Cover
Cover - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Feb. 21, 2023 | Jun. 30, 2022 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2022 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Transition Report | false | ||
Entity File Number | 000-50245 | ||
Entity Registrant Name | HOPE BANCORP, INC. | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 95-4849715 | ||
Entity Address, Address Line One | 3200 Wilshire Boulevard, | ||
Entity Address, Address Line Two | Suite 1400 | ||
Entity Address, City or Town | Los Angeles | ||
Entity Address, State or Province | CA | ||
Entity Address, Postal Zip Code | 90010 | ||
City Area Code | 213 | ||
Local Phone Number | 639-1700 | ||
Title of 12(b) Security | Common Stock, par value $0.001 per share | ||
Trading Symbol | HOPE | ||
Security Exchange Name | NASDAQ | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Common Stock, Shares Outstanding (in shares) | 119,498,107 | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2022 | ||
Document Fiscal Period Focus | FY | ||
Entity Central Index Key | 0001128361 | ||
Entity Public Float | $ 1,574,584,883 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
ICFR Auditor Attestation Flag | true |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2022 | |
Auditor Information [Abstract] | |
Auditor Firm ID | 173 |
Auditor Name | Crowe LLP |
Auditor Location | Los Angeles, California |
Consolidated Statements Of Fina
Consolidated Statements Of Financial Condition - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Cash and cash equivalents: | ||
Cash and due from banks | $ 213,774 | $ 271,319 |
Interest bearing cash in other banks | 293,002 | 44,947 |
Total cash and cash equivalents | 506,776 | 316,266 |
Interest bearing deposits in other financial institutions | 735 | 12,851 |
Investment securities available for sale, at fair value | 1,972,129 | 2,666,275 |
Investment securities held to maturity, at amortized cost | 271,066 | 0 |
Equity investments | 42,396 | 57,860 |
Loans held for sale, at the lower of cost or fair value | 49,245 | 99,049 |
Loans receivable, net of allowance for credit losses | 15,241,181 | 13,812,193 |
Other real estate owned (“OREO”), net | 2,418 | 2,597 |
Federal Home Loan Bank (“FHLB”) stock, at cost | 18,630 | 17,250 |
Premises and equipment, net | 46,859 | 45,667 |
Accrued interest receivable | 55,460 | 41,842 |
Deferred tax assets, net | 150,409 | 49,719 |
Customers’ liabilities on acceptances | 818 | 1,521 |
Bank owned life insurance (“BOLI”) | 77,078 | 77,081 |
Investments in affordable housing partnerships | 47,711 | 58,387 |
Operating lease right-of-use assets, net | 55,034 | 52,701 |
Goodwill | 464,450 | 464,450 |
Core deposit intangible assets, net | 5,726 | 7,671 |
Servicing assets, net | 11,628 | 10,418 |
Other assets | 144,742 | 95,263 |
Total assets | 19,164,491 | 17,889,061 |
Deposits: | ||
Noninterest bearing | 4,849,493 | 5,751,870 |
Interest bearing: | ||
Money market and NOW accounts | 5,615,784 | 6,178,850 |
Savings deposits | 283,464 | 321,377 |
Time deposits | 4,990,060 | 2,788,353 |
Total deposits | 15,738,801 | 15,040,450 |
FHLB and FRB borrowings | 865,000 | 300,000 |
Convertible notes, net | 217,148 | 216,209 |
Subordinated debentures, net | 106,565 | 105,354 |
Accrued interest payable | 26,668 | 4,272 |
Acceptances outstanding | 818 | 1,521 |
Operating lease liabilities | 59,088 | 57,303 |
Commitments to fund investments in affordable housing partnerships | 11,792 | 9,514 |
Other liabilities | 119,283 | 61,455 |
Total liabilities | 17,145,163 | 15,796,078 |
STOCKHOLDERS’ EQUITY: | ||
Common Stock, par value, issued | 137 | 136 |
Additional paid-in capital | 1,431,003 | 1,421,698 |
Retained earnings | 1,083,712 | 932,561 |
Treasury Stock, at cost | (264,667) | (250,000) |
Accumulated other comprehensive loss, net | (230,857) | (11,412) |
Total stockholders’ equity | 2,019,328 | 2,092,983 |
Total liabilities and stockholders’ equity | $ 19,164,491 | $ 17,889,061 |
Consolidated Statements Of Fi_2
Consolidated Statements Of Financial Condition (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Statement of Financial Position [Abstract] | ||
Investment securities held to maturity, fair value | $ 258,407 | $ 0 |
Allowance for credit losses on loans receivable | $ 162,359 | $ 140,550 |
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized (in shares) | 150,000,000 | 150,000,000 |
Common stock, shares issued (in shares) | 136,878,044 | 136,350,301 |
Common stock, shares outstanding (in shares) | 119,495,209 | 120,006,452 |
Treasury stock, at cost, shares repurchased (in shares) | 17,382,835 | 16,343,849 |
Consolidated Statements Of Inco
Consolidated Statements Of Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
INTEREST INCOME: | |||
Interest and fees on loans | $ 660,732 | $ 528,174 | $ 554,967 |
Interest on investment securities | 52,220 | 35,492 | 39,362 |
Interest on other investments | 3,163 | 2,866 | 4,549 |
Total interest income | 716,115 | 566,532 | 598,878 |
INTEREST EXPENSE: | |||
Interest on deposits | 114,839 | 42,011 | 110,369 |
Interest Expense, FHLB and FRB borrowings | 11,525 | 2,561 | 6,865 |
Interest on other borrowings and convertible notes | 11,330 | 9,190 | 14,146 |
Total interest expense | 137,694 | 53,762 | 131,380 |
NET INTEREST INCOME BEFORE PROVISION (CREDIT) FOR CREDIT LOSSES | 578,421 | 512,770 | 467,498 |
PROVISION (CREDIT) FOR CREDIT LOSSES | 9,600 | (12,200) | 95,000 |
NET INTEREST INCOME AFTER PROVISION (CREDIT) FOR CREDIT LOSSES | 568,821 | 524,970 | 372,498 |
NONINTEREST INCOME: | |||
Service fees on deposit accounts | 8,938 | 7,275 | 12,443 |
International service fees | 3,134 | 3,586 | 3,139 |
Loan servicing fees, net | 3,588 | 3,367 | 2,809 |
Wire transfer fees | 3,477 | 3,519 | 3,577 |
Swap fees | 2,605 | 1,458 | 4,066 |
Net gains on sales of SBA loans | 16,343 | 8,448 | 0 |
Net gains on sales of residential mortgage loans | 882 | 4,435 | 8,004 |
Net losses on sales of other loans | 193 | 0 | 0 |
Net gains on sales of securities available for sale | 0 | 0 | 7,531 |
Other income and fees | 12,237 | 11,506 | 11,863 |
Total noninterest income | 51,397 | 43,594 | 53,432 |
NONINTEREST EXPENSE: | |||
Salaries and employee benefits | 204,719 | 175,151 | 162,922 |
Occupancy | 28,267 | 28,898 | 28,917 |
Furniture and equipment | 19,434 | 18,079 | 17,548 |
Advertising and marketing | 7,470 | 8,707 | 6,284 |
Data processing and communications | 10,683 | 10,331 | 9,344 |
Professional fees | 6,314 | 12,168 | 8,170 |
Investments in affordable housing partnership expenses | 8,742 | 11,067 | 13,146 |
FDIC assessments | 6,248 | 5,109 | 5,544 |
Credit related expenses | 5,897 | 4,400 | 6,817 |
OREO expense, net | 315 | 1,638 | 3,865 |
Software impairment | 0 | 2,146 | 0 |
Earnings credit rebate | 10,998 | 1,842 | 654 |
Federal Home Loan Bank Prepayment Fee | 0 | 0 | 2,367 |
Restructuring Costs | 0 | 0 | 3,584 |
Other | 15,083 | 13,756 | 14,477 |
Total noninterest expense | 324,170 | 293,292 | 283,639 |
INCOME BEFORE INCOME TAXES | 296,048 | 275,272 | 142,291 |
INCOME TAX PROVISION | 77,771 | 70,700 | 30,776 |
NET INCOME | $ 218,277 | $ 204,572 | $ 111,515 |
Earnings Per Share [Abstract] | |||
Basic (in dollars per share) | $ 1.82 | $ 1.67 | $ 0.90 |
Diluted (in dollars per share) | $ 1.81 | $ 1.66 | $ 0.90 |
Consolidated Statements Of Comp
Consolidated Statements Of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 218,277 | $ 204,572 | $ 111,515 |
Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||
OCI, Debt Securities, Available-for-Sale, Unrealized Holding Gain (Loss), before Adjustment and Tax | (297,919) | (65,551) | 41,562 |
OCI, Debt Securities. Transferred to Held to Maturity Adjustment including Amortization of Unrealized Gains (Losses), before Tax | (36,576) | 0 | 0 |
Change in unrealized net holding gains (losses) on interest rate swaps used in cash flow hedges | 23,062 | 2,893 | (602) |
Reclassification adjustments for net losses (gains) realized in net income | 253 | 319 | (7,583) |
Tax effect | 91,735 | 18,174 | (9,773) |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent, Total | (219,445) | (44,165) | 23,604 |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent, Total | $ (1,168) | $ 160,407 | $ 135,119 |
Consolidated Statements Of Chan
Consolidated Statements Of Changes In Stockholders' Equity - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Treasury Stock [Member] | AOCI Attributable to Parent [Member] |
Balance at beginning of period (in shares) at Dec. 31, 2019 | 125,756,543 | |||||
Balance at beginning of period at Dec. 31, 2019 | $ 2,036,011 | $ 136 | $ 1,428,066 | $ 762,480 | $ (163,820) | $ 9,149 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Financing Receivable, Current Expected Credit Loss, Cumulative Effect On Retained Earnings, Before Tax | ASU 2016-01 | (26,729) | |||||
Financing Receivable, Current Expected Credit Loss, Cumulative Effect On Retained Earnings, Tax | ASU 2016-13 | 7,856 | |||||
Issuance of shares pursuant to various stock plans, net of forfeitures and tax withholding cancellations (in shares) | 224,355 | |||||
Shares Issued, Value, Share-Based Payment Arrangement, after Forfeiture | 0 | $ 0 | 0 | |||
APIC, Share-Based Payment Arrangement, Increase for Cost Recognition | 6,850 | 6,850 | ||||
Cash dividends declared on common stock | (69,182) | (69,182) | ||||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract] | ||||||
Net income | 111,515 | 111,515 | ||||
Other comprehensive income (loss) | $ 23,604 | 23,604 | ||||
Repurchase of treasury stock (in shares) | 2,716,034 | 2,716,034 | ||||
Repurchase of treasury stock | $ (36,180) | (36,180) | ||||
Balance at end of period (in shares) at Dec. 31, 2020 | 123,264,864 | |||||
Balance at end of period at Dec. 31, 2020 | 2,053,745 | $ 136 | 1,434,916 | 785,940 | (200,000) | 32,753 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Convertible debt, cumulative effect on retained earnings before tax | 10,715 | |||||
Adjustments to Additional Paid in Capital, Equity Component of Convertible Debt | (10,705) | (21,420) | ||||
AdjustmentsToAdditionalPaidInCapitalEquityComponentOfConvertibleDebt, tax | 3,160 | 3,160 | ||||
Issuance of shares pursuant to various stock plans, net of forfeitures and tax withholding cancellations (in shares) | 423,856 | |||||
Shares Issued, Value, Share-Based Payment Arrangement, after Forfeiture | 0 | $ 0 | 0 | |||
APIC, Share-Based Payment Arrangement, Increase for Cost Recognition | 5,042 | 5,042 | ||||
Cash dividends declared on common stock | (68,666) | (68,666) | ||||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract] | ||||||
Net income | 204,572 | 204,572 | ||||
Other comprehensive income (loss) | $ (44,165) | (44,165) | ||||
Repurchase of treasury stock (in shares) | 3,682,268 | 3,682,268 | ||||
Repurchase of treasury stock | $ (50,000) | (50,000) | ||||
Balance at end of period (in shares) at Dec. 31, 2021 | 120,006,452 | |||||
Balance at end of period at Dec. 31, 2021 | 2,092,983 | $ 136 | 1,421,698 | 932,561 | (250,000) | (11,412) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Issuance of shares pursuant to various stock plans, net of forfeitures and tax withholding cancellations (in shares) | 527,743 | |||||
Shares Issued, Value, Share-Based Payment Arrangement, after Forfeiture | 531 | $ 1 | 530 | |||
APIC, Share-Based Payment Arrangement, Increase for Cost Recognition | 8,775 | 8,775 | ||||
Cash dividends declared on common stock | (67,126) | (67,126) | ||||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract] | ||||||
Net income | 218,277 | 218,277 | ||||
Other comprehensive income (loss) | $ (219,445) | (219,445) | ||||
Repurchase of treasury stock (in shares) | 1,038,986 | 1,038,986 | ||||
Repurchase of treasury stock | $ (14,667) | (14,667) | ||||
Balance at end of period (in shares) at Dec. 31, 2022 | 119,495,209 | |||||
Balance at end of period at Dec. 31, 2022 | $ 2,019,328 | $ 137 | $ 1,431,003 | $ 1,083,712 | $ (264,667) | $ (230,857) |
Consolidated Statements Of Ch_2
Consolidated Statements Of Changes In Stockholders' Equity (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
CECL impact | Accounting Standards Update 2020-06 | ||
Cash dividends declared on common stock (in dollars per share) | $ 0.56 | $ 0.56 | $ 0.56 |
ASU 2016-01 | |||
CECL impact | ASU 2016-01 | ||
ASU 2016-13 | |||
CECL impact | ASU 2016-13 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
CASH FLOWS FROM OPERATING ACTIVITIES | |||
Net income | $ 218,277 | $ 204,572 | $ 111,515 |
Adjustments to reconcile net income to net cash from operating activities: | |||
Discount accretion, net of depreciation and amortization | 20,087 | 26,000 | 12,244 |
Stock-based compensation expense | 12,263 | 8,398 | 8,127 |
Provision (credit) for credit losses | 9,600 | (12,200) | 95,000 |
Provision (credit) for unfunded loan commitments | 250 | (195) | 660 |
Provision for accrued interest receivables on loans | 1,107 | 846 | 1,000 |
Valuation adjustment of OREO | 415 | 1,621 | 3,284 |
Write-down of right-of-use assets | 0 | 0 | 1,751 |
Net gains on sales of SBA loans | (17,418) | (12,883) | (8,004) |
Net losses on sales of OREO | (178) | (684) | (108) |
Net gains on sales and calls of securities available for sale | 0 | 0 | (7,531) |
Net change in fair value of equity investments with readily determinable fair value | 1,912 | 789 | (488) |
Losses on investments in affordable housing partnerships | 10,374 | 10,774 | 12,863 |
Payment of FHLB prepayment fee | 0 | 0 | 3,584 |
Software impairment | 0 | 2,146 | 0 |
Net change in deferred income taxes | (8,955) | 19,626 | (17,998) |
Proceeds from sales of loans held for sale | 238,904 | 229,302 | 305,060 |
Originations of loans held for sale | (55,466) | (192,161) | (268,283) |
Originations of servicing assets | (5,200) | (2,880) | (2,864) |
Net change in accrued interest receivable | (17,248) | 16,742 | (28,658) |
Net change in other assets | (3,519) | 49,010 | (59,228) |
Net change in accrued interest payable | 22,396 | (10,434) | (19,104) |
Net change in other liabilities | 57,578 | (15,546) | 22,878 |
Net cash provided by operating activities | 485,535 | 324,211 | 165,916 |
CASH FLOWS FROM INVESTING ACTIVITIES | |||
Purchase of interest bearing deposits in other financial institutions | 0 | (4,233) | (20,597) |
Redemption of interest bearing deposits in other financial institutions | 12,116 | 20,024 | 21,117 |
Purchase of securities | (212,496) | (1,159,057) | (1,273,369) |
Proceeds from matured, called, or paid-down securities | 324,706 | 694,715 | 565,362 |
Proceeds from sale of securities | 0 | 0 | 168,069 |
Purchase of securities | (41,583) | 0 | 0 |
Proceeds from matured, called, or paid-down securities | 11,638 | 0 | 0 |
Proceeds from sales of equity investments | 20,603 | 1,277 | 201 |
Purchase of equity investments | (350) | 0 | (10,000) |
Proceeds from sales of other loans held for sale previously classified as held for investment | 160,805 | 335,888 | 1,294 |
Purchase of loans receivable | (56,266) | (214,988) | 0 |
Net change in loans receivable | (1,680,144) | (671,581) | (1,273,988) |
Proceeds from sales of OREO | 524 | 15,220 | 2,458 |
Purchase of FHLB stock | (21,378) | 0 | (1,346) |
Redemption of FHLB stock | 19,998 | 0 | 3,503 |
Purchase of premises and equipment | (9,111) | (7,220) | (4,973) |
Proceeds from BOLI death benefits | 1,215 | 1,283 | 970 |
Investments in affordable housing partnerships | (3,903) | (4,368) | (13,333) |
Net cash used in investing activities | (1,473,626) | (993,040) | (1,834,632) |
CASH FLOWS FROM FINANCING ACTIVITIES | |||
Net change in deposits | 698,351 | 706,538 | 1,806,548 |
Proceeds from FHLB advances | 23,750,885 | 2,319,000 | 1,360,000 |
Repayment of FHLB advances | (23,450,885) | (2,269,000) | (1,738,584) |
Proceeds from FRB borrowings | 16,548,000 | 0 | 0 |
Repayment of FRB borrowings | (16,283,000) | 0 | 0 |
Purchase of treasury stock | (14,667) | (50,000) | (36,777) |
Cash dividends paid on common stock | (67,126) | (68,666) | (69,182) |
Taxes paid in net settlement of restricted stock | (3,488) | (3,356) | (1,277) |
Issuance of additional stock pursuant to various stock plans | 531 | 0 | 0 |
Net cash provided by financing activities | 1,178,601 | 634,516 | 1,320,728 |
NET CHANGE IN CASH AND CASH EQUIVALENTS | 190,510 | (34,313) | (347,988) |
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 316,266 | 350,579 | 698,567 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | 506,776 | 316,266 | 350,579 |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION | |||
Interest paid | 113,148 | 62,081 | 144,234 |
Income taxes paid | 96,398 | 42,201 | 49,220 |
SUPPLEMENTAL DISCLOSURES OF NON-CASH ACTIVITIES | |||
Transfer from loans receivable to OREO | 938 | 0 | 2,928 |
Transfer from loans receivable to loans held for sale | 311,535 | 472,598 | 1,243 |
Transfer from loans held for sale to loans receivable | 12,021 | 19,625 | 2,933 |
Transfer from investment securities available for sale to held to maturity, at fair value | 238,966 | 0 | 0 |
Lease liabilities arising from obtaining right-of-use assets | $ 16,977 | $ 965 | $ 0 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Nature of Operations— Hope Bancorp, Inc. (“Hope Bancorp” on a parent-only basis and the “Company” on a consolidated basis), headquartered in Los Angeles, California, is the holding company for Bank of Hope (the “Bank”). The Bank has branches in California, New York, Illinois, Washington, Texas, New Jersey, Virginia, Alabama, and Georgia, as well as loan production offices in Atlanta, Houston, Dallas, Denver, Portland, Seattle, Tampa, Southern California, and Northern California. Hope Bancorp is a corporation organized under the laws of the state of Delaware and a bank holding company registered under the Bank Holding Company Act of 1956, as amended. The Bank is a California-chartered bank and its deposits are insured by the FDIC to the extent provided by law. The Company specializes in core business banking products for small and medium-sized businesses, with an emphasis in commercial real estate and business lending, SBA lending, and international trade financing. Principles of Consolidation— The accounting and reporting policies of the Company are in accordance with accounting principles generally accepted in the United States of America and conform to practices within the banking industry. The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries, principally the Bank. Intercompany transactions and balances are eliminated in consolidation. Cash and Cash Equivalents —Cash and cash equivalents include cash and due from banks, interest-earning deposits, and federal funds sold, which have original maturities less than 90 days. The Company may be required to maintain reserve and clearing balances with the Federal Reserve Bank under the Federal Reserve Act. The reserve and clearing requirement balance was $0 at December 31, 2022 and 2021. Net cash flows are reported for customer loan and deposit transactions, investment transactions, federal funds purchased, deferred income taxes, and other assets and liabilities. Interest-Bearing Deposits in Other Financial Institutions —Interest-bearing deposits in other financial institutions are comprised of the Company’s investments in certificates of deposits that have original maturities greater than 90 days. Investment Securities— Securities are classified and accounted for as follows: (i) Securities that the Company has the positive intent and ability to hold to maturity are classified as “held to maturity” and reported at amortized cost. (ii) Securities are classified as “available for sale” when they might be sold before maturity and are reported at fair value. Unrealized holding gains and losses are reported as a separate component of stockholders’ equity in accumulated other comprehensive income, net of taxes. Accreted discounts and amortized premiums on securities are included in interest income using the interest method, and realized gains or losses related to sales of securities recorded on trade date and are calculated using the specific identification method, without anticipating prepayments, except for mortgage-backed securities where prepayments are expected. The Company has made a policy election to exclude accrued interest from the amortized cost basis of debt securities and report accrued interest separately in accrued interest and other assets on the consolidated balance sheets. Investment securities available for sale and held to maturity are placed on non-accrual status when management no longer expects to receive all contractual amounts due, which is generally at 90 days past due. Accrued interest receivable is reversed against interest income when a security is placed on non-accrual status. Accordingly, the Company does not recognize an allowance for credit loss against accrued interest receivable. Management may transfer investment securities classified as AFS to HTM when upon reassessment it is determined that the Company has both the positive intent and ability to hold these securities to maturity. The investment securities are transferred at fair value resulting in a premium or discount recorded on the transfer date. Unrealized gains or losses at the date of transfer continue to be reported as a separate component of accumulated other comprehensive income/loss, net (“AOCI”). The premium or discount and the unrealized gain or loss, net of tax, in AOCI will be amortized to interest income over the remaining life of the securities using the interest method. In 2022, the Company transferred $239.0 million in fair value of available for sale securities to held to maturity. There were no transfers in 2021. Investment securities AFS are recorded at fair value, with unrealized gains and losses, net of tax, reported as a separate component of AOCI. For investment securities AFS in an unrealized loss position, the Company first assesses whether it intends to sell, or it is more-likely-than-not that it will be required to sell, the securities before recovery of the amortized cost basis. If either of these criteria is met, the securities’ amortized cost basis is written down to fair value as a current period expense recorded on the consolidated statements of income and other comprehensive income. If either of the above criteria is not met, management evaluates whether the decline in fair value is the result of credit losses or other factors. In making this assessment, management may consider various factors including the extent to which fair value is less than amortized cost, performance of any underlying collateral and adverse conditions specifically related to the security, among other factors. If this assessment indicates that a credit loss exists, the present value of cash flows expected to be collected are compared to the amortized cost basis of the security and any excess is recorded as an allowance for credit losses, limited to the amount by which the fair value is less than the amortized cost basis. Any impairment not recorded through an allowance for credit losses is recognized in AOCI, net of tax, as a non-credit related impairment. For allowance for credit losses on investment securities AFS and HTM, refer to the Allowance for Credit Losses on Securities Available for Sale and Allowance for Credit Losses on Securities Held to Maturity sections of Note 3 “Investment Securities” for details. Equity Investments —Equity investments include mutual funds, correspondent bank stock, Community Development Financial Institutions Fund (“CDFI”) investments, and Community Reinvestment Act (“CRA”) investments. The Company’s mutual funds are considered equity investments with readily determinable fair values and changes to fair value are recorded in other noninterest income. The Company’s investment in correspondent bank stock, CDFI investments, and CRA investments are equity investments without readily determinable fair values. Equity investments without readily determinable fair values are measured at cost, less impairment, and are adjusted for observable price changes which is recorded in noninterest income. Derivative Financial Instruments and Hedging Transactions —As part of the Company’s asset and liability management strategy, the Company uses derivative financial instruments, such as interest rate swaps, risk participation agreements, foreign exchange contracts, collars, and caps and floors, with the overall goal of minimizing the impact of interest rate fluctuations on net interest margin. The Company’s interest rate swaps and caps involve the exchange of fixed rate and variable rate interest payment obligations without the exchange of the underlying notional amounts and are therefore accounted for as stand-alone derivatives. Derivative instruments are included in other assets or accrued expenses and other liabilities on the Consolidated Balance Sheet at fair value. At the inception of the derivative contract, the Company designates the derivative as (1) a hedge of a forecasted transaction or of the variability of cash flows to be received or paid related to a recognized asset or liability (“cash flow hedge”), or (2) an instrument with no hedging designation (“stand-alone derivative”). For a cash flow hedge, the gain or loss on the derivative is reported as a component of other comprehensive income and reclassified into earnings in the same period or periods during which the hedged transaction affects earnings. Changes in the fair value of derivatives that do not qualify for hedge accounting are reported currently in earnings, in noninterest income. Net cash settlements on derivatives that do not qualify for hedge accounting are reported in noninterest income. The related cash flows are recognized on the cash flows from operating activities section on the Consolidated Statement of Cash Flows. Residential mortgage loans funded with interest rate lock commitments and forward commitments for the future delivery of mortgage loans to third party investors, are both considered derivatives. The Company accounts for loan commitments related to the origination of mortgage loans that will be held-for-sale as derivatives at fair value on the balance sheet, with changes in fair value recorded in earnings in the period in which the changes occur. As part of the Company’s overall risk management, the Company’s Asset Liability Committee, which meets monthly, monitors and measures interest rate risk and the sensitivity of assets and liabilities to interest rate changes, including the impact of derivative transactions. The Company formally documents all relationships between derivatives and hedged items, as well as the risk-management objective and strategy for undertaking various hedge transactions. This documentation includes linking cash flow hedges to specific assets and liabilities on the balance sheet or to specific firm commitments or forecasted transactions. The Company also formally assesses, both at the hedge’s inception and on an ongoing basis, whether the derivative instruments that are used in hedging transactions are highly effective in offsetting changes in cash flows of the hedged items. The Company discontinues hedge accounting prospectively when it is determined that (1) the derivative is no longer effective in offsetting changes in the cash flows of the hedged item, (2) the derivative expires, is sold, or terminated, (3) the derivative instrument is de-designated as a hedge because the forecasted transaction is no longer probable of occurring, (4) a hedged firm commitment no longer meets the definition of a firm commitment, or (5) management otherwise determines that designation of the derivative as a hedging instrument is no longer appropriate. When hedge accounting is discontinued, subsequent changes in fair value of the derivative are recorded as noninterest income. When a fair value hedge is discontinued, the hedged asset or liability is no longer adjusted for changes in fair value and the existing basis adjustment is amortized or accreted over the remaining life of the asset or liability. When a cash flow hedge is discontinued but the hedged cash flows or forecasted transaction is still expected to occur, changes in value that were accumulated in other comprehensive income are amortized or accreted into earnings over the same periods which the hedged transactions will affect earnings. The Company enters into interest rate collars which is an interest rate risk management tool that effectively creates a band within which the borrower's variable interest rate fluctuates, by combining an interest rate cap (or ceiling) with an interest rate floor. In order for the Company to hedge the Bank’s fixed rate loan portfolio, the Company entered into interest rate collar derivatives as a protection should the Fed lower interest rates in the event of a recession or other economic changes. The interest rate collars are designated as cash flow hedges of floating interest receivables. The Company enters into risk participation agreements with outside counterparties for interest rate swaps related to loans in which it is a participant. The risk participation agreements provide credit protection to the financial institution should the borrower fail to perform on its interest rate derivative contract. Risk participation agreements are credit derivatives not designated as hedges. Credit derivatives are not speculative and are not used to manage interest rate risk in assets or liabilities. Changes in the fair value in credit derivatives are recognized directly in earnings. The fee received, less the estimate of the loss for credit exposure, was recognized in earnings at the time of the transaction. The Company enters into foreign exchange contracts to accommodate the business needs of its customers. For 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 fair value of foreign exchange contracts 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. Loans Held for Sale —Small Business Administration (“SBA”) and residential mortgage loans that the Company has the intent to sell prior to maturity have been designated as held for sale at origination and are recorded at the lower of cost or fair value, on an aggregate basis. Certain loans which were originated with the intent to hold to maturity are subsequently transferred to held for sale once there is an intent to sell the loan. A valuation allowance is established if the aggregate fair value of such loans is lower than their cost and charged to earnings. Gains or losses recognized upon the sale of loans are determined on a specific identification basis. Loan transfers are accounted for as sales when control over the loan has been surrendered. Control over such loans is deemed to be surrendered when (1) the assets have been isolated from the Company, (2) the transferee obtains the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets and (3) the Company does not maintain control over the transferred assets through an agreement to repurchase them before their maturity. Loans— Loans that management has the intent and ability to hold for the foreseeable future or until maturity or payoff are reported at the amount of unpaid principal, adjusted for net deferred fees and costs, premiums and discounts, purchase accounting fair value adjustments, and allowance for credit losses. Interest income is accrued on the unpaid principal balance. Nonrefundable loan origination fees and certain direct origination costs are deferred and recognized in interest income using the level-yield method over the life of the loan. Interest on loans is credited to income as earned and is accrued only if deemed collectible. The loan portfolio consists of four segments: real estate, commercial business, residential mortgage, and consumer and other loans. Real estate loans are extended for the purchase and refinance of commercial real estate and are generally secured by first deeds of trust and are collateralized by residential or commercial properties. Commercial business loans are loans provided to businesses for various purposes such as for working capital, purchasing inventory, debt refinancing, business acquisitions, international trade finance activities, and other business related financing needs and also include warehouse lines of credit, syndicated loans, and SBA Paycheck Protection Program (“PPP”) loans. Residential mortgage loans are extended for personal, family, or household use and are secured by a mortgage or deed of trust. Consumer and other loans consist of home equity, credit card, and other personal loans. On January 1, 2020, the Company adopted ASU 2016-13, or CECL, using the modified retrospective method for all of its loans measured at amortized cost. With the adoption of CECL, the Company reassessed its loan portfolio segments and classes of loans receivable and made changes based on the new allowance for credit losses methodology. As a result, the Company now discloses residential mortgage loans as a separate segment and class of receivable. Trade finance loans, which were previously disclosed as a distinct segment and class of receivable, are now combined with commercial business loans. Prior period balances have been reclassified to conform with the current presentation. Generally, loans are placed on nonaccrual status and the accrual of interest is discontinued if principal or interest payments become 90 days past due and/or management deems the collectability of the principal and/or interest to be in question. Loans to a customer whose financial condition has deteriorated are considered for nonaccrual status whether or not the loan is 90 days or more past due. Generally, payments received on nonaccrual loans are recorded as principal reductions. Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current and future payments are reasonably assured. Other loan fees and charges, representing service costs for the prepayment of loans, for delinquent payments, or for miscellaneous loan services, are recorded as income when collected. The Company categorizes loans into risk categories based on relevant information about the ability of borrowers to service their debt, including, but not limited to, current financial information, historical payment experience, credit documentation, public information, and current economic trends. Homogeneous loans (i.e., home mortgage loans, home equity lines of credit, overdraft loans, express business loans, and automobile loans) are not risk rated and credit risk is analyzed largely by the number of days past due. This analysis is performed at least on a quarterly basis: • Pass: Loans that meet a preponderance or more of the Company’s underwriting criteria and that evidence an acceptable level of risk. • Special Mention: Loans classified as special mention have a potential weakness that deserves management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the loan or of the institution’s credit position at some future date. • Substandard: Loans classified as substandard are inadequately protected by the current net worth and paying capacity of the borrower or by the collateral pledged, if any. Loans in this classification have a well-defined weakness or weaknesses that jeopardize the repayment of the debt. They are characterized by the distinct possibility that the institution will sustain some loss if the deficiencies are not corrected. • Doubtful/Loss: Loans classified as doubtful have all the weaknesses inherent in those classified as substandard, with the added characteristic that the weaknesses make collection or repayment in full, on the basis of currently existing facts, conditions, and values, highly questionable and improbable. Allowance for Credit Losses (“ACL”) —The Company calculates its ACL by estimating expected credit losses on a collective basis for loans that share similar risk characteristics. Loans that do not share similar risk characteristics with other loans are evaluated for credit losses on an individual basis. The Company differentiates its loan segments based on shared risk characteristics for which allowance for credit losses is measured on a collective basis. Risk Characteristics Real estate Property type, location, owner occupied status Commercial business Delinquency status, risk rating, industry type Residential mortgage FICO score, LTV, delinquency status, maturity date, collateral value, location Consumer and other Historical losses The Company uses a combination of a modeled and non-modeled approach that incorporates current and future economic conditions to estimate lifetime expected losses on a collective basis. The Company uses Probability of Default (“PD”), Loss Given Default (“LGD”), and Exposure at Default (“EAD”) methodologies with quantitative factors and qualitative considerations in calculation of the allowance for credit losses for collectively assessed loans. The Company uses a reasonable and supportable period of 2 years at which point loss assumptions revert back to historical loss information by means of 1 year reversion period. For a discussion of the Company’s former incurred loss allowance for loan losses methodology, please refer to the Company’s Annual Report on Form 10-K for the year ended December 31, 2019. The ACL for the Company’s construction, credit card, and certain consumer loans is calculated based on a non-modeled approach utilizing historical loss rates to estimate losses. A non-modeled approach was chosen for these loans as fewer data points exist which could result in high levels of estimated loss volatility under a modeled approach. Materiality was another factor in using a non-modeled approach for these loans as in aggregate, non-modeled loans represented approximately 1% of the Company’s total loan portfolio as of December 31, 2022. The Economic Forecast Committee (“EFC”) reviews multiple scenarios put together by an independent third party and chooses a single scenario that best aligns with management’s expectation of future economic conditions. The forecast scenarios contain certain macroeconomic variables that are incorporated into the Company’s modeling process, including GDP, unemployment rates, interest rates, and commercial real estate prices. As of December 31, 2022, the Company chose a forecast scenario that incorporated the latest projected economic assumptions. The allowance for credit losses at December 31, 2022 utilized the Moody’s consensus scenario, as well as more specific information, including updated market data which reflects the economic conditions that align with management’s view. In the prior year, the Company also utilized Moody’s consensus scenario in its ACL calculation. Additionally, in order to systematically quantify the credit risk impact of other trends and changes within the loan portfolio that may not be captured by the modeled and non-modeled approach, the Company utilizes qualitative adjustments to estimate total expected losses. The parameters for making adjustments are established under a Credit Risk Matrix that provides different possible scenarios for each of the factors below. The Credit Risk Matrix and the possible scenarios enable the Bank to qualitatively adjust the allowance for credit losses by as much as 25 basis points for each factor. This matrix considers the following seven factors, which are patterned after the guidelines provided under the Federal Financial Institutions Examination Council (“FFIEC”) Interagency Policy Statement on the Allowance for Loan and Lease Losses, updated to reflect the application of the CECL methodology: • Changes in lending policies and procedures, including underwriting standards and collection, charge-off, and recovery practices; • Changes in the nature and volume of the loan portfolio; • Changes in the experience, ability and depth of lending management and staff; • Changes in the trends of the volume and severity of past due loans, classified loans, nonaccrual loans, troubled debt restructurings and other loan modifications; • Changes in the quality of the loan review system and the degree of oversight by the Directors; • The existence and effect of any concentrations of credit and changes in the level of such concentrations; and • The effect of other external factors, such as competition, legal and regulatory requirements, and others that have an impact on the level of estimated losses in the Company’s loan portfolio. For loans which do not share similar risk characteristics such as nonaccrual and TDR loans above $1.0 million, the Company evaluates these loans on an individual basis in accordance with ASC 326. These nonaccrual and TDR loans are considered to have different risk profiles than performing loans and therefore are evaluated separately. The Company collectively assesses TDRs and nonaccrual loans with balances below $1.0 million along with the performing and accrual loans in order to reduce the operational burden of individually assessing small TDR and nonaccrual loans with immaterial balances. For individually assessed loans, the ACL is measured using either 1) the present value of future cash flows discounted at the loan’s effective interest rate; 2) the loan’s observable market price; or 3) the fair value of the collateral, if the loan is collateral dependent. For the collateral dependent loans, the Company obtains a new appraisal to determine the fair value of underlying loan collateral. The appraisals are based on an “as-is” valuation. To ensure that appraised values remain current, the Company either obtains updated appraisals every twelve months from a qualified independent appraiser or an internal evaluation of the collateral is performed by qualified personnel. If the third party market data indicates that the value of the collateral property has declined since the most recent valuation date, management adjusts the value of the property downward to reflect current market conditions. If the fair value of the collateral is less than the amortized balance of the loan, the Company recognizes an ACL with a corresponding charge to the provision for credit losses. TDR loans are individually evaluated in accordance with ASC 310 and ASC 326. The concessions may be granted in various forms, including reduction in the stated interest rate, reduction in the amount of principal amortization, forgiveness of a portion of a loan balance or accrued interest, or extension of the maturity date. In order to determine whether a borrower is experiencing financial difficulty, an evaluation is performed on the probability that the borrower will be in payment default on their debt in the foreseeable future without the modification. This evaluation is performed under the Bank’s internal underwriting policy. TDR loans on accrual status are comprised of loans that were accruing at the time of restructuring and for which the Company anticipates full repayment of both principal and interest under the restructured terms. TDR loans that are on nonaccrual status can be returned to accrual status after a period of sustained performance, generally determined to be six months of timely payments as modified. Sustained performance includes the periods prior to the modification and if the prior performance met or exceeded the modified terms. With the adoption of CECL, the Company elected not to consider accrued interest receivable in its estimates of expected credit losses because the Company writes off uncollectible accrued interest receivable in a timely manner. The Company considers writing off accrued interest amounts once the amounts become 90 days past due to be considered within a timely manner for all of its loan segments. The Company has elected to write off accrued interest receivables by reversing interest income. The Coronavirus Aid, Relief, and Economic Security (“CARES”) Act provides banks the option to temporarily suspend certain requirements under U.S. GAAP related to TDR accounting for a limited period of time to account for the effects of COVID-19 if (i) the loan modification is made between March 1, 2020 and the earlier of January 1, 2022 or 60 days after the end of the coronavirus emergency declaration and (ii) the applicable loan was not more than 30 days past due as of December 31, 2019. As such, all modified loans that met the criteria outlined within Section 4013 of the CARES Act were not classified as TDR loans unless the loans were TDR prior to the COVID-19 modification. The balance of active modified loans under the CARES Act and not subject to TDR accounting was $0 at December 31, 2022 and $22.8 million at December 31, 2021. Purchase Credit Deteriorated (“PCD”) — PCD is a classification of purchased financial assets for which there has been a more-than insignificant deterioration in credit quality since origination. The Company adds the allowance for credit losses at the date of acquisition to the purchase price to determine the initial amortized cost basis for purchased financial assets with credit deterioration. Any noncredit discount or premium resulting from acquiring loans with credit deterioration shall be allocated to each individual asset. At the acquisition date, the initial allowance for credit losses is determined on a collective basis and is allocated to individual assets to appropriately allocate any noncredit discount or premium. The Company accounts for purchased financial assets that do not have a more-than-insignificant deterioration in credit quality since origination in a manner consistent with originated financial assets. After initial recognition, the Company shall treat PCD assets like all other loans and apply one of the impairment models under CECL for instruments measured at amortized cost. The noncredit discount shall be amortized into interest income over the life of the loan. Subsequent changes to the allowance for credit losses are recorded through provision for credit losses. OREO —OREO, which represents real estate acquired through foreclosure in satisfaction of commercial and real estate loans, is stated at fair value less estimated selling costs of the real estate. Loan balances in excess of the fair value of the real estate acquired at the date of acquisition are charged to the allowance for credit losses. Any subsequent operating expenses or income, reduction in estimated fair values, and gains or losses on disposition of such properties are charged or credited to current operations. For the year ended December 31, 2022, the Company foreclosed on properties with an aggregate carrying value of $938 thousand. The Company recorded $415 thousand in net valuation losses subsequent to the foreclosures during the year ended December 31, 2022, and the Company sold OREO properties for total proceeds of $524 thousand during the year. For the year ended December 31, 2021, the Company did not foreclose on any properties. The Company recorded $1.6 million in net valuation losses subsequent to the foreclosures during the year ended December 31, 2021, and the Company sold OREO properties for total proceeds of $15.2 million during the year. FHLB Stock —The Bank is a member of the FHLB system. Members are required to own a certain amount of stock based on the level of borrowings and other factors, and may invest in additional amounts. FHLB stock is carried at cost, classified as a restricted security, and periodically evaluated for impairment based on ultimate recovery of par value. Both cash and stock dividends are reported as income. Premises and Equipment —Premises and equipment are stated at cost less accumulated depreciation and amortization. Depreciation and amortization of premises and equipment are computed on the straight-line method over the following estimated useful lives: • Buildings - 15 to 39 years • Furniture, fixture, and equipment - 3 to 10 years • Computer equipment - 1 to 5 years • Computer software - 1 to 5 years • Leasehold improvement - life of lease or improvements, whichever is shorter BOLI —The Company has purchased life insurance policies on certain key executives and directors. BOLI is recorded at the amount that can be realized under the insurance contract at the balance sheet date, which is the cash surrender value adjusted for other charges or other amounts due that are probable at settlement. Investments in Affordable Housing Partnerships —The Company owns limited partnership interests in projects of affordable housing for lower income tenants. Under the equity method of accounting, the annual amortization is based on the estimated tax deduction amounts the bank would receive in the year. The carrying value of such investments and commitments to fund investment in affordable housing is recorded as “Investments in affordable housing partnerships” in the Consolidated Statement of Financial Condition. Commitments to fund investments in affordable housing is also included in this line items but is also grossed up and recorded as a liability. Leases —Operating lease right-of-use (“ROU”) assets represent the Company’s right to use the underlying asset during the lease term and operating lease liabilities represent the Company’s obligation to make lease payments arising from the lease. ROU assets and operating lease liabilities are recognized at lease commencement |
Nature of Operations | Nature of Operations— Hope Bancorp, Inc. (“Hope Bancorp” on a parent-only basis and the “Company” on a consolidated basis), headquartered in Los Angeles, California, is the holding company for Bank of Hope (the “Bank”). The Bank has branches in California, New York, Illinois, Washington, Texas, New Jersey, Virginia, Alabama, and Georgia, as well as loan production offices in Atlanta, Houston, Dallas, Denver, Portland, Seattle, Tampa, Southern California, and Northern California. Hope Bancorp is a corporation organized under the laws of the state of Delaware and a bank holding company registered under the Bank Holding Company Act of 1956, as amended. The Bank is a California-chartered bank and its deposits are insured by the FDIC to the extent provided by law. The Company specializes in core business banking products for small and medium-sized businesses, with an emphasis in commercial real estate and business lending, SBA lending, and international trade financing. |
Equity Investments
Equity Investments | 12 Months Ended |
Dec. 31, 2022 | |
Investments, Debt and Equity Securities [Abstract] | |
Equity Investments | EQUITY INVESTMENTS Equity investments with readily determinable fair values at December 31, 2022 and 2021, consisted of mutual funds in the amounts of $4.3 million and $26.8 million, respectively, and were included in “Equity investments” on the Consolidated Statements of Financial Condition. The changes in fair value for equity investments with readily determinable fair values for the years ended December 31, 2022 and 2021 were recorded in other noninterest income and fees as summarized in the table below: Year Ended December 31, 2022 2021 (Dollars in thousands) Net change in fair value recorded during the period on equity investments with readily determinable fair value $ (1,917) $ (789) Less: Net change in fair value recorded on equity investments sold during the period (1,354) — Net change in fair value on equity investments with readily determinable fair values held at the end of the period $ (563) $ (789) The decline in fair value of the Company’s equity investments with readily determinable fair values was due to the recent increases in market interest rates over the yield available at the time the equity investments were purchased. For the year ended December 31, 2022, the Company received proceeds of $20.6 million from the sale of equity investments with readily determinable fair values. At December 31, 2022 and 2021, the Company also had equity investments without readily determinable fair values which are carried at cost less any determined impairment. The balance of these investments is adjusted for changes in subsequent observable prices. At December 31, 2022, the total balance of equity investments without readily determinable fair values included in “Equity investments” on the Consolidated Statements of Financial Condition was $38.1 million, consisting of $370 thousand in correspondent bank stock, $1.0 million in Community Development Financial Institutions (“CDFI”) investments, and $36.7 million in Community Reinvestment Act (“CRA”) investments. At December 31, 2021, the total balance of equity investments without readily determinable fair values was $31.0 million, consisting of $370 thousand in correspondent bank stock, $1.0 million in CDFI investments, and $29.7 million in CRA investments. |
Securities Available for Sale
Securities Available for Sale | 12 Months Ended |
Dec. 31, 2022 | |
Debt Securities, Available-for-Sale [Abstract] | |
