Cover Page
Cover Page - shares | 9 Months Ended | |
Sep. 30, 2020 | Oct. 31, 2020 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2020 | |
Document Transition Report | false | |
Entity File Number | 000-24939 | |
Entity Registrant Name | EAST WEST BANCORP, INC. | |
Entity Central Index Key | 0001069157 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 95-4703316 | |
Entity Address, Address Line One | 135 North Los Robles Ave. | |
Entity Address, Address Line Two | 7th Floor | |
Entity Address, City or Town | Pasadena | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 91101 | |
City Area Code | 626 | |
Local Phone Number | 768-6000 | |
Title of each class | Common Stock, $0.001 Par Value | |
Trading Symbol | EWBC | |
Name of each exchange on which registered | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 141,563,982 |
Consolidated Balance Sheet
Consolidated Balance Sheet - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
ASSETS | ||
Cash and due from banks | $ 503,376 | $ 536,221 |
Interest-bearing cash with banks | 4,003,565 | 2,724,928 |
Cash and cash equivalents | 4,506,941 | 3,261,149 |
Interest-bearing deposits with banks | 699,465 | 196,161 |
Securities purchased under resale agreements (“resale agreements”) | 1,210,000 | 860,000 |
Securities: | ||
Available-for-sale (“AFS”) debt securities, at fair value (amortized cost of $4,471,694 in 2020 and $3,320,648 in 2019; includes assets pledged as collateral of $710,391 in 2020 and $479,432 in 2019) | 4,539,160 | 3,317,214 |
Restricted equity securities, at cost | 79,172 | 78,580 |
Loans held-for-sale | 4,148 | 434 |
Loans held-for-investment (net of allowance for loan losses of $618,252 in 2020 and $358,287 in 2019; includes assets pledged as collateral of $27,059,316 in 2020 and $22,431,092 in 2019) | 36,818,877 | 34,420,252 |
Investments in qualified affordable housing partnerships, net | 192,913 | 207,037 |
Investments in tax credit and other investments, net | 254,512 | 254,140 |
Premises and equipment (net of accumulated depreciation of $125,198 in 2020 and $116,790 in 2019) | 107,506 | 118,364 |
Goodwill | 465,697 | 465,697 |
Operating lease right-of-use assets | 96,092 | 99,973 |
Other assets | 1,396,994 | 917,095 |
TOTAL | 50,371,477 | 44,196,096 |
LIABILITIES | ||
Noninterest-bearing | 14,924,917 | 11,080,036 |
Interest-bearing | 26,755,638 | 26,244,223 |
Total deposits | 41,680,555 | 37,324,259 |
Short-term borrowings | 59,613 | 28,669 |
Federal Home Loan Bank (“FHLB”) advances | 657,185 | 745,915 |
Securities sold under repurchase agreements (“repurchase agreements”) | 348,063 | 200,000 |
Long-term debt and finance lease liabilities | 1,579,317 | 152,270 |
Operating lease liabilities | 103,673 | 108,083 |
Accrued expenses and other liabilities | 816,965 | 619,283 |
Total liabilities | 45,245,371 | 39,178,479 |
COMMITMENTS AND CONTINGENCIES (Note 10) | ||
STOCKHOLDERS’ EQUITY | ||
Common stock, $0.001 par value, 200,000,000 shares authorized; 167,165,246 and 166,621,959 shares issued in 2020 and 2019, respectively | 167 | 167 |
Additional paid-in capital | 1,850,396 | 1,826,345 |
Retained earnings | 3,875,715 | 3,689,377 |
Treasury stock, at cost — 25,657,816 shares in 2020 and 20,996,574 shares in 2019 | (633,486) | (479,864) |
Accumulated other comprehensive income (loss) (“AOCI”), net of tax | 33,314 | (18,408) |
Total stockholders’ equity | 5,126,106 | 5,017,617 |
TOTAL | $ 50,371,477 | $ 44,196,096 |
Consolidated Balance Sheet (Par
Consolidated Balance Sheet (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
ASSETS | ||
Available-for-sale (AFS), at amortized cost | $ 4,471,694 | $ 3,320,648 |
Available for sale debt investment securities pledged as collateral, fair value | 710,391 | 479,432 |
Allowance for loan losses | 618,252 | 358,287 |
Loans held-for-investment pledged as collateral | 27,059,316 | 22,431,092 |
Premises and equipment, accumulated depreciation | $ 125,198 | $ 116,790 |
STOCKHOLDERS’ EQUITY | ||
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized (in shares) | 200,000,000 | 200,000,000 |
Common stock, shares issued (in shares) | 167,165,246 | 166,621,959 |
Treasury stock, shares (in shares) | 25,657,816 | 20,996,574 |
Consolidated Statement of Incom
Consolidated Statement of Income - USD ($) shares in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
INTEREST AND DIVIDEND INCOME | ||||
Loans receivable, including fees | $ 336,542,000 | $ 433,658,000 | $ 1,115,804,000 | $ 1,291,642,000 |
AFS debt securities | 18,493,000 | 15,945,000 | 59,639,000 | 47,378,000 |
Resale agreements | 5,295,000 | 6,943,000 | 16,434,000 | 22,253,000 |
Restricted equity securities | 353,000 | 656,000 | 1,100,000 | 1,874,000 |
Interest-bearing cash and deposits with banks | 5,045,000 | 19,710,000 | 20,717,000 | 51,920,000 |
Total interest and dividend income | 365,728,000 | 476,912,000 | 1,213,694,000 | 1,415,067,000 |
INTEREST EXPENSE | ||||
Deposits | 33,798,000 | 96,820,000 | 156,600,000 | 286,789,000 |
Short-term borrowings | 407,000 | 382,000 | 1,228,000 | 1,359,000 |
FHLB advances | 3,146,000 | 5,021,000 | 10,655,000 | 12,011,000 |
Repurchase agreements | 2,155,000 | 3,239,000 | 9,686,000 | 10,200,000 |
Long-term debt and finance lease liabilities | 2,092,000 | 1,643,000 | 4,913,000 | 5,114,000 |
Total interest expense | 41,598,000 | 107,105,000 | 183,082,000 | 315,473,000 |
Net interest income before provision for credit losses | 324,130,000 | 369,807,000 | 1,030,612,000 | 1,099,594,000 |
Provision for (reversal of) credit losses | 10,000,000 | 38,284,000 | 186,313,000 | 80,108,000 |
Net interest income after provision for credit losses | 314,130,000 | 331,523,000 | 844,299,000 | 1,019,486,000 |
NONINTEREST INCOME | ||||
Lending fees | 18,736,000 | 15,035,000 | 56,455,000 | 46,427,000 |
Deposit account fees | 12,573,000 | 9,729,000 | 33,892,000 | 28,804,000 |
Foreign exchange income | 3,310,000 | 8,065,000 | 15,691,000 | 20,366,000 |
Wealth management fees | 4,553,000 | 4,841,000 | 12,997,000 | 12,415,000 |
Interest rate contracts and other derivative income | 5,538,000 | 8,423,000 | 18,718,000 | 22,037,000 |
Net gains on sales of loans | 361,000 | 2,037,000 | 1,443,000 | 2,967,000 |
Gains on sales of AFS debt securities | 698,000 | 58,000 | 11,867,000 | 3,066,000 |
Other investment income | 316,000 | 663,000 | 3,203,000 | 2,571,000 |
Other income | 3,495,000 | 2,623,000 | 8,000,000 | 7,711,000 |
Total noninterest income | 49,580,000 | 51,474,000 | 162,266,000 | 146,364,000 |
NONINTEREST EXPENSE | ||||
Compensation and employee benefits | 99,756,000 | 97,819,000 | 298,671,000 | 300,649,000 |
Occupancy and equipment expense | 16,648,000 | 17,912,000 | 49,941,000 | 52,592,000 |
Deposit insurance premiums and regulatory assessments | 4,006,000 | 3,550,000 | 11,133,000 | 9,557,000 |
Legal expense | 1,366,000 | 1,720,000 | 6,093,000 | 6,300,000 |
Data processing | 3,590,000 | 3,328,000 | 11,896,000 | 9,945,000 |
Consulting expense | 1,224,000 | 2,559,000 | 3,854,000 | 6,687,000 |
Deposit related expense | 3,113,000 | 3,584,000 | 10,029,000 | 10,426,000 |
Computer software expense | 8,539,000 | 6,556,000 | 22,006,000 | 18,845,000 |
Other operating expense | 17,122,000 | 22,769,000 | 57,489,000 | 67,737,000 |
Amortization of tax credit and other investments | 12,286,000 | 16,833,000 | 54,370,000 | 58,477,000 |
Repurchase agreements’ extinguishment cost | 0 | 0 | 8,740,000 | 0 |
Total noninterest expense | 167,650,000 | 176,630,000 | 534,222,000 | 541,215,000 |
INCOME BEFORE INCOME TAXES | 196,060,000 | 206,367,000 | 472,343,000 | 624,635,000 |
INCOME TAX EXPENSE | 36,523,000 | 34,951,000 | 68,630,000 | 138,815,000 |
NET INCOME | $ 159,537,000 | $ 171,416,000 | $ 403,713,000 | $ 485,820,000 |
EARNINGS PER SHARE (“EPS”) | ||||
BASIC (in dollars per share) | $ 1.13 | $ 1.18 | $ 2.83 | $ 3.34 |
DILUTED (in dollars per share) | $ 1.12 | $ 1.17 | $ 2.82 | $ 3.33 |
WEIGHTED-AVERAGE NUMBER OF SHARES OUTSTANDING | ||||
BASIC (in shares) | 141,498 | 145,559 | 142,595 | 145,455 |
DILUTED (in shares) | 142,043 | 146,120 | 143,082 | 146,088 |
Consolidated Statement of Compr
Consolidated Statement of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 159,537 | $ 171,416 | $ 403,713 | $ 485,820 |
Other comprehensive income (loss), net of tax: | ||||
Net changes in unrealized gains on AFS debt securities | 4,634 | 11,863 | 49,903 | 62,901 |
Net changes in unrealized gains (losses) on cash flow hedge | 87 | 0 | (1,246) | 0 |
Foreign currency translation adjustments | 5,459 | (2,858) | 3,065 | (5,694) |
Other comprehensive income | 10,180 | 9,005 | 51,722 | 57,207 |
COMPREHENSIVE INCOME | $ 169,717 | $ 180,421 | $ 455,435 | $ 543,027 |
Consolidated Statement of Chang
Consolidated Statement of Changes in Stockholders' Equity - USD ($) $ in Thousands | Total | Cumulative Effect, Period Of Adoption, Adjustment | Common Stock | Common Stock and Additional Paid-In Capital | Retained Earnings | Retained EarningsCumulative Effect, Period Of Adoption, Adjustment | Treasury Stock | AOCI, Net of Tax | |
Beginning balance at Dec. 31, 2018 | $ 4,423,974 | $ 1,789,977 | $ 3,160,132 | $ (467,961) | $ (58,174) | ||||
Beginning balance (ASU 2016-02) at Dec. 31, 2018 | [1] | $ 14,668 | $ 14,668 | ||||||
Beginning balance (in shares) at Dec. 31, 2018 | 144,961,363 | ||||||||
Increase (Decrease) in Stockholders' Equity | |||||||||
Net income | 485,820 | 485,820 | |||||||
Other comprehensive income | 57,207 | 57,207 | |||||||
Warrants exercised | 4,443 | 1,711 | 2,732 | ||||||
Warrants exercised (in shares) | 180,226 | ||||||||
Net activity of common stock pursuant to various stock compensation plans and agreements | 11,348 | 25,578 | (14,230) | ||||||
Net activity of common stock pursuant to various stock compensation plans and agreements (in shares) | 426,123 | ||||||||
Cash dividends on common stock | (114,796) | (114,796) | |||||||
Ending balance at Sep. 30, 2019 | 4,882,664 | 1,817,266 | 3,545,824 | (479,459) | (967) | ||||
Ending balance (in shares) at Sep. 30, 2019 | 145,567,712 | ||||||||
Beginning balance at Jun. 30, 2019 | 4,734,593 | 1,809,062 | 3,414,901 | (479,398) | (9,972) | ||||
Beginning balance (in shares) at Jun. 30, 2019 | 145,546,569 | ||||||||
Increase (Decrease) in Stockholders' Equity | |||||||||
Net income | 171,416 | 171,416 | |||||||
Other comprehensive income | 9,005 | 9,005 | |||||||
Net activity of common stock pursuant to various stock compensation plans and agreements | 8,143 | 8,204 | (61) | ||||||
Net activity of common stock pursuant to various stock compensation plans and agreements (in shares) | 21,143 | ||||||||
Cash dividends on common stock | (40,493) | (40,493) | |||||||
Ending balance at Sep. 30, 2019 | 4,882,664 | 1,817,266 | 3,545,824 | (479,459) | (967) | ||||
Ending balance (in shares) at Sep. 30, 2019 | 145,567,712 | ||||||||
Beginning balance at Dec. 31, 2019 | 5,017,617 | 1,826,512 | 3,689,377 | (479,864) | (18,408) | ||||
Beginning balance (ASU 2016-13) at Dec. 31, 2019 | [2] | $ (97,967) | $ (97,967) | ||||||
Beginning balance (in shares) at Dec. 31, 2019 | 145,625,385 | ||||||||
Increase (Decrease) in Stockholders' Equity | |||||||||
Net income | 403,713 | 403,713 | |||||||
Other comprehensive income | 51,722 | 51,722 | |||||||
Net activity of common stock pursuant to various stock compensation plans and agreements | 16,395 | 24,051 | (7,656) | ||||||
Net activity of common stock pursuant to various stock compensation plans and agreements (in shares) | 353,727 | ||||||||
Repurchase of common stock pursuant to the Stock Repurchase Program | (145,966) | (145,966) | |||||||
Repurchase of common stock pursuant to the Stock Repurchase Program (in shares) | (4,471,682) | ||||||||
Cash dividends on common stock | (119,408) | (119,408) | |||||||
Ending balance at Sep. 30, 2020 | 5,126,106 | 1,850,563 | 3,875,715 | (633,486) | 33,314 | ||||
Ending balance (in shares) at Sep. 30, 2020 | 141,507,430 | ||||||||
Beginning balance at Jun. 30, 2020 | 4,987,243 | 1,841,915 | 3,755,649 | (633,455) | 23,134 | ||||
Beginning balance (in shares) at Jun. 30, 2020 | 141,486,397 | ||||||||
Increase (Decrease) in Stockholders' Equity | |||||||||
Net income | 159,537 | 159,537 | |||||||
Other comprehensive income | 10,180 | 10,180 | |||||||
Net activity of common stock pursuant to various stock compensation plans and agreements | 8,617 | 8,648 | (31) | ||||||
Net activity of common stock pursuant to various stock compensation plans and agreements (in shares) | 21,033 | ||||||||
Cash dividends on common stock | (39,471) | (39,471) | |||||||
Ending balance at Sep. 30, 2020 | $ 5,126,106 | $ 1,850,563 | $ 3,875,715 | $ (633,486) | $ 33,314 | ||||
Ending balance (in shares) at Sep. 30, 2020 | 141,507,430 | ||||||||
[1] | Represents the impact of the adoption of Accounting Standards Update (“ASU”) 2016-02, Leases (Topic 842) and subsequent related ASUs on January 1, 2019. | ||||||||
[2] | Represents the impact of the adoption of ASU 2016-13, Financial Instruments — Credit Losses (Topic 326) on January 1, 2020. Refer to Note 2 — Current Accounting Developments and Summary of Significant Accounting Policies to the Consolidated Financial Statements in this Quarterly Report on Form 10-Q (“this Form 10-Q”) for additional information. |
Consolidated Statement of Cha_2
Consolidated Statement of Changes in Stockholders' Equity (Parenthetical) - $ / shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Statement of Stockholders' Equity [Abstract] | ||||
Dividends declared per common share (in dollars per share) | $ 0.275 | $ 0.275 | $ 0.825 | $ 0.780 |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net income | $ 403,713 | $ 485,820 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 96,089 | 103,220 |
Accretion of discount and amortization of premiums, net | (17,974) | (12,917) |
Stock compensation costs | 22,201 | 23,012 |
Deferred income tax benefit | (91) | (2,434) |
Provision for (reversal of) credit losses | 186,313 | 80,108 |
Net gains on sales of loans | (1,443) | (2,967) |
Gains on sales of AFS debt securities | (11,867) | (3,066) |
Loans held-for-sale: | ||
Originations and purchases | (53,911) | (6,341) |
Proceeds from sales and paydowns/payoffs of loans originally classified as held-for-sale | 50,339 | 6,341 |
Proceeds from distributions received from equity method investees | 4,934 | 3,012 |
Net change in accrued interest receivable and other assets | (465,210) | (363,187) |
Net change in accrued expenses and other liabilities | 216,992 | 77,693 |
Other net operating activities | 529 | 725 |
Total adjustments | 26,901 | (96,801) |
Net cash provided by operating activities | 430,614 | 389,019 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Investments in qualified affordable housing partnerships, tax credit and other investments | (102,190) | (103,284) |
Interest-bearing deposits with banks | (367,971) | 204,474 |
Resale agreements: | ||
Proceeds from paydowns and maturities | 400,000 | 300,000 |
Purchases | (500,000) | (125,000) |
AFS debt securities: | ||
Proceeds from sales | 494,877 | 476,231 |
Proceeds from repayments, maturities and redemptions | 1,532,411 | 283,974 |
Purchases | (3,167,863) | (1,219,300) |
Loans held-for-investment: | ||
Proceeds from sales of loans originally classified as held-for-investment | 254,035 | 224,662 |
Purchases | (163,861) | (395,502) |
Other changes in loans held-for-investment, net | (2,775,014) | (1,509,235) |
Premises and equipment: | ||
Proceeds from sales | 1,883 | 0 |
Purchases | (2,260) | (8,504) |
Proceeds from distributions received from equity method investees | 2,601 | 4,563 |
Other net investing activities | (1,846) | (1,897) |
Net cash used in investing activities | (4,395,198) | (1,868,818) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Net increase in deposits | 4,271,838 | 1,252,237 |
Net increase (decrease) in short-term borrowings | 30,916 | (9,035) |
FHLB advances: | ||
Proceeds | 10,200 | 1,500,000 |
Repayment | (100,200) | (1,082,000) |
Repurchase agreements: | ||
Proceeds from repurchase agreements | 48,063 | 0 |
Repayment of repurchase agreements | (150,000) | 0 |
Repurchase agreements’ extinguishment cost | (8,740) | 0 |
Long-term debt and lease liabilities: | ||
Proceeds from long-term debt | 1,437,269 | 0 |
Repayment of long-term debt and lease liabilities | (10,609) | (658) |
Common stock: | ||
Repurchase of common stocks pursuant to the Stock Repurchase Program | (145,966) | 0 |
Proceeds from issuance pursuant to various stock compensation plans and agreements | 1,170 | 1,895 |
Stocks tendered for payment of withholding taxes | (7,656) | (14,230) |
Cash dividends paid | (119,185) | (114,986) |
Net cash provided by financing activities | 5,257,100 | 1,533,223 |
Effect of exchange rate changes on cash and cash equivalents | (46,724) | (12,520) |
NET INCREASE IN CASH AND CASH EQUIVALENTS | 1,245,792 | 40,904 |
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 3,261,149 | 3,001,377 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | 4,506,941 | 3,042,281 |
Cash paid during the period for: | ||
Interest | 188,657 | 313,793 |
Income taxes, net | 82,114 | 116,074 |
Noncash investing and financing activities: | ||
Loans transferred from held-for-investment to held-for-sale | 253,302 | 222,434 |
Loans transferred to other real estate owned (“OREO”) | $ 19,504 | $ 2,013 |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Sep. 30, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation East West Bancorp, Inc. (referred to herein on an unconsolidated basis as “East West” and on a consolidated basis as the “Company”) is a registered bank holding company that offers a full range of banking services to individuals and businesses through its subsidiary bank, East West Bank and its subsidiaries (“East West Bank” or the “Bank”). The unaudited interim Consolidated Financial Statements in this Form 10-Q include the accounts of East West, East West Bank and East West’s subsidiaries. Intercompany transactions and accounts have been eliminated in consolidation. As of September 30, 2020, East West also has six wholly-owned subsidiaries that are statutory business trusts (the “Trusts”). In accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 810, Consolidation , the Trusts are not included on the Consolidated Financial Statements. East West also owns East West Insurance Services, Inc. In 2019, the Company acquired East West Markets, LLC, a private broker dealer and also established East West Investment Management LLC, a registered investment adviser. Both East West Markets, LLC and East West Investment Management LLC are wholly-owned subsidiaries of East West. The unaudited interim Consolidated Financial Statements are presented in accordance with United States (“U.S.”) generally accepted accounting principles (“GAAP”), applicable guidelines prescribed by regulatory authorities, and general practices in the banking industry. They reflect all adjustments that, in the opinion of management, are necessary for fair statement of the interim Consolidated Financial Statements. Certain items on the Consolidated Financial Statements and notes for the prior periods have been reclassified to conform to the current period presentation. The current period’s results of operations are not necessarily indicative of results that may be expected for any other interim period or for the year as a whole. Events subsequent to the Consolidated Balance Sheet date have been evaluated through the date the Consolidated Financial Statements are issued for inclusion in the accompanying Consolidated Financial Statements. The unaudited interim Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements and notes thereto, included in the Company’s annual report on Form 10-K for the year ended December 31, 2019, filed with the U.S. Securities and Exchange Commission on February 27, 2020 (the “Company’s 2019 Form 10-K”). |
Current Accounting Developments
Current Accounting Developments and Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2020 | |
Accounting Policies [Abstract] | |
Current Accounting Developments and Summary of Significant Accounting Policies | Current Accounting Developments and Summary of Significant Accounting Policies New Accounting Pronouncements Adopted Standard Required Date of Adoption Description Effect on Financial Statements Standards Adopted in 2020 ASU 2016-13, Financial Instruments — Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments and subsequent related ASUs January 1, 2020 The ASU introduces a new current expected credit losses (“CECL”) model that applies to most financial assets measured at amortized cost and certain instruments, including trade and other receivables, loan receivables, AFS and held-to-maturity debt securities, net investments in leases and off-balance sheet credit exposures. The CECL model utilizes a lifetime “expected credit loss” measurement objective for the recognition of credit losses at the time the financial asset is originated or acquired. The expected credit losses are adjusted in each period for changes in expected lifetime credit losses. ASU 2016-13 also eliminates the guidance for purchased credit impaired (“PCI”) loans, but requires an allowance for loan losses for purchased financial assets with more than an insignificant deterioration of credit since origination. The ASU also modifies the other-than-temporary impairment (“OTTI”) model for AFS debt securities to require an allowance for credit losses instead of a direct write-down. A reversal of the allowance for credit losses is allowed in future periods based on improvements in credit performance expectations. This ASU expands the disclosure requirements regarding an entity’s assumptions, models and methods for estimating the allowance for loan and lease losses, and requires disclosure of the amortized cost balance for each class of financial asset by credit quality indicator, disaggregated by the year of origination (i.e., by vintage year). The guidance should be applied using a modified retrospective approach through a cumulative-effect adjustment to retained earnings as of the beginning of the reporting period of adoption. The new guidance also allows optional relief for certain instruments measured at amortized cost with an option to irrevocably elect the fair value option under ASC Topic 825, Financial Instruments . The Company adopted ASU 2016-13 using a modified retrospective approach on January 1, 2020 without electing the fair value option on eligible financial instruments under ASU 2019-05. The adoption of this ASU increased the allowance for loan losses by $125.2 million, and allowance for unfunded credit commitments by $10.5 million and an after-tax decrease to opening retained earnings of $98.0 million on January 1, 2020. The increase to allowance for loan losses was primarily related to the commercial and industrial (“C&I”) and commercial real estate (“CRE”) loan portfolios. The Company did not record an allowance for credit losses related to the Company’s AFS debt securities as a result of this adoption. Disclosures for periods after January 1, 2020 are presented in accordance with ASC 326 while prior period amounts continue to be reported in accordance with previously applicable standards and the accounting policies described in the Company’s 2019 Form 10-K. The Company has elected the CECL phase-in option provided by regulatory capital rules, which delays the impact of CECL on regulatory capital for two years, followed by a three-year transition period. ASU 2017-04, Intangibles — Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment January 1, 2020 The ASU simplifies the accounting for goodwill impairment. Under this guidance, an entity will no longer perform a hypothetical purchase price allocation to measure goodwill impairment. Instead, an impairment loss will be recognized when the carrying amount of a reporting unit exceeds its fair value and the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. The guidance also eliminates the requirement to perform a qualitative assessment for any reporting units with a zero or negative carrying amount. This guidance should be applied prospectively. The Company adopted this guidance on January 1, 2020. The adoption of this guidance did not have a material impact on the Company’s Consolidated Financial Statements. ASU 2018-15, Intangibles — Goodwill and Other — Internal-Use Software (Subtopic 350-40) Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract January 1, 2020 The ASU amends ASC Topic 350-40 to align the accounting for costs incurred in a cloud computing arrangement with the guidance on developing internal use software. Specifically, if a cloud computing arrangement is deemed to be a service contract, certain implementation costs are eligible for capitalization. The new guidance prescribes the balance sheet and income statement presentation and cash flow classification for the capitalized costs and related amortization expense. The amendments in this ASU should be applied either retrospectively or prospectively to all implementation costs incurred after the date of adoption. The Company adopted this guidance on a prospective basis on January 1, 2020. The adoption of this guidance did not have a material impact on the Company’s Consolidated Financial Statements. Recent Accounting Pronouncement Standard Required Date of Adoption Description Effect on Financial Statements Standard Not Yet Adopted ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting Effective for all entities as of March 12, 2020 In March 2020, the FASB issued a new accounting standard related to contracts or hedging relationships that reference London interbank offered rate or other reference rates that are expected to be discontinued due to reference rate reform. This ASU provides temporary optional expedients and exceptions regarding the accounting requirements related to the modification of certain contracts, hedging relationships and other transactions that are affected by the reference rate reform. The guidance permits the Company to make a one-time election to sell and/or transfer qualifying held-to-maturity securities, and not to apply modification accounting or remeasure lease payments in lease contracts if the changes to the contract are related to the discontinuation of the reference rate. If certain criteria are met, the amendments also allow exceptions to the de-designation criteria of the hedging relationship and the assessment of hedge effectiveness during the transition period. This one time election may be made at any time after March 12, 2020, but no later than December 31, 2022. The Company has not yet made a determination on whether it will make this election and is currently tracking the exposure as of each reporting period and assessing the significance of impact towards implementing any necessary modification in consideration of the election of this amendment. The Company will continue to assess the impact as the reference rate transition occurs over the next two years. Summary of Significant Accounting Policies The Company has revised the following significant accounting policies. Allowance for Loan Losses — The allowance for loan losses is established as management’s estimate of expected credit losses inherent in the Company’s lending activities and increased by the provision for credit losses and decreased by net charge-offs. The allowance for loan losses is evaluated quarterly by management based on regular reviews of the collectability of the loans. The Company develops and documents the allowance for loan losses methodology at the portfolio segment level — the commercial loan portfolio is comprised of C&I, CRE, multifamily residential, and construction and land loans; and the consumer loan portfolio is comprised of single-family residential, home equity lines of credit (“HELOCs”), and other consumer loans. The allowance for loan losses represents the portion of a loan’s amortized cost basis that the Company does not expect to collect due to anticipated credit losses over the loan’s contractual life, adjusted for prepayments. The Company measures the expected loan losses on a collective pool basis when similar risk characteristics exist. Models consisting of quantitative and qualitative components are designed for each pool to develop the expected credit loss estimates. Reasonable and supportable forecast periods vary by loan portfolio. The Company has adopted lifetime loss rate models for the portfolios, which use historical loss rates and forecast economic variables to calculate the expected credit losses for each loan pool. When loans do not share similar risk characteristics, the Company evaluates the loan for expected credit losses on an individual basis. Individually assessed loans include nonaccrual and troubled debt restructuring (“TDR”) loans. The Company evaluates loans for expected credit losses on an individual basis if , based on current information and events, it is probable that the Company will be unable to collect all amounts due according to the original contractual terms of the loan agreement. The following three different asset valuation measurement methods are available: (1) the present value of expected future cash flows, (2) the fair value of collateral less costs to sell, and (3) the loan's observable market price. The allowance for loan losses for collateral-dependent loans is determined based on the fair value of the collateral less costs to sell. For loans that are not collateral-dependent, the Company applies the present value of expected future cash flows valuation or the market value of the loan. When the loan is deemed uncollectible, it is the Company’s policy to promptly charge off the estimated credit losses. The amortized cost of loans held-for-investment excludes accrued interest, which is included in Other assets on the Consolidated Balance Sheet. The Company has made an accounting policy election to not recognize an allowance for credit losses for accrued interest receivables as the Company reverses accrued interest if a loan is on nonaccrual status. The allowance for loan losses is reported separately on the Consolidated Balance Sheet and the Provision for credit losses is reported on the Consolidated Statement of Income. Allowance for Unfunded Credit Commitments — The allowance for unfunded credit commitments includes reserves provided for unfunded loan commitments, letters of credit, standby letters of credit (“SBLCs”) and recourse obligations for loans sold. The Company estimates the allowance for unfunded credit commitments over the contractual period in which the entity is exposed to credit risk via a present contractual obligation to extend credit. Within the period of credit exposure, the estimate of credit losses will consider both the likelihood that funding will occur, and an estimate of the expected credit losses on the commitments that are expected to fund over their estimated lives. The allowance for unfunded credit commitments is maintained at a level believed by management to be sufficient to absorb estimated expected credit losses related to unfunded credit facilities. The determination of the adequacy of the allowance is based on periodic evaluations of the unfunded credit facilities. For all off-balance sheet instruments and commitments, the unfunded credit exposure is calculated using utilization assumptions based on the Company's historical utilization experience in related portfolio segments. Loss rates are applied to the calculated exposure balances to estimate the allowance for unfunded credit commitments. Other elements such as credit risk factors for loans outstanding, terms and expiration dates of the unfunded credit facilities, and other pertinent information are considered to determine the adequacy of the allowance. The allowance for unfunded credit commitments is included in Accrued expenses and other liabilities on the Consolidated Balance Sheet. Changes to the allowance for unfunded credit commitments are included in Provision for credit losses on the Consolidated Income Statements. Allowance for Credit Losses on Available-for-Sale Debt Securities — ASU 2016-13 modifies the OTTI model for AFS debt securities to apply an allowance approach for credit impairment as opposed to permanently writing down the cost basis of the security. For each reporting period, AFS debt security that is in an unrealized loss position is individually analyzed as part of the Company’s ongoing assessments to determine whether a fair value below the amortized cost basis has resulted from a credit loss or other factors. The initial indicator of impairment is a decline in fair value below the amortized cost, excluding accrued interest, of the AFS debt security. The Company first considers whether there is a plan to sell the AFS debt security or it is more-likely-than-not that it will be required to sell the debt security before recovery of the amortized cost. In determining whether an impairment is due to credit related factors, the Company considers the severity of the decline in fair value, nature of the security, the underlying collateral, the financial condition of the issuer, changes in the AFS debt securities’ ratings and other qualitative factors. For securities that are fully guaranteed by the U.S. government, or certain government enterprises, the Company believes that the credit loss exposure on these securities is remote and applies a zero credit loss assumption. When the Company does not intend to sell the impaired AFS debt security and it is more-likely-than-not that the Company will not be required to sell the impaired debt security prior to recovery of its amortized cost basis, the credit component of the unrealized loss of the impaired AFS debt security is recognized as an allowance for credit losses, with a corresponding Provision for credit losses on the Consolidated Statement of Income and the non-credit component is recognized in Other comprehensive income (loss) on the Consolidated Statement of Comprehensive Income, net of applicable taxes. At each reporting period, the Company increases or decreases the allowance for credit losses as appropriate, while limiting reversals of the allowance for credit losses to the extent of the amounts previously recorded. If the Company intends to sell the impaired debt security or it is more-likely-than-not that the Company will be required to sell the impaired debt security prior to recovering its amortized cost basis, the entire impairment amount is recognized as an adjustment to the debt security’s amortized cost basis, with a corresponding Provision for credit losses on the Consolidated Statement of Income. The amortized cost of the Company’s AFS debt securities excludes accrued interest, which is included in Other assets on the Consolidated Balance Sheet. The Company has made an accounting policy election to not recognize an allowance for credit losses for accrued interest receivables on AFS debt securities as the Company reverses any accrued interest if a debt security is impaired. As each AFS debt security has a unique security structure, where the accrual status is clearly determined when certain criteria listed in the terms are met, the Company assesses the default status of each security as defined by the debt security’s specific security structure. Allowance for Collateral-Dependent Financial Assets — A financial asset is considered collateral-dependent if repayment is expected to be provided substantially through the operation or sale of the collateral. The allowance for credit losses is measured on an individual basis for collateral-dependent financial assets and determined by comparing the fair value of the collateral, minus the cost to sell, to the amortized cost basis of the related financial asset at the reporting date. Other than loans, collateral-dependent financial assets could also include resale agreements. In arrangements which the borrower must continually adjust the collateral securing the asset to reflect changes in the collateral’s fair value (e.g., resale agreements), the Company estimates the expected credit losses on the basis of the unsecured portion of the amortized cost as of the balance sheet date. If the fair value of the collateral is equal to or greater than the amortized cost of the resale agreement, the expected losses would be zero. If the fair value of the collateral is less than the amortized cost of the asset, the expected losses are limited to the difference between the fair value of the collateral and the amortized cost basis of the resale agreement. Allowance for Purchased Credit Deteriorated Assets — ASU 2016-13 replaces the concept of PCI accounting under ASC 310-30 Receivables - Loans and Debt Securities Acquired with Deteriorated Credit Quality with the concept of purchased financial assets with credit deterioration. The Company adopted ASU 2016-13 using the prospective transition approach for Purchased credit deteriorated (“PCD”) assets that were previously classified as PCI assets. PCD financial assets are defined as acquired individual financial assets (or groups with similar risk characteristics) that as of the date of acquisition, have experienced a more-than-insignificant deterioration in credit quality since origination. For PCD debt securities and PCD loans, the company records the allowance for credit losses by grossing up the initial amortized cost, which includes the purchase price and the allowance for credit losses. The expected credit losses of PCD debt securities are measured at the individual security level. The expected credit losses for PCD loans are measured based on the loan’s unpaid principal balance. Beginning January 1, 2020, for any asset designated as a PCD asset at the time of acquisition, the Company estimates and records an allowance for credit losses, which is added to the purchase price to establish the initial amortized cost basis of the financial asset. Hence, there is no income statement impact from the acquisition. Subsequent changes in the allowance for credit losses on PCD assets will be recognized in Provision for credit losses on the Consolidated Statement of Income. The non-credit discount or premium will be accreted to interest income based on the effective interest rate on the PCD assets determined after the gross-up for the allowance for credit losses. Troubled Debt Restructurings — The Company has implemented various loan modification programs to provide its borrowers relief from the economic impacts of the Coronavirus Disease 2019 (“COVID-19”). In accordance with the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”), the Company has elected to not apply TDR classification to any COVID-19 related loan modifications that were performed after March 1, 2020 to borrowers who were current as of December 31, 2019. For loans modified in response to the COVID-19 pandemic that do not meet the CARES Act criteria (e.g., current payment status as of December 31, 2019), the Company has applied the guidance included in “ Interagency Statement on Loan Modifications and Reporting for Financial Institutions Working with Customer Affected by the Coronavirus (Revised) ” (the “Interagency Statement”) issued by the federal banking regulators on April 7, 2020. The Interagency Statement states that loan modifications performed in light of the COVID-19 pandemic, including loan payment deferrals that are up to six months in duration, that were granted to borrowers who were current as of the implementation date of a loan modification program or modifications granted under government mandated modification programs, are not TDRs. The delinquency of the loans modified under the CARES Act and Interagency Statement is frozen at the time of the modification, and interest income continues to be recognized over the contractual life of the loan. For more information on the Company's TDR accounting, see Note 1 — Summary of Significant Accounting Principles — Troubled Debt Restructurings to the Consolidated Financial Statements of the Company’s 2019 Annual Report on Form 10-K. Paycheck Protection Program — From April to August 2020, the Company accepted Paycheck Protection Program (“PPP”) applications and originated loans to qualified small businesses under the PPP established by the CARES Act. These loans are included in the C&I portfolio, carry an interest rate of 1%, and are 100% guaranteed by the Small Business Administration (“SBA”). No allowance for loan losses was recorded for these loans as of September 30, 2020. As of September 30, 2020, the Company funded over 7,400 SBA 7(a) approved PPP loans with an outstanding loan balance of $1.77 billion. The substantial majority of the Company’s PPP loans have a term of two years. The SBA paid the Company fees for processing PPP loans in the following amounts: (1) five percent for loans of not more than $350,000; (2) three percent for loans of more than $350,000 and less than $2,000,000; and (3) one percent for loans of at least $2,000,000. Loan processing fees paid to the Company by the SBA are accounted for as loan origination fees, where net deferred fees are recognized over the estimated life of the loan as a yield adjustment on the loans. Payments by borrowers on PPP loans begin ten months after the loan forgiveness covered period. Under the terms of the PPP, such loans are eligible to be forgiven if certain conditions are satisfied, in which case the SBA will make payments to the Company for the forgiven amounts. If a loan is paid off or forgiven by the SBA prior to its projected estimated life, the remaining unamortized deferred fees will be recognized as interest income in that period. |
Fair Value Measurement and Fair
Fair Value Measurement and Fair Value of Financial Instruments | 9 Months Ended |
Sep. 30, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurement and Fair Value of Financial Instruments | Fair Value Measurement and Fair Value of Financial Instruments Fair Value Determination Fair value is defined as the price that would be received to sell an asset or the price that would be paid to transfer a liability in an orderly transaction between market participants at the measurement date. In determining the fair value of financial instruments, the Company uses various methods including market and income approaches. Based on these approaches, the Company utilizes certain assumptions that market participants would use in pricing an asset or a liability. These inputs can be readily observable, market corroborated or generally unobservable. The Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs. The fair value hierarchy noted below is based on the quality and reliability of the information used to determine fair value. The fair value hierarchy gives the highest priority to quoted prices available in active markets and the lowest priority to prices derived from data lacking transparency. The fair value of the Company’s assets and liabilities is classified and disclosed in one of the following three categories: • Level 1 — Valuation is based on quoted prices for identical instruments traded in active markets. • Level 2 — Valuation is based on quoted prices for similar instruments traded in active markets; quoted prices for identical or similar instruments traded in markets that are not active; and model-derived valuations whose inputs are observable and can be corroborated by market data. • Level 3 — Valuation is based on significant unobservable inputs for determining the fair value of assets or liabilities. These significant unobservable inputs reflect assumptions that market participants may use in pricing the assets or liabilities. The classification of assets and liabilities within the hierarchy is based on whether inputs to the valuation methodology used are observable or unobservable, and the significance of those inputs in the fair value measurement. The Company’s assets and liabilities are classified in their entirety based on the lowest level of input that is significant to their fair value measurements. Assets and Liabilities Measured at Fair Value on a Recurring Basis The following section describes the valuation methodologies used by the Company to measure financial assets and liabilities on a recurring basis, as well as the general classification of these instruments pursuant to the fair value hierarchy. Available-for-Sale Debt Securities — When available, the Company uses quoted market prices to determine the fair value of AFS debt securities, which are classified as Level 1. Level 1 AFS debt securities are comprised of U.S. Treasury securities. The fair value of other AFS debt securities is generally determined by independent external pricing service providers who have experience in valuing these securities or by taking the average quoted market prices obtained from independent external brokers. The valuations provided by the third-party pricing service providers are based on observable market inputs, which include benchmark yields, reported trades, issuer spreads, benchmark securities, bids, offers, prepayment expectation and reference data obtained from market research publications. Inputs used by the third-party pricing service providers in valuing collateralized mortgage obligations and other securitization structures also include new issue data, monthly payment information, whole loan collateral performance, tranche evaluation and “To Be Announced” prices. In valuing securities issued by state and political subdivisions, inputs used by third-party pricing service providers also include material event notices. On a monthly basis, the Company validates the valuations provided by third-party pricing service providers to ensure that the fair value determination is consistent with the applicable accounting guidance and the financial instruments are properly classified in the fair value hierarchy. To perform this validation, the Company evaluates the fair values of securities by comparing the fair values provided by the third-party pricing service providers to prices from other available independent sources for the same securities. When variances in prices are identified, the Company further compares inputs used by different sources to ascertain the reliability of these sources. On a quarterly basis, the Company reviews the documentation received from the third-party pricing service providers regarding the valuation inputs and methodology used for each category of securities. When pricing is unavailable from third-party pricing service providers for certain securities, the Company requests market quotes from various independent external brokers and utilizes the average quoted market prices. These valuations are based on observable inputs in the current marketplace and are classified as Level 2. The Company periodically communicates with the independent external brokers to validate their pricing methodology. Information such as pricing sources, pricing assumptions, data inputs and valuation technique are reviewed. Equity Securities — Equity securities consisted of mutual funds as of both September 30, 2020 and December 31, 2019. The Company uses net asset value (“NAV”) information to determine the fair value of these equity securities. When NAV is available periodically and the equity securities can be put back to the transfer agents at the publicly available NAV, the fair value of the equity securities is classified as Level 1. When NAV is available periodically but the equity securities may not be readily marketable at its periodic NAV in the secondary market, the fair value of these equity securities is classified as Level 2. Interest Rate Contracts — The Company enters into interest rate swap and option contracts with its borrowers to lock in attractive intermediate and long-term interest rates, resulting in the customer obtaining a synthetic fixed-rate loan. To economically hedge against the interest rate risks in the products offered to its customers, the Company enters into mirrored offsetting interest rate contracts with third-party financial institutions. The Company also enters into interest rate swap contracts with institutional counterparties to hedge against certificates of deposit issued and certain variable interest rate borrowings. The fair value of the interest rate swaps is determined using the market standard methodology of netting the discounted future fixed cash payments (or receipts) and the discounted expected variable cash receipts (or payments). The fair value of the interest rate options, which consist of floors and caps, is determined using the market standard methodology of discounting the future expected cash receipts that would occur if variable interest rates fall below (rise above) the strike rate of the floors (caps). In addition, to comply with the provisions of ASC 820, Fair Value Measurement , the Company incorporates credit valuation adjustments to appropriately reflect both its own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements of its derivatives. The credit valuation adjustments associated with the Company’s derivatives utilize model-derived credit spreads, which are Level 3 inputs. As of September 30, 2020 and December 31, 2019, the Company has assessed the significance of the impact of the credit valuation adjustments on the overall valuation of these interest rate contracts and has determined that the credit valuation adjustments were not significant to the overall valuation of its derivative portfolios. As a result, the Company classifies these derivative instruments as Level 2 due to the observable nature of the significant inputs utilized. Foreign Exchange Contracts — The Company enters into foreign exchange contracts to accommodate the business needs of its customers. For a majority of the foreign exchange contracts entered with its customers, the Company entered into offsetting foreign exchange contracts with third-party financial institutions to manage its exposure. The Company also utilizes foreign exchange contracts that are not designated as hedging instruments to mitigate the economic effect of fluctuations in certain foreign currency on-balance sheet assets and liabilities, primarily foreign currency denominated deposits that it offers to its customers. The fair value is determined at each reporting period based on changes in the foreign exchange rates. These are over-the-counter contracts where quoted market prices are not readily available. Valuation is measured using conventional valuation methodologies with observable market data. Due to the short-term nature of the majority of these contracts, the counterparties’ credit risks are considered nominal and result in no adjustments to the valuation of the foreign exchange contracts. Due to the observable nature of the inputs used in deriving the fair value of these contracts, the valuation of foreign exchange contracts are classified as Level 2. As of September 30, 2020 and December 31, 2019, the Bank held foreign currency non-deliverable forward contracts to hedge its net investment in its China subsidiary, East West Bank (China) Limited, a non-U.S. dollar (“USD”) functional currency subsidiary in China. These foreign currency non-deliverable forward contracts were designated as net investment hedges. The fair value of foreign currency contracts is determined by comparing the contracted foreign exchange rate to the current market foreign exchange rate. Key inputs of the current market exchange rate include spot rates and forward rates of the contractual currencies. Foreign exchange forward curves are used to determine which forward rate pertains to a specific maturity. Due to the observable nature of the inputs used in deriving the estimated fair value, these instruments are classified as Level 2. Credit Contracts — The Company may periodically enter into credit risk participation agreements (“RPAs”) to manage the credit exposure on interest rate contracts associated with the syndicated loans. The Company may enter into protection sold or protection purchased RPAs with institutional counterparties. The fair value of RPAs is calculated by determining the total expected asset or liability exposure of the derivatives to the borrowers and applying the borrowers’ credit spread to that exposure. Total expected exposure incorporates both the current and potential future exposure of the derivatives, derived from using observable inputs, such as yield curves and volatilities. The majority of the inputs used to value the RPAs are observable; accordingly, RPAs fall within Level 2. Equity Contracts — As part of the loan origination process, the Company periodically obtains warrants to purchase preferred and/or common stock of technology and life sciences companies to which it provides loans. As of September 30, 2020 and December 31, 2019, the warrants included on the Consolidated Financial Statements were from both public and private companies. The Company values these warrants based on the Black-Scholes option pricing model. For warrants from public companies, the model uses the underlying stock price, stated strike price, warrant expiration date, risk-free interest rate based on a duration-matched U.S. Treasury rate and market-observable company-specific option volatility as inputs to value the warrants. Due to the observable nature of the inputs used in deriving the estimated fair value, warrants from public companies are classified as Level 2. For warrants from private companies, the model uses inputs such as the offering price observed in the most recent round of funding, stated strike price, warrant expiration date, risk-free interest rate based on duration-matched U.S. Treasury rate and option volatility. The Company applies proxy volatilities based on the industry sectors of the private companies. The model values are then adjusted for a general lack of liquidity due to the private nature of the underlying companies. Due to the unobservable nature of the option volatility and liquidity discount assumptions used in deriving the estimated fair value, warrants from private companies are classified as Level 3. Since both option volatility and liquidity discount assumptions are subject to management’s judgment, measurement uncertainty is inherent in the valuation of private companies’ warrants. Given that the Company holds long positions in all warrants, an increase in volatility assumption would generally result in an increase in fair value. A higher liquidity discount would result in a decrease in fair value. On a quarterly basis, the changes in the fair value of warrants from private companies are reviewed for reasonableness, and a measurement uncertainty analysis on the option volatility and liquidity discount assumptions is performed. Commodity Contracts — The Company enters into energy commodity contracts in the form of swaps and options with its commercial loan customers to allow them to hedge against the risk of fluctuation in energy commodity prices. The fair value of the commodity option contracts is determined using the Black-Scholes model and assumptions that include expectations of future commodity price and volatility. The future commodity contract price is derived from observable inputs such as the market price of the commodity. Commodity swaps are structured as an exchange of fixed cash flows for floating cash flows. The fixed cash flows are predetermined based on the known volumes and fixed price as specified in the swap agreement. The floating cash flows are correlated with the change of forward commodity prices, which is derived from market corroborated futures settlement prices. The fair value of the commodity swaps is determined using the market standard methodology of netting the discounted future fixed cash payments (or receipts) and the discounted expected variable cash receipts (or payments) based on the market prices of the commodity. As a result, the Company classifies these derivative instruments as Level 2 due to the observable nature of the significant inputs utilized. The following tables present financial assets and liabilities that are measured at fair value on a recurring basis as of September 30, 2020 and December 31, 2019: ($ in thousands) Assets and Liabilities Measured at Fair Value on a Recurring Basis Quoted Prices in Significant Significant Total AFS debt securities: U.S. Treasury securities $ 50,998 $ — $ — $ 50,998 U.S. government agency and U.S. government-sponsored enterprise debt securities — 727,062 — 727,062 U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities: Commercial mortgage-backed securities — 967,109 — 967,109 Residential mortgage-backed securities — 1,238,009 — 1,238,009 Municipal securities — 333,275 — 333,275 Non-agency mortgage-backed securities: Commercial mortgage-backed securities — 214,676 — 214,676 Residential mortgage-backed securities — 277,613 — 277,613 Corporate debt securities — 251,177 — 251,177 Foreign government bonds — 132,671 — 132,671 Asset-backed securities — 63,148 — 63,148 Collateralized loan obligations (“CLOs”) — 283,422 — 283,422 Total AFS debt securities $ 50,998 $ 4,488,162 $ — $ 4,539,160 Investments in tax credit and other investments: Equity securities (1) $ 22,538 $ 8,741 $ — $ 31,279 Total investments in tax credit and other investments $ 22,538 $ 8,741 $ — $ 31,279 Derivative assets: Interest rate contracts $ — $ 566,635 $ — $ 566,635 Foreign exchange contracts — 19,134 — 19,134 Credit contracts — 47 — 47 Equity contracts — 12,455 310 12,765 Commodity contracts — 110,029 — 110,029 Gross derivative assets $ — $ 708,300 $ 310 $ 708,610 Netting adjustments (2) $ — $ (109,696) $ — $ (109,696) Net derivative assets $ — $ 598,604 $ 310 $ 598,914 Derivative liabilities: Interest rate contracts $ — $ 372,057 $ — $ 372,057 Foreign exchange contracts — 14,782 — 14,782 Credit contracts — 307 — 307 Commodity contracts — 118,873 — 118,873 Gross derivative liabilities $ — $ 506,019 $ — $ 506,019 Netting adjustments (2) $ — $ (202,131) $ — $ (202,131) Net derivative liabilities $ — $ 303,888 $ — $ 303,888 (1) Equity securities consist of mutual funds with readily determinable fair values. (2) Represents balance sheet netting of derivative assets and liabilities and related cash collateral under master netting agreements or similar agreements. See Note 6 — Derivatives to the Consolidated Financial Statements in this Form 10-Q for additional information. ($ in thousands) Assets and Liabilities Measured at Fair Value on a Recurring Basis Quoted Prices in Significant Significant Total AFS debt securities: U.S. Treasury securities $ 176,422 $ — $ — $ 176,422 U.S. government agency and U.S. government-sponsored enterprise debt securities — 581,245 — 581,245 U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities: Commercial mortgage-backed securities — 603,471 — 603,471 Residential mortgage-backed securities — 1,003,897 — 1,003,897 Municipal securities — 102,302 — 102,302 Non-agency mortgage-backed securities: Commercial mortgage-backed securities — 88,550 — 88,550 Residential mortgage-backed securities — 46,548 — 46,548 Corporate debt securities — 11,149 — 11,149 Foreign government bonds — 354,172 — 354,172 Asset-backed securities — 64,752 — 64,752 CLOs — 284,706 — 284,706 Total AFS debt securities $ 176,422 $ 3,140,792 $ — $ 3,317,214 Investments in tax credit and other investments: Equity securities (1) $ 21,746 $ 9,927 $ — $ 31,673 Total investments in tax credit and other investments $ 21,746 $ 9,927 $ — $ 31,673 Derivative assets: Interest rate contracts $ — $ 192,883 $ — $ 192,883 Foreign exchange contracts — 54,637 — 54,637 Credit contracts — 2 — 2 Equity contracts — 993 421 1,414 Commodity contracts — 81,380 — 81,380 Gross derivative assets $ — $ 329,895 $ 421 $ 330,316 Netting adjustments (2) $ — $ (125,319) $ — $ (125,319) Net derivative assets $ — $ 204,576 $ 421 $ 204,997 Derivative liabilities: Interest rate contracts $ — $ 127,317 $ — $ 127,317 Foreign exchange contracts — 48,610 — 48,610 Credit contracts — 84 — 84 Commodity contracts — 80,517 — 80,517 Gross derivative liabilities $ — $ 256,528 $ — $ 256,528 Netting adjustments (2) $ — $ (159,799) $ — $ (159,799) Net derivative liabilities $ — $ 96,729 $ — $ 96,729 (1) Equity securities consist of mutual funds with readily determinable fair values. (2) Represents balance sheet netting of derivative assets and liabilities and related cash collateral under master netting agreements or similar agreements. See Note 6 — Derivatives to the Consolidated Financial Statements in this Form 10-Q for additional information. For the three and nine months ended September 30, 2020 and 2019, Level 3 fair value measurements that were measured on a recurring basis consist of warrants issued by private companies. The following table provides a reconciliation of the beginning and ending balances of these equity warrants for the three and nine months ended September 30, 2020 and 2019: ($ in thousands) Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Equity Contracts Beginning balance $ 316 $ 392 $ 421 $ 673 Total (losses) gains included in earnings (1) (6) 10 8,262 548 Issuances — — — 28 Settlements — — — (847) Transfers out of Level 3 (2) — — (8,373) — Ending balance $ 310 $ 402 $ 310 $ 402 (1) Includes unrealized (losses) gains of $(6) thousand and $10 thousand for the three months ended September 30, 2020 and 2019, respectively, and $8.3 million and $(225) thousand for the nine months ended September 30, 2020 and 2019, respectively. The realized/unrealized gains (losses) of equity warrants are included in Lending fees on the Consolidated Statement of Income. (2) During the nine months ended September 30, 2020, the Company transferred $8.4 million of equity contracts measured on a recurring basis out of Level 3 into Level 2 after the corresponding issuer of the equity warrant, which was previously a private company, completed its initial public offering and became a public company. The following table presents quantitative information about the significant unobservable inputs used in the valuation of Level 3 fair value measurements as of September 30, 2020 and December 31, 2019, respectively. The significant unobservable inputs presented in the table below are those that the Company considers significant to the fair value of the Level 3 assets. The Company considers unobservable inputs to be significant if, by their exclusion, the fair value of the Level 3 assets would be impacted by a predetermined percentage change. ($ in thousands) Fair Value Valuation Unobservable Range of Inputs Weighted- Average (1) September 30, 2020 Derivative assets: Equity contracts $ 310 Black-Scholes option pricing model Equity volatility 54% — 65% 59% Liquidity discount 47% 47% December 31, 2019 Derivative assets: Equity contracts $ 421 Black-Scholes option pricing model Equity volatility 39% — 44% 42% Liquidity discount 47% 47% (1) Weighted-average is calculated based on fair value of equity warrants as of September 30, 2020 and December 31, 2019. Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis Assets measured at fair value on a nonrecurring basis include certain individually evaluated loans held-for-investment, investments in qualified affordable housing partnerships, tax credit and other investments, OREO, loans held-for-sale, and other nonperforming assets. Nonrecurring fair value adjustments result from impairment on certain individually evaluated loans held-for-investment and investments in qualified affordable housing partnerships, tax credit and other investments, write-downs of OREO, or from the application of lower of cost or fair value on loans held-for-sale. Individually Evaluated Loans Held-For-Investment — The Company typically adjusts the carrying amount of individually evaluated loans held-for-investment when there is evidence of probable loss and when the expected fair value of the loan is less than its carrying amount. Individually evaluated loans held-for-investment with specific reserves are classified as Level 3 assets. The following two methods are used to derive the fair value of individually evaluated loans held-for-investment: • Discounted cash flows valuation techniques that consist of developing an expected stream of cash flows over the life of the loans and then valuing the loans at the present value by discounting the expected cash flows at a designated discount rate. • A specific reserve is established for an individually evaluated loan held-for-investment based on the fair value of the underlying collateral, which may take the form of real estate, inventory, equipment, contracts or guarantees. The fair value of the underlying collateral is generally based on third-party appraisals, or an internal valuation if a third-party appraisal is not required by regulations, which utilize one or more valuation techniques such as income, market and/or cost approaches. Investments in Qualified Affordable Housing Partnerships, Tax Credit and Other Investments, Net — As part of its monitoring process, the Company conducts ongoing due diligence on the investments in its qualified affordable housing partnerships, tax credit and other investments after the initial investment date and prior to the placed-in-service-date. After these investments are either acquired or placed into service, periodic monitoring is performed. This includes the quarterly review of the financial statements of the investment entity, the annual review of the financial statements of the guarantor (if any), the review of the annual tax returns of the investment entity, and the comparison of the actual cash distributions received against the financial projections prepared at the time when the investment was made. The Company assesses its tax credit and other investments for possible OTTI on an annual basis or when events or circumstances suggest that the carrying amount of the investments may not be realizable. These circumstances can include, but are not limited to the following factors: • The expected future cash flows is less than the carrying amount of the investment; • Changes in the economic, market or technological environment that could adversely affect the investee’s operations; and • Other factors that raise doubt about the investee’s ability to continue as a going concern, such as negative cash flows from operations and the continuing prospects of the underlying operations of the investment. All available evidence is considered in assessing whether a decline in value is other-than-temporary. Generally, none of the aforementioned factors are individually conclusive and the relative importance placed on individual facts may vary depending on the situation. In accordance with ASC 323-10-35-32, an impairment charge would only be recognized in earnings for a decline in value that is determined to be other-than-temporary. Other Real Estate Owned — The Company’s OREO represents properties acquired through foreclosure, or through full or partial satisfaction of loans held-for-investment. These OREO properties are recorded at estimated fair value less the costs to sell at the time of foreclosure or at the lower of cost or estimated fair value less the costs to sell subsequent to acquisition. On a monthly basis, the current fair market value of each OREO property is reviewed to ensure that the current carrying value is appropriate. OREO properties are classified as Level 3. Other Nonperforming Assets — Other nonperforming assets are recorded at fair value upon transfers from loans to foreclosed assets. Subsequently, foreclosed assets are recorded at the lower of carrying value or fair value. Fair value is based on independent market prices, appraised values of the collateral or management’s estimates of the foreclosed asset. The Company records an impairment when the foreclosed asset’s fair value declines below its carrying value. Other nonperforming assets are classified as Level 3. The following tables present the carrying amounts of assets that were still held and had fair value changes measured on a nonrecurring basis as of September 30, 2020 and December 31, 2019: ($ in thousands) Assets Measured at Fair Value on a Nonrecurring Basis Quoted Prices in Significant Significant Fair Value Loans held-for-investment: Commercial: C&I $ — $ — $ 116,077 $ 116,077 CRE: CRE — — 51,280 51,280 Total commercial — — 167,357 167,357 Consumer: Residential mortgage: HELOCs — — 1,156 1,156 Other consumer — — 2,491 2,491 Total consumer — — 3,647 3,647 Total loans held-for-investment $ — $ — $ 171,004 $ 171,004 Investments in tax credit and other investments, net $ — $ — $ 6,216 $ 6,216 ($ in thousands) Assets Measured at Fair Value on a Nonrecurring Basis Quoted Prices in Significant Significant Fair Value Loans held-for-investment: Commercial: C&I $ — $ — $ 47,554 $ 47,554 CRE: CRE — — 753 753 Total commercial — — 48,307 48,307 Consumer: Residential mortgage: HELOCs — — 1,372 1,372 Total consumer — — 1,372 1,372 Total loans held-for-investment $ — $ — $ 49,679 $ 49,679 Investments in tax credit and other investments, net $ — $ — $ 3,076 $ 3,076 OREO (1) $ — $ — $ 125 $ 125 Other nonperforming assets $ — $ — $ 1,167 $ 1,167 (1) Amounts are included in Other assets on the Consolidated Balance Sheet and represent the carrying value of OREO properties that were written down subsequent to their initial classification as OREO. The following table presents the increase (decrease) in fair value of assets for which a nonrecurring fair value adjustment has been recognized for the three and nine months ended September 30, 2020 and 2019: ($ in thousands) Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Loans held-for-investment: Commercial: C&I $ (24,928) $ (20,484) $ (38,855) $ (43,109) CRE: CRE (15) 2 (292) 6 Total commercial (24,943) (20,482) (39,147) (43,103) Consumer: Residential mortgage: HELOCs 3 — (178) — Other consumer — — 2,491 — Total consumer 3 — 2,313 — Total loans held-for-investment $ (24,940) $ (20,482) $ (36,834) $ (43,103) Investments in tax credit and other investments, net $ — $ (1,703) $ (583) $ (11,573) OREO $ — $ (1,020) $ — $ (1,023) Other nonperforming assets $ — $ — $ — $ (3,000) The following table presents the quantitative information about the significant unobservable inputs used in the valuation of Level 3 fair value measurements that are measured on a nonrecurring basis as of September 30, 2020 and December 31, 2019: ($ in thousands) Fair Value Valuation Unobservable Range of Weighted- Average of Inputs (1) September 30, 2020 Loans held-for-investment $ 82,461 Discounted cash flows Discount 4% — 15% 13% $ 15,493 Fair value of collateral Discount 10% — 20% 10% $ 22,469 Fair value of collateral Contract value NM NM $ 50,581 Fair value of property Selling cost 8% 8% Investments in tax credit and other investments, net $ 6,216 Individual analysis of each investment Expected future tax benefits and distributions NM NM December 31, 2019 Loans held-for-investment $ 27,841 Discounted cash flows Discount 4% — 15% 14% $ 1,014 Fair value of collateral Discount 8% — 20% 19% $ 20,824 Fair value of collateral Contract value NM NM Investments in tax credit and other investments, net $ 3,076 Individual analysis of each investment Expected future tax benefits and distributions NM NM OREO $ 125 Fair value of property Selling cost 8% 8% Other nonperforming assets $ 1,167 Fair value of collateral Contract value NM NM NM — Not meaningful. (1) Weighted-average of inputs is based on the relative fair value of the respective assets as of September 30, 2020 and December 31, 2019. Disclosures about Fair Value of Financial Instruments The following tables present the fair value estimates for financial instruments as of September 30, 2020 and December 31, 2019, excluding financial instruments recorded at fair value on a recurring basis as they are included in the tables presented elsewhere in this Note. The carrying amounts in the following tables are recorded on the Consolidated Balance Sheet under the indicated captions, except for accrued interest receivable and mortgage servicing rights that are included in Other assets , and accrued interest payable that is included in Accrued expenses and other liabilities . These financial assets and liabilities are measured at amortized cost basis on the Company’s Consolidated Balance Sheet. ($ in thousands) September 30, 2020 Carrying Level 1 Level 2 Level 3 Estimated Financial assets: Cash and cash equivalents $ 4,506,941 $ 4,506,941 $ — $ — $ 4,506,941 Interest-bearing deposits with banks $ 699,465 $ — $ 699,465 $ — $ 699,465 Resale agreements (1) $ 1,210,000 $ — $ 1,215,801 $ — $ 1,215,801 Restricted equity securities, at cost $ 79,172 $ — $ 79,172 $ — $ 79,172 Loans held-for-sale $ 4,148 $ — $ 4,148 $ — $ 4,148 Loans held-for-investment, net $ 36,818,877 $ — $ — $ 37,087,711 $ 37,087,711 Mortgage servicing rights $ 5,169 $ — $ — $ 7,511 $ 7,511 Accrued interest receivable $ 143,354 $ — $ 143,354 $ — $ 143,354 Financial liabilities: Demand, checking, savings and money market deposits $ 32,611,382 $ — $ 32,611,382 $ — $ 32,611,382 Time deposits $ 9,069,173 $ — $ 9,091,802 $ — $ 9,091,802 Short-term borrowings $ 59,613 $ — $ 59,613 $ — $ 59,613 FHLB advances $ 657,185 $ — $ 666,989 $ — $ 666,989 Repurchase agreements (1) $ 348,063 $ — $ 368,098 $ — $ 368,098 Long-term debt $ 1,574,765 $ — $ 1,577,572 $ — $ 1,577,572 Accrued interest payable $ 21,671 $ — $ 21,671 $ — $ 21,671 ($ in thousands) December 31, 2019 Carrying Level 1 Level 2 Level 3 Estimated Financial assets: Cash and cash equivalents $ 3,261,149 $ 3,261,149 $ — $ — $ 3,261,149 Interest-bearing deposits with banks $ 196,161 $ — $ 196,161 $ — $ 196,161 Resale agreements (1) $ 860,000 $ — $ 856,025 $ — $ 856,025 Restricted equity securities, at cost $ 78,580 $ — $ 78,580 $ — $ 78,580 Loans held-for-sale $ 434 $ — $ 434 $ — $ 434 Loans held-for-investment, net $ 34,420,252 $ — $ — $ 35,021,300 $ 35,021,300 Mortgage servicing rights $ 6,068 $ — $ — $ 8,199 $ 8,199 Accrued interest receivable $ 144,599 $ — $ 144,599 $ — $ 144,599 Financial liabilities: Demand, checking, savings and money market deposits $ 27,109,951 $ — $ 27,109,951 $ — $ 27,109,951 Time deposits $ 10,214,308 $ — $ 10,208,895 $ — $ 10,208,895 Short-term borrowings $ 28,669 $ — $ 28,669 $ — $ 28,669 FHLB adv |
