Cover Page
Cover Page - shares | 3 Months Ended | |
Mar. 31, 2021 | May 05, 2021 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2021 | |
Document Transition Report | false | |
Entity File Number | 001-35522 | |
Entity Registrant Name | BANC OF CALIFORNIA, INC. | |
Entity Incorporation, State or Country Code | MD | |
Entity Tax Identification Number | 04-3639825 | |
Entity Address, Address Line One | 3 MacArthur Place | |
Entity Address, City or Town | Santa Ana | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 92707 | |
City Area Code | 855 | |
Local Phone Number | 361-2262 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Central Index Key | 0001169770 | |
Current Fiscal Year End Date | --12-31 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q1 | |
Entity Filer Category | Accelerated Filer | |
Common Stock | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Common Stock, par value $0.01 per share | |
Trading Symbol | BANC | |
Security Exchange Name | NYSE | |
Entity Common Stock, Shares Outstanding | 50,187,520 | |
Series E 7.00% non-cumulative perpetual | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Depositary Shares each representing a 1/40th interest in a share of 7.00% Non-Cumulative Perpetual Preferred Stock, Series E | |
Trading Symbol | BANC PRE | |
Security Exchange Name | NYSE | |
Class B Non-Voting Non-Convertible Common Stock | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 477,321 |
Consolidated Statements of Fina
Consolidated Statements of Financial Condition - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
ASSETS | ||
Cash and due from banks | $ 21,754 | $ 38,330 |
Interest-earning deposits in financial institutions | 357,755 | 182,489 |
Total cash and cash equivalents | 379,509 | 220,819 |
Securities available-for-sale, at fair value | 1,270,830 | 1,231,431 |
Loans held-for-sale, carried at fair value | 1,408 | 1,413 |
Loans receivable | 5,764,401 | 5,898,405 |
Allowance for loan losses | (79,353) | (81,030) |
Loans receivable, net | 5,685,048 | 5,817,375 |
Federal Home Loan Bank and other bank stock, at cost | 44,964 | 44,506 |
Premises and equipment, net | 120,071 | 121,520 |
Bank owned life insurance | 112,479 | 111,807 |
Operating lease right-of-use assets | 22,069 | 19,633 |
Investments in alternative energy partnerships, net | 23,809 | 27,977 |
Deferred income taxes, net | 47,877 | 45,957 |
Goodwill | 37,144 | 37,144 |
Other intangible assets, net | 2,351 | 2,633 |
Other assets | 185,900 | 195,119 |
Total assets | 7,933,459 | 7,877,334 |
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||
Noninterest-bearing deposits | 1,700,343 | 1,559,248 |
Interest-bearing deposits | 4,441,699 | 4,526,552 |
Total deposits | 6,142,042 | 6,085,800 |
Federal Home Loan Bank advances, net | 635,105 | 539,795 |
Long-term debt, net | 256,441 | 256,315 |
Reserve for loss on repurchased loans | 5,383 | 5,515 |
Operating lease liabilities | 23,173 | 20,647 |
Accrued expenses and other liabilities | 66,622 | 72,055 |
Total liabilities | 7,128,766 | 6,980,127 |
Commitments and contingent liabilities | ||
Preferred stock | 94,956 | 184,878 |
Additional paid-in capital | 629,844 | 634,704 |
Retained earnings | 115,004 | 110,179 |
Treasury stock, at cost (2,410,964 and 2,410,964 shares at March 31, 2021 and December 31, 2020) | (40,827) | (40,827) |
Accumulated other comprehensive income, net | 5,185 | 7,746 |
Total stockholders’ equity | 804,693 | 897,207 |
Total liabilities and stockholders’ equity | 7,933,459 | 7,877,334 |
Voting | ||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||
Common stock | 526 | 522 |
Class B Common Stock | ||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||
Common stock | $ 5 | $ 5 |
Consolidated Statements of Fi_2
Consolidated Statements of Financial Condition (Parenthetical) - $ / shares | Mar. 31, 2021 | Dec. 31, 2020 |
Treasury stock (in shares) | 2,410,964 | 2,410,964 |
Voting | ||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 446,863,844 | 446,863,844 |
Common stock, shares issued (in shares) | 52,561,411 | 52,178,453 |
Common stock, shares outstanding (in shares) | 50,150,447 | 49,767,489 |
Class B Common Stock | ||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 3,136,156 | 3,136,156 |
Common stock, shares issued (in shares) | 477,321 | 477,321 |
Common stock, shares outstanding (in shares) | 477,321 | 477,321 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2020 | |
Interest and dividend income | |||
Loans, including fees | $ 61,345 | $ 66,105 | $ 65,534 |
Securities | 6,501 | 6,636 | 7,820 |
Other interest-earning assets | 772 | 789 | 1,360 |
Total interest and dividend income | 68,618 | 73,530 | 74,714 |
Interest expense | |||
Deposits | 4,286 | 5,436 | 14,611 |
Federal Home Loan Bank advances | 3,112 | 3,479 | 5,883 |
Long-term debt and other interest-bearing liabilities | 3,304 | 3,052 | 2,359 |
Total interest expense | 10,702 | 11,967 | 22,853 |
Net interest income | 57,916 | 61,563 | 51,861 |
(Reversal of) provision for credit losses | (1,107) | 991 | 15,761 |
Net interest income after (reversal of) provision for credit losses | 59,023 | 60,572 | 36,100 |
Noninterest income | |||
Customer service fees | 1,758 | 1,953 | 1,096 |
Loan servicing income | 268 | 149 | 75 |
Income from bank owned life insurance | 672 | 691 | 578 |
Fair value adjustment for loans held-for-sale | 0 | 36 | (1,586) |
Net loss on sale of loans | 0 | 0 | (27) |
Other income | 1,683 | 4,146 | 1,925 |
Total noninterest income | 4,381 | 6,975 | 2,061 |
Noninterest expense | |||
Salaries and employee benefits | 25,719 | 25,836 | 23,436 |
Occupancy and equipment | 7,196 | 7,560 | 7,243 |
Professional fees | 4,022 | 29 | 5,964 |
Data processing | 1,655 | 1,608 | 1,773 |
Advertising and promotion | 118 | 171 | 1,756 |
Regulatory assessments | 774 | 748 | 484 |
Loss (gain) on investments in alternative energy partnerships | 3,630 | (673) | 1,905 |
(Reversal of) provision for loan repurchases | (132) | 28 | (600) |
Amortization of intangible assets | 282 | 306 | 429 |
Merger-related costs | 700 | 0 | 0 |
All other expense | 2,771 | 3,337 | 4,529 |
Total noninterest expense | 46,735 | 38,950 | 46,919 |
Income (loss) from operations before income taxes | 16,669 | 28,597 | (8,758) |
Income tax expense (benefit) | 2,294 | 6,894 | (2,165) |
Net income (loss) | 14,375 | 21,703 | (6,593) |
Preferred stock dividends | 3,141 | 3,447 | 3,533 |
Income allocated to participating securities | 62 | 456 | 0 |
Participating securities dividends | 0 | 94 | 94 |
Impact of preferred stock redemption | 3,347 | 0 | (526) |
Net income (loss) available to common stockholders | 7,825 | $ 17,706 | (9,694) |
Voting | |||
Noninterest expense | |||
Preferred stock dividends | 3,111 | 3,500 | |
Income allocated to participating securities | $ 61 | ||
Participating securities dividends | 93 | ||
Impact of preferred stock redemption | $ (521) | ||
Earnings (loss) per common share: | |||
Basic (in usd per share) | $ 0.16 | $ 0.35 | $ (0.19) |
Diluted (loss) earnings per common share | |||
Diluted (in usd per share) | $ 0.15 | 0.35 | $ (0.19) |
Class B Common Stock | |||
Noninterest expense | |||
Preferred stock dividends | $ 30 | $ 33 | |
Income allocated to participating securities | $ 1 | ||
Participating securities dividends | 1 | ||
Impact of preferred stock redemption | $ (5) | ||
Earnings (loss) per common share: | |||
Basic (in usd per share) | $ 0.16 | 0.35 | $ (0.19) |
Diluted (loss) earnings per common share | |||
Diluted (in usd per share) | $ 0.15 | $ 0.35 | $ (0.19) |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2020 | |
Statement of Comprehensive Income [Abstract] | |||
Net income (loss) | $ 14,375 | $ 21,703 | $ (6,593) |
Unrealized (loss) gain on available-for-sale securities: | |||
Unrealized (loss) gain arising during the period | (2,561) | 6,480 | (42,248) |
Total change in unrealized (loss) gain on available-for-sale securities | (2,561) | 6,480 | (42,248) |
Total other comprehensive (loss) income | (2,561) | 6,480 | (42,248) |
Comprehensive income (loss) | $ 11,814 | $ 28,183 | $ (48,841) |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Total | Preferred Stock | Common Stock | Common StockVoting | Common StockClass B Common Stock | Additional Paid-in Capital | Retained Earnings | Treasury Stock | Accumulated Other Comprehensive Income (Loss) | Adoption of ASU No. 2016-13 | Adoption of ASU No. 2016-13Retained Earnings |
Beginning Balance at Dec. 31, 2019 | $ 907,245 | $ 189,825 | $ 520 | $ 5 | $ 629,848 | $ 127,733 | $ (28,786) | $ (11,900) | $ (4,503) | $ (4,503) | |
Comprehensive income (loss): | |||||||||||
Net income (loss) | (6,593) | (6,593) | |||||||||
Other comprehensive income, net | (42,248) | (42,248) | |||||||||
Redemption of preferred stock | (1,612) | (2,138) | 526 | ||||||||
Redemption of preferred stock | (12,041) | (12,041) | |||||||||
Repurchase of 0 shares of common stock | (12,041) | (12,041) | |||||||||
Share-based compensation expense | 1,576 | 1,576 | |||||||||
Restricted stock surrendered due to employee tax liability | (299) | (299) | |||||||||
Shares purchased under the Dividend Reinvestment Plan | 19 | 19 | |||||||||
Stock appreciation right dividend equivalents | (94) | (94) | |||||||||
Dividends declared | (2,877) | (2,877) | |||||||||
Preferred stock dividends | (3,533) | (3,533) | |||||||||
Ending Balance at Mar. 31, 2020 | 835,002 | 187,687 | 520 | 5 | 631,125 | 110,640 | (40,827) | (54,148) | |||
Beginning Balance at Dec. 31, 2020 | 897,207 | 184,878 | 522 | 5 | 634,704 | 110,179 | (40,827) | 7,746 | |||
Comprehensive income (loss): | |||||||||||
Net income (loss) | 14,375 | 14,375 | |||||||||
Other comprehensive income, net | (2,561) | (2,561) | |||||||||
Issuance of common stock | 0 | 1 | (1) | ||||||||
Redemption of preferred stock | (93,269) | (89,922) | (3,347) | ||||||||
Exercise of stock options | 300 | 300 | |||||||||
Exercise of stock appreciation rights | (5,372) | $ 3 | (5,375) | ||||||||
Share-based compensation expense | 1,544 | 1,544 | |||||||||
Restricted stock surrendered due to employee tax liability | (1,328) | (1,328) | |||||||||
Shares purchased under the Dividend Reinvestment Plan | 29 | 29 | |||||||||
Dividends declared | (3,033) | (3,033) | |||||||||
Preferred stock dividends | (3,141) | (3,141) | |||||||||
Ending Balance at Mar. 31, 2021 | $ 804,693 | $ 94,956 | $ 526 | $ 5 | $ 629,844 | $ 115,004 | $ (40,827) | $ 5,185 |
Consolidated Statements of St_2
Consolidated Statements of Stockholders' Equity (Parenthetical) - $ / shares | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Statement of Stockholders' Equity [Abstract] | ||
Dividends declared, per common share (in dollars per share) | $ 0.06 | $ 0.06 |
Shares repurchased (shares) | 0 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2020 | |
Cash flows from operating activities: | |||
Net income (loss) | $ 14,375 | $ 21,703 | $ (6,593) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities | |||
(Reversal of) provision for credit losses | (1,107) | 991 | 15,761 |
Reversal of provision for loan repurchases | (132) | 28 | (600) |
Depreciation on premises and equipment | 3,885 | 4,524 | |
Amortization of intangible assets | 282 | 306 | 429 |
Amortization of debt issuance costs | 385 | 58 | |
Net amortization of premium on securities | 432 | 77 | |
Net (accretion) amortization of deferred loan costs and fees | (1,315) | 587 | |
Accretion of discounts on purchased loans | 426 | (8) | |
Deferred income tax (benefit) expense | (845) | 573 | |
Bank owned life insurance income | (672) | (691) | (578) |
Share-based compensation expense | 1,544 | 1,576 | |
(Income) loss on interest rate swaps | (271) | 182 | |
Loss on investments in alternative energy partnerships and affordable housing investments | 4,812 | 3,052 | |
Impairment on capitalized software projects | 0 | 157 | |
Fair value adjustment for loans held-for-sale | 0 | (36) | 1,586 |
Net gain on sale of loans | 0 | 0 | 27 |
Loss on sale or disposal of property and equipment | 0 | 106 | |
Proceeds from sales of and principal collected on loans held-for-sale | 5 | 822 | |
Change in accrued interest receivable and other assets | 4,985 | (5,865) | |
Change in accrued interest payable and other liabilities | (2,853) | (8,824) | |
Net cash provided by operating activities | 23,936 | 7,049 | |
Cash flows from investing activities: | |||
Proceeds from maturities and calls of securities available-for-sale | 0 | 30,000 | |
Proceeds from principal repayments of securities available-for-sale | 9,378 | 602 | |
Purchases of securities available-for-sale | (52,845) | (147,410) | |
Loan originations and principal collections, net | 267,366 | 282,116 | |
Purchase of loans | (132,866) | 0 | |
Redemption of Federal Home Loan Bank stock | 0 | 11,490 | |
Purchase of Federal Home Loan Bank and other bank stock | (458) | (9,307) | |
Purchases of premises and equipment | (849) | (2,487) | |
Payments of capital lease obligations | (33) | (134) | |
Funding of equity investment | (876) | (4,437) | |
(Increase) decrease in investments in alternative energy partnerships | 538 | (3,177) | |
Net cash provided by investing activities | 89,355 | 157,256 | |
Cash flows from financing activities: | |||
Net increase in deposits | 56,242 | 135,671 | |
Net increase (decrease) in short-term Federal Home Loan Bank advances | 95,000 | (193,000) | |
Repayment of long-term Federal Home Loan Bank advances | 0 | (24,000) | |
Redemption of preferred stock | (93,269) | (1,612) | |
Purchase of treasury stock | 0 | (12,041) | |
Proceeds from exercise of stock options | 300 | 0 | |
Purchase of stock surrendered due to employee tax liability | (6,700) | (299) | |
Dividend equivalents paid on participating securities | 0 | (94) | |
Dividends paid on preferred stock | (3,141) | (3,533) | |
Dividends paid on common stock | (3,033) | (2,877) | |
Net cash provided by (used in) financing activities | 45,399 | (101,785) | |
Net change in cash and cash equivalents | 158,690 | 62,520 | |
Cash and cash equivalents at beginning of period | 220,819 | 373,472 | |
Cash and cash equivalents at end of period | 379,509 | 220,819 | 435,992 |
Supplemental cash flow information | |||
Interest paid on deposits and borrowed funds | 7,313 | 20,331 | |
Income taxes paid | 0 | 0 | |
Supplemental disclosure of non-cash activities | |||
Equipment acquired under capital leases | 256 | 30 | |
Operating lease right-of-use assets recognized | 4,023 | 0 | |
Operating lease liabilities recognized | 4,023 | 0 | |
Impact of adoption of ASU 2016-13 on retained earnings | $ 804,693 | $ 897,207 | $ 835,002 |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 3 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Nature of Operations: Banc of California, Inc. (collectively, with its consolidated subsidiaries, the Company, we, us, and our) is a financial holding company under the Bank Holding Company Act of 1956, as amended, headquartered in Santa Ana, California and incorporated under the laws of Maryland. Banc of California, Inc. is subject to regulation by the Board of Governors of the Federal Reserve System (“FRB”) and its wholly-owned subsidiary, Banc of California, National Association (the “Bank”), operates under a national bank charter issued by the Office of the Comptroller of the Currency (“OCC”), the Bank's primary regulator. The Bank is a member of the Federal Home Loan Bank (“FHLB”) system, and maintains insurance on deposit accounts with the Federal Deposit Insurance Corporation (“FDIC”). The Bank offers a variety of financial services to meet the banking and financial needs of the communities it serves, with operations conducted through 29 full-service branches located throughout Southern California as of March 31, 2021. Proposed Merger with Pacific Mercantile Bancorp: In March 2021, we entered into an agreement to merge (the “Merger Agreement”) with Pacific Mercantile Bancorp (“PMB”), pursuant to which PMB will merge (the “Merger”) with and into the Company, with the Company as the surviving corporation. Subject to the terms and conditions of the Merger Agreement, upon consummation of the Merger, each outstanding share of PMB common stock, excluding certain specified shares, will be converted into the right to receive 0.50 (the “Exchange Ratio”) of a share of the Company's common stock. In addition, at the effective time of the Merger, the Company will cash out all outstanding share-based awards based on formulas using the average price of the Company's common stock for a 20-day trading period prior to the closing of the Merger. Subject to regulatory and shareholder approval, the transaction is expected to close during the third quarter of 2021. Basis of Presentation: The accompanying unaudited interim consolidated financial statements have been prepared pursuant to Article 10 of SEC Regulation S-X and other SEC rules and regulations for reporting on the Quarterly Report on Form 10-Q. Accordingly, certain disclosures required by U.S. generally accepted accounting principles (“GAAP”) are not included herein. These interim statements should be read in conjunction with the consolidated financial statements and notes included in the Annual Report on Form 10-K for the year ended December 31, 2020 filed by us with the SEC. The December 31, 2020 consolidated statements of financial condition presented herein has been derived from the audited financial statements included in the Annual Report on Form 10-K for the year ended December 31, 2020 filed with the SEC. Certain prior period amounts have been reclassified to conform to current period presentation, including i) reclassification of income taxes receivable to other assets in the consolidated statement of financial condition, and ii) reclassification of outside services expense from "outside services fees" to "all other expense" in the consolidated statements of operations. In the opinion of management of the Company, the accompanying unaudited interim consolidated financial statements reflect all of the adjustments (consisting of normal recurring adjustments) necessary for a fair presentation of the consolidated financial condition and consolidated results of operations as of the dates and for the periods presented. The results of operations for the three months ended March 31, 2021 are not necessarily indicative of the results that may be expected for the year ending December 31, 2021. Principles of Consolidation: The accompanying unaudited consolidated financial statements include the accounts of the Company and its consolidated subsidiaries as of March 31, 2021 and December 31, 2020 and for the three months ended March 31, 2021 and 2020. Significant intercompany accounts and transactions have been eliminated in consolidation. Unless the context requires otherwise, all references to the Company include its then wholly-owned subsidiaries. Adopted Accounting Pronouncements: On January 1, 2021, we adopted Accounting Standards Update (“ASU”) 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes (“ASU 2019-12”) which simplifies the accounting for income taxes by removing certain exceptions for investments, intra-period allocations, and interim calculations, and adding guidance to reduce the complexity of applying Topic 740. The adoption of these amendments did not have a material effect on our consolidated financial statements. Significant Accounting Policies: The accounting and reporting policies of the Company are based upon GAAP and conform to predominant practices within the banking industry. We have not made any significant changes in our critical accounting policies from those disclosed in our Annual Report on Form 10-K for the year ended December 31, 2020 filed with the SEC. Use of Estimates in the Preparation of Financial Statements: The preparation of financial statements, in conformity with GAAP, requires management to make estimates and assumptions based on available information. These estimates and assumptions affect the amounts reported in the consolidated financial statements and disclosures provided, and actual results could differ. The allowance for credit losses (“ACL”) (which includes the allowance for loan losses (“ALL”) and the reserve for unfunded loan commitments), provision for credit losses, loan repurchase reserve, realization of deferred tax assets, the valuation of goodwill and other intangible assets, other derivatives, Hypothetical Liquidation at Book Value (“HLBV”) of investments in alternative energy partnerships, and the fair value measurement of financial instruments are particularly subject to change and such change could have a material effect on the consolidated financial statements. Recent Accounting Guidance: Beginning in June 2023, the London Interbank Offered Rate (“LIBOR”) will be discontinued. To assist entities with the transition away from LIBOR, the Financial Accounting Standards Board (“FASB”) has issued accounting guidance to clarify GAAP and provide practical expedients for entities to utilize during the time of transition. We are in the process of evaluating the potential impact the discontinuation of LIBOR will have on our consolidated financial statements. The optional expedients and exceptions provided through this relief are set forth below and were effective immediately; however, certain provisions from this relief are not yet determined due to the fact that LIBOR has not yet been discontinued. In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848) , ("ASU 2020-04") which provided optional guidance, for a limited period of time, to ease the potential burden in accounting for (or recognizing the benefits of) reference rate reform on financial reporting. The amendments in ASU 2020-04 were elective and applied to all entities, subject to meeting certain criteria, that have contracts, hedging relationships, and other transactions that reference London Interbank Offered Rate (“LIBOR”) or another reference rate expected to be discontinued because of reference rate reform. ASU 2020-04 provided optional expedients and exceptions for applying GAAP to contract modifications and hedging relationships, subject to meeting certain criteria. When elected, the optional expedients for contract modifications must be applied consistently for all eligible contracts or eligible transactions within the relevant topic or industry subtopic within the codification that contains the guidance that otherwise would be required to be applied. The amendments in ASU 2020-04 were effective for all entities as of March 12, 2020 through December 31, 2022. In January 2021, the FASB issued ASU 2021-01, Reference Rate Reform (Topic 848) ("ASU 2021-01"). The amendments in ASU 2021-01 clarified that certain optional expedients and exceptions in Topic 848 for contract modifications and hedge accounting apply to derivatives that are affected by the discounting transition. Specifically, certain provisions in Topic 848, if elected by an entity, apply to derivative instruments that use an interest rate for margining, discounting, or contract price alignment that is modified as a result of reference rate reform. Amendments in this Update to the expedients and exceptions in Topic 848 capture the incremental consequences of the scope clarification and tailor the existing guidance to derivative instruments affected by the discounting transition. The amendments in ASU 2021-01 are elective and apply to all entities that have derivative instruments that use an interest rate for margining, discounting, or contract price alignment that is modified as a result of reference rate reform. The amendments also optionally apply to all entities that designate receive-variable-rate, pay-variable-rate cross-currency interest rate swaps as hedging instruments in net investment hedges that are modified as a result of reference rate reform. The amendments in ASU 2021-01 were effective immediately for all entities. ASU 2021-01 is not expected to have a material effect on our consolidated financial statements. |
FAIR VALUES OF FINANCIAL INSTRU
FAIR VALUES OF FINANCIAL INSTRUMENTS | 3 Months Ended |
Mar. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUES OF FINANCIAL INSTRUMENTS | FAIR VALUES OF FINANCIAL INSTRUMENTS Fair Value Hierarchy ASC 820-10 establishes a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The topic describes three levels of inputs that may be used to measure fair value: • Level 1: Quoted prices (unadjusted) for identical assets or liabilities in active markets that the entity has the ability to access as of the measurement date. • Level 2: Significant observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. • Level 3: Significant unobservable inputs that reflect a reporting entity’s own assumptions about the assumptions that market participants would use in pricing an asset or liability. Categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Assets and Liabilities Measured on a Recurring Basis Securities Available-for-Sale: The fair values of securities available-for-sale are generally determined by quoted market prices in active markets, if available (Level 1). If quoted market prices are not available, we primarily employ independent pricing services that utilize pricing models to calculate fair value. Such fair value measurements consider observable data such as dealer quotes, market spreads, cash flows, yield curves, live trading levels, trade execution data, market consensus prepayment speeds, credit information, and respective terms and conditions for debt instruments. We employ procedures to monitor the pricing service's assumptions and establish processes to challenge the pricing service's valuations that appear unusual or unexpected. Multiple quotes or prices may be obtained in this process and we determine which fair value is most appropriate based on market information and analysis. Quotes obtained through this process are generally non-binding. We follow established procedures to ensure that assets and liabilities are properly classified in the fair value hierarchy. Level 2 securities include SBA loan pool securities, U.S. government agency and U.S. government sponsored enterprise residential mortgage-backed securities, non-agency residential mortgage-backed securities, non-agency commercial mortgage-backed securities, collateralized loan obligations, and corporate debt securities. When a market is illiquid or there is a lack of transparency around the inputs to valuation, including at least one unobservable input, the securities are classified as Level 3 and reliance is placed upon internally developed models and management's judgment and evaluation for valuation. We had no securities available-for-sale classified as Level 3 at March 31, 2021 or December 31, 2020. Loans Held-for-Sale, Carried at Fair Value: The fair value of loans held-for-sale is based on commitments outstanding from investors and current offerings in the secondary market for portfolios with similar characteristics, except for loans that are repurchased out of GNMA loan pools that become severely delinquent which are valued based on an internal model. Loans held-for-sale subject to recurring fair value adjustments are classified as Level 2, or in the case of loans repurchased, Level 3. The fair value includes the servicing value of the loans and any accrued interest. Derivative Assets and Liabilities: Interest Rate Swaps and Caps. We offer interest rate swap and cap products to certain loan clients to allow them to hedge the risk of rising interest rates on their variable rate loans. We originate a variable rate loan and enter into a variable-to-fixed interest rate swap with the client. We also enter into an offsetting swap with a correspondent bank. These back-to-back agreements are intended to offset each other and allow us to originate a variable rate loan while providing a contract for fixed interest payments for the client. The net cash flow for us is equal to the interest income received from a variable rate loan originated with the client plus a fee. 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. Foreign Exchange Contracts. We offer short-term foreign exchange contracts to customers to purchase and/or sell foreign currencies at set rates in the future. These products allow customers to hedge the foreign exchange rate risk of their deposits and loans denominated in foreign currencies. In conjunction with these products, we also enter into offsetting contracts with institutional counterparties to hedge the Company’s foreign exchange rate risk. These back-to-back contracts allow us to offer our customers foreign exchange products while minimizing exposure to foreign exchange rate fluctuations. The fair value of these instruments is determined at each reporting period based on the change in the foreign exchange rate. Given the short-term nature of the contracts, the counterparties’ credit risks are considered nominal and result in no adjustments to the valuation of the short-term foreign exchange contracts. Due to the observable nature of the inputs used in deriving the fair value of these derivative contracts, the valuation of these contracts is classified as Level 2. The following table presents our financial assets and liabilities measured at fair value on a recurring basis as of the dates indicated: Fair Value Measurement Level ($ in thousands) Carrying Value Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs March 31, 2021 Assets Securities available-for-sale: SBA loan pools securities $ 16,733 $ — $ 16,733 $ — U.S. government agency and U.S. government sponsored enterprise residential mortgage-backed securities 123,300 — 123,300 — U.S. government agency and U.S. government sponsored enterprise collateralized mortgage obligations 210,956 — 210,956 — Municipal securities 85,538 — 85,538 — Non-agency residential mortgage-backed securities 158 — 158 — Collateralized loan obligations 683,873 — 683,873 — Corporate debt securities 150,272 — 150,272 — Loans held-for-sale, carried at fair value 1,408 — 465 943 Derivative assets: Interest rate swaps and caps (1) 4,452 — 4,452 — Foreign exchange contracts (1) 255 — 255 — Liabilities Derivative liabilities: Interest rate swaps and caps (2) 4,663 — 4,663 — Foreign exchange contracts (2) 243 — 243 — December 31, 2020 Assets Securities available-for-sale: SBA loan pools securities $ 17,354 $ — $ 17,354 $ — U.S. government agency and U.S. government sponsored enterprise residential mortgage-backed securities 106,384 — 106,384 — U.S. government agency and U.S. government sponsored enterprise collateralized mortgage obligations 211,831 — 211,831 — Municipal securities 68,623 — 68,623 — Non-agency residential mortgage-backed securities 160 — 160 — Collateralized loan obligations 677,785 — 677,785 — Corporate debt securities 149,294 — 149,294 — Loans held-for-sale, carried at fair value 1,413 — 468 945 Derivative assets: Interest rate swaps and caps (1) 7,304 — 7,304 — Foreign exchange contracts (1) 328 — 328 — Liabilities Derivative liabilities: Interest rate swaps and caps (2) 7,789 — 7,789 — Foreign exchange contracts (2) 313 — 313 — (1) Included in other assets in the Consolidated Statements of Financial Condition. (2) Included in accrued expenses and other liabilities in the Consolidated Statements of Financial Condition. The following table presents a reconciliation of assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the periods indicated: Three Months Ended ($ in thousands) 2021 2020 Loans repurchased from GNMA Loan Pools Balance at beginning of period $ 945 $ 19,233 Total gains (losses) (realized/unrealized): Included in earnings—fair value adjustment — (1,391) Sales, settlements, and other (2) (715) Balance at end of period $ 943 $ 17,127 Loans repurchased from GNMA loan pools had aggregate unpaid principal balances of $1.1 million and $1.1 million as of March 31, 2021 and December 31, 2020. The significant unobservable inputs used in the fair value measurement of our loans repurchased from GNMA loan pools at March 31, 2021 and December 31, 2020 included an expected loss rate of 1.55% for insured loans and 20.00% for uninsured loans. There may be inherent weaknesses in any calculation technique, and changes in the underlying assumptions used, including discount rates and estimates of future cash flows, could significantly affect the results. Fair Value Option Loans Held-for-Sale, Carried at Fair Value: We elected the fair value option for certain SFR mortgage loans held-for-sale. Electing to measure SFR mortgage loans held-for-sale at fair value reduces certain timing differences and better matches changes in the value of these assets with changes in the value of derivatives used as economic hedges for these assets. We also elected to record loans repurchased from GNMA at fair value, as we intend to sell them after curing any defects and, accordingly, they are classified as held-for-sale. The following table presents the fair value and aggregate principal balance of certain assets under the fair value option: March 31, 2021 December 31, 2020 ($ in thousands) Fair Value Unpaid Principal Balance Difference Fair Value Unpaid Principal Balance Difference Loans held-for-sale, carried at fair value: Total loans $ 1,408 $ 1,674 $ (266) $ 1,413 $ 1,680 $ (267) Nonaccrual loans (1) 654 750 (96) 654 750 (96) (1) Includes loans guaranteed by the U.S. government of $181 thousand and $190 thousand at March 31, 2021 and December 31, 2020. There were no loans held-for-sale that were 90 days or more past due and still accruing interest as of March 31, 2021 and December 31, 2020. The assets accounted for under the fair value option are initially measured at fair value. Gains and losses from initial measurement and subsequent changes in fair value are recognized in earnings. The following table presents changes in fair value related to initial measurement and subsequent changes in fair value included in earnings for these assets measured at fair value for the periods indicated: Three Months Ended ($ in thousands) 2021 2020 Net gains (losses) from fair value changes: Fair value adjustment for loans held-for-sale $ — $ (1,586) Interest income on loans held-for-sale under the fair value option is measured based on the contractual interest rate and reported in interest income on loans, including fees in the consolidated statements of operations. Assets and Liabilities Measured on a Non-Recurring Basis Impaired Loans: The fair value of impaired loans with specific allocations of the ACL based on collateral is generally based on recent real estate appraisals and automated valuation models (“AVMs”). These appraisals may utilize a single valuation approach or a combination of approaches including comparable sales and the income approach. Adjustments are routinely made in the appraisal process by the appraisers for differences between the comparable sales and income data available. Such adjustments are typically deemed significant unobservable inputs used for determining fair value and result in a Level 3 classification. The following table presents our financial assets and liabilities measured at fair value on a non-recurring basis as of the dates indicated: Fair Value Measurement Level ($ in thousands) Carrying Value Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs March 31, 2021 Assets Collateral dependent loans: SBA $ 794 $ — $ — $ 794 December 31, 2020 Assets Collateral dependent loans: SBA $ 629 $ — $ — $ 629 The following table presents the gains (losses) recognized on assets measured at fair value on a non-recurring basis for the periods indicated: Three Months Ended ($ in thousands) 2021 2020 Collateral dependent loans: Single family residential mortgage $ — $ 22 Commercial and industrial 18 (1,331) SBA (133) (519) Estimated Fair Values of Financial Instruments The following table presents the carrying amounts and estimated fair values of financial assets and liabilities as of the dates indicated: Carrying Amount Fair Value Measurement Level ($ in thousands) Level 1 Level 2 Level 3 Total March 31, 2021 Financial assets Cash and cash equivalents $ 379,509 $ 379,509 $ — $ — $ 379,509 Securities available-for-sale 1,270,830 — 1,270,830 — 1,270,830 Federal Home Loan Bank and other bank stock 44,964 — 44,964 — 44,964 Loans held-for-sale, carried at fair value 1,408 — 465 943 1,408 Loans receivable, net of allowance for credit losses 5,685,048 — — 5,754,031 5,754,031 Accrued interest receivable 30,270 30,270 — — 30,270 Derivative assets 4,707 — 4,707 — 4,707 Financial liabilities Deposits 6,142,042 — — 6,143,213 6,143,213 Advances from Federal Home Loan Bank 635,105 — 669,799 — 669,799 Long-term debt 256,441 — 272,260 — 272,260 Derivative liabilities 4,906 — 4,906 — 4,906 Accrued interest payable 6,718 6,718 — — 6,718 December 31, 2020 Financial assets Cash and cash equivalents $ 220,819 $ 220,819 $ — $ — $ 220,819 Securities available-for-sale 1,231,431 — 1,231,431 — 1,231,431 Federal Home Loan Bank and other bank stock 44,506 — 44,506 — 44,506 Loans held-for-sale 1,413 — 468 945 1,413 Loans receivable, net of allowance for credit losses 5,817,375 — — 5,936,708 5,936,708 Accrued interest receivable 29,445 29,445 — — 29,445 Derivative assets 7,632 — 7,632 — 7,632 Financial liabilities Deposits 6,085,800 — — 6,087,714 6,087,714 Advances from Federal Home Loan Bank 539,795 — 585,416 — 585,416 Long-term debt 256,315 — 273,230 — 273,230 Derivative liabilities 8,102 — 8,102 — 8,102 Accrued interest payable 3,714 3,714 — — 3,714 |
