Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2022 | Nov. 04, 2022 | |
Entity Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2022 | |
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 | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 32,515,393 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q3 | |
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 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 | Sep. 30, 2022 | Dec. 31, 2021 |
ASSETS | ||
Cash and due from banks | $ 41,520 | $ 35,238 |
Interest earning deposits | 362,945 | 482,794 |
Cash and cash equivalents | 404,465 | 518,032 |
Investment securities, at fair value (includes allowance for credit losses of $253 at September 30, 2022) | 2,943,694 | 3,817,150 |
Investment securities held to maturity | 886,294 | 0 |
Loans held for sale (includes $609 and $15,747, respectively, at fair value) | 5,224 | 16,254 |
Loans receivable, mortgage warehouse, at fair value | 1,569,090 | 2,284,325 |
Loans receivable, PPP | 1,154,632 | 3,250,008 |
Loans and leases receivable | 12,607,742 | 9,018,298 |
Allowance for credit losses on loans and leases | (130,197) | (137,804) |
Total loans and leases receivable, net of allowance for credit losses on loans and leases | 15,201,267 | 14,414,827 |
FHLB, Federal Reserve Bank, and other restricted stock | 64,112 | 64,584 |
Accrued interest receivable | 107,621 | 92,239 |
Bank premises and equipment, net | 6,610 | 8,890 |
Bank-owned life insurance | 336,130 | 333,705 |
Goodwill and other intangibles | 3,629 | 3,736 |
Other assets | 408,575 | 305,611 |
Total assets | 20,367,621 | 19,575,028 |
Deposits: | ||
Demand, non-interest bearing | 2,993,793 | 4,459,790 |
Interest bearing | 14,528,645 | 12,318,134 |
Total deposits | 17,522,438 | 16,777,924 |
Federal funds purchased | 365,000 | 75,000 |
FHLB advances | 500,000 | 700,000 |
Other borrowings | 123,515 | 223,086 |
Subordinated debt | 181,882 | 181,673 |
Accrued interest payable and other liabilities | 287,855 | 251,128 |
Total liabilities | 18,980,690 | 18,208,811 |
Commitments and contingencies (NOTE 16) | ||
Shareholders’ equity: | ||
Preferred stock, par value $1.00 per share; liquidation preference $25.00 per share; 100,000,000 shares authorized, 5,700,000 shares issued and outstanding as of September 30, 2022 and December 31, 2021 | 137,794 | 137,794 |
Common stock, par value $1.00 per share; 200,000,000 shares authorized; 34,948,055 and 34,721,675 shares issued as of September 30, 2022 and December 31, 2021; 32,475,502 and 32,913,267 shares outstanding as of September 30, 2022 and December 31, 2021 | 34,948 | 34,722 |
Additional paid in capital | 549,066 | 542,391 |
Retained earnings | 898,511 | 705,732 |
Accumulated other comprehensive income (loss), net | (156,126) | (4,980) |
Treasury stock, at cost (2,472,553 and 1,808,408 shares as of September 30, 2022 and December 31, 2021) | (77,262) | (49,442) |
Total shareholders’ equity | 1,386,931 | 1,366,217 |
Total liabilities and shareholders’ equity | $ 20,367,621 | $ 19,575,028 |
Consolidated Balance Sheet - _2
Consolidated Balance Sheet - Unaudited (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Statement of Financial Position [Abstract] | ||
Allowance for credit losses, available for sale securities | $ 253 | |
Loans held for sale at fair value | $ 609 | $ 15,747 |
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) | 5,700,000 | 5,700,000 |
Preferred stock, shares outstanding (shares) | 5,700,000 | 5,700,000 |
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) | 34,948,055 | 34,721,675 |
Common stock, shares outstanding (shares) | 32,475,502 | 32,913,267 |
Treasury stock, shares (shares) | 2,472,553 | 1,808,408 |
Consolidated Statements of Inco
Consolidated Statements of Income (Loss) - Unaudited - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Interest income: | ||||
Loans and leases | $ 200,457 | $ 233,097 | $ 526,573 | $ 538,822 |
Investment securities | 30,546 | 8,905 | 76,283 | 25,211 |
Other | 4,913 | 849 | 12,870 | 2,814 |
Total interest income | 235,916 | 242,851 | 615,726 | 566,847 |
Interest expense: | ||||
Deposits | 65,380 | 15,915 | 101,873 | 47,226 |
FHLB advances | 4,684 | 5 | 7,000 | 6,160 |
Subordinated debt | 2,689 | 2,689 | 8,067 | 8,067 |
FRB PPP liquidity facility, federal funds purchased and other borrowings | 4,131 | 4,350 | 10,203 | 14,014 |
Total interest expense | 76,884 | 22,959 | 127,143 | 75,467 |
Net interest income | 159,032 | 219,892 | 488,583 | 491,380 |
Provision (benefit) for credit losses | (7,994) | 13,164 | 31,850 | 13,536 |
Net interest income after provision (benefit) for credit losses | 167,026 | 206,728 | 456,733 | 477,844 |
Non-interest income: | ||||
Commercial lease income | 7,097 | 5,213 | 19,584 | 15,729 |
Bank-owned life insurance | 3,449 | 1,988 | 13,722 | 6,432 |
Mortgage warehouse transactional fees | 1,545 | 3,100 | 5,443 | 10,612 |
Gain (loss) on sale of SBA and other loans | 106 | 5,359 | 3,155 | 8,834 |
Loss on sale of consumer installment loans | (23,465) | 0 | (23,465) | 0 |
Loan fees | 3,008 | 1,909 | 8,171 | 5,015 |
Mortgage banking income | 125 | 425 | 779 | 1,274 |
Gain (loss) on sale of investment securities | (2,135) | 6,063 | (6,227) | 31,441 |
Unrealized gain (loss) on investment securities | (259) | 0 | (738) | 2,720 |
Loss on sale of foreign subsidiaries | 0 | 0 | 0 | (2,840) |
Unrealized gain (loss) on derivatives | 563 | 524 | 2,348 | 2,622 |
Loss on cash flow hedge derivative terminations | 0 | 0 | 0 | (24,467) |
Other | (112) | (72) | (910) | 504 |
Total non-interest income | (9,017) | 25,586 | 24,927 | 60,876 |
Non-interest expense: | ||||
Salaries and employee benefits | 31,230 | 26,268 | 83,171 | 78,262 |
Technology, communication and bank operations | 19,588 | 21,281 | 66,394 | 60,887 |
Professional services | 6,269 | 6,871 | 20,640 | 19,630 |
Occupancy | 2,605 | 2,704 | 9,934 | 7,807 |
Commercial lease depreciation | 5,966 | 4,493 | 16,460 | 13,199 |
FDIC assessments, non-income taxes and regulatory fees | 2,528 | 2,313 | 6,530 | 7,634 |
Loan servicing | 3,851 | 4,265 | 10,563 | 6,402 |
Advertising and promotion | 762 | 302 | 1,430 | 1,176 |
Merger and acquisition related expenses | 0 | 0 | 0 | 418 |
Loan workout | 217 | 198 | 358 | 39 |
Deposit relationship adjustment fees | 0 | 6,216 | 0 | 6,216 |
Other | 3,182 | 5,098 | 10,730 | 11,089 |
Total non-interest expense | 76,198 | 80,009 | 226,210 | 212,759 |
Income before income tax expense | 81,811 | 152,305 | 255,450 | 325,961 |
Income tax expense | 17,899 | 36,263 | 56,127 | 73,947 |
Net income from continuing operations | 63,912 | 116,042 | 199,323 | 252,014 |
Loss from discontinued operations before income taxes | 0 | 0 | 0 | (20,354) |
Income tax expense from discontinued operations | 0 | 0 | 0 | 17,682 |
Net loss from discontinued operations | 0 | 0 | 0 | (38,036) |
Net income | 63,912 | 116,042 | 199,323 | 213,978 |
Preferred stock dividends | 2,548 | 2,981 | 6,544 | 9,671 |
Loss on redemption of preferred stock | 0 | 2,820 | 0 | 2,820 |
Net income available to common shareholders | 61,364 | 110,241 | 192,779 | 201,487 |
Net income available to common shareholders | $ 61,364 | $ 110,241 | $ 192,779 | $ 201,487 |
Basic earnings per common share from continuing operations (usd per share) | $ 1.89 | $ 3.40 | $ 5.89 | $ 7.44 |
Basic earnings per common share (usd per share) | 1.89 | 3.40 | 5.89 | 6.26 |
Diluted earnings per common share from continuing operations (usd per share) | 1.85 | 3.25 | 5.72 | 7.15 |
Diluted earnings per common share (usd per share) | $ 1.85 | $ 3.25 | $ 5.72 | $ 6.02 |
Interchange and card revenue | ||||
Non-interest income: | ||||
Non-interest income | $ 72 | $ 83 | $ 172 | $ 252 |
Deposit fees | ||||
Non-interest income: | ||||
Non-interest income | $ 989 | $ 994 | $ 2,893 | $ 2,748 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - Unaudited - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 63,912 | $ 116,042 | $ 199,323 | $ 213,978 |
Unrealized gains (losses) on available for sale debt securities: | ||||
Unrealized gains (losses) arising during the period | (46,450) | 958 | (213,532) | 1,950 |
Income tax effect | 12,077 | (249) | 55,518 | (507) |
Reclassification adjustments for (gains) losses included in net income | 4,227 | (6,063) | 9,281 | (31,441) |
Income tax effect | (1,099) | 1,576 | (2,413) | 8,174 |
Net unrealized gains (losses) on available for sale debt securities | (31,245) | (3,778) | (151,146) | (21,824) |
Unrealized gains (losses) on cash flow hedges: | ||||
Unrealized gains (losses) arising during the period | 0 | 0 | 0 | 12,321 |
Income tax effect | 0 | 0 | 0 | (3,204) |
Reclassification adjustment for (gains) losses included in net income | 0 | 0 | 0 | 26,972 |
Income tax effect | 0 | 0 | 0 | (7,013) |
Net unrealized gains (losses) on cash flow hedges | 0 | 0 | 0 | 29,076 |
Other comprehensive income (loss), net of income tax effect | (31,245) | (3,778) | (151,146) | 7,252 |
Comprehensive income (loss) | $ 32,667 | $ 112,264 | $ 48,177 | $ 221,230 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity - Unaudited - USD ($) $ in Thousands | Total | Preferred Stock | Common Stock | Additional Paid in Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Treasury Stock | |
Beginning balance, preferred stock (shares) at Dec. 31, 2020 | 9,000,000 | |||||||
Beginning balance at Dec. 31, 2020 | $ 1,117,086 | $ 217,471 | $ 32,986 | $ 455,592 | $ 438,581 | $ (5,764) | $ (21,780) | |
Beginning balance, common stock (shares) at Dec. 31, 2020 | 31,705,088 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income | 213,978 | 213,978 | ||||||
Other comprehensive income (loss) | 7,252 | 7,252 | ||||||
Preferred stock dividends | [1] | (9,671) | (9,671) | |||||
Redemption of preferred stock (shares) | (3,300,000) | |||||||
Redemption of preferred stock | (79,677) | $ (79,677) | ||||||
Loss on Redemption of Preferred Stock | (2,820) | (2,820) | ||||||
Sale of non-controlling interest in BMT | [2] | 31,893 | 31,893 | |||||
Distribution of investment in BM Technologies | [3] | (32,983) | (32,983) | |||||
Restricted stock awards to certain BMT team members | [4] | 19,592 | 19,592 | |||||
Share-based compensation expense | 11,162 | 11,162 | ||||||
Issuance of common stock under share-based compensation arrangements (shares) | 832,888 | |||||||
Issuance of common stock under share-based compensation arrangements | 8,487 | $ 832 | 7,655 | |||||
Ending balance, preferred stock (shares) at Sep. 30, 2021 | 5,700,000 | |||||||
Ending balance at Sep. 30, 2021 | 1,284,299 | $ 137,794 | $ 33,818 | 525,894 | 607,085 | 1,488 | (21,780) | |
Ending balance, common stock (shares) at Sep. 30, 2021 | 32,537,976 | |||||||
Beginning balance, preferred stock (shares) at Jun. 30, 2021 | 9,000,000 | |||||||
Beginning balance at Jun. 30, 2021 | 1,250,729 | $ 217,471 | $ 33,634 | 519,294 | 496,844 | 5,266 | (21,780) | |
Beginning balance, common stock (shares) at Jun. 30, 2021 | 32,353,256 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income | 116,042 | 116,042 | ||||||
Other comprehensive income (loss) | (3,778) | (3,778) | ||||||
Preferred stock dividends | [5] | (2,981) | (2,981) | |||||
Redemption of preferred stock (shares) | (3,300,000) | |||||||
Redemption of preferred stock | (79,677) | $ (79,677) | ||||||
Loss on Redemption of Preferred Stock | (2,820) | (2,820) | ||||||
Share-based compensation expense | 3,289 | 3,289 | ||||||
Issuance of common stock under share-based compensation arrangements (shares) | 184,720 | |||||||
Issuance of common stock under share-based compensation arrangements | 3,495 | $ 184 | 3,311 | |||||
Ending balance, preferred stock (shares) at Sep. 30, 2021 | 5,700,000 | |||||||
Ending balance at Sep. 30, 2021 | $ 1,284,299 | $ 137,794 | $ 33,818 | 525,894 | 607,085 | 1,488 | (21,780) | |
Ending balance, common stock (shares) at Sep. 30, 2021 | 32,537,976 | |||||||
Beginning balance, preferred stock (shares) at Dec. 31, 2021 | 5,700,000 | 5,700,000 | ||||||
Beginning balance at Dec. 31, 2021 | $ 1,366,217 | $ 137,794 | $ 34,722 | 542,391 | 705,732 | (4,980) | (49,442) | |
Beginning balance, common stock (shares) at Dec. 31, 2021 | 32,913,267 | 32,913,267 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income | $ 199,323 | 199,323 | ||||||
Other comprehensive income (loss) | (151,146) | (151,146) | ||||||
Preferred stock dividends | [1] | (6,544) | (6,544) | |||||
Share-based compensation expense | 10,657 | 10,657 | ||||||
Issuance of common stock under share-based compensation arrangements (shares) | 226,380 | |||||||
Issuance of common stock under share-based compensation arrangements | $ (3,756) | $ 226 | (3,982) | |||||
Repurchase of common shares (in shares) | (664,145) | (664,145) | ||||||
Repurchase of common shares | $ (27,820) | (27,820) | ||||||
Ending balance, preferred stock (shares) at Sep. 30, 2022 | 5,700,000 | 5,700,000 | ||||||
Ending balance at Sep. 30, 2022 | $ 1,386,931 | $ 137,794 | $ 34,948 | 549,066 | 898,511 | (156,126) | (77,262) | |
Ending balance, common stock (shares) at Sep. 30, 2022 | 32,475,502 | 32,475,502 | ||||||
Beginning balance, preferred stock (shares) at Jun. 30, 2022 | 5,700,000 | |||||||
Beginning balance at Jun. 30, 2022 | $ 1,353,390 | $ 137,794 | $ 34,922 | 545,670 | 837,147 | (124,881) | (77,262) | |
Beginning balance, common stock (shares) at Jun. 30, 2022 | 32,449,486 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income | 63,912 | 63,912 | ||||||
Other comprehensive income (loss) | (31,245) | (31,245) | ||||||
Preferred stock dividends | [5] | (2,548) | (2,548) | |||||
Share-based compensation expense | 3,336 | 3,336 | ||||||
Issuance of common stock under share-based compensation arrangements (shares) | 26,016 | |||||||
Issuance of common stock under share-based compensation arrangements | $ 86 | $ 26 | 60 | |||||
Ending balance, preferred stock (shares) at Sep. 30, 2022 | 5,700,000 | 5,700,000 | ||||||
Ending balance at Sep. 30, 2022 | $ 1,386,931 | $ 137,794 | $ 34,948 | $ 549,066 | $ 898,511 | $ (156,126) | $ (77,262) | |
Ending balance, common stock (shares) at Sep. 30, 2022 | 32,475,502 | 32,475,502 | ||||||
[1]Dividends per share of $1.160316 and $1.088391 were declared on Series E and F preferred stock, respectively, for the nine months ended September 30, 2022. Dividends per share of $1.041346, $1.075982, $1.142234, and $1.125 were declared on Series C, D, E, and F preferred stock, respectively, for the nine months ended September 30, 2021. (2) Refer to NOTE 12 – SHAREHOLDERS' EQUITY for additional information about the redemption of Series C and Series D Preferred Stock. (2) Refer to NOTE 12 – SHAREHOLDERS' EQUITY for additional information about the redemption of Series C and Series D Preferred Stock. |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - Unaudited - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Cash Flows from Operating Activities | ||
Net income from continuing operations | $ 199,323 | $ 252,014 |
Adjustments to reconcile net income to net cash provided by (used in) continuing operating activities | ||
Provision (benefit) for credit losses | 31,850 | 13,536 |
Depreciation and amortization | 20,027 | 16,221 |
Share-based compensation expense | 10,702 | 11,194 |
Deferred taxes | (436) | 7,051 |
Net amortization (accretion) of investment securities premiums and discounts | 2,139 | 1,171 |
Unrealized (gain) loss on investment securities | 738 | (2,720) |
(Gain) loss on sale of investment securities | 6,227 | (31,441) |
Loss on sale of foreign subsidiaries | 0 | 2,840 |
Impairment loss on fixed assets and leases | 1,362 | 0 |
Unrealized gain (loss) on derivatives | (2,348) | (2,622) |
Loss on cash flow hedge derivative terminations | 0 | 24,467 |
Settlement of terminated cash flow hedge derivatives | 0 | (27,156) |
(Gain) loss on sale of leased assets under lessor operating leases | 350 | 763 |
Fair value adjustment on loans held for sale | 0 | (1,115) |
(Gain) loss on sale of loans | (4,149) | (10,067) |
Loss on sale of consumer installment loans | 23,465 | 0 |
Origination of loans held for sale | (28,077) | (55,093) |
Proceeds from the sale of loans held for sale | 44,209 | 49,674 |
Amortization (accretion) of loan net deferred fees, discounts and premiums | (49,601) | (149,647) |
Earnings on investment in bank-owned life insurance | (13,722) | (6,432) |
(Increase) decrease in accrued interest receivable and other assets | 16,883 | 45,591 |
Increase (decrease) in accrued interest payable and other liabilities | 16,080 | 136,295 |
Net Cash Provided By (Used In) Continuing Operating Activities | 275,022 | 274,524 |
Cash Flows from Investing Activities | ||
Proceeds from maturities, calls and principal repayments of investment securities available for sale | 408,046 | 258,418 |
Proceeds from maturities, calls and principal repayments of investment securities held to maturity | 13,631 | 0 |
Proceed from sales of foreign subsidiaries | 0 | 3,765 |
Proceeds from sales of investment securities available for sale | 681,633 | 666,023 |
Purchases of investment securities available for sale | (929,754) | (1,423,959) |
Origination of mortgage warehouse loans | (23,568,943) | (44,292,416) |
Proceeds from repayments of mortgage warehouse loans | 24,247,843 | 45,356,500 |
Net (increase) decrease in loans and leases, excluding mortgage warehouse loans | (1,639,900) | 521,323 |
Proceeds from sales of loans and leases | 136,920 | 260,851 |
Purchase of loans | (368,776) | (1,389,512) |
Purchases of bank-owned life insurance | 0 | (46,462) |
Proceeds from bank-owned life insurance | 11,807 | 1,999 |
Net (purchases of) proceeds from sale of FHLB, Federal Reserve Bank, and other restricted stock | 6,880 | 14,184 |
Purchases of bank premises and equipment | (587) | (418) |
Proceeds from sales of other real estate owned | 0 | 45 |
Proceeds from sales of leased assets under lessor operating leases | 2,889 | 5,475 |
Purchases of leased assets under lessor operating leases | (86,797) | (16,691) |
Net Cash Provided By (Used In) Continuing Investing Activities | (1,085,108) | (80,875) |
Cash Flows from Financing Activities | ||
Net increase (decrease) in deposits | 744,514 | 5,661,096 |
Net increase (decrease) in short-term borrowed funds from the FHLB | (700,000) | (850,000) |
Net increase (decrease) in federal funds purchased | 290,000 | (250,000) |
Net increase (decrease) in borrowed funds from FRB PPP liquidity facility | 0 | (4,415,016) |
Proceeds from long-term borrowed funds from the FHLB | 500,000 | 0 |
Proceeds from issuance of other long-term borrowings | 0 | 98,799 |
Repayments of other borrowings | (100,000) | 0 |
Redemption of preferred stock | 0 | (82,497) |
Preferred stock dividends paid | (6,374) | (8,794) |
Purchase of treasury stock | (27,820) | 0 |
Payments of employee taxes withheld from share-based awards | (4,248) | (4,201) |
Proceeds from issuance of common stock | 447 | 11,660 |
Proceeds from sale of non-controlling interest in BMT | 0 | 26,795 |
Net Cash Provided By (Used In) Continuing Financing Activities | 696,519 | 187,842 |
Net Increase (Decrease) in Cash and Cash Equivalents From Continuing Operations | (113,567) | 381,491 |
Discontinued Operations: | ||
Net Cash Used In Operating Activities | 0 | (22,791) |
Net Increase (Decrease) in Cash and Cash Equivalents From Discontinued Operations | 0 | (22,791) |
Net Increase (Decrease) in Cash and Cash Equivalents | (113,567) | 358,700 |
Cash and Cash Equivalents – Beginning | 518,032 | 693,354 |
Cash and Cash Equivalents – Ending | 404,465 | 1,052,054 |
Non-cash Investing and Financing Activities: | ||
Transfer of investment securities available for sale to held to maturity | 500,174 | 0 |
Purchases of investment securities held to maturity upon sale of consumer installment loans | 400,001 | 0 |
Distribution of investment in BM Technologies common stock | 0 | 32,983 |
Transfer of loans held for investment to held for sale | 4,108 | 17,155 |