Securities Purchased under Resa
Securities Purchased under Resale Agreements and Sold under Repurchase Agreements | 9 Months Ended |
Sep. 30, 2020 | |
RESALE AND REPURCHASE AGREEMENTS [Abstract] | |
Securities Purchased under Resale Agreements and Sold under Repurchase Agreements | Securities Purchased under Resale Agreements and Sold under Repurchase Agreements Resale Agreements Gross resale agreements were $1.21 billion and $1.11 billion as of September 30, 2020 and December 31, 2019, respectively. The weighted-average yields were 1.72% and 2.59% for the three months ended September 30, 2020 and 2019, respectively, and 2.09% and 2.71% for the nine months ended September 30, 2020 and 2019, respectively. Repurchase Agreements As of September 30, 2020, the collateral for the repurchase agreements were comprised of U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities, and U.S. Treasury securities. Gross repurchase agreements were $348.1 million and $450.0 million as of September 30, 2020 and December 31, 2019, respectively. The weighted-average interest rates were 2.70% and 4.68% for the three months ended September 30, 2020 and 2019, respectively, and 3.48% and 4.87% for the nine months ended September 30, 2020 and 2019, respectively. During the second quarter of 2020, the Company recorded $8.7 million of charges related to the extinguishment of $150.0 million of repurchase agreements. In comparison, there were no extinguishment charges recorded in 2019. As of September 30, 2020, $48.1 million and $300.0 million of the repurchase agreements will mature in 2020 and 2023, respectively. Balance Sheet Offsetting The Company’s resale and repurchase agreements are transacted under legally enforceable master repurchase agreements that, in the event of default by the counterparty, provide the Company the right to liquidate securities held and to offset receivables and payables with the same counterparty. The Company nets resale and repurchase transactions with the same counterparty on the Consolidated Balance Sheet when it has a legally enforceable master netting agreement and the transactions are eligible for netting under ASC 210-20-45-11, Balance Sheet Offsetting : Repurchase and Reverse Repurchase Agreements . Collateral received includes securities that are not recognized on the Consolidated Balance Sheet. Collateral pledged consists of securities that are not netted on the Consolidated Balance Sheet against the related collateralized liability. Collateral received or pledged in resale and repurchase agreements with other financial institutions may also be sold or re-pledged by the secured party, and is usually delivered to and held by the third-party trustees. The collateral amounts received/pledged are limited for presentation purposes to the related recognized asset/liability balance for each counterparty, and accordingly, do not include excess collateral received/pledged. The following tables present the resale and repurchase agreements included on the Consolidated Balance Sheet as of September 30, 2020 and December 31, 2019: ($ in thousands) September 30, 2020 Gross Gross Amounts Net Amounts of Gross Amounts Not Offset on the Assets Net Collateral Received Resale agreements $ 1,210,000 $ — $ 1,210,000 $ (1,204,933) (1) $ 5,067 Gross Gross Amounts Net Amounts of Gross Amounts Not Offset on the Liabilities Net Collateral Pledged Repurchase agreements $ 348,063 $ — $ 348,063 $ (330,600) (2) $ 17,463 ($ in thousands) December 31, 2019 Gross Gross Amounts Net Amounts of Gross Amounts Not Offset on the Assets Net Collateral Received Resale agreements $ 1,110,000 $ (250,000) $ 860,000 $ (856,058) (1) $ 3,942 Gross Gross Amounts Net Amounts of Gross Amounts Not Offset on the Liabilities Net Collateral Pledged Repurchase agreements $ 450,000 $ (250,000) $ 200,000 $ (200,000) (2) $ — (1) Represents the fair value of securities the Company has received under resale agreements, limited for table presentation purposes to the amount of the recognized asset due from each counterparty. The application of collateral cannot reduce the net position below zero. Therefore, excess collateral, if any, is not reflected above. (2) Represents the fair value of securities the Company has pledged under repurchase agreements, limited for table presentation purposes to the amount of the recognized liability due to each counterparty. The application of collateral cannot reduce the net position below zero. Therefore, excess collateral, if any, is not reflected above. In addition to the amounts included in the tables above, the Company also has balance sheet netting related to derivatives. Refer to Note 6 — Derivatives to the Consolidated Financial Statements in this Form 10-Q for additional information. |
Securities
Securities | 9 Months Ended |
Sep. 30, 2020 | |
Investments, Debt and Equity Securities [Abstract] | |
Securities | Securities The following tables present the amortized cost, gross unrealized gains and losses, and fair value by major categories of AFS debt securities as of September 30, 2020 and December 31, 2019: ($ in thousands) September 30, 2020 Amortized Gross Gross Fair AFS debt securities: U.S. Treasury securities $ 50,410 $ 588 $ — $ 50,998 U.S. government agency and U.S. government-sponsored enterprise debt securities 718,907 10,565 (2,410) 727,062 U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities: Commercial mortgage-backed securities 937,078 34,292 (4,261) 967,109 Residential mortgage-backed securities 1,206,488 32,578 (1,057) 1,238,009 Municipal securities 327,422 7,199 (1,346) 333,275 Non-agency mortgage-backed securities: Commercial mortgage-backed securities 210,343 5,556 (1,223) 214,676 Residential mortgage-backed securities 277,306 782 (475) 277,613 Corporate debt securities 251,253 1,327 (1,403) 251,177 Foreign government bonds 134,179 26 (1,534) 132,671 Asset-backed securities 64,308 — (1,160) 63,148 CLOs 294,000 — (10,578) 283,422 Total AFS debt securities $ 4,471,694 $ 92,913 $ (25,447) $ 4,539,160 ($ in thousands) December 31, 2019 Amortized Gross Gross Fair AFS debt securities: U.S. Treasury securities $ 177,215 $ — $ (793) $ 176,422 U.S. government agency and U.S. government-sponsored enterprise debt securities 584,275 1,377 (4,407) 581,245 U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities: Commercial mortgage-backed securities 599,814 8,551 (4,894) 603,471 Residential mortgage-backed securities 998,447 6,927 (1,477) 1,003,897 Municipal securities 101,621 790 (109) 102,302 Non-agency mortgage-backed securities: Commercial mortgage-backed securities 86,609 1,947 (6) 88,550 Residential mortgage-backed securities 46,830 3 (285) 46,548 Corporate debt securities 11,250 12 (113) 11,149 Foreign government bonds 354,481 198 (507) 354,172 Asset-backed securities 66,106 — (1,354) 64,752 CLOs 294,000 — (9,294) 284,706 Total AFS debt securities $ 3,320,648 $ 19,805 $ (23,239) $ 3,317,214 As of September 30, 2020, the amortized cost of AFS debt securities excluded accrued interest receivables of $14.8 million, which are included in Other assets on the Consolidated Balance Sheet. For the Company’s accounting policy related to AFS debt securities’ accrued interest receivable, see Note 2 — Current Accounting Developments and Summary of Significant Accounting Policies to the Consolidated Financial Statements in this Form 10-Q. Unrealized Losses The following tables present the fair value and the associated gross unrealized losses of the Company’s AFS debt securities, aggregated by investment category and the length of time that the securities have been in a continuous unrealized loss position as of September 30, 2020 and December 31, 2019. ($ in thousands) September 30, 2020 Less Than 12 Months 12 Months or More Total Fair Gross Fair Gross Fair Gross AFS debt securities: U.S. government agency and U.S. government sponsored enterprise debt securities $ 336,399 $ (2,410) $ — $ — $ 336,399 $ (2,410) U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities: Commercial mortgage-backed securities 224,593 (4,194) 10,456 (67) 235,049 (4,261) Residential mortgage-backed securities 62,150 (1,057) — — 62,150 (1,057) Municipal securities 151,283 (1,346) — — 151,283 (1,346) Non-agency mortgage-backed securities: Commercial mortgage-backed securities 66,469 (1,210) 7,907 (13) 74,376 (1,223) Residential mortgage-backed securities 135,192 (475) — — 135,192 (475) Corporate debt securities 145,134 (866) 9,463 (537) 154,597 (1,403) Foreign government bonds 102,350 (1,534) — — 102,350 (1,534) Asset-backed securities — — 63,148 (1,160) 63,148 (1,160) CLOs 283,422 (10,578) — — 283,422 (10,578) Total AFS debt securities $ 1,506,992 $ (23,670) $ 90,974 $ (1,777) $ 1,597,966 $ (25,447) ($ in thousands) December 31, 2019 Less Than 12 Months 12 Months or More Total Fair Gross Fair Gross Fair Gross AFS debt securities: U.S. Treasury securities $ — $ — $ 176,422 $ (793) $ 176,422 $ (793) U.S. government agency and U.S. government-sponsored enterprise debt securities 310,349 (4,407) — — 310,349 (4,407) U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities: Commercial mortgage-backed securities 204,675 (2,346) 108,314 (2,548) 312,989 (4,894) Residential mortgage-backed securities 325,354 (1,234) 34,337 (243) 359,691 (1,477) Municipal securities 31,130 (109) — — 31,130 (109) Non-agency mortgage-backed securities: Commercial mortgage-backed securities 7,914 (6) — — 7,914 (6) Residential mortgage-backed securities 42,894 (285) — — 42,894 (285) Corporate debt securities — — 9,888 (113) 9,888 (113) Foreign government bonds 129,074 (407) 9,900 (100) 138,974 (507) Asset-backed securities 52,565 (902) 12,187 (452) 64,752 (1,354) CLOs 284,706 (9,294) — — 284,706 (9,294) Total AFS debt securities $ 1,388,661 $ (18,990) $ 351,048 $ (4,249) $ 1,739,709 $ (23,239) As of September 30, 2020, the Company had 96 AFS debt securities in a gross unrealized loss position with no credit impairment. The AFS debt securities that made up the gross unrealized loss as of September 30, 2020 were comprised primarily of three CLOs, 25 U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities, and 13 U.S. government agency and U.S. government-sponsored enterprise debt securities. In comparison, as of December 31, 2019, the Company had 101 AFS debt securities in a gross unrealized loss position with no credit impairment. The AFS debt securities that made up the gross unrealized loss as of December 31, 2019 were comprised primarily of three CLOs, 57 U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities, and 14 U.S. government agency and U.S. government-sponsored enterprise debt securities. Allowance for Credit Losses Each reporting period, the Company assesses each AFS debt security that is in an unrealized loss position to determine whether the decline in fair value below the amortized cost basis resulted from a credit loss or other factors. For a discussion of the factors and criteria the Company uses in analyzing securities for impairment related to credit losses, see Note 2 — Current Accounting Developments and Summary of Significant Accounting Policies — Allowance for Credit Losses on Available-for-Sale Debt Securities to the Consolidated Financial Statements in this Form 10-Q. Prior to January 1, 2020, the Company assessed individual securities that were in an unrealized loss position for OTTI. The gross unrealized losses presented in the above tables were primarily attributable to yield curve movements and widened spreads arising from the negative outlook and uncertainty as a result of the COVID-19 pandemic. Securities that were in unrealized loss positions as of September 30, 2020 were mainly comprised of the following: • U.S. government agency and U.S. government-sponsored enterprise debt securities — The market value decline as of September 30, 2020 was primarily due to interest rate movement. Since these debt securities are guaranteed or sponsored by agencies of the U.S. government, and the credit profiles are strong (rated A, AA+ and AAA by Moody’s Investors Service (“Moody’s”), Standard and Poor's (“S&P”) and Fitch Ratings (“Fitch”), respectively), the Company expects to receive all contractual interest payments on-time, and believes the risk of credit losses on these securities is remote. • U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities — The market value decline as of September 30, 2020 was primarily due to interest rate movement. Since these securities are guaranteed or sponsored by agencies of the U.S. government, and the credit profiles are strong (rated A, AA+ and AAA by Moody’s, S&P and Fitch, respectively), the Company expects to receive all contractual interest payments on-time, and believes the risk of credit losses on these securities is remote. • CLOs — The market value decline as of September 30, 2020 was largely due to market dislocation in the CLO sector, which resulted in wider liquidity spreads. The credit profiles of the securities are strong (rated A or higher by S&P) and the contractual payments from these bonds are expected to be received on-time. Accordingly, the Company believes that the risk of credit losses on these securities is remote. Overall, the Company believes that the credit support levels of the AFS debt securities are strong and, based on current assessments and macroeconomic forecasts, expects that full contractual cash flows will be received even if near-term credit performance deteriorates under the impact of the COVID-19 pandemic. As of September 30, 2020, the Company had the intent to hold the AFS debt securities with unrealized losses through the anticipated recovery period and it was more-likely-than-not that the Company will not have to sell these securities before recovery of their amortized cost. The issuers of these securities have not, to the Company’s knowledge, established any cause for default on these securities. As a result, the Company expects to recover the entire amortized cost basis of these securities. Accordingly, there was no allowance for credit losses as of September 30, 2020 against these securities, and there was no provision for credit losses recognized for the three and nine months ended September 30, 2020. For the three and nine months ended September 30, 2019, there was no OTTI credit loss recognized. Realized Gains and Losses The following table presents the proceeds, gross realized gains and tax expense related to the sales of AFS debt securities for the three and nine months ended September 30, 2020 and 2019: ($ in thousands) Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Proceeds from sales $ 10,497 $ 101,129 $ 494,877 $ 476,231 Gross realized gains $ 698 $ 58 $ 11,867 $ 3,066 Related tax expense $ 206 $ 17 $ 3,508 $ 906 Contractual Maturities of Available-for-Sale Debt Securities The following table presents the contractual maturities of AFS debt securities as of September 30, 2020. Expected maturities will differ from contractual maturities on certain securities as the issuers and borrowers of the underlying collateral may have the right to call or prepay obligations with or without prepayment penalties. ($ in thousands) Amortized Cost Fair Value Due within one year $ 756,955 $ 757,035 Due after one year through five years 383,722 388,413 Due after five years through ten years 440,452 451,219 Due after ten years 2,890,565 2,942,493 Total AFS debt securities $ 4,471,694 $ 4,539,160 As of September 30, 2020 and December 31, 2019, AFS debt securities with fair valu e of $710.4 million and $479.4 million, respectively, were pledged to secure public deposits, repurchase agreements and for other purposes required or permitted by law. Restricted Equity Securities The following table presents the restricted equity securities on the Consolidated Balance Sheet as of September 30, 2020 and December 31, 2019: ($ in thousands) September 30, 2020 December 31, 2019 Federal Reserve Bank (“FRB”) stock $ 58,990 $ 58,330 FHLB stock 20,182 20,250 Total restricted equity securities $ 79,172 $ 78,580 |
Derivatives
Derivatives | 9 Months Ended |
Sep. 30, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives | Derivatives The Company uses derivatives to manage exposure to market risk, primarily interest rate or foreign currency risk, as well as to assist customers with their risk management objectives. The Company’s goal is to manage interest rate sensitivity and volatility so that movements in interest rates do not significantly affect earnings or capital. The Company also uses foreign exchange contracts to manage the foreign exchange rate risk associated with certain foreign currency-denominated assets and liabilities, as well as the Bank’s investment in East West Bank (China) Limited. The Company recognizes all derivatives on the Consolidated Balance Sheet at fair value. While the Company designates certain derivatives as hedging instruments in a qualifying hedge accounting relationship, other derivatives consist of economic hedges. For additional information on the Company’s derivatives and hedging activities, see Note 1 — Summary of Significant Accounting Policies — Significant Accounting Policies — Derivatives to the Consolidated Financial Statements of the Company’s 2019 Form 10-K. The following table presents the total notional amounts and gross fair values of the Company’s derivatives, as well as the balance sheet netting adjustments on an aggregate basis as of September 30, 2020 and December 31, 2019. The derivative assets and liabilities are presented on a gross basis prior to the application of bilateral collateral and master netting agreements, but after the variation margin payments with central clearing organizations have been applied as settlement, as applicable. Total derivative assets and liabilities are adjusted to take into consideration the effects of legally enforceable master netting agreements and cash collateral received or paid as of September 30, 2020 and December 31, 2019. The resulting net derivative asset and liability fair values are included in Other assets and Accrued expenses and other liabilities , respectively, on the Consolidated Balance Sheet. ($ in thousands) September 30, 2020 December 31, 2019 Notional Fair Value Notional Fair Value Derivative Derivative Derivative Derivative Derivatives designated as hedging instruments: Fair value hedges: Interest rate contracts $ 15,194 $ 64 $ — $ 31,026 $ — $ 3,198 Cash flow hedges: Interest rate contracts 275,000 — 1,861 — — — Net investment hedges: Foreign exchange contracts 80,992 — 252 86,167 — 1,586 Total derivatives designated as hedging instruments $ 371,186 $ 64 $ 2,113 $ 117,193 $ — $ 4,784 Derivatives not designated as hedging instruments: Interest rate contracts $ 17,613,982 $ 566,571 $ 370,196 $ 15,489,692 $ 192,883 $ 124,119 Foreign exchange contracts 1,832,383 19,134 14,530 4,839,661 54,637 47,024 Credit contracts 77,397 47 307 210,678 2 84 Equity contracts — (1) 12,765 — — (1) 1,414 — Commodity contracts — (2) 110,029 118,873 — (2) 81,380 80,517 Total derivatives not designated as hedging instruments $ 19,523,762 $ 708,546 $ 503,906 $ 20,540,031 $ 330,316 $ 251,744 Gross derivative assets/liabilities $ 708,610 $ 506,019 $ 330,316 $ 256,528 Less: Master netting agreements (104,456) (104,456) (121,561) (121,561) Less: Cash collateral received/paid (5,240) (97,675) (3,758) (38,238) Net derivative assets/liabilities $ 598,914 $ 303,888 $ 204,997 $ 96,729 (1) The Company held equity contracts in three public companies and 17 private companies as of September 30, 2020. In comparison, the Company held equity contracts in three public companies and 18 private companies as of December 31, 2019. (2) The notional amount of the Company’s commodity contracts entered with its customers totaled 6,100 thousand barrels of crude oil and 110,340 thousand units of natural gas, measured in million British thermal units (“MMBTUs”) as of September 30, 2020. In comparison, the notional amount of the Company’s commodity contracts entered with its customers totaled 7,811 thousand barrels of crude oil and 63,773 thousand MMBTUs of natural gas as of December 31, 2019. The Company simultaneously entered into the offsetting commodity contracts with mirrored terms with third-party financial institutions. Derivatives Designated as Hedging Instruments Fair Value Hedges — The Company is exposed to changes in the fair value of certain certificates of deposit due to changes in the benchmark interest rates. The Company has entered into interest rate swaps, which were designated as fair value hedges. The interest rate swaps involve the exchange of variable rate payments over the life of the agreements without the exchange of the underlying notional amounts. The following table presents the net gains (losses) recognized on the Consolidated Statement of Income related to the derivatives designated as fair value hedges for the three and nine months ended September 30, 2020 and 2019: ($ in thousands) Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Gains (losses) recorded in interest expense: Recognized on interest rate swaps $ 154 $ 202 $ 3,150 $ 3,056 Recognized on certificates of deposit $ 112 $ (37) $ (1,607) $ (2,732) The following table presents the carrying amount and associated cumulative basis adjustment related to the application of fair value hedge accounting that is included in the carrying amount of the hedged certificates of deposit as of September 30, 2020 and December 31, 2019: ($ in thousands) Carrying Value (1) Cumulative Fair Value Adjustment (2) September 30, 2020 December 31, 2019 September 30, 2020 December 31, 2019 Certificates of deposit $ (14,874) $ (29,080) $ (2) $ 1,604 (1) Represents the full carrying amount of the hedged certificates of deposit. (2) For liabilities, (increase) decrease to carrying value. Cash Flow Hedges — The Company entered into interest rate swaps that were designated and qualified as cash flow hedges in the second quarter of 2020 to hedge the variability in interest payments on certain floating rate borrowings. For cash flow hedges, the entire change in the fair value of the hedging instruments is recognized in AOCI and reclassified to earnings in the same period when the hedged cash flows impact earnings. Reclassified gains and losses on interest rate swaps are recorded in the same line item as the interest payments of the hedged long-term borrowings within Interest expense in the Consolidated Statements of Income. As of September 30, 2020, the notional amount of the interest rate swaps that were designated as cash flow hedges was $275.0 million. Considering the interest rates, yield curve and notional amounts as of September 30, 2020, the Company expects to reclassify an estimated $536 thousand of after-tax net losses on derivative instruments designated as cash flow hedges from AOCI into earnings during the next 12 months. The following table presents the pre-tax changes in AOCI from cash flow hedges for the three and nine months ended September 30, 2020 and 2019. The after-tax impact of cash flow hedges on AOCI is shown in Note 14 — Accumulated Other Comprehensive Income (Loss) to the Consolidated Financial Statements in the Form-10-Q. ($ in thousands) Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Gains (losses) recognized in AOCI $ 34 $ — $ (1,449) $ — (Losses) gains reclassified from AOCI to Interest expense $ (87) $ — $ 290 $ — Net Investment Hedges — ASC 830-20, Foreign Currency Matters — Foreign Currency Transactions and ASC 815, Derivatives and Hedging , allow hedging of the foreign currency risk of a net investment in a foreign operation. The Company enters into foreign currency forward contracts to hedge a portion of the Bank’s investment in East West Bank (China) Limited, a non-USD functional currency subsidiary in China. The hedging instruments designated as net investment hedges involve hedging the risk of changes in the USD equivalent value of a designated monetary amount of the Bank’s net investment in East West Bank (China) Limited, against the risk of adverse changes in the foreign currency exchange rate of the Chinese Renminbi (“RMB”). The Company may de-designate the net investment hedges when the Company expects the hedge will cease to be highly effective. The notional and fair value amounts of the foreign exchange forward contracts were $81.0 million and $252 thousand liability, respectively, as of September 30, 2020. In comparison, the notional and fair value amounts of the foreign exchange forward contracts were $86.2 million and $1.6 million liability, respectively, as of December 31, 2019. The following table presents the after-tax (losses) gains recognized in AOCI on net investment hedges for the three and nine months ended September 30, 2020 and 2019: ($ in thousands) Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 (Losses) gains recognized in AOCI $ (2,627) $ 2,954 $ (2,000) $ 351 Derivatives Not Designated as Hedging Instruments Interest Rate Contracts — The Company enters into interest rate contracts, which include interest rate swaps and options with its customers to allow customers to hedge against the risk of rising interest rates on their variable rate loans. To economically hedge against the interest rate risks in the products offered to its customers, the Company enters into mirrored offsetting interest rate contracts with third-party financial institutions, including central clearing organizations. The following tables present the notional amounts and the gross fair values of interest rate derivative contracts outstanding as of September 30, 2020 and December 31, 2019: ($ in thousands) September 30, 2020 Customer Counterparty ($ in thousands) Financial Counterparty Notional Fair Value Notional Fair Value Assets Liabilities Assets Liabilities Written options $ 816,659 $ — $ 64 Purchased options $ 816,659 $ 65 $ — Sold collars and corridors 510,489 9,051 — Collars and corridors 510,489 — 9,107 Swaps 7,464,057 556,237 — Swaps 7,495,629 1,218 361,025 Total $ 8,791,205 $ 565,288 $ 64 Total $ 8,822,777 $ 1,283 $ 370,132 ($ in thousands) December 31, 2019 Customer Counterparty ($ in thousands) Financial Counterparty Notional Fair Value Notional Fair Value Assets Liabilities Assets Liabilities Written options $ 1,003,558 $ — $ 66 Purchased options $ 1,003,558 $ 67 $ — Sold collars and corridors 490,852 1,971 16 Collars and corridors 490,852 17 1,996 Swaps 6,247,667 187,294 6,237 Swaps 6,253,205 3,534 115,804 Total $ 7,742,077 $ 189,265 $ 6,319 Total $ 7,747,615 $ 3,618 $ 117,800 In January 2018, the London Clearing House (“LCH”) amended its rulebook to legally characterize variation margin payments made to and received from LCH as settlements of derivatives, and not as collateral against derivatives. Included in the total notional amount of $8.82 billion of interest rate contracts entered into with financial counterparties as of September 30, 2020, was a notional amount of $2.99 billion of interest rate swaps that cleared through LCH. Applying variation margin payments as settlement to LCH cleared derivative transactions resulted in a reduction in derivative liability fair values of $215.9 million as of September 30, 2020. In comparison, included in the total notional amount of $7.75 billion of interest rate contracts entered into with financial counterparties as of December 31, 2019, was a notional amount of $2.53 billion of interest rate swaps that cleared through LCH. Applying variation margin payments as settlement to LCH cleared derivative transactions resulted in a reduction in derivative asset fair values of $2.9 million and liability fair values of $75.1 million as of December 31, 2019. Foreign Exchange Contracts — The Company enters into foreign exchange contracts with its customers, consisting of forwards, spot, swap and option contracts to accommodate the business needs of its customers. For the foreign exchange contracts entered into with its customers, the Company managed its foreign exchange exposure by entering into offsetting foreign exchange contracts with third-party financial institutions. The Company also enters into bilateral collateral and master netting agreements with certain customer counterparties to manage its credit exposure. The Company also utilizes foreign exchange contracts, which are not designated as hedging instruments to mitigate the economic effect of currency fluctuations on certain foreign currency-denominated on-balance sheet assets and liabilities, primarily for foreign currency-denominated deposits offered to its customers. A majority of the foreign exchange contracts had original maturities of one year or less as of both September 30, 2020 and December 31, 2019. The following tables present the notional amounts and the gross fair values of foreign exchange derivative contracts outstanding as of September 30, 2020 and December 31, 2019: ($ in thousands) September 30, 2020 Customer Counterparty ($ in thousands) Financial Counterparty Notional Fair Value Notional Fair Value Assets Liabilities Assets Liabilities Forwards and spot $ 959,820 $ 8,480 $ 11,884 Forwards and spot $ 205,113 $ 1,367 $ 124 Swaps 11,373 358 45 Swaps 486,211 8,383 1,951 Collars 1,172 — 26 Collars 168,694 546 500 Total $ 972,365 $ 8,838 $ 11,955 Total $ 860,018 $ 10,296 $ 2,575 ($ in thousands) December 31, 2019 Customer Counterparty ($ in thousands) Financial Counterparty Notional Fair Value Notional Fair Value Assets Liabilities Assets Liabilities Forwards and spot $ 3,581,036 $ 45,911 $ 40,591 Forwards and spot $ 207,492 $ 1,400 $ 507 Swaps 6,889 16 84 Swaps 702,391 6,156 4,712 Written options 87,036 127 — Purchased options 87,036 — 127 Collars 2,244 — 14 Collars 165,537 1,027 989 Total $ 3,677,205 $ 46,054 $ 40,689 Total $ 1,162,456 $ 8,583 $ 6,335 Credit Contracts — The Company may periodically enter into RPA contracts to manage the credit exposure on interest rate contracts associated with syndicated loans and may enter into protection sold or protection purchased RPAs with institutional counterparties. Under the RPAs, the Company will receive or make a payment if a borrower defaults on the related interest rate contract. Credit risk on RPAs is managed by monitoring the credit worthiness of the borrowers and institutional counterparties, which is based on the normal credit review process. The referenced entities of the RPAs were investment grade as of both September 30, 2020 and December 31, 2019. The notional amount of the RPAs reflects the Company’s pro-rata share of the derivative instrument. The following table presents the notional amounts and the gross fair values of RPAs sold and purchased outstanding as of September 30, 2020 and December 31, 2019: ($ in thousands) September 30, 2020 December 31, 2019 Notional Fair Value Notional Fair Value Assets Liabilities Assets Liabilities RPAs - protection sold $ 66,683 $ — $ 307 $ 199,964 $ — $ 84 RPAs - protection purchased 10,714 47 — 10,714 2 — Total RPAs $ 77,397 $ 47 $ 307 $ 210,678 $ 2 $ 84 Assuming all underlying borrowers referenced in the interest rate contracts defaulted as of September 30, 2020 and December 31, 2019, the exposure from the RPAs with protections sold would be $748 thousand and $125 thousand, respectively. As of September 30, 2020 and December 31, 2019, the weighted-average remaining maturities of the outstanding RPAs were 4.0 years and 2.2 years, respectively. Equity Contracts — From time to time, as part of the Company’s loan origination process, the Company obtains warrants to purchase preferred and/or common stock of technology and life sciences companies to which it provides loans. Warrants grant the Company the right to buy a certain class of the underlying company’s equity at a certain price before expiration. The Company held warrants in three public companies and 17 private companies as of September 30, 2020, and held warrants in three public companies and 18 private companies as of December 31, 2019. The total fair value of the warrants held in both public and private companies was $12.8 million and $1.4 million as of September 30, 2020 and December 31, 2019, respectively. Commodity Contracts — The Company enters into energy commodity contracts in the form of swaps and options with its commercial loan customers to allow them to hedge against the risk of energy commodity price fluctuation. To economically hedge against the risk of commodity price fluctuation in the products offered to its customers, the Company enters into offsetting commodity contracts with third-party financial institutions to manage the exposure. The following tables present the notional amounts and fair values of the commodity derivative positions outstanding as of September 30, 2020 and December 31, 2019: ($ and units in thousands) September 30, 2020 Customer Counterparty ($ and units in thousands) Financial Counterparty Notional Fair Value Notional Fair Value Assets Liabilities Assets Liabilities Crude oil: Crude oil: Written options — Barrels $ — $ — Purchased options — Barrels $ — $ — Collars 1,390 Barrels 18 12,245 Collars 1,544 Barrels 12,946 943 Swaps 4,710 Barrels 3,635 36,622 Swaps 4,759 Barrels 21,336 2,991 Total 6,100 $ 3,653 $ 48,867 Total 6,303 $ 34,282 $ 3,934 Natural gas: Natural gas: Written options 973 MMBTUs $ — $ 116 Purchased options 963 MMBTUs $ 115 $ — Collars 14,761 MMBTUs 3,705 — Collars 18,111 MMBTUs — 3,046 Swaps 94,606 MMBTUs 42,231 26,055 Swaps 102,263 MMBTUs 26,043 36,855 Total 110,340 $ 45,936 $ 26,171 Total 121,337 $ 26,158 $ 39,901 Total $ 49,589 $ 75,038 Total $ 60,440 $ 43,835 ($ and units in thousands) December 31, 2019 Customer Counterparty ($ and units in thousands) Financial Counterparty Notional Fair Value Notional Fair Value Assets Liabilities Assets Liabilities Crude oil: Crude oil: Written options 36 Barrels $ — $ 30 Purchased options 36 Barrels $ 29 $ — Collars 3,174 Barrels 2,673 538 Collars 3,630 Barrels 677 2,815 Swaps 4,601 Barrels 6,949 5,531 Swaps 4,721 Barrels 4,516 5,215 Total 7,811 $ 9,622 $ 6,099 Total 8,387 $ 5,222 $ 8,030 Natural gas: Natural gas: Written options 540 MMBTUs $ — $ 22 Purchased options 530 MMBTUs $ 21 $ — Collars 14,277 MMBTUs 186 522 Collars 14,517 MMBTUs 471 150 Swaps 48,956 MMBTUs 30,257 35,497 Swaps 48,779 MMBTUs 35,601 30,197 Total 63,773 $ 30,443 $ 36,041 Total 63,826 $ 36,093 $ 30,347 Total $ 40,065 $ 42,140 Total $ 41,315 $ 38,377 Beginning in January 2017, the Chicago Mercantile Exchange (“CME”) amended its rulebook to legally characterize variation margin payments made to and received from CME as settlements of derivatives and not as collateral against derivatives. As of September 30, 2020, the notional quantities that cleared through CME totaled 1,506 thousand barrels of crude oil and 31,395 thousand MMBTUs of natural gas. Applying the variation margin payments as settlement to CME-cleared derivative transactions resulted in reductions to the gross derivative asset fair value of $17.8 million and to the liability fair value of $6.6 million as of September 30, 2020, to a net fair value of zero. In comparison, the notional quantities that cleared through CME totaled 1,752 thousand barrels of crude oil and 6,075 thousand MMBTUs of natural gas as of December 31, 2019. Applying the variation margin payments as settlement to CME-cleared derivative transactions resulted in a reductions to the gross derivative asset fair value of $2.9 million and to the liability fair value of $1.5 million, respectively, as of December 31, 2019, to a net asset fair value of $986 thousand. The following table presents the net (losses) gains recognized on the Company’s Consolidated Statement of Income related to derivatives not designated as hedging instruments for the three and nine months ended September 30, 2020 and 2019: ($ in thousands) Classification on Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Derivatives not designated as hedging instruments: Interest rate contracts Interest rate contracts and other derivative income $ (3,013) $ (2,738) $ (15,385) $ (5,876) Foreign exchange contracts Foreign exchange income 5,255 5,306 14,317 15,127 Credit contracts Interest rate contracts and other derivative income 26 (3) (72) 44 Equity contracts Lending fees 3,592 (442) 11,971 725 Commodity contracts Interest rate contracts and other derivative income 34 14 (13) (4) Net gains $ 5,894 $ 2,137 $ 10,818 $ 10,016 Credit Risk-Related Contingent Features — Certain over-the-counter derivative contracts of the Company contain early termination provisions that may require the Company to settle any outstanding balances upon the occurrence of a specified credit risk-related event. These events, which are defined by the existing derivative contracts, primarily relate to a downgrade in the credit rating of East West Bank to below investment grade. As of September 30, 2020, the aggregate fair value amounts of all derivative instruments with credit risk-related contingent features that were in a net liability position totaled $126.4 million, in which $126.3 million in cash and securities collateral was posted to cover these positions. As of December 31, 2019, the aggregate fair value amounts of all derivative instruments with credit risk-related contingent features that were in a net liability position totaled $56.4 million, which included $14.4 million in derivative assets and $70.8 million in derivative liabilities. The Company posted $56.4 million in cash and securities collateral to cover these positions as of December 31, 2019. In the event that the credit rating of East West Bank had been downgraded to below investment grade, additional minimal collateral would have been required to be posted as of September 30, 2020, and December 31, 2019. Offsetting of Derivatives The following tables present the gross derivative fair values, the balance sheet netting adjustments and the resulting net fair values recorded on the consolidated balance sheet, as well as the cash and noncash collateral associated with master netting arrangements. The gross amounts of derivative assets and liabilities are presented after the application of variation margin payments as settlements with central counterparties, where applicable. The collateral amounts in the following tables are limited to the outstanding balances of the related asset or liability, after the application of netting; therefore instances of overcollateralization are not shown: ($ in thousands) As of September 30, 2020 Gross Amounts Recognized (1) Gross Amounts Offset Net Amounts Gross Amounts Not Offset Net Amount Master Netting Arrangements Cash Collateral Received (3) Security Collateral Received (5) Derivative assets $ 708,610 $ (104,456) $ (5,240) $ 598,914 $ (8,647) $ 590,267 Gross Amounts Recognized (2) Gross Amounts Offset Net Amounts Gross Amounts Not Offset Net Amount Master Netting Arrangements Cash Collateral Pledged (4) Security Collateral Pledged (5) Derivative liabilities $ 506,019 $ (104,456) $ (97,675) $ 303,888 $ (262,165) $ 41,723 ($ in thousands) As of December 31, 2019 Gross Amounts Recognized (1) Gross Amounts Offset Net Amounts Gross Amounts Not Offset Net Amount Master Netting Arrangements Cash Collateral Received (3) Security Collateral Received (5) Derivative assets $ 330,316 $ (121,561) $ (3,758) $ 204,997 $ — $ 204,997 Gross Amounts Recognized (2) Gross Amounts Offset Net Amounts Gross Amounts Not Offset Net Amount Master Netting Arrangements Cash Collateral Pledged (4) Security Collateral Pledged (5) Derivative liabilities $ 256,528 $ (121,561) $ (38,238) $ 96,729 $ (79,619) $ 17,110 (1) Gross amounts recognized for derivative assets include amounts with counterparties subject to enforceable master netting arrangements or similar agreements of $695.6 million and $328.7 million, respectively, as of September 30, 2020 and December 31, 2019, and amounts with counterparties not subject to enforceable master netting arrangements or similar agreements of $13.0 million and $1.6 million, respectively, as of September 30, 2020 and December 31, 2019. (2) Gross amounts recognized for derivative liabilities include amounts with counterparties subject to enforceable master netting arrangements or similar agreements of $505.8 million and $256.5 million, respectively, as of September 30, 2020 and December 31, 2019, and amounts with counterparties not subject to enforceable master netting arrangements or similar agreements of $208 thousand and $20 thousand, respectively, as of September 30, 2020 and December 31, 2019. (3) Gross cash collateral received under master netting arrangements or similar agreements were $9.1 million and $3.8 million, respectively, as of September 30, 2020 and December 31, 2019. Of the gross cash collateral received, $5.2 million and $3.8 million were used to offset against derivative assets, respectively, as of September 30, 2020 and December 31, 2019. (4) Gross cash collateral pledged under master netting arrangements or similar agreements were $100.1 million and $43.0 million, respectively, as of September 30, 2020 and December 31, 2019. Of the gross cash collateral pledged, $97.7 million and $38.2 million were used to offset against derivative liabilities, respectively, as of September 30, 2020 and December 31, 2019. (5) Represents the fair value of security collateral received and pledged limited to derivative assets and liabilities that are subject to enforceable master netting arrangements or similar agreements. GAAP does not permit the netting of noncash collateral on the consolidated balance sheet but requires disclosure of such amounts. In addition to the amounts included in the tables above, the Company also has balance sheet netting related to the resale and repurchase agreements. Refer to Note 4 — Securities Purchased under Resale Agreements and Sold under Repurchase Agreements to the Consolidated Financial Statements for additional information. Refer to Note 3 — Fair Value Measurement and Fair Value of Financial Instruments to the Consolidated Financial Statements in this Form 10-Q for fair value measurement disclosures on derivatives. |
Loans Receivable and Allowance
Loans Receivable and Allowance for Credit Losses | 9 Months Ended |
Sep. 30, 2020 | |
Loans and Leases Receivable Disclosure [Abstract] | |
Loans Receivable and Allowance for Credit Losses | Loans Receivable and Allowance for Credit Losses The following table presents the composition of the Company’s loans held-for-investment as of September 30, 2020 and December 31, 2019: ($ in thousands) September 30, 2020 December 31, 2019 Amortized Cost (1) Non-PCI Loans (1) PCI Loans Total (1) Commercial: C&I (2) $ 13,305,024 $ 12,149,121 $ 1,810 $ 12,150,931 CRE: CRE 11,037,987 10,165,247 113,201 10,278,448 Multifamily residential 3,057,274 2,834,212 22,162 2,856,374 Construction and land 578,407 628,459 40 628,499 Total CRE 14,673,668 13,627,918 135,403 13,763,321 Total commercial 27,978,692 25,777,039 137,213 25,914,252 Consumer: Residential mortgage: Single-family residential 7,785,759 7,028,979 79,611 7,108,590 HELOCs 1,514,388 1,466,736 6,047 1,472,783 Total residential mortgage 9,300,147 8,495,715 85,658 8,581,373 Other consumer 158,290 282,914 — 282,914 Total consumer 9,458,437 8,778,629 85,658 8,864,287 Total loans held-for-investment $ 37,437,129 $ 34,555,668 $ 222,871 $ 34,778,539 Allowance for loan losses (618,252) (358,287) — (358,287) Loans held-for-investment, net $ 36,818,877 $ 34,197,381 $ 222,871 $ 34,420,252 (1) Includes net deferred loan fees, unearned fees, unamortized premiums and unaccreted discounts of $(67.0) million and $(43.2) million as of September 30, 2020 and December 31, 2019, respectively. (2) Includes PPP loans of $1.77 billion as of September 30, 2020. L oans held-for-investments’ accrued interest receivable was $108.1 million and $121.8 million as of September 30, 2020 and December 31, 2019, respectively. Reversal of interest income related to nonaccrual loans was approximately $1.2 million and $2.6 million during the three and nine months ended September 30, 2020, respectively. Interest income recognized on nonaccrual loans was approximately $18 thousand and $29 thousand for the three and nine months ended September 30, 2020, respectively. For the accounting policy on accrued interest receivable related to loans held-for-investment, see Note 2 — Current Accounting Developments and Summary of Significant Accounting Policies to the Consolidated Financial Statements in this Form 10-Q. Loans totaling $27.06 billion and $22.43 billion as of September 30, 2020 and December 31, 2019, respectively, were pledged to secure borrowings and provide additional borrowing capacity from the FRB and the FHLB. Credit Quality Indicators All loans are subject to the Company’s credit review and monitoring. For the commercial portfolio, loans are risk rated based on an analysis of the borrower’s current payment performance or delinquency, repayment sources, financial and liquidity factors, including industry and geographic considerations. For the majority of the consumer portfolio, payment performance or delinquency is the driving indicator for the risk ratings. The following table summarizes the Company’s loans held-for-investment as of September 30, 2020, presented by loan portfolio segments, internal risk ratings and vintage year. The vintage year is the year of origination, renewal or major modification. ($ in thousands) September 30, 2020 Term Loans Revolving Loans Revolving Loans Converted to Term Loans Amortized Cost Basis Total Amortized Cost Basis by Origination Year 2020 2019 2018 2017 2016 Prior Commercial: C&I: Pass $ 3,445,214 $ 1,746,325 $ 674,022 $ 361,648 $ 72,914 $ 140,094 $ 5,954,875 $ 9,735 $ 12,404,827 Special mention 5,466 55,742 103,052 11,576 129 2,085 234,394 — 412,444 Substandard 42,386 95,152 30,772 24,972 6,254 6,004 281,302 — 486,842 Doubtful 6 — — — 905 — — — 911 Total C&I 3,493,072 1,897,219 807,846 398,196 80,202 148,183 6,470,571 9,735 13,305,024 CRE: Pass 1,774,436 2,718,564 2,268,952 1,260,364 784,464 1,559,165 188,182 19,065 10,573,192 Special mention 3,593 51,598 56,943 84,362 1,600 81,431 — — 279,527 Substandard 25,431 58,561 14,289 43,895 509 42,583 — — 185,268 Total CRE 1,803,460 2,828,723 2,340,184 1,388,621 786,573 1,683,179 188,182 19,065 11,037,987 Multifamily residential: Pass 692,581 956,657 493,769 386,329 146,346 318,675 5,342 — 2,999,699 Special mention — — — — 24,602 986 — — 25,588 Substandard — 739 23,807 — — 7,441 — — 31,987 Total multifamily residential 692,581 957,396 517,576 386,329 170,948 327,102 5,342 — 3,057,274 Construction and land: Pass 118,823 253,079 155,371 5,248 21,371 1,158 — — 555,050 Substandard 3,565 — — — — 19,792 — — 23,357 Total construction and land 122,388 253,079 155,371 5,248 21,371 20,950 — — 578,407 Total CRE 2,618,429 4,039,198 3,013,131 1,780,198 978,892 2,031,231 193,524 19,065 14,673,668 Total commercial 6,111,501 5,936,417 3,820,977 2,178,394 1,059,094 2,179,414 6,664,095 28,800 27,978,692 Consumer: Single-family residential: Pass 1,619,709 1,916,265 1,603,227 1,086,999 561,422 978,167 — — 7,765,789 Special mention — 227 347 351 324 3,474 — — 4,723 Substandard — — 1,474 2,159 858 10,756 — — 15,247 Total single-family residential mortgage 1,619,709 1,916,492 1,605,048 1,089,509 562,604 992,397 — — 7,785,759 HELOCs: Pass 7 454 2,823 5,993 4,666 18,891 1,260,001 208,520 1,501,355 Special mention — — — — — — 3 637 640 Substandard — — 488 4,625 1,266 2,785 — 3,229 12,393 Total HELOCs 7 454 3,311 10,618 5,932 21,676 1,260,004 212,386 1,514,388 Total residential mortgage 1,619,716 1,916,946 1,608,359 1,100,127 568,536 1,014,073 1,260,004 212,386 9,300,147 Other consumer: Pass 18,282 3,625 34 1,838 — 84,179 47,837 — 155,795 Substandard — — — 2,491 — — 4 — 2,495 Total other consumer 18,282 3,625 34 4,329 — 84,179 47,841 — 158,290 Total consumer 1,637,998 1,920,571 1,608,393 1,104,456 568,536 1,098,252 1,307,845 212,386 9,458,437 Total $ 7,749,499 $ 7,856,988 $ 5,429,370 $ 3,282,850 $ 1,627,630 $ 3,277,666 $ 7,971,940 $ 241,186 $ 37,437,129 Revolving loans that are converted to term loans presented in the table above are excluded from the term loans by vintage year columns. During the three and nine months ended September 30, 2020, HELOCs totaling $59.8 million and $118.2 million, respectively, were converted to term loans. One C&I revolving loan of $250 thousand was converted to a term loan during the three and nine months ended September 30, 2020 and there were no conversions of CRE revolving loans to term loans during the three and nine months ended September 30, 2020. The following tables present the credit risk ratings for non-PCI and PCI loans by portfolio segments as of December 31, 2019: ($ in thousands) December 31, 2019 Pass Special Substandard Doubtful Total Commercial: C&I $ 11,423,094 $ 406,543 $ 302,509 $ 16,975 $ 12,149,121 CRE: CRE 10,003,749 83,683 77,815 — 10,165,247 Multifamily residential 2,806,475 20,406 7,331 — 2,834,212 Construction and land 603,447 — 25,012 — 628,459 Total CRE 13,413,671 104,089 110,158 — 13,627,918 Total commercial 24,836,765 510,632 412,667 16,975 25,777,039 Consumer: Residential mortgage: Single-family residential 7,012,522 2,278 14,179 — 7,028,979 HELOCs 1,453,207 2,787 10,742 — 1,466,736 Total residential mortgage 8,465,729 5,065 24,921 — 8,495,715 Other consumer 280,392 5 2,517 — 282,914 Total consumer 8,746,121 5,070 27,438 — 8,778,629 Total $ 33,582,886 $ 515,702 $ 440,105 $ 16,975 $ 34,555,668 ($ in thousands) December 31, 2019 Pass Special Substandard Doubtful Total Commercial: C&I $ 1,810 $ — $ — $ — $ 1,810 CRE: CRE 102,257 — 10,944 — 113,201 Multifamily residential 22,162 — — — 22,162 Construction and land 40 — — — 40 Total CRE 124,459 — 10,944 — 135,403 Total commercial 126,269 — 10,944 — 137,213 Consumer: Residential mortgage: Single-family residential 79,517 — 94 — 79,611 HELOCs 5,849 — 198 — 6,047 Total residential mortgage 85,366 — 292 — 85,658 Total consumer 85,366 — 292 — 85,658 Total (1) $ 211,635 $ — $ 11,236 $ — $ 222,871 (1) Loans net of ASC 310-10 discount. Nonaccrual and Past Due Loans Loans that are 90 or more days past due are generally placed on nonaccrual status, unless the loan is well-collateralized or guaranteed by government agencies, and in the process of collection. Loans that are less than 90 days past due but have identified deficiencies, such as when the full collection of principal or interest becomes uncertain, are also placed on nonaccrual status. The following table presents the aging analysis of total loans held-for-investment as of September 30, 2020: ($ in thousands) September 30, 2020 Current Accruing Accruing Total Nonaccrual Nonaccrual Total Total Commercial: C&I $ 13,105,895 $ 6,024 $ 47,119 $ 53,143 $ 110,068 $ 35,918 $ 145,986 $ 13,305,024 CRE: CRE 10,973,345 8,646 — 8,646 1,338 54,658 55,996 11,037,987 Multifamily residential 3,049,683 3,504 359 3,863 2,404 1,324 3,728 3,057,274 Construction and land 578,407 — — — — — — 578,407 Total CRE 14,601,435 12,150 359 12,509 3,742 55,982 59,724 14,673,668 Total commercial 27,707,330 18,174 47,478 65,652 113,810 91,900 205,710 27,978,692 Consumer: Residential mortgage: Single-family residential 7,755,878 9,076 4,911 13,987 1,149 14,745 15,894 7,785,759 HELOCs 1,497,315 4,038 640 4,678 580 11,815 12,395 1,514,388 Total residential mortgage 9,253,193 13,114 5,551 18,665 1,729 26,560 28,289 9,300,147 Other consumer 155,120 672 3 675 — 2,495 2,495 158,290 Total consumer 9,408,313 13,786 5,554 19,340 1,729 29,055 30,784 9,458,437 Total $ 37,115,643 $ 31,960 $ 53,032 $ 84,992 $ 115,539 $ 120,955 $ 236,494 $ 37,437,129 The following table presents amortized cost of loans on nonaccrual status for which there was no related allowance for loan losses as of September 30, 2020: ($ in thousands) September 30, 2020 Commercial: C&I $ 95,475 CRE: CRE 54,659 Multifamily residential 2,550 Total CRE 57,209 Total commercial 152,684 Consumer: Residential mortgage: Single-family residential 6,014 HELOCs 8,339 Total residential mortgage 14,353 Other consumer 2,491 Total consumer 16,844 Total nonaccrual loans with no related allowance for loan losses $ 169,528 The following table presents the aging analysis of non-PCI loans as of December 31, 2019: ($ in thousands) December 31, 2019 Current Accruing Accruing Total Nonaccrual Nonaccrual Total Total Commercial: C&I $ 12,026,131 $ 31,121 $ 17,034 $ 48,155 $ 31,084 $ 43,751 $ 74,835 $ 12,149,121 CRE: CRE 10,123,999 22,830 1,977 24,807 540 15,901 16,441 10,165,247 Multifamily residential 2,832,664 198 531 729 534 285 819 2,834,212 Construction and land 628,459 — — — — — — 628,459 Total CRE 13,585,122 23,028 2,508 25,536 1,074 16,186 17,260 13,627,918 Total commercial 25,611,253 54,149 19,542 73,691 32,158 59,937 92,095 25,777,039 Consumer: Residential mortgage: Single-family residential 6,993,597 15,443 5,074 20,517 1,964 12,901 14,865 7,028,979 HELOCs 1,448,930 4,273 2,791 7,064 1,448 9,294 10,742 1,466,736 Total residential mortgage 8,442,527 19,716 7,865 27,581 3,412 22,195 25,607 8,495,715 Other consumer 280,386 6 5 11 — 2,517 2,517 282,914 Total consumer 8,722,913 19,722 7,870 27,592 3,412 24,712 28,124 8,778,629 Total $ 34,334,166 $ 73,871 $ 27,412 $ 101,283 $ 35,570 $ 84,649 $ 120,219 $ 34,555,668 PCI loans were excluded from the above aging analysis table as of December 31, 2019, as the Company elected to account for these loans on a pool level basis under ASC 310-30 at the time of acquisition. As of December 31, 2019, PCI loans on nonaccrual status totaled $297 thousand. Foreclosed Assets Foreclosed assets, consisting of OREO and other nonperforming assets, are included in Other assets on the Consolidated Balance Sheet. The Company had $23.4 million in foreclosed assets as of September 30, 2020 compared with $1.3 million as of December 31, 2019. The Company commences the foreclosure process on consumer mortgage loans when a borrower becomes 120 days delinquent in accordance with the Consumer Finance Protection Bureau guidelines. The carrying values of consumer real estate loans that were in the process of active or suspended foreclosure were $3.5 million and $7.2 million as of September 30, 2020 and December 31, 2019, respectively. The Company has suspended certain mortgage foreclosure activities in connection with our actions to support our customers during the COVID-19 pandemic. Troubled Debt Restructurings TDRs are individually evaluated, and the type of restructuring is selected based on the loan type and the circumstances of the borrower’s financial difficulty. A TDR is a modification of the terms of a loan when the Company, for economic or legal reasons related to the borrower’s financial difficulties, grants a concession to the borrower that it would not have otherwise considered. The Company has implemented various commercial and consumer loan modification programs to provide its borrowers relief from the economic impacts of the COVID-19 pandemic that are not considered TDRs. For additional details related to the COVID-19 pandemic, see Note 2 — Current Accounting Developments and Summary of Significant Accounting Policies — Summary of Significant Accounting Policies — Troubled Debt Restructurings to the Consolidated Financial Statements. The following tables present the additions to TDRs for the three and nine months ended September 30, 2020 and 2019: ($ in thousands) Loans Modified as TDRs During the Three Months Ended September 30, 2020 2019 Number Pre- Post- Modification Outstanding Recorded Investment (1) Financial Impact (2) Number Pre- Post- Modification Outstanding Recorded Investment (1) Financial Impact (2) Commercial: C&I 6 $ 43,378 $ 35,568 $ 12,108 1 $ 7,933 $ 6,000 $ 2,396 CRE: CRE 2 21,429 21,242 21 — — — — Multifamily residential 1 1,220 1,226 — — — — — Total CRE 3 22,649 22,468 21 — — — — Total commercial 9 66,027 58,036 12,129 1 7,933 6,000 2,396 Consumer: Residential mortgage: Single-family residential — — — — 1 903 893 — HELOCs — — — — 1 139 136 — Total residential mortgage — — — — 2 1,042 1,029 — Total consumer — — — — 2 1,042 1,029 — Total 9 $ 66,027 $ 58,036 $ 12,129 3 $ 8,975 $ 7,029 $ 2,396 ($ in thousands) Loans Modified as TDRs During the Nine Months Ended September 30, 2020 2019 Number Pre- Post- Modification Outstanding Recorded Investment (1) Financial Impact (2) Number Pre- Post- Modification Outstanding Recorded Investment (1) Financial Impact (2) Commercial: C&I 11 $ 93,235 $ 79,713 $ 12,507 9 $ 85,073 $ 81,038 $ 9,231 CRE: CRE 2 21,429 21,242 21 — — — — Multifamily residential 1 1,220 1,226 — — — — — Total CRE 3 22,649 22,468 21 — — — — Total commercial 14 115,884 102,181 12,528 9 85,073 81,038 9,231 Consumer: Residential mortgage: Single-family residential — — — — 2 1,123 1,109 2 HELOCs — — — — 1 139 136 — Total residential mortgage — — — — 3 1,262 1,245 2 Total consumer — — — — 3 1,262 1,245 2 Total 14 $ 115,884 $ 102,181 $ 12,528 12 $ 86,335 $ 82,283 $ 9,233 (1) Includes subsequent payments after modification and reflects the balance as of September 30, 2020 and 2019. (2) Includes charge-offs and specific reserves recorded since the modification date. The following tables present the TDR post-modification outstanding balances for the three and nine months ended September 30, 2020 and 2019 by modification type: ($ in thousands) Modification Type During the Three Months Ended September 30, 2020 2019 Principal (1) Principal Interest Total Principal (1) Interest Other Total Commercial: C&I $ 19,025 $ — $ 16,543 $ 35,568 $ 6,000 $ — $ — $ 6,000 CRE: CRE 21,242 — — 21,242 — — — — Multifamily residential 1,226 — — 1,226 — — — — Total CRE 22,468 — — 22,468 — — — — Total commercial 41,493 — 16,543 58,036 6,000 — — 6,000 Consumer: Residential mortgage: Single-family residential — — — — — 893 — 893 HELOCs — — — — — — 136 136 Total residential mortgage — — — — — 893 136 1,029 Total consumer — — — — — 893 136 1,029 Total $ 41,493 $ — $ 16,543 $ 58,036 $ 6,000 $ 893 $ 136 $ 7,029 ($ in thousands) Modification Type During the Nine Months Ended September 30, 2020 2019 Principal (1) Principal and Interest (2) Interest Total Principal (1) Interest Other (3) Total Commercial: C&I $ 36,043 $ 10,819 $ 32,851 $ 79,713 $ 44,271 $ — $ 36,767 $ 81,038 CRE: CRE 21,242 — — 21,242 — — — — Multifamily residential 1,226 — — 1,226 — — — — Total CRE 22,468 — — 22,468 — — — — Total commercial 58,511 10,819 32,851 102,181 44,271 — 36,767 81,038 Consumer: Residential mortgage: Single-family residential — — — — — 1,109 — 1,109 HELOCs — — — — — — 136 136 Total residential mortgage — — — — — 1,109 136 1,245 Total consumer — — — — — 1,109 136 1,245 Total $ 58,511 $ 10,819 $ 32,851 $ 102,181 $ 44,271 $ 1,109 $ 36,903 $ 82,283 (1) Includes forbearance payments, term extensions and principal deferments that modify the terms of the loan from principal and interest payments to interest payments only. (2) Includes principal and interest deferments or reductions. (3) Includes funding to secure additional collateral and provides liquidity to collateral-dependent C&I loans. A TDR may become delinquent and result in payment default (generally 90 days past due) subsequent to restructuring. The following tables present information on loans for which a subsequent payment default occurred during the three and nine months ended September 30, 2020 and 2019, respectively, which had been modified as TDR within the previous 12 months of its default, and were still in default as of September 30, 2020 and 2019: ($ in thousands) Loans Modified as TDRs that Subsequently Defaulted 2020 2019 Number of Recorded Number of Recorded Commercial: C&I — $ — 4 $ 27,040 Total commercial — — 4 27,040 Total — $ — 4 $ 27,040 ($ in thousands) Loans Modified as TDRs that Subsequently Defaulted 2020 2019 Number of Recorded Number of Recorded Commercial: C&I 1 $ 16,309 5 $ 28,415 Total commercial 1 16,309 5 28,415 Total 1 $ 16,309 5 $ 28,415 The amount of additional funds committed to lend to borrowers whose terms have been modified as TDRs was $5.0 million and $2.2 million as of September 30, 2020 and December 31, 2019, respectively. Impaired Loans In connection with the adoption of ASU 2016-13 on January 1, 2020, the Company no longer provides information on impaired loans. Information on non-PCI impaired loans as of December 31, 2019 is presented as follows: ($ in thousands) December 31, 2019 Unpaid Recorded Recorded Total Related Commercial: C&I $ 174,656 $ 73,956 $ 40,086 $ 114,042 $ 2,881 CRE: CRE 27,601 20,098 1,520 21,618 97 Multifamily residential 4,965 1,371 3,093 4,464 55 Construction and land 19,696 19,691 — 19,691 — Total CRE 52,262 41,160 4,613 45,773 152 Total commercial 226,918 115,116 44,699 159,815 3,033 Consumer: Residential mortgage: Single-family residential 23,626 8,507 13,704 22,211 35 HELOCs 13,711 6,125 7,449 13,574 8 Total residential mortgage 37,337 14,632 21,153 35,785 43 Other consumer 2,517 — 2,517 2,517 2,517 Total consumer 39,854 14,632 23,670 38,302 2,560 Total non-PCI impaired loans $ 266,772 $ 129,748 $ 68,369 $ 198,117 $ 5,593 The following table presents the average recorded investment and interest income recognized on non-PCI impaired loans for the three and nine months ended September 30, 2019: ($ in thousands) Three Months Ended September 30, 2019 Nine Months Ended September 30, 2019 Average Recognized Interest Income (1) Average Recognized Interest Income (1) Commercial: C&I $ 150,063 $ 340 $ 198,024 $ 2,156 CRE: CRE 28,846 114 33,329 363 Multifamily residential 5,226 58 5,856 179 Total CRE 34,072 172 39,185 542 Total commercial 184,135 512 237,209 2,698 Consumer: Residential mortgage: Single-family residential 23,779 124 27,758 382 HELOCs 15,382 37 19,529 93 Total residential mortgage 39,161 161 47,287 475 Other consumer 2,504 — 2,526 — Total consumer 41,665 161 49,813 475 Total non-PCI impaired loans $ 225,800 $ 673 $ 287,022 $ 3,173 (1) Includes interest income recognized on accruing non-PCI TDRs. Interest payments received on nonaccrual non-PCI loans are reflected as a reduction to principal, not as interest income. Allowance for Loan Losses On January 1, 2020 , the Company adopted ASU 2016-13 that establishes a single allowance framework for all financial assets measured at amortized cost and certain off-balance sheet credit exposures. It requires the measurement of the allowance for loan losses to be based on management’s best estimate of lifetime expected credit losses inherent in the Company’s relevant financial assets. Balance sheet information and results of operations for reporting periods beginning with January 1, 2020 are presented under ASC 326, while prior period comparisons continue to be presented under legacy GAAP. The process of the allowance for loan losses involves procedures to consider the unique risk characteristics of the portfolio segments. For each loan portfolio segment, the expected credit losses are estimated collectively for groups of loans with similar risk characteristics. For loans that do not share similar risk characteristics, the expected credit losses are estimated individually . Allowance for Collectively Evaluated Loans Quantitative Component — The allowance for loan losses is estimated using quantitative methods that consider a variety of factors such as historical loss experience, the current credit quality of the portfolio, as well as an economic outlook over the life of the loan. The Company incorporates forward-looking information using macroeconomic scenarios applied over the forecasted life of the loans. The forward-looking information is limited to the reasonable and supportable period. These macroeconomic scenarios include variables that are considered key drivers of increases and decreases in credit losses. The Company utilizes a probability-weighted multiple scenario forecast approach. These scenarios may consist of a base forecast representing management's view of the most likely outcome, combined with downside and upside scenarios reflecting possible worsening or improving economic conditions. A probability-weighted average of these macroeconomic scenarios over a reasonable and supportable forecast period is incorporated into the quantitative models. If the loans’ life extends beyond the reasonable and supportable forecast period, then historical experience is considered over the remaining life of the loans in estimation of the allowance for loan losses . Qualitative Component — The Company also considers the following qualitative factors in the determination of the collectively evaluated allowance, if these factors have not already been captured by the quantitative model. Such qualitative factors may include, but not limited to: • Loan growth trends; • The volume and severity of past due financial assets, and the volume and severity of adversely classified or rated financial assets; • The Company’s lending policies and procedures, including changes in lending strategies, underwriting standards, collection, write-off and recovery practices, • Knowledge of the borrower’s operations or the borrower’s standing in the community; • The quality of the Company’s credit review system; • The experience, ability and depth of the Company’s management, lending staff and other relevant staff; • The effect of other external factors such as the regulatory, legal and technological environments; and • Actual and expected changes in international, national, regional, and local economic and business conditions in which the Company operates, including the actual and expected conditions of various market segments. The following table provides key credit risk characteristics and macroeconomic variables that the Company uses to estimate the expected credit losses by portfolio segment: Portfolio Segment Risk Characteristics Macroeconomic Variables C&I Internal risk rating; size and credit spread at origination, and time to maturity Unemployment rate, and two and ten year treasury spread CRE, Multifamily residential, and Construction and land Delinquency status; maturity date; collateral value; property type, and geographic location Unemployment rate; GDP, and U.S. Treasury rates Single-family residential and HELOCs FICO; delinquency status; maturity date; collateral value, and geographic location Unemployment rate; GDP, and home price index Other consumer Historical loss experience Immaterial (1) (1) Macroeconomic variables are included in the qualitative estimate. Management updated the macroeconomic forecast used in its credit loss estimation process as of September 30, 2020, which reflected more stabilized economic conditions as a result of an improved macroeconomic forecast, compared with June 30, 2020. The improvements in the macroeconomic forecast used in the credit loss estimation reflected improvements in gross domestic product growth and unemployment rate forecasts. The Company also considered the economic uncertainty caused by the COVID-19 pandemic, U.S. monetary and fiscal responses to the pandemic, the expected impacts of lower oil prices and deteriorating credit trends on the oil & gas portfolio, among other assumptions. For the three and nine months ended September 30, 2020, there were no changes to the reasonable and supportable forecast period, and reversion to historical loss experience method. Allowance for Loan Losses for the Commercial Loan Portfolio — The Company’s C&I loan lifetime loss rate model estimates credit losses by estimating a loss rate expected over the life of a loan. This loss rate is applied to the amortized cost basis, excluding accrued interest receivable, to determine expected credit losses. The lifetime loss rate model’s reasonable and supportable period spans eight quarters, thereafter immediately reverting to the historical average loss rate, expressed implicitly through the loan-level lifetime loss rate. For CRE loans, projected probability of defaults (“PDs”) and loss given defaults (“LGDs”) are applied to the estimated exposure at default, considering the term and payment structure of the loan, to generate estimates of expected loss at the loan level. After a reasonable and supportable period, the forecast of future economic conditions reverts to long-run historical economic trends. In order to estimate the life of a loan under both models, the contractual term of the loan is adjusted for estimated prepayments, which are based on historical prepayment experience. Allowance for Loan Losses for the Consumer Loan Portfolio — For single-family residential and HELOC loans, projected PDs and LGDs are applied to the estimated exposure at default, considering the term and payment structure of the loan, to generate estimates of expected loss at the loan level. After a reasonable and supportable period, the forecast of future economic conditions reverts to long-run historical economic trends. For other consumer loans, the Company uses a loss rate approach. In order to estimate the life of a loan, the contractual term of the loan is adjusted for estimated prepayments, which are based on historical prepayment experience. Qualitative Allowance for Collectively Evaluated Loans — While the Company’s allowance methodologies strive to reflect all relevant credit risk factors, there continues to be uncertainty associated with, but not limited to, potential imprecision in the estimation process due to the inherent time lag of obtaining information and normal variations between expected and actual outcomes. The Company may hold additional qualitative reserves that are designed to provide coverage for losses attributable to such risk. The allowance for loan losses as of September 30, 2020 also included qualitative adjustments for certain industry sectors, such as oil & gas, included as part of the C&I loan portfolio. Allowance for Individually Assessed Loans — When a loan no longer shares similar risk characteristics with other loans, such as in the case for certain nonaccrual or TDR loans, the Company estimates the allowance for loan losses on an individual loan basis. The allowance for loan losses for individually evaluated loans is measured as the difference between the recorded value of the loans and their fair value. For loans evaluated individually, the Company uses one of three different asset valuation measurement methods: (1) the fair value of collateral less costs to sell; (2) the present value of expected future cash flows; and (3) the loan's observable market price. If an individually evaluated loan is determined to be collateral dependent, the Company applies the fair value of the collateral less costs to sell method. If an individually evaluated loan is determined not to be collateral dependent, the Company uses the present value of future cash flows or the observable market value of the loan. Collateral-Dependent Loans — When a loan is collateral dependent, the allowance is measured on an individual loan basis and is limited to the difference between the recorded value and fair value of the collateral less cost of disposal or sale. As of September 30, 2020, collateral-dependent commercial and consumer loans totaled $109.7 million and $17.6 million, respectively. The Company's commercial collateral-dependent loans were secured by real estates or other collateral. The Company's consumer collateral-dependent loans were all residential mortgage loans, secured by their underlying real estates. As of September 30, 2020, the collateral value of the properties securing each of these collateral dependent loans, net of selling costs, exceeded the recorded value of the individual loans. For the three and nine months ended September 30, 2020, there were no significant changes or deterioration in the collateral securing these loans. The following tables summarize the activity in the allowance for loan losses by portfolio segments for the three and nine months ended September 30, 2020 and 2019: ($ in thousands) Three Months Ended September 30, 2020 Commercial Consumer Total C&I CRE Residential Mortgage Other CRE Multifamily Construction Single- HELOCs Allowance for loan losses, beginning of period $ 380,723 $ 176,040 $ 25,058 $ 18,551 $ 25,314 $ 3,867 $ 2,518 $ 632,071 Provision for (reversal of) credit losses on loans (a) 31,691 (8,301) (1,916) (8,180) (2,692) (637) (76) 9,889 Gross charge-offs (25,111) (1,414) — — — — (124) (26,649) Gross recoveries 1,218 485 665 30 — 43 — 2,441 Total net (charge-offs) recoveries (23,893) (929) 665 30 — 43 (124) (24,208) Foreign currency translation adjustment 500 — — — — — — 500 Allowance for loan losses, end of period $ 389,021 $ 166,810 $ 23,807 $ 10,401 $ 22,622 $ 3,273 $ 2,318 $ 618,252 ($ in thousands) Three Months Ended September 30, 2019 Commercial Consumer Total C&I CRE Residential Mortgage Other CRE Multifamily Construction Single- HELOCs Allowance for loan losses, beginning of period $ 205,503 $ 39,811 $ 19,280 $ 22,961 $ 32,763 $ 6,177 $ 4,130 $ 330,625 Provision for (reversal of) credit losses on loans (a) 37,281 (3,213) 985 6,189 (2,877) (326) (160) 37,879 Gross charge-offs (25,098) (1,021) — — (11) — (12) (26,142) Gross recoveries 1,648 1,896 42 21 60 5 7 3,679 Total net (charge-offs) recoveries (23,450) 875 42 21 49 5 (5) (22,463) Foreign currency translation adjustment (465) — — — — — — (465) Allowance for loan losses, end of period $ 218,869 $ 37,473 $ 20,307 $ 29,171 $ 29,935 $ 5,856 $ 3,965 $ 345,576 ($ in thousands) Nine Months Ended September 30, 2020 Commercial Consumer Total C&I CRE Residential Mortgage Other CRE Multifamily Construction Single- HELOCs Allowance for loan losses, beginning of period $ 238,376 $ 40,509 $ 22,826 $ 19,404 $ 28,527 $ 5,265 $ 3,380 $ 358,287 Impact of ASU 2016-13 adoption 74,237 72,169 (8,112) (9,889) (3,670) (1,798) 2,221 125,158 Allowance for loan losses, January 1, 2020 312,613 112,678 14,714 9,515 24,857 3,467 5,601 483,445 Provision for (reversal of) credit losses on loans (a) 130,171 46,449 7,273 828 (2,659) (20) (3,197) 178,845 Gross charge-offs (57,466) (2,688) — — — (221) (180) (60,555) Gross recoveries 3,395 10,371 1,820 58 424 47 94 16,209 Total net (charge-offs) recoveries (54,071) 7,683 1,820 58 424 (174) (86) (44,346) Foreign currency translation adjustment 308 — — — — — — 308 Allowance for loan losses, end of period $ 389,021 $ 166,810 $ 23,807 $ 10,401 $ 22,622 $ 3,273 $ 2,318 $ 618,252 ($ in thousands) Nine Months Ended September 30, 2019 Commercial Consumer Total C&I CRE Residential Mortgage Other CRE Multifamily Construction Single- HELOCs Allowance for loan losses, beginning of period $ 189,117 $ 40,666 $ 19,885 $ 20,290 $ 31,340 $ 5,774 $ 4,250 $ 311,322 Provision for (reversal of) credit losses on loans (a) 78,685 (6,127) 46 8,358 (1,528) 75 (259) 79,250 Gross charge-offs (54,087) (1,021) — — (11) — (40) (55,159) Gross recoveries 5,612 3,955 376 523 134 7 14 10,621 Total net (charge-offs) recoveries (48,475) 2,934 376 523 123 7 (26) (44,538) Foreign currency translation adjustment (458) — — — — — — (458) Allowance for loan losses, end of period $ 218,869 $ 37,473 $ 20,307 $ 29,171 $ 29,935 $ 5,856 $ 3,965 $ 345,576 |