INVESTMENT SECURITIES
INVESTMENT SECURITIES | 3 Months Ended |
Mar. 31, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
INVESTMENT SECURITIES | INVESTMENT SECURITIES The following table presents the amortized cost and fair value of the investment securities portfolio as of the dates indicated: ($ in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value March 31, 2021 Securities available-for-sale: SBA loan pool securities $ 16,812 $ — $ (79) $ 16,733 U.S. government agency and U.S. government sponsored enterprise residential mortgage-backed securities 122,300 1,419 (419) 123,300 U.S. government agency and U.S. government sponsored enterprise collateralized mortgage obligations 210,343 2,079 (1,466) 210,956 Municipal securities 84,385 2,242 (1,089) 85,538 Non-agency residential mortgage-backed securities 154 4 — 158 Collateralized loan obligations 687,505 — (3,632) 683,873 Corporate debt securities 141,982 8,302 (12) 150,272 Total securities available-for-sale $ 1,263,481 $ 14,046 $ (6,697) $ 1,270,830 December 31, 2020 Securities available-for-sale: SBA loan pool securities $ 17,436 $ — $ (82) $ 17,354 U.S. government agency and U.S. government sponsored enterprise residential mortgage-backed securities 99,591 6,793 — 106,384 U.S. government agency and U.S. government sponsored enterprise collateralized mortgage obligations 209,426 2,571 (166) 211,831 Municipal securities 64,355 4,272 (4) 68,623 Non-agency residential mortgage-backed securities 156 4 — 160 Collateralized loan obligations 687,505 — (9,720) 677,785 Corporate debt securities 141,975 7,319 — 149,294 Total securities available-for-sale $ 1,220,444 $ 20,959 $ (9,972) $ 1,231,431 At March 31, 2021, our investment securities portfolio consisted of agency securities, municipal securities, mortgage-backed securities, collateralized loan obligations (“CLOs”), and corporate debt securities. The expected maturities of these types of securities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. There was no allowance for credit losses for debt securities as of March 31, 2021 and December 31, 2020. Accrued interest receivable on debt securities available-for-sale totaled $5.8 million and $4.5 million at March 31, 2021 and December 31, 2020, and is included within other assets in the accompanying consolidated statements of financial condition. At March 31, 2021 and December 31, 2020, there were no holdings of any one issuer, other than the U.S. government sponsored enterprises, in an amount greater than 10 percent of our stockholders’ equity. The following table presents proceeds from sales and calls of securities available-for-sale and the associated gross gains and losses realized through earnings upon the sales and calls of securities available-for-sale for the periods indicated: Three Months Ended ($ in thousands) 2021 2020 Gross realized gains on sales and calls of securities available-for-sale $ — $ — Gross realized losses on sales and calls of securities available-for-sale — — Net realized (losses) gains on sales and calls of securities available-for-sale $ — $ — Proceeds from sales and calls of securities available-for-sale $ — $ 30,000 Investment securities with carrying values of $43.9 million and $43.7 million as of March 31, 2021 and December 31, 2020, were pledged to secure FHLB advances, public deposits and for other purposes as required or permitted by law. The following table summarizes the investment securities with unrealized losses by security type and length of time in a continuous, unrealized loss position as of the dates indicated: Less Than 12 Months 12 Months or Longer Total ($ in thousands) Fair Gross Unrealized Losses Fair Gross Unrealized Losses Fair Gross Unrealized Losses March 31, 2021 Securities available-for-sale: SBA loan pool securities $ 16,733 $ (79) $ — $ — $ 16,733 $ (79) U.S. government agency and U.S. government sponsored enterprise collateralized mortgage-backed securities 47,975 (419) — — 47,975 (419) U.S. government agency and U.S. government sponsored enterprise collateralized mortgage obligations 42,339 (1,466) — — 42,339 (1,466) Municipal securities 30,357 (1,089) — — 30,357 (1,089) Collateralized loan obligations 37,446 (54) 427,177 (3,578) 464,623 (3,632) Corporate debt securities 4,988 (12) — — 4,988 (12) Total securities available-for-sale $ 179,838 $ (3,119) $ 427,177 $ (3,578) $ 607,015 $ (6,697) December 31, 2020 SBA loan pool securities $ 17,354 $ (82) $ — $ — $ 17,354 $ (82) U.S. government agency and U.S. government sponsored enterprise collateralized mortgage obligations 19,033 (166) — — 19,033 (166) Municipal securities 11,401 (4) — — 11,401 (4) Collateralized loan obligations 64,775 (225) 613,010 (9,495) 677,785 (9,720) Total securities available-for-sale $ 112,563 $ (477) $ 613,010 $ (9,495) $ 725,573 $ (9,972) At March 31, 2021, our securities available-for-sale portfolio consisted of 111 securities, of which 47 securities were in an unrealized loss position. At December 31, 2020, our securities available-for-sale portfolio consisted of 103 securities, of which 50 securities were in an unrealized loss position. We monitor our securities portfolio to ensure it has adequate credit support. The majority of unrealized losses are related to our collateralized loan obligations. We consider the lowest credit rating for identification of credit impairment for collateralized loan obligations and other securities. As of March 31, 2021, all of our collateralized loan obligations investment securities in an unrealized loss position received an investment grade credit rating. The decline in fair value was attributable to a combination of changes in interest rates and general volatility in the credit market conditions in response to the economic uncertainty caused by the global pandemic. We do not currently intend to sell any of the securities in an unrealized loss position and further believe, it is more likely than not, that we will not be required to sell these securities before their anticipated recovery. Securities that are in an unrealized gain position or are trading at par are evaluated for continued inclusion in our portfolio based on interest rate, liquidity and yield objectives of the Company. During the three months ended March 31, 2021 and 2020, no allowance for credit losses related to securities available-for-sale was recorded. The following table presents the fair value and yield information of the investment securities portfolio, based on the earlier of maturity dates or next repricing date, as of March 31, 2021: One year or less More than One Year through Five Years More than Five Years through Ten Years More than Ten Years Total ($ in thousands) Fair Weighted-Average Yield Fair Weighted-Average Yield Fair Weighted-Average Yield Fair Weighted-Average Yield Fair Weighted-Average Yield Securities available-for-sale: SBA loan pool securities $ 16,733 1.34 % $ — — % $ — — % $ — — % $ 16,733 1.34 % U.S. government agency and U.S. government sponsored enterprise residential mortgage-backed securities — — % — — % 29,238 2.20 % 94,062 2.35 % 123,300 2.31 % U.S. government agency and U.S. government sponsored enterprise collateralized mortgage obligations 110,147 0.67 % 11,193 1.99 % 42,747 1.35 % 46,869 1.76 % 210,956 1.12 % Municipal securities — — % — — % 9,193 2.60 % 76,345 2.49 % 85,538 2.51 % Non-agency residential mortgage-backed securities — — % — — % — — % 158 6.36 % 158 6.36 % Collateralized loan obligations 683,873 1.86 % — — % — — % — — % 683,873 1.86 % Corporate debt securities — — % 132,244 5.01 % 18,028 5.73 % — — % 150,272 5.08 % Total securities available-for-sale $ 810,753 1.69 % $ 143,437 4.77 % $ 99,206 2.40 % $ 217,434 2.28 % $ 1,270,830 2.18 % |
LOANS AND ALLOWANCE FOR CREDIT
LOANS AND ALLOWANCE FOR CREDIT LOSSES | 3 Months Ended |
Mar. 31, 2021 | |
Receivables [Abstract] | |
LOANS AND ALLOWANCE FOR CREDIT LOSSES | LOANS AND ALLOWANCE FOR CREDIT LOSSES The following table presents the balances in our loan portfolio as of the dates indicated: ($ in thousands) March 31, December 31, Commercial: Commercial and industrial $ 1,878,325 $ 2,088,308 Commercial real estate 839,965 807,195 Multifamily 1,258,278 1,289,820 SBA (1) 338,903 273,444 Construction 169,122 176,016 Consumer: Single family residential mortgage 1,253,251 1,230,236 Other consumer 26,557 33,386 Total loans (2) $ 5,764,401 $ 5,898,405 Allowance for loan losses (79,353) (81,030) Loans receivable, net $ 5,685,048 $ 5,817,375 (1) Includes 1,228 PPP loans totaling $276.0 million, net of unamortized loan fees totaling $5.1 million at March 31, 2021 and 949 PPP loans totaling $210.0 million, net of unamortized loan fees totaling $1.6 million at December 31, 2020. (2) Includes net deferred loan origination costs/(fees) and premiums/(discounts) of $4.6 million and $6.2 million at March 31, 2021 and December 31, 2020. Credit Quality Indicators We categorize loans into risk categories based on relevant information about the ability of borrowers to repay their debt such as current financial information, historical payment experience, credit documentation, public information, and current economic trends, among other factors. We perform a historical loss analysis that is combined with a comprehensive loan to value analysis to analyze the associated risks in the current loan portfolio. We analyze loans individually and grade each loan for credit risk. This analysis includes all loans delinquent over 60 days and non-homogeneous loans such as commercial and commercial real estate loans. We use the following definitions for credit risk ratings: Pass : Loans risk rated as pass are in compliance in all respects with the Bank’s credit policy and regulatory requirements, and do not exhibit any potential or defined weakness as defined under “Special Mention”, “Substandard” or “Doubtful”. Special Mention : Loans risk rated 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 our credit position at some future date. Substandard : Loans risk rated as substandard are inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged, if any. Loans so risk rated have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that we will sustain some loss if the deficiencies are not corrected. Doubtful : Loans classified as doubtful have all the weaknesses inherent in those classified as substandard, with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions, and values, highly questionable and improbable. The following table presents the risk categories for total loans by class of loans and origination year as of March 31, 2021: Term Loans Amortized Cost Basis by Origination Year ($ in thousands) 2021 2020 2019 2018 2017 Prior Revolving Loans Amortized Cost Basis Revolving Loans Amortized Cost Basis Total March 31, 2021 Commercial: Commercial and industrial Pass $ 42,010 $ 81,257 $ 74,627 $ 67,474 $ 51,189 $ 118,729 $ 1,342,027 $ 13,507 $ 1,790,820 Special mention — 3,501 3,984 2,702 12,399 6,007 1,500 7,506 37,599 Substandard — — 17,057 6,076 — 9,010 13,792 3,971 49,906 Doubtful — — — — — — — — — Commercial and industrial 42,010 84,758 95,668 76,252 63,588 133,746 1,357,319 24,984 1,878,325 Commercial real estate Pass 111,377 66,607 147,993 171,212 62,798 229,419 2,682 1,580 793,668 Special mention — — — 9,390 — 16,964 3,761 — 30,115 Substandard — — 512 — — 14,451 — — 14,963 Doubtful — — — — — 1,219 — — 1,219 Commercial real estate 111,377 66,607 148,505 180,602 62,798 262,053 6,443 1,580 839,965 Multifamily Pass 16,566 235,977 383,314 268,034 109,761 221,183 40 — 1,234,875 Special mention — — 3,050 — — 801 — — 3,851 Substandard — — — — — 19,552 — — 19,552 Doubtful — — — — — — — — — Multifamily 16,566 235,977 386,364 268,034 109,761 241,536 40 — 1,258,278 SBA Pass 130,594 151,088 13,995 1,224 3,648 27,863 953 384 329,749 Special mention — — 1,755 — 206 1,265 — 5 3,231 Substandard — — — — 1,272 2,595 269 1,306 5,442 Doubtful — — — 391 — — — 90 481 SBA 130,594 151,088 15,750 1,615 5,126 31,723 1,222 1,785 338,903 Construction Pass 1,177 45,148 29,576 32,931 48,817 — — — 157,649 Special mention — — — 4,037 — 7,436 — — 11,473 Substandard — — — — — — — — — Doubtful — — — — — — — — — Construction 1,177 45,148 29,576 36,968 48,817 7,436 — — 169,122 Consumer: Single family residential mortgage Pass 116,087 165,321 120,880 225,492 147,342 415,134 14,442 — 1,204,698 Special mention — — 901 3,144 685 9,456 — — 14,186 Substandard — — — 9,181 3,083 21,846 257 — 34,367 Doubtful — — — — — — — — — Single family residential mortgage 116,087 165,321 121,781 237,817 151,110 446,436 14,699 — 1,253,251 Other consumer Pass — — — 34 — 1,865 22,256 2,137 26,292 Special mention — — — — — 30 64 — 94 Substandard — — — — — — 99 72 171 Doubtful — — — — — — — — — Other consumer — — — 34 — 1,895 22,419 2,209 26,557 Total loans $ 417,811 $ 748,899 $ 797,644 $ 801,322 $ 441,200 $ 1,124,825 $ 1,402,142 $ 30,558 $ 5,764,401 The following table presents the risk categories for total loans by class of loans and origination year as of December 31, 2020: Term Loans Amortized Cost Basis by Origination Year ($ in thousands) 2020 2019 2018 2017 2016 Prior Revolving Loans Amortized Cost Basis Revolving Loans Amortized Cost Basis Total December 31, 2020 Commercial: Commercial and industrial Pass $ 99,015 $ 78,783 $ 70,248 $ 52,786 $ 44,536 $ 92,129 $ 1,572,259 $ 9,945 $ 2,019,701 Special mention — 928 2,748 7,986 1,574 2,271 1,500 225 17,232 Substandard — 13,937 6,262 4,618 — 9,264 12,598 4,696 51,375 Doubtful — — — — — — — — — Commercial and industrial 99,015 93,648 79,258 65,390 46,110 103,664 1,586,357 14,866 2,088,308 Commercial real estate Pass 75,432 150,731 192,831 63,144 91,454 182,756 2,682 1,582 760,612 Special mention — — 9,452 — 2,518 14,754 3,761 — 30,485 Substandard — — — — — 16,098 — — 16,098 Doubtful — — — — — — — — — Commercial real estate 75,432 150,731 202,283 63,144 93,972 213,608 6,443 1,582 807,195 Multifamily Pass 239,449 407,532 275,881 110,105 97,160 154,841 27 — 1,284,995 Special mention — 2,050 — — — 803 — — 2,853 Substandard — — — — — 1,972 — — 1,972 Doubtful — — — — — — — — — Multifamily 239,449 409,582 275,881 110,105 97,160 157,616 27 — 1,289,820 SBA Pass 211,962 14,082 1,260 3,746 11,087 18,589 3,111 1,014 264,851 Special mention — 1,768 — 212 415 874 — 6 3,275 Substandard — — — 1,319 682 1,855 226 755 4,837 Doubtful — — 390 — — — — 91 481 SBA 211,962 15,850 1,650 5,277 12,184 21,318 3,337 1,866 273,444 Construction Pass 41,677 30,387 45,397 50,024 — — — — 167,485 Special mention — — 1,537 — 6,994 — — — 8,531 Substandard — — — — — — — — — Doubtful — — — — — — — — — Construction 41,677 30,387 46,934 50,024 6,994 — — — 176,016 Consumer: Single family residential mortgage Pass 149,382 140,129 271,667 161,332 237,285 227,711 15,252 — 1,202,758 Special mention — — 1,837 688 4,868 4,460 — — 11,853 Substandard — 157 491 1,079 4,978 8,920 — — 15,625 Doubtful — — — — — — — — — Single family residential mortgage 149,382 140,286 273,995 163,099 247,131 241,091 15,252 — 1,230,236 Other consumer Pass 38 — 47 — — 1,876 27,644 2,218 31,823 Special mention — — — — — 30 1,185 — 1,215 Substandard — — — — — — 274 74 348 Doubtful — — — — — — — — — Other consumer 38 — 47 — — 1,906 29,103 2,292 33,386 Total loans $ 816,955 $ 840,484 $ 880,048 $ 457,039 $ 503,551 $ 739,203 $ 1,640,519 $ 20,606 $ 5,898,405 Past Due Loans The following table presents the aging of the recorded investment in past due loans, excluding accrued interest receivable (which is not considered to be material), by class of loans as of the dates indicated: ($ in thousands) 30 - 59 Days Past Due 60 - 89 Days Past Due Greater than 89 Days Past due Total Past Due Current Total March 31, 2021 Non-Traditional Mortgage (NTM) loans: Single family residential mortgage $ 6,799 $ 2,441 $ 6,997 $ 16,237 $ 394,293 $ 410,530 Other consumer — — — — 1,606 1,606 Total NTM loans 6,799 2,441 6,997 16,237 395,899 412,136 Traditional loans: Commercial: Commercial and industrial 14 517 3,517 4,048 1,874,277 1,878,325 Commercial real estate 2,644 923 — 3,567 836,398 839,965 Multifamily 801 — — 801 1,257,477 1,258,278 SBA 1,520 997 2,457 4,974 333,929 338,903 Construction — — — — 169,122 169,122 Consumer: Single family residential mortgage 11,729 2,536 17,321 31,586 811,135 842,721 Other consumer 84 — — 84 24,867 24,951 Total traditional loans 16,792 4,973 23,295 45,060 5,307,205 5,352,265 Total $ 23,591 $ 7,414 $ 30,292 $ 61,297 $ 5,703,104 $ 5,764,401 December 31, 2020 NTM loans: Single family residential mortgage $ 4,200 $ 641 $ 6,548 $ 11,389 $ 424,126 $ 435,515 Other consumer — — — — 1,598 1,598 Total NTM loans 4,200 641 6,548 11,389 425,724 437,113 Traditional loans: Commercial: Commercial and industrial 67 — 4,284 4,351 2,083,957 2,088,308 Commercial real estate — — — — 807,195 807,195 Multifamily — — — — 1,289,820 1,289,820 SBA 354 626 3,062 4,042 269,402 273,444 Construction — — — — 176,016 176,016 Consumer: Single family residential mortgage 6,836 980 3,742 11,558 783,163 794,721 Other consumer 216 61 — 277 31,511 31,788 Total traditional loans 7,473 1,667 11,088 20,228 5,441,064 5,461,292 Total $ 11,673 $ 2,308 $ 17,636 $ 31,617 $ 5,866,788 $ 5,898,405 Nonaccrual Loans The following table presents nonaccrual loans as of the dates indicated: March 31, 2021 December 31, 2020 ($ in thousands) NTM Loans Traditional Loans Total Nonaccrual Loans with no ACL NTM Loans Traditional Loans Total Nonaccrual Loans with no ACL Nonaccrual loans Commercial: Commercial and industrial $ — $ 13,475 $ 13,475 $ 13,324 $ — $ 13,821 $ 13,821 $ 13,088 Commercial real estate — 5,834 5,834 5,834 — 4,654 4,654 4,654 SBA — 4,179 4,179 796 — 3,749 3,749 648 Construction — — — — — — — — Consumer: Single family residential mortgage 11,652 20,780 32,432 32,431 8,697 4,822 13,519 13,519 Other consumer — — — — — 157 157 157 Total nonaccrual loans $ 11,652 $ 44,268 $ 55,920 $ 52,385 $ 8,697 $ 27,203 $ 35,900 $ 32,066 At March 31, 2021 and December 31, 2020, there were zero and $728 thousand of loans that were past due 90 days or more and still accruing. The non-traditional mortgage (“NTM”) loans on nonaccrual status included $4.5 million of Green Loans and $7.1 million of Interest Only loans at March 31, 2021 compared to $4.0 million of Green Loans and $4.7 million of Interest Only loans at December 31, 2020. Loans in Process of Foreclosure At March 31, 2021, there was one consumer mortgage loan secured by residential real estate properties totaling $3.3 million for which formal foreclosure proceedings were in process according to local requirements of the applicable jurisdiction. At December 31, 2020, there were none. Allowance for Credit Losses Our ACL methodology and resulting provision continues to be impacted by the current economic uncertainty and volatility caused by the COVID-19 pandemic. The ACL methodology uses a nationally recognized, third-party model that includes many assumptions based on historical and peer loss data, current loan portfolio risk profile including risk ratings, and economic forecasts including macroeconomic variables (MEVs) released by our model provider during March 2021. In contrast to the December 2020 forecasts, the March forecasts reflect a more favorable view of the economy (i.e. higher GDP growth rates and lower unemployment rates). While the forecasts are improving and the economy is showing signs of recovery with the rollout of the vaccine and additional government stimulus, there remains uncertainty regarding the ultimate impact of the pandemic and the pace of the recovery. Accordingly, our economic assumptions and the resulting ACL level and provision reflect these uncertainties. The ACL also incorporated qualitative factors to account for certain loan portfolio characteristics that are not taken into consideration by the third-party model including underlying strengths and weaknesses in the loan portfolio. As is the case with all estimates, the ACL is expected to be impacted in future periods by economic volatility, changing economic forecasts, underlying model assumptions, and asset quality metrics, all of which may be better than or worse than current estimates. The ACL process involves subjective and complex judgments as well as adjustments for numerous factors including those described in the federal banking agencies' joint interagency policy statement on ALL, which include underwriting experience and collateral value changes, among others. . We have established credit risk management processes that include regular management review of the loan portfolio to identify problem loans. During the ordinary course of business, management may become aware of borrowers who may not be able to fulfill their contractual payment requirements within the loan agreements. Such loans are subject to increased monitoring. Consideration is given to placing these loans on nonaccrual status, assessing the need for additional allowance for loan loss, and partially or fully charging off the principal balance. We maintain the allowance for loan losses at a level that is considered adequate to cover the current expected credit losses in the loan portfolio. The reserve for unfunded loan commitments is established to cover the current expected credit losses for the estimated level of funding of these loan commitments, except for unconditionally cancellable commitments for which no reserve is required under ASC 326. At March 31, 2021 and December 31, 2020, the reserve for unfunded loan commitments was $3.4 million and $3.2 million, respectively, and was included in accrued expenses and other liabilities on the consolidated statements of financial condition. The credit risk monitoring system is designed to identify impaired and potential problem loans, perform periodic evaluation of impairment, and determine the adequacy of the allowance for credit losses in a timely manner. In addition, management has adopted a credit policy that includes a credit review and control system that it believes should be effective in ensuring that we maintain an adequate allowance for credit losses. Further, the Board of Directors provides oversight and guidance for management’s allowance evaluation process. The following table presents a summary of activity in the ACL for the periods indicated: Three Months Ended March 31, ($ in thousands) 2021 2020 Allowance Reserve for Unfunded Loan Commitments Allowance Allowance Reserve for Unfunded Loan Commitments Allowance Balance at beginning of period $ 81,030 $ 3,183 $ 84,213 $ 57,649 $ 4,064 $ 61,713 Impact of adopting ASU 2016-13 — — — 7,609 (1,226) 6,383 Loans charged off (565) — (565) (2,076) — (2,076) Recoveries of loans previously charged off 172 — 172 350 — 350 Net charge-offs (393) — (393) (1,726) — (1,726) Provision for (reversal of) credit losses (1,284) 177 (1,107) 14,711 1,050 15,761 Balance at end of period $ 79,353 $ 3,360 $ 82,713 $ 78,243 $ 3,888 $ 82,131 Accrued interest receivable on loans receivable, net totaled $23.7 million and $24.7 million at March 31, 2021 and December 31, 2020, and is included within other assets in the accompanying consolidated statements of financial condition. Accrued interest receivable is excluded from the estimate of expected credit losses. The following table presents the activity and balance in the ALL and the recorded investment, excluding accrued interest, in loans based on the impairment methodology as of or for the three months ended March 31, 2021: ($ in thousands) Commercial and Industrial Commercial Real Estate Multifamily SBA Construction Single Family Residential Mortgage Other Consumer Total ALL: Balance at December 31, 2020 $ 20,608 $ 19,074 $ 22,512 $ 3,145 $ 5,849 $ 9,191 $ 651 $ 81,030 Charge-offs (565) — — — — — — (565) Recoveries 45 — — 126 — — 1 172 Net (charge-offs) recoveries (520) — — 126 — — 1 (393) (Reversal of) provision for credit losses (385) (1,974) 1,372 180 (297) (30) (150) (1,284) Balance at March 31, 2021 $ 19,703 $ 17,100 $ 23,884 $ 3,451 $ 5,552 $ 9,161 $ 502 $ 79,353 The following table presents the activity and balance in the ALL and the recorded investment, excluding accrued interest, in loans based on the impairment methodology as of or for the three months ended March 31, 2020: ($ in thousands) Commercial and Industrial Commercial Real Estate Multifamily SBA Construction Single Family Residential Mortgage Other Consumer Total ALL: Balance at December 31, 2019 $ 22,353 $ 5,941 $ 11,405 $ 3,120 $ 3,906 $ 10,486 $ 438 $ 57,649 Adoption of ASU N. 2016-13 662 4,847 1,809 388 103 (420) 220 7,609 Charge-offs (1,164) — — (356) — (552) (4) (2,076) Recoveries 30 — — 121 — 151 48 350 Net (charge-offs) recoveries (1,134) — — (235) — (401) 44 (1,726) Provision for (reversal of ) credit losses 1,692 2,832 6,858 379 3,043 (72) (21) 14,711 Balance at March 31, 2020 $ 23,573 $ 13,620 $ 20,072 $ 3,652 $ 7,052 $ 9,593 $ 681 $ 78,243 Collateral Dependent Loans A loan is considered collateral dependent when the borrower is experiencing financial difficulty and repayment of the loan is expected to be provided substantially through the operation or sale of the collateral. Collateral dependent loans are evaluated individually and the ACL is determined based on the amount by which amortized costs exceed the estimated fair value of the collateral, adjusted for estimated selling costs. Collateral dependent loans consisted of the following as of March 31, 2021 and December 31, 2020: March 31, 2021 Real Estate ($ in thousands) Commercial Residential Business Assets Total Commercial: Commercial and industrial 5,368 — 4,924 10,292 Commercial real estate 3,864 1,971 — 5,835 SBA 74 1,208 2,682 3,964 Consumer: Single family residential mortgage — 38,544 — 38,544 Total loans $ 9,306 $ 41,723 $ 7,606 $ 58,635 December 31, 2020 Real Estate ($ in thousands) Commercial Residential Business Assets Total Commercial: Commercial and industrial 5,492 — 4,965 10,457 Commercial real estate 2,644 2,010 — 4,654 SBA 349 497 2,750 3,596 Consumer: Single family residential mortgage — 17,820 — 17,820 Other consumer — 157 — 157 Total loans $ 8,485 $ 20,484 $ 7,715 $ 36,684 Troubled Debt Restructurings TDR loans consisted of the following as of the dates indicated: March 31, 2021 December 31, 2020 ($ in thousands) NTM Traditional Loans Total NTM Traditional Loans Total Commercial: Commercial and industrial $ — $ 3,565 $ 3,565 $ — $ 3,884 $ 3,884 SBA — 265 265 — 265 265 Consumer: Single family residential mortgage 4,409 2,238 6,647 2,631 2,217 4,848 Other consumer — — — — — — Total $ 4,409 $ 6,068 $ 10,477 $ 2,631 $ 6,366 $ 8,997 We had commitments to lend to customers with outstanding loans that were classified as TDRs of $63 thousand at both March 31, 2021 and December 31, 2020. Accruing TDRs were $6.3 million and nonaccrual TDRs were $4.1 million at March 31, 2021, compared to accruing TDRs of $4.7 million and nonaccrual TDRs of $4.3 million at December 31, 2020. The increase in TDRs during the three months ended March 31, 2021 was primarily due to one commercial and industrial relationship. The following table summarizes the pre-modification and post-modification balances of the new TDRs for the periods indicated: Three Months Ended ($ in thousands) Number of Loans Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment March 31, 2021 Consumer: Single family residential mortgage 1 $ 1,800 $ 1,800 Total 1 1,800 1,800 March 31, 2020 Commercial: Commercial and industrial 1 $ 5,000 $ 5,000 Total 1 $ 5,000 $ 5,000 We consider a TDR to be in payment default once it becomes 30 days or more past due following a modification. During the three months ended March 31, 2021 and 2020, there were no loans that were modified as a TDR during the past 12 months that had subsequent payment defaults. The following table summarizes TDRs by modification type for the periods indicated: Three Months Ended Modification Type Extension of Maturity Total ($ in thousands) Count Amount Count Amount March 31, 2021 Consumer: Single family residential mortgage 1 1,800 1 1,800 Total 1 1,800 1 $ 1,800 March 31, 2020 Commercial: Commercial and industrial 1 5,000 1 $ 5,000 Total 1 5,000 1 $ 5,000 Purchases, Sales, and Transfers From time to time, we purchase and sell loans in the secondary market. Certain loans are transferred from held-for-investment to held-for-sale at the lower of cost or fair value and any reductions in value on transfer are reflected as write-downs to allowance for credit losses. During the three months ended March 31, 2021 we purchased loans aggregating $132.9 million. There were no purchases of loans during the three months ended March 31, 2020. There were no loans transferred from (to) loans held-for-sale and there were no sales of loans for the three months ended March 31, 2021 and 2020. Non-Traditional Mortgage Loans (“NTM”) Our NTM portfolio is comprised of three interest-only products: Green Loans, Interest Only loans and a small number of loans with the potential for negative amortization. The initial credit guidelines for the NTM portfolio were established based on the borrower's Fair Isaac Corporation (“FICO”) score, LTV ratio, property type, occupancy type, loan amount, and geography. Additionally, from an ongoing credit risk management perspective, we have determined that the most significant performance indicators for NTMs are LTV ratios and FICO scores. We review the NTM loan portfolio periodically by refreshing FICO scores on the Green Loans and HELOCs and ordering third party automated valuation models ("AVMs") to confirm collateral values. We no longer originate NTM loans. The following table presents the composition of the NTM portfolio, which are included in the single family residential mortgage portfolio, as of the dates indicated: March 31, 2021 December 31, 2020 ($ in thousands) Count Amount Percent Count Amount Percent Consumer: Single family residential mortgage: Green Loans (HELOC) - first liens 46 $ 30,293 7.4 % 48 $ 31,587 7.2 % Interest Only - first liens 263 378,088 91.7 % 283 401,640 91.9 % Negative amortization 6 2,149 0.5 % 8 2,288 0.5 % Total NTM - first liens 315 410,530 99.6 % 339 435,515 99.6 % Other consumer: Green Loans (HELOC) - second liens 5 1,606 0.4 % 5 1,598 0.4 % Total NTM - second liens 5 1,606 0.4 % 5 1,598 0.4 % Total NTM loans 320 $ 412,136 100.0 % 344 $ 437,113 100.0 % Total loans receivable $ 5,764,401 $ 5,898,405 % of total NTM loans to total loans receivable 7.1 % 7.4 % |