Transfer of loans held for sale to held for investment | 0 | 55,684 |
Unsettled purchases of investment securities | $ 0 | $ 160,000 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Shareholders' Equity - Unaudited (Parenthetical) - $ / shares | 3 Months Ended | 9 Months Ended |
Sep. 30, 2021 | Sep. 30, 2021 | |
Series C Preferred Stock | ||
Preferred stock, dividends, per share, cash paid (usd per share) | $ 0.346206 | $ 1.041346 |
Series D Preferred Stock | ||
Preferred stock, dividends, per share, cash paid (usd per share) | 0.332790 | 1.075982 |
Series E Preferred Stock | ||
Preferred stock, dividends, per share, cash paid (usd per share) | 0.335984 | 1.142234 |
Series F Preferred Stock | ||
Preferred stock, dividends, per share, cash paid (usd per share) | $ 0.375 | $ 1.125 |
Description of the Business
Description of the Business | 9 Months Ended |
Sep. 30, 2022 | |
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); Harrisburg, Pennsylvania (Dauphin County); 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; Wilmington, North Carolina; and nationally for certain loan and deposit products. The Bank has eight full-service branches and provides commercial banking products, primarily loans and deposits, with one branch that is scheduled to be consolidated into other existing locations in November 2022. The Bank completed the consolidation of four branches into other existing locations in a previously announced plan to consolidate five branches in Southeastern Pennsylvania. In addition, the 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; Orlando, Florida and Wilmington, North Carolina; and other locations. The Bank also serves specialty niche businesses nationwide, including its commercial loans to mortgage companies, 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. |
Significant Accounting Policies
Significant Accounting Policies and Basis of Presentation | 9 Months Ended |
Sep. 30, 2022 | |
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, 2021 consolidated balance sheet presented in this report has been derived from Customers Bancorp’s audited 2021 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 2021 consolidated financial statements of Customers Bancorp and subsidiaries included in Customers' Annual Report on Form 10-K for the year ended December 31, 2021 filed with the SEC on February 28, 2022 (the "2021 Form 10-K"). The 2021 Form 10-K describes Customers Bancorp’s significant accounting policies. There have been no material changes to Customers Bancorp's significant accounting policies noted above for the three and nine months ended September 30, 2022. Customers Bancorp completed the divestiture of BankMobile Technologies, Inc., the technology arm of its BankMobile segment, to MFAC Merger Sub Inc., an indirect wholly-owned subsidiary of MFAC on January 4, 2021. 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 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. Recently Issued Accounting Standards Presented below are recently issued accounting standards that Customers has adopted as well as those that the FASB has issued but are not yet effective. Accounting Standards Adopted in 2022 Standard Summary of Guidance Effects on Financial Statements SEC Staff Accounting Bulletin ("SAB") No. 121, Accounting for Obligations to Safeguard Crypto-Assets an Entity Holds for its Platform Users Issued March 2022 • Provides interpretive guidance regarding the staff's views on how an entity that has an obligation to safeguard crypto-assets for another party should account for that obligation. An entity with a safeguarding obligation under SAB 121 recognizes a safeguarding liability with an accompanying safeguarding asset, measured at the fair value of the safeguarded crypto-asset. • Customers adopted this guidance as of June 30, 2022. This guidance did not have any impact on its financial condition, results of operations and consolidated financial statements. Accounting Standards Issued But Not Yet Adopted Standard Summary of Guidance Effects on Financial Statements ASU 2022-02, Financial Instruments - Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures Issued March 2022 • Eliminates the accounting guidance for TDRs by creditors, and applies the loan refinancing and restructuring guidance when a borrower is experiencing financial difficulty to determine whether a modification results in a new loan or a continuation of an existing loan. • Provides enhanced disclosure requirements for certain loan refinancing and restructurings and disclosure of current-period gross write-offs by year of origination for financing receivables and net investments in leases within the scope of ASC 326. • Effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. Early adoption is permitted, including adoption in any interim period, provided the amendments are adopted as of the beginning of the fiscal year that includes the interim period of adoption. Early adoption is permitted separately for the amendments to TDRs and vintage disclosures. • TDR and vintage disclosures are to be adopted prospectively. An entity may adopt TDR recognition and measurement guidance prospectively or elect to use a modified retrospective transition method, with a cumulative effect adjustment to retained earnings at the beginning of the period of adoption. • Customers expects this guidance will result in additional disclosures related to gross write-offs by vintage year and expansive disclosures for certain loan modifications to borrowers experiencing financial difficulty. ASU 2022-03, Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions Issued June 2022 • Clarifies that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and not considered in measuring fair value. • Prohibits recognition and measurement of a contractual sale restriction on the sale of an equity security as a separate unit of account. • Provides disclosure requirements for the equity securities subject to contractual sale restrictions. • Effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. Early adoption is permitted for both interim and annual financial statements that have not yet been issued or made available for issuance. • Customers will adopt this guidance on January 1, 2024. This guidance is not expected to have a material impact on its financial condition, results of operations and consolidated financial statements. |
Discontinued Operations
Discontinued Operations | 9 Months Ended |
Sep. 30, 2022 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Discontinued Operations | DISCONTINUED OPERATIONS On January 4, 2021, Customers Bancorp completed the divestiture of BMT, the technology arm of its BankMobile segment, to MFAC Merger Sub Inc., an indirect wholly-owned subsidiary of MFAC. 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 was 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. 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 Nine Months Ended (amounts in thousands) 2022 2021 2022 2021 Discontinued operations: Non-interest income $ — $ — $ — $ — Non-interest expense — — — 20,354 Loss from discontinued operations before income taxes — — — (20,354) Income tax expense (benefit) — — — 17,682 Net loss from discontinued operations $ — $ — $ — $ (38,036) In connection with the divestiture, Customers 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 | 9 Months Ended |
Sep. 30, 2022 | |
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 Nine Months Ended (amounts in thousands, except share and per share data) 2022 2021 2022 2021 Net income from continuing operations available to common shareholders $ 61,364 $ 110,241 $ 192,779 $ 239,523 Net loss from discontinued operations — — — (38,036) Net income available to common shareholders $ 61,364 $ 110,241 $ 192,779 $ 201,487 Weighted-average number of common shares outstanding – basic 32,455,814 32,449,853 32,706,652 32,206,547 Share-based compensation plans 770,793 1,418,700 1,000,212 1,281,125 Weighted-average number of common shares – diluted 33,226,607 33,868,553 33,706,864 33,487,672 Basic earnings (loss) per common share from continuing operations $ 1.89 $ 3.40 $ 5.89 $ 7.44 Basic earnings (loss) per common share from discontinued operations — — — (1.18) Basic earnings (loss) per common share 1.89 3.40 5.89 6.26 Diluted earnings (loss) per common share from continuing operations $ 1.85 $ 3.25 $ 5.72 $ 7.15 Diluted earnings (loss) per common share from discontinued operations — — — (1.13) Diluted earnings (loss) per common share 1.85 3.25 5.72 6.02 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 Nine Months Ended 2022 2021 2022 2021 Anti-dilutive securities: Share-based compensation awards 730,486 710,000 100,707 711,000 |
Changes in Accumulated Other Co
Changes in Accumulated Other Comprehensive Income (Loss) By Component | 9 Months Ended |
Sep. 30, 2022 | |
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 nine months ended September 30, 2022 and 2021. Amounts in parentheses indicate reductions to AOCI. Three Months Ended September 30, 2022 (amounts in thousands) Unrealized Gains (Losses) on Available for Sale Securities (1) Unrealized Gains (Losses) on Cash Flow Hedges (2) Total Balance - June 30, 2022 $ (124,881) $ — $ (124,881) Unrealized gains (losses) arising during period, before tax (46,450) — (46,450) Income tax effect 12,077 — 12,077 Other comprehensive income (loss) before reclassifications (34,373) — (34,373) Reclassification adjustments for (gains) losses included in net income, before tax 4,227 — 4,227 Income tax effect (1,099) — (1,099) Amounts reclassified from accumulated other comprehensive income (loss) to net income 3,128 — 3,128 Net current-period other comprehensive income (loss) (31,245) — (31,245) Balance - September 30, 2022 $ (156,126) $ — $ (156,126) Three Months Ended September 30, 2021 (amounts in thousands) Unrealized Gains (Losses) on Available for Sale Securities (1) Unrealized Gains (Losses) on Cash Flow Hedges (2) Total Balance - June 30, 2021 $ 5,266 $ — $ 5,266 Unrealized gains (losses) arising during period, before tax 958 — 958 Income tax effect (249) — (249) Other comprehensive income (loss) before reclassifications 709 — 709 Reclassification adjustments for (gains) losses included in net income, before tax (6,063) — (6,063) Income tax effect 1,576 — 1,576 Amounts reclassified from accumulated other comprehensive income (loss) to net income (4,487) — (4,487) Net current-period other comprehensive income (loss) (3,778) — (3,778) Balance - September 30, 2021 $ 1,488 $ — $ 1,488 Nine Months Ended September 30, 2022 (amounts in thousands) Unrealized Gains (Losses) Available for Sale Securities (1) Unrealized Gains (Losses) on Cash Flow Hedges (2) Total Balance - December 31, 2021 $ (4,980) $ — $ (4,980) Unrealized gains (losses) arising during period, before tax (213,532) — (213,532) Income tax effect 55,518 — 55,518 Other comprehensive income (loss) before reclassifications (158,014) — (158,014) Reclassification adjustments for (gains) losses included in net income, before tax 9,281 — 9,281 Income tax effect (2,413) — (2,413) Amounts reclassified from accumulated other comprehensive income (loss) to net income 6,868 — 6,868 Net current-period other comprehensive income (loss) (151,146) — (151,146) Balance - September 30, 2022 $ (156,126) $ — $ (156,126) Nine Months Ended September 30, 2021 (amounts in thousands) Unrealized Gains (Losses) on 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 1,950 12,321 14,271 Income tax effect (507) (3,204) (3,711) Other comprehensive income (loss) before reclassifications 1,443 9,117 10,560 Reclassification adjustments for (gains) losses included in net income, before tax (31,441) 26,972 (4,469) Income tax effect 8,174 (7,013) 1,161 Amounts reclassified from accumulated other comprehensive income (loss) to net income (23,267) 19,959 (3,308) Net current-period other comprehensive income (21,824) 29,076 7,252 Balance - September 30, 2021 $ 1,488 $ — $ 1,488 (1) Reclassification amounts for AFS debt securities are reported as gain (loss) on sale of investment securities and amortization of unrealized losses on debt securities transferred from available-for-sale to held-to-maturity is reported within interest income 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 | 9 Months Ended |
Sep. 30, 2022 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment Securities | INVESTMENT SECURITIES Investment securities at fair value The amortized cost, approximate fair value and allowance for credit losses of investment securities as of September 30, 2022 and December 31, 2021 are summarized as follows: September 30, 2022 (1) (amounts in thousands) Amortized Cost Allowance for Credit Losses Gross Unrealized Gains Gross Unrealized Losses Fair Value Available for sale debt securities: Asset-backed securities $ 200,171 $ (253) $ — $ (6,657) $ 193,261 Agency-guaranteed residential collateralized mortgage obligations 152,008 — — (13,786) 138,222 Collateralized loan obligations 855,959 — 10 (28,156) 827,813 Commercial mortgage-backed securities 138,972 — — (4,129) 134,843 Corporate notes 587,987 — 23 (55,355) 532,655 Private label collateralized mortgage obligations 1,141,340 — — (56,655) 1,084,685 State and political subdivision debt securities (2) 8,523 — (1,172) 7,351 Available for sale debt securities $ 3,084,960 $ (253) $ 33 $ (165,910) 2,918,830 Equity securities (3) 24,864 Total investment securities, at fair value $ 2,943,694 December 31, 2021 (1) (amounts in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Available for sale debt securities: Asset-backed securities $ 297,291 $ 253 $ (119) $ 297,425 Agency-guaranteed residential mortgage-backed securities 9,865 — (312) 9,553 Agency-guaranteed commercial mortgage-backed securities 2,162 — (10) 2,152 Agency-guaranteed residential collateralized mortgage obligations 199,091 154 (2,315) 196,930 Agency-guaranteed commercial collateralized mortgage obligations 242,668 53 (3,877) 238,844 Collateralized loan obligations 1,067,770 247 (1,215) 1,066,802 Commercial mortgage-backed securities 149,054 53 (180) 148,927 Corporate notes 575,273 6,334 (1,561) 580,046 Private label collateralized mortgage obligations 1,248,142 333 (6,010) 1,242,465 State and political subdivision debt securities (2) 8,535 — (104) 8,431 Available for sale debt securities $ 3,799,851 $ 7,427 $ (15,703) 3,791,575 Equity securities (3) 25,575 Total investment securities, at fair value $ 3,817,150 (1) Accrued interest on AFS debt securities totaled $15.0 million and $11.0 million at September 30, 2022 and December 31, 2021, respectively, and is included in accrued interest receivable on the consolidated balance sheet. (2) Includes both taxable and non-taxable municipal securities. (3) Includes perpetual preferred stock issued by domestic banks and domestic bank holding companies and equity securities issued by fintech companies, without a readily determinable fair value, and CRA-qualified mutual fund shares at September 30, 2022 and December 31, 2021. No impairments or measurement adjustments have been recorded on the equity securities without a readily determinable fair value since acquisition. 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. During the nine months ended September 30, 2021, Customers recognized unrealized gains of $2.7 million on its equity securities issued by a foreign entity that were held by CB Green Ventures Pte Ltd. and CUBI India Ventures Pte Ltd., prior to the sale of these foreign subsidiaries. These unrealized gains and losses were reported as unrealized gain (loss) on investment securities within non-interest income on the consolidated statements of income. Customers' transactions with unconsolidated VIEs include sales of consumer installment loans and investments in the securities issued by the VIEs. Customers is not the primary beneficiary of the VIEs because Customers has no right to make decisions that will most significantly affect the economic performance of the VIEs. Customers' continuing involvement with the unconsolidated VIEs is not significant. Customers' continuing involvement is not considered to be significant where Customers only invests in securities issued by the VIE and was not involved in the design of the VIE or where Customers has transferred financial assets to the VIE for only cash consideration. Customers' investments in the securities issued by the VIEs are classified as AFS or HTM debt securities on the consolidated balance sheets, and represent Customers' maximum exposure to loss. Proceeds from the sale of AFS debt securities were $126.6 million and $681.6 million for the three and nine months ended September 30, 2022, respectively. Proceeds from the sale of AFS debt securities were $258.4 million and $666.0 million for the three and nine months ended September 30, 2021, respectively. The following table presents gross realized gains and realized losses from the sale of AFS debt securities for the three and nine months ended September 30, 2022 and 2021: Three Months Ended September 30, Nine Months Ended September 30, (amounts in thousands) 2022 2021 2022 2021 Gross realized gains $ — $ 6,063 $ 2,563 $ 31,441 Gross realized losses (2,135) — (8,790) — Net realized gains (losses) on sale of available for sale debt securities $ (2,135) $ 6,063 $ (6,227) $ 31,441 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 presents AFS 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: September 30, 2022 (amounts in thousands) Amortized Fair Due in one year or less $ — $ — Due after one year through five years 463,431 421,935 Due after five years through ten years 133,079 118,071 Asset-backed securities 200,171 193,261 Collateralized loan obligations 855,959 827,813 Commercial mortgage-backed securities 138,972 134,843 Agency-guaranteed residential collateralized mortgage obligations 152,008 138,222 Private label collateralized mortgage obligations 1,141,340 1,084,685 Total available for sale debt securities $ 3,084,960 $ 2,918,830 Gross unrealized losses and fair value of Customers' AFS debt securities for which an allowance for credit losses has not been recorded, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at September 30, 2022 and December 31, 2021 were as follows: September 30, 2022 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 $ 186,085 $ (5,811) $ 11,154 $ (846) $ 197,239 $ (6,657) Agency-guaranteed residential collateralized mortgage obligations 138,222 (13,786) — — 138,222 (13,786) Collateralized loan obligations 787,365 (27,078) 35,670 (1,078) 823,035 (28,156) Commercial mortgage-backed securities 130,010 (4,027) 4,847 (102) 134,857 (4,129) Corporate notes 454,386 (49,635) 55,850 (5,720) 510,236 (55,355) Private label collateralized mortgage obligations 720,076 (45,150) 129,973 (11,505) 850,049 (56,655) State and political subdivision debt securities — — 7,351 (1,172) 7,351 (1,172) Total $ 2,416,144 $ (145,487) $ 244,845 $ (20,423) $ 2,660,989 $ (165,910) December 31, 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 $ 54,753 $ (119) $ — $ — $ 54,753 $ (119) Agency-guaranteed residential mortgage-backed securities 9,554 (312) — — 9,554 (312) Agency-guaranteed commercial mortgage-backed securities 2,152 (10) — — 2,152 (10) Agency-guaranteed residential collateralized mortgage obligations 173,492 (2,315) — — 173,492 (2,315) Agency-guaranteed commercial collateralized mortgage obligations 118,334 (3,877) — — 118,334 (3,877) Collateralized loan obligations 715,250 (1,215) — — 715,250 (1,215) Commercial mortgage-backed securities 122,597 (180) — — 122,597 (180) Corporate notes 188,100 (1,561) — — 188,100 (1,561) Private label collateralized mortgage obligations 632,091 (5,874) 6,818 (136) 638,909 (6,010) State and political subdivision debt securities 8,430 (104) — — 8,430 (104) Total $ 2,024,753 $ (15,567) $ 6,818 $ (136) $ 2,031,571 $ (15,703) At September 30, 