Securities Available for Sale | INVESTMENT SECURITIES The following is a summary of investment securities as of the dates indicated: December 31, 2022 December 31, 2021 Amortized Gross Gross Fair Amortized Gross Gross Fair (Dollars in thousands) Debt securities available for sale: U.S. Treasury securities $ 3,990 $ — $ (104) $ 3,886 $ — $ — $ — $ — U.S. Government agency and U.S. Government sponsored enterprises: Agency securities 4,000 — (133) 3,867 — — — — Collateralized mortgage obligations 947,541 — (153,842) 793,699 1,039,543 3,357 (16,470) 1,026,430 Mortgage-backed securities: Residential 544,084 — (90,907) 453,177 769,113 1,985 (11,874) 759,224 Commercial 417,241 — (48,954) 368,287 595,659 9,103 (5,360) 599,402 Asset-backed securities 153,539 — (5,935) 147,604 153,564 11 (124) 153,451 Corporate securities 23,351 — (4,494) 18,857 23,398 130 (1,044) 22,484 Municipal securities 195,675 790 (13,713) 182,752 104,371 1,680 (767) 105,284 Total investment securities available for sale $ 2,289,421 $ 790 $ (318,082) $ 1,972,129 $ 2,685,648 $ 16,266 $ (35,639) $ 2,666,275 Debt securities held to maturity: U.S. Government agency and U.S. Government sponsored enterprises: Mortgage-backed securities: Residential $ 157,881 $ — $ (7,041) $ 150,840 $ — $ — $ — $ — Commercial 113,185 1 (5,619) 107,567 — — — — Total investment securities held to maturity $ 271,066 $ 1 $ (12,660) $ 258,407 $ — $ — $ — $ — During the second quarter of 2022, the Company transferred $239.0 million in fair value of debt securities from available for sale (“AFS”) to held to maturity (“HTM”). The transferred securities had an amortized cost of $275.5 million with a pre-tax net unrealized loss of $36.6 million, which was recorded as a discount subsequent to the transfer is being amortized as an adjustment of yield. The unrealized holding loss at the date of transfer will continue to be reported, net of taxes, in accumulated other comprehensive income (“AOCI”) as a component of stockholders’ equity, and will be amortized over the remaining life of the securities as an adjustment of yield, offsetting the impact on yield of the corresponding discount amortization. The Company has the ability and intent to hold these securities to maturity. At the time of transfer, there was no previously recorded allowance for credit losses on investment securities AFS transferred to HTM. Accrued interest receivable and 2021 totaled $7.8 million and $5.6 million, respectively. As of December 31, 2022 and 2021, there were no holdings of securities of any one issuer, other than the U.S. Government and its agencies, in an amount greater than 10% of stockholders’ equity. At December 31, 2022 and 2021, $223.1 million and $13.0 million in unrealized losses on investment securities AFS, net of taxes, respectively, were included in accumulated other comprehensive income (loss). For the years ended December 31, 2022 and 2021, there were no reclassifications out of accumulated other comprehensive income (loss) into earnings resulting from the sale of investments securities AFS. The proceeds from sales of securities and total gains and losses are listed below: Year Ended December 31, 2022 2021 2020 (Dollars in thousands) Proceeds from investments sold $ — $ — $ 168,069 Gains from sales of securities $ — $ — $ 7,531 Losses from sales of securities — — — Gains from called securities — — — Net gain on sales or called securities $ — $ — $ 7,531 The following table presents a breakdown of interest income recorded for investment securities that are taxable and nontaxable. Year Ended December 31, 2022 2021 2020 (Dollars in thousands) Interest income on investment securities Taxable $ 50,043 $ 34,583 $ 37,534 Nontaxable 2,177 909 1,828 Total $ 52,220 $ 35,492 $ 39,362 The amortized cost and estimated fair value of investment securities at December 31, 2022, by contractual maturity, are presented in the table below. Collateralized mortgage obligations, mortgage-backed securities, and asset-backed securities are presented by final maturity. Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations, with or without call or prepayment penalties. Available for Sale Held to Maturity Amortized Estimated Amortized Estimated (Dollars in thousands) Debt securities: Due within one year $ 2,307 $ 2,267 $ — $ — Due after one year through five years 135,796 126,723 7,742 7,561 Due after five years through ten years 131,656 118,654 28,254 27,241 Due after ten years 2,019,662 1,724,485 235,070 223,605 Total $ 2,289,421 $ 1,972,129 $ 271,066 $ 258,407 Securities with carrying values of approximately $360.7 million and $362.2 million at December 31, 2022 and 2021, respectively, were pledged to secure public deposits, for various borrowings, and for other purposes as required or permitted by law. The following tables show the Company’s investments’ gross unrealized losses and estimated fair values, aggregated by investment category and the length of time that the individual securities have been in a continuous unrealized loss position as of the dates indicated. The length of time that the individual securities have been in a continuous unrealized loss position is not a factor in determining credit impairment with the adoption of CECL. December 31, 2022 Less than 12 months 12 months or longer Total Description of Number Fair Gross Number Fair Gross Number Fair Gross (Dollars in thousands) U.S. Treasury securities 1 $ 3,886 $ (104) — $ — $ — 1 $ 3,886 $ (104) Agency securities* 1 3,867 (133) — — — 1 3,867 (133) Collateralized mortgage obligations* 61 150,419 (14,888) 59 643,280 (138,954) 120 793,699 (153,842) Mortgage-backed securities: Residential* 23 55,645 (5,616) 42 397,532 (85,291) 65 453,177 (90,907) Commercial* 29 172,963 (12,156) 26 195,324 (36,798) 55 368,287 (48,954) Asset-backed securities 3 21,836 (716) 15 125,768 (5,219) 18 147,604 (5,935) Corporate securities 1 3,401 (600) 5 15,456 (3,894) 6 18,857 (4,494) Municipal securities 31 76,942 (3,207) 32 65,730 (10,506) 63 142,672 (13,713) Total 150 $ 488,959 $ (37,420) 179 $ 1,443,090 $ (280,662) 329 $ 1,932,049 $ (318,082) December 31, 2021 Less than 12 months 12 months or longer Total Description of Number Fair Gross Number Fair Gross Number Fair Gross (Dollars in thousands) Collateralized mortgage obligations* 39 $ 757,799 $ (15,445) 2 $ 37,438 $ (1,025) 41 $ 795,237 $ (16,470) Mortgage-backed securities: Residential* 49 603,372 (9,371) 13 75,211 (2,503) 62 678,583 (11,874) Commercial* 24 214,384 (3,339) 4 57,656 (2,021) 28 272,040 (5,360) Asset-backed securities 13 115,885 (124) — — — 13 115,885 (124) Corporate securities 4 14,067 (331) 1 4,288 (713) 5 18,355 (1,044) Municipal securities 23 59,403 (767) — — — 23 59,403 (767) Total 152 $ 1,764,910 $ (29,377) 20 $ 174,593 $ (6,262) 172 $ 1,939,503 $ (35,639) __________________________________ * Investments in U.S. Government agency and U.S. Government sponsored enterprises The Company had collateralized mortgage obligations, mortgage-backed, asset-backed, corporate, and municipal securities classified as AFS that were in a continuous loss position for twelve months or longer at December 31, 2022. The collateralized mortgage obligations and mortgage-backed securities were investments in U.S. Government agency and U.S. Government sponsored enterprises and have high credit ratings (“AA” grade or better). The interest on other securities that were in an unrealized loss position have been paid as agreed, and the Company believes this will continue in the future and that the securities will be paid in full as scheduled. The market value declines for these securities were primarily due to movements in interest rates and are not reflective of management’s expectations of the Company’s ability to fully recover any unrealized losses, which may be at maturity. With the adoption of CECL, the length of time that the fair value of investment securities have been less than amortized cost is not considered when assessing for credit impairment. Approximately 84% of the Company’s investment portfolio at December 31, 2022 consisted of securities that were issued by U.S. Government agency and U.S. Government sponsored enterprises. Although a government guarantee exists on these investments, these entities are not legally backed by the full faith and credit of the federal government, and the current support is subject to a cap as part of the agreement entered into in 2008. Nonetheless, at this time the Company does not foresee any set of circumstances in which the government would not fund its commitments on these investments as the issuers are an integral part of the U.S. housing market in providing liquidity and stability. In addition, the Company had one U.S. Treasury note issued and guaranteed by the U.S. government. Therefore, the Company concluded that a zero allowance approach for these investments was appropriate. The Company also had 18 asset-backed securities, six corporate securities, and 63 municipal bonds in unrealized loss positions at December 31, 2022. Allowance for Credit Losses on Securities Available for Sale— The Company evaluates investment securities AFS in unrealized loss positions for impairment related to credit losses on at least a quarterly basis. Investment securities AFS in unrealized loss positions are first assessed as to whether the Company intends to sell, or if it is more likely than not that the Company will be required to sell the security before recovery of its amortized cost basis. If one of the criteria is met, the security’s amortized cost basis is written down to fair value through current earnings. For securities that do not meet these criteria, the Company evaluates whether the decline in fair value resulted from credit losses or other factors. In evaluating whether a credit loss exists, the Company has set up an initial filter for impairment triggers. Once the quantitative filters have been triggered, the securities are placed on a watch list and an additional assessment is performed to identify whether a credit impairment exists. In making this assessment, management considers the extent to which fair value is less than amortized cost, any changes to the rating of the security by a rating agency, and adverse conditions specifically related to the security and the issuer, among other factors. If this assessment indicates that a credit loss exists, the Company compares the present value of cash flows expected to be collected from the security with the amortized cost basis. If the present value of cash flows expected to be collected is less than the amortized cost basis for the security, a credit loss exists and an allowance for credit losses is recorded, limited to the amount that the fair value of the security is less than its amortized cost basis. Unrealized losses that have not been recorded through an allowance for credit losses is recognized in other comprehensive income, net of applicable taxes. The Company did not have an allowance for credit losses on investment securities AFS as of December 31, 2022 and December 31, 2021. |
Loans Receivable and Allowance
Loans Receivable and Allowance for Credit Losses | 12 Months Ended |
Dec. 31, 2022 | |
Receivables [Abstract] | |
Loans Receivable and Allowance for Credit Losses | LOANS RECEIVABLE AND THE ALLOWANCE FOR CREDIT LOSSES The following is a summary of loans receivable by major category: December 31, 2022 2021 (Dollars in thousands) Loan portfolio composition Real estate loans: Residential $ 76,045 $ 69,199 Commercial 9,170,784 8,816,080 Construction 167,751 220,652 Total real estate loans 9,414,580 9,105,931 Commercial business * 5,109,532 4,208,674 Residential mortgage 846,080 579,626 Consumer and other 33,348 58,512 Loans receivable 15,403,540 13,952,743 Allowance for credit losses (162,359) (140,550) Loans receivable, net of allowance for credit losses $ 15,241,181 $ 13,812,193 __________________________________ * Commercial business loans as of December 31, 2022 and 2021 include $1.9 million and $228.1 million, respectively, in SBA Paycheck Protection Program loans The Company segments its loan portfolio in four major categories: real estate loans, commercial business loans, residential mortgage loans, and consumer and other loans. Real estate loans are extended for the purchase and refinance of commercial real estate and are generally secured by first deeds of trust and are collateralized by residential or commercial properties. Commercial business loans are loans provided to businesses for various purposes such as for working capital, purchasing inventory, debt refinancing, business acquisitions, international trade finance activities, and other business related financing needs and also include warehouse lines of credit, syndicated loans, and SBA Paycheck Protection Program (“PPP”) loans. Residential mortgage loans are extended for personal, family, or household use and are secured by a mortgage or deed of trust. Consumer and other loans consist of home equity, credit card, and other personal loans. The Company had $49.2 million in loans held for sale as of December 31, 2022 compared to $99.0 million at December 31, 2021. Loans held for sale at December 31, 2022 consisted of $450 thousand in residential mortgage loans and $48.8 million in commercial real estate loans rated as substandard, compared to $49.7 million in SBA guaranteed loans, $23.2 million in residential mortgage loans, and $26.2 million in commercial real estate and commercial business loans rated as substandard at December 31, 2021. The tables below detail the activity in the allowance for credit losses (“ACL”) by portfolio segment for the years ended December 31, 2022 and 2021, and 2020. Recoveries for the year ended December 31, 2022 included $17.3 million in recoveries from a single lending relationship that had $29.6 million in charge offs during the year 2021. Charge offs for the year 2021 included $26.2 million in charge offs related to the sale of $275.3 million in loans with elevated credit risk. Real Estate Commercial Business Residential Mortgage Consumer and Other Total (Dollars in thousands) December 31, 2022 Balance, beginning of period $ 108,440 $ 27,811 $ 3,316 $ 983 $ 140,550 Provision (credit) for credit losses (27,451) 31,360 5,626 65 9,600 Loans charged off (6,803) (5,160) (22) (404) (12,389) Recoveries of charge offs 21,698 2,861 — 39 24,598 Balance, end of period $ 95,884 $ 56,872 $ 8,920 $ 683 $ 162,359 December 31, 2021 Balance, beginning of period $ 162,196 $ 39,155 $ 4,227 $ 1,163 $ 206,741 Provision (credit) for credit losses (2,051) (9,982) 12 (179) (12,200) Loans charged off (57,427) (3,558) (923) (328) (62,236) Recoveries of charge offs 5,722 2,196 — 327 8,245 Balance, end of period $ 108,440 $ 27,811 $ 3,316 $ 983 $ 140,550 December 31, 2020 Balance, beginning of period $ 53,593 $ 33,032 $ 5,925 $ 1,594 $ 94,144 CECL day 1 adoption 27,791 (1,022) (543) (26) $ 26,200 Provision (credit) for credit losses 87,619 7,776 (1,155) 760 95,000 Loans charged off (8,658) (6,157) — (1,211) (16,026) Recoveries of charge offs 1,851 5,526 — 46 7,423 Balance, end of period $ 162,196 $ 39,155 $ 4,227 $ 1,163 $ 206,741 The following tables break out the allowance for credit losses and loan balance by measurement methodology at December 31, 2022 and 2021: December 31, 2022 Real Estate Commercial Business Residential Mortgage Consumer and Other Total (Dollars in thousands) Allowance for credit losses: Individually evaluated $ 870 $ 2,941 $ 24 $ 21 $ 3,856 Collectively evaluated 95,014 53,931 8,896 662 158,503 Total $ 95,884 $ 56,872 $ 8,920 $ 683 $ 162,359 Loans outstanding: Individually evaluated $ 43,461 $ 12,477 $ 9,775 $ 436 $ 66,149 Collectively evaluated 9,371,119 5,097,055 836,305 32,912 15,337,391 Total $ 9,414,580 $ 5,109,532 $ 846,080 $ 33,348 $ 15,403,540 December 31, 2021 Real Estate Commercial Business Residential Mortgage Consumer and Other Total (Dollars in thousands) Allowance for credit losses: Individually evaluated $ 2,025 $ 3,056 $ 11 $ 23 $ 5,115 Collectively evaluated 106,415 24,755 3,305 960 135,435 Total $ 108,440 $ 27,811 $ 3,316 $ 983 $ 140,550 Loans outstanding: Individually evaluated $ 83,347 $ 19,407 $ 3,470 $ 409 $ 106,633 Collectively evaluated 9,022,584 4,189,267 576,156 58,103 13,846,110 Total $ 9,105,931 $ 4,208,674 $ 579,626 $ 58,512 $ 13,952,743 The ACL represents management’s best estimate of future lifetime expected losses on its held for investment loan portfolio. The Company calculates its ACL by estimating expected credit losses on a collective basis for loans that share similar risk characteristics. Loans that do not share similar risk characteristics with other loans are evaluated for credit losses on an individual basis. The Company uses a combination of a modeled and non-modeled approach that incorporates current and future economic conditions to estimate lifetime expected losses on a collective basis. The Company uses Probability of Default (“PD”), Loss Given Default (“LGD”), and Exposure at Default (“EAD”) methodologies with quantitative factors and qualitative considerations in calculation of the allowance for credit losses for collectively assessed loans. The Company uses a reasonable and supportable period of 2 years at which point loss assumptions revert back to historical loss information by means of 1 year reversion period. Due to the volatility that arose from the COVID-19 pandemic, the Company assessed whether it would be appropriate to shorten the reasonable and supportable period. However, the Company chose to keep the reasonable and supportable period at 2 years as a shorter period was estimated to result in large reductions in ACL which would not be reflective of the economic deterioration and future uncertainty caused by pandemic. The Company utilizes a baseline forecast scenario published by a third party that incorporates macroeconomic variables including GDP, unemployment rates, interest rates, and commercial real estate prices to project an economic outlook. The forecast scenario is utilized to estimate losses during the reasonable and supportable period. Changes in these assumptions and forecasts could significantly affect the Company’s estimate of future credit losses. See Note 1 “Significant Accounting Policies” of the Notes to Consolidated Financial Statements for further discussion of the Company’s ACL methodology. The increase in ACL for the year ended December 31, 2022 compared to December 31, 2021 was due to a decline in projected macroeconomic variables. The Moody’s consensus forecast scenario used in the December 31, 2022 ACL calculation included a decline in projection for GDP and commercial real estate prices compared to projection at the end of 2021. Overall, economic projection continued to decline throughout the year with an increase the potential for a recession in 2023. The Company maintains a separate ACL for its off-balance sheet unfunded loan commitments. The Company uses a funding rate to allocate the allowance to undrawn exposures. This funding rate is used as a credit conversion factor to capture how much undrawn can potentially become drawn at any point. The funding rate is determined based on a lookback period of 8 quarters. Credit loss is not estimated for off-balance sheet credit exposures that are unconditionally cancellable by the Company. As of December 31, 2022 and 2021, reserves for unfunded loan commitments recorded in other liabilities were $1.4 million and $1.1 million, respectively. For the year ended December 31, 2022, the Company recorded additions to reserves for unfunded commitments in credit related expenses totaling $250 thousand. For the year ended December 31, 2021, the Company recorded a credit to reserves for unfunded commitments totaling $195 thousand. Generally, loans are placed on nonaccrual status if principal and/or interest payments become 90 days or more past due and/or management deems the collectability of the principal and/or interest to be in question, as well as when required by regulatory requirements. Loans to customers whose financial conditions have deteriorated are considered for nonaccrual status whether or not the loan is 90 days or more past due. Generally, payments received on nonaccrual loans are recorded as principal reductions. Loans are returned to accrual status only when all the principal and interest amounts contractually due are brought current and future payments are reasonably assured. The Company does not recognize interest income while loans are on nonaccrual status. The tables below represent the amortized cost of nonaccrual loans and loans past due 90 or more days and still on accrual status by class of loans and broken out by loans with a recorded ACL and those without a recorded ACL as of December 31, 2022 and 2021. December 31, 2022 Nonaccrual with No ACL Nonaccrual with an ACL Total Nonaccrual (1) Accruing Loans Past Due 90 or More Days (Dollars in thousands) Real estate – residential $ — $ — $ — $ — Real estate – commercial Retail 17,635 1,007 18,642 — Hotel & motel 8,939 347 9,286 — Gas station & car wash 2,134 124 2,258 — Mixed use 781 186 967 — Industrial & warehouse 109 727 836 — Other 184 1,742 1,926 — Real estate – construction — — — — Commercial business 1,618 4,002 5,620 336 Residential mortgage 5,959 3,816 9,775 — Consumer and other — 377 377 65 Total $ 37,359 $ 12,328 $ 49,687 $ 401 December 31, 2021 Nonaccrual with No ACL Nonaccrual with an ACL Total Nonaccrual (1) Accruing Loans Past Due 90 or More Days (Dollars in thousands) Real estate – residential $ — $ — $ — $ — Real estate – commercial Retail 7,586 2,604 10,190 — Hotel & motel 5,471 6,564 12,035 — Gas station & car wash 575 1,267 1,842 — Mixed use 5,307 1,412 6,719 — Industrial & warehouse 687 1,897 2,584 — Other 1,233 5,153 6,386 215 Real estate – construction — — — — Commercial business 4,726 6,299 11,025 1,494 Residential mortgage 275 3,195 3,470 — Consumer and other — 365 365 422 Total $ 25,860 $ 28,756 $ 54,616 $ 2,131 __________________________________ (1) Total nonaccrual loans exclude the guaranteed portion of SBA loans that are in liquidation totaling $9.8 million and $19.5 million, at December 31, 2022 and 2021, respectively. The following table presents the amortized cost of collateral dependent loans as of December 31, 2022 and 2021: December 31, 2022 December 31, 2021 Real Estate Collateral Other Collateral Total Real Estate Collateral Other Collateral Total (Dollars in thousands) Real estate – residential $ — $ — $ — $ — $ — $ — Real estate – commercial 35,523 — 35,523 65,590 — 65,590 Real estate – construction — — — — — — Commercial business 1,618 2,743 4,361 1,767 6,615 8,382 Residential mortgage 5,959 — 5,959 — — — Consumer and other — — — — — — Total $ 43,100 $ 2,743 $ 45,843 $ 67,357 $ 6,615 $ 73,972 Collateral on loans is a significant portion of what secures collateral dependent loans and significant changes to the fair value of the collateral can potentially impact ACL. During the years ended December 31, 2022 and 2021, the Company did not have any significant changes to the extent to which collateral secures its collateral dependent loans due to general deterioration or from other factors. Accrued interest receivables on loans totaled $47.3 million at December 31, 2022 and $36.2 million at December 31, 2021. The following table presents interest income reversals, due to loans being placed on nonaccrual status, by loan segment for the years ended December 31, 2022 and 2021: Year Ended December 31, 2022 2021 2020 (Dollars in thousands) Real estate $ 1,906 $ 3,102 $ 1,047 Commercial business 307 62 78 Residential mortgage 309 17 — Consumer and other 1 3 3 Total $ 2,523 $ 3,184 $ 1,128 The following table presents the amortized cost of past due loans, including nonaccrual loans past due 30 or more days, by the number of days past due as of December 31, 2022 and 2021 by class of loans: December 31, 2022 December 31, 2021 30-59 Days 60-89 Days 90 or More Days Total 30-59 Days 60-89 Days 90 or More Days Total (Dollars in thousands) Real estate – residential $ 1,266 $ — $ — $ 1,266 $ — $ — $ — $ — Real estate – commercial Retail — 1,617 521 2,138 1,250 927 9,167 11,344 Hotel & motel 359 564 3,503 4,426 9,320 4,148 4,760 18,228 Gas station & car wash 582 124 — 706 575 — 832 1,407 Mixed use — — 781 781 1,124 — 5,625 6,749 Industrial & warehouse 85 89 268 442 247 — 785 1,032 Other — 333 621 954 1,198 6,522 3,185 10,905 Real estate – construction — — — — — — — — Commercial business 3,258 18 2,137 5,413 1,792 2,362 6,482 10,636 Residential mortgage 2,310 — 5,106 7,416 14,177 — 3,099 17,276 Consumer and other 617 44 308 969 59 21 787 867 Total Past Due $ 8,477 $ 2,789 $ 13,245 $ 24,511 $ 29,742 $ 13,980 $ 34,722 $ 78,444 The Company categorizes loans into risk categories based on relevant information about the ability of borrowers to service their debt, including, but not limited to, current financial information, historical payment experience, credit documentation, public information, and current economic trends. The Company analyzes loans individually by classifying the loans as to credit risk. This analysis includes all loans with the exception of homogeneous loans, or loans that are evaluated together in pools of similar loans (i.e., home mortgage loans, home equity lines of credit, overdraft loans, express business loans, and automobile loans). Homogeneous loans are not risk rated and credit risk is analyzed largely by the number of days past due. This analysis is performed at least on a quarterly basis. The following table presents the amortized cost basis of loans receivable by class, credit quality indicator, and year of origination as of December 31, 2022 and 2021. December 31, 2022 Term Loan by Origination Year Revolving Loans Total 2022 2021 2020 2019 2018 Prior (Dollars in thousands) Real Estate - Residential Pass / not rated $ 19,256 $ 23,505 $ 9,691 $ 9,017 $ 3,964 $ 5,397 $ 3,995 $ 74,825 Special mention — — — — — — — — Substandard — — — — 661 559 — 1,220 Doubtful / loss — — — — — — — — Subtotal $ 19,256 $ 23,505 $ 9,691 $ 9,017 $ 4,625 $ 5,956 $ 3,995 $ 76,045 Real Estate - Commercial Pass / not rated $ 2,395,805 $ 2,140,650 $ 1,299,144 $ 1,043,970 $ 1,006,454 $ 1,053,970 $ 101,190 $ 9,041,183 Special mention — 14,622 7,301 6,001 13,565 15,912 202 57,603 Substandard — 8,240 1,736 7,881 9,589 44,552 — 71,998 Doubtful / loss — — — — — — — — Subtotal $ 2,395,805 $ 2,163,512 $ 1,308,181 $ 1,057,852 $ 1,029,608 $ 1,114,434 $ 101,392 $ 9,170,784 Real Estate - Construction Pass / not rated $ 6,570 $ 29,918 $ 63,192 $ 23,418 $ 8,135 $ 4,900 $ 89 $ 136,222 Special mention — — — 14,425 — 10,834 — 25,259 Substandard — — — — — 6,270 — 6,270 Doubtful / loss — — — — — — — — Subtotal $ 6,570 $ 29,918 $ 63,192 $ 37,843 $ 8,135 $ 22,004 $ 89 $ 167,751 Commercial Business Pass / not rated $ 2,311,344 $ 1,090,034 $ 291,592 $ 298,133 $ 69,721 $ 95,531 $ 864,343 $ 5,020,698 Special mention 17,911 37,393 13,707 110 — 24 5,256 74,401 Substandard — 2,833 5,889 1,000 1,020 3,691 — 14,433 Doubtful / loss — — — — — — — — Subtotal $ 2,329,255 $ 1,130,260 $ 311,188 $ 299,243 $ 70,741 $ 99,246 $ 869,599 $ 5,109,532 Residential Mortgage Pass / not rated $ 382,935 $ 283,163 $ 1,386 $ 30,603 $ 62,976 $ 75,242 $ — $ 836,305 Special mention — — — — — — — — Substandard — 311 — 967 384 8,113 — 9,775 Doubtful / loss — — — — — — — — Subtotal $ 382,935 $ 283,474 $ 1,386 $ 31,570 $ 63,360 $ 83,355 $ — $ 846,080 Consumer and Other Pass / not rated $ 10,005 $ 723 $ 3,351 $ 223 $ 10 $ 1,420 $ 17,239 $ 32,971 Special mention — — — — — — — — Substandard — — — — — 377 — 377 Doubtful / loss — — — — — — — — Subtotal $ 10,005 $ 723 $ 3,351 $ 223 $ 10 $ 1,797 $ 17,239 $ 33,348 Total Loans Pass / not rated $ 5,125,915 $ 3,567,993 $ 1,668,356 $ 1,405,364 $ 1,151,260 $ 1,236,460 $ 986,856 $ 15,142,204 Special mention 17,911 52,015 21,008 20,536 13,565 26,770 5,458 157,263 Substandard — 11,384 7,625 9,848 11,654 63,562 — 104,073 Doubtful / loss — — — — — — — — Total $ 5,143,826 $ 3,631,392 $ 1,696,989 $ 1,435,748 $ 1,176,479 $ 1,326,792 $ 992,314 $ 15,403,540 December 31, 2021 Term Loan by Origination Year Revolving Loans Total 2021 2020 2019 2018 2017 Prior (Dollars in thousands) Real Estate - Residential Pass / not rated $ 26,093 $ 10,471 $ 11,442 $ 4,952 $ 2,987 $ 7,260 $ 4,403 $ 67,608 Special mention — — — 534 — 924 — 1,458 Substandard — — — 133 — — — 133 Doubtful / loss — — — — — — — — Subtotal $ 26,093 $ 10,471 $ 11,442 $ 5,619 $ 2,987 $ 8,184 $ 4,403 $ 69,199 Real Estate - Commercial Pass / not rated $ 2,451,662 $ 1,415,909 $ 1,252,851 $ 1,238,425 $ 883,790 $ 1,086,182 $ 89,501 $ 8,418,320 Special mention 5,553 8,882 39,567 20,203 27,204 73,090 5,970 180,469 Substandard 7,436 7,718 17,533 25,330 53,000 105,995 279 217,291 Doubtful / loss — — — — — — — — Subtotal $ 2,464,651 $ 1,432,509 $ 1,309,951 $ 1,283,958 $ 963,994 $ 1,265,267 $ 95,750 $ 8,816,080 Real Estate - Construction Pass / not rated $ 16,545 $ 67,628 $ 32,044 $ 32,908 $ 8,292 $ 5,685 $ 89 $ 163,191 Special mention — — — 45,996 5,074 6,391 — 57,461 Substandard — — — — — — — — Doubtful / loss — — — — — — — — Subtotal $ 16,545 $ 67,628 $ 32,044 $ 78,904 $ 13,366 $ 12,076 $ 89 $ 220,652 Commercial Business Pass / not rated $ 1,755,104 $ 431,145 $ 461,460 $ 98,812 $ 53,629 $ 70,294 $ 1,299,372 $ 4,169,816 Special mention 1,379 523 4,780 2,897 550 5,083 2,594 17,806 Substandard 3,796 941 2,308 1,651 3,803 3,461 5,092 21,052 Doubtful / loss — — — — — — — — Subtotal $ 1,760,279 $ 432,609 $ 468,548 $ 103,360 $ 57,982 $ 78,838 $ 1,307,058 $ 4,208,674 Residential Mortgage Pass / not rated $ 282,191 $ 1,420 $ 40,377 $ 112,743 $ 85,446 $ 53,979 $ — $ 576,156 Special mention — — — — — — — — Substandard 275 — 128 394 541 2,132 — 3,470 Doubtful / loss — — — — — — — — Subtotal $ 282,466 $ 1,420 $ 40,505 $ 113,137 $ 85,987 $ 56,111 $ — $ 579,626 Consumer and Other Pass / not rated $ 19,203 $ 5,347 $ 1,783 $ 1,699 $ 1,769 $ 6,165 $ 22,095 $ 58,061 Special mention — — — — — — — — Substandard — — — — — 451 — 451 Doubtful / loss — — — — — — — — Subtotal $ 19,203 $ 5,347 $ 1,783 $ 1,699 $ 1,769 $ 6,616 $ 22,095 $ 58,512 Total Loans Pass / not rated $ 4,550,798 $ 1,931,920 $ 1,799,957 $ 1,489,539 $ 1,035,913 $ 1,229,565 $ 1,415,460 $ 13,453,152 Special mention 6,932 9,405 44,347 69,630 32,828 85,488 8,564 257,194 Substandard 11,507 8,659 19,969 27,508 57,344 112,039 5,371 242,397 Doubtful / loss — — — — — — — — Total $ 4,569,237 $ 1,949,984 $ 1,864,273 $ 1,586,677 $ 1,126,085 $ 1,427,092 $ 1,429,395 $ 13,952,743 For the years ended December 31, 2022 and 2021, there were no revolving loans converted to term loans. The Company may reclassify loans held for investment to loans held for sale in the event that the Company plans to sell loans that were originated with the intent to hold to maturity. Loans transferred from held for investment to held for sale are carried at the lower of cost or fair value. The breakdown of loans by type that were reclassified from held for investment to held for sale for the years ended December 31, 2022, 2021, and 2020 are presented in the following table: Year Ended December 31, 2022 2021 2020 Transfer of loans held for investment to held for sale (Dollars in thousands) Real estate - commercial $ 257,317 $ 365,426 $ — Commercial business 54,218 100,154 — Residential mortgage — 7,018 — Consumer — — 1,243 Total $ 311,535 $ 472,598 $ 1,243 The following tables present a breakdown of loans by recorded ACL, broken out by loans evaluated individually and collectively at December 31, 2022 and 2021: December 31, 2022 Real Estate – Real Estate – Real Estate – Commercial Residential Consumer Total (Dollars in thousands) Individually evaluated loans $ — $ 43,461 $ — $ 12,477 $ 9,775 $ 436 $ 66,149 ACL on individually evaluated loans $ — $ 870 $ — $ 2,941 $ 24 $ 21 $ 3,856 Individually evaluated loans ACL coverage N/A 2.00 % N/A 23.57 % 0.25 % 4.82 % 5.83 % Collectively evaluated loans $ 76,045 $ 9,127,323 $ 167,751 $ 5,097,055 $ 836,305 $ 32,912 $ 15,337,391 ACL on collectively evaluated loans $ 1,014 $ 92,947 $ 1,053 $ 53,931 $ 8,896 $ 662 $ 158,503 Collectively evaluated loans ACL coverage 1.33 % 1.02 % 0.63 % 1.06 % 1.06 % 2.01 % 1.03 % Total loans $ 76,045 $ 9,170,784 $ 167,751 $ 5,109,532 $ 846,080 $ 33,348 $ 15,403,540 Total ACL $ 1,014 $ 93,817 $ 1,053 $ 56,872 $ 8,920 $ 683 $ 162,359 Total ACL to total loans 1.33 % 1.02 % 0.63 % 1.11 % 1.05 % 2.05 % 1.05 % December 31, 2021 Real Estate – Real Estate – Real Estate – Commercial Residential Consumer Total (Dollars in thousands) Individually evaluated loans $ — $ 83,347 $ — $ 19,407 $ 3,470 $ 409 $ 106,633 ACL on individually evaluated loans $ — $ 2,025 $ — $ 3,056 $ 11 $ 23 $ 5,115 Individually evaluated loans ACL coverage N/A 2.43 % N/A 15.75 % 0.32 % 5.62 % 4.80 % Collectively evaluated loans $ 69,199 $ 8,732,733 $ 220,652 $ 4,189,267 $ 576,156 $ 58,103 $ 13,846,110 ACL on collectively evaluated loans $ 729 $ 104,145 $ 1,541 $ 24,755 $ 3,305 $ 960 $ 135,435 Collectively evaluated loans ACL coverage 1.05 % 1.19 % 0.70 % 0.59 % 0.57 % 1.65 % 0.98 % Total loans $ 69,199 $ 8,816,080 $ 220,652 $ 4,208,674 $ 579,626 $ 58,512 $ 13,952,743 Total ACL $ 729 $ 106,170 $ 1,541 $ 27,811 $ 3,316 $ 983 $ 140,550 Total ACL to total loans 1.05 % 1.20 % 0.70 % 0.66 % 0.57 % 1.68 % 1.01 % Under certain circumstances, the Company provides borrowers relief through loan modifications. These modifications are either temporary in nature (“temporary modifications”) or are more substantive. The temporary modifications generally consist of interest only payments for a three six TDR loans are individually evaluated in accordance with ASC 310 and ASC 326. The concessions may be granted in various forms, including reduction in the stated interest rate, reduction in the amount of principal amortization, forgiveness of a portion of a loan balance or accrued interest, or extension of the maturity date. In order to determine whether a borrower is experiencing financial difficulty, an evaluation is performed on the probability that the borrower will be in payment default on their debt in the foreseeable future without the modification. This evaluation is performed under the Bank’s internal underwriting policy. At December 31, 2022, TDR loans totaled $41.1 million, compared to $65.5 million at December 31, 2021. The balance of loans with modified terms due to COVID-19 as of December 31, 2022 totaled $0 compared to $22.8 million at December 31, 2021. The loans were modified in accordance with Section 4013 of the CARES Act. The CARES Act provides banks the option to temporarily suspend certain requirements under U.S. GAAP related to TDR for a limited period of time to account for the effects of COVID-19 if (i) the loan modification is made between March 1, 2020 and the earlier of January 1, 2022 or 60 days after the end of the coronavirus emergency declaration and (ii) the applicable loan was not more than 30 days past due as of December 31, 2019. As such, all modified loans that met the criteria outlined within Section 4013 of the CARES Act were not classified as TDR loans unless the loans were TDR prior to the COVID-19 modification or borrowers were identified to be experiencing financial difficulty prior to the COVID-19 pandemic (see “COVID-19 Related Loan Modifications” in the Financial Condition section of the Management’s Discussion and Analysis of Financial Condition and Results of Operations for more information). A summary of the amortized cost of TDR loans on accrual and nonaccrual status by type of concession as of December 31, 2022 and 2021 is presented below: December 31, 2022 TDR Loans on Accrual Status TDR Loans on Nonaccrual Status Total TDRs Real Estate Commercial Business Residential Mortgage Other Real Estate Commercial Business Residential Mortgage Other (Dollars in thousands) Payment concession $ 5,404 $ 501 $ — $ — $ 20,193 $ 171 $ — $ — $ 26,269 Maturity / amortization concession 2,190 6,175 — 280 101 2,245 — 87 11,078 Rate concession 2,195 186 — — — 1,398 — — 3,779 Total $ 9,789 $ 6,862 $ — $ 280 $ 20,294 $ 3,814 $ — $ 87 $ 41,126 December 31, 2021 TDR Loans on Accrual Status TDR Loans on Nonaccrual Status Total Real Estate Commercial Business Residential Mortgage Other Real Estate Commercial Business Residential Mortgage Other (Dollars in thousands) Payment concession $ 23,196 $ 790 $ — $ 16 $ 7,533 $ 420 $ — $ — $ 31,955 Maturity / amortization concession 15,449 7,284 — 183 269 3,109 — 117 26,411 Rate concession 5,161 339 — — 234 1,413 — — 7,147 Total $ 43,806 $ 8,413 $ — $ 199 $ 8,036 $ 4,942 $ — $ 117 $ 65,513 TDR loans on accrual status are comprised of loans that were accruing at the time of restructuring and for which the Company anticipates full repayment of both principal and interest under the restructured terms. TDR loans that are on nonaccrual status can be returned to accrual status after a period of sustained performance, generally determined to be six months of timely payments as modified. Sustained performance includes the periods prior to the modification and if the prior performance met or exceeded the modified terms. TDR loans on accrual status at December 31, 2022 were comprised of 24 commercial real estate loans totaling $9.8 million, 11 commercial business loans totaling $6.9 million, and 9 consumer and other loans totaling $280 thousand. TDR loans on accrual status at December 31, 2021 were comprised of 31 commercial real estate loans totaling $43.8 million, 19 commercial business loans totaling $8.4 million, and 10 consumer and other loans totaling $199 thousand. The Company expects that TDR loans on accrual status as of December 31, 2022, which were all performing in accordance with their restructured terms, to continue to comply with the restructured terms because of the reduced principal or interest payments on these loans. TDR loans that were restructured at market interest rates and had sustained performance as agreed under the modified loan terms may be reclassified as non-TDR after each year end but are reserved for under ASC 310-10. The Company recorded an allowance for credit losses totaling $2.8 million, $2.7 million, and $4.8 million for TDR loans as of December 31, 2022, 2021, and 2020, respectively. As of December 31, 2022 and 2021, the Company had outstanding commitments to extend additional funds to these borrowers totaling $40 thousand and $557 thousand, respectively. The following tables present the amortized cost of loans classified as TDR during the years ended December 31, 2022, 2021, and 2020 by class of loans. Year Ended December 31, 2022 2021 2020 Number of Loans Balance Number of Loans Balance Number of Loans Balance (Dollars in thousands) Real estate – residential — $ — — $ — — $ — Real estate – commercial Retail — — 5 24,169 3 1,589 Hotel & motel 1 1,932 — — — — Gas station & car wash — — 1 575 2 501 Mixed use — — — — 2 1,215 Industrial & warehouse — — 1 506 1 256 Other — — — — 2 2,722 Real estate – construction — — — — — — Commercial business — — 3 309 6 1,620 Residential mortgage — — — — — — Consumer and other — — 2 13 9 113 Total 1 $ 1,932 12 $ 25,572 25 $ 8,016 The allowance for credit losses for the TDRs modified during the years ended December 31, 2022, 2021, and 2020 were $0, $86 thousand, and $1.5 million, respectively. There were no charge offs for TDR loans modified during the years ended December 31, 2022, 2021, and 2020. There was one new TDR loan modified with a payment concession totaling $1.9 million during the year ended December 31, 2022. For the year ended December 31, 2021, there were five TDR loans modified with payment concessions totaling $17.8 million and seven loans modified through maturity concessions totaling $7.8 million. For the year ended December 31, 2020, there were 11 TDR loans modified with payment concessions totaling $2.0 million, 12 TDR loans modified through maturity concessions totaling $5.4 million, and two TDR loans modified through interest rate concessions totaling $622 thousand. The following tables present the amortized cost balance of loans modified as TDRs within the previous twelve months ended December 31, 2022, 2021, and 2020 that subsequently had payment defaults during the years ended December 31, 2022, 2021, and 2020: For the Year Ended December 31, 2022 2021 2020 Number of Loans Balance Number of Loans Balance Number of Loans Balance (Dollars in thousands) Real estate – residential — $ — — $ — — $ — Real estate – commercial Retail — — 3 5,906 1 478 Hotel & motel — — — — — — Gas station & car wash — — 1 575 1 464 Mixed Use — — — — 2 1,215 Industrial & warehouse — — — — — — Other — — — — — — Real estate – construction — — — — — — Commercial business — — 1 102 1 164 Residential mortgage — — — — — — Consumer and other — — 2 13 5 30 Total — $ — 7 $ 6,596 10 $ 2,351 A loan is considered to be in payment default once it is 30 days contractually past due under the modified terms. The Company recorded $0, $101 thousand and $120 thousand in ACL for TDR loans that had payment defaults during the year ended December 31, 2022, 2021 and 2020. There were no charge offs for TDR loans that had payment defaults during the year ended December 31, 2022, 2021 and 2020. There were seven TDR loans that subsequently defaulted during the year ended December 31, 2021. Three commercial real estate loans were modified through maturity concessions totaling $5.9 million. Four TDR loans that subsequently defaulted were modified through payment concessions which were comprised of one commercial real estate loan totaling to $575 thousand, one commercial business loan totaling to $102 thousand, and two consumer and other loans totaling to $13 thousand. There were ten TDR loans that subsequently defaulted in 2020. The four maturity concessions were comprised of two commercial real estate loans totaling $1.2 million and two consumer and other loans totaling $11 thousand. Four were modified through payment concessions comprised of one commercial real estate for $464 thousand and three consumer loans totaling $19 thousand. The two interest rate concessions were comprised of one commercial real estate loans for $458 thousand and one commercial business for $164 thousand. Related Party Loans In the ordinary course of business, the Company enters into loan transactions with certain of its executives and directors or associates of such executives and directors (“Related Parties”). All loans to Related Parties were made at substantially the same terms and conditions at the time of origination as other originated loans to borrowers that were not affiliated with the Company. All loans to Related Parties were current as of December 31, 2022 and 2021, and the outstanding principal balance as of December 31, 2022 and 2021 was $92.8 million and $31.9 million, respectively. Loans to Related Parties at December 31, 2022 consisted of $92.8 million in commercial real estate loans and $29 thousand in commercial business loans. Loans to Related Parties at December 31, 2021 consisted of $31.2 million in commercial real estate loans and $747 thousand in commercial business loans. The increase in Related Party loans from December 31, 2021 to December 31, 2022 was due to new loans totaling $64.2 million offset by payoffs of $2.5 million and payments of $756 thousand. |
Goodwill, Intangible Assets, an
Goodwill, Intangible Assets, and Servicing Assets | 12 Months Ended |
Dec. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill, Intangible Assets, and Servicing Assets | GOODWILL AND OTHER INTANGIBLE ASSETS The carrying amount of the Company’s goodwill as of December 31, 2022 and 2021 was $464.5 million. Goodwill represents the excess of the purchase price over the sum of the estimated fair values of the tangible and identifiable intangible assets acquired less the estimated fair value of the liabilities assumed. Goodwill has an indefinite useful life and is evaluated for impairment annually or more frequently if events and circumstances indicate that the asset might be impaired. An impairment loss is recognized to the extent that the carrying amount exceeds the asset’s fair value. For the year ended December 31, 2022, the Company performed a qualitative assessment to test for impairment and the management has concluded that there was no impairment. As the Company operates as single business unit, goodwill impairment was assessed based on the Company as a whole. Goodwill is not amortized for book purposes and is not tax deductible. Core deposit intangible assets are amortized over their estimated lives, which range from seven December 31, 2022 December 31, 2021 Core Deposit Intangibles Related To: Amortization Period Gross Accumulated Carrying Amount Accumulated Carrying Amount (Dollars in thousands) Foster Bankshares acquisition 10 years $ 2,763 $ (2,668) $ 95 $ (2,504) $ 259 Wilshire Bancorp acquisition 10 years 18,138 (12,507) 5,631 (10,726) 7,412 Total $ 20,901 $ (15,175) $ 5,726 $ (13,230) $ 7,671 Total amortization expense on core deposit intangibles was $1.9 million and $2.0 million for the years ended December 31, 2022 and 2021, respectively. The estimated future amortization expense for core deposit intangibles is as follows: $1.8 million in 2023, $1.6 million in 2024, $1.5 million in 2025, and $829 thousand in 2026. |
Property, Plant, and Equipment
Property, Plant, and Equipment | 12 Months Ended |
Dec. 31, 2022 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment Disclosure | PREMISES AND EQUIPMENT The following table provides information regarding the premises and equipment at December 31, 2022 and 2021: December 31, 2022 2021 (Dollars in thousands) Land $ 11,244 $ 11,244 Building and improvements 24,191 24,018 Furniture, fixtures, and equipment 32,347 28,829 Leasehold improvements 29,061 28,201 Vehicles 123 123 Software/License 17,532 14,341 Total premises and equipment, gross 114,498 106,756 Less: Accumulated depreciation and amortization (67,639) (61,089) Total premises and equipment, net $ 46,859 $ 45,667 Depreciation and amortization expense totaled $7.9 million, $8.2 million, and $8.2 million for the years ended December 31, 2022, 2021, and 2020, respectively. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2022 | |
Leases [Abstract] | |
Leases | LEASES The Company’s operating leases are real estate leases which are comprised of bank branch locations, loan production offices, and office spaces with remaining lease terms ranging from 1 to 10 years as of December 31, 2022. Certain lease arrangements contain extension options which are typically around 5 years. As these extension options are not generally considered reasonably certain of exercise, they are not included in the lease term. Operating lease right-of-use (“ROU”) assets represent the Company’s right to use the underlying asset during the lease term and operating lease liabilities represent the Company’s obligation to make lease payments arising from the lease. ROU assets and operating lease liabilities are recognized at lease commencement based on the present value of the remaining lease payments using the Company’s incremental borrowing rate at the lease commencement date. The Company’s occupancy expense also includes variable lease costs which is comprised of the Company's share of actual costs for utilities, common area maintenance, property taxes, and insurance that are not included in lease liabilities and are expensed as incurred. Variable lease costs also include rent escalations based on changes to indices, such as the Consumer Price Index. The table below summarizes the Company’s net lease cost: Year Ended December 31, 2022 2021 (Dollars in thousands) Operating lease cost $ 15,455 $ 15,487 Variable lease cost 4,617 3,205 Sublease income (687) (456) Net lease cost $ 19,385 $ 18,236 Rent expense for the years ended December 31, 2022, 2021, and 2020 totaled $17.8 million, $18.3 million, and $18.6 million, respectively. The Company uses its incremental borrowing rate to present value lease payments in order to recognize a ROU asset and the related lease liability. The Company calculates its incremental borrowing rate by adding a spread to the FHLB borrowing interest rate at a given period. The table below summarizes supplemental balance sheet information related to operating leases: December 31, 2022 2021 (Dollars in thousands) Operating lease right-of-use assets $ 55,034 $ 52,701 Current portion of long-term lease liabilities 13,769 12,678 Long-term lease liabilities 45,319 44,625 Weighted-average remaining lease term - operating leases 4.7 years 5.2 years Weighted-average discount rate - operating leases 2.44 % 2.43 % There was no impairment on operating right-of-use assets during 2022 and 2021. The table below summarizes the maturity of remaining lease liabilities: December 31, 2022 (Dollars in thousands) 2023 $ 15,014 2024 13,937 2025 12,187 2026 11,431 2027 5,918 2028 and thereafter 4,322 Total lease payments 62,809 Less: imputed interest 3,721 Total lease obligations $ 59,088 As of December 31, 2022, the Company did not have any additional operating lease commitments that have not yet commenced. |
Deposits
Deposits | 12 Months Ended |
Dec. 31, 2022 | |
Deposits [Abstract] | |
Deposits | DEPOSITS The aggregate amounts of time deposits in denominations of more than $250 thousand at December 31, 2022 and 2021, was $2.39 billion and $1.49 billion, respectively. Included in time deposits of more than $250 thousand were $300.0 million in California State Treasurer’s deposits at December 31, 2022 and 2021. The California State Treasurer’s deposits are subject to withdrawal based on the State’s periodic evaluations. The Company is required to pledge eligible collateral of at least 110% of outstanding deposits. At December 31, 2022 and 2021, securities with fair values of approximately $348.0 million and $359.8 million, respectively, were pledged as collateral for the California State Treasurer’s deposit. The Company also utilizes brokered deposits as a secondary source of funds. Total brokered deposits at December 31, 2022 and 2021 totaled $1.18 billion and $810.9 million, respectively. Brokered deposits at December 31, 2022 consisted of $70.2 million in money market and NOW accounts and $1.11 billion in time deposit accounts. Brokered deposits at December 31, 2021 consisted of $770.0 million in money market and NOW accounts and $40.9 million in time deposit accounts. At December 31, 2022, the scheduled maturities for time deposits were as follows: December 31, 2022 (Dollars in thousands) Scheduled maturities in: 2023 $ 4,973,023 2024 14,861 2025 1,121 2026 550 2027 505 2028 and thereafter — Total $ 4,990,060 The following table presents the maturity schedules of time deposits in amounts of more than $250 thousand as of December 31, 2022: December 31, 2022 (Dollars in thousands) Three months or less $ 242,755 Over three months through six months 509,744 Over six months through twelve months 1,629,667 Over twelve months 3,407 Total $ 2,385,573 Interest expense on deposits for the periods indicated is summarized as follows: Year Ended December 31, 2022 2021 2020 (Dollars in thousands) Money market and NOW $ 68,961 $ 22,867 $ 34,529 Savings deposits 3,802 3,623 3,475 Time deposits 42,076 15,521 72,365 Total deposit interest expense $ 114,839 $ 42,011 $ 110,369 |
Borrowings
Borrowings | 12 Months Ended |
Dec. 31, 2022 | |
Debt Disclosure [Abstract] | |
Borrowings | BORROWINGS At December 31, 2022, borrowings totaled $865.0 million consisting of $600.0 million in FHLB borrowings and $265.0 million in borrowings from the FRB compared to $300.0 million in FHLB borrowings at December 31, 2021. There were no borrowings from the FRB at December 31, 2021. The Company maintains a line of credit with the FHLB of San Francisco as a secondary source of funds. The borrowing capacity with the FHLB is limited to the lower of either 25% of the Bank’s total assets or the Bank’s collateral capacity, and was $4.59 billion and $4.45 billion at December 31, 2022 and 2021, respectively. The terms of this credit facility require the Company to pledge eligible collateral with the FHLB equal to at least 100% of outstanding advances. The Company also has an unsecured credit facility with the FHLB that totaled $81.2 million at December 31, 2022 and 2021. At December 31, 2022 and 2021, real estate secured loans with a carrying amount of approximately $8.08 billion and $6.96 billion, respectively, were pledged at the FHLB for outstanding advances and remaining borrowing capacity. At December 31, 2022 and 2021, other than FHLB stock, no securities were pledged as collateral at the FHLB. The purchase of FHLB stock is a prerequisite to become a member of the FHLB system, and the Company is required to own a certain amount of FHLB stock based on total asset size and outstanding borrowings. At December 31, 2022 and 2021, FHLB advances totaled $600.0 million and $300.0 million, and had weighted average effective interest rates of 3.40% and 0.92%, respectively. At December 31, 2022, $100.0 million in advances had fixed interest rates until maturity and $500.0 million in advances had variable interest rates. All FHLB advances at December 31, 2022 had maturities in January 2023. The interest rates on FHLB advances as of December 31, 2022 ranged between 3.24% and 4.20%. At December 31, 2022, the Company’s remaining borrowing capacity with the FHLB was $3.98 billion. As a member of the Federal Reserve Bank (“FRB”) system, the Bank may also borrow from the FRB of San Francisco. The maximum amount that the Bank may borrow from the FRB’s discount window is up to 99% of the fair market value of the qualifying loans and securities that are pledged. At December 31, 2022, the outstanding principal balance of the qualifying loans pledged at the FRB was $794.1 million and there was one investment security pledged at the discount window with a fair value of $1.0 million. The Company had $265.0 million and $0 in borrowings from the FRB discount window at December 31, 2022 and December 31, 2021, respectively. At December 31, 2022 and 2021, the total remaining available borrowing capacity at the FRB discount window was $405.1 million and $606.6 million, respectively. The FRB borrowing outstanding at December 31, 2022 was an overnight borrowing and had an interest rate of 4.50%. The Company also maintains unsecured borrowing lines with other banks. There were no unsecured borrowings from other banks at December 31, 2022 and 2021. |
Subordinated Debentures and Con
Subordinated Debentures and Convertible Notes | 12 Months Ended |
Dec. 31, 2022 | |
Subordinated Borrowings [Abstract] | |
Subordinated Debentures and Convertible Notes | SUBORDINATED DEBENTURES AND CONVERTIBLE NOTES Subordinated Debt At December 31, 2022, the Company had 9 wholly owned subsidiary grantor trusts that had issued $126.0 million of pooled trust preferred securities. Trust preferred securities accrue and pay distributions periodically at specified annual rates as provided in the indentures. The trusts used the net proceeds from the offering to purchase a like amount of subordinated debentures (the “Debentures”). The Debentures are the sole assets of the trusts. The Company’s obligations under the subordinated debentures and related documents, taken together, constitute a full and unconditional guarantee by the Company of the obligations of the trusts. The trust preferred securities are mandatorily redeemable upon the maturity of the Debentures, or upon earlier redemption as provided in the indentures. The Company has the right to redeem the Debentures in whole (but not in part) on a quarterly basis at a redemption price specified in the indentures plus any accrued but unpaid interest to the redemption date. The Company also has a right to defer consecutive payments of interest on the debentures for up to five years. The following table is a summary of trust preferred securities and Debentures at December 31, 2022: Issuance Trust Issuance Date Trust Preferred Security Amount Carrying Value of Debentures Rate Type Current Rate Maturity Date (Dollars in thousands) Nara Capital Trust III 06/05/2003 $ 5,000 $ 5,155 Variable 7.919% 06/15/2033 Nara Statutory Trust IV 12/22/2003 5,000 5,155 Variable 6.929% 01/07/2034 Nara Statutory Trust V 12/17/2003 10,000 10,310 Variable 7.688% 12/17/2033 Nara Statutory Trust VI 03/22/2007 8,000 8,248 Variable 6.419% 06/15/2037 Center Capital Trust I 12/30/2003 18,000 14,937 Variable 6.929% 01/07/2034 Wilshire Trust II 03/17/2005 20,000 16,435 Variable 6.528% 03/17/2035 Wilshire Trust III 09/15/2005 15,000 11,722 Variable 6.169% 09/15/2035 Wilshire Trust IV 07/10/2007 25,000 18,932 Variable 6.149% 09/15/2037 Saehan Capital Trust I 03/30/2007 20,000 15,671 Variable 6.350% 06/30/2037 Total $ 126,000 $ 106,565 The carrying value of Debentures at December 31, 2022 and 2021 was $106.6 million and $105.4 million, respectively. At December 31, 2022 and 2021, acquired Debentures had remaining discounts of $23.3 million and $24.5 million, respectively. The carrying balance of Debentures is net of remaining discounts and includes common trust securities. The Company’s investment in the common trust securities of the issuer trusts was $3.9 million at December 31, 2022 and 2021, and is included in other assets. Although the subordinated debt issued by the trusts are not included as a component of stockholders’ equity in the Consolidated Statements of Financial Condition, the debt is treated as capital for regulatory purposes. The Company’s trust preferred security debt issuances (less common trust securities) are includable in Tier 1 capital up to a maximum of 25% of capital on an aggregate basis as they were grandfathered in under BASEL III. Any amount that exceeds 25% qualifies as Tier 2 capital. Convertible Notes In 2018, the Company issued $217.5 million aggregate principal amount of 2.00% convertible senior notes maturing on May 15, 2038 in a private offering to qualified institutional buyers under Rule 144A of the Securities Act of 1933. The convertible notes can be converted into shares of the Company’s common stock at an initial rate of 45.0760 shares per $1,000 principal amount of the notes (equivalent to an initial conversion price of approximately $22.18 per share of common stock which represents a premium of 22.50% to the closing stock price on the date of the pricing of the notes). Holders of the convertible notes have the option to convert all or a portion of the notes at any time on or after February 15, 2023. Prior to February 15, 2023, the convertible notes cannot be converted unless under certain specified scenarios. The convertible notes can be called by the Company, in part or in whole, on or after May 20, 2023 for 100% of the principal amount in cash. Holders of the convertible notes also have the option to put the notes back to the Company on May 15, 2023, May 15, 2028, or May 15, 2033 for 100% of the principal amount in cash. The convertible notes can be settled in cash, stock, or a combination of stock and cash at the option of the Company. The convertible notes issued by the Company were initially separated into a debt component and an equity component which represents the stock conversion option. The present value of the convertible notes was calculated based on a discount rate of 4.25%, which represented the current offering rate for similar types of debt without conversion options. The difference between the principal amount of the notes and the present value was recorded as the convertible note discount and additional paid-in capital. The issuance costs related to the offering were also allocated into a debt component to be capitalized, and an equity component in the same percentage allocation of debt and equity of the convertible note. On January 1, 2021, the Company early adopted ASU 2020-06 under the modified retrospective approach. Subsequently, the Company accounts for its convertible notes as a single debt instrument. At the adoption of ASU 2020-06, portions previously allocated to equity and the remaining convertible notes discount were both reversed. The reversal of the equity portions of the convertible notes totaled $18.3 million, net of taxes which was recorded as a reduction to additional paid-in capital. The adoption of ASU 2020-06 resulted in a $10.7 million net adjustment to beginning retained earnings. The value of the convertible notes at issuance and the carrying value as of December 31, 2022, 2021 and 2020 are presented in the tables below: Capitalization Gross December 31, 2022 Total Capitalization Carrying Amount (Dollars in thousands) Convertible notes principal balance $ 217,500 $ — $ 217,500 Issuance costs to be capitalized 5 years (4,119) 3,767 (352) Carrying balance of convertible notes $ 213,381 $ 3,767 $ 217,148 Capitalization Gross December 31, 2021 Total Capitalization Carrying Amount (Dollars in thousands) Convertible notes principal balance $ 217,500 $ — $ 217,500 Issuance costs to be capitalized 5 years (4,119) 2,828 (1,291) Carrying balance of convertible notes $ 213,381 $ 2,828 $ 216,209 Amortization/ Capitalization Gross December 31, 2020 Accumulated Amortization / Capitalization Carrying Amount (Dollars in thousands) Convertible notes principal balance $ 217,500 $ — $ 217,500 Discount 5 years (21,880) 10,951 (10,929) Issuance costs to be capitalized 5 years (4,119) 2,113 (2,006) Carrying balance of convertible notes $ 191,501 $ 13,064 $ 204,565 Interest expense on the convertible notes for the years ended December 31, 2022, 2021 and 2020 totaled $5.3 million, $5.3 million, and $9.5 million, respectively. With the adoption of ASU 2020-06, interest expense for the Company’s convertible notes consists of accrued interest on the convertible note coupon and interest expense from capitalized issuance costs. Issuance cost capitalization expense will only be recorded for the first five |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | INCOME TAXES The following presents a summary of income tax provision follows for the years ended December 31: Current Deferred Total (Dollars in thousands) 2022 Federal $ 52,676 $ (6,366) $ 46,310 State 34,050 (2,589) 31,461 $ 86,726 $ (8,955) $ 77,771 2021 Federal $ 28,382 $ 12,599 $ 40,981 State 22,692 7,027 29,719 $ 51,074 $ 19,626 $ 70,700 2020 Federal $ 28,284 $ (11,079) $ 17,205 State 20,490 (6,919) 13,571 $ 48,774 $ (17,998) $ 30,776 A reconciliation of the difference between the federal statutory income tax rate and the effective tax rate is shown in the following table for the years indicated: Year Ended December 31, 2022 2021 2020 Statutory tax rate 21.00 % 21.00 % 21.00 % State taxes-net of federal tax effect 8.58 % 8.59 % 8.56 % CRA investment tax credit (2.99) % (3.75) % (7.34) % Bank owned life insurance (0.22) % (0.17) % (0.05) % Tax exempt municipal bonds and loans (0.26) % (0.17) % (0.38) % State tax rate change 0.15 % (0.04) % (2.76) % Changes in uncertain tax positions (0.23) % 0.07 % 1.63 % Other 0.24 % 0.15 % 0.97 % Effective income tax rate 26.27 % 25.68 % 21.63 % Deferred tax assets and liabilities at December 31, 2022 and 2021 were comprised of the following: December 31, 2022 2021 (Dollars in thousands) Deferred tax assets: Statutory bad debt deduction less than financial statement provision $ 53,225 $ 46,367 Net operating loss carry-forward 1,396 1,552 Investment security provision 469 469 State tax deductions 5,210 3,403 Accrued compensation 45 86 Deferred compensation 107 103 Mark to market on loans held for sale 3 1,721 Nonaccrual loan interest 4,044 4,290 Other real estate owned 455 421 Non-qualified stock option and restricted share expense 4,322 3,122 Lease liabilities 18,751 18,209 Unrealized loss on securities available for sale 96,319 4,583 Other 8,178 5,782 Total deferred tax assets $ 192,524 $ 90,108 Deferred tax liabilities: Purchase accounting fair value adjustment $ (6,583) $ (5,978) Depreciation (293) (6) FHLB stock dividends (332) (257) Deferred loan costs (9,983) (10,615) State taxes deferred and other (3,875) (3,332) Prepaid expenses (1,677) (942) Amortization of intangibles (1,908) (2,513) ROU asset (17,464) (16,746) Total deferred tax liabilities $ (42,115) $ (40,389) Net deferred tax assets $ 150,409 $ 49,719 Income tax expense is the total of the current year income tax due or refundable and the change in deferred tax assets and liabilities. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carry forwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion, or all, of the deferred tax asset will not be realized. In assessing the realization of deferred tax assets, management evaluates both positive and negative evidence, including the existence of any cumulative losses in the current year and the prior two years, the amount of taxes paid in available carry-back years, the forecasts of future income, applicable tax planning strategies, and assessments of current and future economic and business conditions. This analysis is updated quarterly and adjusted as necessary. Based on the analysis, the Company has determined that a valuation allowance for deferred tax assets was not required as of December 31, 2022 and 2021. A summary of the Company’s net operating loss carry-forwards as of December 31, 2022 and 2021 is as follows: Federal State Remaining Expires Annual Remaining Expires Annual (Dollars in thousands) 2022 Saehan Bank (acquired by Wilshire) $ 1,809 2030 $ 226 $ 2,261 2032 $ 226 Pacific International Bank 3,989 2032 420 — N/A — Total $ 5,798 $ 646 $ 2,261 $ 226 2021 Saehan Bank (acquired by Wilshire) $ 2,035 2030 $ 226 $ 2,488 2032 $ — Pacific International Bank 4,409 2032 420 — N/A — Total $ 6,444 $ 646 $ 2,488 $ — In 2020, the California Assembly Bill 85 (A.B. 85) was signed into law. A.B. 85 suspends the use of the net operating loss (“NOL”) for the 2020, 2021, and 2022 tax years. For NOL incurred in tax years before 2020 for which a deduction is denied, the carryover period is extended by three years. On February 9, 2022, Senate Bill 113 (“S.B. 113”) was signed into law, and among other changes, S.B. reinstates the California NOL deductions for tax years beginning in 2022, in effect shortening the suspension period for NOL deductions from A.B. 85 by one year. The Company and its subsidiaries are subject to U.S. federal income tax as well as income tax of the state of California and various other states. The statute of limitations for the assessment of taxes for the consolidated Federal income tax return is closed for all tax years up to and including 2018. The expiration of the statute of limitations for the assessment of taxes for the various state income and franchise tax returns for the Company and subsidiaries varies by state. The Company is currently under examination by the New York City Department of Finance for the 2016, 2017 and 2018 tax years. While the outcome of the examination is unknown, the Company expects no material adjustments. A reconciliation of the beginning and ending amount of unrecognized tax benefits for the years ended December 31, 2022 and 2021 is as follows: Year Ended December 31, 2022 2021 (Dollars in thousands) Balance at January 1, $ 3,278 $ 2,750 Additions based on tax positions related to prior years 434 528 Expiration of statute of limitations (761) — Balance at December 31, $ 2,951 $ 3,278 The total amount of unrecognized tax benefits was $3.0 million at December 31, 2022 and $3.3 million at December 31, 2021. The total amount of tax benefits, if recognized, would favorably impact the effective tax rate by $2.6 million and $2.9 million at December 31, 2022 and 2021, respectively. The Company expects the total amount of unrecognized tax benefits to decrease by approximately $1.2 million within the next twelve months due to an anticipated settlement with a state tax authority and the expiration of statute of limitations. The Company recognizes interest and penalties related to income tax matters in income tax expense. The Company had approximately $359 thousand and $387 thousand accrued for interest expense at December 31, 2022 and 2021, respectively and no amount accrued for penalties. |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