GOODWILL AND OTHER INTANGIBLE A
GOODWILL AND OTHER INTANGIBLE ASSETS, NET | 3 Months Ended |
Mar. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
GOODWILL AND OTHER INTANGIBLE ASSETS, NET | GOODWILL AND OTHER INTANGIBLE ASSETS, NET At March 31, 2021 and December 31, 2020, we had goodwill of $37.1 million. We evaluate goodwill impairment as of October 1 st each year, and more frequently if events or circumstances indicate that there may be impairment. We completed our most recent annual goodwill impairment test as of October 1, 2020 and determined that no goodwill impairment existed. Core deposit intangibles are amortized over their useful lives ranging from four ten ($ in thousands) Gross Carrying Value Accumulated Amortization Net Carrying Value March 31, 2021 Core deposit intangibles $ 30,904 $ 28,553 $ 2,351 December 31, 2020 Core deposit intangibles $ 30,904 $ 28,271 $ 2,633 Aggregate amortization of intangible assets was $282 thousand and $429 thousand for the three months ended March 31, 2021 and 2020. The following table presents estimated future amortization expenses as of March 31, 2021: ($ in thousands) Remainder of 2021 2022 2023 2024 2025 Total Estimated future amortization expense $ 800 $ 799 $ 517 $ 235 $ — $ 2,351 |
FEDERAL HOME LOAN BANK ADVANCES
FEDERAL HOME LOAN BANK ADVANCES AND OTHER BORROWINGS | 3 Months Ended |
Mar. 31, 2021 | |
Federal Home Loan Banks [Abstract] | |
FEDERAL HOME LOAN BANK ADVANCES AND OTHER BORROWINGS | FEDERAL HOME LOAN BANK ADVANCES AND OTHER BORROWINGS The following table presents advances from the FHLB as of the dates indicated: ($ in thousands) March 31, December 31, Fixed rate: Outstanding balance (1)(2) $ 416,000 $ 461,000 Interest rates ranging from (2) — % — % Interest rates ranging to 3.32 % 3.32 % Weighted average interest rate 2.50 % 2.51 % Variable rate: Outstanding balance $ 225,000 $ 85,000 Weighted average interest rate 0.09 % 0.17 % (1) Excludes $5.9 million and $6.2 million of unamortized debt issuance costs at March 31, 2021 and December 31, 2020. (2) Includes $5.0 million in FHLB recovery advances with an interest rate of 0.00% and a maturity date of May 27, 2021. Each advance is payable at its maturity date. Advances paid early are subject to a prepayment penalty. At the end of the first quarter of 2021, FHLB advances included $225.0 million overnight borrowings, $5.0 million maturing within three months, and $411.0 million maturing beyond three months with a weighted average life of 4.7 years and weighted average interest rate of 2.53%. At March 31, 2021 and December 31, 2020, the Bank’s advances from the FHLB were collateralized by certain real estate loans with an aggregate unpaid principal balance of $2.23 billion and $2.37 billion. Based on this collateral, the Bank was eligible to borrow an additional $584.2 million at March 31, 2021. The Bank’s investment in capital stock of the FHLB of San Francisco totaled $17.7 million and $17.3 million at March 31, 2021 and December 31, 2020. We participate in the Federal Reserve Bank of San Francisco (“Federal Reserve”) Borrower-in-Custody (“BIC”) program. Our borrowing capacity with the Federal Reserve was $384.9 million at March 31, 2021. At March 31, 2021, the Bank has pledged certain qualifying loans with an unpaid principal balance of $745.3 million and securities with a carrying value of $23.9 million as collateral for this line of credit. Borrowings under the BIC program are overnight advances with interest chargeable at the discount window (“primary credit”) borrowing rate. There were no borrowings under this arrangement for the three months ended March 31, 2021 and 2020. The Bank maintained available unsecured federal funds lines with four correspondent banks totaling $175.0 million, with no outstanding borrowings at March 31, 2021. The Bank also has the ability to perform unsecured overnight borrowing from various financial institutions through the American Financial Exchange platform. The availability of such unsecured borrowings fluctuates regularly and are subject to the counterparties discretion and totaled $231.0 million and $196.0 million at March 31, 2021 and December 31, 2020. The Bank also maintained repurchase agreements and had no outstanding securities sold under agreements to repurchase at March 31, 2021 and December 31, 2020. Availabilities and terms on repurchase agreements are subject to the counterparties' discretion and the pledging of additional investment securities. |
LONG-TERM DEBT
LONG-TERM DEBT | 3 Months Ended |
Mar. 31, 2021 | |
Debt Disclosure [Abstract] | |
LONG-TERM DEBT | LONG-TERM DEBT The following table presents our long-term debt as of the dates indicated: March 31, 2021 December 31, 2020 ($ in thousands) Par Value Unamortized Debt Issuance Cost and Discount Par Value Unamortized Debt Issuance Cost and Discount 5.25% senior notes due April 15, 2025 $ 175,000 $ (1,255) $ 175,000 $ (1,291) 4.375% subordinated notes due October 30, 2030 85,000 (2,304) 85,000 (2,394) Total $ 260,000 $ (3,559) $ 260,000 $ (3,685) |
INCOME TAXES
INCOME TAXES | 3 Months Ended |
Mar. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | INCOME TAXES For the three months ended March 31, 2021, income tax expense was $2.3 million, resulting in an effective tax rate of 13.8%. For the three months ended March 31, 2020, income tax benefit was $2.2 million and the effective tax rate was 24.7%. For the three months ended March 31, 2021, income tax expense included a benefit resulting from the exercise of all previously issued outstanding stock appreciation rights, including a net benefit of $2.1 million in the first quarter. The effective tax rate is expected to be in the 25% to 27% range for the remaining quarters in 2021. We account for income taxes by recognizing deferred tax assets and liabilities based upon temporary differences between the amounts for financial reporting purposes and tax basis of its assets and liabilities. 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 will continue to evaluate both positive and negative evidence on a quarterly basis, including considering the four possible sources of future taxable income, such as future reversal of existing taxable temporary differences, future taxable income exclusive of reversing temporary differences and carryforwards, taxable income in prior carryback year(s), and future tax planning strategies. Based on this analysis, management determined, it was more likely than not, that all of the deferred tax assets would be realized; therefore, no valuation allowance was provided against the net deferred tax assets of $47.9 million and $46.0 million at March 31, 2021 and December 31, 2020, respectively. ASC 740-10-25 relates to the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements. ASC 740-10-25 prescribes a threshold and a measurement process for recognizing in the financial statements a tax position taken or expected to be taken in a tax return and also provides guidance on de-recognition, classification, interest and penalties, accounting in interim periods, disclosure and transition. We had unrecognized tax benefits of $954 thousand and $924 thousand at March 31, 2021 and December 31, 2020, respectively. We do not believe that the unrecognized tax benefits will change materially in the next twelve months. As of March 31, 2021, the total unrecognized tax benefit that, if recognized, would impact the effective tax rate was $727 thousand. At March 31, 2021 and December 31, 2020, we had no accrued interest or penalties. In the event we are assessed interest and/or penalties by federal or state tax authorities, such amounts will be classified in the consolidated financial statements as income tax expense. We are subject to U.S. federal income tax as well as income tax in multiple state jurisdictions. We are no longer subject to examination by U.S. federal taxing authorities for years before 2017. The statute of limitations for the assessment of California franchise taxes has expired for tax years before 2014 (other state income and franchise tax statutes of limitations vary by state). |
DERIVATIVE INSTRUMENTS
DERIVATIVE INSTRUMENTS | 3 Months Ended |
Mar. 31, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
DERIVATIVE INSTRUMENTS | DERIVATIVE INSTRUMENTS We use derivative instruments and other risk management techniques to reduce our exposure to adverse fluctuations in interest rates and foreign currency exchange rates in accordance with our risk management policies. During the three months ended March 31, 2021, changes in fair value of interest rate swaps and caps on loans and foreign exchange contracts were a gain of $271 thousand, compared to a loss of $182 thousand for the three months ended March 31, 2020, and were included in other income on the consolidated statements of operations. The following table presents the notional amount and fair value of derivative instruments included in the consolidated statements of financial condition as of the dates indicated. March 31, 2021 December 31, 2020 ($ in thousands) Notional Amount Fair Notional Amount Fair Derivative assets: Interest rate swaps and caps on loans $ 64,911 $ 4,452 $ 67,840 $ 7,304 Foreign exchange contracts 6,647 255 7,010 328 Total $ 71,558 $ 4,707 $ 74,850 $ 7,632 Derivative liabilities: Interest rate swaps and caps on loans $ 64,911 $ 4,663 $ 67,840 7,789 Foreign exchange contracts 6,647 243 7,010 313 Total $ 71,558 $ 4,906 $ 74,850 $ 8,102 (1) The fair value of interest rate swaps and caps on loans are included in other assets and accrued expenses and other liabilities, respectively, in the accompanying consolidated statements of financial condition. We have entered into agreements with counterparty financial institutions, which include master netting agreements that provide for the net settlement of all contracts with a single counterparty in the event of default. We elect, however, to account for all derivatives with counterparty institutions on a gross basis. |
EMPLOYEE STOCK COMPENSATION
EMPLOYEE STOCK COMPENSATION | 3 Months Ended |
Mar. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
EMPLOYEE STOCK COMPENSATION | EMPLOYEE STOCK COMPENSATION On May 31, 2018, our stockholders approved the Company's 2018 Omnibus Stock Incentive Plan (“2018 Omnibus Plan”). The 2018 Omnibus Plan provides that the maximum number of shares available for awards is 4,417,882. As of March 31, 2021, 3,183,000 shares were available for future awards. Stock-based Compensation Expense The following table presents stock-based compensation expense and the related tax benefits for the periods indicated: Three Months Ended ($ in thousands) 2021 2020 Stock options $ — $ 2 Restricted stock awards and units 1,544 1,574 Total share-based compensation expense $ 1,544 $ 1,576 Related tax benefits $ 455 $ 464 The following table presents unrecognized stock-based compensation expense as of March 31, 2021: ($ in thousands) Unrecognized Expense Weighted-Average Remaining Expected Recognition Period Restricted stock awards and restricted stock units $ 8,861 2.5 years Total $ 8,861 2.5 years Stock Options We issued stock options to certain employees, officers, and directors. Stock options are issued at the closing market price immediately before the grant date and generally have a three five seven ten The following table represents stock option activity for the three months ended March 31, 2021: Three Months Ended March 31, 2021 ($ in thousands except per share data) Number of Shares Weighted-Average Exercise Price Per Share Weighted-Average Remaining Contract Term Aggregated Intrinsic Value Outstanding at beginning of period 55,069 $ 13.96 Exercised (40,165) $ 14.30 Outstanding at end of period 14,904 $ 13.05 4.0 years $ 75 Exercisable at end of period 14,904 $ 13.05 4.0 years $ 75 There were no unvested stock options as of March 31, 2021 and December 31, 2020. Restricted Stock Awards and Restricted Stock Units We also have granted restricted stock awards and restricted stock units to certain employees, officers, and directors. The restricted stock awards and units are valued at the closing price of our stock on the measurement date. The restricted stock awards and units fully vest after a specified period (generally ranging from one Three Months Ended Number of Shares Weighted Average Grant Date Fair Value Per Share Outstanding at beginning of period 848,302 $ 14.42 Granted (1) 220,457 $ 20.63 Vested (2) (152,248) $ 14.82 Forfeited (3) (50,532) $ 11.17 Outstanding at end of period 865,979 $ 16.12 (1) There were 58,839 performance-based shares/units included in shares granted for the three months ended March 31, 2021. (2) There were 69,109 performance-based shares/units included in vested shares for the three months ended March 31, 2021. (3) The number of forfeited shares includes aggregate performance-based shares/units of 40,160 for the three months ended March 31, 2021. Stock Appreciation Rights On August 21, 2012, we granted to the then, and now former, chief executive officer, a ten Income Taxes ). The following table represents SARs activity and the weighted average exercise price per share as of and for the three months ended March 31, 2021: Three Months Ended March 31, 2021 ($ in thousands except per share data) Number of Shares Weighted-Average Exercise Price Per Share Outstanding at beginning of period 1,559,012 $ 11.60 Exercised (1,559,012) $ 11.60 Outstanding at end of period — $ — Exercisable at end of period — $ — |
STOCKHOLDERS' EQUITY
STOCKHOLDERS' EQUITY | 3 Months Ended |
Mar. 31, 2021 | |
Equity [Abstract] | |
STOCKHOLDERS' EQUITY | STOCKHOLDERS’ EQUITY Preferred Stock We are authorized to issue 50,000,000 shares of preferred stock with par value of $0.01 per share. Preferred shares outstanding rank senior to common shares both as to dividends and liquidation preference but generally have no voting rights. All of our outstanding shares of preferred stock have a $1,000 per share liquidation preference. The following table presents our total outstanding preferred stock as of the dates indicated: March 31, 2021 December 31, 2020 ($ in thousands) Shares Outstanding Liquidation Preference Carrying Value Shares Outstanding Liquidation Preference Carrying Value Series D 7.375% non-cumulative perpetual — $ — $ — 93,270 $ 93,270 $ 89,922 Series E non-cumulative perpetual 98,702 98,702 94,956 98,702 98,702 94,956 Total 98,702 $ 98,702 $ 94,956 191,972 $ 191,972 $ 184,878 During certain periods, we have repurchased Series D Depositary Shares and Series E Depositary Shares, each representing a 1/40th interest in a share of Series D Preferred Stock and Series E Preferred Stock. When the consideration paid to repurchase shares exceeds the repurchased shares' carrying value, the difference reduces net income allocated to common shareholders. When the consideration paid to repurchase shares is less than the repurchased shares' carrying value, the difference increases net income allocated to common shareholders. The following table summarizes repurchases of these depositary shares for the periods indicated: Three Months Ended ($ in thousands) 2021 2020 Series D Preferred Stock: Depositary shares repurchased 3,730,767 81,304 Preferred Stock retired (shares) 93,269 2,033 Consideration paid $ 93,269 $ 1,458 Carrying value 89,922 1,959 Impact of preferred stock redemption $ 3,347 $ (501) Series E Preferred Stock: Depositary shares repurchased — 7,400 Preferred Stock retired (shares) — 185 Consideration paid $ — $ 153 Carrying value — 178 Impact of preferred stock redemption $ — $ (25) During the three months ended March 31, 2021, we repurchased all of our outstanding Series D Depositary Shares, resulting in an impact of preferred stock redemption of $3.3 million in the accompanying consolidated statements of operations. Change in Accumulated Other Comprehensive (Loss) Income ("AOCI") Our AOCI includes unrealized gain (loss) on securities available-for-sale. Changes to AOCI are presented net of the tax effect as a component of stockholders' equity. Reclassifications from AOCI occur when a security is sold, called or matures and are recorded on the consolidated statements of operations either as a gain or loss. The following table presents changes to AOCI for the periods indicated: Three Months Ended ($ in thousands) 2021 2020 Unrealized gain (loss) on securities available-for-sale Balance at beginning of period $ 7,746 $ (11,900) Unrealized loss arising during the period (3,638) (59,885) Tax effect of current period changes 1,077 17,637 Total changes, net of taxes (2,561) (42,248) Balance at end of period $ 5,185 $ (54,148) |
VARIABLE INTEREST ENTITIES
VARIABLE INTEREST ENTITIES | 3 Months Ended |
Mar. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
VARIABLE INTEREST ENTITIES | VARIABLE INTEREST ENTITIESWe hold ownership interests in alternative energy partnerships and qualified affordable housing partnerships and have a variable interest in a multifamily securitization trust. We evaluate our interests in these entities to determine whether they meet the definition of a variable interest entity ("VIE") and whether we are required to consolidate these entities. A VIE is consolidated by its primary beneficiary, which is the party that has both (i) the power to direct the activities that most significantly impact the economic performance of the VIE and (ii) a variable interest that could potentially be significant to the VIE. To determine whether or not a variable interest we hold could potentially be significant to the VIE, we consider both qualitative and quantitative factors regarding the nature, size, and form of our involvement with the VIE. We have determined that our interests in these entities meet the definition of variable interests. Unconsolidated VIEs Multifamily Securitization During the third quarter of 2019, we transferred $573.5 million of multifamily loans, through a two-step process, to a third-party depositor which placed the multifamily loans into a third-party trust (a VIE) that issued structured pass-through certificates to investors. The transfer of these loans was accounted for as a sale for financial reporting purposes, in accordance with ASC 860. We determined that we are not the primary beneficiary of this VIE as we do not have the power to direct the activities that will have the most significant economic impact on the entity. Our continuing involvement in this securitization is limited to customary obligations associated with the securitization of loans, including the obligation to cure, repurchase, or substitute loans in the event of a material breach in representations. Additionally, we have the obligation to guarantee credit losses up to 12% of the aggregate unpaid principal balances at cut-off date of the securitization. This obligation is supported by a $68.8 million letter of credit between the Freddie Mac and the FHLB. The maximum loss exposure that would be absorbed by us in the event that all of the assets in the securitization trust are deemed worthless is $68.8 million, which represents the aforementioned obligation to guarantee credit losses up to 12%. We believe that the loss exposure on the multifamily securitization is reduced by both loan-to-value ratios of the underlying collateral balances and the overcollateralization that exists within the securitization trust. At March 31, 2021, we have a $3.6 million repurchase reserve related to this VIE. Alternative Energy Partnerships We invest in certain alternative energy partnerships (limited liability companies) formed to provide sustainable energy projects that are designed to generate a return primarily through the realization of federal tax credits (energy tax credits). These entities were formed to invest in newly established residential and commercial solar leases and power purchase agreements. As a result of our investments, we have the right to certain investment tax credits and tax depreciation benefits (recognized on the flow through and income statement method in accordance with ASC 740), and to a lesser extent, cash flows generated from the installed solar systems leased to individual consumers for a fixed period of time. While our interest in the alternative energy partnerships meets the definition of a VIE in accordance with ASC 810, we have determined that we are not the primary beneficiary because we do not have the power to direct the activities that most significantly impact the economic performance of the entities including operational and credit risk management activities. As we are not the primary beneficiary, we did not consolidate the entities. We use the Hypothetical Liquidation at Book Value ("HLBV") method to account for our investments in energy tax credits as an equity investment under ASC 970-323-25-17. Under the HLBV method, an equity method investor determines its share of an investee's earnings by comparing its claim on the investee's book value at the beginning and end of the period, assuming the investee were to liquidate all assets at their U.S. GAAP amounts and distribute the resulting cash to creditors and investors under their respective priorities. The difference between the calculated liquidation distribution amounts at the beginning and the end of the reporting period, after adjusting for capital contributions and distributions, is our share of the earnings or losses from the equity investment for the period. To account for the tax credits earned on investments in alternative energy partnerships, we use the flow-through income statement method. Under this method, the tax credits are recognized as a reduction to income tax expense and the initial book-tax differences in the basis of the investments are recognized as additional tax expense in the year they are earned. Investments in alternative energy partnerships totaled $23.8 million and $28.0 million at March 31, 2021 and December 31, 2020. The following table presents information regarding activity in our alternative energy partnerships for the periods indicated: Three Months Ended ($ in thousands) 2021 2020 Fundings $ — $ 3,631 Cash distribution from investment 538 454 Loss on investments in alternative energy partnerships (3,630) (1,905) Income tax credits recognized — — Tax expense (benefit) recognized from HLBV application (992) (458) The following table represents the carrying value of the associated unconsolidated assets and liabilities and the associated maximum loss exposure for alternative energy partnerships as of the dates indicated: ($ in thousands) March 31, December 31, Cash $ 4,469 $ 3,228 Equipment, net of depreciation 239,043 241,015 Other assets 7,708 7,470 Total unconsolidated assets $ 251,220 $ 251,713 Total unconsolidated liabilities $ 6,347 $ 6,357 Maximum loss exposure $ 23,809 $ 27,977 The maximum loss exposure that would be absorbed by us in the event that all of the assets in alternative energy partnerships are deemed worthless is $23.8 million, which is our recorded investment amount at March 31, 2021. We believe that the loss exposure on our investments is reduced considering our return on our investment is provided not only by the cash flows of the underlying client leases and power purchase agreements, but also through the significant tax benefits, including the federal tax credit carryover that resulted from the investments. In addition, our exposure is further limited as the arrangements include a transition manager to support any transition of the solar company sponsor, whose role includes that of the servicer and operation and maintenance provider, in the event the sponsor would be required to be removed from its responsibilities (e.g., bankruptcy, breach of contract, etc.). Qualified Affordable Housing Partnerships We invest in limited partnerships that operate qualified affordable housing projects. The returns on these investments are generated primarily through allocated Federal tax credits and other tax benefits. In addition, these investments contribute to our compliance with the Community Reinvestment Act. These limited partnerships are considered to be VIEs, because either (i) they do not have sufficient equity investment at risk or (ii) the limited partners with equity at risk do not have substantive kick-out rights through voting rights or substantive participating rights over the general partner. As a limited partner, we are not the primary beneficiary because the general partner has the ability to direct the activities of the VIEs that most significantly impact their economic performance. As a result, we do not consolidate these partnerships. The following table presents information regarding balances in our qualified affordable housing partnerships for the periods indicated: ($ in thousands) March 31, December 31, Ending balance (1) $ 42,027 $ 43,209 Aggregate funding commitment 61,278 61,278 Total amount funded 43,994 42,991 Unfunded commitment 17,284 18,287 Maximum loss exposure 42,027 43,209 (1) Included in other assets in the accompanying Consolidated Statements of Financial Condition. The following table presents information regarding activity in our qualified affordable housing partnerships for the periods indicated: Three Months Ended ($ in thousands) 2020 2019 Fundings $ 1,003 $ 4,559 Proportional amortization recognized 1,182 1,147 Income tax credits recognized 1,116 1,056 |
EARNINGS (LOSS) PER COMMON SHAR
EARNINGS (LOSS) PER COMMON SHARE | 3 Months Ended |
Mar. 31, 2021 | |
Earnings Per Share [Abstract] | |
EARNINGS (LOSS) PER COMMON SHARE | EARNINGS (LOSS) PER COMMON SHARE The following table presents computations of basic and diluted earnings (loss) per common share ("EPS") for the three months ended March 31, 2021: Three Months Ended March 31, 2021 ($ in thousands except per share data) Common Stock Class B Net income $ 14,239 $ 136 Less: Income allocated to participating securities (61) (1) Less: preferred stock dividends (3,111) (30) Less: preferred stock redemption (3,316) (31) Net income allocated to common stockholders $ 7,751 $ 74 Weighted average common shares outstanding 49,873,576 477,321 Dilutive effects of restricted shares/units 391,206 — Dilutive effects of stock options 8,419 — Average shares and dilutive common shares 50,273,201 477,321 Basic earnings per common share $ 0.16 $ 0.16 Diluted earnings per common share $ 0.15 $ 0.15 For the three months ended March 31, 2021, there were 56,839 of restricted shares/units and zero stock options that were not considered in computing diluted earnings per common share, because they were anti-dilutive. During the three months ended March 31, 2021 all outstanding stock appreciation rights were exercised resulting in the net issuance of 305,772 shares of voting common stock. Prior to this exercise, stock appreciation rights were considered participating securities and income was allocated to the respective holder and not part of income (loss) available to common stockholders. Subsequent to this exercise, there are no longer any participating securities and the net shares issued are included in the computation of average common shares for both basic and diluted earnings per share. The following table presents computations of basic and diluted EPS for the three months ended March 31, 2020: Three Months Ended March 31, 2020 ($ in thousands except per share data) Common Stock Class B Common Stock Net loss $ (6,531) $ (62) Less: participating securities dividends (93) (1) Less: preferred stock dividends (3,500) (33) Less: preferred stock redemption 521 5 Net loss allocated to common stockholders $ (9,603) $ (91) Weighted average common shares outstanding 49,987,456 477,321 Dilutive effects of stock units — — Dilutive effects of stock options — — Average shares and dilutive common shares 49,987,456 477,321 Basic loss per common share $ (0.19) $ (0.19) Diluted loss per common share $ (0.19) $ (0.19) |
LOAN COMMITMENTS AND OTHER RELA
LOAN COMMITMENTS AND OTHER RELATED ACTIVITIES | 3 Months Ended |
Mar. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
LOAN COMMITMENTS AND OTHER RELATED ACTIVITIES | LOAN COMMITMENTS AND OTHER RELATED ACTIVITIES Some financial instruments, such as unfunded loan commitments, credit lines, letters of credit, and overdraft protection, are issued to meet customer financing needs. These are agreements to provide credit or to support the credit of others, as long as conditions established in the contract are met, and usually have expiration dates. Commitments may expire without being used. Risk of credit loss exists up to the face amount of these instruments. The same credit policies are used to make such commitments as are used for originating loans, including obtaining collateral at exercise of the commitment. The following table presents the contractual amount of financial instruments with off-balance-sheet risk as of the periods indicated: March 31, 2021 December 31, 2020 ($ in thousands) Fixed Rate Variable Rate Fixed Rate Variable Rate Commitments to extend credit $ 18,703 $ 31,658 $ 17,555 $ 38,141 Unused lines of credit 1,793 1,625,253 1,783 1,348,138 Letters of credit 535 7,472 234 8,274 Other Commitments At March 31, 2021, we had unfunded commitments of $17.3 million, $5.6 million, and $2.5 million for qualified affordable housing fund partnerships, Small Business Investment Company ("SBIC") investments, and other investments, respectively. |
REVENUE RECOGNITION
REVENUE RECOGNITION | 3 Months Ended |
Mar. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |
REVENUE RECOGNITION | REVENUE RECOGNITION The following presents noninterest income, segregated by revenue streams, in-scope and out-of-scope of Topic 606 - Revenue From Contracts With Customers , for the periods indicated: Three Months Ended ($ in thousands) 2021 2020 Noninterest income In scope of Topic 606 Deposit service fees $ 810 $ 539 Debit card fees 387 177 Other 79 49 Noninterest income (in-scope of Topic 606) 1,276 765 Noninterest income (out-of-scope of Topic 606) 3,105 1,296 Total noninterest income $ 4,381 $ 2,061 We do not typically enter into long-term revenue contracts with customers. As of March 31, 2021 and December 31, 2020, we did not have any significant contract balances. As of March 31, 2021, we did not capitalize any contract acquisition costs. |
RELATED-PARTY TRANSACTIONS
RELATED-PARTY TRANSACTIONS | 3 Months Ended |
Mar. 31, 2021 | |
Related Party Transactions [Abstract] | |