2022, there were 128 AFS debt securities with unrealized losses in the less-than-twelve-months category and 19 AFS debt securities with unrealized losses in the twelve-months-or-more category. Except for the four asset-backed securities where there was a deterioration in future estimated cash flows as further discussed below, the unrealized losses were principally due to changes in market interest rates that resulted in a negative impact on the respective securities' fair value and are expected to be recovered when market prices recover or at maturity. Customers does not intend to sell any of the 147 securities, and it is not more likely than not that Customers will be required to sell any of the 147 securities before recovery of the amortized cost basis. At December 31, 2021, there were 117 AFS debt securities in an unrealized loss position. Customers recorded an allowance for credit losses on four asset-backed securities where there was a deterioration in future estimated cash flows during the nine months ended September 30, 2022. A discounted cash flow approach is used to determine the amount of the allowance. The cash flows expected to be collected, after considering expected prepayments, are discounted at the original effective interest rate. The amount of the allowance is limited to the difference between the amortized cost basis of the security and its estimated fair value. The following tables present the activity in the allowance for credit losses on AFS debt securities, by major security type, for the periods presented: Asset-backed securities (amounts in thousands) Three Months Ended September 30, 2022 Balance at July 1 $ 411 Decrease in allowance for credit losses on previously impaired securities (158) Balance at September 30 $ 253 Asset-backed securities (amounts in thousands) Nine Months Ended September 30, 2022 Balance at January 1 $ — Credit losses on securities for which credit losses were not previously recorded 253 Balance at September 30 $ 253 At September 30, 2022 and December 31, 2021, no securities holding of any one issuer, other than the U.S. government and its agencies, amounted to greater than 10% of shareholders' equity. Investment securities held to maturity The amortized cost, approximate fair value and allowance for credit losses of investment securities held to maturity as of September 30, 2022 are summarized as follows: September 30, 2022 (1) (amounts in thousands) Amortized Cost Allowance for Credit Losses Net Carrying Value Gross Unrealized Gains Gross Unrealized Losses Fair Value Held to maturity debt securities: Asset-backed securities $ 400,001 $ — $ 400,001 $ — $ — $ 400,001 Agency-guaranteed residential mortgage-backed securities 7,781 — 7,781 (702) 7,079 Agency-guaranteed commercial mortgage-backed securities 1,947 — 1,947 — (96) 1,851 Agency-guaranteed residential collateralized mortgage obligations 209,519 — 209,519 — (16,681) 192,838 Agency-guaranteed commercial collateralized mortgage obligations 152,794 — 152,794 — (6,189) 146,605 Private label collateralized mortgage obligations 114,252 — 114,252 — (7,889) 106,363 Total held to maturity debt securities $ 886,294 $ — $ 886,294 $ — $ (31,557) $ 854,737 (1) Accrued interest on HTM debt securities totaled $0.8 million at September 30, 2022, and is included in accrued interest receivable on the consolidated balance sheet. On September 30, 2022, Customers sold consumer installment loans with a carrying value of $521.8 million, inclusive of accrued interest and unamortized deferred loan origination costs, to a third-party sponsored VIE. As part of these sales, Customers recognized a loss on sale of $23.5 million in loss on sale of consumer installment loans within non-interest income in the consolidated statement of income. Customers provided financing to the purchaser for a portion of the sale price in the form of $400.0 million of asset-backed securities, presented in the table above, collateralized by the sold loans. Customers will act as the servicer for the sold consumer installment loans, and will receive a servicing fee. At the time of the sale, and at each subsequent reporting period, Customers is required to evaluate its involvement with the VIE to determine if it holds a variable interest in the VIE and, if so, if Customers is the primary beneficiary of the VIE. If Customers is both a variable interest holder and the primary beneficiary of the VIE, it would be required to consolidate the VIE. As of September 30, 2022, Customers concluded that its investment in asset-backed securities as well as the servicing fee are considered variable interests in the VIE as there is a possibility, even if remote, that would result in Customers' interest in the asset-backed securities or the servicing fee absorbing some of the losses of the VIE. After concluding that Customers has one or more variable interests in the VIE, Customers must determine if it is the primary beneficiary of the VIE. U.S. GAAP defines the primary beneficiary as the entity that has both an economic exposure to the VIE as well as the power to direct the activities that are determined to be most significant to the economic performance of the VIE. In order to make this determination, Customers needed to first establish which activities are the most significant to the economic performance of the VIE. Based on a review of the VIE activities, Customers concluded the servicing activities, specifically those performed for significantly delinquent loans contribute most significantly to the performance of the loans and thus the VIE. The conclusion is based upon review of the historical performance of the types of consumer installment loans sold to the VIE, as well as consideration of which activities performed by the owner or servicer of the loans contribute most significantly to the ultimate performance of the loans. The loan servicing agreement between Customers and the VIE provides that the VIE has substantive kick-out rights to replace Customers as the servicer with or without cause. Accordingly, as a holder of the asset-backed securities and the servicer of the loans, Customers does not have the power to direct the servicing of significantly delinquent loans given the VIE's substantive kick-out rights. As the activities which most significantly affect the performance of the VIE are not controlled by Customers, Customers has concluded that it is therefore not the primary beneficiary and does not consolidate the VIE. Customers accounted for its investment in the asset-backed securities as HTM debt securities on the consolidated balance sheet. The following table presents HTM 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: September 30, 2022 (amounts in thousands) Amortized Fair Asset-backed securities $ 400,001 $ 400,001 Agency-guaranteed residential mortgage-backed securities 7,781 7,079 Agency-guaranteed commercial mortgage-backed securities 1,947 1,851 Agency-guaranteed residential collateralized mortgage obligations 209,519 192,838 Agency-guaranteed commercial collateralized mortgage obligations 152,794 146,605 Private label collateralized mortgage obligations 114,252 106,363 Total held to maturity debt securities $ 886,294 $ 854,737 Customers recorded no allowance for credit losses on investment securities classified as held to maturity at September 30, 2022. The U.S. government agency securities represent obligations issued by a U.S. government-sponsored enterprise or other federal government agency that are explicitly or implicitly guaranteed by the U.S. federal government and therefore, assumed to have zero credit losses. The private label collateralized mortgage obligations are highly rated with sufficient overcollateralization and therefore have zero expected credit losses. Customers recorded no allowance for its investment in the asset-backed securities related to the sale of consumer installment loans to a third-party sponsored VIE on September 30, 2022. Customers considered the seniority of its beneficial interest, which includes its overcollateralization of these securities in the estimate of the ACL at September 30, 2022. The unrealized losses on HTM debt securities with no ACL were due to changes in market interest rates that resulted in a negative impact on the respective securities' fair value and are expected to be recovered when market prices recover or at maturity. Credit Quality Indicators Customers monitors the credit quality of HTM debt securities primarily through credit ratings provided by rating agencies. Investment grade debt securities are rated BBB- or higher by S&P Global Ratings, Baa3 or higher by Moody's Investors Service or equivalent ratings by other rating agencies, and are generally considered to be of low credit risk. Except for the asset-backed securities, all of the HTM debt securities held by Customers were investment grade or U.S. government agency guaranteed securities that were not rated at September 30, 2022. Customers purchased the asset-backed securities classified as HTM debt securities in connection with the sale of the consumer installment loans to a third-party sponsored VIE on September 30, 2022. These asset-backed securities are not rated by rating agencies. Customers will monitor the credit quality of these asset-backed securities by evaluating the performance of the sold consumer installment loans against the overcollateralization available for these asset-backed securities. The following table presents the amortized cost of HTM debt securities based on their lowest credit rating available: September 30, 2022 (amounts in thousands) AAA AA A BBB Not Rated Total Held to maturity debt securities: Asset-backed securities $ — $ — $ — $ — $ 400,001 $ 400,001 Agency-guaranteed residential mortgage-backed securities — — — — 7,781 7,781 Agency-guaranteed commercial mortgage-backed securities — — — — 1,947 1,947 Agency-guaranteed residential collateralized mortgage obligations — — — — 209,519 209,519 Agency-guaranteed commercial collateralized mortgage obligations — — — — 152,794 152,794 Private label collateralized mortgage obligations 63,767 7,077 34,189 9,219 — 114,252 Total held to maturity debt securities $ 63,767 $ 7,077 $ 34,189 $ 9,219 $ 772,042 $ 886,294 Customers has elected to not estimate an ACL on accrued interest receivable on HTM debt securities, as it already has a policy in place to reverse or write-off accrued interest, through interest income, for debt securities in nonaccrual status in a timely manner. At September 30, 2022, there were no HTM debt securities past due under the terms of their agreements or in nonaccrual status. At September 30, 2022 and December 31, 2021, Customers Bank had pledged investment securities, which were transferred from available for sale to held to maturity category in June 2022, aggregating $17.5 million and $11.3 million in fair value, respectively, as collateral primarily for unused lines of credit with another financial institution. The counterparty does not have the ability to sell or repledge these securities. |
Loans Held for Sale
Loans Held for Sale | 9 Months Ended |
Sep. 30, 2022 | |
Receivables Held-for-sale [Abstract] | |
Loans Held for Sale | LOANS HELD FOR SALE The composition of loans held for sale as of September 30, 2022 and December 31, 2021 was as follows: (amounts in thousands) September 30, 2022 December 31, 2021 Commercial loans: Multi-family loans, at lower of cost or fair value $ 4,108 $ — Total commercial loans held for sale 4,108 — Consumer loans: Home equity conversion mortgages, at lower of cost or fair value 507 507 Residential mortgage loans, at fair value 609 15,747 Total consumer loans held for sale 1,116 16,254 Loans held for sale $ 5,224 $ 16,254 Total loans held for sale as of September 30, 2022 and December 31, 2021 included NPLs of $4.6 million and $0.5 million, respectively. |
Loans and Leases Receivable and
Loans and Leases Receivable and Allowance for Credit Losses on Loans and Leases | 9 Months Ended |
Sep. 30, 2022 | |
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 September 30, 2022 and December 31, 2021. (amounts in thousands) September 30, 2022 December 31, 2021 Loans and leases receivable, mortgage warehouse, at fair value $ 1,569,090 $ 2,284,325 Loans receivable, PPP 1,154,632 3,250,008 Loans and leases receivable: Commercial: Commercial and industrial: Specialty lending (1) 5,103,974 2,403,991 Other commercial and industrial 1,203,829 1,020,792 Multi-family 2,263,268 1,486,308 Commercial real estate owner occupied 726,670 654,922 Commercial real estate non-owner occupied 1,263,211 1,121,238 Construction 136,133 198,981 Total commercial loans and leases receivable 10,697,085 6,886,232 Consumer: Residential real estate 465,772 334,730 Manufactured housing 46,990 52,861 Installment: Personal 1,056,432 1,392,862 Other 341,463 351,613 Total consumer loans receivable 1,910,657 2,132,066 Loans and leases receivable 12,607,742 9,018,298 Allowance for credit losses on loans and leases (130,197) (137,804) Total loans and leases receivable, net of allowance for credit losses on loans and leases (2) $ 15,201,267 $ 14,414,827 (1) Includes direct finance equipment leases of $145.6 million and $146.5 million at September 30, 2022 and December 31, 2021, respectively. (2) Includes deferred (fees) costs and unamortized (discounts) premiums, net of $(21.0) million and $(52.0) million at September 30, 2022 and December 31, 2021, 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, 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 $92.0 million and $81.6 million at September 30, 2022 and December 31, 2021, respectively, and is presented in accrued interest receivable in the consolidated balance sheet. At September 30, 2022 and December 31, 2021, there were $32.0 million and $38.9 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, 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 September 30, 2022 and December 31, 2021, 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 receivable, PPP Customers had $1.2 billion and $3.3 billion of PPP loans outstanding as of September 30, 2022 and December 31, 2021, 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 $14.7 million and $72.1 million for the three and nine months ended September 30, 2022, respectively. Customers recognized interest income, including origination fees, of $117.1 million and $197.1 million for the three and nine months ended September 30, 2021, respectively. PPP loans include an embedded credit enhancement from the SBA, which guarantees 100% of the principal and interest owed by the borrower provided that the SBA's eligibility criteria are met. As a result, the eligible PPP loans 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 September 30, 2022 and December 31, 2021: September 30, 2022 (amounts in thousands) 30-59 Days past due (1) 60-89 Days past due (1) 90 Days or more past due (2) Total past due Loans and leases not past due (3) Total loans and leases (4) Commercial and industrial, including specialty lending $ 739 $ 419 $ 3,950 $ 5,108 $ 6,302,695 $ 6,307,803 Multi-family — — 1,159 1,159 2,262,109 2,263,268 Commercial real estate owner occupied 115 — 2,127 2,242 724,428 726,670 Commercial real estate non-owner occupied — 324 — 324 1,262,887 1,263,211 Construction — — — — 136,133 136,133 Residential real estate 746 1,313 2,377 4,436 461,336 465,772 Manufactured housing 1,416 410 3,438 5,264 41,726 46,990 Installment 10,906 8,697 6,847 26,450 1,371,445 1,397,895 Total $ 13,922 $ 11,163 $ 19,898 $ 44,983 $ 12,562,759 $ 12,607,742 December 31, 2021 (amounts in thousands) 30-59 Days past due (1) 60-89 Days past due (1) 90 Days or more past due (2) Total past due Loans and leases not past due (3) Total loans and leases (4) Commercial and industrial, including specialty lending $ 2,093 $ 95 $ 5,929 $ 8,117 $ 3,416,666 $ 3,424,783 Multi-family 1,682 2,707 18,235 22,624 1,463,684 1,486,308 Commercial real estate owner occupied 287 — 1,304 1,591 653,331 654,922 Commercial real estate non-owner occupied — — 2,815 2,815 1,118,423 1,121,238 Construction — — — — 198,981 198,981 Residential real estate 4,655 789 4,390 9,834 324,896 334,730 Manufactured housing 2,308 768 4,949 8,025 44,836 52,861 Installment 7,349 4,295 3,783 15,427 1,729,048 1,744,475 Total $ 18,374 $ 8,654 $ 41,405 $ 68,433 $ 8,949,865 $ 9,018,298 (1) Includes past due loans and leases that are accruing interest because collection is considered probable. (2) Includes loans amounting to $1.5 million and $1.4 million as of September 30, 2022 and December 31, 2021, respectively, that are still accruing interest because collection is considered probable. (3) Loans and leases where next payment due is less than 30 days from the report date. The tables exclude PPP loans of $1.2 billion, of which $274.4 million were 30-59 days past due and $178.2 million were 60 days or more past due as of September 30, 2022, and PPP loans of $3.3 billion, of which $6.3 million were 30-59 days past due and $21.8 million were 60 days or more past due as of December 31, 2021. Claims for guarantee payments are submitted to the SBA for eligible PPP loans more than 60 days past due. (4) Includes PCD loans of $8.7 million and $9.9 million at September 30, 2022 and December 31, 2021, respectively. Nonaccrual Loans and Leases The following table presents the amortized cost of loans and leases held for investment on nonaccrual status. September 30, 2022 (1) December 31, 2021 (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 Commercial and industrial, including specialty lending $ 4,054 $ 24 $ 4,078 $ 5,837 $ 259 $ 6,096 Multi-family 1,158 — 1,158 22,654 — 22,654 Commercial real estate owner occupied 2,198 — 2,198 2,475 — 2,475 Commercial real estate non-owner occupied — — — 2,815 — 2,815 Residential real estate 6,438 — 6,438 7,727 — 7,727 Manufactured housing — 2,584 2,584 — 3,563 3,563 Installment — 6,848 6,848 — 3,783 3,783 Total $ 13,848 $ 9,456 $ 23,304 $ 41,508 $ 7,605 $ 49,113 (1) Presented at amortized cost basis. Interest income recognized on nonaccrual loans was insignificant for the three and nine months ended September 30, 2022 and 2021. Accrued interest reversed when the loans went to nonaccrual status was insignificant during the three and nine months ended September 30, 2022 and 2021. Allowance for credit losses on loans and leases The changes in the ACL on loans and leases by loan and lease type for the three and nine months ended September 30, 2022 and 2021 are presented in the tables below. (amounts in thousands) Commercial and industrial (1) Multi-family Commercial real estate owner occupied Commercial real estate non-owner occupied Construction Residential real estate Manufactured housing Installment Total Three Months Ended Ending Balance, $ 11,081 $ 9,765 $ 4,745 $ 8,880 $ 1,179 $ 5,578 $ 4,080 $ 111,222 $ 156,530 Charge-offs (2,657) — — (4,862) — — — (13,965) $ (21,484) Recoveries 76 — — 31 10 13 — 2,857 $ 2,987 Provision (benefit) for credit losses on loans and leases 6,631 4,479 1,475 7,283 425 (138) 402 (28,393) $ (7,836) Ending Balance, $ 15,131 $ 14,244 $ 6,220 $ 11,332 $ 1,614 $ 5,453 $ 4,482 $ 71,721 $ 130,197 Nine Months Ended Ending Balance, $ 12,702 $ 4,477 $ 3,213 $ 6,210 $ 692 $ 2,383 $ 4,278 $ 103,849 $ 137,804 Charge-offs (3,235) (1,990) — (5,025) — (4) — (35,681) $ (45,935) Recoveries 1,129 337 49 43 226 58 — 4,889 $ 6,731 Provision (benefit) for credit losses on loans and leases 4,535 11,420 2,958 10,104 696 3,016 204 (1,336) $ 31,597 Ending Balance, $ 15,131 $ 14,244 $ 6,220 $ 11,332 $ 1,614 $ 5,453 $ 4,482 $ 71,721 $ 130,197 (amounts in thousands) Commercial and industrial (1) Multi-family Commercial real estate owner occupied Commercial real estate non-owner occupied Construction Residential real estate Manufactured housing Installment Total Three Months Ended Ending Balance, $ 8,127 $ 5,028 $ 4,464 $ 7,374 $ 2,643 $ 2,299 $ 4,372 $ 91,129 $ 125,436 Charge-offs (516) — (524) (943) — (79) — (6,693) (8,755) Recoveries 400 — 474 — 3 25 — 749 1,651 Provision (benefit) for credit losses on loans and leases 2,849 (631) (797) 944 (1,760) (333) 38 12,854 13,164 Ending Balance, $ 10,860 $ 4,397 $ 3,617 $ 7,375 $ 886 $ 1,912 $ 4,410 $ 98,039 $ 131,496 Nine Months Ended Ending Balance, $ 12,239 $ 12,620 $ 9,512 $ 19,452 $ 5,871 $ 3,977 $ 5,190 $ 75,315 $ 144,176 Charge-offs (1,153) (1,132) (666) (943) — (129) — (27,338) (31,361) Recoveries 945 — 483 69 122 47 — 3,479 5,145 Provision (benefit) for credit losses on loans and leases (1,171) (7,091) (5,712) (11,203) (5,107) (1,983) (780) 46,583 13,536 Ending Balance, $ 10,860 $ 4,397 $ 3,617 $ 7,375 $ 886 $ 1,912 $ 4,410 $ 98,039 $ 131,496 (1) Includes specialty lending. At September 30, 2022, the ACL on loans and leases was $130.2 million, a decrease of $7.6 million from the December 31, 2021 balance of $137.8 million. The decrease in ACL for the three and nine months ended September 30, 2022 was primarily attributable to the sale of consumer installment loans to a third-party sponsored VIE, partially offset by loan growth and deteriorating macroeconomic forecasts. Refer to NOTE 6 – INVESTMENT SECURITIES for additional information on the sale of consumer installment loans. Troubled Debt Restructurings At September 30, 2022 and December 31, 2021, there were $16.9 million and $16.5 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 September 30, 2022 and December 31, 2021, respectively. The following table presents loans modified in a TDR by type of concession for the three and nine months ended September 30, 2022 and 2021. There were no modifications that involved forgiveness of debt for the three and nine months ended September 30, 2022 and 2021. Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 (dollars in thousands) Number of loans Recorded investment Number of loans Recorded investment Number of loans Recorded investment Number of loans Recorded investment Interest-rate reductions — $ — 4 $ 244 14 $ 470 16 $ 585 Other (1) 71 739 39 687 170 1,933 158 2,369 Total 71 $ 739 43 $ 931 184 $ 2,403 174 $ 2,954 (1) Other includes covenant modifications, forbearance, loans discharged under Chapter 7 bankruptcy, or other concessions. As of September 30, 2022 and December 31, 2021, 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: September 30, 2022 September 30, 2021 (dollars in thousands) Number of loans Recorded investment Number of loans Recorded investment Manufactured housing 1 $ 46 2 $ 71 Residential real estate 1 119 — — Installment 34 420 19 231 Total loans 36 $ 585 21 $ 302 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. 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, 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 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 2021 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 September 30, 2022 and December 31, 2021. Term Loans Amortized Cost Basis by Origination Year as of (amounts in thousands) 2022 2021 2020 2019 2018 Prior Revolving loans amortized cost basis Revolving loans converted to term Total Commercial and industrial loans and leases, including specialty lending: Pass $ 2,811,777 $ 638,308 $ 290,113 $ 210,755 $ 72,613 $ 87,766 $ 2,091,816 $ — $ 6,203,148 Special mention — 6,000 — — — 290 2,816 — 9,106 Substandard — 22,733 8,800 8,798 7,429 43,134 4,655 — 95,549 Doubtful — — — — — — — — — Total commercial and industrial loans and leases $ 2,811,777 $ 667,041 $ 298,913 $ 219,553 $ 80,042 $ 131,190 $ 2,099,287 $ — $ 6,307,803 Multi-family loans: Pass $ 1,257,398 $ 364,730 $ 131,310 $ 22,364 $ 114,430 $ 241,843 $ — $ — $ 2,132,075 Special mention — — — — 4,984 58,964 — — 63,948 Substandard — 1,508 — — — 65,737 — — 67,245 Doubtful — — — — — — — — — Total multi-family loans $ 1,257,398 $ 366,238 $ 131,310 $ 22,364 $ 119,414 $ 366,544 $ — $ — $ 2,263,268 Commercial real estate owner occupied loans: Pass $ 186,167 $ 203,200 $ 56,956 $ 92,437 $ 36,062 $ 129,565 $ — $ — $ 704,387 Special mention — — — — 461 3,858 — — 4,319 Substandard — — — 134 9,447 8,383 — — 17,964 Doubtful — — — — — — — — Total commercial real estate owner occupied loans $ 186,167 $ 203,200 $ 56,956 $ 92,571 $ 45,970 $ 141,806 $ — $ — $ 726,670 Commercial real estate non-owner occupied: Pass $ 279,854 $ 119,817 $ 144,199 $ 74,694 $ 63,318 $ 405,022 $ — $ — $ 1,086,904 Special mention — — 21,335 — — 5,852 — — 27,187 Substandard — — — 28,833 20,753 99,534 — — 149,120 Doubtful — — — — — — — — — Total commercial real estate non-owner occupied loans $ 279,854 $ 119,817 $ 165,534 $ 103,527 $ 84,071 $ 510,408 $ — $ — $ 1,263,211 Construction: Pass $ 49,417 $ 32,431 $ 9,510 $ 28,817 $ 4,722 $ 9,161 $ 2,075 $ — $ 136,133 Special mention — — — — — — — — — Substandard — — — — — — — — — Doubtful — — — — — — — — — Total construction loans $ 49,417 $ 32,431 $ 9,510 $ 28,817 $ 4,722 $ 9,161 $ 2,075 $ — $ 136,133 Total commercial loans and leases receivable $ 4,584,613 $ 1,388,727 $ 662,223 $ 466,832 $ 334,219 $ 1,159,109 $ 2,101,362 $ — $ 10,697,085 Residential real estate loans: Performing $ 136,267 $ 144,010 $ 7,420 $ 16,643 $ 10,471 $ 75,826 $ 68,839 $ — $ 459,476 Non-performing — — 177 372 1,378 3,713 656 — 6,296 Total residential real estate loans $ 136,267 $ 144,010 $ 7,597 $ 17,015 $ 11,849 $ 79,539 $ 69,495 $ — $ 465,772 Manufactured housing loans: Performing $ — $ — $ — $ 218 $ 105 $ 43,801 $ — $ — $ 44,124 Non-performing — — — — — 2,866 — — 2,866 Total manufactured housing loans $ — $ — $ — $ 218 $ 105 $ 46,667 $ — $ — $ 46,990 Installment loans: Performing $ 580,370 $ 427,400 $ 148,318 $ 152,836 $ 13,033 $ 1,132 $ 67,288 $ — $ 1,390,377 Non-performing 1,133 3,919 904 1,336 85 60 81 — 7,518 Total installment loans $ 581,503 $ 431,319 $ 149,222 $ 154,172 $ 13,118 $ 1,192 $ 67,369 $ — $ 1,397,895 Total consumer loans $ 717,770 $ 575,329 $ 156,819 $ 171,405 $ 25,072 $ 127,398 $ 136,864 $ — $ 1,910,657 Loans and leases receivable $ 5,302,383 $ 1,964,056 $ 819,042 $ 638,237 $ 359,291 $ 1,286,507 $ 2,238,226 $ — $ 12,607,742 Term Loans Amortized Cost Basis by Origination Year as of December 31, 2021 (amounts in thousands) 2021 2020 2019 2018 2017 Prior Revolving loans amortized cost basis Revolving loans converted to term Total Commercial and industrial loans and leases, including specialty lending: Pass $ 974,016 $ 337,045 $ 266,677 $ 86,691 $ 55,536 $ 89,860 $ 1,484,287 $ — $ 3,294,112 Special mention 476 1,408 3,325 4,904 36,252 92 14,662 — 61,119 Substandard 18,786 10,257 9,543 11,586 5,682 6,764 6,934 — 69,552 Doubtful — — — — — — — — — Total commercial and industrial loans and leases $ 993,278 $ 348,710 $ 279,545 $ 103,181 $ 97,470 $ 96,716 $ 1,505,883 $ — $ 3,424,783 Multi-family loans: Pass $ 403,075 $ 133,452 $ 23,068 $ 209,070 $ 282,663 $ 316,491 $ — $ — $ 1,367,819 Special mention — — — 9,936 18,489 28,776 — — 57,201 Substandard — — — — 38,216 23,072 — — 61,288 Doubtful — — — — — — — — — Total multi-family loans $ 403,075 $ 133,452 $ 23,068 $ 219,006 $ 339,368 $ 368,339 $ — $ — $ 1,486,308 Commercial real estate owner occupied loans: Pass $ 213,102 $ 59,348 $ 124,626 $ 60,993 $ 58,073 $ 99,219 $ 672 $ — $ 616,033 Special mention — — 2,876 318 2,044 572 — — 5,810 Substandard — — 3,750 9,682 8,824 10,823 — — 33,079 Doubtful — — — — — — — — — Total commercial real estate owner occupied loans $ 213,102 $ 59,348 $ 131,252 $ 70,993 $ 68,941 $ 110,614 $ 672 $ — $ 654,922 Commercial real estate non-owner occupied: Pass $ 136,897 $ 149,898 $ 95,504 $ 66,040 $ 153,509 $ 310,435 $ — $ — $ 912,283 Special mention — 21,694 11,113 9,373 43,215 20,540 — — 105,935 Substandard — — — 35,846 20,516 46,658 — — 103,020 Doubtful — — — — — — — — — Total commercial real estate non-owner occupied loans $ 136,897 $ 171,592 $ 106,617 $ 111,259 $ 217,240 $ 377,633 $ — $ — $ 1,121,238 Construction: Pass $ 57,105 $ 49,199 $ 77,622 $ 4,828 $ — $ 9,414 $ 813 $ — $ 198,981 Special mention — — — — — — — — — Substandard — — — — — — — — — Doubtful — — — — — — — — — Total construction loans $ 57,105 $ 49,199 $ 77,622 $ 4,828 $ — $ 9,414 $ 813 $ — $ 198,981 Total commercial loans and leases receivable $ 1,803,457 $ 762,301 $ 618,104 $ 509,267 $ 723,019 $ 962,716 $ 1,507,368 $ — $ 6,886,232 Residential real estate loans: Performing $ 107,854 $ 8,251 $ 21,096 $ 11,389 $ 6,707 $ 84,035 $ 87,438 $ — $ 326,770 Non-performing — — 335 1,015 669 3,587 2,354 — 7,960 Total residential real estate loans $ 107,854 $ 8,251 $ 21,431 $ 12,404 $ 7,376 $ 87,622 $ 89,792 $ — $ 334,730 Manufactured housing loans: Performing $ — $ — $ 253 $ 299 $ 73 $ 47,537 $ — $ — 48,162 Non-performing — — — — — 4,699 — — 4,699 Total manufactured housing loans $ — $ — $ 253 $ 299 $ 73 $ 52,236 $ — $ — $ 52,861 Installment loans: Performing $ 973,525 $ 390,788 $ 341,582 $ 31,481 $ 1,601 $ 1,016 $ 25 $ — $ 1,740,018 Non-performing 1,162 1,002 2,074 156 2 61 — — 4,457 Total installment loans $ 974,687 $ 391,790 $ 343,656 $ 31,637 $ 1,603 $ 1,077 $ 25 $ — $ 1,744,475 Total consumer loans $ 1,082,541 $ 400,041 $ 365,340 $ 44,340 $ 9,052 $ 140,935 $ 89,817 $ — $ 2,132,066 Loans and leases receivable $ 2,885,998 $ 1,162,342 $ 983,444 $ 553,607 $ 732,071 $ 1,103,651 $ 1,597,185 $ — $ 9,018,298 Loan Purchases and Sales Purchases and sales of loans were as follows for the three and nine months ended September 30, 2022 and 2021: Three Months Ended September 30, Nine Months Ended September 30, (amounts in thousands) 2022 2021 2022 2021 Purchases (1) Loans receivable, PPP $ — $ 602,175 $ — $ 1,223,662 Residential real estate 15,067 — 170,022 — Personal installment (2) 47,778 — 123,785 109,142 Other installment (2) 74,969 50,001 74,969 56,708 Total $ 137,814 $ 652,176 $ 368,776 $ 1,389,512 Sales (3) Specialty lending $ 2,200 $ — $ 2,200 $ — Other commercial and industrial (4) — 6,176 22,880 35,166 Multi-family — — 2,879 19,443 Commercial real estate owner occupied (4) — 5,728 8,960 12,426 Commercial real estate non-owner occupied — — — 18,366 Residential real estate — 14,549 — 42,735 Personal installment (5) 500,001 103,897 500,001 132,715 Total $ 502,201 $ 130,350 $ 536,920 $ 260,851 (1) Amounts reported in the above table are the unpaid principal balance at time of purchase. The purchase price was 99.9% and 99.2% of the loans' unpaid principal balance for the three months ended September 30, 2022 and 2021, respectively. The purchase price was 98.7% and 101.0% of the loans' unpaid principal balance for the nine months ended September 30, 2022 and 2021, respectively. (2) Installment loan purchases for the three and nine months ended September 30, 2022 and 2021 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) For the three months ended September 30, 2022 and 2021, loan sales resulted in net losses of $23.4 million and net gains of $5.8 million, respectively, included in gain (loss) on sale of SBA and other loans and in loss on sale of consumer installment loans (refer to (5) below) in the consolidated statements of income. For the nine months ended September 30, 2022 and 2021, loan sales resulted in net losses of $19.7 million and net gains of $10.1 million, respectively. (4) Primarily sales of SBA loans. (5) On September 30, 2022, Customers sold $521.8 million of consumer installment loans, inclusive of accrued interest and unamortized deferred loan origination costs, to a third-party sponsored VIE. Customers provided financing to the purchaser for a portion of the sales price in the form of $400.0 million of asset-backed securities. $100.7 million of the remaining sales proceeds were paid in cash. Refer to NOTE 6 – INVESTMENT SECURITIES for additional information. Loans Pledged as Collateral Customers has pledged eligible real estate and commercial and industrial loans as collateral for borrowings from the FHLB and FRB in the amount of $6.6 billion and $3.7 billion at September 30, 2022 and December 31, 2021, respectively. No PPP loans were pledged to the FRB in accordance with borrowing from the PPPLF at September 30, 2022 and December 31, 2021. |
Leases
Leases | 9 Months Ended |
Sep. 30, 2022 | |
Leases [Abstract] | |
Leases | LEASES Lessee Customers has operating leases for its branches, certain LPOs, and administrative offices, with remaining lease terms ranging between one month and 8 years. These operating leases comprise substantially all of Customers' obligations in which Customers is the lessee. These lease agreements typically consist of initial lease terms ranging between 1 and 10 years, with options to renew the leases or extend the term up to 10 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 ROU 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 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 September 30, 2022 December 31, 2021 ASSETS Operating lease ROU assets Other assets $ 16,827 $ 12,677 LIABILITIES Operating lease liabilities Other liabilities $ 19,720 $ 14,524 The following table summarizes operating lease cost and its corresponding income statement location for the periods presented: Three Months Ended September 30, Nine Months Ended September 30, (amounts in thousands) Classification 2022 2021 2022 2021 Operating lease cost (1) Occupancy expenses $ 1,137 $ 1,147 $ 3,352 $ 3,394 (1) There were no variable lease costs for the three and nine months ended September 30, 2022 and 2021, and sublease income for operating leases is immaterial. Maturities of non-cancelable operating lease liabilities were as follows at September 30, 2022: (amounts in thousands) September 30, 2022 2022 $ 1,565 2023 5,201 2024 4,206 2025 3,291 2026 2,465 Thereafter 5,016 Total minimum payments 21,744 Less: interest 2,024 Present value of lease liabilities $ 19,720 Customers does not have leases where it is involved with the construction or design of an underlying asset. Customers has a signed lease that has not yet commenced as of September 30, 2022 with future minimum lease payments of $4.2 million. Cash paid pursuant to the operating lease liability was $1.2 million and $3.6 million for the three and nine months ended September 30, 2022, respectively. Cash paid pursuant to the operating lease liability was $1.3 million and $3.8 million for the three and nine months ended September 30, 2021, 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 September 30, 2022 and December 31, 2021: September 30, 2022 December 31, 2021 Weighted average remaining lease term (years) Operating leases 5.2 years 3.9 years Weighted average discount rate Operating leases 2.89 % 2.74 % Equipment Lessor CCF is a wholly-owned subsidiary of Customers Bank and is referred to as the Equipment Finance Group. The Equipment Finance Group goes to market through the following origination platforms: vendors, intermediaries, direct and capital markets. The Equipment Finance Group is primarily focused on serving the following segments: transportation, construction (includes crane and utility), marine, franchise, general manufacturing (includes machine tool), helicopter/fixed wing, solar, packaging, plastics and food processing. Terms typically range from 24 months to 120 months. The Equipment Finance Group offers the following products: Loans, Capital Lease, PUT, TRAC, Split-TRAC, and FMV. Direct finance leases are included in commercial and industrial loans and leases receivable. The residual values are established by utilizing internally developed analyses, external studies, and/or third-party appraisals to establish a residual position. Expected credit losses on direct financing leases and the related estimated residual values are included in the ACL 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 September 30, 2022 and December 31, 2021: (amounts in thousands) Classification September 30, 2022 December 31, 2021 ASSETS Direct financing leases Lease receivables Loans and leases receivable $ 131,731 $ 134,855 Guaranteed residual assets Loans and leases receivable 11,854 11,397 Unguaranteed residual assets Loans and leases receivable 6,347 5,665 Deferred initial direct costs Loans and leases receivable 566 448 Unearned income Loans and leases receivable (4,929) (5,383) Net investment in direct financing leases $ 145,569 $ 146,982 Operating leases Investment in operating leases Other assets $ 241,079 $ 158,135 Accumulated depreciation Other assets (54,009) (40,749) Deferred initial direct costs Other assets 1,535 872 Net investment in operating leases 188,605 118,258 Total lease assets $ 334,174 $ 265,240 |
Leases | LEASES Lessee Customers has operating leases for its branches, certain LPOs, and administrative offices, with remaining lease terms ranging between one month and 8 years. These operating leases comprise substantially all of Customers' obligations in which Customers is the lessee. These lease agreements typically consist of initial lease terms ranging between 1 and 10 years, with options to renew the leases or extend the term up to 10 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 ROU 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 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 September 30, 2022 December 31, 2021 ASSETS Operating lease ROU assets Other assets $ 16,827 $ 12,677 LIABILITIES Operating lease liabilities Other liabilities $ 19,720 $ 14,524 The following table summarizes operating lease cost and its corresponding income statement location for the periods presented: Three Months Ended September 30, Nine Months Ended September 30, (amounts in thousands) Classification 2022 2021 2022 2021 Operating lease cost (1) Occupancy expenses $ 1,137 $ 1,147 $ 3,352 $ 3,394 (1) There were no variable lease costs for the three and nine months ended September 30, 2022 and 2021, and sublease income for operating leases is immaterial. Maturities of non-cancelable operating lease liabilities were as follows at September 30, 2022: (amounts in thousands) September 30, 2022 2022 $ 1,565 2023 5,201 2024 4,206 2025 3,291 2026 2,465 Thereafter 5,016 Total minimum payments 21,744 Less: interest 2,024 Present value of lease liabilities $ 19,720 Customers does not have leases where it is involved with the construction or design of an underlying asset. Customers has a signed lease that has not yet commenced as of September 30, 2022 with future minimum lease payments of $4.2 million. Cash paid pursuant to the operating lease liability was $1.2 million and $3.6 million for the three and nine months ended September 30, 2022, respectively. Cash paid pursuant to the operating lease liability was $1.3 million and $3.8 million for the three and nine months ended September 30, 2021, 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 September 30, 2022 and December 31, 2021: September 30, 2022 December 31, 2021 Weighted average remaining lease term (years) Operating leases 5.2 years 3.9 years Weighted average discount rate Operating leases 2.89 % 2.74 % Equipment Lessor CCF is a wholly-owned subsidiary of Customers Bank and is referred to as the Equipment Finance Group. The Equipment Finance Group goes to market through the following origination platforms: vendors, intermediaries, direct and capital markets. The Equipment Finance Group is primarily focused on serving the following segments: transportation, construction (includes crane and utility), marine, franchise, general manufacturing (includes machine tool), helicopter/fixed wing, solar, packaging, plastics and food processing. Terms typically range from 24 months to 120 months. The Equipment Finance Group offers the following products: Loans, Capital Lease, PUT, TRAC, Split-TRAC, and FMV. Direct finance leases are included in commercial and industrial loans and leases receivable. The residual values are established by utilizing internally developed analyses, external studies, and/or third-party appraisals to establish a residual position. Expected credit losses on direct financing leases and the related estimated residual values are included in the ACL 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 September 30, 2022 and December 31, 2021: (amounts in thousands) Classification September 30, 2022 December 31, 2021 ASSETS Direct financing leases Lease receivables Loans and leases receivable $ 131,731 $ 134,855 Guaranteed residual assets Loans and leases receivable 11,854 11,397 Unguaranteed residual assets Loans and leases receivable 6,347 5,665 Deferred initial direct costs Loans and leases receivable 566 448 Unearned income Loans and leases receivable (4,929) (5,383) Net investment in direct financing leases $ 145,569 $ 146,982 Operating leases Investment in operating leases Other assets $ 241,079 $ 158,135 Accumulated depreciation Other assets (54,009) (40,749) Deferred initial direct costs Other assets 1,535 872 Net investment in operating leases 188,605 118,258 Total lease assets $ 334,174 $ 265,240 |
