Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2018 | Jul. 31, 2018 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q/A | |
Amendment Flag | true | |
Amendment Description | As previously reported on its Current Report on Form 8-K, which was filed with the SEC on November 13, 2018, Customers Bancorp, Inc. is restating its previously issued audited consolidated financial statements for 2017, 2016 and 2015 and its interim unaudited consolidated financial statements as of and for the three months ended March 31, 2018 and 2017 and the three and six months ended June 30, 2018 and 2017, because of misclassifications of cash flow activities associated with its commercial mortgage warehouse lending activities between operating and investing activities on the consolidated statements of cash flows because the related loan balances were incorrectly classified as held for sale rather than held for investment on the consolidated balance sheets. Accordingly, management has concluded that the control deficiency that resulted in these incorrect classifications constituted a material weakness in internal control over financial reporting. Solely as a result of this material weakness, management revised its earlier assessment and has now concluded that its disclosure controls and procedures were not effective at June 30, 2018. | |
Document Period End Date | Jun. 30, 2018 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q2 | |
Trading Symbol | CUBI | |
Entity Registrant Name | Customers Bancorp, Inc. | |
Entity Central Index Key | 1,488,813 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Emerging Growth Company | false | |
Entity Small Business | false | |
Entity Common Stock, Shares Outstanding | 31,669,839 |
Consolidated Balance Sheet - Un
Consolidated Balance Sheet - Unaudited - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
ASSETS | ||
Cash and due from banks | $ 22,969 | $ 20,388 |
Interest-earning deposits | 228,757 | 125,935 |
Cash and cash equivalents | 251,726 | 146,323 |
Investment securities, at fair value | 1,161,000 | 471,371 |
Loans held for sale (includes $1,043 and $1,886, respectively, at fair value) | 1,043 | 146,077 |
Loans receivable, mortgage warehouse, at fair value | 1,930,738 | 1,793,408 |
Loans receivable | 7,181,726 | 6,768,258 |
Allowance for loan losses | (38,288) | (38,015) |
Total loans receivable, net of allowance for loan losses | 9,074,176 | 8,523,651 |
FHLB, Federal Reserve Bank, and other restricted stock | 136,066 | 105,918 |
Accrued interest receivable | 33,956 | 27,021 |
Bank premises and equipment, net | 11,224 | 11,955 |
Bank-owned life insurance | 261,121 | 257,720 |
Other real estate owned | 1,705 | 1,726 |
Goodwill and other intangibles | 17,150 | 16,295 |
Other assets | 143,679 | 131,498 |
Total assets | 11,092,846 | 9,839,555 |
Deposits: | ||
Demand, non-interest bearing | 1,090,744 | 1,052,115 |
Interest-bearing | 6,205,210 | 5,748,027 |
Total deposits | 7,295,954 | 6,800,142 |
Federal funds purchased | 105,000 | 155,000 |
FHLB advances | 2,389,797 | 1,611,860 |
Other borrowings | 186,888 | 186,497 |
Subordinated debt | 108,929 | 108,880 |
Accrued interest payable and other liabilities | 70,051 | 56,212 |
Total liabilities | 10,156,619 | 8,918,591 |
Shareholders’ equity: | ||
Preferred stock, par value $1.00 per share; liquidation preference $25.00 per share; 100,000,000 shares authorized, 9,000,000 shares issued and outstanding as of June 30, 2018 and December 31, 2017 | 217,471 | 217,471 |
Common stock, par value $1.00 per share; 200,000,000 shares authorized; 32,199,903 and 31,912,763 shares issued as of June 30, 2018 and December 31, 2017; 31,669,643 and 31,382,503 shares outstanding as of June 30, 2018 and December 31, 2017 | 32,200 | 31,913 |
Additional paid in capital | 428,796 | 422,096 |
Retained earnings | 299,990 | 258,076 |
Accumulated other comprehensive loss, net | (33,997) | (359) |
Treasury stock, at cost (530,260 shares as of June 30, 2018 and December 31, 2017) | (8,233) | (8,233) |
Total shareholders’ equity | 936,227 | 920,964 |
Total liabilities and shareholders’ equity | $ 11,092,846 | $ 9,839,555 |
Consolidated Balance Sheet - _2
Consolidated Balance Sheet - Unaudited (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Loans held for sale at fair value | $ 1,043 | $ 146,251 |
Preferred stock, par value (usd per share) | $ 1 | $ 1 |
Preferred stock, liquidation preference (usd per share) | $ 25 | $ 25 |
Preferred stock, shares authorized (shares) | 100,000,000 | 100,000,000 |
Preferred stock, shares issued (shares) | 9,000,000 | 9,000,000 |
Preferred stock, shares outstanding (shares) | 9,000,000 | 9,000,000 |
Common stock, par value (usd per share) | $ 1 | $ 1 |
Common stock, shares authorized (shares) | 200,000,000 | 200,000,000 |
Common stock, shares issued (shares) | 32,199,903 | 31,912,763 |
Common stock, shares outstanding (shares) | 31,669,643 | 30,820,177 |
Treasury stock, shares (shares) | 530,260 | 530,260 |
Significant Other Observable Inputs (Level 2) | ||
Loans held for sale at fair value | $ 1,043 | $ 1,886 |
Consolidated Statements of Inco
Consolidated Statements of Income - Unaudited - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Interest income: | ||||
Loans | $ 95,240 | $ 84,560 | $ 181,171 | $ 159,967 |
Investment securities | 9,765 | 7,823 | 18,437 | 13,710 |
Other | 2,634 | 1,469 | 4,996 | 3,269 |
Total interest income | 107,639 | 93,852 | 204,604 | 176,946 |
Interest expense: | ||||
Deposits | 24,182 | 16,228 | 43,975 | 30,551 |
Other borrowings | 3,275 | 1,993 | 6,651 | 3,600 |
FHLB advances | 11,176 | 5,340 | 18,256 | 8,401 |
Subordinated debt | 1,684 | 1,685 | 3,369 | 3,370 |
Total interest expense | 40,317 | 25,246 | 72,251 | 45,922 |
Net interest income | 67,322 | 68,606 | 132,353 | 131,024 |
Provision for loan losses | (784) | 535 | 1,333 | 3,585 |
Net interest income after provision for loan losses | 68,106 | 68,071 | 131,020 | 127,439 |
Non-interest income: | ||||
Mortgage warehouse transactional fees | 1,967 | 2,523 | 3,854 | 4,743 |
Bank-owned life insurance | 1,869 | 2,258 | 3,900 | 3,624 |
Gain on sale of SBA and other loans | 947 | 573 | 2,308 | 1,901 |
Mortgage banking income | 205 | 291 | 325 | 446 |
Gain on sale of investment securities | 0 | 3,183 | 0 | 3,183 |
Impairment loss on investment securities | 0 | (2,882) | 0 | (4,585) |
Other | 3,125 | 1,664 | 6,883 | 4,414 |
Total non-interest income | 16,127 | 18,391 | 37,037 | 41,144 |
Non-interest expense: | ||||
Salaries and employee benefits | 27,748 | 23,651 | 52,673 | 44,763 |
Technology, communication and bank operations | 11,322 | 8,910 | 21,266 | 18,827 |
Professional services | 3,811 | 6,227 | 9,820 | 13,739 |
Occupancy | 3,141 | 2,657 | 5,975 | 5,371 |
FDIC assessments, non-income taxes, and regulatory fees | 2,135 | 2,416 | 4,335 | 4,141 |
Provision for operating losses | 1,233 | 1,746 | 2,759 | 3,392 |
Merger and acquisition related expenses | 869 | 0 | 975 | 0 |
Loan workout | 648 | 408 | 1,307 | 929 |
Advertising and promotion | 319 | 378 | 709 | 704 |
Other real estate owned expenses | 58 | 160 | 98 | 105 |
Other | 2,466 | 3,860 | 6,114 | 7,807 |
Total non-interest expense | 53,750 | 50,413 | 106,031 | 99,778 |
Income before income tax expense | 30,483 | 36,049 | 62,026 | 68,805 |
Income tax expense | 6,820 | 12,327 | 14,222 | 19,336 |
Net income (loss) | 23,663 | 23,722 | 47,804 | 49,469 |
Preferred stock dividends | 3,615 | 3,615 | 7,229 | 7,229 |
Net income (loss) available to common shareholders | $ 20,048 | $ 20,107 | $ 40,575 | $ 42,240 |
Basic earnings per common share (usd per share) | $ 0.64 | $ 0.66 | $ 1.29 | $ 1.38 |
Diluted earnings per common share (usd per share) | $ 0.62 | $ 0.62 | $ 1.26 | $ 1.29 |
Interchange and card revenue | ||||
Non-interest income: | ||||
Non-interest income | $ 6,382 | $ 8,648 | $ 16,043 | $ 22,158 |
Deposit Fees | ||||
Non-interest income: | ||||
Non-interest income | $ 1,632 | $ 2,133 | $ 3,724 | $ 5,260 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - Unaudited - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income (loss) | $ 23,663 | $ 23,722 | $ 47,804 | $ 49,469 |
Unrealized (losses) gains on available-for-sale debt securities: | ||||
Unrealized (losses) gains arising during the period | (12,190) | 19,885 | (46,288) | 18,762 |
Income tax effect | 3,170 | (7,755) | 12,035 | (7,317) |
Reclassification adjustments for gains on securities included in net income | 0 | (3,183) | 0 | (3,183) |
Income tax effect | 0 | (1,241) | 0 | (1,241) |
Net unrealized (losses) gains on available-for-sale debt securities | (9,020) | 10,188 | (34,253) | 9,503 |
Unrealized gains on cash flow hedges: | ||||
Unrealized gains (losses) arising during the period | 1,895 | (689) | 2,768 | (360) |
Income tax effect | (492) | 269 | (719) | 141 |
Reclassification adjustment for (gains) losses included in net income | (259) | 767 | (128) | 1,594 |
Income tax effect | 67 | (299) | 33 | (622) |
Net unrealized gains on cash flow hedges | 1,211 | 48 | 1,954 | 753 |
Other comprehensive (loss) income, net of income tax effect | (7,809) | 10,236 | (32,299) | 10,256 |
Comprehensive income | $ 15,854 | $ 33,958 | $ 15,505 | $ 59,725 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity - Unaudited - USD ($) $ in Thousands | Total | Preferred Stock | Common Stock | Additional Paid in Capital | Retained Earnings | Accumulated Other Comprehensive Loss | Treasury Stock |
Beginning balance, preferred stock (shares) at Dec. 31, 2016 | 9,000,000 | ||||||
Beginning balance, common stock (shares) at Dec. 31, 2016 | 30,289,917 | ||||||
Beginning balance at Dec. 31, 2016 | $ 855,872 | $ 217,471 | $ 30,820 | $ 427,008 | $ 193,698 | $ (4,892) | $ (8,233) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income (loss) | 49,469 | 49,469 | |||||
Other comprehensive income | 10,256 | 10,256 | |||||
Preferred stock dividends | (7,229) | (7,229) | |||||
Share-based compensation expense | 2,934 | 2,934 | |||||
Exercise of warrants (shares) | 43,974 | ||||||
Exercise of warrants | 420 | $ 44 | 376 | ||||
Issuance of common stock under share-based compensation arrangements (shares) | 396,893 | ||||||
Issuance of common stock under share-based compensation arrangements | (1,433) | $ 397 | (1,830) | ||||
Ending balance, preferred stock (shares) at Jun. 30, 2017 | 9,000,000 | ||||||
Ending balance, common stock (shares) at Jun. 30, 2017 | 30,730,784 | ||||||
Ending balance at Jun. 30, 2017 | 910,289 | $ 217,471 | $ 31,261 | 428,488 | 235,938 | 5,364 | (8,233) |
Beginning balance at Mar. 31, 2017 | (4,872) | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income (loss) | 23,722 | ||||||
Other comprehensive income | 10,236 | ||||||
Ending balance, preferred stock (shares) at Jun. 30, 2017 | 9,000,000 | ||||||
Ending balance, common stock (shares) at Jun. 30, 2017 | 30,730,784 | ||||||
Ending balance at Jun. 30, 2017 | 910,289 | $ 217,471 | $ 31,261 | 428,488 | 235,938 | 5,364 | (8,233) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Cumulative effect of new accounting principle in period of adoption | Accounting Standards Update 2018-02 | 0 | ||||||
Cumulative effect of new accounting principle in period of adoption | Accounting Standards Update 2016-01 | $ 0 | ||||||
Beginning balance, preferred stock (shares) at Dec. 31, 2017 | 9,000,000 | 9,000,000 | |||||
Beginning balance, common stock (shares) at Dec. 31, 2017 | 30,820,177 | 31,382,503 | |||||
Beginning balance at Dec. 31, 2017 | $ 920,964 | $ 217,471 | $ 31,913 | 422,096 | 258,076 | (359) | (8,233) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income (loss) | 47,804 | 47,804 | |||||
Other comprehensive income | (32,299) | (32,299) | |||||
Preferred stock dividends | (7,229) | (7,229) | |||||
Share-based compensation expense | 3,661 | 3,661 | |||||
Exercise of warrants (shares) | 5,242 | ||||||
Exercise of warrants | 112 | $ 5 | 107 | ||||
Issuance of common stock under share-based compensation arrangements (shares) | 281,898 | ||||||
Issuance of common stock under share-based compensation arrangements | $ 3,214 | $ 282 | 2,932 | ||||
Ending balance, preferred stock (shares) at Jun. 30, 2018 | 9,000,000 | 9,000,000 | |||||
Ending balance, common stock (shares) at Jun. 30, 2018 | 31,669,643 | 31,669,643 | |||||
Ending balance at Jun. 30, 2018 | $ 936,227 | $ 217,471 | $ 32,200 | 428,796 | 299,990 | (33,997) | (8,233) |
Beginning balance at Mar. 31, 2018 | (26,188) | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income (loss) | 23,663 | ||||||
Other comprehensive income | $ (7,809) | ||||||
Ending balance, preferred stock (shares) at Jun. 30, 2018 | 9,000,000 | 9,000,000 | |||||
Ending balance, common stock (shares) at Jun. 30, 2018 | 31,669,643 | 31,669,643 | |||||
Ending balance at Jun. 30, 2018 | $ 936,227 | $ 217,471 | $ 32,200 | $ 428,796 | $ 299,990 | $ (33,997) | $ (8,233) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - Unaudited - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Cash Flows from Operating Activities | ||
Net income | $ 47,804 | $ 49,469 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Provision for loan losses | 1,333 | 3,585 |
Depreciation and amortization | 6,716 | 2,393 |
Share-based compensation expense | 4,384 | 3,562 |
Deferred taxes | 4,172 | (2,588) |
Net amortization of investment securities premiums and discounts | 813 | 232 |
Unrealized loss recognized on equity securities | 296 | 0 |
Gain on sale of investment securities | 0 | (3,183) |
Impairment loss on investment securities | 0 | 4,585 |
Gain on sale of SBA and other loans | (2,572) | (2,183) |
Origination of loans held for sale | (11,554) | (20,442) |
Proceeds from the sale of loans held for sale | 12,640 | 18,721 |
Amortization of fair value discounts and premiums | 85 | 98 |
Net gain on sales of other real estate owned | (28) | (163) |
Valuation and other adjustments to other real estate owned | 78 | 231 |
Earnings on investment in bank-owned life insurance | (3,900) | (3,624) |
Increase in accrued interest receivable and other assets | (7,857) | (9,003) |
Increase (decrease) in accrued interest payable and other liabilities | 13,061 | (29,357) |
Net Cash Provided By Operating Activities | 65,471 | 12,333 |
Cash Flows from Investing Activities | ||
Proceeds from maturities, calls and principal repayments of securities available for sale | 26,216 | 22,843 |
Proceeds from sale of available-for-sale securities | 0 | 115,982 |
Purchases of investment securities available for sale | (763,242) | (644,011) |
Origination of mortgage warehouse loans | (14,260,621) | (14,693,838) |
Proceeds from repayments of mortgage warehouse loans | 14,123,291 | 14,709,013 |
Net increase in loans | (18,680) | (572,253) |
Proceeds from sales of loans | 29,038 | 112,927 |
Purchase of loans | (278,508) | (262,641) |
Purchases of bank-owned life insurance | 0 | (50,000) |
Proceeds from bank-owned life insurance | 529 | 1,418 |
Net purchases of FHLB, Federal Reserve Bank, and other restricted stock | (30,148) | (61,281) |
Purchases of bank premises and equipment | (608) | (1,732) |
Proceeds from sales of other real estate owned | 28 | 682 |
Purchase of leased assets under operating leases | (6,486) | 0 |
Net Cash Used In Investing Activities | (1,179,191) | (1,322,891) |
Cash Flows from Financing Activities | ||
Net increase in deposits | 495,812 | 171,587 |
Net increase in short-term borrowed funds from the FHLB | 777,937 | 1,130,800 |
Net (decrease) increase in federal funds purchased | (50,000) | 67,000 |
Net proceeds from issuance of long-term debt | 0 | 98,574 |
Preferred stock dividends paid | (7,229) | (7,229) |
Exercise of warrants | 112 | 420 |
Payments of employee taxes withheld from share-based awards | (700) | (3,961) |
Proceeds from issuance of common stock | 3,191 | 1,900 |
Net Cash Provided By Financing Activities | 1,219,123 | 1,459,091 |
Net Increase in Cash and Cash Equivalents | 105,403 | 148,533 |
Cash and Cash Equivalents – Beginning | 146,323 | 264,709 |
Cash and Cash Equivalents – Ending | 251,726 | 413,242 |
Supplementary Cash Flows Information: | ||
Interest paid | 73,162 | 44,983 |
Income taxes paid | 4,174 | 21,715 |
Non-cash items: | ||
Transfer of loans to other real estate owned | 57 | 0 |
Transfer of loans held for investment to loans held for sale | 0 | 150,758 |
Transfer of loans held for sale to held for investment | 129,691 | 0 |
University relationship intangible purchased not settled | $ 1,502 | $ 0 |
Description of the Business
Description of the Business | 6 Months Ended |
Jun. 30, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Description of the Business | DESCRIPTION OF THE BUSINESS Customers Bancorp, Inc. (the “Bancorp” or “Customers Bancorp”) is a bank holding company engaged in banking activities through its wholly owned subsidiary, Customers Bank (the “Bank”), collectively referred to as “Customers” herein. The consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States (“U.S. GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Customers Bancorp, Inc. and its wholly owned subsidiaries, Customers Bank, and non-bank subsidiaries, serve residents and businesses in Southeastern Pennsylvania (Bucks, Berks, Chester, Philadelphia and Delaware Counties); Rye Brook, New York (Westchester County); Hamilton, New Jersey (Mercer County); Boston, Massachusetts; Providence, Rhode Island; Portsmouth, New Hampshire (Rockingham County); Manhattan and Melville, New York; Washington, D.C.; Chicago, Illinois; and nationally for certain loan and deposit products. The Bank has 13 full-service branches and provides commercial banking products, primarily loans and deposits. In addition, Customers Bank also administratively supports loan and other financial products to customers through its limited-purpose offices in Boston, Massachusetts, Providence, Rhode Island, Portsmouth, New Hampshire, Manhattan and Melville, New York, Philadelphia, Pennsylvania, Washington, D.C., and Chicago, Illinois. The Bank also provides liquidity to residential mortgage originators nationwide through commercial loans to mortgage companies. Through BankMobile, a division of Customers Bank, Customers offers state of the art high tech digital banking services to consumers, students, and the "under banked" nationwide. In October 2017, Customers announced its intent to spin-off its BankMobile business directly to Customers’ shareholders, to be followed by a merger of BankMobile into Flagship Community Bank ("Flagship"), as the most favorable option for disposition of BankMobile to Customers' shareholders rather than selling the business directly to a third party. Until execution of the spin-off and merger transaction, the assets and liabilities of BankMobile will be reported as held and used for all periods presented. Previously, Customers had stated its intention to sell BankMobile and, accordingly, all BankMobile operating results for the three and six months ended June 30, 2017 and cash flows for the six months ended June 30, 2017 were presented as discontinued operations. All prior period amounts have been reclassified to conform with the current period consolidated financial statement presentation. See NOTE 2 SPIN-OFF AND MERGER for more information regarding the spin-off and merger transaction. Customers is subject to regulation of the Pennsylvania Department of Banking and Securities and the Federal Reserve Bank and is periodically examined by those regulatory authorities. Customers Bancorp has made certain equity investments through its wholly owned subsidiaries CB Green Ventures Pte Ltd. and CUBI India Ventures Pte Ltd. |
Spin-Off and Merger
Spin-Off and Merger | 6 Months Ended |
Jun. 30, 2018 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Spin-Off and Merger | SPIN-OFF AND MERGER In third quarter 2017, Customers decided that the best strategy for its shareholders to realize the value of the BankMobile business was to divest BankMobile through a spin-off of BankMobile to Customers’ shareholders to be followed by a merger with Flagship Community Bank ("Flagship"). An Amended and Restated Purchase and Assumption Agreement and Plan of Merger (the "Amended Agreement") with Flagship to effect the spin-off and merger and Flagship's related purchase of BankMobile deposits from Customers was executed on November 17, 2017. Per the provisions of the Amended Agreement, the spin-off will be followed by a merger of the BankMobile spin-off subsidiary into Flagship, with Customers' shareholders first receiving shares of the BankMobile spin-off subsidiary as a dividend in the spin-off and then receiving shares of Flagship common stock in the merger of the BankMobile spin-off subsidiary into Flagship in exchange for shares of the BankMobile spin-off subsidiary common stock they receive in the spin-off. Separately, Flagship will assume the deposits and purchase certain associated assets of BankMobile for $10 million . Following completion of the spin-off and merger and other transactions contemplated in the Amended Agreement between Customers and Flagship, the BankMobile spin-off subsidiary shareholders would receive collectively more than 50% of Flagship common stock. The common stock of the merged entities, expected to be called BankMobile, is expected to be listed on a national securities exchange after completion of the transactions. In connection with the signing of the Amended Agreement on November 17, 2017, Customers deposited $1.0 million in an escrow account with a third party to be reserved for payment to Flagship in the event the Amended Agreement is terminated for reasons described in the Amended Agreement. This $1.0 million is considered restricted cash and is presented in cash and cash equivalents in the accompanying June 30, 2018 consolidated balance sheet. The Amended Agreement provides that completion of the transactions will be subject to the receipt of all necessary closing conditions. Although the possibility still exits that the spin-off and merger could close by September 30, 2018, at this time, no assurance can be given that the spin-off and merger will occur by or shortly after September 30, 2018. As of June 30, 2017, BankMobile met the criteria to be classified as held for sale and, accordingly, the operating results of BankMobile for the three and six month periods ended June 30, 2017 , along with the associated cash flows of BankMobile for the six months ended June 30, 2017, were presented as "Discontinued operations." However, generally accepted accounting principles require that assets, liabilities, operating results, and cash flows associated with a business to be disposed of through a spin-off/merger transaction should not be reported as held for sale or discontinued operations until execution of the spin-off/merger transaction. As a result, beginning in third quarter 2017, the period in which Customers decided to spin-off BankMobile rather than selling directly to a third party, BankMobile's operating results and cash flows were no longer reported as held for sale or discontinued operations but instead were reported as held and used. At September 30, 2017, Customers measured the business at the lower of its (i) carrying amount before it was classified as held for sale, adjusted for depreciation and amortization expense that would have been recognized had the business been continuously classified as held and used, or (ii) fair value at the date the decision not to sell was made. Amounts previously reported as discontinued operations for the three and six month periods ended June 30, 2017 have been reclassified to conform with the current period presentation within the accompanying consolidated financial statements as summarized below. Customers will continue reporting the Community Business Banking and BankMobile segment results. See NOTE 12 - BUSINESS SEGMENTS . The following tables summarize the effect of the reclassification of BankMobile from held for sale to held and used on the previously reported consolidated statements of income for the three and six months ended June 30, 2017 : Three Months Ended June 30, 2017 (amounts in thousands) As Previously Reported Effect of Reclassification From Held For Sale to Held and Used After Reclassification Interest income $ 93,852 $ — $ 93,852 Interest expense 25,236 10 25,246 Net interest income 68,616 (10 ) 68,606 Provision for loan losses 535 — 535 Non-interest income 6,971 11,420 18,391 Non-interest expense 30,567 19,846 50,413 Income from continuing operations before income taxes 44,485 (8,436 ) 36,049 Provision for income taxes 15,533 (3,206 ) 12,327 Net income from continuing operations 28,952 (5,230 ) 23,722 Loss from discontinued operations before income taxes (8,436 ) 8,436 — Income tax benefit from discontinued operations (3,206 ) 3,206 — Net loss from discontinued operations (5,230 ) 5,230 — Net income 23,722 — 23,722 Preferred stock dividends 3,615 — 3,615 Net income available to common shareholders $ 20,107 $ — $ 20,107 Six Months Ended June 30, 2017 (amounts in thousands) As Previously Reported Effect of Reclassification From Held For Sale to Held and Used After Reclassification Interest income $ 176,946 $ — $ 176,946 Interest expense 45,906 16 45,922 Net interest income 131,040 (16 ) 131,024 Provision for loan losses 3,585 — 3,585 Non-interest income 12,398 28,746 41,144 Non-interest expense 60,714 39,064 99,778 Income from continuing operations before income taxes 79,139 (10,334 ) 68,805 Provision for income taxes 23,263 (3,927 ) 19,336 Net income from continuing operations 55,876 (6,407 ) 49,469 Loss from discontinued operations before income taxes (10,334 ) 10,334 — Income tax benefit from discontinued operations (3,927 ) 3,927 — Net loss from discontinued operations (6,407 ) 6,407 — Net income 49,469 — 49,469 Preferred stock dividends 7,229 — 7,229 Net income available to common shareholders $ 42,240 $ — $ 42,240 |
Significant Accounting Policies
Significant Accounting Policies and Basis of Presentation | 6 Months Ended |
Jun. 30, 2018 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies and Basis of Presentation | SIGNIFICANT ACCOUNTING POLICIES AND BASIS OF PRESENTATION - As Restated Basis of Presentation The interim unaudited consolidated financial statements of Customers have been prepared in conformity with U.S. GAAP and pursuant to the rules and regulations of the SEC. These interim unaudited consolidated financial statements reflect all normal and recurring adjustments that are, in the opinion of management, necessary to present a fair statement of the financial position and the results of operations and cash flows of Customers for the interim periods presented. Certain information and footnote disclosures normally included in the annual consolidated financial statements have been omitted from these interim unaudited consolidated financial statements as permitted by SEC rules and regulations. On November 13, 2018, Customers Bancorp filed with the SEC a report on Form 8-K advising that its 2017, 2016, and 2015 audited consolidated financial statements and its interim unaudited consolidated financial statements as of and for the three months ended March 31, 2018 and 2017 and the three and six months ended June 30, 2018 and 2017, respectively, should no longer be relied upon because of incorrect classifications of the cash flows used in and provided by its commercial mortgage warehouse lending activities between operating and investing activities on the consolidated statements of cash flows because the related loan balances were incorrectly classified as held for sale instead of held for investment (i.e., loans receivable) on its consolidated balance sheets. These misclassifications have no impact on total cash balances, total loans, total assets, the allowance for loan losses, total capital, regulatory capital ratios, net interest income, net interest margin, net income to shareholders, basic or diluted earnings per share, return on average assets, return on average equity, the efficiency ratio, asset quality ratios or other key performance metrics, including non-GAAP performance metrics, that Customers routinely discusses with analysts and investors. The December 31, 2017 consolidated balance sheet presented in this report has been derived from Customers' audited 2017 consolidated financial statements included in its Annual Report on Form 10-K/A filed with the SEC on November 30, 2018 (the "2017 Form 10-K/A"). Because of a fair value option election that Customers made on July 1, 2012 that continues today, these loans are, and will continue to be, reported at their fair value and accordingly do not have an allowance for loan losses. Management believes that the disclosures are adequate to present fairly the consolidated financial statements as of the dates and for the periods presented. These interim unaudited consolidated financial statements should be read in conjunction with the 2017 consolidated financial statements of Customers included in the 2017 Form 10-K/A. The 2017 Form 10-K/A describes Customers Bancorp’s significant accounting policies, which include its policies on Principles of Consolidation; Cash and Cash Equivalents and Statements of Cash Flows; Restrictions on Cash and Amounts due from Banks; Business Combinations; Investment Securities; Loan Accounting Framework; Loans Held for Sale and Loans at Fair Value; Loans Receivable, Mortgage Warehouse, at Fair Value; Loans Receivable; Purchased Loans; Allowance for Loan Losses; Goodwill and Other Intangible Assets; Investments in FHLB, Federal Reserve Bank, and Other Restricted Stock; Other Real Estate Owned; Bank-Owned Life Insurance; Bank Premises and Equipment; Operating Leases; Treasury Stock; Income Taxes; Share-Based Compensation; Transfer of Financial Assets; Business Segments; Derivative Instruments and Hedging; Comprehensive Income (Loss); Earnings per Share; and Loss Contingencies. Results for interim periods are not necessarily indicative of those that may be expected for the fiscal year or any other period. Restatement of Previously Issued Financial Statements In November 2018, Customers determined that the cash flow activities associated with its commercial mortgage warehouse lending activities should have been reported as investing activities in its consolidated statements of cash flows because the related loan balances should have been classified as held for investment (i.e., loans receivable). Customers changed its accounting policies such that commercial mortgage warehouse loans are classified as held for investment and presented as "Loans receivable, mortgage warehouse, at fair value" on its consolidated balance sheets. The cash flow activities associated with these commercial mortgage warehouse lending activities are reported as investing activities in the consolidated statements of cash flows. Accordingly, Customers has restated the consolidated balance sheet as of June 30, 2018 and statements of cash flows for the six months ended June 30, 2018 and 2017 herein. The following tables set forth the effects of the correction on the consolidated balance sheet as of June 30, 2018 and the consolidated statements of cash flows for the six months ended June 30, 2018 and 2017. June 30, 2018 Consolidated Balance Sheet As Previously Reported Adjustments As Restated (amounts in thousands) Loans held for sale $ 1,931,781 $ (1,930,738 ) $ 1,043 Loans receivable, mortgage warehouse, at fair value — 1,930,738 1,930,738 Total loans receivable, net of allowance for loan losses $ 7,143,438 $ 1,930,738 $ 9,074,176 Six Months Ended June 30, 2018 2017 Consolidated Statements of Cash Flows As Previously Reported Adjustments As Restated As Previously Reported Adjustments As Restated (amounts in thousands) Origination of loans held for sale $ (14,272,175 ) $ 14,260,621 $ (11,554 ) $ (14,714,280 ) $ 14,693,838 $ (20,442 ) Proceeds from the sale of loans held for sale 14,135,931 (14,123,291 ) 12,640 14,727,734 (14,709,013 ) 18,721 Net Cash Provided by (Used in) Operating Activities (71,859 ) 137,330 65,471 27,508 (15,175 ) 12,333 Origination of mortgage warehouse loans — (14,260,621 ) (14,260,621 ) — (14,693,838 ) (14,693,838 ) Proceeds from repayments of mortgage warehouse loans — 14,123,291 14,123,291 — 14,709,013 14,709,013 Net Cash Used In Investing Activities $ (1,041,861 ) $ (137,330 ) $ (1,179,191 ) $ (1,338,066 ) $ 15,175 $ (1,322,891 ) In addition to the restatement of Customers' consolidated balance sheet and statements of cash flows summarized above, the following notes to the consolidated financial statements have been restated to reflect the corrected classification of Customers' commercial warehouse lending activities: • NOTE 7 - LOANS HELD FOR SALE; • NOTE 8 - LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES; and • NOTE 10 - DISCLOSURES ABOUT FAIR VALUE OF FINANCIAL INSTRUMENTS. In addition, the comparative balances reported throughout Management's Discussion and Analysis of Financial Condition and Results of Operations included in Item 2 in this Quarterly Report on Form 10-Q/A, have been restated to present the corrected classification of Customers' commercial mortgage warehouse lending activities. Reclassifications As described in NOTE 2 - SPIN-OFF AND MERGER, beginning in third quarter 2017, Customers reclassified BankMobile, a segment previously classified as held for sale, to held and used as it no longer met the held-for-sale criteria. Certain prior period amounts and note disclosures (including NOTE 4 , NOTE 8 and NOTE 10 ) have been reclassified to conform with the current period presentation. Except for these reclassifications, there have been no material changes to Customers' significant accounting policies as disclosed in Customers' 2017 Form 10-K/A. Presented below are recently issued accounting standards that Customers has adopted as well as those that the Financial Accounting Standards Board (“FASB”) has issued but are not yet effective or that Customers has not yet adopted. Recently Issued Accounting Standards Accounting Standards Adopted in 2018 Standard Summary of guidance Effects on Financial Statements ASU 2018-03, Technical Corrections and Improvements to Financial Instruments-Overall (Subtopic 825-10) Issued February 2018 Clarifies certain aspects of the guidance issued in ASU 2016-01 including: the ability to irrevocably elect to change the measurement approach for equity securities measured using the practical expedient (at cost plus or minus observable transactions less impairment) to a fair value method in accordance with ASC 820, Fair Value Measurement. Provides clarification that if an observable transaction occurs for such securities, the adjustment is as of the observable transaction date. Effective July 1, 2018 on a prospective basis with early adoption permitted. Customers adopted on July 1, 2018 on a prospective basis. The adoption did not have a significant impact as Customers currently does not have any significant equity securities without readily determinable fair values. ASU 2018-02, Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income/(Loss) ("AOCI") Issued February 2018 Allows for reclassification from AOCI to retained earnings for stranded tax effects resulting from the 2017 Tax Cut and Jobs Act. Requires an entity to disclose whether it has elected to reclassify stranded tax effects from AOCI to retained earnings and its policy for releasing income tax effects from AOCI. Effective for fiscal years beginning after December 15, 2018 and interim periods within those fiscal years. Early adoption is permitted. Customers early adopted on January 1, 2018. The adoption resulted in the reclassification of $0.3 million in stranded tax effects in Customers' AOCI related to net unrealized losses on its available-for-sale debt securities and cash flow hedges. The adoption did not have a significant impact on Customers' financial condition, results of operations and consolidated financial statements. ASU 2017-12, Targeted Improvements to Accounting for Hedging Activities Issued August 2017 Aligns the entity's risk management activities and financial reporting for hedging relationships. Amends the existing hedge accounting model and expands an entity's ability to hedge nonfinancial and financial risk components and reduce complexity in fair value hedges of interest-rate risk. Eliminates the requirement to separately measure and report hedge ineffectiveness and generally requires the entire change in the fair value of a hedging instrument to be presented in the same income statement line item as the hedge item. Changes certain documentation and assessment requirements and modifies the accounting for components excluded from the assessment of hedge effectiveness. Effective for fiscal years beginning after December 15, 2018. Early adoption is permitted. Customers early adopted on January 1, 2018. With the early adoption, Customers is able to pursue additional hedging strategies including the ability to apply fair value hedge accounting to a specified pool of assets by excluding the portion of the hedged items related to prepayments, defaults and other events. These additional hedging strategies will allow Customers to better align the accounting and financial reporting of its hedging activities with the economic objectives thereby reducing the earnings volatility resulting from these hedging activities. The adoption did not have a significant impact on Customers' financial condition, results of operations and consolidated financial statements. Customers has updated its disclosures in NOTE 11 - DERIVATIVES INSTRUMENTS AND HEDGING ACTIVITIES as a result of early adopting this ASU. ASU 2017-09, Compensation - Stock Compensation: Scope of Modification Accounting Issued May 2017 Clarifies when to account for a change to the terms or conditions of a share-based-payment award as a modification in ASC 718. Provides that modification accounting is only required if the fair value, vesting conditions, or the classification of the award as equity or a liability changes as a result of the change in terms or conditions. Effective January 1, 2018 on a prospective basis for awards modified on or after the adoption date. Customers adopted on January 1, 2018. The adoption did not have a significant impact on Customers' financial condition, results of operations and consolidated financial statements. ASU 2017-05, Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets Issued February 2017 Clarifies the scope and application of the accounting guidance on the sale of nonfinancial assets to non-customers, including partial sales. Clarifies that if substantially all of the fair value of the assets that are promised to the counterparty in a contract is concentrated in nonfinancial assets, then all of the financial assets promised to the counterparty are in substance nonfinancial assets within the scope of Subtopic 610-20. Effective January 1, 2018 on a prospective basis. Customers adopted on January 1, 2018. The adoption did not have a significant impact on Customers' financial condition, results of operations and consolidated financial statements. Accounting Standards Adopted in 2018 (continued) Standard Summary of guidance Effects on Financial Statements ASU 2017-01, Clarifying the Definition of a Business Issued January 2017 Narrows the definition of a business and clarifies that to be considered a business, the fair value of gross assets acquired (or disposed of) should not be concentrated in a single identifiable asset or a group of similar identifiable assets. Also clarifies that in order to be considered a business, an acquisition would have to include an input and a substantive process that together will significantly contribute to the ability to create an output. Effective January 1, 2018 on a prospective basis. Customers adopted on January 1, 2018. The adoption did not have a significant impact on Customers' financial condition, results of operations and consolidated financial statements. ASU 2016-18, Statement of Cash Flows: Restricted Cash Issued November 2016 Requires inclusion of restricted cash in cash and cash equivalents when reconciling the beginning-of-period total amounts shown on the statement of cash flows. Effective January 1, 2018 and requires retrospective application to all periods presented. Customers adopted on January 1, 2018. The adoption did not result in any significant impact on Customers' consolidated financial statements, including its consolidated statement of cash flows, and therefore did not result in a retrospective application. ASU 2016-16, Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory Issued October 2016 Requires an entity to recognize the income tax consequences of an intra-entity transfer of an asset other than inventory when the transfer occurs. Eliminates the current exception for all intra-entity transfers of an asset other than inventory that requires deferral of the tax effects until the asset is sold to a third party or otherwise recovered through use. Effective January 1, 2018 on a modified retrospective basis. Customers adopted on January 1, 2018. The adoption of the ASU did not have a significant impact on Customers' financial condition, results of operations and consolidated financial statements. ASU 2016-15, Statement of Cash Flow: Classification of Certain Cash Receipts and Cash Payments Issued August 2016 Aims to reduce the existing diversity in practice with regards to the classification of the following specific items in the statement of cash flows: 1. Cash payments for debt prepayment or extinguishment costs will be classified as an operating activity, while the portion of the payment attributable to principal will be classified as a financing activity. 2. Cash paid by an acquirer soon after a business combination for the settlement of a contingent consideration liability recognized at the acquisition date will be classified in investing activities. 