Allowance for credit losses on loans and leases | (145,847) | (137,804) | |||||||||
Total loans and leases receivable, net of allowance for credit losses on loans and leases (2) | $ | 13,924,668 | $ | 14,414,827 |
September 30, | December 31, | ||||||
2017 | 2016 | ||||||
(amounts in thousands) | |||||||
Commercial: | |||||||
Multi-family | $ | 3,618,989 | $ | 3,214,999 | |||
Commercial and industrial (including owner occupied commercial real estate) | 1,601,789 | 1,382,343 | |||||
Commercial real estate non-owner occupied | 1,237,849 | 1,193,715 | |||||
Construction | 73,203 | 64,789 | |||||
Total commercial loans | 6,531,830 | 5,855,846 | |||||
Consumer: | |||||||
Residential real estate | 435,188 | 193,502 | |||||
Manufactured housing | 92,938 | 101,730 | |||||
Other | 3,819 | 3,483 | |||||
Total consumer loans | 531,945 | 298,715 | |||||
Total loans receivable | 7,063,775 | 6,154,561 | |||||
Deferred (fees)/costs and unamortized (discounts)/premiums, net | (2,437 | ) | 76 | ||||
Allowance for loan losses | (38,314 | ) | (37,315 | ) | |||
Loans receivable, net of allowance for loan losses | $ | 7,023,024 | $ | 6,117,322 |
(dollars in thousands) | March 31, 2022 | December 31, 2021 | |||||||||
Loans and leases receivable (GAAP) | $ | 12,314,757 | $ | 12,268,306 | |||||||
Less: Loans receivable, PPP | 2,195,902 | 3,250,008 | |||||||||
Loans and leases held for investment, excluding PPP (Non-GAAP) | $ | 10,118,855 | $ | 9,018,298 | |||||||
ACL for loans and leases (GAAP) | $ | 145,847 | $ | 137,804 | |||||||
Coverage of ACL for loans and leases held for investment, excluding PPP (Non-GAAP) | 1.44 | % | 1.53 | % |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
(amounts in thousands) | |||||||||||||||
Balance at the beginning of the period | $ | 38,458 | $ | 38,097 | $ | 37,315 | $ | 35,647 | |||||||
Loan charge-offs (1) | |||||||||||||||
Commercial and industrial | 2,032 | 237 | 4,079 | 774 | |||||||||||
Commercial real estate non-owner occupied | 77 | 140 | 485 | 140 | |||||||||||
Residential real estate | 120 | 43 | 410 | 456 | |||||||||||
Other consumer | 356 | 246 | 602 | 478 | |||||||||||
Total Charge-offs | 2,585 | 666 | 5,576 | 1,848 | |||||||||||
Loan recoveries (1) | |||||||||||||||
Commercial and industrial | 54 | 62 | 337 | 173 | |||||||||||
Commercial real estate owner occupied | — | — | 9 | — | |||||||||||
Commercial real estate non-owner occupied | — | — | — | 8 | |||||||||||
Construction | 27 | 8 | 157 | 465 | |||||||||||
Residential real estate | 7 | 298 | 34 | 299 | |||||||||||
Other consumer | 1 | 10 | 101 | 10 | |||||||||||
Total Recoveries | 89 | 378 | 638 | 955 | |||||||||||
Total net charge-offs | 2,496 | 288 | 4,938 | 893 | |||||||||||
Provision for loan losses | 2,352 | 88 | 5,937 | 3,143 | |||||||||||
Balance at the end of the period | $ | 38,314 | $ | 37,897 | $ | 38,314 | $ | 37,897 |
(amounts in thousands) | Multi-family | Commercial and industrial | Commercial real estate owner occupied | Commercial real estate non-owner occupied | Construction | Residential real estate | Manufactured housing | Installment | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended March 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ending balance, December 31, 2021 | $ | 4,477 | $ | 12,702 | $ | 3,213 | $ | 6,210 | $ | 692 | $ | 2,383 | $ | 4,278 | $ | 103,849 | $ | 137,804 | |||||||||||||||||||||||||||||||||||||||||