RELATED-PARTY TRANSACTIONS | RELATED-PARTY TRANSACTIONS Certain of our executive officers and directors, and their related interests, are customers of, or have had transactions with the Bank in the ordinary course of business, including deposits, loans and other financial services related transactions. From time to time, the Bank may make loans to executive officers and directors, and their related interests, in the ordinary course of business and on substantially the same terms and conditions, including interest rates and collateral, as those of comparable transactions with non-insiders prevailing at the time, in accordance with the Bank’s underwriting guidelines, and do not involve more than the normal risk of collectability or present other unfavorable features. As of March 31, 2021, no related party loans were categorized as nonaccrual, past due, restructured or potential problem loans. Transactions with Related Parties The Company and the Bank have engaged in transactions described below with the Company’s current or former directors, executive officers, and beneficial owners of more than 5 percent of the outstanding shares of the Company’s voting common stock and certain persons related to them. As previously disclosed, the Company’s Board of Directors has authorized and directed the Company to provide indemnification, advancement and/or reimbursement for the costs of separate independent counsel retained by any then-current officer or director, in their individual capacity, with respect to matters related to (i) an investigation by the Special Committee of the Company’s Board of Directors, (ii) a formal order of investigation issued by the SEC on January 4, 2017 (since resolved) and (iii) any related civil or administrative proceedings against the Company as well as officers and directors currently or previously associated with the Company. Indemnification costs were paid on behalf of certain former directors and former executive officers in amounts each less than $120 thousand for the three months ended March 31, 2021. Indemnification costs were paid on behalf of certain current and former directors and former executive officers in amounts each less than $120 thousand for the three months ended March 31, 2020. |
LITIGATION
LITIGATION | 3 Months Ended |
Mar. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
LITIGATION | LITIGATION From time to time, we are involved as plaintiff or defendant in various legal actions arising in the normal course of business. In accordance with applicable accounting guidance, we establish an accrued liability when those matters present loss contingencies that are both probable and estimable. We continue to monitor the matters for further developments that could affect the amount of the accrued liability that has been previously established. While the ultimate liability with respect to legal actions cannot be determined at this time, we believe that damages, if any, and other amounts relating to pending matters are not likely to be material to the consolidated financial statements. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 3 Months Ended |
Mar. 31, 2021 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | SUBSEQUENT EVENTSWe have evaluated events from the date of the consolidated financial statements on March 31, 2021 through the issuance of these consolidated financial statements included in this Quarterly Report on Form 10-Q. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 3 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation: The accompanying unaudited interim consolidated financial statements have been prepared pursuant to Article 10 of SEC Regulation S-X and other SEC rules and regulations for reporting on the Quarterly Report on Form 10-Q. Accordingly, certain disclosures required by U.S. generally accepted accounting principles (“GAAP”) are not included herein. These interim statements should be read in conjunction with the consolidated financial statements and notes included in the Annual Report on Form 10-K for the year ended December 31, 2020 filed by us with the SEC. The December 31, 2020 consolidated statements of financial condition presented herein has been derived from the audited financial statements included in the Annual Report on Form 10-K for the year ended December 31, 2020 filed with the SEC. |
Reclassification | Certain prior period amounts have been reclassified to conform to current period presentation, including i) reclassification of income taxes receivable to other assets in the consolidated statement of financial condition, and ii) reclassification of outside services expense from "outside services fees" to "all other expense" in the consolidated statements of operations.In the opinion of management of the Company, the accompanying unaudited interim consolidated financial statements reflect all of the adjustments (consisting of normal recurring adjustments) necessary for a fair presentation of the consolidated financial condition and consolidated results of operations as of the dates and for the periods presented. |
Principles of Consolidation | Principles of Consolidation: The accompanying unaudited consolidated financial statements include the accounts of the Company and its consolidated subsidiaries as of March 31, 2021 and December 31, 2020 and for the three months ended March 31, 2021 and 2020. Significant intercompany accounts and transactions have been eliminated in consolidation. Unless the context requires otherwise, all references to the Company include its then wholly-owned subsidiaries. |
Adopted Accounting Pronouncements, Significant Accounting Policies, and Recent Accounting Guidance | Adopted Accounting Pronouncements: On January 1, 2021, we adopted Accounting Standards Update (“ASU”) 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes (“ASU 2019-12”) which simplifies the accounting for income taxes by removing certain exceptions for investments, intra-period allocations, and interim calculations, and adding guidance to reduce the complexity of applying Topic 740. The adoption of these amendments did not have a material effect on our consolidated financial statements. Significant Accounting Policies: The accounting and reporting policies of the Company are based upon GAAP and conform to predominant practices within the banking industry. We have not made any significant changes in our critical accounting policies from those disclosed in our Annual Report on Form 10-K for the year ended December 31, 2020 filed with the SEC. Recent Accounting Guidance: Beginning in June 2023, the London Interbank Offered Rate (“LIBOR”) will be discontinued. To assist entities with the transition away from LIBOR, the Financial Accounting Standards Board (“FASB”) has issued accounting guidance to clarify GAAP and provide practical expedients for entities to utilize during the time of transition. We are in the process of evaluating the potential impact the discontinuation of LIBOR will have on our consolidated financial statements. The optional expedients and exceptions provided through this relief are set forth below and were effective immediately; however, certain provisions from this relief are not yet determined due to the fact that LIBOR has not yet been discontinued. In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848) , ("ASU 2020-04") which provided optional guidance, for a limited period of time, to ease the potential burden in accounting for (or recognizing the benefits of) reference rate reform on financial reporting. The amendments in ASU 2020-04 were elective and applied to all entities, subject to meeting certain criteria, that have contracts, hedging relationships, and other transactions that reference London Interbank Offered Rate (“LIBOR”) or another reference rate expected to be discontinued because of reference rate reform. ASU 2020-04 provided optional expedients and exceptions for applying GAAP to contract modifications and hedging relationships, subject to meeting certain criteria. When elected, the optional expedients for contract modifications must be applied consistently for all eligible contracts or eligible transactions within the relevant topic or industry subtopic within the codification that contains the guidance that otherwise would be required to be applied. The amendments in ASU 2020-04 were effective for all entities as of March 12, 2020 through December 31, 2022. In January 2021, the FASB issued ASU 2021-01, Reference Rate Reform (Topic 848) ("ASU 2021-01"). The amendments in ASU 2021-01 clarified that certain optional expedients and exceptions in Topic 848 for contract modifications and hedge accounting apply to derivatives that are affected by the discounting transition. Specifically, certain provisions in Topic 848, if elected by an entity, apply to derivative instruments that use an interest rate for margining, discounting, or contract price alignment that is modified as a result of reference rate reform. Amendments in this Update to the expedients and exceptions in Topic 848 capture the incremental consequences of the scope clarification and tailor the existing guidance to derivative instruments affected by the discounting transition. The amendments in ASU 2021-01 are elective and apply to all entities that have derivative instruments that use an interest rate for margining, discounting, or contract price alignment that is modified as a result of reference rate reform. The amendments also optionally apply to all entities that designate receive-variable-rate, pay-variable-rate cross-currency interest rate swaps as hedging instruments in net investment hedges that are modified as a result of reference rate reform. The amendments in ASU 2021-01 were effective immediately for all entities. ASU 2021-01 is not expected to have a material effect on our consolidated financial statements. |
Use of Estimates in the Preparation of Financial Statements | Use of Estimates in the Preparation of Financial Statements: The preparation of financial statements, in conformity with GAAP, requires management to make estimates and assumptions based on available information. These estimates and assumptions affect the amounts reported in the consolidated financial statements and disclosures provided, and actual results could differ. The allowance for credit losses (“ACL”) (which includes the allowance for loan losses (“ALL”) and the reserve for |
FAIR VALUES OF FINANCIAL INST_2
FAIR VALUES OF FINANCIAL INSTRUMENTS (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Assets Measured on a Recurring Basis | The following table presents our financial assets and liabilities measured at fair value on a recurring basis as of the dates indicated: Fair Value Measurement Level ($ in thousands) Carrying Value Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs March 31, 2021 Assets Securities available-for-sale: SBA loan pools securities $ 16,733 $ — $ 16,733 $ — U.S. government agency and U.S. government sponsored enterprise residential mortgage-backed securities 123,300 — 123,300 — U.S. government agency and U.S. government sponsored enterprise collateralized mortgage obligations 210,956 — 210,956 — Municipal securities 85,538 — 85,538 — Non-agency residential mortgage-backed securities 158 — 158 — Collateralized loan obligations 683,873 — 683,873 — Corporate debt securities 150,272 — 150,272 — Loans held-for-sale, carried at fair value 1,408 — 465 943 Derivative assets: Interest rate swaps and caps (1) 4,452 — 4,452 — Foreign exchange contracts (1) 255 — 255 — Liabilities Derivative liabilities: Interest rate swaps and caps (2) 4,663 — 4,663 — Foreign exchange contracts (2) 243 — 243 — December 31, 2020 Assets Securities available-for-sale: SBA loan pools securities $ 17,354 $ — $ 17,354 $ — U.S. government agency and U.S. government sponsored enterprise residential mortgage-backed securities 106,384 — 106,384 — U.S. government agency and U.S. government sponsored enterprise collateralized mortgage obligations 211,831 — 211,831 — Municipal securities 68,623 — 68,623 — Non-agency residential mortgage-backed securities 160 — 160 — Collateralized loan obligations 677,785 — 677,785 — Corporate debt securities 149,294 — 149,294 — Loans held-for-sale, carried at fair value 1,413 — 468 945 Derivative assets: Interest rate swaps and caps (1) 7,304 — 7,304 — Foreign exchange contracts (1) 328 — 328 — Liabilities Derivative liabilities: Interest rate swaps and caps (2) 7,789 — 7,789 — Foreign exchange contracts (2) 313 — 313 — (1) Included in other assets in the Consolidated Statements of Financial Condition. (2) Included in accrued expenses and other liabilities in the Consolidated Statements of Financial Condition. |
Fair Value Liabilities Measured on a Recurring Basis | The following table presents our financial assets and liabilities measured at fair value on a recurring basis as of the dates indicated: Fair Value Measurement Level ($ in thousands) Carrying Value Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs March 31, 2021 Assets Securities available-for-sale: SBA loan pools securities $ 16,733 $ — $ 16,733 $ — U.S. government agency and U.S. government sponsored enterprise residential mortgage-backed securities 123,300 — 123,300 — U.S. government agency and U.S. government sponsored enterprise collateralized mortgage obligations 210,956 — 210,956 — Municipal securities 85,538 — 85,538 — Non-agency residential mortgage-backed securities 158 — 158 — Collateralized loan obligations 683,873 — 683,873 — Corporate debt securities 150,272 — 150,272 — Loans held-for-sale, carried at fair value 1,408 — 465 943 Derivative assets: Interest rate swaps and caps (1) 4,452 — 4,452 — Foreign exchange contracts (1) 255 — 255 — Liabilities Derivative liabilities: Interest rate swaps and caps (2) 4,663 — 4,663 — Foreign exchange contracts (2) 243 — 243 — December 31, 2020 Assets Securities available-for-sale: SBA loan pools securities $ 17,354 $ — $ 17,354 $ — U.S. government agency and U.S. government sponsored enterprise residential mortgage-backed securities 106,384 — 106,384 — U.S. government agency and U.S. government sponsored enterprise collateralized mortgage obligations 211,831 — 211,831 — Municipal securities 68,623 — 68,623 — Non-agency residential mortgage-backed securities 160 — 160 — Collateralized loan obligations 677,785 — 677,785 — Corporate debt securities 149,294 — 149,294 — Loans held-for-sale, carried at fair value 1,413 — 468 945 Derivative assets: Interest rate swaps and caps (1) 7,304 — 7,304 — Foreign exchange contracts (1) 328 — 328 — Liabilities Derivative liabilities: Interest rate swaps and caps (2) 7,789 — 7,789 — Foreign exchange contracts (2) 313 — 313 — (1) Included in other assets in the Consolidated Statements of Financial Condition. (2) Included in accrued expenses and other liabilities in the Consolidated Statements of Financial Condition. |
Reconciliation of Assets Measured at Fair Value on Recurring Basis | The following table presents a reconciliation of assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the periods indicated: Three Months Ended ($ in thousands) 2021 2020 Loans repurchased from GNMA Loan Pools Balance at beginning of period $ 945 $ 19,233 Total gains (losses) (realized/unrealized): Included in earnings—fair value adjustment — (1,391) Sales, settlements, and other (2) (715) Balance at end of period $ 943 $ 17,127 |
Fair value option of certain assets | The following table presents the fair value and aggregate principal balance of certain assets under the fair value option: March 31, 2021 December 31, 2020 ($ in thousands) Fair Value Unpaid Principal Balance Difference Fair Value Unpaid Principal Balance Difference Loans held-for-sale, carried at fair value: Total loans $ 1,408 $ 1,674 $ (266) $ 1,413 $ 1,680 $ (267) Nonaccrual loans (1) 654 750 (96) 654 750 (96) (1) Includes loans guaranteed by the U.S. government of $181 thousand and $190 thousand at March 31, 2021 and December 31, 2020. Three Months Ended ($ in thousands) 2021 2020 Net gains (losses) from fair value changes: Fair value adjustment for loans held-for-sale $ — $ (1,586) |
Schedule of Assets and Liabilities Measured on Non-recurring Basis | The following table presents our financial assets and liabilities measured at fair value on a non-recurring basis as of the dates indicated: Fair Value Measurement Level ($ in thousands) Carrying Value Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs March 31, 2021 Assets Collateral dependent loans: SBA $ 794 $ — $ — $ 794 December 31, 2020 Assets Collateral dependent loans: SBA $ 629 $ — $ — $ 629 |
Schedule of Gains and (Losses) Recognized on Assets Measured at Fair Value on Non-recurring Basis | The following table presents the gains (losses) recognized on assets measured at fair value on a non-recurring basis for the periods indicated: Three Months Ended ($ in thousands) 2021 2020 Collateral dependent loans: Single family residential mortgage $ — $ 22 Commercial and industrial 18 (1,331) SBA (133) (519) |
Carrying Amounts and Estimated Fair Values of Financial Instruments | Estimated Fair Values of Financial Instruments The following table presents the carrying amounts and estimated fair values of financial assets and liabilities as of the dates indicated: Carrying Amount Fair Value Measurement Level ($ in thousands) Level 1 Level 2 Level 3 Total March 31, 2021 Financial assets Cash and cash equivalents $ 379,509 $ 379,509 $ — $ — $ 379,509 Securities available-for-sale 1,270,830 — 1,270,830 — 1,270,830 Federal Home Loan Bank and other bank stock 44,964 — 44,964 — 44,964 Loans held-for-sale, carried at fair value 1,408 — 465 943 1,408 Loans receivable, net of allowance for credit losses 5,685,048 — — 5,754,031 5,754,031 Accrued interest receivable 30,270 30,270 — — 30,270 Derivative assets 4,707 — 4,707 — 4,707 Financial liabilities Deposits 6,142,042 — — 6,143,213 6,143,213 Advances from Federal Home Loan Bank 635,105 — 669,799 — 669,799 Long-term debt 256,441 — 272,260 — 272,260 Derivative liabilities 4,906 — 4,906 — 4,906 Accrued interest payable 6,718 6,718 — — 6,718 December 31, 2020 Financial assets Cash and cash equivalents $ 220,819 $ 220,819 $ — $ — $ 220,819 Securities available-for-sale 1,231,431 — 1,231,431 — 1,231,431 Federal Home Loan Bank and other bank stock 44,506 — 44,506 — 44,506 Loans held-for-sale 1,413 — 468 945 1,413 Loans receivable, net of allowance for credit losses 5,817,375 — — 5,936,708 5,936,708 Accrued interest receivable 29,445 29,445 — — 29,445 Derivative assets 7,632 — 7,632 — 7,632 Financial liabilities Deposits 6,085,800 — — 6,087,714 6,087,714 Advances from Federal Home Loan Bank 539,795 — 585,416 — 585,416 Long-term debt 256,315 — 273,230 — 273,230 Derivative liabilities 8,102 — 8,102 — 8,102 Accrued interest payable 3,714 3,714 — — 3,714 |
INVESTMENT SECURITIES (Tables)
INVESTMENT SECURITIES (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
Summary of Amortized Cost and Fair Value of Available-for-Sale Investment Securities | The following table presents the amortized cost and fair value of the investment securities portfolio as of the dates indicated: ($ in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value March 31, 2021 Securities available-for-sale: SBA loan pool securities $ 16,812 $ — $ (79) $ 16,733 U.S. government agency and U.S. government sponsored enterprise residential mortgage-backed securities 122,300 1,419 (419) 123,300 U.S. government agency and U.S. government sponsored enterprise collateralized mortgage obligations 210,343 2,079 (1,466) 210,956 Municipal securities 84,385 2,242 (1,089) 85,538 Non-agency residential mortgage-backed securities 154 4 — 158 Collateralized loan obligations 687,505 — (3,632) 683,873 Corporate debt securities 141,982 8,302 (12) 150,272 Total securities available-for-sale $ 1,263,481 $ 14,046 $ (6,697) $ 1,270,830 December 31, 2020 Securities available-for-sale: SBA loan pool securities $ 17,436 $ — $ (82) $ 17,354 U.S. government agency and U.S. government sponsored enterprise residential mortgage-backed securities 99,591 6,793 — 106,384 U.S. government agency and U.S. government sponsored enterprise collateralized mortgage obligations 209,426 2,571 (166) 211,831 Municipal securities 64,355 4,272 (4) 68,623 Non-agency residential mortgage-backed securities 156 4 — 160 Collateralized loan obligations 687,505 — (9,720) 677,785 Corporate debt securities 141,975 7,319 — 149,294 Total securities available-for-sale $ 1,220,444 $ 20,959 $ (9,972) $ 1,231,431 |
Proceeds from Sales and Calls of Securities and Associated Gross Gains and Losses | The following table presents proceeds from sales and calls of securities available-for-sale and the associated gross gains and losses realized through earnings upon the sales and calls of securities available-for-sale for the periods indicated: Three Months Ended ($ in thousands) 2021 2020 Gross realized gains on sales and calls of securities available-for-sale $ — $ — Gross realized losses on sales and calls of securities available-for-sale — — Net realized (losses) gains on sales and calls of securities available-for-sale $ — $ — Proceeds from sales and calls of securities available-for-sale $ — $ 30,000 |
Summary of Investment Securities with Unrealized Losses | The following table summarizes the investment securities with unrealized losses by security type and length of time in a continuous, unrealized loss position as of the dates indicated: Less Than 12 Months 12 Months or Longer Total ($ in thousands) Fair Gross Unrealized Losses Fair Gross Unrealized Losses Fair Gross Unrealized Losses March 31, 2021 Securities available-for-sale: SBA loan pool securities $ 16,733 $ (79) $ — $ — $ 16,733 $ (79) U.S. government agency and U.S. government sponsored enterprise collateralized mortgage-backed securities 47,975 (419) — — 47,975 (419) U.S. government agency and U.S. government sponsored enterprise collateralized mortgage obligations 42,339 (1,466) — — 42,339 (1,466) Municipal securities 30,357 (1,089) — — 30,357 (1,089) Collateralized loan obligations 37,446 (54) 427,177 (3,578) 464,623 (3,632) Corporate debt securities 4,988 (12) — — 4,988 (12) Total securities available-for-sale $ 179,838 $ (3,119) $ 427,177 $ (3,578) $ 607,015 $ (6,697) December 31, 2020 SBA loan pool securities $ 17,354 $ (82) $ — $ — $ 17,354 $ (82) U.S. government agency and U.S. government sponsored enterprise collateralized mortgage obligations 19,033 (166) — — 19,033 (166) Municipal securities 11,401 (4) — — 11,401 (4) Collateralized loan obligations 64,775 (225) 613,010 (9,495) 677,785 (9,720) Total securities available-for-sale $ 112,563 $ (477) $ 613,010 $ (9,495) $ 725,573 $ (9,972) |
Composition, Repricing and Yield Information of Investment Securities Portfolio | The following table presents the fair value and yield information of the investment securities portfolio, based on the earlier of maturity dates or next repricing date, as of March 31, 2021: One year or less More than One Year through Five Years More than Five Years through Ten Years More than Ten Years Total ($ in thousands) Fair Weighted-Average Yield Fair Weighted-Average Yield Fair Weighted-Average Yield Fair Weighted-Average Yield Fair Weighted-Average Yield Securities available-for-sale: SBA loan pool securities $ 16,733 1.34 % $ — — % $ — — % $ — — % $ 16,733 1.34 % U.S. government agency and U.S. government sponsored enterprise residential mortgage-backed securities — — % — — % 29,238 2.20 % 94,062 2.35 % 123,300 2.31 % U.S. government agency and U.S. government sponsored enterprise collateralized mortgage obligations 110,147 0.67 % 11,193 1.99 % 42,747 1.35 % 46,869 1.76 % 210,956 1.12 % Municipal securities — — % — — % 9,193 2.60 % 76,345 2.49 % 85,538 2.51 % Non-agency residential mortgage-backed securities — — % — — % — — % 158 6.36 % 158 6.36 % Collateralized loan obligations 683,873 1.86 % — — % — — % — — % 683,873 1.86 % Corporate debt securities — — % 132,244 5.01 % 18,028 5.73 % — — % 150,272 5.08 % Total securities available-for-sale $ 810,753 1.69 % $ 143,437 4.77 % $ 99,206 2.40 % $ 217,434 2.28 % $ 1,270,830 2.18 % |
LOANS AND ALLOWANCE FOR CREDI_2
LOANS AND ALLOWANCE FOR CREDIT LOSSES (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Receivables [Abstract] | |
Loans and Leases Receivable | The following table presents the balances in our loan portfolio as of the dates indicated: ($ in thousands) March 31, December 31, Commercial: Commercial and industrial $ 1,878,325 $ 2,088,308 Commercial real estate 839,965 807,195 Multifamily 1,258,278 1,289,820 SBA (1) 338,903 273,444 Construction 169,122 176,016 Consumer: Single family residential mortgage 1,253,251 1,230,236 Other consumer 26,557 33,386 Total loans (2) $ 5,764,401 $ 5,898,405 Allowance for loan losses (79,353) (81,030) Loans receivable, net $ 5,685,048 $ 5,817,375 (1) Includes 1,228 PPP loans totaling $276.0 million, net of unamortized loan fees totaling $5.1 million at March 31, 2021 and 949 PPP loans totaling $210.0 million, net of unamortized loan fees totaling $1.6 million at December 31, 2020. (2) Includes net deferred loan origination costs/(fees) and premiums/(discounts) of $4.6 million and $6.2 million at March 31, 2021 and December 31, 2020. |
Risk Categories for Loans and Leases | The following table presents the risk categories for total loans by class of loans and origination year as of March 31, 2021: Term Loans Amortized Cost Basis by Origination Year ($ in thousands) 2021 2020 2019 2018 2017 Prior Revolving Loans Amortized Cost Basis Revolving Loans Amortized Cost Basis Total March 31, 2021 Commercial: Commercial and industrial Pass $ 42,010 $ 81,257 $ 74,627 $ 67,474 $ 51,189 $ 118,729 $ 1,342,027 $ 13,507 $ 1,790,820 Special mention — 3,501 3,984 2,702 12,399 6,007 1,500 7,506 37,599 Substandard — — 17,057 6,076 — 9,010 13,792 3,971 49,906 Doubtful — — — — — — — — — Commercial and industrial 42,010 84,758 95,668 76,252 63,588 133,746 1,357,319 24,984 1,878,325 Commercial real estate Pass 111,377 66,607 147,993 171,212 62,798 229,419 2,682 1,580 793,668 Special mention — — — 9,390 — 16,964 3,761 — 30,115 Substandard — — 512 — — 14,451 — — 14,963 Doubtful — — — — — 1,219 — — 1,219 Commercial real estate 111,377 66,607 148,505 180,602 62,798 262,053 6,443 1,580 839,965 Multifamily Pass 16,566 235,977 383,314 268,034 109,761 221,183 40 — 1,234,875 Special mention — — 3,050 — — 801 — — 3,851 Substandard — — — — — 19,552 — — 19,552 Doubtful — — — — — — — — — Multifamily 16,566 235,977 386,364 268,034 109,761 241,536 40 — 1,258,278 SBA Pass 130,594 151,088 13,995 1,224 3,648 27,863 953 384 329,749 Special mention — — 1,755 — 206 1,265 — 5 3,231 Substandard — — — — 1,272 2,595 269 1,306 5,442 Doubtful — — — 391 — — — 90 481 SBA 130,594 151,088 15,750 1,615 5,126 31,723 1,222 1,785 338,903 Construction Pass 1,177 45,148 29,576 32,931 48,817 — — — 157,649 Special mention — — — 4,037 — 7,436 — — 11,473 Substandard — — — — — — — — — Doubtful — — — — — — — — — Construction 1,177 45,148 29,576 36,968 48,817 7,436 — — 169,122 Consumer: Single family residential mortgage Pass 116,087 165,321 120,880 225,492 147,342 415,134 14,442 — 1,204,698 Special mention — — 901 3,144 685 9,456 — — 14,186 Substandard — — — 9,181 3,083 21,846 257 — 34,367 Doubtful — — — — — — — — — Single family residential mortgage 116,087 165,321 121,781 237,817 151,110 446,436 14,699 — 1,253,251 Other consumer Pass — — — 34 — 1,865 22,256 2,137 26,292 Special mention — — — — — 30 64 — 94 Substandard — — — — — — 99 72 171 Doubtful — — — — — — — — — Other consumer — — — 34 — 1,895 22,419 2,209 26,557 Total loans $ 417,811 $ 748,899 $ 797,644 $ 801,322 $ 441,200 $ 1,124,825 $ 1,402,142 $ 30,558 $ 5,764,401 The following table presents the risk categories for total loans by class of loans and origination year as of December 31, 2020: Term Loans Amortized Cost Basis by Origination Year ($ in thousands) 2020 2019 2018 2017 2016 Prior Revolving Loans Amortized Cost Basis Revolving Loans Amortized Cost Basis Total December 31, 2020 Commercial: Commercial and industrial Pass $ 99,015 $ 78,783 $ 70,248 $ 52,786 $ 44,536 $ 92,129 $ 1,572,259 $ 9,945 $ 2,019,701 Special mention — 928 2,748 7,986 1,574 2,271 1,500 225 17,232 Substandard — 13,937 6,262 4,618 — 9,264 12,598 4,696 51,375 Doubtful — — — — — — — — — Commercial and industrial 99,015 93,648 79,258 65,390 46,110 103,664 1,586,357 14,866 2,088,308 Commercial real estate Pass 75,432 150,731 192,831 63,144 91,454 182,756 2,682 1,582 760,612 Special mention — — 9,452 — 2,518 14,754 3,761 — 30,485 Substandard — — — — — 16,098 — — 16,098 Doubtful — — — — — — — — — Commercial real estate 75,432 150,731 202,283 63,144 93,972 213,608 6,443 1,582 807,195 Multifamily Pass 239,449 407,532 275,881 110,105 97,160 154,841 27 — 1,284,995 Special mention — 2,050 — — — 803 — — 2,853 Substandard — — — — — 1,972 — — 1,972 Doubtful — — — — — — — — — Multifamily 239,449 409,582 275,881 110,105 97,160 157,616 27 — 1,289,820 SBA Pass 211,962 14,082 1,260 3,746 11,087 18,589 3,111 1,014 264,851 Special mention — 1,768 — 212 415 874 — 6 3,275 Substandard — — — 1,319 682 1,855 226 755 4,837 Doubtful — — 390 — — — — 91 481 SBA 211,962 15,850 1,650 5,277 12,184 21,318 3,337 1,866 273,444 Construction Pass 41,677 30,387 45,397 50,024 — — — — 167,485 Special mention — — 1,537 — 6,994 — — — 8,531 Substandard — — — — — — — — — Doubtful — — — — — — — — — Construction 41,677 30,387 46,934 50,024 6,994 — — — 176,016 Consumer: Single family residential mortgage Pass 149,382 140,129 271,667 161,332 237,285 227,711 15,252 — 1,202,758 Special mention — — 1,837 688 4,868 4,460 — — 11,853 Substandard — 157 491 1,079 4,978 8,920 — — 15,625 Doubtful — — — — — — — — — Single family residential mortgage 149,382 140,286 273,995 163,099 247,131 241,091 15,252 — 1,230,236 Other consumer Pass 38 — 47 — — 1,876 27,644 2,218 31,823 Special mention — — — — — 30 1,185 — 1,215 Substandard — — — — — — 274 74 348 Doubtful — — — — — — — — — Other consumer 38 — 47 — — 1,906 29,103 2,292 33,386 Total loans $ 816,955 $ 840,484 $ 880,048 $ 457,039 $ 503,551 $ 739,203 $ 1,640,519 $ 20,606 $ 5,898,405 |
Aging of Recorded Investment in Past Due Loans and Leases | The following table presents the aging of the recorded investment in past due loans, excluding accrued interest receivable (which is not considered to be material), by class of loans as of the dates indicated: ($ in thousands) 30 - 59 Days Past Due 60 - 89 Days Past Due Greater than 89 Days Past due Total Past Due Current Total March 31, 2021 Non-Traditional Mortgage (NTM) loans: Single family residential mortgage $ 6,799 $ 2,441 $ 6,997 $ 16,237 $ 394,293 $ 410,530 Other consumer — — — — 1,606 1,606 Total NTM loans 6,799 2,441 6,997 16,237 395,899 412,136 Traditional loans: Commercial: Commercial and industrial 14 517 3,517 4,048 1,874,277 1,878,325 Commercial real estate 2,644 923 — 3,567 836,398 839,965 Multifamily 801 — — 801 1,257,477 1,258,278 SBA 1,520 997 2,457 4,974 333,929 338,903 Construction — — — — 169,122 169,122 Consumer: Single family residential mortgage 11,729 2,536 17,321 31,586 811,135 842,721 Other consumer 84 — — 84 24,867 24,951 Total traditional loans 16,792 4,973 23,295 45,060 5,307,205 5,352,265 Total $ 23,591 $ 7,414 $ 30,292 $ 61,297 $ 5,703,104 $ 5,764,401 December 31, 2020 NTM loans: Single family residential mortgage $ 4,200 $ 641 $ 6,548 $ 11,389 $ 424,126 $ 435,515 Other consumer — — — — 1,598 1,598 Total NTM loans 4,200 641 6,548 11,389 425,724 437,113 Traditional loans: Commercial: Commercial and industrial 67 — 4,284 4,351 2,083,957 2,088,308 Commercial real estate — — — — 807,195 807,195 Multifamily — — — — 1,289,820 1,289,820 SBA 354 626 3,062 4,042 269,402 273,444 Construction — — — — 176,016 176,016 Consumer: Single family residential mortgage 6,836 980 3,742 11,558 783,163 794,721 Other consumer 216 61 — 277 31,511 31,788 Total traditional loans 7,473 1,667 11,088 20,228 5,441,064 5,461,292 Total $ 11,673 $ 2,308 $ 17,636 $ 31,617 $ 5,866,788 $ 5,898,405 |
Composition of Nonaccrual Loans and Leases | The following table presents nonaccrual loans as of the dates indicated: March 31, 2021 December 31, 2020 ($ in thousands) NTM Loans Traditional Loans Total Nonaccrual Loans with no ACL NTM Loans Traditional Loans Total Nonaccrual Loans with no ACL Nonaccrual loans Commercial: Commercial and industrial $ — $ 13,475 $ 13,475 $ 13,324 $ — $ 13,821 $ 13,821 $ 13,088 Commercial real estate — 5,834 5,834 5,834 — 4,654 4,654 4,654 SBA — 4,179 4,179 796 — 3,749 3,749 648 Construction — — — — — — — — Consumer: Single family residential mortgage 11,652 20,780 32,432 32,431 8,697 4,822 13,519 13,519 Other consumer — — — — — 157 157 157 Total nonaccrual loans $ 11,652 $ 44,268 $ 55,920 $ 52,385 $ 8,697 $ 27,203 $ 35,900 $ 32,066 |
Allowance for Loan and Lease Losses and Recorded Investment, Excluding Accrued Interest, in Loans | The following table presents a summary of activity in the ACL for the periods indicated: Three Months Ended March 31, ($ in thousands) 2021 2020 Allowance Reserve for Unfunded Loan Commitments Allowance Allowance Reserve for Unfunded Loan Commitments Allowance Balance at beginning of period $ 81,030 $ 3,183 $ 84,213 $ 57,649 $ 4,064 $ 61,713 Impact of adopting ASU 2016-13 — — — 7,609 (1,226) 6,383 Loans charged off (565) — (565) (2,076) — (2,076) Recoveries of loans previously charged off 172 — 172 350 — 350 Net charge-offs (393) — (393) (1,726) — (1,726) Provision for (reversal of) credit losses (1,284) 177 (1,107) 14,711 1,050 15,761 Balance at end of period $ 79,353 $ 3,360 $ 82,713 $ 78,243 $ 3,888 $ 82,131 The following table presents the activity and balance in the ALL and the recorded investment, excluding accrued interest, in loans based on the impairment methodology as of or for the three months ended March 31, 2021: ($ in thousands) Commercial and Industrial Commercial Real Estate Multifamily SBA Construction Single Family Residential Mortgage Other Consumer Total ALL: Balance at December 31, 2020 $ 20,608 $ 19,074 $ 22,512 $ 3,145 $ 5,849 $ 9,191 $ 651 $ 81,030 Charge-offs (565) — — — — — — (565) Recoveries 45 — — 126 — — 1 172 Net (charge-offs) recoveries (520) — — 126 — — 1 (393) (Reversal of) provision for credit losses (385) (1,974) 1,372 180 (297) (30) (150) (1,284) Balance at March 31, 2021 $ 19,703 $ 17,100 $ 23,884 $ 3,451 $ 5,552 $ 9,161 $ 502 $ 79,353 The following table presents the activity and balance in the ALL and the recorded investment, excluding accrued interest, in loans based on the impairment methodology as of or for the three months ended March 31, 2020: ($ in thousands) Commercial and Industrial Commercial Real Estate Multifamily SBA Construction Single Family Residential Mortgage Other Consumer Total ALL: Balance at December 31, 2019 $ 22,353 $ 5,941 $ 11,405 $ 3,120 $ 3,906 $ 10,486 $ 438 $ 57,649 Adoption of ASU N. 2016-13 662 4,847 1,809 388 103 (420) 220 7,609 Charge-offs (1,164) — — (356) — (552) (4) (2,076) Recoveries 30 — — 121 — 151 48 350 Net (charge-offs) recoveries (1,134) — — (235) — (401) 44 (1,726) Provision for (reversal of ) credit losses 1,692 2,832 6,858 379 3,043 (72) (21) 14,711 Balance at March 31, 2020 $ 23,573 $ 13,620 $ 20,072 $ 3,652 $ 7,052 $ 9,593 $ 681 $ 78,243 |