3. Cash proceeds received from the settlement of insurance claims will be classified on the basis of the related insurance coverage (i.e., the nature of the loss). 4. Cash proceeds received from the settlement of bank-owned life insurance policies will be classified as cash inflows from investing activities. 5. A transferor's beneficial interest obtained in a securitization of financial assets will be disclosed as a non-cash activity, and cash received from beneficial interests will be classified in investing activities. Effective January 1, 2018 and requires retrospective application to all periods presented. Customers adopted on January 1, 2018. The adoption did not result in any significant impact on Customers' consolidated financial statements, including its consolidated statement of cash flows, and therefore it did not result in a retrospective application. ASU 2016-04, Liabilities - Extinguishment of Liabilities: Recognition of Breakage for Certain Prepaid Stored-Value Products Issued March 2016 Requires issuers of prepaid stored-value products (such as gift cards, telecommunication cards, and traveler's checks), to derecognize the financial liability related to those products for breakage. Breakage is the value of prepaid stored-value products that is not redeemed by consumers for goods, services or cash. The amendments in this ASU provide a narrow scope exception to the guidance in Subtopic 405-20 to require that breakage be accounted for consistent with the breakage guidance in Topic 606. Effective January 1, 2018 on a modified retrospective basis. Customers adopted on January 1, 2018. The adoption of this ASU did not have a significant impact on Customers' financial condition, results of operations and consolidated financial statements. Accounting Standards Adopted in 2018 (continued) Standard Summary of guidance Effects on Financial Statements ASU 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities Issued January 2016 Requires equity investments with certain exceptions, to be measured at fair value with changes in fair value recognized in net income. Simplifies the impairment assessment of equity investments without readily determinable fair values by requiring a qualitative assessment to identify impairment. Eliminates the requirement for public entities to disclose the methods and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost on the balance sheet. Requires public business entities to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes. Requires an entity to present separately in other comprehensive income the portion of the change in fair value of a liability resulting from a change in the instrument-specific credit risk when the entity has elected to measure the liability at fair value in accordance with the fair value option for financial instruments. Requires separate presentation of financial assets and financial liabilities by measurement category and form of financial asset on the balance sheet or in the accompanying notes to the financial statements. Clarifies that an entity should evaluate the need for a valuation allowance on a deferred tax asset related to available-for-sale securities. Effective January 1, 2018 on a modified retrospective basis. Customers adopted on January 1, 2018 using a modified retrospective approach. The adoption of this ASU resulted in a cumulative-effect adjustment that resulted in a $1.0 million reduction in AOCI and a corresponding increase in retained earnings for the same amount. The $1.0 million represented the net unrealized gain on Customers' investment in Religare equity securities at December 31, 2017, as disclosed in NOTE 6 - INVESTMENT SECURITIES. Customers also refined its calculation to determine the fair value of its held-for- investment loan portfolio for disclosure purposes using an exit price notion as part of adopting this ASU. The refined calculation did not have a significant impact on Customers' fair value disclosures. ASU 2014-09, Revenue from Contracts with Customers (Topic 606) Issued May 2014 Supersedes the revenue recognition requirements in ASC 605. Requires an entity to recognize revenue for the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The amendment includes a five-step process to assist an entity in achieving the main principle(s) of revenue recognition under ASC 605. Reframed the structure of the indicators of when an entity is acting as an agent and focused on evidence that an entity is acting as the principal or agent in a revenue transaction. Requires additional qualitative and quantitative disclosures relating to the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. Effective January 1 , 2018 and can be either applied retrospectively to each prior reporting period presented or as a cumulative effect adjustment as of the date of adoption (modified retrospective approach). Customers adopted on January 1, 2018 on a modified retrospective basis. Because the ASU does not apply to revenue associated with leases and financial instruments (including loans and securities), Customers concluded that the new guidance did not have a material impact on the elements of its consolidated statements of operations most closely associated with leases and financial instruments (such as interest income, interest expense and securities gain). Customers has identified its deposit-related fees, service charges, debit and prepaid card interchange income and university fees to be within the scope of the standard. Customers has also completed its review of the related contracts and its evaluation of certain costs related to these revenue streams and determined that its debit and prepaid card interchange income, previously reported on a gross basis for periods prior to adoption, will need to be presented on a net basis under this ASU, as Customers is the agent. The adoption of this ASU, did not have a significant impact on Customers' financial condition, results of operations and consolidated financial statements. Additional discussion related to the adoption and the required quantitative and qualitative disclosures are included in NOTE 13 - NON-INTEREST REVENUES. Accounting Standards Issued But Not Yet Adopted Standard Summary of guidance Effects on Financial Statements ASU 2018-07, Compensation - Stock Compensation (Topic 718): Improvements to Non-employee Share-Based Payment Accounting Issued June 2018 Expands the scope of Topic 718, Compensation - Stock Compensation, which currently only includes share-based payments issued to employees, to also include share-based payments issued to non-employees for goods and services. Applies to all share-based payment transactions in which a grantor acquires goods or services from non-employees to be used or consumed in a grantor's own operations by issuing share-based payment awards. With the amended guidance from ASU 2018-07, non-employees share-based payments are measured with an estimate of the fair value of the equity the business is obligated to issue at the grant date (the date that the business and the stock award recipient agree to the terms of the award). Compensation would be recognized in the same period and in the same manner as if the entity had paid cash for goods or services instead of stock. Effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018, with early adoption permitted. Customers currently does not grant share-based payment awards to non-employees and, accordingly, does not expect the adoption of this ASU to have a significant impact on its financial condition, results of operations and consolidated financial statements; however, Customers will continue to evaluate the potential impact of this ASU through the adoption date. ASU 2017-11, Accounting for Certain Financial Instruments with Down Round Features Issued July 2017 Changes the classification analysis of certain equity-linked financial instruments (or embedded features) with down round features. When determining whether certain financial instruments should be classified as liabilities or equity instruments, a down round feature no longer precludes equity classification when assessing whether the instrument is indexed to an entity's own stock. As a result, a freestanding equity-linked financial instrument (or embedded conversion option) would no longer be accounted for as a derivative liability at fair value as a result of the existence of a down round feature. For freestanding equity-classified financial instruments, the amendments require entities to recognize the effect of the down round feature when it is triggered. That effect is treated as a dividend and as a reduction of net income available to common shareholders in basic earnings per share ("EPS"). Effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. Customers currently does not have any equity-linked financial instruments (or embedded features) with down round features and, accordingly, does not expect the adoption of this ASU to have a significant impact on its financial condition, results of operations and consolidated financial statements; however, Customers will continue to evaluate the potential impact of this ASU through the adoption date. ASU 2017-08, Receivables-Nonrefundable Fees and Other Costs: Premium Amortization on Purchased Callable Debt Securities Issued March 2017 Requires that premiums for certain callable debt securities held be amortized to their earliest call date. Effective for Customers beginning after December 15, 2018, with early adoption permitted. Adoption of this new guidance must be applied on a modified retrospective approach. Customers currently has an immaterial amount of callable debt securities purchased at a premium and, accordingly, does not expect the adoption of this ASU to have a significant impact on its financial condition, results of operations and consolidated financial statements; however, Customers will continue to evaluate the potential impact through the adoption date. Accounting Standards Issued But Not Yet Adopted (continued) Standard Summary of guidance Effects on Financial Statements ASU 2016-13, Financial Instruments - Credit Losses: Measurement of Credit Losses on Financial Instruments Issued June 2016 Requires an entity to utilize a new impairment model known as the current expected credit loss ("CECL") model to estimate lifetime expected credit loss and record an allowance that, when deducted from the amortized cost basis of the financial asset (including HTM securities), presents the net amount expected to be collected on the financial asset. Replaces today's "incurred loss" approach and is expected to result in earlier recognition of credit losses. For available-for-sale debt securities, entities will be required to record allowances for credit losses rather than reduce the carrying amount, as they do today under the OTTI model, and will be allowed to reverse previously established allowances in the event the credit of the issuer improves. Simplifies the accounting model for purchased credit-impaired debt securities and loans. Effective beginning after December 15, 2019 with early adoption permitted. Adoption can be applied through a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is adopted. Customers is currently evaluating the impact of this ASU, continuing its implementation efforts across the company and reviewing the loss modeling requirements consistent with lifetime expected loss estimates. Customers expects that the new model will include different assumptions used in calculating credit losses, such as estimating losses over the estimated life of a financial asset and will consider expected future changes in macroeconomic conditions. The adoption of this ASU may result in an increase to Customers' allowance for loan losses which will depend upon the nature and characteristics of Customers' loan portfolio at the adoption date, as well as the macroeconomic conditions and forecasts at that date. Customers currently does not intend to early adopt this new guidance. ASU 2016-02, Leases Issued February 2016 Supersedes the current lease accounting guidance for both lessees and lessors under ASC 840, Leases. From the lessee's perspective, the new standard establishes a right-of-use ("ROU") model that requires a lessee to record a ROU asset and a lease liability on the balance sheet for all leases with terms longer than 12 months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement for lessees. This ASU will require lessors to account for leases using an approach that is substantially similar to the existing guidance for sales-type, direct financing leases and operating leases. Effective beginning after December 15, 2018 with early adoption permitted. A modified retrospective transition approach is required for lessees for capital and operating leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements, with certain practical expedients available. In July 2018, the FASB issued ASU 2018-11 “Leases (Topic 842): Targeted Improvements,” which provides lessees the option to apply the new leasing standard to all open leases as of the adoption date. Customers is currently evaluating the impact of this ASU on its financial condition and results of operations and expects to recognize right-of-use assets and lease liabilities for substantially all of its operating lease commitments based on the present value of unpaid lease payments as of the date of adoption. Customers expects to apply the new transition option under ASU 2018-11. Customers does not intend to early adopt this ASU. |
Earnings Per Share
Earnings Per Share | 6 Months Ended |
Jun. 30, 2018 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | EARNINGS PER SHARE The following are the components and results of Customers' earnings per common share calculations for the periods presented. Three Months Ended Six Months Ended 2018 2017 2018 2017 (amounts in thousands, except share and per share data) Net income available to common shareholders $ 20,048 $ 20,107 $ 40,575 $ 42,240 Weighted-average number of common shares outstanding - basic 31,564,893 30,641,554 31,495,082 30,524,955 Share-based compensation plans 807,258 1,910,634 823,245 2,129,773 Warrants 8,511 17,464 8,566 27,318 Weighted-average number of common shares - diluted 32,380,662 32,569,652 32,326,893 32,682,046 Basic earnings per common share $ 0.64 $ 0.66 $ 1.29 $ 1.38 Diluted earnings per common share $ 0.62 $ 0.62 $ 1.26 $ 1.29 The following is a summary of securities that could potentially dilute basic earnings per common share in future periods that were not included in the computation of diluted earnings per common share because either the performance conditions for certain of the share-based compensation awards have not been met or to do so would have been anti-dilutive for the periods presented. Three Months Ended Six Months Ended 2018 2017 2018 2017 Anti-dilutive securities: Share-based compensation awards 1,069,225 288,325 1,069,225 282,725 Warrants — 52,242 — 52,242 Total anti-dilutive securities 1,069,225 340,567 1,069,225 334,967 |
Changes in Accumulated Other Co
Changes in Accumulated Other Comprehensive Income (Loss) By Component | 6 Months Ended |
Jun. 30, 2018 | |
Equity [Abstract] | |
Changes in Accumulated Other Comprehensive Income (Loss) By Component | CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) BY COMPONENT The following tables present the changes in accumulated other comprehensive income (loss) by component for the three and six months ended June 30, 2018 and 2017 . All amounts are presented net of tax. Amounts in parentheses indicate reductions to accumulated other comprehensive income. Three Months Ended June 30, 2018 Available-for-sale debt securities (amounts in thousands) Unrealized Gains (Losses) Foreign Currency Items Total Unrealized Gains (Losses) Unrealized Total Balance - March 31, 2018 $ (26,691 ) $ — $ (26,691 ) $ 503 $ (26,188 ) Other comprehensive income (loss) before reclassifications (9,020 ) — (9,020 ) 1,403 (7,617 ) Amounts reclassified from accumulated other comprehensive income (loss) to net income (1) — — — (192 ) (192 ) Net current-period other comprehensive income (loss) (9,020 ) — (9,020 ) 1,211 (7,809 ) Balance - June 30, 2018 $ (35,711 ) $ — $ (35,711 ) $ 1,714 $ (33,997 ) Six Months Ended June 30, 2018 Available-for-sale securities (amounts in thousands) Unrealized Gains (Losses) Foreign Currency Items Total Unrealized Gains (Losses) Unrealized Total Balance - December 31, 2017 $ (249 ) $ 88 $ (161 ) $ (198 ) $ (359 ) Reclassification of the income tax effects of the Tax Cuts and Jobs Act (2) (256 ) — (256 ) (42 ) (298 ) Reclassification of net unrealized gains on equity securities (2) (953 ) (88 ) (1,041 ) — (1,041 ) Balance after reclassification adjustments on January 1, 2018 (1,458 ) — (1,458 ) (240 ) (1,698 ) Other comprehensive income (loss) before reclassifications (34,253 ) — (34,253 ) 2,049 (32,204 ) Amounts reclassified from accumulated other comprehensive income (loss) to net income (1) — — — (95 ) (95 ) Net current-period other comprehensive income (loss) (34,253 ) — (34,253 ) 1,954 (32,299 ) Balance - June 30, 2018 $ (35,711 ) $ — $ (35,711 ) $ 1,714 $ (33,997 ) (1) Reclassification amounts for cash flow hedges are reported as interest expense on FHLB advances on the consolidated statements of income. (2) Amounts reclassified from accumulated other comprehensive income (loss) on January 1, 2018 as a result of the adoption of ASU 2018-02 and ASU 2016-01 resulted in a decrease in accumulated other comprehensive income of $1.3 million and a corresponding increase in retained earnings for the same amount. See NOTE 3 - SIGNIFICANT ACCOUNTING POLICIES AND BASIS OF PRESENTATION for more information. Three Months Ended June 30, 2017 (amounts in thousands) Unrealized Gains (Losses) on Available-For-Sale Debt Securities Unrealized Total Balance - March 31, 2017 $ (3,366 ) $ (1,506 ) $ (4,872 ) Other comprehensive income (loss) before reclassifications 12,130 (420 ) 11,710 Amounts reclassified from accumulated other comprehensive income (loss) to net income (1) (1,942 ) 468 (1,474 ) Net current-period other comprehensive income 10,188 48 10,236 Balance - June 30, 2017 $ 6,822 $ (1,458 ) $ 5,364 Six Months Ended June 30, 2017 (amounts in thousands) Unrealized Gains (Losses) on Available-For-Sale Debt Securities Unrealized Total Balance - December 31, 2016 $ (2,681 ) $ (2,211 ) $ (4,892 ) Other comprehensive income (loss) before reclassifications 11,445 (219 ) 11,226 Amounts reclassified from accumulated other comprehensive income (loss) to net income (1) (1,942 ) 972 (970 ) Net current-period other comprehensive income 9,503 753 10,256 Balance - June 30, 2017 $ 6,822 $ (1,458 ) $ 5,364 (1) Reclassification amounts for available-for-sale debt securities are reported as gain on sale of investment securities on the consolidated statements of income. Reclassification amounts for cash flow hedges are reported as interest expense on FHLB advances on the consolidated statements of income. |
Investment Securities
Investment Securities | 6 Months Ended |
Jun. 30, 2018 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment Securities | INVESTMENT SECURITIES The amortized cost and approximate fair value of investment securities as of June 30, 2018 and December 31, 2017 are summarized in the tables below: June 30, 2018 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (amounts in thousands) Available-for-Sale Debt Securities: Agency-guaranteed residential mortgage-backed securities $ 490,425 $ — $ (13,862 ) $ 476,563 Agency-guaranteed commercial real estate mortgage-backed securities 334,232 — (13,859 ) 320,373 Corporate notes 381,545 798 (21,335 ) 361,008 Available-for-Sale Debt Securities $ 1,206,202 $ 798 $ (49,056 ) 1,157,944 Equity Securities (1) 3,056 Total Investment Securities, at Fair Value $ 1,161,000 (1) Includes equity securities issued by a foreign entity that are being measured at fair value with changes in fair value recognized directly in earnings effective January 1, 2018 as a result of adopting ASU 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities (see NOTE 3 - SIGNIFICANT ACCOUNTING POLICIES AND BASIS OF PRESENTATION for additional information related to the adoption of this new standard). December 31, 2017 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (amounts in thousands) Available-for-Sale Securities: Agency-guaranteed residential mortgage-backed securities $ 186,221 $ 36 $ (2,799 ) $ 183,458 Agency-guaranteed commercial real estate mortgage-backed securities 238,809 432 (769 ) 238,472 Corporate notes (1) 44,959 1,130 — 46,089 Equity securities (2) 2,311 1,041 — 3,352 Total Available-for-Sale Securities, at Fair Value $ 472,300 $ 2,639 $ (3,568 ) $ 471,371 (1) Includes subordinated debt issued by other bank holding companies. (2) Includes equity securities issued by a foreign entity. The following table presents proceeds from the sale of investment securities and gross gains and gross losses realized on those sales for the three and six month periods ended June 30, 2018 and 2017 : Three Months Ended June 30, Six Months Ended June 30, 2018 2017 2018 2017 (amounts in thousands) Proceeds from sale of available-for-sale securities $ — $ 115,982 $ — $ 115,982 Gross gains $ — $ 3,183 $ — $ 3,183 Gross losses — — — — Net gains (losses) $ — $ 3,183 $ — $ 3,183 These gains were determined using the specific identification method and were reported as gains on sale of investment securities included in non-interest income on the consolidated statements of income. The following table shows debt investment securities by stated maturity. Investment securities backed by mortgages have expected maturities that differ from contractual maturities because borrowers have the right to call or prepay and, therefore, these debt securities are classified separately with no specific maturity date: June 30, 2018 Amortized Cost Fair Value (amounts in thousands) Due in one year or less $ — $ — Due after one year through five years — — Due after five years through ten years 179,413 171,214 Due after ten years 202,132 189,794 Agency-guaranteed residential mortgage-backed securities 490,425 476,563 Agency-guaranteed commercial real estate mortgage-backed securities 334,232 320,373 Total debt securities $ 1,206,202 $ 1,157,944 Gross unrealized losses and fair value of Customers' available for sale debt investment securities aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at June 30, 2018 and December 31, 2017 were as follows: June 30, 2018 Less Than 12 Months 12 Months or More Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses (amounts in thousands) Available-for-Sale Debt Securities: Agency-guaranteed residential mortgage-backed securities $ 416,002 $ (10,256 ) $ 60,561 $ (3,606 ) $ 476,563 $ (13,862 ) Agency-guaranteed commercial real estate mortgage-backed securities 314,525 (13,532 ) 5,848 (327 ) 320,373 (13,859 ) Corporate notes 315,249 (21,335 ) — — 315,249 (21,335 ) Total $ 1,045,776 $ (45,123 ) $ 66,409 $ (3,933 ) $ 1,112,185 $ (49,056 ) December 31, 2017 Less Than 12 Months 12 Months or More Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses (amounts in thousands) Available-for-Sale Debt Securities: Agency-guaranteed residential mortgage-backed securities $ 104,861 $ (656 ) $ 66,579 $ (2,143 ) $ 171,440 $ (2,799 ) Agency-guaranteed commercial real estate mortgage-backed securities 115,970 (740 ) 6,151 (29 ) 122,121 (769 ) Total $ 220,831 $ (1,396 ) $ 72,730 $ (2,172 ) $ 293,561 $ (3,568 ) At June 30, 2018 , there were sixty-four available-for-sale debt investment securities in the less-than-twelve-month category and sixteen available-for-sale debt investment securities in the twelve-month-or-more category. The unrealized losses on the mortgage-backed securities are guaranteed by government-sponsored entities and primarily relate to changes in market interest rates. The unrealized losses on the corporate notes relate to securities with no company specific concentration. The unrealized losses were due to an upward shift in interest rates that resulted in a negative impact on the respective notes pricing. All amounts related to the mortgage-backed securities and the corporate notes are expected to be recovered when market prices recover or at maturity. Customers does not intend to sell these securities and it is not more likely than not that Customers will be required to sell the securities before recovery of the amortized cost basis. During the three and six month periods ended June 30, 2017 , Customers recorded other-than-temporary impairment losses of $2.9 million and $4.6 million , respectively, related to its equity holdings in Religare Enterprises Ltd. ("Religare") for the full amount of the decline in fair value from the cost basis established at December 31, 2016 through June 30, 2017 because Customers no longer had the intent to hold these securities until a recovery in fair value. At December 31, 2017, the fair value of the Religare equity securities was $3.4 million which resulted in an unrealized gain of $1.0 million being recognized in accumulated other comprehensive income with no adjustment for deferred taxes as Customers currently does not have a tax strategy in place capable of generating sufficient capital gains to utilize any capital losses resulting from the Religare investment. As described in NOTE 3 - SIGNIFICANT ACCOUNTING POLICIES AND BASIS OF PRESENTATION, the adoption of ASU 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities, on January 1, 2018 resulted in a cumulative effect adjustment to Customers' consolidated balance sheet with a $1.0 million reduction in accumulated other comprehensive income and a corresponding increase in retained earnings related to the December 31, 2017 unrealized gain on the Religare equity securities. In accordance with the new accounting guidance, changes in the fair value of the Religare equity securities since adoption were recorded directly in earnings, which resulted in an unrealized loss of $0.3 million being recognized in other non-interest income in the accompanying consolidated statements of income for the three and six months ended June 30, 2018 , respectively. At June 30, 2018 and December 31, 2017 , Customers Bank had pledged investment securities aggregating $685.0 million and $16.9 million in fair value, respectively, as collateral against its borrowings primarily with the FHLB and an unused line of credit with another financial institution. These counterparties do not have the ability to sell or repledge these securities. |
Loans Held for Sale
Loans Held for Sale | 6 Months Ended |
Jun. 30, 2018 | |
Receivables Held-for-sale [Abstract] | |
Loans Held for Sale | LOANS HELD FOR SALE - As Restated The composition of loans held for sale as of June 30, 2018 and December 31, 2017 was as follows: June 30, 2018 December 31, 2017 (amounts in thousands) (As Restated) (As Restated) Commercial loans: Multi-family loans at lower of cost or fair value $ — $ 144,191 Total commercial loans held for sale — 144,191 Consumer loans: Residential mortgage loans, at fair value 1,043 1,886 Loans held for sale $ 1,043 $ 146,077 Effective March 31, 2018, Customers Bank transferred $129.7 million of multi-family loans from loans held for sale to loan receivable (held for investment) because the Bank no longer has the intent to sell these loans. Customers Bank transferred these loans at their carrying value, which approximated their fair value at the time of transfer. On June 30, 2017, Customers Bank transferred $150.6 million of multi-family loans from held for investment to loans held for sale. Customers Bank transferred these loans at their carrying value, which was lower than the estimated fair value at the time of transfer. At December 31, 2017, the carrying value of these loans approximated their fair value. Accordingly, a lower of cost or fair value adjustment was not recorded as of December 31, 2017. See NOTE 3 - SIGNIFICANT ACCOUNTING POLICIES AND BASIS OF PRESENTATION for more information on the reclassification of loans previously reported as held for sale. |
Loans Receivable and Allowance
Loans Receivable and Allowance for Loan Losses | 6 Months Ended |
Jun. 30, 2018 | |
Receivables [Abstract] | |
Loans Receivable and Allowance for Loan Losses | LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES - As Restated The following table presents loans receivable as of June 30, 2018 and December 31, 2017 . June 30, 2018 December 31, 2017 (amounts in thousands) (As Restated) (As Restated) Loans receivable, mortgage warehouse, at fair value $ 1,930,738 $ 1,793,408 Loans receivable: Commercial: Multi-family 3,542,770 3,502,381 Commercial and industrial (including owner occupied commercial real estate) 1,811,751 1,633,818 Commercial real estate non-owner occupied 1,155,998 1,218,719 Construction 88,141 85,393 Total commercial loans receivable 6,598,660 6,440,311 Consumer: Residential real estate 493,222 234,090 Manufactured housing 85,328 90,227 Other 3,874 3,547 Total consumer loans receivable 582,424 327,864 Loans receivable 7,181,084 6,768,175 Deferred costs and unamortized premiums, net 642 83 Allowance for loan losses (38,288 ) (38,015 ) Total loans receivable, net of allowance for loan losses $ 9,074,176 $ 8,523,651 Customers' total loans receivable portfolio includes loans receivable which are reported at fair value based on an election made to account for these loans at fair value and loans receivable which are predominately reported at their outstanding unpaid principal balance, net of charge-offs and deferred costs and fees and unamortized premiums and discounts and are evaluated for impairment. Loans receivable, mortgage warehouse, at fair value: Mortgage warehouse loans consist of commercial loans to mortgage companies. These mortgage warehouse lending transactions are subject to master repurchase agreements. As a result of the contractual provisions, for accounting purposes control of the underlying mortgage loan has not transferred and the rewards and risks of the mortgage loans are not assumed by Customers. The commercial mortgage warehouse loans receivable are designated as loans held for investment and reported at fair value based on an election made to account for the loans at fair value. Pursuant to the agreements, Customers funds the pipelines for these mortgage lenders by sending payments directly to the closing agents for funded mortgage loans and receives proceeds directly from third party investors when the underlying mortgage loans are sold into the secondary market. The fair value of the mortgage warehouse loans is estimated as the amount of cash initially advanced to fund the mortgage, plus accrued interest and fees, as specified in the respective agreements. The interest rates on these loans are variable, and the lending transactions are short-term, with an average life of 20 days from purchase to sale. The primary goal of these lending transactions is to provide liquidity to mortgage companies. At June 30, 2018 and December 31, 2017, all of Customers' commercial mortgage warehouse loans were current in terms of payment. Because these loans are reported at their fair value, they do not have an allowance for loan loss and are therefore excluded from allowance for loan losses related disclosures. Loans receivable: The following tables summarize loans receivable by loan type and performance status as of June 30, 2018 and December 31, 2017 : June 30, 2018 30-89 Days Past Due (1) 90 Days Or More Past Due(1) Total Past Due (1) Non- Accrual Current (2) Purchased- Credit- Impaired Loans (3) Total Loans (4) (amounts in thousands) Multi-family $ — $ — $ — $ 1,343 $ 3,539,640 $ 1,787 $ 3,542,770 Commercial and industrial 1,087 — 1,087 13,683 1,251,148 602 1,266,520 Commercial real estate - owner occupied — — — 718 534,923 9,590 545,231 Commercial real estate - non-owner occupied — — — 2,536 1,148,581 4,881 1,155,998 Construction — — — — 88,141 — 88,141 Residential real estate 2,174 — 2,174 5,606 480,381 5,061 493,222 Manufactured housing (5) 2,977 2,661 5,638 2,015 75,250 2,425 85,328 Other consumer 56 — 56 94 3,496 228 3,874 Total $ 6,294 $ 2,661 $ 8,955 $ 25,995 $ 7,121,560 $ 24,574 $ 7,181,084 December 31, 2017 30-89 Days Past Due (1) 90 Days Or More Past Due(1) Total Past Due (1) Non- Accrual Current (2) Purchased- Credit- Impaired Loans (3) Total Loans (4) (amounts in thousands) Multi-family $ 4,900 $ — $ 4,900 $ — $ 3,495,600 $ 1,881 $ 3,502,381 Commercial and industrial 103 — 103 17,392 1,130,831 764 1,149,090 Commercial real estate - owner occupied 202 — 202 1,453 472,501 10,572 484,728 Commercial real estate - non-owner occupied 93 — 93 160 1,213,216 5,250 1,218,719 Construction — — — — 85,393 — 85,393 Residential real estate 7,628 — 7,628 5,420 215,361 5,681 234,090 Manufactured housing (5) 4,028 2,743 6,771 1,959 78,946 2,551 90,227 Other consumer 116 — 116 31 3,184 216 3,547 Total $ 17,070 $ 2,743 $ 19,813 $ 26,415 $ 6,695,032 $ 26,915 $ 6,768,175 (1) Includes past due loans that are accruing interest because collection is considered probable. (2) Loans where next payment due is less than 30 days from the report date. (3) Purchased-credit-impaired loans aggregated into a pool are accounted for as a single asset with a single composite interest rate and an aggregate expectation of cash flows, and the past due status of the pools, or that of the individual loans within the pools, is not meaningful. Because of the credit impaired nature of the loans, the loans are recorded at a discount reflecting estimated future cash flows and the Bank recognizes interest income on each pool of loans reflecting the estimated yield and passage of time. Such loans are considered to be performing. Purchased-credit-impaired loans that are not in pools accrete interest when the timing and amount of their expected cash flows are reasonably estimable, and are reported as performing loans. (4) Amounts exclude deferred costs and fees, unamortized premiums and discounts, and the allowance for loan losses. (5) Manufactured housing loans purchased in 2010 are supported by cash reserves held at the Bank that are used to fund past-due payments when the loan becomes 90 days or more delinquent. Subsequent purchases are subject to varying provisions in the event of borrowers’ delinquencies. As of June 30, 2018 and December 31, 2017, the Bank had $0.3 million , respectively, of residential real estate held in other real estate owned. As of June 30, 2018 and December 31, 2017, the Bank had initiated foreclosure proceedings on $2.2 million and $1.6 million , respectively, in loans secured by residential real estate. Allowance for loan losses The changes in the allowance for loan losses for the three and six months ended June 30, 2018 and 2017 , and the loans and allowance for loan losses by loan class based on impairment-evaluation method as of June 30, 2018 and December 31, 2017 are presented in the tables below. Three Months Ended June 30, 2018 Multi-family Commercial and Industrial Commercial Real Estate Owner Occupied Commercial Construction Residential Manufactured Other Consumer Total (amounts in thousands) Ending Balance, March 31, 2018 $ 12,545 $ 11,737 $ 3,525 $ 7,233 $ 921 $ 3,179 $ 176 $ 183 $ 39,499 Charge-offs — (174 ) (483 ) — — (42 ) — (462 ) (1,161 ) Recoveries — 140 326 — 209 56 — 3 734 Provision for loan losses (476 ) 555 (380 ) (535 ) (138 ) (285 ) (27 ) 502 (784 ) Ending Balance, June 30, 2018 $ 12,069 $ 12,258 $ 2,988 $ 6,698 $ 992 $ 2,908 $ 149 $ 226 $ 38,288 Six Months Ended June 30, 2018 Ending Balance, December 31, 2017 $ 12,168 $ 10,918 $ 3,232 $ 7,437 $ 979 $ 2,929 $ 180 $ 172 $ 38,015 Charge-offs — (224 ) (501 ) — — (407 ) — (718 ) (1,850 ) Recoveries — 175 326 — 220 63 — 6 790 Provision for loan losses (99 ) 1,389 (69 ) (739 ) (207 ) 323 (31 ) 766 1,333 Ending Balance, June 30, 2018 $ 12,069 $ 12,258 $ 2,988 $ 6,698 $ 992 $ 2,908 $ 149 $ 226 $ 38,288 As of June 30, 2018 Loans: Individually evaluated for impairment $ 1,343 $ 13,750 $ 759 $ 2,536 $ — $ 8,775 $ 10,372 $ 94 $ 37,629 Collectively evaluated for impairment 3,539,640 1,252,168 534,882 1,148,581 88,141 479,386 72,531 3,552 7,118,881 Loans acquired with credit deterioration 1,787 602 9,590 4,881 — 5,061 2,425 228 24,574 $ 3,542,770 $ 1,266,520 $ 545,231 $ 1,155,998 $ 88,141 $ 493,222 $ 85,328 $ 3,874 $ 7,181,084 Allowance for loan losses: Individually evaluated for impairment $ — $ 1,062 $ 1 $ — $ — $ 313 $ 5 $ — $ 1,381 Collectively evaluated for impairment 12,069 10,749 2,987 4,334 992 2,106 81 154 33,472 Loans acquired with credit deterioration — 447 — 2,364 — 489 63 72 3,435 $ 12,069 $ 12,258 $ 2,988 $ 6,698 $ 992 $ 2,908 $ 149 $ 226 $ 38,288 Three Months Ended June 30, 2017 Multi-family Commercial and Industrial Commercial Real Estate Owner Occupied Commercial Construction Residential Manufactured Other Consumer Total (amounts in thousands) Ending Balance, March 31, 2017 $ 12,283 $ 13,009 $ 2,394 $ 7,847 $ 885 $ 3,080 $ 284 $ 101 $ 39,883 Charge-offs — (1,849 ) — (4 ) — (69 ) — (226 ) (2,148 ) Recoveries — 68 9 — 49 6 — 56 188 Provision for loan losses (255 ) 357 573 (57 ) (218 ) (22 ) (16 ) 173 535 Ending Balance, June 30, 2017 $ 12,028 $ 11,585 $ 2,976 $ 7,786 $ 716 $ 2,995 $ 268 $ 104 $ 38,458 Six Months Ended June 30, 2017 Ending Balance, December 31, 2016 $ 11,602 $ 11,050 $ 2,183 $ 7,894 $ 840 $ 3,342 $ 286 $ 118 $ 37,315 Charge-offs — (2,047 ) — (408 ) — (290 ) — (246 ) (2,991 ) Recoveries — 283 9 — 130 27 — 100 549 Provision for loan losses 426 2,299 784 300 (254 ) (84 ) (18 ) 132 3,585 Ending Balance, June 30, 2017 $ 12,028 $ 11,585 $ 2,976 $ 7,786 $ 716 $ 2,995 $ 268 $ 104 $ 38,458 As of December 31, 2017 Loans: Individually evaluated for impairment $ — $ 17,461 $ 1,448 $ 160 $ — $ 9,247 $ 10,089 $ 30 $ 38,435 Collectively evaluated for impairment 3,500,500 1,130,865 472,708 1,213,309 85,393 219,162 77,587 3,301 6,702,825 Loans acquired with credit deterioration 1,881 764 10,572 5,250 — 5,681 2,551 216 26,915 $ 3,502,381 $ 1,149,090 $ 484,728 $ 1,218,719 $ 85,393 $ 234,090 $ 90,227 $ 3,547 $ 6,768,175 Allowance for loan losses: Individually evaluated for impairment $ — $ 650 $ 642 $ — $ — $ 155 $ 4 $ — $ 1,451 Collectively evaluated for impairment 12,168 9,804 2,580 4,630 979 2,177 82 117 32,537 Loans acquired with credit deterioration — 464 10 2,807 — 597 94 55 4,027 $ 12,168 $ 10,918 $ 3,232 $ 7,437 $ 979 $ 2,929 $ 180 $ 172 $ 38,015 Certain manufactured housing loans were purchased in August 2010. A portion of the purchase price may be used to reimburse the Bank under the specified terms in the purchase agreement for defaults of the underlying borrower and other specified items. At June 30, 2018 and December 31, 2017 , funds available for reimbursement, if necessary, were $0.5 million and $0.6 million , respectively. Each quarter, these funds are evaluated to determine if they would be sufficient to absorb the probable incurred losses within the manufactured housing portfolio. Impaired Loans - Individually Evaluated for Impairment The following tables present the recorded investment (net of charge-offs), unpaid principal balance, and related allowance by loan type for impaired loans that were individually evaluated for impairment as of June 30, 2018 and December 31, 2017 and the average recorded investment and interest income recognized for the three and six months ended June 30, 2018 and 2017 . Purchased-credit-impaired loans are considered to be performing and are not included in the tables below. June 30, 2018 Three Months Ended June 30, 2018 Six Months Ended June 30, 2018 Recorded Investment Net of Charge offs Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized Average Interest (amounts in thousands) With no recorded allowance: Multi-family $ 1,343 $ 1,343 $ — $ 672 $ 8 $ 448 $ 8 Commercial and industrial 5,642 5,889 — 5,736 2 6,870 2 Commercial real estate owner occupied 718 1,201 — 664 — 713 — Commercial real estate non-owner occupied 2,536 2,648 — 1,390 8 980 8 Other consumer 94 94 — 96 — 74 — Residential real estate 4,301 4,546 — 3,959 2 3,849 2 Manufactured housing 10,144 10,144 — 10,015 146 9,963 277 With an allowance recorded: Commercial and industrial 8,108 8,292 1,062 8,283 11 8,296 12 Commercial real estate owner occupied 41 41 1 455 1 517 2 Residential real estate 4,474 4,479 313 4,550 38 4,906 63 Manufactured housing 228 228 5 225 6 225 6 Total $ 37,629 $ 38,905 $ 1,381 $ 36,045 $ 222 $ 36,841 $ 380 December 31, 2017 Three Months Ended June 30, 2017 Six Months Ended June 30, 2017 Recorded Investment Net of Charge offs Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized Average Interest (amounts in thousands) With no recorded allowance: Commercial and industrial $ 9,138 $ 9,287 $ — $ 6,678 $ 46 $ 5,251 $ 96 Commercial real estate owner occupied 806 806 — 1,739 — 1,563 3 Commercial real estate non-owner occupied 160 272 — 884 — 1,257 2 Other consumer 30 30 — 56 — 56 — Residential real estate 3,628 3,801 — 2,660 — 4,001 1 Manufactured housing 9,865 9,865 — 10,074 152 9,937 293 With an allowance recorded: Commercial and industrial 8,323 8,506 650 7,209 — 6,846 22 Commercial real estate - owner occupied 642 642 642 839 1 839 2 Commercial real estate non-owner occupied — — — 114 — 126 — Residential real estate 5,619 5,656 155 4,953 45 3,399 84 Manufactured housing 224 224 4 216 5 144 8 Total $ 38,435 $ 39,089 $ 1,451 $ 35,422 $ 249 $ 33,419 $ 511 Troubled Debt Restructurings At June 30, 2018 and December 31, 2017 , there were $19.4 million and $20.4 million , respectively, in loans reported as troubled debt restructurings (“TDRs”). TDRs are reported as impaired loans in the calendar year of their restructuring and are evaluated to determine whether they should be placed on non-accrual status. In subsequent years, a TDR may be returned to accrual status if it satisfies a minimum performance requirement of six months , however, it will remain classified as