Stock-Based Compensation | STOCK-BASED COMPENSATION In 2019, the Company’s stockholders approved the 2019 stock-based incentive plan (the “2019 Plan”), which provides for grants of stock options, stock appreciation rights (“SAR”), restricted stock, performance shares, and performance units to non-employee directors, employees, and potentially consultants of the Company. Stock options may be either incentive stock options (“ISOs”), as defined in Section 422 of the Internal Revenue Code of 1986, as amended (the “Code”), or nonqualified stock options (“NQSOs”). The 2019 Plan provides the Company flexibility to (i) attract and retain qualified non-employee directors, executives, other key employees, and potentially consultants with appropriate equity-based awards to; (ii) motivate high levels of performance; (iii) recognize employee and potentially consultants’ contributions to the Company’s success; and (iv) align the interests of the participants with those of the Company’s stockholders. The 2019 Plan initially had 4,400,000 shares that were available for grant to participants. The exercise price for shares under an ISO may not be less than 100% of fair market value on the date the award is granted under the Code. Similarly, under the terms of the 2019 Plan, the exercise price for SARs and NQSOs may not be less than 100% of fair market value on the date of grant. Performance units are awarded to participants at the market price of the Company’s common stock on the date of award (after the lapse of the restriction period and the attainment of the performance criteria). All options not exercised generally expire 10 years after the date of grant. ISOs, SARs, and NQSOs have vesting periods of three Under the 2019 Plan, 1,443,000 shares were available for future grants as of December 31, 2022. With the exception of the shares underlying stock options and restricted stock awards, the Board of Directors may choose to settle the awards by paying the equivalent cash value or by delivering the appropriate number of shares. The following is a summary of the Company’s stock option activity for the year ended December 31, 2022: Number of Shares Weighted-Average Exercise Price Per Share Weighted-Average Aggregate Intrinsic Value Outstanding - January 1, 2022 814,877 $ 15.17 Granted — — Exercised (105,510) 5.02 Expired (60,000) 17.18 Forfeited — — Outstanding - December 31, 2022 649,367 $ 16.63 2.92 $ — Options exercisable - December 31, 2022 649,367 $ 16.63 2.92 $ — The following is a summary of the Company’s restricted stock and performance unit activity for the year ended December 31, 2022: Number of Shares Weighted-Average Grant Date Fair Value Outstanding (unvested) - January 1, 2022 1,561,197 $ 12.08 Granted 1,007,942 15.85 Vested (634,514) 12.65 Forfeited (174,252) 13.55 Outstanding (unvested) - December 31, 2022 1,760,373 $ 13.89 The total fair value of restricted stock and performance units vested for the years ended December 31, 2022, 2021, and 2020 was $9.7 million, $9.5 million, and $3.3 million, respectively. The amount charged against income related to stock based payment arrangements was $12.3 million, $8.4 million, and $8.1 million for the years ended December 31, 2022, 2021, and 2020, respectively. At December 31, 2022, unrecognized compensation expense related to non-vested stock option grants, restricted stock award, performance share units and long term incentive plan totaled $27.3 million and is expected to be recognized over a remaining weighted average vesting period of 1.7 years. The estimated annual stock-based compensation expense as of December 31, 2022 for each of the succeeding years is indicated in the table below: Stock Based (Dollars in thousands) For the year ending December 31: 2023 $ 13,654 2024 9,796 2025 3,510 2026 343 2027 — Total $ 27,303 The Company maintained the Hope Employee Stock Purchase Plan (“ESPP”), which allowed eligible employees to purchase the Company’s common shares through payroll deductions which build up between the offering date and the purchase date. At the purchase date, the Company used the accumulated funds to purchase shares of the Company’s common stock on behalf of the participating employees at a 10% discount to the closing price of the Company’s common shares. The closing price is the lower of either the closing price on the first day of the offering period or the closing price on the purchase date. The dollar amount of common shares purchased under the ESPP must not exceed 20% of the participating employee’s base salary, subject to a cap of $25 thousand in stock value based on the grant date. The ESPP was considered compensatory under GAAP and compensation expense for the ESPP was recognized as part of the Company’s stock-based compensation expense. The compensation expense for ESPP for the years ended December 31, 2022, 2021, and 2020, was $284 thousand, $431 thousand, and $250 thousand, respectively. The Company discontinued the ESPP program in July 2022. |
Compensation Related Costs, Ret
Compensation Related Costs, Retirement Benefits | 12 Months Ended |
Dec. 31, 2022 | |
Retirement Benefits [Abstract] | |
Retirement Benefits | EMPLOYEE BENEFIT PLANS Deferred Compensation Plan - The Company established a deferred compensation plan that permits eligible officers, key executives, and directors to defer a portion of their compensation. The deferred compensation plan is still in effect and was amended in 2007 to be in compliance with IRC §409(A) regulations. The deferred compensation, together with accrued accumulated interest, is distributable in cash after retirement or termination of service. The deferred compensation liabilities at December 31, 2022 and 2021 amounted to $482 thousand and $593 thousand, respectively, and were included in other liabilities in the Consolidated Statements of Financial Condition. Interest expense recognized under the deferred compensation plan totaled $2 thousand, $5 thousand, and $9 thousand for 2022, 2021, and 2020, respectively. The Company established and the Board approved a Long Term Incentive Plan (“LTIP”) that rewards certain executive officers with deferred compensation if the Company meets certain performance goals, the NEOs meet individual performance goals, and the NEOs remain employed for a pre-determined period (between five 401(k) Savings Plan - The Company established a 401(k) savings plan, which is open to all eligible employees who are 21 years old or over and have completed 3 months of service. The Company matches 75% of the first 8% of the employee’s compensation contributed. Employer matching is vested 25% after 2 years of service, 50% after 3 years of service, 75% after 4 years of service, and 100% after 5 or more years of service. Total employer contributions to the plan amounted to approximately $5.9 million, $5.8 million, and $5.4 million for 2022, 2021, and 2020, respectively. Post-Retirement Benefit Plans - The Company purchased life insurance policies and entered into split dollar life insurance agreements with certain directors and officers. Under the terms of the split dollar life insurance agreements, a portion of the death benefits received by the Company will be paid to beneficiaries named by the directors and officers. Total death benefits received by the Company was $1.2 million, $1.3 million, and $1.0 million, for 2022, 2021, and 2020, respectively. In 2016, the Company assumed Wilshire Bank’s Survivor Income Plans which was originally adopted in 2003 and 2005 for the benefit of the directors and officers in order to encourage their continued employment and service, and to reward them for their past contributions. Wilshire Bank had also entered into separate Survivor Income Agreements with officers and directors relating to the Survivor Income Plan. Under the terms of the Survivor Income Plan, each participant is entitled to a base amount of death proceeds as set forth in the participant’s election to participate, which base amount increases three percent per calendar year, but only until normal retirement age, which is 65. If the participant remains employed after age 65, the death benefit will be fixed at the amount determined at age 65. If a participant has attained age 65 prior to becoming a participant in the Survivor Income Plan, the death benefit shall be equal to the base amount set forth in their election to participate with no increases. The Company is obligated to pay any death benefit owed under the Survivor Income Plan in a lump sum within 90 days following the participant’s death. In 2011, the Company assumed Center Bank’s Survivor Income Plan which was adopted in 2004 for the benefit of the directors and officers of the bank in order to encourage their continued employment and service, and to reward them for their past contributions. Under the terms of the Survivor Income Plan, each participant is entitled to a base amount of death proceeds as set forth in the participant’s election to participate. The Company is obligated to pay any death benefit owed under the Survivor Income Plan in a lump sum within 90 days following the participant’s death. The participant’s rights under the Survivor Income Plans terminate upon termination of employment. Upon termination of employment (except for termination for cause), if the participant has achieved the vesting requirements outlined in the plan, the participant will have the option to convert the amount of death benefits calculated at such termination to a split dollar arrangement, provided such arrangement is available under bank regulations and/or tax laws. If available, the Company and the participant will enter into a split dollar agreement and a split dollar policy endorsement. Under such an arrangement, the Company would annually impute income to the officer or the director based on tax laws or rules in force upon conversion. The Company’s accumulated post-retirement benefit obligation at December 31, 2022, 2021, and 2020 was $6.8 million, $8.6 million, and $9.0 million, respectively. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | COMMITMENTS AND CONTINGENCIES Legal Contingencies In the normal course of business, the Company is involved in various legal claims. The Company has reviewed all legal claims against the Company with counsel for the year ended December 31, 2022 and has taken into consideration the views of such counsel as to the potential outcome of the claims. Loss contingencies for all legal claims totaled $229 thousand and $52 thousand at December 31, 2022 and 2021, respectively. It is reasonably possible that the Company may incur losses in excess of the amounts currently accrued. However, at this time, the Company is unable to estimate the range of additional losses that are reasonably possible because of a number of factors, including the fact that certain of these litigation matters are still in their early stages and involve claims that the Company believes has little to no merit. The Company has considered these and other possible loss contingencies and does not expect the amounts to be material to the consolidated financial statements. Unfunded Commitments and Letters of Credit In the normal course of business, the Company is a party to financial instruments with off-balance sheet risk that are used to meet the financing needs of customers. These financial instruments include commitments to extend credit, standby letters of credit, commercial letters of credit, and commitments to fund investments in affordable housing partnerships. These instruments involve, to varying degrees, elements of credit and interest rate risk in excess of the amount recognized in the Consolidated Statements of Financial Condition. The Company’s exposure to credit loss in the event of nonperformance on commitments to extend credit and standby letters of credit is represented by the contractual notional amount of those instruments. The Company uses the same credit policies in making commitments and conditional obligations as the Company does for extending loan facilities to customers. The Company evaluates each customer’s creditworthiness on a case-by-case basis. The amount of collateral obtained, if deemed necessary upon extension of credit, is based on the Company’s credit evaluation of the counterparty. The types of collateral that the Company may hold can vary and may include accounts receivable, inventory, property, plant and equipment, and income-producing properties. Commitments at December 31, 2022 and 2021 are summarized as follows: December 31, 2022 2021 (Dollars in thousands) Commitments to extend credit $ 2,856,263 $ 2,329,421 Standby letters of credit 132,538 126,137 Other letters of credit 22,376 56,333 Commitments to fund investments in affordable housing partnerships 11,792 9,514 Commitments and letters of credit generally have variable rates that are tied to the prime rate. The amount of fixed rate commitments is not considered material to this presentation. From time to time, the Company enters into certain types of contracts that contingently require the Company to indemnify parties against third party claims and other obligations customarily indemnified in the ordinary course of the Company’s business. The terms of such obligations vary, and, generally, a maximum obligation is not explicitly stated. Therefore, the overall maximum amount of the obligations cannot be reasonably estimated. The most significant of these contracts relate to certain agreements with the Company’s officers and directors under which the Company may be required to indemnify such persons for liabilities arising out of their employment relationship. Historically, the Company has not been obligated to make significant payments for these obligations, and no liabilities have been recorded for these obligations in its consolidated statements of financial condition as of December 31, 2022 and 2021. The Company maintains an ACL for its off-balance sheet loan commitments which is calculated by loan type using estimated line utilization rates based on historical usage. Loss rates for outstanding loans is applied to the estimated utilization rates to calculate the ACL for off-balance sheet loan commitments. At December 31, 2022 and 2021, ACL for off-balance sheet loan commitments totaled $1.4 million and $1.1 million, respectively. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | FAIR VALUE MEASUREMENTS Fair value is defined as the exchange price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date reflecting assumptions that a market participant would use when pricing an asset or liability. There are three levels of inputs that may be used to measure fair value. The fair value inputs of the instruments are classified and disclosed in one of the following categories pursuant to ASC 820: Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date. The quoted price shall not be adjusted for any blockage factor (i.e., size of the position relative to trading volume). Level 2 - Pricing inputs are inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. Fair value is determined through the use of models or other valuation methodologies, including the use of pricing matrices. If the asset or liability has a specified (contractual) term, a Level 2 input must be observable for substantially the full term of the asset or liability. Level 3 - Pricing inputs are unobservable for the asset or liability. Unobservable inputs are used to measure fair value to the extent that observable inputs are not available, thereby allowing for situations in which there is little, if any, market activity for the asset or liability at the measurement date. The inputs into the determination of fair value require significant management judgment or estimation. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an asset’s or liability’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. The Company uses the following methods and assumptions in estimating fair value disclosures for financial instruments. Financial assets and liabilities recorded at fair value on a recurring and non-recurring basis are listed as follows: Investment Securities The fair values of investment securities available for sale and held to maturity are determined by obtaining quoted prices on nationally recognized securities exchanges (Level 1 inputs) or matrix pricing, which is a technique widely used in the industry to value debt securities without relying exclusively on quoted prices for the specific securities but rather by relying on the securities’ relationship to other benchmark quoted securities (Level 2 inputs). The fair value of the Company’s Level 3 security available for sale was measured using an income approach valuation technique. The primary inputs and assumptions used in the fair value measurement was derived from the security’s underlying collateral, which included discount rate, prepayment speeds, payment delays, and an assessment of the risk of default of the underlying collateral, among other factors. Significant increases or decreases in any of the inputs or assumptions could result in a significant increase or decrease in the fair value measurement. Equity Investments With Readily Determinable Fair Value The fair value of the Company’s equity investments with readily determinable fair value is comprised of mutual funds. The fair value for these investments is obtained from unadjusted quoted prices in active markets on the date of measurement and is therefore classified as Level 1. Interest Rate Swaps The Company offers interest rate swaps to certain loan customers to allow them to hedge the risk of rising interest rates on their variable rate loans. The Company originates a variable rate loan and enters into a variable-to-fixed interest rate swap with the customer. The Company also enters into an offsetting swap with a correspondent bank. These back-to-back agreements are intended to offset each other and allow the Company to originate a variable rate loan, while providing a contract for fixed interest payments for the customer. The net cash flow for the Company is equal to the interest income received from a variable rate loan originated with the customer. The fair value of these derivatives is based on a discounted cash flow approach. Due to the observable nature of the inputs used in deriving the fair value of these derivative contracts, the valuation of interest rate swaps is classified as Level 2. Mortgage Banking Derivatives Mortgage banking derivative instruments consist of interest rate lock commitments and forward sale contracts that trade in liquid markets. The fair value is based on the prices available from third party investors. Due to the observable nature of the inputs used in deriving the fair value, the valuation of mortgage banking derivatives is classified as Level 2. Other Derivatives Other derivatives consist of interest rate swaps and collars designated as cash flow hedges, foreign exchange contracts and risk participation agreements. The fair values of these other derivative financial instruments are based upon the estimated amount the Company would receive or pay to terminate the instruments, taking into account current interest rates, foreign exchange rates and, when appropriate, the current credit worthiness of the counterparties. Interest rate swaps designated as cash flow hedges and foreign exchange contracts are classified within Level 2 due to the observable nature of the inputs used in deriving the fair value of these contracts. Credit derivatives such as risk participation agreements are valued based on credit worthiness of the underlying borrower which is a significant unobservable input and therefore is classified as Level 3. Collateral Dependent Loans The fair values of collateral dependent loans are generally measured for ACL using the practical expedients permitted by ASC 326-20-35-5 including collateral dependent loans measured at an observable market price (if available), or at the fair value of the loan’s collateral (if the loan is collateral dependent). Fair value of the loan’s collateral, when the loan is dependent on collateral, is determined by appraisals or independent valuation, less costs to sell of 8.5%. Appraisals may utilize a single valuation approach or a combination of approaches including comparable sales and income approach. Adjustment may be made in the appraisal process by the independent appraiser to adjust for differences between the comparable sales and income data available for similar loans and the underlying collateral. For commercial and industrial and asset backed loans, independent valuations may include a 20-60% discount for eligible accounts receivable and a 50-70% discount for inventory. These result in a Level 3 classification. OREO OREO is fair valued at the time the loan is foreclosed upon and the asset is transferred to OREO. The value is based primarily on third party appraisals, less costs to sell of up to 8.5% and result in a Level 3 classification of the inputs for determining fair value. OREO is reviewed and evaluated on at least a quarterly basis for additional impairment and adjusted to lower of cost or market accordingly, based on the same factors identified above. Loans Held For Sale Loans held for sale are carried at the lower of cost or fair value, as determined by outstanding commitments from investors, or based on recent comparable sales (Level 2 inputs), if available, and if not available, are based on discounted cash flows using current market rates applied to the estimated life and credit risk (Level 3 inputs) or may be assessed based upon the fair value of the collateral, which is obtained from recent real estate appraisals (Level 3 inputs). These appraisals may utilize a single valuation approach or a combination of approaches including the income approach. Adjustments are routinely made in the appraisal process by the appraisers to adjust for differences between the comparable sales and income data available. Such adjustments are typically significant and result in a Level 3 classification of the inputs for determining fair value. Assets and liabilities measured at fair value on a recurring basis are summarized below: Fair Value Measurements at the End of December 31, 2022 Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs (Dollars in thousands) Assets: Investment securities available for sale: U.S. Treasury securities $ 3,886 $ 3,886 $ — $ — U.S. Government agency and U.S. Government sponsored enterprises: Agency securities 3,867 — 3,867 — Collateralized mortgage obligations 793,699 — 793,699 — Mortgage-backed securities: Residential 453,177 — 453,177 — Commercial 368,287 — 368,287 — Asset-backed securities 147,604 — 147,604 — Corporate securities 18,857 — 18,857 — Municipal securities 182,752 — 181,809 943 Equity investments with readily determinable fair value 4,303 4,303 — — Interest rate swaps 73,389 — 73,389 — Mortgage banking derivatives 29 — 29 — Other derivatives 25,462 — 25,462 — Liabilities: Interest rate swaps 73,389 — 73,389 — Mortgage banking derivatives 23 — 23 — Other derivatives 2,160 — 2,128 32 Fair Value Measurements at the End of December 31, 2021 Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs (Dollars in thousands) Assets: Investment securities available for sale: U.S. Government agency and U.S. Government sponsored enterprises: Collateralized mortgage obligations $ 1,026,430 $ — $ 1,026,430 $ — Mortgage-backed securities: Residential 759,224 — 759,224 — Commercial 599,402 — 599,402 — Asset-backed securities 153,451 — 153,451 — Corporate securities 22,484 — 22,484 — Municipal securities 105,284 — 104,246 1,038 Equity investments with readily determinable fair value 26,823 26,823 — — Interest rate swaps 17,907 — 17,907 — Mortgage banking derivatives 247 — 247 — Other derivatives 2,291 — 2,291 — Liabilities: Interest rate swaps 17,907 — 17,907 — Mortgage banking derivatives 76 — 76 — Other derivatives 93 — — 93 There were no transfers between Levels 1, 2, and 3 during the year ended December 31, 2022 and 2021. The table below presents a reconciliation and income statement classification of gains (losses) for the municipal security and risk participation agreements measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the year ended December 31, 2022 and 2021: Year Ended December 31, 2022 2021 (Dollars in thousands) Municipal securities: Beginning Balance $ 1,038 $ 1,022 Change in fair value included in other comprehensive (loss) income (95) 16 Ending Balance $ 943 $ 1,038 Risk participation agreements: Beginning Balance $ 93 $ 398 Change in fair value included in expense (61) (305) Ending Balance $ 32 $ 93 The Company measures certain assets at fair value on a non-recurring basis including collateral dependent loans, loans held for sale, and OREO. These fair value adjustments result from individually evaluated ACL recognized during the period, application of the lower of cost or fair value on loans held for sale, and the application of fair value less cost to sell on OREO. Assets measured at fair value on a non-recurring basis at December 31, 2022 and 2021 are summarized below: Fair Value Measurements at the End of December 31, 2022 Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs (Dollars in thousands) Assets: Collateral dependent loans at fair value: Real estate loans $ 807 $ — $ — $ 807 Commercial business 2,744 — — 2,744 Loans held for sale, net 48,795 — 48,795 — OREO 1,050 — — 1,050 Fair Value Measurements at the End of December 31, 2021 Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs (Dollars in thousands) Assets: Collateral dependent loans at fair value: Real estate loans $ 12,293 $ — $ — $ 12,293 Commercial business 3,656 — — 3,656 Loans held for sale, net 26,154 — 26,154 — OREO 2,167 — — 2,167 For assets measured at fair value on a non-recurring basis, the total net losses, which include charge offs, recoveries, recorded ACL, valuations, and recognized gains and losses on sales in 2022 and 2021 are summarized below: Year Ended December 31, 2022 2021 (Dollars in thousands) Assets: Collateral dependent loans at fair value: Real estate loans $ (727) $ (1,758) Commercial business (2,526) (2,088) Loans held for sale, net (3,989) (21,074) OREO (941) (1,275) Fair Value of Financial Instruments Carrying amounts and estimated fair values of financial instruments, not previously presented, at December 31, 2022 and 2021 were as follows: December 31, 2022 Carrying Amount Estimated Fair Value Fair Value Measurement Using (Dollars in thousands) Financial Assets: Cash and cash equivalents $ 506,776 $ 506,776 Level 1 Interest bearing deposits in other financial institutions 735 733 Level 2 Investment securities held to maturity 271,066 258,407 Level 2 Equity investments without readily determinable fair values 38,093 38,093 Level 2 Loans held for sale 49,245 49,248 Level 2 Loans receivable, net 15,241,181 14,745,881 Level 3 Accrued interest receivable 55,460 55,460 Level 2/3 Servicing assets, net 11,628 17,375 Level 3 Customers’ liabilities on acceptances 818 818 Level 2 Financial Liabilities: Noninterest bearing deposits $ 4,849,493 $ 4,849,493 Level 2 Saving and other interest bearing demand deposits 5,899,248 5,899,248 Level 2 Time deposits 4,990,060 5,020,093 Level 2 FHLB and FRB borrowings 865,000 867,088 Level 2 Convertible notes, net 217,148 213,937 Level 1 Subordinated debentures 106,565 107,944 Level 2 Accrued interest payable 26,668 26,668 Level 2 Acceptances outstanding 818 818 Level 2 December 31, 2021 Carrying Amount Estimated Fair Value Fair Value Measurement Using (Dollars in thousands) Financial Assets: Cash and cash equivalents $ 316,266 $ 316,266 Level 1 Interest bearing deposits in other financial institutions 12,851 12,853 Level 2 Equity investments without readily determinable fair values 31,037 31,037 Level 2 Loans held for sale 99,049 103,767 Level 2 Loans receivable, net 13,812,193 13,698,579 Level 3 Accrued interest receivable 41,842 41,842 Level 2/3 Servicing assets, net 10,418 13,500 Level 3 Customers’ liabilities on acceptances 1,521 1,521 Level 2 Financial Liabilities: Noninterest bearing deposits $ 5,751,870 $ 5,751,870 Level 2 Saving and other interest bearing demand deposits 6,500,227 6,500,227 Level 2 Time deposits 2,788,353 2,790,596 Level 2 FHLB advances 300,000 301,936 Level 2 Convertible notes, net 216,209 214,612 Level 1 Subordinated debentures 105,354 117,961 Level 2 Accrued interest payable 4,272 4,272 Level 2 Acceptances outstanding 1,521 1,521 Level 2 The Company measures assets and liabilities for its fair value disclosures based on an exit price notion. Although the exit price notion represents the value that would be received to sell an asset or paid to transfer a liability, the actual price received for a sale of assets or paid to transfer liabilities could be different from exit price disclosed. The methods and assumptions used to estimate fair value are described as follows: The carrying amount is the estimated fair value for cash and cash equivalents, savings and other interest bearing demand deposits, equity investments without readily determinable fair values, customer’s and Bank’s liabilities on acceptances, noninterest bearing deposits, short-term debt, secured borrowings and variable rate loans or deposits that reprice frequently and fully. The fair value of loans is determined through a discounted cash flow analysis which incorporates probability of default and loss given default rates on an individual loan basis. The discount rate is based on the LIBOR Swap Rate for fixed rate loans, while variable loans start with the corresponding index rate and an adjustment was made on certain loans which considered factors such as servicing costs, capital charges, duration, asset type incremental costs, and use of projected cash flows. Residential real estate loans fair values include Fannie Mae and Freddie Mac prepayment speed assumptions or a third party index based on historical prepayment speeds. Fair value of time deposits is based on discounted cash flow analysis using recent issuance rates over the prior three months and a market rate analysis of recent offering rates for retail products. Wholesale time deposit fair values incorporate brokered time deposit offering rates. The fair value of the Company’s debt is based on current rates for similar financing. Fair value for the Company’s convertible notes is based on the actual last traded price of the notes. The fair value of commitments to fund loans represents fees currently charged to enter into similar agreements with similar remaining maturities and is not presented herein. The fair value of these financial instruments is not material to the consolidated financial statements. |
Derivative Financial Instrument
Derivative Financial Instruments | 12 Months Ended |
Dec. 31, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | DERIVATIVE FINANCIAL INSTRUMENTS As part of our overall interest rate risk management, the Company enters into derivative instruments, including interest rate swaps, collars, caps, floors, foreign exchange contracts, risk participation agreements and mortgage banking derivatives. The notional amount does not represent amounts exchanged by the parties. The amount exchanged is determined by reference to the notional amount and the other terms of the individual agreements. Derivative instruments are recognized on the balance sheet at their fair value and are not reported on a net basis. The table below presents the fair value of the Company’s derivative financial instruments as of December 31, 2022 and 2021. The Company’s derivative assets and derivative liabilities are located within Other assets and Other liabilities, respectively, on the Company’s Consolidated Balance Sheets. December 31, 2022 Notional Fair Value Other Assets Other Liabilities (Dollars in thousands) Derivatives designated as cash flow hedges Interest rate swaps $ 614,000 $ 19,773 $ 1,227 Forward interest rate swaps 111,000 5,428 — Forward interest rate collars 500,000 182 828 Total $ 1,225,000 $ 25,383 $ 2,055 Derivatives not designated as hedges Interest rate swaps with correspondent banks $ 1,013,407 $ 73,059 $ 330 Interest rate swaps with customers 1,013,407 330 73,059 Foreign exchange contracts with correspondent banks 2,359 79 — Foreign exchange contracts with customers 2,359 — 73 Risk participation agreement 134,282 — 32 Mortgage banking derivatives 2,801 29 23 Total $ 2,168,615 $ 73,497 $ 73,517 December 31, 2021 Notional Fair Value Other Assets Other Liabilities (Dollars in thousands) Derivatives designated as cash flow hedges Interest rate swaps $ 100,000 $ 2,291 $ — Total $ 100,000 $ 2,291 $ — Derivatives not designated as hedges Interest rate swaps with correspondent banks $ 588,685 $ 3,001 $ 14,906 Interest rate swaps with customers 588,685 14,906 3,001 Risk participation agreement 123,927 — 93 Mortgage banking derivatives 17,425 247 76 Total $ 1,318,722 $ 18,154 $ 18,076 Derivatives designated as cash flow hedges The Company had 17 interest rate agreements as of December 31, 2022 with a total notional amount of $1.23 billion designated as cash flow hedges of liabilities tied to LIBOR and Federal Funds. The designated hedged interest rate swap agreements consisted of 13 non-forward starting interest rate swap with notional amount of $614.0 million with weighted average term of 4.1 years, two forward starting interest rate swap with notional amount of $111.0 million with weighted average term of 3.9 years, and two forward starting interest rate options with dealers (collars) with notional amount of $500.0 million with average weighted term of 3.0 years. The Company had one interest rate swap agreement as of December 31, 2021 with a notional amount of $100.0 million designated as cash flow hedges of certain LIBOR-based debt with weighted average term of 3.3 years. The Company’s swaps were determined to be fully effective during the periods presented. The aggregate fair value of the swaps are recorded in assets or liabilities with changes in fair value recorded in other comprehensive income. The gain or loss on derivatives is recorded in AOCI and is subsequently reclassified into interest income and interest expense in the period during which the hedged forecasted transaction affects earnings. Amounts reported in AOCI related to interest rate swap derivatives will be reclassified to interest income and interest expense as interest payments are received or paid on the Company’s derivatives. The Company expects the hedges to remain fully effective throughout the remaining terms. The Company expects to reclassify approximately $14.3 million from AOCI as a decrease to interest expense during the next 12 months. For the year ended December 31, 2022, the Company reclassified $2.0 million from accumulated other comprehensive income to interest income and expense. For the year ended December 31, 2021, the Company reclassified $319 thousand from accumulated other comprehensive income to interest expense. Total cash held as collateral for interest rate swaps was $3.1 million at December 31, 2022 and $37.1 million at December 31, 2021. Derivatives not designated as hedges The Company’s derivatives not designated as hedges are not speculative and result from a service the Company provides to certain customers. The Company offers a loan hedging program to certain loan customers. Through this program, the Company originates a variable rate loan with the customer. The Company and the customer will then enter into a fixed interest rate swap. Lastly, an identical offsetting swap is entered into by the Company with a correspondent bank. These “back-to-back” swap arrangements are intended to offset each other and allow the Company to book a variable rate loan, while providing the customer with a contract for fixed interest payments. In these arrangements, the Company’s net cash flow is equal to the interest income received from the variable rate loan originated with the customer. These customer swaps are not designated as hedging instruments and are recorded at fair value in other assets and other liabilities. The change in fair value is recognized in the income statement as other income and fees. The Company is required to hold cash as collateral for the swaps, which is recorded in other assets on the consolidated statement of financial condition. Total cash held as collateral for back to back swaps was $9.1 million at December 31, 2022 and $9.4 million at December 31, 2021. The Company offers foreign exchange contracts to customers to purchase and/or sell foreign currencies at set rates in the future. The foreign exchange contracts allow customers to hedge the foreign exchange rate risk of their deposits and loans denominated in foreign currencies. In conjunction with this, the Company also enters into offsetting back-to-back contracts with institutional counterparties to hedge our foreign exchange rate risk. These back-to-back contracts are intended to offset each other and allow us to offer our customers foreign exchange products. These foreign exchange contracts are not designated as hedging instruments and are recorded at fair value in other assets and other liabilities. During the years ended December 31, 2022 and 2021, the changes in fair value on foreign exchange contracts were gains of $6 thousand and $0, respectively, and were recognized in the income statement as other income and fees. At December 31, 2022, the Company had risk participation agreements with an outside counterparty for an interest rate swap related to a loan in which it is a participant. The risk participation agreement provides credit protection to the financial institution should the borrower fail to perform on its interest rate derivative contract. Risk participation agreements are credit derivatives not designated as hedges. Credit derivatives are not speculative and are not used to manage interest rate risk in assets or liabilities. Changes in the fair value in credit derivatives are recognized directly in earnings. The fee received, less the estimate of the loss for credit exposure, was recognized in earnings at the time of the transaction. At December 31, 2022, the notional amount of the risk participation agreements sold was $134.3 million with a credit valuation adjustment of $32 thousand. At December 31, 2021, the notional amount of the risk participation agreements sold was $123.9 million with a credit valuation adjustment of $93 thousand. The Company enters into various stand-alone mortgage-banking derivatives in order to hedge the risk associated with the fluctuation of interest rates. Changes in fair value are recorded as mortgage banking revenue. Residential mortgage loans funded with interest rate lock commitments and forward commitments for the future delivery of mortgage loans to third party investors are considered derivatives. At December 31, 2022, the Company had approximately $2.8 million in interest rate lock commitments and total forward sales commitments for the future delivery of residential mortgage loans. At December 31, 2021, the Company had approximately $17.4 million in interest rate lock commitments and total forward sales commitments for the future delivery of residential mortgage loans. |
Stockholders' Equity
Stockholders' Equity | 3 Months Ended |
Jun. 30, 2022 | |
Equity [Abstract] | |
Stockholders’ Equity | STOCKHOLDERS’ EQUITY Total stockholders’ equity at December 31, 2022 was $2.02 billion, compared to $2.09 billion at December 31, 2021. The decrease in stockholders’ equity was due primarily to a decrease in accumulated other comprehensive income, a decrease from cash dividends paid, and an increase in treasury stock from shares repurchased during 2022, offset partially by the increase in retained earnings from income earned during the year. In July 2021, the Company’s Board of Directors approved a share repurchase program that authorizes the Company to repurchase $50.0 million of its common stock. In 2021, the Company completed the repurchase plan through the repurchase of 3,682,268 shares of common stock totaling $50.0 million. In January 2022, the Company’s Board of Directors approved another share repurchase program that authorizes the Company to repurchase up to an additional $50.0 million of its common stock. During the year ended December 31, 2022, the Company repurchased 1,038,986 shares of common stock totaling $14.7 million as part of this program. Repurchased shares were recorded as treasury stock and reduced the total number of common stock outstanding. Dividends The Company’s Board of Directors approved and the Company paid quarterly dividends of $0.14 per common share in each quarter of 2022 and 2021. The Company paid aggregate dividends of $67.1 million and $68.7 million to common stockholders in 2022 and 2021, respectively. Accumulated Other Comprehensive Income (Loss) The following table presents the changes to accumulated other comprehensive income for the years ended December 31, 2022, 2021, and 2020: Year Ended December 31, 2022 2021 2020 (Dollars in thousands) Balance at beginning of period $ (11,412) $ 32,753 $ 9,149 Unrealized net (losses) gains on securities available for sale (297,919) (65,551) 41,562 Unrealized net losses on securities available for sale transferred to held to maturity (36,576) — — Unrealized net gains (losses) on interest rate swaps used for cash flow hedge 23,062 2,893 (602) Reclassification adjustments for net losses (gains) realized in net income 253 319 (7,583) Tax effect 91,735 18,174 (9,773) Other comprehensive (loss) income, net of tax (219,445) (44,165) 23,604 Balance at end of period $ (230,857) $ (11,412) $ 32,753 Reclassifications for net gains and losses realized in net income for the years ended December 31, 2022, 2021, and 2020 relate to net gains on interest rate swaps used for cash flow hedges and amortization on unrealized loss from transferred investment securities to HTM. Gains and losses on interest rate swaps are recorded in noninterest income under other income and fees in the Consolidated Statements of Income. The unrealized holding loss at the date of transfer on securities held to maturity will continue to be reported, net of taxes, in accumulated other comprehensive income (“AOCI”) as a component of stockholders’ equity, and amortized over the remaining life of the securities as an adjustment of yield, offsetting the impact on yield of the corresponding discount amortization. For the year ended December 31, 2022, the Company reclassified $2.0 million from other comprehensive income to gains from cash flow hedge relationships. For the year ended December 31, 2021, the Company reclassified $319 thousand from other comprehensive income to losses from cash flow hedge relationships. For the year ended December 31, 2020, the Company reclassified $7.6 million from other comprehensive income to reflect the gain on sale and calls of securities, and related to the interest swap designated as a cash flow hedge. For the year ended December 31, 2022, the Company recorded reclassification adjustments as a reduction to interest income of $2.3 million from other comprehensive losses to amortize transferred unrealized losses to investment securities HTM, compared to zero for the same periods in 2021 and 2020. |
Regulatory Matters
Regulatory Matters | 12 Months Ended |
Dec. 31, 2022 | |
Banking Regulation [Abstract] | |
Regulatory Matters | REGULATORY MATTERS The Company and the Bank are subject to various regulatory capital requirements administered by the federal and state banking agencies. Failure to meet minimum capital requirements can result in certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a material and adverse effect on the Company’s and the Bank’s business, financial condition and results of operation, such as restrictions on growth or the payment of dividends or other capital distributions or management fees. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Company and the Bank must meet specific capital guidelines that involve quantitative measures of their assets, liabilities and certain off-balance-sheet items as calculated under regulatory accounting practices. The capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings, and other factors. In July 2013, the federal bank regulatory agencies adopted final regulations, which revised their risk-based and leverage capital requirements for banking organizations to meet requirements of the Dodd-Frank Act and to implement the Basel III international agreements reached by the Basel Committee. The final rules became effective for the Company and the Bank on January 1, 2015 and were subject to a phase-in period through January 1, 2019. The final rules that had an impact on the Company and the Bank include: • An increase in the minimum Tier 1 capital ratio from 4.00% to 6.00% of risk-weighted assets; • A new category and a required 4.50% of risk-weighted assets ratio was established for “Common Equity Tier 1” as a subset of Tier 1 capital limited to common equity; • A minimum non-risk-based leverage ratio was set at 4.00%, eliminating a 3.00% exception for higher rated banks; • Changes in the permitted composition of Tier 1 capital to exclude trust preferred securities, mortgage servicing rights and certain deferred tax assets and include unrealized gains and losses on available for sale debt and equity securities; • The risk-weights of certain assets for purposes of calculating the risk-based capital ratios are changed for high volatility commercial real estate acquisition, development and construction loans, certain past due non-residential mortgage loans and certain mortgage-backed and other securities exposures; and • A capital conservation buffer of 2.5% of risk weighted assets over each of the required capital ratios was added and must be met to avoid limitations on the ability of the B ank to pay dividends, repurchase shares, or pay discretionary bonuses. As of December 31, 2022, the ratios for the Company and the Bank were sufficient to meet the fully phased-in conservation buffer. On January 1, 2020, the Company adopted ASU 2016-13 and implemented the CECL methodology. In response to the COVID-19 pandemic, federal regulatory agencies published a final rule that provides the option to delay the cumulative effect of the day 1 impact of CECL adoption on regulatory capital, along with 25% of the change in the adjusted allowance for credit losses (as computed for regulatory capital purposes which excludes purchased credit deteriorated (“PCD”) loans), for two years, followed by a three-year phase-in period. The Company has elected the five-year transition period consistent with the final rule issued by the federal regulatory agencies. As of December 31, 2022 and 2021, the most recent regulatory notification categorized the Bank as “well-capitalized” under the regulatory framework for prompt corrective action. To generally be categorized as “well-capitalized”, the Bank must maintain minimum total risk-based, Tier 1 risk-based, common equity Tier 1, and Tier 1 leverage ratios as set forth in the following table. There are no conditions or events since the most recent notification from regulators that management believes has changed the institution’s category. The Company’s and the Bank’s capital levels and regulatory ratios are presented in the tables below for the dates indicated and include the effects of the Company’s election to utilize the five-year transition described above: Actual Required For Capital Adequacy Purposes Minimum Capital Adequacy Required To Be Well Capitalized December 31, 2022 Amount Ratio Amount Ratio Amount Ratio Amount Ratio (Dollars in thousands) Common equity Tier 1 capital Company $ 1,799,020 10.55 % $ 767,223 4.50 % $ 1,193,459 7.00 % N/A N/A Bank $ 2,049,973 12.03 % $ 766,971 4.50 % $ 1,193,066 7.00 % $ 1,107,847 6.50 % Total capital Company $ 2,041,319 11.97 % $ 1,363,953 8.00 % $ 1,790,188 10.50 % N/A N/A Bank $ 2,189,607 12.85 % $ 1,363,504 8.00 % $ 1,789,598 10.50 % $ 1,704,380 10.00 % Tier 1 capital Company $ 1,901,685 11.15 % $ 1,022,965 6.00 % $ 1,449,200 8.50 % N/A N/A Bank $ 2,049,973 12.03 % $ 1,022,628 6.00 % $ 1,448,723 8.50 % $ 1,363,504 8.00 % Tier 1 capital Company $ 1,901,685 10.15 % $ 749,743 4.00 % N/A N/A N/A N/A Bank $ 2,049,973 10.94 % $ 749,540 4.00 % N/A N/A $ 936,925 5.00 % Actual Required For Capital Adequacy Purposes Minimum Capital Adequacy Required To Be Well Capitalized December 31, 2021 Amount Ratio Amount Ratio Amount Ratio Amount Ratio (Dollars in thousands) Common equity Tier 1 capital Company $ 1,657,754 11.03 % $ 676,633 4.50 % $ 1,052,540 7.00 % N/A N/A Bank $ 1,947,914 12.96 % $ 676,328 4.50 % $ 1,052,066 7.00 % $ 976,919 6.50 % Total capital Company $ 1,867,968 12.42 % $ 1,202,903 8.00 % $ 1,578,811 10.50 % N/A N/A Bank $ 2,056,675 13.68 % $ 1,202,361 8.00 % $ 1,578,099 10.50 % $ 1,502,952 10.00 % Tier 1 capital Company $ 1,759,207 11.70 % $ 902,178 6.00 % $ 1,278,085 8.50 % N/A N/A Bank $ 1,947,914 12.96 % $ 901,771 6.00 % $ 1,277,509 8.50 % $ 1,202,361 8.00 % Tier 1 capital Company $ 1,759,207 10.11 % $ 695,795 4.00 % N/A N/A N/A N/A Bank $ 1,947,914 11.20 % $ 695,593 4.00 % N/A N/A $ 869,491 5.00 % |
Revenue Recognition
Revenue Recognition | 12 Months Ended |
Dec. 31, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition | REVENUE RECOGNITION Noninterest revenue streams within the scope of Topic 606 are discussed below. Service Charges on Deposit Accounts and Wire Transfer Fees Service charges on noninterest and interest bearing deposit accounts consist of monthly service charges, customer analysis charges, non-sufficient funds (“NSF”) charges, and other deposit account related charges. The Company’s performance obligation for account analysis charges and monthly service charges is generally satisfied, and the related revenue is recognized over the period in which the service is provided. NSF charges, other deposit account related charges, and wire transfer fees are transaction based, and therefore the Company’s performance obligation is satisfied at the point of the transaction, and related revenue recognized at that point in time. Payment for service charges on deposit accounts is primarily received immediately or in the following month through a direct charge to customers’ accounts. Service charges on deposit accounts and wire transfers are summarized below: Year Ended December 31, 2022 2021 2020 (Dollars in thousands) Noninterest bearing deposit account income: Monthly service charges $ 997 $ 1,065 $ 1,301 Customer analysis charges 4,602 3,219 6,765 NSF charges 2,889 2,554 3,687 Other service charges 355 345 598 Total noninterest bearing deposit account income 8,843 7,183 12,351 Interest bearing deposit account income: Monthly service charges 95 92 92 Total service fees on deposit accounts $ 8,938 $ 7,275 $ 12,443 Wire transfer fee income: Wire transfer fees $ 3,005 $ 3,082 $ 3,188 Foreign exchange fees 472 437 389 Total wire transfer fees $ 3,477 $ 3,519 $ 3,577 OREO Income (Expense) OREO are often sold in transactions that, under ASC 606, may not be considered a contract with a customer because the sale of the asset may not be an output of the Company’s ordinary activities. However, sales of nonfinancial assets, including in-substance nonfinancial assets, should be accounted for in accordance with ASC 610-20, “ Other Income - Gains and Losses from the Derecognition of Nonfinancial Assets” |
Earnings Per Share ("EPS")
Earnings Per Share ("EPS") | 12 Months Ended |
Dec. 31, 2022 | |
Earnings Per Share [Abstract] | |
Earnings Per Share ("EPS") | EARNINGS PER SHARE (“EPS”) Basic EPS does not reflect the possibility of dilution that could result from the issuance of additional shares of common stock upon exercise or conversion of outstanding equity awards or convertible notes and is computed by dividing net income by the weighted average number of common shares outstanding for the period. Diluted EPS reflects the potential dilution that could occur if stock options, convertible notes, employee stock purchase program (“ESPP”) shares, or other contracts to issue common stock were exercised or converted to common stock that would then share in earnings. For the years ended December 31, 2022, 2021 and 2020, stock options and restricted share awards of 693,668, 772,707, and 827,405 shares of common stock, respectively, were excluded in computing diluted earnings per common share because they were anti-dilutive. In 2018, the Company issued $217.5 million in convertible senior notes maturing on May 15, 2038. The convertible notes can be converted into the Company’s shares of common stock at an initial rate of 45.0760 shares per $1,000 principal amount of the notes (See Note 10 “Subordinated Debentures and Convertible Notes” of the Notes to Consolidated Financial Statements for additional information regarding convertible notes issued). For the years ended December 31, 2022, 2021 and 2020, shares related to the convertible notes issued were not included in the Company’s diluted EPS calculation. In accordance with the terms of the convertible notes and settlement options available to the Company, no shares would have been delivered to investors of the convertible notes upon assumed conversion based on the Company’s common stock price during the years ended December 31, 2022, 2021 and 2020 as the conversion price exceeded the market price of the Company’s stock. In 2019, the Company’s Board of Directors approved a share repurchase program that authorized the Company to repurchase up to $50.0 million of its common stock for each repurchase program. In July 2021, the Company’s Board of Directors approved another share repurchase program that authorizes the Company to repurchase an additional $50.0 million of its common stock. In January 2022, the Company’s Board of Directors approved a share repurchase program that authorizes the Company to repurchase up to an additional $50.0 million of its common stock. During the year ended December 31, 2020, the Company repurchased 2,716,034 shares of common stock totaling $36.2 million. During the year ended December 31, 2021, the Company repurchased 3,682,268 shares of common stock totaling $50.0 million. During the year ended December 31, 2022, the Company repurchased 1,038,986 shares of common stock totaling $14.7 million. The following table shows the computation of basic and diluted EPS for the years ended December 31, 2022, 2021, and 2020. Net Income Weighted-Average Shares Earnings (Dollars in thousands, except share and per share data) 2022 Basic EPS - common stock $ 218,277 119,824,970 $ 1.82 Effect of dilutive securities: Stock options, restricted stock, and ESPP shares 647,375 Diluted EPS - common stock $ 218,277 120,472,345 $ 1.81 2021 Basic EPS - common stock $ 204,572 122,321,768 $ 1.67 Effect of dilutive securities: Stock options, restricted stock, and ESPP shares 811,257 Diluted EPS - common stock $ 204,572 123,133,025 $ 1.66 2020 Basic EPS - common stock $ 111,515 123,501,401 $ 0.90 Effect of dilutive securities: Stock options, restricted stock, and ESPP shares 387,942 Diluted EPS - common stock $ 111,515 123,889,343 $ 0.90 |