Collateral Dependent Loans | Collateral dependent loans consisted of the following as of March 31, 2021 and December 31, 2020: March 31, 2021 Real Estate ($ in thousands) Commercial Residential Business Assets Total Commercial: Commercial and industrial 5,368 — 4,924 10,292 Commercial real estate 3,864 1,971 — 5,835 SBA 74 1,208 2,682 3,964 Consumer: Single family residential mortgage — 38,544 — 38,544 Total loans $ 9,306 $ 41,723 $ 7,606 $ 58,635 December 31, 2020 Real Estate ($ in thousands) Commercial Residential Business Assets Total Commercial: Commercial and industrial 5,492 — 4,965 10,457 Commercial real estate 2,644 2,010 — 4,654 SBA 349 497 2,750 3,596 Consumer: Single family residential mortgage — 17,820 — 17,820 Other consumer — 157 — 157 Total loans $ 8,485 $ 20,484 $ 7,715 $ 36,684 |
Troubled Debt Restructurings | TDR loans consisted of the following as of the dates indicated: March 31, 2021 December 31, 2020 ($ in thousands) NTM Traditional Loans Total NTM Traditional Loans Total Commercial: Commercial and industrial $ — $ 3,565 $ 3,565 $ — $ 3,884 $ 3,884 SBA — 265 265 — 265 265 Consumer: Single family residential mortgage 4,409 2,238 6,647 2,631 2,217 4,848 Other consumer — — — — — — Total $ 4,409 $ 6,068 $ 10,477 $ 2,631 $ 6,366 $ 8,997 The following table summarizes the pre-modification and post-modification balances of the new TDRs for the periods indicated: Three Months Ended ($ in thousands) Number of Loans Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment March 31, 2021 Consumer: Single family residential mortgage 1 $ 1,800 $ 1,800 Total 1 1,800 1,800 March 31, 2020 Commercial: Commercial and industrial 1 $ 5,000 $ 5,000 Total 1 $ 5,000 $ 5,000 The following table summarizes TDRs by modification type for the periods indicated: Three Months Ended Modification Type Extension of Maturity Total ($ in thousands) Count Amount Count Amount March 31, 2021 Consumer: Single family residential mortgage 1 1,800 1 1,800 Total 1 1,800 1 $ 1,800 March 31, 2020 Commercial: Commercial and industrial 1 5,000 1 $ 5,000 Total 1 5,000 1 $ 5,000 |
Non Traditional Mortgages Portfolio | The following table presents the composition of the NTM portfolio, which are included in the single family residential mortgage portfolio, as of the dates indicated: March 31, 2021 December 31, 2020 ($ in thousands) Count Amount Percent Count Amount Percent Consumer: Single family residential mortgage: Green Loans (HELOC) - first liens 46 $ 30,293 7.4 % 48 $ 31,587 7.2 % Interest Only - first liens 263 378,088 91.7 % 283 401,640 91.9 % Negative amortization 6 2,149 0.5 % 8 2,288 0.5 % Total NTM - first liens 315 410,530 99.6 % 339 435,515 99.6 % Other consumer: Green Loans (HELOC) - second liens 5 1,606 0.4 % 5 1,598 0.4 % Total NTM - second liens 5 1,606 0.4 % 5 1,598 0.4 % Total NTM loans 320 $ 412,136 100.0 % 344 $ 437,113 100.0 % Total loans receivable $ 5,764,401 $ 5,898,405 % of total NTM loans to total loans receivable 7.1 % 7.4 % |
GOODWILL AND OTHER INTANGIBLE_2
GOODWILL AND OTHER INTANGIBLE ASSETS, NET (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Finite-Lived Intangible Assets | As of March 31, 2021, the weighted average remaining amortization period for core deposit intangibles was approximately 3.6 years. ($ in thousands) Gross Carrying Value Accumulated Amortization Net Carrying Value March 31, 2021 Core deposit intangibles $ 30,904 $ 28,553 $ 2,351 December 31, 2020 Core deposit intangibles $ 30,904 $ 28,271 $ 2,633 |
Estimated Future Amortization Expense | The following table presents estimated future amortization expenses as of March 31, 2021: ($ in thousands) Remainder of 2021 2022 2023 2024 2025 Total Estimated future amortization expense $ 800 $ 799 $ 517 $ 235 $ — $ 2,351 |
FEDERAL HOME LOAN BANK ADVANC_2
FEDERAL HOME LOAN BANK ADVANCES AND OTHER BORROWINGS (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Federal Home Loan Banks [Abstract] | |
Summary of Advances from the FHLB | The following table presents advances from the FHLB as of the dates indicated: ($ in thousands) March 31, December 31, Fixed rate: Outstanding balance (1)(2) $ 416,000 $ 461,000 Interest rates ranging from (2) — % — % Interest rates ranging to 3.32 % 3.32 % Weighted average interest rate 2.50 % 2.51 % Variable rate: Outstanding balance $ 225,000 $ 85,000 Weighted average interest rate 0.09 % 0.17 % (1) Excludes $5.9 million and $6.2 million of unamortized debt issuance costs at March 31, 2021 and December 31, 2020. (2) Includes $5.0 million in FHLB recovery advances with an interest rate of 0.00% and a maturity date of May 27, 2021. |
LONG-TERM DEBT (Tables)
LONG-TERM DEBT (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt Instruments | The following table presents our long-term debt as of the dates indicated: March 31, 2021 December 31, 2020 ($ in thousands) Par Value Unamortized Debt Issuance Cost and Discount Par Value Unamortized Debt Issuance Cost and Discount 5.25% senior notes due April 15, 2025 $ 175,000 $ (1,255) $ 175,000 $ (1,291) 4.375% subordinated notes due October 30, 2030 85,000 (2,304) 85,000 (2,394) Total $ 260,000 $ (3,559) $ 260,000 $ (3,685) |
DERIVATIVE INSTRUMENTS (Tables)
DERIVATIVE INSTRUMENTS (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Amount and Market Value of Mortgage Banking Derivatives | The following table presents the notional amount and fair value of derivative instruments included in the consolidated statements of financial condition as of the dates indicated. March 31, 2021 December 31, 2020 ($ in thousands) Notional Amount Fair Notional Amount Fair Derivative assets: Interest rate swaps and caps on loans $ 64,911 $ 4,452 $ 67,840 $ 7,304 Foreign exchange contracts 6,647 255 7,010 328 Total $ 71,558 $ 4,707 $ 74,850 $ 7,632 Derivative liabilities: Interest rate swaps and caps on loans $ 64,911 $ 4,663 $ 67,840 7,789 Foreign exchange contracts 6,647 243 7,010 313 Total $ 71,558 $ 4,906 $ 74,850 $ 8,102 |
EMPLOYEE STOCK COMPENSATION (Ta
EMPLOYEE STOCK COMPENSATION (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Summary of Share-Based Compensation Expense | The following table presents stock-based compensation expense and the related tax benefits for the periods indicated: Three Months Ended ($ in thousands) 2021 2020 Stock options $ — $ 2 Restricted stock awards and units 1,544 1,574 Total share-based compensation expense $ 1,544 $ 1,576 Related tax benefits $ 455 $ 464 |
Unrecognized Share-Based Compensation Expense | The following table presents unrecognized stock-based compensation expense as of March 31, 2021: ($ in thousands) Unrecognized Expense Weighted-Average Remaining Expected Recognition Period Restricted stock awards and restricted stock units $ 8,861 2.5 years Total $ 8,861 2.5 years |
Option Activity | The following table represents stock option activity for the three months ended March 31, 2021: Three Months Ended March 31, 2021 ($ in thousands except per share data) Number of Shares Weighted-Average Exercise Price Per Share Weighted-Average Remaining Contract Term Aggregated Intrinsic Value Outstanding at beginning of period 55,069 $ 13.96 Exercised (40,165) $ 14.30 Outstanding at end of period 14,904 $ 13.05 4.0 years $ 75 Exercisable at end of period 14,904 $ 13.05 4.0 years $ 75 |
Restricted Stock and Restricted Stock Units Activity | The following table presents unvested restricted stock awards and restricted stock units activity for the three months ended March 31, 2021: Three Months Ended Number of Shares Weighted Average Grant Date Fair Value Per Share Outstanding at beginning of period 848,302 $ 14.42 Granted (1) 220,457 $ 20.63 Vested (2) (152,248) $ 14.82 Forfeited (3) (50,532) $ 11.17 Outstanding at end of period 865,979 $ 16.12 (1) There were 58,839 performance-based shares/units included in shares granted for the three months ended March 31, 2021. (2) There were 69,109 performance-based shares/units included in vested shares for the three months ended March 31, 2021. (3) The number of forfeited shares includes aggregate performance-based shares/units of 40,160 for the three months ended March 31, 2021. |
Summary of all Outstanding SARs | The following table represents SARs activity and the weighted average exercise price per share as of and for the three months ended March 31, 2021: Three Months Ended March 31, 2021 ($ in thousands except per share data) Number of Shares Weighted-Average Exercise Price Per Share Outstanding at beginning of period 1,559,012 $ 11.60 Exercised (1,559,012) $ 11.60 Outstanding at end of period — $ — Exercisable at end of period — $ — |
STOCKHOLDERS' EQUITY (Tables)
STOCKHOLDERS' EQUITY (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Equity [Abstract] | |
Summary of Preferred Stock | The following table presents our total outstanding preferred stock as of the dates indicated: March 31, 2021 December 31, 2020 ($ in thousands) Shares Outstanding Liquidation Preference Carrying Value Shares Outstanding Liquidation Preference Carrying Value Series D 7.375% non-cumulative perpetual — $ — $ — 93,270 $ 93,270 $ 89,922 Series E non-cumulative perpetual 98,702 98,702 94,956 98,702 98,702 94,956 Total 98,702 $ 98,702 $ 94,956 191,972 $ 191,972 $ 184,878 Three Months Ended ($ in thousands) 2021 2020 Series D Preferred Stock: Depositary shares repurchased 3,730,767 81,304 Preferred Stock retired (shares) 93,269 2,033 Consideration paid $ 93,269 $ 1,458 Carrying value 89,922 1,959 Impact of preferred stock redemption $ 3,347 $ (501) Series E Preferred Stock: Depositary shares repurchased — 7,400 Preferred Stock retired (shares) — 185 Consideration paid $ — $ 153 Carrying value — 178 Impact of preferred stock redemption $ — $ (25) |
Changes to Accumulate Other Comprehensive Income by Components | The following table presents changes to AOCI for the periods indicated: Three Months Ended ($ in thousands) 2021 2020 Unrealized gain (loss) on securities available-for-sale Balance at beginning of period $ 7,746 $ (11,900) Unrealized loss arising during the period (3,638) (59,885) Tax effect of current period changes 1,077 17,637 Total changes, net of taxes (2,561) (42,248) Balance at end of period $ 5,185 $ (54,148) |
VARIABLE INTEREST ENTITIES (Tab
VARIABLE INTEREST ENTITIES (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Variable Interest Entity [Line Items] | |
Summary of Unconsolidated VIEs | The following table represents the carrying value of the associated unconsolidated assets and liabilities and the associated maximum loss exposure for alternative energy partnerships as of the dates indicated: ($ in thousands) March 31, December 31, Cash $ 4,469 $ 3,228 Equipment, net of depreciation 239,043 241,015 Other assets 7,708 7,470 Total unconsolidated assets $ 251,220 $ 251,713 Total unconsolidated liabilities $ 6,347 $ 6,357 Maximum loss exposure $ 23,809 $ 27,977 |
Affordable Housing Fund Investment | |
Variable Interest Entity [Line Items] | |
Summary of Unconsolidated VIEs | The following table presents information regarding balances in our qualified affordable housing partnerships for the periods indicated: ($ in thousands) March 31, December 31, Ending balance (1) $ 42,027 $ 43,209 Aggregate funding commitment 61,278 61,278 Total amount funded 43,994 42,991 Unfunded commitment 17,284 18,287 Maximum loss exposure 42,027 43,209 (1) Included in other assets in the accompanying Consolidated Statements of Financial Condition. The following table presents information regarding activity in our qualified affordable housing partnerships for the periods indicated: Three Months Ended ($ in thousands) 2020 2019 Fundings $ 1,003 $ 4,559 Proportional amortization recognized 1,182 1,147 Income tax credits recognized 1,116 1,056 |
Variable Interest Entity, Not Primary Beneficiary | |
Variable Interest Entity [Line Items] | |
Summary of Unconsolidated VIEs | The following table presents information regarding activity in our alternative energy partnerships for the periods indicated: Three Months Ended ($ in thousands) 2021 2020 Fundings $ — $ 3,631 Cash distribution from investment 538 454 Loss on investments in alternative energy partnerships (3,630) (1,905) Income tax credits recognized — — Tax expense (benefit) recognized from HLBV application (992) (458) |
EARNINGS (LOSS) PER COMMON SH_2
EARNINGS (LOSS) PER COMMON SHARE (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Earnings Per Share [Abstract] | |
Basic and Diluted Earnings Per Common Share | The following table presents computations of basic and diluted earnings (loss) per common share ("EPS") for the three months ended March 31, 2021: Three Months Ended March 31, 2021 ($ in thousands except per share data) Common Stock Class B Net income $ 14,239 $ 136 Less: Income allocated to participating securities (61) (1) Less: preferred stock dividends (3,111) (30) Less: preferred stock redemption (3,316) (31) Net income allocated to common stockholders $ 7,751 $ 74 Weighted average common shares outstanding 49,873,576 477,321 Dilutive effects of restricted shares/units 391,206 — Dilutive effects of stock options 8,419 — Average shares and dilutive common shares 50,273,201 477,321 Basic earnings per common share $ 0.16 $ 0.16 Diluted earnings per common share $ 0.15 $ 0.15 The following table presents computations of basic and diluted EPS for the three months ended March 31, 2020: Three Months Ended March 31, 2020 ($ in thousands except per share data) Common Stock Class B Common Stock Net loss $ (6,531) $ (62) Less: participating securities dividends (93) (1) Less: preferred stock dividends (3,500) (33) Less: preferred stock redemption 521 5 Net loss allocated to common stockholders $ (9,603) $ (91) Weighted average common shares outstanding 49,987,456 477,321 Dilutive effects of stock units — — Dilutive effects of stock options — — Average shares and dilutive common shares 49,987,456 477,321 Basic loss per common share $ (0.19) $ (0.19) Diluted loss per common share $ (0.19) $ (0.19) |
LOAN COMMITMENTS AND OTHER RE_2
LOAN COMMITMENTS AND OTHER RELATED ACTIVITIES (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contractual Amount of Financial Instruments with Off-Balance-Sheet Risk | The following table presents the contractual amount of financial instruments with off-balance-sheet risk as of the periods indicated: March 31, 2021 December 31, 2020 ($ in thousands) Fixed Rate Variable Rate Fixed Rate Variable Rate Commitments to extend credit $ 18,703 $ 31,658 $ 17,555 $ 38,141 Unused lines of credit 1,793 1,625,253 1,783 1,348,138 Letters of credit 535 7,472 234 8,274 |
REVENUE RECOGNITION (Tables)
REVENUE RECOGNITION (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Summary of Noninterest (Loss) Income | The following presents noninterest income, segregated by revenue streams, in-scope and out-of-scope of Topic 606 - Revenue From Contracts With Customers , for the periods indicated: Three Months Ended ($ in thousands) 2021 2020 Noninterest income In scope of Topic 606 Deposit service fees $ 810 $ 539 Debit card fees 387 177 Other 79 49 Noninterest income (in-scope of Topic 606) 1,276 765 Noninterest income (out-of-scope of Topic 606) 3,105 1,296 Total noninterest income $ 4,381 $ 2,061 |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Additional Information (Details) | 3 Months Ended |
Mar. 31, 2021dbanking_office | |
Accounting Policies [Abstract] | |
Number of banking offices | banking_office | 29 |
Exchange ratio | 0.50 |
Trading period used in the average price calculation | d | 20 |
FAIR VALUES OF FINANCIAL INST_3
FAIR VALUES OF FINANCIAL INSTRUMENTS - Additional Information (Detail) - USD ($) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2021 | Dec. 31, 2020 | |
Discontinued Operations | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans held-for-sale that were 90 days or more past due and still accruing | $ 0 | $ 0 |
U.S. government agency and U.S. government sponsored enterprise residential mortgage-backed securities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Aggregate unpaid principal balance | $ 1,100,000 | $ 1,100,000 |
Insured Loans | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Expected loss rate | 1.55% | 1.55% |
Uninsured Loans | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Expected loss rate | 20.00% | 20.00% |
FAIR VALUES OF FINANCIAL INST_4
FAIR VALUES OF FINANCIAL INSTRUMENTS - Recurring Basis (Detail) - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | $ 1,270,830,000 | $ 1,231,431,000 |
Derivative assets | 4,707,000 | 7,632,000 |
Derivative liabilities | 4,906,000 | 8,102,000 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 0 | 0 |
Derivative assets | 0 | 0 |
Derivative liabilities | 0 | 0 |
Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 1,270,830,000 | 1,231,431,000 |
Derivative assets | 4,707,000 | 7,632,000 |
Derivative liabilities | 4,906,000 | 8,102,000 |
Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 0 | 0 |
Derivative assets | 0 | 0 |
Derivative liabilities | 0 | 0 |
Carrying Value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 1,270,830,000 | 1,231,431,000 |
Derivative assets | 4,707,000 | 7,632,000 |
Derivative liabilities | 4,906,000 | 8,102,000 |
Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans held-for-sale, carried at fair value | 0 | 0 |
Recurring | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans held-for-sale, carried at fair value | 465,000 | 468,000 |
Recurring | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 0 | 0 |
Loans held-for-sale, carried at fair value | 943,000 | 945,000 |
Recurring | Carrying Value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans held-for-sale, carried at fair value | 1,408,000 | 1,413,000 |
SBA loan pool securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 16,733,000 | 17,354,000 |
SBA loan pool securities | Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 0 | 0 |
SBA loan pool securities | Recurring | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 16,733,000 | 17,354,000 |
SBA loan pool securities | Recurring | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 0 | 0 |
SBA loan pool securities | Recurring | Carrying Value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 16,733,000 | 17,354,000 |
U.S. government agency and U.S. government sponsored enterprise residential mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 123,300,000 | 106,384,000 |
U.S. government agency and U.S. government sponsored enterprise residential mortgage-backed securities | Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 0 | 0 |
U.S. government agency and U.S. government sponsored enterprise residential mortgage-backed securities | Recurring | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 123,300,000 | 106,384,000 |
U.S. government agency and U.S. government sponsored enterprise residential mortgage-backed securities | Recurring | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 0 | 0 |
U.S. government agency and U.S. government sponsored enterprise residential mortgage-backed securities | Recurring | Carrying Value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 123,300,000 | 106,384,000 |
U.S. government agency and U.S. government sponsored enterprise collateralized mortgage obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 210,956,000 | 211,831,000 |
U.S. government agency and U.S. government sponsored enterprise collateralized mortgage obligations | Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 0 | 0 |
U.S. government agency and U.S. government sponsored enterprise collateralized mortgage obligations | Recurring | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 210,956,000 | 211,831,000 |
U.S. government agency and U.S. government sponsored enterprise collateralized mortgage obligations | Recurring | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 0 | 0 |
U.S. government agency and U.S. government sponsored enterprise collateralized mortgage obligations | Recurring | Carrying Value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 210,956,000 | 211,831,000 |
Municipal securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 85,538,000 | 68,623,000 |
Municipal securities | Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 0 | 0 |
Municipal securities | Recurring | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 85,538,000 | 68,623,000 |
Municipal securities | Recurring | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 0 | 0 |
Municipal securities | Recurring | Carrying Value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 85,538,000 | 68,623,000 |
Non-agency residential mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 158,000 | 160,000 |
Non-agency residential mortgage-backed securities | Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 0 | 0 |
Non-agency residential mortgage-backed securities | Recurring | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 158,000 | 160,000 |
Non-agency residential mortgage-backed securities | Recurring | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 0 | 0 |
Non-agency residential mortgage-backed securities | Recurring | Carrying Value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 158,000 | 160,000 |
Collateralized loan obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 683,873,000 | 677,785,000 |
Collateralized loan obligations | Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 0 | 0 |
Collateralized loan obligations | Recurring | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 683,873,000 | 677,785,000 |
Collateralized loan obligations | Recurring | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 0 | 0 |
Collateralized loan obligations | Recurring | Carrying Value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 683,873,000 | 677,785,000 |
Corporate debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 150,272,000 | 149,294,000 |
Corporate debt securities | Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 0 | 0 |
Corporate debt securities | Recurring | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 150,272,000 | 149,294,000 |
Corporate debt securities | Recurring | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 0 | 0 |
Corporate debt securities | Recurring | Carrying Value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 150,272,000 | 149,294,000 |
Interest Rate Swap [Member] | Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 0 | 0 |
Derivative liabilities | 0 | 0 |
Interest Rate Swap [Member] | Recurring | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 4,452,000 | 7,304,000 |
Derivative liabilities | 4,663,000 | 7,789,000 |
Interest Rate Swap [Member] | Recurring | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 0 | 0 |
Derivative liabilities | 0 | 0 |
Interest Rate Swap [Member] | Recurring | Carrying Value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 4,452,000 | 7,304,000 |
Derivative liabilities | 4,663,000 | 7,789,000 |
Foreign exchange contracts | Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 0 | 0 |
Derivative liabilities | 0 | 0 |
Foreign exchange contracts | Recurring | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 255,000 | 328,000 |
Derivative liabilities | 243,000 | 313,000 |
Foreign exchange contracts | Recurring | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 0 | 0 |
Derivative liabilities | 0 | 0 |
Foreign exchange contracts | Recurring | Carrying Value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 255,000 | 328,000 |
Derivative liabilities | $ 243,000 | $ 313,000 |
FAIR VALUES OF FINANCIAL INST_5
FAIR VALUES OF FINANCIAL INSTRUMENTS - Reconciliation of Assets Measured at Fair Value on Recurring Basis (Detail) - Recurring - Significant Unobservable Inputs (Level 3) - U.S. government agency and U.S. government sponsored enterprise residential mortgage-backed securities - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Balance at beginning of period | $ 945 | $ 19,233 |
Total gains (losses) (realized/unrealized): | ||
Included in earnings—fair value adjustment | 0 | (1,391) |
Sales, settlements, and other | (2) | (715) |
Balance at end of period | $ 943 | $ 17,127 |
FAIR VALUES OF FINANCIAL INST_6
FAIR VALUES OF FINANCIAL INSTRUMENTS - Fair Value Option Loans Held-for-Sale (Details) - Continuing Operations - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Fair Value | |||
Total loans | $ 1,408 | $ 1,413 | |
Non-accrual loans | 654 | 654 | |
Unpaid Principal Balance | |||
Total loans | 1,674 | 1,680 | |
Non-accrual loans | 750 | 750 | |
Difference | |||
Total loans | (266) | (267) | |
Non-accrual loans | (96) | (96) | |
Non-accrual loans, guaranteed by US government | 181 | $ 190 | |
Net gains (losses) from fair value changes: | $ 0 | $ (1,586) |
FAIR VALUES OF FINANCIAL INST_7
FAIR VALUES OF FINANCIAL INSTRUMENTS - Nonrecurring Basis (Details) - Nonrecurring - SBA - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Collateral dependent loans: | $ 0 | $ 0 |
Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Collateral dependent loans: | 0 | 0 |
Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Collateral dependent loans: | 794 | 629 |
Carrying Value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Collateral dependent loans: | $ 794 | $ 629 |
FAIR VALUES OF FINANCIAL INST_8
FAIR VALUES OF FINANCIAL INSTRUMENTS - Gains and (Losses) on Non-Recurring Assets (Detail) - Nonrecurring - Collateral dependent loans: - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Single family residential mortgage | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Gains (losses) recognized on assets measured at fair value | $ 0 | $ 22 |
Commercial and industrial | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Gains (losses) recognized on assets measured at fair value | 18 | (1,331) |
SBA | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Gains (losses) recognized on assets measured at fair value | $ (133) | $ (519) |
FAIR VALUES OF FINANCIAL INST_9
FAIR VALUES OF FINANCIAL INSTRUMENTS - Carrying Amounts and Estimated Fair Values of Financial Instruments (Detail) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Financial assets | ||
Cash and cash equivalents | $ 379,509 | $ 220,819 |
Securities available-for-sale, at fair value | 1,270,830 | 1,231,431 |
Federal Home Loan Bank and other bank stock | 44,964 | 44,506 |
Loans held-for-sale, carried at fair value | 1,408 | 1,413 |
Loans receivable, net of allowance for credit losses | 5,754,031 | 5,936,708 |
Accrued interest receivable | 30,270 | 29,445 |
Derivative assets | 4,707 | 7,632 |
Financial liabilities | ||
Deposits | 6,143,213 | 6,087,714 |
Advances from Federal Home Loan Bank | 669,799 | 585,416 |
Long-term debt | 272,260 | 273,230 |
Derivative liabilities | 4,906 | 8,102 |
Accrued interest payable | 6,718 | 3,714 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Financial assets | ||
Cash and cash equivalents | 379,509 | 220,819 |
Securities available-for-sale, at fair value | 0 | 0 |
Federal Home Loan Bank and other bank stock | 0 | 0 |
Loans held-for-sale, carried at fair value | 0 | 0 |
Loans receivable, net of allowance for credit losses | 0 | 0 |
Accrued interest receivable | 30,270 | 29,445 |
Derivative assets | 0 | 0 |
Financial liabilities | ||
Deposits | 0 | 0 |
Advances from Federal Home Loan Bank | 0 | 0 |
Long-term debt | 0 | 0 |
Derivative liabilities | 0 | 0 |
Accrued interest payable | 6,718 | 3,714 |
Significant Other Observable Inputs (Level 2) | ||
Financial assets | ||
Cash and cash equivalents | 0 | 0 |
Securities available-for-sale, at fair value | 1,270,830 | 1,231,431 |
Federal Home Loan Bank and other bank stock | 44,964 | 44,506 |
Loans held-for-sale, carried at fair value | 465 | 468 |
Loans receivable, net of allowance for credit losses | 0 | 0 |
Accrued interest receivable | 0 | 0 |
Derivative assets | 4,707 | 7,632 |
Financial liabilities | ||
Deposits | 0 | 0 |
Advances from Federal Home Loan Bank | 669,799 | 585,416 |
Long-term debt | 272,260 | 273,230 |
Derivative liabilities | 4,906 | 8,102 |
Accrued interest payable | 0 | 0 |
Significant Unobservable Inputs (Level 3) | ||
Financial assets | ||
Cash and cash equivalents | 0 | 0 |
Securities available-for-sale, at fair value | 0 | 0 |
Federal Home Loan Bank and other bank stock | 0 | 0 |
Loans held-for-sale, carried at fair value | 943 | 945 |
Loans receivable, net of allowance for credit losses | 5,754,031 | 5,936,708 |
Accrued interest receivable | 0 | 0 |
Derivative assets | 0 | 0 |
Financial liabilities | ||
Deposits | 6,143,213 | 6,087,714 |
Advances from Federal Home Loan Bank | 0 | 0 |
Long-term debt | 0 | 0 |
Derivative liabilities | 0 | 0 |
Accrued interest payable | 0 | 0 |
Carrying Value | ||
Financial assets | ||
Cash and cash equivalents | 379,509 | 220,819 |
Securities available-for-sale, at fair value | 1,270,830 | 1,231,431 |
Federal Home Loan Bank and other bank stock | 44,964 | 44,506 |
Loans held-for-sale, carried at fair value | 1,408 | 1,413 |
Loans receivable, net of allowance for credit losses | 5,685,048 | 5,817,375 |
Accrued interest receivable | 30,270 | 29,445 |
Derivative assets | 4,707 | 7,632 |
Financial liabilities | ||
Deposits | 6,142,042 | 6,085,800 |
Advances from Federal Home Loan Bank | 635,105 | 539,795 |
Long-term debt | 256,441 | 256,315 |
Derivative liabilities | 4,906 | 8,102 |
Accrued interest payable | $ 6,718 | $ 3,714 |
INVESTMENT SECURITIES - Summary
INVESTMENT SECURITIES - Summary of Amortized Cost and Fair Value (Detail) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Debt Securities, Available-for-sale, Fair Value to Amortized Cost [Abstract] | ||
Amortized Cost | $ 1,263,481 | $ 1,220,444 |
Gross Unrealized Gains | 14,046 | 20,959 |
Gross Unrealized Losses | (6,697) | (9,972) |
Securities available-for-sale, at fair value | 1,270,830 | 1,231,431 |
SBA loan pool securities | ||
Debt Securities, Available-for-sale, Fair Value to Amortized Cost [Abstract] | ||
Amortized Cost | 16,812 | 17,436 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (79) | (82) |
Securities available-for-sale, at fair value | 16,733 | 17,354 |
U.S. government agency and U.S. government sponsored enterprise residential mortgage-backed securities | ||
Debt Securities, Available-for-sale, Fair Value to Amortized Cost [Abstract] | ||
Amortized Cost | 122,300 | 99,591 |
Gross Unrealized Gains | 1,419 | 6,793 |
Gross Unrealized Losses | (419) | 0 |
Securities available-for-sale, at fair value | 123,300 | 106,384 |
U.S. government agency and U.S. government sponsored enterprise collateralized mortgage obligations | ||
Debt Securities, Available-for-sale, Fair Value to Amortized Cost [Abstract] | ||
Amortized Cost | 210,343 | 209,426 |
Gross Unrealized Gains | 2,079 | 2,571 |
Gross Unrealized Losses | (1,466) | (166) |
Securities available-for-sale, at fair value | 210,956 | 211,831 |
Municipal securities | ||
Debt Securities, Available-for-sale, Fair Value to Amortized Cost [Abstract] | ||
Amortized Cost | 84,385 | 64,355 |
Gross Unrealized Gains | 2,242 | 4,272 |
Gross Unrealized Losses | (1,089) | (4) |
Securities available-for-sale, at fair value | 85,538 | 68,623 |
Non-agency residential mortgage-backed securities | ||
Debt Securities, Available-for-sale, Fair Value to Amortized Cost [Abstract] | ||
Amortized Cost | 154 | 156 |
Gross Unrealized Gains | 4 | 4 |
Gross Unrealized Losses | 0 | 0 |
Securities available-for-sale, at fair value | 158 | 160 |
Collateralized loan obligations | ||
Debt Securities, Available-for-sale, Fair Value to Amortized Cost [Abstract] | ||
Amortized Cost | 687,505 | 687,505 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (3,632) | (9,720) |
Securities available-for-sale, at fair value | 683,873 | 677,785 |
Corporate debt securities | ||
Debt Securities, Available-for-sale, Fair Value to Amortized Cost [Abstract] | ||
Amortized Cost | 141,982 | 141,975 |
Gross Unrealized Gains | 8,302 | 7,319 |