Investments in Qualified Afford
Investments in Qualified Affordable Housing Partnerships, Tax Credit and Other Investments, Net and Variable Interest Entities | 9 Months Ended |
Sep. 30, 2020 | |
Investments in Qualified Affordable Housing Partnerships, Tax Credit and Other Investments, Net and Variable Interest Entities [Abstract] | |
Investments in Qualified Affordable Housing Partnerships, Tax Credit and Other Investments, Net and Variable Interest Entities | Investments in Qualified Affordable Housing Partnerships, Tax Credit and Other Investments, Net and Variable Interest Entities The Community Reinvestment Act (“CRA”) encourages banks to meet the credit needs of their communities for housing and other purposes, particularly in low- and moderate-income neighborhoods. The Company invests in certain affordable housing projects in the form of ownership interests in limited partnerships or limited liability companies that qualify for CRA and tax credits. These entities are formed to develop and operate apartment complexes designed as high-quality affordable housing for lower income tenants throughout the U.S. To fully utilize the available tax credits, each of these entities must meet the regulatory affordable housing requirements for a minimum 15-year compliance period. In addition to affordable housing projects, the Company also invests in New Market Tax Credit projects that qualify for CRA credits, as well as eligible projects that qualify for renewable energy and historic tax credits. Investments in renewable energy tax credits help promote the development of renewable energy sources, and the investments in historic tax credits promote the rehabilitation of historic buildings and economic revitalization of the surrounding areas. Investments in Qualified Affordable Housing Partnerships, Net The Company records its investments in qualified affordable housing partnerships, net, using the proportional amortization method. Under the proportional amortization method, the Company amortizes the initial cost of the investment in proportion to the tax credits and other tax benefits received, and recognizes the amortization in Income tax expense on the Consolidated Statement of Income. The following table presents the Company’s investments in qualified affordable housing partnerships, net, and related unfunded commitments as of September 30, 2020 and December 31, 2019: ($ in thousands) September 30, 2020 December 31, 2019 Investments in qualified affordable housing partnerships, net $ 192,913 $ 207,037 Accrued expenses and other liabilities — Unfunded commitments $ 58,695 $ 80,294 The following table presents additional information related to the Company’s investments in qualified affordable housing partnerships, net, for the three and nine months ended September 30, 2020 and 2019: ($ in thousands) Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Tax credits and other tax benefits recognized $ 11,402 $ 11,539 $ 34,205 $ 34,871 Amortization expense included in income tax expense $ 8,975 $ 8,452 $ 26,507 $ 27,006 Investments in Tax Credit and Other Investments, Net Depending on the ownership percentage and the influence the Company has on the investments in tax credit and other investments, net, the Company applies the equity or cost method of accounting, or the measurement alternative as elected under ASU 2016-01 for equity investments without readily determinable fair value. The following table presents the Company’s investments in tax credit and other investments, net, and related unfunded commitments as of September 30, 2020 and December 31, 2019: ($ in thousands) September 30, 2020 December 31, 2019 Investments in tax credit and other investments, net $ 254,512 $ 254,140 Accrued expenses and other liabilities — Unfunded commitments $ 107,583 $ 113,515 Amortization of tax credit and other investments was $12.3 million and $54.4 million, respectively, for the three and nine months ended September 30, 2020, as compared with $16.8 million and $58.5 million, respectively, for the same periods in 2019. There were no OTTI charges recorded on the Company’s investments in tax credits and other investments, net, during the three months ended September 30, 2020, while $1.7 million in OTTI charges were recorded during the three months ended September 30, 2019. The Company recorded $474 thousand and $11.6 million in OTTI charges for the nine months ended September 30, 2020 and 2019, respectively. The higher OTTI charges recorded during the nine months ended September 30, 2019 primarily included $7.0 million in OTTI charges related to the Company’s investment in DC Solar. Included in Investments in tax credit and other investments, net , on the Consolidated Balance Sheet were equity securities with readily determinable fair values of $31.3 million and $31.7 million, as of September 30, 2020 and December 31, 2019, respectively. These equity securities were CRA investments measured at fair value with changes in fair value recorded in net income. The Company recorded unrealized gains on these equity securities of $55 thousand and $813 thousand during the three and nine months ended September 30, 2020, respectively, and unrealized gains of $188 thousand and $955 thousand, respectively, for the same periods in 2019. Included in Other Assets, on the Consolidated Balance Sheet were equity securities without readily determinable fair values totaling $18.8 million and $19.1 million as of September 30, 2020 and December 31, 2019, respectively, which were measured using the measurement alternative at cost less impairment and adjusted for observable price changes. For the three and nine months ended September 30, 2020 and 2019, there were no adjustments made to these securities. Variable Interest Entities The Company invests in unconsolidated limited partnerships and similar entities that construct, own and operate affordable housing, historic rehabilitation, wind and solar projects, of which the majority of such investments are variable interest entities (“VIEs”). As a limited partner in these partnerships, these investments are designed to generate a return primarily through the realization of federal tax credits and tax benefits. An unrelated third party is typically the general partner or managing member who has control over the significant activities of such investments. While the Company’s interest in some of the investments may exceed 50% of the outstanding equity interests, the Company does not consolidate these structures due to the general partner or managing member’s ability to manage the entity, which is indicative of power over them. The Company’s maximum exposure to loss in connection with these partnerships consist of the unamortized investment balance and any tax credits claimed that may become subject to recapture. Special purpose entities formed in connection with securitization transactions are generally considered VIEs. The Company is the servicer of multifamily residential loans it securitized in 2016. Because the Company does not have the power or hold a variable interest that could potentially be significant to this VIE, the multifamily securitization entity is not consolidated . A CLO is a VIE that purchases a pool of assets consisting primarily of non-investment grade corporate loans, and issues multiple tranches of notes to investors to fund the asset purchases and pay upfront expenses associated with forming the CLO. The Company serves as the collateral manager of a CLO that closed in the fourth quarter of 2019 and has retained substantially all of the investment grade-rated securities issued by the CLO. In accordance with GAAP, the Company does not consolidate the CLO as it does not hold interests that could potentially be significant to the CLO. The Company’s maximum exposure to loss from the CLO is equal to the carrying amount of the retained securities, which was $283.4 million and $284.7 million as of September 30, 2020 and December 31, 2019, respectively. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 9 Months Ended |
Sep. 30, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets Goodwill Total goodwill was $465.7 million as of both September 30, 2020 and December 31, 2019. Goodwill represents the excess of the purchase price over the fair value of net assets acquired in an acquisition. The Company assesses goodwill for impairment at the reporting unit level, equivalent to the same level as the Company’s business segments. This assessment is performed on an annual basis as of December 31 each year, or more frequently if events or circumstances, such as adverse changes in the economic or business environment, indicate there may be impairment. The Company organizes its operations into three reporting segments: (1) Consumer and Business Banking; (2) Commercial Banking; and (3) Other. For information on how the reporting units are identified and the components are aggregated, see Note 15 — Business Segments to the Consolidated Financial Statements in this Form 10-Q. There were no changes in the carrying amount of goodwill during the three and nine months ended September 30, 2020. The following table presents changes in the carrying amount of goodwill by reporting unit during the nine months ended September 30, 2019: ($ in thousands) Consumer Commercial Total Beginning balance, January 1, 2019 $ 353,321 $ 112,226 $ 465,547 Acquisition of East West Markets, LLC — 150 150 Ending balance, September 30, 2019 $ 353,321 $ 112,376 $ 465,697 Impairment Analysis The Company performed its annual impairment analysis as of December 31, 2019, and concluded that there was no goodwill impairment as the fair value of all reporting units exceeded the carrying amount of each respective reporting unit. Given the economic and market deterioration as a result of the COVID-19 pandemic and public health response to contain it, the Company performed a goodwill impairment analysis as of March 31, 2020, and concluded that no impairment was warranted: the fair value of all reporting units exceeded the carrying amount of the respective reporting units. As of September 30, 2020, while there continued to be uncertainty about the duration of the COVID-19 pandemic, and its impact on the economic recovery, the Company did not note further stress to adverse macroeconomic and market conditions, deterioration of the Company’s financial performance, or any other significant events that would negatively impact the fair value of its reporting units as of September 30, 2020. Based on this, the Company concluded that there was no goodwill impairment. Refer to Note 9 — Goodwill and Other Intangible Assets to the Consolidated Financial Statements of the Company’s 2019 Form 10-K for additional details related to the Company’s annual goodwill impairment analysis. Core Deposit Intangibles Core deposit intangibles represent the intangible value of depositor relationships resulting from deposit liabilities assumed in various acquisitions and are included in Other assets on the Consolidated Balance Sheet. These intangibles are tested for impairment on an annual basis, or more frequently as events occur or current circumstances and conditions warrant. There were no impairment write-downs of the core deposit intangibles for each of the three and nine months ended September 30, 2020 and 2019. The following table presents the gross carrying amount of core deposit intangible assets and accumulated amortization as of September 30, 2020 and December 31, 2019: ($ in thousands) September 30, 2020 December 31, 2019 Gross balance (1) $ 86,099 $ 86,099 Accumulated amortization (1) (78,899) (76,088) Net carrying balance (1) $ 7,200 $ 10,011 (1) Excludes fully amortized core deposit intangible assets. Amortization Expense The Company amortizes the core deposit intangibles based on the projected useful lives of the related deposits. The amortization expense related to the core deposit intangible assets was $927 thousand and $1.2 million for the three months ended September 30, 2020 and 2019, respectively, and $2.8 million and $3.5 million for the nine months ended September 30, 2020 and 2019, respectively. The following table presents the estimated future amortization expense of core deposit intangibles as of September 30, 2020: ($ in thousands) Amount Remainder of 2020 $ 823 2021 2,749 2022 1,865 2023 1,199 2024 553 Thereafter 11 Total $ 7,200 |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Commitments to Extend Credit — In the normal course of business, the Company provides customers loan commitments on predetermined terms. These outstanding commitments to extend credit are not reflected in the accompanying Consolidated Financial Statements. While the Company does not anticipate losses as a result of these transactions, commitments to extend credit are included in determining the appropriate level of the allowance for unfunded credit commitments, and outstanding commercial and SBLCs. The following table presents the Company’s credit-related commitments as of September 30, 2020 and December 31, 2019: ($ in thousands) September 30, 2020 December 31, 2019 Loan commitments $ 5,451,060 $ 5,330,211 Commercial letters of credit and SBLCs $ 2,118,278 $ 1,860,414 Loan commitments are agreements to lend to customers provided there are no violations of any conditions established in the agreement. Commitments generally have fixed expiration dates or other termination clauses and may require maintenance of compensatory balances. Since many of the commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future funding requirements. Commercial letters of credit are issued to facilitate domestic and foreign trade transactions, while SBLCs are generally contingent upon the failure of the customers to perform according to the terms of the underlying contract with the third party. As a result, the total contractual amounts do not necessarily represent future funding requirements. The Company’s historical experience is that SBLCs typically expire without being funded. Additionally, in many cases, the Company holds collateral in various forms against these SBLCs. As part of its risk management activities, the Company monitors the creditworthiness of customers in conjunction with its SBLC exposure. Customers are obligated to reimburse the Company for any payment made on the customers’ behalf. If the customers fail to pay, the Company would, as applicable, liquidate the collateral and/or offset accounts. As of September 30, 2020, total letters of credit of $2.12 billion consisted of SBLCs of $2.05 billion and commercial letters of credit of $72.3 million. As of December 31, 2019, total letters of credit of $1.86 billion were comprised of SBLCs of $1.81 billion and commercial letters of credit of $48.5 million. The Company applies the same credit underwriting criteria to extend loans, commitments and conditional obligations to customers. Each customer’s creditworthiness is evaluated on a case-by-case basis. Collateral and financial guarantees may be obtained based on management’s assessment of a customer’s credit. Collateral may include cash, accounts receivable, inventory, property, plant and equipment, and income-producing commercial property. Estimated exposure to loss from these commitments is included in the allowance for unfunded credit commitments and amounted to $29.0 million as of September 30, 2020, and $11.1 million as of December 31, 2019. Guarantees — The Company sells or securitizes single-family and multifamily residential loans with recourse in the ordinary course of business. The recourse component of the loans sold or securitized with recourse is considered a guarantee. As the guarantor, the Company is obligated to repurchase up to the recourse component of the loans if the loans default. The following table presents the types of guarantees the Company had outstanding as of September 30, 2020 and December 31, 2019: ($ in thousands) Maximum Potential Carrying Value September 30, 2020 December 31, 2019 September 30, 2020 December 31, 2019 Single-family residential loans sold or securitized with recourse $ 11,069 $ 12,578 $ 11,069 $ 12,578 Multifamily residential loans sold or securitized with recourse 15,677 15,892 27,589 40,708 Total $ 26,746 $ 28,470 $ 38,658 $ 53,286 The Company’s recourse reserve related to these guarantees is included in the allowance for unfunded credit commitments and totaled $76 thousand as of both September 30, 2020 and December 31, 2019. The allowance for unfunded credit commitments is included in Accrued expenses and other liabilities on the Consolidated Balance Sheet. The Company continues to experience minimal losses from the single-family and multifamily residential loan portfolios sold or securitized with recourse. Litigation — The Company is a party to various legal actions arising in the course of its business. In accordance with ASC 450, Contingencies, the Company accrues reserves for outstanding lawsuits, claims and proceedings when a loss contingency is probable and can be reasonably estimated. The Company estimates the amount of loss contingencies using current available information from legal proceedings, advice from legal counsel and available insurance coverage. Due to the inherent subjectivity of the assessments and unpredictability of the outcomes of the legal proceedings, any amounts accrued or included in this aggregate amount may not represent the ultimate loss to the Company from the legal proceedings in question. Thus, the Company’s exposure and ultimate losses may be higher, and possibly significantly more than the amounts accrued. Other Commitments — The Company has commitments to invest in qualified affordable housing partnerships, tax credit and other investments as discussed in Note 8 — Investments in Qualified Affordable Housing Partnerships, Tax Credit and Other Investments, Net and Variable Interest Entities to the Consolidated Financial Statements in this Form 10-Q. As of September 30, 2020 and December 31, 2019, these commitments were $166.3 million and $193.8 million, respectively. These commitments are included in Accrued expenses and other liabilities on the Consolidated Balance Sheet. |
Revenue from Contracts with Cus
Revenue from Contracts with Customers | 9 Months Ended |
Sep. 30, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contracts with Customers | Revenue from Contracts with Customers The following tables present revenue from contracts with customers within the scope of ASC 606, Revenue from Contracts with Customers , and other noninterest income, segregated by operating segments for the three and nine months ended September 30, 2020 and 2019: ($ in thousands) Three Months Ended September 30, 2020 Consumer and Commercial Other Total Noninterest income: Revenue from contracts with customers: Deposit account fees: Deposit service charges and related fee income $ 6,995 $ 4,539 $ 7 $ 11,541 Card income 848 184 — 1,032 Wealth management fees 4,553 — — 4,553 Total revenue from contracts with customers $ 12,396 $ 4,723 $ 7 $ 17,126 Other sources of noninterest income (1) 5,030 24,261 3,163 32,454 Total noninterest income $ 17,426 $ 28,984 $ 3,170 $ 49,580 ($ in thousands) Three Months Ended September 30, 2019 Consumer and Commercial Other Total Noninterest income: Revenue from contracts with customers: Deposit account fees: Deposit service charges and related fee income $ 5,345 $ 3,434 $ 9 $ 8,788 Card income 796 145 — 941 Wealth management fees 4,644 197 — 4,841 Total revenue from contracts with customers $ 10,785 $ 3,776 $ 9 $ 14,570 Other sources of noninterest income (1) 4,318 29,955 2,631 36,904 Total noninterest income $ 15,103 $ 33,731 $ 2,640 $ 51,474 ($ in thousands) Nine Months Ended September 30, 2020 Consumer and Commercial Other Total Noninterest income: Revenue from contracts with customers: Deposit account fees: Deposit service charges and related fee income $ 18,705 $ 12,242 $ 54 $ 31,001 Card income 2,385 506 — 2,891 Wealth management fees 12,257 740 — 12,997 Total revenue from contracts with customers $ 33,347 $ 13,488 $ 54 $ 46,889 Other sources of noninterest income (1) 14,424 81,839 19,114 115,377 Total noninterest income $ 47,771 $ 95,327 $ 19,168 $ 162,266 ($ in thousands) Nine Months Ended September 30, 2019 Consumer and Commercial Other Total Noninterest income: Revenue from contracts with customers: Deposit account fees: Deposit service charges and related fee income $ 15,975 $ 10,007 $ 35 $ 26,017 Card income 2,303 484 — 2,787 Wealth management fees 11,877 538 — 12,415 Total revenue from contracts with customers $ 30,155 $ 11,029 $ 35 $ 41,219 Other sources of noninterest income (1) 13,223 80,902 11,020 105,145 Total noninterest income $ 43,378 $ 91,931 $ 11,055 $ 146,364 (1) Primarily represents revenue from contracts with customers that are out of the scope of ASC 606, Revenue from Contracts with Customers . Generally, the Company recognizes revenue from contracts with customers when it satisfies its performance obligations. The Company’s performance obligations are typically satisfied as services are rendered. The Company generally records contract liabilities, or deferred revenue, when payments from customers are received or due in advance of providing services. The Company records contract assets when services are provided to customers before payment is received or before payment is due. Since the Company receives payments for its services during the period or at the time services are provided, there were no contract assets or contract liabilities as of both September 30, 2020 and December 31, 2019. The major revenue streams by fee type that are within the scope of ASC 606 presented in the above tables are described in additional detail below: Deposit Account Fees — Deposit Service Charges and Related Fee Income The Company offers a range of deposit products to individuals and businesses, which includes savings, money market, checking and time deposit accounts. The deposit account services include ongoing account maintenance, as well as certain optional services such as automated teller machine usage, wire transfer services or check orders. In addition, treasury management and business account analysis services are offered to commercial deposit customers. The monthly account fees may vary with the amount of average monthly deposit balances maintained, or the Company may charge a fixed monthly account maintenance fee if certain average balances are not maintained. In addition, each time a deposit customer selects an optional service, the Company may earn transactional fees, generally recognized by the Company at the point when the transaction occurs. For business analysis accounts, commercial deposit customers receive an earnings credit based on their account balance, which can be used to offset the cost of banking and treasury management services. Business analysis accounts that are assessed fees in excess of earnings credits received are typically charged at the end of each month, after all transactions are known and the credits are calculated. Deposit Account Fees — Card Income Card income is comprised of merchant referral fees and interchange income. For merchant referral fees, the Company provides marketing and referral services to acquiring banks for merchant card processing services and earns variable referral fees based on transaction activities. The Company satisfies its performance obligation over time as the Company identifies, solicits, and refers business customers who are provided such services. The Company receives monthly fees net of consideration it pays to the acquiring bank performing the merchant card processing services. The Company recognizes revenue on a monthly basis when the uncertainty associated with the variable referral fees is resolved after the Company receives monthly statements from the acquiring bank. For interchange income, the Company, as a card issuer, has a stand ready performance obligation to authorize, clear, and settle card transactions. The Company earns, or pays, interchange fees, which are percentage-based on each transaction, and based on rates published by the corresponding payment network for transactions processed using their network. The Company measures its progress toward the satisfaction of its performance obligation over time, as services are rendered, and the Company provides continuous access to this service and settles transactions as its customer or the payment network requires. Interchange income is presented net of direct costs paid to the customer and entities in their distribution chain, which are transaction-based expenses such as rewards program expenses and certain network costs. Revenue is recognized when the net profit is determined by the payment networks at the end of each day. Wealth Management Fees The Company provides investment planning services for customers including wealth management services, asset allocation strategies, portfolio analysis and monitoring, investment strategies, and risk management strategies. The fees the Company earns are variable and are generally received monthly. The Company recognizes revenue for the services performed at quarter-end based on actual transaction details received from the broker-dealer the Company engages. Practical Expedients and Exemptions The Company applies the practical expedient in ASC 606-10-50-14 and does not disclose the value of unsatisfied performance obligations as the Company’s contracts with customers generally have a term that is less than one year, are open-ended with a cancellation period that is less than one year, or allow the Company to recognize revenue in the amount to which the Company has the right to invoice. In addition, given the short-term nature of the contracts, the Company also applies the practical expedient in ASC 606-10-32-18 and does not adjust the consideration from customers for the effects of a significant financing component, if at contract inception, the period between when the entity transfers the goods or services and when the customer pays for that good or service is one year or less. |
Stock Compensation Plans
Stock Compensation Plans | 9 Months Ended |
Sep. 30, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Stock Compensation Plans | Stock Compensation Plans Pursuant to the Company’s 2016 Stock Incentive Plan, as amended, the Company may issue stocks, stock options, restricted stock, restricted stock units (“RSUs”), stock purchase warrants, stock appreciation rights, phantom stock and dividend equivalents to eligible employees, non-employee directors, consultants, and other service providers of the Company and its subsidiaries. There were no outstanding stock awards other than RSUs as of both September 30, 2020 and December 31, 2019. The following table presents a summary of the total share-based compensation expense and the related net tax (deficiencies) benefits associated with the Company’s various employee share-based compensation plans for the three and nine months ended September 30, 2020 and 2019: ($ in thousands) Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Stock compensation costs $ 7,921 $ 7,487 $ 22,201 $ 23,012 Related net tax (deficiencies) benefits for stock compensation plans $ (14) $ 15 $ (1,589) $ 4,723 Restricted Stock Units — RSUs are granted under the Company’s long-term incentive plan at no cost to the recipient. RSUs vest ratably after three years or cliff vest after three Performance-based RSUs are granted at the target amount of awards. Based on the Company’s attainment of specified performance goals and consideration of market conditions, the number of shares that vest can be adjusted to a minimum of 0% and to a maximum of 200% of the target. The amount of performance-based RSUs that are eligible to vest is determined at the end of each performance period, and is then added together as the total number of performance shares to vest. Performance-based RSUs cliff vest three years from the date of each grant. Compensation costs for the time-based awards that will be settled in shares of the Company’s common stock are based on the quoted market price of the Company’s common stock at the grant date. Compensation costs for certain time-based awards that will be settled in cash are adjusted to fair value based on changes in the share price of the Company’s common stock up to the settlement date. Compensation costs associated with performance-based RSUs are based on grant date fair value which considers both market and performance conditions, and is subject to subsequent adjustments based on the changes in the Company’s projected outcome of the performance criteria. Compensation costs of both time-based and performance-based awards are estimated based on awards ultimately expected to vest, and recognized on a straight-line basis from the grant date until the vesting date of each grant. The following table presents a summary of the activities for the Company’s time-based and performance-based RSUs that will be settled in shares for the nine months ended September 30, 2020. The number of outstanding performance-based RSUs stated below assumes the associated performance targets will be met at the target level. Time-Based RSUs Performance-Based RSUs Shares Weighted-Average Shares Weighted-Average Outstanding, January 1, 2020 1,139,868 $ 57.78 386,483 $ 60.13 Granted 657,593 40.51 165,084 39.79 Vested (253,726) 54.49 (131,597) 56.59 Forfeited (144,944) 53.32 — — Outstanding, September 30, 2020 1,398,791 $ 50.72 419,970 $ 53.24 The following table presents a summary of the activities for the Company’s time-based RSUs that will be settled in cash for the nine months ended September 30, 2020: Shares Outstanding, January 1, 2020 11,638 Granted 11,215 Vested — Forfeited (764) Outstanding, September 30, 2020 22,089 As of September 30, 2020, there were $26.4 million and $16.8 million of total unrecognized compensation costs related to unvested time-based and performance-based RSUs, respectively. These costs are expected to be recognized over a weighted-average period of 1.87 years and 1.88 years, respectively. |
Stockholders' Equity and Earnin
Stockholders' Equity and Earnings Per Share | 9 Months Ended |
Sep. 30, 2020 | |
Stockholders' Equity and Earnings Per Share [Abstract] | |
Stockholders' Equity and Earnings Per Share | Stockholders’ Equity and Earnings Per Share The following table presents the basic and diluted EPS calculations for the three and nine months ended September 30, 2020 and 2019. For more information on the calculation of EPS, see Note 1 — Summary of Significant Accounting Policies — Significant Accounting Policies — Earnings Per Share to the Consolidated Financial Statements of the Company’s 2019 Form 10-K. ($ and shares in thousands, except per share data) Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Basic: Net income $ 159,537 $ 171,416 $ 403,713 $ 485,820 Basic weighted-average number of shares outstanding 141,498 145,559 142,595 145,455 Basic EPS $ 1.13 $ 1.18 $ 2.83 $ 3.34 Diluted: Net income $ 159,537 $ 171,416 $ 403,713 $ 485,820 Basic weighted-average number of shares outstanding (1) 141,498 145,559 142,595 145,455 Diluted potential common shares (2) 545 561 487 633 Diluted weighted-average number of shares outstanding (1)(2) 142,043 146,120 143,082 146,088 Diluted EPS $ 1.12 $ 1.17 $ 2.82 $ 3.33 (1) The Company acquired MetroCorp Bancshares, Inc. (“MetroCorp”) on January 17, 2014. Prior to the acquisition, MetroCorp had outstanding warrants to purchase 771,429 shares of its common stock. Upon the acquisition, the rights of the warrant holders were converted into the rights to acquire 230,282 shares of East West’s common stock until January 16, 2019. All warrants were exercised on January 7, 2019. (2) Includes dilutive shares from RSUs for the three and nine months ended September 30, 2020 and 2019. For the three and nine months ended September 30, 2020, 124 thousand and 123 thousand weighted-average shares of anti-dilutive RSUs, respectively, were excluded from the diluted EPS computation. In comparison, 564 thousand and 277 thousand weighted-average shares of anti-dilutive RSUs, respectively, were excluded from the diluted EPS computation for the three and nine months ended September 30, 2019. Stock Repurchase Program — On March 3, 2020, the Company’s Board of Directors authorized a stock repurchase program to buy back up to $500.0 million of the Company’s common stock. For the three months ended September 30, 2020, there were no share repurchases. For the nine months ended September 30, 2020, the Company repurchased 4,471,682 shares at an average price of $32.64 per share and a total cost of $146.0 million. The Company did not repurchase any shares during the three and nine months ended September 30, 2019. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 9 Months Ended |
Sep. 30, 2020 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | Accumulated Other Comprehensive Income (Loss) The following tables present the changes in the components of AOCI balances for the three and nine months ended September 30, 2020 and 2019: ($ in thousands) AFS Cash Flow Hedges Foreign Currency Translation Adjustments (1) Total Balance, July 1, 2019 $ 5,217 $ — $ (15,189) $ (9,972) Net unrealized gains (losses) arising during the period 11,904 — (2,858) 9,046 Amounts reclassified from AOCI (41) — — (41) Changes, net of tax 11,863 — (2,858) 9,005 Balance, September 30, 2019 $ 17,080 $ — $ (18,047) $ (967) Balance, July 1, 2020 $ 42,850 $ (1,333) $ (18,383) $ 23,134 Net unrealized gains (losses) arising during the period 5,126 25 5,459 10,610 Amounts reclassified from AOCI (492) 62 — (430) Changes, net of tax 4,634 87 5,459 10,180 Balance, September 30, 2020 $ 47,484 $ (1,246) $ (12,924) $ 33,314 ($ in thousands) AFS Cash Flow Hedges Foreign Currency Translation Adjustments (1) Total Balance, January 1, 2019 $ (45,821) $ — $ (12,353) $ (58,174) Net unrealized gains (losses) arising during the period 65,061 — (5,694) 59,367 Amounts reclassified from AOCI (2,160) — — (2,160) Changes, net of tax 62,901 — (5,694) 57,207 Balance, September 30, 2019 $ 17,080 $ — $ (18,047) $ (967) Balance, January 1, 2020 $ (2,419) $ — $ (15,989) $ (18,408) Net unrealized gains (losses) arising during the period 58,262 (1,038) 3,065 60,289 Amounts reclassified from AOCI (8,359) (208) — (8,567) Changes, net of tax 49,903 (1,246) 3,065 51,722 Balance, September 30, 2020 $ 47,484 $ (1,246) $ (12,924) $ 33,314 (1) Represents foreign currency translation adjustments related to the Company’s net investment in non-U.S. operations, including related hedges. The functional currency and reporting currency of the Company’s foreign subsidiary was RMB and USD, respectively. The following tables present the components of other comprehensive income (loss), reclassifications to net income and the related tax effects for the three and nine months ended September 30, 2020 and 2019: ($ in thousands) Three Months Ended September 30, 2020 2019 Before-Tax Tax Effect Net-of-Tax Before-Tax Tax Effect Net-of-Tax AFS debt securities: Net unrealized gains arising during the period $ 7,304 $ (2,178) $ 5,126 $ 16,900 $ (4,996) $ 11,904 Net realized (gains) reclassified into net income (1) (698) 206 (492) (58) 17 (41) Net change 6,606 (1,972) 4,634 16,842 (4,979) 11,863 Cash flow hedges Net unrealized gains arising during the period 34 (9) 25 — — — Net realized losses reclassified into net income (2) 87 (25) 62 — — — Net change 121 (34) 87 — — — Foreign currency translation adjustments, net of hedges: Net unrealized gains (losses) arising during the period 4,419 1,040 5,459 (1,618) (1,240) (2,858) Net change 4,419 1,040 5,459 (1,618) (1,240) (2,858) Other comprehensive income (loss) $ 11,146 $ (966) $ 10,180 $ 15,224 $ (6,219) $ 9,005 ($ in thousands) Nine Months Ended September 30, 2020 2019 Before-Tax Tax Effect Net-of-Tax Before-Tax Tax Effect Net-of-Tax AFS debt securities: Net unrealized gains arising during the period $ 82,767 $ (24,505) $ 58,262 $ 92,369 $ (27,308) $ 65,061 Net realized (gains) reclassified into net income (1) (11,867) 3,508 (8,359) (3,066) 906 (2,160) Net change 70,900 (20,997) 49,903 89,303 (26,402) 62,901 Cash flow hedges Net unrealized (losses) arising during the period (1,449) 411 (1,038) — — — Net realized (gains) reclassified into net income (2) (290) 82 (208) — — — Net change (1,739) 493 (1,246) — — — Foreign currency translation adjustments, net of hedges: Net unrealized gains (losses) arising during the period 2,274 791 3,065 (1,427) (4,267) (5,694) Net change 2,274 791 3,065 (1,427) (4,267) (5,694) Other comprehensive income (loss) $ 71,435 $ (19,713) $ 51,722 $ 87,876 $ (30,669) $ 57,207 (1) For the three and nine months ended September 30, 2020 and 2019, pre-tax amounts were reported in Gains on sales of AFS debt securities on the Consolidated Statement of Income. (2) For the three and nine months ended September 30, 2020 and 2019, pre-tax amounts were reported in Interest expense on the Consolidated Statement of Income. |
Business Segments
Business Segments | 9 Months Ended |
Sep. 30, 2020 | |
Segment Reporting [Abstract] | |
Business Segments | Business Segments The Company organizes its operations into three reportable operating segments: (1) Consumer and Business Banking; (2) Commercial Banking; and (3) Other. These segments are defined by the type of customers served, and the related products and services provided. The segments reflect how financial information is currently evaluated by management. Operating segment results are based on the Company’s internal management reporting process, which reflects assignments and allocations of certain balance sheet and income statement items. The information presented is not indicative of how the segments would perform if they operated as independent entities due to the interrelationships among the segments. The Consumer and Business Banking segment primarily provides financial products and services to consumer and commercial customers through the Company’s domestic branch network. This segment offers consumer and commercial deposits, mortgage and home equity loans, and other products and services. It also originates commercial loans for small and medium-sized enterprises through the Company’s branch network. Other products and services provided by this segment include wealth management, treasury management and foreign exchange services. The Commercial Banking segment primarily generates commercial loans and deposits. Commercial loan products include commercial business loans and lines of credit, trade finance loans and letters of credit, CRE loans, construction and land loans, affordable housing loans and letters of credit, asset-based lending, and equipment financing. Commercial deposit products and other financial services include treasury management, foreign exchange services, and interest rate and commodity risk hedging. The remaining centralized functions, including the corporate treasury activities of the Company and eliminations of inter-segment amounts, have been aggregated and included in the Other segment, which provides broad administrative support to the two core segments, namely the Consumer and Business Banking and the Commercial Banking segments. The Company utilizes an internal reporting process to measure the performance of the three operating segments within the Company. The internal reporting process derives operating segment results by utilizing allocation methodologies for revenues and expenses. Net interest income of each segment represents the difference between actual interest earned on assets and interest incurred on liabilities of the segment, adjusted for funding charges or credits through the Company’s internal funds transfer pricing (“FTP”) process. Noninterest income and noninterest expense directly attributable to a business segment are assigned to that segment. Indirect costs, including technology-related costs and corporate overhead, are allocated based on a segment’s estimated usage using factors including but not limited to, full-time equivalent employees, net interest income, and loan and deposit volume. Charge-offs are booked to the segment directly associated with the loans charged off, and the provision for credit losses is booked to segments based on related loans for which allowances are evaluated. The Company’s internal reporting process utilizes a full-allocation methodology. Under this methodology, corporate and indirect expenses incurred by the Other segment are allocated to the Consumer and Business Banking and the Commercial Banking segments, except certain corporate treasury-related expenses and insignificant unallocated expenses. The corporate treasury function within the Other segment is responsible for liquidity and interest rate management of the Company. The Company’s internal FTP process is also managed by the corporate treasury function within the Other segment. The process is formulated with the goal of encouraging loan and deposit growth that is consistent with the Company’s overall profitability objectives, as well as to provide a reasonable and consistent basis for the measurement of its business segments’ net interest margins and profitability. The FTP process charges a cost to fund loans (“FTP charges for loans”) and allocates credits for funds provided from deposits (“FTP credits for deposits”) using internal FTP rates. FTP charges for loans are determined based on a matched cost of funds, which is tied to the pricing and term characteristics of the loans. FTP credits for deposits are based on matched funding credit rates, which are tied to the implied or stated maturity of the deposits. FTP credits for deposits reflect the long-term value generated by the deposits. The net spread between the total internal FTP charges and credits is recorded as part of net interest income in the Other segment. The FTP process transfers the corporate interest rate risk exposure to the treasury function within the Other segment, where such exposures are centrally managed. The Company’s internal FTP assumptions and methodologies are reviewed at least annually to ensure that the process is reflective of current market conditions. During the third quarter of 2019, the Company enhanced its FTP methodology related to deposits by setting a minimum floor rate using the short-term FHLB rate as a reference rate for the FTP credits paid for deposits in the event of flattened and inverted yield curves in the market. The process is effective in the current market conditions as of September 30, 2020. Effective January 1, 2020, in connection with the adoption of ASU 2016-13, Financial Instruments — Credit Losses (Topic 326), the provision for credit losses is booked by segment based on segment loans against which an allowance is recorded instead of being allocated to segments based on loan volume. The following tables present the operating results and other key financial measures for the individual operating segments as of and for the three and nine months ended September 30, 2020 and 2019: ($ in thousands) Consumer and Commercial Other Total Three Months Ended September 30, 2020 Net interest income before (reversal of) provision for credit losses $ 120,969 $ 162,884 $ 40,277 $ 324,130 (Reversal of) provision for credit losses (3,470) 13,470 — 10,000 Noninterest income 17,426 28,984 3,170 49,580 Noninterest expense 81,419 61,863 24,368 167,650 Segment income before income taxes 60,446 116,535 19,079 196,060 Segment net income $ 43,310 $ 83,340 $ 32,887 $ 159,537 As of September 30, 2020 Segment assets $ 12,838,625 $ 26,526,173 $ 11,006,679 $ 50,371,477 ($ in thousands) Consumer and Commercial Other Total Three Months Ended September 30, 2019 Net interest income before provision for credit losses $ 170,183 $ 166,106 $ 33,518 $ 369,807 Provision for credit losses 4,251 34,033 — 38,284 Noninterest income 15,103 33,731 2,640 51,474 Noninterest expense 86,489 62,246 27,895 176,630 Segment income before income taxes 94,546 103,558 8,263 206,367 Segment net income $ 67,592 $ 74,111 $ 29,713 $ 171,416 As of September 30, 2019 Segment assets $ 11,277,171 $ 24,885,849 $ 7,111,639 $ 43,274,659 ($ in thousands) Consumer and Commercial Other Total Nine Months Ended September 30, 2020 Net interest income before provision for credit losses $ 398,486 $ 530,181 $ 101,945 $ 1,030,612 Provision for credit losses 9,908 176,405 — 186,313 Noninterest income 47,771 95,327 19,168 162,266 Noninterest expense 248,547 196,889 88,786 534,222 Segment income before income taxes 187,802 252,214 32,327 472,343 Segment net income $ 134,563 $ 180,649 $ 88,501 $ 403,713 As of September 30, 2020 Segment assets $ 12,838,625 $ 26,526,173 $ 11,006,679 $ 50,371,477 ($ in thousands) Consumer and Commercial Other Total Nine Months Ended September 30, 2019 Net interest income before provision for credit losses $ 536,153 $ 477,755 $ 85,686 $ 1,099,594 Provision for credit losses 8,880 71,228 — 80,108 Noninterest income 43,378 91,931 11,055 146,364 Noninterest expense 258,051 200,093 83,071 541,215 Segment income before income taxes 312,600 298,365 13,670 624,635 Segment net income $ 223,478 $ 213,331 $ 49,011 $ 485,820 As of September 30, 2019 Segment assets $ 11,277,171 $ 24,885,849 $ 7,111,639 $ 43,274,659 |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events On October 22, 2020, the Company’s Board of Directors declared fourth quarter 2020 cash dividends for the Company’s common stock. The common stock cash dividend of $0.275 per share is payable on November 16, 2020 to stockholders of record as of November 2, 2020. The Company repaid in full $1.43 billion of the Paycheck Protection Program Liquidity Facility borrowings in October 2020. |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 9 Months Ended |
Sep. 30, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Consolidation | East West Bancorp, Inc. (referred to herein on an unconsolidated basis as “East West” and on a consolidated basis as the “Company”) is a registered bank holding company that offers a full range of banking services to individuals and businesses through its subsidiary bank, East West Bank and its subsidiaries (“East West Bank” or the “Bank”). The unaudited interim Consolidated Financial Statements in this Form 10-Q include the accounts of East West, East West Bank and East West’s subsidiaries. Intercompany transactions and accounts have been eliminated in consolidation. As of September 30, 2020, East West also has six wholly-owned subsidiaries that are statutory business trusts (the “Trusts”). In accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 810, Consolidation |
Basis of Presentation | The unaudited interim Consolidated Financial Statements are presented in accordance with United States (“U.S.”) generally accepted accounting principles (“GAAP”), applicable guidelines prescribed by regulatory authorities, and general practices in the banking industry. They reflect all adjustments that, in the opinion of management, are necessary for fair statement of the interim Consolidated Financial Statements. Certain items on the Consolidated Financial Statements and notes for the prior periods have been reclassified to conform to the current period presentation. |
New Accounting Pronouncements Adopted and Recent Accounting Pronouncements | New Accounting Pronouncements Adopted Standard Required Date of Adoption Description Effect on Financial Statements Standards Adopted in 2020 ASU 2016-13, Financial Instruments — Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments and subsequent related ASUs January 1, 2020 The ASU introduces a new current expected credit losses (“CECL”) model that applies to most financial assets measured at amortized cost and certain instruments, including trade and other receivables, loan receivables, AFS and held-to-maturity debt securities, net investments in leases and off-balance sheet credit exposures. The CECL model utilizes a lifetime “expected credit loss” measurement objective for the recognition of credit losses at the time the financial asset is originated or acquired. The expected credit losses are adjusted in each period for changes in expected lifetime credit losses. ASU 2016-13 also eliminates the guidance for purchased credit impaired (“PCI”) loans, but requires an allowance for loan losses for purchased financial assets with more than an insignificant deterioration of credit since origination. The ASU also modifies the other-than-temporary impairment (“OTTI”) model for AFS debt securities to require an allowance for credit losses instead of a direct write-down. A reversal of the allowance for credit losses is allowed in future periods based on improvements in credit performance expectations. This ASU expands the disclosure requirements regarding an entity’s assumptions, models and methods for estimating the allowance for loan and lease losses, and requires disclosure of the amortized cost balance for each class of financial asset by credit quality indicator, disaggregated by the year of origination (i.e., by vintage year). The guidance should be applied using a modified retrospective approach through a cumulative-effect adjustment to retained earnings as of the beginning of the reporting period of adoption. The new guidance also allows optional relief for certain instruments measured at amortized cost with an option to irrevocably elect the fair value option under ASC Topic 825, Financial Instruments . The Company adopted ASU 2016-13 using a modified retrospective approach on January 1, 2020 without electing the fair value option on eligible financial instruments under ASU 2019-05. The adoption of this ASU increased the allowance for loan losses by $125.2 million, and allowance for unfunded credit commitments by $10.5 million and an after-tax decrease to opening retained earnings of $98.0 million on January 1, 2020. The increase to allowance for loan losses was primarily related to the commercial and industrial (“C&I”) and commercial real estate (“CRE”) loan portfolios. The Company did not record an allowance for credit losses related to the Company’s AFS debt securities as a result of this adoption. Disclosures for periods after January 1, 2020 are presented in accordance with ASC 326 while prior period amounts continue to be reported in accordance with previously applicable standards and the accounting policies described in the Company’s 2019 Form 10-K. The Company has elected the CECL phase-in option provided by regulatory capital rules, which delays the impact of CECL on regulatory capital for two years, followed by a three-year transition period. ASU 2017-04, Intangibles — Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment January 1, 2020 The ASU simplifies the accounting for goodwill impairment. Under this guidance, an entity will no longer perform a hypothetical purchase price allocation to measure goodwill impairment. Instead, an impairment loss will be recognized when the carrying amount of a reporting unit exceeds its fair value and the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. The guidance also eliminates the requirement to perform a qualitative assessment for any reporting units with a zero or negative carrying amount. This guidance should be applied prospectively. The Company adopted this guidance on January 1, 2020. The adoption of this guidance did not have a material impact on the Company’s Consolidated Financial Statements. ASU 2018-15, Intangibles — Goodwill and Other — Internal-Use Software (Subtopic 350-40) Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract January 1, 2020 The ASU amends ASC Topic 350-40 to align the accounting for costs incurred in a cloud computing arrangement with the guidance on developing internal use software. Specifically, if a cloud computing arrangement is deemed to be a service contract, certain implementation costs are eligible for capitalization. The new guidance prescribes the balance sheet and income statement presentation and cash flow classification for the capitalized costs and related amortization expense. The amendments in this ASU should be applied either retrospectively or prospectively to all implementation costs incurred after the date of adoption. The Company adopted this guidance on a prospective basis on January 1, 2020. The adoption of this guidance did not have a material impact on the Company’s Consolidated Financial Statements. Recent Accounting Pronouncement Standard Required Date of Adoption Description Effect on Financial Statements Standard Not Yet Adopted ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting Effective for all entities as of March 12, 2020 In March 2020, the FASB issued a new accounting standard related to contracts or hedging relationships that reference London interbank offered rate or other reference rates that are expected to be discontinued due to reference rate reform. This ASU provides temporary optional expedients and exceptions regarding the accounting requirements related to the modification of certain contracts, hedging relationships and other transactions that are affected by the reference rate reform. The guidance permits the Company to make a one-time election to sell and/or transfer qualifying held-to-maturity securities, and not to apply modification accounting or remeasure lease payments in lease contracts if the changes to the contract are related to the discontinuation of the reference rate. If certain criteria are met, the amendments also allow exceptions to the de-designation criteria of the hedging relationship and the assessment of hedge effectiveness during the transition period. This one time election may be made at any time after March 12, 2020, but no later than December 31, 2022. The Company has not yet made a determination on whether it will make this election and is currently tracking the exposure as of each reporting period and assessing the significance of impact towards implementing any necessary modification in consideration of the election of this amendment. The Company will continue to assess the impact as the reference rate transition occurs over the next two years. Summary of Significant Accounting Policies The Company has revised the following significant accounting policies. Allowance for Loan Losses — The allowance for loan losses is established as management’s estimate of expected credit losses inherent in the Company’s lending activities and increased by the provision for credit losses and decreased by net charge-offs. The allowance for loan losses is evaluated quarterly by management based on regular reviews of the collectability of the loans. The Company develops and documents the allowance for loan losses methodology at the portfolio segment level — the commercial loan portfolio is comprised of C&I, CRE, multifamily residential, and construction and land loans; and the consumer loan portfolio is comprised of single-family residential, home equity lines of credit (“HELOCs”), and other consumer loans. The allowance for loan losses represents the portion of a loan’s amortized cost basis that the Company does not expect to collect due to anticipated credit losses over the loan’s contractual life, adjusted for prepayments. The Company measures the expected loan losses on a collective pool basis when similar risk characteristics exist. Models consisting of quantitative and qualitative components are designed for each pool to develop the expected credit loss estimates. Reasonable and supportable forecast periods vary by loan portfolio. The Company has adopted lifetime loss rate models for the portfolios, which use historical loss rates and forecast economic variables to calculate the expected credit losses for each loan pool. When loans do not share similar risk characteristics, the Company evaluates the loan for expected credit losses on an individual basis. Individually assessed loans include nonaccrual and troubled debt restructuring (“TDR”) loans. The Company evaluates loans for expected credit losses on an individual basis if , based on current information and events, it is probable that the Company will be unable to collect all amounts due according to the original contractual terms of the loan agreement. The following three different asset valuation measurement methods are available: (1) the present value of expected future cash flows, (2) the fair value of collateral less costs to sell, and (3) the loan's observable market price. The allowance for loan losses for collateral-dependent loans is determined based on the fair value of the collateral less costs to sell. For loans that are not collateral-dependent, the Company applies the present value of expected future cash flows valuation or the market value of the loan. When the loan is deemed uncollectible, it is the Company’s policy to promptly charge off the estimated credit losses. The amortized cost of loans held-for-investment excludes accrued interest, which is included in Other assets on the Consolidated Balance Sheet. The Company has made an accounting policy election to not recognize an allowance for credit losses for accrued interest receivables as the Company reverses accrued interest if a loan is on nonaccrual status. The allowance for loan losses is reported separately on the Consolidated Balance Sheet and the Provision for credit losses is reported on the Consolidated Statement of Income. Allowance for Unfunded Credit Commitments — The allowance for unfunded credit commitments includes reserves provided for unfunded loan commitments, letters of credit, standby letters of credit (“SBLCs”) and recourse obligations for loans sold. The Company estimates the allowance for unfunded credit commitments over the contractual period in which the entity is exposed to credit risk via a present contractual obligation to extend credit. Within the period of credit exposure, the estimate of credit losses will consider both the likelihood that funding will occur, and an estimate of the expected credit losses on the commitments that are expected to fund over their estimated lives. The allowance for unfunded credit commitments is maintained at a level believed by management to be sufficient to absorb estimated expected credit losses related to unfunded credit facilities. The determination of the adequacy of the allowance is based on periodic evaluations of the unfunded credit facilities. For all off-balance sheet instruments and commitments, the unfunded credit exposure is calculated using utilization assumptions based on the Company's historical utilization experience in related portfolio segments. Loss rates are applied to the calculated exposure balances to estimate the allowance for unfunded credit commitments. Other elements such as credit risk factors for loans outstanding, terms and expiration dates of the unfunded credit facilities, and other pertinent information are considered to determine the adequacy of the allowance. The allowance for unfunded credit commitments is included in Accrued expenses and other liabilities on the Consolidated Balance Sheet. Changes to the allowance for unfunded credit commitments are included in Provision for credit losses on the Consolidated Income Statements. Allowance for Credit Losses on Available-for-Sale Debt Securities — ASU 2016-13 modifies the OTTI model for AFS debt securities to apply an allowance approach for credit impairment as opposed to permanently writing down the cost basis of the security. For each reporting period, AFS debt security that is in an unrealized loss position is individually analyzed as part of the Company’s ongoing assessments to determine whether a fair value below the amortized cost basis has resulted from a credit loss or other factors. The initial indicator of impairment is a decline in fair value below the amortized cost, excluding accrued interest, of the AFS debt security. The Company first considers whether there is a plan to sell the AFS debt security or it is more-likely-than-not that it will be required to sell the debt security before recovery of the amortized cost. In determining whether an impairment is due to credit related factors, the Company considers the severity of the decline in fair value, nature of the security, the underlying collateral, the financial condition of the issuer, changes in the AFS debt securities’ ratings and other qualitative factors. For securities that are fully guaranteed by the U.S. government, or certain government enterprises, the Company believes that the credit loss exposure on these securities is remote and applies a zero credit loss assumption. When the Company does not intend to sell the impaired AFS debt security and it is more-likely-than-not that the Company will not be required to sell the impaired debt security prior to recovery of its amortized cost basis, the credit component of the unrealized loss of the impaired AFS debt security is recognized as an allowance for credit losses, with a corresponding Provision for credit losses on the Consolidated Statement of Income and the non-credit component is recognized in Other comprehensive income (loss) on the Consolidated Statement of Comprehensive Income, net of applicable taxes. At each reporting period, the Company increases or decreases the allowance for credit losses as appropriate, while limiting reversals of the allowance for credit losses to the extent of the amounts previously recorded. If the Company intends to sell the impaired debt security or it is more-likely-than-not that the Company will be required to sell the impaired debt security prior to recovering its amortized cost basis, the entire impairment amount is recognized as an adjustment to the debt security’s amortized cost basis, with a corresponding Provision for credit losses on the Consolidated Statement of Income. The amortized cost of the Company’s AFS debt securities excludes accrued interest, which is included in Other assets on the Consolidated Balance Sheet. The Company has made an accounting policy election to not recognize an allowance for credit losses for accrued interest receivables on AFS debt securities as the Company reverses any accrued interest if a debt security is impaired. As each AFS debt security has a unique security structure, where the accrual status is clearly determined when certain criteria listed in the terms are met, the Company assesses the default status of each security as defined by the debt security’s specific security structure. Allowance for Collateral-Dependent Financial Assets — A financial asset is considered collateral-dependent if repayment is expected to be provided substantially through the operation or sale of the collateral. The allowance for credit losses is measured on an individual basis for collateral-dependent financial assets and determined by comparing the fair value of the collateral, minus the cost to sell, to the amortized cost basis of the related financial asset at the reporting date. Other than loans, collateral-dependent financial assets could also include resale agreements. In arrangements which the borrower must continually adjust the collateral securing the asset to reflect changes in the collateral’s fair value (e.g., resale agreements), the Company estimates the expected credit losses on the basis of the unsecured portion of the amortized cost as of the balance sheet date. If the fair value of the collateral is equal to or greater than the amortized cost of the resale agreement, the expected losses would be zero. If the fair value of the collateral is less than the amortized cost of the asset, the expected losses are limited to the difference between the fair value of the collateral and the amortized cost basis of the resale agreement. Allowance for Purchased Credit Deteriorated Assets — ASU 2016-13 replaces the concept of PCI accounting under ASC 310-30 Receivables - Loans and Debt Securities Acquired with Deteriorated Credit Quality with the concept of purchased financial assets with credit deterioration. The Company adopted ASU 2016-13 using the prospective transition approach for Purchased credit deteriorated (“PCD”) assets that were previously classified as PCI assets. PCD financial assets are defined as acquired individual financial assets (or groups with similar risk characteristics) that as of the date of acquisition, have experienced a more-than-insignificant deterioration in credit quality since origination. For PCD debt securities and PCD loans, the company records the allowance for credit losses by grossing up the initial amortized cost, which includes the purchase price and the allowance for credit losses. The expected credit losses of PCD debt securities are measured at the individual security level. The expected credit losses for PCD loans are measured based on the loan’s unpaid principal balance. Beginning January 1, 2020, for any asset designated as a PCD asset at the time of acquisition, the Company estimates and records an allowance for credit losses, which is added to the purchase price to establish the initial amortized cost basis of the financial asset. Hence, there is no income statement impact from the acquisition. Subsequent changes in the allowance for credit losses on PCD assets will be recognized in Provision for credit losses on the Consolidated Statement of Income. The non-credit discount or premium will be accreted to interest income based on the effective interest rate on the PCD assets determined after the gross-up for the allowance for credit losses. Troubled Debt Restructurings — The Company has implemented various loan modification programs to provide its borrowers relief from the economic impacts of the Coronavirus Disease 2019 (“COVID-19”). In accordance with the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”), the Company has elected to not apply TDR classification to any COVID-19 related loan modifications that were performed after March 1, 2020 to borrowers who were current as of December 31, 2019. For loans modified in response to the COVID-19 pandemic that do not meet the CARES Act criteria (e.g., current payment status as of December 31, 2019), the Company has applied the guidance included in “ Interagency Statement on Loan Modifications and Reporting for Financial Institutions Working with Customer Affected by the Coronavirus (Revised) ” (the “Interagency Statement”) issued by the federal banking regulators on April 7, 2020. The Interagency Statement states that loan modifications performed in light of the COVID-19 pandemic, including loan payment deferrals that are up to six months in duration, that were granted to borrowers who were current as of the implementation date of a loan modification program or modifications granted under government mandated modification programs, are not TDRs. The delinquency of the loans modified under the CARES Act and Interagency Statement is frozen at the time of the modification, and interest income continues to be recognized over the contractual life of the loan. For more information on the Company's TDR accounting, see Note 1 — Summary of Significant Accounting Principles — Troubled Debt Restructurings to the Consolidated Financial Statements of the Company’s 2019 Annual Report on Form 10-K. Paycheck Protection Program — From April to August 2020, the Company accepted Paycheck Protection Program (“PPP”) applications and originated loans to qualified small businesses under the PPP established by the CARES Act. These loans are included in the C&I portfolio, carry an interest rate of 1%, and are 100% guaranteed by the Small Business Administration (“SBA”). No allowance for loan losses was recorded for these loans as of September 30, 2020. As of September 30, 2020, the Company funded over 7,400 SBA 7(a) approved PPP loans with an outstanding loan balance of $1.77 billion. The substantial majority of the Company’s PPP loans have a term of two years. The SBA paid the Company fees for processing PPP loans in the following amounts: (1) five percent for loans of not more than $350,000; (2) three percent for loans of more than $350,000 and less than $2,000,000; and (3) one percent for loans of at least $2,000,000. Loan processing fees paid to the Company by the SBA are accounted for as loan origination fees, where net deferred fees are recognized over the estimated life of the loan as a yield adjustment on the loans. Payments by borrowers on PPP loans begin ten months after the loan forgiveness covered period. Under the terms of the PPP, such loans are eligible to be forgiven if certain conditions are satisfied, in which case the SBA will make payments to the Company for the forgiven amounts. If a loan is paid off or forgiven by the SBA prior to its projected estimated life, the remaining unamortized deferred fees will be recognized as interest income in that period. |