Transfers and Servicing
Transfers and Servicing | 12 Months Ended |
Dec. 31, 2022 | |
Transfers and Servicing [Abstract] | |
Transfers and Servicing of Financial Assets | SERVICING ASSETS Servicing assets are recognized when SBA and residential mortgage loans are sold with the servicing retained by the Company and the related income is recorded as a component of gains on sales of loans. Servicing assets are initially recorded at fair value based on the present value of the contractually specified servicing fee, net of servicing costs, over the estimated life of the loan, using a discount rate. The Company’s servicing costs approximates the industry average servicing costs of 40 basis points. All classes of servicing assets are subsequently measured using the amortization method which requires servicing rights to be amortized into noninterest income in proportion to, and over the period of, the estimated future net servicing income of the underlying loans. Management periodically evaluates servicing assets for impairment based upon the fair value of the rights as compared to the carrying amount. Impairment is determined by stratifying rights into groupings based on loan type. Impairment is recognized through a valuation allowance for an individual grouping, to the extent that fair value is less than the carrying amount. As of December 31, 2022 and 2021, the Company did not have a valuation allowance on its servicing assets. The changes in servicing assets for the years ended December 31, 2022, 2021 and 2020 were as follows: Year Ended December 31, 2022 2021 2020 (Dollars in thousands) Balance at beginning of period $ 10,418 $ 12,692 $ 16,417 Additions through originations of servicing assets 5,200 2,880 2,864 Amortization (3,990) (5,154) (6,589) Balance at end of period $ 11,628 $ 10,418 $ 12,692 Loans serviced for others are not reported as assets. The principal balances of loans serviced for other institutions were $1.10 billion and $1.04 billion as of December 31, 2022 and 2021, respectively. Total servicing assets at December 31, 2022 totaled $11.6 million and were comprised of $8.9 million in SBA servicing assets and $2.7 million in mortgage related servicing assets. At December 31, 2021, servicing assets totaled $10.4 million, comprised of $7.2 million in SBA servicing assets and $3.2 million in mortgage related servicing assets. The Company utilizes the discounted cash flow method to calculate the initial excess servicing assets. The inputs used in evaluating servicing assets for impairment at December 31, 2022 and 2021 are presented below. December 31, 2022 2021 SBA Servicing Assets: Weighted-average discount rate 8.76% 11.20% Constant prepayment rate 12.09% 14.64% Mortgage Servicing Assets: Weighted-average discount rate 11.38% 8.63% Constant prepayment rate 9.61% 9.58% |
Condensed Financial Statements
Condensed Financial Statements of Parent Company | 12 Months Ended |
Dec. 31, 2022 | |
Condensed Financial Information Disclosure [Abstract] | |
Condensed Financial Information of Parent Company Only Disclosure | CONDENSED FINANCIAL STATEMENTS OF PARENT COMPANY The following presents the unconsolidated condensed statements of financial condition for only the parent company, Hope Bancorp, as of December 31, 2022 and 2021: STATEMENTS OF FINANCIAL CONDITION December 31, 2022 2021 (Dollars in thousands) ASSETS: Cash and cash equivalents $ 62,380 $ 21,006 Other assets 11,689 11,382 Investment in bank subsidiary 2,270,280 2,383,098 Total assets $ 2,344,349 $ 2,415,486 LIABILITIES: Convertible notes, net $ 217,148 $ 216,209 Subordinated debentures, net 106,565 105,354 Accounts payable and other liabilities 1,308 940 Total liabilities 325,021 322,503 Stockholders’ equity 2,019,328 2,092,983 Total liabilities and stockholders’ equity $ 2,344,349 $ 2,415,486 The following presents the unconsolidated condensed statements of income for only the parent company, Hope Bancorp, for the years ended December 31, 2022, 2021 and 2020: STATEMENTS OF INCOME AND COMPREHENSIVE INCOME Year Ended December 31, 2022 2021 2020 (Dollars in thousands) Interest income $ — $ — $ — Interest expense (11,330) (9,186) (14,147) Noninterest income — — — Noninterest expense (7,212) (5,633) (5,316) Dividend from subsidiary, net 133,000 128,000 96,000 Equity in undistributed earnings of subsidiary 98,354 87,025 29,781 Income before income tax benefit 212,812 200,206 106,318 Income tax benefit 5,465 4,366 5,197 Net income 218,277 204,572 111,515 Other comprehensive (loss) income, net of tax (219,445) (44,165) 23,604 Comprehensive (loss) income $ (1,168) $ 160,407 $ 135,119 The following presents the unconsolidated condensed statements of cash flows for only the parent company, Hope Bancorp, for the years ended December 31, 2022, 2021 and 2020: STATEMENTS OF CASH FLOWS Year Ended December 31, 2022 2021 2020 (Dollars in thousands) CASH FLOWS FROM OPERATING ACTIVITIES: Net income $ 218,277 $ 204,572 $ 111,515 Adjustments to reconcile net income to net cash from operating activities: Amortization and capitalization 2,150 2,115 6,250 Stock-based compensation expense 502 141 201 Change in other assets (307) (326) (1,194) Change in accounts payable and other liabilities 368 25 (440) Equity in undistributed earnings of bank subsidiary (98,354) (87,025) (29,781) Net cash from operating activities 122,636 119,502 86,551 CASH FLOWS FROM INVESTING ACTIVITIES: Proceeds from sale of equity investments — — — Net cash from investing activities — — — CASH FLOWS USED IN FINANCING ACTIVITIES: Issuance of additional stock pursuant to various stock plans 531 — — Purchase of treasury stock (14,667) (50,000) (36,180) Payments of cash dividends (67,126) (68,666) (69,182) Net cash used in financing activities (81,262) (118,666) (105,362) NET CHANGE IN CASH AND CASH EQUIVALENTS 41,374 836 (18,811) CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR 21,006 20,170 38,981 CASH AND CASH EQUIVALENTS, END OF YEAR $ 62,380 $ 21,006 $ 20,170 |
Quarterly Financial Data (Unaud
Quarterly Financial Data (Unaudited) | 12 Months Ended |
Dec. 31, 2022 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Information (unaudited) | QUARTERLY FINANCIAL DATA (UNAUDITED) Summarized unaudited quarterly financial data follows for the three months ended: 2022 Three Months Ended, March 31 June 30 September 30 December 31 (Dollars in thousands, except per share data) Interest income $ 144,872 $ 157,824 $ 189,182 $ 224,237 Interest expense 11,696 16,286 35,996 73,716 Net interest income before provision (credit) for credit losses 133,176 141,538 153,186 150,521 Provision (credit) for credit losses (11,000) 3,200 9,200 8,200 Net interest income after provision (credit) for credit losses 144,176 138,338 143,986 142,321 Noninterest income 13,186 12,746 13,355 12,110 Noninterest expense 75,373 80,365 83,914 84,518 Income before income tax provision 81,989 70,719 73,427 69,913 Income tax provision 21,251 18,631 19,679 18,210 Net income $ 60,738 $ 52,088 $ 53,748 $ 51,703 Basic earnings per common share $ 0.51 $ 0.43 $ 0.45 $ 0.43 Diluted earnings per common share $ 0.50 $ 0.43 $ 0.45 $ 0.43 2021 Three Months Ended, March 31 June 30 September 30 December 31 (Dollars in thousands, except per share data) Interest income $ 138,293 $ 140,204 $ 142,866 $ 145,169 Interest expense 15,714 13,627 12,570 11,851 Net interest income before provision (credit) for credit losses 122,579 126,577 130,296 133,318 Provision (credit) for credit losses 3,300 (7,000) (10,000) 1,500 Net interest income after provision (credit) for credit losses 119,279 133,577 140,296 131,818 Noninterest income 8,804 11,076 10,617 13,097 Noninterest expense 70,431 73,123 75,502 74,236 Income before income tax provision 57,652 71,530 75,411 70,679 Income tax provision 13,965 17,767 19,912 19,056 Net income $ 43,687 $ 53,763 $ 55,499 $ 51,623 Basic earnings per common share $ 0.35 $ 0.44 $ 0.45 $ 0.43 Diluted earnings per common share $ 0.35 $ 0.43 $ 0.45 $ 0.43 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Principles of Consolidation, Policy | Principles of Consolidation— The accounting and reporting policies of the Company are in accordance with accounting principles generally accepted in the United States of America and conform to practices within the banking industry. The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries, principally the Bank. Intercompany transactions and balances are eliminated in consolidation. |
Cash and Cash Equivalents, Policy | Cash and Cash Equivalents —Cash and cash equivalents include cash and due from banks, interest-earning deposits, and federal funds sold, which have original maturities less than 90 days. The Company may be required to maintain reserve and clearing balances with the Federal Reserve Bank under the Federal Reserve Act. The reserve and clearing requirement balance was $0 at December 31, 2022 and 2021. Net cash flows are reported for customer loan and deposit transactions, investment transactions, federal funds purchased, deferred income taxes, and other assets and liabilities. |
Interest Bearing Deposits in Other Financial Institutions, Policy | Interest-Bearing Deposits in Other Financial Institutions —Interest-bearing deposits in other financial institutions are comprised of the Company’s investments in certificates of deposits that have original maturities greater than 90 days. |
Investment Securities, Policy | Investment Securities— Securities are classified and accounted for as follows: (i) Securities that the Company has the positive intent and ability to hold to maturity are classified as “held to maturity” and reported at amortized cost. (ii) Securities are classified as “available for sale” when they might be sold before maturity and are reported at fair value. Unrealized holding gains and losses are reported as a separate component of stockholders’ equity in accumulated other comprehensive income, net of taxes. Accreted discounts and amortized premiums on securities are included in interest income using the interest method, and realized gains or losses related to sales of securities recorded on trade date and are calculated using the specific identification method, without anticipating prepayments, except for mortgage-backed securities where prepayments are expected. The Company has made a policy election to exclude accrued interest from the amortized cost basis of debt securities and report accrued interest separately in accrued interest and other assets on the consolidated balance sheets. Investment securities available for sale and held to maturity are placed on non-accrual status when management no longer expects to receive all contractual amounts due, which is generally at 90 days past due. Accrued interest receivable is reversed against interest income when a security is placed on non-accrual status. Accordingly, the Company does not recognize an allowance for credit loss against accrued interest receivable. Management may transfer investment securities classified as AFS to HTM when upon reassessment it is determined that the Company has both the positive intent and ability to hold these securities to maturity. The investment securities are transferred at fair value resulting in a premium or discount recorded on the transfer date. Unrealized gains or losses at the date of transfer continue to be reported as a separate component of accumulated other comprehensive income/loss, net (“AOCI”). The premium or discount and the unrealized gain or loss, net of tax, in AOCI will be amortized to interest income over the remaining life of the securities using the interest method. In 2022, the Company transferred $239.0 million in fair value of available for sale securities to held to maturity. There were no transfers in 2021. Investment securities AFS are recorded at fair value, with unrealized gains and losses, net of tax, reported as a separate component of AOCI. For investment securities AFS in an unrealized loss position, the Company first assesses whether it intends to sell, or it is more-likely-than-not that it will be required to sell, the securities before recovery of the amortized cost basis. If either of these criteria is met, the securities’ amortized cost basis is written down to fair value as a current period expense recorded on the consolidated statements of income and other comprehensive income. If either of the above criteria is not met, management evaluates whether the decline in fair value is the result of credit losses or other factors. In making this assessment, management may consider various factors including the extent to which fair value is less than amortized cost, performance of any underlying collateral and adverse conditions specifically related to the security, among other factors. If this assessment indicates that a credit loss exists, the present value of cash flows expected to be collected are compared to the amortized cost basis of the security and any excess is recorded as an allowance for credit losses, limited to the amount by which the fair value is less than the amortized cost basis. Any impairment not recorded through an allowance for credit losses is recognized in AOCI, net of tax, as a non-credit related impairment. For allowance for credit losses on investment securities AFS and HTM, refer to the Allowance for Credit Losses on Securities Available for Sale and Allowance for Credit Losses on Securities Held to Maturity sections of Note 3 “Investment Securities” for details. |
Equity Investments, Policy | Equity Investments —Equity investments include mutual funds, correspondent bank stock, Community Development Financial Institutions Fund (“CDFI”) investments, and Community Reinvestment Act (“CRA”) investments. The Company’s mutual funds are considered equity investments with readily determinable fair values and changes to fair value are recorded in other noninterest income. The Company’s investment in correspondent bank stock, CDFI investments, and CRA investments are equity investments without readily determinable fair values. Equity investments without readily determinable fair values are measured at cost, less impairment, and are adjusted for observable price changes which is recorded in noninterest income. |
Financing Receivables | Loans Held for Sale —Small Business Administration (“SBA”) and residential mortgage loans that the Company has the intent to sell prior to maturity have been designated as held for sale at origination and are recorded at the lower of cost or fair value, on an aggregate basis. Certain loans which were originated with the intent to hold to maturity are subsequently transferred to held for sale once there is an intent to sell the loan. A valuation allowance is established if the aggregate fair value of such loans is lower than their cost and charged to earnings. Gains or losses recognized upon the sale of loans are determined on a specific identification basis. Loan transfers are accounted for as sales when control over the loan has been surrendered. Control over such loans is deemed to be surrendered when (1) the assets have been isolated from the Company, (2) the transferee obtains the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets and (3) the Company does not maintain control over the transferred assets through an agreement to repurchase them before their maturity. Loans— Loans that management has the intent and ability to hold for the foreseeable future or until maturity or payoff are reported at the amount of unpaid principal, adjusted for net deferred fees and costs, premiums and discounts, purchase accounting fair value adjustments, and allowance for credit losses. Interest income is accrued on the unpaid principal balance. Nonrefundable loan origination fees and certain direct origination costs are deferred and recognized in interest income using the level-yield method over the life of the loan. Interest on loans is credited to income as earned and is accrued only if deemed collectible. The loan portfolio consists of four segments: real estate, commercial business, residential mortgage, and consumer and other loans. Real estate loans are extended for the purchase and refinance of commercial real estate and are generally secured by first deeds of trust and are collateralized by residential or commercial properties. Commercial business loans are loans provided to businesses for various purposes such as for working capital, purchasing inventory, debt refinancing, business acquisitions, international trade finance activities, and other business related financing needs and also include warehouse lines of credit, syndicated loans, and SBA Paycheck Protection Program (“PPP”) loans. Residential mortgage loans are extended for personal, family, or household use and are secured by a mortgage or deed of trust. Consumer and other loans consist of home equity, credit card, and other personal loans. On January 1, 2020, the Company adopted ASU 2016-13, or CECL, using the modified retrospective method for all of its loans measured at amortized cost. With the adoption of CECL, the Company reassessed its loan portfolio segments and classes of loans receivable and made changes based on the new allowance for credit losses methodology. As a result, the Company now discloses residential mortgage loans as a separate segment and class of receivable. Trade finance loans, which were previously disclosed as a distinct segment and class of receivable, are now combined with commercial business loans. Prior period balances have been reclassified to conform with the current presentation. Generally, loans are placed on nonaccrual status and the accrual of interest is discontinued if principal or interest payments become 90 days past due and/or management deems the collectability of the principal and/or interest to be in question. Loans to a customer whose financial condition has deteriorated are considered for nonaccrual status whether or not the loan is 90 days or more past due. Generally, payments received on nonaccrual loans are recorded as principal reductions. Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current and future payments are reasonably assured. Other loan fees and charges, representing service costs for the prepayment of loans, for delinquent payments, or for miscellaneous loan services, are recorded as income when collected. The Company categorizes loans into risk categories based on relevant information about the ability of borrowers to service their debt, including, but not limited to, current financial information, historical payment experience, credit documentation, public information, and current economic trends. Homogeneous loans (i.e., home mortgage loans, home equity lines of credit, overdraft loans, express business loans, and automobile loans) are not risk rated and credit risk is analyzed largely by the number of days past due. This analysis is performed at least on a quarterly basis: • Pass: Loans that meet a preponderance or more of the Company’s underwriting criteria and that evidence an acceptable level of risk. • Special Mention: Loans classified as special mention have a potential weakness that deserves management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the loan or of the institution’s credit position at some future date. • Substandard: Loans classified as substandard are inadequately protected by the current net worth and paying capacity of the borrower or by the collateral pledged, if any. Loans in this classification have a well-defined weakness or weaknesses that jeopardize the repayment of the debt. They are characterized by the distinct possibility that the institution will sustain some loss if the deficiencies are not corrected. • Doubtful/Loss: Loans classified as doubtful have all the weaknesses inherent in those classified as substandard, with the added characteristic that the weaknesses make collection or repayment in full, on the basis of currently existing facts, conditions, and values, highly questionable and improbable. Allowance for Credit Losses (“ACL”) —The Company calculates its ACL by estimating expected credit losses on a collective basis for loans that share similar risk characteristics. Loans that do not share similar risk characteristics with other loans are evaluated for credit losses on an individual basis. The Company differentiates its loan segments based on shared risk characteristics for which allowance for credit losses is measured on a collective basis. Risk Characteristics Real estate Property type, location, owner occupied status Commercial business Delinquency status, risk rating, industry type Residential mortgage FICO score, LTV, delinquency status, maturity date, collateral value, location Consumer and other Historical losses The Company uses a combination of a modeled and non-modeled approach that incorporates current and future economic conditions to estimate lifetime expected losses on a collective basis. The Company uses Probability of Default (“PD”), Loss Given Default (“LGD”), and Exposure at Default (“EAD”) methodologies with quantitative factors and qualitative considerations in calculation of the allowance for credit losses for collectively assessed loans. The Company uses a reasonable and supportable period of 2 years at which point loss assumptions revert back to historical loss information by means of 1 year reversion period. For a discussion of the Company’s former incurred loss allowance for loan losses methodology, please refer to the Company’s Annual Report on Form 10-K for the year ended December 31, 2019. The ACL for the Company’s construction, credit card, and certain consumer loans is calculated based on a non-modeled approach utilizing historical loss rates to estimate losses. A non-modeled approach was chosen for these loans as fewer data points exist which could result in high levels of estimated loss volatility under a modeled approach. Materiality was another factor in using a non-modeled approach for these loans as in aggregate, non-modeled loans represented approximately 1% of the Company’s total loan portfolio as of December 31, 2022. The Economic Forecast Committee (“EFC”) reviews multiple scenarios put together by an independent third party and chooses a single scenario that best aligns with management’s expectation of future economic conditions. The forecast scenarios contain certain macroeconomic variables that are incorporated into the Company’s modeling process, including GDP, unemployment rates, interest rates, and commercial real estate prices. As of December 31, 2022, the Company chose a forecast scenario that incorporated the latest projected economic assumptions. The allowance for credit losses at December 31, 2022 utilized the Moody’s consensus scenario, as well as more specific information, including updated market data which reflects the economic conditions that align with management’s view. In the prior year, the Company also utilized Moody’s consensus scenario in its ACL calculation. Additionally, in order to systematically quantify the credit risk impact of other trends and changes within the loan portfolio that may not be captured by the modeled and non-modeled approach, the Company utilizes qualitative adjustments to estimate total expected losses. The parameters for making adjustments are established under a Credit Risk Matrix that provides different possible scenarios for each of the factors below. The Credit Risk Matrix and the possible scenarios enable the Bank to qualitatively adjust the allowance for credit losses by as much as 25 basis points for each factor. This matrix considers the following seven factors, which are patterned after the guidelines provided under the Federal Financial Institutions Examination Council (“FFIEC”) Interagency Policy Statement on the Allowance for Loan and Lease Losses, updated to reflect the application of the CECL methodology: • Changes in lending policies and procedures, including underwriting standards and collection, charge-off, and recovery practices; • Changes in the nature and volume of the loan portfolio; • Changes in the experience, ability and depth of lending management and staff; • Changes in the trends of the volume and severity of past due loans, classified loans, nonaccrual loans, troubled debt restructurings and other loan modifications; • Changes in the quality of the loan review system and the degree of oversight by the Directors; • The existence and effect of any concentrations of credit and changes in the level of such concentrations; and • The effect of other external factors, such as competition, legal and regulatory requirements, and others that have an impact on the level of estimated losses in the Company’s loan portfolio. For loans which do not share similar risk characteristics such as nonaccrual and TDR loans above $1.0 million, the Company evaluates these loans on an individual basis in accordance with ASC 326. These nonaccrual and TDR loans are considered to have different risk profiles than performing loans and therefore are evaluated separately. The Company collectively assesses TDRs and nonaccrual loans with balances below $1.0 million along with the performing and accrual loans in order to reduce the operational burden of individually assessing small TDR and nonaccrual loans with immaterial balances. For individually assessed loans, the ACL is measured using either 1) the present value of future cash flows discounted at the loan’s effective interest rate; 2) the loan’s observable market price; or 3) the fair value of the collateral, if the loan is collateral dependent. For the collateral dependent loans, the Company obtains a new appraisal to determine the fair value of underlying loan collateral. The appraisals are based on an “as-is” valuation. To ensure that appraised values remain current, the Company either obtains updated appraisals every twelve months from a qualified independent appraiser or an internal evaluation of the collateral is performed by qualified personnel. If the third party market data indicates that the value of the collateral property has declined since the most recent valuation date, management adjusts the value of the property downward to reflect current market conditions. If the fair value of the collateral is less than the amortized balance of the loan, the Company recognizes an ACL with a corresponding charge to the provision for credit losses. TDR loans are individually evaluated in accordance with ASC 310 and ASC 326. The concessions may be granted in various forms, including reduction in the stated interest rate, reduction in the amount of principal amortization, forgiveness of a portion of a loan balance or accrued interest, or extension of the maturity date. In order to determine whether a borrower is experiencing financial difficulty, an evaluation is performed on the probability that the borrower will be in payment default on their debt in the foreseeable future without the modification. This evaluation is performed under the Bank’s internal underwriting policy. TDR loans on accrual status are comprised of loans that were accruing at the time of restructuring and for which the Company anticipates full repayment of both principal and interest under the restructured terms. TDR loans that are on nonaccrual status can be returned to accrual status after a period of sustained performance, generally determined to be six months of timely payments as modified. Sustained performance includes the periods prior to the modification and if the prior performance met or exceeded the modified terms. With the adoption of CECL, the Company elected not to consider accrued interest receivable in its estimates of expected credit losses because the Company writes off uncollectible accrued interest receivable in a timely manner. The Company considers writing off accrued interest amounts once the amounts become 90 days past due to be considered within a timely manner for all of its loan segments. The Company has elected to write off accrued interest receivables by reversing interest income. The Coronavirus Aid, Relief, and Economic Security (“CARES”) Act provides banks the option to temporarily suspend certain requirements under U.S. GAAP related to TDR accounting for a limited period of time to account for the effects of COVID-19 if (i) the loan modification is made between March 1, 2020 and the earlier of January 1, 2022 or 60 days after the end of the coronavirus emergency declaration and (ii) the applicable loan was not more than 30 days past due as of December 31, 2019. As such, all modified loans that met the criteria outlined within Section 4013 of the CARES Act were not classified as TDR loans unless the loans were TDR prior to the COVID-19 modification. The balance of active modified loans under the CARES Act and not subject to TDR accounting was $0 at December 31, 2022 and $22.8 million at December 31, 2021. |
Derivatives, Policy | Derivative Financial Instruments and Hedging Transactions —As part of the Company’s asset and liability management strategy, the Company uses derivative financial instruments, such as interest rate swaps, risk participation agreements, foreign exchange contracts, collars, and caps and floors, with the overall goal of minimizing the impact of interest rate fluctuations on net interest margin. The Company’s interest rate swaps and caps involve the exchange of fixed rate and variable rate interest payment obligations without the exchange of the underlying notional amounts and are therefore accounted for as stand-alone derivatives. Derivative instruments are included in other assets or accrued expenses and other liabilities on the Consolidated Balance Sheet at fair value. At the inception of the derivative contract, the Company designates the derivative as (1) a hedge of a forecasted transaction or of the variability of cash flows to be received or paid related to a recognized asset or liability (“cash flow hedge”), or (2) an instrument with no hedging designation (“stand-alone derivative”). For a cash flow hedge, the gain or loss on the derivative is reported as a component of other comprehensive income and reclassified into earnings in the same period or periods during which the hedged transaction affects earnings. Changes in the fair value of derivatives that do not qualify for hedge accounting are reported currently in earnings, in noninterest income. Net cash settlements on derivatives that do not qualify for hedge accounting are reported in noninterest income. The related cash flows are recognized on the cash flows from operating activities section on the Consolidated Statement of Cash Flows. Residential mortgage loans funded with interest rate lock commitments and forward commitments for the future delivery of mortgage loans to third party investors, are both considered derivatives. The Company accounts for loan commitments related to the origination of mortgage loans that will be held-for-sale as derivatives at fair value on the balance sheet, with changes in fair value recorded in earnings in the period in which the changes occur. As part of the Company’s overall risk management, the Company’s Asset Liability Committee, which meets monthly, monitors and measures interest rate risk and the sensitivity of assets and liabilities to interest rate changes, including the impact of derivative transactions. The Company formally documents all relationships between derivatives and hedged items, as well as the risk-management objective and strategy for undertaking various hedge transactions. This documentation includes linking cash flow hedges to specific assets and liabilities on the balance sheet or to specific firm commitments or forecasted transactions. The Company also formally assesses, both at the hedge’s inception and on an ongoing basis, whether the derivative instruments that are used in hedging transactions are highly effective in offsetting changes in cash flows of the hedged items. The Company discontinues hedge accounting prospectively when it is determined that (1) the derivative is no longer effective in offsetting changes in the cash flows of the hedged item, (2) the derivative expires, is sold, or terminated, (3) the derivative instrument is de-designated as a hedge because the forecasted transaction is no longer probable of occurring, (4) a hedged firm commitment no longer meets the definition of a firm commitment, or (5) management otherwise determines that designation of the derivative as a hedging instrument is no longer appropriate. When hedge accounting is discontinued, subsequent changes in fair value of the derivative are recorded as noninterest income. When a fair value hedge is discontinued, the hedged asset or liability is no longer adjusted for changes in fair value and the existing basis adjustment is amortized or accreted over the remaining life of the asset or liability. When a cash flow hedge is discontinued but the hedged cash flows or forecasted transaction is still expected to occur, changes in value that were accumulated in other comprehensive income are amortized or accreted into earnings over the same periods which the hedged transactions will affect earnings. The Company enters into interest rate collars which is an interest rate risk management tool that effectively creates a band within which the borrower's variable interest rate fluctuates, by combining an interest rate cap (or ceiling) with an interest rate floor. In order for the Company to hedge the Bank’s fixed rate loan portfolio, the Company entered into interest rate collar derivatives as a protection should the Fed lower interest rates in the event of a recession or other economic changes. The interest rate collars are designated as cash flow hedges of floating interest receivables. The Company enters into risk participation agreements with outside counterparties for interest rate swaps related to loans in which it is a participant. The risk participation agreements provide credit protection to the financial institution should the borrower fail to perform on its interest rate derivative contract. Risk participation agreements are credit derivatives not designated as hedges. Credit derivatives are not speculative and are not used to manage interest rate risk in assets or liabilities. Changes in the fair value in credit derivatives are recognized directly in earnings. The fee received, less the estimate of the loss for credit exposure, was recognized in earnings at the time of the transaction. |
Other Real Estate Owned | OREO —OREO, which represents real estate acquired through foreclosure in satisfaction of commercial and real estate loans, is stated at fair value less estimated selling costs of the real estate. Loan balances in excess of the fair value of the real estate acquired at the date of acquisition are charged to the allowance for credit losses. Any subsequent operating expenses or income, reduction in estimated fair values, and gains or losses on disposition of such properties are charged or credited to current operations. For the year ended December 31, 2022, the Company foreclosed on properties with an aggregate carrying value of $938 thousand. The Company recorded $415 thousand in net valuation losses subsequent to the foreclosures during the year ended December 31, 2022, and the Company sold OREO properties for total proceeds of $524 thousand during the year. For the year ended December 31, 2021, the Company did not foreclose on any properties. The Company recorded $1.6 million in net valuation losses subsequent to the foreclosures during the year ended December 31, 2021, and the Company sold OREO properties for total proceeds of $15.2 million during the year. |
Federal Home Loan Bank Stock | FHLB Stock —The Bank is a member of the FHLB system. Members are required to own a certain amount of stock based on the level of borrowings and other factors, and may invest in additional amounts. FHLB stock is carried at cost, classified as a restricted security, and periodically evaluated for impairment based on ultimate recovery of par value. Both cash and stock dividends are reported as income. |
Property, Plant and Equipment, Policy | Premises and Equipment —Premises and equipment are stated at cost less accumulated depreciation and amortization. Depreciation and amortization of premises and equipment are computed on the straight-line method over the following estimated useful lives: • Buildings - 15 to 39 years • Furniture, fixture, and equipment - 3 to 10 years • Computer equipment - 1 to 5 years • Computer software - 1 to 5 years • Leasehold improvement - life of lease or improvements, whichever is shorter |
bank owned life insurance | BOLI —The Company has purchased life insurance policies on certain key executives and directors. BOLI is recorded at the amount that can be realized under the insurance contract at the balance sheet date, which is the cash surrender value adjusted for other charges or other amounts due that are probable at settlement. |
investment in affordable housing partnership, policy | Investments in Affordable Housing Partnerships —The Company owns limited partnership interests in projects of affordable housing for lower income tenants. Under the equity method of accounting, the annual amortization is based on the estimated tax deduction amounts the bank would receive in the year. The carrying value of such investments and commitments to fund investment in affordable housing is recorded as “Investments in affordable housing partnerships” in the Consolidated Statement of Financial Condition. Commitments to fund investments in affordable housing is also included in this line items but is also grossed up and recorded as a liability. |
Lessee, Leases | Leases —Operating lease right-of-use (“ROU”) assets represent the Company’s right to use the underlying asset during the lease term and operating lease liabilities represent the Company’s obligation to make lease payments arising from the lease. ROU assets and operating lease liabilities are recognized at lease commencement based on the present value of the future lease payments using the Company’s incremental borrowing rate. The Company calculates its incremental borrowing rate by adding a spread to the FHLB borrowing interest rate at a given period. The Company does not capitalize short-term leases, which are leases with terms of twelve months or less. ROU assets and related operating lease liabilities are remeasured when lease terms are amended, extended, or when management intends to exercise available extension options. Operating lease expense, which is comprised of amortization of the ROU asset and the implicit interest accreted on the operating lease liability, is recognized on a straight-line basis over the lease term and is recorded in occupancy expense in the consolidated statements of income. The Company’s occupancy expense also includes variable lease costs which is comprised of the Company's share of actual costs for utilities, common area maintenance, property taxes, and insurance that are not included in lease liabilities and are expensed as incurred. Variable lease costs also include rent escalations based on changes to indices, such as the Consumer Price Index. |
Goodwill and Intangible Assets, Policy | Goodwill and Intangible Assets— Goodwill is generally determined as the excess of the fair value of the consideration transferred, plus the fair value of any non-controlling interests in the acquiree, over the fair value of the net assets acquired and liabilities assumed as of the acquisition date. Goodwill and intangible assets acquired in a purchase business combination and determined to have an indefinite useful life are not amortized but tested for impairment at least annually. In accordance with ASC 350 “ Intangibles - Goodwill and Other ”, the Company makes a qualitative assessment of whether it is more likely than not that a reporting unit’s fair value is less than its carrying amount before applying the goodwill impairment test. If management concludes that it is not more likely than not that the fair value of a reporting unit is less than its carrying amount, the step 1 impairment test is bypassed. Management assessed the qualitative factors related to goodwill as of December 31, 2022 and determined a Step 1 fair value assessment was not required. Based on qualitative assessment, management determined that goodwill was not impaired at December 31, 2022. Goodwill is assessed for impairment on an interim basis if circumstances change or an event occurs between annual assessments that would more likely than not reduce the fair value of the reporting unit below its carrying amount. The quantitative impairment assessment involves significant judgment. This judgment includes developing cash flow projections, selecting appropriate discount rates, calculation of a terminal growth rate, minimum target capitalization levels, identifying relevant market comparables, incorporating general economic and market conditions, and selecting an appropriate control premium. The selection and weighting of the various fair value techniques may result in a higher or lower fair value. Judgment is applied in determining the weighting that is most representative of fair value. seven |
Transfers and Servicing of Financial Assets, Servicing of Financial Assets, Policy | Loan Servicing Assets— A portion of the premium on sale of SBA loans is recognized as gain on sale of loans at the time of the sale by allocating the carrying amount between the asset sold and the retained interest, including these servicing assets, based on their relative fair values. The remaining portion of the premium is recorded as a discount on the retained interest and is amortized over the remaining life of the loan as an adjustment to yield. The retained interest, net of any discount, are included in loans receivable—net of allowance for credit losses in the accompanying consolidated statements of financial condition. Servicing assets are recognized when SBA and residential mortgage loans are sold with servicing retained with the income statement effect recorded in gains on sales of loans. Servicing assets are initially recorded at fair value based on the present value of the contractually specified servicing fee, net of servicing costs, over the estimated life of the loan, using a discount rate. The Company’s servicing costs approximates the industry average servicing costs of 40 basis points. All classes of servicing assets are subsequently measured using the amortization method which requires servicing rights to be amortized into noninterest income in proportion to, and over the period of, the estimated future net servicing income of the underlying loans. |
Share-Based Payment Arrangement | Stock-Based Compensation— Compensation cost is recognized for stock options and restricted stock awards issued to employees and directors, based on the fair value of these awards at the date of grant. A Black-Scholes model is utilized to estimate the fair value of stock options, while the market price of the Company’s common stock at the date of grant is used for restricted stock awards. Compensation cost is recognized over the required service period, generally defined as the vesting period. For awards with graded vesting, compensation cost is recognized on a straight-line basis over the requisite service period for the entire award. |
Income Tax, Policy | Income Taxes —Income tax expense is the total of the current year income tax due or refundable and the change in deferred tax assets and liabilities. Deferred income tax assets and liabilities represent the tax effects, based on current tax law, of future deductible or taxable amounts attributable to events that have been recognized in the financial statements. In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred tax liabilities, the projected future taxable income and tax planning strategies in making this assessment. A valuation allowance, if needed, reduces deferred tax assets to the amount expected to be realized. A tax position is recognized as a benefit only if it is “more likely than not” that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. The amount recognized is the largest amount of tax benefit that is greater than 50% likely of being realized on examination. For tax positions not meeting the “more likely than not” test, no tax benefit is recorded. The Company recognizes interest and / or penalties related to income tax matters in income tax expense. |
Earnings Per Share, Policy | Earnings per Common Share —Basic Earnings per Common Share is computed by dividing net income by the weighted-average number of common shares outstanding for the period. Diluted Earnings per Common Share reflects the potential dilution of common shares that could share in the earnings of the Company. |
Stockholders' Equity, Policy | Equity —The Company accrues for common stock dividends as declared. Common stock dividends of $67.1 million and $68.7 million, were paid in 2022 and 2021, respectively. There were no common stock dividends declared but unpaid at December 31, 2022 and 2021. |
Dividend Restrictions, Policy | Dividend Restrictions —Banking regulations require maintaining certain capital levels and may limit the dividends paid by the Bank to the Company, or dividends paid by the Company to stockholders. |
Comprehensive Income, Policy | Comprehensive Income —Comprehensive income consists of net income and other comprehensive income (loss). Other comprehensive income (loss) includes the changes in unrealized gains and losses on securities available for sale, unrealized losses on transferred investment securities held to maturity, and interest rate swaps used in cash flow hedges which is also recognized as separate components of stockholders’ equity, net of tax. |
Segment Reporting, Policy | Operating Segments —The Company is managed as a single business segment. The financial performance of the Company is reviewed by the chief operating decision maker on an aggregate basis and financial and strategic decisions are made based on the Company as a whole. “Banking Operations” is considered to be the Company’s single combined operating segment, which raises funds from deposits and borrowings for loans and investments, and provides lending products, including construction, real estate, commercial, and consumer loans to its customers. |
Commitments and Contingencies, Policy | Loss Contingencies —Loss contingencies, including claims and legal actions arising in the ordinary course of business, are recorded as liabilities when the likelihood of loss is probable and an amount or range of loss can be reasonably estimated. The Company believes there are no such matters that would have a material effect on the consolidated financial statements as of December 31, 2022 or 2021. Accrued loss contingencies for all legal claims totaled approximately $229 thousand at December 31, 2022 and $52 thousand at December 31, 2021. Loan Commitments and Related Financial Instruments— Financial instruments include off-balance sheet credit instruments, such as commitments to make loans and commercial letters of credit, issued to meet customer financing needs. The face amount for these items represents the exposure to loss, before considering customer collateral or ability to repay. Such financial instruments are recorded when they are funded. See Note 14 “Commitments and Contingencies” of the Notes to Consolidated Financial Statements for further discussion. Allowance for Unfunded Commitments— The allowance for unfunded commitments is maintained at a level believed by management to be sufficient to absorb estimated probable losses related to these unfunded credit facilities. The determination of the adequacy of the allowance is based on periodic evaluations of the unfunded credit facilities including an assessment of the probability of commitment usage, credit risk factors for loans outstanding to these same customers, and the terms and expiration dates of the unfunded credit facilities. The allowance for unfunded commitments is included in other liabilities on the consolidated statement of financial condition, with changes to the balance charged against noninterest expense. |
Fair Value of Financial Instruments, Policy | Fair Values of Financial Instruments —Fair values of financial instruments are estimated using relevant market information and other assumptions, as more fully disclosed in a separate note. Fair value estimates involve uncertainties and matters of significant judgment regarding interest rates, credit risk, prepayments, and other factors, especially in the absence of broad markets for particular items. Changes in assumptions or in market conditions could significantly affect the estimates. |
Impairment or Disposal of Long-Lived Assets, Policy | Impairment of Long-Lived Assets— The Company evaluates long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying value of an asset may not be recoverable. If the estimated future cash flows (undiscounted) over the remaining useful life of the asset are less than the carrying value, an impairment loss would be recorded to reduce the related asset to its estimated fair value. |
Transfers and Servicing of Financial Assets, Transfers of Financial Assets, Policy | Transfer of Financial Assets —Transfers of financial assets are accounted for as sales, when control over the assets has been relinquished. Control over transferred assets is deemed to be surrendered when the assets have been isolated from the Company, the transferee obtains the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets, and the Company does not maintain effective control over the transferred assets through an agreement to repurchase them before their maturity. |
Use of estimates | Use of Estimates in the Preparation of Consolidated Financial Statements —The preparation of consolidated financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could materially differ from those estimates. |
Reclassification, Comparability Adjustment | Reclassifications —Some items in the prior year financial statements were reclassified to conform to the current presentation. The reclassifications had no effect on the prior year net income or stockholders’ equity. |
Pending Accounting Pronouncements | Accounting Pronouncements Adopted In March 2020, the FASB issued ASU 2020-04, “Reference Rate Reform: Facilitation of the Effects of Reference Rate Reform on Financial Reporting”. The amendments provide temporary, optional guidance to ease the potential burden in accounting for reference rate reform. The amendments provide optional expedients and exceptions for applying GAAP to transactions affected by reference rate reform if certain criteria are met. The amendments primarily include relief related to contract modifications and hedging relationships, as well as providing a one-time election for the sale or transfer of debt securities classified as held-to-maturity. The Company adopted ASU 2020-04 during 2022 with no material impact to the Company’s consolidated financial statements. In December 2022, the FASB issued 2022-06, “Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848”, to defer the sunset date of Topic 848 from December 31, 2022 to December 31, 2024, after which entities will no longer be permitted to apply the relief in Topic 848. Topic 848, which was established by the previously issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, provides relief to entities during the reference rate’s temporary transition period by providing optional expedients and exceptions for applying generally accepted accounting principles to certain contract modifications and hedging relationships that reference LIBOR or another reference rate expected to be discontinued. Since ASU 2020-04 was issued, the UK Financial Conduct Authority delayed the intended cessation date of certain tenors of US LIBOR to June 30, 2023, which is beyond the current sunset date of Topic 848. The new ASU defers the sunset date accordingly to continue to provide the intended relief. The Company adopted ASU 2022-06 during 2022 with no material impact to the Company’s consolidated financial statements. Pending Accounting Pronouncements In October 2021, the FASB issued ASU 2021-08, “Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities From Contracts With Customers”, to address diversity in practice and inconsistency related to the accounting for revenue contracts with customers acquired in a business combination. The amendments require that the acquirer recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with Topic 606. At the acquisition date, an acquirer should account for the related revenue contracts in accordance with Topic 606 as if it had originated the contracts. The ASU also provides certain practical expedients for acquirers when recognizing and measuring acquired contract assets and contract liabilities from revenue contracts in a business combination and applies to contract assets and contract liabilities from other contracts to which the provisions of Topic 606 apply. The amendments in this ASU are effective for fiscal years beginning after December 15, 2022, and interim periods within those fiscal years. Entities should apply the amendments prospectively to business combinations that occur after the effective date. Early adoption is permitted, including in any interim period, for public business entities for periods for which financial statements have not yet been issued, and for all other entities for periods for which financial statements have not yet been made available for issuance. The Company adopted ASU 2021-08 on January 1, 2023 and the adoption did not have a material impact on the Company’s consolidated financial statements. In March 2022, the FASB issued ASU 2022-02, “Financial Instruments-Credit Losses (Topic 326)”. The standard addresses the following: 1) eliminates the accounting guidance for TDRs, will require an entity to determine whether a modification results in a new loan or a continuation of an existing loan, 2) expands disclosures related to modifications, and 3) will require disclosure of current period gross write-offs of financing receivables within the vintage disclosures table. The amendments in this update are effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years and are applied prospectively, except with respect to the recognition and measurement of TDRs, where an entity has the option to apply a modified retrospective transition method. Early adoption of the amendments in this update is permitted. An entity may elect to early adopt the amendments regarding TDRs and related disclosure enhancements separately from the amendments related to vintage disclosures. The Company adopted ASU 2021-08 on January 1, 2023 and the adoption did not have a material impact on the Company’s consolidated financial statements. |
Revenue from Contract with Customer | Revenue from Contracts with Customers— With the adoption of ASU 2014-09 (Topic 606), the Company recognizes revenue when obligations under the terms of a contract with customers are satisfied. Topic 606 does not apply to revenue associated with financial instruments, including revenue from loans and securities. In addition, certain noninterest income streams such as fees associated with mortgage servicing rights, financial guarantees, derivatives, and certain credit card fees are also out of scope of the new guidance. Topic 606 is applicable to noninterest revenue streams such as deposit related fees, wire transfer fees, and certain OREO related net gains or expenses. |
Equity Investments (Tables)
Equity Investments (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule Of Change In Fair Value For Equity Investment Securities | The changes in fair value for equity investments with readily determinable fair values for the years ended December 31, 2022 and 2021 were recorded in other noninterest income and fees as summarized in the table below: Year Ended December 31, 2022 2021 (Dollars in thousands) Net change in fair value recorded during the period on equity investments with readily determinable fair value $ (1,917) $ (789) Less: Net change in fair value recorded on equity investments sold during the period (1,354) — Net change in fair value on equity investments with readily determinable fair values held at the end of the period $ (563) $ (789) |
Securities Available for Sale (
Securities Available for Sale (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Debt Securities, Available-for-Sale [Abstract] | |