Gross Unrealized Losses | (12) | 0 |
Securities available-for-sale, at fair value | $ 150,272 | $ 149,294 |
INVESTMENT SECURITIES - Additio
INVESTMENT SECURITIES - Additional Information (Detail) | 3 Months Ended | |
Mar. 31, 2021USD ($)security | Dec. 31, 2020USD ($)security | |
Debt Securities, Available-for-sale [Line Items] | ||
Allowance for credit losses for debt securities | $ 0 | |
OTTI recorded | $ 0 | |
Securities available for sale portfolio | security | 111 | 103 |
Available for sale securities in unrealized loss position | security | 47 | 50 |
Collateral Pledged | ||
Debt Securities, Available-for-sale [Line Items] | ||
Securities pledged | $ 43,900,000 | $ 43,700,000 |
Available-for-sale securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Accrued interest receivable on debt securities available-for-sale | $ 5,800,000 | $ 4,500,000 |
INVESTMENT SECURITIES - Proceed
INVESTMENT SECURITIES - Proceeds from Sales and Calls of Securities and Associated Gross Gains and Losses (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Investments, Debt and Equity Securities [Abstract] | ||
Gross realized gains on sales and calls of securities available-for-sale | $ 0 | $ 0 |
Gross realized losses on sales and calls of securities available-for-sale | 0 | 0 |
Net realized (losses) gains on sales and calls of securities available-for-sale | 0 | 0 |
Proceeds from sales and calls of securities available-for-sale | $ 0 | $ 30,000 |
INVESTMENT SECURITIES - Summa_2
INVESTMENT SECURITIES - Summary of Investment Securities with Unrealized Losses (Detail) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Securities available-for-sale: | ||
Less Than 12 Months | $ 179,838 | $ 112,563 |
12 Months or Longer | 427,177 | 613,010 |
Total | 607,015 | 725,573 |
Gross Unrealized Losses | ||
Less Than 12 Months | (3,119) | (477) |
12 Months or Longer | (3,578) | (9,495) |
Total | (6,697) | (9,972) |
SBA loan pool securities | ||
Securities available-for-sale: | ||
Less Than 12 Months | 16,733 | 17,354 |
12 Months or Longer | 0 | 0 |
Total | 16,733 | 17,354 |
Gross Unrealized Losses | ||
Less Than 12 Months | (79) | (82) |
12 Months or Longer | 0 | 0 |
Total | (79) | (82) |
U.S. government agency and U.S. government sponsored enterprise residential mortgage-backed securities | ||
Securities available-for-sale: | ||
Less Than 12 Months | 47,975 | |
12 Months or Longer | 0 | |
Total | 47,975 | |
Gross Unrealized Losses | ||
Less Than 12 Months | (419) | |
12 Months or Longer | 0 | |
Total | (419) | |
U.S. government agency and U.S. government sponsored enterprise collateralized mortgage obligations | ||
Securities available-for-sale: | ||
Less Than 12 Months | 42,339 | 19,033 |
12 Months or Longer | 0 | 0 |
Total | 42,339 | 19,033 |
Gross Unrealized Losses | ||
Less Than 12 Months | (1,466) | (166) |
12 Months or Longer | 0 | 0 |
Total | (1,466) | (166) |
Municipal securities | ||
Securities available-for-sale: | ||
Less Than 12 Months | 30,357 | 11,401 |
12 Months or Longer | 0 | 0 |
Total | 30,357 | 11,401 |
Gross Unrealized Losses | ||
Less Than 12 Months | (1,089) | (4) |
12 Months or Longer | 0 | 0 |
Total | (1,089) | (4) |
Collateralized loan obligations | ||
Securities available-for-sale: | ||
Less Than 12 Months | 37,446 | 64,775 |
12 Months or Longer | 427,177 | 613,010 |
Total | 464,623 | 677,785 |
Gross Unrealized Losses | ||
Less Than 12 Months | (54) | (225) |
12 Months or Longer | (3,578) | (9,495) |
Total | (3,632) | $ (9,720) |
Corporate debt securities | ||
Securities available-for-sale: | ||
Less Than 12 Months | 4,988 | |
12 Months or Longer | 0 | |
Total | 4,988 | |
Gross Unrealized Losses | ||
Less Than 12 Months | (12) | |
12 Months or Longer | 0 | |
Total | $ (12) |
INVESTMENT SECURITIES - Composi
INVESTMENT SECURITIES - Composition, Repricing and Yield Information of Investment Securities Portfolio (Details) $ in Thousands | Mar. 31, 2021USD ($) |
Debt Securities, Available-for-sale [Line Items] | |
Securities available-for-sale, one year or less, fair value | $ 810,753 |
Securities available-for-sale, one year or less, weighted average yield (percent) | 1.69% |
Securities available-for-sale, more than one year through five years, fair value | $ 143,437 |
Securities available-for-sale, more than one year through five years, weighted average yield (percent) | 4.77% |
Securities available-for-sale, more than five years through ten years, fair value | $ 99,206 |
Securities available-for-sale, more than five years through ten years, weighted average yield (percent) | 2.40% |
Securities available-for-sale, more than ten years, fair value | $ 217,434 |
Securities available-for-sale, more than ten years, weighted average yield (percent) | 2.28% |
Securities available-for-sale, fair value | $ 1,270,830 |
Weighted-Average Yield | 2.18% |
SBA loan pool securities | |
Debt Securities, Available-for-sale [Line Items] | |
Securities available-for-sale, one year or less, fair value | $ 16,733 |
Securities available-for-sale, one year or less, weighted average yield (percent) | 1.34% |
Securities available-for-sale, more than one year through five years, fair value | $ 0 |
Securities available-for-sale, more than one year through five years, weighted average yield (percent) | 0.00% |
Securities available-for-sale, more than five years through ten years, fair value | $ 0 |
Securities available-for-sale, more than five years through ten years, weighted average yield (percent) | 0.00% |
Securities available-for-sale, more than ten years, fair value | $ 0 |
Securities available-for-sale, more than ten years, weighted average yield (percent) | 0.00% |
Securities available-for-sale, fair value | $ 16,733 |
Weighted-Average Yield | 1.34% |
U.S. government agency and U.S. government sponsored enterprise residential mortgage-backed securities | |
Debt Securities, Available-for-sale [Line Items] | |
Securities available-for-sale, one year or less, fair value | $ 0 |
Securities available-for-sale, one year or less, weighted average yield (percent) | 0.00% |
Securities available-for-sale, more than one year through five years, fair value | $ 0 |
Securities available-for-sale, more than one year through five years, weighted average yield (percent) | 0.00% |
Securities available-for-sale, more than five years through ten years, fair value | $ 29,238 |
Securities available-for-sale, more than five years through ten years, weighted average yield (percent) | 2.20% |
Securities available-for-sale, more than ten years, fair value | $ 94,062 |
Securities available-for-sale, more than ten years, weighted average yield (percent) | 2.35% |
Securities available-for-sale, fair value | $ 123,300 |
Weighted-Average Yield | 2.31% |
U.S. government agency and U.S. government sponsored enterprise collateralized mortgage obligations | |
Debt Securities, Available-for-sale [Line Items] | |
Securities available-for-sale, one year or less, fair value | $ 110,147 |
Securities available-for-sale, one year or less, weighted average yield (percent) | 0.67% |
Securities available-for-sale, more than one year through five years, fair value | $ 11,193 |
Securities available-for-sale, more than one year through five years, weighted average yield (percent) | 1.99% |
Securities available-for-sale, more than five years through ten years, fair value | $ 42,747 |
Securities available-for-sale, more than five years through ten years, weighted average yield (percent) | 1.35% |
Securities available-for-sale, more than ten years, fair value | $ 46,869 |
Securities available-for-sale, more than ten years, weighted average yield (percent) | 1.76% |
Securities available-for-sale, fair value | $ 210,956 |
Weighted-Average Yield | 1.12% |
Municipal securities | |
Debt Securities, Available-for-sale [Line Items] | |
Securities available-for-sale, one year or less, fair value | $ 0 |
Securities available-for-sale, one year or less, weighted average yield (percent) | 0.00% |
Securities available-for-sale, more than one year through five years, fair value | $ 0 |
Securities available-for-sale, more than one year through five years, weighted average yield (percent) | 0.00% |
Securities available-for-sale, more than five years through ten years, fair value | $ 9,193 |
Securities available-for-sale, more than five years through ten years, weighted average yield (percent) | 2.60% |
Securities available-for-sale, more than ten years, fair value | $ 76,345 |
Securities available-for-sale, more than ten years, weighted average yield (percent) | 2.49% |
Securities available-for-sale, fair value | $ 85,538 |
Weighted-Average Yield | 2.51% |
Non-agency residential mortgage-backed securities | |
Debt Securities, Available-for-sale [Line Items] | |
Securities available-for-sale, one year or less, fair value | $ 0 |
Securities available-for-sale, one year or less, weighted average yield (percent) | 0.00% |
Securities available-for-sale, more than one year through five years, fair value | $ 0 |
Securities available-for-sale, more than one year through five years, weighted average yield (percent) | 0.00% |
Securities available-for-sale, more than five years through ten years, fair value | $ 0 |
Securities available-for-sale, more than five years through ten years, weighted average yield (percent) | 0.00% |
Securities available-for-sale, more than ten years, fair value | $ 158 |
Securities available-for-sale, more than ten years, weighted average yield (percent) | 6.36% |
Securities available-for-sale, fair value | $ 158 |
Weighted-Average Yield | 6.36% |
Collateralized loan obligations | |
Debt Securities, Available-for-sale [Line Items] | |
Securities available-for-sale, one year or less, fair value | $ 683,873 |
Securities available-for-sale, one year or less, weighted average yield (percent) | 1.86% |
Securities available-for-sale, more than one year through five years, fair value | $ 0 |
Securities available-for-sale, more than one year through five years, weighted average yield (percent) | 0.00% |
Securities available-for-sale, more than five years through ten years, fair value | $ 0 |
Securities available-for-sale, more than five years through ten years, weighted average yield (percent) | 0.00% |
Securities available-for-sale, more than ten years, fair value | $ 0 |
Securities available-for-sale, more than ten years, weighted average yield (percent) | 0.00% |
Securities available-for-sale, fair value | $ 683,873 |
Weighted-Average Yield | 1.86% |
Corporate debt securities | |
Debt Securities, Available-for-sale [Line Items] | |
Securities available-for-sale, one year or less, fair value | $ 0 |
Securities available-for-sale, one year or less, weighted average yield (percent) | 0.00% |
Securities available-for-sale, more than one year through five years, fair value | $ 132,244 |
Securities available-for-sale, more than one year through five years, weighted average yield (percent) | 5.01% |
Securities available-for-sale, more than five years through ten years, fair value | $ 18,028 |
Securities available-for-sale, more than five years through ten years, weighted average yield (percent) | 5.73% |
Securities available-for-sale, more than ten years, fair value | $ 0 |
Securities available-for-sale, more than ten years, weighted average yield (percent) | 0.00% |
Securities available-for-sale, fair value | $ 150,272 |
Weighted-Average Yield | 5.08% |
LOANS AND ALLOWANCE FOR CREDI_3
LOANS AND ALLOWANCE FOR CREDIT LOSSES - Schedule of Loans Receivable (Detail) $ in Thousands | Mar. 31, 2021USD ($)loan | Dec. 31, 2020USD ($)loan | Mar. 31, 2020USD ($) | Dec. 31, 2019USD ($) |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable | $ 5,764,401 | $ 5,898,405 | ||
Allowance for loan losses | (79,353) | (81,030) | ||
Loans receivable, net | 5,685,048 | 5,817,375 | ||
Deferred loan costs/(fees) and premiums/(discounts), net | 4,600 | 6,200 | ||
Commercial real estate | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Allowance for loan losses | (82,713) | (84,213) | $ (82,131) | $ (61,713) |
Commercial | Commercial and industrial | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable | 1,878,325 | 2,088,308 | ||
Commercial | Commercial real estate | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable | 839,965 | 807,195 | ||
Commercial | Multifamily | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable | 1,258,278 | 1,289,820 | ||
Commercial | SBA | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable | 338,903 | 273,444 | ||
Commercial | Construction | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable | 169,122 | 176,016 | ||
Commercial | PPP loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable | $ 276,000 | $ 210,000 | ||
Number of loans | loan | 1,228 | 949 | ||
Deferred loan costs/(fees) and premiums/(discounts), net | $ 5,100 | $ (1,600) | ||
Consumer | Single family residential mortgage | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable | 1,253,251 | 1,230,236 | ||
Consumer | Other consumer | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable | $ 26,557 | $ 33,386 |
LOANS AND ALLOWANCE FOR CREDI_4
LOANS AND ALLOWANCE FOR CREDIT LOSSES - Credit Quality Indicators Additional Information (Details) | 3 Months Ended |
Mar. 31, 2021 | |
Receivables [Abstract] | |
Loans delinquent | 60 days |
LOANS AND ALLOWANCE FOR CREDI_5
LOANS AND ALLOWANCE FOR CREDIT LOSSES - Risk Categories for Loans (Detail) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Origination year - current fiscal year | $ 417,811 | $ 816,955 |
Origination year - 1 year prior to current fiscal year | 748,899 | 840,484 |
Origination year - 2 years prior to current fiscal year | 797,644 | 880,048 |
Origination year - 3 years prior to current fiscal year | 801,322 | 457,039 |
Origination year - 4 years prior to current fiscal year | 441,200 | 503,551 |
Origination year - more than 4 years prior to current fiscal year | 1,124,825 | 739,203 |
Revolving Loans Amortized Cost Basis | 1,402,142 | 1,640,519 |
Revolving Loans Amortized Cost Basis Converted to Term | 30,558 | 20,606 |
Total | 5,764,401 | 5,898,405 |
Commercial | Commercial and industrial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Origination year - current fiscal year | 42,010 | 99,015 |
Origination year - 1 year prior to current fiscal year | 84,758 | 93,648 |
Origination year - 2 years prior to current fiscal year | 95,668 | 79,258 |
Origination year - 3 years prior to current fiscal year | 76,252 | 65,390 |
Origination year - 4 years prior to current fiscal year | 63,588 | 46,110 |
Origination year - more than 4 years prior to current fiscal year | 133,746 | 103,664 |
Revolving Loans Amortized Cost Basis | 1,357,319 | 1,586,357 |
Revolving Loans Amortized Cost Basis Converted to Term | 24,984 | 14,866 |
Total | 1,878,325 | 2,088,308 |
Commercial | Commercial and industrial | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Origination year - current fiscal year | 42,010 | 99,015 |
Origination year - 1 year prior to current fiscal year | 81,257 | 78,783 |
Origination year - 2 years prior to current fiscal year | 74,627 | 70,248 |
Origination year - 3 years prior to current fiscal year | 67,474 | 52,786 |
Origination year - 4 years prior to current fiscal year | 51,189 | 44,536 |
Origination year - more than 4 years prior to current fiscal year | 118,729 | 92,129 |
Revolving Loans Amortized Cost Basis | 1,342,027 | 1,572,259 |
Revolving Loans Amortized Cost Basis Converted to Term | 13,507 | 9,945 |
Total | 1,790,820 | 2,019,701 |
Commercial | Commercial and industrial | Special mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Origination year - current fiscal year | 0 | 0 |
Origination year - 1 year prior to current fiscal year | 3,501 | 928 |
Origination year - 2 years prior to current fiscal year | 3,984 | 2,748 |
Origination year - 3 years prior to current fiscal year | 2,702 | 7,986 |
Origination year - 4 years prior to current fiscal year | 12,399 | 1,574 |
Origination year - more than 4 years prior to current fiscal year | 6,007 | 2,271 |
Revolving Loans Amortized Cost Basis | 1,500 | 1,500 |
Revolving Loans Amortized Cost Basis Converted to Term | 7,506 | 225 |
Total | 37,599 | 17,232 |
Commercial | Commercial and industrial | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Origination year - current fiscal year | 0 | 0 |
Origination year - 1 year prior to current fiscal year | 0 | 13,937 |
Origination year - 2 years prior to current fiscal year | 17,057 | 6,262 |
Origination year - 3 years prior to current fiscal year | 6,076 | 4,618 |
Origination year - 4 years prior to current fiscal year | 0 | 0 |
Origination year - more than 4 years prior to current fiscal year | 9,010 | 9,264 |
Revolving Loans Amortized Cost Basis | 13,792 | 12,598 |
Revolving Loans Amortized Cost Basis Converted to Term | 3,971 | 4,696 |
Total | 49,906 | 51,375 |
Commercial | Commercial and industrial | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Origination year - current fiscal year | 0 | 0 |
Origination year - 1 year prior to current fiscal year | 0 | 0 |
Origination year - 2 years prior to current fiscal year | 0 | 0 |
Origination year - 3 years prior to current fiscal year | 0 | 0 |
Origination year - 4 years prior to current fiscal year | 0 | 0 |
Origination year - more than 4 years prior to current fiscal year | 0 | 0 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Revolving Loans Amortized Cost Basis Converted to Term | 0 | 0 |
Total | 0 | 0 |
Commercial | Commercial real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Origination year - current fiscal year | 111,377 | 75,432 |
Origination year - 1 year prior to current fiscal year | 66,607 | 150,731 |
Origination year - 2 years prior to current fiscal year | 148,505 | 202,283 |
Origination year - 3 years prior to current fiscal year | 180,602 | 63,144 |
Origination year - 4 years prior to current fiscal year | 62,798 | 93,972 |
Origination year - more than 4 years prior to current fiscal year | 262,053 | 213,608 |
Revolving Loans Amortized Cost Basis | 6,443 | 6,443 |
Revolving Loans Amortized Cost Basis Converted to Term | 1,580 | 1,582 |
Total | 839,965 | 807,195 |
Commercial | Commercial real estate | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Origination year - current fiscal year | 111,377 | 75,432 |
Origination year - 1 year prior to current fiscal year | 66,607 | 150,731 |
Origination year - 2 years prior to current fiscal year | 147,993 | 192,831 |
Origination year - 3 years prior to current fiscal year | 171,212 | 63,144 |
Origination year - 4 years prior to current fiscal year | 62,798 | 91,454 |
Origination year - more than 4 years prior to current fiscal year | 229,419 | 182,756 |
Revolving Loans Amortized Cost Basis | 2,682 | 2,682 |
Revolving Loans Amortized Cost Basis Converted to Term | 1,580 | 1,582 |
Total | 793,668 | 760,612 |
Commercial | Commercial real estate | Special mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Origination year - current fiscal year | 0 | 0 |
Origination year - 1 year prior to current fiscal year | 0 | 0 |
Origination year - 2 years prior to current fiscal year | 0 | 9,452 |
Origination year - 3 years prior to current fiscal year | 9,390 | 0 |
Origination year - 4 years prior to current fiscal year | 0 | 2,518 |
Origination year - more than 4 years prior to current fiscal year | 16,964 | 14,754 |
Revolving Loans Amortized Cost Basis | 3,761 | 3,761 |
Revolving Loans Amortized Cost Basis Converted to Term | 0 | 0 |
Total | 30,115 | 30,485 |
Commercial | Commercial real estate | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Origination year - current fiscal year | 0 | 0 |
Origination year - 1 year prior to current fiscal year | 0 | 0 |
Origination year - 2 years prior to current fiscal year | 512 | 0 |
Origination year - 3 years prior to current fiscal year | 0 | 0 |
Origination year - 4 years prior to current fiscal year | 0 | 0 |
Origination year - more than 4 years prior to current fiscal year | 14,451 | 16,098 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Revolving Loans Amortized Cost Basis Converted to Term | 0 | 0 |
Total | 14,963 | 16,098 |
Commercial | Commercial real estate | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Origination year - current fiscal year | 0 | 0 |
Origination year - 1 year prior to current fiscal year | 0 | 0 |
Origination year - 2 years prior to current fiscal year | 0 | 0 |
Origination year - 3 years prior to current fiscal year | 0 | 0 |
Origination year - 4 years prior to current fiscal year | 0 | 0 |
Origination year - more than 4 years prior to current fiscal year | 1,219 | 0 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Revolving Loans Amortized Cost Basis Converted to Term | 0 | 0 |
Total | 1,219 | 0 |
Commercial | Multifamily | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Origination year - current fiscal year | 16,566 | 239,449 |
Origination year - 1 year prior to current fiscal year | 235,977 | 409,582 |
Origination year - 2 years prior to current fiscal year | 386,364 | 275,881 |
Origination year - 3 years prior to current fiscal year | 268,034 | 110,105 |
Origination year - 4 years prior to current fiscal year | 109,761 | 97,160 |
Origination year - more than 4 years prior to current fiscal year | 241,536 | 157,616 |
Revolving Loans Amortized Cost Basis | 40 | 27 |
Revolving Loans Amortized Cost Basis Converted to Term | 0 | 0 |
Total | 1,258,278 | 1,289,820 |
Commercial | Multifamily | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Origination year - current fiscal year | 16,566 | 239,449 |
Origination year - 1 year prior to current fiscal year | 235,977 | 407,532 |
Origination year - 2 years prior to current fiscal year | 383,314 | 275,881 |
Origination year - 3 years prior to current fiscal year | 268,034 | 110,105 |
Origination year - 4 years prior to current fiscal year | 109,761 | 97,160 |
Origination year - more than 4 years prior to current fiscal year | 221,183 | 154,841 |
Revolving Loans Amortized Cost Basis | 40 | 27 |
Revolving Loans Amortized Cost Basis Converted to Term | 0 | 0 |
Total | 1,234,875 | 1,284,995 |
Commercial | Multifamily | Special mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Origination year - current fiscal year | 0 | 0 |
Origination year - 1 year prior to current fiscal year | 0 | 2,050 |
Origination year - 2 years prior to current fiscal year | 3,050 | 0 |
Origination year - 3 years prior to current fiscal year | 0 | 0 |
Origination year - 4 years prior to current fiscal year | 0 | 0 |
Origination year - more than 4 years prior to current fiscal year | 801 | 803 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Revolving Loans Amortized Cost Basis Converted to Term | 0 | 0 |
Total | 3,851 | 2,853 |
Commercial | Multifamily | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Origination year - current fiscal year | 0 | 0 |
Origination year - 1 year prior to current fiscal year | 0 | 0 |
Origination year - 2 years prior to current fiscal year | 0 | 0 |
Origination year - 3 years prior to current fiscal year | 0 | 0 |
Origination year - 4 years prior to current fiscal year | 0 | 0 |
Origination year - more than 4 years prior to current fiscal year | 19,552 | 1,972 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Revolving Loans Amortized Cost Basis Converted to Term | 0 | 0 |
Total | 19,552 | 1,972 |
Commercial | Multifamily | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Origination year - current fiscal year | 0 | 0 |
Origination year - 1 year prior to current fiscal year | 0 | 0 |
Origination year - 2 years prior to current fiscal year | 0 | 0 |
Origination year - 3 years prior to current fiscal year | 0 | 0 |
Origination year - 4 years prior to current fiscal year | 0 | 0 |
Origination year - more than 4 years prior to current fiscal year | 0 | 0 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Revolving Loans Amortized Cost Basis Converted to Term | 0 | 0 |
Total | 0 | 0 |
Commercial | SBA | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Origination year - current fiscal year | 130,594 | 211,962 |
Origination year - 1 year prior to current fiscal year | 151,088 | 15,850 |
Origination year - 2 years prior to current fiscal year | 15,750 | 1,650 |
Origination year - 3 years prior to current fiscal year | 1,615 | 5,277 |
Origination year - 4 years prior to current fiscal year | 5,126 | 12,184 |
Origination year - more than 4 years prior to current fiscal year | 31,723 | 21,318 |
Revolving Loans Amortized Cost Basis | 1,222 | 3,337 |
Revolving Loans Amortized Cost Basis Converted to Term | 1,785 | 1,866 |
Total | 338,903 | 273,444 |
Commercial | SBA | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Origination year - current fiscal year | 130,594 | 211,962 |
Origination year - 1 year prior to current fiscal year | 151,088 | 14,082 |
Origination year - 2 years prior to current fiscal year | 13,995 | 1,260 |
Origination year - 3 years prior to current fiscal year | 1,224 | 3,746 |
Origination year - 4 years prior to current fiscal year | 3,648 | 11,087 |
Origination year - more than 4 years prior to current fiscal year | 27,863 | 18,589 |
Revolving Loans Amortized Cost Basis | 953 | 3,111 |
Revolving Loans Amortized Cost Basis Converted to Term | 384 | 1,014 |
Total | 329,749 | 264,851 |
Commercial | SBA | Special mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Origination year - current fiscal year | 0 | 0 |
Origination year - 1 year prior to current fiscal year | 0 | 1,768 |
Origination year - 2 years prior to current fiscal year | 1,755 | 0 |
Origination year - 3 years prior to current fiscal year | 0 | 212 |
Origination year - 4 years prior to current fiscal year | 206 | 415 |
Origination year - more than 4 years prior to current fiscal year | 1,265 | 874 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Revolving Loans Amortized Cost Basis Converted to Term | 5 | 6 |
Total | 3,231 | 3,275 |
Commercial | SBA | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Origination year - current fiscal year | 0 | 0 |
Origination year - 1 year prior to current fiscal year | 0 | 0 |
Origination year - 2 years prior to current fiscal year | 0 | 0 |
Origination year - 3 years prior to current fiscal year | 0 | 1,319 |
Origination year - 4 years prior to current fiscal year | 1,272 | 682 |
Origination year - more than 4 years prior to current fiscal year | 2,595 | 1,855 |
Revolving Loans Amortized Cost Basis | 269 | 226 |
Revolving Loans Amortized Cost Basis Converted to Term | 1,306 | 755 |
Total | 5,442 | 4,837 |
Commercial | SBA | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Origination year - current fiscal year | 0 | 0 |
Origination year - 1 year prior to current fiscal year | 0 | 0 |
Origination year - 2 years prior to current fiscal year | 0 | 390 |
Origination year - 3 years prior to current fiscal year | 391 | 0 |
Origination year - 4 years prior to current fiscal year | 0 | 0 |
Origination year - more than 4 years prior to current fiscal year | 0 | 0 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Revolving Loans Amortized Cost Basis Converted to Term | 90 | 91 |
Total | 481 | 481 |
Commercial | Construction | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Origination year - current fiscal year | 1,177 | 41,677 |
Origination year - 1 year prior to current fiscal year | 45,148 | 30,387 |
Origination year - 2 years prior to current fiscal year | 29,576 | 46,934 |
Origination year - 3 years prior to current fiscal year | 36,968 | 50,024 |
Origination year - 4 years prior to current fiscal year | 48,817 | 6,994 |
Origination year - more than 4 years prior to current fiscal year | 7,436 | 0 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Revolving Loans Amortized Cost Basis Converted to Term | 0 | 0 |
Total | 169,122 | 176,016 |
Commercial | Construction | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Origination year - current fiscal year | 1,177 | 41,677 |
Origination year - 1 year prior to current fiscal year | 45,148 | 30,387 |
Origination year - 2 years prior to current fiscal year | 29,576 | 45,397 |
Origination year - 3 years prior to current fiscal year | 32,931 | 50,024 |
Origination year - 4 years prior to current fiscal year | 48,817 | 0 |
Origination year - more than 4 years prior to current fiscal year | 0 | 0 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Revolving Loans Amortized Cost Basis Converted to Term | 0 | 0 |
Total | 157,649 | 167,485 |
Commercial | Construction | Special mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Origination year - current fiscal year | 0 | 0 |
Origination year - 1 year prior to current fiscal year | 0 | 0 |
Origination year - 2 years prior to current fiscal year | 0 | 1,537 |
Origination year - 3 years prior to current fiscal year | 4,037 | 0 |
Origination year - 4 years prior to current fiscal year | 0 | 6,994 |
Origination year - more than 4 years prior to current fiscal year | 7,436 | 0 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Revolving Loans Amortized Cost Basis Converted to Term | 0 | 0 |
Total | 11,473 | 8,531 |
Commercial | Construction | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Origination year - current fiscal year | 0 | 0 |
Origination year - 1 year prior to current fiscal year | 0 | 0 |
Origination year - 2 years prior to current fiscal year | 0 | 0 |
Origination year - 3 years prior to current fiscal year | 0 | 0 |
Origination year - 4 years prior to current fiscal year | 0 | 0 |
Origination year - more than 4 years prior to current fiscal year | 0 | 0 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Revolving Loans Amortized Cost Basis Converted to Term | 0 | 0 |
Total | 0 | 0 |
Commercial | Construction | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Origination year - current fiscal year | 0 | 0 |
Origination year - 1 year prior to current fiscal year | 0 | 0 |
Origination year - 2 years prior to current fiscal year | 0 | 0 |
Origination year - 3 years prior to current fiscal year | 0 | 0 |
Origination year - 4 years prior to current fiscal year | 0 | 0 |
Origination year - more than 4 years prior to current fiscal year | 0 | 0 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Revolving Loans Amortized Cost Basis Converted to Term | 0 | 0 |
Total | 0 | 0 |
Consumer | Single family residential mortgage | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Origination year - current fiscal year | 116,087 | 149,382 |
Origination year - 1 year prior to current fiscal year | 165,321 | 140,286 |
Origination year - 2 years prior to current fiscal year | 121,781 | 273,995 |
Origination year - 3 years prior to current fiscal year | 237,817 | 163,099 |
Origination year - 4 years prior to current fiscal year | 151,110 | 247,131 |
Origination year - more than 4 years prior to current fiscal year | 446,436 | 241,091 |
Revolving Loans Amortized Cost Basis | 14,699 | 15,252 |
Revolving Loans Amortized Cost Basis Converted to Term | 0 | 0 |
Total | 1,253,251 | 1,230,236 |
Consumer | Single family residential mortgage | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Origination year - current fiscal year | 116,087 | 149,382 |
Origination year - 1 year prior to current fiscal year | 165,321 | 140,129 |
Origination year - 2 years prior to current fiscal year | 120,880 | 271,667 |
Origination year - 3 years prior to current fiscal year | 225,492 | 161,332 |
Origination year - 4 years prior to current fiscal year | 147,342 | 237,285 |
Origination year - more than 4 years prior to current fiscal year | 415,134 | 227,711 |
Revolving Loans Amortized Cost Basis | 14,442 | 15,252 |
Revolving Loans Amortized Cost Basis Converted to Term | 0 | 0 |
Total | 1,204,698 | 1,202,758 |
Consumer | Single family residential mortgage | Special mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Origination year - current fiscal year | 0 | 0 |
Origination year - 1 year prior to current fiscal year | 0 | 0 |
Origination year - 2 years prior to current fiscal year | 901 | 1,837 |
Origination year - 3 years prior to current fiscal year | 3,144 | 688 |
Origination year - 4 years prior to current fiscal year | 685 | 4,868 |
Origination year - more than 4 years prior to current fiscal year | 9,456 | 4,460 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Revolving Loans Amortized Cost Basis Converted to Term | 0 | 0 |
Total | 14,186 | 11,853 |
Consumer | Single family residential mortgage | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Origination year - current fiscal year | 0 | 0 |
Origination year - 1 year prior to current fiscal year | 0 | 157 |
Origination year - 2 years prior to current fiscal year | 0 | 491 |
Origination year - 3 years prior to current fiscal year | 9,181 | 1,079 |
Origination year - 4 years prior to current fiscal year | 3,083 | 4,978 |
Origination year - more than 4 years prior to current fiscal year | 21,846 | 8,920 |
Revolving Loans Amortized Cost Basis | 257 | 0 |
Revolving Loans Amortized Cost Basis Converted to Term | 0 | 0 |
Total | 34,367 | 15,625 |