Fair Value Determination | Fair Value Determination Fair value is defined as the price that would be received to sell an asset or the price that would be paid to transfer a liability in an orderly transaction between market participants at the measurement date. In determining the fair value of financial instruments, the Company uses various methods including market and income approaches. Based on these approaches, the Company utilizes certain assumptions that market participants would use in pricing an asset or a liability. These inputs can be readily observable, market corroborated or generally unobservable. The Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs. The fair value hierarchy noted below is based on the quality and reliability of the information used to determine fair value. The fair value hierarchy gives the highest priority to quoted prices available in active markets and the lowest priority to prices derived from data lacking transparency. The fair value of the Company’s assets and liabilities is classified and disclosed in one of the following three categories: • Level 1 — Valuation is based on quoted prices for identical instruments traded in active markets. • Level 2 — Valuation is based on quoted prices for similar instruments traded in active markets; quoted prices for identical or similar instruments traded in markets that are not active; and model-derived valuations whose inputs are observable and can be corroborated by market data. • Level 3 — Valuation is based on significant unobservable inputs for determining the fair value of assets or liabilities. These significant unobservable inputs reflect assumptions that market participants may use in pricing the assets or liabilities. The classification of assets and liabilities within the hierarchy is based on whether inputs to the valuation methodology used are observable or unobservable, and the significance of those inputs in the fair value measurement. The Company’s assets and liabilities are classified in their entirety based on the lowest level of input that is significant to their fair value measurements. |
Cash Flow Hedges | For cash flow hedges, the entire change in the fair value of the hedging instruments is recognized in AOCI and reclassified to earnings in the same period when the hedged cash flows impact earnings. Reclassified gains and losses on interest rate swaps are recorded in the same line item as the interest payments of the hedged long-term borrowings within Interest expense in the Consolidated Statements of Income. |
Credit Quality Indicators | Credit Quality Indicators All loans are subject to the Company’s credit review and monitoring. For the commercial portfolio, loans are risk rated based on an analysis of the borrower’s current payment performance or delinquency, repayment sources, financial and liquidity factors, including industry and geographic considerations. For the majority of the consumer portfolio, payment performance or delinquency is the driving indicator for the risk ratings. |
Allowance for Loan Losses | Allowance for Loan Losses On January 1, 2020 , the Company adopted ASU 2016-13 that establishes a single allowance framework for all financial assets measured at amortized cost and certain off-balance sheet credit exposures. It requires the measurement of the allowance for loan losses to be based on management’s best estimate of lifetime expected credit losses inherent in the Company’s relevant financial assets. Balance sheet information and results of operations for reporting periods beginning with January 1, 2020 are presented under ASC 326, while prior period comparisons continue to be presented under legacy GAAP. The process of the allowance for loan losses involves procedures to consider the unique risk characteristics of the portfolio segments. For each loan portfolio segment, the expected credit losses are estimated collectively for groups of loans with similar risk characteristics. For loans that do not share similar risk characteristics, the expected credit losses are estimated individually . Allowance for Collectively Evaluated Loans Quantitative Component — The allowance for loan losses is estimated using quantitative methods that consider a variety of factors such as historical loss experience, the current credit quality of the portfolio, as well as an economic outlook over the life of the loan. The Company incorporates forward-looking information using macroeconomic scenarios applied over the forecasted life of the loans. The forward-looking information is limited to the reasonable and supportable period. These macroeconomic scenarios include variables that are considered key drivers of increases and decreases in credit losses. The Company utilizes a probability-weighted multiple scenario forecast approach. These scenarios may consist of a base forecast representing management's view of the most likely outcome, combined with downside and upside scenarios reflecting possible worsening or improving economic conditions. A probability-weighted average of these macroeconomic scenarios over a reasonable and supportable forecast period is incorporated into the quantitative models. If the loans’ life extends beyond the reasonable and supportable forecast period, then historical experience is considered over the remaining life of the loans in estimation of the allowance for loan losses . Qualitative Component — The Company also considers the following qualitative factors in the determination of the collectively evaluated allowance, if these factors have not already been captured by the quantitative model. Such qualitative factors may include, but not limited to: • Loan growth trends; • The volume and severity of past due financial assets, and the volume and severity of adversely classified or rated financial assets; • The Company’s lending policies and procedures, including changes in lending strategies, underwriting standards, collection, write-off and recovery practices, • Knowledge of the borrower’s operations or the borrower’s standing in the community; • The quality of the Company’s credit review system; • The experience, ability and depth of the Company’s management, lending staff and other relevant staff; • The effect of other external factors such as the regulatory, legal and technological environments; and • Actual and expected changes in international, national, regional, and local economic and business conditions in which the Company operates, including the actual and expected conditions of various market segments. The following table provides key credit risk characteristics and macroeconomic variables that the Company uses to estimate the expected credit losses by portfolio segment: Portfolio Segment Risk Characteristics Macroeconomic Variables C&I Internal risk rating; size and credit spread at origination, and time to maturity Unemployment rate, and two and ten year treasury spread CRE, Multifamily residential, and Construction and land Delinquency status; maturity date; collateral value; property type, and geographic location Unemployment rate; GDP, and U.S. Treasury rates Single-family residential and HELOCs FICO; delinquency status; maturity date; collateral value, and geographic location Unemployment rate; GDP, and home price index Other consumer Historical loss experience Immaterial (1) (1) Macroeconomic variables are included in the qualitative estimate. Management updated the macroeconomic forecast used in its credit loss estimation process as of September 30, 2020, which reflected more stabilized economic conditions as a result of an improved macroeconomic forecast, compared with June 30, 2020. The improvements in the macroeconomic forecast used in the credit loss estimation reflected improvements in gross domestic product growth and unemployment rate forecasts. The Company also considered the economic uncertainty caused by the COVID-19 pandemic, U.S. monetary and fiscal responses to the pandemic, the expected impacts of lower oil prices and deteriorating credit trends on the oil & gas portfolio, among other assumptions. For the three and nine months ended September 30, 2020, there were no changes to the reasonable and supportable forecast period, and reversion to historical loss experience method. Allowance for Loan Losses for the Commercial Loan Portfolio — The Company’s C&I loan lifetime loss rate model estimates credit losses by estimating a loss rate expected over the life of a loan. This loss rate is applied to the amortized cost basis, excluding accrued interest receivable, to determine expected credit losses. The lifetime loss rate model’s reasonable and supportable period spans eight quarters, thereafter immediately reverting to the historical average loss rate, expressed implicitly through the loan-level lifetime loss rate. For CRE loans, projected probability of defaults (“PDs”) and loss given defaults (“LGDs”) are applied to the estimated exposure at default, considering the term and payment structure of the loan, to generate estimates of expected loss at the loan level. After a reasonable and supportable period, the forecast of future economic conditions reverts to long-run historical economic trends. In order to estimate the life of a loan under both models, the contractual term of the loan is adjusted for estimated prepayments, which are based on historical prepayment experience. Allowance for Loan Losses for the Consumer Loan Portfolio — For single-family residential and HELOC loans, projected PDs and LGDs are applied to the estimated exposure at default, considering the term and payment structure of the loan, to generate estimates of expected loss at the loan level. After a reasonable and supportable period, the forecast of future economic conditions reverts to long-run historical economic trends. For other consumer loans, the Company uses a loss rate approach. In order to estimate the life of a loan, the contractual term of the loan is adjusted for estimated prepayments, which are based on historical prepayment experience. Qualitative Allowance for Collectively Evaluated Loans — While the Company’s allowance methodologies strive to reflect all relevant credit risk factors, there continues to be uncertainty associated with, but not limited to, potential imprecision in the estimation process due to the inherent time lag of obtaining information and normal variations between expected and actual outcomes. The Company may hold additional qualitative reserves that are designed to provide coverage for losses attributable to such risk. The allowance for loan losses as of September 30, 2020 also included qualitative adjustments for certain industry sectors, such as oil & gas, included as part of the C&I loan portfolio. Allowance for Individually Assessed Loans — When a loan no longer shares similar risk characteristics with other loans, such as in the case for certain nonaccrual or TDR loans, the Company estimates the allowance for loan losses on an individual loan basis. The allowance for loan losses for individually evaluated loans is measured as the difference between the recorded value of the loans and their fair value. For loans evaluated individually, the Company uses one of three different asset valuation measurement methods: (1) the fair value of collateral less costs to sell; (2) the present value of expected future cash flows; and (3) the loan's observable market price. If an individually evaluated loan is determined to be collateral dependent, the Company applies the fair value of the collateral less costs to sell method. If an individually evaluated loan is determined not to be collateral dependent, the Company uses the present value of future cash flows or the observable market value of the loan. |
Investments in Qualified Affordable Housing Partnerships, Net and Investments in Tax Credit and Other Investments, Net | The Company records its investments in qualified affordable housing partnerships, net, using the proportional amortization method. Under the proportional amortization method, the Company amortizes the initial cost of the investment in proportion to the tax credits and other tax benefits received, and recognizes the amortization in Income tax expense on the Consolidated Statement of Income. |
Variable Interest Entities | Variable Interest Entities The Company invests in unconsolidated limited partnerships and similar entities that construct, own and operate affordable housing, historic rehabilitation, wind and solar projects, of which the majority of such investments are variable interest entities (“VIEs”). As a limited partner in these partnerships, these investments are designed to generate a return primarily through the realization of federal tax credits and tax benefits. An unrelated third party is typically the general partner or managing member who has control over the significant activities of such investments. While the Company’s interest in some of the investments may exceed 50% of the outstanding equity interests, the Company does not consolidate these structures due to the general partner or managing member’s ability to manage the entity, which is indicative of power over them. The Company’s maximum exposure to loss in connection with these partnerships consist of the unamortized investment balance and any tax credits claimed that may become subject to recapture. Special purpose entities formed in connection with securitization transactions are generally considered VIEs. The Company is the servicer of multifamily residential loans it securitized in 2016. Because the Company does not have the power or hold a variable interest that could potentially be significant to this VIE, the multifamily securitization entity is not consolidated . |
Goodwill and Core Deposit Intangibles | The Company assesses goodwill for impairment at the reporting unit level, equivalent to the same level as the Company’s business segments. This assessment is performed on an annual basis as of December 31 each year, or more frequently if events or circumstances, such as adverse changes in the economic or business environment, indicate there may be impairment. The Company organizes its operations into three reporting segments: (1) Consumer and Business Banking; (2) Commercial Banking; and (3) Other. Core deposit intangibles represent the intangible value of depositor relationships resulting from deposit liabilities assumed in various acquisitions and are included in Other assets |
Amortization Expense of Core Deposit Intangibles | The Company amortizes the core deposit intangibles based on the projected useful lives of the related deposits. |
Litigation | Litigation — The Company is a party to various legal actions arising in the course of its business. In accordance with ASC 450, Contingencies, the Company accrues reserves for outstanding lawsuits, claims and proceedings when a loss contingency is probable and can be reasonably estimated. The Company estimates the amount of loss contingencies using current available information from legal proceedings, advice from legal counsel and available insurance coverage. Due to the inherent subjectivity of the assessments and unpredictability of the outcomes of the legal proceedings, any amounts accrued or included in this aggregate amount may not represent the ultimate loss to the Company from the legal proceedings in question. Thus, the Company’s exposure and ultimate losses may be higher, and possibly significantly more than the amounts accrued. |
Revenue Recognition | Generally, the Company recognizes revenue from contracts with customers when it satisfies its performance obligations. The Company’s performance obligations are typically satisfied as services are rendered. The Company generally records contract liabilities, or deferred revenue, when payments from customers are received or due in advance of providing services. The Company records contract assets when services are provided to customers before payment is received or before payment is due. |
Share-based Compensation | The amount of performance-based RSUs that are eligible to vest is determined at the end of each performance period, and is then added together as the total number of performance shares to vest. Performance-based RSUs cliff vest three years from the date of each grant.Compensation costs for the time-based awards that will be settled in shares of the Company’s common stock are based on the quoted market price of the Company’s common stock at the grant date. Compensation costs for certain time-based awards that will be settled in cash are adjusted to fair value based on changes in the share price of the Company’s common stock up to the settlement date. Compensation costs associated with performance-based RSUs are based on grant date fair value which considers both market and performance conditions, and is subject to subsequent adjustments based on the changes in the Company’s projected outcome of the performance criteria. Compensation costs of both time-based and performance-based awards are estimated based on awards ultimately expected to vest, and recognized on a straight-line basis from the grant date until the vesting date of each grant. |
Current Accounting Developmen_2
Current Accounting Developments and Summary of Significant Accounting Policies (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Accounting Policies [Abstract] | |
New Accounting Pronouncements Adopted | New Accounting Pronouncements Adopted Standard Required Date of Adoption Description Effect on Financial Statements Standards Adopted in 2020 ASU 2016-13, Financial Instruments — Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments and subsequent related ASUs January 1, 2020 The ASU introduces a new current expected credit losses (“CECL”) model that applies to most financial assets measured at amortized cost and certain instruments, including trade and other receivables, loan receivables, AFS and held-to-maturity debt securities, net investments in leases and off-balance sheet credit exposures. The CECL model utilizes a lifetime “expected credit loss” measurement objective for the recognition of credit losses at the time the financial asset is originated or acquired. The expected credit losses are adjusted in each period for changes in expected lifetime credit losses. ASU 2016-13 also eliminates the guidance for purchased credit impaired (“PCI”) loans, but requires an allowance for loan losses for purchased financial assets with more than an insignificant deterioration of credit since origination. The ASU also modifies the other-than-temporary impairment (“OTTI”) model for AFS debt securities to require an allowance for credit losses instead of a direct write-down. A reversal of the allowance for credit losses is allowed in future periods based on improvements in credit performance expectations. This ASU expands the disclosure requirements regarding an entity’s assumptions, models and methods for estimating the allowance for loan and lease losses, and requires disclosure of the amortized cost balance for each class of financial asset by credit quality indicator, disaggregated by the year of origination (i.e., by vintage year). The guidance should be applied using a modified retrospective approach through a cumulative-effect adjustment to retained earnings as of the beginning of the reporting period of adoption. The new guidance also allows optional relief for certain instruments measured at amortized cost with an option to irrevocably elect the fair value option under ASC Topic 825, Financial Instruments . The Company adopted ASU 2016-13 using a modified retrospective approach on January 1, 2020 without electing the fair value option on eligible financial instruments under ASU 2019-05. The adoption of this ASU increased the allowance for loan losses by $125.2 million, and allowance for unfunded credit commitments by $10.5 million and an after-tax decrease to opening retained earnings of $98.0 million on January 1, 2020. The increase to allowance for loan losses was primarily related to the commercial and industrial (“C&I”) and commercial real estate (“CRE”) loan portfolios. The Company did not record an allowance for credit losses related to the Company’s AFS debt securities as a result of this adoption. Disclosures for periods after January 1, 2020 are presented in accordance with ASC 326 while prior period amounts continue to be reported in accordance with previously applicable standards and the accounting policies described in the Company’s 2019 Form 10-K. The Company has elected the CECL phase-in option provided by regulatory capital rules, which delays the impact of CECL on regulatory capital for two years, followed by a three-year transition period. ASU 2017-04, Intangibles — Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment January 1, 2020 The ASU simplifies the accounting for goodwill impairment. Under this guidance, an entity will no longer perform a hypothetical purchase price allocation to measure goodwill impairment. Instead, an impairment loss will be recognized when the carrying amount of a reporting unit exceeds its fair value and the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. The guidance also eliminates the requirement to perform a qualitative assessment for any reporting units with a zero or negative carrying amount. This guidance should be applied prospectively. The Company adopted this guidance on January 1, 2020. The adoption of this guidance did not have a material impact on the Company’s Consolidated Financial Statements. ASU 2018-15, Intangibles — Goodwill and Other — Internal-Use Software (Subtopic 350-40) Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract January 1, 2020 The ASU amends ASC Topic 350-40 to align the accounting for costs incurred in a cloud computing arrangement with the guidance on developing internal use software. Specifically, if a cloud computing arrangement is deemed to be a service contract, certain implementation costs are eligible for capitalization. The new guidance prescribes the balance sheet and income statement presentation and cash flow classification for the capitalized costs and related amortization expense. The amendments in this ASU should be applied either retrospectively or prospectively to all implementation costs incurred after the date of adoption. The Company adopted this guidance on a prospective basis on January 1, 2020. The adoption of this guidance did not have a material impact on the Company’s Consolidated Financial Statements. Recent Accounting Pronouncement Standard Required Date of Adoption Description Effect on Financial Statements Standard Not Yet Adopted ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting Effective for all entities as of March 12, 2020 In March 2020, the FASB issued a new accounting standard related to contracts or hedging relationships that reference London interbank offered rate or other reference rates that are expected to be discontinued due to reference rate reform. This ASU provides temporary optional expedients and exceptions regarding the accounting requirements related to the modification of certain contracts, hedging relationships and other transactions that are affected by the reference rate reform. The guidance permits the Company to make a one-time election to sell and/or transfer qualifying held-to-maturity securities, and not to apply modification accounting or remeasure lease payments in lease contracts if the changes to the contract are related to the discontinuation of the reference rate. If certain criteria are met, the amendments also allow exceptions to the de-designation criteria of the hedging relationship and the assessment of hedge effectiveness during the transition period. This one time election may be made at any time after March 12, 2020, but no later than December 31, 2022. The Company has not yet made a determination on whether it will make this election and is currently tracking the exposure as of each reporting period and assessing the significance of impact towards implementing any necessary modification in consideration of the election of this amendment. The Company will continue to assess the impact as the reference rate transition occurs over the next two years. |
Fair Value Measurement and Fa_2
Fair Value Measurement and Fair Value of Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Fair Value, Financial Assets and Liabilities Measured on Recurring and Nonrecurring Basis | |
Schedule of financial assets (liabilities) measured at fair value on a recurring basis | The following tables present financial assets and liabilities that are measured at fair value on a recurring basis as of September 30, 2020 and December 31, 2019: ($ in thousands) Assets and Liabilities Measured at Fair Value on a Recurring Basis Quoted Prices in Significant Significant Total AFS debt securities: U.S. Treasury securities $ 50,998 $ — $ — $ 50,998 U.S. government agency and U.S. government-sponsored enterprise debt securities — 727,062 — 727,062 U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities: Commercial mortgage-backed securities — 967,109 — 967,109 Residential mortgage-backed securities — 1,238,009 — 1,238,009 Municipal securities — 333,275 — 333,275 Non-agency mortgage-backed securities: Commercial mortgage-backed securities — 214,676 — 214,676 Residential mortgage-backed securities — 277,613 — 277,613 Corporate debt securities — 251,177 — 251,177 Foreign government bonds — 132,671 — 132,671 Asset-backed securities — 63,148 — 63,148 Collateralized loan obligations (“CLOs”) — 283,422 — 283,422 Total AFS debt securities $ 50,998 $ 4,488,162 $ — $ 4,539,160 Investments in tax credit and other investments: Equity securities (1) $ 22,538 $ 8,741 $ — $ 31,279 Total investments in tax credit and other investments $ 22,538 $ 8,741 $ — $ 31,279 Derivative assets: Interest rate contracts $ — $ 566,635 $ — $ 566,635 Foreign exchange contracts — 19,134 — 19,134 Credit contracts — 47 — 47 Equity contracts — 12,455 310 12,765 Commodity contracts — 110,029 — 110,029 Gross derivative assets $ — $ 708,300 $ 310 $ 708,610 Netting adjustments (2) $ — $ (109,696) $ — $ (109,696) Net derivative assets $ — $ 598,604 $ 310 $ 598,914 Derivative liabilities: Interest rate contracts $ — $ 372,057 $ — $ 372,057 Foreign exchange contracts — 14,782 — 14,782 Credit contracts — 307 — 307 Commodity contracts — 118,873 — 118,873 Gross derivative liabilities $ — $ 506,019 $ — $ 506,019 Netting adjustments (2) $ — $ (202,131) $ — $ (202,131) Net derivative liabilities $ — $ 303,888 $ — $ 303,888 (1) Equity securities consist of mutual funds with readily determinable fair values. (2) Represents balance sheet netting of derivative assets and liabilities and related cash collateral under master netting agreements or similar agreements. See Note 6 — Derivatives to the Consolidated Financial Statements in this Form 10-Q for additional information. ($ in thousands) Assets and Liabilities Measured at Fair Value on a Recurring Basis Quoted Prices in Significant Significant Total AFS debt securities: U.S. Treasury securities $ 176,422 $ — $ — $ 176,422 U.S. government agency and U.S. government-sponsored enterprise debt securities — 581,245 — 581,245 U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities: Commercial mortgage-backed securities — 603,471 — 603,471 Residential mortgage-backed securities — 1,003,897 — 1,003,897 Municipal securities — 102,302 — 102,302 Non-agency mortgage-backed securities: Commercial mortgage-backed securities — 88,550 — 88,550 Residential mortgage-backed securities — 46,548 — 46,548 Corporate debt securities — 11,149 — 11,149 Foreign government bonds — 354,172 — 354,172 Asset-backed securities — 64,752 — 64,752 CLOs — 284,706 — 284,706 Total AFS debt securities $ 176,422 $ 3,140,792 $ — $ 3,317,214 Investments in tax credit and other investments: Equity securities (1) $ 21,746 $ 9,927 $ — $ 31,673 Total investments in tax credit and other investments $ 21,746 $ 9,927 $ — $ 31,673 Derivative assets: Interest rate contracts $ — $ 192,883 $ — $ 192,883 Foreign exchange contracts — 54,637 — 54,637 Credit contracts — 2 — 2 Equity contracts — 993 421 1,414 Commodity contracts — 81,380 — 81,380 Gross derivative assets $ — $ 329,895 $ 421 $ 330,316 Netting adjustments (2) $ — $ (125,319) $ — $ (125,319) Net derivative assets $ — $ 204,576 $ 421 $ 204,997 Derivative liabilities: Interest rate contracts $ — $ 127,317 $ — $ 127,317 Foreign exchange contracts — 48,610 — 48,610 Credit contracts — 84 — 84 Commodity contracts — 80,517 — 80,517 Gross derivative liabilities $ — $ 256,528 $ — $ 256,528 Netting adjustments (2) $ — $ (159,799) $ — $ (159,799) Net derivative liabilities $ — $ 96,729 $ — $ 96,729 (1) Equity securities consist of mutual funds with readily determinable fair values. (2) Represents balance sheet netting of derivative assets and liabilities and related cash collateral under master netting agreements or similar agreements. See Note 6 — Derivatives to the Consolidated Financial Statements in this Form 10-Q for additional information. |
Reconciliation of the beginning and ending balances for equity warrants measured at fair value on a recurring basis using significant unobservable inputs (Level 3) | The following table provides a reconciliation of the beginning and ending balances of these equity warrants for the three and nine months ended September 30, 2020 and 2019: ($ in thousands) Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Equity Contracts Beginning balance $ 316 $ 392 $ 421 $ 673 Total (losses) gains included in earnings (1) (6) 10 8,262 548 Issuances — — — 28 Settlements — — — (847) Transfers out of Level 3 (2) — — (8,373) — Ending balance $ 310 $ 402 $ 310 $ 402 (1) Includes unrealized (losses) gains of $(6) thousand and $10 thousand for the three months ended September 30, 2020 and 2019, respectively, and $8.3 million and $(225) thousand for the nine months ended September 30, 2020 and 2019, respectively. The realized/unrealized gains (losses) of equity warrants are included in Lending fees on the Consolidated Statement of Income. (2) During the nine months ended September 30, 2020, the Company transferred $8.4 million of equity contracts measured on a recurring basis out of Level 3 into Level 2 after the corresponding issuer of the equity warrant, which was previously a private company, completed its initial public offering and became a public company. |
Schedule of carrying amounts of assets that were still held and had fair value changes measured on a nonrecurring basis | The following tables present the carrying amounts of assets that were still held and had fair value changes measured on a nonrecurring basis as of September 30, 2020 and December 31, 2019: ($ in thousands) Assets Measured at Fair Value on a Nonrecurring Basis Quoted Prices in Significant Significant Fair Value Loans held-for-investment: Commercial: C&I $ — $ — $ 116,077 $ 116,077 CRE: CRE — — 51,280 51,280 Total commercial — — 167,357 167,357 Consumer: Residential mortgage: HELOCs — — 1,156 1,156 Other consumer — — 2,491 2,491 Total consumer — — 3,647 3,647 Total loans held-for-investment $ — $ — $ 171,004 $ 171,004 Investments in tax credit and other investments, net $ — $ — $ 6,216 $ 6,216 ($ in thousands) Assets Measured at Fair Value on a Nonrecurring Basis Quoted Prices in Significant Significant Fair Value Loans held-for-investment: Commercial: C&I $ — $ — $ 47,554 $ 47,554 CRE: CRE — — 753 753 Total commercial — — 48,307 48,307 Consumer: Residential mortgage: HELOCs — — 1,372 1,372 Total consumer — — 1,372 1,372 Total loans held-for-investment $ — $ — $ 49,679 $ 49,679 Investments in tax credit and other investments, net $ — $ — $ 3,076 $ 3,076 OREO (1) $ — $ — $ 125 $ 125 Other nonperforming assets $ — $ — $ 1,167 $ 1,167 (1) Amounts are included in Other assets on the Consolidated Balance Sheet and represent the carrying value of OREO properties that were written down subsequent to their initial classification as OREO. |
Schedule of increase (decrease) in fair value of assets for which a fair value adjustment has been recognized, nonrecurring basis | The following table presents the increase (decrease) in fair value of assets for which a nonrecurring fair value adjustment has been recognized for the three and nine months ended September 30, 2020 and 2019: ($ in thousands) Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Loans held-for-investment: Commercial: C&I $ (24,928) $ (20,484) $ (38,855) $ (43,109) CRE: CRE (15) 2 (292) 6 Total commercial (24,943) (20,482) (39,147) (43,103) Consumer: Residential mortgage: HELOCs 3 — (178) — Other consumer — — 2,491 — Total consumer 3 — 2,313 — Total loans held-for-investment $ (24,940) $ (20,482) $ (36,834) $ (43,103) Investments in tax credit and other investments, net $ — $ (1,703) $ (583) $ (11,573) OREO $ — $ (1,020) $ — $ (1,023) Other nonperforming assets $ — $ — $ — $ (3,000) |
Schedule of the carrying and fair value estimates per the fair value hierarchy of financial instruments measured on a nonrecurring basis | The following tables present the fair value estimates for financial instruments as of September 30, 2020 and December 31, 2019, excluding financial instruments recorded at fair value on a recurring basis as they are included in the tables presented elsewhere in this Note. The carrying amounts in the following tables are recorded on the Consolidated Balance Sheet under the indicated captions, except for accrued interest receivable and mortgage servicing rights that are included in Other assets , and accrued interest payable that is included in Accrued expenses and other liabilities . These financial assets and liabilities are measured at amortized cost basis on the Company’s Consolidated Balance Sheet. ($ in thousands) September 30, 2020 Carrying Level 1 Level 2 Level 3 Estimated Financial assets: Cash and cash equivalents $ 4,506,941 $ 4,506,941 $ — $ — $ 4,506,941 Interest-bearing deposits with banks $ 699,465 $ — $ 699,465 $ — $ 699,465 Resale agreements (1) $ 1,210,000 $ — $ 1,215,801 $ — $ 1,215,801 Restricted equity securities, at cost $ 79,172 $ — $ 79,172 $ — $ 79,172 Loans held-for-sale $ 4,148 $ — $ 4,148 $ — $ 4,148 Loans held-for-investment, net $ 36,818,877 $ — $ — $ 37,087,711 $ 37,087,711 Mortgage servicing rights $ 5,169 $ — $ — $ 7,511 $ 7,511 Accrued interest receivable $ 143,354 $ — $ 143,354 $ — $ 143,354 Financial liabilities: Demand, checking, savings and money market deposits $ 32,611,382 $ — $ 32,611,382 $ — $ 32,611,382 Time deposits $ 9,069,173 $ — $ 9,091,802 $ — $ 9,091,802 Short-term borrowings $ 59,613 $ — $ 59,613 $ — $ 59,613 FHLB advances $ 657,185 $ — $ 666,989 $ — $ 666,989 Repurchase agreements (1) $ 348,063 $ — $ 368,098 $ — $ 368,098 Long-term debt $ 1,574,765 $ — $ 1,577,572 $ — $ 1,577,572 Accrued interest payable $ 21,671 $ — $ 21,671 $ — $ 21,671 ($ in thousands) December 31, 2019 Carrying Level 1 Level 2 Level 3 Estimated Financial assets: Cash and cash equivalents $ 3,261,149 $ 3,261,149 $ — $ — $ 3,261,149 Interest-bearing deposits with banks $ 196,161 $ — $ 196,161 $ — $ 196,161 Resale agreements (1) $ 860,000 $ — $ 856,025 $ — $ 856,025 Restricted equity securities, at cost $ 78,580 $ — $ 78,580 $ — $ 78,580 Loans held-for-sale $ 434 $ — $ 434 $ — $ 434 Loans held-for-investment, net $ 34,420,252 $ — $ — $ 35,021,300 $ 35,021,300 Mortgage servicing rights $ 6,068 $ — $ — $ 8,199 $ 8,199 Accrued interest receivable $ 144,599 $ — $ 144,599 $ — $ 144,599 Financial liabilities: Demand, checking, savings and money market deposits $ 27,109,951 $ — $ 27,109,951 $ — $ 27,109,951 Time deposits $ 10,214,308 $ — $ 10,208,895 $ — $ 10,208,895 Short-term borrowings $ 28,669 $ — $ 28,669 $ — $ 28,669 FHLB advances $ 745,915 $ — $ 755,371 $ — $ 755,371 Repurchase agreements (1) $ 200,000 $ — $ 232,597 $ — $ 232,597 Long-term debt $ 147,101 $ — $ 152,641 $ — $ 152,641 Accrued interest payable $ 27,246 $ — $ 27,246 $ — $ 27,246 (1) Resale and repurchase agreements are reported net pursuant to ASC 210-20-45-11, Balance Sheet Offsetting: Repurchase and Reverse Repurchase Agreements . As of September 30, 2020, none of the $348.1 million of gross repurchase agreements were eligible for netting against gross resale agreements. Out of $450.0 million of gross repurchase agreements, $250.0 million were eligible for netting against gross resale agreements as of |
Fair Value, Measurements, Recurring | |
Fair Value, Financial Assets and Liabilities Measured on Recurring and Nonrecurring Basis | |
Schedule of quantitative information about significant unobservable inputs used in the valuation of Level 3 fair value measurements | The following table presents quantitative information about the significant unobservable inputs used in the valuation of Level 3 fair value measurements as of September 30, 2020 and December 31, 2019, respectively. The significant unobservable inputs presented in the table below are those that the Company considers significant to the fair value of the Level 3 assets. The Company considers unobservable inputs to be significant if, by their exclusion, the fair value of the Level 3 assets would be impacted by a predetermined percentage change. ($ in thousands) Fair Value Valuation Unobservable Range of Inputs Weighted- Average (1) September 30, 2020 Derivative assets: Equity contracts $ 310 Black-Scholes option pricing model Equity volatility 54% — 65% 59% Liquidity discount 47% 47% December 31, 2019 Derivative assets: Equity contracts $ 421 Black-Scholes option pricing model Equity volatility 39% — 44% 42% Liquidity discount 47% 47% (1) Weighted-average is calculated based on fair value of equity warrants as of September 30, 2020 and December 31, 2019. |
Fair Value, Measurements, Nonrecurring | |
Fair Value, Financial Assets and Liabilities Measured on Recurring and Nonrecurring Basis | |
Schedule of quantitative information about significant unobservable inputs used in the valuation of Level 3 fair value measurements | The following table presents the quantitative information about the significant unobservable inputs used in the valuation of Level 3 fair value measurements that are measured on a nonrecurring basis as of September 30, 2020 and December 31, 2019: ($ in thousands) Fair Value Valuation Unobservable Range of Weighted- Average of Inputs (1) September 30, 2020 Loans held-for-investment $ 82,461 Discounted cash flows Discount 4% — 15% 13% $ 15,493 Fair value of collateral Discount 10% — 20% 10% $ 22,469 Fair value of collateral Contract value NM NM $ 50,581 Fair value of property Selling cost 8% 8% Investments in tax credit and other investments, net $ 6,216 Individual analysis of each investment Expected future tax benefits and distributions NM NM December 31, 2019 Loans held-for-investment $ 27,841 Discounted cash flows Discount 4% — 15% 14% $ 1,014 Fair value of collateral Discount 8% — 20% 19% $ 20,824 Fair value of collateral Contract value NM NM Investments in tax credit and other investments, net $ 3,076 Individual analysis of each investment Expected future tax benefits and distributions NM NM OREO $ 125 Fair value of property Selling cost 8% 8% Other nonperforming assets $ 1,167 Fair value of collateral Contract value NM NM NM — Not meaningful. (1) Weighted-average of inputs is based on the relative fair value of the respective assets as of September 30, 2020 and December 31, 2019. |
Securities Purchased under Re_2
Securities Purchased under Resale Agreements and Sold under Repurchase Agreements (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
RESALE AND REPURCHASE AGREEMENTS [Abstract] | |
Schedule of balance sheet offsetting for resale and repurchase agreements | The following tables present the resale and repurchase agreements included on the Consolidated Balance Sheet as of September 30, 2020 and December 31, 2019: ($ in thousands) September 30, 2020 Gross Gross Amounts Net Amounts of Gross Amounts Not Offset on the Assets Net Collateral Received Resale agreements $ 1,210,000 $ — $ 1,210,000 $ (1,204,933) (1) $ 5,067 Gross Gross Amounts Net Amounts of Gross Amounts Not Offset on the Liabilities Net Collateral Pledged Repurchase agreements $ 348,063 $ — $ 348,063 $ (330,600) (2) $ 17,463 ($ in thousands) December 31, 2019 Gross Gross Amounts Net Amounts of Gross Amounts Not Offset on the Assets Net Collateral Received Resale agreements $ 1,110,000 $ (250,000) $ 860,000 $ (856,058) (1) $ 3,942 Gross Gross Amounts Net Amounts of Gross Amounts Not Offset on the Liabilities Net Collateral Pledged Repurchase agreements $ 450,000 $ (250,000) $ 200,000 $ (200,000) (2) $ — (1) Represents the fair value of securities the Company has received under resale agreements, limited for table presentation purposes to the amount of the recognized asset due from each counterparty. The application of collateral cannot reduce the net position below zero. Therefore, excess collateral, if any, is not reflected above. (2) Represents the fair value of securities the Company has pledged under repurchase agreements, limited for table presentation purposes to the amount of the recognized liability due to each counterparty. The application of collateral cannot reduce the net position below zero. Therefore, excess collateral, if any, is not reflected above. |
Securities (Tables)
Securities (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of amortized cost, gross unrealized gains and losses, and fair value by major categories of AFS debt securities | The following tables present the amortized cost, gross unrealized gains and losses, and fair value by major categories of AFS debt securities as of September 30, 2020 and December 31, 2019: ($ in thousands) September 30, 2020 Amortized Gross Gross Fair AFS debt securities: U.S. Treasury securities $ 50,410 $ 588 $ — $ 50,998 U.S. government agency and U.S. government-sponsored enterprise debt securities 718,907 10,565 (2,410) 727,062 U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities: Commercial mortgage-backed securities 937,078 34,292 (4,261) 967,109 Residential mortgage-backed securities 1,206,488 32,578 (1,057) 1,238,009 Municipal securities 327,422 7,199 (1,346) 333,275 Non-agency mortgage-backed securities: Commercial mortgage-backed securities 210,343 5,556 (1,223) 214,676 Residential mortgage-backed securities 277,306 782 (475) 277,613 Corporate debt securities 251,253 1,327 (1,403) 251,177 Foreign government bonds 134,179 26 (1,534) 132,671 Asset-backed securities 64,308 — (1,160) 63,148 CLOs 294,000 — (10,578) 283,422 Total AFS debt securities $ 4,471,694 $ 92,913 $ (25,447) $ 4,539,160 ($ in thousands) December 31, 2019 Amortized Gross Gross Fair AFS debt securities: U.S. Treasury securities $ 177,215 $ — $ (793) $ 176,422 U.S. government agency and U.S. government-sponsored enterprise debt securities 584,275 1,377 (4,407) 581,245 U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities: Commercial mortgage-backed securities 599,814 8,551 (4,894) 603,471 Residential mortgage-backed securities 998,447 6,927 (1,477) 1,003,897 Municipal securities 101,621 790 (109) 102,302 Non-agency mortgage-backed securities: Commercial mortgage-backed securities 86,609 1,947 (6) 88,550 Residential mortgage-backed securities 46,830 3 (285) 46,548 Corporate debt securities 11,250 12 (113) 11,149 Foreign government bonds 354,481 198 (507) 354,172 Asset-backed securities 66,106 — (1,354) 64,752 CLOs 294,000 — (9,294) 284,706 Total AFS debt securities $ 3,320,648 $ 19,805 $ (23,239) $ 3,317,214 |
Schedule of fair value and associated gross unrealized losses of AFS debt securities | The following tables present the fair value and the associated gross unrealized losses of the Company’s AFS debt securities, aggregated by investment category and the length of time that the securities have been in a continuous unrealized loss position as of September 30, 2020 and December 31, 2019. ($ in thousands) September 30, 2020 Less Than 12 Months 12 Months or More Total Fair Gross Fair Gross Fair Gross AFS debt securities: U.S. government agency and U.S. government sponsored enterprise debt securities $ 336,399 $ (2,410) $ — $ — $ 336,399 $ (2,410) U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities: Commercial mortgage-backed securities 224,593 (4,194) 10,456 (67) 235,049 (4,261) Residential mortgage-backed securities 62,150 (1,057) — — 62,150 (1,057) Municipal securities 151,283 (1,346) — — 151,283 (1,346) Non-agency mortgage-backed securities: Commercial mortgage-backed securities 66,469 (1,210) 7,907 (13) 74,376 (1,223) Residential mortgage-backed securities 135,192 (475) — — 135,192 (475) Corporate debt securities 145,134 (866) 9,463 (537) 154,597 (1,403) Foreign government bonds 102,350 (1,534) — — 102,350 (1,534) Asset-backed securities — — 63,148 (1,160) 63,148 (1,160) CLOs 283,422 (10,578) — — 283,422 (10,578) Total AFS debt securities $ 1,506,992 $ (23,670) $ 90,974 $ (1,777) $ 1,597,966 $ (25,447) ($ in thousands) December 31, 2019 Less Than 12 Months 12 Months or More Total Fair Gross Fair Gross Fair Gross AFS debt securities: U.S. Treasury securities $ — $ — $ 176,422 $ (793) $ 176,422 $ (793) U.S. government agency and U.S. government-sponsored enterprise debt securities 310,349 (4,407) — — 310,349 (4,407) U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities: Commercial mortgage-backed securities 204,675 (2,346) 108,314 (2,548) 312,989 (4,894) Residential mortgage-backed securities 325,354 (1,234) 34,337 (243) 359,691 (1,477) Municipal securities 31,130 (109) — — 31,130 (109) Non-agency mortgage-backed securities: Commercial mortgage-backed securities 7,914 (6) — — 7,914 (6) Residential mortgage-backed securities 42,894 (285) — — 42,894 (285) Corporate debt securities — — 9,888 (113) 9,888 (113) Foreign government bonds 129,074 (407) 9,900 (100) 138,974 (507) Asset-backed securities 52,565 (902) 12,187 (452) 64,752 (1,354) CLOs 284,706 (9,294) — — 284,706 (9,294) Total AFS debt securities $ 1,388,661 $ (18,990) $ 351,048 $ (4,249) $ 1,739,709 $ (23,239) |
Schedule of the proceeds, gross realized gains, and tax expense related to the sales of AFS debt securities | The following table presents the proceeds, gross realized gains and tax expense related to the sales of AFS debt securities for the three and nine months ended September 30, 2020 and 2019: ($ in thousands) Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Proceeds from sales $ 10,497 $ 101,129 $ 494,877 $ 476,231 Gross realized gains $ 698 $ 58 $ 11,867 $ 3,066 Related tax expense $ 206 $ 17 $ 3,508 $ 906 |
Schedule of contractual maturities of AFS debt securities | The following table presents the contractual maturities of AFS debt securities as of September 30, 2020. Expected maturities will differ from contractual maturities on certain securities as the issuers and borrowers of the underlying collateral may have the right to call or prepay obligations with or without prepayment penalties. ($ in thousands) Amortized Cost Fair Value Due within one year $ 756,955 $ 757,035 Due after one year through five years 383,722 388,413 Due after five years through ten years 440,452 451,219 Due after ten years 2,890,565 2,942,493 Total AFS debt securities $ 4,471,694 $ 4,539,160 |
Schedule of restricted equity securities | The following table presents the restricted equity securities on the Consolidated Balance Sheet as of September 30, 2020 and December 31, 2019: ($ in thousands) September 30, 2020 December 31, 2019 Federal Reserve Bank (“FRB”) stock $ 58,990 $ 58,330 FHLB stock 20,182 20,250 Total restricted equity securities $ 79,172 $ 78,580 |
Derivatives (Tables)
Derivatives (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of notional and gross fair values of derivatives | The following table presents the total notional amounts and gross fair values of the Company’s derivatives, as well as the balance sheet netting adjustments on an aggregate basis as of September 30, 2020 and December 31, 2019. The derivative assets and liabilities are presented on a gross basis prior to the application of bilateral collateral and master netting agreements, but after the variation margin payments with central clearing organizations have been applied as settlement, as applicable. Total derivative assets and liabilities are adjusted to take into consideration the effects of legally enforceable master netting agreements and cash collateral received or paid as of September 30, 2020 and December 31, 2019. The resulting net derivative asset and liability fair values are included in Other assets and Accrued expenses and other liabilities , respectively, on the Consolidated Balance Sheet. ($ in thousands) September 30, 2020 December 31, 2019 Notional Fair Value Notional Fair Value Derivative Derivative Derivative Derivative Derivatives designated as hedging instruments: Fair value hedges: Interest rate contracts $ 15,194 $ 64 $ — $ 31,026 $ — $ 3,198 Cash flow hedges: Interest rate contracts 275,000 — 1,861 — — — Net investment hedges: Foreign exchange contracts 80,992 — 252 86,167 — 1,586 Total derivatives designated as hedging instruments $ 371,186 $ 64 $ 2,113 $ 117,193 $ — $ 4,784 Derivatives not designated as hedging instruments: Interest rate contracts $ 17,613,982 $ 566,571 $ 370,196 $ 15,489,692 $ 192,883 $ 124,119 Foreign exchange contracts 1,832,383 19,134 14,530 4,839,661 54,637 47,024 Credit contracts 77,397 47 307 210,678 2 84 Equity contracts — (1) 12,765 — — (1) 1,414 — Commodity contracts — (2) 110,029 118,873 — (2) 81,380 80,517 Total derivatives not designated as hedging instruments $ 19,523,762 $ 708,546 $ 503,906 $ 20,540,031 $ 330,316 $ 251,744 Gross derivative assets/liabilities $ 708,610 $ 506,019 $ 330,316 $ 256,528 Less: Master netting agreements (104,456) (104,456) (121,561) (121,561) Less: Cash collateral received/paid (5,240) (97,675) (3,758) (38,238) Net derivative assets/liabilities $ 598,914 $ 303,888 $ 204,997 $ 96,729 (1) The Company held equity contracts in three public companies and 17 private companies as of September 30, 2020. In comparison, the Company held equity contracts in three public companies and 18 private companies as of December 31, 2019. (2) The notional amount of the Company’s commodity contracts entered with its customers totaled 6,100 thousand barrels of crude oil and 110,340 thousand units of natural gas, measured in million British thermal units (“MMBTUs”) as of September 30, 2020. In comparison, the notional amount of the Company’s commodity contracts entered with its customers totaled 7,811 thousand barrels of crude oil and 63,773 thousand MMBTUs of natural gas as of December 31, 2019. The Company simultaneously entered into the offsetting commodity contracts with mirrored terms with third-party financial institutions. The following tables present the notional amounts and the gross fair values of interest rate derivative contracts outstanding as of September 30, 2020 and December 31, 2019: ($ in thousands) September 30, 2020 Customer Counterparty ($ in thousands) Financial Counterparty Notional Fair Value Notional Fair Value Assets Liabilities Assets Liabilities Written options $ 816,659 $ — $ 64 Purchased options $ 816,659 $ 65 $ — Sold collars and corridors 510,489 9,051 — Collars and corridors 510,489 — 9,107 Swaps 7,464,057 556,237 — Swaps 7,495,629 1,218 361,025 Total $ 8,791,205 $ 565,288 $ 64 Total $ 8,822,777 $ 1,283 $ 370,132 ($ in thousands) December 31, 2019 Customer Counterparty ($ in thousands) Financial Counterparty Notional Fair Value Notional Fair Value Assets Liabilities Assets Liabilities Written options $ 1,003,558 $ — $ 66 Purchased options $ 1,003,558 $ 67 $ — Sold collars and corridors 490,852 1,971 16 Collars and corridors 490,852 17 1,996 Swaps 6,247,667 187,294 6,237 Swaps 6,253,205 3,534 115,804 Total $ 7,742,077 $ 189,265 $ 6,319 Total $ 7,747,615 $ 3,618 $ 117,800 The following tables present the notional amounts and the gross fair values of foreign exchange derivative contracts outstanding as of September 30, 2020 and December 31, 2019: ($ in thousands) September 30, 2020 Customer Counterparty ($ in thousands) Financial Counterparty Notional Fair Value Notional Fair Value Assets Liabilities Assets Liabilities Forwards and spot $ 959,820 $ 8,480 $ 11,884 Forwards and spot $ 205,113 $ 1,367 $ 124 Swaps 11,373 358 45 Swaps 486,211 8,383 1,951 Collars 1,172 — 26 Collars 168,694 546 500 Total $ 972,365 $ 8,838 $ 11,955 Total $ 860,018 $ 10,296 $ 2,575 ($ in thousands) December 31, 2019 Customer Counterparty ($ in thousands) Financial Counterparty Notional Fair Value Notional Fair Value Assets Liabilities Assets Liabilities Forwards and spot $ 3,581,036 $ 45,911 $ 40,591 Forwards and spot $ 207,492 $ 1,400 $ 507 Swaps 6,889 16 84 Swaps 702,391 6,156 4,712 Written options 87,036 127 — Purchased options 87,036 — 127 Collars 2,244 — 14 Collars 165,537 1,027 989 Total $ 3,677,205 $ 46,054 $ 40,689 Total $ 1,162,456 $ 8,583 $ 6,335 ($ in thousands) September 30, 2020 December 31, 2019 Notional Fair Value Notional Fair Value Assets Liabilities Assets Liabilities RPAs - protection sold $ 66,683 $ — $ 307 $ 199,964 $ — $ 84 RPAs - protection purchased 10,714 47 — 10,714 2 — Total RPAs $ 77,397 $ 47 $ 307 $ 210,678 $ 2 $ 84 The following tables present the notional amounts and fair values of the commodity derivative positions outstanding as of September 30, 2020 and December 31, 2019: ($ and units in thousands) September 30, 2020 Customer Counterparty ($ and units in thousands) Financial Counterparty Notional Fair Value Notional Fair Value Assets Liabilities Assets Liabilities Crude oil: Crude oil: Written options — Barrels $ — $ — Purchased options — Barrels $ — $ — Collars 1,390 Barrels 18 12,245 Collars 1,544 Barrels 12,946 943 Swaps 4,710 Barrels 3,635 36,622 Swaps 4,759 Barrels 21,336 2,991 Total 6,100 $ 3,653 $ 48,867 Total 6,303 $ 34,282 $ 3,934 Natural gas: Natural gas: Written options 973 MMBTUs $ — $ 116 Purchased options 963 MMBTUs $ 115 $ — Collars 14,761 MMBTUs 3,705 — Collars 18,111 MMBTUs — 3,046 Swaps 94,606 MMBTUs 42,231 26,055 Swaps 102,263 MMBTUs 26,043 36,855 Total 110,340 $ 45,936 $ 26,171 Total 121,337 $ 26,158 $ 39,901 Total $ 49,589 $ 75,038 Total $ 60,440 $ 43,835 ($ and units in thousands) December 31, 2019 Customer Counterparty ($ and units in thousands) Financial Counterparty Notional Fair Value Notional Fair Value Assets Liabilities Assets Liabilities Crude oil: Crude oil: Written options 36 Barrels $ — $ 30 Purchased options 36 Barrels $ 29 $ — Collars 3,174 Barrels 2,673 538 Collars 3,630 Barrels 677 2,815 Swaps 4,601 Barrels 6,949 5,531 Swaps 4,721 Barrels 4,516 5,215 Total 7,811 $ 9,622 $ 6,099 Total 8,387 $ 5,222 $ 8,030 Natural gas: Natural gas: Written options 540 MMBTUs $ — $ 22 Purchased options 530 MMBTUs $ 21 $ — Collars 14,277 MMBTUs 186 522 Collars 14,517 MMBTUs 471 150 Swaps 48,956 MMBTUs 30,257 35,497 Swaps 48,779 MMBTUs 35,601 30,197 Total 63,773 $ 30,443 $ 36,041 Total 63,826 $ 36,093 $ 30,347 Total $ 40,065 $ 42,140 Total $ 41,315 $ 38,377 |
Schedule of net gains (losses) recognized on the Consolidated Statement of Income related to derivatives designated as fair value hedge | The following table presents the net gains (losses) recognized on the Consolidated Statement of Income related to the derivatives designated as fair value hedges for the three and nine months ended September 30, 2020 and 2019: ($ in thousands) Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Gains (losses) recorded in interest expense: Recognized on interest rate swaps $ 154 $ 202 $ 3,150 $ 3,056 Recognized on certificates of deposit $ 112 $ (37) $ (1,607) $ (2,732) |
Schedule of the carrying amount and associated cumulative basis adjustment related to the application of fair value hedge accounting that is included in the carrying amount of the hedged certificates of deposit | The following table presents the carrying amount and associated cumulative basis adjustment related to the application of fair value hedge accounting that is included in the carrying amount of the hedged certificates of deposit as of September 30, 2020 and December 31, 2019: ($ in thousands) Carrying Value (1) Cumulative Fair Value Adjustment (2) September 30, 2020 December 31, 2019 September 30, 2020 December 31, 2019 Certificates of deposit $ (14,874) $ (29,080) $ (2) $ 1,604 (1) Represents the full carrying amount of the hedged certificates of deposit. (2) For liabilities, (increase) decrease to carrying value. |
Schedule of pre-tax changes in AOCI from cash flows hedges | The following table presents the pre-tax changes in AOCI from cash flow hedges for the three and nine months ended September 30, 2020 and 2019. The after-tax impact of cash flow hedges on AOCI is shown in Note 14 — Accumulated Other Comprehensive Income (Loss) to the Consolidated Financial Statements in the Form-10-Q. ($ in thousands) Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Gains (losses) recognized in AOCI $ 34 $ — $ (1,449) $ — (Losses) gains reclassified from AOCI to Interest expense $ (87) $ — $ 290 $ — |
Tabular disclosure of gains and losses on derivative instruments qualified and designated in net investment hedges | The following table presents the after-tax (losses) gains recognized in AOCI on net investment hedges for the three and nine months ended September 30, 2020 and 2019: ($ in thousands) Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 (Losses) gains recognized in AOCI $ (2,627) $ 2,954 $ (2,000) $ 351 |
Schedule of the net (losses) gains recognized on the Company’s Consolidated Statement of Income related to derivatives not designated as hedging instruments | The following table presents the net (losses) gains recognized on the Company’s Consolidated Statement of Income related to derivatives not designated as hedging instruments for the three and nine months ended September 30, 2020 and 2019: ($ in thousands) Classification on Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Derivatives not designated as hedging instruments: Interest rate contracts Interest rate contracts and other derivative income $ (3,013) $ (2,738) $ (15,385) $ (5,876) Foreign exchange contracts Foreign exchange income 5,255 5,306 14,317 15,127 Credit contracts Interest rate contracts and other derivative income 26 (3) (72) 44 Equity contracts Lending fees 3,592 (442) 11,971 725 Commodity contracts Interest rate contracts and other derivative income 34 14 (13) (4) Net gains $ 5,894 $ 2,137 $ 10,818 $ 10,016 |
Schedule of gross derivative fair values, the balance sheet netting adjustments and the resulting net fair values recorded on the consolidated balance sheet, as well as the cash and non-cash collateral associated with master netting arrangements | The following tables present the gross derivative fair values, the balance sheet netting adjustments and the resulting net fair values recorded on the consolidated balance sheet, as well as the cash and noncash collateral associated with master netting arrangements. The gross amounts of derivative assets and liabilities are presented after the application of variation margin payments as settlements with central counterparties, where applicable. The collateral amounts in the following tables are limited to the outstanding balances of the related asset or liability, after the application of netting; therefore instances of overcollateralization are not shown: ($ in thousands) As of September 30, 2020 Gross Amounts Recognized (1) Gross Amounts Offset Net Amounts Gross Amounts Not Offset Net Amount Master Netting Arrangements Cash Collateral Received (3) Security Collateral Received (5) Derivative assets $ 708,610 $ (104,456) $ (5,240) $ 598,914 $ (8,647) $ 590,267 Gross Amounts Recognized (2) Gross Amounts Offset Net Amounts Gross Amounts Not Offset Net Amount Master Netting Arrangements Cash Collateral Pledged (4) Security Collateral Pledged (5) Derivative liabilities $ 506,019 $ (104,456) $ (97,675) $ 303,888 $ (262,165) $ 41,723 ($ in thousands) As of December 31, 2019 Gross Amounts Recognized (1) Gross Amounts Offset Net Amounts Gross Amounts Not Offset Net Amount Master Netting Arrangements Cash Collateral Received (3) Security Collateral Received (5) Derivative assets $ 330,316 $ (121,561) $ (3,758) $ 204,997 $ — $ 204,997 Gross Amounts Recognized (2) Gross Amounts Offset Net Amounts Gross Amounts Not Offset Net Amount Master Netting Arrangements Cash Collateral Pledged (4) Security Collateral Pledged (5) Derivative liabilities $ 256,528 $ (121,561) $ (38,238) $ 96,729 $ (79,619) $ 17,110 (1) Gross amounts recognized for derivative assets include amounts with counterparties subject to enforceable master netting arrangements or similar agreements of $695.6 million and $328.7 million, respectively, as of September 30, 2020 and December 31, 2019, and amounts with counterparties not subject to enforceable master netting arrangements or similar agreements of $13.0 million and $1.6 million, respectively, as of September 30, 2020 and December 31, 2019. (2) Gross amounts recognized for derivative liabilities include amounts with counterparties subject to enforceable master netting arrangements or similar agreements of $505.8 million and $256.5 million, respectively, as of September 30, 2020 and December 31, 2019, and amounts with counterparties not subject to enforceable master netting arrangements or similar agreements of $208 thousand and $20 thousand, respectively, as of September 30, 2020 and December 31, 2019. (3) Gross cash collateral received under master netting arrangements or similar agreements were $9.1 million and $3.8 million, respectively, as of September 30, 2020 and December 31, 2019. Of the gross cash collateral received, $5.2 million and $3.8 million were used to offset against derivative assets, respectively, as of September 30, 2020 and December 31, 2019. (4) Gross cash collateral pledged under master netting arrangements or similar agreements were $100.1 million and $43.0 million, respectively, as of September 30, 2020 and December 31, 2019. Of the gross cash collateral pledged, $97.7 million and $38.2 million were used to offset against derivative liabilities, respectively, as of September 30, 2020 and December 31, 2019. (5) Represents the fair value of security collateral received and pledged limited to derivative assets and liabilities that are subject to enforceable master netting arrangements or similar agreements. GAAP does not permit the netting of noncash collateral on the consolidated balance sheet but requires disclosure of such amounts. |