impaired. Generally, the Bank requires sustained performance for nine months before returning a TDR to accrual status. Modification of purchased-credit-impaired loans that are accounted for within loan pools in accordance with the accounting standards for purchased-credit-impaired loans do not result in the removal of these loans from the pool even if the modifications would otherwise be considered a TDR. Accordingly, as each pool is accounted for as a single asset with a single composite interest rate and an aggregate expectation of cash flows, modifications of loans within such pools are not considered TDRs. The following table presents total TDRs based on loan type and accrual status at June 30, 2018 and December 31, 2017 . Nonaccrual TDRs are included in the reported amount of total non-accrual loans. June 30, 2018 December 31, 2017 Accruing TDRs Nonaccrual TDRs Total Accruing TDRs Nonaccrual TDRs Total (amounts in thousands) Commercial and industrial $ 67 $ 5,415 $ 5,482 $ 63 $ 5,939 $ 6,002 Commercial real estate owner occupied 41 — 41 — — — Manufactured housing 8,357 1,875 10,232 8,130 1,766 9,896 Residential real estate 3,169 485 3,654 3,828 703 4,531 Other consumer — 13 13 — — — Total TDRs $ 11,634 $ 7,788 $ 19,422 $ 12,021 $ 8,408 $ 20,429 The following table presents loans modified in a troubled debt restructuring by type of concession for the three and six months ended June 30, 2018 and 2017 . There were no modifications that involved forgiveness of debt. Three Months Ended June 30, 2018 Three Months Ended June 30, 2017 Number Recorded Number Recorded (dollars in thousands) Extensions of maturity 1 $ 56 2 $ 5,855 Interest-rate reductions 15 607 9 320 Total 16 $ 663 11 $ 6,175 Six Months Ended June 30, 2018 Six Months Ended June 30, 2017 Number Recorded Number Recorded (dollars in thousands) Extensions of maturity 1 $ 56 3 $ 6,203 Interest-rate reductions 24 929 29 1,175 Total 25 $ 985 32 $ 7,378 The following table provides, by loan type, the number of loans modified in troubled debt restructurings, and the related recorded investment, during the three and six months ended June 30, 2018 and 2017 . Three Months Ended June 30, 2018 Three Months Ended June 30, 2017 Number Recorded Number Recorded (dollars in thousands) Commercial and industrial — $ — 2 $ 5,855 Manufactured housing 14 450 9 320 Residential real estate 1 200 — — Other consumer 1 13 — — Total loans 16 $ 663 11 $ 6,175 Six Months Ended June 30, 2018 Six Months Ended June 30, 2017 Number Recorded Number Recorded (dollars in thousands) Commercial and industrial — $ — 3 $ 6,203 Manufactured housing 23 772 29 1,175 Residential real estate 1 200 — — Other consumer 1 13 — — Total loans 25 $ 985 32 $ 7,378 As of June 30, 2018 and December 31, 2017, except for one commercial and industrial loan with an outstanding commitment of $1.6 million and $2.1 million , respectively, there were no other commitments to lend additional funds to debtors whose loans have been modified in TDRs. As of June 30, 2018 , there were no loans modified in a TDR within the past twelve months that defaulted on payments. As of June 30, 2017 , six manufactured housing loans totaling $0.3 million , that were modified in TDRs within the past twelve months, defaulted on payments. Loans modified in troubled debt restructurings are evaluated for impairment. The nature and extent of impairment of TDRs, including those which have experienced a subsequent default, is considered in the determination of an appropriate level of allowance for loan losses. There was no allowance recorded as a result of TDR modifications during the three and six months ended June 30, 2018 . There was no allowance recorded as a result of TDR modifications during the three months ended June 30, 2017. For the six months ended June 30, 2017, there was one allowance recorded resulting from TDR modifications, totaling $1 thousand for one manufactured housing loan. Purchased-Credit-Impaired Loans The changes in accretable yield related to purchased-credit-impaired loans for the three and six months ended June 30, 2018 and 2017 were as follows: Three Months Ended June 30, 2018 2017 (amounts in thousands) Accretable yield balance as of March 31, $ 7,663 $ 9,376 Accretion to interest income (516 ) (465 ) Reclassification from nonaccretable difference and disposals, net 256 95 Accretable yield balance as of June 30, $ 7,403 $ 9,006 Six Months Ended June 30, 2018 2017 (amounts in thousands) Accretable yield balance as of December 31, $ 7,825 $ 10,202 Accretion to interest income (854 ) (958 ) Reclassification from nonaccretable difference and disposals, net 432 (238 ) Accretable yield balance as of June 30, $ 7,403 $ 9,006 Credit Quality Indicators The allowance for loan losses represents management's estimate of probable losses in Customers' loans receivable portfolio, excluding commercial mortgage warehouse loans reported at fair value because of a fair value option election. Multi-family, commercial and industrial, owner occupied commercial real estate, non-owner occupied commercial real estate, and construction loans are rated based on an internally assigned risk rating system which is assigned at the time of loan origination and reviewed on a periodic, or on an “as needed” basis. Residential real estate loans, manufactured housing and other consumer loans are evaluated based on the payment activity of the loan. To facilitate the monitoring of credit quality within the multi-family, commercial and industrial, owner occupied commercial real estate, non-owner occupied commercial real estate, and construction loan portfolios, and for purposes of analyzing historical loss rates used in the determination of the allowance for loan losses for the respective loan portfolios, the Bank utilizes the following categories of risk ratings: pass/satisfactory (includes risk rating 1 through 6), special mention, substandard, doubtful, and loss. The risk rating categories, which are derived from standard regulatory rating definitions, are assigned upon initial approval of credit to borrowers and updated periodically thereafter. Pass/satisfactory ratings, which are assigned to those borrowers who do not have identified potential or well-defined weaknesses and for whom there is a high likelihood of orderly repayment, are updated periodically based on the size and credit characteristics of the borrower. All other categories are updated on a quarterly basis during the month preceding the end of the calendar quarter. While assigning risk ratings involves judgment, the risk-rating process allows management to identify riskier credits in a timely manner and allocate the appropriate resources to manage those loans. The risk rating grades are defined as follows: “1” – Pass / Excellent Loans rated 1 represent a credit extension of the highest quality. The borrower’s historic (at least five years) cash flows manifest extremely large and stable margins of coverage. Balance sheets are conservative, well capitalized, and liquid. After considering debt service for proposed and existing debt, projected cash flows continue to be strong and provide ample coverage. The borrower typically reflects broad geographic and product diversification and has access to alternative financial markets. “2” – Pass / Superior Loans rated 2 are those for which the borrower has a strong financial condition, balance sheet, operations, cash flow, debt capacity and coverage with ratios better than industry norms. The borrowers of these loans exhibit a limited leverage position, are virtually immune to local economies, and are in stable growing industries. The management team is well respected and the company has ready access to public markets. “3” – Pass / Strong Loans rated 3 are those loans for which the borrowers have above average financial condition and flexibility; more than satisfactory debt service coverage; balance sheet and operating ratios are consistent with or better than industry peers; operate in industries with little risk; move in diversified markets; and are experienced and competent in their industry. These borrowers’ access to capital markets is limited mostly to private sources, often secured, but the borrower typically has access to a wide range of refinancing alternatives. “4” – Pass / Good Loans rated 4 have a sound primary and secondary source of repayment. The borrower may have access to alternative sources of financing, but sources are not as widely available as they are to a higher grade borrower. These loans carry a normal level of risk, with very low loss exposure. The borrower has the ability to perform according to the terms of the credit facility. The margins of cash flow coverage are satisfactory but vulnerable to more rapid deterioration than the higher quality loans. “5” – Satisfactory Loans rated 5 are extended to borrowers who are considered to be a reasonable credit risk and demonstrate the ability to repay the debt from normal business operations. Risk factors may include reliability of margins and cash flows, liquidity, dependence on a single product or industry, cyclical trends, depth of management, or limited access to alternative financing sources. The borrower’s historical financial information may indicate erratic performance, but current trends are positive and the quality of financial information is adequate, but is not as detailed and sophisticated as information found on higher grade loans. If adverse circumstances arise, the impact on the borrower may be significant. “6” – Satisfactory / Bankable with Care Loans rated 6 are those for which the borrower has higher than normal credit risk; however, cash flow and asset values are generally intact. These borrowers may exhibit declining financial characteristics, with increasing leverage and decreasing liquidity and may have limited resources and access to financial alternatives. Signs of weakness in these borrowers may include delinquent taxes, trade slowness and eroding profit margins. “7” – Special Mention Loans rated 7 are credit facilities that may have potential developing weaknesses and deserve extra attention from the account manager and other management personnel. In the event potential weaknesses are not corrected or mitigated, deterioration in the ability of the borrower to repay the debt in the future may occur. This grade is not assigned to loans that bear certain peculiar risks normally associated with the type of financing involved, unless circumstances have caused the risk to increase to a level higher than would have been acceptable when the credit was originally approved. Loans where significant actual, not potential, weaknesses or problems are clearly evident are graded in the category below. “8” – Substandard Loans are rated 8 when the loans are inadequately protected by the current sound worth and payment capacity of the obligor or of the collateral pledged, if any. Loans so classified must have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt and are characterized by the distinct possibility that the company will sustain some loss if the weaknesses are not corrected. “9” – Doubtful The Bank assigns a doubtful rating to loans that have all the attributes of a substandard rating 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 possibility of loss is extremely high, but because of certain important and reasonable specific pending factors that may work to the advantage of and strengthen the credit quality of the loan, its classification as an estimated loss is deferred until its more exact status may be determined. Pending factors may include a proposed merger or acquisition, liquidation proceeding, capital injection, perfecting liens on additional collateral or refinancing plans. “10” – Loss The Bank assigns a loss rating to loans considered uncollectible and of such little value that their continuance as an active asset is not warranted. Amounts classified as loss are immediately charged off. Risk ratings are not established for certain consumer loans, including residential real estate, home equity, manufactured housing, and installment loans, mainly because these portfolios consist of a larger number of homogeneous loans with smaller balances. Instead, these portfolios are evaluated for risk mainly based upon aggregate payment history through the monitoring of delinquency levels and trends and are classified as performing and non-performing. The following tables present the credit ratings of loans receivable as of June 30, 2018 and December 31, 2017 . June 30, 2018 Multi-family Commercial and Industrial Commercial Real Estate Owner Occupied Commercial Real Estate Non-Owner Occupied Construction Residential Real Estate Manufactured Housing Other Consumer Total (3) (amounts in thousands) Pass/Satisfactory $ 3,485,669 $ 1,211,934 $ 529,898 $ 1,089,666 $ 88,141 $ — $ — $ — $ 6,405,308 Special Mention 31,001 16,979 8,152 60,943 — — — — 117,075 Substandard 26,100 37,607 7,181 5,389 — — — — 76,277 Performing (1) — — — — — 485,442 77,675 3,724 566,841 Non-performing (2) — — — — — 7,780 7,653 150 15,583 Total $ 3,542,770 $ 1,266,520 $ 545,231 $ 1,155,998 $ 88,141 $ 493,222 $ 85,328 $ 3,874 $ 7,181,084 December 31, 2017 Multi-family Commercial Commercial Commercial Real Estate Non-Owner Occupied Construction Residential Manufactured Other Consumer Total (3) (amounts in thousands) Pass/Satisfactory $ 3,438,554 $ 1,118,889 $ 471,826 $ 1,185,933 $ 85,393 $ — $ — $ — $ 6,300,595 Special Mention 53,873 7,652 5,987 31,767 — — — — 99,279 Substandard 9,954 22,549 6,915 1,019 — — — — 40,437 Performing (1) — — — — — 221,042 81,497 3,400 305,939 Non-performing (2) — — — — — 13,048 8,730 147 21,925 Total $ 3,502,381 $ 1,149,090 $ 484,728 $ 1,218,719 $ 85,393 $ 234,090 $ 90,227 $ 3,547 $ 6,768,175 (1) Includes residential real estate, manufactured housing, and other consumer loans not subject to risk ratings. (2) Includes residential real estate, manufactured housing, and other consumer loans that are past due and still accruing interest or on nonaccrual status. (3) Excludes commercial mortgage warehouse loans at fair value. Loan Purchases and Sales In second quarter 2018, Customers purchased $277.4 million of thirty -year fixed-rate residential mortgage loans from Third Federal Savings & Loan. The purchase price was 100.4% of loans outstanding. During second quarter 2018, Customers sold $11.7 million of SBA loans resulting in a gain on sale of $0.9 million . In second quarter 2017, Customers purchased an additional $90.0 million of thirty-year fixed-rate residential mortgage loans from Everbank. The purchase price was 101.0% of loans outstanding. In second quarter 2017, Customers sold $7.0 million of SBA loans resulting in a gain on sale of $0.6 million . Customers did not purchase any loans during first quarter 2018. During first quarter 2018, Customers sold $15.0 million of Small Business Administration (SBA) loans resulting in a gain on sale of $1.4 million . In first quarter 2017, Customers purchased $174.2 million of thirty -year fixed-rate residential mortgage loans from Florida-based Everbank. The purchase price was 98.5% of loans outstanding. In first quarter 2017, Customers sold $94.9 million of multi-family loans for $95.4 million resulting in a gain on sale of $0.5 million and $8.7 million of SBA loans resulting in a gain on sale of $0.8 million . None of the purchases and sales during the three and six months ended June 30, 2018 and 2017 materially affected the credit profile of Customers’ loan portfolio. Loans Pledged as Collateral Customers has pledged eligible real estate loans as collateral for potential borrowings from the Federal Home Loan Bank of Pittsburgh ("FHLB") in the amount of $5.6 billion at June 30, 2018 and $5.5 billion at December 31, 2017 . |
Regulatory Capital
Regulatory Capital | 6 Months Ended |
Jun. 30, 2018 | |
Banking and Thrift [Abstract] | |
Regulatory Capital | REGULATORY CAPITAL The Bank and the Bancorp are subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet the minimum capital requirements can result in certain mandatory, and possibly additional discretionary, actions by regulators that, if undertaken, could have a direct material effect on Customers' financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Bank and the Bancorp must meet specific capital guidelines that involve quantitative measures of their assets, liabilities and certain off-balance sheet items, as calculated under the regulatory accounting practices. The capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings and other factors. Prompt corrective action provisions are not applicable to bank holding companies. Quantitative measures established by regulation to ensure capital adequacy require the Bank and the Bancorp to maintain minimum amounts and ratios (set forth in the following table) of common equity Tier 1, Tier 1, and total capital to risk-weighted assets, and Tier 1 capital to average assets (as defined in the regulations). At June 30, 2018 and December 31, 2017 , the Bank and the Bancorp satisfied all capital requirements to which they were subject. Generally, to comply with the regulatory definition of adequately capitalized, or well capitalized, respectively, or to comply with the Basel III capital requirements, an institution must at least maintain the common equity Tier 1, Tier 1 and total risk-based capital ratios and the Tier 1 leverage ratio in excess of the related minimum ratios as set forth in the following table: Minimum Capital Levels to be Classified as: Actual Adequacy Capitalized Well Capitalized Basel III Compliant (amounts in thousands) Amount Ratio Amount Ratio Amount Ratio Amount Ratio As of June 30, 2018: Common equity Tier 1 capital (to risk-weighted assets) Customers Bancorp, Inc. $ 735,609 8.611 % $ 384,418 4.500 % N/A N/A $ 544,591 6.375 % Customers Bank $ 1,054,613 12.351 % $ 384,232 4.500 % $ 555,002 6.500 % $ 544,329 6.375 % Tier 1 capital (to risk-weighted assets) Customers Bancorp, Inc. $ 953,025 11.156 % $ 512,557 6.000 % N/A N/A $ 672,731 7.875 % Customers Bank $ 1,054,613 12.351 % $ 512,309 6.000 % $ 683,079 8.000 % $ 672,406 7.875 % Total capital (to risk-weighted assets) Customers Bancorp, Inc. $ 1,072,072 12.550 % $ 683,409 8.000 % N/A N/A $ 843,583 9.875 % Customers Bank $ 1,202,070 14.078 % $ 683,079 8.000 % $ 853,849 10.000 % $ 843,176 9.875 % Tier 1 capital (to average assets) Customers Bancorp, Inc. $ 953,025 8.866 % $ 429,963 4.000 % N/A N/A $ 429,963 4.000 % Customers Bank $ 1,054,613 9.822 % $ 429,471 4.000 % $ 536,839 5.000 % $ 429,471 4.000 % As of December 31, 2017: Common equity Tier 1 capital (to risk-weighted assets) Customers Bancorp, Inc. $ 689,494 8.805 % $ 352,368 4.500 % N/A N/A $ 450,248 5.750 % Customers Bank $ 1,023,564 13.081 % $ 352,122 4.500 % $ 508,621 6.500 % $ 449,934 5.750 % Tier 1 capital (to risk-weighted assets) Customers Bancorp, Inc. $ 906,963 11.583 % $ 469,824 6.000 % N/A N/A $ 567,704 7.250 % Customers Bank $ 1,023,564 13.081 % $ 469,496 6.000 % $ 625,994 8.000 % $ 567,307 7.250 % Total capital (to risk-weighted assets) Customers Bancorp, Inc. $ 1,021,601 13.047 % $ 626,432 8.000 % N/A N/A $ 724,313 9.250 % Customers Bank $ 1,170,666 14.961 % $ 625,994 8.000 % $ 782,493 10.000 % $ 723,806 9.250 % Tier 1 capital (to average assets) Customers Bancorp, Inc. $ 906,963 8.937 % $ 405,949 4.000 % N/A N/A $ 405,949 4.000 % Customers Bank $ 1,023,564 10.092 % $ 405,701 4.000 % $ 507,126 5.000 % $ 405,701 4.000 % The risk-based capital rules adopted effective January 1, 2015 require that banks and holding companies maintain a "capital conservation buffer" of 250 basis points in excess of the "minimum capital ratio" or certain elective distributions would be limited. The minimum capital ratio is equal to the prompt corrective action adequately capitalized threshold ratio. The capital conservation buffer is being phased in over four years beginning on January 1, 2016, with a maximum buffer of 0.625% of risk weighted assets for 2016, 1.25% for 2017, 1.875% for 2018, and 2.5% for 2019 and thereafter. Effective January 1, 2018, the capital level required to avoid limitation on elective distributions applicable to the Bancorp and the Bank were as follows: (i) a common equity Tier 1 risk-based capital ratio of 6.375% ; (ii) a Tier 1 risk-based capital ratio of 7.875% ; and (iii) a Total risk-based capital ratio of 9.875% . Failure to maintain the required capital conservation buffer will result in limitations on capital distributions and on discretionary bonuses to executive officers. |
Disclosures About Fair Value of
Disclosures About Fair Value of Financial Instruments | 6 Months Ended |
Jun. 30, 2018 | |
Fair Value Disclosures [Abstract] | |
Disclosures About Fair Value of Financial Instruments | DISCLOSURES ABOUT FAIR VALUE OF FINANCIAL INSTRUMENTS - As Restated Customers uses fair value measurements to record fair value adjustments to certain assets and liabilities and to disclose the fair value of its financial instruments. ASC Topic 825, Financial Instruments , requires disclosure of the estimated fair value of an entity’s assets and liabilities considered to be financial instruments. For Customers, as for most financial institutions, the majority of its assets and liabilities are considered to be financial instruments. Many of these financial instruments lack an available trading market as characterized by a willing buyer and a willing seller engaging in an exchange transaction. For fair value disclosure purposes, Customers utilized certain fair value measurement criteria under ASC Topic 820, Fair Value Measurements and Disclosures , as explained below. In accordance with ASC 820, the fair value of a financial instrument is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value is best determined based upon quoted market prices. However, in many instances, there are no quoted market prices for Customers' various financial instruments. In cases where quoted market prices are not available, fair values are based on estimates using present value or other valuation techniques. Those techniques are significantly affected by the assumptions used, including the discount rate and estimates of future cash flows. Accordingly, the fair value estimates may not be realized in an immediate settlement of the instrument. The fair value guidance provides a consistent definition of fair value, focusing on an exit price in an orderly transaction (that is, not a forced liquidation or distressed sale) between market participants at the measurement date under current market conditions. If there has been a significant decrease in the volume and level of activity for the asset or liability, a change in valuation technique or the use of multiple valuation techniques may be appropriate. In such instances, determining the price at which willing market participants would transact at the measurement date under current market conditions depends on the facts and circumstances and requires the use of significant judgment. The fair value is a reasonable point within the range that is most representative of fair value under current market conditions. The fair value guidance also establishes a fair value hierarchy and describes the following three levels used to classify fair value measurements. Level 1: Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. Level 2: Quoted prices in markets that are not active, or inputs that are observable either directly or indirectly, for substantially the full term of the asset or liability. Level 3: Prices or valuation techniques that require adjustments to inputs that are both significant to the fair value measurement and unobservable (i.e., supported with little or no market activity). A financial instrument’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The following methods and assumptions were used to estimate the fair values of Customers' financial instruments as of June 30, 2018 and December 31, 2017 : Financial Instruments Recorded at Fair Value on a Recurring Basis Investment securities: The fair values of equity securities and available for sale debt securities are determined by obtaining quoted market prices on nationally recognized and foreign securities exchanges (Level 1), matrix pricing (Level 2), which is a mathematical technique used widely in the industry to value debt securities without relying exclusively on quoted market prices for the specific securities but rather by relying on the securities’ relationship to other benchmark quoted prices, or externally developed models that use unobservable inputs due to limited or no market activity of the instrument (Level 3). These assets are classified as Level 1, 2 or 3 fair values, based upon the lowest level of input that is significant to the fair value measurements. The carrying amount of investments in FHLB, Federal Reserve Bank, and other restricted stock approximates fair value, and considers the limited marketability of such securities. These assets are classified as Level 2 fair values, based upon the lowest level of input that is significant to the fair value measurements. Loans held for sale - Consumer residential mortgage loans (fair value option): Customers generally estimates the fair values of residential mortgage loans held for sale based on commitments on hand from investors within the secondary market for loans with similar characteristics. These assets are classified as Level 2 fair values, based upon the lowest level of input that is significant to the fair value measurements. Loans receivable - Commercial mortgage warehouse loans (fair value option): The fair value of mortgage warehouse loans is the amount of cash initially advanced to fund the mortgage, plus accrued interest and fees, as specified in the respective agreements. The loan is used by mortgage companies as short-term bridge financing between the funding of mortgage loans and the finalization of the sale of the loans to an investor. Changes in fair value are not expected to be recognized because at inception of the transaction the underlying loans have already been sold to an approved investor. Additionally, the interest rate is variable, and the transaction is short-term, with an average life of 20 days from purchase to sale. These assets are classified as Level 2 fair values, based upon the lowest level of input that is significant to the fair value measurements. Derivatives (Assets and Liabilities): The fair values of interest rate swaps and credit derivatives are determined using models that incorporate readily observable market data into a market standard methodology. This methodology nets the discounted future cash receipts and the discounted expected cash payments. The discounted variable cash receipts and payments are based on expectations of future interest rates derived from observable market interest rate curves. In addition, fair value is adjusted for the effect of nonperformance risk by incorporating credit valuation adjustments for the Bank and its counterparties. These assets and liabilities are classified as Level 2 fair values, based upon the lowest level of input that is significant to the fair value measurements. The fair values of the residential mortgage loan commitments are derived from the estimated fair values that can be generated when the underlying mortgage loan is sold in the secondary market. The Bank generally uses commitments on hand from third- party investors to estimate an exit price and adjusts for the probability of the commitment being exercised based on the Bank’s internal experience (i.e., pull-through rate). These assets and liabilities are classified as Level 3 fair values, based upon the lowest level of input that is significant to the fair value measurements. Derivative assets and liabilities are presented in "Other assets" and "Accrued interest payable and other liabilities" on the consolidated balance sheet. Financial Instruments Recorded at Fair Value on a Nonrecurring Basis Impaired loans: Impaired loans are those loans that are accounted for under ASC 310, Receivables , in which the Bank has measured impairment generally based on the fair value of the loan’s collateral or discounted cash flow analysis. Fair value is generally determined based upon independent third-party appraisals of the properties that collateralize the loans or discounted cash flows based upon the expected proceeds. These assets are generally classified as Level 3 fair values, based upon the lowest level of input that is significant to the fair value measurements. Other real estate owned: The fair value of other real estate owned ("OREO") is determined by using appraisals, which may be discounted based on management’s review and changes in market conditions or sales agreements with third parties. All appraisals must be performed in accordance with the Uniform Standards of Professional Appraisal Practice. Appraisals are certified to the Bank and performed by appraisers on the Bank’s approved list of appraisers. Evaluations are completed by a person independent of management. The content of the appraisal depends on the complexity of the property. Appraisals are completed on a “retail value” and an “as is value”. These assets are classified as Level 3 fair values, based upon the lowest level of input that is significant to the fair value measurements. The following information should not be interpreted as an estimate of Customers' fair value in its entirety because fair value calculations are only provided for a limited portion of Customers' assets and liabilities. Due to a wide range of valuation techniques and the degree of subjectivity used in making these estimates, comparisons between Customer’s disclosures and those of other companies may not be meaningful. The estimated fair values of Customers' financial instruments at June 30, 2018 and December 31, 2017 were as follows. Fair Value Measurements at June 30, 2018 Carrying Amount Estimated Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) (amounts in thousands) (as restated) Assets: Cash and cash equivalents $ 251,726 $ 251,726 $ 251,726 $ — $ — Debt securities, available for sale 1,157,944 1,157,944 — 1,157,944 — Equity securities 3,056 3,056 3,056 — — Loans held for sale (as restated) 1,043 1,043 — 1,043 — Total loans receivable, net of allowance for loan losses (as restated) 9,074,176 9,058,053 — 1,930,738 7,127,315 FHLB, Federal Reserve Bank and other restricted stock 136,066 136,066 — 136,066 — Derivatives 16,247 16,247 — 16,114 133 Liabilities: Deposits $ 7,295,954 $ 7,288,828 $ 5,223,793 $ 2,065,035 $ — Federal funds purchased 105,000 105,000 105,000 — — FHLB advances 2,389,797 2,389,785 1,504,797 884,988 — Other borrowings 186,888 185,364 63,554 121,810 — Subordinated debt 108,929 114,675 — 114,675 — Derivatives 13,698 13,698 — 13,698 — Fair Value Measurements at December 31, 2017 Carrying Amount Estimated Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) (amounts in thousands) (as restated) Assets: Cash and cash equivalents $ 146,323 $ 146,323 $ 146,323 $ — $ — Investment securities, available for sale 471,371 471,371 3,352 468,019 — Loans held for sale (as restated) 146,077 146,251 — 1,886 144,365 Total loans receivable, net of allowance for loan losses (as restated) 8,523,651 8,470,171 — 1,793,408 6,676,763 FHLB, Federal Reserve Bank and other restricted stock 105,918 105,918 — 105,918 — Derivatives 9,752 9,752 — 9,692 60 Liabilities: Deposits $ 6,800,142 $ 6,796,095 $ 4,894,449 $ 1,901,646 $ — Federal funds purchased 155,000 155,000 155,000 — — FHLB advances 1,611,860 1,611,603 881,860 729,743 — Other borrowings 186,497 193,557 65,072 128,485 — Subordinated debt 108,880 115,775 — 115,775 — Derivatives 10,074 10,074 — 10,074 — For financial assets and liabilities measured at fair value on a recurring and nonrecurring basis, the fair value measurements by level within the fair value hierarchy used at June 30, 2018 and December 31, 2017 were as follows: June 30, 2018 Fair Value Measurements at the End of the Reporting Period Using Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total (amounts in thousands) (as restated) Measured at Fair Value on a Recurring Basis: Assets Available-for-sale debt securities: Agency-guaranteed residential mortgage-backed securities $ — $ 476,563 $ — $ 476,563 Agency-guaranteed commercial mortgage-backed securities — 320,373 — 320,373 Corporate notes — 361,008 — 361,008 Equity securities 3,056 — — 3,056 Derivatives — 16,114 133 16,247 Loans held for sale – fair value option (as restated) — 1,043 — 1,043 Loans receivable, mortgage warehouse – fair value option (as restated) — 1,930,738 — 1,930,738 Total assets - recurring fair value measurements $ 3,056 $ 3,105,839 $ 133 $ 3,109,028 Liabilities Derivatives $ — $ 13,698 $ — $ 13,698 Measured at Fair Value on a Nonrecurring Basis: Assets Impaired loans, net of reserves of $1,381 $ — $ — $ 11,929 $ 11,929 Other real estate owned — — 1,027 1,027 Total assets - nonrecurring fair value measurements $ — $ — $ 12,956 $ 12,956 December 31, 2017 Fair Value Measurements at the End of the Reporting Period Using Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total (amounts in thousands) (as restated) Measured at Fair Value on a Recurring Basis: Assets Available-for-sale securities: Agency-guaranteed residential mortgage-backed securities $ — $ 183,458 $ — $ 183,458 Agency-guaranteed commercial real estate mortgage-backed securities — 238,472 — 238,472 Corporate notes — 46,089 — 46,089 Equity securities 3,352 — — 3,352 Derivatives — 9,692 60 9,752 Loans held for sale – fair value option (as restated) — 1,886 — 1,886 Loans receivable, mortgage warehouse – fair value option (as restated) — 1,793,408 — 1,793,408 Total assets - recurring fair value measurements $ 3,352 $ 2,273,005 $ 60 $ 2,276,417 Liabilities Derivatives $ — $ 10,074 $ — $ 10,074 Measured at Fair Value on a Nonrecurring Basis: Assets Impaired loans, net of reserves of $1,451 $ — $ — $ 13,902 $ 13,902 Other real estate owned — — 1,449 1,449 Total assets - nonrecurring fair value measurements $ — $ — $ 15,351 $ 15,351 The changes in Level 3 assets measured at fair value on a recurring basis for the three and six months ended June 30, 2018 and 2017 are summarized in the tables below. Additional information about residential mortgage loan commitments can be found in NOTE 11 - DERIVATIVES INSTRUMENTS AND HEDGING ACTIVITIES. Residential Mortgage Loan Commitments Three Months Ended June 30, 2018 2017 (amounts in thousands) Balance at March 31 $ 83 $ 95 Issuances 133 102 Settlements (83 ) (95 ) Balance at June 30 $ 133 $ 102 Residential Mortgage Loan Commitments Six Months Ended June 30, 2018 2017 (amounts in thousands) Balance at December 31 $ 60 $ 45 Issuances 216 197 Settlements (143 ) (140 ) Balance at June 30 $ 133 $ 102 Customers' policy is to recognize transfers between fair value levels when events or circumstances warrant transfers. There were no transfers between levels during the three and six months ended June 30, 2018 and 2017 . The following table summarizes financial assets and financial liabilities measured at fair value as of June 30, 2018 and December 31, 2017 on a recurring and nonrecurring basis for which Customers utilized Level 3 inputs to measure fair value. Quantitative Information about Level 3 Fair Value Measurements June 30, 2018 Fair Value Estimate Valuation Technique Unobservable Input Range (Weighted Average) (3) (amounts in thousands) Impaired loans $ 11,929 Collateral appraisal (1) Liquidation expenses (2) (8)% Other real estate owned 1,027 Collateral appraisal (1) Liquidation expenses (2) (8)% Residential mortgage loan commitments 133 Adjusted market bid Pull-through rate 90% Quantitative Information about Level 3 Fair Value Measurements December 31, 2017 Fair Value Estimate Valuation Technique Unobservable Input Range (Weighted Average) (3) (amounts in thousands) Impaired loans $ 13,902 Collateral appraisal (1) Liquidation expenses (2) (8)% Other real estate owned 1,449 Collateral appraisal (1) Liquidation expenses (2) (8)% Residential mortgage loan commitments 60 Adjusted market bid Pull-through rate 90% (1) Obtained from approved independent appraisers. Appraisals are current and in compliance with credit policy. The Bank does not generally discount appraisals. (2) Fair value is adjusted for estimated costs to sell based on a percentage of the value as determined by the appraisal. (3) Presented as a percentage of the value determined by appraisal for impaired loans and other real estate owned. |
Derivative Instruments and Hedg
Derivative Instruments and Hedging Activities | 6 Months Ended |
