Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2021 | Aug. 06, 2021 | |
Entity Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2021 | |
Document Transition Report | false | |
Entity File Number | 001-35542 | |
Entity Registrant Name | Customers Bancorp, Inc. | |
Entity Incorporation, State or Country Code | PA | |
Entity Tax Identification Number | 27-2290659 | |
Entity Address, Address Line One | 701 Reading Avenue | |
Entity Address, City or Town | West Reading | |
Entity Address, State or Province | PA | |
Entity Address, Postal Zip Code | 19611 | |
City Area Code | 610 | |
Local Phone Number | 933-2000 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 32,373,955 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q2 | |
Entity Central Index Key | 0001488813 | |
Current Fiscal Year End Date | --12-31 | |
Voting Common Stock, par value $1.00 per share | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | Voting Common Stock, par value $1.00 per share | |
Trading Symbol | CUBI | |
Security Exchange Name | NYSE | |
Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series C, par value $1.00 per share | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | Fixed-to-Floating Rate Non-Cumulative PerpetualPreferred Stock, Series C, par value $1.00 per share | |
Trading Symbol | CUBI/PC | |
Security Exchange Name | NYSE | |
Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series D, par value $1.00 per share | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | Fixed-to-Floating Rate Non-Cumulative PerpetualPreferred Stock, Series D, par value $1.00 per share | |
Trading Symbol | CUBI/PD | |
Security Exchange Name | NYSE | |
Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series E, par value $1.00 per share | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | Fixed-to-Floating Rate Non-Cumulative PerpetualPreferred Stock, Series E, par value $1.00 per share | |
Trading Symbol | CUBI/PE | |
Security Exchange Name | NYSE | |
Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series F, par value $1.00 per share | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | Fixed-to-Floating Rate Non-Cumulative PerpetualPreferred Stock, Series F, par value $1.00 per share | |
Trading Symbol | CUBI/PF | |
Security Exchange Name | NYSE | |
5.375% Subordinated Notes due 2034 | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | 5.375% Subordinated Notes due 2034 | |
Trading Symbol | CUBB | |
Security Exchange Name | NYSE |
Consolidated Balance Sheet - Un
Consolidated Balance Sheet - Unaudited - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
ASSETS | ||
Cash and due from banks | $ 36,837 | $ 78,090 |
Interest earning deposits | 393,663 | 615,264 |
Cash and cash equivalents | 430,500 | 693,354 |
Investment securities, at fair value | 1,526,792 | 1,210,285 |
Loans held for sale (includes $6,074 and $5,509, respectively, at fair value) | 34,540 | 79,086 |
Loans receivable, mortgage warehouse, at fair value | 2,855,284 | 3,616,432 |
Loans receivable, PPP | 6,305,056 | 4,561,365 |
Loans and leases receivable | 7,772,142 | 7,575,368 |
Allowance for credit losses on loans and leases | (125,436) | (144,176) |
Total loans and leases receivable, net of allowance for credit losses on loans and leases | 16,807,046 | 15,608,989 |
FHLB, Federal Reserve Bank, and other restricted stock | 39,895 | 71,368 |
Accrued interest receivable | 90,009 | 80,412 |
Bank premises and equipment, net | 10,391 | 11,225 |
Bank-owned life insurance | 329,421 | 280,067 |
Goodwill and other intangibles | 3,853 | 3,969 |
Other assets | 362,661 | 338,438 |
Assets of discontinued operations | 0 | 62,055 |
Total assets | 19,635,108 | 18,439,248 |
Deposits: | ||
Demand, non-interest bearing | 2,699,869 | 2,356,998 |
Interest bearing | 11,174,070 | 8,952,931 |
Total deposits | 13,873,939 | 11,309,929 |
Federal funds purchased | 0 | 250,000 |
FHLB advances | 0 | 850,000 |
Other borrowings | 124,240 | 124,037 |
Subordinated debt | 181,534 | 181,394 |
FRB PPP liquidity facility | 3,865,865 | 4,415,016 |
Accrued interest payable and other liabilities | 338,801 | 152,082 |
Liabilities of discontinued operations | 0 | 39,704 |
Total liabilities | 18,384,379 | 17,322,162 |
Commitments and contingencies (NOTE 14) | ||
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, 2021 and December 31, 2020 | 217,471 | 217,471 |
Common stock, par value $1.00 per share; 200,000,000 shares authorized; 33,633,875 and 32,985,707 shares issued as of June 30, 2021 and December 31, 2020; 32,353,256 and 31,705,088 shares outstanding as of June 30, 2021 and December 31, 2020 | 33,634 | 32,986 |
Additional paid in capital | 519,294 | 455,592 |
Retained earnings | 496,844 | 438,581 |
Accumulated other comprehensive income (loss), net | 5,266 | (5,764) |
Treasury stock, at cost (1,280,619 shares as of June 30, 2021 and December 31, 2020) | (21,780) | (21,780) |
Total shareholders’ equity | 1,250,729 | 1,117,086 |
Total liabilities and shareholders’ equity | $ 19,635,108 | $ 18,439,248 |
Consolidated Balance Sheet - _2
Consolidated Balance Sheet - Unaudited (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Loans held for sale at fair value | $ 6,074 | $ 5,509 |
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) | 33,633,875 | 32,985,707 |
Common stock, shares outstanding (shares) | 32,353,256 | 31,705,088 |
Treasury stock, shares (shares) | 1,280,619 | 1,280,619 |
Consolidated Statements of Inco
Consolidated Statements of Income (Loss) - Unaudited - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Interest income: | ||||
Loans and leases | $ 153,608 | $ 118,447 | $ 305,725 | $ 234,527 |
Investment securities | 8,327 | 6,155 | 16,306 | 11,132 |
Other | 946 | 616 | 1,965 | 4,902 |
Total interest income | 162,881 | 125,218 | 323,996 | 250,561 |
Interest expense: | ||||
Deposits | 15,653 | 23,238 | 31,311 | 57,591 |
FHLB advances | 963 | 4,736 | 6,155 | 10,127 |
Subordinated debt | 2,689 | 2,689 | 5,378 | 5,378 |
FRB PPP liquidity facility, federal funds purchased and other borrowings | 4,819 | 2,573 | 9,664 | 4,163 |
Total interest expense | 24,124 | 33,236 | 52,508 | 77,259 |
Net interest income | 138,757 | 91,982 | 271,488 | 173,302 |
Provision for credit losses on loans and leases | 3,291 | 20,946 | 372 | 52,732 |
Net interest income after provision for credit losses on loans and leases | 135,466 | 71,036 | 271,116 | 120,570 |
Non-interest income: | ||||
Commercial lease income | 5,311 | 4,508 | 10,516 | 8,776 |
Bank-owned life insurance | 2,765 | 1,757 | 4,444 | 3,519 |
Mortgage warehouse transactional fees | 3,265 | 2,582 | 7,512 | 4,533 |
Gain (loss) on sale of SBA and other loans | 1,900 | 23 | 3,475 | 34 |
Mortgage banking income | 386 | 38 | 849 | 334 |
Gain (loss) on sale of investment securities | 1,812 | 4,353 | 25,378 | 8,328 |
Unrealized gain (loss) on investment securities | 1,746 | 1,200 | 2,720 | (178) |
Loss on sale of foreign subsidiaries | (2,840) | 0 | (2,840) | 0 |
Unrealized gain (loss) on derivatives | (439) | (4,158) | 2,098 | (5,304) |
Loss on cash flow hedge derivative terminations | 0 | 0 | (24,467) | 0 |
Other | 1,941 | 713 | 3,682 | 1,312 |
Total non-interest income | 16,822 | 11,711 | 35,290 | 22,871 |
Non-interest expense: | ||||
Salaries and employee benefits | 28,023 | 23,192 | 51,994 | 43,716 |
Technology, communication and bank operations | 19,618 | 11,103 | 39,606 | 21,642 |
Professional services | 8,234 | 2,974 | 14,523 | 6,519 |
Occupancy | 2,482 | 2,639 | 5,103 | 5,252 |
Commercial lease depreciation | 4,415 | 3,643 | 8,706 | 7,070 |
FDIC assessments, non-income taxes and regulatory fees | 2,602 | 2,368 | 5,321 | 5,235 |
Merger and acquisition related expenses | 0 | 0 | 418 | 0 |
Loan workout | 102 | 1,808 | (159) | 2,175 |
Advertising and promotion | 313 | 372 | 874 | 1,795 |
Other | 5,034 | 1,692 | 6,364 | 5,354 |
Total non-interest expense | 70,823 | 49,791 | 132,750 | 98,758 |
Income before income tax expense | 81,465 | 32,956 | 173,656 | 44,683 |
Income tax expense | 20,124 | 7,980 | 37,684 | 11,254 |
Net income from continuing operations | 61,341 | 24,976 | 135,972 | 33,429 |
Loss from discontinued operations before income taxes | 0 | (3,190) | (20,354) | (9,911) |
Income tax expense (benefit) from discontinued operations | 0 | (932) | 17,682 | (2,299) |
Net loss from discontinued operations | 0 | (2,258) | (38,036) | (7,612) |
Net income | 61,341 | 22,718 | 97,936 | 25,817 |
Preferred stock dividends | 3,299 | 3,581 | 6,690 | 7,196 |
Net income available to common shareholders | $ 58,042 | $ 19,137 | $ 91,246 | $ 18,621 |
Basic earnings per common share from continuing operations (usd per share) | $ 1.80 | $ 0.68 | $ 4.03 | $ 0.83 |
Basic earnings per common share (usd per share) | 1.80 | 0.61 | 2.84 | 0.59 |
Diluted earnings per common share from continuing operations (usd per share) | 1.72 | 0.68 | 3.88 | 0.83 |
Diluted earnings per common share (usd per share) | $ 1.72 | $ 0.61 | $ 2.74 | $ 0.59 |
Interchange and card revenue | ||||
Non-interest income: | ||||
Non-interest income | $ 84 | $ 193 | $ 169 | $ 463 |
Deposit fees | ||||
Non-interest income: | ||||
Non-interest income | $ 891 | $ 502 | $ 1,754 | $ 1,054 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - Unaudited - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 61,341 | $ 22,718 | $ 97,936 | $ 25,817 |
Unrealized gains (losses) on available for sale debt securities: | ||||
Unrealized gains (losses) arising during the period | 592 | 35,315 | 992 | 26,217 |
Income tax effect | (154) | (9,182) | (258) | (6,816) |
Reclassification adjustments for (gains) losses included in net income | (1,812) | (4,353) | (25,378) | (8,328) |
Income tax effect | 471 | 1,131 | 6,598 | 2,165 |
Net unrealized gains (losses) on available for sale debt securities | (903) | 22,911 | (18,046) | 13,238 |
Unrealized gains (losses) on cash flow hedges: | ||||
Unrealized gains (losses) arising during the period | 6 | (6,369) | 12,321 | (34,066) |
Income tax effect | (2) | 1,684 | (3,204) | 9,035 |
Reclassification adjustment for (gains) losses included in net income | 1,046 | 2,718 | 26,972 | 4,196 |
Income tax effect | (272) | (734) | (7,013) | (1,118) |
Net unrealized gains (losses) on cash flow hedges | 778 | (2,701) | 29,076 | (21,953) |
Other comprehensive income (loss), net of income tax effect | (125) | 20,210 | 11,030 | (8,715) |
Comprehensive income (loss) | $ 61,216 | $ 42,928 | $ 108,966 | $ 17,102 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity - Unaudited - USD ($) $ in Thousands | Total | Cumulative Effect, Period of Adoption, Adjustment | Preferred Stock | Common Stock | Additional Paid in Capital | Retained Earnings | Retained EarningsCumulative Effect, Period of Adoption, Adjustment | Accumulated Other Comprehensive Income (Loss) | Treasury Stock | |
Beginning balance, preferred stock (shares) at Dec. 31, 2019 | 9,000,000 | |||||||||
Beginning balance, common stock (shares) at Dec. 31, 2019 | 31,336,791 | |||||||||
Beginning balance at Dec. 31, 2019 | $ 1,052,795 | $ (61,475) | $ 217,471 | $ 32,617 | $ 444,218 | $ 381,519 | $ (61,475) | $ (1,250) | $ (21,780) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Net income | 25,817 | 25,817 | ||||||||
Other comprehensive income (loss) | (8,715) | (8,715) | ||||||||
Preferred stock dividends | [1] | (7,196) | (7,196) | |||||||
Share-based compensation expense | 6,827 | 6,827 | ||||||||
Issuance of common stock under share-based compensation arrangements (shares) | 173,496 | |||||||||
Issuance of common stock under share-based compensation arrangements | (206) | $ 174 | (380) | |||||||
Ending balance, preferred stock (shares) at Jun. 30, 2020 | 9,000,000 | |||||||||
Ending balance, common stock (shares) at Jun. 30, 2020 | 31,510,287 | |||||||||
Ending balance at Jun. 30, 2020 | 1,007,847 | $ 217,471 | $ 32,791 | 450,665 | 338,665 | (9,965) | (21,780) | |||
Beginning balance, preferred stock (shares) at Mar. 31, 2020 | 9,000,000 | |||||||||
Beginning balance, common stock (shares) at Mar. 31, 2020 | 31,470,026 | |||||||||
Beginning balance at Mar. 31, 2020 | 964,636 | $ 217,471 | $ 32,751 | 446,840 | 319,529 | (30,175) | (21,780) | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Net income | 22,718 | 22,718 | ||||||||
Other comprehensive income (loss) | 20,210 | 20,210 | ||||||||
Preferred stock dividends | [2] | (3,581) | (3,581) | |||||||
Share-based compensation expense | 3,599 | 3,599 | ||||||||
Issuance of common stock under share-based compensation arrangements (shares) | 40,261 | |||||||||
Issuance of common stock under share-based compensation arrangements | 265 | $ 40 | 225 | |||||||
Ending balance, preferred stock (shares) at Jun. 30, 2020 | 9,000,000 | |||||||||
Ending balance, common stock (shares) at Jun. 30, 2020 | 31,510,287 | |||||||||
Ending balance at Jun. 30, 2020 | $ 1,007,847 | $ 217,471 | $ 32,791 | 450,665 | 338,665 | (9,965) | (21,780) | |||
Beginning balance, preferred stock (shares) at Dec. 31, 2020 | 9,000,000 | 9,000,000 | ||||||||
Beginning balance, common stock (shares) at Dec. 31, 2020 | 31,705,088 | 31,705,088 | ||||||||
Beginning balance at Dec. 31, 2020 | $ 1,117,086 | $ 217,471 | $ 32,986 | 455,592 | 438,581 | (5,764) | (21,780) | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Net income | 97,936 | 97,936 | ||||||||
Other comprehensive income (loss) | 11,030 | 11,030 | ||||||||
Preferred stock dividends | [1] | (6,690) | (6,690) | |||||||
Sale of non-controlling interest in BMT | [3] | 31,893 | 31,893 | |||||||
Distribution of investment in BM Technologies | [4] | (32,983) | (32,983) | |||||||
Restricted stock awards to certain BMT team members | [5] | 19,592 | 19,592 | |||||||
Share-based compensation expense | 7,873 | 7,873 | ||||||||
Issuance of common stock under share-based compensation arrangements (shares) | 648,168 | |||||||||
Issuance of common stock under share-based compensation arrangements | $ 4,992 | $ 648 | 4,344 | |||||||
Ending balance, preferred stock (shares) at Jun. 30, 2021 | 9,000,000 | 9,000,000 | ||||||||
Ending balance, common stock (shares) at Jun. 30, 2021 | 32,353,256 | 32,353,256 | ||||||||
Ending balance at Jun. 30, 2021 | $ 1,250,729 | $ 217,471 | $ 33,634 | 519,294 | 496,844 | 5,266 | (21,780) | |||
Beginning balance, preferred stock (shares) at Mar. 31, 2021 | 9,000,000 | |||||||||
Beginning balance, common stock (shares) at Mar. 31, 2021 | 32,238,762 | |||||||||
Beginning balance at Mar. 31, 2021 | 1,188,721 | $ 217,471 | $ 33,519 | 515,318 | 438,802 | 5,391 | (21,780) | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Net income | 61,341 | 61,341 | ||||||||
Other comprehensive income (loss) | (125) | (125) | ||||||||
Preferred stock dividends | [2] | (3,299) | (3,299) | |||||||
Share-based compensation expense | 4,264 | 4,264 | ||||||||
Issuance of common stock under share-based compensation arrangements (shares) | 114,494 | |||||||||
Issuance of common stock under share-based compensation arrangements | $ (173) | $ 115 | (288) | |||||||
Ending balance, preferred stock (shares) at Jun. 30, 2021 | 9,000,000 | 9,000,000 | ||||||||
Ending balance, common stock (shares) at Jun. 30, 2021 | 32,353,256 | 32,353,256 | ||||||||
Ending balance at Jun. 30, 2021 | $ 1,250,729 | $ 217,471 | $ 33,634 | $ 519,294 | $ 496,844 | $ 5,266 | $ (21,780) | |||
[1] | Dividends per share of $0.69514, $0.743192, $0.806250, and $0.750 per share were declared on Series C, D, E, and F preferred stock for the six months ended June 30, 2021. Dividends per share of $0.8750, $0.81250, $0.806250, and $0.750 per share were declared on Series C, D, E, and F preferred stock for the six months ended June 30, 2020. | |||||||||
[2] | Dividends per share of $0.350359, $0.336942, $0.403125, and $0.375 per share were declared on Series C, D, E, and F preferred stock for the three months ended June 30, 2021. Dividends per share of $0.4375, $0.40625, $0.403125, and $0.375 per share were declared on Series C, D, E, and F preferred stock for the three months ended June 30, 2020. | |||||||||
[3] | Refer to NOTE 3 – DISCONTINUED OPERATIONS for additional information about the sale of non-controlling interest in BMT including the reverse recapitalization of MFAC. | |||||||||
[4] | Immediately after the closing of the BMT divestiture, Customers distributed all of its remaining investment in BM Technologies' common stock to its shareholders as special dividends, equivalent to 0.15389 of BM Technologies common stock for each share of Customers common stock. Refer to NOTE 3 – DISCONTINUED OPERATIONS. | |||||||||
[5] | At the closing of the BMT divestiture, certain team members of BMT received restricted stock awards in BM Technologies' common stock. Refer to NOTE 3 – DISCONTINUED OPERATIONS. |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - Unaudited - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Cash Flows from Operating Activities | ||
Net income from continuing operations | $ 135,972 | $ 33,429 |
Adjustments to reconcile net income to net cash provided by continuing operating activities: | ||
Provision for credit losses on loans and leases | 372 | 52,732 |
Depreciation and amortization | 10,735 | 14,319 |
Share-based compensation expense | 7,645 | 7,278 |
Deferred taxes | 3,494 | (28,104) |
Net amortization (accretion) of investment securities premiums and discounts | 449 | (364) |
Unrealized (gain) loss on investment securities | (2,720) | 178 |
(Gain) loss on sale of investment securities | (25,378) | (8,328) |
Loss on sale of foreign subsidiaries | (2,840) | 0 |
Unrealized gain (loss) on derivatives | (2,098) | 5,304 |
Loss on cash flow hedge derivative terminations | 24,467 | 0 |
Settlement of terminated cash flow hedge derivatives | (27,156) | 0 |
(Gain) loss on sale of leased assets under lessor operating leases | 132 | 0 |
Fair value adjustment on loans held for sale | (1,115) | 1,450 |
(Gain) loss on sale of SBA and other loans | (4,256) | (426) |
Origination of loans held for sale | (28,894) | (22,730) |
Proceeds from the sale of loans held for sale | 29,110 | 21,745 |
Amortization (accretion) of fair value discounts and premiums | (771) | (1,137) |
Earnings on investment in bank-owned life insurance | (4,444) | (3,519) |
(Increase) decrease in accrued interest receivable and other assets | 55,839 | (113,857) |
Increase (decrease) in accrued interest payable and other liabilities | 115,102 | 81,835 |
Net Cash Provided By Continuing Operating Activities | 289,325 | 39,805 |
Cash Flows from Investing Activities | ||
Proceeds from maturities, calls and principal repayments of investment securities | 172,750 | 78,485 |
Proceed from sales of foreign subsidiaries | 3,765 | 0 |
Proceeds from sales of investment securities available for sale | 407,587 | 109,207 |
Purchases of investment securities available for sale | (890,186) | (280,410) |
Origination of mortgage warehouse loans | (31,399,228) | (23,573,962) |
Proceeds from repayments of mortgage warehouse loans | 32,162,462 | 23,033,058 |
Net (increase) decrease in loans and leases, excluding mortgage warehouse loans | (1,304,356) | (4,515,097) |
Proceeds from sales of loans and leases | 130,501 | 0 |
Purchase of loans | (737,336) | (211,096) |
Purchases of bank-owned life insurance | (46,462) | 0 |
Proceeds from bank-owned life insurance | 1,999 | 0 |
Net proceeds from sale of (purchases of) FHLB, Federal Reserve Bank, and other restricted stock | 31,473 | |
Net proceeds from sale of (purchases of) FHLB, Federal Reserve Bank, and other restricted stock | (6,809) | |
Purchases of bank premises and equipment | (312) | (165) |
Proceeds from sales of other real estate owned | 45 | 77 |
Proceeds from sales of leased assets under lessor operating leases | 6,106 | 0 |
Purchases of leased assets under lessor operating leases | (8,625) | (9,011) |
Net Cash Used In Continuing Investing Activities | (1,469,817) | (5,375,723) |
Cash Flows from Financing Activities | ||
Net increase in deposits | 2,564,010 | 2,316,939 |
Net increase (decrease) in short-term borrowed funds from the FHLB | (850,000) | 0 |
Net increase (decrease) in federal funds purchased | (250,000) | (538,000) |
Net increase (decrease) in borrowed funds from FRB PPP liquidity facility | (549,151) | 4,419,967 |
Preferred stock dividends paid | (6,746) | (7,229) |
Payments of employee taxes withheld from share-based awards | (2,294) | (1,067) |
Proceeds from issuance of common stock | 7,815 | 410 |
Proceeds from sale of non-controlling interest in BMT | 26,795 | 0 |
Net Cash Provided By Continuing Financing Activities | 940,429 | 6,191,020 |
Net Increase (Decrease) in Cash and Cash Equivalents From Continuing Operations | (240,063) | 855,102 |
Discontinued Operations: | ||
Net Cash Used In Operating Activities | (22,791) | (329) |
Net Cash Provided By Investing Activities | 0 | 52 |
Net Increase (Decrease) in Cash and Cash Equivalents From Discontinued Operations | (22,791) | (277) |
Net Increase (Decrease) in Cash and Cash Equivalents | (262,854) | 854,825 |
Cash and Cash Equivalents – Beginning | 693,354 | 212,505 |
Cash and Cash Equivalents – Ending | 430,500 | 1,067,330 |
Non-cash Operating and Investing Activities: | ||
Transfer of loans to other real estate owned | 0 | 31 |
Distribution of investment in BM Technologies common stock | 32,983 | 0 |
Transfer of loans held for investment to held for sale | 27,824 | 19,050 |
Transfer of loans held for sale to held for investment | 55,684 | 0 |
Unsettled sales of investment securities | 0 | 33,615 |
Unsettled purchases of investment securities | $ 10,000 | $ 0 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Shareholders' Equity - Unaudited (Parenthetical) - $ / shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Special dividend (shares) | 0.15389 | |||
Series C Preferred Stock | ||||
Preferred stock, dividends, per share, cash paid (usd per share) | $ 0.350359 | $ 0.4375 | $ 0.69514 | $ 0.8750 |
Series D Preferred Stock | ||||
Preferred stock, dividends, per share, cash paid (usd per share) | 0.336942 | 0.40625 | 0.743192 | 0.81250 |
Series E Preferred Stock | ||||
Preferred stock, dividends, per share, cash paid (usd per share) | 0.403125 | 0.403125 | 0.806250 | 0.806250 |
Series F Preferred Stock | ||||
Preferred stock, dividends, per share, cash paid (usd per share) | $ 0.375 | $ 0.375 | $ 0.750 | $ 0.750 |
Description of the Business
Description of the Business | 6 Months Ended |
Jun. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Description of the Business | DESCRIPTION OF THE BUSINESS Customers Bancorp, Inc. (“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. Customers Bancorp and its wholly owned subsidiaries, the 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; Dallas, Texas; Orlando, Florida; and nationally for certain loan and deposit products. The Bank has 12 full-service branches and provides commercial banking products, primarily loans and deposits. In addition, Customers Bank also administratively supports loan and other financial products, including equipment finance leases, to customers through its limited-purpose offices in Boston, Massachusetts; Providence, Rhode Island; Portsmouth, New Hampshire; Manhattan and Melville, New York; Philadelphia and Lancaster, Pennsylvania; Chicago, Illinois; Dallas, Texas and Orlando, Florida. The Bank also serves specialty niche businesses nationwide, including its commercial loans to mortgage banking businesses, commercial equipment financing, SBA lending, specialty lending and consumer loans through relationships with fintech companies. The Bank 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 made certain equity investments through its wholly owned subsidiaries CB Green Ventures Pte Ltd. and CUBI India Ventures Pte Ltd., which were sold in June 2021. See NOTE 6 – INVESTMENT SECURITIES for additional information. |
Significant Accounting Policies
Significant Accounting Policies and Basis of Presentation | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies and Basis of Presentation | SIGNIFICANT ACCOUNTING POLICIES AND BASIS OF PRESENTATION Basis of Presentation The interim unaudited consolidated financial statements 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 Bancorp and subsidiaries 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. The December 31, 2020 consolidated balance sheet presented in this report has been derived from Customers Bancorp’s audited 2020 consolidated financial statements. 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 2020 consolidated financial statements of Customers Bancorp and subsidiaries included in Customers' Annual Report on Form 10-K for the year ended December 31, 2020 filed with the SEC on March 1, 2021 (the "2020 Form 10-K"). The 2020 Form 10-K 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, PPP; Loans and Leases Receivable; PCD Loans and Leases; ACL; Goodwill and Other Intangible Assets; FHLB, Federal Reserve Bank, and Other Restricted Stock; OREO; BOLI; Bank Premises and Equipment; Lessor and Lessee Operating Leases; Treasury Stock; Income Taxes; Share-Based Compensation; Transfer of Financial Assets; Derivative Instruments and Hedging; Comprehensive Income (Loss); EPS; and Loss Contingencies. There have been no material changes to Customers Bancorp's significant accounting policies noted above for the three and six months ended June 30, 2021. On January 4, 2021, Customers Bancorp completed the previously announced divestiture of BankMobile Technologies, Inc., the technology arm of its BankMobile segment, to MFAC Merger Sub Inc., an indirect wholly-owned subsidiary of MFAC, pursuant to an Agreement and Plan of Merger, dated August 6, 2020, by and among MFAC, MFAC Merger Sub Inc., BMT, Customers Bank, the sole stockholder of BMT, and Customers Bancorp, the parent bank holding company of Customers Bank (as amended on November 2, 2020 and December 8, 2020). Following the completion of the divestiture of BMT, BankMobile's serviced deposits and loans and the related net interest income have been combined with Customers’ financial condition and the results of operations as a single reportable segment. BMT's historical financial results for periods prior to the divestiture are reflected in Customers’ consolidated financial statements as discontinued operations. The assets and liabilities of BMT have been presented as "Assets of discontinued operations" and "Liabilities of discontinued operations" on the consolidated balance sheet at December 31, 2020. BMT's operating results and associated cash flows have been presented as "Discontinued operations" within the accompanying consolidated financial statements and prior period amounts have been reclassified to conform with the current period presentation. See NOTE 3 – DISCONTINUED OPERATIONS for additional information. Accounting and Reporting Considerations related to COVID-19 On March 27, 2020, the CARES Act was signed into law and contained substantial tax and spending provisions intended to address the impact of the COVID-19 pandemic and stimulate the economy. The CARES Act includes the SBA's PPP designed to aid small-and medium-sized businesses through federally guaranteed loans distributed through banks. Customers is a participant in the PPP. Section 4013 of the CARES Act also gives entities temporary relief from the accounting and disclosure requirements for TDRs under ASC 310-40 in certain situations. On December 27, 2020, the CAA was signed into law, which extended and expanded various relief provisions of the CARES Act. Accounting for PPP Loans In April 2020, Customers began originating loans to qualified small businesses under the PPP administered by the SBA. The PPP loans are fully guaranteed by the SBA and may be eligible for forgiveness by the SBA to the extent the proceeds are used for payroll and other permitted purposes in accordance with the requirements of the PPP. These loans carry a fixed rate of 1.00% and terms of two or five years, if not forgiven, in whole or in part. Payments are deferred for the first six months of the loan. The loans are 100% guaranteed by the SBA. The SBA pays the originating bank a processing fee ranging from 1% to 5% based on the size of the loan. On December 27, 2020, the CAA was signed into law, including Division N, Title III, the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act, which provides $284 billion in additional funding for the SBA's PPP for small businesses affected by the COVID-19 pandemic. On March 11, 2021, the American Rescue Plan Act of 2021 was enacted expanding eligibility for first and second round of PPP loans and revising the exclusions from payroll costs for purposes of loan forgiveness. The second round of PPP loans have the same general loan terms as the first round, and a processing fee of up to $2,500 per loan of less than $50,000, and 1% to 3% for loans greater than $50,000. Customers classified the PPP loans as held for investment and these loans are carried at amortized cost and interest income is recognized using the interest method. The origination fees, net of direct origination costs, are deferred and recognized as an adjustment to the yield of the related loans over their contractual life using the interest method. As PPP is newly created, Customers does not have historical prepayment data to accurately estimate principal prepayments and therefore has elected to not estimate prepayments as a policy election. No ACL has been recognized for PPP loans as these loans are 100% guaranteed by the SBA. See NOTE 8 – LOANS AND LEASES RECEIVABLE AND ALLOWANCE FOR CREDIT LOSSES ON LOANS AND LEASES for additional information. Loan Modifications As mentioned above, Section 4013 of the CARES Act, as amended by the CAA, gives entities temporary relief from the accounting and disclosure requirements for TDRs. In addition, on April 7, 2020, certain regulatory banking agencies issued an interagency statement that offers practical expedients for evaluating whether loan modifications in response to the COVID-19 pandemic are TDRs. To qualify for TDR accounting and disclosure relief under the CARES Act, as amended by the CAA, the applicable loan must not have been more than 30 days past due as of December 31, 2019, and the modification must be executed during the period beginning on March 1, 2020, and ending on the earlier of January 1, 2022, or the date that is 60 days after the termination date of the national emergency declared by the president on March 13, 2020, under the National Emergencies Act related to the outbreak of COVID-19. The CARES Act applies to modifications made as a result of COVID-19 including: forbearance agreements, interest rate modifications, repayment plans, and other arrangements to defer or delay payment of principal or interest. The interagency statement does not require the modification to be completed within a certain time period if it is related to COVID-19 and can be provided to borrowers either individually or as part of a loan modification program. Moreover, the interagency statement applies to short-term modifications (e.g. not more than six months deferral) including payment deferrals, fee waivers, extensions of repayment terms, or other insignificant payment delays as a result of COVID-19. Customers applied Section 4013 of the CARES Act and the interagency statement in connection with applicable modifications. For modifications that qualify under either the CARES Act or the interagency statement, TDR accounting and reporting is suspended. These modifications generally involve principal and/or interest payment deferrals for a period of 90 days at a time and can be extended to six months or longer for modifications that qualified under the Section 4013 of the CARES Act if requested by the borrower as long as the reason is still related to COVID-19. These modified loans would not also be reported as past due or nonaccrual during the deferral period. See NOTE 8 – LOANS AND LEASES RECEIVABLE AND ALLOWANCE FOR CREDIT LOSSES ON LOANS AND LEASES for additional information. Recently Issued Accounting Standards Presented below are recently issued accounting standards that Customers has adopted. Standard Summary of Guidance Effects on Financial Statements ASU 2020-04, Reference Rate Reform (Topic 848) - Facilitation of the Effects of Reference Rate Reform on Financial Reporting Issued March 2020 • Provides optional guidance for a limited period of time to ease the potential burden in accounting for (or derecognizing the effects of) reference rate reform on financial reporting. Specifically, the amendments provide optional expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. These relate only to those contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. • Effective as of March 12, 2020 and can be adopted anytime during the period of January 1, 2020 through December 31, 2022. • Customers adopted this guidance during adoption period for certain optional expedients. • The adoption of this guidance did not have a material impact on Customers' financial condition, results of operations and consolidated financial statements. • As of June 30, 2021, Customers has not yet elected to apply optional expedients for certain contract modifications. However, we plan to elect additional optional expedients in the future, which are not expected to have a material impact on Customers' financial condition, results of operations and consolidated financial statements. ASU 2021-01, Reference Rate Reform (Topic 848) - Scope Issued January 2021 • Clarifies that certain optional expedients and exceptions in Topic 848 for contract modifications and hedge accounting apply to derivatives that are affected by the discounting transition, including derivative instruments that use an interest rate for margining, discounting, or contract price alignment that is modified as a result of reference rate reform. • Effective as of March 12, 2020 and can be adopted anytime during the period of January 1, 2020 through December 31, 2022. • Customers adopted this guidance during adoption period for certain optional expedients. • The adoption of this guidance did not have a material impact on Customers' financial condition, results of operations and consolidated financial statements. • As of June 30, 2021, Customers has not yet elected to apply optional expedients for certain contract modifications. We plan to elect additional optional expedients in the future, which are not expected to have a material impact on Customers' financial condition, results of operations and consolidated financial statements. |
Discontinued Operations
Discontinued Operations | 6 Months Ended |
Jun. 30, 2021 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Discontinued Operations | DISCONTINUED OPERATIONS On January 4, 2021, Customers Bancorp completed the previously announced divestiture of BMT, the technology arm of its BankMobile segment, to MFAC Merger Sub Inc., an indirect wholly-owned subsidiary of MFAC, pursuant to an Agreement and Plan of Merger, dated August 6, 2020, by and among MFAC, MFAC Merger Sub Inc., BMT, Customers Bank, the sole stockholder of BMT, and Customers Bancorp, the parent bank holding company for Customers Bank (as amended on November 2, 2020 and December 8, 2020). Following the completion of the divestiture of BMT, BankMobile's serviced deposits and loans and the related net interest income have been combined with Customers' financial condition and the results of operations as a single reportable segment. Customers received cash consideration of $23.1 million upon closing of the divestiture and $3.7 million of additional cash consideration in May 2021. Upon closing of the divestiture, the holders of Customers Bancorp's common stock who held their shares as of the close of business on December 18, 2020 became entitled to receive an aggregate of 4,876,387 shares of BM Technologies' common stock. Customers distributed 0.15389 shares of BM Technologies common stock for each share of Customers Bancorp's common stock held as of the close of business on December 18, 2020 as special dividends. Certain team members of BMT also received 1,348,748 restricted shares of BM Technologies' common stock in the form of severance payments. The total stock consideration from the divestiture that were distributed to holders of Customers Bancorp's common stock and certain BMT team members represented 52% of the outstanding common stock of BM Technologies at the closing date of the divestiture. The sale of BMT was accounted for as a sale of non-controlling interest and the merger between BMT and MFAC was accounted for as a reverse recapitalization as BMT was considered to be the accounting acquirer. Upon closing of the transaction, Customers had no remaining investment in BM Technologies. BMT's historical financial results for periods prior to the divestiture are reflected in Customers Bancorp’s consolidated financial statements as discontinued operations. The assets and liabilities of BMT have been presented as "Assets of discontinued operations" and "Liabilities of discontinued operations" on the consolidated balance sheet at December 31, 2020. BMT's operating results and associated cash flows have been presented as "Discontinued operations" within the accompanying consolidated financial statements and prior period amounts have been reclassified to conform with the current period presentation. The following summarized financial information related to BMT has been segregated from continuing operations and reported as discontinued operations for the periods presented. Three Months Ended Six Months Ended (amounts in thousands) 2021 2020 2021 2020 Discontinued operations: Non-interest income $ — $ 16,254 $ — $ 32,327 Non-interest expense — 19,444 20,354 42,238 Loss from discontinued operations before income taxes — (3,190) (20,354) (9,911) Income tax expense (benefit) — (932) 17,682 (2,299) Net loss from discontinued operations $ — $ (2,258) $ (38,036) $ (7,612) The assets and liabilities of discontinued operations on the consolidated balance sheet as of December 31, 2020 were as follows: (amounts in thousands) December 31, Carrying amounts of assets included as part of discontinued operations: Cash and cash equivalents $ 2,989 Premises and equipment, net 401 Goodwill and other intangibles 10,329 Other assets 48,336 Total assets of discontinued operations $ 62,055 Carrying amounts of liabilities included as part of discontinued operations: Borrowings from Customers Bank $ 21,000 Accrued interest payable and other liabilities 18,704 Total liabilities of discontinued operations $ 39,704 In connection with the divestiture, Customers has also entered into various agreements with BM Technologies, including a transition services agreement, software license agreement, deposit servicing agreement, non-competition agreement and loan agreement for periods ranging from one |