Schedule of Available-for-sale and Held-to-maturity Securities Reconciliation | The following is a summary of investment securities as of the dates indicated: December 31, 2022 December 31, 2021 Amortized Gross Gross Fair Amortized Gross Gross Fair (Dollars in thousands) Debt securities available for sale: U.S. Treasury securities $ 3,990 $ — $ (104) $ 3,886 $ — $ — $ — $ — U.S. Government agency and U.S. Government sponsored enterprises: Agency securities 4,000 — (133) 3,867 — — — — Collateralized mortgage obligations 947,541 — (153,842) 793,699 1,039,543 3,357 (16,470) 1,026,430 Mortgage-backed securities: Residential 544,084 — (90,907) 453,177 769,113 1,985 (11,874) 759,224 Commercial 417,241 — (48,954) 368,287 595,659 9,103 (5,360) 599,402 Asset-backed securities 153,539 — (5,935) 147,604 153,564 11 (124) 153,451 Corporate securities 23,351 — (4,494) 18,857 23,398 130 (1,044) 22,484 Municipal securities 195,675 790 (13,713) 182,752 104,371 1,680 (767) 105,284 Total investment securities available for sale $ 2,289,421 $ 790 $ (318,082) $ 1,972,129 $ 2,685,648 $ 16,266 $ (35,639) $ 2,666,275 Debt securities held to maturity: U.S. Government agency and U.S. Government sponsored enterprises: Mortgage-backed securities: Residential $ 157,881 $ — $ (7,041) $ 150,840 $ — $ — $ — $ — Commercial 113,185 1 (5,619) 107,567 — — — — Total investment securities held to maturity $ 271,066 $ 1 $ (12,660) $ 258,407 $ — $ — $ — $ — |
Schedule of Realized Gain (Loss) | The proceeds from sales of securities and total gains and losses are listed below: Year Ended December 31, 2022 2021 2020 (Dollars in thousands) Proceeds from investments sold $ — $ — $ 168,069 Gains from sales of securities $ — $ — $ 7,531 Losses from sales of securities — — — Gains from called securities — — — Net gain on sales or called securities $ — $ — $ 7,531 |
Interest Income | The following table presents a breakdown of interest income recorded for investment securities that are taxable and nontaxable. Year Ended December 31, 2022 2021 2020 (Dollars in thousands) Interest income on investment securities Taxable $ 50,043 $ 34,583 $ 37,534 Nontaxable 2,177 909 1,828 Total $ 52,220 $ 35,492 $ 39,362 |
Investments Classified by Contractual Maturity Date | The amortized cost and estimated fair value of investment securities at December 31, 2022, by contractual maturity, are presented in the table below. Collateralized mortgage obligations, mortgage-backed securities, and asset-backed securities are presented by final maturity. Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations, with or without call or prepayment penalties. Available for Sale Held to Maturity Amortized Estimated Amortized Estimated (Dollars in thousands) Debt securities: Due within one year $ 2,307 $ 2,267 $ — $ — Due after one year through five years 135,796 126,723 7,742 7,561 Due after five years through ten years 131,656 118,654 28,254 27,241 Due after ten years 2,019,662 1,724,485 235,070 223,605 Total $ 2,289,421 $ 1,972,129 $ 271,066 $ 258,407 |
Schedule of Gross Unrealized Losses and Estimated Fair Values of Investments | The following tables show the Company’s investments’ gross unrealized losses and estimated fair values, aggregated by investment category and the length of time that the individual securities have been in a continuous unrealized loss position as of the dates indicated. The length of time that the individual securities have been in a continuous unrealized loss position is not a factor in determining credit impairment with the adoption of CECL. December 31, 2022 Less than 12 months 12 months or longer Total Description of Number Fair Gross Number Fair Gross Number Fair Gross (Dollars in thousands) U.S. Treasury securities 1 $ 3,886 $ (104) — $ — $ — 1 $ 3,886 $ (104) Agency securities* 1 3,867 (133) — — — 1 3,867 (133) Collateralized mortgage obligations* 61 150,419 (14,888) 59 643,280 (138,954) 120 793,699 (153,842) Mortgage-backed securities: Residential* 23 55,645 (5,616) 42 397,532 (85,291) 65 453,177 (90,907) Commercial* 29 172,963 (12,156) 26 195,324 (36,798) 55 368,287 (48,954) Asset-backed securities 3 21,836 (716) 15 125,768 (5,219) 18 147,604 (5,935) Corporate securities 1 3,401 (600) 5 15,456 (3,894) 6 18,857 (4,494) Municipal securities 31 76,942 (3,207) 32 65,730 (10,506) 63 142,672 (13,713) Total 150 $ 488,959 $ (37,420) 179 $ 1,443,090 $ (280,662) 329 $ 1,932,049 $ (318,082) December 31, 2021 Less than 12 months 12 months or longer Total Description of Number Fair Gross Number Fair Gross Number Fair Gross (Dollars in thousands) Collateralized mortgage obligations* 39 $ 757,799 $ (15,445) 2 $ 37,438 $ (1,025) 41 $ 795,237 $ (16,470) Mortgage-backed securities: Residential* 49 603,372 (9,371) 13 75,211 (2,503) 62 678,583 (11,874) Commercial* 24 214,384 (3,339) 4 57,656 (2,021) 28 272,040 (5,360) Asset-backed securities 13 115,885 (124) — — — 13 115,885 (124) Corporate securities 4 14,067 (331) 1 4,288 (713) 5 18,355 (1,044) Municipal securities 23 59,403 (767) — — — 23 59,403 (767) Total 152 $ 1,764,910 $ (29,377) 20 $ 174,593 $ (6,262) 172 $ 1,939,503 $ (35,639) __________________________________ * Investments in U.S. Government agency and U.S. Government sponsored enterprises |
Loans Receivable and Allowanc_2
Loans Receivable and Allowance for Credit Losses (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Receivables [Abstract] | |
Summary of Loans Receivable by Major Category | The following is a summary of loans receivable by major category: December 31, 2022 2021 (Dollars in thousands) Loan portfolio composition Real estate loans: Residential $ 76,045 $ 69,199 Commercial 9,170,784 8,816,080 Construction 167,751 220,652 Total real estate loans 9,414,580 9,105,931 Commercial business * 5,109,532 4,208,674 Residential mortgage 846,080 579,626 Consumer and other 33,348 58,512 Loans receivable 15,403,540 13,952,743 Allowance for credit losses (162,359) (140,550) Loans receivable, net of allowance for credit losses $ 15,241,181 $ 13,812,193 __________________________________ * Commercial business loans as of December 31, 2022 and 2021 include $1.9 million and $228.1 million, respectively, in SBA Paycheck Protection Program loans |
Allowance for Credit Losses by Portfolio Segment | The tables below detail the activity in the allowance for credit losses (“ACL”) by portfolio segment for the years ended December 31, 2022 and 2021, and 2020. Recoveries for the year ended December 31, 2022 included $17.3 million in recoveries from a single lending relationship that had $29.6 million in charge offs during the year 2021. Charge offs for the year 2021 included $26.2 million in charge offs related to the sale of $275.3 million in loans with elevated credit risk. Real Estate Commercial Business Residential Mortgage Consumer and Other Total (Dollars in thousands) December 31, 2022 Balance, beginning of period $ 108,440 $ 27,811 $ 3,316 $ 983 $ 140,550 Provision (credit) for credit losses (27,451) 31,360 5,626 65 9,600 Loans charged off (6,803) (5,160) (22) (404) (12,389) Recoveries of charge offs 21,698 2,861 — 39 24,598 Balance, end of period $ 95,884 $ 56,872 $ 8,920 $ 683 $ 162,359 December 31, 2021 Balance, beginning of period $ 162,196 $ 39,155 $ 4,227 $ 1,163 $ 206,741 Provision (credit) for credit losses (2,051) (9,982) 12 (179) (12,200) Loans charged off (57,427) (3,558) (923) (328) (62,236) Recoveries of charge offs 5,722 2,196 — 327 8,245 Balance, end of period $ 108,440 $ 27,811 $ 3,316 $ 983 $ 140,550 December 31, 2020 Balance, beginning of period $ 53,593 $ 33,032 $ 5,925 $ 1,594 $ 94,144 CECL day 1 adoption 27,791 (1,022) (543) (26) $ 26,200 Provision (credit) for credit losses 87,619 7,776 (1,155) 760 95,000 Loans charged off (8,658) (6,157) — (1,211) (16,026) Recoveries of charge offs 1,851 5,526 — 46 7,423 Balance, end of period $ 162,196 $ 39,155 $ 4,227 $ 1,163 $ 206,741 The following tables break out the allowance for credit losses and loan balance by measurement methodology at December 31, 2022 and 2021: December 31, 2022 Real Estate Commercial Business Residential Mortgage Consumer and Other Total (Dollars in thousands) Allowance for credit losses: Individually evaluated $ 870 $ 2,941 $ 24 $ 21 $ 3,856 Collectively evaluated 95,014 53,931 8,896 662 158,503 Total $ 95,884 $ 56,872 $ 8,920 $ 683 $ 162,359 Loans outstanding: Individually evaluated $ 43,461 $ 12,477 $ 9,775 $ 436 $ 66,149 Collectively evaluated 9,371,119 5,097,055 836,305 32,912 15,337,391 Total $ 9,414,580 $ 5,109,532 $ 846,080 $ 33,348 $ 15,403,540 December 31, 2021 Real Estate Commercial Business Residential Mortgage Consumer and Other Total (Dollars in thousands) Allowance for credit losses: Individually evaluated $ 2,025 $ 3,056 $ 11 $ 23 $ 5,115 Collectively evaluated 106,415 24,755 3,305 960 135,435 Total $ 108,440 $ 27,811 $ 3,316 $ 983 $ 140,550 Loans outstanding: Individually evaluated $ 83,347 $ 19,407 $ 3,470 $ 409 $ 106,633 Collectively evaluated 9,022,584 4,189,267 576,156 58,103 13,846,110 Total $ 9,105,931 $ 4,208,674 $ 579,626 $ 58,512 $ 13,952,743 The following tables present a breakdown of loans by recorded ACL, broken out by loans evaluated individually and collectively at December 31, 2022 and 2021: December 31, 2022 Real Estate – Real Estate – Real Estate – Commercial Residential Consumer Total (Dollars in thousands) Individually evaluated loans $ — $ 43,461 $ — $ 12,477 $ 9,775 $ 436 $ 66,149 ACL on individually evaluated loans $ — $ 870 $ — $ 2,941 $ 24 $ 21 $ 3,856 Individually evaluated loans ACL coverage N/A 2.00 % N/A 23.57 % 0.25 % 4.82 % 5.83 % Collectively evaluated loans $ 76,045 $ 9,127,323 $ 167,751 $ 5,097,055 $ 836,305 $ 32,912 $ 15,337,391 ACL on collectively evaluated loans $ 1,014 $ 92,947 $ 1,053 $ 53,931 $ 8,896 $ 662 $ 158,503 Collectively evaluated loans ACL coverage 1.33 % 1.02 % 0.63 % 1.06 % 1.06 % 2.01 % 1.03 % Total loans $ 76,045 $ 9,170,784 $ 167,751 $ 5,109,532 $ 846,080 $ 33,348 $ 15,403,540 Total ACL $ 1,014 $ 93,817 $ 1,053 $ 56,872 $ 8,920 $ 683 $ 162,359 Total ACL to total loans 1.33 % 1.02 % 0.63 % 1.11 % 1.05 % 2.05 % 1.05 % December 31, 2021 Real Estate – Real Estate – Real Estate – Commercial Residential Consumer Total (Dollars in thousands) Individually evaluated loans $ — $ 83,347 $ — $ 19,407 $ 3,470 $ 409 $ 106,633 ACL on individually evaluated loans $ — $ 2,025 $ — $ 3,056 $ 11 $ 23 $ 5,115 Individually evaluated loans ACL coverage N/A 2.43 % N/A 15.75 % 0.32 % 5.62 % 4.80 % Collectively evaluated loans $ 69,199 $ 8,732,733 $ 220,652 $ 4,189,267 $ 576,156 $ 58,103 $ 13,846,110 ACL on collectively evaluated loans $ 729 $ 104,145 $ 1,541 $ 24,755 $ 3,305 $ 960 $ 135,435 Collectively evaluated loans ACL coverage 1.05 % 1.19 % 0.70 % 0.59 % 0.57 % 1.65 % 0.98 % Total loans $ 69,199 $ 8,816,080 $ 220,652 $ 4,208,674 $ 579,626 $ 58,512 $ 13,952,743 Total ACL $ 729 $ 106,170 $ 1,541 $ 27,811 $ 3,316 $ 983 $ 140,550 Total ACL to total loans 1.05 % 1.20 % 0.70 % 0.66 % 0.57 % 1.68 % 1.01 % |
Schedule of Nonaccrual Loans and Loans Past Due 90 or More Days And Still on Accrual Status | The tables below represent the amortized cost of nonaccrual loans and loans past due 90 or more days and still on accrual status by class of loans and broken out by loans with a recorded ACL and those without a recorded ACL as of December 31, 2022 and 2021. December 31, 2022 Nonaccrual with No ACL Nonaccrual with an ACL Total Nonaccrual (1) Accruing Loans Past Due 90 or More Days (Dollars in thousands) Real estate – residential $ — $ — $ — $ — Real estate – commercial Retail 17,635 1,007 18,642 — Hotel & motel 8,939 347 9,286 — Gas station & car wash 2,134 124 2,258 — Mixed use 781 186 967 — Industrial & warehouse 109 727 836 — Other 184 1,742 1,926 — Real estate – construction — — — — Commercial business 1,618 4,002 5,620 336 Residential mortgage 5,959 3,816 9,775 — Consumer and other — 377 377 65 Total $ 37,359 $ 12,328 $ 49,687 $ 401 December 31, 2021 Nonaccrual with No ACL Nonaccrual with an ACL Total Nonaccrual (1) Accruing Loans Past Due 90 or More Days (Dollars in thousands) Real estate – residential $ — $ — $ — $ — Real estate – commercial Retail 7,586 2,604 10,190 — Hotel & motel 5,471 6,564 12,035 — Gas station & car wash 575 1,267 1,842 — Mixed use 5,307 1,412 6,719 — Industrial & warehouse 687 1,897 2,584 — Other 1,233 5,153 6,386 215 Real estate – construction — — — — Commercial business 4,726 6,299 11,025 1,494 Residential mortgage 275 3,195 3,470 — Consumer and other — 365 365 422 Total $ 25,860 $ 28,756 $ 54,616 $ 2,131 __________________________________ |
Amortized Cost Basis of Collateral-Dependent Loans | The following table presents the amortized cost of collateral dependent loans as of December 31, 2022 and 2021: December 31, 2022 December 31, 2021 Real Estate Collateral Other Collateral Total Real Estate Collateral Other Collateral Total (Dollars in thousands) Real estate – residential $ — $ — $ — $ — $ — $ — Real estate – commercial 35,523 — 35,523 65,590 — 65,590 Real estate – construction — — — — — — Commercial business 1,618 2,743 4,361 1,767 6,615 8,382 Residential mortgage 5,959 — 5,959 — — — Consumer and other — — — — — — Total $ 43,100 $ 2,743 $ 45,843 $ 67,357 $ 6,615 $ 73,972 |
Aging of Past Due Loans | The following table presents the amortized cost of past due loans, including nonaccrual loans past due 30 or more days, by the number of days past due as of December 31, 2022 and 2021 by class of loans: December 31, 2022 December 31, 2021 30-59 Days 60-89 Days 90 or More Days Total 30-59 Days 60-89 Days 90 or More Days Total (Dollars in thousands) Real estate – residential $ 1,266 $ — $ — $ 1,266 $ — $ — $ — $ — Real estate – commercial Retail — 1,617 521 2,138 1,250 927 9,167 11,344 Hotel & motel 359 564 3,503 4,426 9,320 4,148 4,760 18,228 Gas station & car wash 582 124 — 706 575 — 832 1,407 Mixed use — — 781 781 1,124 — 5,625 6,749 Industrial & warehouse 85 89 268 442 247 — 785 1,032 Other — 333 621 954 1,198 6,522 3,185 10,905 Real estate – construction — — — — — — — — Commercial business 3,258 18 2,137 5,413 1,792 2,362 6,482 10,636 Residential mortgage 2,310 — 5,106 7,416 14,177 — 3,099 17,276 Consumer and other 617 44 308 969 59 21 787 867 Total Past Due $ 8,477 $ 2,789 $ 13,245 $ 24,511 $ 29,742 $ 13,980 $ 34,722 $ 78,444 |
Financing Receivable Credit Quality Indicators | The following table presents the amortized cost basis of loans receivable by class, credit quality indicator, and year of origination as of December 31, 2022 and 2021. December 31, 2022 Term Loan by Origination Year Revolving Loans Total 2022 2021 2020 2019 2018 Prior (Dollars in thousands) Real Estate - Residential Pass / not rated $ 19,256 $ 23,505 $ 9,691 $ 9,017 $ 3,964 $ 5,397 $ 3,995 $ 74,825 Special mention — — — — — — — — Substandard — — — — 661 559 — 1,220 Doubtful / loss — — — — — — — — Subtotal $ 19,256 $ 23,505 $ 9,691 $ 9,017 $ 4,625 $ 5,956 $ 3,995 $ 76,045 Real Estate - Commercial Pass / not rated $ 2,395,805 $ 2,140,650 $ 1,299,144 $ 1,043,970 $ 1,006,454 $ 1,053,970 $ 101,190 $ 9,041,183 Special mention — 14,622 7,301 6,001 13,565 15,912 202 57,603 Substandard — 8,240 1,736 7,881 9,589 44,552 — 71,998 Doubtful / loss — — — — — — — — Subtotal $ 2,395,805 $ 2,163,512 $ 1,308,181 $ 1,057,852 $ 1,029,608 $ 1,114,434 $ 101,392 $ 9,170,784 Real Estate - Construction Pass / not rated $ 6,570 $ 29,918 $ 63,192 $ 23,418 $ 8,135 $ 4,900 $ 89 $ 136,222 Special mention — — — 14,425 — 10,834 — 25,259 Substandard — — — — — 6,270 — 6,270 Doubtful / loss — — — — — — — — Subtotal $ 6,570 $ 29,918 $ 63,192 $ 37,843 $ 8,135 $ 22,004 $ 89 $ 167,751 Commercial Business Pass / not rated $ 2,311,344 $ 1,090,034 $ 291,592 $ 298,133 $ 69,721 $ 95,531 $ 864,343 $ 5,020,698 Special mention 17,911 37,393 13,707 110 — 24 5,256 74,401 Substandard — 2,833 5,889 1,000 1,020 3,691 — 14,433 Doubtful / loss — — — — — — — — Subtotal $ 2,329,255 $ 1,130,260 $ 311,188 $ 299,243 $ 70,741 $ 99,246 $ 869,599 $ 5,109,532 Residential Mortgage Pass / not rated $ 382,935 $ 283,163 $ 1,386 $ 30,603 $ 62,976 $ 75,242 $ — $ 836,305 Special mention — — — — — — — — Substandard — 311 — 967 384 8,113 — 9,775 Doubtful / loss — — — — — — — — Subtotal $ 382,935 $ 283,474 $ 1,386 $ 31,570 $ 63,360 $ 83,355 $ — $ 846,080 Consumer and Other Pass / not rated $ 10,005 $ 723 $ 3,351 $ 223 $ 10 $ 1,420 $ 17,239 $ 32,971 Special mention — — — — — — — — Substandard — — — — — 377 — 377 Doubtful / loss — — — — — — — — Subtotal $ 10,005 $ 723 $ 3,351 $ 223 $ 10 $ 1,797 $ 17,239 $ 33,348 Total Loans Pass / not rated $ 5,125,915 $ 3,567,993 $ 1,668,356 $ 1,405,364 $ 1,151,260 $ 1,236,460 $ 986,856 $ 15,142,204 Special mention 17,911 52,015 21,008 20,536 13,565 26,770 5,458 157,263 Substandard — 11,384 7,625 9,848 11,654 63,562 — 104,073 Doubtful / loss — — — — — — — — Total $ 5,143,826 $ 3,631,392 $ 1,696,989 $ 1,435,748 $ 1,176,479 $ 1,326,792 $ 992,314 $ 15,403,540 December 31, 2021 Term Loan by Origination Year Revolving Loans Total 2021 2020 2019 2018 2017 Prior (Dollars in thousands) Real Estate - Residential Pass / not rated $ 26,093 $ 10,471 $ 11,442 $ 4,952 $ 2,987 $ 7,260 $ 4,403 $ 67,608 Special mention — — — 534 — 924 — 1,458 Substandard — — — 133 — — — 133 Doubtful / loss — — — — — — — — Subtotal $ 26,093 $ 10,471 $ 11,442 $ 5,619 $ 2,987 $ 8,184 $ 4,403 $ 69,199 Real Estate - Commercial Pass / not rated $ 2,451,662 $ 1,415,909 $ 1,252,851 $ 1,238,425 $ 883,790 $ 1,086,182 $ 89,501 $ 8,418,320 Special mention 5,553 8,882 39,567 20,203 27,204 73,090 5,970 180,469 Substandard 7,436 7,718 17,533 25,330 53,000 105,995 279 217,291 Doubtful / loss — — — — — — — — Subtotal $ 2,464,651 $ 1,432,509 $ 1,309,951 $ 1,283,958 $ 963,994 $ 1,265,267 $ 95,750 $ 8,816,080 Real Estate - Construction Pass / not rated $ 16,545 $ 67,628 $ 32,044 $ 32,908 $ 8,292 $ 5,685 $ 89 $ 163,191 Special mention — — — 45,996 5,074 6,391 — 57,461 Substandard — — — — — — — — Doubtful / loss — — — — — — — — Subtotal $ 16,545 $ 67,628 $ 32,044 $ 78,904 $ 13,366 $ 12,076 $ 89 $ 220,652 Commercial Business Pass / not rated $ 1,755,104 $ 431,145 $ 461,460 $ 98,812 $ 53,629 $ 70,294 $ 1,299,372 $ 4,169,816 Special mention 1,379 523 4,780 2,897 550 5,083 2,594 17,806 Substandard 3,796 941 2,308 1,651 3,803 3,461 5,092 21,052 Doubtful / loss — — — — — — — — Subtotal $ 1,760,279 $ 432,609 $ 468,548 $ 103,360 $ 57,982 $ 78,838 $ 1,307,058 $ 4,208,674 Residential Mortgage Pass / not rated $ 282,191 $ 1,420 $ 40,377 $ 112,743 $ 85,446 $ 53,979 $ — $ 576,156 Special mention — — — — — — — — Substandard 275 — 128 394 541 2,132 — 3,470 Doubtful / loss — — — — — — — — Subtotal $ 282,466 $ 1,420 $ 40,505 $ 113,137 $ 85,987 $ 56,111 $ — $ 579,626 Consumer and Other Pass / not rated $ 19,203 $ 5,347 $ 1,783 $ 1,699 $ 1,769 $ 6,165 $ 22,095 $ 58,061 Special mention — — — — — — — — Substandard — — — — — 451 — 451 Doubtful / loss — — — — — — — — Subtotal $ 19,203 $ 5,347 $ 1,783 $ 1,699 $ 1,769 $ 6,616 $ 22,095 $ 58,512 Total Loans Pass / not rated $ 4,550,798 $ 1,931,920 $ 1,799,957 $ 1,489,539 $ 1,035,913 $ 1,229,565 $ 1,415,460 $ 13,453,152 Special mention 6,932 9,405 44,347 69,630 32,828 85,488 8,564 257,194 Substandard 11,507 8,659 19,969 27,508 57,344 112,039 5,371 242,397 Doubtful / loss — — — — — — — — Total $ 4,569,237 $ 1,949,984 $ 1,864,273 $ 1,586,677 $ 1,126,085 $ 1,427,092 $ 1,429,395 $ 13,952,743 For the years ended December 31, 2022 and 2021, there were no revolving loans converted to term loans. |
Loans Sold From Loans Held For Investment | The breakdown of loans by type that were reclassified from held for investment to held for sale for the years ended December 31, 2022, 2021, and 2020 are presented in the following table: Year Ended December 31, 2022 2021 2020 Transfer of loans held for investment to held for sale (Dollars in thousands) Real estate - commercial $ 257,317 $ 365,426 $ — Commercial business 54,218 100,154 — Residential mortgage — 7,018 — Consumer — — 1,243 Total $ 311,535 $ 472,598 $ 1,243 |
Troubled Debt Restructurings | A summary of the amortized cost of TDR loans on accrual and nonaccrual status by type of concession as of December 31, 2022 and 2021 is presented below: December 31, 2022 TDR Loans on Accrual Status TDR Loans on Nonaccrual Status Total TDRs Real Estate Commercial Business Residential Mortgage Other Real Estate Commercial Business Residential Mortgage Other (Dollars in thousands) Payment concession $ 5,404 $ 501 $ — $ — $ 20,193 $ 171 $ — $ — $ 26,269 Maturity / amortization concession 2,190 6,175 — 280 101 2,245 — 87 11,078 Rate concession 2,195 186 — — — 1,398 — — 3,779 Total $ 9,789 $ 6,862 $ — $ 280 $ 20,294 $ 3,814 $ — $ 87 $ 41,126 December 31, 2021 TDR Loans on Accrual Status TDR Loans on Nonaccrual Status Total Real Estate Commercial Business Residential Mortgage Other Real Estate Commercial Business Residential Mortgage Other (Dollars in thousands) Payment concession $ 23,196 $ 790 $ — $ 16 $ 7,533 $ 420 $ — $ — $ 31,955 Maturity / amortization concession 15,449 7,284 — 183 269 3,109 — 117 26,411 Rate concession 5,161 339 — — 234 1,413 — — 7,147 Total $ 43,806 $ 8,413 $ — $ 199 $ 8,036 $ 4,942 $ — $ 117 $ 65,513 The following tables present the amortized cost of loans classified as TDR during the years ended December 31, 2022, 2021, and 2020 by class of loans. Year Ended December 31, 2022 2021 2020 Number of Loans Balance Number of Loans Balance Number of Loans Balance (Dollars in thousands) Real estate – residential — $ — — $ — — $ — Real estate – commercial Retail — — 5 24,169 3 1,589 Hotel & motel 1 1,932 — — — — Gas station & car wash — — 1 575 2 501 Mixed use — — — — 2 1,215 Industrial & warehouse — — 1 506 1 256 Other — — — — 2 2,722 Real estate – construction — — — — — — Commercial business — — 3 309 6 1,620 Residential mortgage — — — — — — Consumer and other — — 2 13 9 113 Total 1 $ 1,932 12 $ 25,572 25 $ 8,016 |
Summary of Troubled Debt Restructurings with Subsequent Payment Default | The following tables present the amortized cost balance of loans modified as TDRs within the previous twelve months ended December 31, 2022, 2021, and 2020 that subsequently had payment defaults during the years ended December 31, 2022, 2021, and 2020: For the Year Ended December 31, 2022 2021 2020 Number of Loans Balance Number of Loans Balance Number of Loans Balance (Dollars in thousands) Real estate – residential — $ — — $ — — $ — Real estate – commercial Retail — — 3 5,906 1 478 Hotel & motel — — — — — — Gas station & car wash — — 1 575 1 464 Mixed Use — — — — 2 1,215 Industrial & warehouse — — — — — — Other — — — — — — Real estate – construction — — — — — — Commercial business — — 1 102 1 164 Residential mortgage — — — — — — Consumer and other — — 2 13 5 30 Total — $ — 7 $ 6,596 10 $ 2,351 |
interest income reversal, nonaccrual, by loan segment | The following table presents interest income reversals, due to loans being placed on nonaccrual status, by loan segment for the years ended December 31, 2022 and 2021: Year Ended December 31, 2022 2021 2020 (Dollars in thousands) Real estate $ 1,906 $ 3,102 $ 1,047 Commercial business 307 62 78 Residential mortgage 309 17 — Consumer and other 1 3 3 Total $ 2,523 $ 3,184 $ 1,128 |
Goodwill, Intangible Assets, _2
Goodwill, Intangible Assets, and Servicing Assets (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Finite-Lived Intangible Assets | December 31, 2022 December 31, 2021 Core Deposit Intangibles Related To: Amortization Period Gross Accumulated Carrying Amount Accumulated Carrying Amount (Dollars in thousands) Foster Bankshares acquisition 10 years $ 2,763 $ (2,668) $ 95 $ (2,504) $ 259 Wilshire Bancorp acquisition 10 years 18,138 (12,507) 5,631 (10,726) 7,412 Total $ 20,901 $ (15,175) $ 5,726 $ (13,230) $ 7,671 |
Property, Plant, and Equipment
Property, Plant, and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | The following table provides information regarding the premises and equipment at December 31, 2022 and 2021: December 31, 2022 2021 (Dollars in thousands) Land $ 11,244 $ 11,244 Building and improvements 24,191 24,018 Furniture, fixtures, and equipment 32,347 28,829 Leasehold improvements 29,061 28,201 Vehicles 123 123 Software/License 17,532 14,341 Total premises and equipment, gross 114,498 106,756 Less: Accumulated depreciation and amortization (67,639) (61,089) Total premises and equipment, net $ 46,859 $ 45,667 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Leases [Abstract] | |
Summary of Net Lease Cost and Other Information | The table below summarizes the Company’s net lease cost: Year Ended December 31, 2022 2021 (Dollars in thousands) Operating lease cost $ 15,455 $ 15,487 Variable lease cost 4,617 3,205 Sublease income (687) (456) Net lease cost $ 19,385 $ 18,236 The table below summarizes supplemental balance sheet information related to operating leases: December 31, 2022 2021 (Dollars in thousands) Operating lease right-of-use assets $ 55,034 $ 52,701 Current portion of long-term lease liabilities 13,769 12,678 Long-term lease liabilities 45,319 44,625 Weighted-average remaining lease term - operating leases 4.7 years 5.2 years Weighted-average discount rate - operating leases 2.44 % 2.43 % |
Summary of Maturity of Remaining Lease Liabilities | The table below summarizes the maturity of remaining lease liabilities: December 31, 2022 (Dollars in thousands) 2023 $ 15,014 2024 13,937 2025 12,187 2026 11,431 2027 5,918 2028 and thereafter 4,322 Total lease payments 62,809 Less: imputed interest 3,721 Total lease obligations $ 59,088 |
Deposits (Tables)
Deposits (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Deposits [Abstract] | |
Time Deposit Maturities | At December 31, 2022, the scheduled maturities for time deposits were as follows: December 31, 2022 (Dollars in thousands) Scheduled maturities in: 2023 $ 4,973,023 2024 14,861 2025 1,121 2026 550 2027 505 2028 and thereafter — Total $ 4,990,060 |
Time Deposit Maturities, More Than Two Hundred Thousand | The following table presents the maturity schedules of time deposits in amounts of more than $250 thousand as of December 31, 2022: December 31, 2022 (Dollars in thousands) Three months or less $ 242,755 Over three months through six months 509,744 Over six months through twelve months 1,629,667 Over twelve months 3,407 Total $ 2,385,573 |
Schedule of Interest Expense on Deposits | Interest expense on deposits for the periods indicated is summarized as follows: Year Ended December 31, 2022 2021 2020 (Dollars in thousands) Money market and NOW $ 68,961 $ 22,867 $ 34,529 Savings deposits 3,802 3,623 3,475 Time deposits 42,076 15,521 72,365 Total deposit interest expense $ 114,839 $ 42,011 $ 110,369 |
Subordinated Debentures and C_2
Subordinated Debentures and Convertible Notes (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Subordinated Borrowings [Abstract] | |
Summary of Trust Preferred Securities and Debentures | The following table is a summary of trust preferred securities and Debentures at December 31, 2022: Issuance Trust Issuance Date Trust Preferred Security Amount Carrying Value of Debentures Rate Type Current Rate Maturity Date (Dollars in thousands) Nara Capital Trust III 06/05/2003 $ 5,000 $ 5,155 Variable 7.919% 06/15/2033 Nara Statutory Trust IV 12/22/2003 5,000 5,155 Variable 6.929% 01/07/2034 Nara Statutory Trust V 12/17/2003 10,000 10,310 Variable 7.688% 12/17/2033 Nara Statutory Trust VI 03/22/2007 8,000 8,248 Variable 6.419% 06/15/2037 Center Capital Trust I 12/30/2003 18,000 14,937 Variable 6.929% 01/07/2034 Wilshire Trust II 03/17/2005 20,000 16,435 Variable 6.528% 03/17/2035 Wilshire Trust III 09/15/2005 15,000 11,722 Variable 6.169% 09/15/2035 Wilshire Trust IV 07/10/2007 25,000 18,932 Variable 6.149% 09/15/2037 Saehan Capital Trust I 03/30/2007 20,000 15,671 Variable 6.350% 06/30/2037 Total $ 126,000 $ 106,565 |
Convertible Debt | The value of the convertible notes at issuance and the carrying value as of December 31, 2022, 2021 and 2020 are presented in the tables below: Capitalization Gross December 31, 2022 Total Capitalization Carrying Amount (Dollars in thousands) Convertible notes principal balance $ 217,500 $ — $ 217,500 Issuance costs to be capitalized 5 years (4,119) 3,767 (352) Carrying balance of convertible notes $ 213,381 $ 3,767 $ 217,148 Capitalization Gross December 31, 2021 Total Capitalization Carrying Amount (Dollars in thousands) Convertible notes principal balance $ 217,500 $ — $ 217,500 Issuance costs to be capitalized 5 years (4,119) 2,828 (1,291) Carrying balance of convertible notes $ 213,381 $ 2,828 $ 216,209 Amortization/ Capitalization Gross December 31, 2020 Accumulated Amortization / Capitalization Carrying Amount (Dollars in thousands) Convertible notes principal balance $ 217,500 $ — $ 217,500 Discount 5 years (21,880) 10,951 (10,929) Issuance costs to be capitalized 5 years (4,119) 2,113 (2,006) Carrying balance of convertible notes $ 191,501 $ 13,064 $ 204,565 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) | The following presents a summary of income tax provision follows for the years ended December 31: Current Deferred Total (Dollars in thousands) 2022 Federal $ 52,676 $ (6,366) $ 46,310 State 34,050 (2,589) 31,461 $ 86,726 $ (8,955) $ 77,771 2021 Federal $ 28,382 $ 12,599 $ 40,981 State 22,692 7,027 29,719 $ 51,074 $ 19,626 $ 70,700 2020 Federal $ 28,284 $ (11,079) $ 17,205 State 20,490 (6,919) 13,571 $ 48,774 $ (17,998) $ 30,776 |
Schedule of Effective Income Tax Rate Reconciliation | A reconciliation of the difference between the federal statutory income tax rate and the effective tax rate is shown in the following table for the years indicated: Year Ended December 31, 2022 2021 2020 Statutory tax rate 21.00 % 21.00 % 21.00 % State taxes-net of federal tax effect 8.58 % 8.59 % 8.56 % CRA investment tax credit (2.99) % (3.75) % (7.34) % Bank owned life insurance (0.22) % (0.17) % (0.05) % Tax exempt municipal bonds and loans (0.26) % (0.17) % (0.38) % State tax rate change 0.15 % (0.04) % (2.76) % Changes in uncertain tax positions (0.23) % 0.07 % 1.63 % Other 0.24 % 0.15 % 0.97 % Effective income tax rate 26.27 % 25.68 % 21.63 % |
Schedule of Deferred Tax Assets and Liabilities | Deferred tax assets and liabilities at December 31, 2022 and 2021 were comprised of the following: December 31, 2022 2021 (Dollars in thousands) Deferred tax assets: Statutory bad debt deduction less than financial statement provision $ 53,225 $ 46,367 Net operating loss carry-forward 1,396 1,552 Investment security provision 469 469 State tax deductions 5,210 3,403 Accrued compensation 45 86 Deferred compensation 107 103 Mark to market on loans held for sale 3 1,721 Nonaccrual loan interest 4,044 4,290 Other real estate owned 455 421 Non-qualified stock option and restricted share expense 4,322 3,122 Lease liabilities 18,751 18,209 Unrealized loss on securities available for sale 96,319 4,583 Other 8,178 5,782 Total deferred tax assets $ 192,524 $ 90,108 Deferred tax liabilities: Purchase accounting fair value adjustment $ (6,583) $ (5,978) Depreciation (293) (6) FHLB stock dividends (332) (257) Deferred loan costs (9,983) (10,615) State taxes deferred and other (3,875) (3,332) Prepaid expenses (1,677) (942) Amortization of intangibles (1,908) (2,513) ROU asset (17,464) (16,746) Total deferred tax liabilities $ (42,115) $ (40,389) Net deferred tax assets $ 150,409 $ 49,719 |
Summary of Operating Loss Carryforwards | A summary of the Company’s net operating loss carry-forwards as of December 31, 2022 and 2021 is as follows: Federal State Remaining Expires Annual Remaining Expires Annual (Dollars in thousands) 2022 Saehan Bank (acquired by Wilshire) $ 1,809 2030 $ 226 $ 2,261 2032 $ 226 Pacific International Bank 3,989 2032 420 — N/A — Total $ 5,798 $ 646 $ 2,261 $ 226 2021 Saehan Bank (acquired by Wilshire) $ 2,035 2030 $ 226 $ 2,488 2032 $ — Pacific International Bank 4,409 2032 420 — N/A — Total $ 6,444 $ 646 $ 2,488 $ — |
Schedule of Unrecognized Tax Benefits Roll Forward | A reconciliation of the beginning and ending amount of unrecognized tax benefits for the years ended December 31, 2022 and 2021 is as follows: Year Ended December 31, 2022 2021 (Dollars in thousands) Balance at January 1, $ 3,278 $ 2,750 Additions based on tax positions related to prior years 434 528 Expiration of statute of limitations (761) — Balance at December 31, $ 2,951 $ 3,278 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
Summary of Stock Option Activity Under the Plan | The following is a summary of the Company’s stock option activity for the year ended December 31, 2022: Number of Shares Weighted-Average Exercise Price Per Share Weighted-Average Aggregate Intrinsic Value Outstanding - January 1, 2022 814,877 $ 15.17 Granted — — Exercised (105,510) 5.02 Expired (60,000) 17.18 Forfeited — — Outstanding - December 31, 2022 649,367 $ 16.63 2.92 $ — Options exercisable - December 31, 2022 649,367 $ 16.63 2.92 $ — |
Summary of Restricted Stock and Performance Unit Activity Under the Plan | The following is a summary of the Company’s restricted stock and performance unit activity for the year ended December 31, 2022: Number of Shares Weighted-Average Grant Date Fair Value Outstanding (unvested) - January 1, 2022 1,561,197 $ 12.08 Granted 1,007,942 15.85 Vested (634,514) 12.65 Forfeited (174,252) 13.55 Outstanding (unvested) - December 31, 2022 1,760,373 $ 13.89 |
Schedule of Share-based Compensation, Estimated Annual Expense | The estimated annual stock-based compensation expense as of December 31, 2022 for each of the succeeding years is indicated in the table below: Stock Based (Dollars in thousands) For the year ending December 31: 2023 $ 13,654 2024 9,796 2025 3,510 2026 343 2027 — Total $ 27,303 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments | Commitments at December 31, 2022 and 2021 are summarized as follows: December 31, 2022 2021 (Dollars in thousands) Commitments to extend credit $ 2,856,263 $ 2,329,421 Standby letters of credit 132,538 126,137 Other letters of credit 22,376 56,333 Commitments to fund investments in affordable housing partnerships 11,792 9,514 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Assets and Liabilities Measured at Fair Value on a Recurring Basis | Assets and liabilities measured at fair value on a recurring basis are summarized below: Fair Value Measurements at the End of December 31, 2022 Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs (Dollars in thousands) Assets: Investment securities available for sale: U.S. Treasury securities $ 3,886 $ 3,886 $ — $ — U.S. Government agency and U.S. Government sponsored enterprises: Agency securities 3,867 — 3,867 — Collateralized mortgage obligations 793,699 — 793,699 — Mortgage-backed securities: Residential 453,177 — 453,177 — Commercial 368,287 — 368,287 — Asset-backed securities 147,604 — 147,604 — Corporate securities 18,857 — 18,857 — Municipal securities 182,752 — 181,809 943 Equity investments with readily determinable fair value 4,303 4,303 — — Interest rate swaps 73,389 — 73,389 — Mortgage banking derivatives 29 — 29 — Other derivatives 25,462 — 25,462 — Liabilities: Interest rate swaps 73,389 — 73,389 — Mortgage banking derivatives 23 — 23 — Other derivatives 2,160 — 2,128 32 Fair Value Measurements at the End of December 31, 2021 Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs (Dollars in thousands) Assets: Investment securities available for sale: U.S. Government agency and U.S. Government sponsored enterprises: Collateralized mortgage obligations $ 1,026,430 $ — $ 1,026,430 $ — Mortgage-backed securities: Residential 759,224 — 759,224 — Commercial 599,402 — 599,402 — Asset-backed securities 153,451 — 153,451 — Corporate securities 22,484 — 22,484 — Municipal securities 105,284 — 104,246 1,038 Equity investments with readily determinable fair value 26,823 26,823 — — Interest rate swaps 17,907 — 17,907 — Mortgage banking derivatives 247 — 247 — Other derivatives 2,291 — 2,291 — Liabilities: Interest rate swaps 17,907 — 17,907 — Mortgage banking derivatives 76 — 76 — Other derivatives 93 — — 93 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation | The table below presents a reconciliation and income statement classification of gains (losses) for the municipal security and risk participation agreements measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the year ended December 31, 2022 and 2021: Year Ended December 31, 2022 2021 (Dollars in thousands) Municipal securities: Beginning Balance $ 1,038 $ 1,022 Change in fair value included in other comprehensive (loss) income (95) 16 Ending Balance $ 943 $ 1,038 Risk participation agreements: Beginning Balance $ 93 $ 398 Change in fair value included in expense (61) (305) Ending Balance $ 32 $ 93 |
Assets Measured at Fair Value on a Non-recurring Basis | Assets measured at fair value on a non-recurring basis at December 31, 2022 and 2021 are summarized below: Fair Value Measurements at the End of December 31, 2022 Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs (Dollars in thousands) Assets: Collateral dependent loans at fair value: Real estate loans $ 807 $ — $ — $ 807 Commercial business 2,744 — — 2,744 Loans held for sale, net 48,795 — 48,795 — OREO 1,050 — — 1,050 Fair Value Measurements at the End of December 31, 2021 Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs (Dollars in thousands) Assets: Collateral dependent loans at fair value: Real estate loans $ 12,293 $ — $ — $ 12,293 Commercial business 3,656 — — 3,656 Loans held for sale, net 26,154 — 26,154 — OREO 2,167 — — 2,167 For assets measured at fair value on a non-recurring basis, the total net losses, which include charge offs, recoveries, recorded ACL, valuations, and recognized gains and losses on sales in 2022 and 2021 are summarized below: Year Ended December 31, 2022 2021 (Dollars in thousands) Assets: Collateral dependent loans at fair value: Real estate loans $ (727) $ (1,758) Commercial business (2,526) (2,088) Loans held for sale, net (3,989) (21,074) OREO (941) (1,275) |
Carrying Amounts and Estimated Fair Values of Financial Instruments | Carrying amounts and estimated fair values of financial instruments, not previously presented, at December 31, 2022 and 2021 were as follows: December 31, 2022 Carrying Amount Estimated Fair Value Fair Value Measurement Using (Dollars in thousands) Financial Assets: Cash and cash equivalents $ 506,776 $ 506,776 Level 1 Interest bearing deposits in other financial institutions 735 733 Level 2 Investment securities held to maturity 271,066 258,407 Level 2 Equity investments without readily determinable fair values 38,093 38,093 Level 2 Loans held for sale 49,245 49,248 Level 2 Loans receivable, net 15,241,181 14,745,881 Level 3 Accrued interest receivable 55,460 55,460 Level 2/3 Servicing assets, net 11,628 17,375 Level 3 Customers’ liabilities on acceptances 818 818 Level 2 Financial Liabilities: Noninterest bearing deposits $ 4,849,493 $ 4,849,493 Level 2 Saving and other interest bearing demand deposits 5,899,248 5,899,248 Level 2 Time deposits 4,990,060 5,020,093 Level 2 FHLB and FRB borrowings 865,000 867,088 Level 2 Convertible notes, net 217,148 213,937 Level 1 Subordinated debentures 106,565 107,944 Level 2 Accrued interest payable 26,668 26,668 Level 2 Acceptances outstanding 818 818 Level 2 December 31, 2021 Carrying Amount Estimated Fair Value Fair Value Measurement Using (Dollars in thousands) Financial Assets: Cash and cash equivalents $ 316,266 $ 316,266 Level 1 Interest bearing deposits in other financial institutions 12,851 12,853 Level 2 Equity investments without readily determinable fair values 31,037 31,037 Level 2 Loans held for sale 99,049 103,767 Level 2 Loans receivable, net 13,812,193 13,698,579 Level 3 Accrued interest receivable 41,842 41,842 Level 2/3 Servicing assets, net 10,418 13,500 Level 3 Customers’ liabilities on acceptances 1,521 1,521 Level 2 Financial Liabilities: Noninterest bearing deposits $ 5,751,870 $ 5,751,870 Level 2 Saving and other interest bearing demand deposits 6,500,227 6,500,227 Level 2 Time deposits 2,788,353 2,790,596 Level 2 FHLB advances 300,000 301,936 Level 2 Convertible notes, net 216,209 214,612 Level 1 Subordinated debentures 105,354 117,961 Level 2 Accrued interest payable 4,272 4,272 Level 2 Acceptances outstanding 1,521 1,521 Level 2 |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Interest Rate Swaps Related to Hedging Program | |
Schedule of Derivative Instruments | The table below presents the fair value of the Company’s derivative financial instruments as of December 31, 2022 and 2021. The Company’s derivative assets and derivative liabilities are located within Other assets and Other liabilities, respectively, on the Company’s Consolidated Balance Sheets. December 31, 2022 Notional Fair Value Other Assets Other Liabilities (Dollars in thousands) Derivatives designated as cash flow hedges Interest rate swaps $ 614,000 $ 19,773 $ 1,227 Forward interest rate swaps 111,000 5,428 — Forward interest rate collars 500,000 182 828 Total $ 1,225,000 $ 25,383 $ 2,055 Derivatives not designated as hedges Interest rate swaps with correspondent banks $ 1,013,407 $ 73,059 $ 330 Interest rate swaps with customers 1,013,407 330 73,059 Foreign exchange contracts with correspondent banks 2,359 79 — Foreign exchange contracts with customers 2,359 — 73 Risk participation agreement 134,282 — 32 Mortgage banking derivatives 2,801 29 23 Total $ 2,168,615 $ 73,497 $ 73,517 December 31, 2021 Notional Fair Value Other Assets Other Liabilities (Dollars in thousands) Derivatives designated as cash flow hedges Interest rate swaps $ 100,000 $ 2,291 $ — Total $ 100,000 $ 2,291 $ — Derivatives not designated as hedges Interest rate swaps with correspondent banks $ 588,685 $ 3,001 $ 14,906 Interest rate swaps with customers 588,685 14,906 3,001 Risk participation agreement 123,927 — 93 Mortgage banking derivatives 17,425 247 76 Total $ 1,318,722 $ 18,154 $ 18,076 |
Stockholders_ Equity (Tables)
Stockholders’ Equity (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Equity [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) | The following table presents the changes to accumulated other comprehensive income for the years ended December 31, 2022, 2021, and 2020: Year Ended December 31, 2022 2021 2020 (Dollars in thousands) Balance at beginning of period $ (11,412) $ 32,753 $ 9,149 Unrealized net (losses) gains on securities available for sale (297,919) (65,551) 41,562 Unrealized net losses on securities available for sale transferred to held to maturity (36,576) — — Unrealized net gains (losses) on interest rate swaps used for cash flow hedge 23,062 2,893 (602) Reclassification adjustments for net losses (gains) realized in net income 253 319 (7,583) Tax effect 91,735 18,174 (9,773) Other comprehensive (loss) income, net of tax (219,445) (44,165) 23,604 Balance at end of period $ (230,857) $ (11,412) $ 32,753 |
Regulatory Matters (Tables)
Regulatory Matters (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Banking Regulation [Abstract] | |
Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations | The Company’s and the Bank’s capital levels and regulatory ratios are presented in the tables below for the dates indicated and include the effects of the Company’s election to utilize the five-year transition described above: Actual Required For Capital Adequacy Purposes Minimum Capital Adequacy Required To Be Well Capitalized December 31, 2022 Amount Ratio Amount Ratio Amount Ratio Amount Ratio (Dollars in thousands) Common equity Tier 1 capital Company $ 1,799,020 10.55 % $ 767,223 4.50 % $ 1,193,459 7.00 % N/A N/A Bank $ 2,049,973 12.03 % $ 766,971 4.50 % $ 1,193,066 7.00 % $ 1,107,847 6.50 % Total capital Company $ 2,041,319 11.97 % $ 1,363,953 8.00 % $ 1,790,188 10.50 % N/A N/A Bank $ 2,189,607 12.85 % $ 1,363,504 8.00 % $ 1,789,598 10.50 % $ 1,704,380 10.00 % Tier 1 capital Company $ 1,901,685 11.15 % $ 1,022,965 6.00 % $ 1,449,200 8.50 % N/A N/A Bank $ 2,049,973 12.03 % $ 1,022,628 6.00 % $ 1,448,723 8.50 % $ 1,363,504 8.00 % Tier 1 capital Company $ 1,901,685 10.15 % $ 749,743 4.00 % N/A N/A N/A N/A Bank $ 2,049,973 10.94 % $ 749,540 4.00 % N/A N/A $ 936,925 5.00 % Actual Required For Capital Adequacy Purposes Minimum Capital Adequacy Required To Be Well Capitalized December 31, 2021 Amount Ratio Amount Ratio Amount Ratio Amount Ratio (Dollars in thousands) Common equity Tier 1 capital Company $ 1,657,754 11.03 % $ 676,633 4.50 % $ 1,052,540 7.00 % N/A N/A Bank $ 1,947,914 12.96 % $ 676,328 4.50 % $ 1,052,066 7.00 % $ 976,919 6.50 % Total capital Company $ 1,867,968 12.42 % $ 1,202,903 8.00 % $ 1,578,811 10.50 % N/A N/A Bank $ 2,056,675 13.68 % $ 1,202,361 8.00 % $ 1,578,099 10.50 % $ 1,502,952 10.00 % Tier 1 capital Company $ 1,759,207 11.70 % $ 902,178 6.00 % $ 1,278,085 8.50 % N/A N/A Bank $ 1,947,914 12.96 % $ 901,771 6.00 % $ 1,277,509 8.50 % $ 1,202,361 8.00 % Tier 1 capital Company $ 1,759,207 10.11 % $ 695,795 4.00 % N/A N/A N/A N/A Bank $ 1,947,914 11.20 % $ 695,593 4.00 % N/A N/A $ 869,491 5.00 % |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | Service charges on deposit accounts and wire transfers are summarized below: Year Ended December 31, 2022 2021 2020 (Dollars in thousands) Noninterest bearing deposit account income: Monthly service charges $ 997 $ 1,065 $ 1,301 Customer analysis charges 4,602 3,219 6,765 NSF charges 2,889 2,554 3,687 Other service charges 355 345 598 Total noninterest bearing deposit account income 8,843 7,183 12,351 Interest bearing deposit account income: Monthly service charges 95 92 92 Total service fees on deposit accounts $ 8,938 $ 7,275 $ 12,443 Wire transfer fee income: Wire transfer fees $ 3,005 $ 3,082 $ 3,188 Foreign exchange fees 472 437 389 Total wire transfer fees $ 3,477 $ 3,519 $ 3,577 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Earnings Per Share [Abstract] | |
Computation of basic and diluted EPS | The following table shows the computation of basic and diluted EPS for the years ended December 31, 2022, 2021, and 2020. Net Income Weighted-Average Shares Earnings (Dollars in thousands, except share and per share data) 2022 Basic EPS - common stock $ 218,277 119,824,970 $ 1.82 Effect of dilutive securities: Stock options, restricted stock, and ESPP shares 647,375 Diluted EPS - common stock $ 218,277 120,472,345 $ 1.81 2021 Basic EPS - common stock $ 204,572 122,321,768 $ 1.67 Effect of dilutive securities: Stock options, restricted stock, and ESPP shares 811,257 Diluted EPS - common stock $ 204,572 123,133,025 $ 1.66 2020 Basic EPS - common stock $ 111,515 123,501,401 $ 0.90 Effect of dilutive securities: Stock options, restricted stock, and ESPP shares 387,942 Diluted EPS - common stock $ 111,515 123,889,343 $ 0.90 |
Transfers and Servicing (Tables
Transfers and Servicing (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Transfers and Servicing [Abstract] | |
Schedule of Servicing Assets | The changes in servicing assets for the years ended December 31, 2022, 2021 and 2020 were as follows: Year Ended December 31, 2022 2021 2020 (Dollars in thousands) Balance at beginning of period $ 10,418 $ 12,692 $ 16,417 Additions through originations of servicing assets 5,200 2,880 2,864 Amortization (3,990) (5,154) (6,589) Balance at end of period $ 11,628 $ 10,418 $ 12,692 |
Schedule of Servicing Assets at Fair Value | The Company utilizes the discounted cash flow method to calculate the initial excess servicing assets. The inputs used in evaluating servicing assets for impairment at December 31, 2022 and 2021 are presented below. December 31, 2022 2021 SBA Servicing Assets: Weighted-average discount rate 8.76% 11.20% Constant prepayment rate 12.09% 14.64% Mortgage Servicing Assets: Weighted-average discount rate 11.38% 8.63% Constant prepayment rate 9.61% 9.58% |
Condensed Financial Statement_2
Condensed Financial Statements of Parent Company (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Condensed Financial Information Disclosure [Abstract] | |
Statements of Financial Condition | The following presents the unconsolidated condensed statements of financial condition for only the parent company, Hope Bancorp, as of December 31, 2022 and 2021: STATEMENTS OF FINANCIAL CONDITION December 31, 2022 2021 (Dollars in thousands) ASSETS: Cash and cash equivalents $ 62,380 $ 21,006 Other assets 11,689 11,382 Investment in bank subsidiary 2,270,280 2,383,098 Total assets $ 2,344,349 $ 2,415,486 LIABILITIES: Convertible notes, net $ 217,148 $ 216,209 Subordinated debentures, net 106,565 105,354 Accounts payable and other liabilities 1,308 940 Total liabilities 325,021 322,503 Stockholders’ equity 2,019,328 2,092,983 Total liabilities and stockholders’ equity $ 2,344,349 $ 2,415,486 |
Statements of Income and Comprehensive Income | The following presents the unconsolidated condensed statements of income for only the parent company, Hope Bancorp, for the years ended December 31, 2022, 2021 and 2020: STATEMENTS OF INCOME AND COMPREHENSIVE INCOME Year Ended December 31, 2022 2021 2020 (Dollars in thousands) Interest income $ — $ — $ — Interest expense (11,330) (9,186) (14,147) Noninterest income — — — Noninterest expense (7,212) (5,633) (5,316) Dividend from subsidiary, net 133,000 128,000 96,000 Equity in undistributed earnings of subsidiary 98,354 87,025 29,781 Income before income tax benefit 212,812 200,206 106,318 Income tax benefit 5,465 4,366 5,197 Net income 218,277 204,572 111,515 Other comprehensive (loss) income, net of tax (219,445) (44,165) 23,604 Comprehensive (loss) income $ (1,168) $ 160,407 $ 135,119 |
Statements of Cash Flows | The following presents the unconsolidated condensed statements of cash flows for only the parent company, Hope Bancorp, for the years ended December 31, 2022, 2021 and 2020: STATEMENTS OF CASH FLOWS Year Ended December 31, 2022 2021 2020 (Dollars in thousands) CASH FLOWS FROM OPERATING ACTIVITIES: Net income $ 218,277 $ 204,572 $ 111,515 Adjustments to reconcile net income to net cash from operating activities: Amortization and capitalization 2,150 2,115 6,250 Stock-based compensation expense 502 141 201 Change in other assets (307) (326) (1,194) Change in accounts payable and other liabilities 368 25 (440) Equity in undistributed earnings of bank subsidiary (98,354) (87,025) (29,781) Net cash from operating activities 122,636 119,502 86,551 CASH FLOWS FROM INVESTING ACTIVITIES: Proceeds from sale of equity investments — — — Net cash from investing activities — — — CASH FLOWS USED IN FINANCING ACTIVITIES: Issuance of additional stock pursuant to various stock plans 531 — — Purchase of treasury stock (14,667) (50,000) (36,180) Payments of cash dividends (67,126) (68,666) (69,182) Net cash used in financing activities (81,262) (118,666) (105,362) NET CHANGE IN CASH AND CASH EQUIVALENTS 41,374 836 (18,811) CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR 21,006 20,170 38,981 CASH AND CASH EQUIVALENTS, END OF YEAR $ 62,380 $ 21,006 $ 20,170 |
Quarterly Financial Data (Una_2
Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Financial Information | Summarized unaudited quarterly financial data follows for the three months ended: 2022 Three Months Ended, March 31 June 30 September 30 December 31 (Dollars in thousands, except per share data) Interest income $ 144,872 $ 157,824 $ 189,182 $ 224,237 Interest expense 11,696 16,286 35,996 73,716 Net interest income before provision (credit) for credit losses 133,176 141,538 153,186 150,521 Provision (credit) for credit losses (11,000) 3,200 9,200 8,200 Net interest income after provision (credit) for credit losses 144,176 138,338 143,986 142,321 Noninterest income 13,186 12,746 13,355 12,110 Noninterest expense 75,373 80,365 83,914 84,518 Income before income tax provision 81,989 70,719 73,427 69,913 Income tax provision 21,251 18,631 19,679 18,210 Net income $ 60,738 $ 52,088 $ 53,748 $ 51,703 Basic earnings per common share $ 0.51 $ 0.43 $ 0.45 $ 0.43 Diluted earnings per common share $ 0.50 $ 0.43 $ 0.45 $ 0.43 2021 Three Months Ended, March 31 June 30 September 30 December 31 (Dollars in thousands, except per share data) Interest income $ 138,293 $ 140,204 $ 142,866 $ 145,169 Interest expense 15,714 13,627 12,570 11,851 Net interest income before provision (credit) for credit losses 122,579 126,577 130,296 133,318 Provision (credit) for credit losses 3,300 (7,000) (10,000) 1,500 Net interest income after provision (credit) for credit losses 119,279 133,577 140,296 131,818 Noninterest income 8,804 11,076 10,617 13,097 Noninterest expense 70,431 73,123 75,502 74,236 Income before income tax provision 57,652 71,530 75,411 70,679 Income tax provision 13,965 17,767 19,912 19,056 Net income $ 43,687 $ 53,763 $ 55,499 $ 51,623 Basic earnings per common share $ 0.35 $ 0.44 $ 0.45 $ 0.43 Diluted earnings per common share $ 0.35 $ 0.43 $ 0.45 $ 0.43 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies - Narrative (Details) | 12 Months Ended | ||
Dec. 31, 2022 USD ($) segment | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Accounting Policies [Abstract] | |||
Number of portfolio segments | segment | 4,000 | ||
Financing receivable, balance threshold to determine individual evaluation for impairment | $ 1,000,000 | ||
Proceeds from sales of OREO | 524,000 | $ 15,220,000 | $ 2,458,000 |
Other Real Estate, Foreclosed Assets, and Repossessed Assets | 938,000 | 0 | |
Other Real Estate, Valuation Adjustments | (415,000) | (1,600,000) | |
Servicing Asset at Amortized Cost, Other than Temporary Impairments | 0 | 0 | 0 |
Payments of Ordinary Dividends | 67,126,000 | 68,666,000 | 69,182,000 |
Loss contingencies for all legal claims | 229,000 | 52,000 | |
Cash dividends paid on common stock | $ (67,126,000) | (68,666,000) | $ (69,182,000) |
Property, Plant and Equipment [Line Items] | |||
Average Servicing Asset Cost, Percentage | 0.40% | ||
Cash Reserve Deposit Required and Made | $ 0 | 0 | |
Allowance for Credit Losses, Qualitative Factor Adjustment | 0.25% | ||
COVID-19 Pandemic | |||
Property, Plant and Equipment [Line Items] | |||
Amount of loans modified | $ 0 | $ 22,800,000 | |
Minimum | Core Deposits | |||
Accounting Policies [Abstract] | |||
Amortization Period | 7 years | ||
Property, Plant and Equipment [Line Items] | |||
Amortization Period | 7 years | ||
Minimum | Building | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Useful Life | 15 years | ||
Minimum | Furniture and Fixtures | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Useful Life | 3 years | ||
Minimum | Computer Equipment | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Useful Life | 1 year | ||
Minimum | Computer Software, Intangible Asset | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Useful Life | 1 year | ||
Maximum | Core Deposits | |||
Accounting Policies [Abstract] | |||
Amortization Period | 10 years | ||
Property, Plant and Equipment [Line Items] | |||
Amortization Period | 10 years | ||
Maximum | Building | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Useful Life | 39 years | ||
Maximum | Furniture and Fixtures | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Useful Life | 10 years | ||
Maximum | Computer Equipment | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Useful Life | 5 years | ||
Maximum | Computer Software, Intangible Asset | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Useful Life | 5 years |
Equity Investments - Narrative
Equity Investments - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | |
Net Investment Income [Line Items] | ||||
Equity investments with readily determinable fair value | $ 42,396 | $ 57,860 | $ 42,396 | $ 57,860 |
Proceeds from Sale of Equity Securities, FV-NI | 20,600 | |||
Realized gain (loss) recorded on equity investments sold | 1,354 | 0 | ||
Equity investments without readily determinable fair values | 38,100 | 31,037 | 38,100 | 31,037 |
Equity investments without readily determinable fair values, impairment | 0 | 0 | 0 | 0 |
Mutual funds | ||||
Net Investment Income [Line Items] | ||||
Equity investments with readily determinable fair value | 4,300 | 26,800 | 4,300 | 26,800 |
Correspondent bank stock | ||||
Net Investment Income [Line Items] | ||||
Equity investments without readily determinable fair values | 370 | 370 | 370 | 370 |
CDFI investments | ||||
Net Investment Income [Line Items] | ||||
Equity investments without readily determinable fair values | 1,000 | 1,000 | 1,000 | 1,000 |
CRA investments | ||||
Net Investment Income [Line Items] | ||||
Equity investments without readily determinable fair values | $ 36,700 | $ 29,700 | $ 36,700 | $ 29,700 |
Equity Investments - Change in
Equity Investments - Change in Fair Value of Equity Investments (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Investments, Debt and Equity Securities [Abstract] | ||
Net change in fair value recorded during the period on equity investments with readily determinable fair value | $ (1,917) | $ (789) |
Less: Net change in fair value recorded on equity investments sold during the period | (1,354) | 0 |
Net change in fair value on equity investments with readily determinable fair values held at the end of the period | $ (563) | $ (789) |
Securities Available for Sale -
Securities Available for Sale - Summary of Securities Available for Sale (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||||
Dec. 31, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Debt Securities, Available-for-sale [Line Items] | ||||||
Amortized Cost | $ 2,289,421,000 | $ 2,685,648,000 | $ 2,289,421,000 | $ 2,685,648,000 | ||
Gross Unrealized Gains | 790,000 | 16,266,000 | 790,000 | 16,266,000 | ||
Gross Unrealized Losses | (318,082,000) | (35,639,000) | (318,082,000) | (35,639,000) | ||
Fair Value | 1,972,129,000 | 2,666,275,000 | 1,972,129,000 | 2,666,275,000 | ||
Investment securities held to maturity, fair value | 258,407,000 | 0 | 258,407,000 | 0 | ||
Debt Securities, Held-to-maturity, Accumulated Unrecognized Loss | 12,660,000 | 0 | 12,660,000 | 0 | ||
Debt Securities, Held-to-maturity, Accumulated Unrecognized Gain | 1,000 | 0 | 1,000 | 0 | ||
Investment securities held to maturity, at amortized cost | 271,066,000 | 0 | 271,066,000 | 0 | ||
Fair value of debt securities transferred from available for sale to held to maturity | 239,000,000 | |||||