Jun. 30, 2018 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments and Hedging Activities | DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES Risk Management Objectives of Using Derivatives Customers is exposed to certain risks arising from both its business operations and economic conditions. Customers manages economic risks, including interest rate, liquidity, and credit risk, primarily by managing the amount, sources, and durations of its assets and liabilities. Specifically, Customers enters into derivative financial instruments to manage exposures that arise from business activities that result in the receipt or payment of future known and uncertain cash amounts, the value of which are determined by interest rates. Customers' derivative financial instruments are used to manage differences in the amount, timing, and duration of Customers' known or expected cash receipts and its known or expected cash payments principally related to certain borrowings. Customers also has interest-rate derivatives resulting from a service provided to certain qualifying customers, and therefore, they are not used to manage Customers' interest-rate risk in assets or liabilities. Customers manages a matched book with respect to its derivative instruments used in this customer service in order to minimize its net risk exposure resulting from such transactions. Cash Flow Hedges of Interest Rate Risk Customers' objectives in using interest-rate derivatives are to add stability to interest expense and to manage exposure to interest-rate movements. To accomplish this objective, Customers primarily uses interest rate swaps as part of its interest-rate-risk management strategy. Interest-rate swaps designated as cash flow hedges involve the receipt of variable amounts from a counterparty in exchange for Customers making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. The changes in the fair value of derivatives designated and qualifying as cash flow hedges is recorded in accumulated other comprehensive income and is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. To date, such derivatives were used to hedge the variable cash flows associated with the forecasted issuances of debt. Amounts reported in accumulated other comprehensive income related to derivatives will be reclassified to interest expense as interest payments are made on Customers' variable-rate debt. Customers expects to reclassify $0.5 million from accumulated other comprehensive income to interest expense during the next 12 months. Customers is hedging its exposure to the variability in future cash flows for forecasted transactions over a maximum period of 60 months (excluding forecasted transactions related to the payment of variable interest on existing financial instruments). At June 30, 2018 , Customers had thirteen outstanding interest rate derivatives with notional amounts totaling $1.4 billion that were designated as cash flow hedges of interest rate risk. At December 31, 2017 , Customers had nine outstanding interest rate derivatives with notional amounts totaling $550.0 million that were designated as cash flow hedges of interest rate risk. The outstanding cash flow hedges at June 30, 2018 expire between July 2018 and June 2023. Derivatives Not Designated as Hedging Instruments Customers executes interest rate swaps with commercial banking customers to facilitate their respective risk management strategies (typically the loan customers will swap a floating-rate loan for a fixed-rate loan). The customer interest rate swaps are simultaneously offset by interest rate swaps that Customers executes with a third party in order to minimize interest rate risk exposure resulting from such transactions. Because the interest rate swaps associated with this program do not meet the hedge accounting requirements, changes in the fair value of both the customer swaps and the offsetting third-party market swaps are recognized directly in earnings. At June 30, 2018 , Customers had 82 interest rate swaps with an aggregate notional amount of $779.0 million related to this program. At December 31, 2017 , Customers had 76 interest rate swaps with an aggregate notional amount of $800.5 million related to this program. Customers enters into residential mortgage loan commitments in connection with its consumer mortgage banking activities to fund mortgage loans at specified rates and times in the future. These commitments are short-term in nature and generally expire in 30 to 60 days. The residential mortgage loan commitments that relate to the origination of mortgage loans that will be held for sale are considered derivative instruments under the applicable accounting guidance and are reported at fair value, with changes in fair value recorded directly in earnings. At June 30, 2018 and December 31, 2017 , Customers had an outstanding notional balance of residential mortgage loan commitments of $6.0 million and $2.7 million , respectively. Customers has also purchased and sold credit derivatives to either hedge or participate in the performance risk associated with some of its counterparties. These derivatives are not designated as hedging instruments and are reported at fair value, with changes in fair value recorded directly in earnings. At June 30, 2018 and December 31, 2017 , Customers had outstanding notional balances of credit derivatives of $92.6 million and $80.5 million , respectively. Fair Value of Derivative Instruments on the Balance Sheet The following tables present the fair value of Customers' derivative financial instruments as well as their presentation on the balance sheet as of June 30, 2018 and December 31, 2017 . June 30, 2018 Derivative Assets Derivative Liabilities Balance Sheet Location Fair Value Balance Sheet Location Fair Value (amounts in thousands) Derivatives designated as cash flow hedges: Interest rate swaps Other assets $ 2,732 Other liabilities $ 416 Total $ 2,732 $ 416 Derivatives not designated as hedging instruments: Interest rate swaps Other assets $ 13,334 Other liabilities $ 13,148 Credit contracts Other assets 48 Other liabilities 134 Residential mortgage loan commitments Other assets 133 Other liabilities — Total $ 13,515 $ 13,282 December 31, 2017 Derivative Assets Derivative Liabilities Balance Sheet Balance Sheet Location Fair Value Location Fair Value (amounts in thousands) Derivatives designated as cash flow hedges: Interest rate swaps Other assets $ 816 Other liabilities $ 1,140 Total $ 816 $ 1,140 Derivatives not designated as hedging instruments: Interest rate swaps Other assets $ 8,776 Other liabilities $ 8,897 Credit contracts Other assets 100 Other liabilities 37 Residential mortgage loan commitments Other assets 60 Other liabilities — Total $ 8,936 $ 8,934 Effect of Derivative Instruments on Comprehensive Income The following tables present the effect of Customers' derivative financial instruments on comprehensive income for the three and six months ended June 30, 2018 and 2017 . Three Months Ended June 30, 2018 Income Statement Location Amount of Income (Loss) Recognized in Earnings (amounts in thousands) Derivatives not designated as hedging instruments: Interest rate swaps Other non-interest income $ (51 ) Credit contracts Other non-interest income (15 ) Residential mortgage loan commitments Mortgage banking income 50 Total $ (16 ) Three Months Ended June 30, 2017 Income Statement Location Amount of Income (Loss) Recognized in Earnings (amounts in thousands) Derivatives not designated as hedging instruments: Interest rate swaps Other non-interest income $ (145 ) Credit contracts Other non-interest income 1 Residential mortgage loan commitments Mortgage banking income 7 Total $ (137 ) Six Months Ended June 30, 2018 Income Statement Location Amount of Income (Loss) Recognized in Earnings (amounts in thousands) Derivatives not designated as hedging instruments: Interest rate swaps Other non-interest income $ 334 Credit contracts Other non-interest income (38 ) Residential mortgage loan commitments Mortgage banking income 73 Total $ 369 Six Months Ended June 30, 2017 Income Statement Location Amount of Income Recognized in Earnings (amounts in thousands) Derivatives not designated as hedging instruments: Interest rate swaps Other non-interest income $ 338 Credit contracts Other non-interest income 1 Residential mortgage loan commitments Mortgage banking income 57 Total $ 396 Three Months Ended June 30, 2018 Amount of Gain Recognized in OCI on Derivatives (1) Location of Gain (Loss) Reclassified from Accumulated OCI into Income Amount of Gain Reclassified from Accumulated OCI into Income (amounts in thousands) Derivatives in cash flow hedging relationships: Interest rate swaps $ 1,403 Interest expense $ 259 Three Months Ended June 30, 2017 Amount of Loss Recognized in OCI on Derivatives (1) Location of Gain (Loss) Reclassified from Accumulated OCI into Income Amount of Loss Reclassified from Accumulated OCI into Income (amounts in thousands) Derivatives in cash flow hedging relationships: Interest rate swaps $ (420 ) Interest expense $ (767 ) Six Months Ended June 30, 2018 Amount of Gain Location of Gain (Loss) Amount of Gain (amounts in thousands) Derivative in cash flow hedging relationships: Interest rate swaps $ 2,049 Interest expense $ 128 Six Months Ended June 30, 2017 Amount of Loss Location of Gain (Loss) Amount of Loss (amounts in thousands) Derivative in cash flow hedging relationships: Interest rate swaps $ (219 ) Interest expense $ (1,594 ) (1) Amounts presented are net of taxes. See NOTE 5 - CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) for total effect on other comprehensive income (loss) from derivatives designated as cash flow hedges for the periods presented. Credit-risk-related Contingent Features By entering into derivative contracts, Customers is exposed to credit risk. The credit risk associated with derivatives executed with customers is the same as that involved in extending the related loans and is subject to the same standard credit policies. To mitigate the credit-risk exposure to major derivative dealer counterparties, Customers only enters into agreements with those counterparties that maintain credit ratings of high quality. Agreements with major derivative dealer counterparties contain provisions whereby default on any of Customers' indebtedness would be considered a default on its derivative obligations. Customers also has entered into agreements that contain provisions under which the counterparty could require Customers to settle its obligations if Customers fails to maintain its status as a well/adequately capitalized institution. As of June 30, 2018 , all derivatives with major derivative dealer counterparties were in a net asset position. Disclosures about Offsetting Assets and Liabilities The following tables present derivative instruments that are subject to enforceable master netting arrangements. Customers' interest rate swaps with institutional counterparties are subject to master netting arrangements and are included in the table below. Interest rate swaps with commercial banking customers and residential mortgage loan commitments are not subject to master netting arrangements and are excluded from the table below. Customers has not made a policy election to offset its derivative positions. Offsetting of Financial Assets and Derivative Assets At June 30, 2018 Gross Amount of Recognized Assets Gross Amounts Offset in the Consolidated Balance Sheet Net Amounts of Assets Presented in the Consolidated Balance Sheet Gross Amounts Not Offset in the Consolidated Balance Sheet Net Amount Financial Instruments Cash Collateral Received (amounts in thousands) Description Interest rate swap derivatives with institutional counterparties $ 14,921 $ — $ 14,921 $ — $ 11,170 $ 3,751 Offsetting of Financial Liabilities and Derivative Liabilities At June 30, 2018 Gross Amount of Recognized Liabilities Gross Amounts Offset in the Consolidated Balance Sheet Net Amounts of Liabilities Presented in the Consolidated Balance Sheet Gross Amounts Financial Instruments Cash Collateral Pledged Net Amount (amounts in thousands) Description Interest rate swap derivatives with institutional counterparties $ 1,639 $ — $ 1,639 $ — $ 2 $ 1,637 Offsetting of Financial Assets and Derivative Assets At December 31, 2017 Gross Amount of Recognized Assets Gross Amounts Offset in the Consolidated Balance Sheet Net Amounts of Assets Presented in the Consolidated Balance Sheet Gross Amounts Net Amount Financial Instruments Cash Collateral Received (amounts in thousands) Description Interest rate swap derivatives with institutional counterparties $ 5,930 $ — $ 5,930 $ — $ 5,070 $ 860 Offsetting of Financial Liabilities and Derivative Liabilities At December 31, 2017 Gross Amount of Recognized Liabilities Gross Amounts Offset in the Consolidated Balance Sheet Net Amounts of Liabilities Presented in the Consolidated Balance Sheet Gross Amounts Net Amount Financial Instruments Cash Collateral Pledged (amounts in thousands) Description Interest rate swap derivatives with institutional counterparties $ 5,058 $ — $ 5,058 $ — $ 4,872 $ 186 |
Business Segments
Business Segments | 6 Months Ended |
Jun. 30, 2018 | |
Segment Reporting [Abstract] | |
Business Segments | BUSINESS SEGMENTS Customers' segment financial reporting reflects the manner in which its chief operating decision makers allocate resources and assess performance. Management has determined that Customers' operations consist of two reportable segments - Community Business Banking and BankMobile. Each segment generates revenues, manages risk, and offers distinct products and services to targeted customers through different delivery channels. The strategy, marketing, and analysis of these segments vary considerably. The Community Business Banking segment is delivered predominately to commercial customers in Southeastern Pennsylvania, New York, New Jersey, Massachusetts, Rhode Island, New Hampshire, Washington D.C., and Illinois through a single-point-of-contact business model and provides liquidity to residential mortgage originators nationwide through commercial loans to mortgage companies. Lending and deposit gathering activities are focused primarily on privately held businesses, high-net-worth families, selected commercial real estate lending, and commercial mortgage companies. Revenues are generated primarily through net interest income (the difference between interest earned on loans, investments, and other interest earning assets and interest paid on deposits and other borrowed funds) and other non-interest income, such as mortgage warehouse transactional fees and bank owned life insurance. The BankMobile segment provides state-of-the-art high-tech digital banking and disbursement services to consumers, students, and the "under banked" nationwide. BankMobile, as a division of Customers Bank, is a full-service banking platform that is accessible to customers anywhere and anytime through the customer's smartphone or other web-enabled device. Revenues are currently being generated primarily through interchange and card revenue, deposit and wire transfer fees and university fees. The majority of revenue and expenses for BankMobile are related to the segment's operation of the ongoing business acquired through the Disbursement business acquisition. The following tables present the operating results for Customers' reportable business segments for the three and six month periods ended June 30, 2018 and 2017 . The segment financial results include directly attributable revenues and expenses. Corporate overhead costs are assigned to the Community Business Banking segment as those expenses are expected to continue following the planned spin-off of BankMobile. Similarly, the preferred stock dividends have been allocated in their entirety to the Community Business Banking segment. The tax benefit assigned to BankMobile was based on an estimated effective tax rate of 24.57% for 2018 and 38.00% for 2017 , respectively. Three Months Ended June 30, 2018 (amounts in thousands) Community Business Banking BankMobile Consolidated Interest income (1) $ 104,110 $ 3,529 $ 107,639 Interest expense 40,182 135 40,317 Net interest income 63,928 3,394 67,322 Provision for loan losses (1,247 ) 463 (784 ) Non-interest income 7,465 8,662 16,127 Non-interest expense 37,721 16,029 53,750 Income (loss) before income tax expense (benefit) 34,919 (4,436 ) 30,483 Income tax expense (benefit) 7,910 (1,090 ) 6,820 Net income (loss) 27,009 (3,346 ) 23,663 Preferred stock dividends 3,615 — 3,615 Net income (loss) available to common shareholders $ 23,394 $ (3,346 ) $ 20,048 Three Months Ended June 30, 2017 (amounts in thousands) Community Business Banking BankMobile Consolidated Interest income (1) $ 91,107 $ 2,745 $ 93,852 Interest expense 25,228 18 25,246 Net interest income 65,879 2,727 68,606 Provision for loan losses 535 — 535 Non-interest income 6,971 11,420 18,391 Non-interest expense 30,567 19,846 50,413 Income (loss) before income tax expense (benefit) 41,748 (5,699 ) 36,049 Income tax expense (benefit) 14,493 (2,166 ) 12,327 Net income (loss) 27,255 (3,533 ) 23,722 Preferred stock dividends 3,615 — 3,615 Net income (loss) available to common shareholders $ 23,640 $ (3,533 ) $ 20,107 (1) Amounts reported include funds transfer pricing of $3.5 million and $2.7 million for the three months ended June 30, 2018 and 2017 , respectively, credited to BankMobile for the value provided to the Community Business Banking segment for the use of low/no cost deposits. Six Months Ended June 30, 2018 (amounts in thousands) Community Business Banking BankMobile Consolidated Interest income (1) $ 196,664 $ 7,940 $ 204,604 Interest expense 72,100 151 72,251 Net interest income 124,564 7,789 132,353 Provision for loan losses 627 706 1,333 Non-interest income 15,904 21,133 37,037 Non-interest expense 72,052 33,979 106,031 Income (loss) before income tax expense (benefit) 67,789 (5,763 ) 62,026 Income tax expense (benefit) 15,638 (1,416 ) 14,222 Net income (loss) 52,151 (4,347 ) 47,804 Preferred stock dividends 7,229 — 7,229 Net income (loss) available to common shareholders $ 44,922 $ (4,347 ) $ 40,575 As of June 30, 2018 Goodwill and other intangibles $ 3,629 $ 13,521 $ 17,150 Total assets $ 11,017,272 $ 75,574 $ 11,092,846 Total deposits $ 6,876,688 $ 419,266 $ 7,295,954 Total non-deposit liabilities $ 2,843,360 $ 17,305 $ 2,860,665 Six Months Ended June 30, 2017 (amounts in thousands) Community Business Banking BankMobile Consolidated Interest income (1) $ 169,938 $ 7,008 $ 176,946 Interest expense 45,883 39 45,922 Net interest income 124,055 6,969 131,024 Provision for loan losses 3,585 — 3,585 Non-interest income 12,398 28,746 41,144 Non-interest expense 60,714 39,064 99,778 Income (loss) before income tax expense (benefit) 72,154 (3,349 ) 68,805 Income tax expense (benefit) 20,609 (1,273 ) 19,336 Net income (loss) 51,545 (2,076 ) 49,469 Preferred stock dividends 7,229 — 7,229 Net income (loss) available to common shareholders $ 44,316 $ (2,076 ) $ 42,240 As of June 30, 2017 Goodwill and other intangibles $ 3,633 $ 13,982 $ 17,615 Total assets $ 10,815,752 $ 67,796 $ 10,883,548 Total deposits $ 7,021,922 $ 453,441 $ 7,475,363 Total non-deposit liabilities $ 2,481,618 $ 16,278 $ 2,497,896 (1) Amounts reported include funds transfer pricing of $7.9 million and $7.0 million for the six months ended June 30, 2018 and 2017 , respectively, credited to BankMobile for the value provided to the Community Business Banking segment for the use of low/no cost deposits. |
Non-Interest Revenues
Non-Interest Revenues | 6 Months Ended |
Jun. 30, 2018 | |
Revenue from Contract with Customer [Abstract] | |
Non-Interest Revenues | NON-INTEREST REVENUES As provided in NOTE 3 - SIGNIFICANT ACCOUNTING POLICIES AND BASIS OF PRESENTATION, Customers' adoption of ASU 2014-09, Revenue from Contracts with Customers (ASC 606), on January 1, 2018 did not have a significant impact to Customers' consolidated financial statements and, as such, a cumulative effect adjustment to beginning retained earnings was not necessary. Customers determined that its debit and prepaid card interchange income, previously reported on a gross basis for periods prior to adoption will need to be presented on a net basis under this ASU. Results for reporting periods beginning after January 1, 2018 are presented under ASC 606, while prior period amounts were not adjusted and continue to be reported in accordance with the previous accounting guidance under ASC 605. Debit and prepaid card interchange expense for the three months ended June 30, 2018 and 2017 amounted to $1.2 million and $1.3 million , respectively. Debit and prepaid card interchange expense for the six months ended June 30, 2018 and 2017 amounted to $2.7 million and $3.2 million , respectively. In addition, as part of the enhanced disclosure requirements under the new guidance, Customers is presenting disaggregated revenue by business segment, nature of the revenue stream, and the pattern or timing of revenue recognition. The accounting treatment for interest-related revenues is covered under ASC-310 and is out of the scope of ASU 2014-09. The following tables present Customers' non-interest revenues affected by ASU 2014-09 by business segment for the three and six months ended June 30, 2018 and 2017 : Three Months Ended June 30, 2018 (amounts in thousands) Community Business Banking BankMobile Consolidated Revenue from contracts with customers: Revenue recognized at point in time: Interchange and Card Revenue $ 183 $ 6,199 $ 6,382 Deposit Fees 294 1,338 1,632 University Fees - Card and Disbursement Fees — 185 185 Total revenue recognized at point in time 477 7,722 8,199 Revenue recognized over time: University Fees - Subscription Revenue — 907 907 Total revenue recognized over time — 907 907 Total revenue from contracts with customers $ 477 $ 8,629 $ 9,106 Three Months Ended June 30, 2017 (amounts in thousands) Community Business Banking BankMobile Consolidated Revenue from contracts with customers: Revenue recognized at point in time: Interchange and Card Revenue $ 126 $ 8,522 $ 8,648 Deposit Fees 258 1,875 2,133 University Fees - Card and Disbursement Fees — 206 206 Total revenue recognized at point in time 384 10,603 10,987 Revenue recognized over time: University Fees - Subscription Revenue — 784 784 Total revenue recognized over time — 784 784 Total revenue from contracts with customers $ 384 $ 11,387 $ 11,771 Six Months Ended June 30, 2018 (amounts in thousands) Community Business Banking BankMobile Consolidated Revenue from contracts with customers: Revenue recognized at point in time: Interchange and Card Revenue $ 406 $ 15,637 $ 16,043 Deposit Fees 580 3,144 3,724 University Fees - Card and Disbursement Fees — 512 512 Total revenue recognized at point in time 986 19,293 20,279 Revenue recognized over time: University Fees - Subscription Revenue — 1,777 1,777 Total revenue recognized over time — 1,777 1,777 Total revenue from contracts with customers $ 986 $ 21,070 $ 22,056 Six Months Ended June 30, 2017 (amounts in thousands) Community Business Banking BankMobile Consolidated Revenue from contracts with customers: Revenue recognized at point in time: Interchange and Card Revenue $ 328 $ 21,830 $ 22,158 Deposit Fees 582 4,678 5,260 University Fees - Card and Disbursement Fees — 595 595 Total revenue recognized at point in time 910 27,103 28,013 Revenue recognized over time: University Fees - Subscription Revenue — 1,579 1,579 Total revenue recognized over time — 1,579 1,579 Total revenue from contracts with customers $ 910 $ 28,682 $ 29,592 The following is a discussion of revenues within the scope of ASC 606: Card revenue Card revenue primarily relates to debit and prepaid card fees earned from interchange and ATM fees. Interchange fees are earned whenever Customers' issued debit and prepaid cards are processed through card payment networks. Interchange fees are recognized concurrent with the processing of the debit or prepaid card transaction. Deposit Fees Deposit fees relate to service charges on deposit accounts for transaction-based, account maintenance and overdraft services. Transaction-based fees, which include services such as stop-payment charges, wire transfer fees, cashier or money order fees are recognized at the time the transaction is executed. Account maintenance fees, which relate primarily to monthly maintenance and account analysis fees, are earned on a monthly basis representing the period over which Customers satisfies its performance obligation. Overdraft fees are recognized at the point in time that the overdraft occurs. Service charges on deposit accounts are withdrawn from the depositor's account balance. The revenues recognized at a point in time primarily consist of contracts with no specified terms, but which may be terminated at any time by the customer without penalty. Due to the transactional nature and indefinite term of these agreements, there were no related contract balances that were recorded for these revenue streams on Customers' consolidated balance sheets as of June 30, 2018 and December 31, 2017. University Fees University fees represent revenues from higher education institutions and is generated from fees charged for the services provided. For higher education institution clients, Customers through BankMobile facilitates the distribution of financial aid and other refunds to students, while simultaneously enhancing the ability of the higher education institutions to comply with the federal regulations applicable to financial aid transactions. For these services, higher education institution clients are charged an annual subscription fee and/or per-transaction fee (e.g., new card or card replacement fees) for certain transactions. The annual subscription fee is recognized ratably over the period of service and the transaction fees are recognized when the transaction is completed. BankMobile also enters into long-term (generally three - or five -year initial term) contracts with higher education institutions to provide these refund management disbursement services. Deferred revenue consists of amounts billed to or received from clients prior to the performance of services. The deferred revenues are earned over the service period on a straight line basis. As of June 30, 2018 and December 31, 2017, Customers recorded deferred revenue of $3.1 million and $2.0 million , respectively, related to these university subscription contracts. At June 30, 2018 and December 31, 2017, Customers had accounts receivable of $2.5 million and $1.1 million , respectively, related to the university fee arrangements. |
Significant Accounting Polici_2
Significant Accounting Policies and Basis of Presentation (Policies) | 6 Months Ended |
Jun. 30, 2018 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The interim unaudited consolidated financial statements of Customers have been prepared in conformity with U.S. GAAP and pursuant to the rules and regulations of the SEC. These interim unaudited consolidated financial statements reflect all normal and recurring adjustments that are, in the opinion of management, necessary to present a fair statement of the financial position and the results of operations and cash flows of Customers for the interim periods presented. Certain information and footnote disclosures normally included in the annual consolidated financial statements have been omitted from these interim unaudited consolidated financial statements as permitted by SEC rules and regulations. On November 13, 2018, Customers Bancorp filed with the SEC a report on Form 8-K advising that its 2017, 2016, and 2015 audited consolidated financial statements and its interim unaudited consolidated financial statements as of and for the three months ended March 31, 2018 and 2017 and the three and six months ended June 30, 2018 and 2017, respectively, should no longer be relied upon because of incorrect classifications of the cash flows used in and provided by its commercial mortgage warehouse lending activities between operating and investing activities on the consolidated statements of cash flows because the related loan balances were incorrectly classified as held for sale instead of held for investment (i.e., loans receivable) on its consolidated balance sheets. These misclassifications have no impact on total cash balances, total loans, total assets, the allowance for loan losses, total capital, regulatory capital ratios, net interest income, net interest margin, net income to shareholders, basic or diluted earnings per share, return on average assets, return on average equity, the efficiency ratio, asset quality ratios or other key performance metrics, including non-GAAP performance metrics, that Customers routinely discusses with analysts and investors. The December 31, 2017 consolidated balance sheet presented in this report has been derived from Customers' audited 2017 consolidated financial statements included in its Annual Report on Form 10-K/A filed with the SEC on November 30, 2018 (the "2017 Form 10-K/A"). Because of a fair value option election that Customers made on July 1, 2012 that continues today, these loans are, and will continue to be, reported at their fair value and accordingly do not have an allowance for loan losses. Management believes that the disclosures are adequate to present fairly the consolidated financial statements as of the dates and for the periods presented. These interim unaudited consolidated financial statements should be read in conjunction with the 2017 consolidated financial statements of Customers included in the 2017 Form 10-K/A. The 2017 Form 10-K/A describes Customers Bancorp’s significant accounting policies, which include its policies on Principles of Consolidation; Cash and Cash Equivalents and Statements of Cash Flows; Restrictions on Cash and Amounts due from Banks; Business Combinations; Investment Securities; Loan Accounting Framework; Loans Held for Sale and Loans at Fair Value; Loans Receivable, Mortgage Warehouse, at Fair Value; Loans Receivable; Purchased Loans; Allowance for Loan Losses; Goodwill and Other Intangible Assets; Investments in FHLB, Federal Reserve Bank, and Other Restricted Stock; Other Real Estate Owned; Bank-Owned Life Insurance; Bank Premises and Equipment; Operating Leases; Treasury Stock; Income Taxes; Share-Based Compensation; Transfer of Financial Assets; Business Segments; Derivative Instruments and Hedging; Comprehensive Income (Loss); Earnings per Share; and Loss Contingencies. Results for interim periods are not necessarily indicative of those that may be expected for the fiscal year or any other period. Restatement of Previously Issued Financial Statements In November 2018, Customers determined that the cash flow activities associated with its commercial mortgage warehouse lending activities should have been reported as investing activities in its consolidated statements of cash flows because the related loan balances should have been classified as held for investment (i.e., loans receivable). Customers changed its accounting policies such that commercial mortgage warehouse loans are classified as held for investment and presented as "Loans receivable, mortgage warehouse, at fair value" on its consolidated balance sheets. The cash flow activities associated with these commercial mortgage warehouse lending activities are reported as investing activities in the consolidated statements of cash flows. Accordingly, Customers has restated the consolidated balance sheet as of June 30, 2018 and statements of cash flows for the six months ended June 30, 2018 and 2017 herein. The following tables set forth the effects of the correction on the consolidated balance sheet as of June 30, 2018 and the consolidated statements of cash flows for the six months ended June 30, 2018 and 2017. June 30, 2018 Consolidated Balance Sheet As Previously Reported Adjustments As Restated (amounts in thousands) Loans held for sale $ 1,931,781 $ (1,930,738 ) $ 1,043 Loans receivable, mortgage warehouse, at fair value — 1,930,738 1,930,738 Total loans receivable, net of allowance for loan losses $ 7,143,438 $ 1,930,738 $ 9,074,176 Six Months Ended June 30, 2018 2017 Consolidated Statements of Cash Flows As Previously Reported Adjustments As Restated As Previously Reported Adjustments As Restated (amounts in thousands) Origination of loans held for sale $ (14,272,175 ) $ 14,260,621 $ (11,554 ) $ (14,714,280 ) $ 14,693,838 $ (20,442 ) Proceeds from the sale of loans held for sale 14,135,931 (14,123,291 ) 12,640 14,727,734 (14,709,013 ) 18,721 Net Cash Provided by (Used in) Operating Activities (71,859 ) 137,330 65,471 27,508 (15,175 ) 12,333 Origination of mortgage warehouse loans — (14,260,621 ) (14,260,621 ) — (14,693,838 ) (14,693,838 ) Proceeds from repayments of mortgage warehouse loans — 14,123,291 14,123,291 — 14,709,013 14,709,013 Net Cash Used In Investing Activities $ (1,041,861 ) $ (137,330 ) $ (1,179,191 ) $ (1,338,066 ) $ 15,175 $ (1,322,891 ) In addition to the restatement of Customers' consolidated balance sheet and statements of cash flows summarized above, the following notes to the consolidated financial statements have been restated to reflect the corrected classification of Customers' commercial warehouse lending activities: • NOTE 7 - LOANS HELD FOR SALE; • NOTE 8 - LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES; and • NOTE 10 - DISCLOSURES ABOUT FAIR VALUE OF FINANCIAL INSTRUMENTS. In addition, the comparative balances reported throughout Management's Discussion and Analysis of Financial Condition and Results of Operations included in Item 2 in this Quarterly Report on Form 10-Q/A, have been restated to present the corrected classification of Customers' commercial mortgage warehouse lending activities. |
Reclassifications | Reclassifications As described in NOTE 2 - SPIN-OFF AND MERGER, beginning in third quarter 2017, Customers reclassified BankMobile, a segment previously classified as held for sale, to held and used as it no longer met the held-for-sale criteria. Certain prior period amounts and note disclosures (including NOTE 4 , NOTE 8 and NOTE 10 ) have been reclassified to conform with the current period presentation. Except for these reclassifications, there have been no material changes to Customers' significant accounting policies as disclosed in Customers' 2017 Form 10-K/A. Presented below are recently issued accounting standards that Customers has adopted as well as those that the Financial Accounting Standards Board (“FASB”) has issued but are not yet effective or that Customers has not yet adopted. |
Recently Issued Accounting Standards | Recently Issued Accounting Standards Accounting Standards Adopted in 2018 Standard Summary of guidance Effects on Financial Statements ASU 2018-03, Technical Corrections and Improvements to Financial Instruments-Overall (Subtopic 825-10) Issued February 2018 Clarifies certain aspects of the guidance issued in ASU 2016-01 including: the ability to irrevocably elect to change the measurement approach for equity securities measured using the practical expedient (at cost plus or minus observable transactions less impairment) to a fair value method in accordance with ASC 820, Fair Value Measurement. Provides clarification that if an observable transaction occurs for such securities, the adjustment is as of the observable transaction date. Effective July 1, 2018 on a prospective basis with early adoption permitted. Customers adopted on July 1, 2018 on a prospective basis. The adoption did not have a significant impact as Customers currently does not have any significant equity securities without readily determinable fair values. ASU 2018-02, Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income/(Loss) ("AOCI") Issued February 2018 Allows for reclassification from AOCI to retained earnings for stranded tax effects resulting from the 2017 Tax Cut and Jobs Act. Requires an entity to disclose whether it has elected to reclassify stranded tax effects from AOCI to retained earnings and its policy for releasing income tax effects from AOCI. Effective for fiscal years beginning after December 15, 2018 and interim periods within those fiscal years. Early adoption is permitted. Customers early adopted on January 1, 2018. The adoption resulted in the reclassification of $0.3 million in stranded tax effects in Customers' AOCI related to net unrealized losses on its available-for-sale debt securities and cash flow hedges. The adoption did not have a significant impact on Customers' financial condition, results of operations and consolidated financial statements. ASU 2017-12, Targeted Improvements to Accounting for Hedging Activities Issued August 2017 Aligns the entity's risk management activities and financial reporting for hedging relationships. Amends the existing hedge accounting model and expands an entity's ability to hedge nonfinancial and financial risk components and reduce complexity in fair value hedges of interest-rate risk. Eliminates the requirement to separately measure and report hedge ineffectiveness and generally requires the entire change in the fair value of a hedging instrument to be presented in the same income statement line item as the hedge item. Changes certain documentation and assessment requirements and modifies the accounting for components excluded from the assessment of hedge effectiveness. Effective for fiscal years beginning after December 15, 2018. Early adoption is permitted. Customers early adopted on January 1, 2018. With the early adoption, Customers is able to pursue additional hedging strategies including the ability to apply fair value hedge accounting to a specified pool of assets by excluding the portion of the hedged items related to prepayments, defaults and other events. These additional hedging strategies will allow Customers to better align the accounting and financial reporting of its hedging activities with the economic objectives thereby reducing the earnings volatility resulting from these hedging activities. The adoption did not have a significant impact on Customers' financial condition, results of operations and consolidated financial statements. Customers has updated its disclosures in NOTE 11 - DERIVATIVES INSTRUMENTS AND HEDGING ACTIVITIES as a result of early adopting this ASU. ASU 2017-09, Compensation - Stock Compensation: Scope of Modification Accounting Issued May 2017 Clarifies when to account for a change to the terms or conditions of a share-based-payment award as a modification in ASC 718. Provides that modification accounting is only required if the fair value, vesting conditions, or the classification of the award as equity or a liability changes as a result of the change in terms or conditions. Effective January 1, 2018 on a prospective basis for awards modified on or after the adoption date. Customers adopted on January 1, 2018. The adoption did not have a significant impact on Customers' financial condition, results of operations and consolidated financial statements. ASU 2017-05, Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets Issued February 2017 Clarifies the scope and application of the accounting guidance on the sale of nonfinancial assets to non-customers, including partial sales. Clarifies that if substantially all of the fair value of the assets that are promised to the counterparty in a contract is concentrated in nonfinancial assets, then all of the financial assets promised to the counterparty are in substance nonfinancial assets within the scope of Subtopic 610-20. Effective January 1, 2018 on a prospective basis. Customers adopted on January 1, 2018. The adoption did not have a significant impact on Customers' financial condition, results of operations and consolidated financial statements. Accounting Standards Adopted in 2018 (continued) Standard Summary of guidance Effects on Financial Statements ASU 2017-01, Clarifying the Definition of a Business Issued January 2017 Narrows the definition of a business and clarifies that to be considered a business, the fair value of gross assets acquired (or disposed of) should not be concentrated in a single identifiable asset or a group of similar identifiable assets. Also clarifies that in order to be considered a business, an acquisition would have to include an input and a substantive process that together will significantly contribute to the ability to create an output. Effective January 1, 2018 on a prospective basis. Customers adopted on January 1, 2018. The adoption did not have a significant impact on Customers' financial condition, results of operations and consolidated financial statements. ASU 2016-18, Statement of Cash Flows: Restricted Cash Issued November 2016 Requires inclusion of restricted cash in cash and cash equivalents when reconciling the beginning-of-period total amounts shown on the statement of cash flows. Effective January 1, 2018 and requires retrospective application to all periods presented. Customers adopted on January 1, 2018. The adoption did not result in any significant impact on Customers' consolidated financial statements, including its consolidated statement of cash flows, and therefore did not result in a retrospective application. ASU 2016-16, Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory Issued October 2016 Requires an entity to recognize the income tax consequences of an intra-entity transfer of an asset other than inventory when the transfer occurs. Eliminates the current exception for all intra-entity transfers of an asset other than inventory that requires deferral of the tax effects until the asset is sold to a third party or otherwise recovered through use. Effective January 1, 2018 on a modified retrospective basis. Customers adopted on January 1, 2018. The adoption of the ASU did not have a significant impact on Customers' financial condition, results of operations and consolidated financial statements. ASU 2016-15, Statement of Cash Flow: Classification of Certain Cash Receipts and Cash Payments Issued August 2016 Aims to reduce the existing diversity in practice with regards to the classification of the following specific items in the statement of cash flows: 1. Cash payments for debt prepayment or extinguishment costs will be classified as an operating activity, while the portion of the payment attributable to principal will be classified as a financing activity. 2. Cash paid by an acquirer soon after a business combination for the settlement of a contingent consideration liability recognized at the acquisition date will be classified in investing activities. 3. Cash proceeds received from the settlement of insurance claims will be classified on the basis of the related insurance coverage (i.e., the nature of the loss). 4. Cash proceeds received from the settlement of bank-owned life insurance policies will be classified as cash inflows from investing activities. 