Charge-offs (1) | — | (301) | — | — | — | (4) | — | (8,865) | (9,170) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Recoveries (1) | 337 | 360 | 7 | 8 | 113 | 6 | — | 1,113 | 1,944 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Provision (benefit) for credit losses on loans and leases | 2,623 | (1,996) | 621 | (263) | 134 | 2,300 | 64 | 11,786 | 15,269 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Ending balance, March 31, 2022 | $ | 7,437 | $ | 10,765 | $ | 3,841 | $ | 5,955 | $ | 939 | $ | 4,685 | $ | 4,342 | $ | 107,883 | $ | 145,847 | |||||||||||||||||||||||||||||||||||||||||
Three Months Ended March 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ending balance, at December 31, 2020 | $ | 12,620 | $ | 12,239 | $ | 9,512 | $ | 19,452 | $ | 5,871 | $ | 3,977 | $ | 5,190 | $ | 75,315 | $ | 144,176 | |||||||||||||||||||||||||||||||||||||||||
Charge-offs (1) | (1,132) | (635) | (142) | — | — | (50) | — | (12,687) | (14,646) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Recoveries (1) | — | 260 | 8 | 10 | 5 | 10 | — | 1,832 | 2,125 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Provision (benefit) for credit losses on loans and leases | (3,462) | (4,361) | (3,443) | (7,841) | (1,773) | (728) | (390) | 19,079 | (2,919) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Ending Balance, March 31, 2021 | $ | 8,026 | $ | 7,503 | $ | 5,935 | $ | 11,621 | $ | 4,103 | $ | 3,209 | $ | 4,800 | $ | 83,539 | $ | 128,736 | |||||||||||||||||||||||||||||||||||||||||
Annualized Net Charge-offs to Average Loans and Leases | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended March 31, 2022 | 0.09 | % | 0.01 | % | 0.00 | % | 0.00 | % | 0.24 | % | 0.00 | % | — | % | (1.75) | % | (0.32) | % | |||||||||||||||||||||||||||||||||||||||||
Three Months Ended March 31, 2021 | (0.27) | % | (0.07) | % | (0.09) | % | 0.00 | % | 0.01 | % | (0.05) | % | — | % | (3.33) | % | (0.67) | % | |||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | Total Loans and Leases | Current | 30-89 Days Past Due | 90 Days or More Past Due and Accruing | Non-accrual/NPL (a) | OREO and Repossessed Assets (b) | NPA (a)+(b) | NPL to Loan and Lease Type (%) | NPA to Loans and Leases + OREO and Repossessed Assets (%) | ||||||||||||||||||||||||||||||||||||||||||||
Loan and Lease Type | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Multi-family | $ | 1,705,027 | $ | 1,676,468 | $ | 10,690 | $ | — | $ | 17,869 | $ | — | $ | 17,869 | 1.05 | % | 1.05 | % | |||||||||||||||||||||||||||||||||||
Commercial and industrial | 3,995,802 | 3,986,728 | 2,978 | 606 | 5,490 | — | 5,490 | 0.14 | % | 0.14 | % | ||||||||||||||||||||||||||||||||||||||||||
Commercial real estate owner occupied | 701,893 | 696,835 | 2,867 | — | 2,191 | — | 2,191 | 0.31 | % | 0.31 | % | ||||||||||||||||||||||||||||||||||||||||||
Commercial real estate non-owner occupied | 1,140,311 | 1,139,009 | — | — | 1,302 | — | 1,302 | 0.11 | % | 0.11 | % | ||||||||||||||||||||||||||||||||||||||||||
Construction | 161,024 | 161,024 | — | — | — | — | — | — | % | — | % | ||||||||||||||||||||||||||||||||||||||||||
Total commercial loans and leases receivable | 7,704,057 | 7,660,064 | 16,535 | 606 | 26,852 | — | 26,852 | 0.35 | % | 0.35 | % | ||||||||||||||||||||||||||||||||||||||||||
Residential | 466,423 | 453,692 | 4,607 | — | 8,124 | 35 | 8,159 | 1.74 | % | 1.75 | % | ||||||||||||||||||||||||||||||||||||||||||
Manufactured housing | 50,669 | 44,926 | 1,254 | 1,059 | 3,430 | 51 | 3,481 | 6.77 | % | 6.86 | % | ||||||||||||||||||||||||||||||||||||||||||