Consumer | Single family residential mortgage | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Origination year - current fiscal year | 0 | 0 |
Origination year - 1 year prior to current fiscal year | 0 | 0 |
Origination year - 2 years prior to current fiscal year | 0 | 0 |
Origination year - 3 years prior to current fiscal year | 0 | 0 |
Origination year - 4 years prior to current fiscal year | 0 | 0 |
Origination year - more than 4 years prior to current fiscal year | 0 | 0 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Revolving Loans Amortized Cost Basis Converted to Term | 0 | 0 |
Total | 0 | 0 |
Consumer | Other consumer | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Origination year - current fiscal year | 0 | 38 |
Origination year - 1 year prior to current fiscal year | 0 | 0 |
Origination year - 2 years prior to current fiscal year | 0 | 47 |
Origination year - 3 years prior to current fiscal year | 34 | 0 |
Origination year - 4 years prior to current fiscal year | 0 | 0 |
Origination year - more than 4 years prior to current fiscal year | 1,895 | 1,906 |
Revolving Loans Amortized Cost Basis | 22,419 | 29,103 |
Revolving Loans Amortized Cost Basis Converted to Term | 2,209 | 2,292 |
Total | 26,557 | 33,386 |
Consumer | Other consumer | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Origination year - current fiscal year | 0 | 38 |
Origination year - 1 year prior to current fiscal year | 0 | 0 |
Origination year - 2 years prior to current fiscal year | 0 | 47 |
Origination year - 3 years prior to current fiscal year | 34 | 0 |
Origination year - 4 years prior to current fiscal year | 0 | 0 |
Origination year - more than 4 years prior to current fiscal year | 1,865 | 1,876 |
Revolving Loans Amortized Cost Basis | 22,256 | 27,644 |
Revolving Loans Amortized Cost Basis Converted to Term | 2,137 | 2,218 |
Total | 26,292 | 31,823 |
Consumer | Other consumer | Special mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Origination year - current fiscal year | 0 | 0 |
Origination year - 1 year prior to current fiscal year | 0 | 0 |
Origination year - 2 years prior to current fiscal year | 0 | 0 |
Origination year - 3 years prior to current fiscal year | 0 | 0 |
Origination year - 4 years prior to current fiscal year | 0 | 0 |
Origination year - more than 4 years prior to current fiscal year | 30 | 30 |
Revolving Loans Amortized Cost Basis | 64 | 1,185 |
Revolving Loans Amortized Cost Basis Converted to Term | 0 | 0 |
Total | 94 | 1,215 |
Consumer | Other consumer | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Origination year - current fiscal year | 0 | 0 |
Origination year - 1 year prior to current fiscal year | 0 | 0 |
Origination year - 2 years prior to current fiscal year | 0 | 0 |
Origination year - 3 years prior to current fiscal year | 0 | 0 |
Origination year - 4 years prior to current fiscal year | 0 | 0 |
Origination year - more than 4 years prior to current fiscal year | 0 | 0 |
Revolving Loans Amortized Cost Basis | 99 | 274 |
Revolving Loans Amortized Cost Basis Converted to Term | 72 | 74 |
Total | 171 | 348 |
Consumer | Other consumer | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Origination year - current fiscal year | 0 | 0 |
Origination year - 1 year prior to current fiscal year | 0 | 0 |
Origination year - 2 years prior to current fiscal year | 0 | 0 |
Origination year - 3 years prior to current fiscal year | 0 | 0 |
Origination year - 4 years prior to current fiscal year | 0 | 0 |
Origination year - more than 4 years prior to current fiscal year | 0 | 0 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Revolving Loans Amortized Cost Basis Converted to Term | 0 | 0 |
Total | $ 0 | $ 0 |
LOANS AND ALLOWANCE FOR CREDI_6
LOANS AND ALLOWANCE FOR CREDIT LOSSES - Aging of Recorded Investment in Past Due Loans (Detail) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Financing Receivable, Past Due [Line Items] | ||
Loans receivable | $ 5,764,401 | $ 5,898,405 |
Current | ||
Financing Receivable, Past Due [Line Items] | ||
Loans receivable | 5,703,104 | 5,866,788 |
Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans receivable | 61,297 | 31,617 |
30 - 59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans receivable | 23,591 | 11,673 |
60 - 89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans receivable | 7,414 | 2,308 |
Greater than 89 Days Past due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans receivable | 30,292 | 17,636 |
Traditional Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans receivable | 5,352,265 | 5,461,292 |
Traditional Loans | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Loans receivable | 5,307,205 | 5,441,064 |
Traditional Loans | Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans receivable | 45,060 | 20,228 |
Traditional Loans | 30 - 59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans receivable | 16,792 | 7,473 |
Traditional Loans | 60 - 89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans receivable | 4,973 | 1,667 |
Traditional Loans | Greater than 89 Days Past due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans receivable | 23,295 | 11,088 |
Consumer | Single family residential mortgage | ||
Financing Receivable, Past Due [Line Items] | ||
Loans receivable | 1,253,251 | 1,230,236 |
Consumer | Other consumer | ||
Financing Receivable, Past Due [Line Items] | ||
Loans receivable | 26,557 | 33,386 |
Consumer | Non-Traditional Mortgage (NTM) loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans receivable | 412,136 | 437,113 |
Consumer | Non-Traditional Mortgage (NTM) loans | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Loans receivable | 395,899 | 425,724 |
Consumer | Non-Traditional Mortgage (NTM) loans | Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans receivable | 16,237 | 11,389 |
Consumer | Non-Traditional Mortgage (NTM) loans | 30 - 59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans receivable | 6,799 | 4,200 |
Consumer | Non-Traditional Mortgage (NTM) loans | 60 - 89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans receivable | 2,441 | 641 |
Consumer | Non-Traditional Mortgage (NTM) loans | Greater than 89 Days Past due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans receivable | 6,997 | 6,548 |
Consumer | Non-Traditional Mortgage (NTM) loans | Single family residential mortgage | ||
Financing Receivable, Past Due [Line Items] | ||
Loans receivable | 410,530 | 435,515 |
Consumer | Non-Traditional Mortgage (NTM) loans | Single family residential mortgage | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Loans receivable | 394,293 | 424,126 |
Consumer | Non-Traditional Mortgage (NTM) loans | Single family residential mortgage | Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans receivable | 16,237 | 11,389 |
Consumer | Non-Traditional Mortgage (NTM) loans | Single family residential mortgage | 30 - 59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans receivable | 6,799 | 4,200 |
Consumer | Non-Traditional Mortgage (NTM) loans | Single family residential mortgage | 60 - 89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans receivable | 2,441 | 641 |
Consumer | Non-Traditional Mortgage (NTM) loans | Single family residential mortgage | Greater than 89 Days Past due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans receivable | 6,997 | 6,548 |
Consumer | Non-Traditional Mortgage (NTM) loans | Other consumer | ||
Financing Receivable, Past Due [Line Items] | ||
Loans receivable | 1,606 | 1,598 |
Consumer | Non-Traditional Mortgage (NTM) loans | Other consumer | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Loans receivable | 1,606 | 1,598 |
Consumer | Non-Traditional Mortgage (NTM) loans | Other consumer | Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans receivable | 0 | 0 |
Consumer | Non-Traditional Mortgage (NTM) loans | Other consumer | 30 - 59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans receivable | 0 | 0 |
Consumer | Non-Traditional Mortgage (NTM) loans | Other consumer | 60 - 89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans receivable | 0 | 0 |
Consumer | Non-Traditional Mortgage (NTM) loans | Other consumer | Greater than 89 Days Past due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans receivable | 0 | 0 |
Consumer | Traditional Loans | Single family residential mortgage | ||
Financing Receivable, Past Due [Line Items] | ||
Loans receivable | 842,721 | 794,721 |
Consumer | Traditional Loans | Single family residential mortgage | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Loans receivable | 811,135 | 783,163 |
Consumer | Traditional Loans | Single family residential mortgage | Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans receivable | 31,586 | 11,558 |
Consumer | Traditional Loans | Single family residential mortgage | 30 - 59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans receivable | 11,729 | 6,836 |
Consumer | Traditional Loans | Single family residential mortgage | 60 - 89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans receivable | 2,536 | 980 |
Consumer | Traditional Loans | Single family residential mortgage | Greater than 89 Days Past due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans receivable | 17,321 | 3,742 |
Consumer | Traditional Loans | Other consumer | ||
Financing Receivable, Past Due [Line Items] | ||
Loans receivable | 24,951 | 31,788 |
Consumer | Traditional Loans | Other consumer | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Loans receivable | 24,867 | 31,511 |
Consumer | Traditional Loans | Other consumer | Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans receivable | 84 | 277 |
Consumer | Traditional Loans | Other consumer | 30 - 59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans receivable | 84 | 216 |
Consumer | Traditional Loans | Other consumer | 60 - 89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans receivable | 0 | 61 |
Consumer | Traditional Loans | Other consumer | Greater than 89 Days Past due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans receivable | 0 | 0 |
Commercial | Commercial and industrial | ||
Financing Receivable, Past Due [Line Items] | ||
Loans receivable | 1,878,325 | 2,088,308 |
Commercial | Commercial real estate | ||
Financing Receivable, Past Due [Line Items] | ||
Loans receivable | 839,965 | 807,195 |
Commercial | Multifamily | ||
Financing Receivable, Past Due [Line Items] | ||
Loans receivable | 1,258,278 | 1,289,820 |
Commercial | SBA | ||
Financing Receivable, Past Due [Line Items] | ||
Loans receivable | 338,903 | 273,444 |
Commercial | Construction | ||
Financing Receivable, Past Due [Line Items] | ||
Loans receivable | 169,122 | 176,016 |
Commercial | Traditional Loans | Commercial and industrial | ||
Financing Receivable, Past Due [Line Items] | ||
Loans receivable | 1,878,325 | 2,088,308 |
Commercial | Traditional Loans | Commercial and industrial | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Loans receivable | 1,874,277 | 2,083,957 |
Commercial | Traditional Loans | Commercial and industrial | Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans receivable | 4,048 | 4,351 |
Commercial | Traditional Loans | Commercial and industrial | 30 - 59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans receivable | 14 | 67 |
Commercial | Traditional Loans | Commercial and industrial | 60 - 89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans receivable | 517 | 0 |
Commercial | Traditional Loans | Commercial and industrial | Greater than 89 Days Past due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans receivable | 3,517 | 4,284 |
Commercial | Traditional Loans | Commercial real estate | ||
Financing Receivable, Past Due [Line Items] | ||
Loans receivable | 839,965 | 807,195 |
Commercial | Traditional Loans | Commercial real estate | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Loans receivable | 836,398 | 807,195 |
Commercial | Traditional Loans | Commercial real estate | Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans receivable | 3,567 | 0 |
Commercial | Traditional Loans | Commercial real estate | 30 - 59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans receivable | 2,644 | 0 |
Commercial | Traditional Loans | Commercial real estate | 60 - 89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans receivable | 923 | 0 |
Commercial | Traditional Loans | Commercial real estate | Greater than 89 Days Past due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans receivable | 0 | 0 |
Commercial | Traditional Loans | Multifamily | ||
Financing Receivable, Past Due [Line Items] | ||
Loans receivable | 1,258,278 | 1,289,820 |
Commercial | Traditional Loans | Multifamily | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Loans receivable | 1,257,477 | 1,289,820 |
Commercial | Traditional Loans | Multifamily | Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans receivable | 801 | 0 |
Commercial | Traditional Loans | Multifamily | 30 - 59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans receivable | 801 | 0 |
Commercial | Traditional Loans | Multifamily | 60 - 89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans receivable | 0 | 0 |
Commercial | Traditional Loans | Multifamily | Greater than 89 Days Past due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans receivable | 0 | 0 |
Commercial | Traditional Loans | SBA | ||
Financing Receivable, Past Due [Line Items] | ||
Loans receivable | 338,903 | 273,444 |
Commercial | Traditional Loans | SBA | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Loans receivable | 333,929 | 269,402 |
Commercial | Traditional Loans | SBA | Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans receivable | 4,974 | 4,042 |
Commercial | Traditional Loans | SBA | 30 - 59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans receivable | 1,520 | 354 |
Commercial | Traditional Loans | SBA | 60 - 89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans receivable | 997 | 626 |
Commercial | Traditional Loans | SBA | Greater than 89 Days Past due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans receivable | 2,457 | 3,062 |
Commercial | Traditional Loans | Construction | ||
Financing Receivable, Past Due [Line Items] | ||
Loans receivable | 169,122 | 176,016 |
Commercial | Traditional Loans | Construction | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Loans receivable | 169,122 | 176,016 |
Commercial | Traditional Loans | Construction | Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans receivable | 0 | 0 |
Commercial | Traditional Loans | Construction | 30 - 59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans receivable | 0 | 0 |
Commercial | Traditional Loans | Construction | 60 - 89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans receivable | 0 | 0 |
Commercial | Traditional Loans | Construction | Greater than 89 Days Past due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans receivable | $ 0 | $ 0 |
LOANS AND ALLOWANCE FOR CREDI_7
LOANS AND ALLOWANCE FOR CREDIT LOSSES - Composition of Nonaccrual Loans (Detail) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Financing Receivable, Past Due [Line Items] | ||
Total non-accrual loans | $ 55,920 | $ 35,900 |
Nonaccrual Loans with no ACL | 52,385 | 32,066 |
NTM Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total non-accrual loans | 11,652 | 8,697 |
Traditional Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total non-accrual loans | 44,268 | 27,203 |
Commercial | Commercial and industrial | ||
Financing Receivable, Past Due [Line Items] | ||
Total non-accrual loans | 13,475 | 13,821 |
Nonaccrual Loans with no ACL | 13,324 | 13,088 |
Commercial | Commercial real estate | ||
Financing Receivable, Past Due [Line Items] | ||
Total non-accrual loans | 5,834 | 4,654 |
Nonaccrual Loans with no ACL | 5,834 | 4,654 |
Commercial | SBA | ||
Financing Receivable, Past Due [Line Items] | ||
Total non-accrual loans | 4,179 | 3,749 |
Nonaccrual Loans with no ACL | 796 | 648 |
Commercial | Construction | ||
Financing Receivable, Past Due [Line Items] | ||
Total non-accrual loans | 0 | 0 |
Nonaccrual Loans with no ACL | 0 | 0 |
Commercial | NTM Loans | Commercial and industrial | ||
Financing Receivable, Past Due [Line Items] | ||
Total non-accrual loans | 0 | 0 |
Commercial | NTM Loans | Commercial real estate | ||
Financing Receivable, Past Due [Line Items] | ||
Total non-accrual loans | 0 | 0 |
Commercial | NTM Loans | SBA | ||
Financing Receivable, Past Due [Line Items] | ||
Total non-accrual loans | 0 | 0 |
Commercial | NTM Loans | Construction | ||
Financing Receivable, Past Due [Line Items] | ||
Total non-accrual loans | 0 | 0 |
Commercial | Traditional Loans | Commercial and industrial | ||
Financing Receivable, Past Due [Line Items] | ||
Total non-accrual loans | 13,475 | 13,821 |
Commercial | Traditional Loans | Commercial real estate | ||
Financing Receivable, Past Due [Line Items] | ||
Total non-accrual loans | 5,834 | 4,654 |
Commercial | Traditional Loans | SBA | ||
Financing Receivable, Past Due [Line Items] | ||
Total non-accrual loans | 4,179 | 3,749 |
Commercial | Traditional Loans | Construction | ||
Financing Receivable, Past Due [Line Items] | ||
Total non-accrual loans | 0 | 0 |
Consumer | Single family residential mortgage | ||
Financing Receivable, Past Due [Line Items] | ||
Total non-accrual loans | 32,432 | 13,519 |
Nonaccrual Loans with no ACL | 32,431 | 13,519 |
Consumer | Other consumer | ||
Financing Receivable, Past Due [Line Items] | ||
Total non-accrual loans | 0 | 157 |
Nonaccrual Loans with no ACL | 0 | 157 |
Consumer | NTM Loans | Single family residential mortgage | ||
Financing Receivable, Past Due [Line Items] | ||
Total non-accrual loans | 11,652 | 8,697 |
Consumer | NTM Loans | Other consumer | ||
Financing Receivable, Past Due [Line Items] | ||
Total non-accrual loans | 0 | 0 |
Consumer | Traditional Loans | Single family residential mortgage | ||
Financing Receivable, Past Due [Line Items] | ||
Total non-accrual loans | 20,780 | 4,822 |
Consumer | Traditional Loans | Other consumer | ||
Financing Receivable, Past Due [Line Items] | ||
Total non-accrual loans | $ 0 | $ 157 |
LOANS AND ALLOWANCE FOR CREDI_8
LOANS AND ALLOWANCE FOR CREDIT LOSSES - Nonaccrual Loans and Leases Additional Information (Details) $ in Thousands | Mar. 31, 2021USD ($)Loan | Dec. 31, 2020USD ($)Loan |
Financing Receivable, Past Due [Line Items] | ||
Loans 90 days past due and still accruing | $ 0 | $ 728 |
Loans on non-accrual status | 55,920 | 35,900 |
Consumer | Single family residential mortgage | ||
Financing Receivable, Past Due [Line Items] | ||
Loans on non-accrual status | $ 32,432 | $ 13,519 |
Number of loans in process of foreclosure | Loan | 1,000 | 0 |
Loans in process of foreclosure | $ 3,300 | |
NTM Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans on non-accrual status | 11,652 | $ 8,697 |
NTM Loans | Consumer | Single family residential mortgage | ||
Financing Receivable, Past Due [Line Items] | ||
Loans on non-accrual status | 11,652 | 8,697 |
NTM Loans | Green Loans | Non-performing loans | Consumer | ||
Financing Receivable, Past Due [Line Items] | ||
Loans on non-accrual status | 4,500 | 4,000 |
Green Loans (HELOC) - first liens | NTM Loans | Interest Only Loans | Non-performing loans | Consumer | ||
Financing Receivable, Past Due [Line Items] | ||
Loans on non-accrual status | $ 7,100 | $ 4,700 |
LOANS AND ALLOWANCE FOR CREDI_9
LOANS AND ALLOWANCE FOR CREDIT LOSSES - Allowance for Credit Losses Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Unfunded loan commitments | $ 79,353 | $ 81,030 | ||
(Reversal of) provision for credit losses | (1,107) | 991 | $ 15,761 | |
Unfunded Loan Commitment | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Unfunded loan commitments | 3,400 | 3,200 | ||
Commercial real estate | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Unfunded loan commitments | 82,713 | 84,213 | 82,131 | $ 61,713 |
Net charge-off | 393 | 1,726 | ||
(Reversal of) provision for credit losses | (1,107) | $ 15,761 | ||
Loans receivable | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Accrued interest receivable on loans receivable | $ 23,700 | $ 24,700 |
LOANS AND ALLOWANCE FOR CRED_10
LOANS AND ALLOWANCE FOR CREDIT LOSSES - Allowance for Credit Losses (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2020 | |
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Balance at beginning of period | $ 81,030 | ||
(Reversal of) provision for credit losses | (1,107) | $ 991 | $ 15,761 |
Balance at end of period | 79,353 | 81,030 | |
Loans | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Balance at beginning of period | 84,213 | 61,713 | |
Charge-offs | (565) | (2,076) | |
Recoveries | 172 | 350 | |
Net (charge-offs) recoveries | (393) | (1,726) | |
(Reversal of) provision for credit losses | (1,107) | 15,761 | |
Balance at end of period | 82,713 | 84,213 | 82,131 |
Impact of adopting ASU 2016-13 | Loans | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Balance at beginning of period | 0 | 6,383 | |
Balance at end of period | 0 | ||
Allowance for Loan Losses | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Balance at beginning of period | 81,030 | 57,649 | |
Charge-offs | (565) | (2,076) | |
Recoveries | 172 | 350 | |
Net (charge-offs) recoveries | (393) | (1,726) | |
(Reversal of) provision for credit losses | (1,284) | 14,711 | |
Balance at end of period | 79,353 | 81,030 | 78,243 |
Allowance for Loan Losses | Loans | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Balance at beginning of period | 81,030 | 57,649 | |
Charge-offs | (565) | (2,076) | |
Recoveries | 172 | 350 | |
Net (charge-offs) recoveries | (393) | (1,726) | |
(Reversal of) provision for credit losses | (1,284) | 14,711 | |
Balance at end of period | 79,353 | 81,030 | 78,243 |
Allowance for Loan Losses | Impact of adopting ASU 2016-13 | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Balance at beginning of period | 7,609 | ||
Allowance for Loan Losses | Impact of adopting ASU 2016-13 | Loans | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Balance at beginning of period | 0 | 7,609 | |
Balance at end of period | 0 | ||
Reserve for Unfunded Loan Commitments | Loans | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Balance at beginning of period | 3,183 | 4,064 | |
Charge-offs | 0 | 0 | |
Recoveries | 0 | 0 | |
Net (charge-offs) recoveries | 0 | 0 | |
(Reversal of) provision for credit losses | 177 | 1,050 | |
Balance at end of period | 3,360 | 3,183 | 3,888 |
Reserve for Unfunded Loan Commitments | Impact of adopting ASU 2016-13 | Loans | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Balance at beginning of period | $ 0 | $ (1,226) | |
Balance at end of period | $ 0 |
LOANS AND ALLOWANCE FOR CRED_11
LOANS AND ALLOWANCE FOR CREDIT LOSSES - Allowance for Credit Losses and Recorded Investment Excluding Accrued Interest in Loans (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2020 | |
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Balance at beginning of period | $ 81,030 | ||
(Reversal of) provision for credit losses | (1,107) | $ 991 | $ 15,761 |
Balance at end of period | 79,353 | 81,030 | |
Commercial real estate | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Balance at beginning of period | 84,213 | 61,713 | |
Charge-offs | (565) | (2,076) | |
Recoveries of loans previously charged off | 172 | 350 | |
Net (charge-offs) recoveries | (393) | (1,726) | |
(Reversal of) provision for credit losses | (1,107) | 15,761 | |
Balance at end of period | 82,713 | 84,213 | 82,131 |
Allowance for Loan Losses | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Balance at beginning of period | 81,030 | 57,649 | |
Charge-offs | (565) | (2,076) | |
Recoveries of loans previously charged off | 172 | 350 | |
Net (charge-offs) recoveries | (393) | (1,726) | |
(Reversal of) provision for credit losses | (1,284) | 14,711 | |
Balance at end of period | 79,353 | 81,030 | 78,243 |
Allowance for Loan Losses | Commercial real estate | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Balance at beginning of period | 81,030 | 57,649 | |
Charge-offs | (565) | (2,076) | |
Recoveries of loans previously charged off | 172 | 350 | |
Net (charge-offs) recoveries | (393) | (1,726) | |
(Reversal of) provision for credit losses | (1,284) | 14,711 | |
Balance at end of period | 79,353 | 81,030 | 78,243 |
Allowance for Loan Losses | Commercial | Commercial and industrial | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Balance at beginning of period | 20,608 | 22,353 | |
Charge-offs | (565) | (1,164) | |
Recoveries of loans previously charged off | 45 | 30 | |
Net (charge-offs) recoveries | (520) | (1,134) | |
(Reversal of) provision for credit losses | (385) | 1,692 | |
Balance at end of period | 19,703 | 20,608 | 23,573 |
Allowance for Loan Losses | Commercial | Commercial real estate | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Balance at beginning of period | 19,074 | 5,941 | |
Charge-offs | 0 | 0 | |
Recoveries of loans previously charged off | 0 | 0 | |
Net (charge-offs) recoveries | 0 | 0 | |
(Reversal of) provision for credit losses | (1,974) | 2,832 | |
Balance at end of period | 17,100 | 19,074 | 13,620 |
Allowance for Loan Losses | Commercial | Multifamily | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Balance at beginning of period | 22,512 | 11,405 | |
Charge-offs | 0 | 0 | |
Recoveries of loans previously charged off | 0 | 0 | |
Net (charge-offs) recoveries | 0 | 0 | |
(Reversal of) provision for credit losses | 1,372 | 6,858 | |
Balance at end of period | 23,884 | 22,512 | 20,072 |
Allowance for Loan Losses | Commercial | SBA | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Balance at beginning of period | 3,145 | 3,120 | |
Charge-offs | 0 | (356) | |
Recoveries of loans previously charged off | 126 | 121 | |
Net (charge-offs) recoveries | 126 | (235) | |
(Reversal of) provision for credit losses | 180 | 379 | |
Balance at end of period | 3,451 | 3,145 | 3,652 |
Allowance for Loan Losses | Commercial | Construction | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Balance at beginning of period | 5,849 | 3,906 | |
Charge-offs | 0 | 0 | |
Recoveries of loans previously charged off | 0 | 0 | |
Net (charge-offs) recoveries | 0 | 0 | |
(Reversal of) provision for credit losses | (297) | 3,043 | |
Balance at end of period | 5,552 | 5,849 | 7,052 |
Allowance for Loan Losses | Consumer | Single Family Residential Mortgage | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Balance at beginning of period | 9,191 | 10,486 | |
Charge-offs | 0 | (552) | |
Recoveries of loans previously charged off | 0 | 151 | |
Net (charge-offs) recoveries | 0 | (401) | |
(Reversal of) provision for credit losses | (30) | (72) | |
Balance at end of period | 9,161 | 9,191 | 9,593 |
Allowance for Loan Losses | Consumer | Other Consumer | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Balance at beginning of period | 651 | 438 | |
Charge-offs | 0 | (4) | |
Recoveries of loans previously charged off | 1 | 48 | |
Net (charge-offs) recoveries | 1 | 44 | |
(Reversal of) provision for credit losses | (150) | (21) | |
Balance at end of period | 502 | 651 | 681 |
Impact of adopting ASU 2016-13 | Commercial real estate | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Balance at beginning of period | 0 | 6,383 | |
Balance at end of period | 0 | ||
Impact of adopting ASU 2016-13 | Allowance for Loan Losses | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Balance at beginning of period | 7,609 | ||
Impact of adopting ASU 2016-13 | Allowance for Loan Losses | Commercial real estate | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Balance at beginning of period | $ 0 | 7,609 | |
Balance at end of period | $ 0 | ||
Impact of adopting ASU 2016-13 | Allowance for Loan Losses | Commercial | Commercial and industrial | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Balance at beginning of period | 662 | ||
Impact of adopting ASU 2016-13 | Allowance for Loan Losses | Commercial | Commercial real estate | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Balance at beginning of period | 4,847 | ||
Impact of adopting ASU 2016-13 | Allowance for Loan Losses | Commercial | Multifamily | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Balance at beginning of period | 1,809 | ||
Impact of adopting ASU 2016-13 | Allowance for Loan Losses | Commercial | SBA | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Balance at beginning of period | 388 | ||
Impact of adopting ASU 2016-13 | Allowance for Loan Losses | Commercial | Construction | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Balance at beginning of period | 103 | ||
Impact of adopting ASU 2016-13 | Allowance for Loan Losses | Consumer | Single Family Residential Mortgage | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Balance at beginning of period | (420) | ||
Impact of adopting ASU 2016-13 | Allowance for Loan Losses | Consumer | Other Consumer | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Balance at beginning of period | $ 220 |
LOANS AND ALLOWANCE FOR CRED_12
LOANS AND ALLOWANCE FOR CREDIT LOSSES - Collateral Dependent Loans (Detail) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Financing Receivable, Impaired [Line Items] | ||
Collateral dependent loans | $ 58,635 | $ 36,684 |
Commercial | ||
Financing Receivable, Impaired [Line Items] | ||
Collateral dependent loans | 9,306 | 8,485 |
Residential | ||
Financing Receivable, Impaired [Line Items] | ||
Collateral dependent loans | 41,723 | 20,484 |
Business Assets | ||
Financing Receivable, Impaired [Line Items] | ||
Collateral dependent loans | 7,606 | 7,715 |
Commercial | Commercial and industrial | ||
Financing Receivable, Impaired [Line Items] | ||
Collateral dependent loans | 10,292 | 10,457 |
Commercial | Commercial real estate | ||
Financing Receivable, Impaired [Line Items] | ||
Collateral dependent loans | 5,835 | 4,654 |
Commercial | SBA | ||
Financing Receivable, Impaired [Line Items] | ||
Collateral dependent loans | 3,964 | 3,596 |
Commercial | Commercial | Commercial and industrial | ||
Financing Receivable, Impaired [Line Items] | ||
Collateral dependent loans | 5,368 | 5,492 |
Commercial | Commercial | Commercial real estate | ||
Financing Receivable, Impaired [Line Items] | ||
Collateral dependent loans | 3,864 | 2,644 |
Commercial | Commercial | SBA | ||
Financing Receivable, Impaired [Line Items] | ||
Collateral dependent loans | 74 | 349 |
Commercial | Residential | Commercial and industrial | ||
Financing Receivable, Impaired [Line Items] | ||
Collateral dependent loans | 0 | 0 |
Commercial | Residential | Commercial real estate | ||
Financing Receivable, Impaired [Line Items] | ||
Collateral dependent loans | 1,971 | 2,010 |
Commercial | Residential | SBA | ||
Financing Receivable, Impaired [Line Items] | ||
Collateral dependent loans | 1,208 | 497 |
Commercial | Business Assets | Commercial and industrial | ||
Financing Receivable, Impaired [Line Items] | ||
Collateral dependent loans | 4,924 | 4,965 |
Commercial | Business Assets | Commercial real estate | ||
Financing Receivable, Impaired [Line Items] | ||
Collateral dependent loans | 0 | 0 |
Commercial | Business Assets | SBA | ||
Financing Receivable, Impaired [Line Items] | ||
Collateral dependent loans | 2,682 | 2,750 |
Consumer | Single family residential mortgage | ||
Financing Receivable, Impaired [Line Items] | ||
Collateral dependent loans | 38,544 | 17,820 |
Consumer | Other consumer | ||
Financing Receivable, Impaired [Line Items] | ||
Collateral dependent loans | 157 | |
Consumer | Commercial | Single family residential mortgage | ||
Financing Receivable, Impaired [Line Items] | ||
Collateral dependent loans | 0 | 0 |
Consumer | Commercial | Other consumer | ||
Financing Receivable, Impaired [Line Items] | ||
Collateral dependent loans | 0 | |
Consumer | Residential | Single family residential mortgage | ||
Financing Receivable, Impaired [Line Items] | ||
Collateral dependent loans | 38,544 | 17,820 |
Consumer | Residential | Other consumer | ||
Financing Receivable, Impaired [Line Items] | ||
Collateral dependent loans | 157 | |
Consumer | Business Assets | Single family residential mortgage | ||
Financing Receivable, Impaired [Line Items] | ||
Collateral dependent loans | $ 0 | 0 |
Consumer | Business Assets | Other consumer | ||
Financing Receivable, Impaired [Line Items] | ||
Collateral dependent loans | $ 0 |
LOANS AND ALLOWANCE FOR CRED_13
LOANS AND ALLOWANCE FOR CREDIT LOSSES - Components of Troubled Debt Restructured Loans and Leases (Detail) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Troubled debt restructured loans and leases | $ 10,477 | $ 8,997 |
NTM Loans | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Troubled debt restructured loans and leases | 4,409 | 2,631 |
Traditional Loans | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Troubled debt restructured loans and leases | 6,068 | 6,366 |
Commercial | Commercial and industrial | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Troubled debt restructured loans and leases | 3,565 | 3,884 |