5. A transferor's beneficial interest obtained in a securitization of financial assets will be disclosed as a non-cash activity, and cash received from beneficial interests will be classified in investing activities. Effective January 1, 2018 and requires retrospective application to all periods presented. Customers adopted on January 1, 2018. The adoption did not result in any significant impact on Customers' consolidated financial statements, including its consolidated statement of cash flows, and therefore it did not result in a retrospective application. ASU 2016-04, Liabilities - Extinguishment of Liabilities: Recognition of Breakage for Certain Prepaid Stored-Value Products Issued March 2016 Requires issuers of prepaid stored-value products (such as gift cards, telecommunication cards, and traveler's checks), to derecognize the financial liability related to those products for breakage. Breakage is the value of prepaid stored-value products that is not redeemed by consumers for goods, services or cash. The amendments in this ASU provide a narrow scope exception to the guidance in Subtopic 405-20 to require that breakage be accounted for consistent with the breakage guidance in Topic 606. Effective January 1, 2018 on a modified retrospective basis. Customers adopted on January 1, 2018. The adoption of this ASU did not have a significant impact on Customers' financial condition, results of operations and consolidated financial statements. Accounting Standards Adopted in 2018 (continued) Standard Summary of guidance Effects on Financial Statements ASU 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities Issued January 2016 Requires equity investments with certain exceptions, to be measured at fair value with changes in fair value recognized in net income. Simplifies the impairment assessment of equity investments without readily determinable fair values by requiring a qualitative assessment to identify impairment. Eliminates the requirement for public entities to disclose the methods and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost on the balance sheet. Requires public business entities to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes. Requires an entity to present separately in other comprehensive income the portion of the change in fair value of a liability resulting from a change in the instrument-specific credit risk when the entity has elected to measure the liability at fair value in accordance with the fair value option for financial instruments. Requires separate presentation of financial assets and financial liabilities by measurement category and form of financial asset on the balance sheet or in the accompanying notes to the financial statements. Clarifies that an entity should evaluate the need for a valuation allowance on a deferred tax asset related to available-for-sale securities. Effective January 1, 2018 on a modified retrospective basis. Customers adopted on January 1, 2018 using a modified retrospective approach. The adoption of this ASU resulted in a cumulative-effect adjustment that resulted in a $1.0 million reduction in AOCI and a corresponding increase in retained earnings for the same amount. The $1.0 million represented the net unrealized gain on Customers' investment in Religare equity securities at December 31, 2017, as disclosed in NOTE 6 - INVESTMENT SECURITIES. Customers also refined its calculation to determine the fair value of its held-for- investment loan portfolio for disclosure purposes using an exit price notion as part of adopting this ASU. The refined calculation did not have a significant impact on Customers' fair value disclosures. ASU 2014-09, Revenue from Contracts with Customers (Topic 606) Issued May 2014 Supersedes the revenue recognition requirements in ASC 605. Requires an entity to recognize revenue for the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The amendment includes a five-step process to assist an entity in achieving the main principle(s) of revenue recognition under ASC 605. Reframed the structure of the indicators of when an entity is acting as an agent and focused on evidence that an entity is acting as the principal or agent in a revenue transaction. Requires additional qualitative and quantitative disclosures relating to the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. Effective January 1 , 2018 and can be either applied retrospectively to each prior reporting period presented or as a cumulative effect adjustment as of the date of adoption (modified retrospective approach). Customers adopted on January 1, 2018 on a modified retrospective basis. Because the ASU does not apply to revenue associated with leases and financial instruments (including loans and securities), Customers concluded that the new guidance did not have a material impact on the elements of its consolidated statements of operations most closely associated with leases and financial instruments (such as interest income, interest expense and securities gain). Customers has identified its deposit-related fees, service charges, debit and prepaid card interchange income and university fees to be within the scope of the standard. Customers has also completed its review of the related contracts and its evaluation of certain costs related to these revenue streams and determined that its debit and prepaid card interchange income, previously reported on a gross basis for periods prior to adoption, will need to be presented on a net basis under this ASU, as Customers is the agent. The adoption of this ASU, did not have a significant impact on Customers' financial condition, results of operations and consolidated financial statements. Additional discussion related to the adoption and the required quantitative and qualitative disclosures are included in NOTE 13 - NON-INTEREST REVENUES. Accounting Standards Issued But Not Yet Adopted Standard Summary of guidance Effects on Financial Statements ASU 2018-07, Compensation - Stock Compensation (Topic 718): Improvements to Non-employee Share-Based Payment Accounting Issued June 2018 Expands the scope of Topic 718, Compensation - Stock Compensation, which currently only includes share-based payments issued to employees, to also include share-based payments issued to non-employees for goods and services. Applies to all share-based payment transactions in which a grantor acquires goods or services from non-employees to be used or consumed in a grantor's own operations by issuing share-based payment awards. With the amended guidance from ASU 2018-07, non-employees share-based payments are measured with an estimate of the fair value of the equity the business is obligated to issue at the grant date (the date that the business and the stock award recipient agree to the terms of the award). Compensation would be recognized in the same period and in the same manner as if the entity had paid cash for goods or services instead of stock. Effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018, with early adoption permitted. Customers currently does not grant share-based payment awards to non-employees and, accordingly, does not expect the adoption of this ASU to have a significant impact on its financial condition, results of operations and consolidated financial statements; however, Customers will continue to evaluate the potential impact of this ASU through the adoption date. ASU 2017-11, Accounting for Certain Financial Instruments with Down Round Features Issued July 2017 Changes the classification analysis of certain equity-linked financial instruments (or embedded features) with down round features. When determining whether certain financial instruments should be classified as liabilities or equity instruments, a down round feature no longer precludes equity classification when assessing whether the instrument is indexed to an entity's own stock. As a result, a freestanding equity-linked financial instrument (or embedded conversion option) would no longer be accounted for as a derivative liability at fair value as a result of the existence of a down round feature. For freestanding equity-classified financial instruments, the amendments require entities to recognize the effect of the down round feature when it is triggered. That effect is treated as a dividend and as a reduction of net income available to common shareholders in basic earnings per share ("EPS"). Effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. Customers currently does not have any equity-linked financial instruments (or embedded features) with down round features and, accordingly, does not expect the adoption of this ASU to have a significant impact on its financial condition, results of operations and consolidated financial statements; however, Customers will continue to evaluate the potential impact of this ASU through the adoption date. ASU 2017-08, Receivables-Nonrefundable Fees and Other Costs: Premium Amortization on Purchased Callable Debt Securities Issued March 2017 Requires that premiums for certain callable debt securities held be amortized to their earliest call date. Effective for Customers beginning after December 15, 2018, with early adoption permitted. Adoption of this new guidance must be applied on a modified retrospective approach. Customers currently has an immaterial amount of callable debt securities purchased at a premium and, accordingly, does not expect the adoption of this ASU to have a significant impact on its financial condition, results of operations and consolidated financial statements; however, Customers will continue to evaluate the potential impact through the adoption date. Accounting Standards Issued But Not Yet Adopted (continued) Standard Summary of guidance Effects on Financial Statements ASU 2016-13, Financial Instruments - Credit Losses: Measurement of Credit Losses on Financial Instruments Issued June 2016 Requires an entity to utilize a new impairment model known as the current expected credit loss ("CECL") model to estimate lifetime expected credit loss and record an allowance that, when deducted from the amortized cost basis of the financial asset (including HTM securities), presents the net amount expected to be collected on the financial asset. Replaces today's "incurred loss" approach and is expected to result in earlier recognition of credit losses. For available-for-sale debt securities, entities will be required to record allowances for credit losses rather than reduce the carrying amount, as they do today under the OTTI model, and will be allowed to reverse previously established allowances in the event the credit of the issuer improves. Simplifies the accounting model for purchased credit-impaired debt securities and loans. Effective beginning after December 15, 2019 with early adoption permitted. Adoption can be applied through a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is adopted. Customers is currently evaluating the impact of this ASU, continuing its implementation efforts across the company and reviewing the loss modeling requirements consistent with lifetime expected loss estimates. Customers expects that the new model will include different assumptions used in calculating credit losses, such as estimating losses over the estimated life of a financial asset and will consider expected future changes in macroeconomic conditions. The adoption of this ASU may result in an increase to Customers' allowance for loan losses which will depend upon the nature and characteristics of Customers' loan portfolio at the adoption date, as well as the macroeconomic conditions and forecasts at that date. Customers currently does not intend to early adopt this new guidance. ASU 2016-02, Leases Issued February 2016 Supersedes the current lease accounting guidance for both lessees and lessors under ASC 840, Leases. From the lessee's perspective, the new standard establishes a right-of-use ("ROU") model that requires a lessee to record a ROU asset and a lease liability on the balance sheet for all leases with terms longer than 12 months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement for lessees. This ASU will require lessors to account for leases using an approach that is substantially similar to the existing guidance for sales-type, direct financing leases and operating leases. Effective beginning after December 15, 2018 with early adoption permitted. A modified retrospective transition approach is required for lessees for capital and operating leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements, with certain practical expedients available. In July 2018, the FASB issued ASU 2018-11 “Leases (Topic 842): Targeted Improvements,” which provides lessees the option to apply the new leasing standard to all open leases as of the adoption date. Customers is currently evaluating the impact of this ASU on its financial condition and results of operations and expects to recognize right-of-use assets and lease liabilities for substantially all of its operating lease commitments based on the present value of unpaid lease payments as of the date of adoption. Customers expects to apply the new transition option under ASU 2018-11. Customers does not intend to early adopt this ASU. |
Fair Value Measurement | Customers uses fair value measurements to record fair value adjustments to certain assets and liabilities and to disclose the fair value of its financial instruments. ASC Topic 825, Financial Instruments , requires disclosure of the estimated fair value of an entity’s assets and liabilities considered to be financial instruments. For Customers, as for most financial institutions, the majority of its assets and liabilities are considered to be financial instruments. Many of these financial instruments lack an available trading market as characterized by a willing buyer and a willing seller engaging in an exchange transaction. For fair value disclosure purposes, Customers utilized certain fair value measurement criteria under ASC Topic 820, Fair Value Measurements and Disclosures , as explained below. In accordance with ASC 820, the fair value of a financial instrument is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value is best determined based upon quoted market prices. However, in many instances, there are no quoted market prices for Customers' various financial instruments. In cases where quoted market prices are not available, fair values are based on estimates using present value or other valuation techniques. Those techniques are significantly affected by the assumptions used, including the discount rate and estimates of future cash flows. Accordingly, the fair value estimates may not be realized in an immediate settlement of the instrument. The fair value guidance provides a consistent definition of fair value, focusing on an exit price in an orderly transaction (that is, not a forced liquidation or distressed sale) between market participants at the measurement date under current market conditions. If there has been a significant decrease in the volume and level of activity for the asset or liability, a change in valuation technique or the use of multiple valuation techniques may be appropriate. In such instances, determining the price at which willing market participants would transact at the measurement date under current market conditions depends on the facts and circumstances and requires the use of significant judgment. The fair value is a reasonable point within the range that is most representative of fair value under current market conditions. The fair value guidance also establishes a fair value hierarchy and describes the following three levels used to classify fair value measurements. Level 1: Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. Level 2: Quoted prices in markets that are not active, or inputs that are observable either directly or indirectly, for substantially the full term of the asset or liability. Level 3: Prices or valuation techniques that require adjustments to inputs that are both significant to the fair value measurement and unobservable (i.e., supported with little or no market activity). A financial instrument’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. |
Impaired Loans | Impaired loans: Impaired loans are those loans that are accounted for under ASC 310, Receivables , in which the Bank has measured impairment generally based on the fair value of the loan’s collateral or discounted cash flow analysis. Fair value is generally determined based upon independent third-party appraisals of the properties that collateralize the loans or discounted cash flows based upon the expected proceeds. These assets are generally classified as Level 3 fair values, based upon the lowest level of input that is significant to the fair value measurements. |
Derivatives | Risk Management Objectives of Using Derivatives Customers is exposed to certain risks arising from both its business operations and economic conditions. Customers manages economic risks, including interest rate, liquidity, and credit risk, primarily by managing the amount, sources, and durations of its assets and liabilities. Specifically, Customers enters into derivative financial instruments to manage exposures that arise from business activities that result in the receipt or payment of future known and uncertain cash amounts, the value of which are determined by interest rates. Customers' derivative financial instruments are used to manage differences in the amount, timing, and duration of Customers' known or expected cash receipts and its known or expected cash payments principally related to certain borrowings. Customers also has interest-rate derivatives resulting from a service provided to certain qualifying customers, and therefore, they are not used to manage Customers' interest-rate risk in assets or liabilities. Customers manages a matched book with respect to its derivative instruments used in this customer service in order to minimize its net risk exposure resulting from such transactions. Cash Flow Hedges of Interest Rate Risk Customers' objectives in using interest-rate derivatives are to add stability to interest expense and to manage exposure to interest-rate movements. To accomplish this objective, Customers primarily uses interest rate swaps as part of its interest-rate-risk management strategy. Interest-rate swaps designated as cash flow hedges involve the receipt of variable amounts from a counterparty in exchange for Customers making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. The changes in the fair value of derivatives designated and qualifying as cash flow hedges is recorded in accumulated other comprehensive income and is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. To date, such derivatives were used to hedge the variable cash flows associated with the forecasted issuances of debt. |
Spin-Off and Merger (Tables)
Spin-Off and Merger (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Discontinued Operations Income Statement and Balance Sheet | The following tables summarize the effect of the reclassification of BankMobile from held for sale to held and used on the previously reported consolidated statements of income for the three and six months ended June 30, 2017 : Three Months Ended June 30, 2017 (amounts in thousands) As Previously Reported Effect of Reclassification From Held For Sale to Held and Used After Reclassification Interest income $ 93,852 $ — $ 93,852 Interest expense 25,236 10 25,246 Net interest income 68,616 (10 ) 68,606 Provision for loan losses 535 — 535 Non-interest income 6,971 11,420 18,391 Non-interest expense 30,567 19,846 50,413 Income from continuing operations before income taxes 44,485 (8,436 ) 36,049 Provision for income taxes 15,533 (3,206 ) 12,327 Net income from continuing operations 28,952 (5,230 ) 23,722 Loss from discontinued operations before income taxes (8,436 ) 8,436 — Income tax benefit from discontinued operations (3,206 ) 3,206 — Net loss from discontinued operations (5,230 ) 5,230 — Net income 23,722 — 23,722 Preferred stock dividends 3,615 — 3,615 Net income available to common shareholders $ 20,107 $ — $ 20,107 Six Months Ended June 30, 2017 (amounts in thousands) As Previously Reported Effect of Reclassification From Held For Sale to Held and Used After Reclassification Interest income $ 176,946 $ — $ 176,946 Interest expense 45,906 16 45,922 Net interest income 131,040 (16 ) 131,024 Provision for loan losses 3,585 — 3,585 Non-interest income 12,398 28,746 41,144 Non-interest expense 60,714 39,064 99,778 Income from continuing operations before income taxes 79,139 (10,334 ) 68,805 Provision for income taxes 23,263 (3,927 ) 19,336 Net income from continuing operations 55,876 (6,407 ) 49,469 Loss from discontinued operations before income taxes (10,334 ) 10,334 — Income tax benefit from discontinued operations (3,927 ) 3,927 — Net loss from discontinued operations (6,407 ) 6,407 — Net income 49,469 — 49,469 Preferred stock dividends 7,229 — 7,229 Net income available to common shareholders $ 42,240 $ — $ 42,240 |
Significant Accounting Polici_3
Significant Accounting Policies and Basis of Presentation (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Accounting Policies [Abstract] | |
Schedule of Error Corrections and Prior Period Adjustments | The following tables set forth the effects of the correction on the consolidated balance sheet as of June 30, 2018 and the consolidated statements of cash flows for the six months ended June 30, 2018 and 2017. June 30, 2018 Consolidated Balance Sheet As Previously Reported Adjustments As Restated (amounts in thousands) Loans held for sale $ 1,931,781 $ (1,930,738 ) $ 1,043 Loans receivable, mortgage warehouse, at fair value — 1,930,738 1,930,738 Total loans receivable, net of allowance for loan losses $ 7,143,438 $ 1,930,738 $ 9,074,176 Six Months Ended June 30, 2018 2017 Consolidated Statements of Cash Flows As Previously Reported Adjustments As Restated As Previously Reported Adjustments As Restated (amounts in thousands) Origination of loans held for sale $ (14,272,175 ) $ 14,260,621 $ (11,554 ) $ (14,714,280 ) $ 14,693,838 $ (20,442 ) Proceeds from the sale of loans held for sale 14,135,931 (14,123,291 ) 12,640 14,727,734 (14,709,013 ) 18,721 Net Cash Provided by (Used in) Operating Activities (71,859 ) 137,330 65,471 27,508 (15,175 ) 12,333 Origination of mortgage warehouse loans — (14,260,621 ) (14,260,621 ) — (14,693,838 ) (14,693,838 ) Proceeds from repayments of mortgage warehouse loans — 14,123,291 14,123,291 — 14,709,013 14,709,013 Net Cash Used In Investing Activities $ (1,041,861 ) $ (137,330 ) $ (1,179,191 ) $ (1,338,066 ) $ 15,175 $ (1,322,891 ) |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Earnings Per Share [Abstract] | |
Components of Earnings Per Share | The following are the components and results of Customers' earnings per common share calculations for the periods presented. Three Months Ended Six Months Ended 2018 2017 2018 2017 (amounts in thousands, except share and per share data) Net income available to common shareholders $ 20,048 $ 20,107 $ 40,575 $ 42,240 Weighted-average number of common shares outstanding - basic 31,564,893 30,641,554 31,495,082 30,524,955 Share-based compensation plans 807,258 1,910,634 823,245 2,129,773 Warrants 8,511 17,464 8,566 27,318 Weighted-average number of common shares - diluted 32,380,662 32,569,652 32,326,893 32,682,046 Basic earnings per common share $ 0.64 $ 0.66 $ 1.29 $ 1.38 Diluted earnings per common share $ 0.62 $ 0.62 $ 1.26 $ 1.29 |
Anti-dilutive Securities Excluded from Computation of Earnings Per Share | The following is a summary of securities that could potentially dilute basic earnings per common share in future periods that were not included in the computation of diluted earnings per common share because either the performance conditions for certain of the share-based compensation awards have not been met or to do so would have been anti-dilutive for the periods presented. Three Months Ended Six Months Ended 2018 2017 2018 2017 Anti-dilutive securities: Share-based compensation awards 1,069,225 288,325 1,069,225 282,725 Warrants — 52,242 — 52,242 Total anti-dilutive securities 1,069,225 340,567 1,069,225 334,967 |
Changes in Accumulated Other _2
Changes in Accumulated Other Comprehensive Income (Loss) By Component (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Equity [Abstract] | |
Changes in Accumulated Other Comprehensive Income (loss) | The following tables present the changes in accumulated other comprehensive income (loss) by component for the three and six months ended June 30, 2018 and 2017 . All amounts are presented net of tax. Amounts in parentheses indicate reductions to accumulated other comprehensive income. Three Months Ended June 30, 2018 Available-for-sale debt securities (amounts in thousands) Unrealized Gains (Losses) Foreign Currency Items Total Unrealized Gains (Losses) Unrealized Total Balance - March 31, 2018 $ (26,691 ) $ — $ (26,691 ) $ 503 $ (26,188 ) Other comprehensive income (loss) before reclassifications (9,020 ) — (9,020 ) 1,403 (7,617 ) Amounts reclassified from accumulated other comprehensive income (loss) to net income (1) — — — (192 ) (192 ) Net current-period other comprehensive income (loss) (9,020 ) — (9,020 ) 1,211 (7,809 ) Balance - June 30, 2018 $ (35,711 ) $ — $ (35,711 ) $ 1,714 $ (33,997 ) Six Months Ended June 30, 2018 Available-for-sale securities (amounts in thousands) Unrealized Gains (Losses) Foreign Currency Items Total Unrealized Gains (Losses) Unrealized Total Balance - December 31, 2017 $ (249 ) $ 88 $ (161 ) $ (198 ) $ (359 ) Reclassification of the income tax effects of the Tax Cuts and Jobs Act (2) (256 ) — (256 ) (42 ) (298 ) Reclassification of net unrealized gains on equity securities (2) (953 ) (88 ) (1,041 ) — (1,041 ) Balance after reclassification adjustments on January 1, 2018 (1,458 ) — (1,458 ) (240 ) (1,698 ) Other comprehensive income (loss) before reclassifications (34,253 ) — (34,253 ) 2,049 (32,204 ) Amounts reclassified from accumulated other comprehensive income (loss) to net income (1) — — — (95 ) (95 ) Net current-period other comprehensive income (loss) (34,253 ) — (34,253 ) 1,954 (32,299 ) Balance - June 30, 2018 $ (35,711 ) $ — $ (35,711 ) $ 1,714 $ (33,997 ) (1) Reclassification amounts for cash flow hedges are reported as interest expense on FHLB advances on the consolidated statements of income. (2) Amounts reclassified from accumulated other comprehensive income (loss) on January 1, 2018 as a result of the adoption of ASU 2018-02 and ASU 2016-01 resulted in a decrease in accumulated other comprehensive income of $1.3 million and a corresponding increase in retained earnings for the same amount. See NOTE 3 - SIGNIFICANT ACCOUNTING POLICIES AND BASIS OF PRESENTATION for more information. Three Months Ended June 30, 2017 (amounts in thousands) Unrealized Gains (Losses) on Available-For-Sale Debt Securities Unrealized Total Balance - March 31, 2017 $ (3,366 ) $ (1,506 ) $ (4,872 ) Other comprehensive income (loss) before reclassifications 12,130 (420 ) 11,710 Amounts reclassified from accumulated other comprehensive income (loss) to net income (1) (1,942 ) 468 (1,474 ) Net current-period other comprehensive income 10,188 48 10,236 Balance - June 30, 2017 $ 6,822 $ (1,458 ) $ 5,364 Six Months Ended June 30, 2017 (amounts in thousands) Unrealized Gains (Losses) on Available-For-Sale Debt Securities Unrealized Total Balance - December 31, 2016 $ (2,681 ) $ (2,211 ) $ (4,892 ) Other comprehensive income (loss) before reclassifications 11,445 (219 ) 11,226 Amounts reclassified from accumulated other comprehensive income (loss) to net income (1) (1,942 ) 972 (970 ) Net current-period other comprehensive income 9,503 753 10,256 Balance - June 30, 2017 $ 6,822 $ (1,458 ) $ 5,364 (1) Reclassification amounts for available-for-sale debt securities are reported as gain on sale of investment securities on the consolidated statements of income. Reclassification amounts for cash flow hedges are reported as interest expense on FHLB advances on the consolidated statements of income. |
Investment Securities (Tables)
Investment Securities (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Investments, Debt and Equity Securities [Abstract] | |
Summary of Amortized Cost and Approximate Fair Value of Investment Securities | The amortized cost and approximate fair value of investment securities as of June 30, 2018 and December 31, 2017 are summarized in the tables below: June 30, 2018 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (amounts in thousands) Available-for-Sale Debt Securities: Agency-guaranteed residential mortgage-backed securities $ 490,425 $ — $ (13,862 ) $ 476,563 Agency-guaranteed commercial real estate mortgage-backed securities 334,232 — (13,859 ) 320,373 Corporate notes 381,545 798 (21,335 ) 361,008 Available-for-Sale Debt Securities $ 1,206,202 $ 798 $ (49,056 ) 1,157,944 Equity Securities (1) 3,056 Total Investment Securities, at Fair Value $ 1,161,000 (1) Includes equity securities issued by a foreign entity that are being measured at fair value with changes in fair value recognized directly in earnings effective January 1, 2018 as a result of adopting ASU 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities (see NOTE 3 - SIGNIFICANT ACCOUNTING POLICIES AND BASIS OF PRESENTATION for additional information related to the adoption of this new standard). December 31, 2017 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value (amounts in thousands) Available-for-Sale Securities: Agency-guaranteed residential mortgage-backed securities $ 186,221 $ 36 $ (2,799 ) $ 183,458 Agency-guaranteed commercial real estate mortgage-backed securities 238,809 432 (769 ) 238,472 Corporate notes (1) 44,959 1,130 — 46,089 Equity securities (2) 2,311 1,041 — 3,352 Total Available-for-Sale Securities, at Fair Value $ 472,300 $ 2,639 $ (3,568 ) $ 471,371 (1) Includes subordinated debt issued by other bank holding companies. (2) Includes equity securities issued by a foreign entity. |
Summary of Available-for-Sale Debt Securities by Stated Maturity | The following table shows debt investment securities by stated maturity. Investment securities backed by mortgages have expected maturities that differ from contractual maturities because borrowers have the right to call or prepay and, therefore, these debt securities are classified separately with no specific maturity date: June 30, 2018 Amortized Cost Fair Value (amounts in thousands) Due in one year or less $ — $ — Due after one year through five years — — Due after five years through ten years 179,413 171,214 Due after ten years 202,132 189,794 Agency-guaranteed residential mortgage-backed securities 490,425 476,563 Agency-guaranteed commercial real estate mortgage-backed securities 334,232 320,373 Total debt securities $ 1,206,202 $ 1,157,944 |
Available-for-sale Securities | Three Months Ended June 30, Six Months Ended June 30, 2018 2017 2018 2017 (amounts in thousands) Proceeds from sale of available-for-sale securities $ — $ 115,982 $ — $ 115,982 Gross gains $ — $ 3,183 $ — $ 3,183 Gross losses — — — — Net gains (losses) $ — $ 3,183 $ — $ 3,183 |
Gross Unrealized Losses and Fair Value, Aggregated by Investment Category | Gross unrealized losses and fair value of Customers' available for sale debt investment securities aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at June 30, 2018 and December 31, 2017 were as follows: June 30, 2018 Less Than 12 Months 12 Months or More Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses (amounts in thousands) Available-for-Sale Debt Securities: Agency-guaranteed residential mortgage-backed securities $ 416,002 $ (10,256 ) $ 60,561 $ (3,606 ) $ 476,563 $ (13,862 ) Agency-guaranteed commercial real estate mortgage-backed securities 314,525 (13,532 ) 5,848 (327 ) 320,373 (13,859 ) Corporate notes 315,249 (21,335 ) — — 315,249 (21,335 ) Total $ 1,045,776 $ (45,123 ) $ 66,409 $ (3,933 ) $ 1,112,185 $ (49,056 ) December 31, 2017 Less Than 12 Months 12 Months or More Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses (amounts in thousands) Available-for-Sale Debt Securities: Agency-guaranteed residential mortgage-backed securities $ 104,861 $ (656 ) $ 66,579 $ (2,143 ) $ 171,440 $ (2,799 ) Agency-guaranteed commercial real estate mortgage-backed securities 115,970 (740 ) 6,151 (29 ) 122,121 (769 ) Total $ 220,831 $ (1,396 ) $ 72,730 $ (2,172 ) $ 293,561 $ (3,568 ) |
Loans Held for Sale (Tables)
Loans Held for Sale (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Receivables Held-for-sale [Abstract] | |
Composition of Loans Held for Sale | The composition of loans held for sale as of June 30, 2018 and December 31, 2017 was as follows: June 30, 2018 December 31, 2017 (amounts in thousands) (As Restated) (As Restated) Commercial loans: Multi-family loans at lower of cost or fair value $ — $ 144,191 Total commercial loans held for sale — 144,191 Consumer loans: Residential mortgage loans, at fair value 1,043 1,886 Loans held for sale $ 1,043 $ 146,077 |
Loans Receivable and Allowanc_2
Loans Receivable and Allowance for Loan Losses (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Receivables [Abstract] | |
Schedule of Loans Receivable | The following table presents loans receivable as of June 30, 2018 and December 31, 2017 . June 30, 2018 December 31, 2017 (amounts in thousands) (As Restated) (As Restated) Loans receivable, mortgage warehouse, at fair value $ 1,930,738 $ 1,793,408 Loans receivable: Commercial: Multi-family 3,542,770 3,502,381 Commercial and industrial (including owner occupied commercial real estate) 1,811,751 1,633,818 Commercial real estate non-owner occupied 1,155,998 1,218,719 Construction 88,141 85,393 Total commercial loans receivable 6,598,660 6,440,311 Consumer: Residential real estate 493,222 234,090 Manufactured housing 85,328 90,227 Other 3,874 3,547 Total consumer loans receivable 582,424 327,864 Loans receivable 7,181,084 6,768,175 Deferred costs and unamortized premiums, net 642 83 Allowance for loan losses (38,288 ) (38,015 ) Total loans receivable, net of allowance for loan losses $ 9,074,176 $ 8,523,651 |
Loans Receivable by Loan Type and Performance Status | The following tables summarize loans receivable by loan type and performance status as of June 30, 2018 and December 31, 2017 : June 30, 2018 30-89 Days Past Due (1) 90 Days Or More Past Due(1) Total Past Due (1) Non- Accrual Current (2) Purchased- Credit- Impaired Loans (3) Total Loans (4) (amounts in thousands) Multi-family $ — $ — $ — $ 1,343 $ 3,539,640 $ 1,787 $ 3,542,770 Commercial and industrial 1,087 — 1,087 13,683 1,251,148 602 1,266,520 Commercial real estate - owner occupied — — — 718 534,923 9,590 545,231 Commercial real estate - non-owner occupied — — — 2,536 1,148,581 4,881 1,155,998 Construction — — — — 88,141 — 88,141 Residential real estate 2,174 — 2,174 5,606 480,381 5,061 493,222 Manufactured housing (5) 2,977 2,661 5,638 2,015 75,250 2,425 85,328 Other consumer 56 — 56 94 3,496 228 3,874 Total $ 6,294 $ 2,661 $ 8,955 $ 25,995 $ 7,121,560 $ 24,574 $ 7,181,084 December 31, 2017 30-89 Days Past Due (1) 90 Days Or More Past Due(1) Total Past Due (1) Non- Accrual Current (2) Purchased- Credit- Impaired Loans (3) Total Loans (4) (amounts in thousands) Multi-family $ 4,900 $ — $ 4,900 $ — $ 3,495,600 $ 1,881 $ 3,502,381 Commercial and industrial 103 — 103 17,392 1,130,831 764 1,149,090 Commercial real estate - owner occupied 202 — 202 1,453 472,501 10,572 484,728 Commercial real estate - non-owner occupied 93 — 93 160 1,213,216 5,250 1,218,719 Construction — — — — 85,393 — 85,393 Residential real estate 7,628 — 7,628 5,420 215,361 5,681 234,090 Manufactured housing (5) 4,028 2,743 6,771 1,959 78,946 2,551 90,227 Other consumer 116 — 116 31 3,184 216 3,547 Total $ 17,070 $ 2,743 $ 19,813 $ 26,415 $ 6,695,032 $ 26,915 $ 6,768,175 (1) Includes past due loans that are accruing interest because collection is considered probable. (2) Loans where next payment due is less than 30 days from the report date. (3) Purchased-credit-impaired loans aggregated into a pool are accounted for as a single asset with a single composite interest rate and an aggregate expectation of cash flows, and the past due status of the pools, or that of the individual loans within the pools, is not meaningful. Because of the credit impaired nature of the loans, the loans are recorded at a discount reflecting estimated future cash flows and the Bank recognizes interest income on each pool of loans reflecting the estimated yield and passage of time. Such loans are considered to be performing. Purchased-credit-impaired loans that are not in pools accrete interest when the timing and amount of their expected cash flows are reasonably estimable, and are reported as performing loans. (4) Amounts exclude deferred costs and fees, unamortized premiums and discounts, and the allowance for loan losses. (5) Manufactured housing loans purchased in 2010 are supported by cash reserves held at the Bank that are used to fund past-due payments when the loan becomes 90 days or more delinquent. Subsequent purchases are subject to varying provisions in the event of borrowers’ delinquencies. |
Schedule of Allowance for Loan Losses | The changes in the allowance for loan losses for the three and six months ended June 30, 2018 and 2017 , and the loans and allowance for loan losses by loan class based on impairment-evaluation method as of June 30, 2018 and December 31, 2017 are presented in the tables below. Three Months Ended June 30, 2018 Multi-family Commercial and Industrial Commercial Real Estate Owner Occupied Commercial Construction Residential Manufactured Other Consumer Total (amounts in thousands) Ending Balance, March 31, 2018 $ 12,545 $ 11,737 $ 3,525 $ 7,233 $ 921 $ 3,179 $ 176 $ 183 $ 39,499 Charge-offs — (174 ) (483 ) — — (42 ) — (462 ) (1,161 ) Recoveries — 140 326 — 209 56 — 3 734 Provision for loan losses (476 ) 555 (380 ) (535 ) (138 ) (285 ) (27 ) 502 (784 ) Ending Balance, June 30, 2018 $ 12,069 $ 12,258 $ 2,988 $ 6,698 $ 992 $ 2,908 $ 149 $ 226 $ 38,288 Six Months Ended June 30, 2018 Ending Balance, December 31, 2017 $ 12,168 $ 10,918 $ 3,232 $ 7,437 $ 979 $ 2,929 $ 180 $ 172 $ 38,015 Charge-offs — (224 ) (501 ) — — (407 ) — (718 ) (1,850 ) Recoveries — 175 326 — 220 63 — 6 790 Provision for loan losses (99 ) 1,389 (69 ) (739 ) (207 ) 323 (31 ) 766 1,333 Ending Balance, June 30, 2018 $ 12,069 $ 12,258 $ 2,988 $ 6,698 $ 992 $ 2,908 $ 149 $ 226 $ 38,288 As of June 30, 2018 Loans: Individually evaluated for impairment $ 1,343 $ 13,750 $ 759 $ 2,536 $ — $ 8,775 $ 10,372 $ 94 $ 37,629 Collectively evaluated for impairment 3,539,640 1,252,168 534,882 1,148,581 88,141 479,386 72,531 3,552 7,118,881 Loans acquired with credit deterioration 1,787 602 9,590 4,881 — 5,061 2,425 228 24,574 $ 3,542,770 $ 1,266,520 $ 545,231 $ 1,155,998 $ 88,141 $ 493,222 $ 85,328 $ 3,874 $ 7,181,084 Allowance for loan losses: Individually evaluated for impairment $ — $ 1,062 $ 1 $ — $ — $ 313 $ 5 $ — $ 1,381 Collectively evaluated for impairment 12,069 10,749 2,987 4,334 992 2,106 81 154 33,472 Loans acquired with credit deterioration — 447 — 2,364 — 489 63 72 3,435 $ 12,069 $ 12,258 $ 2,988 $ 6,698 $ 992 $ 2,908 $ 149 $ 226 $ 38,288 Three Months Ended June 30, 2017 Multi-family Commercial and Industrial Commercial Real Estate Owner Occupied Commercial Construction Residential Manufactured Other Consumer Total (amounts in thousands) Ending Balance, March 31, 2017 $ 12,283 $ 13,009 $ 2,394 $ 7,847 $ 885 $ 3,080 $ 284 $ 101 $ 39,883 Charge-offs — (1,849 ) — (4 ) — (69 ) — (226 ) (2,148 ) Recoveries — 68 9 — 49 6 — 56 188 Provision for loan losses (255 ) 357 573 (57 ) (218 ) (22 ) (16 ) 173 535 Ending Balance, June 30, 2017 $ 12,028 $ 11,585 $ 2,976 $ 7,786 $ 716 $ 2,995 $ 268 $ 104 $ 38,458 Six Months Ended June 30, 2017 Ending Balance, December 31, 2016 $ 11,602 $ 11,050 $ 2,183 $ 7,894 $ 840 $ 3,342 $ 286 $ 118 $ 37,315 Charge-offs — (2,047 ) — (408 ) — (290 ) — (246 ) (2,991 ) Recoveries — 283 9 — 130 27 — 100 549 Provision for loan losses 426 2,299 784 300 (254 ) (84 ) (18 ) 132 3,585 Ending Balance, June 30, 2017 $ 12,028 $ 11,585 $ 2,976 $ 7,786 $ 716 $ 2,995 $ 268 $ 104 $ 38,458 As of December 31, 2017 Loans: Individually evaluated for impairment $ — $ 17,461 $ 1,448 $ 160 $ — $ 9,247 $ 10,089 $ 30 $ 38,435 Collectively evaluated for impairment 3,500,500 1,130,865 472,708 1,213,309 85,393 219,162 77,587 3,301 6,702,825 Loans acquired with credit deterioration 1,881 764 10,572 5,250 — 5,681 2,551 216 26,915 $ 3,502,381 $ 1,149,090 $ 484,728 $ 1,218,719 $ 85,393 $ 234,090 $ 90,227 $ 3,547 $ 6,768,175 Allowance for loan losses: Individually evaluated for impairment $ — $ 650 $ 642 $ — $ — $ 155 $ 4 $ — $ 1,451 Collectively evaluated for impairment 12,168 9,804 2,580 4,630 979 2,177 82 117 32,537 Loans acquired with credit deterioration — 464 10 2,807 — 597 94 55 4,027 $ 12,168 $ 10,918 $ 3,232 $ 7,437 $ 979 $ 2,929 $ 180 $ 172 $ 38,015 |
Summary of Recorded Investment Net Charge-Offs, Unpaid Principal Balance and Related Allowance for Impaired Loans | The following tables present the recorded investment (net of charge-offs), unpaid principal balance, and related allowance by loan type for impaired loans that were individually evaluated for impairment as of June 30, 2018 and December 31, 2017 and the average recorded investment and interest income recognized for the three and six months ended June 30, 2018 and 2017 . Purchased-credit-impaired loans are considered to be performing and are not included in the tables below. June 30, 2018 Three Months Ended June 30, 2018 Six Months Ended June 30, 2018 Recorded Investment Net of Charge offs Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized Average Interest (amounts in thousands) With no recorded allowance: Multi-family $ 1,343 $ 1,343 $ — $ 672 $ 8 $ 448 $ 8 Commercial and industrial 5,642 5,889 — 5,736 2 6,870 2 Commercial real estate owner occupied 718 1,201 — 664 — 713 — Commercial real estate non-owner occupied 2,536 2,648 — 1,390 8 980 8 Other consumer 94 94 — 96 — 74 — Residential real estate 4,301 4,546 — 3,959 2 3,849 2 Manufactured housing 10,144 10,144 — 10,015 146 9,963 277 With an allowance recorded: Commercial and industrial 8,108 8,292 1,062 8,283 11 8,296 12 Commercial real estate owner occupied 41 41 1 455 1 517 2 Residential real estate 4,474 4,479 313 4,550 38 4,906 63 Manufactured housing 228 228 5 225 6 225 6 Total $ 37,629 $ 38,905 $ 1,381 $ 36,045 $ 222 $ 36,841 $ 380 December 31, 2017 Three Months Ended June 30, 2017 Six Months Ended June 30, 2017 Recorded Investment Net of Charge offs Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized Average Interest (amounts in thousands) With no recorded allowance: Commercial and industrial $ 9,138 $ 9,287 $ — $ 6,678 $ 46 $ 5,251 $ 96 Commercial real estate owner occupied 806 806 — 1,739 — 1,563 3 Commercial real estate non-owner occupied 160 272 — 884 — 1,257 2 Other consumer 30 30 — 56 — 56 — Residential real estate 3,628 3,801 — 2,660 — 4,001 1 Manufactured housing 9,865 9,865 — 10,074 152 9,937 293 With an allowance recorded: Commercial and industrial 8,323 8,506 650 7,209 — 6,846 22 Commercial real estate - owner occupied 642 642 642 839 1 839 2 Commercial real estate non-owner occupied — — — 114 — 126 — Residential real estate 5,619 5,656 155 4,953 45 3,399 84 Manufactured housing 224 224 4 216 5 144 8 Total $ 38,435 $ 39,089 $ 1,451 $ 35,422 $ 249 $ 33,419 $ 511 |
Summary of Loans Modified in Troubled Debt Restructurings and Related Recorded Investment | The following table presents total TDRs based on loan type and accrual status at June 30, 2018 and December 31, 2017 . Nonaccrual TDRs are included in the reported amount of total non-accrual loans. June 30, 2018 December 31, 2017 Accruing TDRs Nonaccrual TDRs Total Accruing TDRs Nonaccrual TDRs Total (amounts in thousands) Commercial and industrial $ 67 $ 5,415 $ 5,482 $ 63 $ 5,939 $ 6,002 Commercial real estate owner occupied 41 — 41 — — — Manufactured housing 8,357 1,875 10,232 8,130 1,766 9,896 Residential real estate 3,169 485 3,654 3,828 703 4,531 Other consumer — 13 13 — — — Total TDRs $ 11,634 $ 7,788 $ 19,422 $ 12,021 $ 8,408 $ 20,429 The following table provides, by loan type, the number of loans modified in troubled debt restructurings, and the related recorded investment, during the three and six months ended June 30, 2018 and 2017 . Three Months Ended June 30, 2018 Three Months Ended June 30, 2017 Number Recorded Number Recorded (dollars in thousands) Commercial and industrial — $ — 2 $ 5,855 Manufactured housing 14 450 9 320 Residential real estate 1 200 — — Other consumer 1 13 — — Total loans 16 $ 663 11 $ 6,175 Six Months Ended June 30, 2018 Six Months Ended June 30, 2017 Number Recorded Number Recorded (dollars in thousands) Commercial and industrial — $ — 3 $ 6,203 Manufactured housing 23 772 29 1,175 Residential real estate 1 200 — — Other consumer 1 13 — — Total loans 25 $ 985 32 $ 7,378 |
Analysis of Loans Modified in Troubled Debt Restructuring by Type of Concession | The following table presents loans modified in a troubled debt restructuring by type of concession for the three and six months ended June 30, 2018 and 2017 . There were no modifications that involved forgiveness of debt. Three Months Ended June 30, 2018 Three Months Ended June 30, 2017 Number Recorded Number Recorded (dollars in thousands) Extensions of maturity 1 $ 56 2 $ 5,855 Interest-rate reductions 15 607 9 320 Total 16 $ 663 11 $ 6,175 Six Months Ended June 30, 2018 Six Months Ended June 30, 2017 Number Recorded Number Recorded (dollars in thousands) Extensions of maturity 1 $ 56 3 $ 6,203 Interest-rate reductions 24 929 29 1,175 Total 25 $ 985 32 $ 7,378 |