Installment | 1,897,706 | 1,879,999 | 12,842 | — | 4,865 | — | 4,865 | 0.26 | % | 0.26 | % | ||||||||||||||||||||||||||||||||||||||||||
Total consumer loans receivable | 2,414,798 | 2,378,617 | 18,703 | 1,059 | 16,419 | 86 | 16,505 | 0.68 | % | 0.68 | % | ||||||||||||||||||||||||||||||||||||||||||
Loans and leases receivable (1) | 10,118,855 | 10,038,681 | 35,238 | 1,665 | 43,271 | 86 | 43,357 | 0.43 | % | 0.43 | % | ||||||||||||||||||||||||||||||||||||||||||
Loans receivable, PPP (2) | 2,195,902 | 2,195,902 | — | — | — | — | — | — | % | — | % | ||||||||||||||||||||||||||||||||||||||||||
Loans receivable, mortgage warehouse, at fair value | 1,755,758 | 1,755,758 | — | — | — | — | — | — | % | — | % | ||||||||||||||||||||||||||||||||||||||||||
Total loans held for sale | 3,003 | 2,496 | — | — | 507 | — | 507 | 16.88 | % | 16.88 | % | ||||||||||||||||||||||||||||||||||||||||||
Total portfolio | $ | 14,073,518 | $ | 13,992,837 | $ | 35,238 | $ | 1,665 | $ | 43,778 | $ | 86 | $ | 43,864 | 0.31 | % | 0.31 | % |
Loan Type | Total Loans | Current | 30-89 Days Past Due | 90 Days or More Past Due and Accruing | Non- accrual/ NPL (a) | OREO (b) | NPA (a)+(b) | NPL to Loan Type (%) | NPA to Loans + OREO (%) | ||||||||||||||||||||||||
(amounts in thousands) | |||||||||||||||||||||||||||||||||
Originated Loans | |||||||||||||||||||||||||||||||||
Multi-Family | $ | 3,616,313 | $ | 3,616,313 | $ | — | $ | — | $ | — | $ | — | $ | — | — | % | — | % | |||||||||||||||
Commercial & Industrial (1) | 1,507,395 | 1,484,400 | — | — | 22,995 | — | 22,995 | 1.53 | % | 1.53 | % | ||||||||||||||||||||||
Commercial Real Estate Non-Owner Occupied | 1,215,099 | 1,215,099 | — | — | — | — | — | — | % | — | % | ||||||||||||||||||||||
Residential | 108,786 | 107,569 | 636 | — | 581 | — | 581 | 0.53 | % | 0.53 | % | ||||||||||||||||||||||
Construction | 73,203 | 73,203 | — | — | — | — | — | — | % | — | % | ||||||||||||||||||||||
Other consumer | 1,450 | 1,437 | 13 | — | — | — | — | — | % | — | % | ||||||||||||||||||||||
Total Originated Loans | 6,522,246 | 6,498,021 | 649 | — | 23,576 | — | 23,576 | 0.36 | % | 0.36 | % | ||||||||||||||||||||||
Loans Acquired | |||||||||||||||||||||||||||||||||
Bank Acquisitions | 153,772 | 147,172 | 1,352 | 941 | 4,307 | 782 | 5,089 | 2.80 | % | 3.29 | % | ||||||||||||||||||||||
Loan Purchases | 387,757 | 379,026 | 2,984 | 3,788 | 1,959 | 277 | 2,236 | 0.51 | % | 0.58 | % | ||||||||||||||||||||||
Total Loans Acquired | 541,529 | 526,198 | 4,336 | 4,729 | 6,266 | 1,059 | 7,325 | 1.16 | % | 1.35 | % | ||||||||||||||||||||||
Deferred fees and unamortized discounts, net | (2,437 | ) | (2,437 | ) | — | — | — | — | — | ||||||||||||||||||||||||
Total Loans Receivable | 7,061,338 | 7,021,782 | 4,985 | 4,729 | 29,842 | 1,059 | 30,901 | 0.42 | % | 0.44 | % | ||||||||||||||||||||||
Total Loans Held for Sale | 2,113,293 | 2,113,293 | — | — | — | — | — | ||||||||||||||||||||||||||
Total Portfolio | $ | 9,174,631 | $ | 9,135,075 | $ | 4,985 | $ | 4,729 | $ | 29,842 | $ | 1,059 | $ | 30,901 | 0.33 | % | 0.34 | % |
Loan Type | Total Loans | NPL | ALL | Cash Reserve | Total Credit Reserves | Reserves to Loans (%) | Reserves to NPLs (%) | ||||||||||||||||||
(amounts in thousands) | |||||||||||||||||||||||||
Originated Loans | |||||||||||||||||||||||||
Multi-Family | $ | 3,616,313 | $ | — | $ | 12,696 | $ | — | $ | 12,696 | 0.35 | % | — | % | |||||||||||
Commercial & Industrial (1) | 1,507,395 | 22,995 | 13,084 | — | 13,084 | 0.87 | % | 56.90 | % | ||||||||||||||||