Loans Receivable and Allowanc_2
Loans Receivable and Allowance for Credit Losses (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Loans and Leases Receivable Disclosure [Abstract] | |
Schedule of composition of loans held-for-investment | The following table presents the composition of the Company’s loans held-for-investment as of September 30, 2020 and December 31, 2019: ($ in thousands) September 30, 2020 December 31, 2019 Amortized Cost (1) Non-PCI Loans (1) PCI Loans Total (1) Commercial: C&I (2) $ 13,305,024 $ 12,149,121 $ 1,810 $ 12,150,931 CRE: CRE 11,037,987 10,165,247 113,201 10,278,448 Multifamily residential 3,057,274 2,834,212 22,162 2,856,374 Construction and land 578,407 628,459 40 628,499 Total CRE 14,673,668 13,627,918 135,403 13,763,321 Total commercial 27,978,692 25,777,039 137,213 25,914,252 Consumer: Residential mortgage: Single-family residential 7,785,759 7,028,979 79,611 7,108,590 HELOCs 1,514,388 1,466,736 6,047 1,472,783 Total residential mortgage 9,300,147 8,495,715 85,658 8,581,373 Other consumer 158,290 282,914 — 282,914 Total consumer 9,458,437 8,778,629 85,658 8,864,287 Total loans held-for-investment $ 37,437,129 $ 34,555,668 $ 222,871 $ 34,778,539 Allowance for loan losses (618,252) (358,287) — (358,287) Loans held-for-investment, net $ 36,818,877 $ 34,197,381 $ 222,871 $ 34,420,252 (1) Includes net deferred loan fees, unearned fees, unamortized premiums and unaccreted discounts of $(67.0) million and $(43.2) million as of September 30, 2020 and December 31, 2019, respectively. (2) Includes PPP loans of $1.77 billion as of September 30, 2020. |
Schedule of loans held-for-investment by loan portfolio segments, internal risk ratings and vintage year/Schedule of credit risk ratings for non-PCI and PCI loans by portfolio segments/Schedule of key credit risk characteristics and macroeconomic variables | The following table summarizes the Company’s loans held-for-investment as of September 30, 2020, presented by loan portfolio segments, internal risk ratings and vintage year. The vintage year is the year of origination, renewal or major modification. ($ in thousands) September 30, 2020 Term Loans Revolving Loans Revolving Loans Converted to Term Loans Amortized Cost Basis Total Amortized Cost Basis by Origination Year 2020 2019 2018 2017 2016 Prior Commercial: C&I: Pass $ 3,445,214 $ 1,746,325 $ 674,022 $ 361,648 $ 72,914 $ 140,094 $ 5,954,875 $ 9,735 $ 12,404,827 Special mention 5,466 55,742 103,052 11,576 129 2,085 234,394 — 412,444 Substandard 42,386 95,152 30,772 24,972 6,254 6,004 281,302 — 486,842 Doubtful 6 — — — 905 — — — 911 Total C&I 3,493,072 1,897,219 807,846 398,196 80,202 148,183 6,470,571 9,735 13,305,024 CRE: Pass 1,774,436 2,718,564 2,268,952 1,260,364 784,464 1,559,165 188,182 19,065 10,573,192 Special mention 3,593 51,598 56,943 84,362 1,600 81,431 — — 279,527 Substandard 25,431 58,561 14,289 43,895 509 42,583 — — 185,268 Total CRE 1,803,460 2,828,723 2,340,184 1,388,621 786,573 1,683,179 188,182 19,065 11,037,987 Multifamily residential: Pass 692,581 956,657 493,769 386,329 146,346 318,675 5,342 — 2,999,699 Special mention — — — — 24,602 986 — — 25,588 Substandard — 739 23,807 — — 7,441 — — 31,987 Total multifamily residential 692,581 957,396 517,576 386,329 170,948 327,102 5,342 — 3,057,274 Construction and land: Pass 118,823 253,079 155,371 5,248 21,371 1,158 — — 555,050 Substandard 3,565 — — — — 19,792 — — 23,357 Total construction and land 122,388 253,079 155,371 5,248 21,371 20,950 — — 578,407 Total CRE 2,618,429 4,039,198 3,013,131 1,780,198 978,892 2,031,231 193,524 19,065 14,673,668 Total commercial 6,111,501 5,936,417 3,820,977 2,178,394 1,059,094 2,179,414 6,664,095 28,800 27,978,692 Consumer: Single-family residential: Pass 1,619,709 1,916,265 1,603,227 1,086,999 561,422 978,167 — — 7,765,789 Special mention — 227 347 351 324 3,474 — — 4,723 Substandard — — 1,474 2,159 858 10,756 — — 15,247 Total single-family residential mortgage 1,619,709 1,916,492 1,605,048 1,089,509 562,604 992,397 — — 7,785,759 HELOCs: Pass 7 454 2,823 5,993 4,666 18,891 1,260,001 208,520 1,501,355 Special mention — — — — — — 3 637 640 Substandard — — 488 4,625 1,266 2,785 — 3,229 12,393 Total HELOCs 7 454 3,311 10,618 5,932 21,676 1,260,004 212,386 1,514,388 Total residential mortgage 1,619,716 1,916,946 1,608,359 1,100,127 568,536 1,014,073 1,260,004 212,386 9,300,147 Other consumer: Pass 18,282 3,625 34 1,838 — 84,179 47,837 — 155,795 Substandard — — — 2,491 — — 4 — 2,495 Total other consumer 18,282 3,625 34 4,329 — 84,179 47,841 — 158,290 Total consumer 1,637,998 1,920,571 1,608,393 1,104,456 568,536 1,098,252 1,307,845 212,386 9,458,437 Total $ 7,749,499 $ 7,856,988 $ 5,429,370 $ 3,282,850 $ 1,627,630 $ 3,277,666 $ 7,971,940 $ 241,186 $ 37,437,129 The following tables present the credit risk ratings for non-PCI and PCI loans by portfolio segments as of December 31, 2019: ($ in thousands) December 31, 2019 Pass Special Substandard Doubtful Total Commercial: C&I $ 11,423,094 $ 406,543 $ 302,509 $ 16,975 $ 12,149,121 CRE: CRE 10,003,749 83,683 77,815 — 10,165,247 Multifamily residential 2,806,475 20,406 7,331 — 2,834,212 Construction and land 603,447 — 25,012 — 628,459 Total CRE 13,413,671 104,089 110,158 — 13,627,918 Total commercial 24,836,765 510,632 412,667 16,975 25,777,039 Consumer: Residential mortgage: Single-family residential 7,012,522 2,278 14,179 — 7,028,979 HELOCs 1,453,207 2,787 10,742 — 1,466,736 Total residential mortgage 8,465,729 5,065 24,921 — 8,495,715 Other consumer 280,392 5 2,517 — 282,914 Total consumer 8,746,121 5,070 27,438 — 8,778,629 Total $ 33,582,886 $ 515,702 $ 440,105 $ 16,975 $ 34,555,668 ($ in thousands) December 31, 2019 Pass Special Substandard Doubtful Total Commercial: C&I $ 1,810 $ — $ — $ — $ 1,810 CRE: CRE 102,257 — 10,944 — 113,201 Multifamily residential 22,162 — — — 22,162 Construction and land 40 — — — 40 Total CRE 124,459 — 10,944 — 135,403 Total commercial 126,269 — 10,944 — 137,213 Consumer: Residential mortgage: Single-family residential 79,517 — 94 — 79,611 HELOCs 5,849 — 198 — 6,047 Total residential mortgage 85,366 — 292 — 85,658 Total consumer 85,366 — 292 — 85,658 Total (1) $ 211,635 $ — $ 11,236 $ — $ 222,871 (1) Loans net of ASC 310-10 discount. The following table provides key credit risk characteristics and macroeconomic variables that the Company uses to estimate the expected credit losses by portfolio segment: Portfolio Segment Risk Characteristics Macroeconomic Variables C&I Internal risk rating; size and credit spread at origination, and time to maturity Unemployment rate, and two and ten year treasury spread CRE, Multifamily residential, and Construction and land Delinquency status; maturity date; collateral value; property type, and geographic location Unemployment rate; GDP, and U.S. Treasury rates Single-family residential and HELOCs FICO; delinquency status; maturity date; collateral value, and geographic location Unemployment rate; GDP, and home price index Other consumer Historical loss experience Immaterial (1) (1) Macroeconomic variables are included in the qualitative estimate. |
Schedule of aging analysis of loans | The following table presents the aging analysis of total loans held-for-investment as of September 30, 2020: ($ in thousands) September 30, 2020 Current Accruing Accruing Total Nonaccrual Nonaccrual Total Total Commercial: C&I $ 13,105,895 $ 6,024 $ 47,119 $ 53,143 $ 110,068 $ 35,918 $ 145,986 $ 13,305,024 CRE: CRE 10,973,345 8,646 — 8,646 1,338 54,658 55,996 11,037,987 Multifamily residential 3,049,683 3,504 359 3,863 2,404 1,324 3,728 3,057,274 Construction and land 578,407 — — — — — — 578,407 Total CRE 14,601,435 12,150 359 12,509 3,742 55,982 59,724 14,673,668 Total commercial 27,707,330 18,174 47,478 65,652 113,810 91,900 205,710 27,978,692 Consumer: Residential mortgage: Single-family residential 7,755,878 9,076 4,911 13,987 1,149 14,745 15,894 7,785,759 HELOCs 1,497,315 4,038 640 4,678 580 11,815 12,395 1,514,388 Total residential mortgage 9,253,193 13,114 5,551 18,665 1,729 26,560 28,289 9,300,147 Other consumer 155,120 672 3 675 — 2,495 2,495 158,290 Total consumer 9,408,313 13,786 5,554 19,340 1,729 29,055 30,784 9,458,437 Total $ 37,115,643 $ 31,960 $ 53,032 $ 84,992 $ 115,539 $ 120,955 $ 236,494 $ 37,437,129 The following table presents the aging analysis of non-PCI loans as of December 31, 2019: ($ in thousands) December 31, 2019 Current Accruing Accruing Total Nonaccrual Nonaccrual Total Total Commercial: C&I $ 12,026,131 $ 31,121 $ 17,034 $ 48,155 $ 31,084 $ 43,751 $ 74,835 $ 12,149,121 CRE: CRE 10,123,999 22,830 1,977 24,807 540 15,901 16,441 10,165,247 Multifamily residential 2,832,664 198 531 729 534 285 819 2,834,212 Construction and land 628,459 — — — — — — 628,459 Total CRE 13,585,122 23,028 2,508 25,536 1,074 16,186 17,260 13,627,918 Total commercial 25,611,253 54,149 19,542 73,691 32,158 59,937 92,095 25,777,039 Consumer: Residential mortgage: Single-family residential 6,993,597 15,443 5,074 20,517 1,964 12,901 14,865 7,028,979 HELOCs 1,448,930 4,273 2,791 7,064 1,448 9,294 10,742 1,466,736 Total residential mortgage 8,442,527 19,716 7,865 27,581 3,412 22,195 25,607 8,495,715 Other consumer 280,386 6 5 11 — 2,517 2,517 282,914 Total consumer 8,722,913 19,722 7,870 27,592 3,412 24,712 28,124 8,778,629 Total $ 34,334,166 $ 73,871 $ 27,412 $ 101,283 $ 35,570 $ 84,649 $ 120,219 $ 34,555,668 |
Schedule of amortized cost of loans on nonaccrual status with no related allowance for loan losses | The following table presents amortized cost of loans on nonaccrual status for which there was no related allowance for loan losses as of September 30, 2020: ($ in thousands) September 30, 2020 Commercial: C&I $ 95,475 CRE: CRE 54,659 Multifamily residential 2,550 Total CRE 57,209 Total commercial 152,684 Consumer: Residential mortgage: Single-family residential 6,014 HELOCs 8,339 Total residential mortgage 14,353 Other consumer 2,491 Total consumer 16,844 Total nonaccrual loans with no related allowance for loan losses $ 169,528 |
Summary of additions and post-modification to troubled debt restructurings | The following tables present the additions to TDRs for the three and nine months ended September 30, 2020 and 2019: ($ in thousands) Loans Modified as TDRs During the Three Months Ended September 30, 2020 2019 Number Pre- Post- Modification Outstanding Recorded Investment (1) Financial Impact (2) Number Pre- Post- Modification Outstanding Recorded Investment (1) Financial Impact (2) Commercial: C&I 6 $ 43,378 $ 35,568 $ 12,108 1 $ 7,933 $ 6,000 $ 2,396 CRE: CRE 2 21,429 21,242 21 — — — — Multifamily residential 1 1,220 1,226 — — — — — Total CRE 3 22,649 22,468 21 — — — — Total commercial 9 66,027 58,036 12,129 1 7,933 6,000 2,396 Consumer: Residential mortgage: Single-family residential — — — — 1 903 893 — HELOCs — — — — 1 139 136 — Total residential mortgage — — — — 2 1,042 1,029 — Total consumer — — — — 2 1,042 1,029 — Total 9 $ 66,027 $ 58,036 $ 12,129 3 $ 8,975 $ 7,029 $ 2,396 ($ in thousands) Loans Modified as TDRs During the Nine Months Ended September 30, 2020 2019 Number Pre- Post- Modification Outstanding Recorded Investment (1) Financial Impact (2) Number Pre- Post- Modification Outstanding Recorded Investment (1) Financial Impact (2) Commercial: C&I 11 $ 93,235 $ 79,713 $ 12,507 9 $ 85,073 $ 81,038 $ 9,231 CRE: CRE 2 21,429 21,242 21 — — — — Multifamily residential 1 1,220 1,226 — — — — — Total CRE 3 22,649 22,468 21 — — — — Total commercial 14 115,884 102,181 12,528 9 85,073 81,038 9,231 Consumer: Residential mortgage: Single-family residential — — — — 2 1,123 1,109 2 HELOCs — — — — 1 139 136 — Total residential mortgage — — — — 3 1,262 1,245 2 Total consumer — — — — 3 1,262 1,245 2 Total 14 $ 115,884 $ 102,181 $ 12,528 12 $ 86,335 $ 82,283 $ 9,233 (1) Includes subsequent payments after modification and reflects the balance as of September 30, 2020 and 2019. (2) Includes charge-offs and specific reserves recorded since the modification date. The following tables present the TDR post-modification outstanding balances for the three and nine months ended September 30, 2020 and 2019 by modification type: ($ in thousands) Modification Type During the Three Months Ended September 30, 2020 2019 Principal (1) Principal Interest Total Principal (1) Interest Other Total Commercial: C&I $ 19,025 $ — $ 16,543 $ 35,568 $ 6,000 $ — $ — $ 6,000 CRE: CRE 21,242 — — 21,242 — — — — Multifamily residential 1,226 — — 1,226 — — — — Total CRE 22,468 — — 22,468 — — — — Total commercial 41,493 — 16,543 58,036 6,000 — — 6,000 Consumer: Residential mortgage: Single-family residential — — — — — 893 — 893 HELOCs — — — — — — 136 136 Total residential mortgage — — — — — 893 136 1,029 Total consumer — — — — — 893 136 1,029 Total $ 41,493 $ — $ 16,543 $ 58,036 $ 6,000 $ 893 $ 136 $ 7,029 ($ in thousands) Modification Type During the Nine Months Ended September 30, 2020 2019 Principal (1) Principal and Interest (2) Interest Total Principal (1) Interest Other (3) Total Commercial: C&I $ 36,043 $ 10,819 $ 32,851 $ 79,713 $ 44,271 $ — $ 36,767 $ 81,038 CRE: CRE 21,242 — — 21,242 — — — — Multifamily residential 1,226 — — 1,226 — — — — Total CRE 22,468 — — 22,468 — — — — Total commercial 58,511 10,819 32,851 102,181 44,271 — 36,767 81,038 Consumer: Residential mortgage: Single-family residential — — — — — 1,109 — 1,109 HELOCs — — — — — — 136 136 Total residential mortgage — — — — — 1,109 136 1,245 Total consumer — — — — — 1,109 136 1,245 Total $ 58,511 $ 10,819 $ 32,851 $ 102,181 $ 44,271 $ 1,109 $ 36,903 $ 82,283 (1) Includes forbearance payments, term extensions and principal deferments that modify the terms of the loan from principal and interest payments to interest payments only. (2) Includes principal and interest deferments or reductions. (3) Includes funding to secure additional collateral and provides liquidity to collateral-dependent C&I loans. |
Summary of TDR loans subsequently defaulted | The following tables present information on loans for which a subsequent payment default occurred during the three and nine months ended September 30, 2020 and 2019, respectively, which had been modified as TDR within the previous 12 months of its default, and were still in default as of September 30, 2020 and 2019: ($ in thousands) Loans Modified as TDRs that Subsequently Defaulted 2020 2019 Number of Recorded Number of Recorded Commercial: C&I — $ — 4 $ 27,040 Total commercial — — 4 27,040 Total — $ — 4 $ 27,040 ($ in thousands) Loans Modified as TDRs that Subsequently Defaulted 2020 2019 Number of Recorded Number of Recorded Commercial: C&I 1 $ 16,309 5 $ 28,415 Total commercial 1 16,309 5 28,415 Total 1 $ 16,309 5 $ 28,415 |
Summary of non-PCI impaired loans | Information on non-PCI impaired loans as of December 31, 2019 is presented as follows: ($ in thousands) December 31, 2019 Unpaid Recorded Recorded Total Related Commercial: C&I $ 174,656 $ 73,956 $ 40,086 $ 114,042 $ 2,881 CRE: CRE 27,601 20,098 1,520 21,618 97 Multifamily residential 4,965 1,371 3,093 4,464 55 Construction and land 19,696 19,691 — 19,691 — Total CRE 52,262 41,160 4,613 45,773 152 Total commercial 226,918 115,116 44,699 159,815 3,033 Consumer: Residential mortgage: Single-family residential 23,626 8,507 13,704 22,211 35 HELOCs 13,711 6,125 7,449 13,574 8 Total residential mortgage 37,337 14,632 21,153 35,785 43 Other consumer 2,517 — 2,517 2,517 2,517 Total consumer 39,854 14,632 23,670 38,302 2,560 Total non-PCI impaired loans $ 266,772 $ 129,748 $ 68,369 $ 198,117 $ 5,593 |
Schedule of average recorded investment and interest income recognized on non-PCI impaired loans | The following table presents the average recorded investment and interest income recognized on non-PCI impaired loans for the three and nine months ended September 30, 2019: ($ in thousands) Three Months Ended September 30, 2019 Nine Months Ended September 30, 2019 Average Recognized Interest Income (1) Average Recognized Interest Income (1) Commercial: C&I $ 150,063 $ 340 $ 198,024 $ 2,156 CRE: CRE 28,846 114 33,329 363 Multifamily residential 5,226 58 5,856 179 Total CRE 34,072 172 39,185 542 Total commercial 184,135 512 237,209 2,698 Consumer: Residential mortgage: Single-family residential 23,779 124 27,758 382 HELOCs 15,382 37 19,529 93 Total residential mortgage 39,161 161 47,287 475 Other consumer 2,504 — 2,526 — Total consumer 41,665 161 49,813 475 Total non-PCI impaired loans $ 225,800 $ 673 $ 287,022 $ 3,173 (1) Includes interest income recognized on accruing non-PCI TDRs. Interest payments received on nonaccrual non-PCI loans are reflected as a reduction to principal, not as interest income. |
Summary of activity in the allowance for credit losses | The following tables summarize the activity in the allowance for loan losses by portfolio segments for the three and nine months ended September 30, 2020 and 2019: ($ in thousands) Three Months Ended September 30, 2020 Commercial Consumer Total C&I CRE Residential Mortgage Other CRE Multifamily Construction Single- HELOCs Allowance for loan losses, beginning of period $ 380,723 $ 176,040 $ 25,058 $ 18,551 $ 25,314 $ 3,867 $ 2,518 $ 632,071 Provision for (reversal of) credit losses on loans (a) 31,691 (8,301) (1,916) (8,180) (2,692) (637) (76) 9,889 Gross charge-offs (25,111) (1,414) — — — — (124) (26,649) Gross recoveries 1,218 485 665 30 — 43 — 2,441 Total net (charge-offs) recoveries (23,893) (929) 665 30 — 43 (124) (24,208) Foreign currency translation adjustment 500 — — — — — — 500 Allowance for loan losses, end of period $ 389,021 $ 166,810 $ 23,807 $ 10,401 $ 22,622 $ 3,273 $ 2,318 $ 618,252 ($ in thousands) Three Months Ended September 30, 2019 Commercial Consumer Total C&I CRE Residential Mortgage Other CRE Multifamily Construction Single- HELOCs Allowance for loan losses, beginning of period $ 205,503 $ 39,811 $ 19,280 $ 22,961 $ 32,763 $ 6,177 $ 4,130 $ 330,625 Provision for (reversal of) credit losses on loans (a) 37,281 (3,213) 985 6,189 (2,877) (326) (160) 37,879 Gross charge-offs (25,098) (1,021) — — (11) — (12) (26,142) Gross recoveries 1,648 1,896 42 21 60 5 7 3,679 Total net (charge-offs) recoveries (23,450) 875 42 21 49 5 (5) (22,463) Foreign currency translation adjustment (465) — — — — — — (465) Allowance for loan losses, end of period $ 218,869 $ 37,473 $ 20,307 $ 29,171 $ 29,935 $ 5,856 $ 3,965 $ 345,576 ($ in thousands) Nine Months Ended September 30, 2020 Commercial Consumer Total C&I CRE Residential Mortgage Other CRE Multifamily Construction Single- HELOCs Allowance for loan losses, beginning of period $ 238,376 $ 40,509 $ 22,826 $ 19,404 $ 28,527 $ 5,265 $ 3,380 $ 358,287 Impact of ASU 2016-13 adoption 74,237 72,169 (8,112) (9,889) (3,670) (1,798) 2,221 125,158 Allowance for loan losses, January 1, 2020 312,613 112,678 14,714 9,515 24,857 3,467 5,601 483,445 Provision for (reversal of) credit losses on loans (a) 130,171 46,449 7,273 828 (2,659) (20) (3,197) 178,845 Gross charge-offs (57,466) (2,688) — — — (221) (180) (60,555) Gross recoveries 3,395 10,371 1,820 58 424 47 94 16,209 Total net (charge-offs) recoveries (54,071) 7,683 1,820 58 424 (174) (86) (44,346) Foreign currency translation adjustment 308 — — — — — — 308 Allowance for loan losses, end of period $ 389,021 $ 166,810 $ 23,807 $ 10,401 $ 22,622 $ 3,273 $ 2,318 $ 618,252 ($ in thousands) Nine Months Ended September 30, 2019 Commercial Consumer Total C&I CRE Residential Mortgage Other CRE Multifamily Construction Single- HELOCs Allowance for loan losses, beginning of period $ 189,117 $ 40,666 $ 19,885 $ 20,290 $ 31,340 $ 5,774 $ 4,250 $ 311,322 Provision for (reversal of) credit losses on loans (a) 78,685 (6,127) 46 8,358 (1,528) 75 (259) 79,250 Gross charge-offs (54,087) (1,021) — — (11) — (40) (55,159) Gross recoveries 5,612 3,955 376 523 134 7 14 10,621 Total net (charge-offs) recoveries (48,475) 2,934 376 523 123 7 (26) (44,538) Foreign currency translation adjustment (458) — — — — — — (458) Allowance for loan losses, end of period $ 218,869 $ 37,473 $ 20,307 $ 29,171 $ 29,935 $ 5,856 $ 3,965 $ 345,576 The following table summarizes the activity in the allowance for unfunded credit commitments for the three and nine months ended September 30, 2020 and 2019: ($ in thousands) Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Unfunded credit facilities Allowance for unfunded credit commitments, beginning of period $ 28,972 $ 13,019 $ 11,158 $ 12,566 Impact of ASU 2016-13 adoption — — 10,457 — Provision for credit losses on unfunded credit commitments (b) 111 405 7,468 858 Allowance for unfunded credit commitments, end of period $ 29,083 $ 13,424 $ 29,083 $ 13,424 Provision for credit losses (a) + (b) $ 10,000 $ 38,284 $ 186,313 $ 80,108 |
Allowance for loan losses and recorded investments by portfolio segments and impairment methodology | The following table presents the Company’s allowance for loan losses and recorded investments by portfolio segments and impairment methodology as of December 31, 2019. This table is no longer presented after December 31, 2019, given the adoption of ASU 2016-13 on January 1, 2020, which has a single impairment methodology. ($ in thousands) December 31, 2019 Commercial Consumer Total C&I CRE Residential Mortgage Other CRE Multifamily Construction Single- HELOCs Allowance for loan losses Individually evaluated for impairment $ 2,881 $ 97 $ 55 $ — $ 35 $ 8 $ 2,517 $ 5,593 Collectively evaluated for impairment 235,495 40,412 22,771 19,404 28,492 5,257 863 352,694 Total $ 238,376 $ 40,509 $ 22,826 $ 19,404 $ 28,527 $ 5,265 $ 3,380 $ 358,287 Recorded investment in loans Individually evaluated for impairment $ 114,042 $ 21,618 $ 4,464 $ 19,691 $ 22,211 $ 13,574 $ 2,517 $ 198,117 Collectively evaluated for impairment 12,035,079 10,143,629 2,829,748 608,768 7,006,768 1,453,162 280,397 34,357,551 Acquired with deteriorated credit quality (1) 1,810 113,201 22,162 40 79,611 6,047 — 222,871 Total (1) $ 12,150,931 $ 10,278,448 $ 2,856,374 $ 628,499 $ 7,108,590 $ 1,472,783 $ 282,914 $ 34,778,539 (1) Loans net of ASC 310-10 discount. |
Summary of changes in accretable yield on PCI loans | The following table presents the changes in the accretable yield on PCI loans for the three and nine months ended September 30, 2019: ($ in thousands) Three Months Ended Nine Months Ended Accretable yield for PCI loans, beginning of period $ 64,053 $ 74,870 Accretion (6,198) (18,205) Changes in expected cash flows (934) 256 Accretable yield for PCI loans, end of period $ 56,921 $ 56,921 |
Schedule of carrying value of loans purchased for the held-for-investment portfolio, loans sold and loans transferred from held-for-investment to held-for-sale at lower of cost or fair value | The following tables provide information about the carrying value of loans purchased for the held-for-investment portfolio, loans sold, and loans transferred from held-for-investment to held-for-sale at the lower of cost or fair value during the three and nine months ended September 30, 2020 and 2019: ($ in thousands) Three Months Ended September 30, 2020 Commercial Consumer Total C&I CRE Residential Mortgage CRE Multifamily Construction Single-Family Loans transferred from held-for-investment to held-for-sale (1) $ 89,394 $ — $ — $ — $ — $ 89,394 Sales (2)(3)(4) $ 92,237 $ — $ — $ — $ 31,847 $ 124,084 Purchases $ — $ — $ 838 $ — $ 17,294 $ 18,132 ($ in thousands) Three Months Ended September 30, 2019 Commercial Consumer Total C&I CRE Residential Mortgage CRE Multifamily Construction Single-Family Loans transferred from held-for-investment to held-for-sale (1) $ 34,071 $ 14,969 $ — $ — $ — $ 49,040 Sales (2)(3)(4) $ 37,986 $ 14,969 $ — $ — $ 2,708 $ 55,663 Purchases (5) $ 38,047 $ — $ 1,350 $ — $ 29,568 $ 68,965 ($ in thousands) Nine Months Ended September 30, 2020 Commercial Consumer Total C&I CRE Residential Mortgage CRE Multifamily Construction Single-Family Loans transferred from held-for-investment to held-for-sale (1) $ 246,052 $ 7,250 $ — $ — $ — $ 253,302 Sales (2)(3)(4) $ 248,895 $ 7,250 $ — $ — $ 50,197 $ 306,342 Purchases (5) $ 143,086 $ — $ 2,358 $ — $ 18,378 $ 163,822 ($ in thousands) Nine Months Ended September 30, 2019 Commercial Consumer Total C&I CRE Residential Mortgage CRE Multifamily Construction Single-Family Loans transferred from held-for-investment to held-for-sale (1) $ 189,237 $ 31,624 $ — $ 1,573 $ — $ 222,434 Sales (2)(3)(4) $ 189,663 $ 31,624 $ — $ 1,573 $ 6,322 $ 229,182 Purchases (5) $ 304,341 $ — $ 7,302 $ — $ 83,607 $ 395,250 (1) The Company recorded write-downs of $2.8 million to the allowance for loan losses related to loans transferred from held-for-investment to held-for-sale for each of the three and nine months ended September 30, 2020, and $36 thousand and $426 thousand for the same periods in 2019, respectively. (2) Includes originated loans sold of $112.3 million and $294.6 million for the three and nine months ended September 30, 2020, respectively, and $47.8 million and $180.0 million for the same periods in 2019, respectively. Originated loans sold consist primarily of C&I and single-family residential loans during the three and nine months ended September 30, 2020. In comparison, originated loans sold consist primarily of C&I loans for the same periods in 2019. (3) Includes purchased loans of $11.8 million sold in the secondary market for each of the three and nine months ended September 30, 2020, and $7.9 million and $49.2 million for the same periods in 2019, respectively. (4) Net gains on sales of loans were $361 thousand and $1.4 million for the three and nine months ended September 30, 2020, respectively, and $2.0 million and $3.0 million for the same periods in 2019, respectively. (5) C&I loan purchases comprised primarily of syndicated C&I term loans. |
Investments in Qualified Affo_2
Investments in Qualified Affordable Housing Partnerships, Tax Credit and Other Investments, Net and Variable Interest Entities (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Investments in Qualified Affordable Housing Partnerships, Tax Credit and Other Investments, Net and Variable Interest Entities [Abstract] | |
Schedule of investments in qualified affordable housing partnerships, net and related unfunded commitments | The following table presents the Company’s investments in qualified affordable housing partnerships, net, and related unfunded commitments as of September 30, 2020 and December 31, 2019: ($ in thousands) September 30, 2020 December 31, 2019 Investments in qualified affordable housing partnerships, net $ 192,913 $ 207,037 Accrued expenses and other liabilities — Unfunded commitments $ 58,695 $ 80,294 |
Schedule of additional information related to investments in qualified affordable housing partnerships, net | The following table presents additional information related to the Company’s investments in qualified affordable housing partnerships, net, for the three and nine months ended September 30, 2020 and 2019: ($ in thousands) Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Tax credits and other tax benefits recognized $ 11,402 $ 11,539 $ 34,205 $ 34,871 Amortization expense included in income tax expense $ 8,975 $ 8,452 $ 26,507 $ 27,006 |
Schedule of investment in tax credit and other investments, net and related unfunded commitments | The following table presents the Company’s investments in tax credit and other investments, net, and related unfunded commitments as of September 30, 2020 and December 31, 2019: ($ in thousands) September 30, 2020 December 31, 2019 Investments in tax credit and other investments, net $ 254,512 $ 254,140 Accrued expenses and other liabilities — Unfunded commitments $ 107,583 $ 113,515 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of changes in the carrying amount of goodwill by reporting unit | The following table presents changes in the carrying amount of goodwill by reporting unit during the nine months ended September 30, 2019: ($ in thousands) Consumer Commercial Total Beginning balance, January 1, 2019 $ 353,321 $ 112,226 $ 465,547 Acquisition of East West Markets, LLC — 150 150 Ending balance, September 30, 2019 $ 353,321 $ 112,376 $ 465,697 |
Schedule of gross carrying amount of core deposit intangible assets and accumulated amortization | The following table presents the gross carrying amount of core deposit intangible assets and accumulated amortization as of September 30, 2020 and December 31, 2019: ($ in thousands) September 30, 2020 December 31, 2019 Gross balance (1) $ 86,099 $ 86,099 Accumulated amortization (1) (78,899) (76,088) Net carrying balance (1) $ 7,200 $ 10,011 (1) Excludes fully amortized core deposit intangible assets. |
Schedule of estimated future amortization expense of core deposit intangibles | The following table presents the estimated future amortization expense of core deposit intangibles as of September 30, 2020: ($ in thousands) Amount Remainder of 2020 $ 823 2021 2,749 2022 1,865 2023 1,199 2024 553 Thereafter 11 Total $ 7,200 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of credit-related commitments | The following table presents the Company’s credit-related commitments as of September 30, 2020 and December 31, 2019: ($ in thousands) September 30, 2020 December 31, 2019 Loan commitments $ 5,451,060 $ 5,330,211 Commercial letters of credit and SBLCs $ 2,118,278 $ 1,860,414 |
Schedule of guarantees outstanding | The following table presents the types of guarantees the Company had outstanding as of September 30, 2020 and December 31, 2019: ($ in thousands) Maximum Potential Carrying Value September 30, 2020 December 31, 2019 September 30, 2020 December 31, 2019 Single-family residential loans sold or securitized with recourse $ 11,069 $ 12,578 $ 11,069 $ 12,578 Multifamily residential loans sold or securitized with recourse 15,677 15,892 27,589 40,708 Total $ 26,746 $ 28,470 $ 38,658 $ 53,286 |
Revenue from Contracts with C_2
Revenue from Contracts with Customers (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | The following tables present revenue from contracts with customers within the scope of ASC 606, Revenue from Contracts with Customers , and other noninterest income, segregated by operating segments for the three and nine months ended September 30, 2020 and 2019: ($ in thousands) Three Months Ended September 30, 2020 Consumer and Commercial Other Total Noninterest income: Revenue from contracts with customers: Deposit account fees: Deposit service charges and related fee income $ 6,995 $ 4,539 $ 7 $ 11,541 Card income 848 184 — 1,032 Wealth management fees 4,553 — — 4,553 Total revenue from contracts with customers $ 12,396 $ 4,723 $ 7 $ 17,126 Other sources of noninterest income (1) 5,030 24,261 3,163 32,454 Total noninterest income $ 17,426 $ 28,984 $ 3,170 $ 49,580 ($ in thousands) Three Months Ended September 30, 2019 Consumer and Commercial Other Total Noninterest income: Revenue from contracts with customers: Deposit account fees: Deposit service charges and related fee income $ 5,345 $ 3,434 $ 9 $ 8,788 Card income 796 145 — 941 Wealth management fees 4,644 197 — 4,841 Total revenue from contracts with customers $ 10,785 $ 3,776 $ 9 $ 14,570 Other sources of noninterest income (1) 4,318 29,955 2,631 36,904 Total noninterest income $ 15,103 $ 33,731 $ 2,640 $ 51,474 ($ in thousands) Nine Months Ended September 30, 2020 Consumer and Commercial Other Total Noninterest income: Revenue from contracts with customers: Deposit account fees: Deposit service charges and related fee income $ 18,705 $ 12,242 $ 54 $ 31,001 Card income 2,385 506 — 2,891 Wealth management fees 12,257 740 — 12,997 Total revenue from contracts with customers $ 33,347 $ 13,488 $ 54 $ 46,889 Other sources of noninterest income (1) 14,424 81,839 19,114 115,377 Total noninterest income $ 47,771 $ 95,327 $ 19,168 $ 162,266 ($ in thousands) Nine Months Ended September 30, 2019 Consumer and Commercial Other Total Noninterest income: Revenue from contracts with customers: Deposit account fees: Deposit service charges and related fee income $ 15,975 $ 10,007 $ 35 $ 26,017 Card income 2,303 484 — 2,787 Wealth management fees 11,877 538 — 12,415 Total revenue from contracts with customers $ 30,155 $ 11,029 $ 35 $ 41,219 Other sources of noninterest income (1) 13,223 80,902 11,020 105,145 Total noninterest income $ 43,378 $ 91,931 $ 11,055 $ 146,364 (1) Primarily represents revenue from contracts with customers that are out of the scope of ASC 606, Revenue from Contracts with Customers . |
Stock Compensation Plans (Table
Stock Compensation Plans (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Summary of stock compensation expense and related net tax benefit | The following table presents a summary of the total share-based compensation expense and the related net tax (deficiencies) benefits associated with the Company’s various employee share-based compensation plans for the three and nine months ended September 30, 2020 and 2019: ($ in thousands) Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Stock compensation costs $ 7,921 $ 7,487 $ 22,201 $ 23,012 Related net tax (deficiencies) benefits for stock compensation plans $ (14) $ 15 $ (1,589) $ 4,723 |
Summary of activity for time-based and performance-based restricted stock units | The following table presents a summary of the activities for the Company’s time-based and performance-based RSUs that will be settled in shares for the nine months ended September 30, 2020. The number of outstanding performance-based RSUs stated below assumes the associated performance targets will be met at the target level. Time-Based RSUs Performance-Based RSUs Shares Weighted-Average Shares Weighted-Average Outstanding, January 1, 2020 1,139,868 $ 57.78 386,483 $ 60.13 Granted 657,593 40.51 165,084 39.79 Vested (253,726) 54.49 (131,597) 56.59 Forfeited (144,944) 53.32 — — Outstanding, September 30, 2020 1,398,791 $ 50.72 419,970 $ 53.24 The following table presents a summary of the activities for the Company’s time-based RSUs that will be settled in cash for the nine months ended September 30, 2020: Shares Outstanding, January 1, 2020 11,638 Granted 11,215 Vested — Forfeited (764) Outstanding, September 30, 2020 22,089 |
Stockholders' Equity and Earn_2
Stockholders' Equity and Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Stockholders' Equity and Earnings Per Share [Abstract] | |
Schedule of earnings per share calculations | The following table presents the basic and diluted EPS calculations for the three and nine months ended September 30, 2020 and 2019. For more information on the calculation of EPS, see Note 1 — Summary of Significant Accounting Policies — Significant Accounting Policies — Earnings Per Share to the Consolidated Financial Statements of the Company’s 2019 Form 10-K. ($ and shares in thousands, except per share data) Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Basic: Net income $ 159,537 $ 171,416 $ 403,713 $ 485,820 Basic weighted-average number of shares outstanding 141,498 145,559 142,595 145,455 Basic EPS $ 1.13 $ 1.18 $ 2.83 $ 3.34 Diluted: Net income $ 159,537 $ 171,416 $ 403,713 $ 485,820 Basic weighted-average number of shares outstanding (1) 141,498 145,559 142,595 145,455 Diluted potential common shares (2) 545 561 487 633 Diluted weighted-average number of shares outstanding (1)(2) 142,043 146,120 143,082 146,088 Diluted EPS $ 1.12 $ 1.17 $ 2.82 $ 3.33 (1) The Company acquired MetroCorp Bancshares, Inc. (“MetroCorp”) on January 17, 2014. Prior to the acquisition, MetroCorp had outstanding warrants to purchase 771,429 shares of its common stock. Upon the acquisition, the rights of the warrant holders were converted into the rights to acquire 230,282 shares of East West’s common stock until January 16, 2019. All warrants were exercised on January 7, 2019. (2) Includes dilutive shares from RSUs for the three and nine months ended September 30, 2020 and 2019. |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Loss) (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Equity [Abstract] | |
Schedule of the changes in components of accumulated other comprehensive income (loss) balances | The following tables present the changes in the components of AOCI balances for the three and nine months ended September 30, 2020 and 2019: ($ in thousands) AFS Cash Flow Hedges Foreign Currency Translation Adjustments (1) Total Balance, July 1, 2019 $ 5,217 $ — $ (15,189) $ (9,972) Net unrealized gains (losses) arising during the period 11,904 — (2,858) 9,046 Amounts reclassified from AOCI (41) — — (41) Changes, net of tax 11,863 — (2,858) 9,005 Balance, September 30, 2019 $ 17,080 $ — $ (18,047) $ (967) Balance, July 1, 2020 $ 42,850 $ (1,333) $ (18,383) $ 23,134 Net unrealized gains (losses) arising during the period 5,126 25 5,459 10,610 Amounts reclassified from AOCI (492) 62 — (430) Changes, net of tax 4,634 87 5,459 10,180 Balance, September 30, 2020 $ 47,484 $ (1,246) $ (12,924) $ 33,314 ($ in thousands) AFS Cash Flow Hedges Foreign Currency Translation Adjustments (1) Total Balance, January 1, 2019 $ (45,821) $ — $ (12,353) $ (58,174) Net unrealized gains (losses) arising during the period 65,061 — (5,694) 59,367 Amounts reclassified from AOCI (2,160) — — (2,160) Changes, net of tax 62,901 — (5,694) 57,207 Balance, September 30, 2019 $ 17,080 $ — $ (18,047) $ (967) Balance, January 1, 2020 $ (2,419) $ — $ (15,989) $ (18,408) Net unrealized gains (losses) arising during the period 58,262 (1,038) 3,065 60,289 Amounts reclassified from AOCI (8,359) (208) — (8,567) Changes, net of tax 49,903 (1,246) 3,065 51,722 Balance, September 30, 2020 $ 47,484 $ (1,246) $ (12,924) $ 33,314 (1) Represents foreign currency translation adjustments related to the Company’s net investment in non-U.S. operations, including related hedges. The functional currency and reporting currency of the Company’s foreign subsidiary was RMB and USD, respectively. |
Schedule of components of other comprehensive income (loss), reclassifications to net income and the related tax effects | The following tables present the components of other comprehensive income (loss), reclassifications to net income and the related tax effects for the three and nine months ended September 30, 2020 and 2019: ($ in thousands) Three Months Ended September 30, 2020 2019 Before-Tax Tax Effect Net-of-Tax Before-Tax Tax Effect Net-of-Tax AFS debt securities: Net unrealized gains arising during the period $ 7,304 $ (2,178) $ 5,126 $ 16,900 $ (4,996) $ 11,904 Net realized (gains) reclassified into net income (1) (698) 206 (492) (58) 17 (41) Net change 6,606 (1,972) 4,634 16,842 (4,979) 11,863 Cash flow hedges Net unrealized gains arising during the period 34 (9) 25 — — — Net realized losses reclassified into net income (2) 87 (25) 62 — — — Net change 121 (34) 87 — — — Foreign currency translation adjustments, net of hedges: Net unrealized gains (losses) arising during the period 4,419 1,040 5,459 (1,618) (1,240) (2,858) Net change 4,419 1,040 5,459 (1,618) (1,240) (2,858) Other comprehensive income (loss) $ 11,146 $ (966) $ 10,180 $ 15,224 $ (6,219) $ 9,005 ($ in thousands) Nine Months Ended September 30, 2020 2019 Before-Tax Tax Effect Net-of-Tax Before-Tax Tax Effect Net-of-Tax AFS debt securities: Net unrealized gains arising during the period $ 82,767 $ (24,505) $ 58,262 $ 92,369 $ (27,308) $ 65,061 Net realized (gains) reclassified into net income (1) (11,867) 3,508 (8,359) (3,066) 906 (2,160) Net change 70,900 (20,997) 49,903 89,303 (26,402) 62,901 Cash flow hedges Net unrealized (losses) arising during the period (1,449) 411 (1,038) — — — Net realized (gains) reclassified into net income (2) (290) 82 (208) — — — Net change (1,739) 493 (1,246) — — — Foreign currency translation adjustments, net of hedges: Net unrealized gains (losses) arising during the period 2,274 791 3,065 (1,427) (4,267) (5,694) Net change 2,274 791 3,065 (1,427) (4,267) (5,694) Other comprehensive income (loss) $ 71,435 $ (19,713) $ 51,722 $ 87,876 $ (30,669) $ 57,207 (1) For the three and nine months ended September 30, 2020 and 2019, pre-tax amounts were reported in Gains on sales of AFS debt securities on the Consolidated Statement of Income. (2) For the three and nine months ended September 30, 2020 and 2019, pre-tax amounts were reported in Interest expense on the Consolidated Statement of Income. |
Business Segments (Tables)
Business Segments (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Segment Reporting [Abstract] | |
Schedule of operating results and other key financial measures for the individual operating segments | The following tables present the operating results and other key financial measures for the individual operating segments as of and for the three and nine months ended September 30, 2020 and 2019: ($ in thousands) Consumer and Commercial Other Total Three Months Ended September 30, 2020 Net interest income before (reversal of) provision for credit losses $ 120,969 $ 162,884 $ 40,277 $ 324,130 (Reversal of) provision for credit losses (3,470) 13,470 — 10,000 Noninterest income 17,426 28,984 3,170 49,580 Noninterest expense 81,419 61,863 24,368 167,650 Segment income before income taxes 60,446 116,535 19,079 196,060 Segment net income $ 43,310 $ 83,340 $ 32,887 $ 159,537 As of September 30, 2020 Segment assets $ 12,838,625 $ 26,526,173 $ 11,006,679 $ 50,371,477 ($ in thousands) Consumer and Commercial Other Total Three Months Ended September 30, 2019 Net interest income before provision for credit losses $ 170,183 $ 166,106 $ 33,518 $ 369,807 Provision for credit losses 4,251 34,033 — 38,284 Noninterest income 15,103 33,731 2,640 51,474 Noninterest expense 86,489 62,246 27,895 176,630 Segment income before income taxes 94,546 103,558 8,263 206,367 Segment net income $ 67,592 $ 74,111 $ 29,713 $ 171,416 As of September 30, 2019 Segment assets $ 11,277,171 $ 24,885,849 $ 7,111,639 $ 43,274,659 ($ in thousands) Consumer and Commercial Other Total Nine Months Ended September 30, 2020 Net interest income before provision for credit losses $ 398,486 $ 530,181 $ 101,945 $ 1,030,612 Provision for credit losses 9,908 176,405 — 186,313 Noninterest income 47,771 95,327 19,168 162,266 Noninterest expense 248,547 196,889 88,786 534,222 Segment income before income taxes 187,802 252,214 32,327 472,343 Segment net income $ 134,563 $ 180,649 $ 88,501 $ 403,713 As of September 30, 2020 Segment assets $ 12,838,625 $ 26,526,173 $ 11,006,679 $ 50,371,477 ($ in thousands) Consumer and Commercial Other Total Nine Months Ended September 30, 2019 Net interest income before provision for credit losses $ 536,153 $ 477,755 $ 85,686 $ 1,099,594 Provision for credit losses 8,880 71,228 — 80,108 Noninterest income 43,378 91,931 11,055 146,364 Noninterest expense 258,051 200,093 83,071 541,215 Segment income before income taxes 312,600 298,365 13,670 624,635 Segment net income $ 223,478 $ 213,331 $ 49,011 $ 485,820 As of September 30, 2019 Segment assets $ 11,277,171 $ 24,885,849 $ 7,111,639 $ 43,274,659 |
Basis of Presentation (Details)
Basis of Presentation (Details) | Sep. 30, 2020trust |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of wholly-owned subsidiaries that are statutory business trusts (the Trusts) | 6 |
Current Accounting Developmen_3
Current Accounting Developments and Summary of Significant Accounting Policies (Details) $ in Thousands | 1 Months Ended | |||
Apr. 30, 2020 | Sep. 30, 2020USD ($)loan | Jan. 01, 2020USD ($) | Dec. 31, 2019USD ($) | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Allowance for loan losses | $ 618,252 | $ 358,287 | ||
Retained earnings | $ 3,875,715 | $ 3,689,377 | ||
Commercial and industrial (“C&I”) | CARES Act, Paycheck Protection Program Liquidity Facility | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Interest rate | 1.00% | |||
Number of loans funded | loan | 7,400 | |||
Outstanding loan balance | $ 1,770,000 | |||
ASU 2016-13 | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Allowance for loan losses | $ 125,200 | |||
Retained earnings | 98,000 | |||
ASU 2016-13 | Unfunded Credit Commitments | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Allowance for loan losses | $ 10,500 |
Fair Value Measurement and Fa_3
Fair Value Measurement and Fair Value of Financial Instruments (Financial Assets and Liabilities Measurement on Recurring Basis) (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Available-for-sale debt securities | ||
AFS debt securities, Fair Value | $ 4,539,160 | $ 3,317,214 |
Equity Securities, FV-NI and with Readily Determinable Fair Value [Abstract] | ||
Total investments in tax credit and other investments | 254,512 | 254,140 |
Derivative | ||
Derivative assets - Fair value | 708,610 | 330,316 |
Derivative asset, after netting | 598,914 | 204,997 |
Derivative liabilities - Fair value | 506,019 | 256,528 |
Derivative liability, after netting | 303,888 | 96,729 |
U.S. Treasury securities | ||
Available-for-sale debt securities | ||
AFS debt securities, Fair Value | 50,998 | 176,422 |
U.S. government agency and U.S. government-sponsored enterprise debt securities | ||
Available-for-sale debt securities | ||
AFS debt securities, Fair Value | 727,062 | 581,245 |
U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities - Commercial mortgage-backed securities | ||
Available-for-sale debt securities | ||
AFS debt securities, Fair Value | 967,109 | 603,471 |
U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities - Residential mortgage-backed securities | ||
Available-for-sale debt securities | ||
AFS debt securities, Fair Value | 1,238,009 | 1,003,897 |
Municipal securities | ||
Available-for-sale debt securities | ||
AFS debt securities, Fair Value | 333,275 | 102,302 |
Non-agency commercial mortgage-backed securities | ||
Available-for-sale debt securities | ||
AFS debt securities, Fair Value | 214,676 | 88,550 |
Non-agency residential mortgage-backed securities | ||
Available-for-sale debt securities | ||
AFS debt securities, Fair Value | 277,613 | 46,548 |
Corporate debt securities | ||
Available-for-sale debt securities | ||
AFS debt securities, Fair Value | 251,177 | 11,149 |
Foreign government bonds | ||
Available-for-sale debt securities | ||
AFS debt securities, Fair Value | 132,671 | 354,172 |
Asset-backed securities | ||
Available-for-sale debt securities | ||
AFS debt securities, Fair Value | 63,148 | 64,752 |
Collateralized loan obligations (“CLOs”) | ||
Available-for-sale debt securities | ||
AFS debt securities, Fair Value | 283,422 | 284,706 |
Fair Value, Measurements, Recurring | ||
Available-for-sale debt securities | ||
AFS debt securities, Fair Value | 4,539,160 | 3,317,214 |
Equity Securities, FV-NI and with Readily Determinable Fair Value [Abstract] | ||
Equity securities | 31,279 | 31,673 |
Total investments in tax credit and other investments | 31,279 | 31,673 |
Derivative | ||
Derivative assets - Fair value | 708,610 | 330,316 |
Netting adjustments | (109,696) | (125,319) |
Derivative asset, after netting | 598,914 | 204,997 |
Derivative liabilities - Fair value | 506,019 | 256,528 |
Netting adjustments | (202,131) | (159,799) |
Derivative liability, after netting | 303,888 | 96,729 |
Fair Value, Measurements, Recurring | Interest rate contracts | ||
Derivative | ||
Derivative assets - Fair value | 566,635 | 192,883 |
Derivative liabilities - Fair value | 372,057 | 127,317 |
Fair Value, Measurements, Recurring | Foreign exchange contracts | ||
Derivative | ||
Derivative assets - Fair value | 19,134 | 54,637 |
Derivative liabilities - Fair value | 14,782 | 48,610 |
Fair Value, Measurements, Recurring | Credit contracts | ||
Derivative | ||
Derivative assets - Fair value | 47 | 2 |
Derivative liabilities - Fair value | 307 | 84 |
Fair Value, Measurements, Recurring | Equity contracts | ||
Derivative | ||
Derivative assets - Fair value | 12,765 | 1,414 |
Fair Value, Measurements, Recurring | Commodity contracts | ||
Derivative | ||
Derivative assets - Fair value | 110,029 | 81,380 |
Derivative liabilities - Fair value | 118,873 | 80,517 |
Fair Value, Measurements, Recurring | U.S. Treasury securities | ||
Available-for-sale debt securities | ||
AFS debt securities, Fair Value | 50,998 | 176,422 |
Fair Value, Measurements, Recurring | U.S. government agency and U.S. government-sponsored enterprise debt securities | ||
Available-for-sale debt securities | ||
AFS debt securities, Fair Value | 727,062 | 581,245 |
Fair Value, Measurements, Recurring | U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities - Commercial mortgage-backed securities | ||
Available-for-sale debt securities | ||
AFS debt securities, Fair Value | 967,109 | 603,471 |
Fair Value, Measurements, Recurring | U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities - Residential mortgage-backed securities | ||
Available-for-sale debt securities | ||
AFS debt securities, Fair Value | 1,238,009 | 1,003,897 |
Fair Value, Measurements, Recurring | Municipal securities | ||
Available-for-sale debt securities | ||
AFS debt securities, Fair Value | 333,275 | 102,302 |
Fair Value, Measurements, Recurring | Non-agency commercial mortgage-backed securities | ||
Available-for-sale debt securities | ||
AFS debt securities, Fair Value | 214,676 | 88,550 |
Fair Value, Measurements, Recurring | Non-agency residential mortgage-backed securities | ||
Available-for-sale debt securities | ||
AFS debt securities, Fair Value | 277,613 | 46,548 |
Fair Value, Measurements, Recurring | Corporate debt securities | ||
Available-for-sale debt securities | ||
AFS debt securities, Fair Value | 251,177 | 11,149 |
Fair Value, Measurements, Recurring | Foreign government bonds | ||
Available-for-sale debt securities | ||
AFS debt securities, Fair Value | 132,671 | 354,172 |
Fair Value, Measurements, Recurring | Asset-backed securities | ||
Available-for-sale debt securities | ||
AFS debt securities, Fair Value | 63,148 | 64,752 |
Fair Value, Measurements, Recurring | Collateralized loan obligations (“CLOs”) | ||
Available-for-sale debt securities | ||
AFS debt securities, Fair Value | 283,422 | 284,706 |
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Available-for-sale debt securities | ||
AFS debt securities, Fair Value | 50,998 | 176,422 |
Equity Securities, FV-NI and with Readily Determinable Fair Value [Abstract] | ||
Equity securities | 22,538 | 21,746 |
Total investments in tax credit and other investments | 22,538 | 21,746 |
Derivative | ||
Derivative assets - Fair value | 0 | 0 |
Netting adjustments | 0 | 0 |
Derivative asset, after netting | 0 | 0 |
Derivative liabilities - Fair value | 0 | 0 |
Netting adjustments | 0 | 0 |
Derivative liability, after netting | 0 | 0 |
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Interest rate contracts | ||
Derivative | ||
Derivative assets - Fair value | 0 | 0 |
Derivative liabilities - Fair value | 0 | 0 |
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Foreign exchange contracts | ||
Derivative | ||
Derivative assets - Fair value | 0 | 0 |
Derivative liabilities - Fair value | 0 | 0 |
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Credit contracts | ||
Derivative | ||
Derivative assets - Fair value | 0 | 0 |
Derivative liabilities - Fair value | 0 | 0 |
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Equity contracts | ||
Derivative | ||
Derivative assets - Fair value | 0 | 0 |
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Commodity contracts | ||
Derivative | ||
Derivative assets - Fair value | 0 | 0 |
Derivative liabilities - Fair value | 0 | 0 |
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | U.S. Treasury securities | ||
Available-for-sale debt securities | ||
AFS debt securities, Fair Value | 50,998 | 176,422 |
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | U.S. government agency and U.S. government-sponsored enterprise debt securities | ||
Available-for-sale debt securities | ||
AFS debt securities, Fair Value | 0 | 0 |
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities - Commercial mortgage-backed securities | ||
Available-for-sale debt securities | ||
AFS debt securities, Fair Value | 0 | 0 |
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities - Residential mortgage-backed securities | ||
Available-for-sale debt securities | ||
AFS debt securities, Fair Value | 0 | 0 |
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Municipal securities | ||
Available-for-sale debt securities | ||
AFS debt securities, Fair Value | 0 | 0 |
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Non-agency commercial mortgage-backed securities | ||
Available-for-sale debt securities | ||
AFS debt securities, Fair Value | 0 | 0 |
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Non-agency residential mortgage-backed securities | ||
Available-for-sale debt securities | ||
AFS debt securities, Fair Value | 0 | 0 |
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Corporate debt securities | ||
Available-for-sale debt securities | ||
AFS debt securities, Fair Value | 0 | 0 |
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Foreign government bonds | ||
Available-for-sale debt securities | ||
AFS debt securities, Fair Value | 0 | 0 |
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Asset-backed securities | ||
Available-for-sale debt securities | ||
AFS debt securities, Fair Value | 0 | 0 |
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Collateralized loan obligations (“CLOs”) | ||
Available-for-sale debt securities | ||
AFS debt securities, Fair Value | 0 | 0 |
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | ||
Available-for-sale debt securities | ||
AFS debt securities, Fair Value | 4,488,162 | 3,140,792 |
Equity Securities, FV-NI and with Readily Determinable Fair Value [Abstract] | ||
Equity securities | 8,741 | 9,927 |
Total investments in tax credit and other investments | 8,741 | 9,927 |
Derivative | ||
Derivative assets - Fair value | 708,300 | 329,895 |
Netting adjustments | (109,696) | (125,319) |
Derivative asset, after netting | 598,604 | 204,576 |
Derivative liabilities - Fair value | 506,019 | 256,528 |
Netting adjustments | (202,131) | (159,799) |
Derivative liability, after netting | 303,888 | 96,729 |
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Interest rate contracts | ||
Derivative | ||
Derivative assets - Fair value | 566,635 | 192,883 |
Derivative liabilities - Fair value | 372,057 | 127,317 |
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Foreign exchange contracts | ||
Derivative | ||
Derivative assets - Fair value | 19,134 | 54,637 |
Derivative liabilities - Fair value | 14,782 | 48,610 |
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Credit contracts | ||
Derivative | ||
Derivative assets - Fair value | 47 | 2 |
Derivative liabilities - Fair value | 307 | 84 |
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Equity contracts | ||
Derivative | ||
Derivative assets - Fair value | 12,455 | 993 |
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Commodity contracts | ||
Derivative | ||
Derivative assets - Fair value | 110,029 | 81,380 |
Derivative liabilities - Fair value | 118,873 | 80,517 |
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | U.S. Treasury securities | ||
Available-for-sale debt securities | ||
AFS debt securities, Fair Value | 0 | 0 |
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | U.S. government agency and U.S. government-sponsored enterprise debt securities | ||
Available-for-sale debt securities | ||
AFS debt securities, Fair Value | 727,062 | 581,245 |
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities - Commercial mortgage-backed securities | ||
Available-for-sale debt securities | ||
AFS debt securities, Fair Value | 967,109 | 603,471 |
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities - Residential mortgage-backed securities | ||
Available-for-sale debt securities | ||
AFS debt securities, Fair Value | 1,238,009 | 1,003,897 |
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Municipal securities | ||
Available-for-sale debt securities | ||
AFS debt securities, Fair Value | 333,275 | 102,302 |
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Non-agency commercial mortgage-backed securities | ||
Available-for-sale debt securities | ||
AFS debt securities, Fair Value | 214,676 | 88,550 |
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Non-agency residential mortgage-backed securities | ||
Available-for-sale debt securities | ||
AFS debt securities, Fair Value | 277,613 | 46,548 |
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Corporate debt securities | ||
Available-for-sale debt securities | ||
AFS debt securities, Fair Value | 251,177 | 11,149 |
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Foreign government bonds | ||
Available-for-sale debt securities | ||
AFS debt securities, Fair Value | 132,671 | 354,172 |
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Asset-backed securities | ||
Available-for-sale debt securities | ||
AFS debt securities, Fair Value | 63,148 | 64,752 |
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Collateralized loan obligations (“CLOs”) | ||
Available-for-sale debt securities | ||
AFS debt securities, Fair Value | 283,422 | 284,706 |
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | ||
Available-for-sale debt securities | ||
AFS debt securities, Fair Value | 0 | 0 |
Equity Securities, FV-NI and with Readily Determinable Fair Value [Abstract] | ||
Equity securities | 0 | 0 |
Total investments in tax credit and other investments | 0 | 0 |
Derivative | ||
Derivative assets - Fair value | 310 | 421 |
Netting adjustments | 0 | 0 |
Derivative asset, after netting | 310 | 421 |
Derivative liabilities - Fair value | 0 | 0 |
Netting adjustments | 0 | 0 |
Derivative liability, after netting | 0 | 0 |
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | Interest rate contracts | ||
Derivative | ||
Derivative assets - Fair value | 0 | 0 |
Derivative liabilities - Fair value | 0 | 0 |
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | Foreign exchange contracts | ||
Derivative | ||
Derivative assets - Fair value | 0 | 0 |
Derivative liabilities - Fair value | 0 | 0 |
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | Credit contracts | ||
Derivative | ||
Derivative assets - Fair value | 0 | 0 |
Derivative liabilities - Fair value | 0 | 0 |
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | Equity contracts | ||
Derivative | ||
Derivative assets - Fair value | 310 | 421 |
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | Commodity contracts | ||
Derivative | ||
Derivative assets - Fair value | 0 | 0 |
Derivative liabilities - Fair value | 0 | 0 |
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | U.S. Treasury securities | ||
Available-for-sale debt securities | ||
AFS debt securities, Fair Value | 0 | 0 |
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | U.S. government agency and U.S. government-sponsored enterprise debt securities | ||
Available-for-sale debt securities | ||
AFS debt securities, Fair Value | 0 | 0 |
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities - Commercial mortgage-backed securities | ||
Available-for-sale debt securities | ||
AFS debt securities, Fair Value | 0 | 0 |
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities - Residential mortgage-backed securities | ||
Available-for-sale debt securities | ||
AFS debt securities, Fair Value | 0 | 0 |
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | Municipal securities | ||
Available-for-sale debt securities | ||
AFS debt securities, Fair Value | 0 | 0 |
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | Non-agency commercial mortgage-backed securities | ||
Available-for-sale debt securities | ||
AFS debt securities, Fair Value | 0 | 0 |
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | Non-agency residential mortgage-backed securities | ||
Available-for-sale debt securities | ||
AFS debt securities, Fair Value | 0 | 0 |
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | Corporate debt securities | ||
Available-for-sale debt securities | ||
AFS debt securities, Fair Value | 0 | 0 |
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | Foreign government bonds | ||
Available-for-sale debt securities | ||
AFS debt securities, Fair Value | 0 | 0 |
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | Asset-backed securities | ||
Available-for-sale debt securities | ||
AFS debt securities, Fair Value | 0 | 0 |
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | Collateralized loan obligations (“CLOs”) | ||
Available-for-sale debt securities | ||
AFS debt securities, Fair Value | $ 0 | $ 0 |
Fair Value Measurement and Fa_4
Fair Value Measurement and Fair Value of Financial Instruments (Reconciliation of Assets and Liabilities Measured on Recurring Basis) (Details) - Equity contracts - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Lending fees | ||||
Reconciliation of the beginning and ending balances for warrants issued by private companies measured at fair value on a recurring basis using significant unobservable inputs (Level 3) | ||||
Total unrealized (losses) gains for the period included in earnings | $ (6) | $ 10 | $ 8,300 | $ (225) |
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | ||||
Reconciliation of the beginning and ending balances for warrants issued by private companies measured at fair value on a recurring basis using significant unobservable inputs (Level 3) | ||||
Beginning balance | 316 | 392 | 421 | 673 |
Total (losses) gains included in earnings | (6) | 10 | 8,262 | 548 |
Issuances | 0 | 0 | 0 | 28 |
Settlements | 0 | 0 | 0 | (847) |
Transfers out of Level 3 | 0 | 0 | (8,373) | 0 |
Ending balance | $ 310 | $ 402 | $ 310 | $ 402 |
Fair Value Measurement and Fa_5
Fair Value Measurement and Fair Value of Financial Instruments (Quantitative Information for Significant Unobservable Inputs) (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Quantitative information | ||
Derivative assets - Fair value | $ 708,610 | $ 330,316 |
Fair Value, Measurements, Recurring | ||
Quantitative information | ||
Derivative assets - Fair value | 708,610 | 330,316 |
Fair Value, Measurements, Nonrecurring | ||
Quantitative information | ||
Loans held-for-invesment, Fair Value Disclosure | 171,004 | 49,679 |
Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Recurring | ||
Quantitative information | ||
Derivative assets - Fair value | 310 | 421 |
Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Nonrecurring | ||
Quantitative information | ||
Loans held-for-invesment, Fair Value Disclosure | 171,004 | 49,679 |
Significant Unobservable Inputs (Level 3) | Discounted cash flows | Fair Value, Measurements, Nonrecurring | ||
Quantitative information | ||
Loans held-for-invesment, Fair Value Disclosure | 82,461 | 27,841 |
Significant Unobservable Inputs (Level 3) | Fair value of collateral, discount | Fair Value, Measurements, Nonrecurring | ||
Quantitative information | ||
Loans held-for-invesment, Fair Value Disclosure | 15,493 | 1,014 |
Significant Unobservable Inputs (Level 3) | Fair value of property, selling cost | Fair Value, Measurements, Nonrecurring | ||
Quantitative information | ||
Loans held-for-invesment, Fair Value Disclosure | 50,581 | |
Significant Unobservable Inputs (Level 3) | Fair value of collateral, contract value | Fair Value, Measurements, Nonrecurring | ||
Quantitative information | ||
Loans held-for-invesment, Fair Value Disclosure | 22,469 | 20,824 |
OREO | Fair Value, Measurements, Nonrecurring | ||
Quantitative information | ||
Assets, fair value disclosure | 125 | |
OREO | Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Nonrecurring | ||
Quantitative information | ||
Assets, fair value disclosure | 125 | |
OREO | Significant Unobservable Inputs (Level 3) | Fair value of property, selling cost | Fair Value, Measurements, Nonrecurring | ||
Quantitative information | ||
Assets, fair value disclosure | 125 | |
Other nonperforming assets | Fair Value, Measurements, Nonrecurring | ||
Quantitative information | ||
Assets, fair value disclosure | 1,167 | |
Other nonperforming assets | Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Nonrecurring | ||
Quantitative information | ||
Assets, fair value disclosure | 1,167 | |
Other nonperforming assets | Significant Unobservable Inputs (Level 3) | Fair value of collateral, contract value | Fair Value, Measurements, Nonrecurring | ||
Quantitative information | ||
Assets, fair value disclosure | 1,167 | |
Investments in tax credit and other investments, net | Fair Value, Measurements, Nonrecurring | ||
Quantitative information | ||
Assets, fair value disclosure | 6,216 | 3,076 |
Investments in tax credit and other investments, net | Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Nonrecurring | ||
Quantitative information | ||
Assets, fair value disclosure | 6,216 | 3,076 |
Investments in tax credit and other investments, net | Significant Unobservable Inputs (Level 3) | Individual analysis of each investment, expected future tax benefits and distributions | Fair Value, Measurements, Nonrecurring | ||
Quantitative information | ||
Assets, fair value disclosure | 6,216 | 3,076 |
Equity contracts | Fair Value, Measurements, Recurring | ||
Quantitative information | ||
Derivative assets - Fair value | 12,765 | 1,414 |
Equity contracts | Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Recurring | ||
Quantitative information | ||
Derivative assets - Fair value | $ 310 | $ 421 |
Equity volatility | Equity contracts | Significant Unobservable Inputs (Level 3) | Black-Scholes option pricing model | Fair Value, Measurements, Recurring | Weighted Average | ||
Quantitative information | ||
Measurement input | 59.00% | 42.00% |
Equity volatility | Equity contracts | Significant Unobservable Inputs (Level 3) | Black-Scholes option pricing model | Fair Value, Measurements, Recurring | Minimum | ||
Quantitative information | ||
Measurement input | 54.00% | 39.00% |
Equity volatility | Equity contracts | Significant Unobservable Inputs (Level 3) | Black-Scholes option pricing model | Fair Value, Measurements, Recurring | Maximum | ||
Quantitative information | ||
Measurement input | 65.00% | 44.00% |
Liquidity discount | Equity contracts | Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Recurring | ||
Quantitative information | ||
Measurement input | 47.00% | 47.00% |
Liquidity discount | Equity contracts | Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Recurring | Weighted Average | ||
Quantitative information | ||
Measurement input | 47.00% | 47.00% |
Discount | Significant Unobservable Inputs (Level 3) | Discounted cash flows | Fair Value, Measurements, Nonrecurring | Weighted Average | ||
Quantitative information | ||
Loans held-for-investment, measurement input | 13.00% | 14.00% |
Discount | Significant Unobservable Inputs (Level 3) | Discounted cash flows | Fair Value, Measurements, Nonrecurring | Minimum | ||
Quantitative information | ||
Loans held-for-investment, measurement input | 4.00% | 4.00% |
Discount | Significant Unobservable Inputs (Level 3) | Discounted cash flows | Fair Value, Measurements, Nonrecurring | Maximum | ||
Quantitative information | ||
Loans held-for-investment, measurement input | 15.00% | 15.00% |
Discount | Significant Unobservable Inputs (Level 3) | Fair value of collateral, discount | Fair Value, Measurements, Nonrecurring | Weighted Average | ||
Quantitative information | ||
Loans held-for-investment, measurement input | 10.00% | 19.00% |
Discount | Significant Unobservable Inputs (Level 3) | Fair value of collateral, discount | Fair Value, Measurements, Nonrecurring | Minimum | ||
Quantitative information | ||
Loans held-for-investment, measurement input | 10.00% | 8.00% |
Discount | Significant Unobservable Inputs (Level 3) | Fair value of collateral, discount | Fair Value, Measurements, Nonrecurring | Maximum | ||
Quantitative information | ||
Loans held-for-investment, measurement input | 20.00% | 20.00% |
Selling cost | Significant Unobservable Inputs (Level 3) | Fair value of property, selling cost | Fair Value, Measurements, Nonrecurring | ||
Quantitative information | ||
Loans held-for-investment, measurement input | 8.00% | |
OREO, measurement input | 0.08 | |
Selling cost | Significant Unobservable Inputs (Level 3) | Fair value of property, selling cost | Fair Value, Measurements, Nonrecurring | Weighted Average | ||
Quantitative information | ||
Loans held-for-investment, measurement input | 8.00% | |
OREO, measurement input | 0.08 | |
Derivatives not designated as hedging instruments | ||
Quantitative information | ||