Leases | LEASES Lessee Customers has operating leases for its branches, certain LPOs, and administrative offices, with remaining lease terms ranging between one month and 8 years. These operating leases comprise substantially all of Customers' obligations in which Customers is the lessee. These lease agreements typically consist of initial lease terms ranging between 1 and 10 years, with options to renew the leases or extend the term up to 10 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 ROU 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 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 September 30, 2022 December 31, 2021 ASSETS Operating lease ROU assets Other assets $ 16,827 $ 12,677 LIABILITIES Operating lease liabilities Other liabilities $ 19,720 $ 14,524 The following table summarizes operating lease cost and its corresponding income statement location for the periods presented: Three Months Ended September 30, Nine Months Ended September 30, (amounts in thousands) Classification 2022 2021 2022 2021 Operating lease cost (1) Occupancy expenses $ 1,137 $ 1,147 $ 3,352 $ 3,394 (1) There were no variable lease costs for the three and nine months ended September 30, 2022 and 2021, and sublease income for operating leases is immaterial. Maturities of non-cancelable operating lease liabilities were as follows at September 30, 2022: (amounts in thousands) September 30, 2022 2022 $ 1,565 2023 5,201 2024 4,206 2025 3,291 2026 2,465 Thereafter 5,016 Total minimum payments 21,744 Less: interest 2,024 Present value of lease liabilities $ 19,720 Customers does not have leases where it is involved with the construction or design of an underlying asset. Customers has a signed lease that has not yet commenced as of September 30, 2022 with future minimum lease payments of $4.2 million. Cash paid pursuant to the operating lease liability was $1.2 million and $3.6 million for the three and nine months ended September 30, 2022, respectively. Cash paid pursuant to the operating lease liability was $1.3 million and $3.8 million for the three and nine months ended September 30, 2021, 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 September 30, 2022 and December 31, 2021: September 30, 2022 December 31, 2021 Weighted average remaining lease term (years) Operating leases 5.2 years 3.9 years Weighted average discount rate Operating leases 2.89 % 2.74 % Equipment Lessor CCF is a wholly-owned subsidiary of Customers Bank and is referred to as the Equipment Finance Group. The Equipment Finance Group goes to market through the following origination platforms: vendors, intermediaries, direct and capital markets. The Equipment Finance Group is primarily focused on serving the following segments: transportation, construction (includes crane and utility), marine, franchise, general manufacturing (includes machine tool), helicopter/fixed wing, solar, packaging, plastics and food processing. Terms typically range from 24 months to 120 months. The Equipment Finance Group offers the following products: Loans, Capital Lease, PUT, TRAC, Split-TRAC, and FMV. Direct finance leases are included in commercial and industrial loans and leases receivable. The residual values are established by utilizing internally developed analyses, external studies, and/or third-party appraisals to establish a residual position. Expected credit losses on direct financing leases and the related estimated residual values are included in the ACL 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 September 30, 2022 and December 31, 2021: (amounts in thousands) Classification September 30, 2022 December 31, 2021 ASSETS Direct financing leases Lease receivables Loans and leases receivable $ 131,731 $ 134,855 Guaranteed residual assets Loans and leases receivable 11,854 11,397 Unguaranteed residual assets Loans and leases receivable 6,347 5,665 Deferred initial direct costs Loans and leases receivable 566 448 Unearned income Loans and leases receivable (4,929) (5,383) Net investment in direct financing leases $ 145,569 $ 146,982 Operating leases Investment in operating leases Other assets $ 241,079 $ 158,135 Accumulated depreciation Other assets (54,009) (40,749) Deferred initial direct costs Other assets 1,535 872 Net investment in operating leases 188,605 118,258 Total lease assets $ 334,174 $ 265,240 |
Deposits
Deposits | 9 Months Ended |
Sep. 30, 2022 | |
Deposit [Abstract] | |
Deposits | DEPOSITS The components of deposits at September 30, 2022 and December 31, 2021 were as follows: September 30, 2022 December 31, 2021 (amounts in thousands) Demand, non-interest bearing $ 2,993,793 $ 4,459,790 Demand, interest bearing 7,124,663 6,488,406 Savings, including money market deposit accounts 5,505,969 5,322,390 Time 1,898,013 507,338 Total deposits $ 17,522,438 $ 16,777,924 The scheduled maturities for time deposits at September 30, 2022 were as follows: (amounts in thousands) September 30, 2022 2022 $ 459,951 2023 1,357,068 2024 75,623 2025 2,415 2026 1,567 Thereafter 1,389 Total time deposits $ 1,898,013 Time deposits greater than the FDIC limit of $250,000 totaled $1.7 billion and $259.0 million at September 30, 2022 and December 31, 2021, respectively. Included in the demand, interest bearing balances above were $1.4 billion and $1.7 billion of brokered demand deposits at September 30, 2022 and December 31, 2021, respectively. Included in the savings and money market deposit account ("MMDA") balances above were $715.6 million and $480.5 million of brokered money market deposits at September 30, 2022 and December 31, 2021, respectively. Included in time deposits above were $1.6 billion of brokered time deposits at September 30, 2022. There were no brokered time deposits included in time deposits above as of December 31, 2021. Demand deposit overdrafts reclassified as loans were $4.2 million and $2.8 million at September 30, 2022 and December 31, 2021, respectively. |
Borrowings
Borrowings | 9 Months Ended |
Sep. 30, 2022 | |
Debt Disclosure [Abstract] | |
Borrowings | BORROWINGS Short-term debt Short-term debt at September 30, 2022 and December 31, 2021 was as follows: September 30, 2022 December 31, 2021 (dollars in thousands) Amount Rate Amount Rate FHLB advances $ — — % $ 700,000 0.26 % Federal funds purchased 365,000 3.23 % 75,000 0.05 % Total short-term debt $ 365,000 $ 775,000 The following is a summary of additional information relating to Customers' short-term debt: (dollars in thousands) September 30, 2022 (1) December 31, 2021 (2) FHLB advances Maximum outstanding at any month end $ 775,000 $ 850,000 Average balance during the period 189,175 264,704 Weighted-average interest rate during the period 2.34 % 2.35 % Federal funds purchased Maximum outstanding at any month end 895,000 365,000 Average balance during the period 416,344 22,110 Weighted-average interest rate during the period 1.40 % 0.07 % (1) For the nine months ended September 30, 2022. (2) For the year ended December 31, 2021. At September 30, 2022 and December 31, 2021, Customers Bank had aggregate availability under federal funds lines totaling $1.4 billion and $1.3 billion, respectively. Long-term debt FHLB and FRB advances Long-term FHLB and FRB advances at September 30, 2022 and December 31, 2021 were as follows: September 30, 2022 December 31, 2021 (dollars in thousands) Amount Rate Amount Rate FHLB advances (1) $ 500,000 3.37 % $ — — % Total long-term FHLB and FRB advances $ 500,000 $ — (1) Amounts reported in the above table include long-term advances from FHLB of $250 million with a fixed rate of 3.44%, maturity of June 2024 with a returnable option that can be repaid without penalty on certain predetermined dates at Customers Bank's option, and $250 million with a fixed rate of 3.30% and maturity of June 2027. The maximum borrowing capacity with the FHLB and FRB at September 30, 2022 and December 31, 2021 was as follows: (amounts in thousands) September 30, 2022 December 31, 2021 Total maximum borrowing capacity with the FHLB $ 3,560,959 $ 2,973,635 Total maximum borrowing capacity with the FRB (1) 2,557,704 183,052 Qualifying loans serving as collateral against FHLB and FRB advances (1) 7,543,384 3,594,339 (1) Amounts reported in the above table exclude borrowings under the PPPLF, which are limited to the unpaid principal balance of the loans originated under the PPP. During the three months ended September 30, 2021, Customers repaid the PPPLF advances. No new advances are available from the PPPLF after July 30, 2021. Customers had no borrowings under the PPPLF at September 30, 2022 and December 31, 2021. Senior and Subordinated Debt Long-term senior notes and subordinated debt at September 30, 2022 and December 31, 2021 were as follows: September 30, 2022 December 31, 2021 (dollars in thousands) Issued by Ranking Carrying Amount Carrying Amount Rate Issued Amount Date Issued Maturity Price Customers Bancorp Senior (1) $ 98,753 $ 98,642 2.875 % $ 100,000 August 2021 August 2031 100.000 % Customers Bancorp Senior 24,762 24,672 4.500 % 25,000 September 2019 September 2024 100.000 % Customers Bancorp Senior — 99,772 3.950 % 100,000 June 2017 June 2022 99.775 % Total other borrowings $ 123,515 $ 223,086 Customers Bancorp Subordinated (2)(3) $ 72,539 $ 72,403 5.375 % $ 74,750 December 2019 December 2034 100.000 % Customers Bank Subordinated (2)(4) 109,343 109,270 6.125 % 110,000 June 2014 June 2029 100.000 % Total subordinated debt $ 181,882 $ 181,673 (1) The senior notes will bear an annual fixed rate of 2.875% until August 15, 2026. From August 15, 2026 until maturity, the notes will bear an annual interest rate equal to a benchmark rate, which is expected to be the three-month term SOFR, plus 235 basis points. Customers Bancorp has the ability to call the senior notes, in whole, or in part, at a redemption price equal to 100% of the principal balance at certain times on or after August 15, 2026. (2) The subordinated notes qualify as Tier 2 capital for regulatory capital purposes. (3) 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. (4) 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. |
Shareholders' Equity
Shareholders' Equity | 9 Months Ended |
Sep. 30, 2022 | |
Equity [Abstract] | |
Shareholders' Equity | SHAREHOLDERS’ EQUITY Common Stock On August 25, 2021, the Board of Directors of Customers Bancorp authorized the Share Repurchase Program to repurchase up to 3,235,326 shares of the Company's common stock (representing 10% of the Company’s outstanding shares of common stock on June 30, 2021). The term of the Share Repurchase Program will extend for one Preferred Stock As of September 30, 2022, Customers Bancorp has two series of preferred stock outstanding. On September 15, 2021, Customers redeemed all of the outstanding shares of Series C and Series D Preferred Stock for an aggregate payment of $82.5 million, at a redemption price of $25.00 per share. The redemption price paid in excess of the carrying value of Series C and Series D Preferred Stock of $2.8 million is included as a loss on redemption of preferred stock in the consolidated statement of income for the three and nine months ended September 30, 2021. After giving effect to the redemption, no shares of the Series C and Series D Preferred Stock remained outstanding. The table below summarizes Customers' issuances of preferred stock that remain outstanding at September 30, 2022 and December 31, 2021 and the dividends paid per share. (amounts in thousands except share and per share data) Shares at Carrying value at Initial Fixed Rate Date at which dividend rate becomes floating and earliest redemption date Floating rate of Three-Month LIBOR Plus: Dividend Paid Per Share in 2022 (1) Fixed-to-floating rate: Issue Date September 30, 2022 December 31, 2021 September 30, 2022 December 31, 2021 Series E April 28, 2016 2,300,000 2,300,000 $ 55,593 $ 55,593 6.45 % June 15, 2021 5.140 % $ 1.16 Series F September 16, 2016 3,400,000 3,400,000 82,201 82,201 6.00 % December 15, 2021 4.762 % $ 1.09 Totals 5,700,000 5,700,000 $ 137,794 $ 137,794 (1) For the nine months ended September 30, 2022. On March 15, 2021, Series D Preferred Stock became floating at three-month LIBOR plus 5.09%, compared to a fixed rate of 6.50%. On June 15, 2021, the Series E Preferred Stock became floating at three-month LIBOR plus 5.14%, compared to a fixed rate of 6.45%. On December 15, 2021, the Series F Preferred Stock became floating at three-month LIBOR plus 4.762%, compared to a fixed rate of 6.00%. |
Regulatory Capital
Regulatory Capital | 9 Months Ended |
Sep. 30, 2022 | |
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. The cumulative CECL capital transition impact as of December 31, 2021 which amounted to $61.6 million will be phased in at 25% per year beginning on January 1, 2022 through December 31, 2024. As of September 30, 2022, our regulatory capital ratios reflected 75%, or $46.2 million, benefit associated with the CECL transition provisions. 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. a 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 September 30, 2022 and December 31, 2021, 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 (dollars in thousands) Amount Ratio Amount Ratio Amount Ratio Amount Ratio As of September 30, 2022: Common equity Tier 1 capital (to risk-weighted assets) Customers Bancorp, Inc. $ 1,447,890 9.845 % $ 661,804 4.500 % N/A N/A $ 1,029,472 7.000 % Customers Bank $ 1,676,998 11.420 % $ 660,807 4.500 % $ 954,499 6.500 % $ 1,027,922 7.000 % Tier 1 capital (to risk-weighted assets) Customers Bancorp, Inc. $ 1,585,683 10.782 % $ 882,405 6.000 % N/A N/A $ 1,250,073 8.500 % Customers Bank $ 1,676,998 11.420 % $ 881,076 6.000 % $ 1,174,768 8.000 % $ 1,248,191 8.500 % Total capital (to risk-weighted assets) Customers Bancorp, Inc. $ 1,838,179 12.499 % $ 1,176,540 8.000 % N/A N/A $ 1,544,208 10.500 % Customers Bank $ 1,856,955 12.646 % $ 1,174,768 8.000 % $ 1,468,460 10.000 % $ 1,541,883 10.500 % Tier 1 capital (to average assets) Customers Bancorp, Inc. $ 1,585,683 7.650 % $ 829,133 4.000 % N/A N/A $ 829,133 4.000 % Customers Bank $ 1,676,998 8.099 % $ 828,289 4.000 % $ 1,035,361 5.000 % $ 828,289 4.000 % As of December 31, 2021: Common equity Tier 1 capital (to risk-weighted assets) Customers Bancorp, Inc. $ 1,291,270 9.981 % $ 582,179 4.500 % N/A N/A $ 905,611 7.000 % Customers Bank $ 1,526,583 11.825 % $ 580,943 4.500 % $ 839,140 6.500 % $ 903,689 7.000 % Tier 1 capital (to risk-weighted assets) Customers Bancorp, Inc. $ 1,429,063 11.046 % $ 776,238 6.000 % N/A N/A $ 1,099,671 8.500 % Customers Bank $ 1,526,583 11.825 % $ 774,591 6.000 % $ 1,032,788 8.000 % $ 1,097,337 8.500 % Total capital (to risk-weighted assets) Customers Bancorp, Inc. $ 1,667,395 12.888 % $ 1,034,984 8.000 % N/A N/A $ 1,358,417 10.500 % Customers Bank $ 1,692,512 13.110 % $ 1,032,788 8.000 % $ 1,290,985 10.000 % $ 1,355,534 10.500 % Tier 1 capital (to average assets) Customers Bancorp, Inc. $ 1,429,063 7.413 % $ 771,084 4.000 % N/A N/A $ 771,084 4.000 % Customers Bank $ 1,526,583 7.925 % $ 770,528 4.000 % $ 963,160 5.000 % $ 770,528 4.000 % The Basel III Capital Rules require that we maintain a 2.500% capital conservation buffer with respect to each of common equity Tier 1, 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 | 9 Months Ended |
Sep. 30, 2022 | |
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 September 30, 2022 and December 31, 2021: Financial Instruments Recorded at Fair Value on a Recurring Basis Investment securities: The fair values of equity securities with a readily determinable fair value, 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). When quoted market prices are not available, Customers employs an independent pricing service that utilizes matrix pricing to calculate fair value. Such fair value measurements consider observable data such as dealer quotes, market spreads, cash flows, yield curves, live trading levels, trade execution data, market consensus prepayments speeds, credit information, and respective terms and conditions for debt instruments. Management maintains procedures to monitor the pricing service's results and has an established process to challenge their valuations, or methodologies, that appear unusual or unexpected. Customers also utilizes internally and externally developed models that use unobservable inputs due to limited or no market activity of the instrument. These models use unobservable inputs that are inherently judgmental and reflect our best estimates of the assumptions a market participant would use to calculate fair value. Certain unobservable inputs in isolation may have either a directionally consistent or opposite impact on the fair value of the instrument for a given change in that input. When multiple inputs are used within the valuation techniques, a change in one input in a certain direction may be offset by an opposite change from another input. 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. 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, Financial Instruments - Credit Losses ("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. 