Earnings (Loss) Per Share
Earnings (Loss) Per Share | 6 Months Ended |
Jun. 30, 2021 | |
Earnings Per Share [Abstract] | |
Earnings (Loss) Per Share | EARNINGS (LOSS) PER SHARE The following are the components and results of Customers' earnings (loss) per common share calculations for the periods presented. Three Months Ended Six Months Ended (amounts in thousands, except share and per share data) 2021 2020 2021 2020 Net income from continuing operations available to common shareholders $ 58,042 $ 21,395 $ 129,282 $ 26,233 Net loss from discontinued operations — (2,258) (38,036) (7,612) Net income available to common shareholders $ 58,042 $ 19,137 $ 91,246 $ 18,621 Weighted-average number of common shares outstanding – basic 32,279,625 31,477,591 32,082,878 31,434,371 Share-based compensation plans 1,461,843 148,180 1,211,197 191,298 Weighted-average number of common shares – diluted 33,741,468 31,625,771 33,294,075 31,625,669 Basic earnings (loss) per common share from continuing operations $ 1.80 $ 0.68 $ 4.03 $ 0.83 Basic earnings (loss) per common share from discontinued operations — (0.07) (1.19) (0.24) Basic earnings (loss) per common share 1.80 0.61 2.84 0.59 Diluted earnings (loss) per common share from continuing operations $ 1.72 $ 0.68 $ 3.88 $ 0.83 Diluted earnings (loss) per common share from discontinued operations — (0.07) (1.14) (0.24) Diluted earnings (loss) per common share 1.72 0.61 2.74 0.59 The following are 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 2021 2020 2021 2020 Share-based compensation awards 711,000 3,813,959 463,145 3,674,506 |
Changes in Accumulated Other Co
Changes in Accumulated Other Comprehensive Income (Loss) By Component | 6 Months Ended |
Jun. 30, 2021 | |
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, 2021 and 2020. Amounts in parentheses indicate reductions to AOCI. Three Months Ended June 30, 2021 (amounts in thousands) Unrealized Gains (Losses) on Available for Sale Securities (1) Unrealized Gains (Losses) on Cash Flow Hedges (2) Total Balance - March 31, 2021 $ 6,169 $ (778) $ 5,391 Unrealized gains (losses) arising during period, before tax 592 6 598 Income tax effect (154) (2) (156) Other comprehensive income (loss) before reclassifications 438 4 442 Reclassification adjustments for (gains) losses included in net income, before tax (1,812) 1,046 (766) Income tax effect 471 (272) 199 Amounts reclassified from accumulated other comprehensive income (loss) to net income (1,341) 774 (567) Net current-period other comprehensive income (loss) (903) 778 (125) Balance - June 30, 2021 $ 5,266 $ — $ 5,266 Three Months Ended June 30, 2020 (amounts in thousands) Unrealized Gains (Losses) on Available for Sale Securities (1) Unrealized Gains (Losses) on Cash Flow Hedges (2) Total Balance - March 31, 2020 $ 4,614 $ (34,789) $ (30,175) Unrealized gains (losses) arising during period, before tax 35,315 (6,369) 28,946 Income tax effect (9,182) 1,684 (7,498) Other comprehensive income (loss) before reclassifications 26,133 (4,685) 21,448 Reclassification adjustments for (gains) losses included in net income, before tax (4,353) 2,718 (1,635) Income tax effect 1,131 (734) 397 Amounts reclassified from accumulated other comprehensive income (loss) to net income (3,222) 1,984 (1,238) Net current-period other comprehensive income (loss) 22,911 (2,701) 20,210 Balance - June 30, 2020 $ 27,525 $ (37,490) $ (9,965) (1) Reclassification amounts for AFS debt securities are reported as gain or loss on sale of investment securities on the consolidated statements of income. (2) Reclassification amounts for cash flow hedges are reported as interest expense for the applicable hedged items or loss on cash flow hedge derivative terminations on the consolidated statements of income. Six Months Ended June 30, 2021 (amounts in thousands) Unrealized Gains (Losses) Available for Sale Securities (1) Unrealized Gains (Losses) on Cash Flow Hedges (2) Total Balance - December 31, 2020 $ 23,312 $ (29,076) $ (5,764) Unrealized gains (losses) arising during period, before tax 992 12,321 13,313 Income tax effect (258) (3,204) (3,462) Other comprehensive income (loss) before reclassifications 734 9,117 9,851 Reclassification adjustments for (gains) losses included in net income, before tax (25,378) 26,972 1,594 Income tax effect 6,598 (7,013) (415) Amounts reclassified from accumulated other comprehensive income (loss) to net income (18,780) 19,959 1,179 Net current-period other comprehensive income (loss) (18,046) 29,076 11,030 Balance - June 30, 2021 $ 5,266 $ — $ 5,266 Six Months Ended June 30, 2020 (amounts in thousands) Unrealized Gains (Losses) on Available for Sale Securities (1) Unrealized Gains (Losses) on Cash Flow Hedges (2) Total Balance - December 31, 2019 $ 14,287 $ (15,537) $ (1,250) Unrealized gains (losses) arising during period, before tax 26,217 (34,066) (7,849) Income tax effect (6,816) 9,035 2,219 Other comprehensive income (loss) before reclassifications 19,401 (25,031) (5,630) Reclassification adjustments for (gains) losses included in net income, before tax (8,328) 4,196 (4,132) Income tax effect 2,165 (1,118) 1,047 Amounts reclassified from accumulated other comprehensive income (loss) to net income (6,163) 3,078 (3,085) Net current-period other comprehensive income 13,238 (21,953) (8,715) Balance - June 30, 2020 $ 27,525 $ (37,490) $ (9,965) (1) Reclassification amounts for AFS debt securities are reported as gain or loss on sale of investment securities on the consolidated statements of income. (2) Reclassification amounts for cash flow hedges are reported as interest expense for the applicable hedged items or loss on cash flow hedge derivative terminations on the consolidated statements of income. |
Investment Securities
Investment Securities | 6 Months Ended |
Jun. 30, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment Securities | INVESTMENT SECURITIES The amortized cost and fair value of investment securities as of June 30, 2021 and December 31, 2020 are summarized in the tables below: June 30, 2021 (1) (amounts in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Available for sale debt securities: Asset-backed securities $ 319,682 $ 3,649 $ (377) $ 322,954 U.S. government agencies securities 20,000 114 — 20,114 Agency-guaranteed residential mortgage-backed securities 10,620 — (265) 10,355 Agency-guaranteed commercial mortgage-backed securities 2,206 — (1) 2,205 Agency-guaranteed residential collateralized mortgage obligations 81,007 813 (62) 81,758 Agency-guaranteed commercial collateralized mortgage obligations 144,593 — (1,752) 142,841 Collateralized loan obligations 162,960 148 (181) 162,927 Commercial mortgage-backed securities 23,054 33 — 23,087 Corporate notes (2) 345,909 4,974 (462) 350,421 Private label collateralized mortgage obligations 401,949 922 (1,295) 401,576 State and political subdivision debt securities (3) 8,543 11 — 8,554 Available for sale debt securities $ 1,520,523 $ 10,664 $ (4,395) $ 1,526,792 December 31, 2020 (1) (amounts in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Available for sale debt securities: Asset-backed securities $ 372,640 $ 4,515 $ (10) $ 377,145 U.S. government agencies securities 20,000 34 — 20,034 Agency-guaranteed residential mortgage-backed securities 61,178 1,913 — 63,091 Agency-guaranteed residential collateralized mortgage obligations 139,985 916 (60) 140,841 Agency-guaranteed commercial collateralized mortgage obligations 20,965 — (39) 20,926 Collateralized loan obligations 32,367 — — 32,367 Corporate notes (2) 372,764 24,144 (164) 396,744 Private label collateralized mortgage obligations 136,943 423 (374) 136,992 State and political subdivision debt securities (3) 17,346 945 — 18,291 Available for sale debt securities $ 1,174,188 $ 32,890 $ (647) 1,206,431 Equity securities (4) 3,854 Total investment securities, at fair value $ 1,210,285 (1) Accrued interest on AFS debt securities totaled $5.0 million and $4.2 million at June 30, 2021 and December 31, 2020, respectively, and is included in accrued interest receivable on the consolidated balance sheet. (2) Includes corporate securities issued by domestic bank holding companies. (3) Includes both taxable and non-taxable municipal securities. (4) Includes equity securities issued by a foreign entity. During the three and six months ended June 30, 2021, Customers recognized unrealized gains of $1.7 million and $2.7 million, respectively, on its equity securities. During the three and six months ended June 30, 2020, Customers recognized unrealized gains of $1.2 million and unrealized losses of $0.2 million, respectively, on its equity securities. These unrealized gains and losses are reported as unrealized gain (loss) on investment securities within non-interest income on the consolidated statements of income. In June 2021, Customers sold all of the outstanding shares in CB Green Ventures Pte Ltd. and CUBI India Ventures Pte Ltd., which held the equity securities issued by a foreign entity, for $3.8 million, and recognized $2.8 million in loss on sale of foreign subsidiaries within non-interest income on the consolidated statement of income. Proceeds from the sale of AFS securities were $53.7 million and $407.6 million for the three and six months ended June 30, 2021, respectively. Proceeds from the sale of AFS securities were $109.2 million during the three and six months ended June 30, 2020. Realized gains from the sale of AFS debt securities were $1.8 million and $25.4 million for the three and six months ended June 30, 2021, respectively. Realized gains from the sale of AFS debt securities were $4.4 million and $8.3 million for the three and six months ended June 30, 2020, respectively. These gains (losses) were determined using the specific identification method and were reported as gain (loss) on sale of investment securities within non-interest income on the consolidated statements of income. The following table shows debt securities by stated maturity. Debt securities backed by mortgages and other assets 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, 2021 (amounts in thousands) Amortized Fair Due in one year or less $ 4,901 $ 5,032 Due after one year through five years 211,508 212,586 Due after five years through ten years 154,043 157,219 Due after ten years 4,000 4,252 Asset-backed securities 319,682 322,954 Collateralized loan obligations 162,960 162,927 Commercial mortgage-backed securities 23,054 23,087 Agency-guaranteed residential mortgage-backed securities 10,620 10,355 Agency-guaranteed commercial mortgage-backed securities 2,206 2,205 Agency-guaranteed residential collateralized mortgage obligations 81,007 81,758 Agency-guaranteed commercial collateralized mortgage obligations 144,593 142,841 Private label collateralized mortgage obligations 401,949 401,576 Total debt securities $ 1,520,523 $ 1,526,792 Gross unrealized losses and fair value of Customers' AFS debt securities aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at June 30, 2021 were as follows: June 30, 2021 Less Than 12 Months 12 Months or More Total (amounts in thousands) Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses Available for sale debt securities: Asset-backed securities $ 61,515 $ (377) $ — $ — $ 61,515 $ (377) Agency-guaranteed residential mortgage-backed securities 10,355 (265) — — 10,355 (265) Agency-guaranteed commercial mortgage-backed securities 2,205 (1) — — 2,205 (1) Agency-guaranteed residential collateralized mortgage obligations 18,158 (62) — — 18,158 (62) Agency-guaranteed commercial collateralized mortgage obligations 142,841 (1,752) — — 142,841 (1,752) Collateralized loan obligations 101,555 (181) — — 101,555 (181) Corporate notes 67,230 (462) — — 67,230 (462) Private label collateralized mortgage obligations 157,470 (1,295) — — 157,470 (1,295) Total $ 561,329 $ (4,395) $ — $ — $ 561,329 $ (4,395) At June 30, 2021, there were 38 AFS debt securities with unrealized losses in the less-than-twelve-month category and no AFS debt securities with unrealized losses in the twelve-month-or-more category. The unrealized losses were principally due to changes in market interest rates that resulted in a negative impact on the respective securities' fair value. All amounts related to these securities are expected to be recovered when market prices recover or at maturity. Customers does not intend to sell any of the 38 securities, and it is not more likely than not that Customers will be required to sell any of the 38 securities before recovery of the amortized cost basis. At December 31, 2020, there were 16 AFS debt securities in an unrealized loss position. At June 30, 2021 and December 31, 2020, Customers Bank had pledged investment securities aggregating $16.0 million and $18.8 million in fair value, respectively, as collateral primarily for 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, 2021 | |
Receivables Held-for-sale [Abstract] | |
Loans Held for Sale | LOANS HELD FOR SALE The composition of loans held for sale as of June 30, 2021 and December 31, 2020 was as follows: (amounts in thousands) June 30, 2021 December 31, 2020 Commercial loans: Commercial and industrial loans, at lower of cost or fair value $ — $ 55,683 Commercial real estate non-owner occupied loans, at lower of cost or fair value — 17,251 Total commercial loans held for sale — 72,934 Consumer loans: Home equity conversion mortgages, at lower of cost or fair value 507 643 Residential mortgage loans, at fair value 6,074 5,509 Installment loans, at lower of cost or fair value 27,959 — Total consumer loans held for sale 34,540 6,152 Loans held for sale $ 34,540 $ 79,086 Total loans held for sale as of June 30, 2021 and December 31, 2020 included NPLs of $0.5 million and $18.5 million, respectively. |
Loans and Leases Receivable and
Loans and Leases Receivable and Allowance for Credit Losses on Loans and Leases | 6 Months Ended |
Jun. 30, 2021 | |
Receivables [Abstract] | |
Loans and Leases Receivable and Allowance for Credit Losses on Loans and Leases | LOANS AND LEASES RECEIVABLE AND ALLOWANCE FOR CREDIT LOSSES ON LOANS AND LEASES The following table presents loans and leases receivable as of June 30, 2021 and December 31, 2020. (amounts in thousands) June 30, 2021 December 31, 2020 Loans and leases receivable, mortgage warehouse, at fair value $ 2,855,284 $ 3,616,432 Loans receivable, PPP 6,305,056 4,561,365 Loans receivable: Commercial: Multi-family 1,497,485 1,761,301 Commercial and industrial (1) 2,360,656 2,289,441 Commercial real estate owner occupied 653,649 572,338 Commercial real estate non-owner occupied 1,206,646 1,196,564 Construction 179,198 140,905 Total commercial loans and leases receivable 5,897,634 5,960,549 Consumer: Residential real estate 266,911 317,170 Manufactured housing 57,904 62,243 Installment 1,549,693 1,235,406 Total consumer loans receivable 1,874,508 1,614,819 Loans and leases receivable (2) 7,772,142 7,575,368 Allowance for credit losses on loans and leases (125,436) (144,176) Total loans and leases receivable, net of allowance for credit losses on loans and leases $ 16,807,046 $ 15,608,989 (1) Includes direct finance equipment leases of $129.0 million and $108.0 million at June 30, 2021 and December 31, 2020, respectively. (2) Includes deferred (fees) costs and unamortized (discounts) premiums, net of $(223.1) million and $(54.6) million at June 30, 2021 and December 31, 2020, respectively. Customers' total loans and leases 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 and leases 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. The total amount of accrued interest recorded for total loans was $85.4 million and $76.6 million at June 30, 2021 and December 31, 2020, respectively, and is presented in accrued interest receivable in the consolidated balance sheet. At June 30, 2021 and December 31, 2020, there were $36.6 million and $59.5 million of individually evaluated loans that were collateral-dependent, respectively. Substantially all individually evaluated loans are collateral-dependent and consisted primarily of commercial and industrial, commercial real estate, and residential real estate loans. Collateral-dependent commercial and industrial loans were secured by accounts receivable, inventory and equipment; collateral-dependent commercial real estate loans were secured by commercial real estate assets; and residential real estate loans were secured by residential real estate assets. Loans receivable, PPP On March 27, 2020, the CARES Act was signed into law and created funding for a new product called the PPP. The PPP is administered by the SBA and is intended to assist organizations with payroll related expenses. Customers had $6.3 billion and $4.6 billion of PPP loans outstanding as of June 30, 2021 and December 31, 2020, respectively, which are fully guaranteed by the SBA and earn a fixed interest rate of 1.00%. Customers recognized interest income, including origination fees, of $41.1 million and $79.9 million for the three and six months ended June 30, 2021, respectively. Customers recognized interest income, including origination fees, of $11.7 million for the three and six months ended June 30, 2020. PPP loans include an embedded credit enhancement from the SBA, which guarantees 100% of the principal and interest owed by the borrower. As a result, the PPP loans do not have an ACL and are therefore excluded from ACL-related disclosures. 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 mortgage warehouse loans 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 under 30 days from purchase to sale. The primary goal of these lending transactions is to provide liquidity to mortgage companies. At June 30, 2021 and December 31, 2020, all of Customers' commercial mortgage warehouse loans were current in terms of payment. As these loans are reported at their fair value, they do not have an ACL and are therefore excluded from ACL-related disclosures. Loans and leases receivable The following tables summarize loans and leases receivable by loan and lease type and performance status as of June 30, 2021 and December 31, 2020: June 30, 2021 (amounts in thousands) 30-59 Days past due (1) 60-89 Days past due (1) 90 Days or more past due (1) Total past due (1) Loans and leases not past due (2) Total loans and leases (3) Multi-family $ — $ 3,355 $ 15,004 $ 18,359 $ 1,479,126 $ 1,497,485 Commercial and industrial 4 1,318 6,415 7,737 2,352,919 2,360,656 Commercial real estate owner occupied — — 1,684 1,684 651,965 653,649 Commercial real estate non-owner occupied — 12 — 12 1,206,634 1,206,646 Construction — — — — 179,198 179,198 Residential real estate 56 679 5,029 5,764 261,147 266,911 Manufactured housing 1,387 237 5,171 6,795 51,109 57,904 Installment 5,966 2,154 2,728 10,848 1,538,845 1,549,693 Total $ 7,413 $ 7,755 $ 36,031 $ 51,199 $ 7,720,943 $ 7,772,142 December 31, 2020 (amounts in thousands) 30-59 Days past due (1) 60-89 Days past due (1) 90 Days or more past due (1) Total past due (1) Loans and leases not past due (2) Total loans and leases (3) Multi-family $ 4,193 $ 5,224 $ 14,907 $ 24,324 $ 1,736,977 $ 1,761,301 Commercial and industrial 2,257 1,274 3,079 6,610 2,282,831 2,289,441 Commercial real estate owner occupied 864 1,324 2,370 4,558 567,780 572,338 Commercial real estate non-owner occupied — 60 2,356 2,416 1,194,148 1,196,564 Construction — — — — 140,905 140,905 Residential real estate 6,640 1,827 1,856 10,323 306,847 317,170 Manufactured housing 1,518 673 1,951 4,142 58,101 62,243 Installment 6,161 3,430 81 9,672 1,225,734 1,235,406 Total $ 21,633 $ 13,812 $ 26,600 $ 62,045 $ 7,513,323 $ 7,575,368 (1) Includes past due loans and leases that are accruing interest because collection is considered probable. (2) Loans and leases where next payment due is less than 30 days from the report date. The June 30, 2021 and December 31, 2020 tables exclude PPP loans of $6.3 billion and $4.6 billion, respectively, which are all current as of June 30, 2021 and December 31, 2020. (3) Includes PCD loans of $11.7 million and $13.4 million at June 30, 2021 and December 31, 2020, respectively. Nonaccrual Loans and Leases The following table presents the amortized cost of loans and leases held for investment on nonaccrual status. June 30, 2021 (1) December 31, 2020 (1) (amounts in thousands) Nonaccrual loans with no related allowance Nonaccrual loans with related allowance Total nonaccrual loans Nonaccrual loans with no related allowance Nonaccrual loans with related allowance Total nonaccrual loans Multi-family $ 21,595 $ — $ 21,595 $ 18,800 $ 2,928 $ 21,728 Commercial and industrial 6,486 231 6,717 6,384 2,069 8,453 Commercial real estate owner occupied 2,688 — 2,688 3,411 — 3,411 Commercial real estate non-owner occupied — — — 2,356 — 2,356 Residential real estate 8,991 — 8,991 9,911 — 9,911 Manufactured housing — 3,239 3,239 — 2,969 2,969 Installment — 2,728 2,728 — 3,211 3,211 Total $ 39,760 $ 6,198 $ 45,958 $ 40,862 $ 11,177 $ 52,039 (1) Presented at amortized cost basis. Interest income recognized on nonaccrual loans was insignificant for the three and six months ended June 30, 2021 and 2020. Accrued interest reversed when the loans went to nonaccrual status was insignificant during the three and six months ended June 30, 2021 and 2020, respectively. Allowance for credit losses on loans and leases The changes in the ACL on loans and leases for the three and six months ended June 30, 2021 and 2020 are presented in the tables below. (amounts in thousands) Multi-family Commercial and industrial Commercial real estate owner occupied Commercial real estate non-owner occupied Construction Residential real estate Manufactured housing Installment Total Three Months Ended Ending Balance, $ 8,026 $ 7,503 $ 5,935 $ 11,621 $ 4,103 $ 3,209 $ 4,800 $ 83,539 $ 128,736 Charge-offs — (2) (1) — — — — (7,958) (7,961) Recoveries — 285 2 59 114 12 — 898 1,370 Provision (benefit) for credit losses (2,998) 341 (1,472) (4,306) (1,574) (922) (428) 14,650 3,291 Ending Balance, $ 5,028 $ 8,127 $ 4,464 $ 7,374 $ 2,643 $ 2,299 $ 4,372 $ 91,129 $ 125,436 Six Months Ended Ending Balance, $ 12,620 $ 12,239 $ 9,512 $ 19,452 $ 5,871 $ 3,977 $ 5,190 $ 75,315 $ 144,176 Charge-offs (1,132) (637) (142) — — (50) — (20,645) (22,606) Recoveries — 545 9 69 119 22 — 2,730 3,494 Provision (benefit) for credit losses (6,460) (4,020) (4,915) (12,147) (3,347) (1,650) (818) 33,729 372 Ending Balance, $ 5,028 $ 8,127 $ 4,464 $ 7,374 $ 2,643 $ 2,299 $ 4,372 $ 91,129 $ 125,436 (amounts in thousands) Multi-family Commercial and industrial Commercial real estate owner occupied Commercial real estate non-owner occupied Construction Residential real estate Manufactured housing Installment Total Three Months Ended June 30, 2020 Ending Balance, $ 8,750 $ 18,806 $ 8,527 $ 18,530 $ 1,934 $ 4,180 $ 4,987 $ 83,569 $ 149,283 Charge-offs — (20) — (2,801) — — — (8,304) (11,125) Recoveries — 25 2 — 113 26 — 635 801 Provision (benefit) for credit losses 5,947 (6,509) 2,876 10,764 3,250 344 1,027 3,247 20,946 Ending Balance, $ 14,697 $ 12,302 $ 11,405 $ 26,493 $ 5,297 $ 4,550 $ 6,014 $ 79,147 $ 159,905 Six Months Ended Ending Balance, $ 6,157 $ 15,556 $ 2,235 $ 6,243 $ 1,262 $ 3,218 $ 1,060 $ 20,648 $ 56,379 Cumulative effect of change in accounting principle - CECL 2,171 759 5,773 7,918 (98) 1,518 3,802 57,986 79,829 Charge-offs — (117) — (15,598) — — — (14,550) (30,265) Recoveries — 79 5 — 116 55 — 975 1,230 Provision (benefit) for credit losses 6,369 (3,975) 3,392 27,930 4,017 (241) 1,152 14,088 52,732 Ending Balance, $ 14,697 $ 12,302 $ 11,405 $ 26,493 $ 5,297 $ 4,550 $ 6,014 $ 79,147 $ 159,905 At June 30, 2021, the ACL was $125.4 million, a decrease of $18.8 million from the December 31, 2020 balance of $144.2 million. The decrease resulted primarily from a decrease in provision for credit losses from continuing improvement in macroeconomic forecasts. The increase in ACL for the installment portfolio is mainly due to loan portfolio growth. Troubled Debt Restructurings At June 30, 2021 and December 31, 2020, there were $16.8 million and $16.1 million, respectively, in loans reported as TDRs. TDRs are reported as impaired loans in the quarter of their restructuring and are evaluated to determine whether they should be placed on non-accrual status. In subsequent quarters, 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. Customers had no lease receivables that had been restructured as a TDR as of June 30, 2021 and December 31, 2020, respectively. Section 4013 of the CARES Act, as amended by the CAA, gives entities temporary relief from the accounting and disclosure requirements for TDRs. In addition, on April 7, 2020, certain regulatory banking agencies issued an interagency statement that offers practical expedients for evaluating whether loan modifications in response to the COVID-19 pandemic are TDRs. For COVID-19 related loan modifications which met the loan modification criteria under either the CARES Act or the criteria specified by the regulatory agencies, Customers elected to suspend TDR accounting for such loan modifications. At June 30, 2021, commercial and consumer deferments related to COVID-19 were $89.8 million and $8.4 million, respectively. At December 31, 2020, commercial and consumer deferments related to COVID-19 were $202.1 million and $16.4 million, respectively. The following table presents loans modified in a TDR by type of concession for the three and six months ended June 30, 2021 and 2020. There were no modifications that involved forgiveness of debt for the three and six months ended June 30, 2021 and 2020. Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 (dollars in thousands) Number of loans Recorded investment Number of loans Recorded investment Number of loans Recorded investment Number of loans Recorded investment Extensions of maturity — $ — 2 $ 140 — $ — 6 $ 385 Interest-rate reductions 4 157 20 843 12 341 32 1,373 Other (1) 99 1,141 — — 119 1,682 — — Total 103 $ 1,298 22 $ 983 131 $ 2,023 38 $ 1,758 (1) Other includes covenant modifications, forbearance, loans discharged under Chapter 7 bankruptcy, or other concessions. As of June 30, 2021 and December 31, 2020, there were no commitments to lend additional funds to debtors whose loans have been modified in TDRs. The following table presents, by loan type, the number of loans modified in TDRs and the related recorded investment, for which there was a payment default within twelve months following the modification: June 30, 2021 June 30, 2020 (dollars in thousands) Number of loans Recorded investment Number of loans Recorded investment Manufactured housing 7 $ 189 — $ — Commercial real estate owner occupied — — 1 958 Residential real estate 1 43 4 313 Installment 15 247 — — Total loans 23 $ 479 5 $ 1,271 Loans modified in TDRs 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 ACL. Purchased Credit-Deteriorated Loans Customers adopted ASC 326 Financial Instruments - Credit Losses ("ASC 326") using the prospective transition approach for financial assets purchased with credit deterioration that were previously classified as PCI and accounted for under ASC 310-30. In accordance with the standard, Customers did not reassess whether PCI assets met the criteria of PCD assets as of the date of adoption. As of June 30, 2021 and December 31, 2020, the amortized cost basis of PCD assets amounted to $11.7 million and $13.4 million, respectively. Credit Quality Indicators The ACL represents management's estimate of expected losses in Customers' loans and leases receivable portfolio, excluding commercial mortgage warehouse loans reported at fair value pursuant to a fair value option election and PPP loans receivable. 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 installment 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 as an input in the ACL lifetime loss rate model for the commercial and industrial loan portfolio, 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 and leases. The 2020 Form 10-K describes Customers Bancorp’s risk rating grades. 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 and leases receivable as of June 30, 2021 and December 31, 2020. Term Loans Amortized Cost Basis by Origination Year as of June 30, 2021 (amounts in thousands) 2021 2020 2019 2018 2017 Prior Revolving loans amortized cost basis Revolving loans converted to term Total Multi-family loans: Pass $ 89,905 $ 135,133 $ 23,427 $ 243,767 $ 378,768 $ 534,970 $ — $ — $ 1,405,970 Special mention — — — — 12,100 8,979 — — 21,079 Substandard — — — — 41,560 28,876 — — 70,436 Doubtful — — — — — — — Total multi-family loans $ 89,905 $ 135,133 $ 23,427 $ 243,767 $ 432,428 $ 572,825 $ — $ — $ 1,497,485 Commercial and industrial loans and leases: Pass $ 433,908 $ 417,713 $ 320,158 $ 102,737 $ 101,552 $ 102,040 $ 780,892 $ — $ 2,259,000 Special mention 18,883 4,335 6,364 214 234 14,333 — 44,363 Substandard — 10,192 7,462 17,570 7,163 7,584 7,322 — 57,293 Doubtful — — — — — — — — Total commercial and industrial loans and leases $ 452,791 $ 432,240 $ 333,984 $ 120,521 $ 108,715 $ 109,858 $ 802,547 $ — $ 2,360,656 Commercial real estate owner occupied loans: Pass $ 121,180 $ 83,122 $ 164,925 $ 60,990 $ 60,542 $ 122,010 $ 672 $ — $ 613,441 Special mention — — — 320 2,072 588 — — 2,980 Substandard — — 7,087 9,538 9,012 11,591 — — 37,228 Doubtful — — — — — — — — — Total commercial real estate owner occupied loans $ 121,180 $ 83,122 $ 172,012 $ 70,848 $ 71,626 $ 134,189 $ 672 $ — $ 653,649 Commercial real estate non-owner occupied: Pass $ 92,285 $ 158,983 $ 95,875 $ 68,193 $ 115,452 $ 395,022 $ — $ — $ 925,810 Special mention — 21,925 11,229 22,002 99,469 43,573 — — 198,198 Substandard — — — 23,494 20,611 38,533 — — 82,638 Doubtful — — — — — — — — Total commercial real estate non-owner occupied loans $ 92,285 $ 180,908 $ 107,104 $ 113,689 $ 235,532 $ 477,128 $ — $ — $ 1,206,646 Construction: Pass $ 3,311 $ 36,135 $ 122,833 $ 4,895 $ — $ 9,565 $ 949 $ — $ 177,688 Special mention — 1,510 — — — — — — 1,510 Substandard — — — — — — — — — Doubtful — — — — — — — — — Total construction loans $ 3,311 $ 37,645 $ 122,833 $ 4,895 $ — $ 9,565 $ 949 $ — $ 179,198 Total commercial loans and leases receivable $ 759,472 $ 869,048 $ 759,360 $ 553,720 $ 848,301 $ 1,303,565 $ 804,168 $ — $ 5,897,634 Residential real estate loans: Performing $ 2,961 $ 10,493 $ 14,089 $ 11,887 $ 6,861 $ 95,687 $ 116,081 $ — $ 258,059 Non-performing — — 97 900 777 4,768 2,310 — 8,852 Total residential real estate loans $ 2,961 $ 10,493 $ 14,186 $ 12,787 $ 7,638 $ 100,455 $ 118,391 $ — $ 266,911 Manufactured housing loans: Performing $ — $ — $ 296 $ 385 $ 76 $ 52,180 $ — $ — $ 52,937 Non-performing — — — — — 4,967 — — 4,967 Total manufactured housing loans $ — $ — $ 296 $ 385 $ 76 $ 57,147 $ — $ — $ 57,904 Installment loans: Performing $ 515,870 $ 444,610 $ 509,216 $ 73,677 $ 2,668 $ 1,167 $ — $ — $ 1,547,208 Non-performing 6 594 1,609 219 7 50 — — 2,485 Total installment loans $ 515,876 $ 445,204 $ 510,825 $ 73,896 $ 2,675 $ 1,217 $ — $ — $ 1,549,693 Total consumer loans $ 518,837 $ 455,697 $ 525,307 $ 87,068 $ 10,389 $ 158,819 $ 118,391 $ — $ 1,874,508 Loans and leases receivable $ 1,278,309 $ 1,324,745 $ 1,284,667 $ 640,788 $ 858,690 $ 1,462,384 $ 922,559 $ — $ 7,772,142 Term Loans Amortized Cost Basis by Origination Year as of December 31, 2020 (amounts in thousands) 2020 2019 2018 2017 2016 Prior Revolving loans amortized cost basis Revolving loans converted to term Total Multi-family loans: Pass $ 150,835 $ 23,716 $ 299,319 $ 535,510 $ 227,296 $ 420,809 $ — $ — $ 1,657,485 Special mention — — — 20,901 10,394 26,708 — — 58,003 Substandard — — — 34,197 8,256 3,360 — — 45,813 Doubtful — — — — — — — — — Total multi-family loans $ 150,835 $ 23,716 $ 299,319 $ 590,608 $ 245,946 $ 450,877 $ — $ — $ 1,761,301 Commercial and industrial loans and leases: Pass $ 729,270 $ 373,050 $ 141,943 $ 116,793 $ 45,367 $ 71,502 $ 717,007 $ — $ 2,194,932 Special mention 13,200 1,117 436 113 516 21 17,524 — 32,927 Substandard 9,968 6,890 19,065 5,901 8,318 2,722 8,718 — 61,582 Doubtful — — — — — — — — — Total commercial and industrial loans and leases $ 752,438 $ 381,057 $ 161,444 $ 122,807 $ 54,201 $ 74,245 $ 743,249 $ — $ 2,289,441 Commercial real estate owner occupied loans: Pass $ 82,343 $ 168,977 $ 72,615 $ 70,642 $ 46,510 $ 91,798 $ 741 $ — $ 533,626 Special mention — 4,464 — 9,056 — 555 — — 14,075 Substandard — 2,848 9,499 342 2,231 9,717 — — 24,637 Doubtful — — — — — — — — — Total commercial real estate owner occupied loans $ 82,343 $ 176,289 $ 82,114 $ 80,040 $ 48,741 $ 102,070 $ 741 $ — $ 572,338 Commercial real estate non-owner occupied: Pass $ 143,231 $ 105,430 $ 97,882 $ 157,835 $ 155,168 $ 313,559 $ — $ — $ 973,105 Special mention 39,994 — — 66,745 24,218 14,613 — — 145,570 Substandard — — 17,741 20,611 366 39,171 — — 77,889 Doubtful — — — — — — — — Total commercial real estate non-owner occupied loans $ 183,225 $ 105,430 $ 115,623 $ 245,191 $ 179,752 $ 367,343 $ — $ — $ 1,196,564 Construction: Pass $ 19,932 $ 105,466 $ 4,954 $ — $ 9,700 $ — $ 853 $ — $ 140,905 Special mention — — — — — — — — — Substandard — — — — — — — — — Doubtful — — — — — — — — — Total construction loans $ 19,932 $ 105,466 $ 4,954 $ — $ 9,700 $ — $ 853 $ — $ 140,905 Total commercial loans and leases receivable $ 1,188,773 $ 791,958 $ 663,454 $ 1,038,646 $ 538,340 $ 994,535 $ 744,843 $ — $ 5,960,549 Residential real estate loans: Performing $ 6,708 $ 13,617 $ 6,810 $ 10,850 $ 38,143 $ 69,496 $ 161,576 $ — $ 307,200 Non-performing — — 160 785 1,350 4,395 3,280 — 9,970 Total residential real estate loans $ 6,708 $ 13,617 $ 6,970 $ 11,635 $ 39,493 $ 73,891 $ 164,856 $ — $ 317,170 Manufactured housing loans: Performing $ — $ 295 $ 609 $ 76 $ 41 $ 56,837 $ — $ — $ 57,858 Non-performing — — — — — 4,385 — — 4,385 Total manufactured housing loans $ — $ 295 $ 609 $ 76 $ 41 $ 61,222 $ — $ — $ 62,243 Installment loans: Performing $ 319,453 $ 791,235 $ 114,988 $ 4,736 $ 514 $ 1,204 $ — $ — $ 1,232,130 Non-performing 305 2,326 485 41 2 117 — — 3,276 Total installment loans $ 319,758 $ 793,561 $ 115,473 $ 4,777 $ 516 $ 1,321 $ — $ — $ 1,235,406 Total consumer loans $ 326,466 $ 807,473 $ 123,052 $ 16,488 $ 40,050 $ 136,434 $ 164,856 $ — $ 1,614,819 Loans and leases receivable $ 1,515,239 $ 1,599,431 $ 786,506 $ 1,055,134 $ 578,390 $ 1,130,969 $ 909,699 $ — $ 7,575,368 Loan Purchases and Sales Purchases and sales of loans were as follows for the three and six months ended June 30, 2021 and 2020: Three Months Ended June 30, Six Months Ended June 30, (amounts in thousands) 2021 2020 2021 2020 Purchases (1) Loans receivable, PPP $ 460,456 $ — $ 621,487 $ — Residential real estate — — — 495 Installment (2) — 18,008 115,849 209,768 Total $ 460,456 $ 18,008 $ 737,336 $ 210,263 Sales (3) Multi-family $ 19,443 $ — $ 19,443 $ — Commercial and industrial 10,059 — 28,990 — Commercial real estate owner occupied 4,461 — 6,698 — Commercial real estate non-owner occupied — — 18,366 — Residential real estate 11,623 — 28,186 — Installment 28,818 — 28,818 1,822 Total $ 74,404 $ — $ 130,501 $ 1,822 (1) Amounts reported in the above table are the unpaid principal balance at time of purchase. The purchase price was 102.0% and 98.5% of loans outstanding for the three months ended June 30, 2021 and 2020, respectively. The purchase price was 103.0% and 100.4% of loans outstanding for the six months ended June 30, 2021 and 2020, respectively. (2) Installment loan purchases for the three and six months ended June 30, 2021 and 2020 consist of third-party originated unsecured consumer loans. None of the loans are considered sub-prime at the time of origination. Customers considers sub-prime borrowers to be those with FICO scores below 660. (3) Amounts reported in the above table are the unpaid principal balance at time of sale. For the three months ended June 30, 2021 and 2020, loan sales resulted in net gains of $2.2 million and $0.3 million, respectively, included in gain (loss) on sale of SBA and other loans and mortgage banking income in the consolidated statement of income (loss). For the six months ended June 30, 2021 and 2020, loan sales resulted in net gains of $4.3 million and $0.4 million, respectively. Loans Pledged as Collateral Customers has pledged eligible real estate and commercial and industrial loans, including PPP loans as collateral for borrowings from the FHLB and FRB in the amount of $7.1 billion and $8.5 billion at June 30, 2021 and December 31, 2020, respectively. PPP loans of $3.9 billion and $4.6 billion were pledged to the FRB in accordance with borrowing from the PPPLF at June 30, 2021 and December 31, 2020, respectively. |
Leases
Leases | 6 Months Ended |
Jun. 30, 2021 | |
Leases [Abstract] | |