Changes in Accretable Yield Related to Purchased-credit-impaired Loans | The changes in accretable yield related to purchased-credit-impaired loans for the three and six months ended June 30, 2018 and 2017 were as follows: Three Months Ended June 30, 2018 2017 (amounts in thousands) Accretable yield balance as of March 31, $ 7,663 $ 9,376 Accretion to interest income (516 ) (465 ) Reclassification from nonaccretable difference and disposals, net 256 95 Accretable yield balance as of June 30, $ 7,403 $ 9,006 Six Months Ended June 30, 2018 2017 (amounts in thousands) Accretable yield balance as of December 31, $ 7,825 $ 10,202 Accretion to interest income (854 ) (958 ) Reclassification from nonaccretable difference and disposals, net 432 (238 ) Accretable yield balance as of June 30, $ 7,403 $ 9,006 |
Credit Ratings of Covered and Non-Covered Loan Portfolio | The following tables present the credit ratings of loans receivable as of June 30, 2018 and December 31, 2017 . June 30, 2018 Multi-family Commercial and Industrial Commercial Real Estate Owner Occupied Commercial Real Estate Non-Owner Occupied Construction Residential Real Estate Manufactured Housing Other Consumer Total (3) (amounts in thousands) Pass/Satisfactory $ 3,485,669 $ 1,211,934 $ 529,898 $ 1,089,666 $ 88,141 $ — $ — $ — $ 6,405,308 Special Mention 31,001 16,979 8,152 60,943 — — — — 117,075 Substandard 26,100 37,607 7,181 5,389 — — — — 76,277 Performing (1) — — — — — 485,442 77,675 3,724 566,841 Non-performing (2) — — — — — 7,780 7,653 150 15,583 Total $ 3,542,770 $ 1,266,520 $ 545,231 $ 1,155,998 $ 88,141 $ 493,222 $ 85,328 $ 3,874 $ 7,181,084 December 31, 2017 Multi-family Commercial Commercial Commercial Real Estate Non-Owner Occupied Construction Residential Manufactured Other Consumer Total (3) (amounts in thousands) Pass/Satisfactory $ 3,438,554 $ 1,118,889 $ 471,826 $ 1,185,933 $ 85,393 $ — $ — $ — $ 6,300,595 Special Mention 53,873 7,652 5,987 31,767 — — — — 99,279 Substandard 9,954 22,549 6,915 1,019 — — — — 40,437 Performing (1) — — — — — 221,042 81,497 3,400 305,939 Non-performing (2) — — — — — 13,048 8,730 147 21,925 Total $ 3,502,381 $ 1,149,090 $ 484,728 $ 1,218,719 $ 85,393 $ 234,090 $ 90,227 $ 3,547 $ 6,768,175 |
Regulatory Capital (Tables)
Regulatory Capital (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Banking and Thrift [Abstract] | |
Summary of Capital Amounts, Tier 1 Risk Based and Tier 1 Leveraged Ratios | Generally, to comply with the regulatory definition of adequately capitalized, or well capitalized, respectively, or to comply with the Basel III capital requirements, an institution must at least maintain the common equity Tier 1, Tier 1 and total risk-based capital ratios and the Tier 1 leverage ratio in excess of the related minimum ratios as set forth in the following table: Minimum Capital Levels to be Classified as: Actual Adequacy Capitalized Well Capitalized Basel III Compliant (amounts in thousands) Amount Ratio Amount Ratio Amount Ratio Amount Ratio As of June 30, 2018: Common equity Tier 1 capital (to risk-weighted assets) Customers Bancorp, Inc. $ 735,609 8.611 % $ 384,418 4.500 % N/A N/A $ 544,591 6.375 % Customers Bank $ 1,054,613 12.351 % $ 384,232 4.500 % $ 555,002 6.500 % $ 544,329 6.375 % Tier 1 capital (to risk-weighted assets) Customers Bancorp, Inc. $ 953,025 11.156 % $ 512,557 6.000 % N/A N/A $ 672,731 7.875 % Customers Bank $ 1,054,613 12.351 % $ 512,309 6.000 % $ 683,079 8.000 % $ 672,406 7.875 % Total capital (to risk-weighted assets) Customers Bancorp, Inc. $ 1,072,072 12.550 % $ 683,409 8.000 % N/A N/A $ 843,583 9.875 % Customers Bank $ 1,202,070 14.078 % $ 683,079 8.000 % $ 853,849 10.000 % $ 843,176 9.875 % Tier 1 capital (to average assets) Customers Bancorp, Inc. $ 953,025 8.866 % $ 429,963 4.000 % N/A N/A $ 429,963 4.000 % Customers Bank $ 1,054,613 9.822 % $ 429,471 4.000 % $ 536,839 5.000 % $ 429,471 4.000 % As of December 31, 2017: Common equity Tier 1 capital (to risk-weighted assets) Customers Bancorp, Inc. $ 689,494 8.805 % $ 352,368 4.500 % N/A N/A $ 450,248 5.750 % Customers Bank $ 1,023,564 13.081 % $ 352,122 4.500 % $ 508,621 6.500 % $ 449,934 5.750 % Tier 1 capital (to risk-weighted assets) Customers Bancorp, Inc. $ 906,963 11.583 % $ 469,824 6.000 % N/A N/A $ 567,704 7.250 % Customers Bank $ 1,023,564 13.081 % $ 469,496 6.000 % $ 625,994 8.000 % $ 567,307 7.250 % Total capital (to risk-weighted assets) Customers Bancorp, Inc. $ 1,021,601 13.047 % $ 626,432 8.000 % N/A N/A $ 724,313 9.250 % Customers Bank $ 1,170,666 14.961 % $ 625,994 8.000 % $ 782,493 10.000 % $ 723,806 9.250 % Tier 1 capital (to average assets) Customers Bancorp, Inc. $ 906,963 8.937 % $ 405,949 4.000 % N/A N/A $ 405,949 4.000 % Customers Bank $ 1,023,564 10.092 % $ 405,701 4.000 % $ 507,126 5.000 % $ 405,701 4.000 % |
Disclosures About Fair Value _2
Disclosures About Fair Value of Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Fair Value Disclosures [Abstract] | |
Estimated Fair Values of Financial Instruments | The estimated fair values of Customers' financial instruments at June 30, 2018 and December 31, 2017 were as follows. Fair Value Measurements at June 30, 2018 Carrying Amount Estimated Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) (amounts in thousands) (as restated) Assets: Cash and cash equivalents $ 251,726 $ 251,726 $ 251,726 $ — $ — Debt securities, available for sale 1,157,944 1,157,944 — 1,157,944 — Equity securities 3,056 3,056 3,056 — — Loans held for sale (as restated) 1,043 1,043 — 1,043 — Total loans receivable, net of allowance for loan losses (as restated) 9,074,176 9,058,053 — 1,930,738 7,127,315 FHLB, Federal Reserve Bank and other restricted stock 136,066 136,066 — 136,066 — Derivatives 16,247 16,247 — 16,114 133 Liabilities: Deposits $ 7,295,954 $ 7,288,828 $ 5,223,793 $ 2,065,035 $ — Federal funds purchased 105,000 105,000 105,000 — — FHLB advances 2,389,797 2,389,785 1,504,797 884,988 — Other borrowings 186,888 185,364 63,554 121,810 — Subordinated debt 108,929 114,675 — 114,675 — Derivatives 13,698 13,698 — 13,698 — Fair Value Measurements at December 31, 2017 Carrying Amount Estimated Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) (amounts in thousands) (as restated) Assets: Cash and cash equivalents $ 146,323 $ 146,323 $ 146,323 $ — $ — Investment securities, available for sale 471,371 471,371 3,352 468,019 — Loans held for sale (as restated) 146,077 146,251 — 1,886 144,365 Total loans receivable, net of allowance for loan losses (as restated) 8,523,651 8,470,171 — 1,793,408 6,676,763 FHLB, Federal Reserve Bank and other restricted stock 105,918 105,918 — 105,918 — Derivatives 9,752 9,752 — 9,692 60 Liabilities: Deposits $ 6,800,142 $ 6,796,095 $ 4,894,449 $ 1,901,646 $ — Federal funds purchased 155,000 155,000 155,000 — — FHLB advances 1,611,860 1,611,603 881,860 729,743 — Other borrowings 186,497 193,557 65,072 128,485 — Subordinated debt 108,880 115,775 — 115,775 — Derivatives 10,074 10,074 — 10,074 — |
Summary of Financial Assets and Liabilities Measured at Fair Value on a Recurring and Nonrecurring Basis | For financial assets and liabilities measured at fair value on a recurring and nonrecurring basis, the fair value measurements by level within the fair value hierarchy used at June 30, 2018 and December 31, 2017 were as follows: June 30, 2018 Fair Value Measurements at the End of the Reporting Period Using Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total (amounts in thousands) (as restated) Measured at Fair Value on a Recurring Basis: Assets Available-for-sale debt securities: Agency-guaranteed residential mortgage-backed securities $ — $ 476,563 $ — $ 476,563 Agency-guaranteed commercial mortgage-backed securities — 320,373 — 320,373 Corporate notes — 361,008 — 361,008 Equity securities 3,056 — — 3,056 Derivatives — 16,114 133 16,247 Loans held for sale – fair value option (as restated) — 1,043 — 1,043 Loans receivable, mortgage warehouse – fair value option (as restated) — 1,930,738 — 1,930,738 Total assets - recurring fair value measurements $ 3,056 $ 3,105,839 $ 133 $ 3,109,028 Liabilities Derivatives $ — $ 13,698 $ — $ 13,698 Measured at Fair Value on a Nonrecurring Basis: Assets Impaired loans, net of reserves of $1,381 $ — $ — $ 11,929 $ 11,929 Other real estate owned — — 1,027 1,027 Total assets - nonrecurring fair value measurements $ — $ — $ 12,956 $ 12,956 December 31, 2017 Fair Value Measurements at the End of the Reporting Period Using Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total (amounts in thousands) (as restated) Measured at Fair Value on a Recurring Basis: Assets Available-for-sale securities: Agency-guaranteed residential mortgage-backed securities $ — $ 183,458 $ — $ 183,458 Agency-guaranteed commercial real estate mortgage-backed securities — 238,472 — 238,472 Corporate notes — 46,089 — 46,089 Equity securities 3,352 — — 3,352 Derivatives — 9,692 60 9,752 Loans held for sale – fair value option (as restated) — 1,886 — 1,886 Loans receivable, mortgage warehouse – fair value option (as restated) — 1,793,408 — 1,793,408 Total assets - recurring fair value measurements $ 3,352 $ 2,273,005 $ 60 $ 2,276,417 Liabilities Derivatives $ — $ 10,074 $ — $ 10,074 Measured at Fair Value on a Nonrecurring Basis: Assets Impaired loans, net of reserves of $1,451 $ — $ — $ 13,902 $ 13,902 Other real estate owned — — 1,449 1,449 Total assets - nonrecurring fair value measurements $ — $ — $ 15,351 $ 15,351 |
Statement of Changes in Level 3 Assets Measured at Fair Value on a Recurring Basis | The changes in Level 3 assets measured at fair value on a recurring basis for the three and six months ended June 30, 2018 and 2017 are summarized in the tables below. Additional information about residential mortgage loan commitments can be found in NOTE 11 - DERIVATIVES INSTRUMENTS AND HEDGING ACTIVITIES. Residential Mortgage Loan Commitments Three Months Ended June 30, 2018 2017 (amounts in thousands) Balance at March 31 $ 83 $ 95 Issuances 133 102 Settlements (83 ) (95 ) Balance at June 30 $ 133 $ 102 Residential Mortgage Loan Commitments Six Months Ended June 30, 2018 2017 (amounts in thousands) Balance at December 31 $ 60 $ 45 Issuances 216 197 Settlements (143 ) (140 ) Balance at June 30 $ 133 $ 102 |
Summary of Financial Assets and Financial Liabilities Measured at Fair Value on Recurring and Nonrecurring Basis | The following table summarizes financial assets and financial liabilities measured at fair value as of June 30, 2018 and December 31, 2017 on a recurring and nonrecurring basis for which Customers utilized Level 3 inputs to measure fair value. Quantitative Information about Level 3 Fair Value Measurements June 30, 2018 Fair Value Estimate Valuation Technique Unobservable Input Range (Weighted Average) (3) (amounts in thousands) Impaired loans $ 11,929 Collateral appraisal (1) Liquidation expenses (2) (8)% Other real estate owned 1,027 Collateral appraisal (1) Liquidation expenses (2) (8)% Residential mortgage loan commitments 133 Adjusted market bid Pull-through rate 90% Quantitative Information about Level 3 Fair Value Measurements December 31, 2017 Fair Value Estimate Valuation Technique Unobservable Input Range (Weighted Average) (3) (amounts in thousands) Impaired loans $ 13,902 Collateral appraisal (1) Liquidation expenses (2) (8)% Other real estate owned 1,449 Collateral appraisal (1) Liquidation expenses (2) (8)% Residential mortgage loan commitments 60 Adjusted market bid Pull-through rate 90% (1) Obtained from approved independent appraisers. Appraisals are current and in compliance with credit policy. The Bank does not generally discount appraisals. (2) Fair value is adjusted for estimated costs to sell based on a percentage of the value as determined by the appraisal. (3) Presented as a percentage of the value determined by appraisal for impaired loans and other real estate owned. |
Derivative Instruments and He_2
Derivative Instruments and Hedging Activities (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Fair Value of Derivative Financial Instruments | The following tables present the fair value of Customers' derivative financial instruments as well as their presentation on the balance sheet as of June 30, 2018 and December 31, 2017 . June 30, 2018 Derivative Assets Derivative Liabilities Balance Sheet Location Fair Value Balance Sheet Location Fair Value (amounts in thousands) Derivatives designated as cash flow hedges: Interest rate swaps Other assets $ 2,732 Other liabilities $ 416 Total $ 2,732 $ 416 Derivatives not designated as hedging instruments: Interest rate swaps Other assets $ 13,334 Other liabilities $ 13,148 Credit contracts Other assets 48 Other liabilities 134 Residential mortgage loan commitments Other assets 133 Other liabilities — Total $ 13,515 $ 13,282 December 31, 2017 Derivative Assets Derivative Liabilities Balance Sheet Balance Sheet Location Fair Value Location Fair Value (amounts in thousands) Derivatives designated as cash flow hedges: Interest rate swaps Other assets $ 816 Other liabilities $ 1,140 Total $ 816 $ 1,140 Derivatives not designated as hedging instruments: Interest rate swaps Other assets $ 8,776 Other liabilities $ 8,897 Credit contracts Other assets 100 Other liabilities 37 Residential mortgage loan commitments Other assets 60 Other liabilities — Total $ 8,936 $ 8,934 |
Effect of Derivative Financial Instruments on Comprehensive Income | The following tables present the effect of Customers' derivative financial instruments on comprehensive income for the three and six months ended June 30, 2018 and 2017 . Three Months Ended June 30, 2018 Income Statement Location Amount of Income (Loss) Recognized in Earnings (amounts in thousands) Derivatives not designated as hedging instruments: Interest rate swaps Other non-interest income $ (51 ) Credit contracts Other non-interest income (15 ) Residential mortgage loan commitments Mortgage banking income 50 Total $ (16 ) Three Months Ended June 30, 2017 Income Statement Location Amount of Income (Loss) Recognized in Earnings (amounts in thousands) Derivatives not designated as hedging instruments: Interest rate swaps Other non-interest income $ (145 ) Credit contracts Other non-interest income 1 Residential mortgage loan commitments Mortgage banking income 7 Total $ (137 ) Six Months Ended June 30, 2018 Income Statement Location Amount of Income (Loss) Recognized in Earnings (amounts in thousands) Derivatives not designated as hedging instruments: Interest rate swaps Other non-interest income $ 334 Credit contracts Other non-interest income (38 ) Residential mortgage loan commitments Mortgage banking income 73 Total $ 369 Six Months Ended June 30, 2017 Income Statement Location Amount of Income Recognized in Earnings (amounts in thousands) Derivatives not designated as hedging instruments: Interest rate swaps Other non-interest income $ 338 Credit contracts Other non-interest income 1 Residential mortgage loan commitments Mortgage banking income 57 Total $ 396 Three Months Ended June 30, 2018 Amount of Gain Recognized in OCI on Derivatives (1) Location of Gain (Loss) Reclassified from Accumulated OCI into Income Amount of Gain Reclassified from Accumulated OCI into Income (amounts in thousands) Derivatives in cash flow hedging relationships: Interest rate swaps $ 1,403 Interest expense $ 259 Three Months Ended June 30, 2017 Amount of Loss Recognized in OCI on Derivatives (1) Location of Gain (Loss) Reclassified from Accumulated OCI into Income Amount of Loss Reclassified from Accumulated OCI into Income (amounts in thousands) Derivatives in cash flow hedging relationships: Interest rate swaps $ (420 ) Interest expense $ (767 ) Six Months Ended June 30, 2018 Amount of Gain Location of Gain (Loss) Amount of Gain (amounts in thousands) Derivative in cash flow hedging relationships: Interest rate swaps $ 2,049 Interest expense $ 128 Six Months Ended June 30, 2017 Amount of Loss Location of Gain (Loss) Amount of Loss (amounts in thousands) Derivative in cash flow hedging relationships: Interest rate swaps $ (219 ) Interest expense $ (1,594 ) (1) Amounts presented are net of taxes. See NOTE 5 - CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) for total effect on other comprehensive income (loss) from derivatives designated as cash flow hedges for the periods presented. |
Summary of Offsetting of Financial Assets and Derivative Assets | Offsetting of Financial Assets and Derivative Assets At June 30, 2018 Gross Amount of Recognized Assets Gross Amounts Offset in the Consolidated Balance Sheet Net Amounts of Assets Presented in the Consolidated Balance Sheet Gross Amounts Not Offset in the Consolidated Balance Sheet Net Amount Financial Instruments Cash Collateral Received (amounts in thousands) Description Interest rate swap derivatives with institutional counterparties $ 14,921 $ — $ 14,921 $ — $ 11,170 $ 3,751 Offsetting of Financial Assets and Derivative Assets At December 31, 2017 Gross Amount of Recognized Assets Gross Amounts Offset in the Consolidated Balance Sheet Net Amounts of Assets Presented in the Consolidated Balance Sheet Gross Amounts Net Amount Financial Instruments Cash Collateral Received (amounts in thousands) Description Interest rate swap derivatives with institutional counterparties $ 5,930 $ — $ 5,930 $ — $ 5,070 $ 860 |
Summary of Offsetting of Financial Liabilities and Derivative Liabilities | Offsetting of Financial Liabilities and Derivative Liabilities At June 30, 2018 Gross Amount of Recognized Liabilities Gross Amounts Offset in the Consolidated Balance Sheet Net Amounts of Liabilities Presented in the Consolidated Balance Sheet Gross Amounts Financial Instruments Cash Collateral Pledged Net Amount (amounts in thousands) Description Interest rate swap derivatives with institutional counterparties $ 1,639 $ — $ 1,639 $ — $ 2 $ 1,637 Offsetting of Financial Liabilities and Derivative Liabilities At December 31, 2017 Gross Amount of Recognized Liabilities Gross Amounts Offset in the Consolidated Balance Sheet Net Amounts of Liabilities Presented in the Consolidated Balance Sheet Gross Amounts Net Amount Financial Instruments Cash Collateral Pledged (amounts in thousands) Description Interest rate swap derivatives with institutional counterparties $ 5,058 $ — $ 5,058 $ — $ 4,872 $ 186 |
Business Segments (Tables)
Business Segments (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment | The following tables present the operating results for Customers' reportable business segments for the three and six month periods ended June 30, 2018 and 2017 . The segment financial results include directly attributable revenues and expenses. Corporate overhead costs are assigned to the Community Business Banking segment as those expenses are expected to continue following the planned spin-off of BankMobile. Similarly, the preferred stock dividends have been allocated in their entirety to the Community Business Banking segment. The tax benefit assigned to BankMobile was based on an estimated effective tax rate of 24.57% for 2018 and 38.00% for 2017 , respectively. Three Months Ended June 30, 2018 (amounts in thousands) Community Business Banking BankMobile Consolidated Interest income (1) $ 104,110 $ 3,529 $ 107,639 Interest expense 40,182 135 40,317 Net interest income 63,928 3,394 67,322 Provision for loan losses (1,247 ) 463 (784 ) Non-interest income 7,465 8,662 16,127 Non-interest expense 37,721 16,029 53,750 Income (loss) before income tax expense (benefit) 34,919 (4,436 ) 30,483 Income tax expense (benefit) 7,910 (1,090 ) 6,820 Net income (loss) 27,009 (3,346 ) 23,663 Preferred stock dividends 3,615 — 3,615 Net income (loss) available to common shareholders $ 23,394 $ (3,346 ) $ 20,048 Three Months Ended June 30, 2017 (amounts in thousands) Community Business Banking BankMobile Consolidated Interest income (1) $ 91,107 $ 2,745 $ 93,852 Interest expense 25,228 18 25,246 Net interest income 65,879 2,727 68,606 Provision for loan losses 535 — 535 Non-interest income 6,971 11,420 18,391 Non-interest expense 30,567 19,846 50,413 Income (loss) before income tax expense (benefit) 41,748 (5,699 ) 36,049 Income tax expense (benefit) 14,493 (2,166 ) 12,327 Net income (loss) 27,255 (3,533 ) 23,722 Preferred stock dividends 3,615 — 3,615 Net income (loss) available to common shareholders $ 23,640 $ (3,533 ) $ 20,107 (1) Amounts reported include funds transfer pricing of $3.5 million and $2.7 million for the three months ended June 30, 2018 and 2017 , respectively, credited to BankMobile for the value provided to the Community Business Banking segment for the use of low/no cost deposits. Six Months Ended June 30, 2018 (amounts in thousands) Community Business Banking BankMobile Consolidated Interest income (1) $ 196,664 $ 7,940 $ 204,604 Interest expense 72,100 151 72,251 Net interest income 124,564 7,789 132,353 Provision for loan losses 627 706 1,333 Non-interest income 15,904 21,133 37,037 Non-interest expense 72,052 33,979 106,031 Income (loss) before income tax expense (benefit) 67,789 (5,763 ) 62,026 Income tax expense (benefit) 15,638 (1,416 ) 14,222 Net income (loss) 52,151 (4,347 ) 47,804 Preferred stock dividends 7,229 — 7,229 Net income (loss) available to common shareholders $ 44,922 $ (4,347 ) $ 40,575 As of June 30, 2018 Goodwill and other intangibles $ 3,629 $ 13,521 $ 17,150 Total assets $ 11,017,272 $ 75,574 $ 11,092,846 Total deposits $ 6,876,688 $ 419,266 $ 7,295,954 Total non-deposit liabilities $ 2,843,360 $ 17,305 $ 2,860,665 Six Months Ended June 30, 2017 (amounts in thousands) Community Business Banking BankMobile Consolidated Interest income (1) $ 169,938 $ 7,008 $ 176,946 Interest expense 45,883 39 45,922 Net interest income 124,055 6,969 131,024 Provision for loan losses 3,585 — 3,585 Non-interest income 12,398 28,746 41,144 Non-interest expense 60,714 39,064 99,778 Income (loss) before income tax expense (benefit) 72,154 (3,349 ) 68,805 Income tax expense (benefit) 20,609 (1,273 ) 19,336 Net income (loss) 51,545 (2,076 ) 49,469 Preferred stock dividends 7,229 — 7,229 Net income (loss) available to common shareholders $ 44,316 $ (2,076 ) $ 42,240 As of June 30, 2017 Goodwill and other intangibles $ 3,633 $ 13,982 $ 17,615 Total assets $ 10,815,752 $ 67,796 $ 10,883,548 Total deposits $ 7,021,922 $ 453,441 $ 7,475,363 Total non-deposit liabilities $ 2,481,618 $ 16,278 $ 2,497,896 (1) Amounts reported include funds transfer pricing of $7.9 million and $7.0 million for the six months ended June 30, 2018 and 2017 , respectively, credited to BankMobile for the value provided to the Community Business Banking segment for the use of low/no cost deposits. |
Non-Interest Revenues (Tables)
Non-Interest Revenues (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of New Accounting Pronouncements and Changes in Accounting Principles | |
Disaggregation of Revenue | The following tables present Customers' non-interest revenues affected by ASU 2014-09 by business segment for the three and six months ended June 30, 2018 and 2017 : Three Months Ended June 30, 2018 (amounts in thousands) Community Business Banking BankMobile Consolidated Revenue from contracts with customers: Revenue recognized at point in time: Interchange and Card Revenue $ 183 $ 6,199 $ 6,382 Deposit Fees 294 1,338 1,632 University Fees - Card and Disbursement Fees — 185 185 Total revenue recognized at point in time 477 7,722 8,199 Revenue recognized over time: University Fees - Subscription Revenue — 907 907 Total revenue recognized over time — 907 907 Total revenue from contracts with customers $ 477 $ 8,629 $ 9,106 Three Months Ended June 30, 2017 (amounts in thousands) Community Business Banking BankMobile Consolidated Revenue from contracts with customers: Revenue recognized at point in time: Interchange and Card Revenue $ 126 $ 8,522 $ 8,648 Deposit Fees 258 1,875 2,133 University Fees - Card and Disbursement Fees — 206 206 Total revenue recognized at point in time 384 10,603 10,987 Revenue recognized over time: University Fees - Subscription Revenue — 784 784 Total revenue recognized over time — 784 784 Total revenue from contracts with customers $ 384 $ 11,387 $ 11,771 |
Description of the Business - A
Description of the Business - Additional Information (Detail) | Jun. 30, 2018Branch |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of branches (branch) | 13 |
Spin-Off and Merger - Narrative
Spin-Off and Merger - Narrative (Details) - Flagship Community Bank - Spinoff - USD ($) $ in Millions | Nov. 17, 2017 | Jun. 30, 2018 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Consideration for sale of deposits and associated assets | $ 10 | |
Common Stock | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Sale of stock, percentage of ownership after transaction | 50.00% | |
Escrow Deposit | $ 1 | |
Cash and Cash Equivalents | Common Stock | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Escrow Deposit | $ 1 |
Spin-Off and Merger - Income St
Spin-Off and Merger - Income Statement (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Income tax expense | $ 6,820 | $ 12,327 | $ 14,222 | $ 19,336 |
Net income (loss) | 23,663 | 23,722 | 47,804 | 49,469 |
Preferred stock dividends | 3,615 | 3,615 | 7,229 | 7,229 |
Net income (loss) available to common shareholders | $ 20,048 | 20,107 | $ 40,575 | 42,240 |
Discontinued Operations, Disposed of by Means Other than Sale, Spinoff | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Interest income | 93,852 | 176,946 | ||
Interest expense | 25,246 | 45,922 | ||
Net interest income | 68,606 | 131,024 | ||
Provision for loan losses | 535 | 3,585 | ||
Non-interest income | 18,391 | 41,144 | ||
Non-interest expense | 50,413 | 99,778 | ||
Income from continuing operations before income taxes | 36,049 | 68,805 | ||
Income tax expense | 12,327 | 19,336 | ||
Net income from continuing operations | 23,722 | 49,469 | ||
Loss from discontinued operations before income tax benefit | 0 | 0 | ||
Income tax benefit from discontinued operations | 0 | 0 | ||
Net loss from discontinued operations | 0 | 0 | ||
Net income (loss) | 23,722 | 49,469 | ||
Preferred stock dividends | 3,615 | 7,229 | ||
Net income (loss) available to common shareholders | 20,107 | 42,240 | ||
Previously Reported | Discontinued Operations, Disposed of by Means Other than Sale, Spinoff | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Interest income | 93,852 | 176,946 | ||
Interest expense | 25,236 | 45,906 | ||
Net interest income | 68,616 | 131,040 | ||
Provision for loan losses | 535 | 3,585 | ||
Non-interest income | 6,971 | 12,398 | ||
Non-interest expense | 30,567 | 60,714 | ||
Income from continuing operations before income taxes | 44,485 | 79,139 | ||
Income tax expense | 15,533 | 23,263 | ||
Net income from continuing operations | 28,952 | 55,876 | ||
Loss from discontinued operations before income tax benefit | (8,436) | (10,334) | ||
Income tax benefit from discontinued operations | (3,206) | (3,927) | ||
Net loss from discontinued operations | (5,230) | (6,407) | ||
Net income (loss) | 23,722 | 49,469 | ||
Preferred stock dividends | 3,615 | 7,229 | ||
Net income (loss) available to common shareholders | 20,107 | 42,240 | ||
Adjustment | BankMobile | Discontinued Operations, Disposed of by Means Other than Sale, Spinoff | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Interest income | 0 | 0 | ||
Interest expense | 10 | 16 | ||
Net interest income | (10) | (16) | ||
Provision for loan losses | 0 | 0 | ||
Non-interest income | 11,420 | 28,746 | ||
Non-interest expense | 19,846 | 39,064 | ||
Income from continuing operations before income taxes | (8,436) | (10,334) | ||
Income tax expense | (3,206) | (3,927) | ||
Net income from continuing operations | (5,230) | (6,407) | ||
Loss from discontinued operations before income tax benefit | 8,436 | 10,334 | ||
Income tax benefit from discontinued operations | 3,206 | 3,927 | ||
Net loss from discontinued operations | 5,230 | 6,407 | ||
Net income (loss) | 0 | 0 | ||
Preferred stock dividends | 0 | 0 | ||
Net income (loss) available to common shareholders | $ 0 | $ 0 |
Significant Accounting Polici_4
Significant Accounting Policies and Basis of Presentation - Schedule of Error Correction on Balance Sheet (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||
Loans held for sale, Carrying Amount | $ 1,043 | $ 146,077 |
Loans receivable, mortgage warehouse, at fair value | 1,930,738 | 1,793,408 |
Loans receivable, net of allowance for loan losses | 9,074,176 | $ 8,523,651 |
Previously Reported | ||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||
Loans held for sale, Carrying Amount | 1,931,781 | |
Loans receivable, mortgage warehouse, at fair value | 0 | |
Loans receivable, net of allowance for loan losses | 7,143,438 | |
Adjustment | ||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||
Loans held for sale, Carrying Amount | (1,930,738) | |
Loans receivable, mortgage warehouse, at fair value | 1,930,738 | |
Loans receivable, net of allowance for loan losses | $ 1,930,738 |
Significant Accounting Polici_5
Significant Accounting Policies and Basis of Presentation - Schedule of Error Correction on Cash Flows (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||
Origination of loans held for sale | $ (11,554) | $ (20,442) |
Proceeds from the sale of loans held for sale | 12,640 | 18,721 |
Net Cash (Used In) Provided By Operating Activities | 65,471 | 12,333 |
Origination of mortgage warehouse loans | (14,260,621) | (14,693,838) |
Proceeds from repayments of mortgage warehouse loans | 14,123,291 | 14,709,013 |
Net Cash Used In Investing Activities | (1,179,191) | (1,322,891) |
Previously Reported | ||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||
Origination of loans held for sale | (14,272,175) | (14,714,280) |
Proceeds from the sale of loans held for sale | 14,135,931 | 14,727,734 |
Net Cash (Used In) Provided By Operating Activities | (71,859) | 27,508 |
Origination of mortgage warehouse loans | 0 | 0 |
Proceeds from repayments of mortgage warehouse loans | 0 | 0 |
Net Cash Used In Investing Activities | (1,041,861) | (1,338,066) |
Adjustment | ||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||
Origination of loans held for sale | 14,260,621 | 14,693,838 |
Proceeds from the sale of loans held for sale | (14,123,291) | (14,709,013) |
Net Cash (Used In) Provided By Operating Activities | 137,330 | (15,175) |
Origination of mortgage warehouse loans | (14,260,621) | (14,693,838) |
Proceeds from repayments of mortgage warehouse loans | 14,123,291 | 14,709,013 |
Net Cash Used In Investing Activities | $ (137,330) | $ 15,175 |
Significant Accounting Polici_6
Significant Accounting Policies and Basis of Presentation - Narrative (Details) - USD ($) $ in Thousands | Jan. 01, 2018 | Jun. 30, 2018 | Dec. 31, 2017 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Retained earnings | $ 299,990 | $ 258,076 | |
Accounting Standards Update 2018-02 | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Cumulative effect of new accounting principle in period of adoption | 0 | ||
Accounting Standards Update 2016-01 | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Cumulative effect of new accounting principle in period of adoption | $ 0 | ||
Net unrealized gain | $ 1,041 | ||
Accumulated Other Comprehensive Loss | Accounting Standards Update 2018-02 | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Cumulative effect of new accounting principle in period of adoption | (298) | ||
Accumulated Other Comprehensive Loss | Accounting Standards Update 2016-01 | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Cumulative effect of new accounting principle in period of adoption | (1,041) | ||
Retained Earnings | Accounting Standards Update 2018-02 | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Cumulative effect of new accounting principle in period of adoption | 298 | ||
Retained Earnings | Accounting Standards Update 2016-01 | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Cumulative effect of new accounting principle in period of adoption | $ 1,041 |
Earnings Per Share - Components
Earnings Per Share - Components of Earnings Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Earnings Per Share [Abstract] | ||||
Net income (loss) available to common shareholders | $ 20,048 | $ 20,107 | $ 40,575 | $ 42,240 |
Weighted-average number of common shares outstanding - basic (shares) | 31,564,893 | 30,641,554 | 31,495,082 | 30,524,955 |
Share-based compensation plans (shares) | 807,258 | 1,910,634 | 823,245 | 2,129,773 |
Warrants (shares) | 8,511 | 17,464 | 8,566 | 27,318 |
Weighted-average number of common shares - diluted (shares) | 32,380,662 | 32,569,652 | 32,326,893 | 32,682,046 |
Basic earnings per common share (usd per share) | $ 0.64 | $ 0.66 | $ 1.29 | $ 1.38 |
Diluted earnings per common share (usd per share) | $ 0.62 | $ 0.62 | $ 1.26 | $ 1.29 |
Earnings Per Share - Anti-dilut
Earnings Per Share - Anti-dilutive Securities Excluded from Computation of Earnings Per Share (Detail) - shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Anti-dilutive securities: | ||||
Total anti-dilutive securities (shares) | 1,069,225 | 340,567 | 1,069,225 | 334,967 |
Share-based compensation awards | ||||
Anti-dilutive securities: | ||||
Total anti-dilutive securities (shares) | 1,069,225 | 288,325 | 1,069,225 | 282,725 |
Warrants | ||||
Anti-dilutive securities: | ||||
Total anti-dilutive securities (shares) | 0 | 52,242 | 0 | 52,242 |
Changes in Accumulated Other _3
Changes in Accumulated Other Comprehensive Income (Loss) By Component (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Jan. 01, 2018 | Dec. 31, 2017 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||||
Beginning balance | $ 920,964 | $ 855,872 | ||||
Ending balance | $ 936,227 | $ 910,289 | 936,227 | 910,289 | ||
Accumulated other comprehensive loss, net | 33,997 | 33,997 | $ 359 | |||
Retained earnings | 299,990 | 299,990 | 258,076 | |||
Unrealized Gains (Losses) | ||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||||
Beginning balance | (26,691) | (249) | ||||
Balance after reclassification adjustments on January 1, 2018 | (1,458) | |||||
Other comprehensive income (loss) before reclassifications | (9,020) | (34,253) | ||||
Amounts reclassified from accumulated other comprehensive income (loss) to net income | 0 | 0 | ||||
Net current-period other comprehensive income (loss) | (9,020) | (34,253) | ||||
Ending balance | (35,711) | (35,711) | ||||
Foreign Currency Items | ||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||||
Beginning balance | 0 | 88 | ||||
Balance after reclassification adjustments on January 1, 2018 | 0 | |||||
Other comprehensive income (loss) before reclassifications | 0 | 0 | ||||
Amounts reclassified from accumulated other comprehensive income (loss) to net income | 0 | 0 | ||||
Net current-period other comprehensive income (loss) | 0 | 0 | ||||
Ending balance | 0 | 0 | ||||
Total Unrealized Gains (Losses) | ||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||||
Beginning balance | (26,691) | (3,366) | (161) | (2,681) | ||
Balance after reclassification adjustments on January 1, 2018 | (1,458) | |||||
Other comprehensive income (loss) before reclassifications | (9,020) | 12,130 | (34,253) | 11,445 | ||
Amounts reclassified from accumulated other comprehensive income (loss) to net income | 0 | (1,942) | 0 | (1,942) | ||
Net current-period other comprehensive income (loss) | (9,020) | 10,188 | (34,253) | 9,503 | ||
Ending balance | (35,711) | 6,822 | (35,711) | 6,822 | ||
Unrealized Gains (Losses) on Cash Flow Hedges | ||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||||
Beginning balance | 503 | (1,506) | (198) | (2,211) | ||
Balance after reclassification adjustments on January 1, 2018 | (240) | |||||
Other comprehensive income (loss) before reclassifications | 1,403 | (420) | 2,049 | (219) | ||
Amounts reclassified from accumulated other comprehensive income (loss) to net income | (192) | 468 | (95) | 972 | ||
Net current-period other comprehensive income (loss) | 1,211 | 48 | 1,954 | 753 | ||
Ending balance | 1,714 | (1,458) | 1,714 | (1,458) | ||
Accumulated Other Comprehensive Loss | ||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||||
Beginning balance | (26,188) | (4,872) | (359) | (4,892) | ||
Balance after reclassification adjustments on January 1, 2018 | (1,698) | |||||
Other comprehensive income (loss) before reclassifications | (7,617) | 11,710 | (32,204) | 11,226 | ||
Amounts reclassified from accumulated other comprehensive income (loss) to net income | (192) | (1,474) | (95) | (970) | ||
Net current-period other comprehensive income (loss) | (7,809) | 10,236 | (32,299) | 10,256 | ||
Ending balance | (33,997) | 5,364 | (33,997) | 5,364 | ||
Retained Earnings | ||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||||
Beginning balance | 258,076 | 193,698 | ||||
Ending balance | $ 299,990 | $ 235,938 | $ 299,990 | $ 235,938 | ||
ASU 2018-02 | Unrealized Gains (Losses) | ||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||||
Cumulative effect of new accounting principle in period of adoption | $ (256) | |||||
ASU 2018-02 | Foreign Currency Items | ||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||||
Cumulative effect of new accounting principle in period of adoption | 0 | |||||
ASU 2018-02 | Total Unrealized Gains (Losses) | ||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||||
Cumulative effect of new accounting principle in period of adoption | (256) | |||||
ASU 2018-02 | Unrealized Gains (Losses) on Cash Flow Hedges | ||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||||
Cumulative effect of new accounting principle in period of adoption | (42) | |||||
ASU 2018-02 | Accumulated Other Comprehensive Loss | ||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||||
Cumulative effect of new accounting principle in period of adoption | (298) | |||||
Accounting Standards Update 2016-01 | ||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||||
Cumulative effect of new accounting principle in period of adoption | $ 0 | |||||
Accounting Standards Update 2016-01 | Unrealized Gains (Losses) | ||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||||
Cumulative effect of new accounting principle in period of adoption | (953) | |||||
Accounting Standards Update 2016-01 | Foreign Currency Items | ||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||||
Cumulative effect of new accounting principle in period of adoption | (88) | |||||
Accounting Standards Update 2016-01 | Total Unrealized Gains (Losses) | ||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||||
Cumulative effect of new accounting principle in period of adoption | (1,041) | |||||
Accounting Standards Update 2016-01 | Unrealized Gains (Losses) on Cash Flow Hedges | ||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||||
Cumulative effect of new accounting principle in period of adoption | 0 | |||||
Accounting Standards Update 2016-01 | Accumulated Other Comprehensive Loss | ||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||||
Cumulative effect of new accounting principle in period of adoption | (1,041) | |||||
Accounting Standards Update 2016-01 | Retained Earnings | ||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||||
Cumulative effect of new accounting principle in period of adoption | 1,041 | |||||
Combined effect of multiple accounting pronouncements on components of shareholders' equity | Accumulated Other Comprehensive Loss | ||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||||
Cumulative effect of new accounting principle in period of adoption | (1,300) | |||||
Combined effect of multiple accounting pronouncements on components of shareholders' equity | Retained Earnings | ||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||||
Cumulative effect of new accounting principle in period of adoption | $ 1,300 |
Investment Securities - Summary
Investment Securities - Summary of Amortized Cost and Approximate Fair Value of Investment Securities (Detail) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | $ 1,206,202 | $ 472,300 |
Gross Unrealized Gains | 798 | 2,639 |
Gross Unrealized Losses | (49,056) | (3,568) |
Available-for-sale securities, debt securities | 1,157,944 | |
Investment securities, at fair value | 1,161,000 | 471,371 |
Fair value | 1,161,000 | 471,371 |
Corporate notes | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 381,545 | 44,959 |
Gross Unrealized Gains | 798 | 1,130 |
Gross Unrealized Losses | (21,335) | 0 |
Available-for-sale securities, debt securities | 361,008 | |
Fair value | 46,089 | |
Agency-guaranteed residential mortgage-backed securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 490,425 | 186,221 |
Gross Unrealized Gains | 0 | 36 |
Gross Unrealized Losses | (13,862) | (2,799) |
Available-for-sale securities, debt securities | 476,563 | |
Fair value | 183,458 | |
Agency-guaranteed commercial real estate mortgage-backed securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 334,232 | 238,809 |
Gross Unrealized Gains | 0 | 432 |
Gross Unrealized Losses | (13,859) | (769) |
Available-for-sale securities, debt securities | 320,373 | |
Fair value | 238,472 | |
Equity securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 2,311 | |
Gross Unrealized Gains | 1,041 | |
Gross Unrealized Losses | 0 | |
Investment securities, at fair value | $ 3,056 | |
Fair value | $ 3,352 |
Investment Securities - Stateme
Investment Securities - Statement of Proceeds from Sale of Available for Sale Investment Securities (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Investments, Debt and Equity Securities [Abstract] | ||||
Proceeds from sale of available-for-sale securities | $ 0 | $ 115,982 | $ 0 | $ 115,982 |
Gross gains | 0 | 3,183 | 0 | 3,183 |
Gross losses | 0 | 0 | 0 | 0 |
Net gains (losses) | $ 0 | $ 3,183 | $ 0 | $ 3,183 |
Investment Securities - Summa_2
Investment Securities - Summary of Available-for-Sale Debt Securities by Stated Maturity (Detail) $ in Thousands | Jun. 30, 2018USD ($) |
Debt Securities, Available-for-sale [Line Items] | |
Due in one year or less, amortized cost | $ 0 |
Due after one year through five years, amortized cost | 0 |
Due after five years through ten years, amortized cost | 179,413 |