Debt Securities, Transfer from available for sale to held to maturity, amortized cost, before allowance for credit losses | 275,500,000 | |||||
Unrealized loss on debt securities transferred from available for sale to held to maturity | (36,600,000) | |||||
Net gains on sales of securities available for sale | 0 | 0 | 0 | 0 | ||
Unrealized gains on securities available for sale net of taxes | (230,857,000) | (11,412,000) | (230,857,000) | (11,412,000) | ||
Accrued interest receivable for investment securities available for sale | $ 7,800,000 | $ 5,600,000 | $ 7,800,000 | $ 5,600,000 | ||
Debt Securities, Available-for-Sale, Accrued Interest, after Allowance for Credit Loss, Statement of Financial Position [Extensible Enumeration] | Accrued interest receivable | Accrued interest receivable | Accrued interest receivable | Accrued interest receivable | ||
Debt Securities, Available For Sale and Held to Maturity, Restricted | $ 360,700,000 | $ 362,200,000 | $ 360,700,000 | $ 362,200,000 | ||
Debt Securities, Available-for-Sale, Amortized Cost, Maturity, Allocated and Single Maturity Date, Year One | 2,307,000 | 2,307,000 | ||||
Debt Securities, Available-for-Sale, Fair Value, Maturity, Allocated and Single Maturity Date, Year One | 2,267,000 | 2,267,000 | ||||
Due within one year | 0 | 0 | ||||
Due within one year | 0 | 0 | ||||
Debt Securities, Available-for-Sale, Amortized Cost, Maturity, Allocated and Single Maturity Date, after Year One Through Five | 135,796,000 | 135,796,000 | ||||
Debt Securities, Available-for-Sale, Fair Value, Maturity, Allocated and Single Maturity Date, after Year One Through Five | 126,723,000 | 126,723,000 | ||||
Due after one year through five years | 7,742,000 | 7,742,000 | ||||
Due after one year through five years | 7,561,000 | 7,561,000 | ||||
Debt Securities, Available-for-Sale, Amortized Cost, Maturity, Allocated and Single Maturity Date, after Year 5 Through 10 | 131,656,000 | 131,656,000 | ||||
Debt Securities, Available-for-Sale, Fair Value, Maturity, Allocated and Single Maturity Date, after Year 5 Through 10 | 118,654,000 | 118,654,000 | ||||
Due after five years through ten years | 28,254,000 | 28,254,000 | ||||
Due after five years through ten years | 27,241,000 | 27,241,000 | ||||
Debt Securities, Available-for-Sale, Amortized Cost, Maturity, Allocated and Single Maturity Date, after Year 10 | 2,019,662,000 | 2,019,662,000 | ||||
Debt Securities, Available-for-Sale, Fair Value, Maturity, Allocated and Single Maturity Date, after Year 10 | 1,724,485,000 | 1,724,485,000 | ||||
Due after ten years | 235,070,000 | 235,070,000 | ||||
Due after ten years | 223,605,000 | 223,605,000 | ||||
Total | 271,066,000 | 271,066,000 | ||||
Total | 258,407,000 | 258,407,000 | ||||
Proceeds from sale of securities | 0 | 0 | $ 168,069,000 | |||
Debt Securities, Available-for-Sale, Realized Gain | 0 | 0 | 7,531,000 | |||
Debt Securities, Available-for-Sale, Realized Gain (Loss) | 0 | 0 | 7,531,000 | |||
Debt Securities, Available-for-Sale, Realized Loss | 0 | 0 | 0 | |||
Available-for-sale Securities | ||||||
Debt Securities, Available-for-sale [Line Items] | ||||||
Unrealized gains on securities available for sale net of taxes | (223,100,000) | (13,000,000) | (223,100,000) | (13,000,000) | ||
Collateralized mortgage obligations | ||||||
Debt Securities, Available-for-sale [Line Items] | ||||||
Amortized Cost | 947,541,000 | 1,039,543,000 | 947,541,000 | 1,039,543,000 | ||
Gross Unrealized Gains | 0 | 3,357,000 | 0 | 3,357,000 | ||
Gross Unrealized Losses | (153,842,000) | (16,470,000) | (153,842,000) | (16,470,000) | ||
Fair Value | 793,699,000 | 1,026,430,000 | 793,699,000 | 1,026,430,000 | ||
Mortgage-backed securities: Residential | ||||||
Debt Securities, Available-for-sale [Line Items] | ||||||
Amortized Cost | 544,084,000 | 769,113,000 | 544,084,000 | 769,113,000 | ||
Gross Unrealized Gains | 0 | 1,985,000 | 0 | 1,985,000 | ||
Gross Unrealized Losses | (90,907,000) | (11,874,000) | (90,907,000) | (11,874,000) | ||
Fair Value | 453,177,000 | 759,224,000 | 453,177,000 | 759,224,000 | ||
Investment securities held to maturity, fair value | 150,840,000 | 0 | 150,840,000 | 0 | ||
Debt Securities, Held-to-maturity, Accumulated Unrecognized Loss | 7,041,000 | 0 | 7,041,000 | 0 | ||
Debt Securities, Held-to-maturity, Accumulated Unrecognized Gain | 0 | 0 | 0 | 0 | ||
Investment securities held to maturity, at amortized cost | 157,881,000 | 0 | 157,881,000 | 0 | ||
Corporate securities | ||||||
Debt Securities, Available-for-sale [Line Items] | ||||||
Amortized Cost | 23,351,000 | 23,398,000 | 23,351,000 | 23,398,000 | ||
Gross Unrealized Gains | 0 | 130,000 | 0 | 130,000 | ||
Gross Unrealized Losses | (4,494,000) | (1,044,000) | (4,494,000) | (1,044,000) | ||
Fair Value | 18,857,000 | 22,484,000 | 18,857,000 | 22,484,000 | ||
Municipal securities | ||||||
Debt Securities, Available-for-sale [Line Items] | ||||||
Amortized Cost | 195,675,000 | 104,371,000 | 195,675,000 | 104,371,000 | ||
Gross Unrealized Gains | 790,000 | 1,680,000 | 790,000 | 1,680,000 | ||
Gross Unrealized Losses | (13,713,000) | (767,000) | (13,713,000) | (767,000) | ||
Fair Value | 182,752,000 | 105,284,000 | $ 182,752,000 | 105,284,000 | ||
Non-US Government and Agency Securities | Credit concentration risk | Stockholders' equity | ||||||
Debt Securities, Available-for-sale [Line Items] | ||||||
Maximum exposure to any single issuer | 10% | 10% | ||||
Asset-backed Securities | ||||||
Debt Securities, Available-for-sale [Line Items] | ||||||
Amortized Cost | 153,539,000 | 153,564,000 | $ 153,539,000 | 153,564,000 | ||
Gross Unrealized Gains | 0 | 11,000 | 0 | 11,000 | ||
Gross Unrealized Losses | (5,935,000) | (124,000) | (5,935,000) | (124,000) | ||
Fair Value | 147,604,000 | 153,451,000 | 147,604,000 | 153,451,000 | ||
US Treasury Notes Securities | ||||||
Debt Securities, Available-for-sale [Line Items] | ||||||
Amortized Cost | 3,990,000 | 0 | 3,990,000 | 0 | ||
Gross Unrealized Gains | 0 | 0 | 0 | 0 | ||
Gross Unrealized Losses | (104,000) | 0 | (104,000) | 0 | ||
Fair Value | 3,886,000 | 0 | 3,886,000 | 0 | ||
Agency Securities | ||||||
Debt Securities, Available-for-sale [Line Items] | ||||||
Amortized Cost | 4,000,000 | 0 | 4,000,000 | 0 | ||
Gross Unrealized Gains | 0 | 0 | 0 | 0 | ||
Gross Unrealized Losses | (133,000) | 0 | (133,000) | 0 | ||
Fair Value | 3,867,000 | 0 | 3,867,000 | 0 | ||
Call Option | ||||||
Debt Securities, Available-for-sale [Line Items] | ||||||
Debt Securities, Available-for-Sale, Realized Gain | 0 | 0 | $ 0 | |||
Mortgage-backed securities: Commercial | ||||||
Debt Securities, Available-for-sale [Line Items] | ||||||
Amortized Cost | 417,241,000 | 595,659,000 | 417,241,000 | 595,659,000 | ||
Gross Unrealized Gains | 0 | 9,103,000 | 0 | 9,103,000 | ||
Gross Unrealized Losses | (48,954,000) | (5,360,000) | (48,954,000) | (5,360,000) | ||
Fair Value | 368,287,000 | 599,402,000 | 368,287,000 | 599,402,000 | ||
Investment securities held to maturity, fair value | 107,567,000 | 0 | 107,567,000 | 0 | ||
Debt Securities, Held-to-maturity, Accumulated Unrecognized Loss | 5,619,000 | 0 | 5,619,000 | 0 | ||
Debt Securities, Held-to-maturity, Accumulated Unrecognized Gain | 1,000 | 0 | 1,000 | 0 | ||
Investment securities held to maturity, at amortized cost | $ 113,185,000 | $ 0 | $ 113,185,000 | $ 0 |
Securities Available for Sale_2
Securities Available for Sale - Interest Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Debt Securities, Available-for-Sale [Abstract] | |||
Taxable | $ 50,043 | $ 34,583 | $ 37,534 |
Nontaxable | 2,177 | 909 | 1,828 |
Total | $ 52,220 | $ 35,492 | $ 39,362 |
Securities Available for Sale_3
Securities Available for Sale - Amortized Cost and Estimated Fair Value (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Debt Securities, Available-for-Sale, Amortized Cost, Fiscal Year Maturity [Abstract] | ||
Debt Securities, Available-for-Sale, Amortized Cost, Maturity, Allocated and Single Maturity Date, Year One | $ 2,307 | |
Debt Securities, Available-for-Sale, Amortized Cost, Maturity, Allocated and Single Maturity Date, after Year One Through Five | 135,796 | |
Debt Securities, Available-for-Sale, Amortized Cost, Maturity, Allocated and Single Maturity Date, after Year 5 Through 10 | 131,656 | |
Debt Securities, Available-for-Sale, Amortized Cost, Maturity, Allocated and Single Maturity Date, after Year 10 | 2,019,662 | |
Debt Securities, Available-for-Sale, Amortized Cost, Excluding Accrued Interest, before Allowance for Credit Loss | 2,289,421 | $ 2,685,648 |
Due within one year | 0 | |
Due after one year through five years | 7,742 | |
Due after five years through ten years | 28,254 | |
Due after ten years | 235,070 | |
Total | 271,066 | |
Debt Securities, Available-for-Sale, Fair Value, Fiscal Year Maturity [Abstract] | ||
Debt Securities, Available-for-Sale, Fair Value, Maturity, Allocated and Single Maturity Date, Year One | 2,267 | |
Debt Securities, Available-for-Sale, Fair Value, Maturity, Allocated and Single Maturity Date, after Year One Through Five | 126,723 | |
Debt Securities, Available-for-Sale, Fair Value, Maturity, Allocated and Single Maturity Date, after Year 5 Through 10 | 118,654 | |
Debt Securities, Available-for-Sale, Fair Value, Maturity, Allocated and Single Maturity Date, after Year 10 | 1,724,485 | |
Debt Securities, Available-for-Sale, Excluding Accrued Interest | 1,972,129 | 2,666,275 |
Due within one year | 0 | |
Due after one year through five years | 7,561 | |
Due after five years through ten years | 27,241 | |
Due after ten years | 223,605 | |
Total | 258,407 | |
Collateralized mortgage obligations | ||
Debt Securities, Available-for-Sale, Amortized Cost, Fiscal Year Maturity [Abstract] | ||
Debt Securities, Available-for-Sale, Amortized Cost, Excluding Accrued Interest, before Allowance for Credit Loss | 947,541 | 1,039,543 |
Debt Securities, Available-for-Sale, Fair Value, Fiscal Year Maturity [Abstract] | ||
Debt Securities, Available-for-Sale, Excluding Accrued Interest | 793,699 | 1,026,430 |
Mortgage-backed securities: Residential | ||
Debt Securities, Available-for-Sale, Amortized Cost, Fiscal Year Maturity [Abstract] | ||
Debt Securities, Available-for-Sale, Amortized Cost, Excluding Accrued Interest, before Allowance for Credit Loss | 544,084 | 769,113 |
Debt Securities, Available-for-Sale, Fair Value, Fiscal Year Maturity [Abstract] | ||
Debt Securities, Available-for-Sale, Excluding Accrued Interest | 453,177 | 759,224 |
Mortgage-backed securities: Commercial | ||
Debt Securities, Available-for-Sale, Amortized Cost, Fiscal Year Maturity [Abstract] | ||
Debt Securities, Available-for-Sale, Amortized Cost, Excluding Accrued Interest, before Allowance for Credit Loss | 417,241 | 595,659 |
Debt Securities, Available-for-Sale, Fair Value, Fiscal Year Maturity [Abstract] | ||
Debt Securities, Available-for-Sale, Excluding Accrued Interest | 368,287 | 599,402 |
Asset-backed Securities | ||
Debt Securities, Available-for-Sale, Amortized Cost, Fiscal Year Maturity [Abstract] | ||
Debt Securities, Available-for-Sale, Amortized Cost, Excluding Accrued Interest, before Allowance for Credit Loss | 153,539 | 153,564 |
Debt Securities, Available-for-Sale, Fair Value, Fiscal Year Maturity [Abstract] | ||
Debt Securities, Available-for-Sale, Excluding Accrued Interest | 147,604 | 153,451 |
Municipal Bonds [Member] | ||
Debt Securities, Available-for-Sale, Amortized Cost, Fiscal Year Maturity [Abstract] | ||
Debt Securities, Available-for-Sale, Amortized Cost, Excluding Accrued Interest, before Allowance for Credit Loss | 195,675 | 104,371 |
Debt Securities, Available-for-Sale, Fair Value, Fiscal Year Maturity [Abstract] | ||
Debt Securities, Available-for-Sale, Excluding Accrued Interest | 182,752 | 105,284 |
US Treasury Notes Securities | ||
Debt Securities, Available-for-Sale, Amortized Cost, Fiscal Year Maturity [Abstract] | ||
Debt Securities, Available-for-Sale, Amortized Cost, Excluding Accrued Interest, before Allowance for Credit Loss | 3,990 | 0 |
Debt Securities, Available-for-Sale, Fair Value, Fiscal Year Maturity [Abstract] | ||
Debt Securities, Available-for-Sale, Excluding Accrued Interest | $ 3,886 | $ 0 |
Securities Available for Sale_4
Securities Available for Sale - Aggregate Unrealized Losses and Fair Value (Details) $ in Thousands | Dec. 31, 2022 USD ($) security | Dec. 31, 2021 USD ($) security |
Number of Securities | ||
Less than 12 months | security | 150 | 152 |
12 months or longer | security | 179 | 20 |
Total | security | 329 | 172 |
Fair Value | ||
Less than 12 months | $ 488,959 | $ 1,764,910 |
12 months or longer | 1,443,090 | 174,593 |
Total | 1,932,049 | 1,939,503 |
Gross Unrealized Losses | ||
Less than 12 months | (37,420) | (29,377) |
12 months or longer | (280,662) | (6,262) |
Total | $ (318,082) | $ (35,639) |
Collateralized mortgage obligations | ||
Number of Securities | ||
Less than 12 months | security | 61 | 39 |
12 months or longer | security | 59 | 2 |
Total | security | 120 | 41 |
Fair Value | ||
Less than 12 months | $ 150,419 | $ 757,799 |
12 months or longer | 643,280 | 37,438 |
Total | 793,699 | 795,237 |
Gross Unrealized Losses | ||
Less than 12 months | (14,888) | (15,445) |
12 months or longer | (138,954) | (1,025) |
Total | $ (153,842) | $ (16,470) |
Mortgage-backed securities: Residential | ||
Number of Securities | ||
Less than 12 months | security | 23 | 49 |
12 months or longer | security | 42 | 13 |
Total | security | 65 | 62 |
Fair Value | ||
Less than 12 months | $ 55,645 | $ 603,372 |
12 months or longer | 397,532 | 75,211 |
Total | 453,177 | 678,583 |
Gross Unrealized Losses | ||
Less than 12 months | (5,616) | (9,371) |
12 months or longer | (85,291) | (2,503) |
Total | $ (90,907) | $ (11,874) |
Mortgage-backed securities: Commercial | ||
Number of Securities | ||
Less than 12 months | security | 29 | 24 |
12 months or longer | security | 26 | 4 |
Total | security | 55 | 28 |
Fair Value | ||
Less than 12 months | $ 172,963 | $ 214,384 |
12 months or longer | 195,324 | 57,656 |
Total | 368,287 | 272,040 |
Gross Unrealized Losses | ||
Less than 12 months | (12,156) | (3,339) |
12 months or longer | (36,798) | (2,021) |
Total | $ (48,954) | $ (5,360) |
Corporate securities | ||
Number of Securities | ||
Less than 12 months | security | 1 | 4 |
12 months or longer | security | 5 | 1 |
Total | security | 6 | 5 |
Fair Value | ||
Less than 12 months | $ 3,401 | $ 14,067 |
12 months or longer | 15,456 | 4,288 |
Total | 18,857 | 18,355 |
Gross Unrealized Losses | ||
Less than 12 months | (600) | (331) |
12 months or longer | (3,894) | (713) |
Total | $ (4,494) | $ (1,044) |
Municipal securities | ||
Number of Securities | ||
Less than 12 months | security | 31 | 23 |
12 months or longer | security | 32 | 0 |
Total | security | 63 | 23 |
Fair Value | ||
Less than 12 months | $ 76,942 | $ 59,403 |
12 months or longer | 65,730 | 0 |
Total | 142,672 | 59,403 |
Gross Unrealized Losses | ||
Less than 12 months | (3,207) | (767) |
12 months or longer | (10,506) | 0 |
Total | $ (13,713) | $ (767) |
U.S. Government Agency and U.S. Government Sponsored Enterprises | ||
Gross Unrealized Losses | ||
Percentage of portfolio | 84% | |
Asset-backed Securities | ||
Number of Securities | ||
Less than 12 months | security | 3 | 13 |
12 months or longer | security | 15 | 0 |
Total | security | 18 | 13 |
Fair Value | ||
Less than 12 months | $ 21,836 | $ 115,885 |
12 months or longer | 125,768 | 0 |
Total | 147,604 | 115,885 |
Gross Unrealized Losses | ||
Less than 12 months | (716) | (124) |
12 months or longer | (5,219) | 0 |
Total | $ (5,935) | $ (124) |
US Treasury Notes Securities | ||
Number of Securities | ||
Less than 12 months | security | 1 | |
12 months or longer | security | 0 | |
Total | security | 1 | |
Fair Value | ||
Less than 12 months | $ 3,886 | |
12 months or longer | 0 | |
Total | 3,886 | |
Gross Unrealized Losses | ||
Less than 12 months | (104) | |
12 months or longer | 0 | |
Total | $ (104) | |
Agency Securities | ||
Number of Securities | ||
Less than 12 months | security | 1 | |
12 months or longer | security | 0 | |
Total | security | 1 | |
Fair Value | ||
Less than 12 months | $ 3,867 | |
12 months or longer | 0 | |
Total | 3,867 | |
Gross Unrealized Losses | ||
Less than 12 months | (133) | |
12 months or longer | 0 | |
Total | $ (133) |
Loans Receivable and Allowanc_3
Loans Receivable and Allowance for Credit Losses - Schedule of Loans Receivable By Major Category (Details) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 USD ($) segment | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | Dec. 31, 2019 USD ($) | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable | $ 15,403,540 | $ 13,952,743 | ||
Total | (162,359) | (140,550) | $ (206,741) | $ (94,144) |
Loans receivable, net of allowance for credit losses | $ 15,241,181 | 13,812,193 | ||
Number of portfolio segments | segment | 4,000 | |||
Real estate loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable | $ 9,414,580 | 9,105,931 | ||
Total | (95,884) | (108,440) | (162,196) | (53,593) |
Real estate loans | Residential | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable | 76,045 | 69,199 | ||
Total | (1,014) | (729) | ||
Real estate loans | Commercial | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable | 9,170,784 | 8,816,080 | ||
Total | (93,817) | (106,170) | ||
Real estate loans | Construction | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable | 167,751 | 220,652 | ||
Total | (1,053) | (1,541) | ||
Commercial business | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable | 5,109,532 | 4,208,674 | ||
Total | (56,872) | (27,811) | (39,155) | (33,032) |
Commercial business | SBA, Paycheck Protection Program Loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable | 1,900 | 228,100 | ||
Residential mortgage | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable | 846,080 | 579,626 | ||
Total | (8,920) | (3,316) | (4,227) | (5,925) |
Consumer and other | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable | 33,348 | 58,512 | ||
Total | $ (683) | $ (983) | $ (1,163) | $ (1,594) |
Loans Receivable and Allowanc_4
Loans Receivable and Allowance for Credit Losses - Allowance for Credit Losses on Financing Receivables (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2020 | |
Allowance for Loan Losses and the Loans Receivables by Impairment Methodology | ||||||||||||
Accrued interest receivable on loans | $ 47,300 | $ 36,200 | $ 47,300 | $ 36,200 | ||||||||
Allowance for Loan Losses by Portfolio Segment | ||||||||||||
Financing Receivable, Allowance for Credit Loss, Excluding Accrued Interest, Beginning Balance | $ 140,550 | $ 206,741 | 140,550 | 206,741 | $ 94,144 | |||||||
Provision (credit) for credit/loan losses | 8,200 | $ 9,200 | $ 3,200 | (11,000) | 1,500 | $ (10,000) | $ (7,000) | 3,300 | 9,600 | (12,200) | 95,000 | |
Financing Receivable, Allowance for Credit Loss, Writeoff | (12,389) | (62,236) | (16,026) | |||||||||
Financing Receivable, Allowance for Credit Loss, Recovery | 24,598 | 8,245 | 7,423 | |||||||||
Financing Receivable, Allowance for Credit Loss, Excluding Accrued Interest, Ending Balance | 162,359 | 140,550 | 162,359 | 140,550 | 206,741 | |||||||
Allowance for credit losses: | ||||||||||||
Individually evaluated | 3,856 | 5,115 | 3,856 | 5,115 | ||||||||
Collectively evaluated | 158,503 | 135,435 | 158,503 | 135,435 | ||||||||
Total | 162,359 | 140,550 | 162,359 | 140,550 | 206,741 | |||||||
Loans outstanding: | ||||||||||||
Individually evaluated | 66,149 | 106,633 | 66,149 | 106,633 | ||||||||
Collectively evaluated | 15,337,391 | 13,846,110 | 15,337,391 | 13,846,110 | ||||||||
Total | 15,403,540 | 13,952,743 | 15,403,540 | 13,952,743 | ||||||||
Reserve for unfunded loan commitments recorded in other liabilities | 1,400 | 1,100 | 1,400 | 1,100 | ||||||||
Additions to reserves for unfunded loan commitments recorded in credit related expenses | 250 | (195) | 660 | |||||||||
Provision for accrued interest receivables on loans | 1,107 | 846 | 1,000 | |||||||||
ACL for the TDRs that had payment defaults | 0 | 0 | 101 | 120 | ||||||||
Total charge-offs of TDR loans modified | 0 | 0 | 0 | |||||||||
Cumulative Effect, Period of Adoption, Adjustment | ||||||||||||
Allowance for credit losses: | ||||||||||||
Total | $ 26,200 | |||||||||||
Real estate | ||||||||||||
Allowance for Loan Losses by Portfolio Segment | ||||||||||||
Financing Receivable, Allowance for Credit Loss, Excluding Accrued Interest, Beginning Balance | 108,440 | 162,196 | 108,440 | 162,196 | 53,593 | |||||||
Provision (credit) for credit/loan losses | (27,451) | (2,051) | 87,619 | |||||||||
Financing Receivable, Allowance for Credit Loss, Writeoff | (6,803) | (57,427) | (8,658) | |||||||||
Financing Receivable, Allowance for Credit Loss, Recovery | 21,698 | 5,722 | 1,851 | |||||||||
Financing Receivable, Allowance for Credit Loss, Excluding Accrued Interest, Ending Balance | 95,884 | 108,440 | 95,884 | 108,440 | 162,196 | |||||||
Allowance for credit losses: | ||||||||||||
Individually evaluated | 870 | 2,025 | 870 | 2,025 | ||||||||
Collectively evaluated | 95,014 | 106,415 | 95,014 | 106,415 | ||||||||
Total | 95,884 | 108,440 | 95,884 | 108,440 | 162,196 | |||||||
Loans outstanding: | ||||||||||||
Individually evaluated | 43,461 | 83,347 | 43,461 | 83,347 | ||||||||
Collectively evaluated | 9,371,119 | 9,022,584 | 9,371,119 | 9,022,584 | ||||||||
Total | 9,414,580 | 9,105,931 | 9,414,580 | 9,105,931 | ||||||||
Proceeds from sale of loans | 275,300 | |||||||||||
Real estate | Cumulative Effect, Period of Adoption, Adjustment | ||||||||||||
Allowance for credit losses: | ||||||||||||
Total | 27,791 | |||||||||||
Commercial business | ||||||||||||
Allowance for Loan Losses by Portfolio Segment | ||||||||||||
Financing Receivable, Allowance for Credit Loss, Excluding Accrued Interest, Beginning Balance | 27,811 | 39,155 | 27,811 | 39,155 | 33,032 | |||||||
Provision (credit) for credit/loan losses | 31,360 | (9,982) | 7,776 | |||||||||
Financing Receivable, Allowance for Credit Loss, Writeoff | (5,160) | (3,558) | (6,157) | |||||||||
Financing Receivable, Allowance for Credit Loss, Recovery | 2,861 | 2,196 | 5,526 | |||||||||
Financing Receivable, Allowance for Credit Loss, Excluding Accrued Interest, Ending Balance | 56,872 | 27,811 | 56,872 | 27,811 | 39,155 | |||||||
Allowance for credit losses: | ||||||||||||
Individually evaluated | 2,941 | 3,056 | 2,941 | 3,056 | ||||||||
Collectively evaluated | 53,931 | 24,755 | 53,931 | 24,755 | ||||||||
Total | 56,872 | 27,811 | 56,872 | 27,811 | 39,155 | |||||||
Loans outstanding: | ||||||||||||
Individually evaluated | 12,477 | 19,407 | 12,477 | 19,407 | ||||||||
Collectively evaluated | 5,097,055 | 4,189,267 | 5,097,055 | 4,189,267 | ||||||||
Total | 5,109,532 | 4,208,674 | 5,109,532 | 4,208,674 | ||||||||
Commercial business | Cumulative Effect, Period of Adoption, Adjustment | ||||||||||||
Allowance for credit losses: | ||||||||||||
Total | (1,022) | |||||||||||
Residential mortgage | ||||||||||||
Allowance for Loan Losses by Portfolio Segment | ||||||||||||
Financing Receivable, Allowance for Credit Loss, Excluding Accrued Interest, Beginning Balance | 3,316 | 4,227 | 3,316 | 4,227 | 5,925 | |||||||
Provision (credit) for credit/loan losses | 5,626 | 12 | (1,155) | |||||||||
Financing Receivable, Allowance for Credit Loss, Writeoff | (22) | (923) | 0 | |||||||||
Financing Receivable, Allowance for Credit Loss, Recovery | 0 | 0 | 0 | |||||||||
Financing Receivable, Allowance for Credit Loss, Excluding Accrued Interest, Ending Balance | 8,920 | 3,316 | 8,920 | 3,316 | 4,227 | |||||||
Allowance for credit losses: | ||||||||||||
Individually evaluated | 24 | 11 | 24 | 11 | ||||||||
Collectively evaluated | 8,896 | 3,305 | 8,896 | 3,305 | ||||||||
Total | 8,920 | 3,316 | 8,920 | 3,316 | 4,227 | |||||||
Loans outstanding: | ||||||||||||
Individually evaluated | 9,775 | 3,470 | 9,775 | 3,470 | ||||||||
Collectively evaluated | 836,305 | 576,156 | 836,305 | 576,156 | ||||||||
Total | 846,080 | 579,626 | 846,080 | 579,626 | ||||||||
Residential mortgage | Cumulative Effect, Period of Adoption, Adjustment | ||||||||||||
Allowance for credit losses: | ||||||||||||
Total | (543) | |||||||||||
Consumer and other | ||||||||||||
Allowance for Loan Losses by Portfolio Segment | ||||||||||||
Financing Receivable, Allowance for Credit Loss, Excluding Accrued Interest, Beginning Balance | $ 983 | $ 1,163 | 983 | 1,163 | 1,594 | |||||||
Provision (credit) for credit/loan losses | 65 | (179) | 760 | |||||||||
Financing Receivable, Allowance for Credit Loss, Writeoff | (404) | (328) | (1,211) | |||||||||
Financing Receivable, Allowance for Credit Loss, Recovery | 39 | 327 | 46 | |||||||||
Financing Receivable, Allowance for Credit Loss, Excluding Accrued Interest, Ending Balance | 683 | 983 | 683 | 983 | 1,163 | |||||||
Allowance for credit losses: | ||||||||||||
Individually evaluated | 21 | 23 | 21 | 23 | ||||||||
Collectively evaluated | 662 | 960 | 662 | 960 | ||||||||
Total | 683 | 983 | 683 | 983 | $ 1,163 | |||||||
Loans outstanding: | ||||||||||||
Individually evaluated | 436 | 409 | 436 | 409 | ||||||||
Collectively evaluated | 32,912 | 58,103 | 32,912 | 58,103 | ||||||||
Total | $ 33,348 | $ 58,512 | $ 33,348 | $ 58,512 | ||||||||
Consumer and other | Cumulative Effect, Period of Adoption, Adjustment | ||||||||||||
Allowance for credit losses: | ||||||||||||
Total | $ (26) |
Loans Receivable and Allowanc_5
Loans Receivable and Allowance for Credit Losses - Nonaccrual Loans and Loans Past Due 90 or More Days and Still on Accrual Status (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Financing Receivable, Nonaccrual [Line Items] | ||
Guaranteed portion of SBA loans excluded from Nonaccrual loans | $ 9,800 | $ 19,500 |
Nonaccrual with No ACL | 37,359 | 25,860 |
Nonaccrual with an ACL | 12,328 | 28,756 |
Financing Receivable, Nonaccrual | 49,687 | 54,616 |
Accruing Loans Past Due 90 or More Days | 401 | 2,131 |
Commercial business | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Nonaccrual with No ACL | 1,618 | 4,726 |
Nonaccrual with an ACL | 4,002 | 6,299 |
Financing Receivable, Nonaccrual | 5,620 | 11,025 |
Accruing Loans Past Due 90 or More Days | 336 | 1,494 |
Residential Portfolio Segment | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Nonaccrual with No ACL | 5,959 | 275 |
Nonaccrual with an ACL | 3,816 | 3,195 |
Financing Receivable, Nonaccrual | 9,775 | 3,470 |
Accruing Loans Past Due 90 or More Days | 0 | 0 |
Consumer | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Nonaccrual with No ACL | 0 | 0 |
Nonaccrual with an ACL | 377 | 365 |
Financing Receivable, Nonaccrual | 377 | 365 |
Accruing Loans Past Due 90 or More Days | 65 | 422 |
Residential | Real estate loans | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Nonaccrual with No ACL | 0 | 0 |
Nonaccrual with an ACL | 0 | 0 |
Financing Receivable, Nonaccrual | 0 | 0 |
Accruing Loans Past Due 90 or More Days | 0 | 0 |
Commercial | Real estate loans | Retail | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Nonaccrual with No ACL | 17,635 | 7,586 |
Nonaccrual with an ACL | 1,007 | 2,604 |
Financing Receivable, Nonaccrual | 18,642 | 10,190 |
Accruing Loans Past Due 90 or More Days | 0 | 0 |
Commercial | Real estate loans | Hotel & motel | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Nonaccrual with No ACL | 8,939 | 5,471 |
Nonaccrual with an ACL | 347 | 6,564 |
Financing Receivable, Nonaccrual | 9,286 | 12,035 |
Accruing Loans Past Due 90 or More Days | 0 | 0 |
Commercial | Real estate loans | Real Estate Commercial Gas Station & Car Wash [Member] | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Nonaccrual with No ACL | 2,134 | 575 |
Nonaccrual with an ACL | 124 | 1,267 |
Financing Receivable, Nonaccrual | 2,258 | 1,842 |
Accruing Loans Past Due 90 or More Days | 0 | 0 |
Commercial | Real estate loans | Mixed use | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Nonaccrual with No ACL | 781 | 5,307 |
Nonaccrual with an ACL | 186 | 1,412 |
Financing Receivable, Nonaccrual | 967 | 6,719 |
Accruing Loans Past Due 90 or More Days | 0 | 0 |
Commercial | Real estate loans | Industrial & warehouse | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Nonaccrual with No ACL | 109 | 687 |
Nonaccrual with an ACL | 727 | 1,897 |
Financing Receivable, Nonaccrual | 836 | 2,584 |
Accruing Loans Past Due 90 or More Days | 0 | 0 |
Commercial | Real estate loans | Other | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Nonaccrual with No ACL | 184 | 1,233 |
Nonaccrual with an ACL | 1,742 | 5,153 |
Financing Receivable, Nonaccrual | 1,926 | 6,386 |
Accruing Loans Past Due 90 or More Days | 0 | 215 |
Construction | Real estate loans | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Nonaccrual with No ACL | 0 | 0 |
Nonaccrual with an ACL | 0 | 0 |
Financing Receivable, Nonaccrual | 0 | 0 |
Accruing Loans Past Due 90 or More Days | $ 0 | $ 0 |
Loans Receivable and Allowanc_6
Loans Receivable and Allowance for Credit Losses - Collateral-Dependent Loans (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total | $ 162,359 | $ 140,550 | $ 206,741 | $ 94,144 |
Total | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total | 45,843 | 73,972 | ||
Real Estate Collateral | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total | 43,100 | 67,357 | ||
Other Collateral | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total | 2,743 | 6,615 | ||
Real estate | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total | 95,884 | 108,440 | 162,196 | 53,593 |
Real estate | Residential | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total | 1,014 | 729 | ||
Real estate | Residential | Total | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total | 0 | 0 | ||
Real estate | Residential | Real Estate Collateral | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total | 0 | 0 | ||
Real estate | Residential | Other Collateral | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total | 0 | 0 | ||
Real estate | Commercial | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total | 93,817 | 106,170 | ||
Real estate | Commercial | Total | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total | 35,523 | 65,590 | ||
Real estate | Commercial | Real Estate Collateral | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total | 35,523 | 65,590 | ||
Real estate | Commercial | Other Collateral | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total | 0 | 0 | ||
Real estate | Construction | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total | 1,053 | 1,541 | ||
Real estate | Construction | Total | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total | 0 | 0 | ||
Real estate | Construction | Real Estate Collateral | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total | 0 | 0 | ||
Real estate | Construction | Other Collateral | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total | 0 | 0 | ||
Commercial business | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total | 56,872 | 27,811 | 39,155 | 33,032 |
Commercial business | Total | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total | 4,361 | 8,382 | ||
Commercial business | Real Estate Collateral | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total | 1,618 | 1,767 | ||
Commercial business | Other Collateral | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total | 2,743 | 6,615 | ||
Residential mortgage | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total | 8,920 | 3,316 | 4,227 | 5,925 |
Residential mortgage | Total | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total | 5,959 | 0 | ||
Residential mortgage | Real Estate Collateral | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total | 5,959 | 0 | ||
Residential mortgage | Other Collateral | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total | 0 | 0 | ||
Consumer and other | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total | 683 | 983 | $ 1,163 | $ 1,594 |
Consumer and other | Total | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total | 0 | 0 | ||
Consumer and other | Real Estate Collateral | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total | 0 | 0 | ||
Consumer and other | Other Collateral | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total | $ 0 | $ 0 |
Loans Receivable and Allowanc_7
Loans Receivable and Allowance for Credit Losses - Interest Income Reversals (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Interest income reversals | $ 2,523 | $ 3,184 | $ 1,128 |
Real estate | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Interest income reversals | 1,906 | 3,102 | 1,047 |
Commercial business | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Interest income reversals | 307 | 62 | 78 |
Residential mortgage | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Interest income reversals | 309 | 17 | 0 |
Consumer | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Interest income reversals | $ 1 | $ 3 | $ 3 |
Loans Receivable and Allowanc_8
Loans Receivable and Allowance for Credit Losses - Past Due Financing Receivables (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Financing Receivable, Past Due [Line Items] | ||
Total loans | $ 15,403,540 | $ 13,952,743 |
Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 24,511 | 78,444 |
30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 8,477 | 29,742 |
60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 2,789 | 13,980 |
90 or More Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 13,245 | 34,722 |
Real estate | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 9,414,580 | 9,105,931 |
Real estate | Residential | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 76,045 | 69,199 |
Real estate | Residential | Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 1,266 | 0 |
Real estate | Residential | 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 1,266 | 0 |
Real estate | Residential | 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 0 | 0 |
Real estate | Residential | 90 or More Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 0 | 0 |
Real estate | Commercial | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 9,170,784 | 8,816,080 |
Real estate | Commercial | Retail | Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 2,138 | 11,344 |
Real estate | Commercial | Retail | 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 0 | 1,250 |
Real estate | Commercial | Retail | 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 1,617 | 927 |
Real estate | Commercial | Retail | 90 or More Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 521 | 9,167 |
Real estate | Commercial | Hotel & motel | Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 4,426 | 18,228 |
Real estate | Commercial | Hotel & motel | 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 359 | 9,320 |
Real estate | Commercial | Hotel & motel | 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 564 | 4,148 |
Real estate | Commercial | Hotel & motel | 90 or More Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 3,503 | 4,760 |
Real estate | Commercial | Gas station & car wash | Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 706 | 1,407 |
Real estate | Commercial | Gas station & car wash | 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 582 | 575 |
Real estate | Commercial | Gas station & car wash | 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 124 | 0 |
Real estate | Commercial | Gas station & car wash | 90 or More Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 0 | 832 |
Real estate | Commercial | Mixed use | Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 781 | 6,749 |
Real estate | Commercial | Mixed use | 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 0 | 1,124 |
Real estate | Commercial | Mixed use | 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 0 | 0 |
Real estate | Commercial | Mixed use | 90 or More Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 781 | 5,625 |
Real estate | Commercial | Industrial & warehouse | Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 442 | 1,032 |
Real estate | Commercial | Industrial & warehouse | 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 85 | 247 |
Real estate | Commercial | Industrial & warehouse | 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 89 | 0 |
Real estate | Commercial | Industrial & warehouse | 90 or More Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 268 | 785 |
Real estate | Commercial | Other | Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 954 | 10,905 |
Real estate | Commercial | Other | 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 0 | 1,198 |
Real estate | Commercial | Other | 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 333 | 6,522 |
Real estate | Commercial | Other | 90 or More Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 621 | 3,185 |
Real estate | Construction | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 167,751 | 220,652 |
Real estate | Construction | Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 0 | 0 |
Real estate | Construction | 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 0 | 0 |
Real estate | Construction | 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 0 | 0 |
Real estate | Construction | 90 or More Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 0 | 0 |
Commercial business | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 5,109,532 | 4,208,674 |
Commercial business | Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 5,413 | 10,636 |
Commercial business | 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 3,258 | 1,792 |
Commercial business | 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 18 | 2,362 |
Commercial business | 90 or More Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 2,137 | 6,482 |
Residential mortgage | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 846,080 | 579,626 |
Residential mortgage | Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 7,416 | 17,276 |
Residential mortgage | 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 2,310 | 14,177 |
Residential mortgage | 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 0 | 0 |
Residential mortgage | 90 or More Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 5,106 | 3,099 |
Consumer and other | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 33,348 | 58,512 |
Consumer and other | Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 969 | 867 |
Consumer and other | 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 617 | 59 |
Consumer and other | 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 44 | 21 |
Consumer and other | 90 or More Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | $ 308 | $ 787 |
Loans Receivable and Allowanc_9
Loans Receivable and Allowance for Credit Losses - Financing Receivable Credit Quality Indicators (Details) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Term loan originated in year one | $ 5,143,826,000 | $ 4,569,237,000 |
Term loan originated in year two | 3,631,392,000 | 1,949,984,000 |
Term loan originated in year three | 1,696,989,000 | 1,864,273,000 |
Term loan originated in year four | 1,435,748,000 | 1,586,677,000 |
Term loan originated in year five | 1,176,479,000 | 1,126,085,000 |
Term loan originated prior to year five | 1,326,792,000 | 1,427,092,000 |
Revolving Loans | 992,314,000 | 1,429,395,000 |
Total loans | 15,403,540,000 | 13,952,743,000 |
Revolving loans converted to term loans | 0 | 0 |
Real estate loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 9,414,580,000 | 9,105,931,000 |
Commercial business | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Term loan originated in year one | 2,329,255,000 | 1,760,279,000 |
Term loan originated in year two | 1,130,260,000 | 432,609,000 |
Term loan originated in year three | 311,188,000 | 468,548,000 |
Term loan originated in year four | 299,243,000 | 103,360,000 |
Term loan originated in year five | 70,741,000 | 57,982,000 |
Term loan originated prior to year five | 99,246,000 | 78,838,000 |
Revolving Loans | 869,599,000 | 1,307,058,000 |
Total loans | 5,109,532,000 | 4,208,674,000 |
Residential Portfolio Segment | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Term loan originated in year one | 382,935,000 | 282,466,000 |
Term loan originated in year two | 283,474,000 | 1,420,000 |
Term loan originated in year three | 1,386,000 | 40,505,000 |
Term loan originated in year four | 31,570,000 | 113,137,000 |
Term loan originated in year five | 63,360,000 | 85,987,000 |
Term loan originated prior to year five | 83,355,000 | 56,111,000 |
Revolving Loans | 0 | 0 |
Total loans | 846,080,000 | 579,626,000 |
Consumer | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Term loan originated in year one | 10,005,000 | 19,203,000 |
Term loan originated in year two | 723,000 | 5,347,000 |
Term loan originated in year three | 3,351,000 | 1,783,000 |
Term loan originated in year four | 223,000 | 1,699,000 |
Term loan originated in year five | 10,000 | 1,769,000 |
Term loan originated prior to year five | 1,797,000 | 6,616,000 |
Revolving Loans | 17,239,000 | 22,095,000 |
Total loans | 33,348,000 | 58,512,000 |
Pass / not rated | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Term loan originated in year one | 5,125,915,000 | 4,550,798,000 |
Term loan originated in year two | 3,567,993,000 | 1,931,920,000 |
Term loan originated in year three | 1,668,356,000 | 1,799,957,000 |
Term loan originated in year four | 1,405,364,000 | 1,489,539,000 |
Term loan originated in year five | 1,151,260,000 | 1,035,913,000 |
Term loan originated prior to year five | 1,236,460,000 | 1,229,565,000 |
Revolving Loans | 986,856,000 | 1,415,460,000 |
Total loans | 15,142,204,000 | 13,453,152,000 |
Pass / not rated | Commercial business | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Term loan originated in year one | 2,311,344,000 | 1,755,104,000 |
Term loan originated in year two | 1,090,034,000 | 431,145,000 |
Term loan originated in year three | 291,592,000 | 461,460,000 |
Term loan originated in year four | 298,133,000 | 98,812,000 |
Term loan originated in year five | 69,721,000 | 53,629,000 |
Term loan originated prior to year five | 95,531,000 | 70,294,000 |
Revolving Loans | 864,343,000 | 1,299,372,000 |
Total loans | 5,020,698,000 | 4,169,816,000 |
Pass / not rated | Residential Portfolio Segment | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Term loan originated in year one | 382,935,000 | 282,191,000 |
Term loan originated in year two | 283,163,000 | 1,420,000 |
Term loan originated in year three | 1,386,000 | 40,377,000 |
Term loan originated in year four | 30,603,000 | 112,743,000 |
Term loan originated in year five | 62,976,000 | 85,446,000 |
Term loan originated prior to year five | 75,242,000 | 53,979,000 |
Revolving Loans | 0 | 0 |
Total loans | 836,305,000 | 576,156,000 |
Pass / not rated | Consumer | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Term loan originated in year one | 10,005,000 | 19,203,000 |
Term loan originated in year two | 723,000 | 5,347,000 |
Term loan originated in year three | 3,351,000 | 1,783,000 |
Term loan originated in year four | 223,000 | 1,699,000 |
Term loan originated in year five | 10,000 | 1,769,000 |
Term loan originated prior to year five | 1,420,000 | 6,165,000 |
Revolving Loans | 17,239,000 | 22,095,000 |
Total loans | 32,971,000 | 58,061,000 |
Special mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Term loan originated in year one | 17,911,000 | 6,932,000 |
Term loan originated in year two | 52,015,000 | 9,405,000 |
Term loan originated in year three | 21,008,000 | 44,347,000 |
Term loan originated in year four | 20,536,000 | 69,630,000 |
Term loan originated in year five | 13,565,000 | 32,828,000 |
Term loan originated prior to year five | 26,770,000 | 85,488,000 |
Revolving Loans | 5,458,000 | 8,564,000 |
Total loans | 157,263,000 | 257,194,000 |
Special mention | Commercial business | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Term loan originated in year one | 17,911,000 | 1,379,000 |
Term loan originated in year two | 37,393,000 | 523,000 |
Term loan originated in year three | 13,707,000 | 4,780,000 |
Term loan originated in year four | 110,000 | 2,897,000 |
Term loan originated in year five | 0 | 550,000 |
Term loan originated prior to year five | 24,000 | 5,083,000 |
Revolving Loans | 5,256,000 | 2,594,000 |
Total loans | 74,401,000 | 17,806,000 |
Special mention | Residential Portfolio Segment | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Term loan originated in year one | 0 | 0 |
Term loan originated in year two | 0 | 0 |
Term loan originated in year three | 0 | 0 |
Term loan originated in year four | 0 | 0 |
Term loan originated in year five | 0 | 0 |
Term loan originated prior to year five | 0 | 0 |
Revolving Loans | 0 | 0 |
Total loans | 0 | 0 |
Special mention | Consumer | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Term loan originated in year one | 0 | 0 |
Term loan originated in year two | 0 | 0 |
Term loan originated in year three | 0 | 0 |
Term loan originated in year four | 0 | 0 |
Term loan originated in year five | 0 | 0 |
Term loan originated prior to year five | 0 | 0 |
Revolving Loans | 0 | 0 |
Total loans | 0 | 0 |
Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Term loan originated in year one | 0 | 11,507,000 |
Term loan originated in year two | 11,384,000 | 8,659,000 |
Term loan originated in year three | 7,625,000 | 19,969,000 |
Term loan originated in year four | 9,848,000 | 27,508,000 |
Term loan originated in year five | 11,654,000 | 57,344,000 |
Term loan originated prior to year five | 63,562,000 | 112,039,000 |
Revolving Loans | 0 | 5,371,000 |
Total loans | 104,073,000 | 242,397,000 |
Substandard | Commercial business | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Term loan originated in year one | 0 | 3,796,000 |
Term loan originated in year two | 2,833,000 | 941,000 |
Term loan originated in year three | 5,889,000 | 2,308,000 |
Term loan originated in year four | 1,000,000 | 1,651,000 |
Term loan originated in year five | 1,020,000 | 3,803,000 |
Term loan originated prior to year five | 3,691,000 | 3,461,000 |
Revolving Loans | 0 | 5,092,000 |
Total loans | 14,433,000 | 21,052,000 |
Substandard | Residential Portfolio Segment | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Term loan originated in year one | 0 | 275,000 |
Term loan originated in year two | 311,000 | 0 |
Term loan originated in year three | 0 | 128,000 |
Term loan originated in year four | 967,000 | 394,000 |
Term loan originated in year five | 384,000 | 541,000 |
Term loan originated prior to year five | 8,113,000 | 2,132,000 |
Revolving Loans | 0 | 0 |
Total loans | 9,775,000 | 3,470,000 |
Substandard | Consumer | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Term loan originated in year one | 0 | 0 |
Term loan originated in year two | 0 | 0 |
Term loan originated in year three | 0 | 0 |
Term loan originated in year four | 0 | 0 |
Term loan originated in year five | 0 | 0 |
Term loan originated prior to year five | 377,000 | 451,000 |
Revolving Loans | 0 | 0 |
Total loans | 377,000 | 451,000 |
Doubtful / loss | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Term loan originated in year one | 0 | 0 |
Term loan originated in year two | 0 | 0 |
Term loan originated in year three | 0 | 0 |
Term loan originated in year four | 0 | 0 |
Term loan originated in year five | 0 | 0 |
Term loan originated prior to year five | 0 | 0 |
Revolving Loans | 0 | 0 |
Total loans | 0 | 0 |
Doubtful / loss | Commercial business | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Term loan originated in year one | 0 | 0 |
Term loan originated in year two | 0 | 0 |
Term loan originated in year three | 0 | 0 |
Term loan originated in year four | 0 | 0 |
Term loan originated in year five | 0 | 0 |
Term loan originated prior to year five | 0 | 0 |
Revolving Loans | 0 | 0 |
Total loans | 0 | 0 |
Doubtful / loss | Residential Portfolio Segment | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Term loan originated in year one | 0 | 0 |
Term loan originated in year two | 0 | 0 |
Term loan originated in year three | 0 | 0 |
Term loan originated in year four | 0 | 0 |
Term loan originated in year five | 0 | 0 |
Term loan originated prior to year five | 0 | 0 |
Revolving Loans | 0 | 0 |
Total loans | 0 | 0 |
Doubtful / loss | Consumer | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Term loan originated in year one | 0 | 0 |
Term loan originated in year two | 0 | 0 |
Term loan originated in year three | 0 | 0 |
Term loan originated in year four | 0 | 0 |
Term loan originated in year five | 0 | 0 |
Term loan originated prior to year five | 0 | 0 |
Revolving Loans | 0 | 0 |
Total loans | 0 | 0 |
Residential | Real estate loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Term loan originated in year one | 19,256,000 | 26,093,000 |
Term loan originated in year two | 23,505,000 | 10,471,000 |
Term loan originated in year three | 9,691,000 | 11,442,000 |
Term loan originated in year four | 9,017,000 | 5,619,000 |
Term loan originated in year five | 4,625,000 | 2,987,000 |
Term loan originated prior to year five | 5,956,000 | 8,184,000 |
Revolving Loans | 3,995,000 | 4,403,000 |
Total loans | 76,045,000 | 69,199,000 |
Residential | Pass / not rated | Real estate loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Term loan originated in year one | 19,256,000 | 26,093,000 |
Term loan originated in year two | 23,505,000 | 10,471,000 |
Term loan originated in year three | 9,691,000 | 11,442,000 |
Term loan originated in year four | 9,017,000 | 4,952,000 |
Term loan originated in year five | 3,964,000 | 2,987,000 |
Term loan originated prior to year five | 5,397,000 | 7,260,000 |
Revolving Loans | 3,995,000 | 4,403,000 |
Total loans | 74,825,000 | 67,608,000 |
Residential | Special mention | Real estate loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Term loan originated in year one | 0 | 0 |
Term loan originated in year two | 0 | 0 |
Term loan originated in year three | 0 | 0 |
Term loan originated in year four | 0 | 534,000 |
Term loan originated in year five | 0 | 0 |
Term loan originated prior to year five | 0 | 924,000 |
Revolving Loans | 0 | 0 |
Total loans | 0 | 1,458,000 |
Residential | Substandard | Real estate loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Term loan originated in year one | 0 | 0 |
Term loan originated in year two | 0 | 0 |
Term loan originated in year three | 0 | 0 |
Term loan originated in year four | 0 | 133,000 |
Term loan originated in year five | 661,000 | 0 |
Term loan originated prior to year five | 559,000 | 0 |
Revolving Loans | 0 | 0 |
Total loans | 1,220,000 | 133,000 |
Residential | Doubtful / loss | Real estate loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Term loan originated in year one | 0 | 0 |
Term loan originated in year two | 0 | 0 |
Term loan originated in year three | 0 | 0 |
Term loan originated in year four | 0 | 0 |
Term loan originated in year five | 0 | 0 |
Term loan originated prior to year five | 0 | 0 |
Revolving Loans | 0 | 0 |
Total loans | 0 | 0 |
Commercial | Real estate loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Term loan originated in year one | 2,395,805,000 | 2,464,651,000 |
Term loan originated in year two | 2,163,512,000 | 1,432,509,000 |
Term loan originated in year three | 1,308,181,000 | 1,309,951,000 |
Term loan originated in year four | 1,057,852,000 | 1,283,958,000 |
Term loan originated in year five | 1,029,608,000 | 963,994,000 |
Term loan originated prior to year five | 1,114,434,000 | 1,265,267,000 |
Revolving Loans | 101,392,000 | 95,750,000 |
Total loans | 9,170,784,000 | 8,816,080,000 |
Commercial | Pass / not rated | Real estate loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Term loan originated in year one | 2,395,805,000 | 2,451,662,000 |
Term loan originated in year two | 2,140,650,000 | 1,415,909,000 |
Term loan originated in year three | 1,299,144,000 | 1,252,851,000 |
Term loan originated in year four | 1,043,970,000 | 1,238,425,000 |
Term loan originated in year five | 1,006,454,000 | 883,790,000 |
Term loan originated prior to year five | 1,053,970,000 | 1,086,182,000 |
Revolving Loans | 101,190,000 | 89,501,000 |
Total loans | 9,041,183,000 | 8,418,320,000 |
Commercial | Special mention | Real estate loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Term loan originated in year one | 0 | 5,553,000 |
Term loan originated in year two | 14,622,000 | 8,882,000 |
Term loan originated in year three | 7,301,000 | 39,567,000 |
Term loan originated in year four | 6,001,000 | 20,203,000 |
Term loan originated in year five | 13,565,000 | 27,204,000 |
Term loan originated prior to year five | 15,912,000 | 73,090,000 |
Revolving Loans | 202,000 | 5,970,000 |
Total loans | 57,603,000 | 180,469,000 |
Commercial | Substandard | Real estate loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Term loan originated in year one | 0 | 7,436,000 |
Term loan originated in year two | 8,240,000 | 7,718,000 |
Term loan originated in year three | 1,736,000 | 17,533,000 |
Term loan originated in year four | 7,881,000 | 25,330,000 |
Term loan originated in year five | 9,589,000 | 53,000,000 |
Term loan originated prior to year five | 44,552,000 | 105,995,000 |
Revolving Loans | 0 | 279,000 |
Total loans | 71,998,000 | 217,291,000 |
Commercial | Doubtful / loss | Real estate loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Term loan originated in year one | 0 | 0 |
Term loan originated in year two | 0 | 0 |
Term loan originated in year three | 0 | 0 |
Term loan originated in year four | 0 | 0 |
Term loan originated in year five | 0 | 0 |
Term loan originated prior to year five | 0 | 0 |
Revolving Loans | 0 | 0 |
Total loans | 0 | 0 |
Construction | Real estate loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Term loan originated in year one | 6,570,000 | 16,545,000 |
Term loan originated in year two | 29,918,000 | 67,628,000 |
Term loan originated in year three | 63,192,000 | 32,044,000 |
Term loan originated in year four | 37,843,000 | 78,904,000 |
Term loan originated in year five | 8,135,000 | 13,366,000 |
Term loan originated prior to year five | 22,004,000 | 12,076,000 |
Revolving Loans | 89,000 | 89,000 |
Total loans | 167,751,000 | 220,652,000 |
Construction | Pass / not rated | Real estate loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Term loan originated in year one | 6,570,000 | 16,545,000 |
Term loan originated in year two | 29,918,000 | 67,628,000 |
Term loan originated in year three | 63,192,000 | 32,044,000 |
Term loan originated in year four | 23,418,000 | 32,908,000 |
Term loan originated in year five | 8,135,000 | 8,292,000 |
Term loan originated prior to year five | 4,900,000 | 5,685,000 |
Revolving Loans | 89,000 | 89,000 |
Total loans | 136,222,000 | 163,191,000 |
Construction | Special mention | Real estate loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Term loan originated in year one | 0 | 0 |
Term loan originated in year two | 0 | 0 |
Term loan originated in year three | 0 | 0 |
Term loan originated in year four | 14,425,000 | 45,996,000 |
Term loan originated in year five | 0 | 5,074,000 |
Term loan originated prior to year five | 10,834,000 | 6,391,000 |
Revolving Loans | 0 | 0 |
Total loans | 25,259,000 | 57,461,000 |
Construction | Substandard | Real estate loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Term loan originated in year one | 0 | 0 |
Term loan originated in year two | 0 | 0 |
Term loan originated in year three | 0 | 0 |
Term loan originated in year four | 0 | 0 |
Term loan originated in year five | 0 | 0 |
Term loan originated prior to year five | 6,270,000 | 0 |
Revolving Loans | 0 | 0 |
Total loans | 6,270,000 | 0 |
Construction | Doubtful / loss | Real estate loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Term loan originated in year one | 0 | 0 |
Term loan originated in year two | 0 | 0 |
Term loan originated in year three | 0 | 0 |
Term loan originated in year four | 0 | 0 |
Term loan originated in year five | 0 | 0 |
Term loan originated prior to year five | 0 | 0 |
Revolving Loans | 0 | 0 |
Total loans | $ 0 | $ 0 |
Loans Receivable and Allowan_10
Loans Receivable and Allowance for Credit Losses - Loans Held For Investment - Reclassification to Held for Sale (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Transfer of loans held for investment to held for sale | $ 311,535 | $ 472,598 | $ 1,243 |
Total loans | 15,403,540 | 13,952,743 | |
Loans held for sale, at the lower of cost or fair value | 49,245 | 99,049 | |
Pass / not rated | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans | 15,142,204 | 13,453,152 | |
Special mention | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans | 157,263 | 257,194 | |
Substandard | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans | 104,073 | 242,397 | |
Loans held for sale, at the lower of cost or fair value | 48,800 | 26,200 | |
Doubtful / loss | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans | 0 | 0 | |
Residential | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans held for sale, at the lower of cost or fair value | 450 | 23,200 | |
Small Business Administration Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans held for sale, at the lower of cost or fair value | 49,700 | ||
Real estate loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans | 9,414,580 | 9,105,931 | |
Real estate loans | Residential | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans | 76,045 | 69,199 | |
Real estate loans | Residential | Pass / not rated | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans | 74,825 | 67,608 | |
Real estate loans | Residential | Special mention | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans | 0 | 1,458 | |
Real estate loans | Residential | Substandard | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans | 1,220 | 133 | |
Real estate loans | Residential | Doubtful / loss | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans | 0 | 0 | |