Derivative assets - Fair value | $ 708,546 | $ 330,316 |
Derivatives not designated as hedging instruments | Equity contracts | ||
Quantitative information | ||
Derivative assets - Fair value | $ 12,765 | $ 1,414 |
Fair Value Measurement and Fa_6
Fair Value Measurement and Fair Value of Financial Instruments (Carrying Amounts of Assets That Were Still Held and Had Fair Value Changes Measured on a Nonrecurring Basis) (Details) - Fair Value, Measurements, Nonrecurring - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Fair Value, Assets Measured on a Nonrecurring Basis | ||
Loans held-for-invesment, Fair Value Disclosure | $ 171,004 | $ 49,679 |
Commercial lending | ||
Fair Value, Assets Measured on a Nonrecurring Basis | ||
Loans held-for-invesment, Fair Value Disclosure | 167,357 | 48,307 |
Consumer lending | ||
Fair Value, Assets Measured on a Nonrecurring Basis | ||
Loans held-for-invesment, Fair Value Disclosure | 3,647 | 1,372 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Assets Measured on a Nonrecurring Basis | ||
Loans held-for-invesment, Fair Value Disclosure | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Commercial lending | ||
Fair Value, Assets Measured on a Nonrecurring Basis | ||
Loans held-for-invesment, Fair Value Disclosure | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Consumer lending | ||
Fair Value, Assets Measured on a Nonrecurring Basis | ||
Loans held-for-invesment, Fair Value Disclosure | 0 | 0 |
Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets Measured on a Nonrecurring Basis | ||
Loans held-for-invesment, Fair Value Disclosure | 0 | 0 |
Significant Other Observable Inputs (Level 2) | Commercial lending | ||
Fair Value, Assets Measured on a Nonrecurring Basis | ||
Loans held-for-invesment, Fair Value Disclosure | 0 | 0 |
Significant Other Observable Inputs (Level 2) | Consumer lending | ||
Fair Value, Assets Measured on a Nonrecurring Basis | ||
Loans held-for-invesment, Fair Value Disclosure | 0 | 0 |
Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets Measured on a Nonrecurring Basis | ||
Loans held-for-invesment, Fair Value Disclosure | 171,004 | 49,679 |
Significant Unobservable Inputs (Level 3) | Commercial lending | ||
Fair Value, Assets Measured on a Nonrecurring Basis | ||
Loans held-for-invesment, Fair Value Disclosure | 167,357 | 48,307 |
Significant Unobservable Inputs (Level 3) | Consumer lending | ||
Fair Value, Assets Measured on a Nonrecurring Basis | ||
Loans held-for-invesment, Fair Value Disclosure | 3,647 | 1,372 |
Commercial and industrial (“C&I”) | Commercial lending | ||
Fair Value, Assets Measured on a Nonrecurring Basis | ||
Loans held-for-invesment, Fair Value Disclosure | 116,077 | 47,554 |
Commercial and industrial (“C&I”) | Quoted Prices in Active Markets for Identical Assets (Level 1) | Commercial lending | ||
Fair Value, Assets Measured on a Nonrecurring Basis | ||
Loans held-for-invesment, Fair Value Disclosure | 0 | 0 |
Commercial and industrial (“C&I”) | Significant Other Observable Inputs (Level 2) | Commercial lending | ||
Fair Value, Assets Measured on a Nonrecurring Basis | ||
Loans held-for-invesment, Fair Value Disclosure | 0 | 0 |
Commercial and industrial (“C&I”) | Significant Unobservable Inputs (Level 3) | Commercial lending | ||
Fair Value, Assets Measured on a Nonrecurring Basis | ||
Loans held-for-invesment, Fair Value Disclosure | 116,077 | 47,554 |
Commercial real estate (“CRE”) | Commercial lending | ||
Fair Value, Assets Measured on a Nonrecurring Basis | ||
Loans held-for-invesment, Fair Value Disclosure | 51,280 | 753 |
Commercial real estate (“CRE”) | Quoted Prices in Active Markets for Identical Assets (Level 1) | Commercial lending | ||
Fair Value, Assets Measured on a Nonrecurring Basis | ||
Loans held-for-invesment, Fair Value Disclosure | 0 | 0 |
Commercial real estate (“CRE”) | Significant Other Observable Inputs (Level 2) | Commercial lending | ||
Fair Value, Assets Measured on a Nonrecurring Basis | ||
Loans held-for-invesment, Fair Value Disclosure | 0 | 0 |
Commercial real estate (“CRE”) | Significant Unobservable Inputs (Level 3) | Commercial lending | ||
Fair Value, Assets Measured on a Nonrecurring Basis | ||
Loans held-for-invesment, Fair Value Disclosure | 51,280 | 753 |
HELOCs | Consumer lending | ||
Fair Value, Assets Measured on a Nonrecurring Basis | ||
Loans held-for-invesment, Fair Value Disclosure | 1,156 | 1,372 |
HELOCs | Quoted Prices in Active Markets for Identical Assets (Level 1) | Consumer lending | ||
Fair Value, Assets Measured on a Nonrecurring Basis | ||
Loans held-for-invesment, Fair Value Disclosure | 0 | 0 |
HELOCs | Significant Other Observable Inputs (Level 2) | Consumer lending | ||
Fair Value, Assets Measured on a Nonrecurring Basis | ||
Loans held-for-invesment, Fair Value Disclosure | 0 | 0 |
HELOCs | Significant Unobservable Inputs (Level 3) | Consumer lending | ||
Fair Value, Assets Measured on a Nonrecurring Basis | ||
Loans held-for-invesment, Fair Value Disclosure | 1,156 | 1,372 |
Other consumer | Consumer lending | ||
Fair Value, Assets Measured on a Nonrecurring Basis | ||
Loans held-for-invesment, Fair Value Disclosure | 2,491 | |
Other consumer | Quoted Prices in Active Markets for Identical Assets (Level 1) | Consumer lending | ||
Fair Value, Assets Measured on a Nonrecurring Basis | ||
Loans held-for-invesment, Fair Value Disclosure | 0 | |
Other consumer | Significant Other Observable Inputs (Level 2) | Consumer lending | ||
Fair Value, Assets Measured on a Nonrecurring Basis | ||
Loans held-for-invesment, Fair Value Disclosure | 0 | |
Other consumer | Significant Unobservable Inputs (Level 3) | Consumer lending | ||
Fair Value, Assets Measured on a Nonrecurring Basis | ||
Loans held-for-invesment, Fair Value Disclosure | 2,491 | |
OREO | ||
Fair Value, Assets Measured on a Nonrecurring Basis | ||
Assets, fair value disclosure | 125 | |
OREO | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Assets Measured on a Nonrecurring Basis | ||
Assets, fair value disclosure | 0 | |
OREO | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets Measured on a Nonrecurring Basis | ||
Assets, fair value disclosure | 0 | |
OREO | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets Measured on a Nonrecurring Basis | ||
Assets, fair value disclosure | 125 | |
Investments in tax credit and other investments, net | ||
Fair Value, Assets Measured on a Nonrecurring Basis | ||
Assets, fair value disclosure | 6,216 | 3,076 |
Investments in tax credit and other investments, net | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Assets Measured on a Nonrecurring Basis | ||
Assets, fair value disclosure | 0 | 0 |
Investments in tax credit and other investments, net | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets Measured on a Nonrecurring Basis | ||
Assets, fair value disclosure | 0 | 0 |
Investments in tax credit and other investments, net | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets Measured on a Nonrecurring Basis | ||
Assets, fair value disclosure | $ 6,216 | 3,076 |
Other nonperforming assets | ||
Fair Value, Assets Measured on a Nonrecurring Basis | ||
Assets, fair value disclosure | 1,167 | |
Other nonperforming assets | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Assets Measured on a Nonrecurring Basis | ||
Assets, fair value disclosure | 0 | |
Other nonperforming assets | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets Measured on a Nonrecurring Basis | ||
Assets, fair value disclosure | 0 | |
Other nonperforming assets | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets Measured on a Nonrecurring Basis | ||
Assets, fair value disclosure | $ 1,167 |
Fair Value Measurement and Fa_7
Fair Value Measurement and Fair Value of Financial Instruments (Increase (Decrease) in Fair Value of Assets Measured on a Nonrecurring Basis) (Details) - Fair Value, Measurements, Nonrecurring - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Loans held-for-investment | ||||
Fair Value, Assets Measured on a Nonrecurring Basis | ||||
Increase (decrease) in value of assets | $ (24,940) | $ (20,482) | $ (36,834) | $ (43,103) |
Investments in tax credit and other investments, net | ||||
Fair Value, Assets Measured on a Nonrecurring Basis | ||||
Increase (decrease) in value of assets | 0 | (1,703) | (583) | (11,573) |
OREO | ||||
Fair Value, Assets Measured on a Nonrecurring Basis | ||||
Increase (decrease) in value of assets | 0 | (1,020) | 0 | (1,023) |
Other nonperforming assets | ||||
Fair Value, Assets Measured on a Nonrecurring Basis | ||||
Increase (decrease) in value of assets | 0 | 0 | 0 | (3,000) |
Commercial lending | Loans held-for-investment | ||||
Fair Value, Assets Measured on a Nonrecurring Basis | ||||
Increase (decrease) in value of assets | (24,943) | (20,482) | (39,147) | (43,103) |
Commercial lending | Commercial and industrial (“C&I”) | Loans held-for-investment | ||||
Fair Value, Assets Measured on a Nonrecurring Basis | ||||
Increase (decrease) in value of assets | (24,928) | (20,484) | (38,855) | (43,109) |
Commercial lending | Commercial real estate (“CRE”) | Loans held-for-investment | ||||
Fair Value, Assets Measured on a Nonrecurring Basis | ||||
Increase (decrease) in value of assets | (15) | 2 | (292) | 6 |
Consumer lending | Loans held-for-investment | ||||
Fair Value, Assets Measured on a Nonrecurring Basis | ||||
Increase (decrease) in value of assets | 3 | 0 | 2,313 | 0 |
Consumer lending | HELOCs | Loans held-for-investment | ||||
Fair Value, Assets Measured on a Nonrecurring Basis | ||||
Increase (decrease) in value of assets | 3 | 0 | (178) | 0 |
Consumer lending | Other consumer | Loans held-for-investment | ||||
Fair Value, Assets Measured on a Nonrecurring Basis | ||||
Increase (decrease) in value of assets | $ 0 | $ 0 | $ 2,491 | $ 0 |
Fair Value Measurement and Fa_8
Fair Value Measurement and Fair Value of Financial Instruments (Carrying and Fair Value Estimates per the Fair Value Hierarchy of Financial Instruments Measured on a Nonrecurring Basis) (Details) - USD ($) | Sep. 30, 2020 | Dec. 31, 2019 |
Financial assets: | ||
Cash and cash equivalents | $ 4,506,941,000 | $ 3,261,149,000 |
Interest-bearing deposits with banks | 699,465,000 | 196,161,000 |
Resale agreements | 1,210,000,000 | 860,000,000 |
Restricted equity securities, at cost | 79,172,000 | 78,580,000 |
Loans held-for-investment, net | 36,818,877,000 | 34,420,252,000 |
Financial liabilities: | ||
FHLB advances | 657,185,000 | 745,915,000 |
Repurchase agreements | 348,063,000 | 200,000,000 |
Gross repurchase agreements | 348,063,000 | 450,000,000 |
Carrying amount of repurchase agreements eligible for netting against resale agreements | 0 | 250,000,000 |
Carrying Amount | ||
Financial assets: | ||
Cash and cash equivalents | 4,506,941,000 | 3,261,149,000 |
Interest-bearing deposits with banks | 699,465,000 | 196,161,000 |
Resale agreements | 1,210,000,000 | 860,000,000 |
Restricted equity securities, at cost | 79,172,000 | 78,580,000 |
Loans held-for-sale | 4,148,000 | 434,000 |
Loans held-for-investment, net | 36,818,877,000 | 34,420,252,000 |
Mortgage servicing rights | 5,169,000 | 6,068,000 |
Accrued interest receivable | 143,354,000 | 144,599,000 |
Financial liabilities: | ||
Demand, checking, savings and money market deposits | 32,611,382,000 | 27,109,951,000 |
Time deposits | 9,069,173,000 | 10,214,308,000 |
Short-term borrowings | 59,613,000 | 28,669,000 |
FHLB advances | 657,185,000 | 745,915,000 |
Repurchase agreements | 348,063,000 | 200,000,000 |
Long-term debt | 1,574,765,000 | 147,101,000 |
Accrued interest payable | 21,671,000 | 27,246,000 |
Estimated Fair Value | ||
Financial assets: | ||
Cash and cash equivalents | 4,506,941,000 | 3,261,149,000 |
Interest-bearing deposits with banks | 699,465,000 | 196,161,000 |
Resale agreements | 1,215,801,000 | 856,025,000 |
Restricted equity securities, at cost | 79,172,000 | 78,580,000 |
Loans held-for-sale | 4,148,000 | 434,000 |
Loans held-for-investment, net | 37,087,711,000 | 35,021,300,000 |
Mortgage servicing rights | 7,511,000 | 8,199,000 |
Accrued interest receivable | 143,354,000 | 144,599,000 |
Financial liabilities: | ||
Demand, checking, savings and money market deposits | 32,611,382,000 | 27,109,951,000 |
Time deposits | 9,091,802,000 | 10,208,895,000 |
Short-term borrowings | 59,613,000 | 28,669,000 |
FHLB advances | 666,989,000 | 755,371,000 |
Repurchase agreements | 368,098,000 | 232,597,000 |
Long-term debt | 1,577,572,000 | 152,641,000 |
Accrued interest payable | 21,671,000 | 27,246,000 |
Estimated Fair Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Financial assets: | ||
Cash and cash equivalents | 4,506,941,000 | 3,261,149,000 |
Interest-bearing deposits with banks | 0 | 0 |
Resale agreements | 0 | 0 |
Restricted equity securities, at cost | 0 | 0 |
Loans held-for-sale | 0 | 0 |
Loans held-for-investment, net | 0 | 0 |
Mortgage servicing rights | 0 | 0 |
Accrued interest receivable | 0 | 0 |
Financial liabilities: | ||
Demand, checking, savings and money market deposits | 0 | 0 |
Time deposits | 0 | 0 |
Short-term borrowings | 0 | 0 |
FHLB advances | 0 | 0 |
Repurchase agreements | 0 | 0 |
Long-term debt | 0 | 0 |
Accrued interest payable | 0 | 0 |
Estimated Fair Value | Significant Other Observable Inputs (Level 2) | ||
Financial assets: | ||
Cash and cash equivalents | 0 | 0 |
Interest-bearing deposits with banks | 699,465,000 | 196,161,000 |
Resale agreements | 1,215,801,000 | 856,025,000 |
Restricted equity securities, at cost | 79,172,000 | 78,580,000 |
Loans held-for-sale | 4,148,000 | 434,000 |
Loans held-for-investment, net | 0 | 0 |
Mortgage servicing rights | 0 | 0 |
Accrued interest receivable | 143,354,000 | 144,599,000 |
Financial liabilities: | ||
Demand, checking, savings and money market deposits | 32,611,382,000 | 27,109,951,000 |
Time deposits | 9,091,802,000 | 10,208,895,000 |
Short-term borrowings | 59,613,000 | 28,669,000 |
FHLB advances | 666,989,000 | 755,371,000 |
Repurchase agreements | 368,098,000 | 232,597,000 |
Long-term debt | 1,577,572,000 | 152,641,000 |
Accrued interest payable | 21,671,000 | 27,246,000 |
Estimated Fair Value | Significant Unobservable Inputs (Level 3) | ||
Financial assets: | ||
Cash and cash equivalents | 0 | 0 |
Interest-bearing deposits with banks | 0 | 0 |
Resale agreements | 0 | 0 |
Restricted equity securities, at cost | 0 | 0 |
Loans held-for-sale | 0 | 0 |
Loans held-for-investment, net | 37,087,711,000 | 35,021,300,000 |
Mortgage servicing rights | 7,511,000 | 8,199,000 |
Accrued interest receivable | 0 | 0 |
Financial liabilities: | ||
Demand, checking, savings and money market deposits | 0 | 0 |
Time deposits | 0 | 0 |
Short-term borrowings | 0 | 0 |
FHLB advances | 0 | 0 |
Repurchase agreements | 0 | 0 |
Long-term debt | 0 | 0 |
Accrued interest payable | $ 0 | $ 0 |
Securities Purchased under Re_3
Securities Purchased under Resale Agreements and Sold under Repurchase Agreements (Resale Agreements and Repurchase Agreements) (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2020 | Jun. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | |
Resale agreements | ||||||
Gross resale agreements | $ 1,210,000,000 | $ 1,210,000,000 | $ 1,110,000,000 | |||
Weighted-average yields | 1.72% | 2.59% | 2.09% | 2.71% | ||
Repurchase agreements | ||||||
Gross repurchase agreements | $ 348,063,000 | $ 348,063,000 | $ 450,000,000 | |||
Weighted-average rates | 2.70% | 4.68% | 3.48% | 4.87% | ||
Repurchase agreements’ extinguishment costs | $ 0 | $ 8,700,000 | $ 0 | $ 8,740,000 | $ 0 | |
Extinguishment of repurchase agreements | $ 150,000,000 | |||||
Maturity, 2020 | 48,100,000 | 48,100,000 | ||||
Maturity, 2023 | $ 300,000,000 | $ 300,000,000 |
Securities Purchased under Re_4
Securities Purchased under Resale Agreements and Sold under Repurchase Agreements (Balance Sheet Offsetting) (Details) - USD ($) | Sep. 30, 2020 | Dec. 31, 2019 |
Assets, Resale Agreements | ||
Gross Amounts of Recognized Assets | $ 1,210,000,000 | $ 1,110,000,000 |
Gross Amounts Offset on the Consolidated Balance Sheet | 0 | (250,000,000) |
Net Amounts of Assets Presented on the Consolidated Balance Sheet | 1,210,000,000 | 860,000,000 |
Securities Purchased under Agreements to Resell Gross Amounts Not Offset [Abstract] | ||
Collateral Received | (1,204,933,000) | (856,058,000) |
Net Amount | 5,067,000 | 3,942,000 |
Liabilities, Repurchase Agreements | ||
Gross Amounts of Recognized Liabilities | 348,063,000 | 450,000,000 |
Gross Amounts Offset on the Consolidated Balance Sheet | 0 | (250,000,000) |
Net Amounts of Liabilities Presented on the Consolidated Balance Sheet | 348,063,000 | 200,000,000 |
Securities Sold under Agreements to Repurchase Gross Amounts Not Offset [Abstract] | ||
Collateral Pledged | (330,600,000) | (200,000,000) |
Net Amount | $ 17,463,000 | $ 0 |
Securities (Schedule of Availab
Securities (Schedule of Available-for-sale Debt Securities) (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Schedule of Available-for-sale Debt Securities | ||
Amortized Cost | $ 4,471,694 | $ 3,320,648 |
Gross Unrealized Gains | 92,913 | 19,805 |
Gross Unrealized Losses | (25,447) | (23,239) |
AFS debt securities, Fair Value | 4,539,160 | 3,317,214 |
U.S. Treasury securities | ||
Schedule of Available-for-sale Debt Securities | ||
Amortized Cost | 50,410 | 177,215 |
Gross Unrealized Gains | 588 | 0 |
Gross Unrealized Losses | 0 | (793) |
AFS debt securities, Fair Value | 50,998 | 176,422 |
U.S. government agency and U.S. government-sponsored enterprise debt securities | ||
Schedule of Available-for-sale Debt Securities | ||
Amortized Cost | 718,907 | 584,275 |
Gross Unrealized Gains | 10,565 | 1,377 |
Gross Unrealized Losses | (2,410) | (4,407) |
AFS debt securities, Fair Value | 727,062 | 581,245 |
U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities - Commercial mortgage-backed securities | ||
Schedule of Available-for-sale Debt Securities | ||
Amortized Cost | 937,078 | 599,814 |
Gross Unrealized Gains | 34,292 | 8,551 |
Gross Unrealized Losses | (4,261) | (4,894) |
AFS debt securities, Fair Value | 967,109 | 603,471 |
U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities - Residential mortgage-backed securities | ||
Schedule of Available-for-sale Debt Securities | ||
Amortized Cost | 1,206,488 | 998,447 |
Gross Unrealized Gains | 32,578 | 6,927 |
Gross Unrealized Losses | (1,057) | (1,477) |
AFS debt securities, Fair Value | 1,238,009 | 1,003,897 |
Municipal securities | ||
Schedule of Available-for-sale Debt Securities | ||
Amortized Cost | 327,422 | 101,621 |
Gross Unrealized Gains | 7,199 | 790 |
Gross Unrealized Losses | (1,346) | (109) |
AFS debt securities, Fair Value | 333,275 | 102,302 |
Non-agency commercial mortgage-backed securities | ||
Schedule of Available-for-sale Debt Securities | ||
Amortized Cost | 210,343 | 86,609 |
Gross Unrealized Gains | 5,556 | 1,947 |
Gross Unrealized Losses | (1,223) | (6) |
AFS debt securities, Fair Value | 214,676 | 88,550 |
Non-agency residential mortgage-backed securities | ||
Schedule of Available-for-sale Debt Securities | ||
Amortized Cost | 277,306 | 46,830 |
Gross Unrealized Gains | 782 | 3 |
Gross Unrealized Losses | (475) | (285) |
AFS debt securities, Fair Value | 277,613 | 46,548 |
Corporate debt securities | ||
Schedule of Available-for-sale Debt Securities | ||
Amortized Cost | 251,253 | 11,250 |
Gross Unrealized Gains | 1,327 | 12 |
Gross Unrealized Losses | (1,403) | (113) |
AFS debt securities, Fair Value | 251,177 | 11,149 |
Foreign government bonds | ||
Schedule of Available-for-sale Debt Securities | ||
Amortized Cost | 134,179 | 354,481 |
Gross Unrealized Gains | 26 | 198 |
Gross Unrealized Losses | (1,534) | (507) |
AFS debt securities, Fair Value | 132,671 | 354,172 |
Asset-backed securities | ||
Schedule of Available-for-sale Debt Securities | ||
Amortized Cost | 64,308 | 66,106 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (1,160) | (1,354) |
AFS debt securities, Fair Value | 63,148 | 64,752 |
Collateralized loan obligations (“CLOs”) | ||
Schedule of Available-for-sale Debt Securities | ||
Amortized Cost | 294,000 | 294,000 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (10,578) | (9,294) |
AFS debt securities, Fair Value | $ 283,422 | $ 284,706 |
Securities (Continuous Unrealiz
Securities (Continuous Unrealized Losses) (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Schedule of Available-for-sale Debt Securities | ||
Available-for-sale debt securities, Less than 12 Months, Fair Value | $ 1,506,992 | $ 1,388,661 |
Available-for-sale debt securities, Gross Unrealized Loss, Less than 12 Months | (23,670) | (18,990) |
Available-for-sale debt securities, 12 Months or More, Fair Value | 90,974 | 351,048 |
Available-for-sale debt securities, Gross Unrealized Loss, 12 Months or More | (1,777) | (4,249) |
Available-for-sale debt securities Fair Value, Total | 1,597,966 | 1,739,709 |
Available-for-sale debt securities, Gross Unrealized Loss, Total | (25,447) | (23,239) |
U.S. Treasury securities | ||
Schedule of Available-for-sale Debt Securities | ||
Available-for-sale debt securities, Less than 12 Months, Fair Value | 0 | |
Available-for-sale debt securities, Gross Unrealized Loss, Less than 12 Months | 0 | |
Available-for-sale debt securities, 12 Months or More, Fair Value | 176,422 | |
Available-for-sale debt securities, Gross Unrealized Loss, 12 Months or More | (793) | |
Available-for-sale debt securities Fair Value, Total | 176,422 | |
Available-for-sale debt securities, Gross Unrealized Loss, Total | (793) | |
U.S. government agency and U.S. government-sponsored enterprise debt securities | ||
Schedule of Available-for-sale Debt Securities | ||
Available-for-sale debt securities, Less than 12 Months, Fair Value | 336,399 | 310,349 |
Available-for-sale debt securities, Gross Unrealized Loss, Less than 12 Months | (2,410) | (4,407) |
Available-for-sale debt securities, 12 Months or More, Fair Value | 0 | 0 |
Available-for-sale debt securities, Gross Unrealized Loss, 12 Months or More | 0 | 0 |
Available-for-sale debt securities Fair Value, Total | 336,399 | 310,349 |
Available-for-sale debt securities, Gross Unrealized Loss, Total | (2,410) | (4,407) |
U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities - Commercial mortgage-backed securities | ||
Schedule of Available-for-sale Debt Securities | ||
Available-for-sale debt securities, Less than 12 Months, Fair Value | 224,593 | 204,675 |
Available-for-sale debt securities, Gross Unrealized Loss, Less than 12 Months | (4,194) | (2,346) |
Available-for-sale debt securities, 12 Months or More, Fair Value | 10,456 | 108,314 |
Available-for-sale debt securities, Gross Unrealized Loss, 12 Months or More | (67) | (2,548) |
Available-for-sale debt securities Fair Value, Total | 235,049 | 312,989 |
Available-for-sale debt securities, Gross Unrealized Loss, Total | (4,261) | (4,894) |
U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities - Residential mortgage-backed securities | ||
Schedule of Available-for-sale Debt Securities | ||
Available-for-sale debt securities, Less than 12 Months, Fair Value | 62,150 | 325,354 |
Available-for-sale debt securities, Gross Unrealized Loss, Less than 12 Months | (1,057) | (1,234) |
Available-for-sale debt securities, 12 Months or More, Fair Value | 0 | 34,337 |
Available-for-sale debt securities, Gross Unrealized Loss, 12 Months or More | 0 | (243) |
Available-for-sale debt securities Fair Value, Total | 62,150 | 359,691 |
Available-for-sale debt securities, Gross Unrealized Loss, Total | (1,057) | (1,477) |
Municipal securities | ||
Schedule of Available-for-sale Debt Securities | ||
Available-for-sale debt securities, Less than 12 Months, Fair Value | 151,283 | 31,130 |
Available-for-sale debt securities, Gross Unrealized Loss, Less than 12 Months | (1,346) | (109) |
Available-for-sale debt securities, 12 Months or More, Fair Value | 0 | 0 |
Available-for-sale debt securities, Gross Unrealized Loss, 12 Months or More | 0 | 0 |
Available-for-sale debt securities Fair Value, Total | 151,283 | 31,130 |
Available-for-sale debt securities, Gross Unrealized Loss, Total | (1,346) | (109) |
Non-agency commercial mortgage-backed securities | ||
Schedule of Available-for-sale Debt Securities | ||
Available-for-sale debt securities, Less than 12 Months, Fair Value | 66,469 | 7,914 |
Available-for-sale debt securities, Gross Unrealized Loss, Less than 12 Months | (1,210) | (6) |
Available-for-sale debt securities, 12 Months or More, Fair Value | 7,907 | 0 |
Available-for-sale debt securities, Gross Unrealized Loss, 12 Months or More | (13) | 0 |
Available-for-sale debt securities Fair Value, Total | 74,376 | 7,914 |
Available-for-sale debt securities, Gross Unrealized Loss, Total | (1,223) | (6) |
Non-agency residential mortgage-backed securities | ||
Schedule of Available-for-sale Debt Securities | ||
Available-for-sale debt securities, Less than 12 Months, Fair Value | 135,192 | 42,894 |
Available-for-sale debt securities, Gross Unrealized Loss, Less than 12 Months | (475) | (285) |
Available-for-sale debt securities, 12 Months or More, Fair Value | 0 | 0 |
Available-for-sale debt securities, Gross Unrealized Loss, 12 Months or More | 0 | 0 |
Available-for-sale debt securities Fair Value, Total | 135,192 | 42,894 |
Available-for-sale debt securities, Gross Unrealized Loss, Total | (475) | (285) |
Corporate debt securities | ||
Schedule of Available-for-sale Debt Securities | ||
Available-for-sale debt securities, Less than 12 Months, Fair Value | 145,134 | 0 |
Available-for-sale debt securities, Gross Unrealized Loss, Less than 12 Months | (866) | 0 |
Available-for-sale debt securities, 12 Months or More, Fair Value | 9,463 | 9,888 |
Available-for-sale debt securities, Gross Unrealized Loss, 12 Months or More | (537) | (113) |
Available-for-sale debt securities Fair Value, Total | 154,597 | 9,888 |
Available-for-sale debt securities, Gross Unrealized Loss, Total | (1,403) | (113) |
Foreign government bonds | ||
Schedule of Available-for-sale Debt Securities | ||
Available-for-sale debt securities, Less than 12 Months, Fair Value | 102,350 | 129,074 |
Available-for-sale debt securities, Gross Unrealized Loss, Less than 12 Months | (1,534) | (407) |
Available-for-sale debt securities, 12 Months or More, Fair Value | 0 | 9,900 |
Available-for-sale debt securities, Gross Unrealized Loss, 12 Months or More | 0 | (100) |
Available-for-sale debt securities Fair Value, Total | 102,350 | 138,974 |
Available-for-sale debt securities, Gross Unrealized Loss, Total | (1,534) | (507) |
Asset-backed securities | ||
Schedule of Available-for-sale Debt Securities | ||
Available-for-sale debt securities, Less than 12 Months, Fair Value | 0 | 52,565 |
Available-for-sale debt securities, Gross Unrealized Loss, Less than 12 Months | 0 | (902) |
Available-for-sale debt securities, 12 Months or More, Fair Value | 63,148 | 12,187 |
Available-for-sale debt securities, Gross Unrealized Loss, 12 Months or More | (1,160) | (452) |
Available-for-sale debt securities Fair Value, Total | 63,148 | 64,752 |
Available-for-sale debt securities, Gross Unrealized Loss, Total | (1,160) | (1,354) |
Collateralized loan obligations (“CLOs”) | ||
Schedule of Available-for-sale Debt Securities | ||
Available-for-sale debt securities, Less than 12 Months, Fair Value | 283,422 | 284,706 |
Available-for-sale debt securities, Gross Unrealized Loss, Less than 12 Months | (10,578) | (9,294) |
Available-for-sale debt securities, 12 Months or More, Fair Value | 0 | 0 |
Available-for-sale debt securities, Gross Unrealized Loss, 12 Months or More | 0 | 0 |
Available-for-sale debt securities Fair Value, Total | 283,422 | 284,706 |
Available-for-sale debt securities, Gross Unrealized Loss, Total | $ (10,578) | $ (9,294) |
Securities (Narrative) (Details
Securities (Narrative) (Details) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2020USD ($)security | Sep. 30, 2019USD ($) | Sep. 30, 2020USD ($)security | Sep. 30, 2019USD ($) | Dec. 31, 2019security | |
Unrealized Loss | |||||
Number of available-for-sale debt securities in an unrealized loss position | security | 96 | 96 | 101 | ||
Provision for credit losses | $ | $ 0 | $ 0 | |||
Debt Securities, Available-for-sale, Allowance for Credit Loss | $ | $ 0 | $ 0 | |||
Collateralized loan obligations (“CLOs”) | |||||
Unrealized Loss | |||||
Number of available-for-sale debt securities in an unrealized loss position | security | 3 | 3 | 3 | ||
U.S. government agency and U.S. government sponsored enterprise mortgage-backed securities | |||||
Unrealized Loss | |||||
Number of available-for-sale debt securities in an unrealized loss position | security | 25 | 25 | 57 | ||
U.S. government agency and U.S. government-sponsored enterprise debt securities | |||||
Unrealized Loss | |||||
Number of available-for-sale debt securities in an unrealized loss position | security | 13 | 13 | 14 | ||
AFS debt securities | |||||
Unrealized Loss | |||||
AFS debt securities, accrued interest | $ | $ 14,800,000 | $ 14,800,000 | |||
OTTI credit losses | $ | $ 0 | $ 0 |
Securities (Proceeds, Gross Rea
Securities (Proceeds, Gross Realized Gains and Tax Expense) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Investments, Debt and Equity Securities [Abstract] | ||||
Proceeds from sales, available-for-sale debt securities | $ 10,497 | $ 101,129 | $ 494,877 | $ 476,231 |
Gross realized gains, available-for-sale debt securities | 698 | 58 | 11,867 | 3,066 |
Related tax expense, available-for-sale debt securities | $ 206 | $ 17 | $ 3,508 | $ 906 |
Securities (Scheduled Contractu
Securities (Scheduled Contractual Maturities of AFS Debt Securities) (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Amortized Cost | ||
Due within one year | $ 756,955 | |
Due after one year through five years | 383,722 | |
Due after five years through ten years | 440,452 | |
Due after ten years | 2,890,565 | |
Amortized Cost | 4,471,694 | $ 3,320,648 |
Fair Value | ||
Due within one year | 757,035 | |
Due after one year through five years | 388,413 | |
Due after five years through ten years | 451,219 | |
Due after ten years | 2,942,493 | |
Total available-for-sale debt investment securities | 4,539,160 | 3,317,214 |
Available for sale debt investment securities pledged as collateral, fair value | $ 710,391 | $ 479,432 |
Securities (Restricted Equity S
Securities (Restricted Equity Securities) (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Investments, Debt and Equity Securities [Abstract] | ||
Federal Reserve Bank (“FRB”) stock | $ 58,990 | $ 58,330 |
FHLB stock | 20,182 | 20,250 |
Total restricted equity securities | $ 79,172 | $ 78,580 |
Derivatives (Notional and Fair
Derivatives (Notional and Fair Values) (Details) MMBTU in Thousands, Boe in Thousands, $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2020USD ($)BoeMMBTUcompany | Dec. 31, 2019USD ($)BoeMMBTUcompany | |
Derivative Asset [Abstract] | ||
Derivative assets - Fair value | $ 708,610 | $ 330,316 |
Less: Master netting agreements | (104,456) | (121,561) |
Less: Cash collateral received/paid | (5,240) | (3,758) |
Derivative asset, after netting | 598,914 | 204,997 |
Derivative Liability [Abstract] | ||
Derivative liabilities - Fair value | 506,019 | 256,528 |
Less: Master netting agreements | (104,456) | (121,561) |
Less: Cash collateral received/paid | (97,675) | (38,238) |
Derivative liability, after netting | $ 303,888 | $ 96,729 |
Crude oil | Customer Counterparty | ||
Derivative Liability [Abstract] | ||
Derivative, nonmonetary notional amount, energy measure | Boe | 6,100 | 7,811 |
Natural gas | Customer Counterparty | ||
Derivative Liability [Abstract] | ||
Derivative, nonmonetary notional amount, energy measure | MMBTU | 110,340 | 63,773 |
Derivative instruments designated as hedging instruments | ||
Derivative Instruments | ||
Notional amount | $ 371,186 | $ 117,193 |
Derivative Asset [Abstract] | ||
Derivative assets - Fair value | 64 | 0 |
Derivative Liability [Abstract] | ||
Derivative liabilities - Fair value | 2,113 | 4,784 |
Derivative instruments designated as hedging instruments | Fair Value Hedging | Interest rate contracts | ||
Derivative Instruments | ||
Notional amount | 15,194 | 31,026 |
Derivative Asset [Abstract] | ||
Derivative assets - Fair value | 64 | 0 |
Derivative Liability [Abstract] | ||
Derivative liabilities - Fair value | 0 | 3,198 |
Derivative instruments designated as hedging instruments | Cash Flow Hedging | Interest rate contracts | ||
Derivative Instruments | ||
Notional amount | 275,000 | 0 |
Derivative Asset [Abstract] | ||
Derivative assets - Fair value | 0 | 0 |
Derivative Liability [Abstract] | ||
Derivative liabilities - Fair value | 1,861 | 0 |
Derivative instruments designated as hedging instruments | Net Investment Hedging | Foreign exchange contracts | ||
Derivative Instruments | ||
Notional amount | 80,992 | 86,167 |
Derivative Asset [Abstract] | ||
Derivative assets - Fair value | 0 | 0 |
Derivative Liability [Abstract] | ||
Derivative liabilities - Fair value | 252 | 1,586 |
Derivatives not designated as hedging instruments | ||
Derivative Instruments | ||
Notional amount | 19,523,762 | 20,540,031 |
Derivative Asset [Abstract] | ||
Derivative assets - Fair value | 708,546 | 330,316 |
Derivative Liability [Abstract] | ||
Derivative liabilities - Fair value | 503,906 | 251,744 |
Derivatives not designated as hedging instruments | Interest rate contracts | ||
Derivative Instruments | ||
Notional amount | 17,613,982 | 15,489,692 |
Derivative Asset [Abstract] | ||
Derivative assets - Fair value | 566,571 | 192,883 |
Derivative Liability [Abstract] | ||
Derivative liabilities - Fair value | 370,196 | 124,119 |
Derivatives not designated as hedging instruments | Foreign exchange contracts | ||
Derivative Instruments | ||
Notional amount | 1,832,383 | 4,839,661 |
Derivative Asset [Abstract] | ||
Derivative assets - Fair value | 19,134 | 54,637 |
Derivative Liability [Abstract] | ||
Derivative liabilities - Fair value | 14,530 | 47,024 |
Derivatives not designated as hedging instruments | Credit contracts | ||
Derivative Instruments | ||
Notional amount | 77,397 | 210,678 |
Derivative Asset [Abstract] | ||
Derivative assets - Fair value | 47 | 2 |
Derivative Liability [Abstract] | ||
Derivative liabilities - Fair value | 307 | 84 |
Derivatives not designated as hedging instruments | Equity contracts | ||
Derivative Instruments | ||
Notional amount | 0 | 0 |
Derivative Asset [Abstract] | ||
Derivative assets - Fair value | 12,765 | 1,414 |
Derivative Liability [Abstract] | ||
Derivative liabilities - Fair value | 0 | 0 |
Derivatives not designated as hedging instruments | Commodity contracts | ||
Derivative Instruments | ||
Notional amount | 0 | 0 |
Derivative Asset [Abstract] | ||
Derivative assets - Fair value | 110,029 | 81,380 |
Derivative Liability [Abstract] | ||
Derivative liabilities - Fair value | $ 118,873 | $ 80,517 |
Derivatives not designated as hedging instruments | Equity, Public Companies | ||
Derivative Liability [Abstract] | ||
Number of companies that issued the equity (issuers portion only) | company | 3 | 3 |
Derivatives not designated as hedging instruments | Equity, Private Companies | ||
Derivative Liability [Abstract] | ||
Number of companies that issued the equity (issuers portion only) | company | 17 | 18 |
Derivatives (Net Gains (Losses)
Derivatives (Net Gains (Losses) on Derivatives Designated as Hedges) (Details) - Fair Value Hedging - Derivative instruments designated as hedging instruments - Interest Expense - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Deposits | ||||
Derivative [Line Items] | ||||
Recognized on certificates of deposit | $ 112 | $ (37) | $ (1,607) | $ (2,732) |
Interest rate contracts | ||||
Derivative [Line Items] | ||||
Recognized on interest rate swaps | $ 154 | $ 202 | $ 3,150 | $ 3,056 |
Derivatives (Hedged Items Curre
Derivatives (Hedged Items Currently Designated) (Details) - Derivative instruments designated as hedging instruments - Fair Value Hedging - Interest rate contracts - Deposits - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Derivative [Line Items] | ||
Hedged liability, fair value hedge, carrying value | $ (14,874) | $ (29,080) |
Hedged liability, fair value hedge, cumulative decrease, carrying value | $ (2) | $ 1,604 |
Derivatives (Narrative) (Detail
Derivatives (Narrative) (Details) MMBTU in Thousands, Boe in Thousands, $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2020USD ($)BoeMMBTUcompany | Dec. 31, 2019USD ($)MMBTUBoecompany | |
Derivative [Line Items] | ||
Derivative liabilities - Fair value | $ 506,019 | $ 256,528 |
Derivative assets - Fair value | 708,610 | 330,316 |
Credit-risk-related contingent features | ||
Derivative [Line Items] | ||
Aggregate fair value of derivative instruments in net liability position | 126,400 | 56,400 |
Derivative asset | 14,400 | |
Derivative liability | 70,800 | |
Collateral posted | 126,300 | 56,400 |
Derivative instruments designated as hedging instruments | ||
Derivative [Line Items] | ||
Notional amount | 371,186 | 117,193 |
Derivative liabilities - Fair value | 2,113 | 4,784 |
Derivative assets - Fair value | 64 | 0 |
Derivative instruments designated as hedging instruments | Interest rate contracts | Cash Flow Hedging | ||
Derivative [Line Items] | ||
Notional amount | 275,000 | 0 |
Net unrealized gains, net of tax, recorded in AOCI expected to be reclassified into earnings during next 12 months | 536 | |
Derivative liabilities - Fair value | 1,861 | 0 |
Derivative assets - Fair value | 0 | 0 |
Derivatives not designated as hedging instruments | ||
Derivative [Line Items] | ||
Notional amount | 19,523,762 | 20,540,031 |
Derivative liabilities - Fair value | 503,906 | 251,744 |
Derivative assets - Fair value | 708,546 | 330,316 |
Derivatives not designated as hedging instruments | Foreign exchange contracts | ||
Derivative [Line Items] | ||
Notional amount | 1,832,383 | 4,839,661 |
Derivative liabilities - Fair value | 14,530 | 47,024 |
Derivative assets - Fair value | 19,134 | 54,637 |
Derivatives not designated as hedging instruments | Interest rate contracts | ||
Derivative [Line Items] | ||
Notional amount | 17,613,982 | 15,489,692 |
Derivative liabilities - Fair value | 370,196 | 124,119 |
Derivative assets - Fair value | 566,571 | 192,883 |
Derivatives not designated as hedging instruments | Interest rate contracts | Financial Counterparty | ||
Derivative [Line Items] | ||
Notional amount | 8,820,000 | 7,750,000 |
Derivatives not designated as hedging instruments | Interest rate contracts | LCH | ||
Derivative [Line Items] | ||
Notional amount | 2,990,000 | 2,530,000 |
Derivative liabilities - Fair value | 215,900 | 75,100 |
Derivative assets - Fair value | 2,900 | |
Derivatives not designated as hedging instruments | Credit contracts | ||
Derivative [Line Items] | ||
Notional amount | 77,397 | 210,678 |
Derivative liabilities - Fair value | 307 | 84 |
Derivative assets - Fair value | $ 47 | $ 2 |
Weighted average remaining maturity of outstanding RPAs | 4 years | 2 years 2 months 12 days |
Derivatives not designated as hedging instruments | Credit contracts | RPA protection sold | ||
Derivative [Line Items] | ||
Maximum exposure of RPAs with protection sold | $ 748 | $ 125 |
Derivatives not designated as hedging instruments | Equity, Public Companies | ||
Derivative [Line Items] | ||
Number of companies that issued the equity (issuers portion only) | company | 3 | 3 |
Derivatives not designated as hedging instruments | Equity contracts | ||
Derivative [Line Items] | ||
Notional amount | $ 0 | $ 0 |
Derivative liabilities - Fair value | 0 | 0 |
Derivative assets - Fair value | 12,765 | 1,414 |
Derivatives not designated as hedging instruments | Commodity contracts | ||
Derivative [Line Items] | ||
Notional amount | 0 | 0 |
Derivative liabilities - Fair value | 118,873 | 80,517 |
Derivative assets - Fair value | 110,029 | 81,380 |
Derivatives not designated as hedging instruments | Commodity contracts | Chicago Mercantile Exchange (CME) | ||
Derivative [Line Items] | ||
Derivative liabilities - Fair value | 6,600 | 1,500 |
Derivative assets - Fair value | 17,800 | 2,900 |
Derivative assets (liabilities), at fair value, net | $ 0 | $ 986 |
Derivatives not designated as hedging instruments | Commodity contracts | Chicago Mercantile Exchange (CME) | Oil | ||
Derivative [Line Items] | ||
Derivative, nonmonetary notional amount, energy measure | Boe | 1,506 | 1,752 |
Derivatives not designated as hedging instruments | Commodity contracts | Chicago Mercantile Exchange (CME) | Natural gas | ||
Derivative [Line Items] | ||
Derivative, nonmonetary notional amount, energy measure | MMBTU | 31,395 | 6,075 |
Derivatives not designated as hedging instruments | Equity, Private Companies | ||
Derivative [Line Items] | ||
Number of companies that issued the equity (issuers portion only) | company | 17 | 18 |
Maximum | Derivatives not designated as hedging instruments | Foreign exchange contracts | ||
Derivative [Line Items] | ||
Original maturity (in years) | 1 year | 1 year |
Derivative Financial Instruments, Liabilities | Derivative instruments designated as hedging instruments | Foreign exchange contracts | ||
Derivative [Line Items] | ||
Notional amount | $ 81,000 | $ 86,200 |
Derivative liabilities - Fair value | $ 252 | $ 1,600 |
Derivatives (Gains (Losses) in
Derivatives (Gains (Losses) in Foreign Currency Translation Adjustment and in Cash Flow Hedges) (Details) - Derivative instruments designated as hedging instruments - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Cash Flow Hedging | Interest rate contracts | ||||
Derivative [Line Items] | ||||
Gains (losses) recognized in AOCI | $ 34 | $ 0 | $ (1,449) | $ 0 |
(Losses) gains reclassified from AOCI to Interest expense | (87) | 0 | 290 | 0 |
Net Investment Hedging | Foreign exchange contracts | ||||
Derivative [Line Items] | ||||
(Losses) gains recognized in AOCI | $ (2,627) | $ 2,954 | $ (2,000) | $ 351 |
Derivatives (Derivatives Not De
Derivatives (Derivatives Not Designated as Hedging Instruments - Interest Rate Contracts) (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Derivative [Line Items] | ||
Derivative assets - Fair value | $ 708,610 | $ 330,316 |
Derivative liabilities - Fair value | 506,019 | 256,528 |
Derivatives not designated as hedging instruments | ||
Derivative [Line Items] | ||
Notional amount | 19,523,762 | 20,540,031 |
Derivative assets - Fair value | 708,546 | 330,316 |
Derivative liabilities - Fair value | 503,906 | 251,744 |
Derivatives not designated as hedging instruments | Interest rate contracts | ||
Derivative [Line Items] | ||
Notional amount | 17,613,982 | 15,489,692 |
Derivative assets - Fair value | 566,571 | 192,883 |
Derivative liabilities - Fair value | 370,196 | 124,119 |
Derivatives not designated as hedging instruments | Financial Counterparty | Interest rate contracts | ||
Derivative [Line Items] | ||
Notional amount | 8,820,000 | 7,750,000 |
Interest rate contracts | Derivatives not designated as hedging instruments | Customer Counterparty | Written options | ||
Derivative [Line Items] | ||
Notional amount | 816,659 | 1,003,558 |
Derivative assets - Fair value | 0 | 0 |
Derivative liabilities - Fair value | 64 | 66 |
Interest rate contracts | Derivatives not designated as hedging instruments | Customer Counterparty | Sold collars and corridors | ||
Derivative [Line Items] | ||
Notional amount | 510,489 | 490,852 |
Derivative assets - Fair value | 9,051 | 1,971 |
Derivative liabilities - Fair value | 0 | 16 |
Interest rate contracts | Derivatives not designated as hedging instruments | Customer Counterparty | Swaps | ||
Derivative [Line Items] | ||
Notional amount | 7,464,057 | 6,247,667 |
Derivative assets - Fair value | 556,237 | 187,294 |
Derivative liabilities - Fair value | 0 | 6,237 |
Interest rate contracts | Derivatives not designated as hedging instruments | Customer Counterparty | Interest rate contracts | ||
Derivative [Line Items] | ||
Notional amount | 8,791,205 | 7,742,077 |
Derivative assets - Fair value | 565,288 | 189,265 |
Derivative liabilities - Fair value | 64 | 6,319 |
Interest rate contracts | Derivatives not designated as hedging instruments | Financial Counterparty | Purchased options | ||
Derivative [Line Items] | ||
Notional amount | 816,659 | 1,003,558 |
Derivative assets - Fair value | 65 | 67 |
Derivative liabilities - Fair value | 0 | 0 |
Interest rate contracts | Derivatives not designated as hedging instruments | Financial Counterparty | Collars and corridors | ||
Derivative [Line Items] | ||
Notional amount | 510,489 | 490,852 |
Derivative assets - Fair value | 0 | 17 |
Derivative liabilities - Fair value | 9,107 | 1,996 |
Interest rate contracts | Derivatives not designated as hedging instruments | Financial Counterparty | Swaps | ||
Derivative [Line Items] | ||
Notional amount | 7,495,629 | 6,253,205 |
Derivative assets - Fair value | 1,218 | 3,534 |
Derivative liabilities - Fair value | 361,025 | 115,804 |
Interest rate contracts | Derivatives not designated as hedging instruments | Financial Counterparty | Interest rate contracts | ||
Derivative [Line Items] | ||
Notional amount | 8,822,777 | 7,747,615 |
Derivative assets - Fair value | 1,283 | 3,618 |
Derivative liabilities - Fair value | $ 370,132 | $ 117,800 |
Derivatives (Derivatives Not _2
Derivatives (Derivatives Not Designated as Hedging Instruments - Foreign Exchange Contracts) (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Derivative [Line Items] | ||
Derivative assets - Fair value | $ 708,610 | $ 330,316 |
Derivative liabilities - Fair value | 506,019 | 256,528 |
Derivatives not designated as hedging instruments | ||
Derivative [Line Items] | ||
Notional amount | 19,523,762 | 20,540,031 |
Derivative assets - Fair value | 708,546 | 330,316 |
Derivative liabilities - Fair value | 503,906 | 251,744 |
Derivatives not designated as hedging instruments | Foreign exchange contracts | ||
Derivative [Line Items] | ||
Notional amount | 1,832,383 | 4,839,661 |
Derivative assets - Fair value | 19,134 | 54,637 |
Derivative liabilities - Fair value | 14,530 | 47,024 |
Foreign exchange contracts | Customer Counterparty | Derivatives not designated as hedging instruments | Forwards and spot | ||
Derivative [Line Items] | ||
Notional amount | 959,820 | 3,581,036 |
Derivative assets - Fair value | 8,480 | 45,911 |
Derivative liabilities - Fair value | 11,884 | 40,591 |
Foreign exchange contracts | Customer Counterparty | Derivatives not designated as hedging instruments | Swaps | ||
Derivative [Line Items] | ||
Notional amount | 11,373 | 6,889 |
Derivative assets - Fair value | 358 | 16 |
Derivative liabilities - Fair value | 45 | 84 |
Foreign exchange contracts | Customer Counterparty | Derivatives not designated as hedging instruments | Written options | ||
Derivative [Line Items] | ||
Notional amount | 87,036 | |
Derivative assets - Fair value | 127 | |
Derivative liabilities - Fair value | 0 | |
Foreign exchange contracts | Customer Counterparty | Derivatives not designated as hedging instruments | Collars | ||
Derivative [Line Items] | ||
Notional amount | 1,172 | 2,244 |
Derivative assets - Fair value | 0 | 0 |
Derivative liabilities - Fair value | 26 | 14 |
Foreign exchange contracts | Customer Counterparty | Derivatives not designated as hedging instruments | Foreign exchange contracts | ||
Derivative [Line Items] | ||
Notional amount | 972,365 | 3,677,205 |
Derivative assets - Fair value | 8,838 | 46,054 |
Derivative liabilities - Fair value | 11,955 | 40,689 |
Foreign exchange contracts | Financial Counterparty | Derivatives not designated as hedging instruments | Forwards and spot | ||
Derivative [Line Items] | ||
Notional amount | 205,113 | 207,492 |
Derivative assets - Fair value | 1,367 | 1,400 |
Derivative liabilities - Fair value | 124 | 507 |
Foreign exchange contracts | Financial Counterparty | Derivatives not designated as hedging instruments | Swaps | ||
Derivative [Line Items] | ||
Notional amount | 486,211 | 702,391 |
Derivative assets - Fair value | 8,383 | 6,156 |
Derivative liabilities - Fair value | 1,951 | 4,712 |
Foreign exchange contracts | Financial Counterparty | Derivatives not designated as hedging instruments | Purchased options | ||
Derivative [Line Items] | ||
Notional amount | 87,036 | |
Derivative assets - Fair value | 0 | |
Derivative liabilities - Fair value | 127 | |
Foreign exchange contracts | Financial Counterparty | Derivatives not designated as hedging instruments | Collars | ||
Derivative [Line Items] | ||
Notional amount | 168,694 | 165,537 |
Derivative assets - Fair value | 546 | 1,027 |
Derivative liabilities - Fair value | 500 | 989 |
Foreign exchange contracts | Financial Counterparty | Derivatives not designated as hedging instruments | Foreign exchange contracts | ||
Derivative [Line Items] | ||
Notional amount | 860,018 | 1,162,456 |
Derivative assets - Fair value | 10,296 | 8,583 |
Derivative liabilities - Fair value | $ 2,575 | $ 6,335 |
Derivatives (Derivatives Not _3
Derivatives (Derivatives Not Designated as Hedging Instruments - Credit Contracts) (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Derivative [Line Items] | ||
Derivative assets - Fair value | $ 708,610 | $ 330,316 |
Derivative liabilities - Fair value | 506,019 | 256,528 |
Derivatives not designated as hedging instruments | ||
Derivative [Line Items] | ||
Notional amount | 19,523,762 | 20,540,031 |
Derivative assets - Fair value | 708,546 | 330,316 |
Derivative liabilities - Fair value | 503,906 | 251,744 |
Credit contracts | Derivatives not designated as hedging instruments | Other credit derivatives | ||
Derivative [Line Items] | ||
Notional amount | 77,397 | 210,678 |
Derivative assets - Fair value | 47 | 2 |
Derivative liabilities - Fair value | 307 | 84 |
Credit contracts | Derivatives not designated as hedging instruments | Other credit derivatives | RPA protection sold | ||
Derivative [Line Items] | ||
Notional amount | 66,683 | 199,964 |
Derivative assets - Fair value | 0 | 0 |
Derivative liabilities - Fair value | 307 | 84 |
Credit contracts | Derivatives not designated as hedging instruments | Other credit derivatives | RPA protection purchased | ||
Derivative [Line Items] | ||
Notional amount | 10,714 | 10,714 |
Derivative assets - Fair value | 47 | 2 |
Derivative liabilities - Fair value | $ 0 | $ 0 |
Derivatives (Derivatives Not _4
Derivatives (Derivatives Not Designated as Hedging Instruments - Commodity Contracts) (Details) MMBTU in Thousands, Boe in Thousands, $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2020USD ($)BoeMMBTU | Dec. 31, 2019USD ($)BoeMMBTU | |
Derivative [Line Items] | ||
Derivative assets - Fair value | $ 708,610 | $ 330,316 |
Derivative liabilities - Fair value | $ 506,019 | $ 256,528 |
Customer Counterparty | Crude oil | ||
Derivative [Line Items] | ||
Derivative, nonmonetary notional amount, energy measure | Boe | 6,100 | 7,811 |
Customer Counterparty | Natural gas | ||
Derivative [Line Items] | ||
Derivative, nonmonetary notional amount, energy measure | MMBTU | 110,340 | 63,773 |
Derivatives not designated as hedging instruments | ||
Derivative [Line Items] | ||
Derivative assets - Fair value | $ 708,546 | $ 330,316 |
Derivative liabilities - Fair value | 503,906 | 251,744 |
Derivatives not designated as hedging instruments | Commodity contracts | ||
Derivative [Line Items] | ||
Derivative assets - Fair value | 110,029 | 81,380 |
Derivative liabilities - Fair value | 118,873 | 80,517 |
Commodity contracts | Derivatives not designated as hedging instruments | Customer Counterparty | Commodity contracts | ||
Derivative [Line Items] | ||
Derivative assets - Fair value | 49,589 | 40,065 |
Derivative liabilities - Fair value | $ 75,038 | $ 42,140 |
Commodity contracts | Derivatives not designated as hedging instruments | Customer Counterparty | Crude oil | Written options | ||
Derivative [Line Items] | ||
Derivative, nonmonetary notional amount, energy measure | Boe | 0 | 36 |
Derivative assets - Fair value | $ 0 | $ 0 |
Derivative liabilities - Fair value | $ 0 | $ 30 |
Commodity contracts | Derivatives not designated as hedging instruments | Customer Counterparty | Crude oil | Collars | ||
Derivative [Line Items] | ||
Derivative, nonmonetary notional amount, energy measure | Boe | 1,390 | 3,174 |
Derivative assets - Fair value | $ 18 | $ 2,673 |
Derivative liabilities - Fair value | $ 12,245 | $ 538 |
Commodity contracts | Derivatives not designated as hedging instruments | Customer Counterparty | Crude oil | Swaps | ||
Derivative [Line Items] | ||
Derivative, nonmonetary notional amount, energy measure | Boe | 4,710 | 4,601 |
Derivative assets - Fair value | $ 3,635 | $ 6,949 |
Derivative liabilities - Fair value | $ 36,622 | $ 5,531 |
Commodity contracts | Derivatives not designated as hedging instruments | Customer Counterparty | Crude oil | Commodity contracts | ||
Derivative [Line Items] | ||
Derivative, nonmonetary notional amount, energy measure | Boe | 6,100 | 7,811 |
Derivative assets - Fair value | $ 3,653 | $ 9,622 |
Derivative liabilities - Fair value | $ 48,867 | $ 6,099 |
Commodity contracts | Derivatives not designated as hedging instruments | Customer Counterparty | Natural gas | Written options | ||
Derivative [Line Items] | ||
Derivative, nonmonetary notional amount, energy measure | 973 | 540 |
Derivative assets - Fair value | $ 0 | $ 0 |
Derivative liabilities - Fair value | $ 116 | $ 22 |
Commodity contracts | Derivatives not designated as hedging instruments | Customer Counterparty | Natural gas | Collars | ||
Derivative [Line Items] | ||
Derivative, nonmonetary notional amount, energy measure | MMBTU | 14,761 | 14,277 |
Derivative assets - Fair value | $ 3,705 | $ 186 |
Derivative liabilities - Fair value | $ 0 | $ 522 |
Commodity contracts | Derivatives not designated as hedging instruments | Customer Counterparty | Natural gas | Swaps | ||
Derivative [Line Items] | ||
Derivative, nonmonetary notional amount, energy measure | MMBTU | 94,606 | 48,956 |
Derivative assets - Fair value | $ 42,231 | $ 30,257 |
Derivative liabilities - Fair value | $ 26,055 | $ 35,497 |
Commodity contracts | Derivatives not designated as hedging instruments | Customer Counterparty | Natural gas | Commodity contracts | ||
Derivative [Line Items] | ||
Derivative, nonmonetary notional amount, energy measure | MMBTU | 110,340 | 63,773 |
Derivative assets - Fair value | $ 45,936 | $ 30,443 |
Derivative liabilities - Fair value | 26,171 | 36,041 |
Commodity contracts | Derivatives not designated as hedging instruments | Financial Counterparty | Commodity contracts | ||
Derivative [Line Items] | ||
Derivative assets - Fair value | 60,440 | 41,315 |
Derivative liabilities - Fair value | $ 43,835 | $ 38,377 |
Commodity contracts | Derivatives not designated as hedging instruments | Financial Counterparty | Crude oil | Purchased options | ||
Derivative [Line Items] | ||
Derivative, nonmonetary notional amount, energy measure | Boe | 0 | 36 |
Derivative assets - Fair value | $ 0 | $ 29 |
Derivative liabilities - Fair value | $ 0 | $ 0 |
Commodity contracts | Derivatives not designated as hedging instruments | Financial Counterparty | Crude oil | Collars | ||
Derivative [Line Items] | ||
Derivative, nonmonetary notional amount, energy measure | Boe | 1,544 | 3,630 |
Derivative assets - Fair value | $ 12,946 | $ 677 |
Derivative liabilities - Fair value | $ 943 | $ 2,815 |
Commodity contracts | Derivatives not designated as hedging instruments | Financial Counterparty | Crude oil | Swaps | ||
Derivative [Line Items] | ||
Derivative, nonmonetary notional amount, energy measure | Boe | 4,759 | 4,721 |
Derivative assets - Fair value | $ 21,336 | $ 4,516 |
Derivative liabilities - Fair value | $ 2,991 | $ 5,215 |
Commodity contracts | Derivatives not designated as hedging instruments | Financial Counterparty | Crude oil | Commodity contracts | ||
Derivative [Line Items] | ||
Derivative, nonmonetary notional amount, energy measure | Boe | 6,303 | 8,387 |
Derivative assets - Fair value | $ 34,282 | $ 5,222 |
Derivative liabilities - Fair value | $ 3,934 | $ 8,030 |
Commodity contracts | Derivatives not designated as hedging instruments | Financial Counterparty | Natural gas | Purchased options | ||
Derivative [Line Items] | ||
Derivative, nonmonetary notional amount, energy measure | 963 | 530 |
Derivative assets - Fair value | $ 115 | $ 21 |
Derivative liabilities - Fair value | $ 0 | $ 0 |
Commodity contracts | Derivatives not designated as hedging instruments | Financial Counterparty | Natural gas | Collars | ||
Derivative [Line Items] | ||
Derivative, nonmonetary notional amount, energy measure | MMBTU | 18,111 | 14,517 |
Derivative assets - Fair value | $ 0 | $ 471 |
Derivative liabilities - Fair value | $ 3,046 | $ 150 |
Commodity contracts | Derivatives not designated as hedging instruments | Financial Counterparty | Natural gas | Swaps | ||
Derivative [Line Items] | ||
Derivative, nonmonetary notional amount, energy measure | MMBTU | 102,263 | 48,779 |
Derivative assets - Fair value | $ 26,043 | $ 35,601 |
Derivative liabilities - Fair value | $ 36,855 | $ 30,197 |
Commodity contracts | Derivatives not designated as hedging instruments | Financial Counterparty | Natural gas | Commodity contracts | ||
Derivative [Line Items] | ||
Derivative, nonmonetary notional amount, energy measure | MMBTU | 121,337 | 63,826 |
Derivative assets - Fair value | $ 26,158 | $ 36,093 |
Derivative liabilities - Fair value | $ 39,901 | $ 30,347 |
Derivatives (Net Gains (Losse_2
Derivatives (Net Gains (Losses) on Derivatives Not Designated as Hedging Instruments) (Details) - Derivatives not designated as hedging instruments - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Net gains (losses) recognized for derivative not designated as hedging instruments | $ 5,894 | $ 2,137 | $ 10,818 | $ 10,016 |
Interest rate contracts | Interest rate contracts and other derivative income | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Net gains (losses) recognized for derivative not designated as hedging instruments | (3,013) | (2,738) | (15,385) | (5,876) |
Foreign exchange contracts | Foreign exchange income | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Net gains (losses) recognized for derivative not designated as hedging instruments | 5,255 | 5,306 | 14,317 | 15,127 |
Credit contracts | Interest rate contracts and other derivative income | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Net gains (losses) recognized for derivative not designated as hedging instruments | 26 | (3) | (72) | 44 |
Equity contracts | Lending fees | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Net gains (losses) recognized for derivative not designated as hedging instruments | 3,592 | (442) | 11,971 | 725 |
Commodity contracts | Interest rate contracts and other derivative income | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Net gains (losses) recognized for derivative not designated as hedging instruments | $ 34 | $ 14 | $ (13) | $ (4) |
Derivatives (Offsetting of Deri
Derivatives (Offsetting of Derivatives) (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Derivative assets | ||
Gross Amounts Recognized | $ 708,610 | $ 330,316 |
Less: Master netting agreements | (104,456) | (121,561) |
Less: Cash collateral received/pledged | (5,240) | (3,758) |
Derivative asset, after netting | 598,914 | 204,997 |
Less: Security Collateral Received | (8,647) | 0 |
Net derivative assets | 590,267 | 204,997 |
Derivative assets subject to master netting arrangements, gross amounts recognized | 695,600 | 328,700 |
Contracts not subject to master netting arrangements, gross amounts recognized | 13,000 | 1,600 |
Derivative, cash collateral received, including amount offset by fair value assets, and excess cash amount | 9,100 | 3,800 |
Amount used to offset against derivative assets | 5,240 | 3,758 |
Derivative liabilities | ||
Gross Amounts Recognized | 506,019 | 256,528 |
Less: Master netting agreements | (104,456) | (121,561) |
Less: Cash collateral received/pledged | (97,675) | (38,238) |
Derivative liability, after netting | 303,888 | 96,729 |
Less: Security Collateral Pledged | (262,165) | (79,619) |
Net derivative liabilities | 41,723 | 17,110 |
Derivative liability subject to master netting arrangements, gross amounts recognized | 505,800 | 256,500 |
Contracts not subject to master netting arrangements, gross amounts recognized | 208 | 20 |
Derivative, cash collateral posted against derivative liabilities, including amount offset the derivative fair value liabilities, and excess cash amount | 100,100 | 43,000 |
Amount used to offset against derivative liabilities | $ 97,675 | $ 38,238 |
Loans Receivable and Allowanc_3
Loans Receivable and Allowance for Credit Losses (Composition of Loans Held-for-Investment) (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Jun. 30, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Dec. 31, 2018 |
LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES | ||||||
Loans held-for-investment | $ 37,437,129 | $ 34,778,539 | ||||
Allowance for loan losses | (618,252) | (358,287) | ||||
Loans held-for-investment, net | 36,818,877 | 34,420,252 | ||||
Net deferred loan fees, unearned fees, unamortized premiums and unaccreted discounts | (67,000) | (43,200) | ||||
Commercial and industrial (“C&I”) | CARES Act, Paycheck Protection Program | ||||||
LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES | ||||||
Loans held-for-investment | 1,770,000 | |||||
Commercial lending | ||||||
LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES | ||||||
Loans held-for-investment | 27,978,692 | 25,914,252 | ||||
Commercial lending | Commercial and industrial (“C&I”) | ||||||
LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES | ||||||
Loans held-for-investment | 13,305,024 | 12,150,931 | ||||
Allowance for loan losses | (389,021) | $ (380,723) | (238,376) | $ (218,869) | $ (205,503) | $ (189,117) |
Commercial lending | Commercial real estate (“CRE”) | ||||||
LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES | ||||||
Loans held-for-investment | 11,037,987 | 10,278,448 | ||||
Allowance for loan losses | (166,810) | (176,040) | (40,509) | (37,473) | (39,811) | (40,666) |
Commercial lending | Real estate loan | Multifamily residential | ||||||
LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES | ||||||
Loans held-for-investment | 3,057,274 | 2,856,374 | ||||
Allowance for loan losses | (23,807) | (25,058) | (22,826) | (20,307) | (19,280) | (19,885) |
Commercial lending | Construction and land | ||||||
LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES | ||||||
Loans held-for-investment | 578,407 | 628,499 | ||||
Allowance for loan losses | (10,401) | (18,551) | (19,404) | (29,171) | (22,961) | (20,290) |
Commercial lending | Total CRE | ||||||
LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES | ||||||
Loans held-for-investment | 14,673,668 | 13,763,321 | ||||
Consumer lending | ||||||
LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES | ||||||
Loans held-for-investment | 9,458,437 | 8,864,287 | ||||
Consumer lending | Real estate loan | Single-family residential | ||||||
LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES | ||||||
Loans held-for-investment | 7,785,759 | 7,108,590 | ||||
Allowance for loan losses | (22,622) | (25,314) | (28,527) | (29,935) | (32,763) | (31,340) |
Consumer lending | HELOCs | ||||||
LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES | ||||||
Loans held-for-investment | 1,514,388 | 1,472,783 | ||||
Allowance for loan losses | (3,273) | (3,867) | (5,265) | (5,856) | (6,177) | (5,774) |
Consumer lending | Total residential mortgage | ||||||
LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES | ||||||
Loans held-for-investment | 9,300,147 | 8,581,373 | ||||
Consumer lending | Other consumer | ||||||
LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES | ||||||
Loans held-for-investment | 158,290 | 282,914 | ||||
Allowance for loan losses | $ (2,318) | $ (2,518) | (3,380) | $ (3,965) | $ (4,130) | $ (4,250) |
Non-PCI Loans | ||||||
LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES | ||||||
Loans held-for-investment | 34,555,668 | |||||
Allowance for loan losses | (358,287) | |||||
Loans held-for-investment, net | 34,197,381 | |||||
Non-PCI Loans | Commercial lending | ||||||
LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES | ||||||
Loans held-for-investment | 25,777,039 | |||||
Non-PCI Loans | Commercial lending | Commercial and industrial (“C&I”) | ||||||
LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES | ||||||
Loans held-for-investment | 12,149,121 | |||||
Non-PCI Loans | Commercial lending | Commercial real estate (“CRE”) | ||||||
LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES | ||||||
Loans held-for-investment | 10,165,247 | |||||
Non-PCI Loans | Commercial lending | Real estate loan | Multifamily residential | ||||||
LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES | ||||||
Loans held-for-investment | 2,834,212 | |||||
Non-PCI Loans | Commercial lending | Construction and land | ||||||
LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES | ||||||
Loans held-for-investment | 628,459 | |||||
Non-PCI Loans | Commercial lending | Total CRE | ||||||
LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES | ||||||
Loans held-for-investment | 13,627,918 | |||||
Non-PCI Loans | Consumer lending | ||||||
LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES | ||||||
Loans held-for-investment | 8,778,629 | |||||
Non-PCI Loans | Consumer lending | Real estate loan | Single-family residential | ||||||
LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES | ||||||
Loans held-for-investment | 7,028,979 | |||||
Non-PCI Loans | Consumer lending | HELOCs | ||||||
LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES | ||||||
Loans held-for-investment | 1,466,736 | |||||
Non-PCI Loans | Consumer lending | Total residential mortgage | ||||||
LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES | ||||||
Loans held-for-investment | 8,495,715 | |||||
Non-PCI Loans | Consumer lending | Other consumer | ||||||
LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES | ||||||
Loans held-for-investment | 282,914 | |||||
PCI Loans | ||||||
LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES | ||||||
Loans held-for-investment | 222,871 | |||||
Allowance for loan losses | 0 | |||||
Loans held-for-investment, net | 222,871 | |||||
PCI Loans | Commercial lending | ||||||
LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES | ||||||
Loans held-for-investment | 137,213 | |||||
PCI Loans | Commercial lending | Commercial and industrial (“C&I”) | ||||||
LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES | ||||||
Loans held-for-investment | 1,810 | |||||
PCI Loans | Commercial lending | Commercial real estate (“CRE”) | ||||||
LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES | ||||||
Loans held-for-investment | 113,201 | |||||
PCI Loans | Commercial lending | Real estate loan | Multifamily residential | ||||||
LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES | ||||||
Loans held-for-investment | 22,162 | |||||
PCI Loans | Commercial lending | Construction and land | ||||||
LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES | ||||||
Loans held-for-investment | 40 | |||||
PCI Loans | Commercial lending | Total CRE | ||||||
LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES | ||||||
Loans held-for-investment | 135,403 | |||||
PCI Loans | Consumer lending | ||||||
LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES | ||||||
Loans held-for-investment | 85,658 | |||||
PCI Loans | Consumer lending | Real estate loan | Single-family residential | ||||||
LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES | ||||||
Loans held-for-investment | 79,611 | |||||
PCI Loans | Consumer lending | HELOCs | ||||||
LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES | ||||||
Loans held-for-investment | 6,047 | |||||
PCI Loans | Consumer lending | Total residential mortgage | ||||||
LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES | ||||||
Loans held-for-investment | 85,658 | |||||
PCI Loans | Consumer lending | Other consumer | ||||||
LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES | ||||||
Loans held-for-investment | $ 0 |
Loans Receivable and Allowanc_4
Loans Receivable and Allowance for Credit Losses (Composition of Loans Held-for-Investment- Narrative) (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2020 | Dec. 31, 2019 | |
LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES | |||
Accrued interest receivable | $ 108,100,000 | $ 108,100,000 | $ 121,800,000 |
Interest income related to nonaccrual loans reversed | 1,200,000 | 2,600,000 | |
Interest income recognized on nonaccrual loans | 18,000 | 29,000 | |
Loans receivable pledged to secure borrowings and to provide additional borrowing capacity from the FRB and the FHLB | 27,059,316,000 | 27,059,316,000 | $ 22,431,092,000 |
HELOCs | |||
LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES | |||
Converted to term loan | 59,800,000 | 118,200,000 | |
Commercial and industrial (“C&I”) | |||
LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES | |||
Converted to term loan | 250,000 | 250,000 | |
Commercial real estate (“CRE”) | |||
LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES | |||
Converted to term loan | $ 0 | $ 0 |
Loans Receivable and Allowanc_5
Loans Receivable and Allowance for Credit Losses (Credit Risk Ratings and/or Vintage Years for Loans Held-for-Investment by Portfolio Segment) (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Financing Receivable, Vintage Year/Credit Quality Indicator [Line Items] | ||
2020 | $ 7,749,499 | |
2019 | 7,856,988 | |