Due after ten years, amortized cost | 202,132 |
Total debt securities, amortized cost | 1,206,202 |
Due in one year or less, fair value | 0 |
Due after one year through five years, fair value | 0 |
Due after five years through ten years, fair value | 171,214 |
Due after ten years, fair value | 189,794 |
Total debt securities, fair value | 1,157,944 |
Agency-guaranteed residential mortgage-backed securities | |
Debt Securities, Available-for-sale [Line Items] | |
Agency-guaranteed mortgage backed securities, amortized cost | 490,425 |
Agency-guaranteed mortgage-backed securities, fair value | 476,563 |
Total debt securities, fair value | 476,563 |
Agency-guaranteed commercial real estate mortgage-backed securities | |
Debt Securities, Available-for-sale [Line Items] | |
Agency-guaranteed mortgage backed securities, amortized cost | 334,232 |
Agency-guaranteed mortgage-backed securities, fair value | 320,373 |
Total debt securities, fair value | $ 320,373 |
Investment Securities - Gross U
Investment Securities - Gross Unrealized Losses and Fair Value, Aggregated by Investment Category (Detail) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Debt Securities, Available-for-sale [Line Items] | ||
Less Than 12 Months, Fair Value | $ 1,045,776 | $ 220,831 |
Less Than 12 Months, Unrealized Losses | (45,123) | (1,396) |
12 Months or More, Fair Value | 66,409 | 72,730 |
12 Months or More, Unrealized Losses | (3,933) | (2,172) |
Fair Value, Total | 1,112,185 | 293,561 |
Unrealized Losses | (49,056) | (3,568) |
Corporate notes | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less Than 12 Months, Fair Value | 315,249 | |
Less Than 12 Months, Unrealized Losses | (21,335) | |
12 Months or More, Fair Value | 0 | |
12 Months or More, Unrealized Losses | 0 | |
Fair Value, Total | 315,249 | |
Unrealized Losses | (21,335) | |
Agency-guaranteed residential mortgage-backed securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less Than 12 Months, Fair Value | 416,002 | 104,861 |
Less Than 12 Months, Unrealized Losses | (10,256) | (656) |
12 Months or More, Fair Value | 60,561 | 66,579 |
12 Months or More, Unrealized Losses | (3,606) | (2,143) |
Fair Value, Total | 476,563 | 171,440 |
Unrealized Losses | (13,862) | (2,799) |
Agency-guaranteed commercial real estate mortgage-backed securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less Than 12 Months, Fair Value | 314,525 | 115,970 |
Less Than 12 Months, Unrealized Losses | (13,532) | (740) |
12 Months or More, Fair Value | 5,848 | 6,151 |
12 Months or More, Unrealized Losses | (327) | (29) |
Fair Value, Total | 320,373 | 122,121 |
Unrealized Losses | $ (13,859) | $ (769) |
Investment Securities - Additio
Investment Securities - Additional Information (Detail) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2018USD ($)Security | Jun. 30, 2017USD ($) | Jun. 30, 2018USD ($)Security | Jun. 30, 2017USD ($) | Dec. 31, 2017USD ($) | Jan. 01, 2018USD ($) | |
Debt Securities, Available-for-sale [Line Items] | ||||||
Number of available-for-sale investment securities in the less than twelve month category (security) | Security | 64 | 64 | ||||
Number of available-for-sale investment securities in the twelve month or more category (security) | Security | 16 | 16 | ||||
Impairment loss on investment securities | $ 0 | $ (2,882) | $ 0 | $ (4,585) | ||
Investment securities, at fair value | 1,161,000 | 1,161,000 | $ 471,371 | |||
Unrealized gains (losses) on equity securities | (9,020) | 10,188 | (34,253) | 9,503 | ||
Gain (Loss) on Investments | (296) | 0 | ||||
Pledged investment securities fair value | 685,000 | 685,000 | 16,900 | |||
Equity securities | ||||||
Debt Securities, Available-for-sale [Line Items] | ||||||
Impairment loss on investment securities | $ (2,900) | $ (4,600) | ||||
Investment securities, at fair value | 3,352 | |||||
Unrealized gains (losses) on equity securities | 1,000 | |||||
Accounting Standards Update 2016-01 | ||||||
Debt Securities, Available-for-sale [Line Items] | ||||||
Cumulative effect of new accounting principle in period of adoption | $ 0 | |||||
Accumulated Other Comprehensive Loss | Accounting Standards Update 2016-01 | ||||||
Debt Securities, Available-for-sale [Line Items] | ||||||
Cumulative effect of new accounting principle in period of adoption | $ 1,000 | |||||
Other Non-interest Income | Equity securities | ||||||
Debt Securities, Available-for-sale [Line Items] | ||||||
Gain (Loss) on Investments | $ 300 | $ (300) |
Loans Held for Sale - Compositi
Loans Held for Sale - Composition of Loans Held for Sale (Detail) - USD ($) $ in Thousands | Mar. 31, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Dec. 31, 2017 |
Receivables Held-for-sale [Abstract] | |||||
Multi-family loans at lower of cost or fair value | $ 0 | $ 144,191 | |||
Total commercial loans held for sale | 0 | 144,191 | |||
Residential mortgage loans, at fair value | 1,043 | 1,886 | |||
Loans held for sale | 1,043 | $ 146,077 | |||
Transfer of loans held for sale to held for investment | $ 129,700 | 129,691 | $ 0 | ||
Transfer of loans held for investment to loans held for sale | $ 150,600 | $ 0 | $ 150,758 |
Loans Receivable and Allowanc_3
Loans Receivable and Allowance for Loan Losses - Schedule of Loans Receivable (Detail) - USD ($) $ in Thousands | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans receivable | $ 7,181,726 | $ 6,768,258 | ||||
Loans receivable, gross | 7,181,084 | 6,768,175 | ||||
Deferred costs and unamortized premiums, net | 642 | 83 | ||||
Allowance for loan losses | (38,288) | $ (39,499) | (38,015) | $ (38,458) | $ (39,883) | $ (37,315) |
Total loans receivable, net of allowance for loan losses | 9,074,176 | 8,523,651 | ||||
Mortgage Warehouse | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans receivable | 1,930,738 | 1,793,408 | ||||
Multi-family | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans receivable, gross | 3,542,770 | 3,502,381 | ||||
Allowance for loan losses | (12,069) | (12,545) | (12,168) | (12,028) | (12,283) | (11,602) |
Total loans receivable, net of allowance for loan losses | 94,900 | |||||
Construction | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans receivable, gross | 88,141 | 85,393 | ||||
Allowance for loan losses | (992) | (921) | (979) | (716) | (885) | (840) |
Residential real estate | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans receivable, gross | 493,222 | 234,090 | ||||
Allowance for loan losses | (2,908) | (3,179) | (2,929) | (2,995) | (3,080) | (3,342) |
Manufactured housing | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans receivable, gross | 85,328 | 90,227 | ||||
Allowance for loan losses | (149) | (176) | (180) | (268) | (284) | (286) |
Other | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans receivable, gross | 3,874 | 3,547 | ||||
Allowance for loan losses | (226) | $ (183) | (172) | $ (104) | $ (101) | $ (118) |
Commercial | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans receivable, gross | 6,598,660 | 6,440,311 | ||||
Commercial | Multi-family | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans receivable, gross | 3,542,770 | 3,502,381 | ||||
Commercial | Commercial and industrial (including owner occupied commercial real estate) | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans receivable, gross | 1,811,751 | 1,633,818 | ||||
Commercial | Commercial real estate non-owner occupied | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans receivable, gross | 1,155,998 | 1,218,719 | ||||
Commercial | Construction | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans receivable, gross | 88,141 | 85,393 | ||||
Consumer | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans receivable, gross | 582,424 | 327,864 | ||||
Consumer | Residential real estate | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans receivable, gross | 493,222 | 234,090 | ||||
Consumer | Manufactured housing | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans receivable, gross | 85,328 | 90,227 | ||||
Consumer | Other | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans receivable, gross | $ 3,874 | $ 3,547 |
Loans Receivable and Allowanc_4
Loans Receivable and Allowance for Loan Losses - Additional Information (Detail) | Jun. 30, 2018USD ($)CommitmentLoan | Dec. 31, 2017USD ($)Loan | Jun. 30, 2017USD ($)Loan | Jun. 30, 2018USD ($)AllowanceCommitmentLoan | Mar. 31, 2018USD ($) | Jun. 30, 2017USD ($)AllowanceLoan | Mar. 31, 2017USD ($) | Jun. 30, 2018USD ($)AllowanceCommitmentLoan | Jun. 30, 2017USD ($)AllowanceLoan |
Financing Receivable, Modifications [Line Items] | |||||||||
Loans held for sale, average life from purchase to sale | 20 days | ||||||||
Funds for reimbursement | $ 500,000 | $ 600,000 | $ 500,000 | $ 500,000 | |||||
Loans reported as TDR | $ 19,400,000 | 20,400,000 | $ 19,400,000 | $ 19,400,000 | |||||
Minimum performance requirement | 6 months | ||||||||
Sustained performance period | 9 months | ||||||||
Number of Loans | Loan | 16 | 11 | 25 | 32 | |||||
Number of commitments to lend additional funds (commitment) | Commitment | 0 | 0 | 0 | ||||||
Loans modified as TDR allowance (allowance) | Allowance | 0 | 0 | 0 | ||||||
Residential mortgage loans acquired | $ 0 | ||||||||
Loans receivable, net of allowance for loan losses | $ 9,074,176,000 | 8,523,651,000 | $ 9,074,176,000 | $ 9,074,176,000 | |||||
Proceeds from sales of loans | 29,038,000 | 112,927,000 | |||||||
Gain on sale of SBA and other loans | $ 947,000 | $ 573,000 | 2,308,000 | 1,901,000 | |||||
Term of fixed rate residential mortgage loans | 30 years | 30 years | 30 years | ||||||
Purchase price as a percentage of loans outstanding | 100.40% | 101.00% | 98.50% | ||||||
Residential real estate | |||||||||
Financing Receivable, Modifications [Line Items] | |||||||||
Residential real estate held in other real estate owned | 300,000 | $ 300,000 | 300,000 | ||||||
Loans in process of foreclosure | 2,200,000 | $ 1,600,000 | 2,200,000 | 2,200,000 | |||||
Loans receivable, net of allowance for loan losses | $ 277,400,000 | 277,400,000 | $ 277,400,000 | ||||||
Commercial and industrial | |||||||||
Financing Receivable, Modifications [Line Items] | |||||||||
Number of loans modified as TDR (loan) | Loan | 1 | 1 | |||||||
Loans modified as TDR | $ 1,600,000 | $ 2,100,000 | |||||||
Manufactured housing | |||||||||
Financing Receivable, Modifications [Line Items] | |||||||||
Number of loans modified as TDR (loan) | Loan | 0 | 6 | |||||||
Loans modified as TDR | 300,000 | ||||||||
Loans modified as TDR allowance (allowance) | Allowance | 1 | ||||||||
Allowance for credit losses, effect of change in method | $ 1,000 | ||||||||
Small Business Administration Loan | |||||||||
Financing Receivable, Modifications [Line Items] | |||||||||
Loans receivable, net of allowance for loan losses | $ 11,700,000 | $ 7,000,000 | 11,700,000 | $ 15,000,000 | $ 7,000,000 | $ 8,700,000 | 11,700,000 | 7,000,000 | |
Gain on sale of SBA and other loans | 900,000 | $ 1,400,000 | 600,000 | 800,000 | |||||
Residential Mortgage Loan Commitments | |||||||||
Financing Receivable, Modifications [Line Items] | |||||||||
Loans receivable, net of allowance for loan losses | $ 90,000,000 | $ 90,000,000 | 174,200,000 | $ 90,000,000 | |||||
Multi-family | |||||||||
Financing Receivable, Modifications [Line Items] | |||||||||
Loans receivable, net of allowance for loan losses | 94,900,000 | ||||||||
Proceeds from sales of loans | 95,400,000 | ||||||||
Gain on sale of SBA and other loans | $ 500,000 | ||||||||
Federal Home Loan Bank of Pittsburgh | |||||||||
Financing Receivable, Modifications [Line Items] | |||||||||
Loans pledged as collateral | $ 5,600,000,000 | $ 5,500,000,000 | $ 5,600,000,000 | $ 5,600,000,000 | |||||
Principal Forgiveness | |||||||||
Financing Receivable, Modifications [Line Items] | |||||||||
Number of Loans | Loan | 0 | 0 | 0 | 0 |
Loans Receivable and Allowanc_5
Loans Receivable and Allowance for Loan Losses - Non-Covered Loans and Covered Loans by Class and Performance Status (Detail) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2018 | Dec. 31, 2017 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | $ 8,955 | $ 19,813 |
Non-Accrual | 25,995 | 26,415 |
Current | 7,121,560 | 6,695,032 |
Loans receivable, gross | 7,181,084 | 6,768,175 |
Loans and leases receivable, at amortized cost or lower of cost or market | $ 7,181,084 | 6,768,175 |
Delinquent period | 30 days | |
Due days for loan payments | 90 days | |
Purchased Credit Impaired Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | $ 24,574 | 26,915 |
30-89 Days Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 6,294 | 17,070 |
90 Days or More Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 2,661 | 2,743 |
Multi-family | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 0 | 4,900 |
Non-Accrual | 1,343 | 0 |
Current | 3,539,640 | 3,495,600 |
Loans receivable, gross | 3,542,770 | 3,502,381 |
Multi-family | Purchased Credit Impaired Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | 1,787 | 1,881 |
Multi-family | 30-89 Days Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 0 | 4,900 |
Multi-family | 90 Days or More Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 0 | 0 |
Commercial and industrial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 1,087 | 103 |
Non-Accrual | 13,683 | 17,392 |
Current | 1,251,148 | 1,130,831 |
Loans receivable, gross | 1,266,520 | 1,149,090 |
Commercial and industrial | Purchased Credit Impaired Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | 602 | 764 |
Commercial and industrial | 30-89 Days Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 1,087 | 103 |
Commercial and industrial | 90 Days or More Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 0 | 0 |
Commercial real estate - owner occupied | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 0 | 202 |
Non-Accrual | 718 | 1,453 |
Current | 534,923 | 472,501 |
Loans receivable, gross | 545,231 | 484,728 |
Commercial real estate - owner occupied | Purchased Credit Impaired Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | 9,590 | 10,572 |
Commercial real estate - owner occupied | 30-89 Days Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 0 | 202 |
Commercial real estate - owner occupied | 90 Days or More Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 0 | 0 |
Commercial real estate - non-owner occupied | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 0 | 93 |
Non-Accrual | 2,536 | 160 |
Current | 1,148,581 | 1,213,216 |
Loans receivable, gross | 1,155,998 | 1,218,719 |
Commercial real estate - non-owner occupied | Purchased Credit Impaired Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | 4,881 | 5,250 |
Commercial real estate - non-owner occupied | 30-89 Days Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 0 | 93 |
Commercial real estate - non-owner occupied | 90 Days or More Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 0 | 0 |
Construction | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 0 | 0 |
Non-Accrual | 0 | 0 |
Current | 88,141 | 85,393 |
Loans receivable, gross | 88,141 | 85,393 |
Construction | Purchased Credit Impaired Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | 0 | 0 |
Construction | 30-89 Days Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 0 | 0 |
Construction | 90 Days or More Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 0 | 0 |
Residential real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 2,174 | 7,628 |
Non-Accrual | 5,606 | 5,420 |
Current | 480,381 | 215,361 |
Loans receivable, gross | 493,222 | 234,090 |
Residential real estate | Purchased Credit Impaired Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | 5,061 | 5,681 |
Residential real estate | 30-89 Days Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 2,174 | 7,628 |
Residential real estate | 90 Days or More Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 0 | 0 |
Manufactured housing | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 5,638 | 6,771 |
Non-Accrual | 2,015 | 1,959 |
Current | 75,250 | 78,946 |
Loans receivable, gross | 85,328 | 90,227 |
Manufactured housing | Purchased Credit Impaired Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | 2,425 | 2,551 |
Manufactured housing | 30-89 Days Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 2,977 | 4,028 |
Manufactured housing | 90 Days or More Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 2,661 | 2,743 |
Other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 56 | 116 |
Non-Accrual | 94 | 31 |
Current | 3,496 | 3,184 |
Loans receivable, gross | 3,874 | 3,547 |
Other | Purchased Credit Impaired Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable, gross | 228 | 216 |
Other | 30-89 Days Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 56 | 116 |
Other | 90 Days or More Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | $ 0 | $ 0 |
Loans Receivable and Allowanc_6
Loans Receivable and Allowance for Loan Losses - Schedule of Allowance for Loan Losses (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Dec. 31, 2017 | |
Allowance for Loan and Lease Losses [Roll Forward] | ||||||
Beginning balance | $ 39,499 | $ 39,883 | $ 38,015 | $ 37,315 | ||
Charge-offs | (1,161) | (2,148) | (1,850) | (2,991) | ||
Recoveries | 734 | 188 | 790 | 549 | ||
Provision for loan losses | (784) | 535 | 1,333 | 3,585 | ||
Ending balance | 38,288 | 38,458 | 38,288 | 38,458 | ||
Loans: | ||||||
Individually evaluated for impairment | $ 37,629 | $ 38,435 | ||||
Collectively evaluated for impairment | 7,118,881 | 6,702,825 | ||||
Loans receivable, gross | 7,181,084 | 6,768,175 | ||||
Allowance for loan losses: | ||||||
Individually evaluated for impairment | 1,381 | 1,451 | ||||
Collectively evaluated for impairment | 33,472 | 32,537 | ||||
Total Allowance for loan losses | 39,499 | 39,883 | 38,015 | 37,315 | 38,288 | 38,015 |
Purchased Credit Impaired Loans | ||||||
Loans: | ||||||
Loans acquired with credit deterioration | 24,574 | 26,915 | ||||
Loans receivable, gross | 24,574 | 26,915 | ||||
Allowance for loan losses: | ||||||
Loans acquired with credit deterioration | 3,435 | 4,027 | ||||
Multi-family | ||||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||
Beginning balance | 12,545 | 12,283 | 12,168 | 11,602 | ||
Charge-offs | 0 | 0 | 0 | 0 | ||
Recoveries | 0 | 0 | 0 | 0 | ||
Provision for loan losses | (476) | (255) | (99) | 426 | ||
Ending balance | 12,069 | 12,028 | 12,069 | 12,028 | ||
Loans: | ||||||
Individually evaluated for impairment | 1,343 | 0 | ||||
Collectively evaluated for impairment | 3,539,640 | 3,500,500 | ||||
Loans receivable, gross | 3,542,770 | 3,502,381 | ||||
Allowance for loan losses: | ||||||
Individually evaluated for impairment | 0 | 0 | ||||
Collectively evaluated for impairment | 12,069 | 12,168 | ||||
Total Allowance for loan losses | 12,545 | 12,283 | 12,168 | 11,602 | 12,069 | 12,168 |
Multi-family | Purchased Credit Impaired Loans | ||||||
Loans: | ||||||
Loans acquired with credit deterioration | 1,787 | 1,881 | ||||
Loans receivable, gross | 1,787 | 1,881 | ||||
Allowance for loan losses: | ||||||
Loans acquired with credit deterioration | 0 | 0 | ||||
Commercial and industrial | ||||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||
Beginning balance | 11,737 | 13,009 | 10,918 | 11,050 | ||
Charge-offs | (174) | (1,849) | (224) | (2,047) | ||
Recoveries | 140 | 68 | 175 | 283 | ||
Provision for loan losses | 555 | 357 | 1,389 | 2,299 | ||
Ending balance | 12,258 | 11,585 | 12,258 | 11,585 | ||
Loans: | ||||||
Individually evaluated for impairment | 13,750 | 17,461 | ||||
Collectively evaluated for impairment | 1,252,168 | 1,130,865 | ||||
Loans receivable, gross | 1,266,520 | 1,149,090 | ||||
Allowance for loan losses: | ||||||
Individually evaluated for impairment | 1,062 | 650 | ||||
Collectively evaluated for impairment | 10,749 | 9,804 | ||||
Total Allowance for loan losses | 11,737 | 13,009 | 10,918 | 11,050 | 12,258 | 10,918 |
Commercial and industrial | Purchased Credit Impaired Loans | ||||||
Loans: | ||||||
Loans acquired with credit deterioration | 602 | 764 | ||||
Loans receivable, gross | 602 | 764 | ||||
Allowance for loan losses: | ||||||
Loans acquired with credit deterioration | 447 | 464 | ||||
Commercial real estate - owner occupied | ||||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||
Beginning balance | 3,525 | 2,394 | 3,232 | 2,183 | ||
Charge-offs | (483) | 0 | (501) | 0 | ||
Recoveries | 326 | 9 | 326 | 9 | ||
Provision for loan losses | (380) | 573 | (69) | 784 | ||
Ending balance | 2,988 | 2,976 | 2,988 | 2,976 | ||
Loans: | ||||||
Individually evaluated for impairment | 759 | 1,448 | ||||
Collectively evaluated for impairment | 534,882 | 472,708 | ||||
Loans receivable, gross | 545,231 | 484,728 | ||||
Allowance for loan losses: | ||||||
Individually evaluated for impairment | 1 | 642 | ||||
Collectively evaluated for impairment | 2,987 | 2,580 | ||||
Total Allowance for loan losses | 3,525 | 2,394 | 3,232 | 2,183 | 2,988 | 3,232 |
Commercial real estate - owner occupied | Purchased Credit Impaired Loans | ||||||
Loans: | ||||||
Loans acquired with credit deterioration | 9,590 | 10,572 | ||||
Loans receivable, gross | 9,590 | 10,572 | ||||
Allowance for loan losses: | ||||||
Loans acquired with credit deterioration | 0 | 10 | ||||
Commercial real estate - non-owner occupied | ||||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||
Beginning balance | 7,233 | 7,847 | 7,437 | 7,894 | ||
Charge-offs | 0 | (4) | 0 | (408) | ||
Recoveries | 0 | 0 | 0 | 0 | ||
Provision for loan losses | (535) | (57) | (739) | 300 | ||
Ending balance | 6,698 | 7,786 | 6,698 | 7,786 | ||
Loans: | ||||||
Individually evaluated for impairment | 2,536 | 160 | ||||
Collectively evaluated for impairment | 1,148,581 | 1,213,309 | ||||
Loans receivable, gross | 1,155,998 | 1,218,719 | ||||
Allowance for loan losses: | ||||||
Individually evaluated for impairment | 0 | 0 | ||||
Collectively evaluated for impairment | 4,334 | 4,630 | ||||
Total Allowance for loan losses | 7,233 | 7,847 | 7,437 | 7,894 | 6,698 | 7,437 |
Commercial real estate - non-owner occupied | Purchased Credit Impaired Loans | ||||||
Loans: | ||||||
Loans acquired with credit deterioration | 4,881 | 5,250 | ||||
Loans receivable, gross | 4,881 | 5,250 | ||||
Allowance for loan losses: | ||||||
Loans acquired with credit deterioration | 2,364 | 2,807 | ||||
Construction | ||||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||
Beginning balance | 921 | 885 | 979 | 840 | ||
Charge-offs | 0 | 0 | 0 | 0 | ||
Recoveries | 209 | 49 | 220 | 130 | ||
Provision for loan losses | (138) | (218) | (207) | (254) | ||
Ending balance | 992 | 716 | 992 | 716 | ||
Loans: | ||||||
Individually evaluated for impairment | 0 | 0 | ||||
Collectively evaluated for impairment | 88,141 | 85,393 | ||||
Loans receivable, gross | 88,141 | 85,393 | ||||
Allowance for loan losses: | ||||||
Individually evaluated for impairment | 0 | 0 | ||||
Collectively evaluated for impairment | 992 | 979 | ||||
Total Allowance for loan losses | 921 | 885 | 979 | 840 | 992 | 979 |
Construction | Purchased Credit Impaired Loans | ||||||
Loans: | ||||||
Loans acquired with credit deterioration | 0 | 0 | ||||
Loans receivable, gross | 0 | 0 | ||||
Allowance for loan losses: | ||||||
Loans acquired with credit deterioration | 0 | 0 | ||||
Residential real estate | ||||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||
Beginning balance | 3,179 | 3,080 | 2,929 | 3,342 | ||
Charge-offs | (42) | (69) | (407) | (290) | ||
Recoveries | 56 | 6 | 63 | 27 | ||
Provision for loan losses | (285) | (22) | 323 | (84) | ||
Ending balance | 2,908 | 2,995 | 2,908 | 2,995 | ||
Loans: | ||||||
Individually evaluated for impairment | 8,775 | 9,247 | ||||
Collectively evaluated for impairment | 479,386 | 219,162 | ||||
Loans receivable, gross | 493,222 | 234,090 | ||||
Allowance for loan losses: | ||||||
Individually evaluated for impairment | 313 | 155 | ||||
Collectively evaluated for impairment | 2,106 | 2,177 | ||||
Total Allowance for loan losses | 3,179 | 3,080 | 2,929 | 3,342 | 2,908 | 2,929 |
Residential real estate | Purchased Credit Impaired Loans | ||||||
Loans: | ||||||
Loans acquired with credit deterioration | 5,061 | 5,681 | ||||
Loans receivable, gross | 5,061 | 5,681 | ||||
Allowance for loan losses: | ||||||
Loans acquired with credit deterioration | 489 | 597 | ||||
Manufactured housing | ||||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||
Beginning balance | 176 | 284 | 180 | 286 | ||
Charge-offs | 0 | 0 | 0 | 0 | ||
Recoveries | 0 | 0 | 0 | 0 | ||
Provision for loan losses | (27) | (16) | (31) | (18) | ||
Ending balance | 149 | 268 | 149 | 268 | ||
Loans: | ||||||
Individually evaluated for impairment | 10,372 | 10,089 | ||||
Collectively evaluated for impairment | 72,531 | 77,587 | ||||
Loans receivable, gross | 85,328 | 90,227 | ||||
Allowance for loan losses: | ||||||
Individually evaluated for impairment | 5 | 4 | ||||
Collectively evaluated for impairment | 81 | 82 | ||||
Total Allowance for loan losses | 176 | 284 | 180 | 286 | 149 | 180 |
Manufactured housing | Purchased Credit Impaired Loans | ||||||
Loans: | ||||||
Loans acquired with credit deterioration | 2,425 | 2,551 | ||||
Loans receivable, gross | 2,425 | 2,551 | ||||
Allowance for loan losses: | ||||||
Loans acquired with credit deterioration | 63 | 94 | ||||
Other | ||||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||
Beginning balance | 183 | 101 | 172 | 118 | ||
Charge-offs | (462) | (226) | (718) | (246) | ||
Recoveries | 3 | 56 | 6 | 100 | ||
Provision for loan losses | 502 | 173 | 766 | 132 | ||
Ending balance | 226 | 104 | 226 | 104 | ||
Loans: | ||||||
Individually evaluated for impairment | 94 | 30 | ||||
Collectively evaluated for impairment | 3,552 | 3,301 | ||||
Loans receivable, gross | 3,874 | 3,547 | ||||
Allowance for loan losses: | ||||||
Individually evaluated for impairment | 0 | 0 | ||||
Collectively evaluated for impairment | 154 | 117 | ||||
Total Allowance for loan losses | $ 183 | $ 101 | $ 172 | $ 118 | 226 | 172 |
Other | Purchased Credit Impaired Loans | ||||||
Loans: | ||||||
Loans acquired with credit deterioration | 228 | 216 | ||||
Loans receivable, gross | 228 | 216 | ||||
Allowance for loan losses: | ||||||
Loans acquired with credit deterioration | $ 72 | $ 55 |
Loans Receivable and Allowanc_7
Loans Receivable and Allowance for Loan Losses - Summary of Recorded Investment Net Charge-Offs, Unpaid Principal Balance and Related Allowance for Impaired Loans (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Dec. 31, 2017 | |
Recorded Investment Net of Charge offs | |||||
Recorded Investment Net of Charge Offs, Total | $ 37,629 | $ 37,629 | $ 38,435 | ||
Unpaid Principal Balance | |||||
Unpaid Principal Balance, Total | 38,905 | 38,905 | 39,089 | ||
Related Allowance | 1,381 | 1,381 | 1,451 | ||
Average Recorded Investment | |||||
Average Recorded Investment, Total | 36,045 | $ 35,422 | 36,841 | $ 33,419 | |
Interest Income Recognized | |||||
Interest Income Recognized, Total | 222 | 249 | 380 | 511 | |
Multi-family | |||||
Recorded Investment Net of Charge offs | |||||
Recorded Investment Net of Charge Offs, With no related allowance recorded | 1,343 | 1,343 | |||
Unpaid Principal Balance | |||||
Unpaid Principal Balance, With no related allowance recorded | 1,343 | 1,343 | |||
Average Recorded Investment | |||||
Average Recorded Investment, With no related allowance recorded | 672 | 448 | |||
Interest Income Recognized | |||||
Interest Income Recognized, With no related allowance recorded | 8 | 8 | |||
Commercial and industrial | |||||
Recorded Investment Net of Charge offs | |||||
Recorded Investment Net of Charge Offs, With no related allowance recorded | 5,642 | 5,642 | 9,138 | ||
Recorded Investment Net of Charge Offs, With an allowance recorded | 8,108 | 8,108 | 8,323 | ||
Unpaid Principal Balance | |||||
Unpaid Principal Balance, With no related allowance recorded | 5,889 | 5,889 | 9,287 | ||
Unpaid Principal Balance, With an allowance recorded | 8,292 | 8,292 | 8,506 | ||
Related Allowance | 1,062 | 1,062 | 650 | ||
Average Recorded Investment | |||||
Average Recorded Investment, With no related allowance recorded | 5,736 | 6,678 | 6,870 | 5,251 | |
Average Recorded Investment, With an allowance recorded | 8,283 | 7,209 | 8,296 | 6,846 | |
Interest Income Recognized | |||||
Interest Income Recognized, With no related allowance recorded | 2 | 46 | 2 | 96 | |
Interest Income Recognized, With an allowance recorded | 11 | 0 | 12 | 22 | |
Commercial real estate - owner occupied | |||||
Recorded Investment Net of Charge offs | |||||
Recorded Investment Net of Charge Offs, With no related allowance recorded | 718 | 718 | 806 | ||
Recorded Investment Net of Charge Offs, With an allowance recorded | 41 | 41 | 642 | ||
Unpaid Principal Balance | |||||
Unpaid Principal Balance, With no related allowance recorded | 1,201 | 1,201 | 806 | ||
Unpaid Principal Balance, With an allowance recorded | 41 | 41 | 642 | ||
Related Allowance | 1 | 1 | 642 | ||
Average Recorded Investment | |||||
Average Recorded Investment, With no related allowance recorded | 664 | 1,739 | 713 | 1,563 | |
Average Recorded Investment, With an allowance recorded | 455 | 839 | 517 | 839 | |
Interest Income Recognized | |||||
Interest Income Recognized, With no related allowance recorded | 0 | 0 | 0 | 3 | |
Interest Income Recognized, With an allowance recorded | 1 | 1 | 2 | 2 | |
Commercial real estate - non-owner occupied | |||||
Recorded Investment Net of Charge offs | |||||
Recorded Investment Net of Charge Offs, With no related allowance recorded | 2,536 | 2,536 | 160 | ||
Recorded Investment Net of Charge Offs, With an allowance recorded | 0 | ||||
Unpaid Principal Balance | |||||
Unpaid Principal Balance, With no related allowance recorded | 2,648 | 2,648 | 272 | ||
Unpaid Principal Balance, With an allowance recorded | 0 | ||||
Related Allowance | 0 | ||||
Average Recorded Investment | |||||
Average Recorded Investment, With no related allowance recorded | 1,390 | 884 | 980 | 1,257 | |
Average Recorded Investment, With an allowance recorded | 114 | 126 | |||
Interest Income Recognized | |||||
Interest Income Recognized, With no related allowance recorded | 8 | 0 | 8 | 2 | |
Interest Income Recognized, With an allowance recorded | 0 | 0 | |||
Other | |||||
Recorded Investment Net of Charge offs | |||||
Recorded Investment Net of Charge Offs, With no related allowance recorded | 94 | 94 | 30 | ||
Unpaid Principal Balance | |||||
Unpaid Principal Balance, With no related allowance recorded | 94 | 94 | 30 | ||
Average Recorded Investment | |||||
Average Recorded Investment, With no related allowance recorded | 96 | 56 | 74 | 56 | |
Interest Income Recognized | |||||
Interest Income Recognized, With no related allowance recorded | 0 | 0 | 0 | 0 | |
Residential real estate | |||||
Recorded Investment Net of Charge offs | |||||
Recorded Investment Net of Charge Offs, With no related allowance recorded | 4,301 | 4,301 | 3,628 | ||
Recorded Investment Net of Charge Offs, With an allowance recorded | 4,474 | 4,474 | 5,619 | ||
Unpaid Principal Balance | |||||
Unpaid Principal Balance, With no related allowance recorded | 4,546 | 4,546 | 3,801 | ||
Unpaid Principal Balance, With an allowance recorded | 4,479 | 4,479 | 5,656 | ||
Related Allowance | 313 | 313 | 155 | ||
Average Recorded Investment | |||||
Average Recorded Investment, With no related allowance recorded | 3,959 | 2,660 | 3,849 | 4,001 | |
Average Recorded Investment, With an allowance recorded | 4,550 | 4,953 | 4,906 | 3,399 | |
Interest Income Recognized | |||||
Interest Income Recognized, With no related allowance recorded | 2 | 0 | 2 | 1 | |
Interest Income Recognized, With an allowance recorded | 38 | 45 | 63 | 84 | |
Manufactured housing | |||||
Recorded Investment Net of Charge offs | |||||
Recorded Investment Net of Charge Offs, With no related allowance recorded | 10,144 | 10,144 | 9,865 | ||
Recorded Investment Net of Charge Offs, With an allowance recorded | 228 | 228 | 224 | ||
Unpaid Principal Balance | |||||
Unpaid Principal Balance, With no related allowance recorded | 10,144 | 10,144 | 9,865 | ||
Unpaid Principal Balance, With an allowance recorded | 228 | 228 | 224 | ||
Related Allowance | 5 | 5 | $ 4 | ||
Average Recorded Investment | |||||
Average Recorded Investment, With no related allowance recorded | 10,015 | 10,074 | 9,963 | 9,937 | |
Average Recorded Investment, With an allowance recorded | 225 | 216 | 225 | 144 | |
Interest Income Recognized | |||||
Interest Income Recognized, With no related allowance recorded | 146 | 152 | 277 | 293 | |
Interest Income Recognized, With an allowance recorded | $ 6 | $ 5 | $ 6 | $ 8 |
Loans Receivable and Allowanc_8
Loans Receivable and Allowance for Loan Losses - Schedule of Accruing and Nonaccrual TDRs (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Dec. 31, 2017 | |
Financing Receivable, Impaired [Line Items] | |||||
Recorded Investment | $ 663 | $ 6,175 | $ 985 | $ 7,378 | |
Commercial and industrial (including owner occupied commercial real estate) | |||||
Financing Receivable, Impaired [Line Items] | |||||
Recorded Investment | 0 | 5,855 | 0 | 6,203 | |
Manufactured housing | |||||
Financing Receivable, Impaired [Line Items] | |||||
Recorded Investment | 450 | 320 | 772 | 1,175 | |
Residential real estate | |||||
Financing Receivable, Impaired [Line Items] | |||||
Recorded Investment | 200 | 0 | 200 | 0 | |
Other | |||||
Financing Receivable, Impaired [Line Items] | |||||
Recorded Investment | $ 13 | $ 0 | 13 | $ 0 | |
Accruing | |||||
Financing Receivable, Impaired [Line Items] | |||||
Recorded Investment | 11,634 | $ 12,021 | |||
Accruing | Commercial and industrial (including owner occupied commercial real estate) | |||||
Financing Receivable, Impaired [Line Items] | |||||
Recorded Investment | 67 | 63 | |||
Accruing | Commercial real estate - owner occupied | |||||
Financing Receivable, Impaired [Line Items] | |||||
Recorded Investment | 41 | 0 | |||
Accruing | Manufactured housing | |||||
Financing Receivable, Impaired [Line Items] | |||||
Recorded Investment | 8,357 | 8,130 | |||
Accruing | Residential real estate | |||||
Financing Receivable, Impaired [Line Items] | |||||
Recorded Investment | 3,169 | 3,828 | |||
Accruing | Other | |||||
Financing Receivable, Impaired [Line Items] | |||||
Recorded Investment | 0 | 0 | |||
Nonaccruing | |||||
Financing Receivable, Impaired [Line Items] | |||||
Recorded Investment | 7,788 | 8,408 | |||
Nonaccruing | Commercial and industrial (including owner occupied commercial real estate) | |||||
Financing Receivable, Impaired [Line Items] | |||||
Recorded Investment | 5,415 | 5,939 | |||
Nonaccruing | Commercial real estate - owner occupied | |||||
Financing Receivable, Impaired [Line Items] | |||||
Recorded Investment | 0 | 0 | |||
Nonaccruing | Manufactured housing | |||||
Financing Receivable, Impaired [Line Items] | |||||
Recorded Investment | 1,875 | 1,766 | |||
Nonaccruing | Residential real estate | |||||
Financing Receivable, Impaired [Line Items] | |||||
Recorded Investment | 485 | 703 | |||
Nonaccruing | Other | |||||
Financing Receivable, Impaired [Line Items] | |||||
Recorded Investment | 13 | 0 | |||
Total | |||||
Financing Receivable, Impaired [Line Items] | |||||
Recorded Investment | 19,422 | 20,429 | |||
Total | Commercial and industrial (including owner occupied commercial real estate) | |||||
Financing Receivable, Impaired [Line Items] | |||||
Recorded Investment | 5,482 | 6,002 | |||
Total | Commercial real estate - owner occupied | |||||
Financing Receivable, Impaired [Line Items] | |||||
Recorded Investment | 41 | 0 | |||
Total | Manufactured housing | |||||
Financing Receivable, Impaired [Line Items] | |||||
Recorded Investment | 10,232 | 9,896 | |||
Total | Residential real estate | |||||
Financing Receivable, Impaired [Line Items] | |||||
Recorded Investment | 3,654 | 4,531 | |||
Total | Other | |||||
Financing Receivable, Impaired [Line Items] | |||||
Recorded Investment | $ 13 | $ 0 |
Loans Receivable and Allowanc_9
Loans Receivable and Allowance for Loan Losses - Analysis of Loans Modified in Troubled Debt Restructuring by Type of Concession (Detail) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018USD ($)Loan | Jun. 30, 2017USD ($)Loan | Jun. 30, 2018USD ($)Loan | Jun. 30, 2017USD ($)Loan | |
Financing Receivable, Modifications [Line Items] | ||||
Number of Loans | Loan | 16 | 11 | 25 | 32 |
Recorded Investment | $ | $ 663 | $ 6,175 | $ 985 | $ 7,378 |
Extensions of maturity | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Loans | Loan | 1 | 2 | 1 | 3 |
Recorded Investment | $ | $ 56 | $ 5,855 | $ 56 | $ 6,203 |
Interest-rate reductions | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Loans | Loan | 15 | 9 | 24 | 29 |
Recorded Investment | $ | $ 607 | $ 320 | $ 929 | $ 1,175 |
Loans Receivable and Allowan_10
Loans Receivable and Allowance for Loan Losses - Summary of Loans Modified in Troubled Debt Restructurings and Related Recorded Investment (Detail) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018USD ($)Loan | Jun. 30, 2017USD ($)Loan | Jun. 30, 2018USD ($)Loan | Jun. 30, 2017USD ($)Loan | |
Financing Receivable, Modifications [Line Items] | ||||
Number of Loans | Loan | 16 | 11 | 25 | 32 |
Recorded Investment | $ | $ 663 | $ 6,175 | $ 985 | $ 7,378 |
Commercial and industrial (including owner occupied commercial real estate) | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Loans | Loan | 0 | 2 | 0 | 3 |
Recorded Investment | $ | $ 0 | $ 5,855 | $ 0 | $ 6,203 |
Manufactured housing | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Loans | Loan | 14 | 9 | 23 | 29 |
Recorded Investment | $ | $ 450 | $ 320 | $ 772 | $ 1,175 |
Residential real estate | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Loans | Loan | 1 | 0 | 1 | 0 |
Recorded Investment | $ | $ 200 | $ 0 | $ 200 | $ 0 |
Other | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Loans | Loan | 1 | 0 | 1 | 0 |
Recorded Investment | $ | $ 13 | $ 0 | $ 13 | $ 0 |
Loans Receivable and Allowan_11
Loans Receivable and Allowance for Loan Losses - Changes in Accretable Yield Related to Purchased-credit-impaired Loans (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Changes in Accretable Yield | ||||
Accretable yield balance, beginning of period | $ 7,663 | $ 9,376 | $ 7,825 | $ 10,202 |
Accretion to interest income | (516) | (465) | (854) | (958) |
Reclassification from nonaccretable difference and disposals, net | 256 | 95 | 432 | (238) |
Accretable yield balance, end of period | $ 7,403 | $ 9,006 | $ 7,403 | $ 9,006 |
Loans Receivable and Allowan_12
Loans Receivable and Allowance for Loan Losses - Credit Ratings of Covered and Non-Covered Loan Portfolio (Detail) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | $ 7,181,084 | $ 6,768,175 |
Pass/Satisfactory | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 6,405,308 | 6,300,595 |
Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 117,075 | 99,279 |
Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 76,277 | 40,437 |
Performing | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 566,841 | 305,939 |
Non-performing | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 15,583 | 21,925 |
Multi-family | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 3,542,770 | 3,502,381 |
Multi-family | Pass/Satisfactory | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 3,485,669 | 3,438,554 |
Multi-family | Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 31,001 | 53,873 |
Multi-family | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 26,100 | 9,954 |
Multi-family | Performing | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 0 | 0 |
Multi-family | Non-performing | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 0 | 0 |
Commercial and industrial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 1,266,520 | 1,149,090 |
Commercial and industrial | Pass/Satisfactory | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 1,211,934 | 1,118,889 |
Commercial and industrial | Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 16,979 | 7,652 |
Commercial and industrial | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 37,607 | 22,549 |
Commercial and industrial | Performing | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 0 | 0 |
Commercial and industrial | Non-performing | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 0 | 0 |
Commercial real estate - owner occupied | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 545,231 | 484,728 |
Commercial real estate - owner occupied | Pass/Satisfactory | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 529,898 | 471,826 |
Commercial real estate - owner occupied | Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 8,152 | 5,987 |
Commercial real estate - owner occupied | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 7,181 | 6,915 |
Commercial real estate - owner occupied | Performing | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 0 | 0 |
Commercial real estate - owner occupied | Non-performing | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 0 | 0 |
Commercial real estate - non-owner occupied | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 1,155,998 | 1,218,719 |
Commercial real estate - non-owner occupied | Pass/Satisfactory | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 1,089,666 | 1,185,933 |
Commercial real estate - non-owner occupied | Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 60,943 | 31,767 |
Commercial real estate - non-owner occupied | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 5,389 | 1,019 |
Commercial real estate - non-owner occupied | Performing | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 0 | 0 |
Commercial real estate - non-owner occupied | Non-performing | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 0 | 0 |