Leases | LEASES Lessee Customers has operating leases for its branches, LPOs, and administrative offices, with remaining lease terms ranging between 2 months and 6 years. These operating leases comprise substantially all of Customers' obligations in which Customers is the lessee. Most lease agreements consist of initial lease terms ranging between 1 and 5 years, with options to renew the leases or extend the term up to 15 years at Customers' sole discretion. Some operating leases include variable lease payments that are based on an index or rate, such as the CPI. Variable lease payments are not included in the liability or right of use asset and are recognized in the period in which the obligation for those payments are incurred. Customers' operating lease agreements do not contain any material residual value guarantees or material restrictive covenants. Pursuant to these agreements, Customers does not have any commitments that would meet the definition of a finance lease. As most of Customers' operating leases do not provide an implicit rate, Customers utilized its incremental borrowing rate based on the information available at either the adoption of ASC 842, Leases or the commencement date of the lease, whichever was later, when determining the present value of lease payments. The following table summarizes operating lease ROU assets and operating lease liabilities and their corresponding balance sheet location: (amounts in thousands) Classification June 30, 2021 December 31, 2020 ASSETS Operating lease ROU assets (1) Other assets $ 15,555 $ 16,578 LIABILITIES Operating lease liabilities (1) Other liabilities $ 16,923 $ 18,005 (1) Excludes operating leases of BMT included in assets and liabilities of discontinued operations. The following table summarizes operating lease cost and its corresponding income statement location for the periods presented: Three Months Ended June 30, Six Months Ended June 30, (amounts in thousands) Classification 2021 2020 2021 2020 Operating lease cost (1)(2) Occupancy expenses $ 1,130 $ 1,198 $ 2,247 $ 2,403 (1) There were no variable lease costs for the three and six months ended June 30, 2021 and 2020, and sublease income for operating leases is immaterial. (2) Excludes operating lease costs of BMT included in loss from discontinued operations in the consolidated statement of income. Maturities of non-cancelable operating lease liabilities were as follows at June 30, 2021: (amounts in thousands) June 30, 2021 2021 $ 2,826 2022 5,097 2023 4,208 2024 3,177 2025 2,047 Thereafter 1,465 Total minimum payments 18,820 Less: interest 1,897 Present value of lease liabilities $ 16,923 Customers does not have leases where it is involved with the construction or design of an underlying asset. Customers has no legally binding minimum lease payments for leases signed but not yet commenced as of June 30, 2021. Cash paid pursuant to the operating lease liability was $1.4 million and $2.5 million for the three and six months ended June 30, 2021, respectively. Cash paid pursuant to the operating lease liability was $1.5 million and $3.0 million for the three and six months ended June 30, 2020, respectively. These payments were reported as cash flows used in operating activities in the statement of cash flows. The following table summarizes the weighted average remaining lease term and discount rate for Customers' operating leases at June 30, 2021 and December 31, 2020: (amounts in thousands) June 30, 2021 December 31, 2020 Weighted average remaining lease term (years) Operating leases (1) 4.1 years 4.7 years Weighted average discount rate Operating leases (1) 2.67 % 2.90 % (1) Excludes operating leases of BMT included in assets and liabilities of discontinued operations. Equipment Lessor CCF is a wholly-owned subsidiary of Customers Bank and is referred to as the Equipment Finance Group. CCF is primarily focused on originating equipment operating and direct finance equipment leases for a broad range of asset classes. It services vendors, dealers, independent finance companies, bank-owned leasing companies and strategic direct customers in the plastics, packaging, machine tool, construction, transportation and franchise markets. Lease terms typically range from 24 months to 120 months. CCF offers the following lease products: Capital Lease, Purchase Upon Termination, TRAC, Split-TRAC, and FMV. Direct finance equipment leases are included in commercial and industrial loans and leases receivable. The estimated residual values for direct finance and operating leases are established by utilizing internally developed analyses, external studies, and/or third-party appraisals to establish a residual position. For the direct finance leases, only Customers' Split-TRAC leases have residual risk and the unguaranteed portions are typically nominal. Expected credit losses on direct financing leases and the related estimated residual values are included in the allowance for credit losses on loans and leases. Leased assets under operating leases are carried at amortized cost net of accumulated depreciation and any impairment charges and are presented in other assets. The depreciation expense of the leased assets is recognized on a straight-line basis over the contractual term of the leases up to the expected residual value. The expected residual value and, accordingly, the monthly depreciation expense, may change throughout the term of the lease. Operating lease rental income for leased assets is recognized in commercial lease income on a straight-line basis over the lease term. Customers periodically reviews its operating leased assets for impairment. An impairment loss is recognized if the carrying amount of the operating leased asset exceeds its fair value and is not recoverable. The carrying amount of operating leased assets is not recoverable if it exceeds the sum of the undiscounted cash flows expected to result from the lease payments and the estimated residual value upon the eventual disposition of the equipment. The following table summarizes lease receivables and investment in operating leases and their corresponding balance sheet location at June 30, 2021 and December 31, 2020: (amounts in thousands) Classification June 30, 2021 December 31, 2020 ASSETS Direct financing leases Lease receivables Loans and leases receivable $ 122,372 $ 104,982 Guaranteed residual assets Loans and leases receivable 11,261 12,988 Unguaranteed residual assets Loans and leases receivable 4,846 1,229 Deferred initial direct costs Loans and leases receivable 503 560 Unearned income Loans and leases receivable (9,489) (11,175) Net investment in direct financing leases $ 129,493 $ 108,584 Operating leases Investment in operating leases Other assets $ 138,359 $ 131,791 Accumulated depreciation Other assets (35,568) (28,919) Deferred initial direct costs Other assets 1,021 996 Net investment in operating leases 103,812 103,868 Total lease assets $ 233,305 $ 212,452 COVID-19 Impact on Leases Customers granted concessions to lessees as a result of the business impact of the COVID-19 pandemic. At June 30, 2021, the book values of finance and operating leases with payment deferments were $28.1 million and $8.1 million, respectively. At December 31, 2020, the book values of finance and operating leases with payment deferments were $30.4 million and $15.2 million, respectively. The concessions did not have a material impact on interest income from leases for the three and six months ended June 30, 2021 and 2020. Additionally, Customers did not receive any concessions on its operating leases in which Customers is the lessee. |
Leases | LEASES Lessee Customers has operating leases for its branches, LPOs, and administrative offices, with remaining lease terms ranging between 2 months and 6 years. These operating leases comprise substantially all of Customers' obligations in which Customers is the lessee. Most lease agreements consist of initial lease terms ranging between 1 and 5 years, with options to renew the leases or extend the term up to 15 years at Customers' sole discretion. Some operating leases include variable lease payments that are based on an index or rate, such as the CPI. Variable lease payments are not included in the liability or right of use asset and are recognized in the period in which the obligation for those payments are incurred. Customers' operating lease agreements do not contain any material residual value guarantees or material restrictive covenants. Pursuant to these agreements, Customers does not have any commitments that would meet the definition of a finance lease. As most of Customers' operating leases do not provide an implicit rate, Customers utilized its incremental borrowing rate based on the information available at either the adoption of ASC 842, Leases or the commencement date of the lease, whichever was later, when determining the present value of lease payments. The following table summarizes operating lease ROU assets and operating lease liabilities and their corresponding balance sheet location: (amounts in thousands) Classification June 30, 2021 December 31, 2020 ASSETS Operating lease ROU assets (1) Other assets $ 15,555 $ 16,578 LIABILITIES Operating lease liabilities (1) Other liabilities $ 16,923 $ 18,005 (1) Excludes operating leases of BMT included in assets and liabilities of discontinued operations. The following table summarizes operating lease cost and its corresponding income statement location for the periods presented: Three Months Ended June 30, Six Months Ended June 30, (amounts in thousands) Classification 2021 2020 2021 2020 Operating lease cost (1)(2) Occupancy expenses $ 1,130 $ 1,198 $ 2,247 $ 2,403 (1) There were no variable lease costs for the three and six months ended June 30, 2021 and 2020, and sublease income for operating leases is immaterial. (2) Excludes operating lease costs of BMT included in loss from discontinued operations in the consolidated statement of income. Maturities of non-cancelable operating lease liabilities were as follows at June 30, 2021: (amounts in thousands) June 30, 2021 2021 $ 2,826 2022 5,097 2023 4,208 2024 3,177 2025 2,047 Thereafter 1,465 Total minimum payments 18,820 Less: interest 1,897 Present value of lease liabilities $ 16,923 Customers does not have leases where it is involved with the construction or design of an underlying asset. Customers has no legally binding minimum lease payments for leases signed but not yet commenced as of June 30, 2021. Cash paid pursuant to the operating lease liability was $1.4 million and $2.5 million for the three and six months ended June 30, 2021, respectively. Cash paid pursuant to the operating lease liability was $1.5 million and $3.0 million for the three and six months ended June 30, 2020, respectively. These payments were reported as cash flows used in operating activities in the statement of cash flows. The following table summarizes the weighted average remaining lease term and discount rate for Customers' operating leases at June 30, 2021 and December 31, 2020: (amounts in thousands) June 30, 2021 December 31, 2020 Weighted average remaining lease term (years) Operating leases (1) 4.1 years 4.7 years Weighted average discount rate Operating leases (1) 2.67 % 2.90 % (1) Excludes operating leases of BMT included in assets and liabilities of discontinued operations. Equipment Lessor CCF is a wholly-owned subsidiary of Customers Bank and is referred to as the Equipment Finance Group. CCF is primarily focused on originating equipment operating and direct finance equipment leases for a broad range of asset classes. It services vendors, dealers, independent finance companies, bank-owned leasing companies and strategic direct customers in the plastics, packaging, machine tool, construction, transportation and franchise markets. Lease terms typically range from 24 months to 120 months. CCF offers the following lease products: Capital Lease, Purchase Upon Termination, TRAC, Split-TRAC, and FMV. Direct finance equipment leases are included in commercial and industrial loans and leases receivable. The estimated residual values for direct finance and operating leases are established by utilizing internally developed analyses, external studies, and/or third-party appraisals to establish a residual position. For the direct finance leases, only Customers' Split-TRAC leases have residual risk and the unguaranteed portions are typically nominal. Expected credit losses on direct financing leases and the related estimated residual values are included in the allowance for credit losses on loans and leases. Leased assets under operating leases are carried at amortized cost net of accumulated depreciation and any impairment charges and are presented in other assets. The depreciation expense of the leased assets is recognized on a straight-line basis over the contractual term of the leases up to the expected residual value. The expected residual value and, accordingly, the monthly depreciation expense, may change throughout the term of the lease. Operating lease rental income for leased assets is recognized in commercial lease income on a straight-line basis over the lease term. Customers periodically reviews its operating leased assets for impairment. An impairment loss is recognized if the carrying amount of the operating leased asset exceeds its fair value and is not recoverable. The carrying amount of operating leased assets is not recoverable if it exceeds the sum of the undiscounted cash flows expected to result from the lease payments and the estimated residual value upon the eventual disposition of the equipment. The following table summarizes lease receivables and investment in operating leases and their corresponding balance sheet location at June 30, 2021 and December 31, 2020: (amounts in thousands) Classification June 30, 2021 December 31, 2020 ASSETS Direct financing leases Lease receivables Loans and leases receivable $ 122,372 $ 104,982 Guaranteed residual assets Loans and leases receivable 11,261 12,988 Unguaranteed residual assets Loans and leases receivable 4,846 1,229 Deferred initial direct costs Loans and leases receivable 503 560 Unearned income Loans and leases receivable (9,489) (11,175) Net investment in direct financing leases $ 129,493 $ 108,584 Operating leases Investment in operating leases Other assets $ 138,359 $ 131,791 Accumulated depreciation Other assets (35,568) (28,919) Deferred initial direct costs Other assets 1,021 996 Net investment in operating leases 103,812 103,868 Total lease assets $ 233,305 $ 212,452 COVID-19 Impact on Leases Customers granted concessions to lessees as a result of the business impact of the COVID-19 pandemic. At June 30, 2021, the book values of finance and operating leases with payment deferments were $28.1 million and $8.1 million, respectively. At December 31, 2020, the book values of finance and operating leases with payment deferments were $30.4 million and $15.2 million, respectively. The concessions did not have a material impact on interest income from leases for the three and six months ended June 30, 2021 and 2020. Additionally, Customers did not receive any concessions on its operating leases in which Customers is the lessee. |
Leases | LEASES Lessee Customers has operating leases for its branches, LPOs, and administrative offices, with remaining lease terms ranging between 2 months and 6 years. These operating leases comprise substantially all of Customers' obligations in which Customers is the lessee. Most lease agreements consist of initial lease terms ranging between 1 and 5 years, with options to renew the leases or extend the term up to 15 years at Customers' sole discretion. Some operating leases include variable lease payments that are based on an index or rate, such as the CPI. Variable lease payments are not included in the liability or right of use asset and are recognized in the period in which the obligation for those payments are incurred. Customers' operating lease agreements do not contain any material residual value guarantees or material restrictive covenants. Pursuant to these agreements, Customers does not have any commitments that would meet the definition of a finance lease. As most of Customers' operating leases do not provide an implicit rate, Customers utilized its incremental borrowing rate based on the information available at either the adoption of ASC 842, Leases or the commencement date of the lease, whichever was later, when determining the present value of lease payments. The following table summarizes operating lease ROU assets and operating lease liabilities and their corresponding balance sheet location: (amounts in thousands) Classification June 30, 2021 December 31, 2020 ASSETS Operating lease ROU assets (1) Other assets $ 15,555 $ 16,578 LIABILITIES Operating lease liabilities (1) Other liabilities $ 16,923 $ 18,005 (1) Excludes operating leases of BMT included in assets and liabilities of discontinued operations. The following table summarizes operating lease cost and its corresponding income statement location for the periods presented: Three Months Ended June 30, Six Months Ended June 30, (amounts in thousands) Classification 2021 2020 2021 2020 Operating lease cost (1)(2) Occupancy expenses $ 1,130 $ 1,198 $ 2,247 $ 2,403 (1) There were no variable lease costs for the three and six months ended June 30, 2021 and 2020, and sublease income for operating leases is immaterial. (2) Excludes operating lease costs of BMT included in loss from discontinued operations in the consolidated statement of income. Maturities of non-cancelable operating lease liabilities were as follows at June 30, 2021: (amounts in thousands) June 30, 2021 2021 $ 2,826 2022 5,097 2023 4,208 2024 3,177 2025 2,047 Thereafter 1,465 Total minimum payments 18,820 Less: interest 1,897 Present value of lease liabilities $ 16,923 Customers does not have leases where it is involved with the construction or design of an underlying asset. Customers has no legally binding minimum lease payments for leases signed but not yet commenced as of June 30, 2021. Cash paid pursuant to the operating lease liability was $1.4 million and $2.5 million for the three and six months ended June 30, 2021, respectively. Cash paid pursuant to the operating lease liability was $1.5 million and $3.0 million for the three and six months ended June 30, 2020, respectively. These payments were reported as cash flows used in operating activities in the statement of cash flows. The following table summarizes the weighted average remaining lease term and discount rate for Customers' operating leases at June 30, 2021 and December 31, 2020: (amounts in thousands) June 30, 2021 December 31, 2020 Weighted average remaining lease term (years) Operating leases (1) 4.1 years 4.7 years Weighted average discount rate Operating leases (1) 2.67 % 2.90 % (1) Excludes operating leases of BMT included in assets and liabilities of discontinued operations. Equipment Lessor CCF is a wholly-owned subsidiary of Customers Bank and is referred to as the Equipment Finance Group. CCF is primarily focused on originating equipment operating and direct finance equipment leases for a broad range of asset classes. It services vendors, dealers, independent finance companies, bank-owned leasing companies and strategic direct customers in the plastics, packaging, machine tool, construction, transportation and franchise markets. Lease terms typically range from 24 months to 120 months. CCF offers the following lease products: Capital Lease, Purchase Upon Termination, TRAC, Split-TRAC, and FMV. Direct finance equipment leases are included in commercial and industrial loans and leases receivable. The estimated residual values for direct finance and operating leases are established by utilizing internally developed analyses, external studies, and/or third-party appraisals to establish a residual position. For the direct finance leases, only Customers' Split-TRAC leases have residual risk and the unguaranteed portions are typically nominal. Expected credit losses on direct financing leases and the related estimated residual values are included in the allowance for credit losses on loans and leases. Leased assets under operating leases are carried at amortized cost net of accumulated depreciation and any impairment charges and are presented in other assets. The depreciation expense of the leased assets is recognized on a straight-line basis over the contractual term of the leases up to the expected residual value. The expected residual value and, accordingly, the monthly depreciation expense, may change throughout the term of the lease. Operating lease rental income for leased assets is recognized in commercial lease income on a straight-line basis over the lease term. Customers periodically reviews its operating leased assets for impairment. An impairment loss is recognized if the carrying amount of the operating leased asset exceeds its fair value and is not recoverable. The carrying amount of operating leased assets is not recoverable if it exceeds the sum of the undiscounted cash flows expected to result from the lease payments and the estimated residual value upon the eventual disposition of the equipment. The following table summarizes lease receivables and investment in operating leases and their corresponding balance sheet location at June 30, 2021 and December 31, 2020: (amounts in thousands) Classification June 30, 2021 December 31, 2020 ASSETS Direct financing leases Lease receivables Loans and leases receivable $ 122,372 $ 104,982 Guaranteed residual assets Loans and leases receivable 11,261 12,988 Unguaranteed residual assets Loans and leases receivable 4,846 1,229 Deferred initial direct costs Loans and leases receivable 503 560 Unearned income Loans and leases receivable (9,489) (11,175) Net investment in direct financing leases $ 129,493 $ 108,584 Operating leases Investment in operating leases Other assets $ 138,359 $ 131,791 Accumulated depreciation Other assets (35,568) (28,919) Deferred initial direct costs Other assets 1,021 996 Net investment in operating leases 103,812 103,868 Total lease assets $ 233,305 $ 212,452 COVID-19 Impact on Leases Customers granted concessions to lessees as a result of the business impact of the COVID-19 pandemic. At June 30, 2021, the book values of finance and operating leases with payment deferments were $28.1 million and $8.1 million, respectively. At December 31, 2020, the book values of finance and operating leases with payment deferments were $30.4 million and $15.2 million, respectively. The concessions did not have a material impact on interest income from leases for the three and six months ended June 30, 2021 and 2020. Additionally, Customers did not receive any concessions on its operating leases in which Customers is the lessee. |
Borrowings
Borrowings | 6 Months Ended |
Jun. 30, 2021 | |
Debt Disclosure [Abstract] | |
Borrowings | BORROWINGS Short-term debt Short-term debt at June 30, 2021 and December 31, 2020 was as follows: June 30, 2021 December 31, 2020 (dollars in thousands) Amount Rate Amount Rate FHLB advances $ — — % $ 850,000 1.19 % Federal funds purchased — — % 250,000 0.09 % Total short-term debt $ — $ 1,100,000 The following is a summary of additional information relating to Customers' short-term debt: (dollars in thousands) June 30, 2021 (1) December 31, 2020 (2) FHLB advances Maximum outstanding at any month end $ 850,000 $ 910,000 Average balance during the period 500,273 809,788 Weighted-average interest rate during the period 2.48 % 2.31 % Federal funds purchased Maximum outstanding at any month end 365,000 842,000 Average balance during the period 44,171 239,481 Weighted-average interest rate during the period 0.07 % 0.19 % (1) For the six months ended June 30, 2021. (2) For the year ended December 31, 2020. At June 30, 2021 and December 31, 2020, Customers Bank had aggregate availability under federal funds lines totaling $1.3 billion and $924.0 million, respectively. Long-term debt FHLB and FRB advances Long-term FHLB and FRB advances at June 30, 2021 and December 31, 2020 were as follows: June 30, 2021 December 31, 2020 (dollars in thousands) Amount Rate Amount Rate FRB PPP Liquidity Facility advances $ 3,865,865 0.35 % $ 4,415,016 0.35 % Total long-term FHLB and FRB advances $ 3,865,865 $ 4,415,016 Beginning in second quarter 2020, Customers began participating in the PPPLF, in which Federal Reserve Banks extend non-recourse loans to institutions that are eligible to make PPP loans. Only PPP loans that are guaranteed by the SBA under the PPP, with respect to both principal and interest that are originated or purchased by an eligible institution, may be pledged as collateral to the Federal Reserve Banks. The maximum borrowing capacity with the FHLB and FRB at June 30, 2021 and December 31, 2020 was as follows: (amounts in thousands) June 30, 2021 December 31, 2020 Total maximum borrowing capacity with the FHLB $ 2,387,172 $ 2,729,516 Total maximum borrowing capacity with the FRB (1) 197,894 223,299 Qualifying loans serving as collateral against FHLB and FRB advances (1) 3,156,850 3,363,364 (1) Amounts reported in the above table exclude borrowings under the PPPLF, which are limited to the face value of the loans originated under the PPP. At June 30, 2021, Customers had $3.9 billion of borrowings under the PPPLF, with a borrowing capacity of up to $6.3 billion, which is the face value of the qualifying loans Customers has originated or purchased and outstanding under the PPP. At December 31, 2020, Customers had $4.4 billion of borrowings under the PPPLF. Senior and Subordinated Debt Long-term senior notes and subordinated debt at June 30, 2021 and December 31, 2020 were as follows: June 30, 2021 December 31, 2020 (dollars in thousands) Issued by Ranking Amount Amount Rate Issued Amount Date Issued Maturity Price Customers Bancorp Senior $ 24,612 $ 24,552 4.500 % $ 25,000 September 2019 September 2024 100.000 % Customers Bancorp Senior 99,629 99,485 3.950 % 100,000 June 2017 June 2022 99.775 % Total other borrowings $ 124,241 $ 124,037 Customers Bancorp Subordinated (1)(2) $ 72,313 $ 72,222 5.375 % $ 74,750 December 2019 December 2034 100.000 % Customers Bank Subordinated (1)(3) 109,221 109,172 6.125 % 110,000 June 2014 June 2029 100.000 % Total subordinated debt $ 181,534 $ 181,394 (1) The subordinated notes qualify as Tier 2 capital for regulatory capital purposes. (2) Customers Bancorp has the ability to call the subordinated notes, in whole, or in part, at a redemption price equal to 100% of the principal balance at certain times on or after December 30, 2029. (3) The subordinated notes will bear an annual fixed rate of 6.125% until June 26, 2024. From June 26, 2024 until maturity, the notes will bear an annual interest rate equal to the three-month LIBOR plus 344.3 basis points. Customers Bank has the ability to call the subordinated notes, in whole, or in part, at a redemption price equal to 100% of the principal balance at certain times on or after June 26, 2024. |
Regulatory Capital
Regulatory Capital | 6 Months Ended |
Jun. 30, 2021 | |
Regulatory Capital [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. In first quarter 2020, U.S federal banking regulatory agencies permitted banking organizations to phase-in, for regulatory capital purposes, the day-one impact of the new CECL accounting rule on retained earnings over a period of three years. As part of its response to the impact of COVID-19, on March 31, 2020, the U.S. federal banking regulatory agencies issued an interim final rule that provided the option to temporarily delay certain effects of CECL on regulatory capital for two years, followed by a three-year transition period. The interim final rule allows banking organizations to delay for two years 100% of the day-one impact of adopting CECL and 25% of the cumulative change in the reported allowance for credit losses since adopting CECL. Customers has elected to adopt the interim final rule, which is reflected in the regulatory capital data presented below. In April 2020, the U.S. federal banking regulatory agencies issued an interim final rule that permits banks to exclude the impact of participating in the SBA PPP program in their regulatory capital ratios. Specifically, PPP loans are zero percent risk weighted and a bank can exclude all PPP loans pledged as collateral to the PPPLF from its average total consolidated assets for purposes of calculating the Tier 1 capital to average assets ratio (i.e. leverage ratio). Customers applied this regulatory guidance in the calculation of its regulatory capital ratios presented below. 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, 2021 and December 31, 2020, 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 Adequately Capitalized Well Capitalized Basel III Compliant (amounts in thousands) Amount Ratio Amount Ratio Amount Ratio Amount Ratio As of June 30, 2021: Common equity Tier 1 capital (to risk-weighted assets) Customers Bancorp, Inc. $ 1,082,396 9.560 % $ 509,472 4.500 % N/A N/A $ 792,512 7.000 % Customers Bank $ 1,403,324 12.395 % $ 509,460 4.500 % $ 735,886 6.500 % $ 792,493 7.000 % Tier 1 capital (to risk-weighted assets) Customers Bancorp, Inc. $ 1,299,867 11.481 % $ 679,296 6.000 % N/A N/A $ 962,337 8.500 % Customers Bank $ 1,403,324 12.395 % $ 679,279 6.000 % $ 905,706 8.000 % $ 962,313 8.500 % Total capital (to risk-weighted assets) Customers Bancorp, Inc. $ 1,502,069 13.267 % $ 905,729 8.000 % N/A N/A $ 1,188,769 10.500 % Customers Bank $ 1,559,161 13.772 % $ 905,706 8.000 % $ 1,132,132 10.000 % $ 1,188,739 10.500 % Tier 1 capital (to average assets) Customers Bancorp, Inc. $ 1,299,867 8.389 % $ 619,832 4.000 % N/A N/A $ 619,832 4.000 % Customers Bank $ 1,403,324 9.070 % $ 618,871 4.000 % $ 773,589 5.000 % $ 618,871 4.000 % As of December 31, 2020: Common equity Tier 1 capital (to risk-weighted assets) Customers Bancorp, Inc. $ 954,839 8.079 % $ 531,844 4.500 % N/A N/A $ 827,312 7.000 % Customers Bank $ 1,254,082 10.615 % $ 531,639 4.500 % $ 767,923 6.500 % $ 826,994 7.000 % Tier 1 capital (to risk-weighted assets) Customers Bancorp, Inc. $ 1,172,310 9.919 % $ 709,125 6.000 % N/A N/A $ 1,004,594 8.500 % Customers Bank $ 1,254,082 10.615 % $ 708,852 6.000 % $ 945,136 8.000 % $ 1,004,207 8.500 % Total capital (to risk-weighted assets) Customers Bancorp, Inc. $ 1,401,119 11.855 % $ 945,500 8.000 % N/A N/A $ 1,240,969 10.500 % Customers Bank $ 1,424,791 12.060 % $ 945,136 8.000 % $ 1,181,421 10.000 % $ 1,240,492 10.500 % Tier 1 capital (to average assets) Customers Bancorp, Inc. $ 1,172,310 8.597 % $ 545,485 4.000 % N/A N/A $ 545,485 4.000 % Customers Bank $ 1,254,082 9.208 % $ 544,758 4.000 % $ 680,947 5.000 % $ 544,758 4.000 % The Basel III Capital Rules require that we maintain a 2.500% capital conservation buffer with respect to each of CET1, Tier 1 and total capital to risk-weighted assets, which provides for capital levels that exceed the minimum risk-based capital adequacy requirements. A financial institution with a conservation buffer of less than the required amount is subject to limitations on capital distributions, including dividend payments and stock repurchases, and certain discretionary bonus payments to executive officers. |
Disclosures About Fair Value of
Disclosures About Fair Value of Financial Instruments | 6 Months Ended |
Jun. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Disclosures About Fair Value of Financial Instruments | DISCLOSURES ABOUT FAIR VALUE OF FINANCIAL INSTRUMENTS 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 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 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 820, Fair Value Measurements and Disclosures ("ASC 820"), 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, 2021 and December 31, 2020: Financial Instruments Recorded at Fair Value on a Recurring Basis Investment securities: The fair values of equity securities, AFS debt securities and debt securities reported at fair value based on a fair value option election are determined by obtaining quoted market prices on nationally recognized and foreign securities exchanges (Level 1), quoted prices in markets that are not active (Level 2), 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 internally and 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. Loans held for sale - 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 commercial 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 the mortgage loans and the finalization of the sale of the loans to an investor. Changes in fair value are not generally expected to be recognized because at inception of the transaction the underlying mortgage 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 under 30 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, interest rate caps 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 Customers 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. Customers 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 Customers' 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. 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 Customers' disclosures and those of other companies may not be meaningful. Financial Instruments Recorded at Fair Value on a Nonrecurring Basis Collateral-dependent loans: Collateral-dependent loans are those loans that are accounted for under ASC 326 in which the Bank has measured impairment generally based on the fair value of the loan’s collateral or DCF analysis. Fair value is generally determined based upon independent third-party appraisals of the properties that collateralize the loans, DCF based upon the expected proceeds, sales agreements or letters of intent with third parties. 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 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 estimated fair values of Customers' financial instruments at June 30, 2021 and December 31, 2020 were as follows. Fair Value Measurements at June 30, 2021 (amounts in thousands) Carrying Amount Estimated Fair Value Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Assets: Cash and cash equivalents $ 430,500 $ 430,500 $ 430,500 $ — $ — Debt securities, available for sale 1,526,792 1,526,792 — 1,526,792 — Loans held for sale 34,540 34,540 — 34,033 507 Total loans and leases receivable, net of allowance for credit losses on loans and leases 16,807,046 16,680,386 — 2,855,284 13,825,102 FHLB, Federal Reserve Bank and other restricted stock 39,895 39,895 — 39,895 — Derivatives 38,289 38,289 — 37,988 301 Liabilities: Deposits $ 13,873,939 $ 13,874,284 $ 13,246,789 $ 627,495 $ — FRB PPP Liquidity Facility 3,865,865 3,865,865 — 3,865,865 — Other borrowings 124,240 130,576 — 130,576 — Subordinated debt 181,534 198,904 — 198,904 — Derivatives 38,756 38,756 — 38,756 — Fair Value Measurements at December 31, 2020 (amounts in thousands) Carrying Amount Estimated Fair Value Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Assets: Cash and cash equivalents $ 693,354 $ 693,354 $ 693,354 $ — $ — Debt securities, available for sale 1,206,431 1,206,431 — 1,206,431 — Equity securities 3,854 3,854 3,854 — — Loans held for sale 79,086 79,086 — 78,443 643 Total loans and leases receivable, net of allowance for credit losses on loans and leases 15,608,989 16,222,202 — 3,616,432 12,605,770 FHLB, Federal Reserve Bank and other restricted stock 71,368 71,368 — 71,368 — Derivatives 54,223 54,223 — 54,023 200 Liabilities: Deposits $ 11,309,929 $ 11,312,494 $ 10,657,998 $ 654,496 $ — FRB PPP Liquidity Facility 4,415,016 4,415,016 — 4,415,016 — Federal funds purchased 250,000 250,000 250,000 — — FHLB advances 850,000 852,442 — 852,442 — Other borrowings 124,037 129,120 — 129,120 — Subordinated debt 181,394 193,119 — 193,119 — Derivatives 98,164 98,164 — 98,164 — 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, 2021 and December 31, 2020 were as follows: June 30, 2021 Fair Value Measurements at the End of the Reporting Period Using (amounts in thousands) Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Total Measured at Fair Value on a Recurring Basis: Assets Available for sale debt securities: Asset-backed securities $ — $ 322,954 $ — $ 322,954 U.S. government agencies securities — 20,114 — 20,114 Agency-guaranteed residential mortgage-backed securities — 10,355 — 10,355 Agency-guaranteed commercial mortgage-backed securities — 2,205 — 2,205 Agency-guaranteed residential collateralized mortgage obligations — 81,758 — 81,758 Agency-guaranteed commercial collateralized mortgage obligations — 142,841 — 142,841 Commercial mortgage-backed securities — 23,087 — 23,087 Collateralized loan obligations — 162,927 — 162,927 Corporate notes — 350,421 — 350,421 Private label collateralized mortgage obligations — 401,576 — 401,576 State and political subdivision debt securities — 8,554 — 8,554 Derivatives — 37,988 301 38,289 Loans held for sale – fair value option — 6,074 — 6,074 Loans receivable, mortgage warehouse – fair value option — 2,855,284 — 2,855,284 Total assets – recurring fair value measurements $ — $ 4,426,138 $ 301 $ 4,426,439 Liabilities Derivatives $ — $ 38,756 $ — $ 38,756 Measured at Fair Value on a Nonrecurring Basis: Assets Loans held for sale $ — $ 27,959 $ — $ 27,959 Collateral-dependent loans — — 5,323 5,323 Total assets – nonrecurring fair value measurements $ — $ 27,959 $ 5,323 $ 33,282 December 31, 2020 Fair Value Measurements at the End of the Reporting Period Using (amounts in thousands) Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Total Measured at Fair Value on a Recurring Basis: Assets Available for sale debt securities: Asset-backed securities $ — $ 377,145 $ — $ 377,145 U.S. government agencies securities — 20,034 — 20,034 Agency-guaranteed residential mortgage–backed securities — 63,091 — 63,091 Agency-guaranteed residential collateralized mortgage obligations — 140,841 — 140,841 Agency-guaranteed commercial collateralized mortgage obligations — 20,926 — 20,926 Collateralized loan obligations — 32,367 — 32,367 Corporate notes — 396,744 — 396,744 Private label collateralized mortgage obligations — 136,992 — 136,992 State and political subdivision debt securities — 18,291 — 18,291 Equity securities 3,854 — — 3,854 Derivatives — 54,023 200 54,223 Loans held for sale – fair value option — 5,509 — 5,509 Loans receivable, mortgage warehouse – fair value option — 3,616,432 — 3,616,432 Total assets – recurring fair value measurements $ 3,854 $ 4,882,395 $ 200 $ 4,886,449 Liabilities Derivatives $ — $ 98,164 $ — $ 98,164 Measured at Fair Value on a Nonrecurring Basis: Assets Loans held for sale $ — $ 55,683 $ — $ 55,683 Collateral-dependent loans — 17,251 3,867 21,118 Other real estate owned — — 35 35 Total assets – nonrecurring fair value measurements $ — $ 72,934 $ 3,902 $ 76,836 The changes in residential mortgage loan commitments (Level 3 assets) measured at fair value on a recurring basis for the three and six months ended June 30, 2021 and 2020 are summarized in the tables below. Additional information about residential mortgage loan commitments can be found in NOTE 13 - DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES. Residential Mortgage Loan Commitments Three Months Ended June 30, (amounts in thousands) 2021 2020 Balance at March 31 $ 196 $ 215 Issuances 301 52 Settlements (196) (215) Balance at June 30 $ 301 $ 52 Residential Mortgage Loan Commitments Six Months Ended June 30, (amounts in thousands) 2021 2020 Balance at December 31 $ 200 $ 79 Issuances 497 267 Settlements (396) (294) Balance at June 30 $ 301 $ 52 There were no transfers between levels during the three and six months ended June 30, 2021 and 2020. The following table summarizes financial assets and financial liabilities measured at fair value as of June 30, 2021 and December 31, 2020 on a recurring and nonrecurring basis for which Customers utilized Level 3 inputs to measure fair value. The unobservable Level 3 inputs noted below contain a level of uncertainty that may differ from what is realized in an immediate settlement of the assets. Therefore, Customers may realize a value higher or lower than the current estimated fair value of the assets. Quantitative Information about Level 3 Fair Value Measurements (amounts in thousands) Fair Value Valuation Technique Unobservable Input Range (Weighted Average) (4) June 30, 2021 Collateral-dependent loans – real estate $ 4,456 Collateral appraisal (1) Liquidation expenses (2) 8% - 26% (10%) Collateral-dependent loans – commercial and industrial 867 Collateral appraisal (1) Business asset valuation (3) Liquidation expenses (2) Business asset valuation adjustments (4) 8% - 8% (8%) 19% - 40% (21%) Residential mortgage loan commitments 301 Adjusted market bid Pull-through rate 75% - 95% (85%) (1) Obtained from approved independent appraisers. Appraisals are current and in compliance with credit policy. Customers does not generally discount appraisals. (2) Appraisals are adjusted by management for liquidation expenses. The range and weighted average of liquidation expense adjustments are presented as a percentage of the appraisal. (3) Business asset valuation obtained from independent party. (4) Business asset valuations may be adjusted by management for qualitative factors including economic conditions and the condition of the business assets. The range and weighted average of the business asset adjustments are presented as a percent of the business asset valuation. Quantitative Information about Level 3 Fair Value Measurements (amounts in thousands) Fair Value Valuation Technique Unobservable Input Range (Weighted Average) (4) December 31, 2020 Collateral-dependent loans – real estate $ 2,928 Collateral appraisal (1) Liquidation expenses (2) 8% - 8% (8%) Collateral-dependent loans – commercial and industrial 939 Collateral appraisal (1) Business asset valuation (3) Liquidation expenses (2) Business asset valuation adjustments (4) 7% - 8% (8%) 60% - 60% (60%) Other real estate owned 35 Collateral appraisal (1) Liquidation expenses (2) 8% - 9% (9%) Residential mortgage loan commitments 200 Adjusted market bid Pull-through rate 78% - 78% (78%) (1) Obtained from approved independent appraisers. Appraisals are current and in compliance with credit policy. Customers does not generally discount appraisals. (2) Appraisals are adjusted by management for liquidation expenses. The range and weighted average of liquidation expense adjustments are presented as a percentage of the appraisal. (3) Business asset valuation obtained from independent party. (4) Business asset valuations may be adjusted by management for qualitative factors including economic conditions and the condition of the business assets. The range and weighted average of the business asset adjustments are presented as a percent of the business asset valuation. |