Commercial Real Estate Non-Owner Occupied | 1,215,099 | — | 4,665 | — | 4,665 | 0.38 | % | — | % | ||||||||||||||||
Residential | 108,786 | 581 | 2,130 | — | 2,130 | 1.96 | % | 366.61 | % | ||||||||||||||||
Construction | 73,203 | — | 847 | — | 847 | 1.16 | % | — | % | ||||||||||||||||
Other consumer | 1,450 | — | 59 | — | 59 | 4.07 | % | — | % | ||||||||||||||||
Total Originated Loans | 6,522,246 | 23,576 | 33,481 | — | 33,481 | 0.51 | % | 142.01 | % | ||||||||||||||||
Loans Acquired | |||||||||||||||||||||||||
Bank Acquisitions | 153,772 | 4,307 | 4,642 | — | 4,642 | 3.02 | % | 107.78 | % | ||||||||||||||||
Loan Purchases | 387,757 | 1,959 | 191 | 728 | 919 | 0.24 | % | 46.91 | % | ||||||||||||||||
Total Loans Acquired | 541,529 | 6,266 | 4,833 | 728 | 5,561 | 1.03 | % | 88.75 | % | ||||||||||||||||
Deferred fees and unamortized discounts, net | (2,437 | ) | — | — | — | — | |||||||||||||||||||
Total Loans Receivable | 7,061,338 | 29,842 | 38,314 | 728 | 39,042 | 0.55 | % | 130.83 | % | ||||||||||||||||
Total Loans Held for Sale | 2,113,293 | — | — | — | — | ||||||||||||||||||||
Total Portfolio | $ | 9,174,631 | $ | 29,842 | $ | 38,314 | $ | 728 | $ | 39,042 | 0.43 | % | 130.83 | % |
(dollars in thousands) | Total Loans and Leases | Non-accrual / NPL | ACL | Reserves to Loans and Leases (%) | Reserves to NPLs (%) | ||||||||||||||||||||||||||||||||||||
Loan and Lease Type | |||||||||||||||||||||||||||||||||||||||||
Multi-family | $ | 1,705,027 | $ | 17,869 | $ | 7,437 | 0.44 | % | 41.62 | % | |||||||||||||||||||||||||||||||
Commercial and industrial | 3,995,802 | 5,490 | 10,765 | 0.27 | % | 196.08 | % | ||||||||||||||||||||||||||||||||||
Commercial real estate owner occupied | 701,893 | 2,191 | 3,841 | 0.55 | % | 175.31 | % | ||||||||||||||||||||||||||||||||||
Commercial real estate non-owner occupied | 1,140,311 | 1,302 | 5,955 | 0.52 | % | 457.37 | % | ||||||||||||||||||||||||||||||||||
Construction | 161,024 | — | 939 | 0.58 | % | — | % | ||||||||||||||||||||||||||||||||||
Total commercial loans and leases receivable | 7,704,057 | 26,852 | 28,937 | 0.38 | % | 107.76 | % | ||||||||||||||||||||||||||||||||||
Residential | 466,423 | 8,124 | 4,685 | 1.00 | % | 57.67 | % | ||||||||||||||||||||||||||||||||||
Manufactured housing | 50,669 | 3,430 | 4,342 | 8.57 | % | 126.59 | % | ||||||||||||||||||||||||||||||||||
Installment | 1,897,706 | 4,865 | 107,883 | 5.68 | % | 2,217.53 | % | ||||||||||||||||||||||||||||||||||
Total consumer loans receivable | 2,414,798 | 16,419 | 116,910 | 4.84 | % | 712.04 | % | ||||||||||||||||||||||||||||||||||
Loans and leases receivable (1) | 10,118,855 | 43,271 | 145,847 | 1.44 | % | 337.05 | % | ||||||||||||||||||||||||||||||||||
Loans receivable, PPP (2) | 2,195,902 | — | — | — | % | — | % | ||||||||||||||||||||||||||||||||||
Loans receivable, mortgage warehouse, at fair value | 1,755,758 | — | — | — | % | — | % | ||||||||||||||||||||||||||||||||||
Total loans held for sale | 3,003 | 507 | — | — | % | — | % | ||||||||||||||||||||||||||||||||||
Total portfolio | $ | 14,073,518 | $ | 43,778 | $ | 145,847 | 1.04 | % | 333.15 | % |
(dollars in thousands) | Total Loans and Leases | Current | 30-89 Days Past Due | 90 Days or More Past Due and Accruing | Non-accrual/NPL (a) | OREO and Repossessed Assets (b) | NPA (a)+(b) | NPL to Loan and Lease Type (%) | NPA to Loans and Leases + OREO and Repossessed Assets (%) | ||||||||||||||||||||||||||||||||||||||||||||