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. The estimated fair values of Customers' financial instruments at September 30, 2022 and December 31, 2021 were as follows. Fair Value Measurements at September 30, 2022 (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 $ 404,465 $ 404,465 $ 404,465 $ — $ — Debt securities, available for sale 2,918,830 2,918,830 — 2,830,944 87,886 Debt securities, held to maturity 886,294 854,737 — 454,736 400,001 Loans held for sale 5,224 5,224 — 609 4,615 Total loans and leases receivable, net of allowance for credit losses on loans and leases 15,201,267 14,905,661 — 1,569,090 13,336,571 FHLB, Federal Reserve Bank and other restricted stock 64,112 64,112 — 64,112 — Derivatives 46,451 46,451 — 46,410 41 Liabilities: Deposits $ 17,522,438 $ 17,502,691 $ 15,624,425 $ 1,878,266 $ — Federal funds purchased 365,000 365,000 365,000 — — FHLB advances 500,000 480,319 — 480,319 — Other borrowings 123,515 120,888 — 120,888 — Subordinated debt 181,882 171,722 — 171,722 — Derivatives 43,727 43,727 — 43,727 — Fair Value Measurements at December 31, 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 $ 518,032 $ 518,032 $ 518,032 $ — $ — Debt securities, available for sale 3,791,575 3,791,575 — 3,648,690 142,885 Loans held for sale 16,254 16,254 — 15,747 507 Total loans and leases receivable, net of allowance for credit losses on loans and leases 14,414,827 14,207,811 — 2,284,325 11,923,486 FHLB, Federal Reserve Bank and other restricted stock 64,584 64,584 — 64,584 — Derivatives 27,295 27,295 — 27,116 179 Liabilities: Deposits $ 16,777,924 $ 16,777,236 $ 16,270,586 $ 506,650 $ — Federal funds purchased 75,000 75,000 75,000 — — FHLB advances 700,000 700,000 — 700,000 — Other borrowings 223,086 226,585 — 226,585 — Subordinated debt 181,673 204,782 — 204,782 — Derivatives 26,544 26,544 — 26,544 — 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 September 30, 2022 and December 31, 2021 were as follows: September 30, 2022 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 $ — $ 105,375 $ 87,886 $ 193,261 Agency-guaranteed residential collateralized mortgage obligations — 138,222 — 138,222 Collateralized loan obligations — 827,813 — 827,813 Commercial mortgage-backed securities — 134,843 — 134,843 Corporate notes — 532,655 — 532,655 Private label collateralized mortgage obligations — 1,084,685 — 1,084,685 State and political subdivision debt securities — 7,351 — 7,351 Derivatives — 46,410 41 46,451 Loans held for sale – fair value option — 609 — 609 Loans receivable, mortgage warehouse – fair value option — 1,569,090 — 1,569,090 Total assets – recurring fair value measurements $ — $ 4,447,053 $ 87,927 $ 4,534,980 Liabilities Derivatives $ — $ 43,727 $ — $ 43,727 Measured at Fair Value on a Nonrecurring Basis: Assets Collateral-dependent loans $ — $ — $ 4,853 $ 4,853 Total assets – nonrecurring fair value measurements $ — $ — $ 4,853 $ 4,853 December 31, 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 $ — $ 154,540 $ 142,885 $ 297,425 Agency-guaranteed residential mortgage–backed securities — 9,553 — 9,553 Agency-guaranteed commercial mortgage–backed securities — 2,152 — 2,152 Agency-guaranteed residential collateralized mortgage obligations — 196,930 — 196,930 Agency-guaranteed commercial collateralized mortgage obligations — 238,844 — 238,844 Collateralized loan obligations — 1,066,802 — 1,066,802 Commercial mortgage-backed securities — 148,927 — 148,927 Corporate notes — 580,046 — 580,046 Private label collateralized mortgage obligations — 1,242,465 — 1,242,465 State and political subdivision debt securities — 8,431 — 8,431 Derivatives — 27,116 179 27,295 Loans held for sale – fair value option — 15,747 — 15,747 Loans receivable, mortgage warehouse – fair value option — 2,284,325 — 2,284,325 Total assets – recurring fair value measurements $ — $ 5,975,878 $ 143,064 $ 6,118,942 Liabilities Derivatives $ — $ 26,544 $ — $ 26,544 Measured at Fair Value on a Nonrecurring Basis: Assets Collateral-dependent loans $ — $ — $ 5,121 $ 5,121 Total assets – nonrecurring fair value measurements $ — $ — $ 5,121 $ 5,121 The changes in residential mortgage loan commitments (Level 3 assets) measured at fair value on a recurring basis for the three and nine months ended September 30, 2022 and 2021 are summarized in the tables below. Additional information about residential mortgage loan commitments can be found in NOTE 15 – DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES. Residential Mortgage Loan Commitments Three Months Ended September 30, (amounts in thousands) 2022 2021 Balance at July 1 $ 98 $ 301 Issuances 41 163 Settlements (98) (301) Balance at September 30 $ 41 $ 163 Residential Mortgage Loan Commitments Nine Months Ended September 30, (amounts in thousands) 2022 2021 Balance at January 1 $ 179 $ 200 Issuances 288 660 Settlements (426) (697) Balance at September 30 $ 41 $ 163 The changes in asset-backed securities (Level 3 assets) measured at fair value on a recurring basis for the three and nine months ended September 30, 2022 are summarized in the tables below. Asset-backed securities (amounts in thousands) Three Months Ended September 30, 2022 Balance at July 1 $ 106,919 Principal payments and premium amortization (16,852) Decrease in allowance for credit losses 158 Change in fair value recognized in OCI (2,339) Balance at September 30 $ 87,886 Asset-backed securities (amounts in thousands) Nine Months Ended September 30, 2022 Balance at January 1 $ 142,885 Principal payments and premium amortization (51,348) Credit losses (253) Change in fair value recognized in OCI (3,398) Balance at September 30 $ 87,886 There were no transfers between levels during the three and nine months ended September 30, 2022 and 2021. The following tables summarize financial assets and financial liabilities measured at fair value as of September 30, 2022 and December 31, 2021 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 (dollars in thousands) Fair Value Valuation Technique Unobservable Input Range (Weighted Average) (4) September 30, 2022 Asset-backed securities $ 87,886 Discounted cash flow Discount rate Annualized loss rate Constant prepayment rate 7% - 7% (7%) 4% - 6% (5%) 22% - 24% (23%) Collateral-dependent loans – real estate 4,615 Collateral appraisal (1) Liquidation expenses (2) 0% - 0% (0%) Collateral-dependent loans – commercial and industrial 238 Collateral appraisal (1) Business asset valuation (3) Liquidation expenses (2) Business asset valuation adjustments (4) 8% - 8% (8%) 25% - 27% (26%) Residential mortgage loan commitments 41 Adjusted market bid Pull-through rate 82% - 100% (86%) Quantitative Information about Level 3 Fair Value Measurements (dollars in thousands) Fair Value Valuation Technique Unobservable Input Range (Weighted Average) (4) December 31, 2021 Asset-backed securities $ 142,885 Discounted cash flow Discount rate Annualized loss rate Constant prepayment rate 4% - 5% (5%) 4% - 4% (4%) 17% - 33% (19%) Collateral-dependent loans – real estate 4,170 Collateral appraisal (1) Liquidation expenses (2) 8% - 8% (8%) Collateral-dependent loans – commercial and industrial 951 Collateral appraisal (1) Business asset valuation (3) Liquidation expenses (2) Business asset valuation adjustments (4) 8% - 26% (12%) 20% - 20% (20%) Residential mortgage loan commitments 179 Adjusted market bid Pull-through rate 76% - 89% (85%) (1) Obtained from approved independent appraisers. Appraisals are current and in compliance with credit policy. Customers does not generally discount appraisals. Fair value is also estimated based on sale agreements or letters of intent with third parties. (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 | 9 Months Ended |
Sep. 30, 2022 | |
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 an accommodation 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 these objectives, 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 AOCI 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. 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 AOCI are reclassified immediately into earnings and any subsequent changes in the fair value of such derivatives are recognized directly in earnings. During the nine months ended September 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 September 30, 2022 and December 31, 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 September 30, 2022, Customers had three outstanding interest rate derivatives with notional amounts totaling $22.5 million that were designated as fair value hedges of certain AFS debt securities. During the three and nine months ended September 30, 2022, Customers terminated four and thirteen interest rate derivatives with notional amounts totaling $10.0 million and $58.0 million, respectively, that were designated as fair value hedges together with the sale of hedged AFS debt securities. During the nine months ended September 30, 2021, Customers terminated eight interest rate derivatives with notional amounts totaling $191.8 million that were designated as fair value hedges together with the sale of hedged AFS debt securities. At December 31, 2021, Customers had 16 outstanding interest rate derivatives with notional amounts totaling $80.5 million designated as fair value hedges. As of September 30, 2022, 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 (amounts in thousands) September 30, 2022 December 31, 2021 September 30, 2022 December 31, 2021 AFS debt securities $ 22,500 $ 80,500 $ 1,885 $ 1,750 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 September 30, 2022, Customers had 147 interest rate swaps with an aggregate notional amount of $1.3 billion and 12 interest rate caps with an aggregated notional amount of $242.3 million related to this program. At December 31, 2021, Customers had 153 interest rate swaps with an aggregate notional amount of $1.4 billion and 14 interest rate caps with an aggregate notional amount of $264.7 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 September 30, 2022 and December 31, 2021, Customers had an aggregate notional amount of residential mortgage loan commitments of $1.8 million and $8.2 million, respectively. Customers has also purchased and sold credit derivatives to either hedge or participate in the performance risk associated with some of its counterparties. These derivatives are not designated as hedging instruments and are reported at fair value, with changes in fair value recorded directly in earnings. At September 30, 2022 and December 31, 2021, Customers had an aggregate notional amount of credit derivatives of $143.1 million and $129.9 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 consolidated balance sheets as of September 30, 2022 and December 31, 2021. September 30, 2022 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 $ 1,885 Other liabilities $ — Total $ 1,885 $ — Derivatives not designated as hedging instruments: Interest rate swaps and caps Other assets $ 44,492 Other liabilities $ 43,727 Credit contracts Other assets 33 Other liabilities — Residential mortgage loan commitments Other assets 41 Other liabilities — Total $ 44,566 $ 43,727 December 31, 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 $ 1,750 Other liabilities $ — Total $ 1,750 $ — Derivatives not designated as hedging instruments: Interest rate swaps and caps Other assets $ 25,235 Other liabilities $ 26,343 Credit contracts Other assets 131 Other liabilities 201 Residential mortgage loan commitments Other assets 179 Other liabilities — Total $ 25,545 $ 26,544 Effect of Derivative Instruments on Net Income The following table presents 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 nine months ended September 30, 2022 and 2021. Amount of Income (Loss) Recognized in Earnings Three Months Ended September 30, Nine Months Ended September 30, (amounts in thousands) Income Statement Location 2022 2021 2022 2021 Derivatives designated as fair value hedges: Recognized on interest rate swaps Net interest income $ 510 $ — $ 3,530 $ 4,777 Recognized on hedged AFS debt securities Net interest income (510) — (3,530) (4,777) Total $ — $ — $ — $ — Derivatives not designated as hedging instruments: Interest rate swaps and caps Non-interest income (1) $ 503 $ 517 $ 2,244 $ 2,540 Credit contracts Non-interest income (1) 60 7 104 81 Residential mortgage loan commitments Non-interest income (2) (57) (138) (139) (37) Total $ 506 $ 386 $ 2,209 $ 2,584 (1) Included in unrealized gain (loss) on derivatives. (2) Included in mortgage banking income. Effect of Derivative Instruments on Comprehensive Income The following tables present the effect of Customers' derivative financial instruments on comprehensive income for the three and nine months ended September 30, 2022 and 2021. 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 September 30, Three Months Ended September 30, (amounts in thousands) 2022 2021 2022 2021 Derivatives in cash flow hedging relationships: Interest rate swaps $ — $ — Interest expense $ — $ — 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 Nine Months Ended September 30, Nine Months Ended September 30, (amounts in thousands) 2022 2021 2022 2021 Derivatives in cash flow hedging relationships: Interest rate swaps $ — $ 9,117 Interest expense $ — $ (2,505) Non-interest income (2) — (24,467) Total $ — $ (26,972) (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. (2) Included in loss on cash flow hedge derivative terminations. 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 September 30, 2022, the fair value of derivatives in a net asset position (which includes accrued interest but excludes any adjustment for nonperformance-risk) related to these agreements was $31.5 million. In addition, Customers, which has collateral posting thresholds with certain of these counterparties, had received $29.8 million of cash as collateral at September 30, 2022. Customers records cash posted or received as collateral with these counterparties, except with a central clearing entity, as a reduction or an increase in the outstanding balance of cash and cash equivalents and an increase in the balance of other assets or other liabilities. 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 tables 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 tables 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 Net Amount (amounts in thousands) Financial Instruments Cash Collateral Received/Posted September 30, 2022 Interest rate derivative assets with institutional counterparties $ 31,495 $ — $ (31,495) $ — Interest rate derivative liabilities with institutional counterparties $ — $ — $ — $ — Gross Amounts Recognized on the Consolidated Balance Sheets Gross Amounts Not Offset in the Consolidated Balance Sheet Net Amount (amounts in thousands) Financial Instruments Cash Collateral Received/Posted December 31, 2021 Interest rate derivative assets with institutional counterparties $ — $ — $ — $ — Interest rate derivative liabilities with institutional counterparties $ 23,348 $ — $ (23,348) $ — |
Loss Contingencies
Loss Contingencies | 9 Months Ended |
Sep. 30, 2022 | |
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. 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 States Bankruptcy Court for the Central District of California. On October 28, 2020, the Trustee, as plaintiff, filed her amended adversary complaint (“Adversary Complaint”) against the 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 the Bank in the amount of $8.1 million in satisfaction of a PPP loan made by the Bank to the Debtor (the “PPP Loan Payment”). The Trustee sought 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. On December 2, 2021, the Bank filed a motion for summary judgement, arguing that the Trustee had failed to establish the elements under 11 U.S.C. §547 necessary to recover the PPP Loan Payment and other affirmative defenses to any such recovery. On February 2, 2022, the United States Bankruptcy Court for the Central District of California granted the Bank’s motion for summary judgment, finding that the PPP Loan Payment was not recoverable by the Trustee. The Trustee has elected not to appeal this decision and, on February 23, 2022, the case against the Bank was closed by the United States Bankruptcy Court for the Central District of California. |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2022 | |
Subsequent Events [Abstract] | |
Subsequent Events | SUBSEQUENT EVENTSOn November 7, 2022, Customers agreed to extend the deposit servicing agreement with BM Technologies related to $1.6 billion of deposits serviced by BM Technologies and held by the Bank as of September 30, 2022 to the earlier of BM Technologies' successful completion of the transfer of the deposits to a new sponsor bank or June 30, 2023. Customers and BM Technologies also agreed to remove Customers' obligation under the deposit servicing agreement to pay BM Technologies the interchange maintenance fee which is the difference between the Durbin-exempt and Durbin-recalculated interchange revenues. The other terms of the deposit servicing agreement remain in effect through the new termination date. |
Significant Accounting Polici_2
Significant Accounting Policies and Basis of Presentation (Policies) | 9 Months Ended |
Sep. 30, 2022 | |
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, 2021 consolidated balance sheet presented in this report has been derived from Customers Bancorp’s audited 2021 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 2021 consolidated financial statements of Customers Bancorp and subsidiaries included in Customers' Annual Report on Form 10-K for the year ended December 31, 2021 filed with the SEC on February 28, 2022 (the "2021 Form 10-K"). The 2021 Form 10-K describes Customers Bancorp’s significant accounting policies. There have been no material changes to Customers Bancorp's significant accounting policies noted above for the three and nine months ended September 30, 2022. |
Recently Issued Accounting Standards and Accounting Standards Issued But Not Yet Adopted | Recently Issued Accounting Standards Presented below are recently issued accounting standards that Customers has adopted as well as those that the FASB has issued but are not yet effective. Accounting Standards Adopted in 2022 Standard Summary of Guidance Effects on Financial Statements SEC Staff Accounting Bulletin ("SAB") No. 121, Accounting for Obligations to Safeguard Crypto-Assets an Entity Holds for its Platform Users Issued March 2022 • Provides interpretive guidance regarding the staff's views on how an entity that has an obligation to safeguard crypto-assets for another party should account for that obligation. An entity with a safeguarding obligation under SAB 121 recognizes a safeguarding liability with an accompanying safeguarding asset, measured at the fair value of the safeguarded crypto-asset. • Customers adopted this guidance as of June 30, 2022. This guidance did not have any impact on its financial condition, results of operations and consolidated financial statements. Accounting Standards Issued But Not Yet Adopted Standard Summary of Guidance Effects on Financial Statements ASU 2022-02, Financial Instruments - Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures Issued March 2022 • Eliminates the accounting guidance for TDRs by creditors, and applies the loan refinancing and restructuring guidance when a borrower is experiencing financial difficulty to determine whether a modification results in a new loan or a continuation of an existing loan. • Provides enhanced disclosure requirements for certain loan refinancing and restructurings and disclosure of current-period gross write-offs by year of origination for financing receivables and net investments in leases within the scope of ASC 326. • Effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. Early adoption is permitted, including adoption in any interim period, provided the amendments are adopted as of the beginning of the fiscal year that includes the interim period of adoption. Early adoption is permitted separately for the amendments to TDRs and vintage disclosures. • TDR and vintage disclosures are to be adopted prospectively. An entity may adopt TDR recognition and measurement guidance prospectively or elect to use a modified retrospective transition method, with a cumulative effect adjustment to retained earnings at the beginning of the period of adoption. • Customers expects this guidance will result in additional disclosures related to gross write-offs by vintage year and expansive disclosures for certain loan modifications to borrowers experiencing financial difficulty. ASU 2022-03, Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions Issued June 2022 • Clarifies that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and not considered in measuring fair value. • Prohibits recognition and measurement of a contractual sale restriction on the sale of an equity security as a separate unit of account. • Provides disclosure requirements for the equity securities subject to contractual sale restrictions. • Effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. Early adoption is permitted for both interim and annual financial statements that have not yet been issued or made available for issuance. • Customers will adopt this guidance on January 1, 2024. This guidance is not expected to have a material impact on its financial condition, results of operations and consolidated financial statements. |