2018 | 5,429,370 | |
2017 | 3,282,850 | |
2016 | 1,627,630 | |
Prior | 3,277,666 | |
Revolving Loans Amortized Cost Basis | 7,971,940 | |
Revolving Loans Converted to Term Loans Amortized Cost Basis | 241,186 | |
Financing Receivable, before Allowance for Credit Loss, Total | 37,437,129 | $ 34,778,539 |
Commercial lending | ||
Financing Receivable, Vintage Year/Credit Quality Indicator [Line Items] | ||
2020 | 6,111,501 | |
2019 | 5,936,417 | |
2018 | 3,820,977 | |
2017 | 2,178,394 | |
2016 | 1,059,094 | |
Prior | 2,179,414 | |
Revolving Loans Amortized Cost Basis | 6,664,095 | |
Revolving Loans Converted to Term Loans Amortized Cost Basis | 28,800 | |
Financing Receivable, before Allowance for Credit Loss, Total | 27,978,692 | 25,914,252 |
Commercial lending | Commercial and industrial (“C&I”) | ||
Financing Receivable, Vintage Year/Credit Quality Indicator [Line Items] | ||
2020 | 3,493,072 | |
2019 | 1,897,219 | |
2018 | 807,846 | |
2017 | 398,196 | |
2016 | 80,202 | |
Prior | 148,183 | |
Revolving Loans Amortized Cost Basis | 6,470,571 | |
Revolving Loans Converted to Term Loans Amortized Cost Basis | 9,735 | |
Financing Receivable, before Allowance for Credit Loss, Total | 13,305,024 | 12,150,931 |
Commercial lending | Commercial and industrial (“C&I”) | Pass | ||
Financing Receivable, Vintage Year/Credit Quality Indicator [Line Items] | ||
2020 | 3,445,214 | |
2019 | 1,746,325 | |
2018 | 674,022 | |
2017 | 361,648 | |
2016 | 72,914 | |
Prior | 140,094 | |
Revolving Loans Amortized Cost Basis | 5,954,875 | |
Revolving Loans Converted to Term Loans Amortized Cost Basis | 9,735 | |
Financing Receivable, before Allowance for Credit Loss, Total | 12,404,827 | |
Commercial lending | Commercial and industrial (“C&I”) | Special Mention | ||
Financing Receivable, Vintage Year/Credit Quality Indicator [Line Items] | ||
2020 | 5,466 | |
2019 | 55,742 | |
2018 | 103,052 | |
2017 | 11,576 | |
2016 | 129 | |
Prior | 2,085 | |
Revolving Loans Amortized Cost Basis | 234,394 | |
Revolving Loans Converted to Term Loans Amortized Cost Basis | 0 | |
Financing Receivable, before Allowance for Credit Loss, Total | 412,444 | |
Commercial lending | Commercial and industrial (“C&I”) | Substandard | ||
Financing Receivable, Vintage Year/Credit Quality Indicator [Line Items] | ||
2020 | 42,386 | |
2019 | 95,152 | |
2018 | 30,772 | |
2017 | 24,972 | |
2016 | 6,254 | |
Prior | 6,004 | |
Revolving Loans Amortized Cost Basis | 281,302 | |
Revolving Loans Converted to Term Loans Amortized Cost Basis | 0 | |
Financing Receivable, before Allowance for Credit Loss, Total | 486,842 | |
Commercial lending | Commercial and industrial (“C&I”) | Doubtful | ||
Financing Receivable, Vintage Year/Credit Quality Indicator [Line Items] | ||
2020 | 6 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
2016 | 905 | |
Prior | 0 | |
Revolving Loans Amortized Cost Basis | 0 | |
Revolving Loans Converted to Term Loans Amortized Cost Basis | 0 | |
Financing Receivable, before Allowance for Credit Loss, Total | 911 | |
Commercial lending | Commercial real estate (“CRE”) | ||
Financing Receivable, Vintage Year/Credit Quality Indicator [Line Items] | ||
2020 | 1,803,460 | |
2019 | 2,828,723 | |
2018 | 2,340,184 | |
2017 | 1,388,621 | |
2016 | 786,573 | |
Prior | 1,683,179 | |
Revolving Loans Amortized Cost Basis | 188,182 | |
Revolving Loans Converted to Term Loans Amortized Cost Basis | 19,065 | |
Financing Receivable, before Allowance for Credit Loss, Total | 11,037,987 | 10,278,448 |
Commercial lending | Commercial real estate (“CRE”) | Pass | ||
Financing Receivable, Vintage Year/Credit Quality Indicator [Line Items] | ||
2020 | 1,774,436 | |
2019 | 2,718,564 | |
2018 | 2,268,952 | |
2017 | 1,260,364 | |
2016 | 784,464 | |
Prior | 1,559,165 | |
Revolving Loans Amortized Cost Basis | 188,182 | |
Revolving Loans Converted to Term Loans Amortized Cost Basis | 19,065 | |
Financing Receivable, before Allowance for Credit Loss, Total | 10,573,192 | |
Commercial lending | Commercial real estate (“CRE”) | Special Mention | ||
Financing Receivable, Vintage Year/Credit Quality Indicator [Line Items] | ||
2020 | 3,593 | |
2019 | 51,598 | |
2018 | 56,943 | |
2017 | 84,362 | |
2016 | 1,600 | |
Prior | 81,431 | |
Revolving Loans Amortized Cost Basis | 0 | |
Revolving Loans Converted to Term Loans Amortized Cost Basis | 0 | |
Financing Receivable, before Allowance for Credit Loss, Total | 279,527 | |
Commercial lending | Commercial real estate (“CRE”) | Substandard | ||
Financing Receivable, Vintage Year/Credit Quality Indicator [Line Items] | ||
2020 | 25,431 | |
2019 | 58,561 | |
2018 | 14,289 | |
2017 | 43,895 | |
2016 | 509 | |
Prior | 42,583 | |
Revolving Loans Amortized Cost Basis | 0 | |
Revolving Loans Converted to Term Loans Amortized Cost Basis | 0 | |
Financing Receivable, before Allowance for Credit Loss, Total | 185,268 | |
Commercial lending | Real estate loan | Multifamily residential | ||
Financing Receivable, Vintage Year/Credit Quality Indicator [Line Items] | ||
2020 | 692,581 | |
2019 | 957,396 | |
2018 | 517,576 | |
2017 | 386,329 | |
2016 | 170,948 | |
Prior | 327,102 | |
Revolving Loans Amortized Cost Basis | 5,342 | |
Revolving Loans Converted to Term Loans Amortized Cost Basis | 0 | |
Financing Receivable, before Allowance for Credit Loss, Total | 3,057,274 | 2,856,374 |
Commercial lending | Real estate loan | Multifamily residential | Pass | ||
Financing Receivable, Vintage Year/Credit Quality Indicator [Line Items] | ||
2020 | 692,581 | |
2019 | 956,657 | |
2018 | 493,769 | |
2017 | 386,329 | |
2016 | 146,346 | |
Prior | 318,675 | |
Revolving Loans Amortized Cost Basis | 5,342 | |
Revolving Loans Converted to Term Loans Amortized Cost Basis | 0 | |
Financing Receivable, before Allowance for Credit Loss, Total | 2,999,699 | |
Commercial lending | Real estate loan | Multifamily residential | Special Mention | ||
Financing Receivable, Vintage Year/Credit Quality Indicator [Line Items] | ||
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
2016 | 24,602 | |
Prior | 986 | |
Revolving Loans Amortized Cost Basis | 0 | |
Revolving Loans Converted to Term Loans Amortized Cost Basis | 0 | |
Financing Receivable, before Allowance for Credit Loss, Total | 25,588 | |
Commercial lending | Real estate loan | Multifamily residential | Substandard | ||
Financing Receivable, Vintage Year/Credit Quality Indicator [Line Items] | ||
2020 | 0 | |
2019 | 739 | |
2018 | 23,807 | |
2017 | 0 | |
2016 | 0 | |
Prior | 7,441 | |
Revolving Loans Amortized Cost Basis | 0 | |
Revolving Loans Converted to Term Loans Amortized Cost Basis | 0 | |
Financing Receivable, before Allowance for Credit Loss, Total | 31,987 | |
Commercial lending | Construction and land | ||
Financing Receivable, Vintage Year/Credit Quality Indicator [Line Items] | ||
2020 | 122,388 | |
2019 | 253,079 | |
2018 | 155,371 | |
2017 | 5,248 | |
2016 | 21,371 | |
Prior | 20,950 | |
Revolving Loans Amortized Cost Basis | 0 | |
Revolving Loans Converted to Term Loans Amortized Cost Basis | 0 | |
Financing Receivable, before Allowance for Credit Loss, Total | 578,407 | 628,499 |
Commercial lending | Construction and land | Pass | ||
Financing Receivable, Vintage Year/Credit Quality Indicator [Line Items] | ||
2020 | 118,823 | |
2019 | 253,079 | |
2018 | 155,371 | |
2017 | 5,248 | |
2016 | 21,371 | |
Prior | 1,158 | |
Revolving Loans Amortized Cost Basis | 0 | |
Revolving Loans Converted to Term Loans Amortized Cost Basis | 0 | |
Financing Receivable, before Allowance for Credit Loss, Total | 555,050 | |
Commercial lending | Construction and land | Substandard | ||
Financing Receivable, Vintage Year/Credit Quality Indicator [Line Items] | ||
2020 | 3,565 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
2016 | 0 | |
Prior | 19,792 | |
Revolving Loans Amortized Cost Basis | 0 | |
Revolving Loans Converted to Term Loans Amortized Cost Basis | 0 | |
Financing Receivable, before Allowance for Credit Loss, Total | 23,357 | |
Commercial lending | Total CRE | ||
Financing Receivable, Vintage Year/Credit Quality Indicator [Line Items] | ||
2020 | 2,618,429 | |
2019 | 4,039,198 | |
2018 | 3,013,131 | |
2017 | 1,780,198 | |
2016 | 978,892 | |
Prior | 2,031,231 | |
Revolving Loans Amortized Cost Basis | 193,524 | |
Revolving Loans Converted to Term Loans Amortized Cost Basis | 19,065 | |
Financing Receivable, before Allowance for Credit Loss, Total | 14,673,668 | 13,763,321 |
Consumer lending | ||
Financing Receivable, Vintage Year/Credit Quality Indicator [Line Items] | ||
2020 | 1,637,998 | |
2019 | 1,920,571 | |
2018 | 1,608,393 | |
2017 | 1,104,456 | |
2016 | 568,536 | |
Prior | 1,098,252 | |
Revolving Loans Amortized Cost Basis | 1,307,845 | |
Revolving Loans Converted to Term Loans Amortized Cost Basis | 212,386 | |
Financing Receivable, before Allowance for Credit Loss, Total | 9,458,437 | 8,864,287 |
Consumer lending | Real estate loan | Single-family residential | ||
Financing Receivable, Vintage Year/Credit Quality Indicator [Line Items] | ||
2020 | 1,619,709 | |
2019 | 1,916,492 | |
2018 | 1,605,048 | |
2017 | 1,089,509 | |
2016 | 562,604 | |
Prior | 992,397 | |
Revolving Loans Amortized Cost Basis | 0 | |
Revolving Loans Converted to Term Loans Amortized Cost Basis | 0 | |
Financing Receivable, before Allowance for Credit Loss, Total | 7,785,759 | 7,108,590 |
Consumer lending | Real estate loan | Single-family residential | Pass | ||
Financing Receivable, Vintage Year/Credit Quality Indicator [Line Items] | ||
2020 | 1,619,709 | |
2019 | 1,916,265 | |
2018 | 1,603,227 | |
2017 | 1,086,999 | |
2016 | 561,422 | |
Prior | 978,167 | |
Revolving Loans Amortized Cost Basis | 0 | |
Revolving Loans Converted to Term Loans Amortized Cost Basis | 0 | |
Financing Receivable, before Allowance for Credit Loss, Total | 7,765,789 | |
Consumer lending | Real estate loan | Single-family residential | Special Mention | ||
Financing Receivable, Vintage Year/Credit Quality Indicator [Line Items] | ||
2020 | 0 | |
2019 | 227 | |
2018 | 347 | |
2017 | 351 | |
2016 | 324 | |
Prior | 3,474 | |
Revolving Loans Amortized Cost Basis | 0 | |
Revolving Loans Converted to Term Loans Amortized Cost Basis | 0 | |
Financing Receivable, before Allowance for Credit Loss, Total | 4,723 | |
Consumer lending | Real estate loan | Single-family residential | Substandard | ||
Financing Receivable, Vintage Year/Credit Quality Indicator [Line Items] | ||
2020 | 0 | |
2019 | 0 | |
2018 | 1,474 | |
2017 | 2,159 | |
2016 | 858 | |
Prior | 10,756 | |
Revolving Loans Amortized Cost Basis | 0 | |
Revolving Loans Converted to Term Loans Amortized Cost Basis | 0 | |
Financing Receivable, before Allowance for Credit Loss, Total | 15,247 | |
Consumer lending | HELOCs | ||
Financing Receivable, Vintage Year/Credit Quality Indicator [Line Items] | ||
2020 | 7 | |
2019 | 454 | |
2018 | 3,311 | |
2017 | 10,618 | |
2016 | 5,932 | |
Prior | 21,676 | |
Revolving Loans Amortized Cost Basis | 1,260,004 | |
Revolving Loans Converted to Term Loans Amortized Cost Basis | 212,386 | |
Financing Receivable, before Allowance for Credit Loss, Total | 1,514,388 | 1,472,783 |
Consumer lending | HELOCs | Pass | ||
Financing Receivable, Vintage Year/Credit Quality Indicator [Line Items] | ||
2020 | 7 | |
2019 | 454 | |
2018 | 2,823 | |
2017 | 5,993 | |
2016 | 4,666 | |
Prior | 18,891 | |
Revolving Loans Amortized Cost Basis | 1,260,001 | |
Revolving Loans Converted to Term Loans Amortized Cost Basis | 208,520 | |
Financing Receivable, before Allowance for Credit Loss, Total | 1,501,355 | |
Consumer lending | HELOCs | Special Mention | ||
Financing Receivable, Vintage Year/Credit Quality Indicator [Line Items] | ||
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
2016 | 0 | |
Prior | 0 | |
Revolving Loans Amortized Cost Basis | 3 | |
Revolving Loans Converted to Term Loans Amortized Cost Basis | 637 | |
Financing Receivable, before Allowance for Credit Loss, Total | 640 | |
Consumer lending | HELOCs | Substandard | ||
Financing Receivable, Vintage Year/Credit Quality Indicator [Line Items] | ||
2020 | 0 | |
2019 | 0 | |
2018 | 488 | |
2017 | 4,625 | |
2016 | 1,266 | |
Prior | 2,785 | |
Revolving Loans Amortized Cost Basis | 0 | |
Revolving Loans Converted to Term Loans Amortized Cost Basis | 3,229 | |
Financing Receivable, before Allowance for Credit Loss, Total | 12,393 | |
Consumer lending | Total residential mortgage | ||
Financing Receivable, Vintage Year/Credit Quality Indicator [Line Items] | ||
2020 | 1,619,716 | |
2019 | 1,916,946 | |
2018 | 1,608,359 | |
2017 | 1,100,127 | |
2016 | 568,536 | |
Prior | 1,014,073 | |
Revolving Loans Amortized Cost Basis | 1,260,004 | |
Revolving Loans Converted to Term Loans Amortized Cost Basis | 212,386 | |
Financing Receivable, before Allowance for Credit Loss, Total | 9,300,147 | 8,581,373 |
Consumer lending | Other consumer | ||
Financing Receivable, Vintage Year/Credit Quality Indicator [Line Items] | ||
2020 | 18,282 | |
2019 | 3,625 | |
2018 | 34 | |
2017 | 4,329 | |
2016 | 0 | |
Prior | 84,179 | |
Revolving Loans Amortized Cost Basis | 47,841 | |
Revolving Loans Converted to Term Loans Amortized Cost Basis | 0 | |
Financing Receivable, before Allowance for Credit Loss, Total | 158,290 | 282,914 |
Consumer lending | Other consumer | Pass | ||
Financing Receivable, Vintage Year/Credit Quality Indicator [Line Items] | ||
2020 | 18,282 | |
2019 | 3,625 | |
2018 | 34 | |
2017 | 1,838 | |
2016 | 0 | |
Prior | 84,179 | |
Revolving Loans Amortized Cost Basis | 47,837 | |
Revolving Loans Converted to Term Loans Amortized Cost Basis | 0 | |
Financing Receivable, before Allowance for Credit Loss, Total | 155,795 | |
Consumer lending | Other consumer | Substandard | ||
Financing Receivable, Vintage Year/Credit Quality Indicator [Line Items] | ||
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 2,491 | |
2016 | 0 | |
Prior | 0 | |
Revolving Loans Amortized Cost Basis | 4 | |
Revolving Loans Converted to Term Loans Amortized Cost Basis | 0 | |
Financing Receivable, before Allowance for Credit Loss, Total | $ 2,495 | |
Non-PCI Loans | ||
Financing Receivable, Vintage Year/Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss, Total | 34,555,668 | |
Non-PCI Loans | Pass | ||
Financing Receivable, Vintage Year/Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss, Total | 33,582,886 | |
Non-PCI Loans | Special Mention | ||
Financing Receivable, Vintage Year/Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss, Total | 515,702 | |
Non-PCI Loans | Substandard | ||
Financing Receivable, Vintage Year/Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss, Total | 440,105 | |
Non-PCI Loans | Doubtful | ||
Financing Receivable, Vintage Year/Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss, Total | 16,975 | |
Non-PCI Loans | Commercial lending | ||
Financing Receivable, Vintage Year/Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss, Total | 25,777,039 | |
Non-PCI Loans | Commercial lending | Pass | ||
Financing Receivable, Vintage Year/Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss, Total | 24,836,765 | |
Non-PCI Loans | Commercial lending | Special Mention | ||
Financing Receivable, Vintage Year/Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss, Total | 510,632 | |
Non-PCI Loans | Commercial lending | Substandard | ||
Financing Receivable, Vintage Year/Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss, Total | 412,667 | |
Non-PCI Loans | Commercial lending | Doubtful | ||
Financing Receivable, Vintage Year/Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss, Total | 16,975 | |
Non-PCI Loans | Commercial lending | Commercial and industrial (“C&I”) | ||
Financing Receivable, Vintage Year/Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss, Total | 12,149,121 | |
Non-PCI Loans | Commercial lending | Commercial and industrial (“C&I”) | Pass | ||
Financing Receivable, Vintage Year/Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss, Total | 11,423,094 | |
Non-PCI Loans | Commercial lending | Commercial and industrial (“C&I”) | Special Mention | ||
Financing Receivable, Vintage Year/Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss, Total | 406,543 | |
Non-PCI Loans | Commercial lending | Commercial and industrial (“C&I”) | Substandard | ||
Financing Receivable, Vintage Year/Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss, Total | 302,509 | |
Non-PCI Loans | Commercial lending | Commercial and industrial (“C&I”) | Doubtful | ||
Financing Receivable, Vintage Year/Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss, Total | 16,975 | |
Non-PCI Loans | Commercial lending | Commercial real estate (“CRE”) | ||
Financing Receivable, Vintage Year/Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss, Total | 10,165,247 | |
Non-PCI Loans | Commercial lending | Commercial real estate (“CRE”) | Pass | ||
Financing Receivable, Vintage Year/Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss, Total | 10,003,749 | |
Non-PCI Loans | Commercial lending | Commercial real estate (“CRE”) | Special Mention | ||
Financing Receivable, Vintage Year/Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss, Total | 83,683 | |
Non-PCI Loans | Commercial lending | Commercial real estate (“CRE”) | Substandard | ||
Financing Receivable, Vintage Year/Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss, Total | 77,815 | |
Non-PCI Loans | Commercial lending | Commercial real estate (“CRE”) | Doubtful | ||
Financing Receivable, Vintage Year/Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss, Total | 0 | |
Non-PCI Loans | Commercial lending | Real estate loan | Multifamily residential | ||
Financing Receivable, Vintage Year/Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss, Total | 2,834,212 | |
Non-PCI Loans | Commercial lending | Real estate loan | Multifamily residential | Pass | ||
Financing Receivable, Vintage Year/Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss, Total | 2,806,475 | |
Non-PCI Loans | Commercial lending | Real estate loan | Multifamily residential | Special Mention | ||
Financing Receivable, Vintage Year/Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss, Total | 20,406 | |
Non-PCI Loans | Commercial lending | Real estate loan | Multifamily residential | Substandard | ||
Financing Receivable, Vintage Year/Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss, Total | 7,331 | |
Non-PCI Loans | Commercial lending | Real estate loan | Multifamily residential | Doubtful | ||
Financing Receivable, Vintage Year/Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss, Total | 0 | |
Non-PCI Loans | Commercial lending | Construction and land | ||
Financing Receivable, Vintage Year/Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss, Total | 628,459 | |
Non-PCI Loans | Commercial lending | Construction and land | Pass | ||
Financing Receivable, Vintage Year/Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss, Total | 603,447 | |
Non-PCI Loans | Commercial lending | Construction and land | Special Mention | ||
Financing Receivable, Vintage Year/Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss, Total | 0 | |
Non-PCI Loans | Commercial lending | Construction and land | Substandard | ||
Financing Receivable, Vintage Year/Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss, Total | 25,012 | |
Non-PCI Loans | Commercial lending | Construction and land | Doubtful | ||
Financing Receivable, Vintage Year/Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss, Total | 0 | |
Non-PCI Loans | Commercial lending | Total CRE | ||
Financing Receivable, Vintage Year/Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss, Total | 13,627,918 | |
Non-PCI Loans | Commercial lending | Total CRE | Pass | ||
Financing Receivable, Vintage Year/Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss, Total | 13,413,671 | |
Non-PCI Loans | Commercial lending | Total CRE | Special Mention | ||
Financing Receivable, Vintage Year/Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss, Total | 104,089 | |
Non-PCI Loans | Commercial lending | Total CRE | Substandard | ||
Financing Receivable, Vintage Year/Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss, Total | 110,158 | |
Non-PCI Loans | Commercial lending | Total CRE | Doubtful | ||
Financing Receivable, Vintage Year/Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss, Total | 0 | |
Non-PCI Loans | Consumer lending | ||
Financing Receivable, Vintage Year/Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss, Total | 8,778,629 | |
Non-PCI Loans | Consumer lending | Pass | ||
Financing Receivable, Vintage Year/Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss, Total | 8,746,121 | |
Non-PCI Loans | Consumer lending | Special Mention | ||
Financing Receivable, Vintage Year/Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss, Total | 5,070 | |
Non-PCI Loans | Consumer lending | Substandard | ||
Financing Receivable, Vintage Year/Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss, Total | 27,438 | |
Non-PCI Loans | Consumer lending | Doubtful | ||
Financing Receivable, Vintage Year/Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss, Total | 0 | |
Non-PCI Loans | Consumer lending | Real estate loan | Single-family residential | ||
Financing Receivable, Vintage Year/Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss, Total | 7,028,979 | |
Non-PCI Loans | Consumer lending | Real estate loan | Single-family residential | Pass | ||
Financing Receivable, Vintage Year/Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss, Total | 7,012,522 | |
Non-PCI Loans | Consumer lending | Real estate loan | Single-family residential | Special Mention | ||
Financing Receivable, Vintage Year/Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss, Total | 2,278 | |
Non-PCI Loans | Consumer lending | Real estate loan | Single-family residential | Substandard | ||
Financing Receivable, Vintage Year/Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss, Total | 14,179 | |
Non-PCI Loans | Consumer lending | Real estate loan | Single-family residential | Doubtful | ||
Financing Receivable, Vintage Year/Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss, Total | 0 | |
Non-PCI Loans | Consumer lending | HELOCs | ||
Financing Receivable, Vintage Year/Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss, Total | 1,466,736 | |
Non-PCI Loans | Consumer lending | HELOCs | Pass | ||
Financing Receivable, Vintage Year/Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss, Total | 1,453,207 | |
Non-PCI Loans | Consumer lending | HELOCs | Special Mention | ||
Financing Receivable, Vintage Year/Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss, Total | 2,787 | |
Non-PCI Loans | Consumer lending | HELOCs | Substandard | ||
Financing Receivable, Vintage Year/Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss, Total | 10,742 | |
Non-PCI Loans | Consumer lending | HELOCs | Doubtful | ||
Financing Receivable, Vintage Year/Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss, Total | 0 | |
Non-PCI Loans | Consumer lending | Total residential mortgage | ||
Financing Receivable, Vintage Year/Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss, Total | 8,495,715 | |
Non-PCI Loans | Consumer lending | Total residential mortgage | Pass | ||
Financing Receivable, Vintage Year/Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss, Total | 8,465,729 | |
Non-PCI Loans | Consumer lending | Total residential mortgage | Special Mention | ||
Financing Receivable, Vintage Year/Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss, Total | 5,065 | |
Non-PCI Loans | Consumer lending | Total residential mortgage | Substandard | ||
Financing Receivable, Vintage Year/Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss, Total | 24,921 | |
Non-PCI Loans | Consumer lending | Total residential mortgage | Doubtful | ||
Financing Receivable, Vintage Year/Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss, Total | 0 | |
Non-PCI Loans | Consumer lending | Other consumer | ||
Financing Receivable, Vintage Year/Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss, Total | 282,914 | |
Non-PCI Loans | Consumer lending | Other consumer | Pass | ||
Financing Receivable, Vintage Year/Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss, Total | 280,392 | |
Non-PCI Loans | Consumer lending | Other consumer | Special Mention | ||
Financing Receivable, Vintage Year/Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss, Total | 5 | |
Non-PCI Loans | Consumer lending | Other consumer | Substandard | ||
Financing Receivable, Vintage Year/Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss, Total | 2,517 | |
Non-PCI Loans | Consumer lending | Other consumer | Doubtful | ||
Financing Receivable, Vintage Year/Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss, Total | 0 | |
PCD or PCI loans | ||
Financing Receivable, Vintage Year/Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss, Total | 222,871 | |
PCD or PCI loans | Pass | ||
Financing Receivable, Vintage Year/Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss, Total | 211,635 | |
PCD or PCI loans | Special Mention | ||
Financing Receivable, Vintage Year/Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss, Total | 0 | |
PCD or PCI loans | Substandard | ||
Financing Receivable, Vintage Year/Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss, Total | 11,236 | |
PCD or PCI loans | Doubtful | ||
Financing Receivable, Vintage Year/Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss, Total | 0 | |
PCD or PCI loans | Commercial lending | ||
Financing Receivable, Vintage Year/Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss, Total | 137,213 | |
PCD or PCI loans | Commercial lending | Pass | ||
Financing Receivable, Vintage Year/Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss, Total | 126,269 | |
PCD or PCI loans | Commercial lending | Special Mention | ||
Financing Receivable, Vintage Year/Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss, Total | 0 | |
PCD or PCI loans | Commercial lending | Substandard | ||
Financing Receivable, Vintage Year/Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss, Total | 10,944 | |
PCD or PCI loans | Commercial lending | Doubtful | ||
Financing Receivable, Vintage Year/Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss, Total | 0 | |
PCD or PCI loans | Commercial lending | Commercial and industrial (“C&I”) | ||
Financing Receivable, Vintage Year/Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss, Total | 1,810 | |
PCD or PCI loans | Commercial lending | Commercial and industrial (“C&I”) | Pass | ||
Financing Receivable, Vintage Year/Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss, Total | 1,810 | |
PCD or PCI loans | Commercial lending | Commercial and industrial (“C&I”) | Special Mention | ||
Financing Receivable, Vintage Year/Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss, Total | 0 | |
PCD or PCI loans | Commercial lending | Commercial and industrial (“C&I”) | Substandard | ||
Financing Receivable, Vintage Year/Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss, Total | 0 | |
PCD or PCI loans | Commercial lending | Commercial and industrial (“C&I”) | Doubtful | ||
Financing Receivable, Vintage Year/Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss, Total | 0 | |
PCD or PCI loans | Commercial lending | Commercial real estate (“CRE”) | ||
Financing Receivable, Vintage Year/Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss, Total | 113,201 | |
PCD or PCI loans | Commercial lending | Commercial real estate (“CRE”) | Pass | ||
Financing Receivable, Vintage Year/Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss, Total | 102,257 | |
PCD or PCI loans | Commercial lending | Commercial real estate (“CRE”) | Special Mention | ||
Financing Receivable, Vintage Year/Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss, Total | 0 | |
PCD or PCI loans | Commercial lending | Commercial real estate (“CRE”) | Substandard | ||
Financing Receivable, Vintage Year/Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss, Total | 10,944 | |
PCD or PCI loans | Commercial lending | Commercial real estate (“CRE”) | Doubtful | ||
Financing Receivable, Vintage Year/Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss, Total | 0 | |
PCD or PCI loans | Commercial lending | Real estate loan | Multifamily residential | ||
Financing Receivable, Vintage Year/Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss, Total | 22,162 | |
PCD or PCI loans | Commercial lending | Real estate loan | Multifamily residential | Pass | ||
Financing Receivable, Vintage Year/Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss, Total | 22,162 | |
PCD or PCI loans | Commercial lending | Real estate loan | Multifamily residential | Special Mention | ||
Financing Receivable, Vintage Year/Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss, Total | 0 | |
PCD or PCI loans | Commercial lending | Real estate loan | Multifamily residential | Substandard | ||
Financing Receivable, Vintage Year/Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss, Total | 0 | |
PCD or PCI loans | Commercial lending | Real estate loan | Multifamily residential | Doubtful | ||
Financing Receivable, Vintage Year/Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss, Total | 0 | |
PCD or PCI loans | Commercial lending | Construction and land | ||
Financing Receivable, Vintage Year/Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss, Total | 40 | |
PCD or PCI loans | Commercial lending | Construction and land | Pass | ||
Financing Receivable, Vintage Year/Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss, Total | 40 | |
PCD or PCI loans | Commercial lending | Construction and land | Special Mention | ||
Financing Receivable, Vintage Year/Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss, Total | 0 | |
PCD or PCI loans | Commercial lending | Construction and land | Substandard | ||
Financing Receivable, Vintage Year/Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss, Total | 0 | |
PCD or PCI loans | Commercial lending | Construction and land | Doubtful | ||
Financing Receivable, Vintage Year/Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss, Total | 0 | |
PCD or PCI loans | Commercial lending | Total CRE | ||
Financing Receivable, Vintage Year/Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss, Total | 135,403 | |
PCD or PCI loans | Commercial lending | Total CRE | Pass | ||
Financing Receivable, Vintage Year/Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss, Total | 124,459 | |
PCD or PCI loans | Commercial lending | Total CRE | Special Mention | ||
Financing Receivable, Vintage Year/Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss, Total | 0 | |
PCD or PCI loans | Commercial lending | Total CRE | Substandard | ||
Financing Receivable, Vintage Year/Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss, Total | 10,944 | |
PCD or PCI loans | Commercial lending | Total CRE | Doubtful | ||
Financing Receivable, Vintage Year/Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss, Total | 0 | |
PCD or PCI loans | Consumer lending | ||
Financing Receivable, Vintage Year/Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss, Total | 85,658 | |
PCD or PCI loans | Consumer lending | Pass | ||
Financing Receivable, Vintage Year/Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss, Total | 85,366 | |
PCD or PCI loans | Consumer lending | Special Mention | ||
Financing Receivable, Vintage Year/Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss, Total | 0 | |
PCD or PCI loans | Consumer lending | Substandard | ||
Financing Receivable, Vintage Year/Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss, Total | 292 | |
PCD or PCI loans | Consumer lending | Doubtful | ||
Financing Receivable, Vintage Year/Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss, Total | 0 | |
PCD or PCI loans | Consumer lending | Real estate loan | Single-family residential | ||
Financing Receivable, Vintage Year/Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss, Total | 79,611 | |
PCD or PCI loans | Consumer lending | Real estate loan | Single-family residential | Pass | ||
Financing Receivable, Vintage Year/Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss, Total | 79,517 | |
PCD or PCI loans | Consumer lending | Real estate loan | Single-family residential | Special Mention | ||
Financing Receivable, Vintage Year/Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss, Total | 0 | |
PCD or PCI loans | Consumer lending | Real estate loan | Single-family residential | Substandard | ||
Financing Receivable, Vintage Year/Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss, Total | 94 | |
PCD or PCI loans | Consumer lending | Real estate loan | Single-family residential | Doubtful | ||
Financing Receivable, Vintage Year/Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss, Total | 0 | |
PCD or PCI loans | Consumer lending | HELOCs | ||
Financing Receivable, Vintage Year/Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss, Total | 6,047 | |
PCD or PCI loans | Consumer lending | HELOCs | Pass | ||
Financing Receivable, Vintage Year/Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss, Total | 5,849 | |
PCD or PCI loans | Consumer lending | HELOCs | Special Mention | ||
Financing Receivable, Vintage Year/Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss, Total | 0 | |
PCD or PCI loans | Consumer lending | HELOCs | Substandard | ||
Financing Receivable, Vintage Year/Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss, Total | 198 | |
PCD or PCI loans | Consumer lending | HELOCs | Doubtful | ||
Financing Receivable, Vintage Year/Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss, Total | 0 | |
PCD or PCI loans | Consumer lending | Total residential mortgage | ||
Financing Receivable, Vintage Year/Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss, Total | 85,658 | |
PCD or PCI loans | Consumer lending | Total residential mortgage | Pass | ||
Financing Receivable, Vintage Year/Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss, Total | 85,366 | |
PCD or PCI loans | Consumer lending | Total residential mortgage | Special Mention | ||
Financing Receivable, Vintage Year/Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss, Total | 0 | |
PCD or PCI loans | Consumer lending | Total residential mortgage | Substandard | ||
Financing Receivable, Vintage Year/Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss, Total | 292 | |
PCD or PCI loans | Consumer lending | Total residential mortgage | Doubtful | ||
Financing Receivable, Vintage Year/Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss, Total | 0 | |
PCD or PCI loans | Consumer lending | Other consumer | ||
Financing Receivable, Vintage Year/Credit Quality Indicator [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss, Total | $ 0 |
Loans Receivable and Allowanc_6
Loans Receivable and Allowance for Credit Losses (Amortized Cost of Loans on Nonaccrual Status) (Details) $ in Thousands | Sep. 30, 2020USD ($) |
Financing Receivable, Nonaccrual [Line Items] | |
Total nonaccrual loans with no related allowance for loan losses | $ 169,528 |
Commercial lending | |
Financing Receivable, Nonaccrual [Line Items] | |
Total nonaccrual loans with no related allowance for loan losses | 152,684 |
Commercial lending | Commercial and industrial (“C&I”) | |
Financing Receivable, Nonaccrual [Line Items] | |
Total nonaccrual loans with no related allowance for loan losses | 95,475 |
Commercial lending | Commercial real estate (“CRE”) | |
Financing Receivable, Nonaccrual [Line Items] | |
Total nonaccrual loans with no related allowance for loan losses | 54,659 |
Commercial lending | Total CRE | |
Financing Receivable, Nonaccrual [Line Items] | |
Total nonaccrual loans with no related allowance for loan losses | 57,209 |
Consumer lending | |
Financing Receivable, Nonaccrual [Line Items] | |
Total nonaccrual loans with no related allowance for loan losses | 16,844 |
Consumer lending | HELOCs | |
Financing Receivable, Nonaccrual [Line Items] | |
Total nonaccrual loans with no related allowance for loan losses | 8,339 |
Consumer lending | Total residential mortgage | |
Financing Receivable, Nonaccrual [Line Items] | |
Total nonaccrual loans with no related allowance for loan losses | 14,353 |
Consumer lending | Other consumer | |
Financing Receivable, Nonaccrual [Line Items] | |
Total nonaccrual loans with no related allowance for loan losses | 2,491 |
Single-family residential | Consumer lending | Real estate loan | |
Financing Receivable, Nonaccrual [Line Items] | |
Total nonaccrual loans with no related allowance for loan losses | 6,014 |
Multifamily residential | Commercial lending | Real estate loan | |
Financing Receivable, Nonaccrual [Line Items] | |
Total nonaccrual loans with no related allowance for loan losses | $ 2,550 |
Loans Receivable and Allowanc_7
Loans Receivable and Allowance for Credit Losses (Aging Analysis on Loans Held-for-Investment) (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Nonaccrual and Past Due Loans | ||
Total Accruing Past Due Loans | $ 84,992 | |
Total Nonaccrual Loans | 236,494 | |
Current Accruing Loans | 37,115,643 | |
Financing Receivable, before Allowance for Credit Loss, Total | 37,437,129 | $ 34,778,539 |
Accruing Loans 30-59 Days Past Due | ||
Nonaccrual and Past Due Loans | ||
Total Accruing Past Due Loans | 31,960 | |
Accruing Loans 60-89 Days Past Due | ||
Nonaccrual and Past Due Loans | ||
Total Accruing Past Due Loans | 53,032 | |
Nonaccrual Loans Less Than 90 Days Past Due | ||
Nonaccrual and Past Due Loans | ||
Total Nonaccrual Loans | 115,539 | |
Nonaccrual Loans 90 or More Days Past Due | ||
Nonaccrual and Past Due Loans | ||
Total Nonaccrual Loans | 120,955 | |
Commercial lending | ||
Nonaccrual and Past Due Loans | ||
Total Accruing Past Due Loans | 65,652 | |
Total Nonaccrual Loans | 205,710 | |
Current Accruing Loans | 27,707,330 | |
Financing Receivable, before Allowance for Credit Loss, Total | 27,978,692 | 25,914,252 |
Commercial lending | Commercial and industrial (“C&I”) | ||
Nonaccrual and Past Due Loans | ||
Total Accruing Past Due Loans | 53,143 | |
Total Nonaccrual Loans | 145,986 | |
Current Accruing Loans | 13,105,895 | |
Financing Receivable, before Allowance for Credit Loss, Total | 13,305,024 | 12,150,931 |
Commercial lending | Commercial real estate (“CRE”) | ||
Nonaccrual and Past Due Loans | ||
Total Accruing Past Due Loans | 8,646 | |
Total Nonaccrual Loans | 55,996 | |
Current Accruing Loans | 10,973,345 | |
Financing Receivable, before Allowance for Credit Loss, Total | 11,037,987 | 10,278,448 |
Commercial lending | Real estate loan | Multifamily residential | ||
Nonaccrual and Past Due Loans | ||
Total Accruing Past Due Loans | 3,863 | |
Total Nonaccrual Loans | 3,728 | |
Current Accruing Loans | 3,049,683 | |
Financing Receivable, before Allowance for Credit Loss, Total | 3,057,274 | 2,856,374 |
Commercial lending | Construction and land | ||
Nonaccrual and Past Due Loans | ||
Total Accruing Past Due Loans | 0 | |
Total Nonaccrual Loans | 0 | |
Current Accruing Loans | 578,407 | |
Financing Receivable, before Allowance for Credit Loss, Total | 578,407 | 628,499 |
Commercial lending | Total CRE | ||
Nonaccrual and Past Due Loans | ||
Total Accruing Past Due Loans | 12,509 | |
Total Nonaccrual Loans | 59,724 | |
Current Accruing Loans | 14,601,435 | |
Financing Receivable, before Allowance for Credit Loss, Total | 14,673,668 | 13,763,321 |
Commercial lending | Accruing Loans 30-59 Days Past Due | ||
Nonaccrual and Past Due Loans | ||
Total Accruing Past Due Loans | 18,174 | |
Commercial lending | Accruing Loans 30-59 Days Past Due | Commercial and industrial (“C&I”) | ||
Nonaccrual and Past Due Loans | ||
Total Accruing Past Due Loans | 6,024 | |
Commercial lending | Accruing Loans 30-59 Days Past Due | Commercial real estate (“CRE”) | ||
Nonaccrual and Past Due Loans | ||
Total Accruing Past Due Loans | 8,646 | |
Commercial lending | Accruing Loans 30-59 Days Past Due | Real estate loan | Multifamily residential | ||
Nonaccrual and Past Due Loans | ||
Total Accruing Past Due Loans | 3,504 | |
Commercial lending | Accruing Loans 30-59 Days Past Due | Construction and land | ||
Nonaccrual and Past Due Loans | ||
Total Accruing Past Due Loans | 0 | |
Commercial lending | Accruing Loans 30-59 Days Past Due | Total CRE | ||
Nonaccrual and Past Due Loans | ||
Total Accruing Past Due Loans | 12,150 | |
Commercial lending | Accruing Loans 60-89 Days Past Due | ||
Nonaccrual and Past Due Loans | ||
Total Accruing Past Due Loans | 47,478 | |
Commercial lending | Accruing Loans 60-89 Days Past Due | Commercial and industrial (“C&I”) | ||
Nonaccrual and Past Due Loans | ||
Total Accruing Past Due Loans | 47,119 | |
Commercial lending | Accruing Loans 60-89 Days Past Due | Commercial real estate (“CRE”) | ||
Nonaccrual and Past Due Loans | ||
Total Accruing Past Due Loans | 0 | |
Commercial lending | Accruing Loans 60-89 Days Past Due | Real estate loan | Multifamily residential | ||
Nonaccrual and Past Due Loans | ||
Total Accruing Past Due Loans | 359 | |
Commercial lending | Accruing Loans 60-89 Days Past Due | Construction and land | ||
Nonaccrual and Past Due Loans | ||
Total Accruing Past Due Loans | 0 | |
Commercial lending | Accruing Loans 60-89 Days Past Due | Total CRE | ||
Nonaccrual and Past Due Loans | ||
Total Accruing Past Due Loans | 359 | |
Commercial lending | Nonaccrual Loans Less Than 90 Days Past Due | ||
Nonaccrual and Past Due Loans | ||
Total Nonaccrual Loans | 113,810 | |
Commercial lending | Nonaccrual Loans Less Than 90 Days Past Due | Commercial and industrial (“C&I”) | ||
Nonaccrual and Past Due Loans | ||
Total Nonaccrual Loans | 110,068 | |
Commercial lending | Nonaccrual Loans Less Than 90 Days Past Due | Commercial real estate (“CRE”) | ||
Nonaccrual and Past Due Loans | ||
Total Nonaccrual Loans | 1,338 | |
Commercial lending | Nonaccrual Loans Less Than 90 Days Past Due | Real estate loan | Multifamily residential | ||
Nonaccrual and Past Due Loans | ||
Total Nonaccrual Loans | 2,404 | |
Commercial lending | Nonaccrual Loans Less Than 90 Days Past Due | Construction and land | ||
Nonaccrual and Past Due Loans | ||
Total Nonaccrual Loans | 0 | |
Commercial lending | Nonaccrual Loans Less Than 90 Days Past Due | Total CRE | ||
Nonaccrual and Past Due Loans | ||
Total Nonaccrual Loans | 3,742 | |
Commercial lending | Nonaccrual Loans 90 or More Days Past Due | ||
Nonaccrual and Past Due Loans | ||
Total Nonaccrual Loans | 91,900 | |
Commercial lending | Nonaccrual Loans 90 or More Days Past Due | Commercial and industrial (“C&I”) | ||
Nonaccrual and Past Due Loans | ||
Total Nonaccrual Loans | 35,918 | |
Commercial lending | Nonaccrual Loans 90 or More Days Past Due | Commercial real estate (“CRE”) | ||
Nonaccrual and Past Due Loans | ||
Total Nonaccrual Loans | 54,658 | |
Commercial lending | Nonaccrual Loans 90 or More Days Past Due | Real estate loan | Multifamily residential | ||
Nonaccrual and Past Due Loans | ||
Total Nonaccrual Loans | 1,324 | |
Commercial lending | Nonaccrual Loans 90 or More Days Past Due | Construction and land | ||
Nonaccrual and Past Due Loans | ||
Total Nonaccrual Loans | 0 | |
Commercial lending | Nonaccrual Loans 90 or More Days Past Due | Total CRE | ||
Nonaccrual and Past Due Loans | ||
Total Nonaccrual Loans | 55,982 | |
Consumer lending | ||
Nonaccrual and Past Due Loans | ||
Total Accruing Past Due Loans | 19,340 | |
Total Nonaccrual Loans | 30,784 | |
Current Accruing Loans | 9,408,313 | |
Financing Receivable, before Allowance for Credit Loss, Total | 9,458,437 | 8,864,287 |
Consumer lending | Real estate loan | Single-family residential | ||
Nonaccrual and Past Due Loans | ||
Total Accruing Past Due Loans | 13,987 | |
Total Nonaccrual Loans | 15,894 | |
Current Accruing Loans | 7,755,878 | |
Financing Receivable, before Allowance for Credit Loss, Total | 7,785,759 | 7,108,590 |
Consumer lending | HELOCs | ||
Nonaccrual and Past Due Loans | ||
Total Accruing Past Due Loans | 4,678 | |
Total Nonaccrual Loans | 12,395 | |
Current Accruing Loans | 1,497,315 | |
Financing Receivable, before Allowance for Credit Loss, Total | 1,514,388 | 1,472,783 |
Consumer lending | Total residential mortgage | ||
Nonaccrual and Past Due Loans | ||
Total Accruing Past Due Loans | 18,665 | |
Total Nonaccrual Loans | 28,289 | |
Current Accruing Loans | 9,253,193 | |
Financing Receivable, before Allowance for Credit Loss, Total | 9,300,147 | 8,581,373 |
Consumer lending | Other consumer | ||
Nonaccrual and Past Due Loans | ||
Total Accruing Past Due Loans | 675 | |
Total Nonaccrual Loans | 2,495 | |
Current Accruing Loans | 155,120 | |
Financing Receivable, before Allowance for Credit Loss, Total | 158,290 | 282,914 |
Consumer lending | Accruing Loans 30-59 Days Past Due | ||
Nonaccrual and Past Due Loans | ||
Total Accruing Past Due Loans | 13,786 | |
Consumer lending | Accruing Loans 30-59 Days Past Due | Real estate loan | Single-family residential | ||
Nonaccrual and Past Due Loans | ||
Total Accruing Past Due Loans | 9,076 | |
Consumer lending | Accruing Loans 30-59 Days Past Due | HELOCs | ||
Nonaccrual and Past Due Loans | ||
Total Accruing Past Due Loans | 4,038 | |
Consumer lending | Accruing Loans 30-59 Days Past Due | Total residential mortgage | ||
Nonaccrual and Past Due Loans | ||
Total Accruing Past Due Loans | 13,114 | |
Consumer lending | Accruing Loans 30-59 Days Past Due | Other consumer | ||
Nonaccrual and Past Due Loans | ||
Total Accruing Past Due Loans | 672 | |
Consumer lending | Accruing Loans 60-89 Days Past Due | ||
Nonaccrual and Past Due Loans | ||
Total Accruing Past Due Loans | 5,554 | |
Consumer lending | Accruing Loans 60-89 Days Past Due | Real estate loan | Single-family residential | ||
Nonaccrual and Past Due Loans | ||
Total Accruing Past Due Loans | 4,911 | |
Consumer lending | Accruing Loans 60-89 Days Past Due | HELOCs | ||
Nonaccrual and Past Due Loans | ||
Total Accruing Past Due Loans | 640 | |
Consumer lending | Accruing Loans 60-89 Days Past Due | Total residential mortgage | ||
Nonaccrual and Past Due Loans | ||
Total Accruing Past Due Loans | 5,551 | |
Consumer lending | Accruing Loans 60-89 Days Past Due | Other consumer | ||
Nonaccrual and Past Due Loans | ||
Total Accruing Past Due Loans | 3 | |
Consumer lending | Nonaccrual Loans Less Than 90 Days Past Due | ||
Nonaccrual and Past Due Loans | ||
Total Nonaccrual Loans | 1,729 | |
Consumer lending | Nonaccrual Loans Less Than 90 Days Past Due | Real estate loan | Single-family residential | ||
Nonaccrual and Past Due Loans | ||
Total Nonaccrual Loans | 1,149 | |
Consumer lending | Nonaccrual Loans Less Than 90 Days Past Due | HELOCs | ||
Nonaccrual and Past Due Loans | ||
Total Nonaccrual Loans | 580 | |
Consumer lending | Nonaccrual Loans Less Than 90 Days Past Due | Total residential mortgage | ||
Nonaccrual and Past Due Loans | ||
Total Nonaccrual Loans | 1,729 | |
Consumer lending | Nonaccrual Loans Less Than 90 Days Past Due | Other consumer | ||
Nonaccrual and Past Due Loans | ||
Total Nonaccrual Loans | 0 | |
Consumer lending | Nonaccrual Loans 90 or More Days Past Due | ||
Nonaccrual and Past Due Loans | ||
Total Nonaccrual Loans | 29,055 | |
Consumer lending | Nonaccrual Loans 90 or More Days Past Due | Real estate loan | Single-family residential | ||
Nonaccrual and Past Due Loans | ||
Total Nonaccrual Loans | 14,745 | |
Consumer lending | Nonaccrual Loans 90 or More Days Past Due | HELOCs | ||
Nonaccrual and Past Due Loans | ||
Total Nonaccrual Loans | 11,815 | |
Consumer lending | Nonaccrual Loans 90 or More Days Past Due | Total residential mortgage | ||
Nonaccrual and Past Due Loans | ||
Total Nonaccrual Loans | 26,560 | |
Consumer lending | Nonaccrual Loans 90 or More Days Past Due | Other consumer | ||
Nonaccrual and Past Due Loans | ||
Total Nonaccrual Loans | $ 2,495 | |
Non-PCI Loans | ||
Nonaccrual and Past Due Loans | ||
Total Accruing Past Due Loans | 101,283 | |
Total Nonaccrual Loans | 120,219 | |
Current Accruing Loans | 34,334,166 | |
Financing Receivable, before Allowance for Credit Loss, Total | 34,555,668 | |
Non-PCI Loans | Accruing Loans 30-59 Days Past Due | ||
Nonaccrual and Past Due Loans | ||
Total Accruing Past Due Loans | 73,871 | |
Non-PCI Loans | Accruing Loans 60-89 Days Past Due | ||
Nonaccrual and Past Due Loans | ||
Total Accruing Past Due Loans | 27,412 | |
Non-PCI Loans | Nonaccrual Loans Less Than 90 Days Past Due | ||
Nonaccrual and Past Due Loans | ||
Total Nonaccrual Loans | 35,570 | |
Non-PCI Loans | Nonaccrual Loans 90 or More Days Past Due | ||
Nonaccrual and Past Due Loans | ||
Total Nonaccrual Loans | 84,649 | |
Non-PCI Loans | Commercial lending | ||
Nonaccrual and Past Due Loans | ||
Total Accruing Past Due Loans | 73,691 | |
Total Nonaccrual Loans | 92,095 | |
Current Accruing Loans | 25,611,253 | |
Financing Receivable, before Allowance for Credit Loss, Total | 25,777,039 | |
Non-PCI Loans | Commercial lending | Commercial and industrial (“C&I”) | ||
Nonaccrual and Past Due Loans | ||
Total Accruing Past Due Loans | 48,155 | |
Total Nonaccrual Loans | 74,835 | |
Current Accruing Loans | 12,026,131 | |
Financing Receivable, before Allowance for Credit Loss, Total | 12,149,121 | |
Non-PCI Loans | Commercial lending | Commercial real estate (“CRE”) | ||
Nonaccrual and Past Due Loans | ||
Total Accruing Past Due Loans | 24,807 | |
Total Nonaccrual Loans | 16,441 | |
Current Accruing Loans | 10,123,999 | |
Financing Receivable, before Allowance for Credit Loss, Total | 10,165,247 | |
Non-PCI Loans | Commercial lending | Real estate loan | Multifamily residential | ||
Nonaccrual and Past Due Loans | ||
Total Accruing Past Due Loans | 729 | |
Total Nonaccrual Loans | 819 | |
Current Accruing Loans | 2,832,664 | |
Financing Receivable, before Allowance for Credit Loss, Total | 2,834,212 | |
Non-PCI Loans | Commercial lending | Construction and land | ||
Nonaccrual and Past Due Loans | ||
Total Accruing Past Due Loans | 0 | |
Total Nonaccrual Loans | 0 | |
Current Accruing Loans | 628,459 | |
Financing Receivable, before Allowance for Credit Loss, Total | 628,459 | |
Non-PCI Loans | Commercial lending | Total CRE | ||
Nonaccrual and Past Due Loans | ||
Total Accruing Past Due Loans | 25,536 | |
Total Nonaccrual Loans | 17,260 | |
Current Accruing Loans | 13,585,122 | |
Financing Receivable, before Allowance for Credit Loss, Total | 13,627,918 | |
Non-PCI Loans | Commercial lending | Accruing Loans 30-59 Days Past Due | ||
Nonaccrual and Past Due Loans | ||
Total Accruing Past Due Loans | 54,149 | |
Non-PCI Loans | Commercial lending | Accruing Loans 30-59 Days Past Due | Commercial and industrial (“C&I”) | ||
Nonaccrual and Past Due Loans | ||
Total Accruing Past Due Loans | 31,121 | |
Non-PCI Loans | Commercial lending | Accruing Loans 30-59 Days Past Due | Commercial real estate (“CRE”) | ||
Nonaccrual and Past Due Loans | ||
Total Accruing Past Due Loans | 22,830 | |
Non-PCI Loans | Commercial lending | Accruing Loans 30-59 Days Past Due | Real estate loan | Multifamily residential | ||
Nonaccrual and Past Due Loans | ||
Total Accruing Past Due Loans | 198 | |
Non-PCI Loans | Commercial lending | Accruing Loans 30-59 Days Past Due | Construction and land | ||
Nonaccrual and Past Due Loans | ||
Total Accruing Past Due Loans | 0 | |
Non-PCI Loans | Commercial lending | Accruing Loans 30-59 Days Past Due | Total CRE | ||
Nonaccrual and Past Due Loans | ||
Total Accruing Past Due Loans | 23,028 | |
Non-PCI Loans | Commercial lending | Accruing Loans 60-89 Days Past Due | ||
Nonaccrual and Past Due Loans | ||
Total Accruing Past Due Loans | 19,542 | |
Non-PCI Loans | Commercial lending | Accruing Loans 60-89 Days Past Due | Commercial and industrial (“C&I”) | ||
Nonaccrual and Past Due Loans | ||
Total Accruing Past Due Loans | 17,034 | |
Non-PCI Loans | Commercial lending | Accruing Loans 60-89 Days Past Due | Commercial real estate (“CRE”) | ||
Nonaccrual and Past Due Loans | ||
Total Accruing Past Due Loans | 1,977 | |
Non-PCI Loans | Commercial lending | Accruing Loans 60-89 Days Past Due | Real estate loan | Multifamily residential | ||
Nonaccrual and Past Due Loans | ||
Total Accruing Past Due Loans | 531 | |
Non-PCI Loans | Commercial lending | Accruing Loans 60-89 Days Past Due | Construction and land | ||
Nonaccrual and Past Due Loans | ||
Total Accruing Past Due Loans | 0 | |
Non-PCI Loans | Commercial lending | Accruing Loans 60-89 Days Past Due | Total CRE | ||
Nonaccrual and Past Due Loans | ||
Total Accruing Past Due Loans | 2,508 | |
Non-PCI Loans | Commercial lending | Nonaccrual Loans Less Than 90 Days Past Due | ||
Nonaccrual and Past Due Loans | ||
Total Nonaccrual Loans | 32,158 | |
Non-PCI Loans | Commercial lending | Nonaccrual Loans Less Than 90 Days Past Due | Commercial and industrial (“C&I”) | ||
Nonaccrual and Past Due Loans | ||
Total Nonaccrual Loans | 31,084 | |
Non-PCI Loans | Commercial lending | Nonaccrual Loans Less Than 90 Days Past Due | Commercial real estate (“CRE”) | ||
Nonaccrual and Past Due Loans | ||
Total Nonaccrual Loans | 540 | |
Non-PCI Loans | Commercial lending | Nonaccrual Loans Less Than 90 Days Past Due | Real estate loan | Multifamily residential | ||
Nonaccrual and Past Due Loans | ||
Total Nonaccrual Loans | 534 | |
Non-PCI Loans | Commercial lending | Nonaccrual Loans Less Than 90 Days Past Due | Construction and land | ||
Nonaccrual and Past Due Loans | ||
Total Nonaccrual Loans | 0 | |
Non-PCI Loans | Commercial lending | Nonaccrual Loans Less Than 90 Days Past Due | Total CRE | ||
Nonaccrual and Past Due Loans | ||
Total Nonaccrual Loans | 1,074 | |
Non-PCI Loans | Commercial lending | Nonaccrual Loans 90 or More Days Past Due | ||
Nonaccrual and Past Due Loans | ||
Total Nonaccrual Loans | 59,937 | |
Non-PCI Loans | Commercial lending | Nonaccrual Loans 90 or More Days Past Due | Commercial and industrial (“C&I”) | ||
Nonaccrual and Past Due Loans | ||
Total Nonaccrual Loans | 43,751 | |
Non-PCI Loans | Commercial lending | Nonaccrual Loans 90 or More Days Past Due | Commercial real estate (“CRE”) | ||
Nonaccrual and Past Due Loans | ||
Total Nonaccrual Loans | 15,901 | |
Non-PCI Loans | Commercial lending | Nonaccrual Loans 90 or More Days Past Due | Real estate loan | Multifamily residential | ||
Nonaccrual and Past Due Loans | ||
Total Nonaccrual Loans | 285 | |
Non-PCI Loans | Commercial lending | Nonaccrual Loans 90 or More Days Past Due | Construction and land | ||
Nonaccrual and Past Due Loans | ||
Total Nonaccrual Loans | 0 | |
Non-PCI Loans | Commercial lending | Nonaccrual Loans 90 or More Days Past Due | Total CRE | ||
Nonaccrual and Past Due Loans | ||
Total Nonaccrual Loans | 16,186 | |
Non-PCI Loans | Consumer lending | ||
Nonaccrual and Past Due Loans | ||
Total Accruing Past Due Loans | 27,592 | |
Total Nonaccrual Loans | 28,124 | |
Current Accruing Loans | 8,722,913 | |
Financing Receivable, before Allowance for Credit Loss, Total | 8,778,629 | |
Non-PCI Loans | Consumer lending | Real estate loan | Single-family residential | ||
Nonaccrual and Past Due Loans | ||
Total Accruing Past Due Loans | 20,517 | |
Total Nonaccrual Loans | 14,865 | |
Current Accruing Loans | 6,993,597 | |
Financing Receivable, before Allowance for Credit Loss, Total | 7,028,979 | |
Non-PCI Loans | Consumer lending | HELOCs | ||
Nonaccrual and Past Due Loans | ||
Total Accruing Past Due Loans | 7,064 | |
Total Nonaccrual Loans | 10,742 | |
Current Accruing Loans | 1,448,930 | |
Financing Receivable, before Allowance for Credit Loss, Total | 1,466,736 | |
Non-PCI Loans | Consumer lending | Total residential mortgage | ||
Nonaccrual and Past Due Loans | ||
Total Accruing Past Due Loans | 27,581 | |
Total Nonaccrual Loans | 25,607 | |
Current Accruing Loans | 8,442,527 | |
Financing Receivable, before Allowance for Credit Loss, Total | 8,495,715 | |
Non-PCI Loans | Consumer lending | Other consumer | ||
Nonaccrual and Past Due Loans | ||
Total Accruing Past Due Loans | 11 | |
Total Nonaccrual Loans | 2,517 | |
Current Accruing Loans | 280,386 | |
Financing Receivable, before Allowance for Credit Loss, Total | 282,914 | |
Non-PCI Loans | Consumer lending | Accruing Loans 30-59 Days Past Due | ||
Nonaccrual and Past Due Loans | ||
Total Accruing Past Due Loans | 19,722 | |
Non-PCI Loans | Consumer lending | Accruing Loans 30-59 Days Past Due | Real estate loan | Single-family residential | ||
Nonaccrual and Past Due Loans | ||
Total Accruing Past Due Loans | 15,443 | |
Non-PCI Loans | Consumer lending | Accruing Loans 30-59 Days Past Due | HELOCs | ||
Nonaccrual and Past Due Loans | ||
Total Accruing Past Due Loans | 4,273 | |
Non-PCI Loans | Consumer lending | Accruing Loans 30-59 Days Past Due | Total residential mortgage | ||
Nonaccrual and Past Due Loans | ||
Total Accruing Past Due Loans | 19,716 | |
Non-PCI Loans | Consumer lending | Accruing Loans 30-59 Days Past Due | Other consumer | ||
Nonaccrual and Past Due Loans | ||
Total Accruing Past Due Loans | 6 | |
Non-PCI Loans | Consumer lending | Accruing Loans 60-89 Days Past Due | ||
Nonaccrual and Past Due Loans | ||
Total Accruing Past Due Loans | 7,870 | |
Non-PCI Loans | Consumer lending | Accruing Loans 60-89 Days Past Due | Real estate loan | Single-family residential | ||
Nonaccrual and Past Due Loans | ||
Total Accruing Past Due Loans | 5,074 | |
Non-PCI Loans | Consumer lending | Accruing Loans 60-89 Days Past Due | HELOCs | ||
Nonaccrual and Past Due Loans | ||
Total Accruing Past Due Loans | 2,791 | |
Non-PCI Loans | Consumer lending | Accruing Loans 60-89 Days Past Due | Total residential mortgage | ||
Nonaccrual and Past Due Loans | ||
Total Accruing Past Due Loans | 7,865 | |
Non-PCI Loans | Consumer lending | Accruing Loans 60-89 Days Past Due | Other consumer | ||
Nonaccrual and Past Due Loans | ||
Total Accruing Past Due Loans | 5 | |
Non-PCI Loans | Consumer lending | Nonaccrual Loans Less Than 90 Days Past Due | ||
Nonaccrual and Past Due Loans | ||
Total Nonaccrual Loans | 3,412 | |
Non-PCI Loans | Consumer lending | Nonaccrual Loans Less Than 90 Days Past Due | Real estate loan | Single-family residential | ||
Nonaccrual and Past Due Loans | ||
Total Nonaccrual Loans | 1,964 | |
Non-PCI Loans | Consumer lending | Nonaccrual Loans Less Than 90 Days Past Due | HELOCs | ||
Nonaccrual and Past Due Loans | ||
Total Nonaccrual Loans | 1,448 | |
Non-PCI Loans | Consumer lending | Nonaccrual Loans Less Than 90 Days Past Due | Total residential mortgage | ||
Nonaccrual and Past Due Loans | ||
Total Nonaccrual Loans | 3,412 | |
Non-PCI Loans | Consumer lending | Nonaccrual Loans Less Than 90 Days Past Due | Other consumer | ||
Nonaccrual and Past Due Loans | ||
Total Nonaccrual Loans | 0 | |
Non-PCI Loans | Consumer lending | Nonaccrual Loans 90 or More Days Past Due | ||
Nonaccrual and Past Due Loans | ||
Total Nonaccrual Loans | 24,712 | |
Non-PCI Loans | Consumer lending | Nonaccrual Loans 90 or More Days Past Due | Real estate loan | Single-family residential | ||
Nonaccrual and Past Due Loans | ||
Total Nonaccrual Loans | 12,901 | |
Non-PCI Loans | Consumer lending | Nonaccrual Loans 90 or More Days Past Due | HELOCs | ||
Nonaccrual and Past Due Loans | ||
Total Nonaccrual Loans | 9,294 | |
Non-PCI Loans | Consumer lending | Nonaccrual Loans 90 or More Days Past Due | Total residential mortgage | ||
Nonaccrual and Past Due Loans | ||
Total Nonaccrual Loans | 22,195 | |
Non-PCI Loans | Consumer lending | Nonaccrual Loans 90 or More Days Past Due | Other consumer | ||
Nonaccrual and Past Due Loans | ||
Total Nonaccrual Loans | $ 2,517 |
Loans Receivable and Allowanc_8
Loans Receivable and Allowance for Credit Losses (Loans Receivable Narrative) (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Nonaccrual loans | ||
Loans on nonaccrual status | $ 236,494 | |
Foreclosed assets | ||
Foreclosed assets | 23,400 | $ 1,300 |
Residential real estate properties | ||
Foreclosed assets | ||
Recorded investment in consumer mortgage loans secured by residential real estate properties for which formal foreclosure proceedings were in process | $ 3,500 | 7,200 |
PCI Loans | ||
Nonaccrual loans | ||
Loans on nonaccrual status | $ 297 |
Loans Receivable and Allowanc_9
Loans Receivable and Allowance for Credit Losses (Additions to TDRs) (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020USD ($)loan | Sep. 30, 2019USD ($)loan | Sep. 30, 2020USD ($)loan | Sep. 30, 2019USD ($)loan | |
Loans Modified as TDRs | ||||
Number of Loans | loan | 9 | 14 | ||
Pre- Modification Outstanding Recorded Investment | $ 66,027 | $ 115,884 | ||
Post- Modification Outstanding Recorded Investment | 58,036 | 102,181 | ||
Financial Impact | $ 12,129 | $ 12,528 | ||
Commercial lending | ||||
Loans Modified as TDRs | ||||
Number of Loans | loan | 9 | 14 | ||
Pre- Modification Outstanding Recorded Investment | $ 66,027 | $ 115,884 | ||
Post- Modification Outstanding Recorded Investment | 58,036 | 102,181 | ||
Financial Impact | $ 12,129 | $ 12,528 | ||
Commercial lending | Commercial and industrial (“C&I”) | ||||
Loans Modified as TDRs | ||||
Number of Loans | loan | 6 | 11 | ||
Pre- Modification Outstanding Recorded Investment | $ 43,378 | $ 93,235 | ||
Post- Modification Outstanding Recorded Investment | 35,568 | 79,713 | ||
Financial Impact | $ 12,108 | $ 12,507 | ||
Commercial lending | Commercial real estate (“CRE”) | ||||
Loans Modified as TDRs | ||||
Number of Loans | loan | 2 | 2 | ||
Pre- Modification Outstanding Recorded Investment | $ 21,429 | $ 21,429 | ||
Post- Modification Outstanding Recorded Investment | 21,242 | 21,242 | ||
Financial Impact | $ 21 | $ 21 | ||
Commercial lending | Real estate loan | Multifamily residential | ||||
Loans Modified as TDRs | ||||
Number of Loans | loan | 1 | 1 | ||
Pre- Modification Outstanding Recorded Investment | $ 1,220 | $ 1,220 | ||
Post- Modification Outstanding Recorded Investment | 1,226 | 1,226 | ||
Financial Impact | $ 0 | $ 0 | ||
Commercial lending | Total CRE | ||||
Loans Modified as TDRs | ||||
Number of Loans | loan | 3 | 3 | ||
Pre- Modification Outstanding Recorded Investment | $ 22,649 | $ 22,649 | ||
Post- Modification Outstanding Recorded Investment | 22,468 | 22,468 | ||
Financial Impact | $ 21 | $ 21 | ||
Consumer lending | ||||
Loans Modified as TDRs | ||||
Number of Loans | loan | 0 | 0 | ||
Pre- Modification Outstanding Recorded Investment | $ 0 | $ 0 | ||
Post- Modification Outstanding Recorded Investment | 0 | 0 | ||
Financial Impact | $ 0 | $ 0 | ||
Consumer lending | Real estate loan | Single-family residential | ||||
Loans Modified as TDRs | ||||
Number of Loans | loan | 0 | 0 | ||
Pre- Modification Outstanding Recorded Investment | $ 0 | $ 0 | ||
Post- Modification Outstanding Recorded Investment | 0 | 0 | ||
Financial Impact | $ 0 | $ 0 | ||
Consumer lending | HELOCs | ||||
Loans Modified as TDRs | ||||
Number of Loans | loan | 0 | 0 | ||
Pre- Modification Outstanding Recorded Investment | $ 0 | $ 0 | ||
Post- Modification Outstanding Recorded Investment | 0 | 0 | ||
Financial Impact | $ 0 | $ 0 | ||
Consumer lending | Total residential mortgage | ||||
Loans Modified as TDRs | ||||
Number of Loans | loan | 0 | 0 | ||
Pre- Modification Outstanding Recorded Investment | $ 0 | $ 0 | ||
Post- Modification Outstanding Recorded Investment | 0 | 0 | ||
Financial Impact | $ 0 | $ 0 | ||
Non-PCI Loans | ||||
Loans Modified as TDRs | ||||
Number of Loans | loan | 3 | 12 | ||
Pre- Modification Outstanding Recorded Investment | $ 8,975 | $ 86,335 | ||
Post- Modification Outstanding Recorded Investment | 7,029 | 82,283 | ||
Financial Impact | $ 2,396 | $ 9,233 | ||
Non-PCI Loans | Commercial lending | ||||
Loans Modified as TDRs | ||||
Number of Loans | loan | 1 | 9 | ||
Pre- Modification Outstanding Recorded Investment | $ 7,933 | $ 85,073 | ||
Post- Modification Outstanding Recorded Investment | 6,000 | 81,038 | ||
Financial Impact | $ 2,396 | $ 9,231 | ||
Non-PCI Loans | Commercial lending | Commercial and industrial (“C&I”) | ||||
Loans Modified as TDRs | ||||
Number of Loans | loan | 1 | 9 | ||
Pre- Modification Outstanding Recorded Investment | $ 7,933 | $ 85,073 | ||
Post- Modification Outstanding Recorded Investment | 6,000 | 81,038 | ||
Financial Impact | $ 2,396 | $ 9,231 | ||
Non-PCI Loans | Commercial lending | Commercial real estate (“CRE”) | ||||
Loans Modified as TDRs | ||||
Number of Loans | loan | 0 | 0 | ||
Pre- Modification Outstanding Recorded Investment | $ 0 | $ 0 | ||
Post- Modification Outstanding Recorded Investment | 0 | 0 | ||
Financial Impact | $ 0 | $ 0 | ||
Non-PCI Loans | Commercial lending | Real estate loan | Multifamily residential | ||||
Loans Modified as TDRs | ||||
Number of Loans | loan | 0 | 0 | ||
Pre- Modification Outstanding Recorded Investment | $ 0 | $ 0 | ||
Post- Modification Outstanding Recorded Investment | 0 | 0 | ||
Financial Impact | $ 0 | $ 0 | ||
Non-PCI Loans | Commercial lending | Total CRE | ||||
Loans Modified as TDRs | ||||
Number of Loans | loan | 0 | 0 | ||
Pre- Modification Outstanding Recorded Investment | $ 0 | $ 0 | ||
Post- Modification Outstanding Recorded Investment | 0 | 0 | ||
Financial Impact | $ 0 | $ 0 | ||
Non-PCI Loans | Consumer lending | ||||
Loans Modified as TDRs | ||||
Number of Loans | loan | 2 | 3 | ||
Pre- Modification Outstanding Recorded Investment | $ 1,042 | $ 1,262 | ||
Post- Modification Outstanding Recorded Investment | 1,029 | 1,245 | ||
Financial Impact | $ 0 | $ 2 | ||
Non-PCI Loans | Consumer lending | Real estate loan | Single-family residential | ||||
Loans Modified as TDRs | ||||
Number of Loans | loan | 1 | 2 | ||
Pre- Modification Outstanding Recorded Investment | $ 903 | $ 1,123 | ||
Post- Modification Outstanding Recorded Investment | 893 | 1,109 | ||
Financial Impact | $ 0 | $ 2 | ||
Non-PCI Loans | Consumer lending | HELOCs | ||||
Loans Modified as TDRs | ||||
Number of Loans | loan | 1 | 1 | ||
Pre- Modification Outstanding Recorded Investment | $ 139 | $ 139 | ||
Post- Modification Outstanding Recorded Investment | 136 | 136 | ||
Financial Impact | $ 0 | $ 0 | ||
Non-PCI Loans | Consumer lending | Total residential mortgage | ||||
Loans Modified as TDRs | ||||
Number of Loans | loan | 2 | 3 | ||
Pre- Modification Outstanding Recorded Investment | $ 1,042 | $ 1,262 | ||
Post- Modification Outstanding Recorded Investment | 1,029 | 1,245 | ||
Financial Impact | $ 0 | $ 2 |
Loans Receivable and Allowan_10
Loans Receivable and Allowance for Credit Losses (TDR Post-Modification) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Post- Modification Outstanding Recorded Investment | $ 58,036 | $ 102,181 | ||
Principal | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Post- Modification Outstanding Recorded Investment | 41,493 | 58,511 | ||
Principal and Interest | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Post- Modification Outstanding Recorded Investment | 0 | 10,819 | ||
Interest Deferments | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Post- Modification Outstanding Recorded Investment | 16,543 | 32,851 | ||
Commercial lending | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Post- Modification Outstanding Recorded Investment | 58,036 | 102,181 | ||
Commercial lending | Principal | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Post- Modification Outstanding Recorded Investment | 41,493 | 58,511 | ||
Commercial lending | Principal and Interest | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Post- Modification Outstanding Recorded Investment | 0 | 10,819 | ||
Commercial lending | Interest Deferments | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Post- Modification Outstanding Recorded Investment | 16,543 | 32,851 | ||
Commercial lending | Commercial and industrial (“C&I”) | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Post- Modification Outstanding Recorded Investment | 35,568 | 79,713 | ||
Commercial lending | Commercial and industrial (“C&I”) | Principal | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Post- Modification Outstanding Recorded Investment | 19,025 | 36,043 | ||
Commercial lending | Commercial and industrial (“C&I”) | Principal and Interest | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Post- Modification Outstanding Recorded Investment | 0 | 10,819 | ||
Commercial lending | Commercial and industrial (“C&I”) | Interest Deferments | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Post- Modification Outstanding Recorded Investment | 16,543 | 32,851 | ||
Commercial lending | Commercial real estate (“CRE”) | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Post- Modification Outstanding Recorded Investment | 21,242 | 21,242 | ||
Commercial lending | Commercial real estate (“CRE”) | Principal | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Post- Modification Outstanding Recorded Investment | 21,242 | 21,242 | ||
Commercial lending | Commercial real estate (“CRE”) | Principal and Interest | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Post- Modification Outstanding Recorded Investment | 0 | 0 | ||
Commercial lending | Commercial real estate (“CRE”) | Interest Deferments | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Post- Modification Outstanding Recorded Investment | 0 | 0 | ||
Commercial lending | Real estate loan | Multifamily residential | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Post- Modification Outstanding Recorded Investment | 1,226 | 1,226 | ||
Commercial lending | Real estate loan | Multifamily residential | Principal | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Post- Modification Outstanding Recorded Investment | 1,226 | 1,226 | ||
Commercial lending | Real estate loan | Multifamily residential | Principal and Interest | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Post- Modification Outstanding Recorded Investment | 0 | 0 | ||