Loans and leases receivable (GAAP) | $ | 14,073,518 | $ | 13,992,837 | $ | 35,238 | $ | 1,665 | $ | 43,778 | $ | 86 | $ | 43,864 | 0.31 | % | 0.31 | % | |||||||||||||||||||||||||||||||||||
Less: Loans receivable, PPP (1) | 2,195,902 | 2,195,902 | — | — | — | — | — | — | % | — | % | ||||||||||||||||||||||||||||||||||||||||||
Loans receivable, excluding loans receivable, PPP (Non-GAAP) | $ | 11,877,616 | $ | 11,796,935 | $ | 35,238 | $ | 1,665 | $ | 43,778 | $ | 86 | $ | 43,864 | 0.37 | % | 0.37 | % | |||||||||||||||||||||||||||||||||||
(dollars in thousands) | Total Loans and Leases | Non-accrual / NPL | ACL | Reserves to Loans and Leases (%) | Reserves to NPLs (%) | ||||||||||||||||||||||||||||||||||||
Loans and leases receivable (GAAP) | $ | 14,073,518 | $ | 43,778 | $ | 145,847 | 1.04 | % | 333.15 | % | |||||||||||||||||||||||||||||||
Less: Loans receivable, PPP (1) | 2,195,902 | — | — | — | % | — | % | ||||||||||||||||||||||||||||||||||
Loans receivable, excluding loans receivable, PPP (Non-GAAP) | $ | 11,877,616 | $ | 43,778 | $ | 145,847 | 1.23 | % | 333.15 | % |
(dollars in thousands) | March 31, 2022 | December 31, 2021 | Change | % Change | |||||||||||||||||||
Demand, non-interest bearing | $ | 4,594,428 | $ | 4,459,790 | $ | 134,638 | 3.0 | % | |||||||||||||||
Demand, interest bearing | 5,591,468 | 6,488,406 | (896,938) | (13.8) | % | ||||||||||||||||||
Savings, including MMDA | 5,783,472 | 5,322,390 | 461,082 | 8.7 | % | ||||||||||||||||||
Non-time deposits | 15,969,368 | 16,270,586 | (301,218) | (1.9) | % | ||||||||||||||||||
Time deposits | 446,192 | 507,338 | (61,146) | (12.1) | % | ||||||||||||||||||
Total deposits | $ | 16,415,560 | $ | 16,777,924 | $ | (362,364) | (2.2) | % |
September 30, 2017 | December 31, 2016 | ||||||
(amounts in thousands) | |||||||
Demand | $ | 1,789,573 | $ | 1,305,455 | |||
Savings, including MMDA | 3,507,063 | 3,166,558 | |||||
Time, $100,000 and over | 1,406,899 | 2,106,905 | |||||
Time, other | 893,541 | 724,857 | |||||
Total deposits | $ | 7,597,076 | $ | 7,303,775 |
March 31, 2022 | December 31, 2021 | ||||||||||||||||||||||
(dollars in thousands) | Amount | Rate | Amount | Rate | |||||||||||||||||||
FHLB advances | $ | — | — | % | $ | 700,000 | 0.26 | % | |||||||||||||||
Federal funds purchased | 700,000 | 0.40 | % | 75,000 | 0.05 | % | |||||||||||||||||
Total short-term debt | $ | 700,000 | $ | 775,000 |
(dollars in thousands) | March 31, 2022 | December 31, 2021 | |||||||||
Total maximum borrowing capacity with the FHLB | $ | 3,337,211 | $ | 2,973,635 | |||||||
Total maximum borrowing capacity with the FRB (1) | 214,908 | 183,052 | |||||||||
Qualifying loans serving as collateral against FHLB and FRB advances (1) | 4,218,252 | 3,594,339 |
March 31, 2022 | December 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Issued by | Ranking | Carrying Amount | Carrying Amount | Rate | Issued Amount | Date Issued | Maturity | Price | ||||||||||||||||||||||||||||||||||||||||||
Customers Bancorp | Senior (1) | $ | 99,844 | $ | 98,642 | 2.875 | % | $ | 100,000 | August 2021 | August 2031 | 100.000 | % | |||||||||||||||||||||||||||||||||||||
Customers Bancorp | Senior | 24,702 | 24,672 | 4.500 | % | 25,000 | September 2019 | September 2024 | 100.000 | % | ||||||||||||||||||||||||||||||||||||||||
Customers Bancorp | Senior | 98,684 | 99,772 | 3.950 | % | 100,000 | June 2017 | June 2022 | 99.775 | % | ||||||||||||||||||||||||||||||||||||||||
Total other borrowings | $ | 223,230 | $ | 223,086 | ||||||||||||||||||||||||||||||||||||||||||||||