Variable Interest Entity | Customers' transactions with unconsolidated VIEs include sales of consumer installment loans and investments in the securities issued by the VIEs. Customers is not the primary beneficiary of the VIEs because Customers has no right to make decisions that will most significantly affect the economic performance of the VIEs. Customers' continuing involvement with the unconsolidated VIEs is not significant. Customers' continuing involvement is not considered to be significant where Customers only invests in securities issued by the VIE and was not involved in the design of the VIE or where Customers has transferred financial assets to the VIE for only cash consideration. Customers' investments in the securities issued by the VIEs are classified as AFS or HTM debt securities on the consolidated balance sheets, and represent Customers' maximum exposure to loss. |
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 an accommodation 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 these objectives, 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 AOCI 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. |
Significant Accounting Polici_3
Significant Accounting Policies and Basis of Presentation (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Accounting Policies [Abstract] | |
Schedule of New Accounting Pronouncements and Changes in Accounting Principles | Presented below are recently issued accounting standards that Customers has adopted as well as those that the FASB has issued but are not yet effective. Accounting Standards Adopted in 2022 Standard Summary of Guidance Effects on Financial Statements SEC Staff Accounting Bulletin ("SAB") No. 121, Accounting for Obligations to Safeguard Crypto-Assets an Entity Holds for its Platform Users Issued March 2022 • Provides interpretive guidance regarding the staff's views on how an entity that has an obligation to safeguard crypto-assets for another party should account for that obligation. An entity with a safeguarding obligation under SAB 121 recognizes a safeguarding liability with an accompanying safeguarding asset, measured at the fair value of the safeguarded crypto-asset. • Customers adopted this guidance as of June 30, 2022. This guidance did not have any impact on its financial condition, results of operations and consolidated financial statements. Accounting Standards Issued But Not Yet Adopted Standard Summary of Guidance Effects on Financial Statements ASU 2022-02, Financial Instruments - Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures Issued March 2022 • Eliminates the accounting guidance for TDRs by creditors, and applies the loan refinancing and restructuring guidance when a borrower is experiencing financial difficulty to determine whether a modification results in a new loan or a continuation of an existing loan. • Provides enhanced disclosure requirements for certain loan refinancing and restructurings and disclosure of current-period gross write-offs by year of origination for financing receivables and net investments in leases within the scope of ASC 326. • Effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. Early adoption is permitted, including adoption in any interim period, provided the amendments are adopted as of the beginning of the fiscal year that includes the interim period of adoption. Early adoption is permitted separately for the amendments to TDRs and vintage disclosures. • TDR and vintage disclosures are to be adopted prospectively. An entity may adopt TDR recognition and measurement guidance prospectively or elect to use a modified retrospective transition method, with a cumulative effect adjustment to retained earnings at the beginning of the period of adoption. • Customers expects this guidance will result in additional disclosures related to gross write-offs by vintage year and expansive disclosures for certain loan modifications to borrowers experiencing financial difficulty. ASU 2022-03, Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions Issued June 2022 • Clarifies that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and not considered in measuring fair value. • Prohibits recognition and measurement of a contractual sale restriction on the sale of an equity security as a separate unit of account. • Provides disclosure requirements for the equity securities subject to contractual sale restrictions. • Effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. Early adoption is permitted for both interim and annual financial statements that have not yet been issued or made available for issuance. • Customers will adopt this guidance on January 1, 2024. This guidance is not expected to have a material impact on its financial condition, results of operations and consolidated financial statements. |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Discontinued Operations Income Statement | 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 Nine Months Ended (amounts in thousands) 2022 2021 2022 2021 Discontinued operations: Non-interest income $ — $ — $ — $ — Non-interest expense — — — 20,354 Loss from discontinued operations before income taxes — — — (20,354) Income tax expense (benefit) — — — 17,682 Net loss from discontinued operations $ — $ — $ — $ (38,036) |
Earnings (Loss) Per Share (Tabl
Earnings (Loss) Per Share (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
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 Nine Months Ended (amounts in thousands, except share and per share data) 2022 2021 2022 2021 Net income from continuing operations available to common shareholders $ 61,364 $ 110,241 $ 192,779 $ 239,523 Net loss from discontinued operations — — — (38,036) Net income available to common shareholders $ 61,364 $ 110,241 $ 192,779 $ 201,487 Weighted-average number of common shares outstanding – basic 32,455,814 32,449,853 32,706,652 32,206,547 Share-based compensation plans 770,793 1,418,700 1,000,212 1,281,125 Weighted-average number of common shares – diluted 33,226,607 33,868,553 33,706,864 33,487,672 Basic earnings (loss) per common share from continuing operations $ 1.89 $ 3.40 $ 5.89 $ 7.44 Basic earnings (loss) per common share from discontinued operations — — — (1.18) Basic earnings (loss) per common share 1.89 3.40 5.89 6.26 Diluted earnings (loss) per common share from continuing operations $ 1.85 $ 3.25 $ 5.72 $ 7.15 Diluted earnings (loss) per common share from discontinued operations — — — (1.13) Diluted earnings (loss) per common share 1.85 3.25 5.72 6.02 |
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 Nine Months Ended 2022 2021 2022 2021 Anti-dilutive securities: Share-based compensation awards 730,486 710,000 100,707 711,000 |
Changes in Accumulated Other _2
Changes in Accumulated Other Comprehensive Income (Loss) By Component (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
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 nine months ended September 30, 2022 and 2021. Amounts in parentheses indicate reductions to AOCI. Three Months Ended September 30, 2022 (amounts in thousands) Unrealized Gains (Losses) on Available for Sale Securities (1) Unrealized Gains (Losses) on Cash Flow Hedges (2) Total Balance - June 30, 2022 $ (124,881) $ — $ (124,881) Unrealized gains (losses) arising during period, before tax (46,450) — (46,450) Income tax effect 12,077 — 12,077 Other comprehensive income (loss) before reclassifications (34,373) — (34,373) Reclassification adjustments for (gains) losses included in net income, before tax 4,227 — 4,227 Income tax effect (1,099) — (1,099) Amounts reclassified from accumulated other comprehensive income (loss) to net income 3,128 — 3,128 Net current-period other comprehensive income (loss) (31,245) — (31,245) Balance - September 30, 2022 $ (156,126) $ — $ (156,126) Three Months Ended September 30, 2021 (amounts in thousands) Unrealized Gains (Losses) on Available for Sale Securities (1) Unrealized Gains (Losses) on Cash Flow Hedges (2) Total Balance - June 30, 2021 $ 5,266 $ — $ 5,266 Unrealized gains (losses) arising during period, before tax 958 — 958 Income tax effect (249) — (249) Other comprehensive income (loss) before reclassifications 709 — 709 Reclassification adjustments for (gains) losses included in net income, before tax (6,063) — (6,063) Income tax effect 1,576 — 1,576 Amounts reclassified from accumulated other comprehensive income (loss) to net income (4,487) — (4,487) Net current-period other comprehensive income (loss) (3,778) — (3,778) Balance - September 30, 2021 $ 1,488 $ — $ 1,488 Nine Months Ended September 30, 2022 (amounts in thousands) Unrealized Gains (Losses) Available for Sale Securities (1) Unrealized Gains (Losses) on Cash Flow Hedges (2) Total Balance - December 31, 2021 $ (4,980) $ — $ (4,980) Unrealized gains (losses) arising during period, before tax (213,532) — (213,532) Income tax effect 55,518 — 55,518 Other comprehensive income (loss) before reclassifications (158,014) — (158,014) Reclassification adjustments for (gains) losses included in net income, before tax 9,281 — 9,281 Income tax effect (2,413) — (2,413) Amounts reclassified from accumulated other comprehensive income (loss) to net income 6,868 — 6,868 Net current-period other comprehensive income (loss) (151,146) — (151,146) Balance - September 30, 2022 $ (156,126) $ — $ (156,126) Nine Months Ended September 30, 2021 (amounts in thousands) Unrealized Gains (Losses) on 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 1,950 12,321 14,271 Income tax effect (507) (3,204) (3,711) Other comprehensive income (loss) before reclassifications 1,443 9,117 10,560 Reclassification adjustments for (gains) losses included in net income, before tax (31,441) 26,972 (4,469) Income tax effect 8,174 (7,013) 1,161 Amounts reclassified from accumulated other comprehensive income (loss) to net income (23,267) 19,959 (3,308) Net current-period other comprehensive income (21,824) 29,076 7,252 Balance - September 30, 2021 $ 1,488 $ — $ 1,488 (1) Reclassification amounts for AFS debt securities are reported as gain (loss) on sale of investment securities and amortization of unrealized losses on debt securities transferred from available-for-sale to held-to-maturity is reported within interest income 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) | 9 Months Ended |
Sep. 30, 2022 | |
Investments, Debt and Equity Securities [Abstract] | |
Summary of Amortized Cost and Approximate Fair Value of Investment Securities and Held to Maturity Securities | The amortized cost, approximate fair value and allowance for credit losses of investment securities as of September 30, 2022 and December 31, 2021 are summarized as follows: September 30, 2022 (1) (amounts in thousands) Amortized Cost Allowance for Credit Losses Gross Unrealized Gains Gross Unrealized Losses Fair Value Available for sale debt securities: Asset-backed securities $ 200,171 $ (253) $ — $ (6,657) $ 193,261 Agency-guaranteed residential collateralized mortgage obligations 152,008 — — (13,786) 138,222 Collateralized loan obligations 855,959 — 10 (28,156) 827,813 Commercial mortgage-backed securities 138,972 — — (4,129) 134,843 Corporate notes 587,987 — 23 (55,355) 532,655 Private label collateralized mortgage obligations 1,141,340 — — (56,655) 1,084,685 State and political subdivision debt securities (2) 8,523 — (1,172) 7,351 Available for sale debt securities $ 3,084,960 $ (253) $ 33 $ (165,910) 2,918,830 Equity securities (3) 24,864 Total investment securities, at fair value $ 2,943,694 December 31, 2021 (1) (amounts in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Available for sale debt securities: Asset-backed securities $ 297,291 $ 253 $ (119) $ 297,425 Agency-guaranteed residential mortgage-backed securities 9,865 — (312) 9,553 Agency-guaranteed commercial mortgage-backed securities 2,162 — (10) 2,152 Agency-guaranteed residential collateralized mortgage obligations 199,091 154 (2,315) 196,930 Agency-guaranteed commercial collateralized mortgage obligations 242,668 53 (3,877) 238,844 Collateralized loan obligations 1,067,770 247 (1,215) 1,066,802 Commercial mortgage-backed securities 149,054 53 (180) 148,927 Corporate notes 575,273 6,334 (1,561) 580,046 Private label collateralized mortgage obligations 1,248,142 333 (6,010) 1,242,465 State and political subdivision debt securities (2) 8,535 — (104) 8,431 Available for sale debt securities $ 3,799,851 $ 7,427 $ (15,703) 3,791,575 Equity securities (3) 25,575 Total investment securities, at fair value $ 3,817,150 (1) Accrued interest on AFS debt securities totaled $15.0 million and $11.0 million at September 30, 2022 and December 31, 2021, respectively, and is included in accrued interest receivable on the consolidated balance sheet. (2) Includes both taxable and non-taxable municipal securities. (3) Includes perpetual preferred stock issued by domestic banks and domestic bank holding companies and equity securities issued by fintech companies, without a readily determinable fair value, and CRA-qualified mutual fund shares at September 30, 2022 and December 31, 2021. No impairments or measurement adjustments have been recorded on the equity securities without a readily determinable fair value since acquisition. The amortized cost, approximate fair value and allowance for credit losses of investment securities held to maturity as of September 30, 2022 are summarized as follows: September 30, 2022 (1) (amounts in thousands) Amortized Cost Allowance for Credit Losses Net Carrying Value Gross Unrealized Gains Gross Unrealized Losses Fair Value Held to maturity debt securities: Asset-backed securities $ 400,001 $ — $ 400,001 $ — $ — $ 400,001 Agency-guaranteed residential mortgage-backed securities 7,781 — 7,781 (702) 7,079 Agency-guaranteed commercial mortgage-backed securities 1,947 — 1,947 — (96) 1,851 Agency-guaranteed residential collateralized mortgage obligations 209,519 — 209,519 — (16,681) 192,838 Agency-guaranteed commercial collateralized mortgage obligations 152,794 — 152,794 — (6,189) 146,605 Private label collateralized mortgage obligations 114,252 — 114,252 — (7,889) 106,363 Total held to maturity debt securities $ 886,294 $ — $ 886,294 $ — $ (31,557) $ 854,737 (1) Accrued interest on HTM debt securities totaled $0.8 million at September 30, 2022, and is included in accrued interest receivable on the consolidated balance sheet. |
Gain (Loss) on Securities | The following table presents gross realized gains and realized losses from the sale of AFS debt securities for the three and nine months ended September 30, 2022 and 2021: Three Months Ended September 30, Nine Months Ended September 30, (amounts in thousands) 2022 2021 2022 2021 Gross realized gains $ — $ 6,063 $ 2,563 $ 31,441 Gross realized losses (2,135) — (8,790) — Net realized gains (losses) on sale of available for sale debt securities $ (2,135) $ 6,063 $ (6,227) $ 31,441 |
Summary of Available-for-Sale and Held to Maturity Debt Securities by Stated Maturity | The following table presents AFS 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: September 30, 2022 (amounts in thousands) Amortized Fair Due in one year or less $ — $ — Due after one year through five years 463,431 421,935 Due after five years through ten years 133,079 118,071 Asset-backed securities 200,171 193,261 Collateralized loan obligations 855,959 827,813 Commercial mortgage-backed securities 138,972 134,843 Agency-guaranteed residential collateralized mortgage obligations 152,008 138,222 Private label collateralized mortgage obligations 1,141,340 1,084,685 Total available for sale debt securities $ 3,084,960 $ 2,918,830 The following table presents HTM 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: September 30, 2022 (amounts in thousands) Amortized Fair Asset-backed securities $ 400,001 $ 400,001 Agency-guaranteed residential mortgage-backed securities 7,781 7,079 Agency-guaranteed commercial mortgage-backed securities 1,947 1,851 Agency-guaranteed residential collateralized mortgage obligations 209,519 192,838 Agency-guaranteed commercial collateralized mortgage obligations 152,794 146,605 Private label collateralized mortgage obligations 114,252 106,363 Total held to maturity debt securities $ 886,294 $ 854,737 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Fair Value | Gross unrealized losses and fair value of Customers' AFS debt securities for which an allowance for credit losses has not been recorded, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at September 30, 2022 and December 31, 2021 were as follows: September 30, 2022 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 $ 186,085 $ (5,811) $ 11,154 $ (846) $ 197,239 $ (6,657) Agency-guaranteed residential collateralized mortgage obligations 138,222 (13,786) — — 138,222 (13,786) Collateralized loan obligations 787,365 (27,078) 35,670 (1,078) 823,035 (28,156) Commercial mortgage-backed securities 130,010 (4,027) 4,847 (102) 134,857 (4,129) Corporate notes 454,386 (49,635) 55,850 (5,720) 510,236 (55,355) Private label collateralized mortgage obligations 720,076 (45,150) 129,973 (11,505) 850,049 (56,655) State and political subdivision debt securities — — 7,351 (1,172) 7,351 (1,172) Total $ 2,416,144 $ (145,487) $ 244,845 $ (20,423) $ 2,660,989 $ (165,910) December 31, 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 $ 54,753 $ (119) $ — $ — $ 54,753 $ (119) Agency-guaranteed residential mortgage-backed securities 9,554 (312) — — 9,554 (312) Agency-guaranteed commercial mortgage-backed securities 2,152 (10) — — 2,152 (10) Agency-guaranteed residential collateralized mortgage obligations 173,492 (2,315) — — 173,492 (2,315) Agency-guaranteed commercial collateralized mortgage obligations 118,334 (3,877) — — 118,334 (3,877) Collateralized loan obligations 715,250 (1,215) — — 715,250 (1,215) Commercial mortgage-backed securities 122,597 (180) — — 122,597 (180) Corporate notes 188,100 (1,561) — — 188,100 (1,561) Private label collateralized mortgage obligations 632,091 (5,874) 6,818 (136) 638,909 (6,010) State and political subdivision debt securities 8,430 (104) — — 8,430 (104) Total $ 2,024,753 $ (15,567) $ 6,818 $ (136) $ 2,031,571 $ (15,703) |
Debt Securities, Available-for-sale, Allowance for Credit Loss | The following tables present the activity in the allowance for credit losses on AFS debt securities, by major security type, for the periods presented: Asset-backed securities (amounts in thousands) Three Months Ended September 30, 2022 Balance at July 1 $ 411 Decrease in allowance for credit losses on previously impaired securities (158) Balance at September 30 $ 253 Asset-backed securities (amounts in thousands) Nine Months Ended September 30, 2022 Balance at January 1 $ — Credit losses on securities for which credit losses were not previously recorded 253 Balance at September 30 $ 253 |
Debt Securities, Held-to-Maturity, Credit Quality Indicator | The following table presents the amortized cost of HTM debt securities based on their lowest credit rating available: September 30, 2022 (amounts in thousands) AAA AA A BBB Not Rated Total Held to maturity debt securities: Asset-backed securities $ — $ — $ — $ — $ 400,001 $ 400,001 Agency-guaranteed residential mortgage-backed securities — — — — 7,781 7,781 Agency-guaranteed commercial mortgage-backed securities — — — — 1,947 1,947 Agency-guaranteed residential collateralized mortgage obligations — — — — 209,519 209,519 Agency-guaranteed commercial collateralized mortgage obligations — — — — 152,794 152,794 Private label collateralized mortgage obligations 63,767 7,077 34,189 9,219 — 114,252 Total held to maturity debt securities $ 63,767 $ 7,077 $ 34,189 $ 9,219 $ 772,042 $ 886,294 |
Loans Held for Sale (Tables)
Loans Held for Sale (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Receivables Held-for-sale [Abstract] | |
Composition of Loans Held for Sale | The composition of loans held for sale as of September 30, 2022 and December 31, 2021 was as follows: (amounts in thousands) September 30, 2022 December 31, 2021 Commercial loans: Multi-family loans, at lower of cost or fair value $ 4,108 $ — Total commercial loans held for sale 4,108 — Consumer loans: Home equity conversion mortgages, at lower of cost or fair value 507 507 Residential mortgage loans, at fair value 609 15,747 Total consumer loans held for sale 1,116 16,254 Loans held for sale $ 5,224 $ 16,254 |