Construction | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 88,141 | 85,393 |
Construction | Pass/Satisfactory | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 88,141 | 85,393 |
Construction | Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 0 | 0 |
Construction | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 0 | 0 |
Construction | Performing | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 0 | 0 |
Construction | Non-performing | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 0 | 0 |
Residential real estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 493,222 | 234,090 |
Residential real estate | Pass/Satisfactory | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 0 | 0 |
Residential real estate | Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 0 | 0 |
Residential real estate | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 0 | 0 |
Residential real estate | Performing | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 485,442 | 221,042 |
Residential real estate | Non-performing | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 7,780 | 13,048 |
Manufactured housing | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 85,328 | 90,227 |
Manufactured housing | Pass/Satisfactory | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 0 | 0 |
Manufactured housing | Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 0 | 0 |
Manufactured housing | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 0 | 0 |
Manufactured housing | Performing | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 77,675 | 81,497 |
Manufactured housing | Non-performing | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 7,653 | 8,730 |
Other | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 3,874 | 3,547 |
Other | Pass/Satisfactory | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 0 | 0 |
Other | Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 0 | 0 |
Other | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 0 | 0 |
Other | Performing | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | 3,724 | 3,400 |
Other | Non-performing | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans receivable, gross | $ 150 | $ 147 |
Regulatory Capital - Summary of
Regulatory Capital - Summary of Capital Amounts, Tier 1 Risk Based and Tier 1 Leveraged Ratios (Detail) - USD ($) $ in Thousands | Jun. 30, 2018 | Jan. 01, 2018 | Dec. 31, 2017 | Jan. 01, 2017 |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||||
Common equity Tier 1 capital (to risk weighted assets), Actual Amount | $ 735,609 | $ 689,494 | ||
Tier 1 capital (to risk weighted assets), Actual Amount | 953,025 | 906,963 | ||
Total capital (to risk weighted assets), Actual Amount | 1,072,072 | 1,021,601 | ||
Tier 1 capital (to average assets), Actual Amount | $ 953,025 | $ 906,963 | ||
Common equity Tier 1 (to risk weighted assets), Actual Ratio | 8.611% | 8.805% | ||
Tier 1 capital (to risk weighted assets), Actual Ratio | 11.156% | 11.583% | ||
Total capital (to risk weighted assets), Actual Ratio | 12.55% | 13.047% | ||
Tier 1 capital (to average assets), Actual Ratio | 8.866% | 8.937% | ||
Common equity Tier 1 capital (to risk weighted assets), For Capital Adequacy Purposes Amount | $ 384,418 | $ 352,368 | ||
Tier 1 capital (to risk weighted assets), For Capital Adequacy Purposes Amount | 512,557 | 469,824 | ||
Total capital (to risk weighted assets), For Capital Adequacy Purposes Amount | 683,409 | 626,432 | ||
Tier 1 capital (to average assets), For Capital Adequacy Purposes Amount | $ 429,963 | $ 405,949 | ||
Common equity Tier 1 (to risk weighted assets), For Capital Adequacy Purposes Ratio | 4.50% | 6.375% | 4.50% | |
Tier 1 capital (to risk weighted assets), For Capital Adequacy Purposes Ratio | 6.00% | 7.875% | 6.00% | |
Total capital (to risk weighted assets), For Capital Adequacy Purposes Ratio | 8.00% | 9.875% | 8.00% | |
Tier 1 capital (to average assets), For Capital Adequacy Purposes Ratio | 4.00% | 4.00% | ||
Common equity Tier 1 (to risk weighted assets), for Basel III amount | $ 544,591 | $ 450,248 | ||
Tier 1 (to risk weighted assets) Required for Basel III amount | 672,731 | 567,704 | ||
Total capital (to risk weighted assets), for Basel III amount | 843,583 | 724,313 | ||
Tier 1 (to risk average assets), for Basel III amount | $ 429,963 | $ 405,949 | ||
Common equity Tier 1 (to risk weighted assets), for Basel III ratio | 6.375% | 5.75% | ||
Tier 1 capital (to risk weighted assets), for Basel III ratio | 7.875% | 7.25% | ||
Total capital (to risk weighted assets), for Basel III ratio | 9.875% | 9.25% | ||
Tier 1 capital (to average assets), for Basel III ratio | 4.00% | 4.00% | ||
Customers Bank | ||||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||||
Common equity Tier 1 capital (to risk weighted assets), Actual Amount | $ 1,054,613 | $ 1,023,564 | ||
Tier 1 capital (to risk weighted assets), Actual Amount | 1,054,613 | 1,023,564 | ||
Total capital (to risk weighted assets), Actual Amount | 1,202,070 | 1,170,666 | ||
Tier 1 capital (to average assets), Actual Amount | $ 1,054,613 | $ 1,023,564 | ||
Common equity Tier 1 (to risk weighted assets), Actual Ratio | 12.351% | 13.081% | ||
Tier 1 capital (to risk weighted assets), Actual Ratio | 12.351% | 13.081% | ||
Total capital (to risk weighted assets), Actual Ratio | 14.078% | 14.961% | ||
Tier 1 capital (to average assets), Actual Ratio | 9.822% | 10.092% | ||
Common equity Tier 1 capital (to risk weighted assets), For Capital Adequacy Purposes Amount | $ 384,232 | $ 352,122 | ||
Tier 1 capital (to risk weighted assets), For Capital Adequacy Purposes Amount | 512,309 | 469,496 | ||
Total capital (to risk weighted assets), For Capital Adequacy Purposes Amount | 683,079 | 625,994 | ||
Tier 1 capital (to average assets), For Capital Adequacy Purposes Amount | $ 429,471 | $ 405,701 | ||
Common equity Tier 1 (to risk weighted assets), For Capital Adequacy Purposes Ratio | 4.50% | 4.50% | 6.375% | |
Tier 1 capital (to risk weighted assets), For Capital Adequacy Purposes Ratio | 6.00% | 6.00% | 7.875% | |
Total capital (to risk weighted assets), For Capital Adequacy Purposes Ratio | 8.00% | 8.00% | 9.875% | |
Tier 1 capital (to average assets), For Capital Adequacy Purposes Ratio | 4.00% | 4.00% | ||
Common equity Tier 1 Capital (to risk weighted assets), To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | $ 555,002 | $ 508,621 | ||
Tier 1 capital (to risk weighted assets), To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | 683,079 | 625,994 | ||
Total capital (to risk weighted assets), To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | 853,849 | 782,493 | ||
Tier 1 capital (to average assets), To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | $ 536,839 | $ 507,126 | ||
Common equity Tier 1 (to risk weighted assets), To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio | 6.50% | 6.50% | ||
Tier 1 capital (to risk weighted assets), To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio | 8.00% | 8.00% | ||
Total capital (to risk weighted assets), To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio | 10.00% | 10.00% | ||
Tier 1 capital (to average assets), To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio | 5.00% | 5.00% | ||
Common equity Tier 1 (to risk weighted assets), for Basel III amount | $ 544,329 | $ 449,934 | ||
Tier 1 (to risk weighted assets) Required for Basel III amount | 672,406 | 567,307 | ||
Total capital (to risk weighted assets), for Basel III amount | 843,176 | 723,806 | ||
Tier 1 (to risk average assets), for Basel III amount | $ 429,471 | $ 405,701 | ||
Common equity Tier 1 (to risk weighted assets), for Basel III ratio | 6.375% | 5.75% | ||
Tier 1 capital (to risk weighted assets), for Basel III ratio | 7.875% | 7.25% | ||
Total capital (to risk weighted assets), for Basel III ratio | 9.875% | 9.25% | ||
Tier 1 capital (to average assets), for Basel III ratio | 4.00% | 4.00% |
Regulatory Capital - Narrative
Regulatory Capital - Narrative (Details) | Jun. 30, 2018 | Jan. 01, 2018 | Dec. 31, 2017 | Jan. 01, 2017 | Jan. 01, 2015 |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||||
Capital conservation buffer to risk weighted assets, year one | 0.625% | ||||
Capital conservation buffer to risk weighted assets, year two | 1.25% | ||||
Capital conservation buffer to risk weighted assets, year three | 1.875% | ||||
Capital conservation buffer to risk weighted assets, year four and thereafter | 2.50% | ||||
Capital conservation buffer, excess of minimum capital ratio | 2.50% | ||||
Common equity Tier 1 (to risk weighted assets), for capital adequacy purposes ratio | 4.50% | 6.375% | 4.50% | ||
Tier 1 capital (to risk weighted assets), for capital adequacy purposes ratio | 6.00% | 7.875% | 6.00% | ||
Total capital (to risk weighted assets), for capital adequacy purposes ratio | 8.00% | 9.875% | 8.00% | ||
Customers Bank | |||||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||||
Common equity Tier 1 (to risk weighted assets), for capital adequacy purposes ratio | 4.50% | 4.50% | 6.375% | ||
Tier 1 capital (to risk weighted assets), for capital adequacy purposes ratio | 6.00% | 6.00% | 7.875% | ||
Total capital (to risk weighted assets), for capital adequacy purposes ratio | 8.00% | 8.00% | 9.875% |
Disclosures About Fair Value _3
Disclosures About Fair Value of Financial Instruments - Narrative (Detail) | 6 Months Ended |
Jun. 30, 2018 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Loans held for sale, average life from purchase to sale | 20 days |
Disclosures About Fair Value _4
Disclosures About Fair Value of Financial Instruments - Estimated Fair Values of Financial Instruments (Detail) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 | Jun. 30, 2017 | Dec. 31, 2016 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and cash equivalents, Carrying Amount | $ 251,726 | $ 146,323 | $ 413,242 | $ 264,709 |
Cash and cash equivalents, Estimated Fair Value | 251,726 | 146,323 | ||
Debt securities, available for sale | 1,157,944 | |||
Debt securities, available for sale, Estimated Fair Value | 1,157,944 | |||
Investment securities, at fair value | 1,161,000 | 471,371 | ||
Investments securities, available for sale, fair value | 471,371 | |||
Equity securities, carrying amount | 3,056 | |||
Equity securities, Estimated Fair Value | 3,056 | |||
Loans held for sale, Carrying Amount | 1,043 | 146,077 | ||
Loans held for sale, Estimated Fair Value | 1,043 | 146,251 | ||
Loans receivable, net of allowance for loan losses, Carrying Amount | 9,074,176 | 8,523,651 | ||
Loans receivable, net of allowance for loan losses, Estimated Fair Value | 9,058,053 | 8,470,171 | ||
FHLB, Federal Reserve Bank and other restricted stock, Carrying Amount | 136,066 | 105,918 | ||
FHLB, Federal Reserve Bank and other restricted stock, Estimated Fair Value | 136,066 | 105,918 | ||
Derivative assets | 16,247 | 9,752 | ||
Deposits, Carrying Amount | 7,295,954 | 6,800,142 | ||
Deposits, Estimated Fair Value | 7,288,828 | 6,796,095 | ||
Federal funds purchased, Carrying Amount | 105,000 | 155,000 | ||
Federal funds purchased, Estimated Fair Value | 105,000 | 155,000 | ||
FHLB advances, Carrying Amount | 2,389,797 | 1,611,860 | ||
FHLB advances, Estimated Fair Value | 2,389,785 | 1,611,603 | ||
Other borrowings, Carrying Amount | 186,888 | 186,497 | ||
Other borrowings, Estimated Fair Value | 185,364 | 193,557 | ||
Subordinated debt, Carrying Amount | 108,929 | 108,880 | ||
Subordinated debt, Estimated Fair Value | 114,675 | 115,775 | ||
Derivative liabilities | 13,698 | 10,074 | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and cash equivalents, Estimated Fair Value | 251,726 | 146,323 | ||
Debt securities, available for sale, Estimated Fair Value | 0 | |||
Investments securities, available for sale, fair value | 3,352 | |||
Equity securities, Estimated Fair Value | 3,056 | |||
Loans held for sale, Estimated Fair Value | 0 | 0 | ||
Loans receivable, net of allowance for loan losses, Estimated Fair Value | 0 | 0 | ||
FHLB, Federal Reserve Bank and other restricted stock, Estimated Fair Value | 0 | 0 | ||
Derivative assets | 0 | 0 | ||
Deposits, Estimated Fair Value | 5,223,793 | 4,894,449 | ||
Federal funds purchased, Estimated Fair Value | 105,000 | 155,000 | ||
FHLB advances, Estimated Fair Value | 1,504,797 | 881,860 | ||
Other borrowings, Estimated Fair Value | 63,554 | 65,072 | ||
Subordinated debt, Estimated Fair Value | 0 | 0 | ||
Derivative liabilities | 0 | 0 | ||
Significant Other Observable Inputs (Level 2) | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and cash equivalents, Estimated Fair Value | 0 | 0 | ||
Debt securities, available for sale, Estimated Fair Value | 1,157,944 | |||
Investments securities, available for sale, fair value | 468,019 | |||
Equity securities, Estimated Fair Value | 0 | |||
Loans held for sale, Estimated Fair Value | 1,043 | 1,886 | ||
Loans receivable, net of allowance for loan losses, Estimated Fair Value | 1,793,408 | |||
FHLB, Federal Reserve Bank and other restricted stock, Estimated Fair Value | 136,066 | 105,918 | ||
Derivative assets | 16,114 | 9,692 | ||
Deposits, Estimated Fair Value | 2,065,035 | 1,901,646 | ||
Federal funds purchased, Estimated Fair Value | 0 | 0 | ||
FHLB advances, Estimated Fair Value | 884,988 | 729,743 | ||
Other borrowings, Estimated Fair Value | 121,810 | 128,485 | ||
Subordinated debt, Estimated Fair Value | 114,675 | 115,775 | ||
Derivative liabilities | 13,698 | 10,074 | ||
Significant Unobservable Inputs (Level 3) | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and cash equivalents, Estimated Fair Value | 0 | 0 | ||
Debt securities, available for sale, Estimated Fair Value | 0 | |||
Investments securities, available for sale, fair value | 0 | |||
Equity securities, Estimated Fair Value | 0 | |||
Loans held for sale, Estimated Fair Value | 0 | 144,365 | ||
Loans receivable, net of allowance for loan losses, Estimated Fair Value | 7,127,315 | 6,676,763 | ||
FHLB, Federal Reserve Bank and other restricted stock, Estimated Fair Value | 0 | 0 | ||
Derivative assets | 133 | 60 | ||
Deposits, Estimated Fair Value | 0 | 0 | ||
Federal funds purchased, Estimated Fair Value | 0 | 0 | ||
FHLB advances, Estimated Fair Value | 0 | 0 | ||
Other borrowings, Estimated Fair Value | 0 | 0 | ||
Subordinated debt, Estimated Fair Value | 0 | 0 | ||
Derivative liabilities | $ 0 | $ 0 |
Disclosures About Fair Value _5
Disclosures About Fair Value of Financial Instruments - Summary of Financial Assets and Liabilities Measured at Fair Value on a Recurring and Nonrecurring Basis (Detail) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Liabilities | ||
Specific reserves related to impaired loans | $ 1,381 | $ 1,451 |
Fair Value, Measurements, Recurring [Member] | ||
Assets | ||
Assets, Fair Value Disclosure | 3,109,028 | 2,276,417 |
Fair Value, Measurements, Nonrecurring [Member] | ||
Assets | ||
Assets, Fair Value Disclosure | 12,956 | 15,351 |
Equity securities | Fair Value, Measurements, Recurring [Member] | ||
Assets | ||
Assets, Fair Value Disclosure | 3,056 | |
Derivative assets | Fair Value, Measurements, Recurring [Member] | ||
Assets | ||
Assets, Fair Value Disclosure | 16,247 | 9,752 |
Loans held for sale - fair value option | Fair Value, Measurements, Recurring [Member] | ||
Assets | ||
Assets, Fair Value Disclosure | 1,043 | 1,886 |
Mortgage Warehouse | Fair Value, Measurements, Recurring [Member] | ||
Assets | ||
Assets, Fair Value Disclosure | 1,930,738 | 1,793,408 |
Derivative liabilities | Fair Value, Measurements, Recurring [Member] | ||
Liabilities | ||
Financial Liabilities Fair Value Disclosure | 13,698 | 10,074 |
Impaired loans, net of specific reserves | ||
Liabilities | ||
Specific reserves related to impaired loans | 1,381 | 1,451 |
Impaired loans, net of specific reserves | Fair Value, Measurements, Nonrecurring [Member] | ||
Assets | ||
Assets, Fair Value Disclosure | 11,929 | 13,902 |
Other real estate owned | Fair Value, Measurements, Nonrecurring [Member] | ||
Assets | ||
Assets, Fair Value Disclosure | 1,027 | 1,449 |
Available-for-sale Securities | Agency-guaranteed residential mortgage-backed securities | Fair Value, Measurements, Recurring [Member] | ||
Assets | ||
Assets, Fair Value Disclosure | 476,563 | 183,458 |
Available-for-sale Securities | Agency-guaranteed commercial real estate mortgage-backed securities | Fair Value, Measurements, Recurring [Member] | ||
Assets | ||
Assets, Fair Value Disclosure | 320,373 | 238,472 |
Available-for-sale Securities | Corporate notes | Fair Value, Measurements, Recurring [Member] | ||
Assets | ||
Assets, Fair Value Disclosure | 361,008 | 46,089 |
Available-for-sale Securities | Equity securities | Fair Value, Measurements, Recurring [Member] | ||
Assets | ||
Assets, Fair Value Disclosure | 3,352 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Fair Value, Measurements, Recurring [Member] | ||
Assets | ||
Assets, Fair Value Disclosure | 3,056 | 3,352 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Fair Value, Measurements, Nonrecurring [Member] | ||
Assets | ||
Assets, Fair Value Disclosure | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Equity securities | Fair Value, Measurements, Recurring [Member] | ||
Assets | ||
Assets, Fair Value Disclosure | 3,056 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Derivative assets | Fair Value, Measurements, Recurring [Member] | ||
Assets | ||
Assets, Fair Value Disclosure | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Loans held for sale - fair value option | Fair Value, Measurements, Recurring [Member] | ||
Assets | ||
Assets, Fair Value Disclosure | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Mortgage Warehouse | Fair Value, Measurements, Recurring [Member] | ||
Assets | ||
Assets, Fair Value Disclosure | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Derivative liabilities | Fair Value, Measurements, Recurring [Member] | ||
Liabilities | ||
Financial Liabilities Fair Value Disclosure | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Impaired loans, net of specific reserves | Fair Value, Measurements, Nonrecurring [Member] | ||
Assets | ||
Assets, Fair Value Disclosure | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Other real estate owned | Fair Value, Measurements, Nonrecurring [Member] | ||
Assets | ||
Assets, Fair Value Disclosure | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Available-for-sale Securities | Agency-guaranteed residential mortgage-backed securities | Fair Value, Measurements, Recurring [Member] | ||
Assets | ||
Assets, Fair Value Disclosure | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Available-for-sale Securities | Agency-guaranteed commercial real estate mortgage-backed securities | Fair Value, Measurements, Recurring [Member] | ||
Assets | ||
Assets, Fair Value Disclosure | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Available-for-sale Securities | Corporate notes | Fair Value, Measurements, Recurring [Member] | ||
Assets | ||
Assets, Fair Value Disclosure | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Available-for-sale Securities | Equity securities | Fair Value, Measurements, Recurring [Member] | ||
Assets | ||
Assets, Fair Value Disclosure | 3,352 | |
Significant Other Observable Inputs (Level 2) | Fair Value, Measurements, Recurring [Member] | ||
Assets | ||
Assets, Fair Value Disclosure | 3,105,839 | 2,273,005 |
Significant Other Observable Inputs (Level 2) | Fair Value, Measurements, Nonrecurring [Member] | ||
Assets | ||
Assets, Fair Value Disclosure | 0 | 0 |
Significant Other Observable Inputs (Level 2) | Equity securities | Fair Value, Measurements, Recurring [Member] | ||
Assets | ||
Assets, Fair Value Disclosure | 0 | |
Significant Other Observable Inputs (Level 2) | Derivative assets | Fair Value, Measurements, Recurring [Member] | ||
Assets | ||
Assets, Fair Value Disclosure | 16,114 | 9,692 |
Significant Other Observable Inputs (Level 2) | Loans held for sale - fair value option | Fair Value, Measurements, Recurring [Member] | ||
Assets | ||
Assets, Fair Value Disclosure | 1,043 | 1,886 |
Significant Other Observable Inputs (Level 2) | Mortgage Warehouse | Fair Value, Measurements, Recurring [Member] | ||
Assets | ||
Assets, Fair Value Disclosure | 1,930,738 | 1,793,408 |
Significant Other Observable Inputs (Level 2) | Derivative liabilities | Fair Value, Measurements, Recurring [Member] | ||
Liabilities | ||
Financial Liabilities Fair Value Disclosure | 13,698 | 10,074 |
Significant Other Observable Inputs (Level 2) | Impaired loans, net of specific reserves | Fair Value, Measurements, Nonrecurring [Member] | ||
Assets | ||
Assets, Fair Value Disclosure | 0 | 0 |
Significant Other Observable Inputs (Level 2) | Other real estate owned | Fair Value, Measurements, Nonrecurring [Member] | ||
Assets | ||
Assets, Fair Value Disclosure | 0 | 0 |
Significant Other Observable Inputs (Level 2) | Available-for-sale Securities | Agency-guaranteed residential mortgage-backed securities | Fair Value, Measurements, Recurring [Member] | ||
Assets | ||
Assets, Fair Value Disclosure | 476,563 | 183,458 |
Significant Other Observable Inputs (Level 2) | Available-for-sale Securities | Agency-guaranteed commercial real estate mortgage-backed securities | Fair Value, Measurements, Recurring [Member] | ||
Assets | ||
Assets, Fair Value Disclosure | 320,373 | 238,472 |
Significant Other Observable Inputs (Level 2) | Available-for-sale Securities | Corporate notes | Fair Value, Measurements, Recurring [Member] | ||
Assets | ||
Assets, Fair Value Disclosure | 361,008 | 46,089 |
Significant Other Observable Inputs (Level 2) | Available-for-sale Securities | Equity securities | Fair Value, Measurements, Recurring [Member] | ||
Assets | ||
Assets, Fair Value Disclosure | 0 | |
Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Recurring [Member] | ||
Assets | ||
Assets, Fair Value Disclosure | 133 | 60 |
Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Nonrecurring [Member] | ||
Assets | ||
Assets, Fair Value Disclosure | 12,956 | 15,351 |
Significant Unobservable Inputs (Level 3) | Equity securities | Fair Value, Measurements, Recurring [Member] | ||
Assets | ||
Assets, Fair Value Disclosure | 0 | |
Significant Unobservable Inputs (Level 3) | Derivative assets | Fair Value, Measurements, Recurring [Member] | ||
Assets | ||
Assets, Fair Value Disclosure | 133 | 60 |
Significant Unobservable Inputs (Level 3) | Loans held for sale - fair value option | Fair Value, Measurements, Recurring [Member] | ||
Assets | ||
Assets, Fair Value Disclosure | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Mortgage Warehouse | Fair Value, Measurements, Recurring [Member] | ||
Assets | ||
Assets, Fair Value Disclosure | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Derivative liabilities | Fair Value, Measurements, Recurring [Member] | ||
Liabilities | ||
Financial Liabilities Fair Value Disclosure | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Impaired loans, net of specific reserves | Fair Value, Measurements, Nonrecurring [Member] | ||
Assets | ||
Assets, Fair Value Disclosure | 11,929 | 13,902 |
Significant Unobservable Inputs (Level 3) | Other real estate owned | Fair Value, Measurements, Nonrecurring [Member] | ||
Assets | ||
Assets, Fair Value Disclosure | 1,027 | 1,449 |
Significant Unobservable Inputs (Level 3) | Available-for-sale Securities | Agency-guaranteed residential mortgage-backed securities | Fair Value, Measurements, Recurring [Member] | ||
Assets | ||
Assets, Fair Value Disclosure | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Available-for-sale Securities | Agency-guaranteed commercial real estate mortgage-backed securities | Fair Value, Measurements, Recurring [Member] | ||
Assets | ||
Assets, Fair Value Disclosure | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Available-for-sale Securities | Corporate notes | Fair Value, Measurements, Recurring [Member] | ||
Assets | ||
Assets, Fair Value Disclosure | $ 0 | 0 |
Significant Unobservable Inputs (Level 3) | Available-for-sale Securities | Equity securities | Fair Value, Measurements, Recurring [Member] | ||
Assets | ||
Assets, Fair Value Disclosure | $ 0 |
Disclosures About Fair Value _6
Disclosures About Fair Value of Financial Instruments - Statement of Changes in Level 3 Assets Measured at Fair Value on a Recurring Basis (Detail) - Significant Unobservable Inputs (Level 3) - Residential Mortgage Loan Commitments - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Balance at beginning | $ 83 | $ 95 | $ 60 | $ 45 |
Issuances | 133 | 102 | 216 | 197 |
Settlements | (83) | (95) | (143) | (140) |
Balance at ending | $ 133 | $ 102 | $ 133 | $ 102 |
Disclosures About Fair Value _7
Disclosures About Fair Value of Financial Instruments - Summary of Financial Assets and Financial Liabilities Measured at Fair Value on Recurring and Nonrecurring Basis (Detail) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other real estate owned | $ 1,705 | $ 1,726 |
Impaired loans, net of specific reserves | Collateral Appraisal | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Weighted average range | 8.00% | 8.00% |
Other real estate owned | Collateral Appraisal | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Weighted average range | 8.00% | 8.00% |
Residential mortgage loan commitments | Adjusted Market Bid | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Residential mortgage loan commitments pull through rate | 90.00% | 90.00% |
Fair Value Estimate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Residential mortgage loan commitments | $ 133 | $ 60 |
Fair Value Estimate | Collateral Appraisal | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | 11,929 | 13,902 |
Other real estate owned | $ 1,027 | $ 1,449 |
Derivative Instruments and He_3
Derivative Instruments and Hedging Activities - Additional Information (Detail) $ in Millions | 6 Months Ended | |
Jun. 30, 2018USD ($)derivativeswap | Dec. 31, 2017USD ($)derivativeswap | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Reclassification adjustment from accumulated other comprehensive income | $ 0.5 | |
Period for hedging exposure to the variability in future cash flows for forecasted transactions | 60 months | |
Minimum | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative expiration period | 30 days | |
Maximum | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative expiration period | 60 days | |
Not Designated as Hedging Instrument | Residential mortgage loan commitments | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Aggregate notional amount | $ 6 | $ 2.7 |
Interest Rate Swaps | Derivative Designated as Cash Flow Hedges | Cash Flow Hedges | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Number of outstanding interest rate derivatives (derivative) | derivative | 13 | 9 |
Aggregate notional amount | $ 1,400 | $ 550 |
Interest Rate Swaps | Not Designated as Hedging Instrument | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Aggregate notional amount | $ 779 | $ 800.5 |
Number of interest rate swaps (swap) | swap | 82 | 76 |
Credit Contract | Not Designated as Hedging Instrument | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Aggregate notional amount | $ 92.6 | $ 80.5 |
Derivative Instruments and He_4
Derivative Instruments and Hedging Activities - Fair Value of Derivative Financial Instruments (Detail) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Interest Rate Swaps | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Assets, Fair Value | $ 14,921 | $ 5,930 |
Derivative Liabilities, Fair Value | 1,639 | 5,058 |
Other Assets | Derivative Designated as Cash Flow Hedges | Interest Rate Swaps | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Assets, Fair Value | 2,732 | 816 |
Other Assets | Not Designated as Hedging Instrument | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Assets, Fair Value | 13,515 | 8,936 |
Other Assets | Not Designated as Hedging Instrument | Residential Mortgage Loan Commitments | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Assets, Fair Value | 133 | 60 |
Other Assets | Not Designated as Hedging Instrument | Interest Rate Swaps | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Assets, Fair Value | 13,334 | 8,776 |
Other Assets | Not Designated as Hedging Instrument | Credit Contract | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Assets, Fair Value | 48 | 100 |
Other Liabilities | Derivative Designated as Cash Flow Hedges | Interest Rate Swaps | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Liabilities, Fair Value | 416 | 1,140 |
Other Liabilities | Not Designated as Hedging Instrument | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Liabilities, Fair Value | 13,282 | 8,934 |
Other Liabilities | Not Designated as Hedging Instrument | Residential Mortgage Loan Commitments | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Liabilities, Fair Value | 0 | 0 |
Other Liabilities | Not Designated as Hedging Instrument | Interest Rate Swaps | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Liabilities, Fair Value | 13,148 | 8,897 |
Other Liabilities | Not Designated as Hedging Instrument | Credit Contract | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Liabilities, Fair Value | $ 134 | $ 37 |
Derivative Instruments and He_5
Derivative Instruments and Hedging Activities - Effect of Derivative Financial Instruments on Comprehensive Income (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Gain (Loss) Recognized in OCI on Derivatives (Effective Portion) | $ 1,895 | $ (689) | $ 2,768 | $ (360) |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, before Tax | 259 | (767) | 128 | (1,594) |
Interest Expense | Interest Rate Swaps | Cash Flow Hedges | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Gain (Loss) Recognized in OCI on Derivatives (Effective Portion) | 1,403 | (420) | 2,049 | (219) |
Amount of Gain Reclassified from Accumulated OCI into Income (Effective Portion) | 259 | 128 | ||
Amount of Loss Reclassified from Accumulated OCI into Income (Effective Portion) | (767) | (1,594) | ||
Not Designated as Hedging Instrument | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Income (Loss) Recognized in Earnings | (16) | (137) | 369 | 396 |
Not Designated as Hedging Instrument | Other Non-interest Income | Interest Rate Swaps | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Income (Loss) Recognized in Earnings | (51) | (145) | 334 | 338 |
Not Designated as Hedging Instrument | Other Non-interest Income | Credit Contract | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Income (Loss) Recognized in Earnings | (15) | 1 | (38) | 1 |
Not Designated as Hedging Instrument | Mortgage Banking Income | Residential Mortgage Loan Commitments | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Income (Loss) Recognized in Earnings | $ 50 | $ 7 | $ 73 | $ 57 |
Derivative Instruments and He_6
Derivative Instruments and Hedging Activities - Summary of Offsetting of Financial Assets and Derivative Assets (Detail) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Offsetting Assets [Line Items] | ||
Net Amounts of Assets Presented in the Consolidated Balance Sheet | $ 16,247 | $ 9,752 |
Interest Rate Swaps | ||
Offsetting Assets [Line Items] | ||
Gross Amount of Recognized Assets | 14,921 | 5,930 |
Gross Amounts Offset in the Consolidated Balance Sheet | 0 | 0 |
Net Amounts of Assets Presented in the Consolidated Balance Sheet | 14,921 | 5,930 |
Gross amounts not offset in the consolidated balance sheet, Financial instruments | 0 | 0 |
Gross amounts not offset in the consolidated balance sheet, Cash collateral received | 11,170 | 5,070 |
Gross amounts not offset in the consolidated balance sheet, Net amount | $ 3,751 | $ 860 |
Derivative Instruments and He_7
Derivative Instruments and Hedging Activities - Summary of Offsetting of Financial Liabilities and Derivative Liabilities (Detail) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Offsetting Liabilities [Line Items] | ||
Net Amounts of Liabilities Presented in the Consolidated Balance Sheet | $ 13,698 | $ 10,074 |
Interest Rate Swaps | ||
Offsetting Liabilities [Line Items] | ||
Gross Amount of Recognized Liabilities | 1,639 | 5,058 |
Gross Amounts Offset in the Consolidated Balance Sheet | 0 | 0 |
Net Amounts of Liabilities Presented in the Consolidated Balance Sheet | 1,639 | 5,058 |
Gross amounts not offset in the consolidated balance sheet, Financial instruments | 0 | 0 |
Gross amounts not offset in the consolidated balance sheet, Cash collateral pledged | 2 | 4,872 |
Gross amounts not offset in the consolidated balance sheet, Net amount | $ 1,637 | $ 186 |
Business Segments (Details)
Business Segments (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2018USD ($)Segment | Jun. 30, 2017USD ($) | Jun. 30, 2018USD ($) | Jun. 30, 2017USD ($) | Dec. 31, 2017USD ($) | |
Segment Reporting Information [Line Items] | |||||
Number of reportable segments (segment) | Segment | 2 | ||||
Interest income | $ 107,639 | $ 93,852 | $ 204,604 | $ 176,946 | |
Interest expense | 40,317 | 25,246 | 72,251 | 45,922 | |
Net interest income | 67,322 | 68,606 | 132,353 | 131,024 | |
Provision for loan losses | (784) | 535 | 1,333 | 3,585 | |
Total non-interest income | 16,127 | 18,391 | 37,037 | 41,144 | |
Non-interest expense | 53,750 | 50,413 | 106,031 | 99,778 | |
Income before income tax expense | 30,483 | 36,049 | 62,026 | 68,805 | |
Income tax expense (benefit) | 6,820 | 12,327 | 14,222 | 19,336 | |
Net income (loss) | 23,663 | 23,722 | 47,804 | 49,469 | |
Preferred stock dividends | 3,615 | 3,615 | 7,229 | 7,229 | |
Net income (loss) available to common shareholders | 20,048 | 20,107 | 40,575 | 42,240 | |
Goodwill and other intangibles | 17,150 | 17,150 | $ 16,295 | ||
Assets | 11,092,846 | 11,092,846 | 9,839,555 | ||
Deposits | 7,295,954 | 7,295,954 | $ 6,800,142 | ||
Combined Business Segments | |||||
Segment Reporting Information [Line Items] | |||||
Interest income | 107,639 | 93,852 | 204,604 | 176,946 | |
Interest expense | 40,317 | 25,246 | 72,251 | 45,922 | |
Net interest income | 67,322 | 68,606 | 132,353 | 131,024 | |
Provision for loan losses | (784) | 535 | 1,333 | 3,585 | |
Total non-interest income | 16,127 | 18,391 | 37,037 | 41,144 | |
Non-interest expense | 53,750 | 50,413 | 106,031 | 99,778 | |
Income before income tax expense | 30,483 | 36,049 | 62,026 | 68,805 | |
Income tax expense (benefit) | 6,820 | 12,327 | 14,222 | 19,336 | |
Net income (loss) | 23,663 | 23,722 | 47,804 | 49,469 | |
Preferred stock dividends | 3,615 | 3,615 | 7,229 | 7,229 | |
Net income (loss) available to common shareholders | 20,048 | 20,107 | 40,575 | 42,240 | |
Goodwill and other intangibles | 17,150 | 17,615 | 17,150 | 17,615 | |
Assets | 11,092,846 | 10,883,548 | 11,092,846 | 10,883,548 | |
Deposits | 7,295,954 | 7,475,363 | 7,295,954 | 7,475,363 | |
Non-deposit Liabilities | $ 2,860,665 | $ 2,497,896 | 2,860,665 | 2,497,896 | |
Operating Segments | Community Business Banking | |||||
Segment Reporting Information [Line Items] | |||||
Effective tax rate | 24.57% | 38.00% | |||
Interest income | $ 104,110 | $ 91,107 | 196,664 | 169,938 | |
Interest expense | 40,182 | 25,228 | 72,100 | 45,883 | |
Net interest income | 63,928 | 65,879 | 124,564 | 124,055 | |
Provision for loan losses | (1,247) | 535 | 627 | 3,585 | |
Total non-interest income | 7,465 | 6,971 | 15,904 | 12,398 | |
Non-interest expense | 37,721 | 30,567 | 72,052 | 60,714 | |
Income before income tax expense | 34,919 | 41,748 | 67,789 | 72,154 | |
Income tax expense (benefit) | 7,910 | 14,493 | 15,638 | 20,609 | |
Net income (loss) | 27,009 | 27,255 | 52,151 | 51,545 | |
Preferred stock dividends | 3,615 | 3,615 | 7,229 | 7,229 | |
Net income (loss) available to common shareholders | 23,394 | 23,640 | 44,922 | 44,316 | |
Goodwill and other intangibles | 3,629 | 3,633 | 3,629 | 3,633 | |
Assets | 11,017,272 | 10,815,752 | 11,017,272 | 10,815,752 | |
Deposits | 6,876,688 | 7,021,922 | 6,876,688 | 7,021,922 | |
Non-deposit Liabilities | 2,843,360 | 2,481,618 | 2,843,360 | 2,481,618 | |
Operating Segments | BankMobile | |||||
Segment Reporting Information [Line Items] | |||||
Interest income | 3,529 | 2,745 | 7,940 | 7,008 | |
Interest expense | 135 | 18 | 151 | 39 | |
Net interest income | 3,394 | 2,727 | 7,789 | 6,969 | |
Provision for loan losses | 463 | 0 | 706 | 0 | |
Total non-interest income | 8,662 | 11,420 | 21,133 | 28,746 | |
Non-interest expense | 16,029 | 19,846 | 33,979 | 39,064 | |
Income before income tax expense | (4,436) | (5,699) | (5,763) | (3,349) | |
Income tax expense (benefit) | (1,090) | (2,166) | (1,416) | (1,273) | |
Net income (loss) | (3,346) | (3,533) | (4,347) | (2,076) | |
Preferred stock dividends | 0 | 0 | 0 | 0 | |
Net income (loss) available to common shareholders | (3,346) | (3,533) | (4,347) | (2,076) | |
Goodwill and other intangibles | 13,521 | 13,982 | 13,521 | 13,982 | |
Assets | 75,574 | 67,796 | 75,574 | 67,796 | |
Deposits | 419,266 | 453,441 | 419,266 | 453,441 | |
Non-deposit Liabilities | 17,305 | 16,278 | 17,305 | 16,278 | |
Segment Reconciling Items | BankMobile | |||||
Segment Reporting Information [Line Items] | |||||
Interest income | $ 3,500 | $ 2,700 | $ 7,900 | $ 7,000 |
Non-Interest Revenues - Narrati
Non-Interest Revenues - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Dec. 31, 2017 | |
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||||
Contract with customer, liability | $ 3,118 | $ 3,118 | $ 2,001 | ||
Contract with customer, asset | 2,500 | 2,500 | $ 1,100 | ||
Accounting Standards Update 2014-09 | |||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||||
Revenue from Contract with Customer, Including Assessed Tax | $ 1,200 | $ 1,300 | $ 2,700 | $ 3,200 | |
Minimum | BankMobile | |||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||||
Timing of satisfaction of performance obligation and payment | P3Y | ||||
Maximum | BankMobile | |||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||||
Timing of satisfaction of performance obligation and payment | P5Y |
Non-Interest Revenues - Non-int
Non-Interest Revenues - Non-interest Revenues by Business Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Interchange and card revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Including Assessed Tax | $ 6,382 | $ 8,648 | $ 16,043 | $ 22,158 |
Deposit Fees | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Including Assessed Tax | 1,632 | 2,133 | 3,724 | 5,260 |
Accounting Standards Update 2014-09 | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Including Assessed Tax | 1,200 | 1,300 | 2,700 | 3,200 |
Total revenue from contracts with customers | 9,106 | 11,771 | 22,056 | 29,592 |
Accounting Standards Update 2014-09 | Community Business Banking | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 477 | 384 | 986 | 910 |
Accounting Standards Update 2014-09 | BankMobile | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 8,629 | 11,387 | 21,070 | 28,682 |
Accounting Standards Update 2014-09 | Transferred at Point in Time | ||||
Disaggregation of Revenue [Line Items] | ||||
University Fees - Card and Disbursement Fees | 185 | 206 | 512 | 595 |
Total revenue from contracts with customers | 8,199 | 10,987 | 20,279 | 28,013 |
Accounting Standards Update 2014-09 | Transferred at Point in Time | Interchange and card revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Including Assessed Tax | 6,382 | 8,648 | 16,043 | 22,158 |
Accounting Standards Update 2014-09 | Transferred at Point in Time | Deposit Fees | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Including Assessed Tax | 1,632 | 2,133 | 3,724 | 5,260 |
Accounting Standards Update 2014-09 | Transferred at Point in Time | Community Business Banking | ||||
Disaggregation of Revenue [Line Items] | ||||
University Fees - Card and Disbursement Fees | 0 | 0 | 0 | 0 |
Total revenue from contracts with customers | 477 | 384 | 986 | 910 |
Accounting Standards Update 2014-09 | Transferred at Point in Time | Community Business Banking | Interchange and card revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Including Assessed Tax | 183 | 126 | 406 | 328 |
Accounting Standards Update 2014-09 | Transferred at Point in Time | Community Business Banking | Deposit Fees | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Including Assessed Tax | 294 | 258 | 580 | 582 |
Accounting Standards Update 2014-09 | Transferred at Point in Time | BankMobile | ||||
Disaggregation of Revenue [Line Items] | ||||
University Fees - Card and Disbursement Fees | 185 | 206 | 512 | 595 |
Total revenue from contracts with customers | 7,722 | 10,603 | 19,293 | 27,103 |
Accounting Standards Update 2014-09 | Transferred at Point in Time | BankMobile | Interchange and card revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Including Assessed Tax | 6,199 | 8,522 | 15,637 | 21,830 |
Accounting Standards Update 2014-09 | Transferred at Point in Time | BankMobile | Deposit Fees | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Including Assessed Tax | 1,338 | 1,875 | 3,144 | 4,678 |
Accounting Standards Update 2014-09 | Transferred over Time | ||||
Disaggregation of Revenue [Line Items] | ||||
University Fees - Subscription Revenue | 907 | 784 | 1,777 | 1,579 |
Total revenue from contracts with customers | 907 | 784 | 1,777 | 1,579 |
Accounting Standards Update 2014-09 | Transferred over Time | Community Business Banking | ||||
Disaggregation of Revenue [Line Items] | ||||
University Fees - Subscription Revenue | 0 | 0 | 0 | 0 |
Total revenue from contracts with customers | 0 | 0 | 0 | 0 |
Accounting Standards Update 2014-09 | Transferred over Time | BankMobile | ||||
Disaggregation of Revenue [Line Items] | ||||
University Fees - Subscription Revenue | 907 | 784 | 1,777 | 1,579 |
Total revenue from contracts with customers | $ 907 | $ 784 | $ 1,777 | $ 1,579 |