Derivative Instruments and Hedg
Derivative Instruments and Hedging Activities | 6 Months Ended |
Jun. 30, 2021 | |
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 values 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 and deposits. 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 are recorded in accumulated other comprehensive income (loss) and subsequently reclassified into earnings in the period that the hedged item affects earnings. To date, such derivatives were used to hedge the variable cash flows associated with the forecasted issuances of debt and a certain variable-rate deposit relationship. At December 31, 2020, Customers had five outstanding interest rate derivatives with notional amounts totaling $1.1 billion that were designated as cash flow hedges of interest rate risk. Customers discontinues cash flow hedge accounting if it is probable the forecasted hedged transactions will not occur in the initially identified time period. At such time, the associated gains and losses deferred in accumulated other comprehensive income (loss) are reclassified immediately into earnings and any subsequent changes in the fair value of such derivatives are recognized directly in earnings. During the six months ended June 30, 2021, Customers terminated four interest rate derivatives with notional amounts totaling $850 million that were designated as cash flow hedges of interest-rate risk associated with 3-month FHLB advances, and reclassified $25.9 million of the realized losses and accrued interest from AOCI to current earnings because the hedged forecasted transactions were determined to be no longer probable of occurring. Customers hedged its exposure to the variability in future cash flows for a variable-rate deposit, which matured in June 2021. At June 30, 2021, Customers had no interest rate derivative designated as cash flow hedges of interest rate risk. Fair Value Hedges of Benchmark Interest-Rate Risk Customers is exposed to changes in the fair value of certain of its fixed rate AFS debt securities due to changes in the benchmark interest rate. Customers uses interest rate swaps to manage its exposure to changes in fair value on these instruments attributable to changes in the designated benchmark interest rate such as the Fed Funds Effective Swap Rate. Interest rate swaps designated as fair value hedges involve the payment of fixed-rate amounts to a counterparty in exchange for Customers receiving variable-rate payments over the life of the agreements without the exchange of the underlying notional amount. For derivatives designated and that qualify as fair value hedges, the gain or loss on the derivative as well as the offsetting loss or gain on the hedged item attributable to the hedged risk are recognized in interest income. At June 30, 2021, Customers had 16 outstanding interest rate derivatives with notional amounts totaling $80.5 million that were designated as fair value hedges of certain available for sale debt securities. During the six months ended June 30, 2021, Customers terminated 8 interest rate derivatives with notional amounts totaling $191.8 million that were designated as fair value hedges together with the sale of hedged available for sale debt securities. At December 31, 2020, Customers had 24 outstanding interest rate derivatives with notional amounts totaling $272.3 million designated as fair value hedges. As of June 30, 2021, the following amounts were recorded on the consolidated balance sheet related to cumulative basis adjustments for fair value hedges. Amortized Cost Cumulative Amount of Fair Value Hedging Adjustment to Hedged Items June 30, December 31, June 30, December 31, (amounts in thousands) 2021 2020 2021 2020 Available for sale debt securities $ 80,500 $ 272,159 $ 846 $ 741 Derivatives Not Designated as Hedging Instruments Customers executes interest rate swaps (typically the loan customers will swap a floating-rate loan for a fixed-rate loan) and interest rate caps with commercial banking customers to facilitate their respective risk management strategies. The customer interest rate swaps and interest rate caps are simultaneously offset by interest rate swaps and interest rate caps that Customers executes with a third party in order to minimize interest-rate risk exposure resulting from such transactions. As the interest rate swaps and interest rate caps associated with this program do not meet the hedge accounting requirements, changes in the fair value of both the customer swaps and caps and the offsetting third-party market swaps and caps are recognized directly in earnings. At June 30, 2021, Customers had 157 interest rate swaps with an aggregate notional amount of $1.4 billion and 12 interest rate caps with an aggregated notional amount of $205.4 million related to this program. At December 31, 2020, Customers had 155 interest rate swaps with an aggregate notional amount of $1.4 billion and 12 interest rate caps with an aggregate notional amount of $204.9 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 applicable accounting guidance and are reported at fair value, with changes in fair value recorded directly in earnings. At June 30, 2021 and December 31, 2020, Customers had an outstanding notional balance of residential mortgage loan commitments of $6.0 million and $11.9 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 reported directly in earnings. At June 30, 2021 and December 31, 2020, Customers had outstanding notional balances of credit derivatives of $165.8 million and $177.2 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, 2021 and December 31, 2020. June 30, 2021 Derivative Assets Derivative Liabilities (amounts in thousands) Balance Sheet Location Fair Value Balance Sheet Location Fair Value Derivatives designated as fair value hedges: Interest rate swaps Other assets $ 846 Other liabilities $ — Total $ 846 $ — Derivatives not designated as hedging instruments: Interest rate swaps Other assets $ 36,795 Other liabilities $ 38,367 Interest rate caps Other assets 146 Other liabilities 146 Credit contracts Other assets 201 Other liabilities 243 Residential mortgage loan commitments Other assets 301 Other liabilities — Total $ 37,443 $ 38,756 December 31, 2020 Derivative Assets Derivative Liabilities (amounts in thousands) Balance Sheet Location Fair Value Balance Sheet Location Fair Value Derivatives designated as cash flow hedges: Interest rate swaps Other assets $ 196 Other liabilities $ 40,765 Total $ 196 $ 40,765 Derivatives designated as fair value hedges: Interest rate swaps Other assets $ — Other liabilities $ 741 Total $ — $ 741 Derivatives not designated as hedging instruments: Interest rate swaps Other assets $ 53,455 Other liabilities $ 56,209 Interest rate caps Other assets 46 Other liabilities 46 Credit contracts Other assets 326 Other liabilities 403 Residential mortgage loan commitments Other assets 200 Other liabilities — Total $ 54,027 $ 56,658 Effect of Derivative Instruments on Net Income The following tables present amounts included in the consolidated statements of income related to derivatives designated as fair value hedges and derivatives not designated as hedges for the three and six months ended June 30, 2021 and 2020. Amount of Income (Loss) Recognized in Earnings Three Months Ended June 30, Six Months Ended June 30, (amounts in thousands) Income Statement Location 2021 2020 2021 2020 Derivatives designated as fair value hedges: Recognized on interest rate swaps Net interest income $ (130) $ — $ 4,777 $ — Recognized on hedged available for sale debt securities Net interest income 130 — (4,777) — Total $ — $ — $ — $ — Derivatives not designated as hedging instruments: Interest rate swaps Other non-interest income $ (376) $ (5,563) $ 2,023 $ (6,578) Interest rate caps Other non-interest income — — — — Credit contracts Other non-interest income (63) 1,405 74 1,274 Residential mortgage loan commitments Mortgage banking income 105 (164) 101 (27) Total $ (334) $ (4,322) $ 2,198 $ (5,331) Effect of Derivative Instruments on Comprehensive Income The following table presents the effect of Customers' derivative financial instruments on comprehensive income for the three and six months ended June 30, 2021 and 2020. Amount of Gain (Loss) Recognized in OCI on Derivatives (1) Location of Gain (Loss) Reclassified from Accumulated OCI into Income Amount of Gain (Loss) Reclassified from Accumulated OCI into Income Three Months Ended June 30, Three Months Ended (amounts in thousands) 2021 2020 2021 2020 Derivatives in cash flow hedging relationships: Interest rate swaps $ 4 $ (4,685) Interest expense $ (1,046) $ (2,718) Amount of Gain (Loss) Recognized in OCI on Derivatives (1) Location of Gain (Loss) Reclassified from Accumulated OCI into Income Amount of Gain (Loss) Reclassified from Accumulated OCI into Income Six Months Ended June 30, Six Months Ended (amounts in thousands) 2021 2020 2021 2020 Derivatives in cash flow hedging relationships: Interest rate swaps $ 9,117 $ (25,031) Interest expense $ (2,505) $ (4,196) — — Other non-interest income (24,467) — Total $ 9,117 $ (25,031) $ (26,972) $ (4,196) (1) Amounts presented are net of taxes. See NOTE 5 - CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) for the 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 or with central clearing parties. 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, 2021, the fair value of derivatives in a net liability position (which includes accrued interest but excludes any adjustment for nonperformance-risk) related to these agreements was $37.5 million. In addition, Customers, which has collateral posting thresholds with certain of these counterparties, had posted $35.6 million of cash as collateral at June 30, 2021. Customers records cash posted as collateral with these counterparties, except with a central clearing party, as a reduction in the outstanding balance of cash and cash equivalents and an increase in the balance of other assets. Disclosures about Offsetting Assets and Liabilities The following tables present derivative instruments that are subject to enforceable master netting arrangements. Customers' interest rate swaps and interest rate caps with institutional counterparties are subject to master netting arrangements and are included in the table below. Interest rate swaps and interest rate caps 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. Gross Amounts Recognized on the Consolidated Balance Sheets Gross Amounts Not Offset in the Consolidated Balance Sheet (amounts in thousands) Financial Instruments Cash Collateral Received/(Posted) Net Amount June 30, 2021 Interest rate derivative assets with institutional counterparties $ — $ — $ — $ — Interest rate derivative liabilities with institutional counterparties $ 35,590 $ — $ (35,590) $ — Gross Amounts Recognized on the Consolidated Balance Sheets Gross Amounts Not Offset in the Consolidated Balance Sheet (amounts in thousands) Financial Instruments Cash Collateral Received/(Posted) Net Amount December 31, 2020 Interest rate derivative assets with institutional counterparties $ 199 $ — $ — $ 199 Interest rate derivative liabilities with institutional counterparties $ 97,641 $ — $ (97,641) $ — |
Loss Contingencies
Loss Contingencies | 6 Months Ended |
Jun. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Loss Contingencies | LOSS CONTINGENCIES Loss contingencies, including claims and legal actions arising in the ordinary course of business, are recorded as liabilities when the likelihood of loss is probable and an amount or range of loss can be reasonably estimated. Management does not believe there are any such matters that will have a material effect on the consolidated financial statements that are not currently accrued for. However, in light of the uncertainties inherent in these matters, it is possible that the ultimate resolution may have a material adverse effect on Customers’ results of operations for a particular period, and future changes in circumstances or additional information could result in accruals or resolution in excess of established accruals, which could adversely affect Customers’ results of operations, potentially materially. United States Department of Education Matter In third quarter 2018, Customers received a Final Program Review Determination ("FPRD") letter dated September 5, 2018 from the ED regarding a focused program review of Higher One's/Customers Bank's administration, as a third party servicer, of the programs authorized pursuant to Title IV of the Higher Education Act of 1965. The ED program review covered the award years beginning in 2013 through the FPRD issuance date, including the time period when Higher One was acting as the third party servicer prior to Customers' acquisition of the Disbursement business on June 15, 2016. The FPRD determined that, with respect to students enrolled at specified partner institutions, Higher One/Customers did not provide convenient fee-free access to ATMs or bank branch offices in such locations as required by the ED’s cash management regulations. Those regulations, which were in effect during the period covered by the program review and were revised during that period, seek, among other purposes, to ensure that students can make fee-free cash withdrawals. The FPRD determined that students incurred prohibited costs in accessing Title IV credit balance funds, and the FPRD classifies those costs as financial liabilities of Customers. The FPRD also requires Customers to take prospective action to increase ATM access for students at certain of its partner institutions. Customers disagreed with the FPRD and appealed the asserted financial liabilities of $6.5 million, and a request for review has been submitted to trigger an administrative process before the ED’s Office of Hearing and Appeals. On March 26, 2020, the ED and Customers filed a Joint Motion to Dismiss with Prejudice (the "Joint Motion") with the United States Department of Education. The Joint Motion states that the ED and Customers reached an agreement that resolves the liabilities at issue in the appeal. The Joint Motion was granted on April 27, 2020. As part of the settlement, the liabilities assessed in the FPRD were reduced to $3.0 million (the "settlement amount"). Customers had previously recorded a liability in the amount of $1.0 million during third quarter 2019 and increased its liability by an additional $1.0 million in first quarter 2020. The remaining $1.0 million is expected to be funded from funds in an escrow account set-up at the time of Customers' acquisition of the Disbursement business from Higher One in 2016. Specialty’s Café Bakery, Inc. Matter On May 27, 2020, the appointed Chapter 7 Trustee for Specialty’s Café Bakery, Inc. (“Debtor”) filed a voluntary petition for relief under Chapter 7 of the Bankruptcy Code in the United Stated Bankruptcy Court for the Central District of California. On October 28, 2020, the Trustee, as plaintiff, filed her amended adversary complaint (“Adversary Complaint”) against Customers Bank and the SBA seeking to avoid and recover for the benefit of the Debtor’s estate and its creditors the payment made by the Debtor to Customers Bank in the amount of $8.1 million in satisfaction of a Payroll Protection Program loan made by Customers Bank to the Debtor (the “PPP Loan Payment”). The Trustee seeks to avoid and recover the entire PPP Loan Payment from the Bank under the authority provided in 11 U.S.C. §547 and §550, which together permit a trustee of a bankruptcy debtor to avoid and recover, for a more equitable distribution among all creditors, certain transfers made within ninety (90) days before the filing of the bankruptcy petition. The Bank intends to vigorously defend itself against the Trustee’s Adversary Complaint and is currently unable to reasonably determine the likelihood of loss nor estimate a possible range of loss. |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | SUBSEQUENT EVENTSOn July 28, 2021, Customers' board of directors approved a plan to redeem $ 82.5 million, or all of our outstanding shares of Series C Preferred Stock and Series D Preferred Stock. On August 6, 2021, Customers Bancorp completed an underwritten public offering of $100 million in aggregate principal amount of its 2.875% Fixed-to-Floating Rate Senior Notes due 2031 (the “Notes”). The price to the public was 100% of the principal amount of the Notes. The Company estimates the net proceeds from the sale of the Notes, after deducting discounts and commissions and estimated offering expenses payable by the Company, will be approximately $98.7 million. The Company intends to use the net proceeds from the offering to fund the redemption of all of the Company's outstanding Series C Preferred Stock and Series D Preferred Stock. The Company intends to use any remaining proceeds following the redemptions for general corporate purposes, which may include working capital, repaying indebtedness and providing capital to the Bank. The amounts the Company actually expends for any purpose may vary significantly depending upon numerous factors, including assessments of potential market opportunities and competitive developments. The offering of the Notes was made pursuant to the Company’s effective shelf registration statement on Form S-3 previously filed by the Company with the SEC. |
Significant Accounting Polici_2
Significant Accounting Policies and Basis of Presentation (Policies) | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The interim unaudited consolidated financial statements 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 Bancorp and subsidiaries 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. The December 31, 2020 consolidated balance sheet presented in this report has been derived from Customers Bancorp’s audited 2020 consolidated financial statements. 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 2020 consolidated financial statements of Customers Bancorp and subsidiaries included in Customers' Annual Report on Form 10-K for the year ended December 31, 2020 filed with the SEC on March 1, 2021 (the "2020 Form 10-K"). The 2020 Form 10-K 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, PPP; Loans and Leases Receivable; PCD Loans and Leases; ACL; Goodwill and Other Intangible Assets; FHLB, Federal Reserve Bank, and Other Restricted Stock; OREO; BOLI; Bank Premises and Equipment; Lessor and Lessee Operating Leases; Treasury Stock; Income Taxes; Share-Based Compensation; Transfer of Financial Assets; Derivative Instruments and Hedging; Comprehensive Income (Loss); EPS; and Loss Contingencies. There have been no material changes to Customers Bancorp's significant accounting policies noted above for the three and six months ended June 30, 2021. |
Recently Issued Accounting Standards | Recently Issued Accounting Standards Presented below are recently issued accounting standards that Customers has adopted. Standard Summary of Guidance Effects on Financial Statements ASU 2020-04, Reference Rate Reform (Topic 848) - Facilitation of the Effects of Reference Rate Reform on Financial Reporting Issued March 2020 • Provides optional guidance for a limited period of time to ease the potential burden in accounting for (or derecognizing the effects of) reference rate reform on financial reporting. Specifically, the amendments provide optional expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. These relate only to those contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. • Effective as of March 12, 2020 and can be adopted anytime during the period of January 1, 2020 through December 31, 2022. • Customers adopted this guidance during adoption period for certain optional expedients. • The adoption of this guidance did not have a material impact on Customers' financial condition, results of operations and consolidated financial statements. • As of June 30, 2021, Customers has not yet elected to apply optional expedients for certain contract modifications. However, we plan to elect additional optional expedients in the future, which are not expected to have a material impact on Customers' financial condition, results of operations and consolidated financial statements. ASU 2021-01, Reference Rate Reform (Topic 848) - Scope Issued January 2021 • Clarifies that certain optional expedients and exceptions in Topic 848 for contract modifications and hedge accounting apply to derivatives that are affected by the discounting transition, including derivative instruments that use an interest rate for margining, discounting, or contract price alignment that is modified as a result of reference rate reform. • Effective as of March 12, 2020 and can be adopted anytime during the period of January 1, 2020 through December 31, 2022. • Customers adopted this guidance during adoption period for certain optional expedients. • The adoption of this guidance did not have a material impact on Customers' financial condition, results of operations and consolidated financial statements. • As of June 30, 2021, Customers has not yet elected to apply optional expedients for certain contract modifications. We plan to elect additional optional expedients in the future, which are not expected to have a material impact on Customers' financial condition, results of operations and consolidated financial statements. |
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 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 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 820, Fair Value Measurements and Disclosures ("ASC 820"), 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. |
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 values 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 and deposits. 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 are recorded in accumulated other comprehensive income (loss) and subsequently reclassified into earnings in the period that the hedged item affects earnings. To date, such derivatives were used to hedge the variable cash flows associated with the forecasted issuances of debt and a certain variable-rate deposit relationship. At December 31, 2020, Customers had five outstanding interest rate derivatives with notional amounts totaling $1.1 billion that were designated as cash flow hedges of interest rate risk. Customers discontinues cash flow hedge accounting if it is probable the forecasted hedged transactions will not occur in the initially identified time period. At such time, the associated gains and losses deferred in accumulated other comprehensive income (loss) are reclassified immediately into earnings and any subsequent changes in the fair value of such derivatives are recognized directly in earnings. During the six months ended June 30, 2021, Customers terminated four interest rate derivatives with notional amounts totaling $850 million that were designated as cash flow hedges of interest-rate risk associated with 3-month FHLB advances, and reclassified $25.9 million of the realized losses and accrued interest from AOCI to current earnings because the hedged forecasted transactions were determined to be no longer probable of occurring. Customers hedged its exposure to the variability in future cash flows for a variable-rate deposit, which matured in June 2021. At June 30, 2021, Customers had no interest rate derivative designated as cash flow hedges of interest rate risk. |
Significant Accounting Polici_3
Significant Accounting Policies and Basis of Presentation (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
Schedule of New Accounting Pronouncements and Changes in Accounting Principles | Presented below are recently issued accounting standards that Customers has adopted. Standard Summary of Guidance Effects on Financial Statements ASU 2020-04, Reference Rate Reform (Topic 848) - Facilitation of the Effects of Reference Rate Reform on Financial Reporting Issued March 2020 • Provides optional guidance for a limited period of time to ease the potential burden in accounting for (or derecognizing the effects of) reference rate reform on financial reporting. Specifically, the amendments provide optional expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. These relate only to those contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. • Effective as of March 12, 2020 and can be adopted anytime during the period of January 1, 2020 through December 31, 2022. • Customers adopted this guidance during adoption period for certain optional expedients. • The adoption of this guidance did not have a material impact on Customers' financial condition, results of operations and consolidated financial statements. • As of June 30, 2021, Customers has not yet elected to apply optional expedients for certain contract modifications. However, we plan to elect additional optional expedients in the future, which are not expected to have a material impact on Customers' financial condition, results of operations and consolidated financial statements. ASU 2021-01, Reference Rate Reform (Topic 848) - Scope Issued January 2021 • Clarifies that certain optional expedients and exceptions in Topic 848 for contract modifications and hedge accounting apply to derivatives that are affected by the discounting transition, including derivative instruments that use an interest rate for margining, discounting, or contract price alignment that is modified as a result of reference rate reform. • Effective as of March 12, 2020 and can be adopted anytime during the period of January 1, 2020 through December 31, 2022. • Customers adopted this guidance during adoption period for certain optional expedients. • The adoption of this guidance did not have a material impact on Customers' financial condition, results of operations and consolidated financial statements. • As of June 30, 2021, Customers has not yet elected to apply optional expedients for certain contract modifications. We plan to elect additional optional expedients in the future, which are not expected to have a material impact on Customers' financial condition, results of operations and consolidated financial statements. |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Discontinued Operations Income Statement and Balance Sheet | The following summarized financial information related to BMT has been segregated from continuing operations and reported as discontinued operations for the periods presented. Three Months Ended Six Months Ended (amounts in thousands) 2021 2020 2021 2020 Discontinued operations: Non-interest income $ — $ 16,254 $ — $ 32,327 Non-interest expense — 19,444 20,354 42,238 Loss from discontinued operations before income taxes — (3,190) (20,354) (9,911) Income tax expense (benefit) — (932) 17,682 (2,299) Net loss from discontinued operations $ — $ (2,258) $ (38,036) $ (7,612) The assets and liabilities of discontinued operations on the consolidated balance sheet as of December 31, 2020 were as follows: (amounts in thousands) December 31, Carrying amounts of assets included as part of discontinued operations: Cash and cash equivalents $ 2,989 Premises and equipment, net 401 Goodwill and other intangibles 10,329 Other assets 48,336 Total assets of discontinued operations $ 62,055 Carrying amounts of liabilities included as part of discontinued operations: Borrowings from Customers Bank $ 21,000 Accrued interest payable and other liabilities 18,704 Total liabilities of discontinued operations $ 39,704 |
Earnings (Loss) Per Share (Tabl
Earnings (Loss) Per Share (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Earnings Per Share [Abstract] | |
Components of Earnings (Loss) Per Share | The following are the components and results of Customers' earnings (loss) per common share calculations for the periods presented. Three Months Ended Six Months Ended (amounts in thousands, except share and per share data) 2021 2020 2021 2020 Net income from continuing operations available to common shareholders $ 58,042 $ 21,395 $ 129,282 $ 26,233 Net loss from discontinued operations — (2,258) (38,036) (7,612) Net income available to common shareholders $ 58,042 $ 19,137 $ 91,246 $ 18,621 Weighted-average number of common shares outstanding – basic 32,279,625 31,477,591 32,082,878 31,434,371 Share-based compensation plans 1,461,843 148,180 1,211,197 191,298 Weighted-average number of common shares – diluted 33,741,468 31,625,771 33,294,075 31,625,669 Basic earnings (loss) per common share from continuing operations $ 1.80 $ 0.68 $ 4.03 $ 0.83 Basic earnings (loss) per common share from discontinued operations — (0.07) (1.19) (0.24) Basic earnings (loss) per common share 1.80 0.61 2.84 0.59 Diluted earnings (loss) per common share from continuing operations $ 1.72 $ 0.68 $ 3.88 $ 0.83 Diluted earnings (loss) per common share from discontinued operations — (0.07) (1.14) (0.24) Diluted earnings (loss) per common share 1.72 0.61 2.74 0.59 |
Anti-dilutive Securities Excluded from Computation of Earnings Per Share | The following are 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 2021 2020 2021 2020 Share-based compensation awards 711,000 3,813,959 463,145 3,674,506 |
Changes in Accumulated Other _2
Changes in Accumulated Other Comprehensive Income (Loss) By Component (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
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, 2021 and 2020. Amounts in parentheses indicate reductions to AOCI. Three Months Ended June 30, 2021 (amounts in thousands) Unrealized Gains (Losses) on Available for Sale Securities (1) Unrealized Gains (Losses) on Cash Flow Hedges (2) Total Balance - March 31, 2021 $ 6,169 $ (778) $ 5,391 Unrealized gains (losses) arising during period, before tax 592 6 598 Income tax effect (154) (2) (156) Other comprehensive income (loss) before reclassifications 438 4 442 Reclassification adjustments for (gains) losses included in net income, before tax (1,812) 1,046 (766) Income tax effect 471 (272) 199 Amounts reclassified from accumulated other comprehensive income (loss) to net income (1,341) 774 (567) Net current-period other comprehensive income (loss) (903) 778 (125) Balance - June 30, 2021 $ 5,266 $ — $ 5,266 Three Months Ended June 30, 2020 (amounts in thousands) Unrealized Gains (Losses) on Available for Sale Securities (1) Unrealized Gains (Losses) on Cash Flow Hedges (2) Total Balance - March 31, 2020 $ 4,614 $ (34,789) $ (30,175) Unrealized gains (losses) arising during period, before tax 35,315 (6,369) 28,946 Income tax effect (9,182) 1,684 (7,498) Other comprehensive income (loss) before reclassifications 26,133 (4,685) 21,448 Reclassification adjustments for (gains) losses included in net income, before tax (4,353) 2,718 (1,635) Income tax effect 1,131 (734) 397 Amounts reclassified from accumulated other comprehensive income (loss) to net income (3,222) 1,984 (1,238) Net current-period other comprehensive income (loss) 22,911 (2,701) 20,210 Balance - June 30, 2020 $ 27,525 $ (37,490) $ (9,965) (1) Reclassification amounts for AFS debt securities are reported as gain or loss on sale of investment securities on the consolidated statements of income. (2) Reclassification amounts for cash flow hedges are reported as interest expense for the applicable hedged items or loss on cash flow hedge derivative terminations on the consolidated statements of income. Six Months Ended June 30, 2021 (amounts in thousands) Unrealized Gains (Losses) Available for Sale Securities (1) Unrealized Gains (Losses) on Cash Flow Hedges (2) Total Balance - December 31, 2020 $ 23,312 $ (29,076) $ (5,764) Unrealized gains (losses) arising during period, before tax 992 12,321 13,313 Income tax effect (258) (3,204) (3,462) Other comprehensive income (loss) before reclassifications 734 9,117 9,851 Reclassification adjustments for (gains) losses included in net income, before tax (25,378) 26,972 1,594 Income tax effect 6,598 (7,013) (415) Amounts reclassified from accumulated other comprehensive income (loss) to net income (18,780) 19,959 1,179 Net current-period other comprehensive income (loss) (18,046) 29,076 11,030 Balance - June 30, 2021 $ 5,266 $ — $ 5,266 Six Months Ended June 30, 2020 (amounts in thousands) Unrealized Gains (Losses) on Available for Sale Securities (1) Unrealized Gains (Losses) on Cash Flow Hedges (2) Total Balance - December 31, 2019 $ 14,287 $ (15,537) $ (1,250) Unrealized gains (losses) arising during period, before tax 26,217 (34,066) (7,849) Income tax effect (6,816) 9,035 2,219 Other comprehensive income (loss) before reclassifications 19,401 (25,031) (5,630) Reclassification adjustments for (gains) losses included in net income, before tax (8,328) 4,196 (4,132) Income tax effect 2,165 (1,118) 1,047 Amounts reclassified from accumulated other comprehensive income (loss) to net income (6,163) 3,078 (3,085) Net current-period other comprehensive income 13,238 (21,953) (8,715) Balance - June 30, 2020 $ 27,525 $ (37,490) $ (9,965) (1) Reclassification amounts for AFS debt securities are reported as gain or loss on sale of investment securities on the consolidated statements of income. (2) Reclassification amounts for cash flow hedges are reported as interest expense for the applicable hedged items or loss on cash flow hedge derivative terminations on the consolidated statements of income. |
Investment Securities (Tables)
Investment Securities (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