Customers Bancorp | Subordinated (2)(3) | $ | 72,448 | $ | 72,403 | 5.375 | % | $ | 74,750 | December 2019 | December 2034 | 100.000 | % | |||||||||||||||||||||||||||||||||||||
Customers Bank | Subordinated (2)(4) | 109,294 | 109,270 | 6.125 | % | 110,000 | June 2014 | June 2029 | 100.000 | % | ||||||||||||||||||||||||||||||||||||||||
Total subordinated debt | $ | 181,742 | $ | 181,673 |
(dollars in thousands) | March 31, 2022 | December 31, 2021 | Change | % Change | |||||||||||||||||||
Preferred stock | $ | 137,794 | $ | 137,794 | $ | — | — | % | |||||||||||||||
Common stock | 34,882 | 34,722 | 160 | 0.5 | % | ||||||||||||||||||
Additional paid in capital | 542,402 | 542,391 | 11 | — | % | ||||||||||||||||||
Retained earnings | 780,628 | 705,732 | 74,896 | 10.6 | % | ||||||||||||||||||
Accumulated other comprehensive income (loss), net | (62,548) | (4,980) | (57,568) | 1,156.0 | % | ||||||||||||||||||
Treasury stock | (55,752) | (49,442) | (6,310) | 12.8 | % | ||||||||||||||||||
Total shareholders' equity | $ | 1,377,406 | $ | 1,366,217 | $ | 11,189 | 0.8 | % |
Actual | For Capital Adequacy Purposes (Minimum Plus Capital Buffer) | To Be Well Capitalized Under Prompt Corrective Action Provisions | ||||||||||||||||||
(amounts in thousands) | Amount | Ratio | Amount | Ratio | Amount | Ratio | ||||||||||||||
As of September 30, 2017: | ||||||||||||||||||||
Common equity Tier 1 capital (to risk weighted assets) | ||||||||||||||||||||
Customers Bancorp, Inc. | $ | 677,976 | 8.284 | % | $ | 470,603 | 5.750 | % | N/A | N/A | ||||||||||
Customers Bank | $ | 1,009,380 | 12.342 | % | $ | 470,242 | 5.750 | % | $ | 531,578 | 6.500 | % | ||||||||
Tier 1 capital (to risk weighted assets) | ||||||||||||||||||||
Customers Bancorp, Inc. | $ | 895,447 | 10.941 | % | $ | 593,369 | 7.250 | % | N/A | N/A | ||||||||||
Customers Bank | $ | 1,009,380 | 12.342 | % | $ | 592,914 | 7.250 | % | $ | 654,250 | 8.000 | % | ||||||||
Total capital (to risk weighted assets) | ||||||||||||||||||||
Customers Bancorp, Inc. | $ | 1,014,784 | 12.399 | % | $ | 757,057 | 9.250 | % | N/A | N/A | ||||||||||
Customers Bank | $ | 1,156,766 | 14.145 | % | $ | 756,477 | 9.250 | % | $ | 817,813 | 10.000 | % | ||||||||
Tier 1 capital (to average assets) | ||||||||||||||||||||
Customers Bancorp, Inc. | $ | 895,447 | 8.355 | % | $ | 428,709 | 4.000 | % | N/A | N/A | ||||||||||
Customers Bank | $ | 1,009,380 | 9.434 | % | $ | 427,963 | 4.000 | % | $ | 534,954 | 5.000 | % | ||||||||
As of December 31, 2016: | ||||||||||||||||||||
Common equity Tier 1 capital (to risk weighted assets) | ||||||||||||||||||||
Customers Bancorp, Inc. | $ | 628,139 | 8.487 | % | $ | 379,306 | 5.125 | % | N/A | N/A | ||||||||||
Customers Bank | $ | 857,421 | 11.626 | % | $ | 377,973 | 5.125 | % | $ | 479,380 | 6.500 | % | ||||||||
Tier 1 capital (to risk weighted assets) | ||||||||||||||||||||
Customers Bancorp, Inc. | $ | 844,755 | 11.414 | % | $ | 490,322 | 6.625 | % | N/A | N/A | ||||||||||
Customers Bank | $ | 857,421 | 11.626 | % | $ | 488,599 | 6.625 | % | $ | 590,006 | 8.000 | % | ||||||||
Total capital (to risk weighted assets) | ||||||||||||||||||||
Customers Bancorp, Inc. | $ | 966,097 | 13.053 | % | $ | 638,343 | 8.625 | % | N/A | N/A | ||||||||||
Customers Bank | $ | 1,003,609 | 13.608 | % | $ | 636,101 | 8.625 | % | $ | 737,508 | 10.000 | % | ||||||||
Tier 1 capital (to average assets) | ||||||||||||||||||||
Customers Bancorp, Inc. | $ | 844,755 | 9.067 | % | $ | 372,652 | 4.000 | % | N/A | N/A | ||||||||||