Real estate loans | Commercial | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Transfer of loans held for investment to held for sale | 257,317 | 365,426 | 0 |
Total loans | 9,170,784 | 8,816,080 | |
Real estate loans | Commercial | Pass / not rated | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans | 9,041,183 | 8,418,320 | |
Real estate loans | Commercial | Special mention | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans | 57,603 | 180,469 | |
Real estate loans | Commercial | Substandard | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans | 71,998 | 217,291 | |
Real estate loans | Commercial | Doubtful / loss | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans | 0 | 0 | |
Real estate loans | Construction | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans | 167,751 | 220,652 | |
Real estate loans | Construction | Pass / not rated | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans | 136,222 | 163,191 | |
Real estate loans | Construction | Special mention | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans | 25,259 | 57,461 | |
Real estate loans | Construction | Substandard | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans | 6,270 | 0 | |
Real estate loans | Construction | Doubtful / loss | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans | 0 | 0 | |
Residential mortgage | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Transfer of loans held for investment to held for sale | 0 | 7,018 | 0 |
Total loans | 846,080 | 579,626 | |
Residential mortgage | Pass / not rated | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans | 836,305 | 576,156 | |
Residential mortgage | Special mention | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans | 0 | 0 | |
Residential mortgage | Substandard | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans | 9,775 | 3,470 | |
Residential mortgage | Doubtful / loss | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans | 0 | 0 | |
Commercial business | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Transfer of loans held for investment to held for sale | 54,218 | 100,154 | 0 |
Total loans | 5,109,532 | 4,208,674 | |
Commercial business | Pass / not rated | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans | 5,020,698 | 4,169,816 | |
Commercial business | Special mention | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans | 74,401 | 17,806 | |
Commercial business | Substandard | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans | 14,433 | 21,052 | |
Commercial business | Doubtful / loss | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans | 0 | 0 | |
Consumer | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Transfer of loans held for investment to held for sale | 0 | 0 | $ 1,243 |
Total loans | 33,348 | 58,512 | |
Consumer | Pass / not rated | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans | 32,971 | 58,061 | |
Consumer | Special mention | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans | 0 | 0 | |
Consumer | Substandard | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans | 377 | 451 | |
Consumer | Doubtful / loss | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans | $ 0 | $ 0 |
Loans Receivable and Allowan_11
Loans Receivable and Allowance for Credit Losses - Additional Information (Details) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Dec. 31, 2022 USD ($) | Jun. 30, 2022 loan | Dec. 31, 2022 USD ($) loan security segment | Dec. 31, 2021 USD ($) security loan | Dec. 31, 2020 USD ($) security loan | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Allowance for credit loss, writeoff | $ 12,389,000 | $ 62,236,000 | $ 16,026,000 | ||
Reasonable and supportable period at which point loss assumptions revert back to historical loss information | 2 years | ||||
Reversion period | 1 year | ||||
Financing receivable, balance threshold to determine individual evaluation for impairment | $ 1,000,000 | $ 1,000,000 | |||
Total TDR loans | 41,126,000 | $ 41,126,000 | $ 65,513,000 | ||
Number of loans | loan | 1 | 12 | 25 | ||
Allowance for TDRs | 2,800,000 | $ 2,800,000 | $ 2,700,000 | $ 4,800,000 | |
ACL for TDRs modified during period | 0 | 86,000 | 1,500,000 | ||
Total charge-offs of TDR loans modified | 0 | 0 | 0 | ||
ACL for the TDRs that had payment defaults | 0 | 0 | 101,000 | 120,000 | |
Total charge offs for TDR loans that had payment defaults | 0 | 0 | 0 | ||
Accrued interest receivable on loans | 47,300,000 | 47,300,000 | 36,200,000 | ||
Total loans | 15,403,540,000 | 15,403,540,000 | 13,952,743,000 | ||
Transfer from loans receivable to loans held for sale | 311,535,000 | 472,598,000 | 1,243,000 | ||
Loans held for sale, at the lower of cost or fair value | 49,245,000 | 49,245,000 | 99,049,000 | ||
Guaranteed portion of SBA loans excluded from Nonaccrual loans | 9,800,000 | 9,800,000 | 19,500,000 | ||
Financing Receivable, Allowance for Credit Loss, Recovery | $ 24,598,000 | 8,245,000 | $ 7,423,000 | ||
Number of portfolio segments | segment | 4,000 | ||||
Loans and Leases Receivable, Related Parties | 92,800,000 | $ 92,800,000 | 31,900,000 | ||
Troubled Debt Restructuring Concession, Type, Payment Concession [Member] | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Total TDR loans | 26,269,000 | 26,269,000 | $ 31,955,000 | ||
Number of loans | security | 5 | 11 | |||
ACL for TDRs modified during period | $ 17,800,000 | $ 2,000,000 | |||
Troubled Debt Restructuring Concession, Type, Maturity/ Amortization Concession [Member] | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Total TDR loans | 11,078,000 | 11,078,000 | $ 26,411,000 | ||
Number of loans | security | 7 | 12 | |||
ACL for TDRs modified during period | $ 7,800,000 | $ 5,400,000 | |||
Substandard | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Loans held for sale, at the lower of cost or fair value | 48,800,000 | 48,800,000 | 26,200,000 | ||
6500 Real Estate | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Financing Receivable, Allowance for Credit Loss, Recovery | 17,300,000 | ||||
COVID-19 Pandemic | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Amount of loans modified | 0 | 0 | 22,800,000 | ||
Small Business Administration Loans | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Loans held for sale, at the lower of cost or fair value | 49,700,000 | ||||
Residential | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Loans held for sale, at the lower of cost or fair value | 450,000 | $ 450,000 | 23,200,000 | ||
Real Estate Loan | Troubled Debt Restructuring Concession, Type, Payment Concession [Member] | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Number of loans | security | 1 | ||||
ACL for TDRs modified during period | $ 1,900,000 | ||||
Real Estate Collateral | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Loans and Leases Receivable, Related Parties | 92,800,000 | 92,800,000 | 31,200,000 | ||
Commercial business | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Loans and Leases Receivable, Related Parties | 29,000 | 29,000 | 747,000 | ||
Real estate | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Allowance for credit loss, writeoff | 6,803,000 | 57,427,000 | 8,658,000 | ||
Total loans | 9,414,580,000 | 9,414,580,000 | 9,105,931,000 | ||
Financing Receivable, Allowance for Credit Loss, Recovery | 21,698,000 | 5,722,000 | $ 1,851,000 | ||
Proceeds from sale of loans | 275,300,000 | ||||
Real estate | Special mention | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Allowance for credit loss, writeoff | 29,600,000 | ||||
Real estate | Substandard | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Allowance for credit loss, writeoff | 26,200,000 | ||||
Real estate | TDR Loans on Accrual Status | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Total TDR loans | 9,789,000 | 9,789,000 | 43,806,000 | ||
Real estate | TDR Loans on Accrual Status | Troubled Debt Restructuring Concession, Type, Payment Concession [Member] | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Total TDR loans | 5,404,000 | 5,404,000 | 23,196,000 | ||
Real estate | TDR Loans on Accrual Status | Troubled Debt Restructuring Concession, Type, Maturity/ Amortization Concession [Member] | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Total TDR loans | 2,190,000 | 2,190,000 | 15,449,000 | ||
Real estate | Commercial | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Total loans | 9,170,784,000 | $ 9,170,784,000 | $ 8,816,080,000 | ||
Real estate | Commercial | Hotel & motel | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Number of loans | loan | 1 | 0 | 0 | ||
Real estate | Commercial | TDR Loans on Accrual Status | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Total TDR loans | 9,800,000 | $ 9,800,000 | $ 43,800,000 | ||
Number of loans | loan | 31 | 24 | |||
Real estate | Residential | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Number of loans | loan | 0 | 0 | 0 | ||
Total loans | 76,045,000 | $ 76,045,000 | $ 69,199,000 | ||
Commercial business | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Allowance for credit loss, writeoff | $ 5,160,000 | $ 3,558,000 | $ 6,157,000 | ||
Number of loans | loan | 0 | 3 | 6 | ||
Total loans | 5,109,532,000 | $ 5,109,532,000 | $ 4,208,674,000 | ||
Financing Receivable, Allowance for Credit Loss, Recovery | 2,861,000 | 2,196,000 | $ 5,526,000 | ||
Commercial business | SBA, Paycheck Protection Program Loans | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Total loans | 1,900,000 | 1,900,000 | 228,100,000 | ||
Commercial business | TDR Loans on Accrual Status | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Total TDR loans | 6,862,000 | $ 6,862,000 | 8,413,000 | ||
Number of loans | loan | 19 | 11 | |||
Commercial business | TDR Loans on Accrual Status | Troubled Debt Restructuring Concession, Type, Payment Concession [Member] | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Total TDR loans | 501,000 | $ 501,000 | 790,000 | ||
Commercial business | TDR Loans on Accrual Status | Troubled Debt Restructuring Concession, Type, Maturity/ Amortization Concession [Member] | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Total TDR loans | 6,175,000 | 6,175,000 | 7,284,000 | ||
Consumer and other | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Allowance for credit loss, writeoff | $ 404,000 | $ 328,000 | $ 1,211,000 | ||
Number of loans | loan | 0 | 2 | 9 | ||
Total loans | 33,348,000 | $ 33,348,000 | $ 58,512,000 | ||
Financing Receivable, Allowance for Credit Loss, Recovery | 39,000 | 327,000 | $ 46,000 | ||
Consumer and other | TDR Loans on Accrual Status | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Total TDR loans | 280,000 | $ 280,000 | 199,000 | ||
Number of loans | loan | 10 | 9 | |||
Consumer and other | TDR Loans on Accrual Status | Troubled Debt Restructuring Concession, Type, Payment Concession [Member] | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Total TDR loans | 0 | $ 0 | 16,000 | ||
Consumer and other | TDR Loans on Accrual Status | Troubled Debt Restructuring Concession, Type, Maturity/ Amortization Concession [Member] | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Total TDR loans | 280,000 | 280,000 | 183,000 | ||
Residential Portfolio Segment | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Allowance for credit loss, writeoff | $ 22,000 | $ 923,000 | $ 0 | ||
Number of loans | loan | 0 | 0 | 0 | ||
Total loans | 846,080,000 | $ 846,080,000 | $ 579,626,000 | ||
Financing Receivable, Allowance for Credit Loss, Recovery | 0 | 0 | $ 0 | ||
Residential Portfolio Segment | TDR Loans on Accrual Status | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Total TDR loans | 0 | 0 | 0 | ||
Residential Portfolio Segment | TDR Loans on Accrual Status | Troubled Debt Restructuring Concession, Type, Payment Concession [Member] | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Total TDR loans | 0 | 0 | 0 | ||
Residential Portfolio Segment | TDR Loans on Accrual Status | Troubled Debt Restructuring Concession, Type, Maturity/ Amortization Concession [Member] | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Total TDR loans | $ 0 | $ 0 | $ 0 | ||
Minimum | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Temporary modifications, period of interest only payments | 3 months | ||||
Maximum | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Temporary modifications, period of interest only payments | 6 months |
Loans Receivable and Allowan_12
Loans Receivable and Allowance for Credit Losses - Allowance for Loans, by Portfolio Segment and Evaluation Method (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Loans by Portfolio Segment and Impairment Method [Abstract] | ||||
Individually evaluated loans | $ 66,149 | $ 106,633 | ||
ACL on individually evaluated loans | $ 3,856 | $ 5,115 | ||
Individually evaluated loans ACL coverage | 5.83% | 4.80% | ||
Collectively evaluated loans | $ 15,337,391 | $ 13,846,110 | ||
ACL on collectively evaluated loans | $ 158,503 | $ 135,435 | ||
Collectively evaluated loans ACL coverage | 1.03% | 0.98% | ||
Total loans | $ 15,403,540 | $ 13,952,743 | ||
Allowance for credit losses on loans receivable | $ 162,359 | $ 140,550 | $ 206,741 | $ 94,144 |
Total ACL to total loans | 1.05% | 1.01% | ||
Real estate loans | ||||
Loans by Portfolio Segment and Impairment Method [Abstract] | ||||
Individually evaluated loans | $ 43,461 | $ 83,347 | ||
ACL on individually evaluated loans | 870 | 2,025 | ||
Collectively evaluated loans | 9,371,119 | 9,022,584 | ||
ACL on collectively evaluated loans | 95,014 | 106,415 | ||
Total loans | 9,414,580 | 9,105,931 | ||
Allowance for credit losses on loans receivable | 95,884 | 108,440 | 162,196 | 53,593 |
Commercial business | ||||
Loans by Portfolio Segment and Impairment Method [Abstract] | ||||
Individually evaluated loans | 12,477 | 19,407 | ||
ACL on individually evaluated loans | $ 2,941 | $ 3,056 | ||
Individually evaluated loans ACL coverage | 23.57% | 15.75% | ||
Collectively evaluated loans | $ 5,097,055 | $ 4,189,267 | ||
ACL on collectively evaluated loans | $ 53,931 | $ 24,755 | ||
Collectively evaluated loans ACL coverage | 1.06% | 0.59% | ||
Total loans | $ 5,109,532 | $ 4,208,674 | ||
Allowance for credit losses on loans receivable | $ 56,872 | $ 27,811 | 39,155 | 33,032 |
Total ACL to total loans | 1.11% | 0.66% | ||
Residential Portfolio Segment | ||||
Loans by Portfolio Segment and Impairment Method [Abstract] | ||||
Individually evaluated loans | $ 9,775 | $ 3,470 | ||
ACL on individually evaluated loans | $ 24 | $ 11 | ||
Individually evaluated loans ACL coverage | 0.25% | 0.32% | ||
Collectively evaluated loans | $ 836,305 | $ 576,156 | ||
ACL on collectively evaluated loans | $ 8,896 | $ 3,305 | ||
Collectively evaluated loans ACL coverage | 1.06% | 0.57% | ||
Total loans | $ 846,080 | $ 579,626 | ||
Allowance for credit losses on loans receivable | $ 8,920 | $ 3,316 | 4,227 | 5,925 |
Total ACL to total loans | 1.05% | 0.57% | ||
Consumer | ||||
Loans by Portfolio Segment and Impairment Method [Abstract] | ||||
Individually evaluated loans | $ 436 | $ 409 | ||
ACL on individually evaluated loans | $ 21 | $ 23 | ||
Individually evaluated loans ACL coverage | 4.82% | 5.62% | ||
Collectively evaluated loans | $ 32,912 | $ 58,103 | ||
ACL on collectively evaluated loans | $ 662 | $ 960 | ||
Collectively evaluated loans ACL coverage | 2.01% | 1.65% | ||
Total loans | $ 33,348 | $ 58,512 | ||
Allowance for credit losses on loans receivable | $ 683 | $ 983 | $ 1,163 | $ 1,594 |
Total ACL to total loans | 2.05% | 1.68% | ||
Residential | Real estate loans | ||||
Loans by Portfolio Segment and Impairment Method [Abstract] | ||||
Individually evaluated loans | $ 0 | $ 0 | ||
ACL on individually evaluated loans | 0 | 0 | ||
Collectively evaluated loans | 76,045 | 69,199 | ||
ACL on collectively evaluated loans | $ 1,014 | $ 729 | ||
Collectively evaluated loans ACL coverage | 1.33% | 1.05% | ||
Total loans | $ 76,045 | $ 69,199 | ||
Allowance for credit losses on loans receivable | $ 1,014 | $ 729 | ||
Total ACL to total loans | 1.33% | 1.05% | ||
Commercial | Real estate loans | ||||
Loans by Portfolio Segment and Impairment Method [Abstract] | ||||
Individually evaluated loans | $ 43,461 | $ 83,347 | ||
ACL on individually evaluated loans | $ 870 | $ 2,025 | ||
Individually evaluated loans ACL coverage | 2% | 2.43% | ||
Collectively evaluated loans | $ 9,127,323 | $ 8,732,733 | ||
ACL on collectively evaluated loans | $ 92,947 | $ 104,145 | ||
Collectively evaluated loans ACL coverage | 1.02% | 1.19% | ||
Total loans | $ 9,170,784 | $ 8,816,080 | ||
Allowance for credit losses on loans receivable | $ 93,817 | $ 106,170 | ||
Total ACL to total loans | 1.02% | 1.20% | ||
Construction | Real estate loans | ||||
Loans by Portfolio Segment and Impairment Method [Abstract] | ||||
Individually evaluated loans | $ 0 | $ 0 | ||
ACL on individually evaluated loans | 0 | 0 | ||
Collectively evaluated loans | 167,751 | 220,652 | ||
ACL on collectively evaluated loans | $ 1,053 | $ 1,541 | ||
Collectively evaluated loans ACL coverage | 0.63% | 0.70% | ||
Total loans | $ 167,751 | $ 220,652 | ||
Allowance for credit losses on loans receivable | $ 1,053 | $ 1,541 | ||
Total ACL to total loans | 0.63% | 0.70% |
Loans Receivable and Allowan_13
Loans Receivable and Allowance for Credit Losses - Troubled Debt Restructurings on Financing Receivables (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Dec. 31, 2022 USD ($) | Jun. 30, 2022 loan | Dec. 31, 2022 USD ($) loan security | Dec. 31, 2021 USD ($) security loan | Dec. 31, 2020 USD ($) security loan | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Total TDRs | $ 41,126 | $ 41,126 | $ 65,513 | ||
Troubled Debt Restructuring, By Loan Class | |||||
Financing Receivable, Modifications, Number of Contracts | loan | 1 | 12 | 25 | ||
Financing Receivable, Troubled Debt Restructuring, Postmodification | $ 1,932 | $ 25,572 | $ 8,016 | ||
Troubled Debt Restructuring, By Loan Class, Modified And Subsequent Payment Default | |||||
Financing Receivable, Troubled Debt Restructuring, Subsequent Default, Number of Contracts | loan | 0 | 7 | 10 | ||
Financing Receivable, Troubled Debt Restructuring, Subsequent Default | $ 0 | $ 6,596 | $ 2,351 | ||
ACL for TDRs modified during period | 0 | 86 | 1,500 | ||
Total charge-offs of TDR loans modified | 0 | 0 | 0 | ||
ACL for the TDRs that had payment defaults | 0 | 0 | 101 | 120 | |
Total charge offs for TDR loans that had payment defaults | 0 | 0 | 0 | ||
Allowance for TDRs | 2,800 | 2,800 | 2,700 | $ 4,800 | |
Financing Receivable, Modification, Commitment to Lend | 40 | 40 | 557 | ||
Payment concession | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Total TDRs | 26,269 | $ 26,269 | $ 31,955 | ||
Troubled Debt Restructuring, By Loan Class | |||||
Financing Receivable, Modifications, Number of Contracts | security | 5 | 11 | |||
Troubled Debt Restructuring, By Loan Class, Modified And Subsequent Payment Default | |||||
Financing Receivable, Troubled Debt Restructuring, Subsequent Default, Number of Contracts | loan | 4 | 4 | |||
ACL for TDRs modified during period | $ 17,800 | $ 2,000 | |||
Payment concession | Commercial | |||||
Troubled Debt Restructuring, By Loan Class, Modified And Subsequent Payment Default | |||||
Financing Receivable, Troubled Debt Restructuring, Subsequent Default | $ 464 | ||||
Payment concession | Real Estate Loan | |||||
Troubled Debt Restructuring, By Loan Class | |||||
Financing Receivable, Modifications, Number of Contracts | security | 1 | ||||
Troubled Debt Restructuring, By Loan Class, Modified And Subsequent Payment Default | |||||
Financing Receivable, Troubled Debt Restructuring, Subsequent Default, Number of Contracts | security | 1 | 1 | |||
Financing Receivable, Troubled Debt Restructuring, Subsequent Default | $ 575 | ||||
ACL for TDRs modified during period | $ 1,900 | ||||
Payment concession | Commercial business | |||||
Troubled Debt Restructuring, By Loan Class, Modified And Subsequent Payment Default | |||||
Financing Receivable, Troubled Debt Restructuring, Subsequent Default, Number of Contracts | loan | 1 | ||||
Financing Receivable, Troubled Debt Restructuring, Subsequent Default | $ 102 | ||||
Payment concession | Consumer | |||||
Troubled Debt Restructuring, By Loan Class, Modified And Subsequent Payment Default | |||||
Financing Receivable, Troubled Debt Restructuring, Subsequent Default, Number of Contracts | loan | 2 | 3 | |||
Financing Receivable, Troubled Debt Restructuring, Subsequent Default | $ 13 | $ 19 | |||
Maturity / amortization concession | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Total TDRs | 11,078 | 11,078 | $ 26,411 | ||
Troubled Debt Restructuring, By Loan Class | |||||
Financing Receivable, Modifications, Number of Contracts | security | 7 | 12 | |||
Troubled Debt Restructuring, By Loan Class, Modified And Subsequent Payment Default | |||||
Financing Receivable, Troubled Debt Restructuring, Subsequent Default, Number of Contracts | loan | 3 | 4 | |||
Financing Receivable, Troubled Debt Restructuring, Subsequent Default | $ 5,900 | ||||
ACL for TDRs modified during period | 7,800 | $ 5,400 | |||
Maturity / amortization concession | Real Estate Loan | |||||
Troubled Debt Restructuring, By Loan Class, Modified And Subsequent Payment Default | |||||
Financing Receivable, Troubled Debt Restructuring, Subsequent Default, Number of Contracts | loan | 2 | ||||
Financing Receivable, Troubled Debt Restructuring, Subsequent Default | $ 1,200 | ||||
Maturity / amortization concession | Consumer | |||||
Troubled Debt Restructuring, By Loan Class, Modified And Subsequent Payment Default | |||||
Financing Receivable, Troubled Debt Restructuring, Subsequent Default, Number of Contracts | loan | 2 | ||||
Financing Receivable, Troubled Debt Restructuring, Subsequent Default | $ 11 | ||||
Rate concession | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Total TDRs | 3,779 | $ 3,779 | 7,147 | ||
Troubled Debt Restructuring Concession, Type, Interest | |||||
Troubled Debt Restructuring, By Loan Class | |||||
Financing Receivable, Modifications, Number of Contracts | security | 2 | ||||
Troubled Debt Restructuring, By Loan Class, Modified And Subsequent Payment Default | |||||
Financing Receivable, Troubled Debt Restructuring, Subsequent Default, Number of Contracts | loan | 2 | ||||
ACL for TDRs modified during period | $ 622 | ||||
Troubled Debt Restructuring Concession, Type, Interest | Real Estate Loan | |||||
Troubled Debt Restructuring, By Loan Class, Modified And Subsequent Payment Default | |||||
Financing Receivable, Troubled Debt Restructuring, Subsequent Default, Number of Contracts | security | 1 | ||||
Financing Receivable, Troubled Debt Restructuring, Subsequent Default | $ 458 | ||||
Troubled Debt Restructuring Concession, Type, Interest | Consumer | |||||
Troubled Debt Restructuring, By Loan Class, Modified And Subsequent Payment Default | |||||
Financing Receivable, Troubled Debt Restructuring, Subsequent Default, Number of Contracts | loan | 1 | ||||
Financing Receivable, Troubled Debt Restructuring, Subsequent Default | $ 164 | ||||
Real estate | Residential | |||||
Troubled Debt Restructuring, By Loan Class | |||||
Financing Receivable, Modifications, Number of Contracts | loan | 0 | 0 | 0 | ||
Financing Receivable, Troubled Debt Restructuring, Postmodification | $ 0 | $ 0 | $ 0 | ||
Troubled Debt Restructuring, By Loan Class, Modified And Subsequent Payment Default | |||||
Financing Receivable, Troubled Debt Restructuring, Subsequent Default, Number of Contracts | loan | 0 | 0 | 0 | ||
Financing Receivable, Troubled Debt Restructuring, Subsequent Default | $ 0 | $ 0 | |||
Real estate | Commercial | Retail | |||||
Troubled Debt Restructuring, By Loan Class | |||||
Financing Receivable, Modifications, Number of Contracts | loan | 0 | 5 | 3 | ||
Financing Receivable, Troubled Debt Restructuring, Postmodification | $ 0 | $ 24,169 | $ 1,589 | ||
Troubled Debt Restructuring, By Loan Class, Modified And Subsequent Payment Default | |||||
Financing Receivable, Troubled Debt Restructuring, Subsequent Default, Number of Contracts | loan | 0 | 3 | 1 | ||
Financing Receivable, Troubled Debt Restructuring, Subsequent Default | $ 0 | $ 5,906 | $ 478 | ||
Real estate | Commercial | Hotel & motel | |||||
Troubled Debt Restructuring, By Loan Class | |||||
Financing Receivable, Modifications, Number of Contracts | loan | 1 | 0 | 0 | ||
Financing Receivable, Troubled Debt Restructuring, Postmodification | $ 1,932 | $ 0 | $ 0 | ||
Troubled Debt Restructuring, By Loan Class, Modified And Subsequent Payment Default | |||||
Financing Receivable, Troubled Debt Restructuring, Subsequent Default, Number of Contracts | loan | 0 | 0 | 0 | ||
Financing Receivable, Troubled Debt Restructuring, Subsequent Default | $ 0 | $ 0 | $ 0 | ||
Real estate | Commercial | Gas station & car wash | |||||
Troubled Debt Restructuring, By Loan Class | |||||
Financing Receivable, Modifications, Number of Contracts | loan | 0 | 1 | 2 | ||
Financing Receivable, Troubled Debt Restructuring, Postmodification | $ 0 | $ 575 | $ 501 | ||
Troubled Debt Restructuring, By Loan Class, Modified And Subsequent Payment Default | |||||
Financing Receivable, Troubled Debt Restructuring, Subsequent Default, Number of Contracts | loan | 0 | 1 | 1 | ||
Financing Receivable, Troubled Debt Restructuring, Subsequent Default | $ 0 | $ 575 | $ 464 | ||
Real estate | Commercial | Mixed use | |||||
Troubled Debt Restructuring, By Loan Class | |||||
Financing Receivable, Modifications, Number of Contracts | loan | 0 | 0 | 2 | ||
Financing Receivable, Troubled Debt Restructuring, Postmodification | $ 0 | $ 0 | $ 1,215 | ||
Troubled Debt Restructuring, By Loan Class, Modified And Subsequent Payment Default | |||||
Financing Receivable, Troubled Debt Restructuring, Subsequent Default, Number of Contracts | loan | 0 | 0 | 2 | ||
Financing Receivable, Troubled Debt Restructuring, Subsequent Default | $ 0 | $ 0 | $ 1,215 | ||
Real estate | Commercial | Industrial & warehouse | |||||
Troubled Debt Restructuring, By Loan Class | |||||
Financing Receivable, Modifications, Number of Contracts | loan | 0 | 1 | 1 | ||
Financing Receivable, Troubled Debt Restructuring, Postmodification | $ 0 | $ 506 | $ 256 | ||
Troubled Debt Restructuring, By Loan Class, Modified And Subsequent Payment Default | |||||
Financing Receivable, Troubled Debt Restructuring, Subsequent Default, Number of Contracts | loan | 0 | 0 | 0 | ||
Financing Receivable, Troubled Debt Restructuring, Subsequent Default | $ 0 | $ 0 | $ 0 | ||
Real estate | Commercial | Other | |||||
Troubled Debt Restructuring, By Loan Class | |||||
Financing Receivable, Modifications, Number of Contracts | loan | 0 | 0 | 2 | ||
Financing Receivable, Troubled Debt Restructuring, Postmodification | $ 0 | $ 0 | $ 2,722 | ||
Troubled Debt Restructuring, By Loan Class, Modified And Subsequent Payment Default | |||||
Financing Receivable, Troubled Debt Restructuring, Subsequent Default, Number of Contracts | loan | 0 | 0 | 0 | ||
Financing Receivable, Troubled Debt Restructuring, Subsequent Default | $ 0 | $ 0 | $ 0 | ||
Real estate | Construction | |||||
Troubled Debt Restructuring, By Loan Class | |||||
Financing Receivable, Modifications, Number of Contracts | loan | 0 | 0 | 0 | ||
Financing Receivable, Troubled Debt Restructuring, Postmodification | $ 0 | $ 0 | $ 0 | ||
Troubled Debt Restructuring, By Loan Class, Modified And Subsequent Payment Default | |||||
Financing Receivable, Troubled Debt Restructuring, Subsequent Default, Number of Contracts | loan | 0 | 0 | 0 | ||
Financing Receivable, Troubled Debt Restructuring, Subsequent Default | $ 0 | $ 0 | $ 0 | ||
Real estate | TDR Loans on Accrual Status | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Total TDRs | 9,789 | 9,789 | 43,806 | ||
Real estate | TDR Loans on Accrual Status | Commercial | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Total TDRs | 9,800 | $ 9,800 | 43,800 | ||
Troubled Debt Restructuring, By Loan Class | |||||
Financing Receivable, Modifications, Number of Contracts | loan | 31 | 24 | |||
Real estate | TDR Loans on Accrual Status | Payment concession | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Total TDRs | 5,404 | $ 5,404 | 23,196 | ||
Real estate | TDR Loans on Accrual Status | Maturity / amortization concession | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Total TDRs | 2,190 | 2,190 | 15,449 | ||
Real estate | TDR Loans on Accrual Status | Rate concession | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Total TDRs | 2,195 | 2,195 | 5,161 | ||
Real estate | TDR Loans on Nonaccrual Status | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Total TDRs | 20,294 | 20,294 | 8,036 | ||
Real estate | TDR Loans on Nonaccrual Status | Payment concession | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Total TDRs | 20,193 | 20,193 | 7,533 | ||
Real estate | TDR Loans on Nonaccrual Status | Maturity / amortization concession | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Total TDRs | 101 | 101 | 269 | ||
Real estate | TDR Loans on Nonaccrual Status | Rate concession | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Total TDRs | 0 | $ 0 | $ 234 | ||
Commercial business | |||||
Troubled Debt Restructuring, By Loan Class | |||||
Financing Receivable, Modifications, Number of Contracts | loan | 0 | 3 | 6 | ||
Financing Receivable, Troubled Debt Restructuring, Postmodification | $ 0 | $ 309 | $ 1,620 | ||
Troubled Debt Restructuring, By Loan Class, Modified And Subsequent Payment Default | |||||
Financing Receivable, Troubled Debt Restructuring, Subsequent Default, Number of Contracts | loan | 0 | 1 | 1 | ||
Financing Receivable, Troubled Debt Restructuring, Subsequent Default | $ 0 | $ 102 | $ 164 | ||
Commercial business | TDR Loans on Accrual Status | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Total TDRs | 6,862 | $ 6,862 | 8,413 | ||
Troubled Debt Restructuring, By Loan Class | |||||
Financing Receivable, Modifications, Number of Contracts | loan | 19 | 11 | |||
Commercial business | TDR Loans on Accrual Status | Payment concession | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Total TDRs | 501 | $ 501 | 790 | ||
Commercial business | TDR Loans on Accrual Status | Maturity / amortization concession | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Total TDRs | 6,175 | 6,175 | 7,284 | ||
Commercial business | TDR Loans on Accrual Status | Rate concession | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Total TDRs | 186 | 186 | 339 | ||
Commercial business | TDR Loans on Nonaccrual Status | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Total TDRs | 3,814 | 3,814 | 4,942 | ||
Commercial business | TDR Loans on Nonaccrual Status | Payment concession | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Total TDRs | 171 | 171 | 420 | ||
Commercial business | TDR Loans on Nonaccrual Status | Maturity / amortization concession | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Total TDRs | 2,245 | 2,245 | 3,109 | ||
Commercial business | TDR Loans on Nonaccrual Status | Rate concession | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Total TDRs | 1,398 | $ 1,398 | $ 1,413 | ||
Residential mortgage | |||||
Troubled Debt Restructuring, By Loan Class | |||||
Financing Receivable, Modifications, Number of Contracts | loan | 0 | 0 | 0 | ||
Financing Receivable, Troubled Debt Restructuring, Postmodification | $ 0 | $ 0 | $ 0 | ||
Troubled Debt Restructuring, By Loan Class, Modified And Subsequent Payment Default | |||||
Financing Receivable, Troubled Debt Restructuring, Subsequent Default, Number of Contracts | loan | 0 | 0 | 0 | ||
Financing Receivable, Troubled Debt Restructuring, Subsequent Default | $ 0 | $ 0 | $ 0 | ||
Residential mortgage | TDR Loans on Accrual Status | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Total TDRs | 0 | 0 | 0 | ||
Residential mortgage | TDR Loans on Accrual Status | Payment concession | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Total TDRs | 0 | 0 | 0 | ||
Residential mortgage | TDR Loans on Accrual Status | Maturity / amortization concession | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Total TDRs | 0 | 0 | 0 | ||
Residential mortgage | TDR Loans on Accrual Status | Rate concession | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Total TDRs | 0 | 0 | 0 | ||
Residential mortgage | TDR Loans on Nonaccrual Status | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Total TDRs | 0 | 0 | 0 | ||
Residential mortgage | TDR Loans on Nonaccrual Status | Payment concession | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Total TDRs | 0 | 0 | 0 | ||
Residential mortgage | TDR Loans on Nonaccrual Status | Maturity / amortization concession | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Total TDRs | 0 | 0 | 0 | ||
Residential mortgage | TDR Loans on Nonaccrual Status | Rate concession | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Total TDRs | 0 | $ 0 | $ 0 | ||
Consumer | |||||
Troubled Debt Restructuring, By Loan Class | |||||
Financing Receivable, Modifications, Number of Contracts | loan | 0 | 2 | 9 | ||
Financing Receivable, Troubled Debt Restructuring, Postmodification | $ 0 | $ 13 | $ 113 | ||
Troubled Debt Restructuring, By Loan Class, Modified And Subsequent Payment Default | |||||
Financing Receivable, Troubled Debt Restructuring, Subsequent Default, Number of Contracts | loan | 0 | 2 | 5 | ||
Financing Receivable, Troubled Debt Restructuring, Subsequent Default | $ 0 | $ 13 | $ 30 | ||
Consumer | TDR Loans on Accrual Status | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Total TDRs | 280 | $ 280 | 199 | ||
Troubled Debt Restructuring, By Loan Class | |||||
Financing Receivable, Modifications, Number of Contracts | loan | 10 | 9 | |||
Consumer | TDR Loans on Accrual Status | Payment concession | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Total TDRs | 0 | $ 0 | 16 | ||
Consumer | TDR Loans on Accrual Status | Maturity / amortization concession | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Total TDRs | 280 | 280 | 183 | ||
Consumer | TDR Loans on Accrual Status | Rate concession | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Total TDRs | 0 | 0 | 0 | ||
Consumer | TDR Loans on Nonaccrual Status | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Total TDRs | 87 | 87 | 117 | ||
Consumer | TDR Loans on Nonaccrual Status | Payment concession | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Total TDRs | 0 | 0 | 0 | ||
Consumer | TDR Loans on Nonaccrual Status | Maturity / amortization concession | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Total TDRs | 87 | 87 | 117 | ||
Consumer | TDR Loans on Nonaccrual Status | Rate concession | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Total TDRs | $ 0 | $ 0 | $ 0 |
Loans Receivable and Allowan_14
Loans Receivable and Allowance for Credit Losses - Related Party Loans (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Receivables [Abstract] | ||
Loans and Leases Receivable, Related Parties | $ 92,800 | $ 31,900 |
Loans and Leases Receivable, Related Parties, Period Increase (Decrease) | 2,500 | |
Loans and Leases Receivable, Related Parties, Additions | 64,200 | |
Loans and Leases, Related Party, Payment | $ 756 |
Goodwill, Intangible Assets, _3
Goodwill, Intangible Assets, and Servicing Assets - Intangible Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Finite-Lived Intangible Assets [Line Items] | ||
Goodwill | $ 464,450 | $ 464,450 |
Finite-Lived Intangible Asset, Expected Amortization, Year One | 1,800 | |
Finite-Lived Intangible Asset, Expected Amortization, Year Two | 1,600 | |
Finite-Lived Intangible Asset, Expected Amortization, Year Three | 1,500 | |
Finite-Lived Intangible Asset, Expected Amortization, Year Four | 829 | |
Core Deposits | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Amount | 20,901 | 20,901 |
Accumulated Amortization | (15,175) | (13,230) |
Carrying Amount | 5,726 | 7,671 |
Amortization expense related to core deposit intangible assets | $ 1,900 | 2,000 |
Foster Bankshares acquisition | Core Deposits | ||
Finite-Lived Intangible Assets [Line Items] | ||
Amortization Period | 10 years | |
Gross Amount | $ 2,763 | 2,763 |
Accumulated Amortization | (2,668) | (2,504) |
Carrying Amount | $ 95 | 259 |
Wilshire Bancorp acquisition | Core Deposits | ||
Finite-Lived Intangible Assets [Line Items] | ||
Amortization Period | 10 years | |
Gross Amount | $ 18,138 | 18,138 |
Accumulated Amortization | (12,507) | (10,726) |
Carrying Amount | $ 5,631 | $ 7,412 |
Minimum | Core Deposits | ||
Finite-Lived Intangible Assets [Line Items] | ||
Amortization Period | 7 years | |
Maximum | Core Deposits | ||
Finite-Lived Intangible Assets [Line Items] | ||
Amortization Period | 10 years |
Property, Plant, and Equipmen_2
Property, Plant, and Equipment (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Property, Plant and Equipment [Abstract] | |||
Property, Plant and Equipment, Gross | $ 114,498 | $ 106,756 | |
Accumulated Depreciation, Depletion and Amortization, Sale or Disposal of Property, Plant and Equipment | (67,639) | (61,089) | |
Property, Plant and Equipment, Net | 46,859 | 45,667 | |
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | 114,498 | 106,756 | |
Depreciation, Depletion and Amortization | 7,900 | 8,200 | $ 8,200 |
Land | |||
Property, Plant and Equipment [Abstract] | |||
Property, Plant and Equipment, Gross | 11,244 | 11,244 | |
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | 11,244 | 11,244 | |
Building and Building Improvements | |||
Property, Plant and Equipment [Abstract] | |||
Property, Plant and Equipment, Gross | 24,191 | 24,018 | |
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | 24,191 | 24,018 | |
Furniture and Fixtures | |||
Property, Plant and Equipment [Abstract] | |||
Property, Plant and Equipment, Gross | 32,347 | 28,829 | |
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | 32,347 | 28,829 | |
Leasehold Improvements | |||
Property, Plant and Equipment [Abstract] | |||
Property, Plant and Equipment, Gross | 29,061 | 28,201 | |
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | 29,061 | 28,201 | |
Vehicles | |||
Property, Plant and Equipment [Abstract] | |||
Property, Plant and Equipment, Gross | 123 | 123 | |
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | 123 | 123 | |
Computer Software, Intangible Asset | |||
Property, Plant and Equipment [Abstract] | |||
Property, Plant and Equipment, Gross | 17,532 | 14,341 | |
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | $ 17,532 | $ 14,341 |
Leases - Additional Information
Leases - Additional Information (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Lessee, Lease, Description [Line Items] | |||
Extension options, term of extension | 5 years | ||
Rent expense | $ 17,800,000 | $ 18,300,000 | $ 18,600,000 |
Minimum | |||
Lessee, Lease, Description [Line Items] | |||
Remaining lease term for operating leases | 1 year | ||
Maximum | |||
Lessee, Lease, Description [Line Items] | |||
Remaining lease term for operating leases | 10 years |
Leases - Net Lease Cost (Detail
Leases - Net Lease Cost (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Leases [Abstract] | ||
Operating lease cost | $ 15,455 | $ 15,487 |
Variable lease cost | 4,617 | 3,205 |
Sublease income | (687) | (456) |
Net lease cost | 19,385 | 18,236 |
Operating lease right-of-use assets, net | 55,034 | 52,701 |
Short-term operating lease liability | 13,769 | 12,678 |
Long-term operating lease liability | $ 45,319 | $ 44,625 |
Leases - Other Information (Det
Leases - Other Information (Details) | Dec. 31, 2022 | Dec. 31, 2021 |
Leases [Abstract] | ||
Weighted-average remaining lease term - operating leases | 4 years 8 months 12 days | 5 years 2 months 12 days |
Weighted-average discount rate - operating leases | 2.44% | 2.43% |
Leases - Maturities of Remainin
Leases - Maturities of Remaining Lease Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Leases [Abstract] | ||
2023 | $ 15,014 | |
2024 | 13,937 | |
2025 | 12,187 | |
2026 | 11,431 | |
2027 | 5,918 | |
2028 and thereafter | 4,322 | |
Total lease payments | 62,809 | |
Less: imputed interest | 3,721 | |
Total lease obligations | $ 59,088 | $ 57,303 |
Deposits (Details)
Deposits (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Deposits Disclosure [Line Items] | |||
Time Deposits, $250,000 or More | $ 2,385,573,000 | $ 1,490,000,000 | |
Brokered deposits | 1,180,000,000 | 810,900,000 | |
Time deposits | 4,990,060,000 | 2,788,353,000 | |
Time Deposit Maturities, Year One | 4,973,023,000 | ||
Time Deposit Maturities, Year Two | 14,861,000 | ||
Time Deposit Maturities, Year Three | 1,121,000 | ||
Time Deposit Maturities, Year Four | 550,000 | ||
Time Deposit Maturities, Year Five | 505,000 | ||
Time Deposit Maturities, after Year Five | 0 | ||
Contractual Maturities, Time Deposits, $250,000 or More, Three Months or Less | 242,755,000 | ||
Contractual Maturities, Time Deposits, $250,000 or More, Three Months Through Six Months | 509,744,000 | ||
Contractual Maturities, Time Deposits, $250,000 or More, Six Months Through Twelve Months | 1,629,667,000 | ||
Contractual Maturities, $250,000 or More, after 12 months | 3,407,000 | ||
Interest Expense, Money Market Deposits | 68,961,000 | 22,867,000 | $ 34,529,000 |
Interest Expense, Savings Deposits | 3,802,000 | 3,623,000 | 3,475,000 |
Interest Expense, Time Deposits | 42,076,000 | 15,521,000 | 72,365,000 |
Interest Expense, Deposits | 114,839,000 | 42,011,000 | $ 110,369,000 |
Money market and NOW accounts | |||
Deposits Disclosure [Line Items] | |||
Brokered deposits | 70,200,000 | 770,000,000 | |
Time deposit accounts | |||
Deposits Disclosure [Line Items] | |||
Brokered deposits | 1,110,000,000 | 40,900,000 | |
California State Treasurer | |||
Deposits Disclosure [Line Items] | |||
Time Deposits, $250,000 or More | $ 300,000,000 | 300,000,000 | |
Required eligible collateral pledge on outstanding deposits, minimum percentage | 110% | ||
Securities pledged as collateral | $ 348,000,000 | $ 359,800,000 |
Borrowings - Narrative (Details
Borrowings - Narrative (Details) | Dec. 31, 2022 USD ($) security | Dec. 31, 2021 USD ($) |
Debt Instrument [Line Items] | ||
FHLB and FRB borrowings | $ 865,000,000 | $ 300,000,000 |
Percent of assets | 25% | |
Maximum borrowing capacity | $ 4,590,000,000 | 4,450,000,000 |
Percent outstanding advances | 100% | |
FHLB and FRB borrowings | $ 600,000,000 | 300,000,000 |
Remaining borrowing capacity | 3,980,000,000 | |
Federal Home Loan Bank, Advances, Maturities Summary, Fixed Rate | 100,000,000 | |
Federal Home Loan Bank, Advances, Maturities Summary, Floating Rate | 500,000,000 | |
FHLB Advances | ||
Debt Instrument [Line Items] | ||
Loans pledged as collateral | $ 0 | $ 0 |
Weighted Average | ||
Debt Instrument [Line Items] | ||
FHLB advances, interest rate | 3.40% | 0.92% |
Minimum | ||
Debt Instrument [Line Items] | ||
FHLB advances, interest rate | 3.24% | |
Maximum | ||
Debt Instrument [Line Items] | ||
FHLB advances, interest rate | 4.20% | |
Qualifying Loans | ||
Debt Instrument [Line Items] | ||
Asset balance used to determine maximum borrowing capacity from federal reserve bank | $ 794,100,000 | |
FRB Discount Window | ||
Debt Instrument [Line Items] | ||
Advances from Federal Reserve Bank | $ 265,000,000 | $ 0 |
Percent of qualifying assets (up to) | 99% | |
Number of securities pledged as collateral | security | 1 | |
Securities pledged as collateral | $ 1,000,000 | |
Total available borrowing capacity | $ 405,100,000 | 606,600,000 |
Interest rate at period end | 4.50% | |
Unsecured Credit Facility with FHLB | ||
Debt Instrument [Line Items] | ||
Unsecured credit facility, maximum borrowing capacity | $ 81,200,000 | 81,200,000 |
Mortgage Loans on Real Estate | ||
Debt Instrument [Line Items] | ||
Pledged as collateral, FHLB | $ 8,080,000,000 | $ 6,960,000,000 |
Subordinated Debentures and C_3
Subordinated Debentures and Convertible Notes - Narrative (Details) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Jun. 07, 2018 $ / shares | Dec. 31, 2022 USD ($) grantorTrust | Sep. 30, 2022 USD ($) | Dec. 31, 2022 USD ($) grantorTrust | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | Jun. 06, 2018 USD ($) | |
Subordinated Borrowing [Line Items] | |||||||
Number of wholly owned subsidiary grantor trusts | grantorTrust | 9 | 9 | |||||
Amount of pooled trust preferred securities issued | $ 126,000,000 | $ 126,000,000 | |||||
Right to defer consecutive payments of interest, maximum term | 5 years | ||||||
Carrying value of Debentures | 106,565,000 | $ 106,565,000 | $ 105,354,000 | ||||
Interest on other borrowings and convertible notes | 11,330,000 | 9,190,000 | $ 14,146,000 | ||||
Retained Earnings [Member] | |||||||
Subordinated Borrowing [Line Items] | |||||||
Convertible debt, cumulative effect on retained earnings before tax | 10,715,000 | ||||||
Cumulative Effect, Period of Adoption, Adjustment | Accounting Standards Update 2020-06 | Additional Paid-in Capital [Member] | |||||||
Subordinated Borrowing [Line Items] | |||||||
Adjustments to additional paid in capital, equity component of convertible debt, net of tax | 18,300,000 | ||||||
Cumulative Effect, Period of Adoption, Adjustment | Accounting Standards Update 2020-06 | Retained Earnings [Member] | |||||||
Subordinated Borrowing [Line Items] | |||||||
Convertible debt, cumulative effect on retained earnings before tax | $ 10,700,000 | ||||||
Other assets | |||||||
Subordinated Borrowing [Line Items] | |||||||
Investment in common trust securities | 3,900,000 | 3,900,000 | 3,900,000 | ||||
Carrying Value of Debentures | |||||||
Subordinated Borrowing [Line Items] | |||||||
Carrying value of Debentures | 106,565,000 | 106,565,000 | 105,400,000 | ||||
Remaining discounts on acquired Debentures | 23,300,000 | 23,300,000 | 24,500,000 | ||||
Trust Preferred Securities Subject to Mandatory Redemption | |||||||
Subordinated Borrowing [Line Items] | |||||||
Amount of pooled trust preferred securities issued | $ 126,000,000 | $ 126,000,000 | |||||
Percent included in tier one capital, maximum | 25% | 25% | |||||
Excess of percent threshold included in tier two capital | 25% | 25% | |||||
Convertible Notes | |||||||
Subordinated Borrowing [Line Items] | |||||||
Aggregate principal amount issued | $ 217,500,000 | $ 217,500,000 | $ 217,500,000 | ||||
Interest rate | 2% | ||||||
Initial conversion rate | 0.0450760 | 0.0450760 | |||||
Initial conversion price (in dollars per share) | $ / shares | $ 22.18 | ||||||
Premium percentage to closing stock price on date of pricing of the notes | 22.50% | ||||||
Call option, percentage of principal amount in cash | 100% | ||||||
Repurchase or put option, percentage of principal amount in cash | 100% | ||||||
Interest expense on convertible notes | $ 5,300,000 | $ 5,300,000 | $ 9,500,000 | ||||
Number of outstanding years for which non-cash interest expense and issuance cost capitalization expense will be recorded | 5 years | 5 years | 5 years | 5 years | 5 years | ||
Convertible Notes | Discount Rate | |||||||
Subordinated Borrowing [Line Items] | |||||||
Discount rate | 0.0425 |
Subordinated Debentures and C_4
Subordinated Debentures and Convertible Notes - Summary of Trust Preferred Securities and Debentures (Details) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Subordinated Borrowing [Line Items] | ||
Trust Preferred Security Amount | $ 126,000,000 | |
Carrying Value of Debentures | 106,565,000 | $ 105,354,000 |
Trust Preferred Security Amount | ||
Subordinated Borrowing [Line Items] | ||
Trust Preferred Security Amount | 126,000,000 | |
Carrying Value of Debentures | ||
Subordinated Borrowing [Line Items] | ||
Carrying Value of Debentures | $ 106,565,000 | $ 105,400,000 |
Nara Capital Trust III | ||
Subordinated Borrowing [Line Items] | ||
Current Rate | 7.919% | |
Nara Capital Trust III | Trust Preferred Security Amount | ||
Subordinated Borrowing [Line Items] | ||
Trust Preferred Security Amount | $ 5,000,000 | |
Nara Capital Trust III | Carrying Value of Debentures | ||
Subordinated Borrowing [Line Items] | ||
Carrying Value of Debentures | $ 5,155,000 | |
Nara Statutory Trust IV | ||
Subordinated Borrowing [Line Items] | ||
Current Rate | 6.929% | |
Nara Statutory Trust IV | Trust Preferred Security Amount | ||
Subordinated Borrowing [Line Items] | ||
Trust Preferred Security Amount | $ 5,000,000 | |
Nara Statutory Trust IV | Carrying Value of Debentures | ||
Subordinated Borrowing [Line Items] | ||
Carrying Value of Debentures | $ 5,155,000 | |
Nara Statutory Trust V | ||
Subordinated Borrowing [Line Items] | ||
Current Rate | 7.688% | |
Nara Statutory Trust V | Trust Preferred Security Amount | ||
Subordinated Borrowing [Line Items] | ||
Trust Preferred Security Amount | $ 10,000,000 | |
Nara Statutory Trust V | Carrying Value of Debentures | ||
Subordinated Borrowing [Line Items] | ||
Carrying Value of Debentures | $ 10,310,000 | |
Nara Statutory Trust VI | ||
Subordinated Borrowing [Line Items] | ||
Current Rate | 6.419% | |
Nara Statutory Trust VI | Trust Preferred Security Amount | ||
Subordinated Borrowing [Line Items] | ||
Trust Preferred Security Amount | $ 8,000,000 | |
Nara Statutory Trust VI | Carrying Value of Debentures | ||
Subordinated Borrowing [Line Items] | ||
Carrying Value of Debentures | $ 8,248,000 | |
Center Capital Trust I | ||
Subordinated Borrowing [Line Items] | ||
Current Rate | 6.929% | |
Center Capital Trust I | Trust Preferred Security Amount | ||
Subordinated Borrowing [Line Items] | ||
Trust Preferred Security Amount | $ 18,000,000 | |
Center Capital Trust I | Carrying Value of Debentures | ||
Subordinated Borrowing [Line Items] | ||
Carrying Value of Debentures | $ 14,937,000 | |
Wilshire Trust II | ||
Subordinated Borrowing [Line Items] | ||
Current Rate | 6.528% | |
Wilshire Trust II | Trust Preferred Security Amount | ||
Subordinated Borrowing [Line Items] | ||
Trust Preferred Security Amount | $ 20,000,000 | |
Wilshire Trust II | Carrying Value of Debentures | ||
Subordinated Borrowing [Line Items] | ||
Carrying Value of Debentures | $ 16,435,000 | |
Wilshire Trust III | ||
Subordinated Borrowing [Line Items] | ||
Current Rate | 6.169% | |
Wilshire Trust III | Trust Preferred Security Amount | ||
Subordinated Borrowing [Line Items] | ||
Trust Preferred Security Amount | $ 15,000,000 | |
Wilshire Trust III | Carrying Value of Debentures | ||
Subordinated Borrowing [Line Items] | ||
Carrying Value of Debentures | $ 11,722,000 | |
Wilshire Trust IV | ||
Subordinated Borrowing [Line Items] | ||
Current Rate | 6.149% | |
Wilshire Trust IV | Trust Preferred Security Amount | ||
Subordinated Borrowing [Line Items] | ||
Trust Preferred Security Amount | $ 25,000,000 | |
Wilshire Trust IV | Carrying Value of Debentures | ||
Subordinated Borrowing [Line Items] | ||
Carrying Value of Debentures | $ 18,932,000 | |
Saehan Capital Trust I | ||
Subordinated Borrowing [Line Items] | ||
Current Rate | 6.35% | |
Saehan Capital Trust I | Trust Preferred Security Amount | ||
Subordinated Borrowing [Line Items] | ||
Trust Preferred Security Amount | $ 20,000,000 | |
Saehan Capital Trust I | Carrying Value of Debentures | ||
Subordinated Borrowing [Line Items] | ||
Carrying Value of Debentures | $ 15,671,000 |
Subordinated Debentures and C_5
Subordinated Debentures and Convertible Notes - Schedule of Convertible Debt (Details) - Convertible Notes - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | |||
Jun. 07, 2018 | Sep. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Debt Instrument [Line Items] | |||||
Debt Instrument, Convertible, Remaining Discount Amortization Period | 5 years | 5 years | 5 years | 5 years | 5 years |
Debt Instrument, Convertible, Gross Carrying Amount [Abstract] | |||||
Convertible notes principal balance | $ 217,500 | $ 217,500 | $ 217,500 | ||
Debt Instrument, Unamortized Discount | 10,929 | ||||
Discount | 10,951 | ||||
Debt Instrument, Unamortized Discount, Gross | 21,880 | ||||
Issuance costs to be capitalized | (4,119) | (4,119) | (4,119) | ||
Carrying balance of convertible notes | 213,381 | 213,381 | 191,501 | ||
Total Capitalization | |||||
Issuance costs to be capitalized | 3,767 | 2,828 | 2,113 | ||
Carrying balance of convertible notes | 3,767 | 2,828 | 13,064 | ||
Carrying Amount | |||||
Convertible notes principal balance | 217,500 | 217,500 | 217,500 | ||
Issuance costs to be capitalized | (352) | (1,291) | (2,006) | ||
Carrying balance of convertible notes | $ 217,148 | $ 216,209 | $ 204,565 |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |||||||||||
Income tax provision | $ 18,210,000 | $ 19,679,000 | $ 18,631,000 | $ 21,251,000 | $ 19,056,000 | $ 19,912,000 | $ 17,767,000 | $ 13,965,000 | $ 77,771,000 | $ 70,700,000 | $ 30,776,000 |
Pretax income | 69,913,000 | $ 73,427,000 | $ 70,719,000 | $ 81,989,000 | 70,679,000 | $ 75,411,000 | $ 71,530,000 | $ 57,652,000 | $ 296,048,000 | $ 275,272,000 | $ 142,291,000 |
Effective income tax rate | 26.27% | 25.68% | 21.63% | ||||||||
Unrecognized tax benefits | 2,951,000 | 3,278,000 | $ 2,951,000 | $ 3,278,000 | $ 2,750,000 | ||||||
Interest accrued | 359,000 | 387,000 | 359,000 | 387,000 | |||||||
Penalties accrued | 0 | $ 0 | 0 | $ 0 | |||||||
Decrease in unrecognized tax benefits is reasonably possible | $ 1,200,000 | $ 1,200,000 |
Income Taxes Table (Details)
Income Taxes Table (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |||||||||||
Current Federal Tax Expense (Benefit) | $ 52,676 | $ 28,382 | $ 28,284 | ||||||||
Current State and Local Tax Expense (Benefit) | 34,050 | 22,692 | 20,490 | ||||||||
Current Income Tax Expense (Benefit) | 86,726 | 51,074 | 48,774 | ||||||||
Deferred Federal Income Tax Expense (Benefit) | (6,366) | 12,599 | (11,079) | ||||||||
Deferred State and Local Income Tax Expense (Benefit) | (2,589) | 7,027 | (6,919) | ||||||||
Deferred Income Tax Expense (Benefit) | (8,955) | 19,626 | (17,998) | ||||||||
Federal Income Tax Expense (Benefit), Continuing Operations | 46,310 | 40,981 | 17,205 | ||||||||
State and Local Income Tax Expense (Benefit), Continuing Operations | 31,461 | 29,719 | 13,571 | ||||||||
Income tax provision | $ 18,210 | $ 19,679 | $ 18,631 | $ 21,251 | $ 19,056 | $ 19,912 | $ 17,767 | $ 13,965 | $ 77,771 | $ 70,700 | $ 30,776 |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21% | 21% | 21% | ||||||||
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Percent | 8.58% | 8.59% | 8.56% | ||||||||
Effective Income Tax Rate Reconciliation, TaxCredits, Investment | (2.99%) | (3.75%) | (7.34%) | ||||||||
Effective Income Tax Rate Reconciliation, Tax Credit, Bank owned, Percent life insurance | (0.22%) | (0.17%) | (0.05%) | ||||||||
Effective Income Tax Rate Reconciliation, Tax Exempt Income, Percent | (0.26%) | (0.17%) | (0.38%) | ||||||||
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Percent | 0.15% | (0.04%) | (2.76%) | ||||||||
Effective Income Tax Rate Reconciliation, Tax Contingency, Percent | (0.23%) | 0.07% | 1.63% | ||||||||
Effective Income Tax Rate Reconciliation, Other Adjustments, Percent | 0.24% | 0.15% | 0.97% | ||||||||
Effective income tax rate | 26.27% | 25.68% | 21.63% | ||||||||
Deferred Tax Asset, Tax Deferred Expense, Reserve and Accrual, Financing Receivable, Allowance for Credit Loss | 53,225 | 46,367 | $ 53,225 | $ 46,367 | |||||||
Deferred Tax Assets, Operating Loss Carryforwards | 1,396 | 1,552 | 1,396 | 1,552 | |||||||
Deferred Tax Assets, Investment Security Provision | 469 | 469 | 469 | 469 | |||||||
Deferred Tax Assets, State Taxes | 5,210 | 3,403 | 5,210 | 3,403 | |||||||
Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Employee Compensation | 45 | 86 | 45 | 86 | |||||||
Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Other | 107 | 103 | 107 | 103 | |||||||
Deferred Tax Assets, Investments | 3 | 1,721 | 3 | 1,721 | |||||||
Deferred Tax Assets, Nonaccrual Loan Interest | 4,044 | 4,290 | 4,044 | 4,290 | |||||||
Deferred Tax Assets, Other Real Estate Owned | 455 | 421 | 455 | 421 | |||||||
Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Share-Based Compensation Cost | 4,322 | 3,122 | 4,322 | 3,122 | |||||||
Deferred Tax Assets, Lease Expense, Right-of-Use Asset | 18,751 | 18,209 | 18,751 | 18,209 | |||||||
Deferred Tax Asset, Debt Securities, Available-for-Sale, Unrealized Loss | 96,319 | 4,583 | 96,319 | 4,583 | |||||||
Deferred Tax Assets, Tax Deferred Expense, Other | 8,178 | 5,782 | 8,178 | 5,782 | |||||||
Deferred Tax Assets, Gross | 192,524 | 90,108 | 192,524 | 90,108 | |||||||
Deferred Tax Liabilities, Purchase Accounting Fair Value Adjustment | (6,583) | (5,978) | (6,583) | (5,978) | |||||||
Deferred Tax Liabilities, Depreciation | (293) | (6) | (293) | (6) | |||||||
Deferred Tax Liabilities, Tax Deferred Income | (332) | (257) | (332) | (257) | |||||||
Deferred Tax Liabilities, Deferred Loan Costs | (9,983) | (10,615) | (9,983) | (10,615) | |||||||
Deferred Tax Liabilities, State Taxes Deferred and Other | (3,875) | (3,332) | (3,875) | (3,332) | |||||||
Deferred Tax Liabilities, Prepaid Expenses | (1,677) | (942) | (1,677) | (942) | |||||||
Deferred Tax Liabilities, Intangible Assets | (1,908) | (2,513) | (1,908) | (2,513) | |||||||
Deferred Tax Liabilities, Right-of-Use Asset | (17,464) | (16,746) | (17,464) | (16,746) | |||||||
Deferred Tax Liabilities, Gross | (42,115) | (40,389) | (42,115) | (40,389) | |||||||
Deferred Tax Assets, Net | 150,409 | 49,719 | 150,409 | 49,719 | |||||||
Operating Loss Carryforwards [Line Items] | |||||||||||
Unrecognized tax benefits | 2,951 | 3,278 | 2,951 | 3,278 | $ 2,750 | ||||||
Unrecognized Tax Benefits, Increase Resulting from Prior Period Tax Positions | 434 | 528 | |||||||||
Unrecognized Tax Benefits, Decrease Resulting from Prior Period Tax Positions | (761) | 0 | |||||||||
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | 2,600 | 2,900 | 2,600 | 2,900 | |||||||
Internal Revenue Service (IRS) | |||||||||||
Operating Loss Carryforwards [Line Items] | |||||||||||
Operating Loss Carryforwards | 5,798 | 6,444 | 5,798 | 6,444 | |||||||
Operating Loss Carryforwards Limitations On Use Annual Limitation Amount | 646 | 646 | 646 | 646 | |||||||
Internal Revenue Service (IRS) | Ownership Change | Saehan Bank | |||||||||||