Summary of Amortized Cost and Approximate Fair Value of Investment Securities | The amortized cost and fair value of investment securities as of June 30, 2021 and December 31, 2020 are summarized in the tables below: June 30, 2021 (1) (amounts in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Available for sale debt securities: Asset-backed securities $ 319,682 $ 3,649 $ (377) $ 322,954 U.S. government agencies securities 20,000 114 — 20,114 Agency-guaranteed residential mortgage-backed securities 10,620 — (265) 10,355 Agency-guaranteed commercial mortgage-backed securities 2,206 — (1) 2,205 Agency-guaranteed residential collateralized mortgage obligations 81,007 813 (62) 81,758 Agency-guaranteed commercial collateralized mortgage obligations 144,593 — (1,752) 142,841 Collateralized loan obligations 162,960 148 (181) 162,927 Commercial mortgage-backed securities 23,054 33 — 23,087 Corporate notes (2) 345,909 4,974 (462) 350,421 Private label collateralized mortgage obligations 401,949 922 (1,295) 401,576 State and political subdivision debt securities (3) 8,543 11 — 8,554 Available for sale debt securities $ 1,520,523 $ 10,664 $ (4,395) $ 1,526,792 December 31, 2020 (1) (amounts in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Available for sale debt securities: Asset-backed securities $ 372,640 $ 4,515 $ (10) $ 377,145 U.S. government agencies securities 20,000 34 — 20,034 Agency-guaranteed residential mortgage-backed securities 61,178 1,913 — 63,091 Agency-guaranteed residential collateralized mortgage obligations 139,985 916 (60) 140,841 Agency-guaranteed commercial collateralized mortgage obligations 20,965 — (39) 20,926 Collateralized loan obligations 32,367 — — 32,367 Corporate notes (2) 372,764 24,144 (164) 396,744 Private label collateralized mortgage obligations 136,943 423 (374) 136,992 State and political subdivision debt securities (3) 17,346 945 — 18,291 Available for sale debt securities $ 1,174,188 $ 32,890 $ (647) 1,206,431 Equity securities (4) 3,854 Total investment securities, at fair value $ 1,210,285 (1) Accrued interest on AFS debt securities totaled $5.0 million and $4.2 million at June 30, 2021 and December 31, 2020, respectively, and is included in accrued interest receivable on the consolidated balance sheet. (2) Includes corporate securities issued by domestic bank holding companies. (3) Includes both taxable and non-taxable municipal securities. (4) Includes equity securities issued by a foreign entity. |
Summary of Available-for-Sale Debt Securities by Stated Maturity | The following table shows debt securities by stated maturity. Debt securities backed by mortgages and other assets 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, 2021 (amounts in thousands) Amortized Fair Due in one year or less $ 4,901 $ 5,032 Due after one year through five years 211,508 212,586 Due after five years through ten years 154,043 157,219 Due after ten years 4,000 4,252 Asset-backed securities 319,682 322,954 Collateralized loan obligations 162,960 162,927 Commercial mortgage-backed securities 23,054 23,087 Agency-guaranteed residential mortgage-backed securities 10,620 10,355 Agency-guaranteed commercial mortgage-backed securities 2,206 2,205 Agency-guaranteed residential collateralized mortgage obligations 81,007 81,758 Agency-guaranteed commercial collateralized mortgage obligations 144,593 142,841 Private label collateralized mortgage obligations 401,949 401,576 Total debt securities $ 1,520,523 $ 1,526,792 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Fair Value | Gross unrealized losses and fair value of Customers' AFS debt securities aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at June 30, 2021 were as follows: June 30, 2021 Less Than 12 Months 12 Months or More Total (amounts in thousands) Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses Available for sale debt securities: Asset-backed securities $ 61,515 $ (377) $ — $ — $ 61,515 $ (377) Agency-guaranteed residential mortgage-backed securities 10,355 (265) — — 10,355 (265) Agency-guaranteed commercial mortgage-backed securities 2,205 (1) — — 2,205 (1) Agency-guaranteed residential collateralized mortgage obligations 18,158 (62) — — 18,158 (62) Agency-guaranteed commercial collateralized mortgage obligations 142,841 (1,752) — — 142,841 (1,752) Collateralized loan obligations 101,555 (181) — — 101,555 (181) Corporate notes 67,230 (462) — — 67,230 (462) Private label collateralized mortgage obligations 157,470 (1,295) — — 157,470 (1,295) Total $ 561,329 $ (4,395) $ — $ — $ 561,329 $ (4,395) |
Loans Held for Sale (Tables)
Loans Held for Sale (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Receivables Held-for-sale [Abstract] | |
Composition of Loans Held for Sale | The composition of loans held for sale as of June 30, 2021 and December 31, 2020 was as follows: (amounts in thousands) June 30, 2021 December 31, 2020 Commercial loans: Commercial and industrial loans, at lower of cost or fair value $ — $ 55,683 Commercial real estate non-owner occupied loans, at lower of cost or fair value — 17,251 Total commercial loans held for sale — 72,934 Consumer loans: Home equity conversion mortgages, at lower of cost or fair value 507 643 Residential mortgage loans, at fair value 6,074 5,509 Installment loans, at lower of cost or fair value 27,959 — Total consumer loans held for sale 34,540 6,152 Loans held for sale $ 34,540 $ 79,086 |
Loans and Leases Receivable a_2
Loans and Leases Receivable and Allowance for Credit Losses on Loans and Leases (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Receivables [Abstract] | |
Schedule of Loans and Leases Receivable | The following table presents loans and leases receivable as of June 30, 2021 and December 31, 2020. (amounts in thousands) June 30, 2021 December 31, 2020 Loans and leases receivable, mortgage warehouse, at fair value $ 2,855,284 $ 3,616,432 Loans receivable, PPP 6,305,056 4,561,365 Loans receivable: Commercial: Multi-family 1,497,485 1,761,301 Commercial and industrial (1) 2,360,656 2,289,441 Commercial real estate owner occupied 653,649 572,338 Commercial real estate non-owner occupied 1,206,646 1,196,564 Construction 179,198 140,905 Total commercial loans and leases receivable 5,897,634 5,960,549 Consumer: Residential real estate 266,911 317,170 Manufactured housing 57,904 62,243 Installment 1,549,693 1,235,406 Total consumer loans receivable 1,874,508 1,614,819 Loans and leases receivable (2) 7,772,142 7,575,368 Allowance for credit losses on loans and leases (125,436) (144,176) Total loans and leases receivable, net of allowance for credit losses on loans and leases $ 16,807,046 $ 15,608,989 (1) Includes direct finance equipment leases of $129.0 million and $108.0 million at June 30, 2021 and December 31, 2020, respectively. (2) Includes deferred (fees) costs and unamortized (discounts) premiums, net of $(223.1) million and $(54.6) million at June 30, 2021 and December 31, 2020, respectively. |
Loans and Leases Receivable by Loan Type and Performance Status | The following tables summarize loans and leases receivable by loan and lease type and performance status as of June 30, 2021 and December 31, 2020: June 30, 2021 (amounts in thousands) 30-59 Days past due (1) 60-89 Days past due (1) 90 Days or more past due (1) Total past due (1) Loans and leases not past due (2) Total loans and leases (3) Multi-family $ — $ 3,355 $ 15,004 $ 18,359 $ 1,479,126 $ 1,497,485 Commercial and industrial 4 1,318 6,415 7,737 2,352,919 2,360,656 Commercial real estate owner occupied — — 1,684 1,684 651,965 653,649 Commercial real estate non-owner occupied — 12 — 12 1,206,634 1,206,646 Construction — — — — 179,198 179,198 Residential real estate 56 679 5,029 5,764 261,147 266,911 Manufactured housing 1,387 237 5,171 6,795 51,109 57,904 Installment 5,966 2,154 2,728 10,848 1,538,845 1,549,693 Total $ 7,413 $ 7,755 $ 36,031 $ 51,199 $ 7,720,943 $ 7,772,142 December 31, 2020 (amounts in thousands) 30-59 Days past due (1) 60-89 Days past due (1) 90 Days or more past due (1) Total past due (1) Loans and leases not past due (2) Total loans and leases (3) Multi-family $ 4,193 $ 5,224 $ 14,907 $ 24,324 $ 1,736,977 $ 1,761,301 Commercial and industrial 2,257 1,274 3,079 6,610 2,282,831 2,289,441 Commercial real estate owner occupied 864 1,324 2,370 4,558 567,780 572,338 Commercial real estate non-owner occupied — 60 2,356 2,416 1,194,148 1,196,564 Construction — — — — 140,905 140,905 Residential real estate 6,640 1,827 1,856 10,323 306,847 317,170 Manufactured housing 1,518 673 1,951 4,142 58,101 62,243 Installment 6,161 3,430 81 9,672 1,225,734 1,235,406 Total $ 21,633 $ 13,812 $ 26,600 $ 62,045 $ 7,513,323 $ 7,575,368 (1) Includes past due loans and leases that are accruing interest because collection is considered probable. (2) Loans and leases where next payment due is less than 30 days from the report date. The June 30, 2021 and December 31, 2020 tables exclude PPP loans of $6.3 billion and $4.6 billion, respectively, which are all current as of June 30, 2021 and December 31, 2020. (3) Includes PCD loans of $11.7 million and $13.4 million at June 30, 2021 and December 31, 2020, respectively. |
Amortized cost of Loans and Leases on Nonaccrual Status | The following table presents the amortized cost of loans and leases held for investment on nonaccrual status. June 30, 2021 (1) December 31, 2020 (1) (amounts in thousands) Nonaccrual loans with no related allowance Nonaccrual loans with related allowance Total nonaccrual loans Nonaccrual loans with no related allowance Nonaccrual loans with related allowance Total nonaccrual loans Multi-family $ 21,595 $ — $ 21,595 $ 18,800 $ 2,928 $ 21,728 Commercial and industrial 6,486 231 6,717 6,384 2,069 8,453 Commercial real estate owner occupied 2,688 — 2,688 3,411 — 3,411 Commercial real estate non-owner occupied — — — 2,356 — 2,356 Residential real estate 8,991 — 8,991 9,911 — 9,911 Manufactured housing — 3,239 3,239 — 2,969 2,969 Installment — 2,728 2,728 — 3,211 3,211 Total $ 39,760 $ 6,198 $ 45,958 $ 40,862 $ 11,177 $ 52,039 (1) Presented at amortized cost basis. |
Schedule of Allowance for Credit Losses on Loans and Leases | The changes in the ACL on loans and leases for the three and six months ended June 30, 2021 and 2020 are presented in the tables below. (amounts in thousands) Multi-family Commercial and industrial Commercial real estate owner occupied Commercial real estate non-owner occupied Construction Residential real estate Manufactured housing Installment Total Three Months Ended Ending Balance, $ 8,026 $ 7,503 $ 5,935 $ 11,621 $ 4,103 $ 3,209 $ 4,800 $ 83,539 $ 128,736 Charge-offs — (2) (1) — — — — (7,958) (7,961) Recoveries — 285 2 59 114 12 — 898 1,370 Provision (benefit) for credit losses (2,998) 341 (1,472) (4,306) (1,574) (922) (428) 14,650 3,291 Ending Balance, $ 5,028 $ 8,127 $ 4,464 $ 7,374 $ 2,643 $ 2,299 $ 4,372 $ 91,129 $ 125,436 Six Months Ended Ending Balance, $ 12,620 $ 12,239 $ 9,512 $ 19,452 $ 5,871 $ 3,977 $ 5,190 $ 75,315 $ 144,176 Charge-offs (1,132) (637) (142) — — (50) — (20,645) (22,606) Recoveries — 545 9 69 119 22 — 2,730 3,494 Provision (benefit) for credit losses (6,460) (4,020) (4,915) (12,147) (3,347) (1,650) (818) 33,729 372 Ending Balance, $ 5,028 $ 8,127 $ 4,464 $ 7,374 $ 2,643 $ 2,299 $ 4,372 $ 91,129 $ 125,436 (amounts in thousands) Multi-family Commercial and industrial Commercial real estate owner occupied Commercial real estate non-owner occupied Construction Residential real estate Manufactured housing Installment Total Three Months Ended June 30, 2020 Ending Balance, $ 8,750 $ 18,806 $ 8,527 $ 18,530 $ 1,934 $ 4,180 $ 4,987 $ 83,569 $ 149,283 Charge-offs — (20) — (2,801) — — — (8,304) (11,125) Recoveries — 25 2 — 113 26 — 635 801 Provision (benefit) for credit losses 5,947 (6,509) 2,876 10,764 3,250 344 1,027 3,247 20,946 Ending Balance, $ 14,697 $ 12,302 $ 11,405 $ 26,493 $ 5,297 $ 4,550 $ 6,014 $ 79,147 $ 159,905 Six Months Ended Ending Balance, $ 6,157 $ 15,556 $ 2,235 $ 6,243 $ 1,262 $ 3,218 $ 1,060 $ 20,648 $ 56,379 Cumulative effect of change in accounting principle - CECL 2,171 759 5,773 7,918 (98) 1,518 3,802 57,986 79,829 Charge-offs — (117) — (15,598) — — — (14,550) (30,265) Recoveries — 79 5 — 116 55 — 975 1,230 Provision (benefit) for credit losses 6,369 (3,975) 3,392 27,930 4,017 (241) 1,152 14,088 52,732 Ending Balance, $ 14,697 $ 12,302 $ 11,405 $ 26,493 $ 5,297 $ 4,550 $ 6,014 $ 79,147 $ 159,905 |
Analysis of Loans Modified in Troubled Debt Restructuring by Type of Concession | The following table presents loans modified in a TDR by type of concession for the three and six months ended June 30, 2021 and 2020. There were no modifications that involved forgiveness of debt for the three and six months ended June 30, 2021 and 2020. Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 (dollars in thousands) Number of loans Recorded investment Number of loans Recorded investment Number of loans Recorded investment Number of loans Recorded investment Extensions of maturity — $ — 2 $ 140 — $ — 6 $ 385 Interest-rate reductions 4 157 20 843 12 341 32 1,373 Other (1) 99 1,141 — — 119 1,682 — — Total 103 $ 1,298 22 $ 983 131 $ 2,023 38 $ 1,758 (1) Other includes covenant modifications, forbearance, loans discharged under Chapter 7 bankruptcy, or other concessions. |
Summary of Loans Modified in Troubled Debt Restructurings and Related Recorded Investment Within Twelve Months | The following table presents, by loan type, the number of loans modified in TDRs and the related recorded investment, for which there was a payment default within twelve months following the modification: June 30, 2021 June 30, 2020 (dollars in thousands) Number of loans Recorded investment Number of loans Recorded investment Manufactured housing 7 $ 189 — $ — Commercial real estate owner occupied — — 1 958 Residential real estate 1 43 4 313 Installment 15 247 — — Total loans 23 $ 479 5 $ 1,271 |
Credit Ratings of Covered and Non-Covered Loan Portfolio | The following tables present the credit ratings of loans and leases receivable as of June 30, 2021 and December 31, 2020. Term Loans Amortized Cost Basis by Origination Year as of June 30, 2021 (amounts in thousands) 2021 2020 2019 2018 2017 Prior Revolving loans amortized cost basis Revolving loans converted to term Total Multi-family loans: Pass $ 89,905 $ 135,133 $ 23,427 $ 243,767 $ 378,768 $ 534,970 $ — $ — $ 1,405,970 Special mention — — — — 12,100 8,979 — — 21,079 Substandard — — — — 41,560 28,876 — — 70,436 Doubtful — — — — — — — Total multi-family loans $ 89,905 $ 135,133 $ 23,427 $ 243,767 $ 432,428 $ 572,825 $ — $ — $ 1,497,485 Commercial and industrial loans and leases: Pass $ 433,908 $ 417,713 $ 320,158 $ 102,737 $ 101,552 $ 102,040 $ 780,892 $ — $ 2,259,000 Special mention 18,883 4,335 6,364 214 234 14,333 — 44,363 Substandard — 10,192 7,462 17,570 7,163 7,584 7,322 — 57,293 Doubtful — — — — — — — — Total commercial and industrial loans and leases $ 452,791 $ 432,240 $ 333,984 $ 120,521 $ 108,715 $ 109,858 $ 802,547 $ — $ 2,360,656 Commercial real estate owner occupied loans: Pass $ 121,180 $ 83,122 $ 164,925 $ 60,990 $ 60,542 $ 122,010 $ 672 $ — $ 613,441 Special mention — — — 320 2,072 588 — — 2,980 Substandard — — 7,087 9,538 9,012 11,591 — — 37,228 Doubtful — — — — — — — — — Total commercial real estate owner occupied loans $ 121,180 $ 83,122 $ 172,012 $ 70,848 $ 71,626 $ 134,189 $ 672 $ — $ 653,649 Commercial real estate non-owner occupied: Pass $ 92,285 $ 158,983 $ 95,875 $ 68,193 $ 115,452 $ 395,022 $ — $ — $ 925,810 Special mention — 21,925 11,229 22,002 99,469 43,573 — — 198,198 Substandard — — — 23,494 20,611 38,533 — — 82,638 Doubtful — — — — — — — — Total commercial real estate non-owner occupied loans $ 92,285 $ 180,908 $ 107,104 $ 113,689 $ 235,532 $ 477,128 $ — $ — $ 1,206,646 Construction: Pass $ 3,311 $ 36,135 $ 122,833 $ 4,895 $ — $ 9,565 $ 949 $ — $ 177,688 Special mention — 1,510 — — — — — — 1,510 Substandard — — — — — — — — — Doubtful — — — — — — — — — Total construction loans $ 3,311 $ 37,645 $ 122,833 $ 4,895 $ — $ 9,565 $ 949 $ — $ 179,198 Total commercial loans and leases receivable $ 759,472 $ 869,048 $ 759,360 $ 553,720 $ 848,301 $ 1,303,565 $ 804,168 $ — $ 5,897,634 Residential real estate loans: Performing $ 2,961 $ 10,493 $ 14,089 $ 11,887 $ 6,861 $ 95,687 $ 116,081 $ — $ 258,059 Non-performing — — 97 900 777 4,768 2,310 — 8,852 Total residential real estate loans $ 2,961 $ 10,493 $ 14,186 $ 12,787 $ 7,638 $ 100,455 $ 118,391 $ — $ 266,911 Manufactured housing loans: Performing $ — $ — $ 296 $ 385 $ 76 $ 52,180 $ — $ — $ 52,937 Non-performing — — — — — 4,967 — — 4,967 Total manufactured housing loans $ — $ — $ 296 $ 385 $ 76 $ 57,147 $ — $ — $ 57,904 Installment loans: Performing $ 515,870 $ 444,610 $ 509,216 $ 73,677 $ 2,668 $ 1,167 $ — $ — $ 1,547,208 Non-performing 6 594 1,609 219 7 50 — — 2,485 Total installment loans $ 515,876 $ 445,204 $ 510,825 $ 73,896 $ 2,675 $ 1,217 $ — $ — $ 1,549,693 Total consumer loans $ 518,837 $ 455,697 $ 525,307 $ 87,068 $ 10,389 $ 158,819 $ 118,391 $ — $ 1,874,508 Loans and leases receivable $ 1,278,309 $ 1,324,745 $ 1,284,667 $ 640,788 $ 858,690 $ 1,462,384 $ 922,559 $ — $ 7,772,142 Term Loans Amortized Cost Basis by Origination Year as of December 31, 2020 (amounts in thousands) 2020 2019 2018 2017 2016 Prior Revolving loans amortized cost basis Revolving loans converted to term Total Multi-family loans: Pass $ 150,835 $ 23,716 $ 299,319 $ 535,510 $ 227,296 $ 420,809 $ — $ — $ 1,657,485 Special mention — — — 20,901 10,394 26,708 — — 58,003 Substandard — — — 34,197 8,256 3,360 — — 45,813 Doubtful — — — — — — — — — Total multi-family loans $ 150,835 $ 23,716 $ 299,319 $ 590,608 $ 245,946 $ 450,877 $ — $ — $ 1,761,301 Commercial and industrial loans and leases: Pass $ 729,270 $ 373,050 $ 141,943 $ 116,793 $ 45,367 $ 71,502 $ 717,007 $ — $ 2,194,932 Special mention 13,200 1,117 436 113 516 21 17,524 — 32,927 Substandard 9,968 6,890 19,065 5,901 8,318 2,722 8,718 — 61,582 Doubtful — — — — — — — — — Total commercial and industrial loans and leases $ 752,438 $ 381,057 $ 161,444 $ 122,807 $ 54,201 $ 74,245 $ 743,249 $ — $ 2,289,441 Commercial real estate owner occupied loans: Pass $ 82,343 $ 168,977 $ 72,615 $ 70,642 $ 46,510 $ 91,798 $ 741 $ — $ 533,626 Special mention — 4,464 — 9,056 — 555 — — 14,075 Substandard — 2,848 9,499 342 2,231 9,717 — — 24,637 Doubtful — — — — — — — — — Total commercial real estate owner occupied loans $ 82,343 $ 176,289 $ 82,114 $ 80,040 $ 48,741 $ 102,070 $ 741 $ — $ 572,338 Commercial real estate non-owner occupied: Pass $ 143,231 $ 105,430 $ 97,882 $ 157,835 $ 155,168 $ 313,559 $ — $ — $ 973,105 Special mention 39,994 — — 66,745 24,218 14,613 — — 145,570 Substandard — — 17,741 20,611 366 39,171 — — 77,889 Doubtful — — — — — — — — Total commercial real estate non-owner occupied loans $ 183,225 $ 105,430 $ 115,623 $ 245,191 $ 179,752 $ 367,343 $ — $ — $ 1,196,564 Construction: Pass $ 19,932 $ 105,466 $ 4,954 $ — $ 9,700 $ — $ 853 $ — $ 140,905 Special mention — — — — — — — — — Substandard — — — — — — — — — Doubtful — — — — — — — — — Total construction loans $ 19,932 $ 105,466 $ 4,954 $ — $ 9,700 $ — $ 853 $ — $ 140,905 Total commercial loans and leases receivable $ 1,188,773 $ 791,958 $ 663,454 $ 1,038,646 $ 538,340 $ 994,535 $ 744,843 $ — $ 5,960,549 Residential real estate loans: Performing $ 6,708 $ 13,617 $ 6,810 $ 10,850 $ 38,143 $ 69,496 $ 161,576 $ — $ 307,200 Non-performing — — 160 785 1,350 4,395 3,280 — 9,970 Total residential real estate loans $ 6,708 $ 13,617 $ 6,970 $ 11,635 $ 39,493 $ 73,891 $ 164,856 $ — $ 317,170 Manufactured housing loans: Performing $ — $ 295 $ 609 $ 76 $ 41 $ 56,837 $ — $ — $ 57,858 Non-performing — — — — — 4,385 — — 4,385 Total manufactured housing loans $ — $ 295 $ 609 $ 76 $ 41 $ 61,222 $ — $ — $ 62,243 Installment loans: Performing $ 319,453 $ 791,235 $ 114,988 $ 4,736 $ 514 $ 1,204 $ — $ — $ 1,232,130 Non-performing 305 2,326 485 41 2 117 — — 3,276 Total installment loans $ 319,758 $ 793,561 $ 115,473 $ 4,777 $ 516 $ 1,321 $ — $ — $ 1,235,406 Total consumer loans $ 326,466 $ 807,473 $ 123,052 $ 16,488 $ 40,050 $ 136,434 $ 164,856 $ — $ 1,614,819 Loans and leases receivable $ 1,515,239 $ 1,599,431 $ 786,506 $ 1,055,134 $ 578,390 $ 1,130,969 $ 909,699 $ — $ 7,575,368 |
Schedule of Loan Purchases and Sales | Purchases and sales of loans were as follows for the three and six months ended June 30, 2021 and 2020: Three Months Ended June 30, Six Months Ended June 30, (amounts in thousands) 2021 2020 2021 2020 Purchases (1) Loans receivable, PPP $ 460,456 $ — $ 621,487 $ — Residential real estate — — — 495 Installment (2) — 18,008 115,849 209,768 Total $ 460,456 $ 18,008 $ 737,336 $ 210,263 Sales (3) Multi-family $ 19,443 $ — $ 19,443 $ — Commercial and industrial 10,059 — 28,990 — Commercial real estate owner occupied 4,461 — 6,698 — Commercial real estate non-owner occupied — — 18,366 — Residential real estate 11,623 — 28,186 — Installment 28,818 — 28,818 1,822 Total $ 74,404 $ — $ 130,501 $ 1,822 (1) Amounts reported in the above table are the unpaid principal balance at time of purchase. The purchase price was 102.0% and 98.5% of loans outstanding for the three months ended June 30, 2021 and 2020, respectively. The purchase price was 103.0% and 100.4% of loans outstanding for the six months ended June 30, 2021 and 2020, respectively. (2) Installment loan purchases for the three and six months ended June 30, 2021 and 2020 consist of third-party originated unsecured consumer loans. None of the loans are considered sub-prime at the time of origination. Customers considers sub-prime borrowers to be those with FICO scores below 660. (3) Amounts reported in the above table are the unpaid principal balance at time of sale. For the three months ended June 30, 2021 and 2020, loan sales resulted in net gains of $2.2 million and $0.3 million, respectively, included in gain (loss) on sale of SBA and other loans and mortgage banking income in the consolidated statement of income (loss). For the six months ended June 30, 2021 and 2020, loan sales resulted in net gains of $4.3 million and $0.4 million, respectively. |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Leases [Abstract] | |
Lessee, Summary of Right-of-Use Assets and Lease Liabilities | The following table summarizes operating lease ROU assets and operating lease liabilities and their corresponding balance sheet location: (amounts in thousands) Classification June 30, 2021 December 31, 2020 ASSETS Operating lease ROU assets (1) Other assets $ 15,555 $ 16,578 LIABILITIES Operating lease liabilities (1) Other liabilities $ 16,923 $ 18,005 (1) Excludes operating leases of BMT included in assets and liabilities of discontinued operations. |
Lease, Cost | The following table summarizes operating lease cost and its corresponding income statement location for the periods presented: Three Months Ended June 30, Six Months Ended June 30, (amounts in thousands) Classification 2021 2020 2021 2020 Operating lease cost (1)(2) Occupancy expenses $ 1,130 $ 1,198 $ 2,247 $ 2,403 (1) There were no variable lease costs for the three and six months ended June 30, 2021 and 2020, and sublease income for operating leases is immaterial. (2) Excludes operating lease costs of BMT included in loss from discontinued operations in the consolidated statement of income. |
Maturities of Non-cancelable Operating Lease Liabilities | Maturities of non-cancelable operating lease liabilities were as follows at June 30, 2021: (amounts in thousands) June 30, 2021 2021 $ 2,826 2022 5,097 2023 4,208 2024 3,177 2025 2,047 Thereafter 1,465 Total minimum payments 18,820 Less: interest 1,897 Present value of lease liabilities $ 16,923 |
Summary of Lease Term and Discount Rate for Operating Leases | The following table summarizes the weighted average remaining lease term and discount rate for Customers' operating leases at June 30, 2021 and December 31, 2020: (amounts in thousands) June 30, 2021 December 31, 2020 Weighted average remaining lease term (years) Operating leases (1) 4.1 years 4.7 years Weighted average discount rate Operating leases (1) 2.67 % 2.90 % (1) Excludes operating leases of BMT included in assets and liabilities of discontinued operations. |
Lessor, Lease Receivables and Investment in Operating Leases and their Corresponding Balance Sheet Location | The following table summarizes lease receivables and investment in operating leases and their corresponding balance sheet location at June 30, 2021 and December 31, 2020: (amounts in thousands) Classification June 30, 2021 December 31, 2020 ASSETS Direct financing leases Lease receivables Loans and leases receivable $ 122,372 $ 104,982 Guaranteed residual assets Loans and leases receivable 11,261 12,988 Unguaranteed residual assets Loans and leases receivable 4,846 1,229 Deferred initial direct costs Loans and leases receivable 503 560 Unearned income Loans and leases receivable (9,489) (11,175) Net investment in direct financing leases $ 129,493 $ 108,584 Operating leases Investment in operating leases Other assets $ 138,359 $ 131,791 Accumulated depreciation Other assets (35,568) (28,919) Deferred initial direct costs Other assets 1,021 996 Net investment in operating leases 103,812 103,868 Total lease assets $ 233,305 $ 212,452 |
Borrowings (Tables)
Borrowings (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Debt Disclosure [Abstract] | |
Short Term Borrowings | Short-term debt at June 30, 2021 and December 31, 2020 was as follows: June 30, 2021 December 31, 2020 (dollars in thousands) Amount Rate Amount Rate FHLB advances $ — — % $ 850,000 1.19 % Federal funds purchased — — % 250,000 0.09 % Total short-term debt $ — $ 1,100,000 |
Summary of Bancorps Short Term Borrowings | The following is a summary of additional information relating to Customers' short-term debt: (dollars in thousands) June 30, 2021 (1) December 31, 2020 (2) FHLB advances Maximum outstanding at any month end $ 850,000 $ 910,000 Average balance during the period 500,273 809,788 Weighted-average interest rate during the period 2.48 % 2.31 % Federal funds purchased Maximum outstanding at any month end 365,000 842,000 Average balance during the period 44,171 239,481 Weighted-average interest rate during the period 0.07 % 0.19 % (1) For the six months ended June 30, 2021. (2) For the year ended December 31, 2020. |
Schedule of Long-term Debt | Long-term FHLB and FRB advances at June 30, 2021 and December 31, 2020 were as follows: June 30, 2021 December 31, 2020 (dollars in thousands) Amount Rate Amount Rate FRB PPP Liquidity Facility advances $ 3,865,865 0.35 % $ 4,415,016 0.35 % Total long-term FHLB and FRB advances $ 3,865,865 $ 4,415,016 The maximum borrowing capacity with the FHLB and FRB at June 30, 2021 and December 31, 2020 was as follows: (amounts in thousands) June 30, 2021 December 31, 2020 Total maximum borrowing capacity with the FHLB $ 2,387,172 $ 2,729,516 Total maximum borrowing capacity with the FRB (1) 197,894 223,299 Qualifying loans serving as collateral against FHLB and FRB advances (1) 3,156,850 3,363,364 (1) Amounts reported in the above table exclude borrowings under the PPPLF, which are limited to the face value of the loans originated under the PPP. At June 30, 2021, Customers had $3.9 billion of borrowings under the PPPLF, with a borrowing capacity of up to $6.3 billion, which is the face value of the qualifying loans Customers has originated or purchased and outstanding under the PPP. At December 31, 2020, Customers had $4.4 billion of borrowings under the PPPLF. Senior and Subordinated Debt Long-term senior notes and subordinated debt at June 30, 2021 and December 31, 2020 were as follows: June 30, 2021 December 31, 2020 (dollars in thousands) Issued by Ranking Amount Amount Rate Issued Amount Date Issued Maturity Price Customers Bancorp Senior $ 24,612 $ 24,552 4.500 % $ 25,000 September 2019 September 2024 100.000 % Customers Bancorp Senior 99,629 99,485 3.950 % 100,000 June 2017 June 2022 99.775 % Total other borrowings $ 124,241 $ 124,037 Customers Bancorp Subordinated (1)(2) $ 72,313 $ 72,222 5.375 % $ 74,750 December 2019 December 2034 100.000 % Customers Bank Subordinated (1)(3) 109,221 109,172 6.125 % 110,000 June 2014 June 2029 100.000 % Total subordinated debt $ 181,534 $ 181,394 (1) The subordinated notes qualify as Tier 2 capital for regulatory capital purposes. (2) Customers Bancorp has the ability to call the subordinated notes, in whole, or in part, at a redemption price equal to 100% of the principal balance at certain times on or after December 30, 2029. |
Regulatory Capital (Tables)
Regulatory Capital (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Regulatory Capital [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 Adequately Capitalized Well Capitalized Basel III Compliant (amounts in thousands) Amount Ratio Amount Ratio Amount Ratio Amount Ratio As of June 30, 2021: Common equity Tier 1 capital (to risk-weighted assets) Customers Bancorp, Inc. $ 1,082,396 9.560 % $ 509,472 4.500 % N/A N/A $ 792,512 7.000 % Customers Bank $ 1,403,324 12.395 % $ 509,460 4.500 % $ 735,886 6.500 % $ 792,493 7.000 % Tier 1 capital (to risk-weighted assets) Customers Bancorp, Inc. $ 1,299,867 11.481 % $ 679,296 6.000 % N/A N/A $ 962,337 8.500 % Customers Bank $ 1,403,324 12.395 % $ 679,279 6.000 % $ 905,706 8.000 % $ 962,313 8.500 % Total capital (to risk-weighted assets) Customers Bancorp, Inc. $ 1,502,069 13.267 % $ 905,729 8.000 % N/A N/A $ 1,188,769 10.500 % Customers Bank $ 1,559,161 13.772 % $ 905,706 8.000 % $ 1,132,132 10.000 % $ 1,188,739 10.500 % Tier 1 capital (to average assets) Customers Bancorp, Inc. $ 1,299,867 8.389 % $ 619,832 4.000 % N/A N/A $ 619,832 4.000 % Customers Bank $ 1,403,324 9.070 % $ 618,871 4.000 % $ 773,589 5.000 % $ 618,871 4.000 % As of December 31, 2020: Common equity Tier 1 capital (to risk-weighted assets) Customers Bancorp, Inc. $ 954,839 8.079 % $ 531,844 4.500 % N/A N/A $ 827,312 7.000 % Customers Bank $ 1,254,082 10.615 % $ 531,639 4.500 % $ 767,923 6.500 % $ 826,994 7.000 % Tier 1 capital (to risk-weighted assets) Customers Bancorp, Inc. $ 1,172,310 9.919 % $ 709,125 6.000 % N/A N/A $ 1,004,594 8.500 % Customers Bank $ 1,254,082 10.615 % $ 708,852 6.000 % $ 945,136 8.000 % $ 1,004,207 8.500 % Total capital (to risk-weighted assets) Customers Bancorp, Inc. $ 1,401,119 11.855 % $ 945,500 8.000 % N/A N/A $ 1,240,969 10.500 % Customers Bank $ 1,424,791 12.060 % $ 945,136 8.000 % $ 1,181,421 10.000 % $ 1,240,492 10.500 % Tier 1 capital (to average assets) Customers Bancorp, Inc. $ 1,172,310 8.597 % $ 545,485 4.000 % N/A N/A $ 545,485 4.000 % Customers Bank $ 1,254,082 9.208 % $ 544,758 4.000 % $ 680,947 5.000 % $ 544,758 4.000 % |
Disclosures About Fair Value _2
Disclosures About Fair Value of Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Estimated Fair Values of Financial Instruments | The estimated fair values of Customers' financial instruments at June 30, 2021 and December 31, 2020 were as follows. Fair Value Measurements at June 30, 2021 (amounts in thousands) Carrying Amount Estimated Fair Value Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Assets: Cash and cash equivalents $ 430,500 $ 430,500 $ 430,500 $ — $ — Debt securities, available for sale 1,526,792 1,526,792 — 1,526,792 — Loans held for sale 34,540 34,540 — 34,033 507 Total loans and leases receivable, net of allowance for credit losses on loans and leases 16,807,046 16,680,386 — 2,855,284 13,825,102 FHLB, Federal Reserve Bank and other restricted stock 39,895 39,895 — 39,895 — Derivatives 38,289 38,289 — 37,988 301 Liabilities: Deposits $ 13,873,939 $ 13,874,284 $ 13,246,789 $ 627,495 $ — FRB PPP Liquidity Facility 3,865,865 3,865,865 — 3,865,865 — Other borrowings 124,240 130,576 — 130,576 — Subordinated debt 181,534 198,904 — 198,904 — Derivatives 38,756 38,756 — 38,756 — Fair Value Measurements at December 31, 2020 (amounts in thousands) Carrying Amount Estimated Fair Value Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Assets: Cash and cash equivalents $ 693,354 $ 693,354 $ 693,354 $ — $ — Debt securities, available for sale 1,206,431 1,206,431 — 1,206,431 — Equity securities 3,854 3,854 3,854 — — Loans held for sale 79,086 79,086 — 78,443 643 Total loans and leases receivable, net of allowance for credit losses on loans and leases 15,608,989 16,222,202 — 3,616,432 12,605,770 FHLB, Federal Reserve Bank and other restricted stock 71,368 71,368 — 71,368 — Derivatives 54,223 54,223 — 54,023 200 Liabilities: Deposits $ 11,309,929 $ 11,312,494 $ 10,657,998 $ 654,496 $ — FRB PPP Liquidity Facility 4,415,016 4,415,016 — 4,415,016 — Federal funds purchased 250,000 250,000 250,000 — — FHLB advances 850,000 852,442 — 852,442 — Other borrowings 124,037 129,120 — 129,120 — Subordinated debt 181,394 193,119 — 193,119 — Derivatives 98,164 98,164 — 98,164 — |
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, 2021 and December 31, 2020 were as follows: June 30, 2021 Fair Value Measurements at the End of the Reporting Period Using (amounts in thousands) Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Total Measured at Fair Value on a Recurring Basis: Assets Available for sale debt securities: Asset-backed securities $ — $ 322,954 $ — $ 322,954 U.S. government agencies securities — 20,114 — 20,114 Agency-guaranteed residential mortgage-backed securities — 10,355 — 10,355 Agency-guaranteed commercial mortgage-backed securities — 2,205 — 2,205 Agency-guaranteed residential collateralized mortgage obligations — 81,758 — 81,758 Agency-guaranteed commercial collateralized mortgage obligations — 142,841 — 142,841 Commercial mortgage-backed securities — 23,087 — 23,087 Collateralized loan obligations — 162,927 — 162,927 Corporate notes — 350,421 — 350,421 Private label collateralized mortgage obligations — 401,576 — 401,576 State and political subdivision debt securities — 8,554 — 8,554 Derivatives — 37,988 301 38,289 Loans held for sale – fair value option — 6,074 — 6,074 Loans receivable, mortgage warehouse – fair value option — 2,855,284 — 2,855,284 Total assets – recurring fair value measurements $ — $ 4,426,138 $ 301 $ 4,426,439 Liabilities Derivatives $ — $ 38,756 $ — $ 38,756 Measured at Fair Value on a Nonrecurring Basis: Assets Loans held for sale $ — $ 27,959 $ — $ 27,959 Collateral-dependent loans — — 5,323 5,323 Total assets – nonrecurring fair value measurements $ — $ 27,959 $ 5,323 $ 33,282 December 31, 2020 Fair Value Measurements at the End of the Reporting Period Using (amounts in thousands) Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Total Measured at Fair Value on a Recurring Basis: Assets Available for sale debt securities: Asset-backed securities $ — $ 377,145 $ — $ 377,145 U.S. government agencies securities — 20,034 — 20,034 Agency-guaranteed residential mortgage–backed securities — 63,091 — 63,091 Agency-guaranteed residential collateralized mortgage obligations — 140,841 — 140,841 Agency-guaranteed commercial collateralized mortgage obligations — 20,926 — 20,926 Collateralized loan obligations — 32,367 — 32,367 Corporate notes — 396,744 — 396,744 Private label collateralized mortgage obligations — 136,992 — 136,992 State and political subdivision debt securities — 18,291 — 18,291 Equity securities 3,854 — — 3,854 Derivatives — 54,023 200 54,223 Loans held for sale – fair value option — 5,509 — 5,509 Loans receivable, mortgage warehouse – fair value option — 3,616,432 — 3,616,432 Total assets – recurring fair value measurements $ 3,854 $ 4,882,395 $ 200 $ 4,886,449 Liabilities Derivatives $ — $ 98,164 $ — $ 98,164 Measured at Fair Value on a Nonrecurring Basis: Assets Loans held for sale $ — $ 55,683 $ — $ 55,683 Collateral-dependent loans — 17,251 3,867 21,118 Other real estate owned — — 35 35 Total assets – nonrecurring fair value measurements $ — $ 72,934 $ 3,902 $ 76,836 |
Statement of Changes in Level 3 Assets Measured at Fair Value on a Recurring Basis | The changes in residential mortgage loan commitments (Level 3 assets) measured at fair value on a recurring basis for the three and six months ended June 30, 2021 and 2020 are summarized in the tables below. Additional information about residential mortgage loan commitments can be found in NOTE 13 - DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES. Residential Mortgage Loan Commitments Three Months Ended June 30, (amounts in thousands) 2021 2020 Balance at March 31 $ 196 $ 215 Issuances 301 52 Settlements (196) (215) Balance at June 30 $ 301 $ 52 Residential Mortgage Loan Commitments Six Months Ended June 30, (amounts in thousands) 2021 2020 Balance at December 31 $ 200 $ 79 Issuances 497 267 Settlements (396) (294) Balance at June 30 $ 301 $ 52 |