Customers Bank | $ | 857,421 | 9.233 | % | $ | 371,466 | 4.000 | % | $ | 464,333 | 5.000 | % |
September 30, 2017 | December 31, 2016 | ||||||
(amounts in thousands) | |||||||
Commitments to fund loans | $ | 261,878 | $ | 244,784 | |||
Unfunded commitments to fund mortgage warehouse loans | 1,385,192 | 1,230,596 | |||||
Unfunded commitments under lines of credit | 498,316 | 480,446 | |||||
Letters of credit | 38,842 | 40,223 |
Three Months Ended March 31, | |||||||||||||||||||||||
(dollars in thousands) | 2022 | 2021 | Change | % Change | |||||||||||||||||||
Net cash provided by (used in) continuing operating activities | $ | 116,940 | $ | 200,384 | $ | (83,444) | (41.6) | % | |||||||||||||||
Net cash provided by (used in) continuing investing activities | 88,672 | (526,654) | 615,326 | (116.8) | % | ||||||||||||||||||
Net cash provided by (used in) continuing financing activities | (449,044) | 171,071 | (620,115) | (362.5) | % | ||||||||||||||||||
Net increase (decrease) in cash and cash equivalents from continuing operations | $ | (243,432) | $ | (155,199) | $ | (88,233) | 56.9 | % |
Three Months Ended March 31, | |||||||||||||||||||||||
(dollars in thousands) | 2022 | 2021 | Change | % Change | |||||||||||||||||||
Net cash provided by (used in) discontinued operating activities | $ | — | $ | (22,791) | $ | 22,791 | (100.0) | % | |||||||||||||||
Net increase (decrease) in cash and cash equivalents from discontinued operations | $ | — | $ | (22,791) | $ | 22,791 | (100.0) | % |
Minimum Capital Levels to be Classified as: | |||||||||||||||||||||||||||||||||||||||||||||||
Actual | Adequately Capitalized | Well Capitalized | Basel III Compliant | ||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | Amount | Ratio | Amount | Ratio | Amount | Ratio | Amount | Ratio | |||||||||||||||||||||||||||||||||||||||
As of March 31, 2022: | |||||||||||||||||||||||||||||||||||||||||||||||
Common equity Tier 1 capital (to risk-weighted assets) | |||||||||||||||||||||||||||||||||||||||||||||||
Customers Bancorp, Inc. | $ | 1,344,684 | 9.893 | % | $ | 611,629 | 4.500 | % | N/A | N/A | $ | 951,423 | 7.000 | % | |||||||||||||||||||||||||||||||||
Customers Bank | $ | 1,573,796 | 11.598 | % | $ | 610,658 | 4.500 | % | $ | 882,062 | 6.500 | % | $ | 949,913 | 7.000 | % | |||||||||||||||||||||||||||||||
Tier 1 capital (to risk-weighted assets) | |||||||||||||||||||||||||||||||||||||||||||||||
Customers Bancorp, Inc. | $ | 1,482,477 | 10.907 | % | $ | 815,505 | 6.000 | % | N/A | N/A | $ | 1,155,299 | 8.500 | % | |||||||||||||||||||||||||||||||||
Customers Bank | $ | 1,573,796 | 11.598 | % | $ | 814,211 | 6.000 | % | $ | 1,085,615 | 8.000 | % | $ | 1,153,466 | 8.500 | % | |||||||||||||||||||||||||||||||
Total capital (to risk-weighted assets) | |||||||||||||||||||||||||||||||||||||||||||||||
Customers Bancorp, Inc. | $ | 1,749,655 | 12.873 | % | $ | 1,087,340 | 8.000 | % | N/A | N/A | $ | 1,427,134 | 10.500 | % | |||||||||||||||||||||||||||||||||
Customers Bank | $ | 1,768,525 | 13.032 | % | $ | 1,085,615 | 8.000 | % | $ | 1,357,019 | 10.000 | % | $ | 1,424,870 | 10.500 | % | |||||||||||||||||||||||||||||||
Tier 1 capital (to average assets) | |||||||||||||||||||||||||||||||||||||||||||||||
Customers Bancorp, Inc. | $ | 1,482,477 | 7.723 | % | $ | 767,836 | 4.000 | % | N/A | N/A | $ | 767,836 | 4.000 | % | |||||||||||||||||||||||||||||||||
Customers Bank | $ | 1,573,796 | 8.211 | % | $ | 766,712 | 4.000 | % | $ | 958,391 | 5.000 | % | $ | 766,712 | 4.000 | % | |||||||||||||||||||||||||||||||