Operating Loss Carryforwards [Line Items] | |||||||||||
Operating Loss Carryforwards | 1,809 | 2,035 | 1,809 | 2,035 | |||||||
Operating Loss Carryforwards Limitations On Use Annual Limitation Amount | 226 | 226 | 226 | 226 | |||||||
Internal Revenue Service (IRS) | Ownership Change | Pacific International Bancorp. Inc. | |||||||||||
Operating Loss Carryforwards [Line Items] | |||||||||||
Operating Loss Carryforwards | 3,989 | 4,409 | 3,989 | 4,409 | |||||||
Operating Loss Carryforwards Limitations On Use Annual Limitation Amount | 420 | 420 | 420 | 420 | |||||||
State and Local Jurisdiction | |||||||||||
Operating Loss Carryforwards [Line Items] | |||||||||||
Operating Loss Carryforwards | 2,261 | 2,488 | 2,261 | 2,488 | |||||||
Operating Loss Carryforwards Limitations On Use Annual Limitation Amount | 226 | 0 | 226 | 0 | |||||||
State and Local Jurisdiction | Ownership Change | Saehan Bank | |||||||||||
Operating Loss Carryforwards [Line Items] | |||||||||||
Operating Loss Carryforwards | 2,261 | 2,488 | 2,261 | 2,488 | |||||||
Operating Loss Carryforwards Limitations On Use Annual Limitation Amount | 226 | 0 | 226 | 0 | |||||||
State and Local Jurisdiction | Ownership Change | Pacific International Bancorp. Inc. | |||||||||||
Operating Loss Carryforwards [Line Items] | |||||||||||
Operating Loss Carryforwards | 0 | 0 | 0 | 0 | |||||||
Operating Loss Carryforwards Limitations On Use Annual Limitation Amount | $ 0 | $ 0 | $ 0 | $ 0 |
Stock-Based Compensation - Plan
Stock-Based Compensation - Plan Description (Details) - shares | 12 Months Ended | |
Dec. 31, 2022 | May 23, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of shares available for future grant (in shares) | 1,443,000 | |
ISOs, SARs, and NQSOs | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Contractual term | 10 years | |
ISOs, SARs, and NQSOs | Minimum | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Award vesting period | 3 years | |
ISOs, SARs, and NQSOs | Maximum | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Award vesting period | 5 years | |
Restricted stock, performance shares and performance units | Minimum | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Restricted stock, restriction period | 1 year | |
Time-based vesting of grants | Maximum | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Restricted stock, restriction period | 3 years | |
2019 Stock Incentive Plan | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares initially available for grant to participants (in shares) | 4,400,000 | |
2019 Stock Incentive Plan | Minimum | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Purchase price of common stock, percent | 100% | |
2019 Stock Incentive Plan | Stock options | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Contractual term | 10 years |
Stock-Based Compensation - Stoc
Stock-Based Compensation - Stock Option Activity (Details) $ / shares in Units, $ in Thousands | 12 Months Ended |
Dec. 31, 2022 USD ($) $ / shares shares | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | |
Share-based Compensation Arrangement, Future Expense, Next Twelve Months | $ 13,654 |
Share-based Compensation Arrangement, Future Expense, Two Years | 9,796 |
Share-based Compensation Arrangement, Future Expense, Three Years | 3,510 |
Share-based Compensation Arrangement, Future Expense, Four Years | 343 |
Share-based Compensation Arrangement, Future Expense, Five Years | 0 |
Total | $ 27,303 |
Stock options | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |
Outstanding - beginning of period (in shares) | shares | 814,877 |
Granted (in shares) | shares | 0 |
Exercised (in shares) | shares | (105,510) |
Expired (in shares) | shares | (60,000) |
Forfeited (in shares) | shares | 0 |
Outstanding - end of period (in shares) | shares | 649,367 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward] | |
Outstanding - beginning of period, weighted-average exercise price per share (usd per share) | $ / shares | $ 15.17 |
Granted - weighted average exercise price (usd per share) | $ / shares | 0 |
Exercised - weighted average exercise price (usd per share) | $ / shares | 5.02 |
Expired - weighted-average exercise price per share (usd per share) | $ / shares | 17.18 |
Forfeited - weighted average exercise price (usd per share) | $ / shares | 0 |
Outstanding - end of period, weighted-average exercise price per share (usd per share) | $ / shares | $ 16.63 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | |
Options exercisable - end of period (in shares) | shares | 649,367 |
Options exercisable, weighted-average exercise price per share (usd per share) | $ / shares | $ 16.63 |
Outstanding, weighted-average remaining contractual life (years) | 2 years 11 months 1 day |
Options exercisable, weighted-average remaining contractual life (years) | 2 years 11 months 1 day |
Outstanding, aggregate intrinsic value | $ 0 |
Options exercisable, aggregate intrinsic value | $ 0 |
Stock-Based Compensation - Rest
Stock-Based Compensation - Restricted Stock and Performance Unit Activity (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract] | |||
Allocated share-based compensation expense | $ 12,300,000 | $ 8,400,000 | $ 8,100,000 |
Unrecognized compensation expense | $ 27,303,000 | ||
Total compensation cost not yet recognized, period for recognition | 1 year 8 months 12 days | ||
Restricted stock and performance units | |||
Number of Shares | |||
Outstanding - beginning of period (in shares) | 1,561,197 | ||
Granted (in shares) | 1,007,942 | ||
Vested (in shares) | (634,514) | ||
Forfeited (in shares) | (174,252) | ||
Outstanding - end of period (in shares) | 1,760,373 | 1,561,197 | |
Weighted-Average Grant Date Fair Value | |||
Outstanding - beginning of period (in dollars per share) | $ 12.08 | ||
Granted (in dollars per share) | 15.85 | ||
Vested (in dollars per share) | 12.65 | ||
Forfeited (in dollars per share) | 13.55 | ||
Outstanding - end of period (in dollars per share) | $ 13.89 | $ 12.08 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract] | |||
Equity instruments other than options, vested in period | $ 9,700,000 | $ 9,500,000 | 3,300,000 |
Employee Stock Purchase Plan (ESPP) | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract] | |||
Allocated share-based compensation expense | $ 284,000 | $ 431,000 | $ 250,000 |
Discount rate to the closing price, purchase date | 10% | ||
Maximum amount of common shares purchased under ESPP of employee's base salary, percent | 20% | ||
Cap amount for shares purchased per employee | $ 25,000 |
Compensation Related Costs, R_2
Compensation Related Costs, Retirement Benefits (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Deferred Compensation Arrangement with Individual, Requisite Service Period | 3 months | ||
Pension Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 75% | ||
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent | 8% | ||
Defined Contribution Plan, Cost | $ 5,900,000 | $ 5,800,000 | $ 5,400,000 |
Pension Plan | Vested After Two Years of Service | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Contribution Plan, Employers Matching Contribution, Annual Vesting Percentage | 25% | ||
Pension Plan | Vested After Three Years of Service | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Contribution Plan, Employers Matching Contribution, Annual Vesting Percentage | 50% | ||
Pension Plan | Vested After Four Years of Service | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Contribution Plan, Employers Matching Contribution, Annual Vesting Percentage | 75% | ||
Pension Plan | Vested After Five Years of Service | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Contribution Plan, Employers Matching Contribution, Annual Vesting Percentage | 100% | ||
Postretirement Life Insurance | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Contribution Plan, Cost | $ 6,800,000 | 8,600,000 | 9,000,000 |
Defined Benefit Plan, Plan Assets, Benefits Paid | 1,200,000 | 1,300,000 | 1,000,000 |
Defined Benefit Plan, Base Amount of Death Proceeds, Annual Percentage Increase Until Retirement Age Reached | $ 3 | ||
Defined Benefit Plan, Period Death Benefit Required to be Paid Following Participant's Death | 90 days | ||
Directors And Officers | Deferred Compensation, Excluding Share-Based Payments and Retirement Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Deferred Compensation Liability, Current and Noncurrent | $ 482,000 | 593,000 | |
Deferred Compensation Arrangement with Individual, Compensation Expense | 2,000 | 5,000 | 9,000 |
Executive Officer | Long Term Incentive Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Deferred Compensation Arrangement with Individual, Compensation Expense | $ 555,000 | $ 521,000 | $ 490,000 |
Executive Officer | Long Term Incentive Plan | Minimum | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Deferred Compensation Arrangement with Individual, Requisite Service Period | 5 years | ||
Executive Officer | Long Term Incentive Plan | Maximum | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Deferred Compensation Arrangement with Individual, Requisite Service Period | 10 years |
Commitments and Contingencies_2
Commitments and Contingencies (Details) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Supply Commitment [Line Items] | ||
Loss contingencies for all legal claims | $ 229,000 | $ 52,000 |
Loss contingencies for all legal claims | 229,000 | 52,000 |
Commitments to extend credit | ||
Supply Commitment [Line Items] | ||
Commitments and letters of credit | 2,856,263,000 | 2,329,421,000 |
Standby letters of credit | ||
Supply Commitment [Line Items] | ||
Commitments and letters of credit | 132,538,000 | 126,137,000 |
Other letters of credit | ||
Supply Commitment [Line Items] | ||
Commitments and letters of credit | 22,376,000 | 56,333,000 |
Commitments to fund investments in affordable housing partnerships | ||
Supply Commitment [Line Items] | ||
Commitments and letters of credit | $ 11,792,000 | $ 9,514,000 |
Fair Value Measurements - Asset
Fair Value Measurements - Assets and Liabilities Measured at Fair Value, Recurring (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Costs to sell percentage | 8.50% | |
Assets: | ||
Equity investments with readily determinable fair value | $ 42,396 | $ 57,860 |
Recurring basis | ||
Assets: | ||
Equity investments with readily determinable fair value | 4,303 | 26,823 |
Recurring basis | Designated as Hedging Instrument | ||
Liabilities: | ||
Derivative liabilities | 2,160 | 93 |
Recurring basis | Interest rate swaps | ||
Assets: | ||
Derivative assets | 73,389 | 17,907 |
Liabilities: | ||
Derivative liabilities | 73,389 | 17,907 |
Recurring basis | Mortgage banking derivatives | ||
Assets: | ||
Derivative assets | 29 | 247 |
Liabilities: | ||
Derivative liabilities | 23 | 76 |
Recurring basis | Other derivatives | ||
Assets: | ||
Derivative assets | 25,462 | 2,291 |
Liabilities: | ||
Derivative liabilities | 2,160 | 93 |
Recurring basis | Collateralized mortgage obligations | ||
Assets: | ||
Investment securities available for sale: | 793,699 | 1,026,430 |
Recurring basis | Mortgage-backed securities: Residential | ||
Assets: | ||
Investment securities available for sale: | 453,177 | 759,224 |
Recurring basis | Mortgage-backed securities: Commercial | ||
Assets: | ||
Investment securities available for sale: | 368,287 | 599,402 |
Recurring basis | Corporate securities | ||
Assets: | ||
Investment securities available for sale: | 18,857 | 22,484 |
Recurring basis | Municipal securities | ||
Assets: | ||
Investment securities available for sale: | 182,752 | 105,284 |
Recurring basis | Asset-backed Securities | ||
Assets: | ||
Investment securities available for sale: | 147,604 | 153,451 |
Recurring basis | US Treasury Notes Securities | ||
Assets: | ||
Investment securities available for sale: | 3,886 | |
Recurring basis | Agency Securities | ||
Assets: | ||
Investment securities available for sale: | 3,867 | |
Recurring basis | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Assets: | ||
Equity investments with readily determinable fair value | 4,303 | 26,823 |
Recurring basis | Quoted Prices in Active Markets for Identical Assets (Level 1) | Interest rate swaps | ||
Assets: | ||
Derivative assets | 0 | 0 |
Liabilities: | ||
Derivative liabilities | 0 | 0 |
Recurring basis | Quoted Prices in Active Markets for Identical Assets (Level 1) | Mortgage banking derivatives | ||
Assets: | ||
Derivative assets | 0 | 0 |
Liabilities: | ||
Derivative liabilities | 0 | 0 |
Recurring basis | Quoted Prices in Active Markets for Identical Assets (Level 1) | Other derivatives | ||
Assets: | ||
Derivative assets | 0 | 0 |
Liabilities: | ||
Derivative liabilities | 0 | 0 |
Recurring basis | Quoted Prices in Active Markets for Identical Assets (Level 1) | Collateralized mortgage obligations | ||
Assets: | ||
Investment securities available for sale: | 0 | 0 |
Recurring basis | Quoted Prices in Active Markets for Identical Assets (Level 1) | Mortgage-backed securities: Residential | ||
Assets: | ||
Investment securities available for sale: | 0 | 0 |
Recurring basis | Quoted Prices in Active Markets for Identical Assets (Level 1) | Mortgage-backed securities: Commercial | ||
Assets: | ||
Investment securities available for sale: | 0 | 0 |
Recurring basis | Quoted Prices in Active Markets for Identical Assets (Level 1) | Corporate securities | ||
Assets: | ||
Investment securities available for sale: | 0 | 0 |
Recurring basis | Quoted Prices in Active Markets for Identical Assets (Level 1) | Municipal securities | ||
Assets: | ||
Investment securities available for sale: | 0 | 0 |
Recurring basis | Quoted Prices in Active Markets for Identical Assets (Level 1) | Asset-backed Securities | ||
Assets: | ||
Investment securities available for sale: | 0 | 0 |
Recurring basis | Quoted Prices in Active Markets for Identical Assets (Level 1) | US Treasury Notes Securities | ||
Assets: | ||
Investment securities available for sale: | 3,886 | |
Recurring basis | Quoted Prices in Active Markets for Identical Assets (Level 1) | Agency Securities | ||
Assets: | ||
Investment securities available for sale: | 0 | |
Recurring basis | Significant Other Observable Inputs (Level 2) | ||
Assets: | ||
Equity investments with readily determinable fair value | 0 | 0 |
Recurring basis | Significant Other Observable Inputs (Level 2) | Designated as Hedging Instrument | ||
Liabilities: | ||
Derivative liabilities | 0 | |
Recurring basis | Significant Other Observable Inputs (Level 2) | Interest rate swaps | ||
Assets: | ||
Derivative assets | 73,389 | 17,907 |
Liabilities: | ||
Derivative liabilities | 73,389 | 17,907 |
Recurring basis | Significant Other Observable Inputs (Level 2) | Mortgage banking derivatives | ||
Assets: | ||
Derivative assets | 29 | 247 |
Liabilities: | ||
Derivative liabilities | 23 | 76 |
Recurring basis | Significant Other Observable Inputs (Level 2) | Other derivatives | ||
Assets: | ||
Derivative assets | 25,462 | 2,291 |
Liabilities: | ||
Derivative liabilities | 2,128 | 0 |
Recurring basis | Significant Other Observable Inputs (Level 2) | Collateralized mortgage obligations | ||
Assets: | ||
Investment securities available for sale: | 793,699 | 1,026,430 |
Recurring basis | Significant Other Observable Inputs (Level 2) | Mortgage-backed securities: Residential | ||
Assets: | ||
Investment securities available for sale: | 453,177 | 759,224 |
Recurring basis | Significant Other Observable Inputs (Level 2) | Mortgage-backed securities: Commercial | ||
Assets: | ||
Investment securities available for sale: | 368,287 | 599,402 |
Recurring basis | Significant Other Observable Inputs (Level 2) | Corporate securities | ||
Assets: | ||
Investment securities available for sale: | 18,857 | 22,484 |
Recurring basis | Significant Other Observable Inputs (Level 2) | Municipal securities | ||
Assets: | ||
Investment securities available for sale: | 181,809 | 104,246 |
Recurring basis | Significant Other Observable Inputs (Level 2) | Asset-backed Securities | ||
Assets: | ||
Investment securities available for sale: | 147,604 | 153,451 |
Recurring basis | Significant Other Observable Inputs (Level 2) | US Treasury Notes Securities | ||
Assets: | ||
Investment securities available for sale: | 0 | |
Recurring basis | Significant Other Observable Inputs (Level 2) | Agency Securities | ||
Assets: | ||
Investment securities available for sale: | 3,867 | |
Recurring basis | Significant Unobservable Inputs (Level 3) | ||
Assets: | ||
Equity investments with readily determinable fair value | 0 | 0 |
Recurring basis | Significant Unobservable Inputs (Level 3) | Interest rate swaps | ||
Assets: | ||
Derivative assets | 0 | 0 |
Liabilities: | ||
Derivative liabilities | 0 | 0 |
Recurring basis | Significant Unobservable Inputs (Level 3) | Mortgage banking derivatives | ||
Assets: | ||
Derivative assets | 0 | 0 |
Liabilities: | ||
Derivative liabilities | 0 | 0 |
Recurring basis | Significant Unobservable Inputs (Level 3) | Other derivatives | ||
Assets: | ||
Derivative assets | 0 | 0 |
Liabilities: | ||
Derivative liabilities | 32 | 93 |
Recurring basis | Significant Unobservable Inputs (Level 3) | Collateralized mortgage obligations | ||
Assets: | ||
Investment securities available for sale: | 0 | 0 |
Recurring basis | Significant Unobservable Inputs (Level 3) | Mortgage-backed securities: Residential | ||
Assets: | ||
Investment securities available for sale: | 0 | 0 |
Recurring basis | Significant Unobservable Inputs (Level 3) | Mortgage-backed securities: Commercial | ||
Assets: | ||
Investment securities available for sale: | 0 | 0 |
Recurring basis | Significant Unobservable Inputs (Level 3) | Corporate securities | ||
Assets: | ||
Investment securities available for sale: | 0 | 0 |
Recurring basis | Significant Unobservable Inputs (Level 3) | Municipal securities | ||
Assets: | ||
Investment securities available for sale: | 943 | 1,038 |
Recurring basis | Significant Unobservable Inputs (Level 3) | Asset-backed Securities | ||
Assets: | ||
Investment securities available for sale: | 0 | $ 0 |
Recurring basis | Significant Unobservable Inputs (Level 3) | US Treasury Notes Securities | ||
Assets: | ||
Investment securities available for sale: | 0 | |
Recurring basis | Significant Unobservable Inputs (Level 3) | Agency Securities | ||
Assets: | ||
Investment securities available for sale: | $ 0 | |
Maximum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Costs to sell percentage | 8.50% | |
Discount Rate | Accounts Receivable | Minimum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Discount rate | 0.20 | |
Discount Rate | Accounts Receivable | Maximum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Discount rate | 0.60 | |
Discount Rate | Inventory | Minimum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Discount rate | 0.50 | |
Discount Rate | Inventory | Maximum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Discount rate | 0.70 |
Fair Value Measurements - Rollf
Fair Value Measurements - Rollforward of Level 3 Assets (Details) - Level 3 - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Other derivatives | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning Balance | $ 93 | $ 398 |
Change in fair value included in other comprehensive (loss) income | (61) | (305) |
Ending Balance | 32 | 93 |
Municipal Bonds [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning Balance | 1,038 | 1,022 |
Change in fair value included in other comprehensive (loss) income | (95) | 16 |
Ending Balance | $ 943 | $ 1,038 |
Fair Value Measurements - Ass_2
Fair Value Measurements - Assets Measured at Fair Value, Non-Recurring (Details) - Non-recurring basis - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Real estate loans | ||
Assets: | ||
Assets | $ 807 | $ 12,293 |
Commercial business | ||
Assets: | ||
Assets | 2,744 | 3,656 |
OREO | ||
Assets: | ||
Assets | 1,050 | 2,167 |
Loans held for sale, net | ||
Assets: | ||
Assets | 48,795 | 26,154 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Real estate loans | ||
Assets: | ||
Assets | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Commercial business | ||
Assets: | ||
Assets | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | OREO | ||
Assets: | ||
Assets | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Loans held for sale, net | ||
Assets: | ||
Assets | 0 | 0 |
Significant Other Observable Inputs (Level 2) | Real estate loans | ||
Assets: | ||
Assets | 0 | 0 |
Significant Other Observable Inputs (Level 2) | Commercial business | ||
Assets: | ||
Assets | 0 | 0 |
Significant Other Observable Inputs (Level 2) | OREO | ||
Assets: | ||
Assets | 0 | 0 |
Significant Other Observable Inputs (Level 2) | Loans held for sale, net | ||
Assets: | ||
Assets | 48,795 | 26,154 |
Significant Unobservable Inputs (Level 3) | Real estate loans | ||
Assets: | ||
Assets | 807 | 12,293 |
Significant Unobservable Inputs (Level 3) | Commercial business | ||
Assets: | ||
Assets | 2,744 | 3,656 |
Significant Unobservable Inputs (Level 3) | OREO | ||
Assets: | ||
Assets | 1,050 | 2,167 |
Significant Unobservable Inputs (Level 3) | Loans held for sale, net | ||
Assets: | ||
Assets | $ 0 | $ 0 |
Fair Value Measurements - Total
Fair Value Measurements - Total Net Gains Losses on Assets Measured at Fair Value on a Non-Recurring Basis (Details) - Change during period - Non-recurring basis - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Loans Receivable | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total gains (losses), fair value | $ (3,989) | $ (21,074) |
Loans Receivable | Real estate loans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total gains (losses), fair value | (727) | (1,758) |
Loans Receivable | Commercial business | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total gains (losses), fair value | (2,526) | (2,088) |
OREO | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total gains (losses), fair value | $ (941) | $ (1,275) |
Fair Value Measurements - Carry
Fair Value Measurements - Carrying Amounts and Estimated Fair Values of Financial Instruments (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Financial Assets: | ||
Equity investments without readily determinable fair values | $ 38,100 | $ 31,037 |
Financial Liabilities: | ||
Investment securities held to maturity, at amortized cost | 271,066 | 0 |
Investment securities held to maturity, fair value | 258,407 | 0 |
Level 1 | Carrying Amount | ||
Financial Assets: | ||
Cash and cash equivalents | 506,776 | 316,266 |
Financial Liabilities: | ||
Convertible notes, net | 217,148 | 216,209 |
Level 1 | Estimated Fair Value | ||
Financial Assets: | ||
Cash and cash equivalents | 506,776 | 316,266 |
Financial Liabilities: | ||
Convertible notes, net | 213,937 | 214,612 |
Level 2/3 | Carrying Amount | ||
Financial Assets: | ||
Accrued interest receivable | 55,460 | 41,842 |
Level 2/3 | Estimated Fair Value | ||
Financial Assets: | ||
Accrued interest receivable | 55,460 | 41,842 |
Level 2 | Carrying Amount | ||
Financial Assets: | ||
Interest bearing deposits in other financial institutions | 735 | 12,851 |
Equity investments without readily determinable fair values | 38,093 | |
Loans held for sale | 49,245 | 99,049 |
Customers’ liabilities on acceptances | 818 | 1,521 |
Financial Liabilities: | ||
Noninterest bearing deposits | 4,849,493 | 5,751,870 |
Saving and other interest bearing demand deposits | 5,899,248 | 6,500,227 |
Time deposits | 4,990,060 | 2,788,353 |
FHLB and FRB borrowings, Fair Value Disclosure | 865,000 | |
FHLB and FRB borrowings | 300,000 | |
Subordinated debentures | 106,565 | 105,354 |
Accrued interest payable | 26,668 | 4,272 |
Acceptances outstanding | 818 | 1,521 |
Level 2 | Estimated Fair Value | ||
Financial Assets: | ||
Interest bearing deposits in other financial institutions | 733 | 12,853 |
Equity investments without readily determinable fair values | 38,093 | 31,037 |
Loans held for sale | 49,248 | 103,767 |
Customers’ liabilities on acceptances | 818 | 1,521 |
Financial Liabilities: | ||
Noninterest bearing deposits | 4,849,493 | 5,751,870 |
Saving and other interest bearing demand deposits | 5,899,248 | 6,500,227 |
Time deposits | 5,020,093 | 2,790,596 |
FHLB and FRB borrowings, Fair Value Disclosure | 867,088 | |
FHLB and FRB borrowings | 301,936 | |
Subordinated debentures | 107,944 | 117,961 |
Accrued interest payable | 26,668 | 4,272 |
Acceptances outstanding | 818 | 1,521 |
Level 3 | Carrying Amount | ||
Financial Assets: | ||
Loans receivable, net | 15,241,181 | 13,812,193 |
Servicing assets, net | 11,628 | 10,418 |
Level 3 | Estimated Fair Value | ||
Financial Assets: | ||
Loans receivable, net | 14,745,881 | 13,698,579 |
Servicing assets, net | $ 17,375 | $ 13,500 |
Derivative Financial Instrume_3
Derivative Financial Instruments - Summary of Derivative Notional Amounts and Fair Values (Details) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Designated as Hedging Instrument | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Notional amount | $ 1,225,000,000 | $ 100,000,000 |
Not Designated as Hedging Instrument | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Notional amount | 2,168,615,000 | 1,318,722,000 |
Interest rate swaps | Designated as Hedging Instrument | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Notional amount | 614,000,000 | 100,000,000 |
Interest rate swaps | Not Designated as Hedging Instrument | Correspondent Banks | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Notional amount | 1,013,407,000 | 588,685,000 |
Interest rate swaps | Not Designated as Hedging Instrument | Customers | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Notional amount | 1,013,407,000 | 588,685,000 |
Interest Rate Swap, forward starting | Designated as Hedging Instrument | Cash Flow Hedge | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Notional amount | 111,000,000 | |
Interest Rate Swap, forward starting | Designated as Hedging Instrument | Interest Rate Cap | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Notional amount | 500,000,000 | |
Risk participation agreement | Not Designated as Hedging Instrument | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Notional amount | 134,282,000 | 123,927,000 |
Interest Rate Lock Commitments and Forward Contracts | Not Designated as Hedging Instrument | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Notional amount | 2,801,000 | 17,425,000 |
Foreign Exchange Contract | Not Designated as Hedging Instrument | Correspondent Banks | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Notional amount | 2,359,000 | |
Foreign Exchange Contract | Not Designated as Hedging Instrument | Customers | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Notional amount | 2,359,000 | |
Other assets | Designated as Hedging Instrument | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Estimated fair value | 25,383,000 | 2,291,000 |
Other assets | Not Designated as Hedging Instrument | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Credit valuation adjustment | 73,497,000 | 18,154,000 |
Other assets | Interest rate swaps | Designated as Hedging Instrument | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Notional amount | 100,000,000 | |
Estimated fair value | 19,773,000 | 2,291,000 |
Other assets | Interest rate swaps | Not Designated as Hedging Instrument | Correspondent Banks | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Estimated fair value | 73,059,000 | 3,001,000 |
Other assets | Interest rate swaps | Not Designated as Hedging Instrument | Customers | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Estimated fair value | 330,000 | 14,906,000 |
Other assets | Interest Rate Swap, forward starting | Designated as Hedging Instrument | Cash Flow Hedge | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Estimated fair value | 5,428,000 | |
Other assets | Interest Rate Swap, forward starting | Designated as Hedging Instrument | Interest Rate Cap | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Estimated fair value | 182,000 | |
Other assets | Risk participation agreement | Not Designated as Hedging Instrument | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Credit valuation adjustment | 0 | 0 |
Other assets | Interest Rate Lock Commitments and Forward Contracts | Not Designated as Hedging Instrument | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Credit valuation adjustment | 29,000 | 247,000 |
Other assets | Foreign Exchange Contract | Not Designated as Hedging Instrument | Correspondent Banks | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Foreign exchange contracts | 79,000 | |
Other assets | Foreign Exchange Contract | Not Designated as Hedging Instrument | Customers | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Foreign exchange contracts | 0 | |
Other liabilities | Designated as Hedging Instrument | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Estimated fair value | 2,055,000 | 0 |
Other liabilities | Not Designated as Hedging Instrument | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Credit valuation adjustment | 73,517,000 | 18,076,000 |
Other liabilities | Interest rate swaps | Designated as Hedging Instrument | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Estimated fair value | 1,227,000 | 0 |
Other liabilities | Interest rate swaps | Not Designated as Hedging Instrument | Correspondent Banks | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Estimated fair value | 330,000 | 14,906,000 |
Other liabilities | Interest rate swaps | Not Designated as Hedging Instrument | Customers | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Estimated fair value | 73,059,000 | 3,001,000 |
Other liabilities | Interest Rate Swap, forward starting | Designated as Hedging Instrument | Cash Flow Hedge | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Estimated fair value | 0 | |
Other liabilities | Interest Rate Swap, forward starting | Designated as Hedging Instrument | Interest Rate Cap | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Estimated fair value | 828,000 | |
Other liabilities | Risk participation agreement | Not Designated as Hedging Instrument | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Credit valuation adjustment | 32,000 | 93,000 |
Other liabilities | Interest Rate Lock Commitments and Forward Contracts | Not Designated as Hedging Instrument | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Credit valuation adjustment | 23,000 | $ 76,000 |
Other liabilities | Foreign Exchange Contract | Not Designated as Hedging Instrument | Correspondent Banks | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Foreign exchange contracts | 0 | |
Other liabilities | Foreign Exchange Contract | Not Designated as Hedging Instrument | Customers | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Foreign exchange contracts | $ 73,000 |
Derivative Financial Instrume_4
Derivative Financial Instruments - Narrative (Details) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2022 USD ($) derivative | Sep. 30, 2022 USD ($) | Jun. 30, 2022 USD ($) | Mar. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) derivative | Sep. 30, 2021 USD ($) | Jun. 30, 2021 USD ($) | Mar. 31, 2021 USD ($) | Dec. 31, 2022 USD ($) derivative | Dec. 31, 2021 USD ($) derivative | Dec. 31, 2020 USD ($) | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||||||||
Interest Rate Cash Flow Hedge Gain (Loss) Reclassified to Earnings, Net | $ (2,000,000) | ||||||||||
Interest Expense | $ 73,716,000 | $ 35,996,000 | $ 16,286,000 | $ 11,696,000 | $ 11,851,000 | $ 12,570,000 | $ 13,627,000 | $ 15,714,000 | 137,694,000 | $ 53,762,000 | $ 131,380,000 |
Not Designated as Hedging Instrument | |||||||||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||||||||
Notional amount | 2,168,615,000 | 1,318,722,000 | 2,168,615,000 | 1,318,722,000 | |||||||
Not Designated as Hedging Instrument | Other assets | |||||||||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||||||||
Credit valuation adjustment | 73,497,000 | 18,154,000 | 73,497,000 | 18,154,000 | |||||||
Not Designated as Hedging Instrument | Other liabilities | |||||||||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||||||||
Credit valuation adjustment | 73,517,000 | 18,076,000 | 73,517,000 | 18,076,000 | |||||||
Designated as Hedging Instrument | |||||||||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||||||||
Notional amount | $ 1,225,000,000 | 100,000,000 | $ 1,225,000,000 | 100,000,000 | |||||||
Number of derivative instruments held | 17 | 17 | |||||||||
Interest Rate Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months, Net | $ 14,300,000 | $ 14,300,000 | |||||||||
Risk participation agreement | Not Designated as Hedging Instrument | |||||||||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||||||||
Notional amount | 134,282,000 | 123,927,000 | 134,282,000 | 123,927,000 | |||||||
Risk participation agreement | Not Designated as Hedging Instrument | Other assets | |||||||||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||||||||
Credit valuation adjustment | 0 | 0 | 0 | 0 | |||||||
Risk participation agreement | Not Designated as Hedging Instrument | Other liabilities | |||||||||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||||||||
Credit valuation adjustment | 32,000 | 93,000 | 32,000 | 93,000 | |||||||
Interest rate swaps | |||||||||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||||||||
Derivative, collateral, obligation to return cash | 9,100,000 | 9,400,000 | 9,100,000 | 9,400,000 | |||||||
Interest rate swaps | Reclassification out of Accumulated Other Comprehensive Income | Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent | |||||||||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||||||||
Interest Expense | (319,000) | ||||||||||
Interest rate swaps | Designated as Hedging Instrument | |||||||||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||||||||
Notional amount | $ 614,000,000 | 100,000,000 | $ 614,000,000 | $ 100,000,000 | |||||||
Weighted average remaining term (years) | 4 years 1 month 6 days | 3 years 3 months 18 days | |||||||||
Interest rate swaps | Designated as Hedging Instrument | Other assets | |||||||||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||||||||
Notional amount | $ 100,000,000 | $ 100,000,000 | |||||||||
Interest rate swaps | Designated as Hedging Instrument | Cash Flow Hedge | |||||||||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||||||||
Number of derivative instruments held | derivative | 13 | 1 | 13 | 1 | |||||||
Interest Rate Swap, forward starting | Designated as Hedging Instrument | Cash Flow Hedge | |||||||||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||||||||
Notional amount | $ 111,000,000 | $ 111,000,000 | |||||||||
Weighted average remaining term (years) | 3 years 10 months 24 days | ||||||||||
Interest Rate Swap, forward starting | Designated as Hedging Instrument | Interest Rate Cap | |||||||||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||||||||
Notional amount | $ 500,000,000 | $ 500,000,000 | |||||||||
Number of derivative instruments held | 2 | 2 | |||||||||
Weighted average remaining term (years) | 3 years | ||||||||||
Interest Rate Lock Commitments | |||||||||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||||||||
Notional amount | $ 2,800,000 | $ 17,400,000 | $ 2,800,000 | $ 17,400,000 | |||||||
Foreign Exchange Contract | Not Designated as Hedging Instrument | |||||||||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||||||||
Gain (loss) on fair value of foreign exchange contracts | 6,000 | 0 | |||||||||
Cash Flow Hedge | |||||||||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||||||||||
Derivative, collateral, obligation to return cash | $ 3,100,000 | $ 37,100,000 | $ 3,100,000 | $ 37,100,000 |
Stockholders' Equity - Discussi
Stockholders' Equity - Discussion of Equity (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||||
Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Jun. 30, 2019 | |
Equity [Abstract] | |||||||||||||
Total stockholders’ equity | $ 2,019,328,000 | $ 2,092,983,000 | $ 2,019,328,000 | $ 2,092,983,000 | $ 2,053,745,000 | $ 2,036,011,000 | |||||||
Share repurchase program, authorized amount | $ 50,000,000 | $ 50,000,000 | $ 50,000,000 | $ 50,000,000 | |||||||||
Common stock repurchased and recorded as treasury stock (in shares) | 1,038,986 | 3,682,268 | 2,716,034 | ||||||||||
Repurchase of treasury stock | $ 14,667,000 | $ 50,000,000 | $ 36,180,000 | ||||||||||
Dividends paid (in dollars per share) | $ 0.14 | $ 0.14 | $ 0.14 | $ 0.14 | $ 0.14 | $ 0.14 | $ 0.14 | $ 0.14 | |||||
Dividends, Common Stock, Cash | 67,126,000 | 68,666,000 | 69,182,000 | ||||||||||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, before Tax | 2,000,000 | (319,000) | |||||||||||
Other Comprehensive Income (Loss), Reclassification adjustment from AOCI for Sale of Securities and Cash Flow Hedges, Net of Tax | (7,600,000) | ||||||||||||
Other Comprehensive Income (Loss), Reclassification adjustment from AOCI for Sale of Securities and Cash Flow Hedges, Net of Tax | 7,600,000 | ||||||||||||
Reclassification from AOCI, Debt Securities transferred from AFS to HTM amortization of unrealized losses, before tax | $ 2,300,000 | $ 0 | $ 0 |
Stockholders' Equity - Changes
Stockholders' Equity - Changes in Accumulated Other Comprehensive (Loss) Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Balance at beginning of period | $ 2,092,983 | $ 2,053,745 | $ 2,036,011 |
Unrealized net (losses) gains on securities available for sale | (297,919) | (65,551) | 41,562 |
OCI, Debt Securities, Available-for-Sale, Transfer to Held-to-Maturity, Adjustment from AOCI for Amortization of Gain (Loss), before Tax | (36,576) | 0 | 0 |
Unrealized net gains (losses) on interest rate swaps used for cash flow hedge | 23,062 | 2,893 | (602) |
Reclassification adjustments for net losses (gains) realized in net income | 253 | 319 | (7,583) |
Tax effect | 91,735 | 18,174 | (9,773) |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent, Total | (219,445) | (44,165) | 23,604 |
Balance at end of period | 2,019,328 | 2,092,983 | 2,053,745 |
AOCI Attributable to Parent [Member] | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Balance at beginning of period | (11,412) | 32,753 | 9,149 |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent, Total | (219,445) | (44,165) | 23,604 |
Balance at end of period | $ (230,857) | $ (11,412) | $ 32,753 |
Regulatory Matters (Details)
Regulatory Matters (Details) $ in Thousands | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) |
Bank Subsidiary | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Common equity Tier 1 capital, Actual Amount | $ 2,049,973 | $ 1,947,914 |
Common equity Tier 1 capital, Actual Ratio | 0.1203 | 0.1296 |
Total capital (to risk-weighted assets), Amount | ||
Total capital, Actual | $ 2,189,607 | $ 2,056,675 |
Tier I capital (to risk-weighted assets), Amount | ||
Tier 1 capital, Actual | 2,049,973 | 1,947,914 |
Tier I capital (to average assets), Amount | ||
Tier 1 capital, Actual | $ 2,049,973 | $ 1,947,914 |
Total capital and Tier I capital (to risk-weighted assets), Ratio | ||
Total capital (to Risk Weighted Assets), Actual | 0.1285 | 0.1368 |
Total capital (to Risk Weighted Assets), Required For Capital Adequacy Purposes | 0.0800 | 0.0800 |
Tier 1 capital (to Risk Weighted Assets), Actual | 0.1203 | 0.1296 |
Tier 1 capital (to Risk Weighted Assets), Required For Capital Adequacy Purposes | 0.0600 | 0.0600 |
Tier 1 capital (to Risk Weighted Assets), Required To Be Well Capitalized Under Prompt Corrective Action Provisions | 0.0800 | 0.0800 |
Tier I capital (to average assets), Ratio | ||
Tier I Capital (to Average Assets), Actual (Leverage) | 0.1094 | 0.1120 |
Tier I Capital (to Average Assets), Minimum For Capital Adequacy Purposes (Leverage) | 0.0400 | 0.0400 |
Banking Regulation, Common Equity Tier One Risk-Based Capital, Capital Adequacy, Minimum | $ 766,971 | $ 676,328 |
Total capital, Required For Capital Adequacy Purposes | 1,363,504 | 1,202,361 |
Tier 1 capital, Required For Capital Adequacy Purposes | 1,022,628 | 901,771 |
Tier 1 capital, Required For Capital Adequacy Purposes | 749,540 | 695,593 |
Common equity Tier 1 capital, Required To Be Well Capitalized Under Prompt Corrective Action Provisions, Amount | 1,107,847 | 976,919 |
Total capital, Required To Be Well Capitalized Under Prompt Corrective Action Provisions | $ 1,704,380 | $ 1,502,952 |
Total capital (to Risk Weighted Assets), Required To Be Well Capitalized Under Prompt Corrective Action Provisions | 0.1000 | 0.1000 |
Tier 1 capital, Required To Be Well Capitalized Under Prompt Corrective Action Provisions | $ 1,363,504 | $ 1,202,361 |
Tier 1 capital, Required To Be Well Capitalized Under Prompt Corrective Action Provisions | $ 936,925 | $ 869,491 |
Tier I Capital (to Average Assets), Minimum to be Well Capitalized Under Prompt Corrective Action Provisions (Leverage) | 0.0500 | 0.0500 |
Company | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Common equity Tier 1 capital, Actual Amount | $ 1,799,020 | $ 1,657,754 |
Common equity Tier 1 capital, Actual Ratio | 0.1055 | 0.1103 |
Total capital (to risk-weighted assets), Amount | ||
Total capital, Actual | $ 2,041,319 | $ 1,867,968 |
Total capital, Minimum Capital Adequacy With Capital Conservation Buffer | 1,790,188 | 1,578,811 |
Tier I capital (to risk-weighted assets), Amount | ||
Tier 1 capital, Actual | 1,901,685 | 1,759,207 |
Tier 1 capital, Minimum Capital Adequacy With Capital Conservation Buffer | 1,449,200 | 1,278,085 |
Tier I capital (to average assets), Amount | ||
Tier 1 capital, Actual | $ 1,901,685 | $ 1,759,207 |
Total capital and Tier I capital (to risk-weighted assets), Ratio | ||
Total capital (to Risk Weighted Assets), Actual | 0.1197 | 0.1242 |
Total capital (to Risk Weighted Assets), Required For Capital Adequacy Purposes | 0.0800 | 0.0800 |
Total capital (to Risk Weighted assets), Minimum Capital Adequacy With Capital Conservation Buffer | 10.50% | 10.50% |
Tier 1 capital (to Risk Weighted Assets), Actual | 0.1115 | 0.1170 |
Tier 1 capital (to Risk Weighted Assets), Required For Capital Adequacy Purposes | 0.0600 | 0.0600 |
Tier 1 capital (to Risk Weighted Assets), Minimum Capital Adequacy With Capital Conservation Buffer | 8.50% | 8.50% |
Tier I capital (to average assets), Ratio | ||
Tier I Capital (to Average Assets), Actual (Leverage) | 0.1015 | 0.1011 |
Tier I Capital (to Average Assets), Minimum For Capital Adequacy Purposes (Leverage) | 0.0400 | 0.0400 |
Banking Regulation, Common Equity Tier One Risk-Based Capital, Capital Adequacy, Minimum | $ 676,633 | |
Total capital, Required For Capital Adequacy Purposes | $ 1,363,953 | 1,202,903 |
Tier 1 capital, Required For Capital Adequacy Purposes | 1,022,965 | 902,178 |
Tier 1 capital, Required For Capital Adequacy Purposes | 749,743 | 695,795 |
Bank | ||
Total capital (to risk-weighted assets), Amount | ||
Total capital, Minimum Capital Adequacy With Capital Conservation Buffer | 1,789,598 | 1,578,099 |
Tier I capital (to risk-weighted assets), Amount | ||
Tier 1 capital, Minimum Capital Adequacy With Capital Conservation Buffer | $ 1,448,723 | $ 1,277,509 |
Total capital and Tier I capital (to risk-weighted assets), Ratio | ||
Total capital (to Risk Weighted assets), Minimum Capital Adequacy With Capital Conservation Buffer | 10.50% | 10.50% |
Tier 1 capital (to Risk Weighted Assets), Minimum Capital Adequacy With Capital Conservation Buffer | 8.50% | 8.50% |
Common Equity Tier 1 | Company | ||
Tier I capital (to risk-weighted assets), Amount | ||
Tier 1 capital, Minimum Capital Adequacy With Capital Conservation Buffer | $ 1,193,459 | $ 1,052,540 |
Total capital and Tier I capital (to risk-weighted assets), Ratio | ||
Tier 1 capital (to Risk Weighted Assets), Required For Capital Adequacy Purposes | 0.0450 | 0.0450 |
Tier 1 capital (to Risk Weighted Assets), Minimum Capital Adequacy With Capital Conservation Buffer | 7% | 7% |
Tier I capital (to average assets), Ratio | ||
Tier 1 capital, Required For Capital Adequacy Purposes | $ 767,223 | |
Common Equity Tier 1 | Bank | ||
Tier I capital (to risk-weighted assets), Amount | ||
Tier 1 capital, Minimum Capital Adequacy With Capital Conservation Buffer | $ 1,193,066 | $ 1,052,066 |
Total capital and Tier I capital (to risk-weighted assets), Ratio | ||
Tier 1 capital (to Risk Weighted Assets), Minimum Capital Adequacy With Capital Conservation Buffer | 7% | 7% |
Common equity tier 1 capital | Bank Subsidiary | ||
Total capital and Tier I capital (to risk-weighted assets), Ratio | ||
Tier 1 capital (to Risk Weighted Assets), Required For Capital Adequacy Purposes | 0.0450 | 0.0450 |
Tier 1 capital (to Risk Weighted Assets), Required To Be Well Capitalized Under Prompt Corrective Action Provisions | 0.0650 | 0.0650 |
Revenue Recognition - Service C
Revenue Recognition - Service Charged on Deposit Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disaggregation of Revenue [Line Items] | |||
Service fees on deposit accounts | $ 8,938 | $ 7,275 | $ 12,443 |
Wire transfer fees | 3,477 | 3,519 | 3,577 |
Wire transfer fees | |||
Disaggregation of Revenue [Line Items] | |||
Wire transfer fees | 3,005 | 3,082 | 3,188 |
Foreign exchange fees | |||
Disaggregation of Revenue [Line Items] | |||
Wire transfer fees | 472 | 437 | 389 |
Noninterest Bearing Deposits | |||
Disaggregation of Revenue [Line Items] | |||
Service fees on deposit accounts | 8,843 | 7,183 | 12,351 |
Noninterest Bearing Deposits | Monthly service charges | |||
Disaggregation of Revenue [Line Items] | |||
Service fees on deposit accounts | 997 | 1,065 | 1,301 |
Noninterest Bearing Deposits | Customer analysis charges | |||
Disaggregation of Revenue [Line Items] | |||
Service fees on deposit accounts | 4,602 | 3,219 | 6,765 |
Noninterest Bearing Deposits | NSF charges | |||
Disaggregation of Revenue [Line Items] | |||
Service fees on deposit accounts | 2,889 | 2,554 | 3,687 |
Noninterest Bearing Deposits | Other service charges | |||
Disaggregation of Revenue [Line Items] | |||
Service fees on deposit accounts | 355 | 345 | 598 |
Interest-bearing Deposits | Monthly service charges | |||
Disaggregation of Revenue [Line Items] | |||
Service fees on deposit accounts | $ 95 | $ 92 | $ 92 |
Revenue Recognition - OREO Inco
Revenue Recognition - OREO Income (Expense) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Revenue from Contract with Customer [Abstract] | |||
Net losses on sales of OREO | $ (178) | $ (684) | $ (108) |
Earnings Per Share (Details)
Earnings Per Share (Details) | 3 Months Ended | 12 Months Ended | ||||||||||||
Jun. 07, 2018 | Dec. 31, 2022 USD ($) $ / shares | Sep. 30, 2022 USD ($) $ / shares | Jun. 30, 2022 USD ($) $ / shares | Mar. 31, 2022 USD ($) $ / shares | Dec. 31, 2021 USD ($) $ / shares | Sep. 30, 2021 USD ($) $ / shares | Jun. 30, 2021 USD ($) $ / shares | Mar. 31, 2021 USD ($) $ / shares | Dec. 31, 2022 USD ($) $ / shares shares | Dec. 31, 2021 USD ($) $ / shares shares | Dec. 31, 2020 USD ($) $ / shares shares | Jun. 30, 2019 USD ($) | Jun. 06, 2018 USD ($) | |
Antidilutive Securities Excluded from Computation of Earnings Per Share | ||||||||||||||
Share repurchase program, authorized amount | $ | $ 50,000,000 | $ 50,000,000 | $ 50,000,000 | $ 50,000,000 | ||||||||||
Common stock repurchased and recorded as treasury stock (in shares) | shares | 1,038,986 | 3,682,268 | 2,716,034 | |||||||||||
Repurchase of treasury stock | $ | $ 14,667,000 | $ 50,000,000 | $ 36,180,000 | |||||||||||
Net Income (Loss) Available to Common Stockholders, Diluted [Abstract] | ||||||||||||||
Net Income (Loss) Attributable to Parent | $ | $ 51,703,000 | $ 53,748,000 | $ 52,088,000 | $ 60,738,000 | $ 51,623,000 | $ 55,499,000 | $ 53,763,000 | $ 43,687,000 | 218,277,000 | 204,572,000 | 111,515,000 | |||
Net Income (Loss) Available to Common Stockholders, Diluted | $ | $ 218,277,000 | $ 204,572,000 | $ 111,515,000 | |||||||||||
Weighted Average Number of Shares Outstanding, Diluted [Abstract] | ||||||||||||||
Basic EPS - common stock (in shares) | shares | 119,824,970 | 122,321,768 | 123,501,401 | |||||||||||
Dilutive Securities, Effect on Basic Earnings Per Share [Abstract] | ||||||||||||||
Stock options, restricted stock, and ESPP shares (in shares) | shares | 647,375 | 811,257 | 387,942 | |||||||||||
Diluted EPS - common stock (shares) | shares | 120,472,345 | 123,133,025 | 123,889,343 | |||||||||||
Earnings Per Share, Diluted [Abstract] | ||||||||||||||
Basic EPS - common stock (in dollars per share) | $ / shares | $ 0.43 | $ 0.45 | $ 0.43 | $ 0.51 | $ 0.43 | $ 0.45 | $ 0.44 | $ 0.35 | $ 1.82 | $ 1.67 | $ 0.90 | |||
Diluted EPS - common stock (in dollars per share) | $ / shares | $ 0.43 | $ 0.45 | $ 0.43 | $ 0.50 | $ 0.43 | $ 0.45 | $ 0.43 | $ 0.35 | $ 1.81 | $ 1.66 | $ 0.90 | |||
Convertible Notes | ||||||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share | ||||||||||||||
Aggregate principal amount issued | $ | $ 217,500,000 | $ 217,500,000 | $ 217,500,000 | |||||||||||
Initial conversion rate | 0.0450760 | 0.0450760 | ||||||||||||
Stock options and restricted share awards | ||||||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share | ||||||||||||||
Antidilutive shares of common stock | shares | 693,668 | 772,707 | 827,405 |
Servicing Assets - Changes in S
Servicing Assets - Changes in Servicing Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Servicing Asset at Amortized Cost, Balance [Roll Forward] | |||
Balance at beginning of period | $ 10,418 | $ 12,692 | $ 16,417 |
Additions through originations of servicing assets | 5,200 | 2,880 | 2,864 |
Amortization | (3,990) | (5,154) | (6,589) |
Balance at end of period | $ 11,628 | $ 10,418 | $ 12,692 |
Transfers and Servicing (Detail
Transfers and Servicing (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Transfers and Servicing [Abstract] | ||||
Loans and Leases Receivable, Serviced for other Institutions | $ 1,100,000 | $ 1,040,000 | ||
Servicing Asset at Amortized Cost | 11,628 | 10,418 | $ 12,692 | $ 16,417 |
SBA Servicing Asset at Amortized Cost | 8,900 | 7,200 | ||
Mortgage Servicing Asset at Amortized Cost | $ 2,700 | $ 3,200 |
Servicing Assets - Fair Value A
Servicing Assets - Fair Value Assumptions (Details) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2022 | Dec. 31, 2022 | |
Transfers and Servicing [Abstract] | ||
SBA Servicing Assets: Weighted-average discount rate | 11.20% | 8.76% |
SBA Servicing Assets: Constant prepayment rate | 14.64% | 12.09% |
Mortgage Servicing Assets: Weighted-average discount rate | 8.63% | 11.38% |
Mortgage Servicing Assets: Constant prepayment rate | 9.58% | 9.61% |
Condensed Financial Statement_3
Condensed Financial Statements of Parent Company (Statements of Financial Condition) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||
Other assets | $ 144,742 | $ 95,263 | ||
Total assets | 19,164,491 | 17,889,061 | ||
Convertible notes, net | 217,148 | 216,209 | ||
Subordinated debentures, net | 106,565 | 105,354 | ||
Liabilities | 17,145,163 | 15,796,078 | ||
Stockholders' Equity Attributable to Parent | 2,019,328 | 2,092,983 | $ 2,053,745 | $ 2,036,011 |
Liabilities and Equity | 19,164,491 | 17,889,061 | ||
Company | ||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||
Cash and Cash Equivalents, at Carrying Value | 62,380 | 21,006 | ||
Other assets | 11,689 | 11,382 | ||
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | 2,270,280 | 2,383,098 | ||
Total assets | 2,344,349 | 2,415,486 | ||
Convertible notes, net | 217,148 | 216,209 | ||
Subordinated debentures, net | 106,565 | 105,354 | ||
Other Accounts Payable and Accrued Liabilities | 1,308 | 940 | ||
Liabilities | 325,021 | 322,503 | ||
Stockholders' Equity Attributable to Parent | 2,019,328 | 2,092,983 | ||
Liabilities and Equity | $ 2,344,349 | $ 2,415,486 |
Condensed Financial Statement_4
Condensed Financial Statements of Parent Company (Statements of Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Interest and Dividend Income, Operating | $ 224,237 | $ 189,182 | $ 157,824 | $ 144,872 | $ 145,169 | $ 142,866 | $ 140,204 | $ 138,293 | $ 716,115 | $ 566,532 | $ 598,878 |
Interest Expense | (73,716) | (35,996) | (16,286) | (11,696) | (11,851) | (12,570) | (13,627) | (15,714) | (137,694) | (53,762) | (131,380) |
Noninterest Income | 12,110 | 13,355 | 12,746 | 13,186 | 13,097 | 10,617 | 11,076 | 8,804 | 51,397 | 43,594 | 53,432 |
Noninterest Expense | (84,518) | (83,914) | (80,365) | (75,373) | (74,236) | (75,502) | (73,123) | (70,431) | (324,170) | (293,292) | (283,639) |
Pretax income | 69,913 | 73,427 | 70,719 | 81,989 | 70,679 | 75,411 | 71,530 | 57,652 | 296,048 | 275,272 | 142,291 |
Income tax provision | (18,210) | (19,679) | (18,631) | (21,251) | (19,056) | (19,912) | (17,767) | (13,965) | (77,771) | (70,700) | (30,776) |
Net Income (Loss) Attributable to Parent | $ 51,703 | $ 53,748 | $ 52,088 | $ 60,738 | $ 51,623 | $ 55,499 | $ 53,763 | $ 43,687 | 218,277 | 204,572 | 111,515 |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | (1,168) | 160,407 | 135,119 | ||||||||
Parent | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Interest and Dividend Income, Operating | 0 | 0 | 0 | ||||||||
Interest Expense | (11,330) | (9,186) | (14,147) | ||||||||
Noninterest Income | 0 | 0 | 0 | ||||||||
Noninterest Expense | (7,212) | (5,633) | (5,316) | ||||||||
Dividends | 133,000 | 128,000 | 96,000 | ||||||||
Equity in undistributed earnings (losses) of Bank Subsidiary | 98,354 | 87,025 | 29,781 | ||||||||
Pretax income | 212,812 | 200,206 | 106,318 | ||||||||
Income tax provision | 5,465 | 4,366 | 5,197 | ||||||||
Net Income (Loss) Attributable to Parent | 218,277 | 204,572 | 111,515 | ||||||||
Other Comprehensive Income (Loss), Net of Tax | (219,445) | (44,165) | 23,604 | ||||||||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $ (1,168) | $ 160,407 | $ 135,119 |
Condensed Financial Statement_5
Condensed Financial Statements of Parent Company (Statements of Cash Flows) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Condensed Financial Statements, Captions [Line Items] | ||||||||||||
Net Income (Loss) Attributable to Parent | $ 51,703 | $ 53,748 | $ 52,088 | $ 60,738 | $ 51,623 | $ 55,499 | $ 53,763 | $ 43,687 | $ 218,277 | $ 204,572 | $ 111,515 | |
Share-based Payment Arrangement, Noncash Expense | 12,263 | 8,398 | 8,127 | |||||||||
Increase (Decrease) in Other Operating Assets | (3,519) | 49,010 | (59,228) | |||||||||
Net Cash Provided by (Used in) Operating Activities | 485,535 | 324,211 | 165,916 | |||||||||
Proceeds from sales of equity investments | 20,603 | 1,277 | 201 | |||||||||
Net Cash Provided by (Used in) Investing Activities | (1,473,626) | (993,040) | (1,834,632) | |||||||||
Purchase of treasury stock | (14,667) | (50,000) | (36,777) | |||||||||
Net Cash Provided by (Used in) Financing Activities | 1,178,601 | 634,516 | 1,320,728 | |||||||||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | 190,510 | (34,313) | (347,988) | |||||||||
Parent | ||||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||
Net Income (Loss) Attributable to Parent | 218,277 | 204,572 | 111,515 | |||||||||
Amortization | 2,150 | 2,115 | 6,250 | |||||||||
Share-based Payment Arrangement, Noncash Expense | 502 | 141 | 201 | |||||||||
Increase (Decrease) in Other Operating Assets | (307) | (326) | (1,194) | |||||||||
Increase (Decrease) in Accounts Payable and Accrued Liabilities | 368 | 25 | (440) | |||||||||
Equity in undistributed earnings (losses) of Bank Subsidiary | (98,354) | (87,025) | (29,781) | |||||||||
Net Cash Provided by (Used in) Operating Activities | 122,636 | 119,502 | 86,551 | |||||||||
Proceeds from sales of equity investments | 0 | 0 | 0 | |||||||||
Net Cash Provided by (Used in) Investing Activities | 0 | 0 | 0 | |||||||||
Proceeds, Issuance of Shares, Share-Based Payment Arrangement, Including Option Exercised | 531 | 0 | 0 | |||||||||
Purchase of treasury stock | (14,667) | (50,000) | (36,180) | |||||||||
Payments of Dividends | (67,126) | (68,666) | (69,182) | |||||||||
Net Cash Provided by (Used in) Financing Activities | (81,262) | (118,666) | (105,362) | |||||||||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | 41,374 | 836 | (18,811) | |||||||||
Cash and Cash Equivalents, at Carrying Value | $ 62,380 | $ 21,006 | $ 62,380 | $ 21,006 | $ 20,170 | $ 38,981 |
Quarterly Financial Data (Una_3
Quarterly Financial Data (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Interest and Dividend Income, Operating | $ 224,237 | $ 189,182 | $ 157,824 | $ 144,872 | $ 145,169 | $ 142,866 | $ 140,204 | $ 138,293 | $ 716,115 | $ 566,532 | $ 598,878 |
Interest Expense | 73,716 | 35,996 | 16,286 | 11,696 | 11,851 | 12,570 | 13,627 | 15,714 | 137,694 | 53,762 | 131,380 |
Interest Income (Expense), Net | 150,521 | 153,186 | 141,538 | 133,176 | 133,318 | 130,296 | 126,577 | 122,579 | 578,421 | 512,770 | 467,498 |
PROVISION (CREDIT) FOR CREDIT LOSSES | 8,200 | 9,200 | 3,200 | (11,000) | 1,500 | (10,000) | (7,000) | 3,300 | 9,600 | (12,200) | 95,000 |
Interest Income (Expense), after Provision for Loan Loss | 142,321 | 143,986 | 138,338 | 144,176 | 131,818 | 140,296 | 133,577 | 119,279 | 568,821 | 524,970 | 372,498 |
Noninterest Income | 12,110 | 13,355 | 12,746 | 13,186 | 13,097 | 10,617 | 11,076 | 8,804 | 51,397 | 43,594 | 53,432 |
Noninterest Expense | 84,518 | 83,914 | 80,365 | 75,373 | 74,236 | 75,502 | 73,123 | 70,431 | 324,170 | 293,292 | 283,639 |
Pretax income | 69,913 | 73,427 | 70,719 | 81,989 | 70,679 | 75,411 | 71,530 | 57,652 | 296,048 | 275,272 | 142,291 |
Income tax provision | 18,210 | 19,679 | 18,631 | 21,251 | 19,056 | 19,912 | 17,767 | 13,965 | 77,771 | 70,700 | 30,776 |
Net Income (Loss) Attributable to Parent | $ 51,703 | $ 53,748 | $ 52,088 | $ 60,738 | $ 51,623 | $ 55,499 | $ 53,763 | $ 43,687 | $ 218,277 | $ 204,572 | $ 111,515 |
Basic EPS - common stock (in dollars per share) | $ 0.43 | $ 0.45 | $ 0.43 | $ 0.51 | $ 0.43 | $ 0.45 | $ 0.44 | $ 0.35 | $ 1.82 | $ 1.67 | $ 0.90 |
Diluted EPS - common stock (in dollars per share) | $ 0.43 | $ 0.45 | $ 0.43 | $ 0.50 | $ 0.43 | $ 0.45 | $ 0.43 | $ 0.35 | $ 1.81 | $ 1.66 | $ 0.90 |