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, 2021 and December 31, 2020 on a recurring and nonrecurring basis for which Customers utilized Level 3 inputs to measure fair value. The unobservable Level 3 inputs noted below contain a level of uncertainty that may differ from what is realized in an immediate settlement of the assets. Therefore, Customers may realize a value higher or lower than the current estimated fair value of the assets. Quantitative Information about Level 3 Fair Value Measurements (amounts in thousands) Fair Value Valuation Technique Unobservable Input Range (Weighted Average) (4) June 30, 2021 Collateral-dependent loans – real estate $ 4,456 Collateral appraisal (1) Liquidation expenses (2) 8% - 26% (10%) Collateral-dependent loans – commercial and industrial 867 Collateral appraisal (1) Business asset valuation (3) Liquidation expenses (2) Business asset valuation adjustments (4) 8% - 8% (8%) 19% - 40% (21%) Residential mortgage loan commitments 301 Adjusted market bid Pull-through rate 75% - 95% (85%) (1) Obtained from approved independent appraisers. Appraisals are current and in compliance with credit policy. Customers does not generally discount appraisals. (2) Appraisals are adjusted by management for liquidation expenses. The range and weighted average of liquidation expense adjustments are presented as a percentage of the appraisal. (3) Business asset valuation obtained from independent party. (4) Business asset valuations may be adjusted by management for qualitative factors including economic conditions and the condition of the business assets. The range and weighted average of the business asset adjustments are presented as a percent of the business asset valuation. Quantitative Information about Level 3 Fair Value Measurements (amounts in thousands) Fair Value Valuation Technique Unobservable Input Range (Weighted Average) (4) December 31, 2020 Collateral-dependent loans – real estate $ 2,928 Collateral appraisal (1) Liquidation expenses (2) 8% - 8% (8%) Collateral-dependent loans – commercial and industrial 939 Collateral appraisal (1) Business asset valuation (3) Liquidation expenses (2) Business asset valuation adjustments (4) 7% - 8% (8%) 60% - 60% (60%) Other real estate owned 35 Collateral appraisal (1) Liquidation expenses (2) 8% - 9% (9%) Residential mortgage loan commitments 200 Adjusted market bid Pull-through rate 78% - 78% (78%) (1) Obtained from approved independent appraisers. Appraisals are current and in compliance with credit policy. Customers does not generally discount appraisals. (2) Appraisals are adjusted by management for liquidation expenses. The range and weighted average of liquidation expense adjustments are presented as a percentage of the appraisal. (3) Business asset valuation obtained from independent party. (4) Business asset valuations may be adjusted by management for qualitative factors including economic conditions and the condition of the business assets. The range and weighted average of the business asset adjustments are presented as a percent of the business asset valuation. |
Derivative Instruments and He_2
Derivative Instruments and Hedging Activities (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Derivative Assets at Fair Value | As of June 30, 2021, the following amounts were recorded on the consolidated balance sheet related to cumulative basis adjustments for fair value hedges. Amortized Cost Cumulative Amount of Fair Value Hedging Adjustment to Hedged Items June 30, December 31, June 30, December 31, (amounts in thousands) 2021 2020 2021 2020 Available for sale debt securities $ 80,500 $ 272,159 $ 846 $ 741 |
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, 2021 and December 31, 2020. June 30, 2021 Derivative Assets Derivative Liabilities (amounts in thousands) Balance Sheet Location Fair Value Balance Sheet Location Fair Value Derivatives designated as fair value hedges: Interest rate swaps Other assets $ 846 Other liabilities $ — Total $ 846 $ — Derivatives not designated as hedging instruments: Interest rate swaps Other assets $ 36,795 Other liabilities $ 38,367 Interest rate caps Other assets 146 Other liabilities 146 Credit contracts Other assets 201 Other liabilities 243 Residential mortgage loan commitments Other assets 301 Other liabilities — Total $ 37,443 $ 38,756 December 31, 2020 Derivative Assets Derivative Liabilities (amounts in thousands) Balance Sheet Location Fair Value Balance Sheet Location Fair Value Derivatives designated as cash flow hedges: Interest rate swaps Other assets $ 196 Other liabilities $ 40,765 Total $ 196 $ 40,765 Derivatives designated as fair value hedges: Interest rate swaps Other assets $ — Other liabilities $ 741 Total $ — $ 741 Derivatives not designated as hedging instruments: Interest rate swaps Other assets $ 53,455 Other liabilities $ 56,209 Interest rate caps Other assets 46 Other liabilities 46 Credit contracts Other assets 326 Other liabilities 403 Residential mortgage loan commitments Other assets 200 Other liabilities — Total $ 54,027 $ 56,658 |
Effect of Derivative Financial Instruments on Net Income and Comprehensive Income | The following tables present amounts included in the consolidated statements of income related to derivatives designated as fair value hedges and derivatives not designated as hedges for the three and six months ended June 30, 2021 and 2020. Amount of Income (Loss) Recognized in Earnings Three Months Ended June 30, Six Months Ended June 30, (amounts in thousands) Income Statement Location 2021 2020 2021 2020 Derivatives designated as fair value hedges: Recognized on interest rate swaps Net interest income $ (130) $ — $ 4,777 $ — Recognized on hedged available for sale debt securities Net interest income 130 — (4,777) — Total $ — $ — $ — $ — Derivatives not designated as hedging instruments: Interest rate swaps Other non-interest income $ (376) $ (5,563) $ 2,023 $ (6,578) Interest rate caps Other non-interest income — — — — Credit contracts Other non-interest income (63) 1,405 74 1,274 Residential mortgage loan commitments Mortgage banking income 105 (164) 101 (27) Total $ (334) $ (4,322) $ 2,198 $ (5,331) Effect of Derivative Instruments on Comprehensive Income The following table presents the effect of Customers' derivative financial instruments on comprehensive income for the three and six months ended June 30, 2021 and 2020. Amount of Gain (Loss) Recognized in OCI on Derivatives (1) Location of Gain (Loss) Reclassified from Accumulated OCI into Income Amount of Gain (Loss) Reclassified from Accumulated OCI into Income Three Months Ended June 30, Three Months Ended (amounts in thousands) 2021 2020 2021 2020 Derivatives in cash flow hedging relationships: Interest rate swaps $ 4 $ (4,685) Interest expense $ (1,046) $ (2,718) Amount of Gain (Loss) Recognized in OCI on Derivatives (1) Location of Gain (Loss) Reclassified from Accumulated OCI into Income Amount of Gain (Loss) Reclassified from Accumulated OCI into Income Six Months Ended June 30, Six Months Ended (amounts in thousands) 2021 2020 2021 2020 Derivatives in cash flow hedging relationships: Interest rate swaps $ 9,117 $ (25,031) Interest expense $ (2,505) $ (4,196) — — Other non-interest income (24,467) — Total $ 9,117 $ (25,031) $ (26,972) $ (4,196) (1) Amounts presented are net of taxes. See NOTE 5 - CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) for the 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 | The following tables present derivative instruments that are subject to enforceable master netting arrangements. Customers' interest rate swaps and interest rate caps with institutional counterparties are subject to master netting arrangements and are included in the table below. Interest rate swaps and interest rate caps 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. Gross Amounts Recognized on the Consolidated Balance Sheets Gross Amounts Not Offset in the Consolidated Balance Sheet (amounts in thousands) Financial Instruments Cash Collateral Received/(Posted) Net Amount June 30, 2021 Interest rate derivative assets with institutional counterparties $ — $ — $ — $ — Interest rate derivative liabilities with institutional counterparties $ 35,590 $ — $ (35,590) $ — Gross Amounts Recognized on the Consolidated Balance Sheets Gross Amounts Not Offset in the Consolidated Balance Sheet (amounts in thousands) Financial Instruments Cash Collateral Received/(Posted) Net Amount December 31, 2020 Interest rate derivative assets with institutional counterparties $ 199 $ — $ — $ 199 Interest rate derivative liabilities with institutional counterparties $ 97,641 $ — $ (97,641) $ — |
Summary of Offsetting of Financial Liabilities and Derivative Liabilities | The following tables present derivative instruments that are subject to enforceable master netting arrangements. Customers' interest rate swaps and interest rate caps with institutional counterparties are subject to master netting arrangements and are included in the table below. Interest rate swaps and interest rate caps 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. Gross Amounts Recognized on the Consolidated Balance Sheets Gross Amounts Not Offset in the Consolidated Balance Sheet (amounts in thousands) Financial Instruments Cash Collateral Received/(Posted) Net Amount June 30, 2021 Interest rate derivative assets with institutional counterparties $ — $ — $ — $ — Interest rate derivative liabilities with institutional counterparties $ 35,590 $ — $ (35,590) $ — Gross Amounts Recognized on the Consolidated Balance Sheets Gross Amounts Not Offset in the Consolidated Balance Sheet (amounts in thousands) Financial Instruments Cash Collateral Received/(Posted) Net Amount December 31, 2020 Interest rate derivative assets with institutional counterparties $ 199 $ — $ — $ 199 Interest rate derivative liabilities with institutional counterparties $ 97,641 $ — $ (97,641) $ — |
Description of the Business - A
Description of the Business - Additional Information (Detail) | Jun. 30, 2021branch |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of branches (branch) | 12 |
Discontinued Operations - Narra
Discontinued Operations - Narrative (Details) - USD ($) $ in Thousands | Jan. 04, 2021 | May 31, 2021 | Jun. 30, 2021 | Jun. 30, 2021 | Jun. 30, 2020 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Proceeds from sale of non-controlling interest in BMT | $ 26,795 | $ 0 | |||
Special dividend (shares) | 0.15389 | ||||
Discontinued Operations | BankMobile Technologies, Inc. | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Proceeds from sale of non-controlling interest in BMT | $ 23,100 | ||||
Additional consideration from sale of non-controlling interest in BMT | $ 3,700 | ||||
Share consideration, shares | 4,876,387 | ||||
Special dividend (shares) | 0.15389 | ||||
Share consideration related to severance, shares | 1,348,748 | ||||
Percentage of common stock | 52.00% | ||||
Expenses under the deposit servicing agreement | $ 14,300 | $ 27,900 | |||
Discontinued Operations | BankMobile Technologies, Inc. | Minimum | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Transition services agreement, term | 1 year | ||||
Discontinued Operations | BankMobile Technologies, Inc. | Maximum | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Transition services agreement, term | 10 years |
Discontinued Operations - Incom
Discontinued Operations - Income Statement (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Discontinued operations: | ||||
Loss from discontinued operations before income taxes | $ 0 | $ (3,190) | $ (20,354) | $ (9,911) |
Income tax expense (benefit) from discontinued operations | 0 | (932) | 17,682 | (2,299) |
Net loss from discontinued operations | 0 | (2,258) | (38,036) | (7,612) |
BM Technologies Inc. | Discontinued Operations, Disposed of by Sale | ||||
Discontinued operations: | ||||
Non-interest income | 0 | 16,254 | 0 | 32,327 |
Non-interest expense | 0 | 19,444 | 20,354 | 42,238 |
Loss from discontinued operations before income taxes | 0 | (3,190) | (20,354) | (9,911) |
Income tax expense (benefit) from discontinued operations | 0 | (932) | 17,682 | (2,299) |
Net loss from discontinued operations | $ 0 | $ (2,258) | $ (38,036) | $ (7,612) |
Discontinued Operations - Balan
Discontinued Operations - Balance Sheet (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Carrying amounts of assets included as part of discontinued operations: | ||
Total assets of discontinued operations | $ 0 | $ 62,055 |
Carrying amounts of liabilities included as part of discontinued operations: | ||
Total liabilities of discontinued operations | $ 0 | 39,704 |
BM Technologies Inc. | Discontinued Operations, Disposed of by Sale | ||
Carrying amounts of assets included as part of discontinued operations: | ||
Cash and cash equivalents | 2,989 | |
Premises and equipment, net | 401 | |
Goodwill and other intangibles | 10,329 | |
Other assets | 48,336 | |
Total assets of discontinued operations | 62,055 | |
Carrying amounts of liabilities included as part of discontinued operations: | ||
Borrowings from Customers Bank | 21,000 | |
Accrued interest payable and other liabilities | 18,704 | |
Total liabilities of discontinued operations | $ 39,704 |
Earnings (Loss) Per Share - Com
Earnings (Loss) Per Share - Components of Earnings Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Earnings Per Share [Abstract] | ||||
Net income from continuing operations available to common shareholders | $ 58,042 | $ 21,395 | $ 129,282 | $ 26,233 |
Net loss from discontinued operations | 0 | (2,258) | (38,036) | (7,612) |
Net income available to common shareholders | $ 58,042 | $ 19,137 | $ 91,246 | $ 18,621 |
Weighted-average number of common shares outstanding - basic (shares) | 32,279,625 | 31,477,591 | 32,082,878 | 31,434,371 |
Share-based compensation plans (shares) | 1,461,843 | 148,180 | 1,211,197 | 191,298 |
Weighted-average number of common shares - diluted (shares) | 33,741,468 | 31,625,771 | 33,294,075 | 31,625,669 |
Basic earnings per common share from continuing operations (usd per share) | $ 1.80 | $ 0.68 | $ 4.03 | $ 0.83 |
Basic earnings (loss) per common share from discontinued operations (usd per share) | 0 | (0.07) | (1.19) | (0.24) |
Basic earnings (loss) per common share (usd per share) | 1.80 | 0.61 | 2.84 | 0.59 |
Diluted earnings per common share from continuing operations (usd per share) | 1.72 | 0.68 | 3.88 | 0.83 |
Diluted earnings (loss) per common share from discontinued operations (usd per share) | 0 | (0.07) | (1.14) | (0.24) |
Diluted earnings (loss) per common share (usd per share) | $ 1.72 | $ 0.61 | $ 2.74 | $ 0.59 |
Earnings (Loss) Per Share - Ant
Earnings (Loss) Per Share - Anti-dilutive Securities Excluded from Computation of Earnings (Loss) Per Share (Detail) - shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Share-based compensation awards | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Total anti-dilutive securities (shares) | 711,000 | 3,813,959 | 463,145 | 3,674,506 |
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, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Beginning balance | $ 1,188,721 | $ 964,636 | $ 1,117,086 | $ 1,052,795 |
Unrealized gains (losses) arising during period, before tax | 598 | 28,946 | 13,313 | (7,849) |
Income tax effect | (156) | (7,498) | (3,462) | 2,219 |
Other comprehensive income (loss) before reclassifications | 442 | 21,448 | 9,851 | (5,630) |
Reclassification adjustments for (gains) losses included in net income, before tax | (766) | (1,635) | 1,594 | (4,132) |
Income tax effect | 199 | 397 | (415) | 1,047 |
Amounts reclassified from accumulated other comprehensive income (loss) to net income | (567) | (1,238) | 1,179 | (3,085) |
Other comprehensive income (loss), net of income tax effect | (125) | 20,210 | 11,030 | (8,715) |
Ending balance | 1,250,729 | 1,007,847 | 1,250,729 | 1,007,847 |
Total | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Beginning balance | 5,391 | (30,175) | (5,764) | (1,250) |
Other comprehensive income (loss), net of income tax effect | (125) | 20,210 | 11,030 | (8,715) |
Ending balance | 5,266 | (9,965) | 5,266 | (9,965) |
Unrealized Gains (Losses) on Available for Sale Securities | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Beginning balance | 6,169 | 4,614 | 23,312 | 14,287 |
Unrealized gains (losses) arising during period, before tax | 592 | 35,315 | 992 | 26,217 |
Income tax effect | (154) | (9,182) | (258) | (6,816) |
Other comprehensive income (loss) before reclassifications | 438 | 26,133 | 734 | 19,401 |
Reclassification adjustments for (gains) losses included in net income, before tax | (1,812) | (4,353) | (25,378) | (8,328) |
Income tax effect | 471 | 1,131 | 6,598 | 2,165 |
Amounts reclassified from accumulated other comprehensive income (loss) to net income | (1,341) | (3,222) | (18,780) | (6,163) |
Other comprehensive income (loss), net of income tax effect | (903) | 22,911 | (18,046) | 13,238 |
Ending balance | 5,266 | 27,525 | 5,266 | 27,525 |
Unrealized Gains (Losses) on Cash Flow Hedges | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Beginning balance | (778) | (34,789) | (29,076) | (15,537) |
Unrealized gains (losses) arising during period, before tax | 6 | (6,369) | 12,321 | (34,066) |
Income tax effect | (2) | 1,684 | (3,204) | 9,035 |
Other comprehensive income (loss) before reclassifications | 4 | (4,685) | 9,117 | (25,031) |
Reclassification adjustments for (gains) losses included in net income, before tax | 1,046 | 2,718 | 26,972 | 4,196 |
Income tax effect | (272) | (734) | (7,013) | (1,118) |
Amounts reclassified from accumulated other comprehensive income (loss) to net income | 774 | 1,984 | 19,959 | 3,078 |
Other comprehensive income (loss), net of income tax effect | 778 | (2,701) | 29,076 | (21,953) |
Ending balance | $ 0 | $ (37,490) | $ 0 | $ (37,490) |
Investment Securities - Summary
Investment Securities - Summary of Amortized Cost and Approximate Fair Value of Investment Securities (Detail) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | $ 1,520,523 | $ 1,174,188 |
Gross Unrealized Gains | 10,664 | 32,890 |
Gross Unrealized Losses | (4,395) | (647) |
Fair Value | 1,526,792 | 1,206,431 |
Equity securities | 3,854 | |
Investment securities, at fair value | 1,526,792 | 1,210,285 |
Available-for-sale debt securities, accrued interest | 5,000 | 4,200 |
Asset-backed securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 319,682 | 372,640 |
Gross Unrealized Gains | 3,649 | 4,515 |
Gross Unrealized Losses | (377) | (10) |
Fair Value | 322,954 | 377,145 |
U.S. government agencies securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 20,000 | 20,000 |
Gross Unrealized Gains | 114 | 34 |
Gross Unrealized Losses | 0 | 0 |
Fair Value | 20,114 | 20,034 |
Agency-guaranteed residential mortgage-backed securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 10,620 | 61,178 |
Gross Unrealized Gains | 0 | 1,913 |
Gross Unrealized Losses | (265) | 0 |
Fair Value | 10,355 | 63,091 |
Agency-guaranteed commercial mortgage-backed securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 2,206 | |
Gross Unrealized Gains | 0 | |
Gross Unrealized Losses | (1) | |
Fair Value | 2,205 | |
Agency-guaranteed residential collateralized mortgage obligations | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 81,007 | 139,985 |
Gross Unrealized Gains | 813 | 916 |
Gross Unrealized Losses | (62) | (60) |
Fair Value | 81,758 | 140,841 |
Agency-guaranteed commercial collateralized mortgage obligations | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 144,593 | 20,965 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (1,752) | (39) |
Fair Value | 142,841 | 20,926 |
Collateralized loan obligations | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 162,960 | 32,367 |
Gross Unrealized Gains | 148 | 0 |
Gross Unrealized Losses | (181) | 0 |
Fair Value | 162,927 | 32,367 |
Commercial mortgage-backed securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 23,054 | |
Gross Unrealized Gains | 33 | |
Gross Unrealized Losses | 0 | |
Fair Value | 23,087 | |
Corporate notes | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 345,909 | 372,764 |
Gross Unrealized Gains | 4,974 | 24,144 |
Gross Unrealized Losses | (462) | (164) |
Fair Value | 350,421 | 396,744 |
Private label collateralized mortgage obligations | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 401,949 | 136,943 |
Gross Unrealized Gains | 922 | 423 |
Gross Unrealized Losses | (1,295) | (374) |
Fair Value | 401,576 | 136,992 |
State and political subdivision debt securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 8,543 | 17,346 |
Gross Unrealized Gains | 11 | 945 |
Gross Unrealized Losses | 0 | 0 |
Fair Value | $ 8,554 | $ 18,291 |
Investment Securities - Additio
Investment Securities - Additional Information (Detail) $ in Thousands | Jun. 03, 2021USD ($) | Jun. 30, 2021USD ($)security | Jun. 30, 2020USD ($) | Jun. 30, 2021USD ($)security | Jun. 30, 2020USD ($) | Dec. 31, 2020USD ($)security |
Schedule of Investments [Line Items] | ||||||
Unrealized gain (loss) on investment securities | $ 1,700 | $ 1,200 | $ 2,700 | $ (200) | ||
Proceed from sales of foreign subsidiaries | 3,765 | 0 | ||||
Loss on sale of foreign subsidiaries | 2,840 | 0 | 2,840 | 0 | ||
Proceeds from sales of investment securities available for sale | 53,700 | 109,200 | 407,587 | 109,207 | ||
Realized gain | $ 1,800 | $ 4,400 | $ 25,400 | $ 8,300 | ||
Number of available-for-sale investment securities, unrealized loss position, less than twelve month category | security | 38 | 38 | ||||
Number of available-for-sale investment securities, unrealized loss position, twelve month or more category | security | 0 | 0 | ||||
Number of available-for-sale investment securities, unrealized loss position | security | 16 | |||||
Pledged investment securities fair value | $ 16,000 | $ 16,000 | $ 18,800 | |||
CB Green Ventures Pte Ltd. and CUBI India Ventures Pte Ltd | ||||||
Schedule of Investments [Line Items] | ||||||
Proceed from sales of foreign subsidiaries | $ 3,800 | |||||
Loss on sale of foreign subsidiaries | $ 2,800 |
Investment Securities - Summa_2
Investment Securities - Summary of Available-for-Sale Debt Securities by Stated Maturity (Detail) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Debt Securities, Available-for-sale [Line Items] | ||
Due in one year or less, amortized cost | $ 4,901 | |
Due after one years through five years, amortized cost | 211,508 | |
Due after five through ten years, amortized cost | 154,043 | |
Due after ten years, amortized cost | 4,000 | |
Amortized Cost | 1,520,523 | $ 1,174,188 |
Due in one year or less, fair value | 5,032 | |
Due after one years through five years, fair value | 212,586 | |
Due after five through ten years, fair value | 157,219 | |
Due after ten years, fair value | 4,252 | |
Total Debt Securities Fair Value | 1,526,792 | 1,206,431 |
Asset-backed securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Debt securities, available-for-sale, without single maturity date, amortized cost | 319,682 | |
Amortized Cost | 319,682 | 372,640 |
Debt securities, available-for-sale, without single maturity date, fair value | 322,954 | |
Total Debt Securities Fair Value | 322,954 | 377,145 |
Collateralized loan obligations | ||
Debt Securities, Available-for-sale [Line Items] | ||
Debt securities, available-for-sale, without single maturity date, amortized cost | 162,960 | |
Amortized Cost | 162,960 | 32,367 |
Debt securities, available-for-sale, without single maturity date, fair value | 162,927 | |
Total Debt Securities Fair Value | 162,927 | 32,367 |
Commercial mortgage-backed securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Debt securities, available-for-sale, without single maturity date, amortized cost | 23,054 | |
Amortized Cost | 23,054 | |
Debt securities, available-for-sale, without single maturity date, fair value | 23,087 | |
Total Debt Securities Fair Value | 23,087 | |
Agency-guaranteed residential mortgage-backed securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Debt securities, available-for-sale, without single maturity date, amortized cost | 10,620 | |
Amortized Cost | 10,620 | 61,178 |
Debt securities, available-for-sale, without single maturity date, fair value | 10,355 | |
Total Debt Securities Fair Value | 10,355 | 63,091 |
Agency-guaranteed commercial mortgage-backed securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Debt securities, available-for-sale, without single maturity date, amortized cost | 2,206 | |
Amortized Cost | 2,206 | |
Debt securities, available-for-sale, without single maturity date, fair value | 2,205 | |
Total Debt Securities Fair Value | 2,205 | |
Agency-guaranteed residential collateralized mortgage obligations | ||
Debt Securities, Available-for-sale [Line Items] | ||
Debt securities, available-for-sale, without single maturity date, amortized cost | 81,007 | |
Amortized Cost | 81,007 | 139,985 |
Debt securities, available-for-sale, without single maturity date, fair value | 81,758 | |
Total Debt Securities Fair Value | 81,758 | 140,841 |
Agency-guaranteed commercial collateralized mortgage obligations | ||
Debt Securities, Available-for-sale [Line Items] | ||
Debt securities, available-for-sale, without single maturity date, amortized cost | 144,593 | |
Amortized Cost | 144,593 | 20,965 |
Debt securities, available-for-sale, without single maturity date, fair value | 142,841 | |
Total Debt Securities Fair Value | 142,841 | 20,926 |
Private label collateralized mortgage obligations | ||
Debt Securities, Available-for-sale [Line Items] | ||
Debt securities, available-for-sale, without single maturity date, amortized cost | 401,949 | |
Amortized Cost | 401,949 | 136,943 |
Debt securities, available-for-sale, without single maturity date, fair value | 401,576 | |
Total Debt Securities Fair Value | $ 401,576 | $ 136,992 |
Investment Securities - Gross U
Investment Securities - Gross Unrealized Losses and Fair Value, Aggregated by Investment Category (Detail) $ in Thousands | Jun. 30, 2021USD ($) |
Debt Securities, Available-for-sale [Line Items] | |
Less Than 12 Months, Fair Value | $ 561,329 |
Less than 12 Months, Unrealized Losses | (4,395) |
12 Months or More, Fair Value | 0 |
12 Months or More, Unrealized Losses | 0 |
Fair Value, Total | 561,329 |
Unrealized Losses | (4,395) |
Asset-backed securities | |
Debt Securities, Available-for-sale [Line Items] | |
Less Than 12 Months, Fair Value | 61,515 |
Less than 12 Months, Unrealized Losses | (377) |
12 Months or More, Fair Value | 0 |
12 Months or More, Unrealized Losses | 0 |
Fair Value, Total | 61,515 |
Unrealized Losses | (377) |
Agency-guaranteed residential mortgage-backed securities | |
Debt Securities, Available-for-sale [Line Items] | |
Less Than 12 Months, Fair Value | 10,355 |
Less than 12 Months, Unrealized Losses | (265) |
12 Months or More, Fair Value | 0 |
12 Months or More, Unrealized Losses | 0 |
Fair Value, Total | 10,355 |
Unrealized Losses | (265) |
Agency-guaranteed commercial mortgage-backed securities | |
Debt Securities, Available-for-sale [Line Items] | |
Less Than 12 Months, Fair Value | 2,205 |
Less than 12 Months, Unrealized Losses | (1) |
12 Months or More, Fair Value | 0 |
12 Months or More, Unrealized Losses | 0 |
Fair Value, Total | 2,205 |
Unrealized Losses | (1) |
Agency-guaranteed residential collateralized mortgage obligations | |
Debt Securities, Available-for-sale [Line Items] | |
Less Than 12 Months, Fair Value | 18,158 |
Less than 12 Months, Unrealized Losses | (62) |
12 Months or More, Fair Value | 0 |
12 Months or More, Unrealized Losses | 0 |
Fair Value, Total | 18,158 |
Unrealized Losses | (62) |
Agency-guaranteed commercial collateralized mortgage obligations | |
Debt Securities, Available-for-sale [Line Items] | |
Less Than 12 Months, Fair Value | 142,841 |
Less than 12 Months, Unrealized Losses | (1,752) |
12 Months or More, Fair Value | 0 |
12 Months or More, Unrealized Losses | 0 |
Fair Value, Total | 142,841 |
Unrealized Losses | (1,752) |
Collateralized loan obligations | |
Debt Securities, Available-for-sale [Line Items] | |
Less Than 12 Months, Fair Value | 101,555 |
Less than 12 Months, Unrealized Losses | (181) |
12 Months or More, Fair Value | 0 |
12 Months or More, Unrealized Losses | 0 |
Fair Value, Total | 101,555 |
Unrealized Losses | (181) |
Corporate notes | |
Debt Securities, Available-for-sale [Line Items] | |
Less Than 12 Months, Fair Value | 67,230 |
Less than 12 Months, Unrealized Losses | (462) |
12 Months or More, Fair Value | 0 |
12 Months or More, Unrealized Losses | 0 |
Fair Value, Total | 67,230 |
Unrealized Losses | (462) |
Private label collateralized mortgage obligations | |
Debt Securities, Available-for-sale [Line Items] | |
Less Than 12 Months, Fair Value | 157,470 |
Less than 12 Months, Unrealized Losses | (1,295) |
12 Months or More, Fair Value | 0 |
12 Months or More, Unrealized Losses | 0 |
Fair Value, Total | 157,470 |
Unrealized Losses | $ (1,295) |
Loans Held for Sale - Compositi
Loans Held for Sale - Composition of Loans Held for Sale (Detail) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Receivables Held-for-sale [Abstract] | ||
Commercial and industrial loans, at lower of cost or fair value | $ 0 | $ 55,683 |
Commercial real estate non-owner occupied loans, at lower of cost or fair value | 0 | 17,251 |
Total commercial loans held for sale | 0 | 72,934 |
Home equity conversion mortgages, at lower of cost or fair value | 507 | 643 |
Residential mortgage loans, at fair value | 6,074 | 5,509 |
Installment loans, at lower of cost or fair value | 27,959 | 0 |
Total consumer loans held for sale | 34,540 | 6,152 |
Loans held for sale | $ 34,540 | $ 79,086 |
Loans Held for Sale - Narrative
Loans Held for Sale - Narrative (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Receivables Held-for-sale [Abstract] | ||
Loans held-for-sale (including nonperforming loans) | $ 0.5 | $ 18.5 |
Loans and Leases Receivable a_3
Loans and Leases Receivable and Allowance for Credit Losses on Loans and Leases - Schedule of Loans and Leases Receivable (Detail) - USD ($) $ in Thousands | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans receivable, mortgage warehouse, at fair value | $ 2,855,284 | $ 3,616,432 | ||||
Loans receivable, PPP | 6,305,056 | 4,561,365 | ||||
Loans and leases receivable | 7,772,142 | 7,575,368 | ||||
Allowance for credit losses on loans and leases | (125,436) | $ (128,736) | (144,176) | $ (159,905) | $ (149,283) | $ (56,379) |
Total loans and leases receivable, net of allowance for credit losses on loans and leases | 16,807,046 | 15,608,989 | ||||
Deferred (fees) costs and unamortized (discounts) premiums, net | (223,100) | (54,600) | ||||
Multi-family | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans and leases receivable | 1,497,485 | 1,761,301 | ||||
Allowance for credit losses on loans and leases | (5,028) | (8,026) | (12,620) | (14,697) | (8,750) | (6,157) |
Construction | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans and leases receivable | 179,198 | 140,905 | ||||
Allowance for credit losses on loans and leases | (2,643) | (4,103) | (5,871) | (5,297) | (1,934) | (1,262) |
Residential real estate | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans and leases receivable | 266,911 | 317,170 | ||||
Allowance for credit losses on loans and leases | (2,299) | (3,209) | (3,977) | (4,550) | (4,180) | (3,218) |
Manufactured housing | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans and leases receivable | 57,904 | 62,243 | ||||
Allowance for credit losses on loans and leases | (4,372) | (4,800) | (5,190) | (6,014) | (4,987) | (1,060) |
Installment | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans and leases receivable | 1,549,693 | 1,235,406 | ||||
Allowance for credit losses on loans and leases | (91,129) | $ (83,539) | (75,315) | $ (79,147) | $ (83,569) | $ (20,648) |
Commercial | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans and leases receivable | 5,897,634 | 5,960,549 | ||||
Commercial | Multi-family | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans and leases receivable | 1,497,485 | 1,761,301 | ||||
Commercial | Commercial and industrial | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans and leases receivable | 2,360,656 | 2,289,441 | ||||
Commercial | Commercial real estate owner occupied | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans and leases receivable | 653,649 | 572,338 | ||||
Commercial | Commercial real estate non-owner occupied | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans and leases receivable | 1,206,646 | 1,196,564 | ||||
Commercial | Construction | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans and leases receivable | 179,198 | 140,905 | ||||
Commercial | Direct Finance Equipment Leases | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans and leases receivable | 129,000 | 108,000 | ||||
Consumer | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans and leases receivable | 1,874,508 | 1,614,819 | ||||
Consumer | Residential real estate | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans and leases receivable | 266,911 | 317,170 | ||||
Consumer | Manufactured housing | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans and leases receivable | 57,904 | 62,243 | ||||
Consumer | Installment | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans and leases receivable | $ 1,549,693 | $ 1,235,406 |
Loans and Leases Receivable a_4
Loans and Leases Receivable and Allowance for Credit Losses on Loans and Leases - Additional Information (Detail) | Jun. 30, 2021USD ($)Commitment | Dec. 31, 2020USD ($)Commitment | Jun. 30, 2021USD ($)LoanCommitment | Jun. 30, 2020USD ($)Loan | Jun. 30, 2021USD ($)CommitmentLoan | Jun. 30, 2020USD ($)Loan | Mar. 31, 2021USD ($) | Mar. 31, 2020USD ($) | Dec. 31, 2019USD ($) |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||||||
Accrued interest | $ 85,400,000 | $ 76,600,000 | $ 85,400,000 | $ 85,400,000 | |||||
Loans receivable, excluding accrued interest | 16,807,046,000 | 15,608,989,000 | 16,807,046,000 | 16,807,046,000 | |||||
Loans receivable, PPP | 6,305,056,000 | 4,561,365,000 | 6,305,056,000 | 6,305,056,000 | |||||
Interest income | 153,608,000 | $ 118,447,000 | $ 305,725,000 | $ 234,527,000 | |||||
Loans held for sale, average life from purchase to sale | 30 days | ||||||||
Allowance for credit loss, excluding accrued interest | 125,436,000 | 144,176,000 | 125,436,000 | $ 159,905,000 | $ 125,436,000 | $ 159,905,000 | $ 128,736,000 | $ 149,283,000 | $ 56,379,000 |
Allowance for credit loss, period decrease | 18,800,000 | ||||||||
Loans reported as TDR | 16,800,000 | 16,100,000 | 16,800,000 | $ 16,800,000 | |||||
Minimum performance requirement (months) | 6 months | ||||||||
Lease receivable, TDR | $ 0 | $ 0 | $ 0 | $ 0 | |||||
Number of loans | Loan | 103 | 22 | 131 | 38 | |||||
Number of commitments to lend additional funds (commitment) | Commitment | 0 | 0 | 0 | 0 | |||||
Purchased-credit-impaired loans | $ 11,700,000 | $ 13,400,000 | |||||||
Loans pledged as collateral | 7,100,000,000 | 8,500,000,000 | $ 7,100,000,000 | $ 7,100,000,000 | |||||
Troubled Debt Restructurings | |||||||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||||||
Impairment modification minimum period (months) | 9 months | ||||||||
Small Business Administration (SBA), CARES Act, Paycheck Protection Program | |||||||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||||||
Interest income | 41,100,000 | $ 11,700,000 | $ 79,900,000 | $ 11,700,000 | |||||
Commercial real estate non-owner occupied | |||||||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||||||
Amount deferred, CARES Act | 89,800,000 | 202,100,000 | 89,800,000 | 89,800,000 | |||||
Multi-family | |||||||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||||||
Allowance for credit loss, excluding accrued interest | 5,028,000 | 12,620,000 | 5,028,000 | $ 14,697,000 | 5,028,000 | $ 14,697,000 | $ 8,026,000 | $ 8,750,000 | $ 6,157,000 |
Consumer loans | |||||||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||||||
Amount deferred, CARES Act | 8,400,000 | 16,400,000 | $ 8,400,000 | $ 8,400,000 | |||||
Forgiveness of debt | |||||||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||||||
Number of loans | Loan | 0 | 0 | 0 | 0 | |||||
Commercial Real Estate | Commercial and industrial | Collateral Dependent Loan | |||||||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||||||
Loans receivable, excluding accrued interest | 36,600,000 | 59,500,000 | $ 36,600,000 | $ 36,600,000 | |||||
Government-Guaranteed Collateral | Small Business Administration (SBA), CARES Act, Paycheck Protection Program | |||||||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||||||
Loans pledged as collateral | $ 3,900,000,000 | $ 4,600,000,000 | $ 3,900,000,000 | $ 3,900,000,000 |
Loans and Leases Receivable a_5
Loans and Leases Receivable and Allowance for Credit Losses on Loans and Leases - Performance Status (Detail) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable | $ 7,772,142 | $ 7,575,368 |
Threshold period past due | 30 days | |
Loans receivable, PPP | $ 6,305,056 | 4,561,365 |
Purchased-credit-impaired loans | 11,700 | 13,400 |
Total past due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable | 51,199 | 62,045 |
30 to 59 Days Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable | 7,413 | 21,633 |
60 to 89 Days Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable | 7,755 | 13,812 |
90 Days or More Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable | 36,031 | 26,600 |
Loans and leases not past due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable | 7,720,943 | 7,513,323 |
Multi-family | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable | 1,497,485 | 1,761,301 |
Multi-family | Total past due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable | 18,359 | 24,324 |
Multi-family | 30 to 59 Days Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable | 0 | 4,193 |
Multi-family | 60 to 89 Days Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable | 3,355 | 5,224 |
Multi-family | 90 Days or More Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable | 15,004 | 14,907 |
Multi-family | Loans and leases not past due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable | 1,479,126 | 1,736,977 |
Commercial and industrial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable | 2,360,656 | 2,289,441 |
Commercial and industrial | Total past due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable | 7,737 | 6,610 |
Commercial and industrial | 30 to 59 Days Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable | 4 | 2,257 |
Commercial and industrial | 60 to 89 Days Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable | 1,318 | 1,274 |
Commercial and industrial | 90 Days or More Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable | 6,415 | 3,079 |
Commercial and industrial | Loans and leases not past due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable | 2,352,919 | 2,282,831 |
Commercial real estate owner occupied | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable | 653,649 | 572,338 |
Commercial real estate owner occupied | Total past due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable | 1,684 | 4,558 |
Commercial real estate owner occupied | 30 to 59 Days Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable | 0 | 864 |