Commercial lending | Real estate loan | Multifamily residential | Interest Deferments | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Post- Modification Outstanding Recorded Investment | 0 | 0 | ||
Commercial lending | Total CRE | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Post- Modification Outstanding Recorded Investment | 22,468 | 22,468 | ||
Commercial lending | Total CRE | Principal | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Post- Modification Outstanding Recorded Investment | 22,468 | 22,468 | ||
Commercial lending | Total CRE | Principal and Interest | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Post- Modification Outstanding Recorded Investment | 0 | 0 | ||
Commercial lending | Total CRE | Interest Deferments | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Post- Modification Outstanding Recorded Investment | 0 | 0 | ||
Consumer lending | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Post- Modification Outstanding Recorded Investment | 0 | 0 | ||
Consumer lending | Principal | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Post- Modification Outstanding Recorded Investment | 0 | 0 | ||
Consumer lending | Principal and Interest | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Post- Modification Outstanding Recorded Investment | 0 | 0 | ||
Consumer lending | Interest Deferments | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Post- Modification Outstanding Recorded Investment | 0 | 0 | ||
Consumer lending | Real estate loan | Single-family residential | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Post- Modification Outstanding Recorded Investment | 0 | 0 | ||
Consumer lending | Real estate loan | Single-family residential | Principal | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Post- Modification Outstanding Recorded Investment | 0 | 0 | ||
Consumer lending | Real estate loan | Single-family residential | Principal and Interest | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Post- Modification Outstanding Recorded Investment | 0 | 0 | ||
Consumer lending | Real estate loan | Single-family residential | Interest Deferments | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Post- Modification Outstanding Recorded Investment | 0 | 0 | ||
Consumer lending | HELOCs | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Post- Modification Outstanding Recorded Investment | 0 | 0 | ||
Consumer lending | HELOCs | Principal | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Post- Modification Outstanding Recorded Investment | 0 | 0 | ||
Consumer lending | HELOCs | Principal and Interest | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Post- Modification Outstanding Recorded Investment | 0 | 0 | ||
Consumer lending | HELOCs | Interest Deferments | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Post- Modification Outstanding Recorded Investment | 0 | 0 | ||
Consumer lending | Total residential mortgage | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Post- Modification Outstanding Recorded Investment | 0 | 0 | ||
Consumer lending | Total residential mortgage | Principal | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Post- Modification Outstanding Recorded Investment | 0 | 0 | ||
Consumer lending | Total residential mortgage | Principal and Interest | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Post- Modification Outstanding Recorded Investment | 0 | 0 | ||
Consumer lending | Total residential mortgage | Interest Deferments | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Post- Modification Outstanding Recorded Investment | $ 0 | $ 0 | ||
Non-PCI Loans | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Post- Modification Outstanding Recorded Investment | $ 7,029 | $ 82,283 | ||
Non-PCI Loans | Principal | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Post- Modification Outstanding Recorded Investment | 6,000 | 44,271 | ||
Non-PCI Loans | Interest Deferments | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Post- Modification Outstanding Recorded Investment | 893 | 1,109 | ||
Non-PCI Loans | Other | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Post- Modification Outstanding Recorded Investment | 136 | 36,903 | ||
Non-PCI Loans | Commercial lending | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Post- Modification Outstanding Recorded Investment | 6,000 | 81,038 | ||
Non-PCI Loans | Commercial lending | Principal | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Post- Modification Outstanding Recorded Investment | 6,000 | 44,271 | ||
Non-PCI Loans | Commercial lending | Interest Deferments | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Post- Modification Outstanding Recorded Investment | 0 | 0 | ||
Non-PCI Loans | Commercial lending | Other | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Post- Modification Outstanding Recorded Investment | 0 | 36,767 | ||
Non-PCI Loans | Commercial lending | Commercial and industrial (“C&I”) | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Post- Modification Outstanding Recorded Investment | 6,000 | 81,038 | ||
Non-PCI Loans | Commercial lending | Commercial and industrial (“C&I”) | Principal | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Post- Modification Outstanding Recorded Investment | 6,000 | 44,271 | ||
Non-PCI Loans | Commercial lending | Commercial and industrial (“C&I”) | Interest Deferments | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Post- Modification Outstanding Recorded Investment | 0 | 0 | ||
Non-PCI Loans | Commercial lending | Commercial and industrial (“C&I”) | Other | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Post- Modification Outstanding Recorded Investment | 0 | 36,767 | ||
Non-PCI Loans | Commercial lending | Commercial real estate (“CRE”) | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Post- Modification Outstanding Recorded Investment | 0 | 0 | ||
Non-PCI Loans | Commercial lending | Commercial real estate (“CRE”) | Principal | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Post- Modification Outstanding Recorded Investment | 0 | 0 | ||
Non-PCI Loans | Commercial lending | Commercial real estate (“CRE”) | Interest Deferments | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Post- Modification Outstanding Recorded Investment | 0 | 0 | ||
Non-PCI Loans | Commercial lending | Commercial real estate (“CRE”) | Other | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Post- Modification Outstanding Recorded Investment | 0 | 0 | ||
Non-PCI Loans | Commercial lending | Real estate loan | Multifamily residential | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Post- Modification Outstanding Recorded Investment | 0 | 0 | ||
Non-PCI Loans | Commercial lending | Real estate loan | Multifamily residential | Principal | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Post- Modification Outstanding Recorded Investment | 0 | 0 | ||
Non-PCI Loans | Commercial lending | Real estate loan | Multifamily residential | Interest Deferments | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Post- Modification Outstanding Recorded Investment | 0 | 0 | ||
Non-PCI Loans | Commercial lending | Real estate loan | Multifamily residential | Other | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Post- Modification Outstanding Recorded Investment | 0 | 0 | ||
Non-PCI Loans | Commercial lending | Total CRE | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Post- Modification Outstanding Recorded Investment | 0 | 0 | ||
Non-PCI Loans | Commercial lending | Total CRE | Principal | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Post- Modification Outstanding Recorded Investment | 0 | 0 | ||
Non-PCI Loans | Commercial lending | Total CRE | Interest Deferments | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Post- Modification Outstanding Recorded Investment | 0 | 0 | ||
Non-PCI Loans | Commercial lending | Total CRE | Other | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Post- Modification Outstanding Recorded Investment | 0 | 0 | ||
Non-PCI Loans | Consumer lending | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Post- Modification Outstanding Recorded Investment | 1,029 | 1,245 | ||
Non-PCI Loans | Consumer lending | Principal | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Post- Modification Outstanding Recorded Investment | 0 | 0 | ||
Non-PCI Loans | Consumer lending | Interest Deferments | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Post- Modification Outstanding Recorded Investment | 893 | 1,109 | ||
Non-PCI Loans | Consumer lending | Other | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Post- Modification Outstanding Recorded Investment | 136 | 136 | ||
Non-PCI Loans | Consumer lending | Real estate loan | Single-family residential | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Post- Modification Outstanding Recorded Investment | 893 | 1,109 | ||
Non-PCI Loans | Consumer lending | Real estate loan | Single-family residential | Principal | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Post- Modification Outstanding Recorded Investment | 0 | 0 | ||
Non-PCI Loans | Consumer lending | Real estate loan | Single-family residential | Interest Deferments | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Post- Modification Outstanding Recorded Investment | 893 | 1,109 | ||
Non-PCI Loans | Consumer lending | Real estate loan | Single-family residential | Other | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Post- Modification Outstanding Recorded Investment | 0 | 0 | ||
Non-PCI Loans | Consumer lending | HELOCs | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Post- Modification Outstanding Recorded Investment | 136 | 136 | ||
Non-PCI Loans | Consumer lending | HELOCs | Principal | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Post- Modification Outstanding Recorded Investment | 0 | 0 | ||
Non-PCI Loans | Consumer lending | HELOCs | Interest Deferments | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Post- Modification Outstanding Recorded Investment | 0 | 0 | ||
Non-PCI Loans | Consumer lending | HELOCs | Other | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Post- Modification Outstanding Recorded Investment | 136 | 136 | ||
Non-PCI Loans | Consumer lending | Total residential mortgage | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Post- Modification Outstanding Recorded Investment | 1,029 | 1,245 | ||
Non-PCI Loans | Consumer lending | Total residential mortgage | Principal | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Post- Modification Outstanding Recorded Investment | 0 | 0 | ||
Non-PCI Loans | Consumer lending | Total residential mortgage | Interest Deferments | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Post- Modification Outstanding Recorded Investment | 893 | 1,109 | ||
Non-PCI Loans | Consumer lending | Total residential mortgage | Other | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Post- Modification Outstanding Recorded Investment | $ 136 | $ 136 |
Loans Receivable and Allowan_11
Loans Receivable and Allowance for Credit Losses (Loans Modified as TDRs that Subsequently Defaulted) (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2020USD ($)loan | Sep. 30, 2019USD ($)loan | Sep. 30, 2020USD ($)loan | Sep. 30, 2019USD ($)loan | Dec. 31, 2019USD ($) | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Number of Loans | loan | 0 | 1 | |||
Recorded Investment | $ 0 | $ 16,309 | |||
Additional funds committed to lend to borrowers whose terms have been modified | $ 5,000 | $ 5,000 | $ 2,200 | ||
Commercial lending | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Number of Loans | loan | 0 | 1 | |||
Recorded Investment | $ 0 | $ 16,309 | |||
Commercial lending | Commercial and industrial (“C&I”) | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Number of Loans | loan | 0 | 1 | |||
Recorded Investment | $ 0 | $ 16,309 | |||
Non-PCI Loans | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Number of Loans | loan | 4 | 5 | |||
Recorded Investment | $ 27,040 | $ 28,415 | |||
Non-PCI Loans | Commercial lending | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Number of Loans | loan | 4 | 5 | |||
Recorded Investment | $ 27,040 | $ 28,415 | |||
Non-PCI Loans | Commercial lending | Commercial and industrial (“C&I”) | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Number of Loans | loan | 4 | 5 | |||
Recorded Investment | $ 27,040 | $ 28,415 |
Loans Receivable and Allowan_12
Loans Receivable and Allowance for Credit Losses (Impaired Loans) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||||
Sep. 30, 2019 | Sep. 30, 2019 | Sep. 30, 2020 | Jun. 30, 2020 | Dec. 31, 2019 | Jun. 30, 2019 | Dec. 31, 2018 | |
Impaired loans disclosures | |||||||
Allowance for loan losses | $ 618,252 | $ 358,287 | |||||
Commercial lending | |||||||
Impaired loans disclosures | |||||||
Collateral dependent loan | 109,700 | ||||||
Commercial lending | Commercial and industrial (“C&I”) | |||||||
Impaired loans disclosures | |||||||
Allowance for loan losses | $ 218,869 | $ 218,869 | 389,021 | $ 380,723 | 238,376 | $ 205,503 | $ 189,117 |
Commercial lending | Commercial real estate (“CRE”) | |||||||
Impaired loans disclosures | |||||||
Allowance for loan losses | 37,473 | 37,473 | 166,810 | 176,040 | 40,509 | 39,811 | 40,666 |
Commercial lending | Real estate loan | Multifamily residential | |||||||
Impaired loans disclosures | |||||||
Allowance for loan losses | 20,307 | 20,307 | 23,807 | 25,058 | 22,826 | 19,280 | 19,885 |
Commercial lending | Construction and land | |||||||
Impaired loans disclosures | |||||||
Allowance for loan losses | 29,171 | 29,171 | 10,401 | 18,551 | 19,404 | 22,961 | 20,290 |
Consumer lending | |||||||
Impaired loans disclosures | |||||||
Collateral dependent loan | 17,600 | ||||||
Consumer lending | Real estate loan | Single-family residential | |||||||
Impaired loans disclosures | |||||||
Allowance for loan losses | 29,935 | 29,935 | 22,622 | 25,314 | 28,527 | 32,763 | 31,340 |
Consumer lending | HELOCs | |||||||
Impaired loans disclosures | |||||||
Allowance for loan losses | 5,856 | 5,856 | 3,273 | 3,867 | 5,265 | 6,177 | 5,774 |
Consumer lending | Other consumer | |||||||
Impaired loans disclosures | |||||||
Allowance for loan losses | 3,965 | 3,965 | $ 2,318 | $ 2,518 | 3,380 | $ 4,130 | $ 4,250 |
Non-PCI Loans | |||||||
Impaired loans disclosures | |||||||
Unpaid Principal Balance | 266,772 | ||||||
Recorded Investment With No Allowance | 129,748 | ||||||
Recorded Investment With Allowance | 68,369 | ||||||
Total Recorded Investment | 198,117 | ||||||
Related Allowance | 5,593 | ||||||
Average Recorded Investment | 225,800 | 287,022 | |||||
Recognized Interest Income | 673 | 3,173 | |||||
Allowance for loan losses | 358,287 | ||||||
Non-PCI Loans | Commercial lending | |||||||
Impaired loans disclosures | |||||||
Unpaid Principal Balance | 226,918 | ||||||
Recorded Investment With No Allowance | 115,116 | ||||||
Recorded Investment With Allowance | 44,699 | ||||||
Total Recorded Investment | 159,815 | ||||||
Related Allowance | 3,033 | ||||||
Average Recorded Investment | 184,135 | 237,209 | |||||
Recognized Interest Income | 512 | 2,698 | |||||
Non-PCI Loans | Commercial lending | Commercial and industrial (“C&I”) | |||||||
Impaired loans disclosures | |||||||
Unpaid Principal Balance | 174,656 | ||||||
Recorded Investment With No Allowance | 73,956 | ||||||
Recorded Investment With Allowance | 40,086 | ||||||
Total Recorded Investment | 114,042 | ||||||
Related Allowance | 2,881 | ||||||
Average Recorded Investment | 150,063 | 198,024 | |||||
Recognized Interest Income | 340 | 2,156 | |||||
Non-PCI Loans | Commercial lending | Commercial real estate (“CRE”) | |||||||
Impaired loans disclosures | |||||||
Unpaid Principal Balance | 27,601 | ||||||
Recorded Investment With No Allowance | 20,098 | ||||||
Recorded Investment With Allowance | 1,520 | ||||||
Total Recorded Investment | 21,618 | ||||||
Related Allowance | 97 | ||||||
Average Recorded Investment | 28,846 | 33,329 | |||||
Recognized Interest Income | 114 | 363 | |||||
Non-PCI Loans | Commercial lending | Real estate loan | Multifamily residential | |||||||
Impaired loans disclosures | |||||||
Unpaid Principal Balance | 4,965 | ||||||
Recorded Investment With No Allowance | 1,371 | ||||||
Recorded Investment With Allowance | 3,093 | ||||||
Total Recorded Investment | 4,464 | ||||||
Related Allowance | 55 | ||||||
Average Recorded Investment | 5,226 | 5,856 | |||||
Recognized Interest Income | 58 | 179 | |||||
Non-PCI Loans | Commercial lending | Construction and land | |||||||
Impaired loans disclosures | |||||||
Unpaid Principal Balance | 19,696 | ||||||
Recorded Investment With No Allowance | 19,691 | ||||||
Recorded Investment With Allowance | 0 | ||||||
Total Recorded Investment | 19,691 | ||||||
Related Allowance | 0 | ||||||
Non-PCI Loans | Commercial lending | Total CRE | |||||||
Impaired loans disclosures | |||||||
Unpaid Principal Balance | 52,262 | ||||||
Recorded Investment With No Allowance | 41,160 | ||||||
Recorded Investment With Allowance | 4,613 | ||||||
Total Recorded Investment | 45,773 | ||||||
Related Allowance | 152 | ||||||
Average Recorded Investment | 34,072 | 39,185 | |||||
Recognized Interest Income | 172 | 542 | |||||
Non-PCI Loans | Consumer lending | |||||||
Impaired loans disclosures | |||||||
Unpaid Principal Balance | 39,854 | ||||||
Recorded Investment With No Allowance | 14,632 | ||||||
Recorded Investment With Allowance | 23,670 | ||||||
Total Recorded Investment | 38,302 | ||||||
Related Allowance | 2,560 | ||||||
Average Recorded Investment | 41,665 | 49,813 | |||||
Recognized Interest Income | 161 | 475 | |||||
Non-PCI Loans | Consumer lending | Real estate loan | Single-family residential | |||||||
Impaired loans disclosures | |||||||
Unpaid Principal Balance | 23,626 | ||||||
Recorded Investment With No Allowance | 8,507 | ||||||
Recorded Investment With Allowance | 13,704 | ||||||
Total Recorded Investment | 22,211 | ||||||
Related Allowance | 35 | ||||||
Average Recorded Investment | 23,779 | 27,758 | |||||
Recognized Interest Income | 124 | 382 | |||||
Non-PCI Loans | Consumer lending | HELOCs | |||||||
Impaired loans disclosures | |||||||
Unpaid Principal Balance | 13,711 | ||||||
Recorded Investment With No Allowance | 6,125 | ||||||
Recorded Investment With Allowance | 7,449 | ||||||
Total Recorded Investment | 13,574 | ||||||
Related Allowance | 8 | ||||||
Average Recorded Investment | 15,382 | 19,529 | |||||
Recognized Interest Income | 37 | 93 | |||||
Non-PCI Loans | Consumer lending | Total residential mortgage | |||||||
Impaired loans disclosures | |||||||
Unpaid Principal Balance | 37,337 | ||||||
Recorded Investment With No Allowance | 14,632 | ||||||
Recorded Investment With Allowance | 21,153 | ||||||
Total Recorded Investment | 35,785 | ||||||
Related Allowance | 43 | ||||||
Average Recorded Investment | 39,161 | 47,287 | |||||
Recognized Interest Income | 161 | 475 | |||||
Non-PCI Loans | Consumer lending | Other consumer | |||||||
Impaired loans disclosures | |||||||
Unpaid Principal Balance | 2,517 | ||||||
Recorded Investment With No Allowance | 0 | ||||||
Recorded Investment With Allowance | 2,517 | ||||||
Total Recorded Investment | 2,517 | ||||||
Related Allowance | $ 2,517 | ||||||
Average Recorded Investment | 2,504 | 2,526 | |||||
Recognized Interest Income | $ 0 | $ 0 |
Loans Receivable and Allowan_13
Loans Receivable and Allowance for Credit Losses (Summary of Activities in Allowance for Loan Losses by Portfolio Segments and Unfunded Credit Commitments) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Financing Receivable Allowance for Credit Losses | ||||
Accounting Standards Update [Extensible List] | us-gaap:AccountingStandardsUpdate201613Member | |||
Allowance for loan losses by portfolio segments | ||||
Allowance, beginning of period | $ 358,287 | |||
Provision for (reversal of) credit losses | $ 10,000 | $ 38,284 | 186,313 | $ 80,108 |
Gross charge-offs | (2,800) | (36) | (2,800) | (426) |
Allowance, end of period | 618,252 | 618,252 | ||
Allowance for unfunded credit commitments | ||||
Provision for credit losses on unfunded credit commitments | 10,000 | 38,284 | 186,313 | 80,108 |
PCD or PCI loans | ||||
Allowance for loan losses by portfolio segments | ||||
Allowance, beginning of period | 0 | |||
Unfunded Credit Commitments | ||||
Allowance for loan losses by portfolio segments | ||||
Provision for (reversal of) credit losses | 111 | 405 | 7,468 | 858 |
Allowance for unfunded credit commitments | ||||
Allowance for Unfunded Credit Commitments | 28,972 | 13,019 | 11,158 | 12,566 |
Provision for credit losses on unfunded credit commitments | 111 | 405 | 7,468 | 858 |
Allowance for Unfunded Credit Commitments | 29,083 | 13,424 | 29,083 | 13,424 |
Unfunded Credit Commitments | Cumulative Effect, Period Of Adoption, Adjustment | ||||
Allowance for unfunded credit commitments | ||||
Allowance for Unfunded Credit Commitments | 0 | 0 | 10,457 | 0 |
Commercial lending | Commercial and industrial (“C&I”) | ||||
Allowance for loan losses by portfolio segments | ||||
Allowance, beginning of period | 380,723 | 205,503 | 238,376 | 189,117 |
Provision for (reversal of) credit losses | 31,691 | 37,281 | 130,171 | 78,685 |
Gross charge-offs | (25,111) | (25,098) | (57,466) | (54,087) |
Gross recoveries | 1,218 | 1,648 | 3,395 | 5,612 |
Total net (charge-offs) recoveries | (23,893) | (23,450) | (54,071) | (48,475) |
Foreign currency translation adjustment | 500 | (465) | 308 | (458) |
Allowance, end of period | 389,021 | 218,869 | 389,021 | 218,869 |
Allowance for unfunded credit commitments | ||||
Provision for credit losses on unfunded credit commitments | 31,691 | 37,281 | 130,171 | 78,685 |
Commercial lending | Commercial and industrial (“C&I”) | Cumulative Effect, Period Of Adoption, Adjustment | ||||
Allowance for loan losses by portfolio segments | ||||
Allowance, beginning of period | 74,237 | |||
Commercial lending | Commercial and industrial (“C&I”) | Cumulative Effect, Period of Adoption, Adjusted Balance | ||||
Allowance for loan losses by portfolio segments | ||||
Allowance, beginning of period | 312,613 | |||
Commercial lending | Commercial real estate (“CRE”) | ||||
Allowance for loan losses by portfolio segments | ||||
Allowance, beginning of period | 176,040 | 39,811 | 40,509 | 40,666 |
Provision for (reversal of) credit losses | (8,301) | (3,213) | 46,449 | (6,127) |
Gross charge-offs | (1,414) | (1,021) | (2,688) | (1,021) |
Gross recoveries | 485 | 1,896 | 10,371 | 3,955 |
Total net (charge-offs) recoveries | (929) | 875 | 7,683 | 2,934 |
Foreign currency translation adjustment | 0 | 0 | 0 | |
Allowance, end of period | 166,810 | 37,473 | 166,810 | 37,473 |
Allowance for unfunded credit commitments | ||||
Provision for credit losses on unfunded credit commitments | (8,301) | (3,213) | 46,449 | (6,127) |
Commercial lending | Commercial real estate (“CRE”) | Cumulative Effect, Period Of Adoption, Adjustment | ||||
Allowance for loan losses by portfolio segments | ||||
Allowance, beginning of period | 72,169 | |||
Commercial lending | Commercial real estate (“CRE”) | Cumulative Effect, Period of Adoption, Adjusted Balance | ||||
Allowance for loan losses by portfolio segments | ||||
Allowance, beginning of period | 112,678 | |||
Commercial lending | Real estate loan | Multifamily residential | ||||
Allowance for loan losses by portfolio segments | ||||
Allowance, beginning of period | 25,058 | 19,280 | 22,826 | 19,885 |
Provision for (reversal of) credit losses | (1,916) | 985 | 7,273 | 46 |
Gross charge-offs | 0 | 0 | 0 | 0 |
Gross recoveries | 665 | 42 | 1,820 | 376 |
Total net (charge-offs) recoveries | 665 | 42 | 1,820 | 376 |
Foreign currency translation adjustment | 0 | 0 | 0 | |
Allowance, end of period | 23,807 | 20,307 | 23,807 | 20,307 |
Allowance for unfunded credit commitments | ||||
Provision for credit losses on unfunded credit commitments | (1,916) | 985 | 7,273 | 46 |
Commercial lending | Real estate loan | Multifamily residential | Cumulative Effect, Period Of Adoption, Adjustment | ||||
Allowance for loan losses by portfolio segments | ||||
Allowance, beginning of period | (8,112) | |||
Commercial lending | Real estate loan | Multifamily residential | Cumulative Effect, Period of Adoption, Adjusted Balance | ||||
Allowance for loan losses by portfolio segments | ||||
Allowance, beginning of period | 14,714 | |||
Commercial lending | Construction and land | ||||
Allowance for loan losses by portfolio segments | ||||
Allowance, beginning of period | 18,551 | 22,961 | 19,404 | 20,290 |
Provision for (reversal of) credit losses | (8,180) | 6,189 | 828 | 8,358 |
Gross charge-offs | 0 | 0 | 0 | 0 |
Gross recoveries | 30 | 21 | 58 | 523 |
Total net (charge-offs) recoveries | 30 | 21 | 58 | 523 |
Foreign currency translation adjustment | 0 | 0 | 0 | |
Allowance, end of period | 10,401 | 29,171 | 10,401 | 29,171 |
Allowance for unfunded credit commitments | ||||
Provision for credit losses on unfunded credit commitments | (8,180) | 6,189 | 828 | 8,358 |
Commercial lending | Construction and land | Cumulative Effect, Period Of Adoption, Adjustment | ||||
Allowance for loan losses by portfolio segments | ||||
Allowance, beginning of period | (9,889) | |||
Commercial lending | Construction and land | Cumulative Effect, Period of Adoption, Adjusted Balance | ||||
Allowance for loan losses by portfolio segments | ||||
Allowance, beginning of period | 9,515 | |||
Consumer lending | Real estate loan | Single-family residential | ||||
Allowance for loan losses by portfolio segments | ||||
Allowance, beginning of period | 25,314 | 32,763 | 28,527 | 31,340 |
Provision for (reversal of) credit losses | (2,692) | (2,877) | (2,659) | (1,528) |
Gross charge-offs | 0 | (11) | 0 | (11) |
Gross recoveries | 0 | 60 | 424 | 134 |
Total net (charge-offs) recoveries | 0 | 49 | 424 | 123 |
Foreign currency translation adjustment | 0 | 0 | 0 | |
Allowance, end of period | 22,622 | 29,935 | 22,622 | 29,935 |
Allowance for unfunded credit commitments | ||||
Provision for credit losses on unfunded credit commitments | (2,692) | (2,877) | (2,659) | (1,528) |
Consumer lending | Real estate loan | Single-family residential | Cumulative Effect, Period Of Adoption, Adjustment | ||||
Allowance for loan losses by portfolio segments | ||||
Allowance, beginning of period | (3,670) | |||
Consumer lending | Real estate loan | Single-family residential | Cumulative Effect, Period of Adoption, Adjusted Balance | ||||
Allowance for loan losses by portfolio segments | ||||
Allowance, beginning of period | 24,857 | |||
Consumer lending | HELOCs | ||||
Allowance for loan losses by portfolio segments | ||||
Allowance, beginning of period | 3,867 | 6,177 | 5,265 | 5,774 |
Provision for (reversal of) credit losses | (637) | (326) | (20) | 75 |
Gross charge-offs | 0 | 0 | (221) | 0 |
Gross recoveries | 43 | 5 | 47 | 7 |
Total net (charge-offs) recoveries | 43 | 5 | (174) | 7 |
Foreign currency translation adjustment | 0 | 0 | 0 | |
Allowance, end of period | 3,273 | 5,856 | 3,273 | 5,856 |
Allowance for unfunded credit commitments | ||||
Provision for credit losses on unfunded credit commitments | (637) | (326) | (20) | 75 |
Consumer lending | HELOCs | Cumulative Effect, Period Of Adoption, Adjustment | ||||
Allowance for loan losses by portfolio segments | ||||
Allowance, beginning of period | (1,798) | |||
Consumer lending | HELOCs | Cumulative Effect, Period of Adoption, Adjusted Balance | ||||
Allowance for loan losses by portfolio segments | ||||
Allowance, beginning of period | 3,467 | |||
Consumer lending | Other consumer | ||||
Allowance for loan losses by portfolio segments | ||||
Allowance, beginning of period | 2,518 | 4,130 | 3,380 | 4,250 |
Provision for (reversal of) credit losses | (76) | (160) | (3,197) | (259) |
Gross charge-offs | (124) | (12) | (180) | (40) |
Gross recoveries | 0 | 7 | 94 | 14 |
Total net (charge-offs) recoveries | (124) | (5) | (86) | (26) |
Foreign currency translation adjustment | 0 | 0 | 0 | |
Allowance, end of period | 2,318 | 3,965 | 2,318 | 3,965 |
Allowance for unfunded credit commitments | ||||
Provision for credit losses on unfunded credit commitments | (76) | (160) | (3,197) | (259) |
Consumer lending | Other consumer | Cumulative Effect, Period Of Adoption, Adjustment | ||||
Allowance for loan losses by portfolio segments | ||||
Allowance, beginning of period | 2,221 | |||
Consumer lending | Other consumer | Cumulative Effect, Period of Adoption, Adjusted Balance | ||||
Allowance for loan losses by portfolio segments | ||||
Allowance, beginning of period | 5,601 | |||
Commercial and consumer lending | ||||
Allowance for loan losses by portfolio segments | ||||
Allowance, beginning of period | 632,071 | 330,625 | 358,287 | 311,322 |
Provision for (reversal of) credit losses | 9,889 | 37,879 | 178,845 | 79,250 |
Gross charge-offs | (26,649) | (26,142) | (60,555) | (55,159) |
Gross recoveries | 2,441 | 3,679 | 16,209 | 10,621 |
Total net (charge-offs) recoveries | (24,208) | (22,463) | (44,346) | (44,538) |
Foreign currency translation adjustment | 500 | (465) | 308 | (458) |
Allowance, end of period | 618,252 | 345,576 | 618,252 | 345,576 |
Allowance for unfunded credit commitments | ||||
Provision for credit losses on unfunded credit commitments | $ 9,889 | $ 37,879 | 178,845 | $ 79,250 |
Commercial and consumer lending | Cumulative Effect, Period Of Adoption, Adjustment | ||||
Allowance for loan losses by portfolio segments | ||||
Allowance, beginning of period | 125,158 | |||
Commercial and consumer lending | Cumulative Effect, Period of Adoption, Adjusted Balance | ||||
Allowance for loan losses by portfolio segments | ||||
Allowance, beginning of period | $ 483,445 |
Loans Receivable and Allowan_14
Loans Receivable and Allowance for Credit Losses (Allowance for Credit Losses Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||||||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Jun. 30, 2020 | Jan. 01, 2020 | Dec. 31, 2019 | Jun. 30, 2019 | Dec. 31, 2018 | |
Financing Receivable Allowance for Credit Losses | |||||||||
Allowance for loan losses | $ 618,252 | $ 618,252 | $ 358,287 | ||||||
Increase to allowance for loan losses | 260,000 | ||||||||
Provision for (reversal of) credit losses | 10,000 | $ 38,284 | 186,313 | $ 80,108 | |||||
Gross charge-offs | 2,800 | 36 | 2,800 | 426 | |||||
PCD or PCI loans | |||||||||
Financing Receivable Allowance for Credit Losses | |||||||||
Allowance for loan losses | 0 | ||||||||
Commercial and consumer lending | |||||||||
Financing Receivable Allowance for Credit Losses | |||||||||
Allowance for loan losses | 618,252 | 345,576 | 618,252 | 345,576 | $ 632,071 | 358,287 | $ 330,625 | $ 311,322 | |
Provision for (reversal of) credit losses | 9,889 | 37,879 | 178,845 | 79,250 | |||||
Gross charge-offs | 26,649 | 26,142 | 60,555 | 55,159 | |||||
Commercial and industrial (“C&I”) | Commercial lending | |||||||||
Financing Receivable Allowance for Credit Losses | |||||||||
Allowance for loan losses | 389,021 | 218,869 | 389,021 | 218,869 | $ 380,723 | $ 238,376 | $ 205,503 | $ 189,117 | |
Provision for (reversal of) credit losses | 31,691 | 37,281 | 130,171 | 78,685 | |||||
Gross charge-offs | $ 25,111 | $ 25,098 | $ 57,466 | $ 54,087 | |||||
ASU 2016-13 | |||||||||
Financing Receivable Allowance for Credit Losses | |||||||||
Allowance for loan losses | $ 125,200 | ||||||||
ASU 2016-13 | PCD or PCI loans | |||||||||
Financing Receivable Allowance for Credit Losses | |||||||||
Allowance for loan losses | $ 1,200 |
Loans Receivable and Allowan_15
Loans Receivable and Allowance for Credit Losses (Allowance for Loan Losses and Recorded Investments) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Jun. 30, 2020 | Dec. 31, 2019 | Jun. 30, 2019 | Dec. 31, 2018 | |
Allowance for loan losses | ||||||||
Allowance for loan losses | $ 618,252 | $ 618,252 | $ 358,287 | |||||
Recorded investment in loans | ||||||||
Loans held-for-investment | 37,437,129 | 37,437,129 | 34,778,539 | |||||
Provision for (reversal of) credit losses | 10,000 | $ 38,284 | 186,313 | $ 80,108 | ||||
Commercial lending | ||||||||
Recorded investment in loans | ||||||||
Loans held-for-investment | 27,978,692 | 27,978,692 | 25,914,252 | |||||
Commercial lending | Commercial and industrial (“C&I”) | ||||||||
Allowance for loan losses | ||||||||
Allowance for loan losses | 389,021 | 218,869 | 389,021 | 218,869 | $ 380,723 | 238,376 | $ 205,503 | $ 189,117 |
Recorded investment in loans | ||||||||
Loans held-for-investment | 13,305,024 | 13,305,024 | 12,150,931 | |||||
Provision for (reversal of) credit losses | 31,691 | 37,281 | 130,171 | 78,685 | ||||
Total net (charge-offs) recoveries | 23,893 | 23,450 | 54,071 | 48,475 | ||||
Commercial lending | Commercial real estate (“CRE”) | ||||||||
Allowance for loan losses | ||||||||
Allowance for loan losses | 166,810 | 37,473 | 166,810 | 37,473 | 176,040 | 40,509 | 39,811 | 40,666 |
Recorded investment in loans | ||||||||
Loans held-for-investment | 11,037,987 | 11,037,987 | 10,278,448 | |||||
Provision for (reversal of) credit losses | (8,301) | (3,213) | 46,449 | (6,127) | ||||
Total net (charge-offs) recoveries | 929 | (875) | (7,683) | (2,934) | ||||
Commercial lending | Real estate loan | Multifamily residential | ||||||||
Allowance for loan losses | ||||||||
Allowance for loan losses | 23,807 | 20,307 | 23,807 | 20,307 | 25,058 | 22,826 | 19,280 | 19,885 |
Recorded investment in loans | ||||||||
Loans held-for-investment | 3,057,274 | 3,057,274 | 2,856,374 | |||||
Provision for (reversal of) credit losses | (1,916) | 985 | 7,273 | 46 | ||||
Total net (charge-offs) recoveries | (665) | (42) | (1,820) | (376) | ||||
Commercial lending | Construction and land | ||||||||
Allowance for loan losses | ||||||||
Allowance for loan losses | 10,401 | 29,171 | 10,401 | 29,171 | 18,551 | 19,404 | 22,961 | 20,290 |
Recorded investment in loans | ||||||||
Loans held-for-investment | 578,407 | 578,407 | 628,499 | |||||
Provision for (reversal of) credit losses | (8,180) | 6,189 | 828 | 8,358 | ||||
Total net (charge-offs) recoveries | (30) | (21) | (58) | (523) | ||||
Consumer lending | ||||||||
Recorded investment in loans | ||||||||
Loans held-for-investment | 9,458,437 | 9,458,437 | 8,864,287 | |||||
Consumer lending | Real estate loan | Single-family residential | ||||||||
Allowance for loan losses | ||||||||
Allowance for loan losses | 22,622 | 29,935 | 22,622 | 29,935 | 25,314 | 28,527 | 32,763 | 31,340 |
Recorded investment in loans | ||||||||
Loans held-for-investment | 7,785,759 | 7,785,759 | 7,108,590 | |||||
Provision for (reversal of) credit losses | (2,692) | (2,877) | (2,659) | (1,528) | ||||
Total net (charge-offs) recoveries | 0 | (49) | (424) | (123) | ||||
Consumer lending | HELOCs | ||||||||
Allowance for loan losses | ||||||||
Allowance for loan losses | 3,273 | 5,856 | 3,273 | 5,856 | 3,867 | 5,265 | 6,177 | 5,774 |
Recorded investment in loans | ||||||||
Loans held-for-investment | 1,514,388 | 1,514,388 | 1,472,783 | |||||
Provision for (reversal of) credit losses | (637) | (326) | (20) | 75 | ||||
Total net (charge-offs) recoveries | (43) | (5) | 174 | (7) | ||||
Consumer lending | Other consumer | ||||||||
Allowance for loan losses | ||||||||
Allowance for loan losses | 2,318 | 3,965 | 2,318 | 3,965 | 2,518 | 3,380 | 4,130 | 4,250 |
Recorded investment in loans | ||||||||
Loans held-for-investment | 158,290 | 158,290 | 282,914 | |||||
Provision for (reversal of) credit losses | (76) | (160) | (3,197) | (259) | ||||
Total net (charge-offs) recoveries | 124 | 5 | 86 | 26 | ||||
Commercial and consumer lending | ||||||||
Allowance for loan losses | ||||||||
Allowance for loan losses | 618,252 | 345,576 | 618,252 | 345,576 | $ 632,071 | 358,287 | $ 330,625 | $ 311,322 |
Recorded investment in loans | ||||||||
Provision for (reversal of) credit losses | 9,889 | 37,879 | 178,845 | 79,250 | ||||
Total net (charge-offs) recoveries | $ 24,208 | $ 22,463 | $ 44,346 | $ 44,538 | ||||
Non-PCI Loans | ||||||||
Allowance for loan losses | ||||||||
Individually evaluated for impairment | 5,593 | |||||||
Collectively evaluated for impairment | 352,694 | |||||||
Allowance for loan losses | 358,287 | |||||||
Recorded investment in loans | ||||||||
Individually evaluated for impairment | 198,117 | |||||||
Collectively evaluated for impairment | 34,357,551 | |||||||
Loans held-for-investment | 34,555,668 | |||||||
Non-PCI Loans | Commercial lending | ||||||||
Allowance for loan losses | ||||||||
Individually evaluated for impairment | 3,033 | |||||||
Recorded investment in loans | ||||||||
Loans held-for-investment | 25,777,039 | |||||||
Non-PCI Loans | Commercial lending | Commercial and industrial (“C&I”) | ||||||||
Allowance for loan losses | ||||||||
Individually evaluated for impairment | 2,881 | |||||||
Collectively evaluated for impairment | 235,495 | |||||||
Recorded investment in loans | ||||||||
Individually evaluated for impairment | 114,042 | |||||||
Collectively evaluated for impairment | 12,035,079 | |||||||
Loans held-for-investment | 12,149,121 | |||||||
Non-PCI Loans | Commercial lending | Commercial real estate (“CRE”) | ||||||||
Allowance for loan losses | ||||||||
Individually evaluated for impairment | 97 | |||||||
Collectively evaluated for impairment | 40,412 | |||||||
Recorded investment in loans | ||||||||
Individually evaluated for impairment | 21,618 | |||||||
Collectively evaluated for impairment | 10,143,629 | |||||||
Loans held-for-investment | 10,165,247 | |||||||
Non-PCI Loans | Commercial lending | Real estate loan | Multifamily residential | ||||||||
Allowance for loan losses | ||||||||
Individually evaluated for impairment | 55 | |||||||
Collectively evaluated for impairment | 22,771 | |||||||
Recorded investment in loans | ||||||||
Individually evaluated for impairment | 4,464 | |||||||
Collectively evaluated for impairment | 2,829,748 | |||||||
Loans held-for-investment | 2,834,212 | |||||||
Non-PCI Loans | Commercial lending | Construction and land | ||||||||
Allowance for loan losses | ||||||||
Individually evaluated for impairment | 0 | |||||||
Collectively evaluated for impairment | 19,404 | |||||||
Recorded investment in loans | ||||||||
Individually evaluated for impairment | 19,691 | |||||||
Collectively evaluated for impairment | 608,768 | |||||||
Loans held-for-investment | 628,459 | |||||||
Non-PCI Loans | Consumer lending | ||||||||
Allowance for loan losses | ||||||||
Individually evaluated for impairment | 2,560 | |||||||
Recorded investment in loans | ||||||||
Loans held-for-investment | 8,778,629 | |||||||
Non-PCI Loans | Consumer lending | Real estate loan | Single-family residential | ||||||||
Allowance for loan losses | ||||||||
Individually evaluated for impairment | 35 | |||||||
Collectively evaluated for impairment | 28,492 | |||||||
Recorded investment in loans | ||||||||
Individually evaluated for impairment | 22,211 | |||||||
Collectively evaluated for impairment | 7,006,768 | |||||||
Loans held-for-investment | 7,028,979 | |||||||
Non-PCI Loans | Consumer lending | HELOCs | ||||||||
Allowance for loan losses | ||||||||
Individually evaluated for impairment | 8 | |||||||
Collectively evaluated for impairment | 5,257 | |||||||
Recorded investment in loans | ||||||||
Individually evaluated for impairment | 13,574 | |||||||
Collectively evaluated for impairment | 1,453,162 | |||||||
Loans held-for-investment | 1,466,736 | |||||||
Non-PCI Loans | Consumer lending | Other consumer | ||||||||
Allowance for loan losses | ||||||||
Individually evaluated for impairment | 2,517 | |||||||
Collectively evaluated for impairment | 863 | |||||||
Recorded investment in loans | ||||||||
Individually evaluated for impairment | 2,517 | |||||||
Collectively evaluated for impairment | 280,397 | |||||||
Loans held-for-investment | 282,914 | |||||||
PCI Loans | ||||||||
Allowance for loan losses | ||||||||
Allowance for loan losses | 0 | |||||||
Recorded investment in loans | ||||||||
Loans held-for-investment | 222,871 | |||||||
PCI Loans | Commercial lending | ||||||||
Recorded investment in loans | ||||||||
Loans held-for-investment | 137,213 | |||||||
PCI Loans | Commercial lending | Commercial and industrial (“C&I”) | ||||||||
Recorded investment in loans | ||||||||
Loans held-for-investment | 1,810 | |||||||
PCI Loans | Commercial lending | Commercial real estate (“CRE”) | ||||||||
Recorded investment in loans | ||||||||
Loans held-for-investment | 113,201 | |||||||
PCI Loans | Commercial lending | Real estate loan | Multifamily residential | ||||||||
Recorded investment in loans | ||||||||
Loans held-for-investment | 22,162 | |||||||
PCI Loans | Commercial lending | Construction and land | ||||||||
Recorded investment in loans | ||||||||
Loans held-for-investment | 40 | |||||||
PCI Loans | Consumer lending | ||||||||
Recorded investment in loans | ||||||||
Loans held-for-investment | 85,658 | |||||||
PCI Loans | Consumer lending | Real estate loan | Single-family residential | ||||||||
Recorded investment in loans | ||||||||
Loans held-for-investment | 79,611 | |||||||
PCI Loans | Consumer lending | HELOCs | ||||||||
Recorded investment in loans | ||||||||
Loans held-for-investment | 6,047 | |||||||
PCI Loans | Consumer lending | Other consumer | ||||||||
Recorded investment in loans | ||||||||
Loans held-for-investment | $ 0 |
Loans Receivable and Allowan_16
Loans Receivable and Allowance for Credit Losses (Accretable Yield for PCI Loans) (Details) - PCD or PCI loans - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended |
Sep. 30, 2019 | Sep. 30, 2019 | |
Changes in accretable yield for PCI loans | ||
Accretable yield for PCI loans, beginning of period | $ 64,053 | $ 74,870 |
Accretion | (6,198) | (18,205) |
Changes in expected cash flows | (934) | 256 |
Accretable yield for PCI loans, end of period | $ 56,921 | $ 56,921 |
Loans Receivable and Allowan_17
Loans Receivable and Allowance for Credit Losses (Loan Purchases, Sales And Transfers Narrative) (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Real estate loan | Single Family Residential | ||
LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES | ||
Loans held-for-sale | $ 4,100 | $ 434 |
Loans Receivable and Allowan_18
Loans Receivable and Allowance for Credit Losses (Loan Purchases, Sales and Transfers) (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Loans Receivable and Allowance for Credit Losses | ||||
Loans transferred from held-for-investment to held-for-sale | $ 89,394,000 | $ 49,040,000 | $ 253,302,000 | $ 222,434,000 |
Sales | 124,084,000 | 55,663,000 | 306,342,000 | 229,182,000 |
Purchases | 18,132,000 | 68,965,000 | 163,822,000 | 395,250,000 |
Write-down of loans transferred from loans held-for-investment to loans held-for-sale recorded to allowance for loan losses | 2,800,000 | 36,000 | 2,800,000 | 426,000 |
Net gains on sales of loans | 361,000 | 2,037,000 | 1,443,000 | 2,967,000 |
Commercial and industrial (“C&I”) | Originated | ||||
Loans Receivable and Allowance for Credit Losses | ||||
Sales | 47,800,000 | 180,000,000 | ||
Commercial and industrial (“C&I”) | Single-family residential | Originated | ||||
Loans Receivable and Allowance for Credit Losses | ||||
Sales | 112,300,000 | 294,600,000 | ||
Loans sold in secondary market | Purchased | ||||
Loans Receivable and Allowance for Credit Losses | ||||
Sales | 11,800,000 | 7,900,000 | 11,800,000 | 49,200,000 |
Commercial lending | Commercial and industrial (“C&I”) | ||||
Loans Receivable and Allowance for Credit Losses | ||||
Loans transferred from held-for-investment to held-for-sale | 89,394,000 | 34,071,000 | 246,052,000 | 189,237,000 |
Sales | 92,237,000 | 37,986,000 | 248,895,000 | 189,663,000 |
Purchases | 0 | 38,047,000 | 143,086,000 | 304,341,000 |
Write-down of loans transferred from loans held-for-investment to loans held-for-sale recorded to allowance for loan losses | 25,111,000 | 25,098,000 | 57,466,000 | 54,087,000 |
Commercial lending | Commercial real estate (“CRE”) | ||||
Loans Receivable and Allowance for Credit Losses | ||||
Loans transferred from held-for-investment to held-for-sale | 0 | 14,969,000 | 7,250,000 | 31,624,000 |
Sales | 0 | 14,969,000 | 7,250,000 | 31,624,000 |
Purchases | 0 | 0 | 0 | 0 |
Write-down of loans transferred from loans held-for-investment to loans held-for-sale recorded to allowance for loan losses | 1,414,000 | 1,021,000 | 2,688,000 | 1,021,000 |
Commercial lending | Real estate loan | Multifamily residential | ||||
Loans Receivable and Allowance for Credit Losses | ||||
Loans transferred from held-for-investment to held-for-sale | 0 | 0 | 0 | 0 |
Sales | 0 | 0 | 0 | 0 |
Purchases | 838,000 | 1,350,000 | 2,358,000 | 7,302,000 |
Write-down of loans transferred from loans held-for-investment to loans held-for-sale recorded to allowance for loan losses | 0 | 0 | 0 | 0 |
Commercial lending | Construction and land | ||||
Loans Receivable and Allowance for Credit Losses | ||||
Loans transferred from held-for-investment to held-for-sale | 0 | 0 | 0 | 1,573,000 |
Sales | 0 | 0 | 0 | 1,573,000 |
Purchases | 0 | 0 | 0 | 0 |
Write-down of loans transferred from loans held-for-investment to loans held-for-sale recorded to allowance for loan losses | 0 | 0 | 0 | 0 |
Consumer lending | Real estate loan | Single-family residential | ||||
Loans Receivable and Allowance for Credit Losses | ||||
Loans transferred from held-for-investment to held-for-sale | 0 | 0 | 0 | 0 |
Sales | 31,847,000 | 2,708,000 | 50,197,000 | 6,322,000 |
Purchases | 17,294,000 | 29,568,000 | 18,378,000 | 83,607,000 |
Write-down of loans transferred from loans held-for-investment to loans held-for-sale recorded to allowance for loan losses | $ 0 | $ 11,000 | $ 0 | $ 11,000 |
Investments in Qualified Affo_3
Investments in Qualified Affordable Housing Partnerships, Tax Credit and Other Investments, Net and Variable Interest Entities (Investments in Qualified Affordable Housing Partnerships, Net) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | |
Investments in Qualified Affordable Housing Partnerships, Tax Credit and Other Investments, Net and Variable Interest Entities [Abstract] | |||||
Minimum compliance period for qualified affordable housing partnerships to fully utilize the tax credits (in years) | 15 years | ||||
Investments in qualified affordable housing partnerships, net | $ 192,913 | $ 192,913 | $ 207,037 | ||
Accrued expenses and other liabilities — Unfunded commitments | 58,695 | 58,695 | $ 80,294 | ||
Tax credits and other tax benefits recognized | 11,402 | $ 11,539 | 34,205 | $ 34,871 | |
Amortization expense included in income tax expense | $ 8,975 | $ 8,452 | $ 26,507 | $ 27,006 |
Investments in Qualified Affo_4
Investments in Qualified Affordable Housing Partnerships, Tax Credit and Other Investments, Net and Variable Interest Entities (Investments in Tax Credit and Other Investments, Net) (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | |
Investments in Tax Credit and Other Investments, Net [Line Items] | |||||
Investments in tax credit and other investments, net | $ 254,512,000 | $ 254,512,000 | $ 254,140,000 | ||
Accrued expenses and other liabilities — Unfunded commitments | 107,583,000 | 107,583,000 | 113,515,000 | ||
Amortization expense of tax credit and other investments | 12,286,000 | $ 16,833,000 | 54,370,000 | $ 58,477,000 | |
Unrealized gains recognized on equity securities with readily determinable fair values | 55,000 | 188,000 | 813,000 | 955,000 | |
Adjustments to equity securities without readily determinable fair values | 0 | 0 | 0 | 0 | |
AFS debt securities, Fair Value | 4,539,160,000 | 4,539,160,000 | 3,317,214,000 | ||
Investment in tax credit and other investments | |||||
Investments in Tax Credit and Other Investments, Net [Line Items] | |||||
OTTI charges | 0 | $ 1,700,000 | 474,000 | 11,600,000 | |
DC Solar | |||||
Investments in Tax Credit and Other Investments, Net [Line Items] | |||||
OTTI charges | $ 7,000,000 | ||||
Collateralized loan obligations (“CLOs”) | |||||
Investments in Tax Credit and Other Investments, Net [Line Items] | |||||
AFS debt securities, Fair Value | 283,422,000 | 283,422,000 | 284,706,000 | ||
Tax credit investments | |||||
Investments in Tax Credit and Other Investments, Net [Line Items] | |||||
Equity securities with readily determinable fair values | 31,300,000 | 31,300,000 | 31,700,000 | ||
Other Assets [Member] | |||||
Investments in Tax Credit and Other Investments, Net [Line Items] | |||||
Equity securities without readily determinable fair values | $ 18,800,000 | $ 18,800,000 | $ 19,100,000 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets (Goodwill & Impairment Analysis) (Details) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2020USD ($) | Mar. 31, 2020USD ($) | Sep. 30, 2020USD ($)segment | Dec. 31, 2019USD ($) | Sep. 30, 2019USD ($) | Dec. 31, 2018USD ($) | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||
Goodwill | $ 465,697,000 | $ 465,697,000 | $ 465,697,000 | $ 465,697,000 | $ 465,547,000 | |
Number of reportable segments | segment | 3 | |||||
Changes in the carrying amount of goodwill | 0 | $ 0 | ||||
Goodwill, Impairment Loss | $ 0 | $ 0 | $ 0 | $ 0 |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets (Changes in the Carrying amount of Goodwill by Reporting Unit) (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2019USD ($) | |
Goodwill [Line Items] | |
Beginning Balance | $ 465,547 |
Ending Balance | 465,697 |
Acquisition of East West Markets, LLC | |
Goodwill [Line Items] | |
Acquisition of East West Markets, LLC | 150 |
Consumer and Business Banking | |
Goodwill [Line Items] | |
Beginning Balance | 353,321 |
Ending Balance | 353,321 |
Consumer and Business Banking | Acquisition of East West Markets, LLC | |
Goodwill [Line Items] | |
Acquisition of East West Markets, LLC | 0 |
Commercial Banking | |
Goodwill [Line Items] | |
Beginning Balance | 112,226 |
Ending Balance | 112,376 |
Commercial Banking | Acquisition of East West Markets, LLC | |
Goodwill [Line Items] | |
Acquisition of East West Markets, LLC | $ 150 |
Goodwill and Other Intangible_5
Goodwill and Other Intangible Assets (Core Deposit Intangibles) (Details) - Core Deposit Intangibles - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | |
Finite-Lived Intangible Assets [Line Items] | |||||
Impairment write downs on the core deposit intangibles | $ 0 | $ 0 | $ 0 | $ 0 | |
Gross balance | 86,099,000 | 86,099,000 | $ 86,099,000 | ||
Accumulated amortization | (78,899,000) | (78,899,000) | (76,088,000) | ||
Net carrying balance | $ 7,200,000 | $ 7,200,000 | $ 10,011,000 |
Goodwill and Other Intangible_6
Goodwill and Other Intangible Assets (Amortization Expense of Core Deposit Intangibles and Estimated Future Amortization Expense ) (Details) - Core Deposit Intangibles - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | |
Acquired Finite-Lived Intangible Assets [Line Items] | |||||
Amortization expense | $ 927 | $ 1,200 | $ 2,800 | $ 3,500 | |
Year Ended December 31, | |||||
Remainder of 2020 | 823 | 823 | |||
2021 | 2,749 | 2,749 | |||
2022 | 1,865 | 1,865 | |||
2023 | 1,199 | 1,199 | |||
2024 | 553 | 553 | |||
Thereafter | 11 | 11 | |||
Net carrying balance | $ 7,200 | $ 7,200 | $ 10,011 |
Commitments and Contingencies_2
Commitments and Contingencies (Credit-Related Commitments) (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Commitments and Contingencies Disclosure [Abstract] | ||
Loan commitments | $ 5,451,060 | $ 5,330,211 |
Commercial letters of credit and SBLCs | $ 2,118,278 | $ 1,860,414 |
Commitments and Contingencies_3
Commitments and Contingencies (Narrative) (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Commitments to Extend Credit | ||
Letters of credit | $ 2,118,278 | $ 1,860,414 |
Accrued expenses and other liabilities | ||
Commitments to Extend Credit | ||
Allowance for unfunded credit commitments | 29,000 | 11,100 |
Other Commitments | ||
Unfunded commitments in investments in qualified affordable housing partnerships, tax credit and other investments | 166,300 | 193,800 |
Single Family and Multi-family Residential Loans | Loans Sold or Securitized with Recourse | Accrued expenses and other liabilities | Loans Sold or Securitized With Recourse | ||
Commitments to Extend Credit | ||
Allowance for unfunded credit commitments | 76 | 76 |
Standby Letters of Credit | ||
Commitments to Extend Credit | ||
Letters of credit | 2,050,000 | 1,810,000 |
Commercial Letters of Credit | ||
Commitments to Extend Credit | ||
Letters of credit | $ 72,300 | $ 48,500 |
Commitments and Contingencies_4
Commitments and Contingencies (Guarantees Outstanding) (Details) - Loans Sold or Securitized With Recourse - Loans Sold or Securitized with Recourse - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Single Family Residential | ||
Guarantees | ||
Maximum Potential Future Payments | $ 11,069 | $ 12,578 |
Carrying Value | 11,069 | 12,578 |
Multifamily Residential | ||
Guarantees | ||
Maximum Potential Future Payments | 15,677 | 15,892 |
Carrying Value | 27,589 | 40,708 |
Single Family and Multi-family Residential Loans | ||
Guarantees | ||
Maximum Potential Future Payments | 26,746 | 28,470 |
Carrying Value | $ 38,658 | $ 53,286 |
Revenue from Contracts with C_3
Revenue from Contracts with Customers (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | |
Disaggregation of Revenue [Line Items] | |||||
Revenue from contracts with customers | $ 17,126,000 | $ 14,570,000 | $ 46,889,000 | $ 41,219,000 | |
Other sources of noninterest income | 32,454,000 | 36,904,000 | 115,377,000 | 105,145,000 | |
Total noninterest income | 49,580,000 | 51,474,000 | 162,266,000 | 146,364,000 | |
Contract assets | 0 | 0 | $ 0 | ||
Contract liabilities | 0 | 0 | $ 0 | ||
Consumer and Business Banking | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from contracts with customers | 12,396,000 | 10,785,000 | 33,347,000 | 30,155,000 | |
Other sources of noninterest income | 5,030,000 | 4,318,000 | 14,424,000 | 13,223,000 | |
Total noninterest income | 17,426,000 | 15,103,000 | 47,771,000 | 43,378,000 | |
Commercial Banking | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from contracts with customers | 4,723,000 | 3,776,000 | 13,488,000 | 11,029,000 | |
Other sources of noninterest income | 24,261,000 | 29,955,000 | 81,839,000 | 80,902,000 | |
Total noninterest income | 28,984,000 | 33,731,000 | 95,327,000 | 91,931,000 | |
Other | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from contracts with customers | 7,000 | 9,000 | 54,000 | 35,000 | |
Other sources of noninterest income | 3,163,000 | 2,631,000 | 19,114,000 | 11,020,000 | |
Total noninterest income | 3,170,000 | 2,640,000 | 19,168,000 | 11,055,000 | |
Deposit service charges and related fee income | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from contracts with customers | 11,541,000 | 8,788,000 | 31,001,000 | 26,017,000 | |
Deposit service charges and related fee income | Consumer and Business Banking | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from contracts with customers | 6,995,000 | 5,345,000 | 18,705,000 | 15,975,000 | |
Deposit service charges and related fee income | Commercial Banking | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from contracts with customers | 4,539,000 | 3,434,000 | 12,242,000 | 10,007,000 | |
Deposit service charges and related fee income | Other | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from contracts with customers | 7,000 | 9,000 | 54,000 | 35,000 | |
Card income | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from contracts with customers | 1,032,000 | 941,000 | 2,891,000 | 2,787,000 | |
Card income | Consumer and Business Banking | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from contracts with customers | 848,000 | 796,000 | 2,385,000 | 2,303,000 | |
Card income | Commercial Banking | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from contracts with customers | 184,000 | 145,000 | 506,000 | 484,000 | |
Card income | Other | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from contracts with customers | 0 | 0 | 0 | 0 | |
Wealth management fees | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from contracts with customers | 4,553,000 | 4,841,000 | 12,997,000 | 12,415,000 | |
Wealth management fees | Consumer and Business Banking | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from contracts with customers | 4,553,000 | 4,644,000 | 12,257,000 | 11,877,000 | |
Wealth management fees | Commercial Banking | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from contracts with customers | 0 | 197,000 | 740,000 | 538,000 | |
Wealth management fees | Other | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from contracts with customers | $ 0 | $ 0 | $ 0 | $ 0 |
Stock Compensation Plans (Narra
Stock Compensation Plans (Narrative) (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2020 | Dec. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock options outstanding (in shares) | 0 | 0 |
Time-Based RSUs | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Vesting period | 3 years | |
Total unrecognized compensation cost | $ 26.4 | |
Weighted average period to recognize unrecognized compensation cost | 1 year 10 months 13 days | |
Time-Based RSUs | Cliff | Minimum | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Vesting period | 3 years | |
Time-Based RSUs | Cliff | Maximum | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Vesting period | 5 years | |
Performance-Based RSUs | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total unrecognized compensation cost | $ 16.8 | |
Weighted average period to recognize unrecognized compensation cost | 1 year 10 months 17 days | |
Performance-Based RSUs | Minimum | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Potential for awards to vest (as a percent) | 0.00% | |
Performance-Based RSUs | Maximum | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Potential for awards to vest (as a percent) | 200.00% | |
Performance-Based RSUs | Cliff | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Vesting period | 3 years |
Stock Compensation Plans (Summa
Stock Compensation Plans (Summary of Total Share-Based Compensation Expense and Related Net Tax Benefits) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Total Stock Compensation Expense and Related Net Tax Benefit [Abstract] | ||||
Stock compensation costs | $ 7,921 | $ 7,487 | $ 22,201 | $ 23,012 |
Related net tax (deficiencies) benefits for stock compensation plans | $ (14) | $ 15 | $ (1,589) | $ 4,723 |
Stock Compensation Plans (Sum_2
Stock Compensation Plans (Summary of Activity for Time-Based and Performance-Based RSUs) (Details) | 9 Months Ended |
Sep. 30, 2020$ / sharesshares | |
Time-Based RSUs Settled in Shares | |
Shares | |
Outstanding, at beginning of period (in shares) | 1,139,868 |
Granted (in shares) | 657,593 |
Vested (in shares) | (253,726) |
Forfeited (in shares) | (144,944) |
Outstanding, at end of period (in shares) | 1,398,791 |
Weighted-Average Grant Date Fair Value | |
Outstanding, at beginning of period (in dollars per share) | $ / shares | $ 57.78 |
Granted (in dollars per share) | $ / shares | 40.51 |
Vested (in dollars per share) | $ / shares | 54.49 |
Forfeited (in dollars per share) | $ / shares | 53.32 |
Outstanding, at end of period (in dollars per share) | $ / shares | $ 50.72 |
Performance-Based RSUs Settled in Shares | |
Shares | |
Outstanding, at beginning of period (in shares) | 386,483 |
Granted (in shares) | 165,084 |
Vested (in shares) | (131,597) |
Forfeited (in shares) | 0 |
Outstanding, at end of period (in shares) | 419,970 |
Weighted-Average Grant Date Fair Value | |
Outstanding, at beginning of period (in dollars per share) | $ / shares | $ 60.13 |
Granted (in dollars per share) | $ / shares | 39.79 |
Vested (in dollars per share) | $ / shares | 56.59 |
Forfeited (in dollars per share) | $ / shares | 0 |
Outstanding, at end of period (in dollars per share) | $ / shares | $ 53.24 |
Time-Based RSUs Settled in Cash | |
Shares | |
Outstanding, at beginning of period (in shares) | 11,638 |
Granted (in shares) | 11,215 |
Vested (in shares) | 0 |
Forfeited (in shares) | (764) |
Outstanding, at end of period (in shares) | 22,089 |
Stockholders' Equity and Earn_3
Stockholders' Equity and Earnings Per Share (Earnings Per Share Calculation) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Jan. 17, 2014 | Jan. 16, 2014 | |
Basic: | ||||||
Net income | $ 159,537 | $ 171,416 | $ 403,713 | $ 485,820 | ||
Basic weighted-average number of shares outstanding (in shares) | 141,498,000 | 145,559,000 | 142,595,000 | 145,455,000 | ||
Basic EPS (in dollars per share) | $ 1.13 | $ 1.18 | $ 2.83 | $ 3.34 | ||
Diluted: | ||||||
Net income | $ 159,537 | $ 171,416 | $ 403,713 | $ 485,820 | ||
Basic weighted-average number of shares outstanding (in shares) | 141,498,000 | 145,559,000 | 142,595,000 | 145,455,000 | ||
Diluted potential common shares (in shares) | 545,000 | 561,000 | 487,000 | 633,000 | ||
Diluted weighted-average number of shares outstanding (in shares) | 142,043,000 | 146,120,000 | 143,082,000 | 146,088,000 | ||
Diluted EPS (in dollars per share) | $ 1.12 | $ 1.17 | $ 2.82 | $ 3.33 | ||
Common Stock | ||||||
Diluted: | ||||||
Shares of common stock into which the warrant may be converted (in shares) | 230,282 | |||||
MetroCorp | MetroCorp | ||||||
Diluted: | ||||||
Shares of common stock into which the warrant may be converted (in shares) | 771,429 |
Stockholders' Equity and Earn_4
Stockholders' Equity and Earnings Per Share (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Mar. 03, 2020 | |
Stockholders' Equity and Earnings Per Share [Abstract] | |||||
Stock repurchase program, amount authorized | $ 500 | ||||
Repurchased by company (in shares) | 0 | 4,471,682 | |||
Average price (in dollars per share) | $ 32.64 | ||||
Total cost | $ 146 | ||||
RSUs | |||||
Anti-dilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||
Weighted-average anti-dilutive shares (in shares) | 124,000 | 564,000 | 123,000 | 277,000 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Loss) (Components of AOCI) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Beginning balance | $ 4,987,243 | $ 4,734,593 | $ 5,017,617 | $ 4,423,974 |
Other comprehensive income | 10,180 | 9,005 | 51,722 | 57,207 |
Ending balance | 5,126,106 | 4,882,664 | 5,126,106 | 4,882,664 |
AFS Debt Securities | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Beginning balance | 42,850 | 5,217 | (2,419) | (45,821) |
Net unrealized gains (losses) arising during the period | 5,126 | 11,904 | 58,262 | 65,061 |
Amounts reclassified from AOCI | (492) | (41) | (8,359) | (2,160) |
Other comprehensive income | 4,634 | 11,863 | 49,903 | 62,901 |
Ending balance | 47,484 | 17,080 | 47,484 | 17,080 |
Cash Flow Hedges | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Beginning balance | (1,333) | 0 | 0 | 0 |
Net unrealized gains (losses) arising during the period | 25 | 0 | (1,038) | 0 |
Amounts reclassified from AOCI | 62 | 0 | (208) | 0 |
Other comprehensive income | 87 | 0 | (1,246) | 0 |
Ending balance | (1,246) | 0 | (1,246) | 0 |
Foreign Currency Translation Adjustments, Net of Hedges | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Beginning balance | (18,383) | (15,189) | (15,989) | (12,353) |
Net unrealized gains (losses) arising during the period | 5,459 | (2,858) | 3,065 | (5,694) |
Amounts reclassified from AOCI | 0 | 0 | 0 | 0 |
Other comprehensive income | 5,459 | (2,858) | 3,065 | (5,694) |
Ending balance | (12,924) | (18,047) | (12,924) | (18,047) |
AOCI, Net of Tax | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Beginning balance | 23,134 | (9,972) | (18,408) | (58,174) |
Net unrealized gains (losses) arising during the period | 10,610 | 9,046 | 60,289 | 59,367 |
Amounts reclassified from AOCI | (430) | (41) | (8,567) | (2,160) |
Other comprehensive income | 10,180 | 9,005 | 51,722 | 57,207 |
Ending balance | $ 33,314 | $ (967) | $ 33,314 | $ (967) |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Income (Loss) (Components of Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Before-Tax | ||||
Net change | $ 11,146 | $ 15,224 | $ 71,435 | $ 87,876 |
Tax Effect | ||||
Net change | (966) | (6,219) | (19,713) | (30,669) |
Net-of-Tax | ||||
Other comprehensive income | 10,180 | 9,005 | 51,722 | 57,207 |
AFS Debt Securities | ||||
Before-Tax | ||||
Net unrealized gains (losses) arising during the period | 7,304 | 16,900 | 82,767 | 92,369 |
Net realized (gains) losses reclassified into net income | (698) | (58) | (11,867) | (3,066) |
Net change | 6,606 | 16,842 | 70,900 | 89,303 |
Tax Effect | ||||
Net unrealized gains (losses) arising during the period | (2,178) | (4,996) | (24,505) | (27,308) |
Net realized (gains) losses reclassified into net income | 206 | 17 | 3,508 | 906 |
Net change | (1,972) | (4,979) | (20,997) | (26,402) |
Net-of-Tax | ||||
Net unrealized gains (losses) arising during the period | 5,126 | 11,904 | 58,262 | 65,061 |
Net realized (gains) losses reclassified into net income | (492) | (41) | (8,359) | (2,160) |
Other comprehensive income | 4,634 | 11,863 | 49,903 | 62,901 |
Cash Flow Hedges | ||||
Before-Tax | ||||
Net unrealized gains (losses) arising during the period | 34 | 0 | (1,449) | 0 |
Net realized (gains) losses reclassified into net income | 87 | 0 | (290) | 0 |
Net change | 121 | 0 | (1,739) | 0 |
Tax Effect | ||||
Net unrealized gains (losses) arising during the period | (9) | 0 | 411 | 0 |
Net realized (gains) losses reclassified into net income | (25) | 0 | 82 | 0 |
Net change | (34) | 0 | 493 | 0 |
Net-of-Tax | ||||
Net unrealized gains (losses) arising during the period | 25 | 0 | (1,038) | 0 |
Net realized (gains) losses reclassified into net income | 62 | 0 | (208) | 0 |
Other comprehensive income | 87 | 0 | (1,246) | 0 |
Foreign Currency Translation Adjustments, Net of Hedges | ||||
Before-Tax | ||||
Net unrealized gains (losses) arising during the period | 4,419 | (1,618) | 2,274 | (1,427) |
Net change | 4,419 | (1,618) | 2,274 | (1,427) |
Tax Effect | ||||
Net unrealized gains (losses) arising during the period | 1,040 | (1,240) | 791 | (4,267) |
Net change | 1,040 | (1,240) | 791 | (4,267) |
Net-of-Tax | ||||
Net unrealized gains (losses) arising during the period | 5,459 | (2,858) | 3,065 | (5,694) |
Net realized (gains) losses reclassified into net income | 0 | 0 | 0 | 0 |
Other comprehensive income | $ 5,459 | $ (2,858) | $ 3,065 | $ (5,694) |
Business Segments (Narrative) (
Business Segments (Narrative) (Details) | 9 Months Ended |
Sep. 30, 2020segment | |
Segment Reporting [Abstract] | |
Number of reportable segments | 3 |
Number of core segments | 2 |
Number of operating segments | 3 |
Business Segments (Operating Re
Business Segments (Operating Results and Other Key Financial Measures) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | |
Segment Reporting Information | |||||
Net interest income before (reversal of) provision for credit losses | $ 324,130 | $ 369,807 | $ 1,030,612 | $ 1,099,594 | |
Provision for (reversal of) credit losses | 10,000 | 38,284 | 186,313 | 80,108 | |
Noninterest Income | 49,580 | 51,474 | 162,266 | 146,364 | |
Noninterest expense | 167,650 | 176,630 | 534,222 | 541,215 | |
Segment income before income taxes | 196,060 | 206,367 | 472,343 | 624,635 | |
Segment net income | 159,537 | 171,416 | 403,713 | 485,820 | |
Segment assets | 50,371,477 | 43,274,659 | 50,371,477 | 43,274,659 | $ 44,196,096 |
Consumer and Business Banking | |||||
Segment Reporting Information | |||||
Net interest income before (reversal of) provision for credit losses | 120,969 | 170,183 | 398,486 | 536,153 | |
Provision for (reversal of) credit losses | (3,470) | 4,251 | 9,908 | 8,880 | |
Noninterest Income | 17,426 | 15,103 | 47,771 | 43,378 | |
Noninterest expense | 81,419 | 86,489 | 248,547 | 258,051 | |
Segment income before income taxes | 60,446 | 94,546 | 187,802 | 312,600 | |
Segment net income | 43,310 | 67,592 | 134,563 | 223,478 | |
Segment assets | 12,838,625 | 11,277,171 | 12,838,625 | 11,277,171 | |
Commercial Banking | |||||
Segment Reporting Information | |||||
Net interest income before (reversal of) provision for credit losses | 162,884 | 166,106 | 530,181 | 477,755 | |
Provision for (reversal of) credit losses | 13,470 | 34,033 | 176,405 | 71,228 | |
Noninterest Income | 28,984 | 33,731 | 95,327 | 91,931 | |
Noninterest expense | 61,863 | 62,246 | 196,889 | 200,093 | |
Segment income before income taxes | 116,535 | 103,558 | 252,214 | 298,365 | |
Segment net income | 83,340 | 74,111 | 180,649 | 213,331 | |
Segment assets | 26,526,173 | 24,885,849 | 26,526,173 | 24,885,849 | |
Other | |||||
Segment Reporting Information | |||||
Net interest income before (reversal of) provision for credit losses | 40,277 | 33,518 | 101,945 | 85,686 | |
Provision for (reversal of) credit losses | 0 | 0 | 0 | 0 | |
Noninterest Income | 3,170 | 2,640 | 19,168 | 11,055 | |
Noninterest expense | 24,368 | 27,895 | 88,786 | 83,071 | |
Segment income before income taxes | 19,079 | 8,263 | 32,327 | 13,670 | |
Segment net income | 32,887 | 29,713 | 88,501 | 49,011 | |
Segment assets | $ 11,006,679 | $ 7,111,639 | $ 11,006,679 | $ 7,111,639 |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) $ / shares in Units, $ in Millions | 1 Months Ended | 3 Months Ended | 9 Months Ended | |||
Oct. 31, 2020 | Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Nov. 16, 2020 | |
Subsequent events | ||||||
Dividends declared per common share (in dollars per share) | $ 0.275 | $ 0.275 | $ 0.825 | $ 0.780 | ||
Subsequent Event | ||||||
Subsequent events | ||||||
Dividends Payable, Amount Per Share | $ 0.275 | |||||
Subsequent Event | CARES Act, Paycheck Protection Program Liquidity Facility | ||||||
Subsequent events | ||||||
Advances payoff in full | $ 1,430 |