As of December 31, 2021: | |||||||||||||||||||||||||||||||||||||||||||||||
Common equity Tier 1 capital (to risk-weighted assets) | |||||||||||||||||||||||||||||||||||||||||||||||
Customers Bancorp, Inc. | $ | 1,291,270 | 9.981 | % | $ | 582,179 | 4.500 | % | N/A | N/A | $ | 905,611 | 7.000 | % | |||||||||||||||||||||||||||||||||
Customers Bank | $ | 1,526,583 | 11.825 | % | $ | 580,943 | 4.500 | % | $ | 839,140 | 6.500 | % | $ | 903,689 | 7.000 | % | |||||||||||||||||||||||||||||||
Tier 1 capital (to risk-weighted assets) | |||||||||||||||||||||||||||||||||||||||||||||||
Customers Bancorp, Inc. | $ | 1,429,063 | 11.046 | % | $ | 776,238 | 6.000 | % | N/A | N/A | $ | 1,099,671 | 8.500 | % | |||||||||||||||||||||||||||||||||
Customers Bank | $ | 1,526,583 | 11.825 | % | $ | 774,591 | 6.000 | % | $ | 1,032,788 | 8.000 | % | $ | 1,097,337 | 8.500 | % | |||||||||||||||||||||||||||||||
Total capital (to risk-weighted assets) | |||||||||||||||||||||||||||||||||||||||||||||||
Customers Bancorp, Inc. | $ | 1,667,395 | 12.888 | % | $ | 1,034,984 | 8.000 | % | N/A | N/A | $ | 1,358,417 | 10.500 | % | |||||||||||||||||||||||||||||||||
Customers Bank | $ | 1,692,512 | 13.110 | % | $ | 1,032,788 | 8.000 | % | $ | 1,290,985 | 10.000 | % | $ | 1,355,534 | 10.500 | % | |||||||||||||||||||||||||||||||
Tier 1 capital (to average assets) | |||||||||||||||||||||||||||||||||||||||||||||||
Customers Bancorp, Inc. | $ | 1,429,063 | 7.413 | % | $ | 771,084 | 4.000 | % | N/A | N/A | $ | 771,084 | 4.000 | % | |||||||||||||||||||||||||||||||||
Customers Bank | $ | 1,526,583 | 7.925 | % | $ | 770,528 | 4.000 | % | $ | 963,160 | 5.000 | % | $ | 770,528 | 4.000 | % |
% Change | |||||||||||
Rate Shocks | March 31, 2022 | December 31, 2021 | |||||||||
Up 3% | 7.1% | 16.0% | |||||||||
Up 2% | 5.1% | 10.8% | |||||||||
Up 1% | 2.9% | 5.7% | |||||||||
From Base | |||||||||||
Rate Shocks | March 31, 2022 | December 31, 2021 | |||||||||
Up 3% | 14.0% | 100.7% | |||||||||
Up 2% | 13.8% | 79.8% | |||||||||
Up 1% | 9.4% | 51.5% | |||||||||
Period | Total Number of Shares Purchased | Average Price Paid per Share | Total Number of Shares purchased as part of publicly announced plans or programs | Maximum Number of Shares that may yet be purchased under the plans or programs | ||||||||||||||||||||||
January 1 - January 31, 2022 | 66,255 | $ | 56.11 | 66,255 | 2,641,282 | |||||||||||||||||||||
February 1 - February 28, 2022 | — | — | — | 2,641,282 | ||||||||||||||||||||||
March 1 - March 31, 2022 | 49,069 | 52.85 | 49,069 | 2,592,213 | ||||||||||||||||||||||
Total | 115,324 | $ | 54.72 | 115,324 | 2,592,213 |
Exhibit No. | Description | |||||||
* | ||||||||
101 | The | |||||||
Cover Page Interactive Data File - the cover page XBRL | ||||||||
101.SCH | XBRL Taxonomy Extension Schema Document. | |||||||
101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document. | |||||||
XBRL Taxonomy Extension Definitions Linkbase Document. | ||||||||
101.LAB | XBRL Taxonomy Extension Label Linkbase Document. | |||||||
101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document. | |||||||
Customers Bancorp, Inc. | |||||||||||
May 9, 2022 | By: | /s/ Jay S. Sidhu | |||||||||
Name: | Jay S. Sidhu | ||||||||||
Title: | Chairman and Chief Executive Officer (Principal Executive Officer) | ||||||||||
By: | |||||||||||
/s/ Carla A. Leibold | |||||||||||
Name: | Carla A. Leibold | ||||||||||
Title: | |||||||||||
(Principal Financial Officer) |