Commercial real estate owner occupied | 60 to 89 Days Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable | 0 | 1,324 |
Commercial real estate owner occupied | 90 Days or More Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable | 1,684 | 2,370 |
Commercial real estate owner occupied | Loans and leases not past due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable | 651,965 | 567,780 |
Commercial real estate non-owner occupied | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable | 1,206,646 | 1,196,564 |
Commercial real estate non-owner occupied | Total past due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable | 12 | 2,416 |
Commercial real estate non-owner occupied | 30 to 59 Days Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable | 0 | 0 |
Commercial real estate non-owner occupied | 60 to 89 Days Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable | 12 | 60 |
Commercial real estate non-owner occupied | 90 Days or More Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable | 0 | 2,356 |
Commercial real estate non-owner occupied | Loans and leases not past due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable | 1,206,634 | 1,194,148 |
Construction | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable | 179,198 | 140,905 |
Construction | Total past due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable | 0 | 0 |
Construction | 30 to 59 Days Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable | 0 | 0 |
Construction | 60 to 89 Days Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable | 0 | 0 |
Construction | 90 Days or More Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable | 0 | 0 |
Construction | Loans and leases not past due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable | 179,198 | 140,905 |
Residential real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable | 266,911 | 317,170 |
Residential real estate | Total past due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable | 5,764 | 10,323 |
Residential real estate | 30 to 59 Days Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable | 56 | 6,640 |
Residential real estate | 60 to 89 Days Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable | 679 | 1,827 |
Residential real estate | 90 Days or More Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable | 5,029 | 1,856 |
Residential real estate | Loans and leases not past due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable | 261,147 | 306,847 |
Manufactured housing | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable | 57,904 | 62,243 |
Manufactured housing | Total past due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable | 6,795 | 4,142 |
Manufactured housing | 30 to 59 Days Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable | 1,387 | 1,518 |
Manufactured housing | 60 to 89 Days Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable | 237 | 673 |
Manufactured housing | 90 Days or More Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable | 5,171 | 1,951 |
Manufactured housing | Loans and leases not past due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable | 51,109 | 58,101 |
Installment | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable | 1,549,693 | 1,235,406 |
Installment | Total past due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable | 10,848 | 9,672 |
Installment | 30 to 59 Days Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable | 5,966 | 6,161 |
Installment | 60 to 89 Days Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable | 2,154 | 3,430 |
Installment | 90 Days or More Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable | 2,728 | 81 |
Installment | Loans and leases not past due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable | $ 1,538,845 | $ 1,225,734 |
Loans and Leases Receivable a_6
Loans and Leases Receivable and Allowance for Credit Losses on Loans and Leases - Summary of Amortized Cost of Loans and Leases on Nonaccrual Status (Detail) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Financing Receivable, Impaired [Line Items] | ||
Nonaccrual loans with no related allowance | $ 39,760 | $ 40,862 |
Nonaccrual loans with related allowance | 6,198 | 11,177 |
Total nonaccrual loans | 45,958 | 52,039 |
Multi-family | ||
Financing Receivable, Impaired [Line Items] | ||
Nonaccrual loans with no related allowance | 21,595 | 18,800 |
Nonaccrual loans with related allowance | 0 | 2,928 |
Total nonaccrual loans | 21,595 | 21,728 |
Commercial and industrial | ||
Financing Receivable, Impaired [Line Items] | ||
Nonaccrual loans with no related allowance | 6,486 | 6,384 |
Nonaccrual loans with related allowance | 231 | 2,069 |
Total nonaccrual loans | 6,717 | 8,453 |
Commercial real estate owner occupied | ||
Financing Receivable, Impaired [Line Items] | ||
Nonaccrual loans with no related allowance | 2,688 | 3,411 |
Nonaccrual loans with related allowance | 0 | 0 |
Total nonaccrual loans | 2,688 | 3,411 |
Commercial real estate non-owner occupied | ||
Financing Receivable, Impaired [Line Items] | ||
Nonaccrual loans with no related allowance | 0 | 2,356 |
Nonaccrual loans with related allowance | 0 | 0 |
Total nonaccrual loans | 0 | 2,356 |
Residential real estate | ||
Financing Receivable, Impaired [Line Items] | ||
Nonaccrual loans with no related allowance | 8,991 | 9,911 |
Nonaccrual loans with related allowance | 0 | 0 |
Total nonaccrual loans | 8,991 | 9,911 |
Manufactured housing | ||
Financing Receivable, Impaired [Line Items] | ||
Nonaccrual loans with no related allowance | 0 | 0 |
Nonaccrual loans with related allowance | 3,239 | 2,969 |
Total nonaccrual loans | 3,239 | 2,969 |
Installment | ||
Financing Receivable, Impaired [Line Items] | ||
Nonaccrual loans with no related allowance | 0 | 0 |
Nonaccrual loans with related allowance | 2,728 | 3,211 |
Total nonaccrual loans | $ 2,728 | $ 3,211 |
Loans and Leases Receivable a_7
Loans and Leases Receivable and Allowance for Credit Losses on Loans and Leases - Schedule of Allowance for Credit Losses (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance | $ 128,736 | $ 149,283 | $ 144,176 | $ 56,379 |
Charge-offs | (7,961) | (11,125) | (22,606) | (30,265) |
Recoveries | 1,370 | 801 | 3,494 | 1,230 |
Provision for credit losses on loans and leases | 3,291 | 20,946 | 372 | 52,732 |
Ending balance | 125,436 | 159,905 | 125,436 | 159,905 |
Multi-family | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance | 8,026 | 8,750 | 12,620 | 6,157 |
Charge-offs | 0 | 0 | (1,132) | 0 |
Recoveries | 0 | 0 | 0 | 0 |
Provision for credit losses on loans and leases | (2,998) | 5,947 | (6,460) | 6,369 |
Ending balance | 5,028 | 14,697 | 5,028 | 14,697 |
Commercial and industrial | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance | 7,503 | 18,806 | 12,239 | 15,556 |
Charge-offs | (2) | (20) | (637) | (117) |
Recoveries | 285 | 25 | 545 | 79 |
Provision for credit losses on loans and leases | 341 | (6,509) | (4,020) | (3,975) |
Ending balance | 8,127 | 12,302 | 8,127 | 12,302 |
Commercial real estate owner occupied | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance | 5,935 | 8,527 | 9,512 | 2,235 |
Charge-offs | (1) | 0 | (142) | 0 |
Recoveries | 2 | 2 | 9 | 5 |
Provision for credit losses on loans and leases | (1,472) | 2,876 | (4,915) | 3,392 |
Ending balance | 4,464 | 11,405 | 4,464 | 11,405 |
Commercial real estate non-owner occupied | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance | 11,621 | 18,530 | 19,452 | 6,243 |
Charge-offs | 0 | (2,801) | 0 | (15,598) |
Recoveries | 59 | 0 | 69 | 0 |
Provision for credit losses on loans and leases | (4,306) | 10,764 | (12,147) | 27,930 |
Ending balance | 7,374 | 26,493 | 7,374 | 26,493 |
Construction | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance | 4,103 | 1,934 | 5,871 | 1,262 |
Charge-offs | 0 | 0 | 0 | 0 |
Recoveries | 114 | 113 | 119 | 116 |
Provision for credit losses on loans and leases | (1,574) | 3,250 | (3,347) | 4,017 |
Ending balance | 2,643 | 5,297 | 2,643 | 5,297 |
Residential real estate | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance | 3,209 | 4,180 | 3,977 | 3,218 |
Charge-offs | 0 | 0 | (50) | 0 |
Recoveries | 12 | 26 | 22 | 55 |
Provision for credit losses on loans and leases | (922) | 344 | (1,650) | (241) |
Ending balance | 2,299 | 4,550 | 2,299 | 4,550 |
Manufactured housing | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance | 4,800 | 4,987 | 5,190 | 1,060 |
Charge-offs | 0 | 0 | 0 | 0 |
Recoveries | 0 | 0 | 0 | 0 |
Provision for credit losses on loans and leases | (428) | 1,027 | (818) | 1,152 |
Ending balance | 4,372 | 6,014 | 4,372 | 6,014 |
Installment | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance | 83,539 | 83,569 | 75,315 | 20,648 |
Charge-offs | (7,958) | (8,304) | (20,645) | (14,550) |
Recoveries | 898 | 635 | 2,730 | 975 |
Provision for credit losses on loans and leases | 14,650 | 3,247 | 33,729 | 14,088 |
Ending balance | $ 91,129 | $ 79,147 | $ 91,129 | 79,147 |
Cumulative Effect, Period of Adoption, Adjustment | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance | 79,829 | |||
Cumulative Effect, Period of Adoption, Adjustment | Multi-family | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance | 2,171 | |||
Cumulative Effect, Period of Adoption, Adjustment | Commercial and industrial | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance | 759 | |||
Cumulative Effect, Period of Adoption, Adjustment | Commercial real estate owner occupied | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance | 5,773 | |||
Cumulative Effect, Period of Adoption, Adjustment | Commercial real estate non-owner occupied | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance | 7,918 | |||
Cumulative Effect, Period of Adoption, Adjustment | Construction | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance | (98) | |||
Cumulative Effect, Period of Adoption, Adjustment | Residential real estate | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance | 1,518 | |||
Cumulative Effect, Period of Adoption, Adjustment | Manufactured housing | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance | 3,802 | |||
Cumulative Effect, Period of Adoption, Adjustment | Installment | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance | $ 57,986 |
Loans and Leases Receivable a_8
Loans and Leases Receivable and Allowance for Credit Losses on Loans and Leases - Analysis of Loans Modified in Troubled Debt Restructuring by Type of Concession (Detail) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021USD ($)Loan | Jun. 30, 2020USD ($)Loan | Jun. 30, 2021USD ($)Loan | Jun. 30, 2020USD ($)Loan | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of loans | Loan | 103 | 22 | 131 | 38 |
Recorded investment | $ | $ 1,298 | $ 983 | $ 2,023 | $ 1,758 |
Extensions of maturity | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of loans | Loan | 0 | 2 | 0 | 6 |
Recorded investment | $ | $ 0 | $ 140 | $ 0 | $ 385 |
Interest-rate reductions | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of loans | Loan | 4 | 20 | 12 | 32 |
Recorded investment | $ | $ 157 | $ 843 | $ 341 | $ 1,373 |
Other | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of loans | Loan | 99 | 0 | 119 | 0 |
Recorded investment | $ | $ 1,141 | $ 0 | $ 1,682 | $ 0 |
Loans and Leases Receivable a_9
Loans and Leases Receivable and Allowance for Credit Losses on Loans and Leases - Summary of Loans Modified in Troubled Debt Restructurings and Related Recorded Investment (Detail) $ in Thousands | 6 Months Ended | |
Jun. 30, 2021USD ($)Loan | Jun. 30, 2020USD ($)Loan | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of loans | Loan | 23 | 5 |
Recorded Investment | $ | $ 479 | $ 1,271 |
Manufactured housing | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of loans | Loan | 7 | 0 |
Recorded Investment | $ | $ 189 | $ 0 |
Commercial real estate owner occupied | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of loans | Loan | 0 | 1 |
Recorded Investment | $ | $ 0 | $ 958 |
Residential real estate | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of loans | Loan | 1 | 4 |
Recorded Investment | $ | $ 43 | $ 313 |
Installment | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of loans | Loan | 15 | 0 |
Recorded Investment | $ | $ 247 | $ 0 |
Loans and Leases Receivable _10
Loans and Leases Receivable and Allowance for Credit Losses on Loans and Leases - Credit Ratings (Detail) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current year | $ 1,278,309 | $ 1,515,239 |
Fiscal year before current year | 1,324,745 | 1,599,431 |
Two years before current year | 1,284,667 | 786,506 |
Three years before current year | 640,788 | 1,055,134 |
Four years before current year | 858,690 | 578,390 |
Prior | 1,462,384 | 1,130,969 |
Revolving loans amortized cost basis | 922,559 | 909,699 |
Revolving loans converted to term | 0 | 0 |
Loans and leases receivable | 7,772,142 | 7,575,368 |
Commercial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and leases receivable | 5,897,634 | 5,960,549 |
Consumer | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and leases receivable | 1,874,508 | 1,614,819 |
Commercial loans and leases receivable | Commercial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current year | 759,472 | 1,188,773 |
Fiscal year before current year | 869,048 | 791,958 |
Two years before current year | 759,360 | 663,454 |
Three years before current year | 553,720 | 1,038,646 |
Four years before current year | 848,301 | 538,340 |
Prior | 1,303,565 | 994,535 |
Revolving loans amortized cost basis | 804,168 | 744,843 |
Revolving loans converted to term | 0 | 0 |
Loans and leases receivable | 5,897,634 | 5,960,549 |
Multi-family | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and leases receivable | 1,497,485 | 1,761,301 |
Multi-family | Commercial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current year | 89,905 | 150,835 |
Fiscal year before current year | 135,133 | 23,716 |
Two years before current year | 23,427 | 299,319 |
Three years before current year | 243,767 | 590,608 |
Four years before current year | 432,428 | 245,946 |
Prior | 572,825 | 450,877 |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term | 0 | 0 |
Loans and leases receivable | 1,497,485 | 1,761,301 |
Multi-family | Pass | Commercial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current year | 89,905 | 150,835 |
Fiscal year before current year | 135,133 | 23,716 |
Two years before current year | 23,427 | 299,319 |
Three years before current year | 243,767 | 535,510 |
Four years before current year | 378,768 | 227,296 |
Prior | 534,970 | 420,809 |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term | 0 | 0 |
Loans and leases receivable | 1,405,970 | 1,657,485 |
Multi-family | Special mention | Commercial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current year | 0 | 0 |
Fiscal year before current year | 0 | 0 |
Two years before current year | 0 | 0 |
Three years before current year | 0 | 20,901 |
Four years before current year | 12,100 | 10,394 |
Prior | 8,979 | 26,708 |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term | 0 | 0 |
Loans and leases receivable | 21,079 | 58,003 |
Multi-family | Substandard | Commercial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current year | 0 | 0 |
Fiscal year before current year | 0 | 0 |
Two years before current year | 0 | 0 |
Three years before current year | 0 | 34,197 |
Four years before current year | 41,560 | 8,256 |
Prior | 28,876 | 3,360 |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term | 0 | 0 |
Loans and leases receivable | 70,436 | 45,813 |
Multi-family | Doubtful | Commercial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current year | 0 | 0 |
Fiscal year before current year | 0 | 0 |
Two years before current year | 0 | 0 |
Three years before current year | 0 | 0 |
Four years before current year | 0 | |
Prior | 0 | |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term | 0 | 0 |
Loans and leases receivable | 0 | 0 |
Commercial and industrial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and leases receivable | 2,360,656 | 2,289,441 |
Commercial and industrial | Commercial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current year | 452,791 | 752,438 |
Fiscal year before current year | 432,240 | 381,057 |
Two years before current year | 333,984 | 161,444 |
Three years before current year | 120,521 | 122,807 |
Four years before current year | 108,715 | 54,201 |
Prior | 109,858 | 74,245 |
Revolving loans amortized cost basis | 802,547 | 743,249 |
Revolving loans converted to term | 0 | 0 |
Loans and leases receivable | 2,360,656 | 2,289,441 |
Commercial and industrial | Pass | Commercial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current year | 433,908 | 729,270 |
Fiscal year before current year | 417,713 | 373,050 |
Two years before current year | 320,158 | 141,943 |
Three years before current year | 102,737 | 116,793 |
Four years before current year | 101,552 | 45,367 |
Prior | 102,040 | 71,502 |
Revolving loans amortized cost basis | 780,892 | 717,007 |
Revolving loans converted to term | 0 | 0 |
Loans and leases receivable | 2,259,000 | 2,194,932 |
Commercial and industrial | Special mention | Commercial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current year | 18,883 | 13,200 |
Fiscal year before current year | 4,335 | 1,117 |
Two years before current year | 6,364 | 436 |
Three years before current year | 214 | 113 |
Four years before current year | 516 | |
Prior | 234 | 21 |
Revolving loans amortized cost basis | 14,333 | 17,524 |
Revolving loans converted to term | 0 | 0 |
Loans and leases receivable | 44,363 | 32,927 |
Commercial and industrial | Substandard | Commercial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current year | 0 | 9,968 |
Fiscal year before current year | 10,192 | 6,890 |
Two years before current year | 7,462 | 19,065 |
Three years before current year | 17,570 | 5,901 |
Four years before current year | 7,163 | 8,318 |
Prior | 7,584 | 2,722 |
Revolving loans amortized cost basis | 7,322 | 8,718 |
Revolving loans converted to term | 0 | 0 |
Loans and leases receivable | 57,293 | 61,582 |
Commercial and industrial | Doubtful | Commercial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current year | 0 | 0 |
Fiscal year before current year | 0 | 0 |
Two years before current year | 0 | 0 |
Three years before current year | 0 | 0 |
Four years before current year | 0 | 0 |
Prior | 0 | |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term | 0 | 0 |
Loans and leases receivable | 0 | 0 |
Commercial real estate owner occupied | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and leases receivable | 653,649 | 572,338 |
Commercial real estate owner occupied | Commercial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current year | 121,180 | 82,343 |
Fiscal year before current year | 83,122 | 176,289 |
Two years before current year | 172,012 | 82,114 |
Three years before current year | 70,848 | 80,040 |
Four years before current year | 71,626 | 48,741 |
Prior | 134,189 | 102,070 |
Revolving loans amortized cost basis | 672 | 741 |
Revolving loans converted to term | 0 | 0 |
Loans and leases receivable | 653,649 | 572,338 |
Commercial real estate owner occupied | Pass | Commercial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current year | 121,180 | 82,343 |
Fiscal year before current year | 83,122 | 168,977 |
Two years before current year | 164,925 | 72,615 |
Three years before current year | 60,990 | 70,642 |
Four years before current year | 60,542 | 46,510 |
Prior | 122,010 | 91,798 |
Revolving loans amortized cost basis | 672 | 741 |
Revolving loans converted to term | 0 | 0 |
Loans and leases receivable | 613,441 | 533,626 |
Commercial real estate owner occupied | Special mention | Commercial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current year | 0 | 0 |
Fiscal year before current year | 0 | 4,464 |
Two years before current year | 0 | 0 |
Three years before current year | 320 | 9,056 |
Four years before current year | 2,072 | 0 |
Prior | 588 | 555 |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term | 0 | 0 |
Loans and leases receivable | 2,980 | 14,075 |
Commercial real estate owner occupied | Substandard | Commercial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current year | 0 | 0 |
Fiscal year before current year | 0 | 2,848 |
Two years before current year | 7,087 | 9,499 |
Three years before current year | 9,538 | 342 |
Four years before current year | 9,012 | 2,231 |
Prior | 11,591 | 9,717 |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term | 0 | 0 |
Loans and leases receivable | 37,228 | 24,637 |
Commercial real estate owner occupied | Doubtful | Commercial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current year | 0 | 0 |
Fiscal year before current year | 0 | 0 |
Two years before current year | 0 | 0 |
Three years before current year | 0 | 0 |
Four years before current year | 0 | 0 |
Prior | 0 | 0 |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term | 0 | 0 |
Loans and leases receivable | 0 | 0 |
Commercial real estate non-owner occupied | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and leases receivable | 1,206,646 | 1,196,564 |
Commercial real estate non-owner occupied | Commercial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current year | 92,285 | 183,225 |
Fiscal year before current year | 180,908 | 105,430 |
Two years before current year | 107,104 | 115,623 |
Three years before current year | 113,689 | 245,191 |
Four years before current year | 235,532 | 179,752 |
Prior | 477,128 | 367,343 |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term | 0 | 0 |
Loans and leases receivable | 1,206,646 | 1,196,564 |
Commercial real estate non-owner occupied | Pass | Commercial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current year | 92,285 | 143,231 |
Fiscal year before current year | 158,983 | 105,430 |
Two years before current year | 95,875 | 97,882 |
Three years before current year | 68,193 | 157,835 |
Four years before current year | 115,452 | 155,168 |
Prior | 395,022 | 313,559 |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term | 0 | 0 |
Loans and leases receivable | 925,810 | 973,105 |
Commercial real estate non-owner occupied | Special mention | Commercial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current year | 0 | 39,994 |
Fiscal year before current year | 21,925 | 0 |
Two years before current year | 11,229 | 0 |
Three years before current year | 22,002 | 66,745 |
Four years before current year | 99,469 | 24,218 |
Prior | 43,573 | 14,613 |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term | 0 | 0 |
Loans and leases receivable | 198,198 | 145,570 |
Commercial real estate non-owner occupied | Substandard | Commercial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current year | 0 | 0 |
Fiscal year before current year | 0 | 0 |
Two years before current year | 0 | 17,741 |
Three years before current year | 23,494 | 20,611 |
Four years before current year | 20,611 | 366 |
Prior | 38,533 | 39,171 |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term | 0 | 0 |
Loans and leases receivable | 82,638 | 77,889 |
Commercial real estate non-owner occupied | Doubtful | Commercial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current year | 0 | 0 |
Fiscal year before current year | 0 | 0 |
Two years before current year | 0 | |
Three years before current year | 0 | |
Four years before current year | 0 | 0 |
Prior | 0 | 0 |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term | 0 | 0 |
Loans and leases receivable | 0 | 0 |
Construction | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and leases receivable | 179,198 | 140,905 |
Construction | Commercial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current year | 3,311 | 19,932 |
Fiscal year before current year | 37,645 | 105,466 |
Two years before current year | 122,833 | 4,954 |
Three years before current year | 4,895 | 0 |
Four years before current year | 0 | 9,700 |
Prior | 9,565 | 0 |
Revolving loans amortized cost basis | 949 | 853 |
Revolving loans converted to term | 0 | 0 |
Loans and leases receivable | 179,198 | 140,905 |
Construction | Pass | Commercial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current year | 3,311 | 19,932 |
Fiscal year before current year | 36,135 | 105,466 |
Two years before current year | 122,833 | 4,954 |
Three years before current year | 4,895 | 0 |
Four years before current year | 0 | 9,700 |
Prior | 9,565 | 0 |
Revolving loans amortized cost basis | 949 | 853 |
Revolving loans converted to term | 0 | 0 |
Loans and leases receivable | 177,688 | 140,905 |
Construction | Special mention | Commercial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current year | 0 | 0 |
Fiscal year before current year | 1,510 | 0 |
Two years before current year | 0 | 0 |
Three years before current year | 0 | 0 |
Four years before current year | 0 | 0 |
Prior | 0 | 0 |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term | 0 | 0 |
Loans and leases receivable | 1,510 | 0 |
Construction | Substandard | Commercial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current year | 0 | 0 |
Fiscal year before current year | 0 | 0 |
Two years before current year | 0 | 0 |
Three years before current year | 0 | 0 |
Four years before current year | 0 | 0 |
Prior | 0 | 0 |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term | 0 | 0 |
Loans and leases receivable | 0 | 0 |
Construction | Doubtful | Commercial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current year | 0 | 0 |
Fiscal year before current year | 0 | 0 |
Two years before current year | 0 | 0 |
Three years before current year | 0 | 0 |
Four years before current year | 0 | 0 |
Prior | 0 | 0 |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term | 0 | 0 |
Loans and leases receivable | 0 | 0 |
Consumer loans | Consumer | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current year | 518,837 | 326,466 |
Fiscal year before current year | 455,697 | 807,473 |
Two years before current year | 525,307 | 123,052 |
Three years before current year | 87,068 | 16,488 |
Four years before current year | 10,389 | 40,050 |
Prior | 158,819 | 136,434 |
Revolving loans amortized cost basis | 118,391 | 164,856 |
Revolving loans converted to term | 0 | 0 |
Loans and leases receivable | 1,874,508 | 1,614,819 |
Residential real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and leases receivable | 266,911 | 317,170 |
Residential real estate | Consumer | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current year | 2,961 | 6,708 |
Fiscal year before current year | 10,493 | 13,617 |
Two years before current year | 14,186 | 6,970 |
Three years before current year | 12,787 | 11,635 |
Four years before current year | 7,638 | 39,493 |
Prior | 100,455 | 73,891 |
Revolving loans amortized cost basis | 118,391 | 164,856 |
Revolving loans converted to term | 0 | 0 |
Loans and leases receivable | 266,911 | 317,170 |
Residential real estate | Consumer | Performing | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current year | 2,961 | 6,708 |
Fiscal year before current year | 10,493 | 13,617 |
Two years before current year | 14,089 | 6,810 |
Three years before current year | 11,887 | 10,850 |
Four years before current year | 6,861 | 38,143 |
Prior | 95,687 | 69,496 |
Revolving loans amortized cost basis | 116,081 | 161,576 |
Revolving loans converted to term | 0 | 0 |
Loans and leases receivable | 258,059 | 307,200 |
Residential real estate | Consumer | Non-performing | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current year | 0 | 0 |
Fiscal year before current year | 0 | 0 |
Two years before current year | 97 | 160 |
Three years before current year | 900 | 785 |
Four years before current year | 777 | 1,350 |
Prior | 4,768 | 4,395 |
Revolving loans amortized cost basis | 2,310 | 3,280 |
Revolving loans converted to term | 0 | 0 |
Loans and leases receivable | 8,852 | 9,970 |
Manufactured housing | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and leases receivable | 57,904 | 62,243 |
Manufactured housing | Consumer | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current year | 0 | 0 |
Fiscal year before current year | 0 | 295 |
Two years before current year | 296 | 609 |
Three years before current year | 385 | 76 |
Four years before current year | 76 | 41 |
Prior | 57,147 | 61,222 |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term | 0 | 0 |
Loans and leases receivable | 57,904 | 62,243 |
Manufactured housing | Consumer | Performing | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current year | 0 | 0 |
Fiscal year before current year | 0 | 295 |
Two years before current year | 296 | 609 |
Three years before current year | 385 | 76 |
Four years before current year | 76 | 41 |
Prior | 52,180 | 56,837 |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term | 0 | 0 |
Loans and leases receivable | 52,937 | 57,858 |
Manufactured housing | Consumer | Non-performing | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current year | 0 | 0 |
Fiscal year before current year | 0 | 0 |
Two years before current year | 0 | 0 |
Three years before current year | 0 | 0 |
Four years before current year | 0 | 0 |
Prior | 4,967 | 4,385 |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term | 0 | 0 |
Loans and leases receivable | 4,967 | 4,385 |
Installment | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and leases receivable | 1,549,693 | 1,235,406 |
Installment | Consumer | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current year | 515,876 | 319,758 |
Fiscal year before current year | 445,204 | 793,561 |
Two years before current year | 510,825 | 115,473 |
Three years before current year | 73,896 | 4,777 |
Four years before current year | 2,675 | 516 |
Prior | 1,217 | 1,321 |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term | 0 | 0 |
Loans and leases receivable | 1,549,693 | 1,235,406 |
Installment | Consumer | Performing | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current year | 515,870 | 319,453 |
Fiscal year before current year | 444,610 | 791,235 |
Two years before current year | 509,216 | 114,988 |
Three years before current year | 73,677 | 4,736 |
Four years before current year | 2,668 | 514 |
Prior | 1,167 | 1,204 |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term | 0 | 0 |
Loans and leases receivable | 1,547,208 | 1,232,130 |
Installment | Consumer | Non-performing | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current year | 6 | 305 |
Fiscal year before current year | 594 | 2,326 |
Two years before current year | 1,609 | 485 |
Three years before current year | 219 | 41 |
Four years before current year | 7 | 2 |
Prior | 50 | 117 |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term | 0 | 0 |
Loans and leases receivable | $ 2,485 | $ 3,276 |
Loans and Leases Receivable _11
Loans and Leases Receivable and Allowance for Credit Losses on Loans and Leases - Schedule of Loan Purchases and Sales (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Purchases | $ 460,456 | $ 18,008 | $ 737,336 | $ 210,263 |
Sales | $ 74,404 | $ 0 | $ 130,501 | $ 1,822 |
Purchase price as a percentage of loans outstanding | 102.00% | 98.50% | 103.00% | 100.40% |
Net gain on sale of loans | $ 2,200 | $ 300 | $ 4,300 | $ 400 |
Loans receivable, PPP | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Purchases | 460,456 | 0 | 621,487 | 0 |
Multi-family | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Sales | 19,443 | 0 | 19,443 | 0 |
Commercial and industrial | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Sales | 10,059 | 0 | 28,990 | 0 |
Commercial real estate owner occupied | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Sales | 4,461 | 0 | 6,698 | 0 |
Commercial real estate non-owner occupied | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Sales | 0 | 0 | 18,366 | 0 |
Residential real estate | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Purchases | 0 | 0 | 0 | 495 |
Sales | 11,623 | 0 | 28,186 | 0 |
Installment | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Purchases | 0 | 18,008 | 115,849 | 209,768 |
Sales | $ 28,818 | $ 0 | $ 28,818 | $ 1,822 |
Leases - Lessee Narrative (Deta
Leases - Lessee Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Lessee, Lease, Description [Line Items] | ||||
Lessee, operating lease, renewal term | 15 years | 15 years | ||
Operating cash flows from operating leases | $ 1.4 | $ 1.5 | $ 2.5 | $ 3 |
Minimum | ||||
Lessee, Lease, Description [Line Items] | ||||
Lessee, operating lease, remaining lease term | 2 months | 2 months | ||
Lessee, operating lease, term | 1 year | 1 year | ||
Maximum | ||||
Lessee, Lease, Description [Line Items] | ||||
Lessee, operating lease, remaining lease term | 6 years | 6 years | ||
Lessee, operating lease, term | 5 years | 5 years |
Leases - Right-of-Use Assets an
Leases - Right-of-Use Assets and Lease Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
ASSETS | ||
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | Other assets | Other assets |
Operating lease ROU assets | $ 15,555 | $ 16,578 |
LIABILITIES | ||
Operating Lease, Liability, Statement of Financial Position [Extensible List] | us-gaap:OtherLiabilities | us-gaap:OtherLiabilities |
Operating lease liabilities | $ 16,923 | $ 18,005 |
Leases - Lease, Cost (Details)
Leases - Lease, Cost (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Leases [Abstract] | ||||
Operating lease cost | $ 1,130,000 | $ 1,198,000 | $ 2,247,000 | $ 2,403,000 |
Variable lease cost | $ 0 | $ 0 | $ 0 | $ 0 |
Leases - Maturities of Non-canc
Leases - Maturities of Non-cancelable Lease Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Leases [Abstract] | ||
2021 | $ 2,826 | |
2022 | 5,097 | |
2023 | 4,208 | |
2024 | 3,177 | |
2025 | 2,047 | |
Thereafter | 1,465 | |
Total minimum payments | 18,820 | |
Less: interest | 1,897 | |
Present value of lease liabilities | $ 16,923 | $ 18,005 |
Leases - Summary of Lease Term
Leases - Summary of Lease Term and Discount Rate (Details) | Jun. 30, 2021 | Dec. 31, 2020 |
Leases [Abstract] | ||
Operating lease, weighted average remaining lease term (years) | 4 years 1 month 6 days | 4 years 8 months 12 days |
Operating lease, weighted average discount rate, percent | 2.67% | 2.90% |
Leases - Lessor Narrative (Deta
Leases - Lessor Narrative (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Minimum | ||
Lessor, Lease, Description [Line Items] | ||
Lessor, lease, term of contract (years) | 24 months | |
Maximum | ||
Lessor, Lease, Description [Line Items] | ||
Lessor, lease, term of contract (years) | 120 months | |
COVID-19 | Finance Leases | ||
Lessor, Lease, Description [Line Items] | ||
Book value | $ 28.1 | $ 30.4 |
COVID-19 | Operating Leases | ||
Lessor, Lease, Description [Line Items] | ||
Book value | $ 8.1 | $ 15.2 |
Leases - Lessor, Lease Receivab
Leases - Lessor, Lease Receivables and Investment in Operating Leases and their Corresponding Balance Sheet Location (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Direct financing leases | ||
Lease receivables | $ 122,372 | $ 104,982 |
Guaranteed residual assets | 11,261 | 12,988 |
Unguaranteed residual assets | 4,846 | 1,229 |
Deferred initial direct costs | 503 | 560 |
Unearned income | (9,489) | (11,175) |
Net investment in direct financing leases | 129,493 | 108,584 |
Operating leases | ||
Investment in operating leases | 138,359 | 131,791 |
Accumulated depreciation | (35,568) | (28,919) |
Deferred initial direct costs | 1,021 | 996 |
Net investment in operating leases | 103,812 | 103,868 |
Total lease assets | $ 233,305 | $ 212,452 |
Borrowings - Short Term Borrowi
Borrowings - Short Term Borrowings (Detail) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Debt Disclosure [Abstract] | ||
FHLB advances | $ 0 | $ 850,000 |
Federal funds purchased | 0 | 250,000 |
Total short-term debt | $ 0 | $ 1,100,000 |
FHLB advances, rate | 0.00% | 1.19% |
Federal funds purchased, rate | 0.00% | 0.09% |
Borrowings - Summary of Bancorp
Borrowings - Summary of Bancorps Short Term Borrowings (Detail) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
FHLB Advances | ||
Short-term Debt [Line Items] | ||
Maximum outstanding at any month end | $ 850,000 | $ 910,000 |
Average balance during the period | $ 500,273 | $ 809,788 |
Weighted-average interest rate during the period | 2.48% | 2.31% |
Federal Funds Purchased | ||
Short-term Debt [Line Items] | ||
Maximum outstanding at any month end | $ 365,000 | $ 842,000 |
Average balance during the period | $ 44,171 | $ 239,481 |
Weighted-average interest rate during the period | 0.07% | 0.19% |
Borrowings - Narrative (Detail)
Borrowings - Narrative (Detail) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Federal Funds Purchased | ||
Debt Instrument [Line Items] | ||
Aggregate availability under federal funds line | $ 1,300 | $ 924 |
Borrowings - FHLB and FRB Advan
Borrowings - FHLB and FRB Advances (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Debt Instrument [Line Items] | ||
FRB PPP Liquidity Facility advances | $ 3,865,865 | $ 4,415,016 |
Total long-term debt | $ 3,865,865 | $ 4,415,016 |
FRB PPP Liquidity Facility advances, interest rate | 0.35% | 0.35% |
Total maximum borrowing capacity with the FHLB | $ 2,387,172 | $ 2,729,516 |
Total maximum borrowing capacity with the FRB | 197,894 | 223,299 |
Qualifying loans serving as collateral against FHLB and FRB advances | 3,156,850 | 3,363,364 |
FRB PPP liquidity facility | 3,865,865 | $ 4,415,016 |
Credit Facility, CARES Act | ||
Debt Instrument [Line Items] | ||
Maximum borrowing capacity | $ 6,300,000 |
Borrowings - Long-term Debt (De
Borrowings - Long-term Debt (Details) - USD ($) | 6 Months Ended | |
Jun. 30, 2021 | Dec. 31, 2020 | |
Debt Instrument [Line Items] | ||
Amount | $ 3,865,865,000 | $ 4,415,016,000 |
Senior Notes | ||
Debt Instrument [Line Items] | ||
Amount | 124,241,000 | 124,037,000 |
Senior Subordinated Notes | ||
Debt Instrument [Line Items] | ||