Commercial | SBA | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Troubled debt restructured loans and leases | 265 | 265 |
Commercial | NTM Loans | Commercial and industrial | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Troubled debt restructured loans and leases | 0 | 0 |
Commercial | NTM Loans | SBA | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Troubled debt restructured loans and leases | 0 | 0 |
Commercial | Traditional Loans | Commercial and industrial | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Troubled debt restructured loans and leases | 3,565 | 3,884 |
Commercial | Traditional Loans | SBA | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Troubled debt restructured loans and leases | 265 | 265 |
Consumer | Single family residential mortgage | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Troubled debt restructured loans and leases | 6,647 | 4,848 |
Consumer | Other consumer | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Troubled debt restructured loans and leases | 0 | 0 |
Consumer | NTM Loans | Single family residential mortgage | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Troubled debt restructured loans and leases | 4,409 | 2,631 |
Consumer | NTM Loans | Other consumer | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Troubled debt restructured loans and leases | 0 | 0 |
Consumer | Traditional Loans | Single family residential mortgage | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Troubled debt restructured loans and leases | 2,238 | 2,217 |
Consumer | Traditional Loans | Other consumer | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Troubled debt restructured loans and leases | $ 0 | $ 0 |
LOANS AND ALLOWANCE FOR CRED_14
LOANS AND ALLOWANCE FOR CREDIT LOSSES - Troubled Debt Restructurings Additional Information (Details) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2021USD ($)loan | Mar. 31, 2020loan | Dec. 31, 2020USD ($) | |
Receivables [Abstract] | |||
Commitments to lend to customers with outstanding loans classified as TDRs | $ 63 | $ 63 | |
Accruing TDRs | 6,300 | 4,700 | |
Non-accruing TDRs | $ 4,100 | $ 4,300 | |
Number of loans modified that had payments default during the period | loan | 0 | 0 |
LOANS AND ALLOWANCE FOR CRED_15
LOANS AND ALLOWANCE FOR CREDIT LOSSES - Loans by Class Modified as Troubled Debt Restructurings (Detail) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021USD ($)loan | Mar. 31, 2020USD ($)loan | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of Loans | loan | 1 | 1 |
Pre- Modification Outstanding Recorded Investment | $ 1,800 | $ 5,000 |
Post-Modification Outstanding Recorded Investment | $ 1,800 | $ 5,000 |
Consumer | Single family residential mortgage | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of Loans | loan | 1 | 1 |
Pre- Modification Outstanding Recorded Investment | $ 1,800 | |
Post-Modification Outstanding Recorded Investment | $ 1,800 | $ 1,800 |
Commercial | Commercial and industrial | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of Loans | loan | 1 | |
Pre- Modification Outstanding Recorded Investment | $ 5,000 | |
Post-Modification Outstanding Recorded Investment | $ 5,000 |
LOANS AND ALLOWANCE FOR CRED_16
LOANS AND ALLOWANCE FOR CREDIT LOSSES - Summary of TDR Modification Type (Details) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021USD ($)loan | Mar. 31, 2020USD ($)loan | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of Loans | loan | 1 | 1 |
Post-Modification Outstanding Recorded Investment | $ | $ 1,800 | $ 5,000 |
Extension of Maturity | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of Loans | loan | 1 | 1 |
Post-Modification Outstanding Recorded Investment | $ | $ 1,800 | $ 5,000 |
Consumer | Single family residential mortgage | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of Loans | loan | 1 | 1 |
Post-Modification Outstanding Recorded Investment | $ | $ 1,800 | $ 1,800 |
Consumer | Single family residential mortgage | Extension of Maturity | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of Loans | loan | 1 | |
Post-Modification Outstanding Recorded Investment | $ | $ 1,800 | |
Commercial | Commercial and industrial | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of Loans | loan | 1 | |
Post-Modification Outstanding Recorded Investment | $ | $ 5,000 | |
Commercial | Commercial and industrial | Extension of Maturity | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of Loans | loan | 1 | |
Post-Modification Outstanding Recorded Investment | $ | $ 5,000 |
LOANS AND ALLOWANCE FOR CRED_17
LOANS AND ALLOWANCE FOR CREDIT LOSSES - Purchases, Sales, and Transfers (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Receivables [Abstract] | ||
Purchases of loans (excluding loans held-for-sale) | $ 132,900,000 | $ 0 |
Transfers of loans from held-for-sale | 0 | 0 |
Transfers of loans to held-for-sale | 0 | 0 |
Loans sold | $ 0 | $ 0 |
LOANS AND ALLOWANCE FOR CRED_18
LOANS AND ALLOWANCE FOR CREDIT LOSSES - Non Traditional Mortgage Loans Additional Information (Details) | Mar. 31, 2021portfolio_product |
NTM Loans | Interest-only | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Number of interest-only products | 3 |
LOANS AND ALLOWANCE FOR CRED_19
LOANS AND ALLOWANCE FOR CREDIT LOSSES - Non Traditional Mortgages Portfolio (Detail) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2021USD ($)loan | Dec. 31, 2020USD ($)loan | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | $ 5,764,401 | $ 5,898,405 |
NTM Loans | Loan Portfolio Concentration Risk | Loan Portfolio | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Concentration risk percentage (percent) | 7.10% | 7.40% |
Consumer | NTM Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Count | loan | 320 | 344 |
Total loans | $ 412,136 | $ 437,113 |
Consumer | NTM Loans | Loan Portfolio Concentration Risk | Nontraditional Mortgage Loans Portfolio | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Concentration risk percentage (percent) | 100.00% | 100.00% |
Consumer | NTM Loans | Green Loans (HELOC) - first liens | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Count | loan | 315 | 339 |
Total loans | $ 410,530 | $ 435,515 |
Consumer | NTM Loans | Green Loans (HELOC) - first liens | Loan Portfolio Concentration Risk | Nontraditional Mortgage Loans Portfolio | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Concentration risk percentage (percent) | 99.60% | 99.60% |
Consumer | NTM Loans | Green Loans (HELOC) - first liens | Green Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Count | loan | 46 | 48 |
Total loans | $ 30,293 | $ 31,587 |
Consumer | NTM Loans | Green Loans (HELOC) - first liens | Green Loans | Loan Portfolio Concentration Risk | Nontraditional Mortgage Loans Portfolio | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Concentration risk percentage (percent) | 7.40% | 7.20% |
Consumer | NTM Loans | Green Loans (HELOC) - first liens | Interest Only Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Count | loan | 263 | 283 |
Total loans | $ 378,088 | $ 401,640 |
Consumer | NTM Loans | Green Loans (HELOC) - first liens | Interest Only Loans | Loan Portfolio Concentration Risk | Nontraditional Mortgage Loans Portfolio | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Concentration risk percentage (percent) | 91.70% | 91.90% |
Consumer | NTM Loans | Green Loans (HELOC) - first liens | Negative amortization | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Count | loan | 6 | 8 |
Total loans | $ 2,149 | $ 2,288 |
Consumer | NTM Loans | Green Loans (HELOC) - first liens | Negative amortization | Loan Portfolio Concentration Risk | Nontraditional Mortgage Loans Portfolio | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Concentration risk percentage (percent) | 0.50% | 0.50% |
Consumer | NTM Loans | Green Loans (HELOC) - second liens | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Count | loan | 5 | 5 |
Total loans | $ 1,606 | $ 1,598 |
Consumer | NTM Loans | Green Loans (HELOC) - second liens | Loan Portfolio Concentration Risk | Nontraditional Mortgage Loans Portfolio | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Concentration risk percentage (percent) | 0.40% | 0.40% |
Consumer | NTM Loans | Green Loans (HELOC) - second liens | Green Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Count | loan | 5 | 5 |
Total loans | $ 1,606 | $ 1,598 |
Consumer | NTM Loans | Green Loans (HELOC) - second liens | Green Loans | Loan Portfolio Concentration Risk | Nontraditional Mortgage Loans Portfolio | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Concentration risk percentage (percent) | 0.40% | 0.40% |
GOODWILL AND OTHER INTANGIBLE_3
GOODWILL AND OTHER INTANGIBLE ASSETS, NET - Additional Information (Detail) - USD ($) | Oct. 01, 2020 | Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2020 |
Finite-Lived Intangible Assets [Line Items] | ||||
Goodwill | $ 37,144,000 | $ 37,144,000 | ||
Goodwill impairment | $ 0 | |||
Amortization of intangible assets | $ 282,000 | $ 306,000 | $ 429,000 | |
Core deposit intangibles | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Weighted average amortization period | 3 years 7 months 6 days | |||
Core deposit intangibles | Minimum | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Amortization period of other intangible assets | 4 years | |||
Core deposit intangibles | Maximum | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Amortization period of other intangible assets | 10 years |
GOODWILL AND OTHER INTANGIBLE_4
GOODWILL AND OTHER INTANGIBLE ASSETS, NET - Other Intangible Assets (Detail) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Finite-Lived Intangible Assets [Line Items] | ||
Net Carrying Value | $ 2,351 | |
Core deposit intangibles | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Value | 30,904 | $ 30,904 |
Accumulated Amortization | 28,553 | 28,271 |
Net Carrying Value | $ 2,351 | $ 2,633 |
GOODWILL AND OTHER INTANGIBLE_5
GOODWILL AND OTHER INTANGIBLE ASSETS, NET - Estimated Future Amortization Expense (Detail) $ in Thousands | Mar. 31, 2021USD ($) |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | |
Remainder of 2021 | $ 800 |
2022 | 799 |
2023 | 517 |
2024 | 235 |
2025 | 0 |
Net Carrying Value | $ 2,351 |
FEDERAL HOME LOAN BANK ADVANC_3
FEDERAL HOME LOAN BANK ADVANCES AND OTHER BORROWINGS - Summary of Advances from the FHLB (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Fixed rate: | ||
Outstanding balance | $ 416,000 | $ 461,000 |
Variable rate: | ||
Outstanding balance | $ 225,000 | $ 85,000 |
Weighted average interest rate (percent) | 0.09% | 0.17% |
Unamortized debt issuance costs | $ 5,900 | $ 6,200 |
Advances Maturing November 27, 2020 and May 27, 2021 | ||
Fixed rate: | ||
Interest rate (percent) | 0.00% | |
Advance Maturing May 27, 2021 | ||
Fixed rate: | ||
Outstanding balance | $ 5,000 | |
Minimum | ||
Fixed rate: | ||
Interest rate (percent) | 0.00% | 0.00% |
Maximum | ||
Fixed rate: | ||
Interest rate (percent) | 3.32% | 3.32% |
Weighted average (percent) | ||
Fixed rate: | ||
Interest rate (percent) | 2.50% | 2.51% |
FEDERAL HOME LOAN BANK ADVANC_4
FEDERAL HOME LOAN BANK ADVANCES AND OTHER BORROWINGS - Additional Information (Detail) | 3 Months Ended | ||
Mar. 31, 2021USD ($)correspondent_bank | Mar. 31, 2020USD ($) | Dec. 31, 2020USD ($) | |
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | |||
Repayment of FHLB advances | $ 0 | $ 24,000,000 | |
Weighted average interest rate (percent) | 0.09% | 0.17% | |
Overnight borrowings | $ 225,000,000 | ||
Advances maturing within three months | 5,000,000 | ||
Advances maturing beyond three months | $ 411,000,000 | ||
Weighted average life of advances maturing within three months and beyond three months | 4 years 8 months 12 days | ||
Weighted average interest rate advances maturing within three months and beyond three months (percent) | 2.53% | ||
Advances from FHLB collateralized | $ 2,230,000,000 | $ 2,370,000,000 | |
Unsecured borrowings | 231,000,000 | 196,000,000 | |
Securities sold under repurchase agreements | 0 | 0 | |
Line of Credit | Unsecured Federal Funds Line of Credit | |||
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | |||
Line of credit facility | 175,000,000 | ||
Other borrowings | $ 0 | ||
Number of correspondent banks | correspondent_bank | 4 | ||
Federal Reserve Bank Advances | |||
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | |||
Line of credit facility | $ 384,900,000 | ||
Other borrowings | 0 | $ 0 | |
Federal Reserve Bank Advances | Collateralized loan obligations | |||
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | |||
Advances from FHLB collateralized | 745,300,000 | ||
Collateral on line of credit facility | 23,900,000 | ||
Federal Home Loan Bank of San Francisco | |||
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | |||
Amount of additional available borrowing | 584,200,000 | ||
FHLB stock | $ 17,700,000 | $ 17,300,000 |
LONG-TERM DEBT - Summary of Lon
LONG-TERM DEBT - Summary of Long-Term Debt (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Debt Instrument [Line Items] | ||
Par Value | $ 260,000 | $ 260,000 |
Unamortized Debt Issuance Cost and Discount | $ (3,559) | (3,685) |
Senior Notes | 5.25% Senior Notes Due April 15, 2025 | ||
Debt Instrument [Line Items] | ||
Stated interest rate | 5.25% | |
Par Value | $ 175,000 | 175,000 |
Unamortized Debt Issuance Cost and Discount | $ (1,255) | (1,291) |
Senior Notes | 4.375% subordinated notes due October 30, 2030 | ||
Debt Instrument [Line Items] | ||
Stated interest rate | 4.375% | |
Subordinated notes | 4.375% subordinated notes due October 30, 2030 | ||
Debt Instrument [Line Items] | ||
Par Value | $ 85,000 | 85,000 |
Unamortized Debt Issuance Cost and Discount | $ (2,304) | $ (2,394) |
LONG-TERM DEBT - Additional Inf
LONG-TERM DEBT - Additional Information (Detail) | Mar. 31, 2021 |
Senior Notes | 5.25% Senior Notes Due April 15, 2025 | |
Debt Instrument [Line Items] | |
Stated interest rate | 5.25% |
INCOME TAXES - Additional Infor
INCOME TAXES - Additional Information (Detail) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | |
Valuation Allowance [Line Items] | ||||
Income tax expense (benefit) | $ 2,300,000 | $ (2,200,000) | ||
Effective tax rate (percent) | 13.80% | 24.70% | ||
Valuation allowance | $ 0 | $ 0 | ||
Net deferred tax asset | 47,900,000 | 46,000,000 | ||
Unrecognized tax benefits | 954,000 | 924,000 | ||
Unrecognized tax benefits that would impact the effective tax rate | 727,000 | |||
Accrued interest or penalties | $ 0 | $ 0 | ||
Expect | Minimum | ||||
Valuation Allowance [Line Items] | ||||
Effective tax rate (percent) | 25.00% | |||
Expect | Maximum | ||||
Valuation Allowance [Line Items] | ||||
Effective tax rate (percent) | 27.00% |
DERIVATIVE INSTRUMENTS - Amount
DERIVATIVE INSTRUMENTS - Amount and Market Value of Mortgage Banking Derivatives (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Derivatives, Fair Value [Line Items] | |||
Gain (loss) on derivatives | $ 271 | $ (182) | |
Notional Amount Assets | 71,558 | $ 74,850 | |
Derivatives asset, fair values | 4,707 | 7,632 | |
Notional Amount Liability | 71,558 | 74,850 | |
Derivatives liability, fair values | 4,906 | 8,102 | |
Interest rate swaps and caps on loans | |||
Derivatives, Fair Value [Line Items] | |||
Gain (loss) on derivatives | 271 | $ (182) | |
Notional Amount Assets | 64,911 | 67,840 | |
Derivatives asset, fair values | 4,452 | 7,304 | |
Notional Amount Liability | 64,911 | 67,840 | |
Derivatives liability, fair values | 4,663 | 7,789 | |
Foreign exchange contracts | |||
Derivatives, Fair Value [Line Items] | |||
Notional Amount Assets | 6,647 | 7,010 | |
Derivatives asset, fair values | 255 | 328 | |
Notional Amount Liability | 6,647 | 7,010 | |
Derivatives liability, fair values | $ 243 | $ 313 |
EMPLOYEE STOCK COMPENSATION - A
EMPLOYEE STOCK COMPENSATION - Additional Information (Detail) - USD ($) $ in Millions | Aug. 21, 2012 | Mar. 31, 2021 | Dec. 31, 2020 | May 31, 2018 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Unvested options outstanding (in shares) | 0 | 0 | ||
Stock option awards | Minimum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award vesting period | 3 years | |||
Award expiration period | 7 years | |||
Stock option awards | Maximum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award vesting period | 5 years | |||
Award expiration period | 10 years | |||
Restricted stock awards and restricted stock units | Minimum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award vesting period | 1 year | |||
Restricted stock awards and restricted stock units | Maximum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award vesting period | 5 years | |||
Stock appreciation rights | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award expiration period | 10 years | |||
Common stock issued upon exercise of SARs (shares) | 305,772 | |||
Tax benefit recognized in connection with exercise of SARs | $ 2.1 | |||
2018 Omnibus Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Maximum number of shares authorized for grant | 4,417,882 | |||
Common stock available under new plan (in shares) | 3,183,000 |
EMPLOYEE STOCK COMPENSATION - S
EMPLOYEE STOCK COMPENSATION - Share Based Compensation Expense (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total share-based compensation expense | $ 1,544 | $ 1,576 |
Related tax benefits | 455 | 464 |
Unrecognized Expense | $ 8,861 | |
Weighted-Average Remaining Expected Recognition Period | 2 years 6 months | |
Stock option awards | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total share-based compensation expense | $ 0 | 2 |
Restricted stock awards and restricted stock units | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total share-based compensation expense | 1,544 | $ 1,574 |
Unrecognized Expense | $ 8,861 | |
Weighted-Average Remaining Expected Recognition Period | 2 years 6 months |
EMPLOYEE STOCK COMPENSATION - O
EMPLOYEE STOCK COMPENSATION - Option Activity (Detail) $ / shares in Units, $ in Thousands | 3 Months Ended |
Mar. 31, 2021USD ($)$ / sharesshares | |
Number of Shares | |
Outstanding at beginning of period (in shares) | shares | 55,069 |
Exercised (in shares) | shares | (40,165) |
Outstanding at end of period (in shares) | shares | 14,904 |
Exercisable at end of period (in shares) | shares | 14,904 |
Weighted-Average Exercise Price Per Share | |
Outstanding at beginning of period (in dollars per share) | $ / shares | $ 13.96 |
Exercised (in dollars per share) | $ / shares | 14.30 |
Outstanding at end of period (in dollars per share) | $ / shares | 13.05 |
Exercisable at end of period (in dollars per share) | $ / shares | $ 13.05 |
Weighted-Average Remaining Contract Term | |
Outstanding | 4 years |
Exercisable at end of period | 4 years |
Aggregated Intrinsic Value | |
Outstanding | $ | $ 75 |
Exercisable at end of period | $ | $ 75 |
EMPLOYEE STOCK COMPENSATION - N
EMPLOYEE STOCK COMPENSATION - Nonvested Restricted Stock Awards and Restricted Stock Units (Detail) | 3 Months Ended |
Mar. 31, 2021$ / sharesshares | |
Restricted stock awards and restricted stock units | |
Number of Shares | |
Outstanding at beginning of period (in shares) | 848,302 |
Granted (in shares) | 220,457 |
Vested (in shares) | (152,248) |
Forfeited (in shares) | (50,532) |
Outstanding at end of period (in shares) | 865,979 |
Weighted Average Grant Date Fair Value Per Share | |
Outstanding at beginning of period (in dollars per share) | $ / shares | $ 14.42 |
Granted (in dollars per share) | $ / shares | 20.63 |
Vested (in dollars per share) | $ / shares | 14.82 |
Forfeited (in dollars per share) | $ / shares | 11.17 |
Outstanding at end of period (in dollars per share) | $ / shares | $ 16.12 |
Performance shares | |
Number of Shares | |
Granted (in shares) | 58,839 |
Vested (in shares) | (69,109) |
Forfeited (in shares) | (40,160) |
EMPLOYEE STOCK COMPENSATION -_2
EMPLOYEE STOCK COMPENSATION - Summary of SARs Activity (Details) - Stock appreciation rights | 3 Months Ended |
Mar. 31, 2021$ / sharesshares | |
Number of Shares | |
Outstanding at beginning of period (in shares) | shares | 1,559,012 |
Exercised (in shares) | shares | (1,559,012) |
Outstanding at end of period (in shares) | shares | 0 |
Exercisable at end of period (in shares) | shares | 0 |
Weighted-Average Exercise Price Per Share | |
Outstanding at beginning of period (in dollars per share) | $ / shares | $ 11.60 |
Exercised (in dollars per share) | $ / shares | 11.60 |
Outstanding at end of period (in dollars per share) | $ / shares | 0 |
Exercisable at end of period (in dollars per share) | $ / shares | $ 0 |
STOCKHOLDERS' EQUITY - Narrativ
STOCKHOLDERS' EQUITY - Narrative (Details) - Preferred Stock | 3 Months Ended |
Mar. 31, 2021$ / sharesshares | |
Class of Stock [Line Items] | |
Preferred stock, authorized (in shares) | shares | 50,000,000 |
Preferred stock, par value (in dollars per share) | $ 0.01 |
Preferred stock, liquidation preference per share (in dollars per share) | $ 1,000 |
Series D Depository Shares | |
Class of Stock [Line Items] | |
Interest in shares (percent) | 2.50% |
Series E Depository Shares | |
Class of Stock [Line Items] | |
Interest in shares (percent) | 2.50% |
STOCKHOLDERS' EQUITY - Summary
STOCKHOLDERS' EQUITY - Summary of Preferred Stock (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Class of Stock [Line Items] | |||
Carrying Value | $ 94,956 | $ 184,878 | |
Preferred Stock | |||
Class of Stock [Line Items] | |||
Preferred stock, outstanding (in shares) | 98,702 | 191,972 | |
Liquidation Preference | $ 98,702 | $ 191,972 | |
Carrying Value | $ 94,956 | $ 184,878 | |
Preferred Stock | Series D 7.375% non-cumulative perpetual | |||
Class of Stock [Line Items] | |||
Non cumulative preferred stock, dividend rate (percent) | 7.375% | ||
Preferred stock, outstanding (in shares) | 0 | 93,270 | |
Liquidation Preference | $ 0 | $ 93,270 | |
Carrying Value | $ 0 | $ 89,922 | $ 1,959 |
Preferred Stock | Series E 7.00% non-cumulative perpetual | |||
Class of Stock [Line Items] | |||
Non cumulative preferred stock, dividend rate (percent) | 7.00% | ||
Preferred stock, outstanding (in shares) | 98,702 | 98,702 | |
Liquidation Preference | $ 98,702 | $ 98,702 | |
Carrying Value | $ 94,956 | $ 94,956 | $ 178 |
STOCKHOLDERS' EQUITY - Deposito
STOCKHOLDERS' EQUITY - Depository Share Repurchases (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | |
Class of Stock [Line Items] | ||||
Carrying Value | $ 94,956 | $ 184,878 | ||
Preferred Stock | ||||
Class of Stock [Line Items] | ||||
Carrying Value | $ 94,956 | 184,878 | ||
Preferred Stock | Series D Depository Shares | ||||
Class of Stock [Line Items] | ||||
Shares redeemed (in shares) | 3,730,767 | 81,304 | ||
Payment for redemption of shares | $ 93,300 | |||
Preferred Stock | Series D Preferred Stock | ||||
Class of Stock [Line Items] | ||||
Shares redeemed (in shares) | 93,269 | 2,033 | ||
Payment for redemption of shares | $ 93,269 | $ 1,458 | ||
Carrying Value | 0 | 89,922 | $ 1,959 | |
Impact of preferred stock redemption | $ 3,347 | $ (501) | ||
Preferred Stock | Series E Depository Shares | ||||
Class of Stock [Line Items] | ||||
Shares redeemed (in shares) | 0 | 7,400 | ||
Preferred Stock | Series E Preferred Stock | ||||
Class of Stock [Line Items] | ||||
Shares redeemed (in shares) | 0 | 185 | ||
Payment for redemption of shares | $ 153 | |||
Carrying Value | $ 94,956 | $ 94,956 | $ 178 | |
Impact of preferred stock redemption | $ 0 | $ (25) |
STOCKHOLDERS' EQUITY - Changes
STOCKHOLDERS' EQUITY - Changes to Accumulated Other Comprehensive (Loss) Income by Components (Detail) - Gain (loss) on securities available-for-sale - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
Balance at beginning of period | $ 7,746 | $ (11,900) |
Unrealized loss arising during the period | (3,638) | (59,885) |
Tax effect of current period changes | 1,077 | 17,637 |
Total changes, net of taxes | (2,561) | (42,248) |
Balance at end of period | $ 5,185 | $ (54,148) |
VARIABLE INTEREST ENTITIES - Ad
VARIABLE INTEREST ENTITIES - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2021 | Mar. 31, 2020 | Sep. 30, 2019 | Dec. 31, 2020 | |
Variable Interest Entity [Line Items] | ||||
Total assets | $ 7,933,459 | $ 7,877,334 | ||
Variable Interest Entity, Not Primary Beneficiary | ||||
Variable Interest Entity [Line Items] | ||||
Funding transferred | 0 | $ 3,631 | ||
Total assets | 251,220 | 251,713 | ||
Maximum loss exposure | 23,809 | 27,977 | ||
Variable Interest Entity, Not Primary Beneficiary | Other Assets | ||||
Variable Interest Entity [Line Items] | ||||
Total assets | $ 23,800 | $ 28,000 | ||
Variable Interest Entity, Not Primary Beneficiary | Multifamily | ||||
Variable Interest Entity [Line Items] | ||||
Funding transferred | $ 573,500 | |||
Credit losses guaranteed (percent) | 12.00% | |||
Repurchase liability recognized | $ 3,600 | |||
Maximum loss exposure | $ 68,800 |
VARIABLE INTEREST ENTITIES - In
VARIABLE INTEREST ENTITIES - Information Regarding Activity in Alternative Energy Partnerships (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2020 | |
Variable Interest Entity [Line Items] | |||
Loss on investments in alternative energy partnerships | $ (3,630) | $ 673 | $ (1,905) |
Variable Interest Entity, Not Primary Beneficiary | |||
Variable Interest Entity [Line Items] | |||
Funding transferred | 0 | 3,631 | |
Cash distribution from investment | 538 | 454 | |
Loss on investments in alternative energy partnerships | (3,630) | (1,905) | |
Income tax credits recognized | 0 | 0 | |
Tax expense (benefit) recognized from HLBV application | $ (992) | $ (458) |
VARIABLE INTEREST ENTITIES - Su
VARIABLE INTEREST ENTITIES - Summary of Unconsolidated VIEs (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Variable Interest Entity [Line Items] | ||
Equipment, net of depreciation | $ 120,071 | $ 121,520 |
Other assets | 185,900 | 195,119 |
Total assets | 7,933,459 | 7,877,334 |
Total unconsolidated liabilities | 7,128,766 | 6,980,127 |
Variable Interest Entity, Not Primary Beneficiary | ||
Variable Interest Entity [Line Items] | ||
Cash | 4,469 | 3,228 |
Equipment, net of depreciation | 239,043 | 241,015 |
Other assets | 7,708 | 7,470 |
Total assets | 251,220 | 251,713 |
Total unconsolidated liabilities | 6,347 | 6,357 |
Maximum loss exposure | $ 23,809 | $ 27,977 |
VARIABLE INTEREST ENTITIES - Ba
VARIABLE INTEREST ENTITIES - Balances and Activity in Affordable Housing Partnerships (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2020 | |
Variable Interest Entity [Line Items] | ||||
Funding of equity investment | $ 876 | $ 4,437 | ||
Variable Interest Entity, Not Primary Beneficiary | ||||
Variable Interest Entity [Line Items] | ||||
Maximum loss exposure | 27,977 | |||
Maximum loss exposure | 23,809 | |||
Income tax credits recognized | 992 | 458 | ||
Affordable Housing Fund Investment | ||||
Variable Interest Entity [Line Items] | ||||
Alternative investments unfunded investment commitments | 17,300 | |||
Funding of equity investment | 1,003 | $ 4,559 | ||
Proportional amortization recognized | 1,182 | 1,147 | ||
Affordable Housing Fund Investment | Variable Interest Entity, Not Primary Beneficiary | ||||
Variable Interest Entity [Line Items] | ||||
Maximum loss exposure | 43,209 | |||
Aggregate funding commitment | 61,278 | $ 61,278 | ||
Total amount funded | 43,994 | 42,991 | ||
Alternative investments unfunded investment commitments | 17,284 | $ 18,287 | ||
Maximum loss exposure | $ 42,027 | |||
Income tax credits recognized | $ 1,116 | $ 1,056 |
EARNINGS (LOSS) PER COMMON SH_3
EARNINGS (LOSS) PER COMMON SHARE - Computations for Basic and Diluted Earnings/(Loss) (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | ||
Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2020 | |
Schedule of Earnings Per Share [Line Items] | |||
Less: Income allocated to participating securities | $ (62) | $ (456) | $ 0 |
Less: participating securities dividends | 0 | (94) | (94) |
Less: preferred stock dividends | (3,141) | (3,447) | (3,533) |
Less: preferred stock redemption | (3,347) | $ 0 | 526 |
Voting | |||
Schedule of Earnings Per Share [Line Items] | |||
Net loss | 14,239 | (6,531) | |
Less: Income allocated to participating securities | (61) | ||
Less: participating securities dividends | (93) | ||
Less: preferred stock dividends | (3,111) | (3,500) | |
Less: preferred stock redemption | (3,316) | ||
Less: preferred stock redemption | 521 | ||
Net income allocated to common stockholders | $ 7,751 | $ (9,603) | |
Weighted average common shares outstanding (in shares) | 49,873,576 | 49,987,456 | |
Average shares and dilutive common shares (in shares) | 50,273,201 | 49,987,456 | |
Basic loss per common share | |||
Basic earnings (loss) per common share (in usd per share) | $ 0.16 | $ 0.35 | $ (0.19) |
Diluted loss per common share | |||
Diluted earnings (loss) per common share (in usd per share) | $ 0.15 | 0.35 | $ (0.19) |
Voting | Restricted shares / units | |||
Schedule of Earnings Per Share [Line Items] | |||
Dilutive effects of stock units and stock options (in shares) | 391,206 | 0 | |
Voting | Stock Option | |||
Schedule of Earnings Per Share [Line Items] | |||
Dilutive effects of stock units and stock options (in shares) | 8,419 | 0 | |
Class B Common Stock | |||
Schedule of Earnings Per Share [Line Items] | |||
Net loss | $ 136 | $ (62) | |
Less: Income allocated to participating securities | (1) | ||
Less: participating securities dividends | (1) | ||
Less: preferred stock dividends | (30) | (33) | |
Less: preferred stock redemption | (31) | ||
Less: preferred stock redemption | 5 | ||
Net income allocated to common stockholders | $ 74 | $ (91) | |
Weighted average common shares outstanding (in shares) | 477,321 | 477,321 | |
Average shares and dilutive common shares (in shares) | 477,321 | 477,321 | |
Basic loss per common share | |||
Basic earnings (loss) per common share (in usd per share) | $ 0.16 | 0.35 | $ (0.19) |
Diluted loss per common share | |||
Diluted earnings (loss) per common share (in usd per share) | $ 0.15 | $ 0.35 | $ (0.19) |
Class B Common Stock | Restricted shares / units | |||
Schedule of Earnings Per Share [Line Items] | |||
Dilutive effects of stock units and stock options (in shares) | 0 | 0 | |
Class B Common Stock | Stock Option | |||
Schedule of Earnings Per Share [Line Items] | |||
Dilutive effects of stock units and stock options (in shares) | 0 | 0 |
EARNINGS (LOSS) PER COMMON SH_4
EARNINGS (LOSS) PER COMMON SHARE - Additional Information (Detail) - shares | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Restricted shares / units | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Stock excluded from computation of earnings per share (in shares) | 56,839 | 962,566 |
Stock Option | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Stock excluded from computation of earnings per share (in shares) | 0 | 55,806 |
LOAN COMMITMENTS AND OTHER RE_3
LOAN COMMITMENTS AND OTHER RELATED ACTIVITIES - Contractual Amount of Financial Instruments with Off-Balance-Sheet Risk (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2021 | Dec. 31, 2020 | |
Affordable Housing Fund Investment | ||
Other Commitments [Line Items] | ||
Alternative investments unfunded investment commitments | $ 17,300 | |
Small Business Investment Companies | ||
Other Commitments [Line Items] | ||
Alternative investments unfunded investment commitments | 5,600 | |
Other Investments | ||
Other Commitments [Line Items] | ||
Alternative investments unfunded investment commitments | 2,500 | |
Commitments to extend credit | ||
Other Commitments [Line Items] | ||
Fixed Rate | 18,703 | $ 17,555 |
Variable Rate | 31,658 | 38,141 |
Unused lines of credit | ||
Other Commitments [Line Items] | ||
Fixed Rate | 1,793 | 1,783 |
Variable Rate | 1,625,253 | 1,348,138 |
Letters of credit | ||
Other Commitments [Line Items] | ||
Fixed Rate | 535 | 234 |
Variable Rate | $ 7,472 | $ 8,274 |
REVENUE RECOGNITION - Summary o
REVENUE RECOGNITION - Summary of Noninterest Income (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2020 | |
Disaggregation of Revenue [Line Items] | |||
Noninterest income (in-scope of Topic 606) | $ 1,276 | $ 765 | |
Noninterest income (out-of-scope of Topic 606) | 3,105 | 1,296 | |
Total noninterest income | 4,381 | $ 6,975 | 2,061 |
Deposit service fees | |||
Disaggregation of Revenue [Line Items] | |||
Noninterest income (in-scope of Topic 606) | 810 | 539 | |
Debit card fees | |||
Disaggregation of Revenue [Line Items] | |||
Noninterest income (in-scope of Topic 606) | 387 | 177 | |
Other | |||
Disaggregation of Revenue [Line Items] | |||
Noninterest income (in-scope of Topic 606) | $ 79 | $ 49 |
RELATED-PARTY TRANSACTIONS - Na
RELATED-PARTY TRANSACTIONS - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Executive Officers and Directors | Special Committee Investigation Indemnification | ||
Related Party Transaction [Line Items] | ||
Expenses from transactions with related parties | $ 120 | $ 120 |