Amount | 181,534,000 | 181,394,000 |
Maturing September 2024 | Senior Notes | ||
Debt Instrument [Line Items] | ||
Amount | $ 24,612,000 | 24,552,000 |
Rate | 4.50% | |
Issued Amount | $ 25,000,000 | |
Price | 100.00% | |
Maturing June 2022 | Senior Notes | ||
Debt Instrument [Line Items] | ||
Amount | $ 99,629,000 | 99,485,000 |
Rate | 3.95% | |
Issued Amount | $ 100,000,000 | |
Price | 99.775% | |
Maturing December 2034 | Senior Subordinated Notes | ||
Debt Instrument [Line Items] | ||
Amount | $ 72,313,000 | 72,222,000 |
Rate | 5.375% | |
Issued Amount | $ 74,750,000 | |
Price | 100.00% | |
Maturing June 2029 | Senior Subordinated Notes | ||
Debt Instrument [Line Items] | ||
Amount | $ 109,221,000 | $ 109,172,000 |
Rate | 6.125% | |
Issued Amount | $ 110,000,000 | |
Price | 100.00% | |
London Interbank Offered Rate (LIBOR) | Maturing June 2029 | Senior Subordinated Notes | ||
Debt Instrument [Line Items] | ||
Spread on variable interest rate | 3.443% |
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, 2021 | Dec. 31, 2020 |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Common equity Tier 1 capital (to risk weighted assets), Actual Amount | $ 1,082,396 | $ 954,839 |
Tier 1 capital (to risk weighted assets), Actual Amount | 1,299,867 | 1,172,310 |
Total capital (to risk weighted assets), Actual Amount | 1,502,069 | 1,401,119 |
Tier 1 capital (to average assets), Actual Amount | $ 1,299,867 | $ 1,172,310 |
Common equity Tier 1 (to risk weighted assets), Actual Ratio | 9.56% | 8.079% |
Tier 1 capital (to risk weighted assets), Actual Ratio | 0.11481 | 0.09919 |
Total capital (to risk weighted assets), Actual Ratio | 0.13267 | 0.11855 |
Tier 1 capital (to average assets), Actual Ratio | 0.08389 | 0.08597 |
Common equity Tier 1 capital (to risk weighted assets), For Capital Adequacy Purposes Amount | $ 509,472 | $ 531,844 |
Tier 1 capital (to risk weighted assets), For Capital Adequacy Purposes Amount | 679,296 | 709,125 |
Total capital (to risk weighted assets), For Capital Adequacy Purposes Amount | 905,729 | 945,500 |
Tier 1 capital (to average assets), For Capital Adequacy Purposes Amount | $ 619,832 | $ 545,485 |
Common equity Tier 1 (to risk weighted assets), For Capital Adequacy Purposes Ratio | 4.50% | 4.50% |
Tier 1 capital (to risk weighted assets), For Capital Adequacy Purposes Ratio | 0.06000 | 0.06000 |
Total capital (to risk weighted assets), For Capital Adequacy Purposes Ratio | 0.08000 | 0.08000 |
Tier 1 capital (to average assets), For Capital Adequacy Purposes Ratio | 0.04000 | 0.04000 |
Common equity Tier 1 (to risk weighted assets), for Basel III amount | $ 792,512 | $ 827,312 |
Tier 1 (to risk weighted assets) Required for Basel III amount | 962,337 | 1,004,594 |
Total capital (to risk weighted assets), for Basel III amount | 1,188,769 | 1,240,969 |
Tier 1 (to risk average assets), for Basel III amount | $ 619,832 | $ 545,485 |
Common equity Tier 1 (to risk weighted assets), for Basel III ratio | 7.00% | 7.00% |
Tier 1 capital (to risk weighted assets), for Basel III ratio | 8.50% | 8.50% |
Total capital (to risk weighted assets), for Basel III ratio | 10.50% | 10.50% |
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 | $ 1,403,324 | $ 1,254,082 |
Tier 1 capital (to risk weighted assets), Actual Amount | 1,403,324 | 1,254,082 |
Total capital (to risk weighted assets), Actual Amount | 1,559,161 | 1,424,791 |
Tier 1 capital (to average assets), Actual Amount | $ 1,403,324 | $ 1,254,082 |
Common equity Tier 1 (to risk weighted assets), Actual Ratio | 12.395% | 10.615% |
Tier 1 capital (to risk weighted assets), Actual Ratio | 0.12395 | 0.10615 |
Total capital (to risk weighted assets), Actual Ratio | 0.13772 | 0.12060 |
Tier 1 capital (to average assets), Actual Ratio | 0.09070 | 0.09208 |
Common equity Tier 1 capital (to risk weighted assets), For Capital Adequacy Purposes Amount | $ 509,460 | $ 531,639 |
Tier 1 capital (to risk weighted assets), For Capital Adequacy Purposes Amount | 679,279 | 708,852 |
Total capital (to risk weighted assets), For Capital Adequacy Purposes Amount | 905,706 | 945,136 |
Tier 1 capital (to average assets), For Capital Adequacy Purposes Amount | $ 618,871 | $ 544,758 |
Common equity Tier 1 (to risk weighted assets), For Capital Adequacy Purposes Ratio | 4.50% | 4.50% |
Tier 1 capital (to risk weighted assets), For Capital Adequacy Purposes Ratio | 0.06000 | 0.06000 |
Total capital (to risk weighted assets), For Capital Adequacy Purposes Ratio | 0.08000 | 0.08000 |
Tier 1 capital (to average assets), For Capital Adequacy Purposes Ratio | 0.04000 | 0.04000 |
Common equity Tier 1 Capital (to risk weighted assets), To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | $ 735,886 | $ 767,923 |
Tier 1 capital (to risk weighted assets), To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | 905,706 | 945,136 |
Total capital (to risk weighted assets), To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | 1,132,132 | 1,181,421 |
Tier 1 capital (to average assets), To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | $ 773,589 | $ 680,947 |
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 | 0.08000 | 0.08000 |
Total capital (to risk weighted assets), To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio | 0.10000 | 0.10000 |
Tier 1 capital (to average assets), To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio | 0.05000 | 0.05000 |
Common equity Tier 1 (to risk weighted assets), for Basel III amount | $ 792,493 | $ 826,994 |
Tier 1 (to risk weighted assets) Required for Basel III amount | 962,313 | 1,004,207 |
Total capital (to risk weighted assets), for Basel III amount | 1,188,739 | 1,240,492 |
Tier 1 (to risk average assets), for Basel III amount | $ 618,871 | $ 544,758 |
Common equity Tier 1 (to risk weighted assets), for Basel III ratio | 7.00% | 7.00% |
Tier 1 capital (to risk weighted assets), for Basel III ratio | 8.50% | 8.50% |
Total capital (to risk weighted assets), for Basel III ratio | 10.50% | 10.50% |
Tier 1 capital (to average assets), for Basel III ratio | 4.00% | 4.00% |
Regulatory Capital - Narrative
Regulatory Capital - Narrative (Details) | Jun. 30, 2021 |
Regulatory Capital [Abstract] | |
Capital conservation buffer to risk weighted assets | 2.50% |
Disclosures About Fair Value _3
Disclosures About Fair Value of Financial Instruments - Narrative (Detail) | 6 Months Ended |
Jun. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Loans held for sale, average life from purchase to sale | 30 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, 2021 | Dec. 31, 2020 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents, Carrying Amount | $ 430,500 | $ 693,354 |
Cash and cash equivalents, Estimated Fair Value | 430,500 | 693,354 |
Debt securities, available for sale | 1,526,792 | 1,206,431 |
Equity securities | 3,854 | |
Loans held for sale | 34,540 | 79,086 |
Total loans and leases receivable, net of allowance for credit losses on loans and leases | 16,807,046 | 15,608,989 |
Total loans and leases receivable, net of allowance for credit losses on loans and leases, Estimated Fair Value | 16,680,386 | 16,222,202 |
FHLB, Federal Reserve Bank and other restricted stock, Carrying Amount | 39,895 | 71,368 |
FHLB, Federal Reserve Bank and other restricted stock, Estimated Fair Value | 39,895 | 71,368 |
Derivative assets | 38,289 | 54,223 |
Deposits, Carrying Amount | 13,873,939 | 11,309,929 |
Deposits, Estimated Fair Value | 13,874,284 | 11,312,494 |
FRB PPP Liquidity Facility, Carrying Amount | 3,865,865 | 4,415,016 |
FRB PPP Liquidity Facility, Estimated Fair Value | 3,865,865 | 4,415,016 |
Federal funds purchased, Carrying Amount | 0 | 250,000 |
Federal funds purchased, Estimated Fair Value | 250,000 | |
FHLB advances, Carrying Amount | 0 | 850,000 |
FHLB advances, Estimated Fair Value | 852,442 | |
Other borrowings, Carrying Amount | 124,240 | 124,037 |
Other borrowings, Estimated Fair Value | 130,576 | 129,120 |
Subordinated debt, Carrying Amount | 181,534 | 181,394 |
Subordinated debt, Estimated Fair Value | 198,904 | 193,119 |
Derivative liabilities | 38,756 | 98,164 |
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 | 430,500 | 693,354 |
Debt securities, available for sale | 0 | 0 |
Equity securities | 3,854 | |
Loans held for sale | 0 | 0 |
Total loans and leases receivable, net of allowance for credit losses on loans and leases, 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 | 13,246,789 | 10,657,998 |
FRB PPP Liquidity Facility, Estimated Fair Value | 0 | 0 |
Federal funds purchased, Estimated Fair Value | 250,000 | |
FHLB advances, Estimated Fair Value | 0 | |
Other borrowings, Estimated Fair Value | 0 | 0 |
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 | 1,526,792 | 1,206,431 |
Equity securities | 0 | |
Loans held for sale | 34,033 | 78,443 |
Total loans and leases receivable, net of allowance for credit losses on loans and leases, Estimated Fair Value | 2,855,284 | 3,616,432 |
FHLB, Federal Reserve Bank and other restricted stock, Estimated Fair Value | 39,895 | 71,368 |
Derivative assets | 37,988 | 54,023 |
Deposits, Estimated Fair Value | 627,495 | 654,496 |
FRB PPP Liquidity Facility, Estimated Fair Value | 3,865,865 | 4,415,016 |
Federal funds purchased, Estimated Fair Value | 0 | |
FHLB advances, Estimated Fair Value | 852,442 | |
Other borrowings, Estimated Fair Value | 130,576 | 129,120 |
Subordinated debt, Estimated Fair Value | 198,904 | 193,119 |
Derivative liabilities | 38,756 | 98,164 |
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 | 0 | 0 |
Equity securities | 0 | |
Loans held for sale | 507 | 643 |
Total loans and leases receivable, net of allowance for credit losses on loans and leases, Estimated Fair Value | 13,825,102 | 12,605,770 |
FHLB, Federal Reserve Bank and other restricted stock, Estimated Fair Value | 0 | 0 |
Derivative assets | 301 | 200 |
Deposits, Estimated Fair Value | 0 | 0 |
FRB PPP Liquidity Facility, Estimated Fair Value | 0 | 0 |
Federal funds purchased, Estimated Fair Value | 0 | |
FHLB advances, Estimated Fair Value | 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, 2021 | Dec. 31, 2020 |
Fair Value, Measurements, Recurring | ||
Assets | ||
Assets, fair value | $ 4,426,439 | $ 4,886,449 |
Fair Value, Measurements, Nonrecurring | ||
Assets | ||
Assets, fair value | 33,282 | 76,836 |
Equity securities | Fair Value, Measurements, Recurring | ||
Assets | ||
Assets, fair value | 3,854 | |
Derivative asset | Fair Value, Measurements, Recurring | ||
Assets | ||
Assets, fair value | 38,289 | 54,223 |
Loans held for sale | Fair Value, Measurements, Recurring | ||
Assets | ||
Assets, fair value | 6,074 | 5,509 |
Loans held for sale | Fair Value, Measurements, Nonrecurring | ||
Assets | ||
Assets, fair value | 27,959 | 55,683 |
Loans receivable, mortgage warehouse – fair value option | Fair Value, Measurements, Recurring | ||
Assets | ||
Assets, fair value | 2,855,284 | 3,616,432 |
Derivative liabilities | Fair Value, Measurements, Recurring | ||
Liabilities | ||
Financial liabilities, fair value | 38,756 | 98,164 |
Collateral-dependent loans | Fair Value, Measurements, Nonrecurring | ||
Assets | ||
Assets, fair value | 5,323 | 21,118 |
Other real estate owned | Fair Value, Measurements, Nonrecurring | ||
Assets | ||
Assets, fair value | 35 | |
Available-for-sale Securities | Asset-backed securities | Fair Value, Measurements, Recurring | ||
Assets | ||
Assets, fair value | 322,954 | 377,145 |
Available-for-sale Securities | U.S. government agencies securities | Fair Value, Measurements, Recurring | ||
Assets | ||
Assets, fair value | 20,114 | 20,034 |
Available-for-sale Securities | Agency-guaranteed residential mortgage-backed securities | Fair Value, Measurements, Recurring | ||
Assets | ||
Assets, fair value | 10,355 | 63,091 |
Available-for-sale Securities | Agency-guaranteed commercial mortgage-backed securities | Fair Value, Measurements, Recurring | ||
Assets | ||
Assets, fair value | 2,205 | |
Available-for-sale Securities | Agency-guaranteed residential collateralized mortgage obligations | Fair Value, Measurements, Recurring | ||
Assets | ||
Assets, fair value | 81,758 | 140,841 |
Available-for-sale Securities | Agency-guaranteed commercial collateralized mortgage obligations | Fair Value, Measurements, Recurring | ||
Assets | ||
Assets, fair value | 142,841 | 20,926 |
Available-for-sale Securities | Commercial mortgage-backed securities | Fair Value, Measurements, Recurring | ||
Assets | ||
Assets, fair value | 23,087 | |
Available-for-sale Securities | Collateralized loan obligations | Fair Value, Measurements, Recurring | ||
Assets | ||
Assets, fair value | 162,927 | 32,367 |
Available-for-sale Securities | Corporate notes | Fair Value, Measurements, Recurring | ||
Assets | ||
Assets, fair value | 350,421 | 396,744 |
Available-for-sale Securities | Private label collateralized mortgage obligations | Fair Value, Measurements, Recurring | ||
Assets | ||
Assets, fair value | 401,576 | 136,992 |
Available-for-sale Securities | State and political subdivision debt securities | Fair Value, Measurements, Recurring | ||
Assets | ||
Assets, fair value | 8,554 | 18,291 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Fair Value, Measurements, Recurring | ||
Assets | ||
Assets, fair value | 0 | 3,854 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Fair Value, Measurements, Nonrecurring | ||
Assets | ||
Assets, fair value | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Equity securities | Fair Value, Measurements, Recurring | ||
Assets | ||
Assets, fair value | 3,854 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Derivative asset | Fair Value, Measurements, Recurring | ||
Assets | ||
Assets, fair value | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Loans held for sale | Fair Value, Measurements, Recurring | ||
Assets | ||
Assets, fair value | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Loans held for sale | Fair Value, Measurements, Nonrecurring | ||
Assets | ||
Assets, fair value | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Loans receivable, mortgage warehouse – fair value option | Fair Value, Measurements, Recurring | ||
Assets | ||
Assets, fair value | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Derivative liabilities | Fair Value, Measurements, Recurring | ||
Liabilities | ||
Financial liabilities, fair value | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Collateral-dependent loans | Fair Value, Measurements, Nonrecurring | ||
Assets | ||
Assets, fair value | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Other real estate owned | Fair Value, Measurements, Nonrecurring | ||
Assets | ||
Assets, fair value | 0 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Available-for-sale Securities | Asset-backed securities | Fair Value, Measurements, Recurring | ||
Assets | ||
Assets, fair value | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Available-for-sale Securities | U.S. government agencies securities | Fair Value, Measurements, Recurring | ||
Assets | ||
Assets, fair value | 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 | ||
Assets | ||
Assets, fair value | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Available-for-sale Securities | Agency-guaranteed commercial mortgage-backed securities | Fair Value, Measurements, Recurring | ||
Assets | ||
Assets, fair value | 0 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Available-for-sale Securities | Agency-guaranteed residential collateralized mortgage obligations | Fair Value, Measurements, Recurring | ||
Assets | ||
Assets, fair value | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Available-for-sale Securities | Agency-guaranteed commercial collateralized mortgage obligations | Fair Value, Measurements, Recurring | ||
Assets | ||
Assets, fair value | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Available-for-sale Securities | Commercial mortgage-backed securities | Fair Value, Measurements, Recurring | ||
Assets | ||
Assets, fair value | 0 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Available-for-sale Securities | Collateralized loan obligations | Fair Value, Measurements, Recurring | ||
Assets | ||
Assets, fair value | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Available-for-sale Securities | Corporate notes | Fair Value, Measurements, Recurring | ||
Assets | ||
Assets, fair value | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Available-for-sale Securities | Private label collateralized mortgage obligations | Fair Value, Measurements, Recurring | ||
Assets | ||
Assets, fair value | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Available-for-sale Securities | State and political subdivision debt securities | Fair Value, Measurements, Recurring | ||
Assets | ||
Assets, fair value | 0 | 0 |
Significant Other Observable Inputs (Level 2) | Fair Value, Measurements, Recurring | ||
Assets | ||
Assets, fair value | 4,426,138 | 4,882,395 |
Significant Other Observable Inputs (Level 2) | Fair Value, Measurements, Nonrecurring | ||
Assets | ||
Assets, fair value | 27,959 | 72,934 |
Significant Other Observable Inputs (Level 2) | Equity securities | Fair Value, Measurements, Recurring | ||
Assets | ||
Assets, fair value | 0 | |
Significant Other Observable Inputs (Level 2) | Derivative asset | Fair Value, Measurements, Recurring | ||
Assets | ||
Assets, fair value | 37,988 | 54,023 |
Significant Other Observable Inputs (Level 2) | Loans held for sale | Fair Value, Measurements, Recurring | ||
Assets | ||
Assets, fair value | 6,074 | 5,509 |
Significant Other Observable Inputs (Level 2) | Loans held for sale | Fair Value, Measurements, Nonrecurring | ||
Assets | ||
Assets, fair value | 27,959 | 55,683 |
Significant Other Observable Inputs (Level 2) | Loans receivable, mortgage warehouse – fair value option | Fair Value, Measurements, Recurring | ||
Assets | ||
Assets, fair value | 2,855,284 | 3,616,432 |
Significant Other Observable Inputs (Level 2) | Derivative liabilities | Fair Value, Measurements, Recurring | ||
Liabilities | ||
Financial liabilities, fair value | 38,756 | 98,164 |
Significant Other Observable Inputs (Level 2) | Collateral-dependent loans | Fair Value, Measurements, Nonrecurring | ||
Assets | ||
Assets, fair value | 0 | 17,251 |
Significant Other Observable Inputs (Level 2) | Other real estate owned | Fair Value, Measurements, Nonrecurring | ||
Assets | ||
Assets, fair value | 0 | |
Significant Other Observable Inputs (Level 2) | Available-for-sale Securities | Asset-backed securities | Fair Value, Measurements, Recurring | ||
Assets | ||
Assets, fair value | 322,954 | 377,145 |
Significant Other Observable Inputs (Level 2) | Available-for-sale Securities | U.S. government agencies securities | Fair Value, Measurements, Recurring | ||
Assets | ||
Assets, fair value | 20,114 | 20,034 |
Significant Other Observable Inputs (Level 2) | Available-for-sale Securities | Agency-guaranteed residential mortgage-backed securities | Fair Value, Measurements, Recurring | ||
Assets | ||
Assets, fair value | 10,355 | 63,091 |
Significant Other Observable Inputs (Level 2) | Available-for-sale Securities | Agency-guaranteed commercial mortgage-backed securities | Fair Value, Measurements, Recurring | ||
Assets | ||
Assets, fair value | 2,205 | |
Significant Other Observable Inputs (Level 2) | Available-for-sale Securities | Agency-guaranteed residential collateralized mortgage obligations | Fair Value, Measurements, Recurring | ||
Assets | ||
Assets, fair value | 81,758 | 140,841 |
Significant Other Observable Inputs (Level 2) | Available-for-sale Securities | Agency-guaranteed commercial collateralized mortgage obligations | Fair Value, Measurements, Recurring | ||
Assets | ||
Assets, fair value | 142,841 | 20,926 |
Significant Other Observable Inputs (Level 2) | Available-for-sale Securities | Commercial mortgage-backed securities | Fair Value, Measurements, Recurring | ||
Assets | ||
Assets, fair value | 23,087 | |
Significant Other Observable Inputs (Level 2) | Available-for-sale Securities | Collateralized loan obligations | Fair Value, Measurements, Recurring | ||
Assets | ||
Assets, fair value | 162,927 | 32,367 |
Significant Other Observable Inputs (Level 2) | Available-for-sale Securities | Corporate notes | Fair Value, Measurements, Recurring | ||
Assets | ||
Assets, fair value | 350,421 | 396,744 |
Significant Other Observable Inputs (Level 2) | Available-for-sale Securities | Private label collateralized mortgage obligations | Fair Value, Measurements, Recurring | ||
Assets | ||
Assets, fair value | 401,576 | 136,992 |
Significant Other Observable Inputs (Level 2) | Available-for-sale Securities | State and political subdivision debt securities | Fair Value, Measurements, Recurring | ||
Assets | ||
Assets, fair value | 8,554 | 18,291 |
Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Recurring | ||
Assets | ||
Assets, fair value | 301 | 200 |
Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Nonrecurring | ||
Assets | ||
Assets, fair value | 5,323 | 3,902 |
Significant Unobservable Inputs (Level 3) | Equity securities | Fair Value, Measurements, Recurring | ||
Assets | ||
Assets, fair value | 0 | |
Significant Unobservable Inputs (Level 3) | Derivative asset | Fair Value, Measurements, Recurring | ||
Assets | ||
Assets, fair value | 301 | 200 |
Significant Unobservable Inputs (Level 3) | Loans held for sale | Fair Value, Measurements, Recurring | ||
Assets | ||
Assets, fair value | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Loans held for sale | Fair Value, Measurements, Nonrecurring | ||
Assets | ||
Assets, fair value | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Loans receivable, mortgage warehouse – fair value option | Fair Value, Measurements, Recurring | ||
Assets | ||
Assets, fair value | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Derivative liabilities | Fair Value, Measurements, Recurring | ||
Liabilities | ||
Financial liabilities, fair value | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Collateral-dependent loans | Fair Value, Measurements, Nonrecurring | ||
Assets | ||
Assets, fair value | 5,323 | 3,867 |
Significant Unobservable Inputs (Level 3) | Other real estate owned | Fair Value, Measurements, Nonrecurring | ||
Assets | ||
Assets, fair value | 35 | |
Significant Unobservable Inputs (Level 3) | Available-for-sale Securities | Asset-backed securities | Fair Value, Measurements, Recurring | ||
Assets | ||
Assets, fair value | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Available-for-sale Securities | U.S. government agencies securities | Fair Value, Measurements, Recurring | ||
Assets | ||
Assets, fair value | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Available-for-sale Securities | Agency-guaranteed residential mortgage-backed securities | Fair Value, Measurements, Recurring | ||
Assets | ||
Assets, fair value | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Available-for-sale Securities | Agency-guaranteed commercial mortgage-backed securities | Fair Value, Measurements, Recurring | ||
Assets | ||
Assets, fair value | 0 | |
Significant Unobservable Inputs (Level 3) | Available-for-sale Securities | Agency-guaranteed residential collateralized mortgage obligations | Fair Value, Measurements, Recurring | ||
Assets | ||
Assets, fair value | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Available-for-sale Securities | Agency-guaranteed commercial collateralized mortgage obligations | Fair Value, Measurements, Recurring | ||
Assets | ||
Assets, fair value | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Available-for-sale Securities | Commercial mortgage-backed securities | Fair Value, Measurements, Recurring | ||
Assets | ||
Assets, fair value | 0 | |
Significant Unobservable Inputs (Level 3) | Available-for-sale Securities | Collateralized loan obligations | Fair Value, Measurements, Recurring | ||
Assets | ||
Assets, fair value | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Available-for-sale Securities | Corporate notes | Fair Value, Measurements, Recurring | ||
Assets | ||
Assets, fair value | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Available-for-sale Securities | Private label collateralized mortgage obligations | Fair Value, Measurements, Recurring | ||
Assets | ||
Assets, fair value | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Available-for-sale Securities | State and political subdivision debt securities | Fair Value, Measurements, Recurring | ||
Assets | ||
Assets, fair value | $ 0 | $ 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, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Balance at beginning of period | $ 196 | $ 215 | $ 200 | $ 79 |
Issuances | 301 | 52 | 497 | 267 |
Settlements | (196) | (215) | (396) | (294) |
Balance at end of period | $ 301 | $ 52 | $ 301 | $ 52 |
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, 2021 | Dec. 31, 2020 |
Other real estate owned | Collateral appraisal | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Weighted average range | 9.00% | |
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 | 85.00% | 78.00% |
Fair Value Estimate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other real estate owned | $ 35 | |
Residential mortgage loan commitments | $ 301 | $ 200 |
Minimum | Other real estate owned | Collateral appraisal | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Weighted average range | 8.00% | |
Minimum | 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 | 75.00% | 78.00% |
Maximum | Other real estate owned | Collateral appraisal | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Weighted average range | 9.00% | |
Maximum | 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 | 95.00% | 78.00% |
Real Estate | Collateral-dependent loans | Collateral appraisal | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Weighted average range | 10.00% | 8.00% |
Real Estate | Fair Value Estimate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Collateral-dependent loans | $ 4,456 | $ 2,928 |
Real Estate | Minimum | Collateral-dependent loans | Collateral appraisal | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Weighted average range | 8.00% | 8.00% |
Real Estate | Maximum | Collateral-dependent loans | Collateral appraisal | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Weighted average range | 26.00% | 8.00% |
Commercial and industrial | Collateral-dependent loans | Collateral appraisal | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Weighted average range | 8.00% | 8.00% |
Commercial and industrial | Collateral-dependent loans | Business asset valuation | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Weighted average range | 21.00% | 60.00% |
Commercial and industrial | Fair Value Estimate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Collateral-dependent loans | $ 867 | $ 939 |
Commercial and industrial | Minimum | Collateral-dependent loans | Collateral appraisal | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Weighted average range | 8.00% | 7.00% |
Commercial and industrial | Minimum | Collateral-dependent loans | Business asset valuation | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Weighted average range | 19.00% | 60.00% |
Commercial and industrial | Maximum | Collateral-dependent loans | Collateral appraisal | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Weighted average range | 8.00% | 8.00% |
Commercial and industrial | Maximum | Collateral-dependent loans | Business asset valuation | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Weighted average range | 40.00% | 60.00% |
Derivative Instruments and He_3
Derivative Instruments and Hedging Activities - Additional Information (Detail) $ in Thousands | 6 Months Ended | |
Jun. 30, 2021USD ($)derivative | Dec. 31, 2020USD ($)derivative | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative, net liability position, aggregate fair value | $ 37,500 | |
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 | $ 6,000 | $ 11,900 |
Interest Rate Contract | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Cash collateral pledged | $ 35,590 | $ 97,641 |
Interest Rate Contract | Derivative Designated as Hedging Instrument | Cash Flow Hedges | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Number of outstanding interest rate derivatives | derivative | 0 | 5 |
Aggregate notional amount | $ 1,100,000 | |
Number of interest rate derivatives terminated | derivative | 4 | |
Aggregate notional amount terminated | $ 850,000 | |
Reclassification of realized losses from AOCI, discontinuation of cash flow hedge | $ 25,900 | |
Interest Rate Contract | Derivative Designated as Hedging Instrument | Fair Value Hedging | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Number of outstanding interest rate derivatives | derivative | 16 | 24 |
Aggregate notional amount | $ 80,500 | $ 272,300 |
Number of interest rate derivatives terminated | derivative | 8 | |
Aggregate notional amount, terminated | $ 191,800 | |
Interest Rate Swap | Not Designated as Hedging Instrument | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Aggregate notional amount | $ 1,400,000 | $ 1,400,000 |
Number of derivative instruments held | derivative | 157 | 155 |
Interest Rate Cap | Not Designated as Hedging Instrument | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Aggregate notional amount | $ 205,400 | $ 204,900 |
Number of derivative instruments held | derivative | 12,000 | 12,000 |
Credit Contract | Not Designated as Hedging Instrument | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Aggregate notional amount | $ 165,800 | $ 177,200 |
Derivative Instruments and He_4
Derivative Instruments and Hedging Activities - Cumulative Basis Adjustment for Fair Value Hedges (Detail) - Available-for-sale Securities - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Amortized Cost | $ 80,500 | $ 272,159 |
Cumulative Amount of Fair Value Hedging Adjustment to Hedged Items | $ 846 | $ 741 |
Derivative Instruments and He_5
Derivative Instruments and Hedging Activities - Fair Value of Derivative Financial Instruments (Detail) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Other Assets | Derivative Designated as Hedging Instrument | Cash Flow Hedges | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Assets | $ 196 | |
Other Assets | Derivative Designated as Hedging Instrument | Fair Value Hedging | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Assets | $ 846 | 0 |
Other Assets | Derivative Designated as Hedging Instrument | Interest Rate Swap | Cash Flow Hedges | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Assets | 196 | |
Other Assets | Derivative Designated as Hedging Instrument | Interest Rate Swap | Fair Value Hedging | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Assets | 846 | 0 |
Other Assets | Not Designated as Hedging Instrument | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Assets | 37,443 | 54,027 |
Other Assets | Not Designated as Hedging Instrument | Residential mortgage loan commitments | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Assets | 301 | 200 |
Other Assets | Not Designated as Hedging Instrument | Interest Rate Swap | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Assets | 36,795 | 53,455 |
Other Assets | Not Designated as Hedging Instrument | Interest Rate Cap | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Assets | 146 | 46 |
Other Assets | Not Designated as Hedging Instrument | Credit Contract | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Assets | 201 | 326 |
Other Liabilities | Derivative Designated as Hedging Instrument | Cash Flow Hedges | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Liabilities | 40,765 | |
Other Liabilities | Derivative Designated as Hedging Instrument | Fair Value Hedging | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Liabilities | 0 | 741 |
Other Liabilities | Derivative Designated as Hedging Instrument | Interest Rate Swap | Cash Flow Hedges | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Liabilities | 40,765 | |
Other Liabilities | Derivative Designated as Hedging Instrument | Interest Rate Swap | Fair Value Hedging | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Liabilities | 0 | 741 |
Other Liabilities | Not Designated as Hedging Instrument | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Liabilities | 38,756 | 56,658 |
Other Liabilities | Not Designated as Hedging Instrument | Residential mortgage loan commitments | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Liabilities | 0 | 0 |
Other Liabilities | Not Designated as Hedging Instrument | Interest Rate Swap | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Liabilities | 38,367 | 56,209 |
Other Liabilities | Not Designated as Hedging Instrument | Interest Rate Cap | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Liabilities | 146 | 46 |
Other Liabilities | Not Designated as Hedging Instrument | Credit Contract | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Liabilities | $ 243 | $ 403 |
Derivative Instruments and He_6
Derivative Instruments and Hedging Activities - Effect of Derivative Financial Instruments on Net Income and Comprehensive Income (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Gain (Loss) Recognized in OCI on Derivatives | $ 9,117 | $ (25,031) | ||
Amount of Gain (Loss) Reclassified from Accumulated OCI into Income | $ (1,046) | $ (2,718) | (26,972) | (4,196) |
Other non-interest income | Interest Rate Swap | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Gain (Loss) Recognized in OCI on Derivatives | 0 | 0 | ||
Amount of Gain (Loss) Reclassified from Accumulated OCI into Income | (24,467) | 0 | ||
Interest expense | Interest Rate Swap | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Gain (Loss) Recognized in OCI on Derivatives | 4 | (4,685) | 9,117 | (25,031) |
Amount of Gain (Loss) Reclassified from Accumulated OCI into Income | (1,046) | (2,718) | (2,505) | (4,196) |
Derivative Designated as Hedging Instrument | Fair Value Hedging | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Income (Loss) Recognized in Earnings | 0 | 0 | 0 | 0 |
Derivative Designated as Hedging Instrument | Net interest income | Interest Rate Swap | Fair Value Hedging | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Income (Loss) Recognized in Earnings | (130) | 0 | 4,777 | 0 |
Derivative Designated as Hedging Instrument | Net interest income | Available-for-sale Securities | Fair Value Hedging | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Income (Loss) Recognized in Earnings | 130 | 0 | (4,777) | 0 |
Not Designated as Hedging Instrument | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Income (Loss) Recognized in Earnings | (334) | (4,322) | 2,198 | (5,331) |
Not Designated as Hedging Instrument | Other non-interest income | Interest Rate Swap | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Income (Loss) Recognized in Earnings | (376) | (5,563) | 2,023 | (6,578) |
Not Designated as Hedging Instrument | Other non-interest income | Interest Rate Cap | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Income (Loss) Recognized in Earnings | 0 | 0 | 0 | 0 |
Not Designated as Hedging Instrument | Other non-interest income | Credit Contract | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Income (Loss) Recognized in Earnings | (63) | 1,405 | 74 | 1,274 |
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 | $ 105 | $ (164) | $ 101 | $ (27) |
Derivative Instruments and He_7
Derivative Instruments and Hedging Activities - Summary of Offsetting of Financial Assets and Derivative Assets (Detail) - Interest Rate Contract - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Offsetting Assets [Line Items] | ||
Gross Amounts Recognized on the Consolidated Balance Sheets | $ 0 | $ 199 |
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 | 0 | 0 |
Gross amounts not offset in the consolidated balance sheet, Net amount | $ 0 | $ 199 |
Derivative Instruments and He_8
Derivative Instruments and Hedging Activities - Summary of Offsetting of Financial Liabilities and Derivative Liabilities (Detail) - Interest Rate Contract - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Offsetting Liabilities [Line Items] | ||
Gross Amounts Recognized on the Consolidated Balance Sheets | $ 35,590 | $ 97,641 |
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 | (35,590) | (97,641) |
Gross amounts not offset in the consolidated balance sheet, Net amount | $ 0 | $ 0 |
Loss Contingencies - Narrative
Loss Contingencies - Narrative (Details) - USD ($) $ in Millions | Oct. 28, 2020 | Apr. 27, 2020 | Sep. 30, 2018 | Mar. 31, 2020 | Sep. 30, 2019 | Dec. 31, 2016 |
United States Department of Education Matter | ||||||
Loss Contingencies [Line Items] | ||||||
Loss contingency, damages sought, value | $ 6.5 | |||||
Litigation settlement, amount awarded to other party | $ 3 | |||||
Legal reserve | $ 1 | $ 1 | ||||
Specialty's Cafe Bakery, Inc. Matter | ||||||
Loss Contingencies [Line Items] | ||||||
Loss contingency, damages sought, value | $ 8.1 | |||||
Higher One | United States Department of Education Matter | ||||||
Loss Contingencies [Line Items] | ||||||
Escrow deposit | $ 1 |
Subsequent Events - Narrative (
Subsequent Events - Narrative (Details) - Subsequent Event - USD ($) $ in Millions | Aug. 06, 2021 | Jul. 28, 2021 |
Subsequent Event [Line Items] | ||
Stock repurchase program, authorized amount | $ 82.5 | |
Senior Notes Due 2031 | Senior Notes | ||
Subsequent Event [Line Items] | ||
Proceeds from issuance of unsecured debt | $ 100 | |
Stated rate (as a percent) | 2.875% | |
Debt issued to public, issuance price, percentage of principal amount (as a percent) | 100.00% | |
Proceeds from debt, net of issuance costs | $ 98.7 |
Uncategorized Items - cubi-2021
Label | Element | Value |
Accounting Standards Update [Extensible Enumeration] | us-gaap_AccountingStandardsUpdateExtensibleList | Accounting Standards Update 2016-13 [Member] |