Loans and Leases Receivable a_2
Loans and Leases Receivable and Allowance for Credit Losses on Loans and Leases (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Receivables [Abstract] | |
Schedule of Loans and Leases Receivable | The following table presents loans and leases receivable as of September 30, 2022 and December 31, 2021. (amounts in thousands) September 30, 2022 December 31, 2021 Loans and leases receivable, mortgage warehouse, at fair value $ 1,569,090 $ 2,284,325 Loans receivable, PPP 1,154,632 3,250,008 Loans and leases receivable: Commercial: Commercial and industrial: Specialty lending (1) 5,103,974 2,403,991 Other commercial and industrial 1,203,829 1,020,792 Multi-family 2,263,268 1,486,308 Commercial real estate owner occupied 726,670 654,922 Commercial real estate non-owner occupied 1,263,211 1,121,238 Construction 136,133 198,981 Total commercial loans and leases receivable 10,697,085 6,886,232 Consumer: Residential real estate 465,772 334,730 Manufactured housing 46,990 52,861 Installment: Personal 1,056,432 1,392,862 Other 341,463 351,613 Total consumer loans receivable 1,910,657 2,132,066 Loans and leases receivable 12,607,742 9,018,298 Allowance for credit losses on loans and leases (130,197) (137,804) Total loans and leases receivable, net of allowance for credit losses on loans and leases (2) $ 15,201,267 $ 14,414,827 (1) Includes direct finance equipment leases of $145.6 million and $146.5 million at September 30, 2022 and December 31, 2021, respectively. (2) Includes deferred (fees) costs and unamortized (discounts) premiums, net of $(21.0) million and $(52.0) million at September 30, 2022 and December 31, 2021, 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 September 30, 2022 and December 31, 2021: September 30, 2022 (amounts in thousands) 30-59 Days past due (1) 60-89 Days past due (1) 90 Days or more past due (2) Total past due Loans and leases not past due (3) Total loans and leases (4) Commercial and industrial, including specialty lending $ 739 $ 419 $ 3,950 $ 5,108 $ 6,302,695 $ 6,307,803 Multi-family — — 1,159 1,159 2,262,109 2,263,268 Commercial real estate owner occupied 115 — 2,127 2,242 724,428 726,670 Commercial real estate non-owner occupied — 324 — 324 1,262,887 1,263,211 Construction — — — — 136,133 136,133 Residential real estate 746 1,313 2,377 4,436 461,336 465,772 Manufactured housing 1,416 410 3,438 5,264 41,726 46,990 Installment 10,906 8,697 6,847 26,450 1,371,445 1,397,895 Total $ 13,922 $ 11,163 $ 19,898 $ 44,983 $ 12,562,759 $ 12,607,742 December 31, 2021 (amounts in thousands) 30-59 Days past due (1) 60-89 Days past due (1) 90 Days or more past due (2) Total past due Loans and leases not past due (3) Total loans and leases (4) Commercial and industrial, including specialty lending $ 2,093 $ 95 $ 5,929 $ 8,117 $ 3,416,666 $ 3,424,783 Multi-family 1,682 2,707 18,235 22,624 1,463,684 1,486,308 Commercial real estate owner occupied 287 — 1,304 1,591 653,331 654,922 Commercial real estate non-owner occupied — — 2,815 2,815 1,118,423 1,121,238 Construction — — — — 198,981 198,981 Residential real estate 4,655 789 4,390 9,834 324,896 334,730 Manufactured housing 2,308 768 4,949 8,025 44,836 52,861 Installment 7,349 4,295 3,783 15,427 1,729,048 1,744,475 Total $ 18,374 $ 8,654 $ 41,405 $ 68,433 $ 8,949,865 $ 9,018,298 (1) Includes past due loans and leases that are accruing interest because collection is considered probable. (2) Includes loans amounting to $1.5 million and $1.4 million as of September 30, 2022 and December 31, 2021, respectively, that are still accruing interest because collection is considered probable. (3) Loans and leases where next payment due is less than 30 days from the report date. The tables exclude PPP loans of $1.2 billion, of which $274.4 million were 30-59 days past due and $178.2 million were 60 days or more past due as of September 30, 2022, and PPP loans of $3.3 billion, of which $6.3 million were 30-59 days past due and $21.8 million were 60 days or more past due as of December 31, 2021. Claims for guarantee payments are submitted to the SBA for eligible PPP loans more than 60 days past due. (4) Includes PCD loans of $8.7 million and $9.9 million at September 30, 2022 and December 31, 2021, 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. September 30, 2022 (1) December 31, 2021 (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 Commercial and industrial, including specialty lending $ 4,054 $ 24 $ 4,078 $ 5,837 $ 259 $ 6,096 Multi-family 1,158 — 1,158 22,654 — 22,654 Commercial real estate owner occupied 2,198 — 2,198 2,475 — 2,475 Commercial real estate non-owner occupied — — — 2,815 — 2,815 Residential real estate 6,438 — 6,438 7,727 — 7,727 Manufactured housing — 2,584 2,584 — 3,563 3,563 Installment — 6,848 6,848 — 3,783 3,783 Total $ 13,848 $ 9,456 $ 23,304 $ 41,508 $ 7,605 $ 49,113 (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 by loan and lease type for the three and nine months ended September 30, 2022 and 2021 are presented in the tables below. (amounts in thousands) Commercial and industrial (1) Multi-family Commercial real estate owner occupied Commercial real estate non-owner occupied Construction Residential real estate Manufactured housing Installment Total Three Months Ended Ending Balance, $ 11,081 $ 9,765 $ 4,745 $ 8,880 $ 1,179 $ 5,578 $ 4,080 $ 111,222 $ 156,530 Charge-offs (2,657) — — (4,862) — — — (13,965) $ (21,484) Recoveries 76 — — 31 10 13 — 2,857 $ 2,987 Provision (benefit) for credit losses on loans and leases 6,631 4,479 1,475 7,283 425 (138) 402 (28,393) $ (7,836) Ending Balance, $ 15,131 $ 14,244 $ 6,220 $ 11,332 $ 1,614 $ 5,453 $ 4,482 $ 71,721 $ 130,197 Nine Months Ended Ending Balance, $ 12,702 $ 4,477 $ 3,213 $ 6,210 $ 692 $ 2,383 $ 4,278 $ 103,849 $ 137,804 Charge-offs (3,235) (1,990) — (5,025) — (4) — (35,681) $ (45,935) Recoveries 1,129 337 49 43 226 58 — 4,889 $ 6,731 Provision (benefit) for credit losses on loans and leases 4,535 11,420 2,958 10,104 696 3,016 204 (1,336) $ 31,597 Ending Balance, $ 15,131 $ 14,244 $ 6,220 $ 11,332 $ 1,614 $ 5,453 $ 4,482 $ 71,721 $ 130,197 (amounts in thousands) Commercial and industrial (1) Multi-family Commercial real estate owner occupied Commercial real estate non-owner occupied Construction Residential real estate Manufactured housing Installment Total Three Months Ended Ending Balance, $ 8,127 $ 5,028 $ 4,464 $ 7,374 $ 2,643 $ 2,299 $ 4,372 $ 91,129 $ 125,436 Charge-offs (516) — (524) (943) — (79) — (6,693) (8,755) Recoveries 400 — 474 — 3 25 — 749 1,651 Provision (benefit) for credit losses on loans and leases 2,849 (631) (797) 944 (1,760) (333) 38 12,854 13,164 Ending Balance, $ 10,860 $ 4,397 $ 3,617 $ 7,375 $ 886 $ 1,912 $ 4,410 $ 98,039 $ 131,496 Nine Months Ended Ending Balance, $ 12,239 $ 12,620 $ 9,512 $ 19,452 $ 5,871 $ 3,977 $ 5,190 $ 75,315 $ 144,176 Charge-offs (1,153) (1,132) (666) (943) — (129) — (27,338) (31,361) Recoveries 945 — 483 69 122 47 — 3,479 5,145 Provision (benefit) for credit losses on loans and leases (1,171) (7,091) (5,712) (11,203) (5,107) (1,983) (780) 46,583 13,536 Ending Balance, $ 10,860 $ 4,397 $ 3,617 $ 7,375 $ 886 $ 1,912 $ 4,410 $ 98,039 $ 131,496 (1) Includes specialty lending. |
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 nine months ended September 30, 2022 and 2021. There were no modifications that involved forgiveness of debt for the three and nine months ended September 30, 2022 and 2021. Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 (dollars in thousands) Number of loans Recorded investment Number of loans Recorded investment Number of loans Recorded investment Number of loans Recorded investment Interest-rate reductions — $ — 4 $ 244 14 $ 470 16 $ 585 Other (1) 71 739 39 687 170 1,933 158 2,369 Total 71 $ 739 43 $ 931 184 $ 2,403 174 $ 2,954 (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: September 30, 2022 September 30, 2021 (dollars in thousands) Number of loans Recorded investment Number of loans Recorded investment Manufactured housing 1 $ 46 2 $ 71 Residential real estate 1 119 — — Installment 34 420 19 231 Total loans 36 $ 585 21 $ 302 |
Credit Ratings of Covered and Non-Covered Loan Portfolio | The following tables present the credit ratings of loans and leases receivable as of September 30, 2022 and December 31, 2021. Term Loans Amortized Cost Basis by Origination Year as of (amounts in thousands) 2022 2021 2020 2019 2018 Prior Revolving loans amortized cost basis Revolving loans converted to term Total Commercial and industrial loans and leases, including specialty lending: Pass $ 2,811,777 $ 638,308 $ 290,113 $ 210,755 $ 72,613 $ 87,766 $ 2,091,816 $ — $ 6,203,148 Special mention — 6,000 — — — 290 2,816 — 9,106 Substandard — 22,733 8,800 8,798 7,429 43,134 4,655 — 95,549 Doubtful — — — — — — — — — Total commercial and industrial loans and leases $ 2,811,777 $ 667,041 $ 298,913 $ 219,553 $ 80,042 $ 131,190 $ 2,099,287 $ — $ 6,307,803 Multi-family loans: Pass $ 1,257,398 $ 364,730 $ 131,310 $ 22,364 $ 114,430 $ 241,843 $ — $ — $ 2,132,075 Special mention — — — — 4,984 58,964 — — 63,948 Substandard — 1,508 — — — 65,737 — — 67,245 Doubtful — — — — — — — — — Total multi-family loans $ 1,257,398 $ 366,238 $ 131,310 $ 22,364 $ 119,414 $ 366,544 $ — $ — $ 2,263,268 Commercial real estate owner occupied loans: Pass $ 186,167 $ 203,200 $ 56,956 $ 92,437 $ 36,062 $ 129,565 $ — $ — $ 704,387 Special mention — — — — 461 3,858 — — 4,319 Substandard — — — 134 9,447 8,383 — — 17,964 Doubtful — — — — — — — — Total commercial real estate owner occupied loans $ 186,167 $ 203,200 $ 56,956 $ 92,571 $ 45,970 $ 141,806 $ — $ — $ 726,670 Commercial real estate non-owner occupied: Pass $ 279,854 $ 119,817 $ 144,199 $ 74,694 $ 63,318 $ 405,022 $ — $ — $ 1,086,904 Special mention — — 21,335 — — 5,852 — — 27,187 Substandard — — — 28,833 20,753 99,534 — — 149,120 Doubtful — — — — — — — — — Total commercial real estate non-owner occupied loans $ 279,854 $ 119,817 $ 165,534 $ 103,527 $ 84,071 $ 510,408 $ — $ — $ 1,263,211 Construction: Pass $ 49,417 $ 32,431 $ 9,510 $ 28,817 $ 4,722 $ 9,161 $ 2,075 $ — $ 136,133 Special mention — — — — — — — — — Substandard — — — — — — — — — Doubtful — — — — — — — — — Total construction loans $ 49,417 $ 32,431 $ 9,510 $ 28,817 $ 4,722 $ 9,161 $ 2,075 $ — $ 136,133 Total commercial loans and leases receivable $ 4,584,613 $ 1,388,727 $ 662,223 $ 466,832 $ 334,219 $ 1,159,109 $ 2,101,362 $ — $ 10,697,085 Residential real estate loans: Performing $ 136,267 $ 144,010 $ 7,420 $ 16,643 $ 10,471 $ 75,826 $ 68,839 $ — $ 459,476 Non-performing — — 177 372 1,378 3,713 656 — 6,296 Total residential real estate loans $ 136,267 $ 144,010 $ 7,597 $ 17,015 $ 11,849 $ 79,539 $ 69,495 $ — $ 465,772 Manufactured housing loans: Performing $ — $ — $ — $ 218 $ 105 $ 43,801 $ — $ — $ 44,124 Non-performing — — — — — 2,866 — — 2,866 Total manufactured housing loans $ — $ — $ — $ 218 $ 105 $ 46,667 $ — $ — $ 46,990 Installment loans: Performing $ 580,370 $ 427,400 $ 148,318 $ 152,836 $ 13,033 $ 1,132 $ 67,288 $ — $ 1,390,377 Non-performing 1,133 3,919 904 1,336 85 60 81 — 7,518 Total installment loans $ 581,503 $ 431,319 $ 149,222 $ 154,172 $ 13,118 $ 1,192 $ 67,369 $ — $ 1,397,895 Total consumer loans $ 717,770 $ 575,329 $ 156,819 $ 171,405 $ 25,072 $ 127,398 $ 136,864 $ — $ 1,910,657 Loans and leases receivable $ 5,302,383 $ 1,964,056 $ 819,042 $ 638,237 $ 359,291 $ 1,286,507 $ 2,238,226 $ — $ 12,607,742 Term Loans Amortized Cost Basis by Origination Year as of December 31, 2021 (amounts in thousands) 2021 2020 2019 2018 2017 Prior Revolving loans amortized cost basis Revolving loans converted to term Total Commercial and industrial loans and leases, including specialty lending: Pass $ 974,016 $ 337,045 $ 266,677 $ 86,691 $ 55,536 $ 89,860 $ 1,484,287 $ — $ 3,294,112 Special mention 476 1,408 3,325 4,904 36,252 92 14,662 — 61,119 Substandard 18,786 10,257 9,543 11,586 5,682 6,764 6,934 — 69,552 Doubtful — — — — — — — — — Total commercial and industrial loans and leases $ 993,278 $ 348,710 $ 279,545 $ 103,181 $ 97,470 $ 96,716 $ 1,505,883 $ — $ 3,424,783 Multi-family loans: Pass $ 403,075 $ 133,452 $ 23,068 $ 209,070 $ 282,663 $ 316,491 $ — $ — $ 1,367,819 Special mention — — — 9,936 18,489 28,776 — — 57,201 Substandard — — — — 38,216 23,072 — — 61,288 Doubtful — — — — — — — — — Total multi-family loans $ 403,075 $ 133,452 $ 23,068 $ 219,006 $ 339,368 $ 368,339 $ — $ — $ 1,486,308 Commercial real estate owner occupied loans: Pass $ 213,102 $ 59,348 $ 124,626 $ 60,993 $ 58,073 $ 99,219 $ 672 $ — $ 616,033 Special mention — — 2,876 318 2,044 572 — — 5,810 Substandard — — 3,750 9,682 8,824 10,823 — — 33,079 Doubtful — — — — — — — — — Total commercial real estate owner occupied loans $ 213,102 $ 59,348 $ 131,252 $ 70,993 $ 68,941 $ 110,614 $ 672 $ — $ 654,922 Commercial real estate non-owner occupied: Pass $ 136,897 $ 149,898 $ 95,504 $ 66,040 $ 153,509 $ 310,435 $ — $ — $ 912,283 Special mention — 21,694 11,113 9,373 43,215 20,540 — — 105,935 Substandard — — — 35,846 20,516 46,658 — — 103,020 Doubtful — — — — — — — — — Total commercial real estate non-owner occupied loans $ 136,897 $ 171,592 $ 106,617 $ 111,259 $ 217,240 $ 377,633 $ — $ — $ 1,121,238 Construction: Pass $ 57,105 $ 49,199 $ 77,622 $ 4,828 $ — $ 9,414 $ 813 $ — $ 198,981 Special mention — — — — — — — — — Substandard — — — — — — — — — Doubtful — — — — — — — — — Total construction loans $ 57,105 $ 49,199 $ 77,622 $ 4,828 $ — $ 9,414 $ 813 $ — $ 198,981 Total commercial loans and leases receivable $ 1,803,457 $ 762,301 $ 618,104 $ 509,267 $ 723,019 $ 962,716 $ 1,507,368 $ — $ 6,886,232 Residential real estate loans: Performing $ 107,854 $ 8,251 $ 21,096 $ 11,389 $ 6,707 $ 84,035 $ 87,438 $ — $ 326,770 Non-performing — — 335 1,015 669 3,587 2,354 — 7,960 Total residential real estate loans $ 107,854 $ 8,251 $ 21,431 $ 12,404 $ 7,376 $ 87,622 $ 89,792 $ — $ 334,730 Manufactured housing loans: Performing $ — $ — $ 253 $ 299 $ 73 $ 47,537 $ — $ — 48,162 Non-performing — — — — — 4,699 — — 4,699 Total manufactured housing loans $ — $ — $ 253 $ 299 $ 73 $ 52,236 $ — $ — $ 52,861 Installment loans: Performing $ 973,525 $ 390,788 $ 341,582 $ 31,481 $ 1,601 $ 1,016 $ 25 $ — $ 1,740,018 Non-performing 1,162 1,002 2,074 156 2 61 — — 4,457 Total installment loans $ 974,687 $ 391,790 $ 343,656 $ 31,637 $ 1,603 $ 1,077 $ 25 $ — $ 1,744,475 Total consumer loans $ 1,082,541 $ 400,041 $ 365,340 $ 44,340 $ 9,052 $ 140,935 $ 89,817 $ — $ 2,132,066 Loans and leases receivable $ 2,885,998 $ 1,162,342 $ 983,444 $ 553,607 $ 732,071 $ 1,103,651 $ 1,597,185 $ — $ 9,018,298 |
Schedule of Loan Purchases and Sales | Purchases and sales of loans were as follows for the three and nine months ended September 30, 2022 and 2021: Three Months Ended September 30, Nine Months Ended September 30, (amounts in thousands) 2022 2021 2022 2021 Purchases (1) Loans receivable, PPP $ — $ 602,175 $ — $ 1,223,662 Residential real estate 15,067 — 170,022 — Personal installment (2) 47,778 — 123,785 109,142 Other installment (2) 74,969 50,001 74,969 56,708 Total $ 137,814 $ 652,176 $ 368,776 $ 1,389,512 Sales (3) Specialty lending $ 2,200 $ — $ 2,200 $ — Other commercial and industrial (4) — 6,176 22,880 35,166 Multi-family — — 2,879 19,443 Commercial real estate owner occupied (4) — 5,728 8,960 12,426 Commercial real estate non-owner occupied — — — 18,366 Residential real estate — 14,549 — 42,735 Personal installment (5) 500,001 103,897 500,001 132,715 Total $ 502,201 $ 130,350 $ 536,920 $ 260,851 (1) Amounts reported in the above table are the unpaid principal balance at time of purchase. The purchase price was 99.9% and 99.2% of the loans' unpaid principal balance for the three months ended September 30, 2022 and 2021, respectively. The purchase price was 98.7% and 101.0% of the loans' unpaid principal balance for the nine months ended September 30, 2022 and 2021, respectively. (2) Installment loan purchases for the three and nine months ended September 30, 2022 and 2021 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) For the three months ended September 30, 2022 and 2021, loan sales resulted in net losses of $23.4 million and net gains of $5.8 million, respectively, included in gain (loss) on sale of SBA and other loans and in loss on sale of consumer installment loans (refer to (5) below) in the consolidated statements of income. For the nine months ended September 30, 2022 and 2021, loan sales resulted in net losses of $19.7 million and net gains of $10.1 million, respectively. (4) Primarily sales of SBA loans. (5) On September 30, 2022, Customers sold $521.8 million of consumer installment loans, inclusive of accrued interest and unamortized deferred loan origination costs, to a third-party sponsored VIE. Customers provided financing to the purchaser for a portion of the sales price in the form of $400.0 million of asset-backed securities. $100.7 million of the remaining sales proceeds were paid in cash. Refer to NOTE 6 – INVESTMENT SECURITIES for additional information. |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
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 September 30, 2022 December 31, 2021 ASSETS Operating lease ROU assets Other assets $ 16,827 $ 12,677 LIABILITIES Operating lease liabilities Other liabilities $ 19,720 $ 14,524 |
Lease, Cost | The following table summarizes operating lease cost and its corresponding income statement location for the periods presented: Three Months Ended September 30, Nine Months Ended September 30, (amounts in thousands) Classification 2022 2021 2022 2021 Operating lease cost (1) Occupancy expenses $ 1,137 $ 1,147 $ 3,352 $ 3,394 (1) There were no variable lease costs for the three and nine months ended September 30, 2022 and 2021, and sublease income for operating leases is immaterial. |
Maturities of Non-cancelable Operating Lease Liabilities | Maturities of non-cancelable operating lease liabilities were as follows at September 30, 2022: (amounts in thousands) September 30, 2022 2022 $ 1,565 2023 5,201 2024 4,206 2025 3,291 2026 2,465 Thereafter 5,016 Total minimum payments 21,744 Less: interest 2,024 Present value of lease liabilities $ 19,720 |
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 September 30, 2022 and December 31, 2021: September 30, 2022 December 31, 2021 Weighted average remaining lease term (years) Operating leases 5.2 years 3.9 years Weighted average discount rate Operating leases 2.89 % 2.74 % |
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 September 30, 2022 and December 31, 2021: (amounts in thousands) Classification September 30, 2022 December 31, 2021 ASSETS Direct financing leases Lease receivables Loans and leases receivable $ 131,731 $ 134,855 Guaranteed residual assets Loans and leases receivable 11,854 11,397 Unguaranteed residual assets Loans and leases receivable 6,347 5,665 Deferred initial direct costs Loans and leases receivable 566 448 Unearned income Loans and leases receivable (4,929) (5,383) Net investment in direct financing leases $ 145,569 $ 146,982 Operating leases Investment in operating leases Other assets $ 241,079 $ 158,135 Accumulated depreciation Other assets (54,009) (40,749) Deferred initial direct costs Other assets 1,535 872 Net investment in operating leases 188,605 118,258 Total lease assets $ 334,174 $ 265,240 |
Deposits (Tables)
Deposits (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Deposit [Abstract] | |
Components of Deposits | The components of deposits at September 30, 2022 and December 31, 2021 were as follows: September 30, 2022 December 31, 2021 (amounts in thousands) Demand, non-interest bearing $ 2,993,793 $ 4,459,790 Demand, interest bearing 7,124,663 6,488,406 Savings, including money market deposit accounts 5,505,969 5,322,390 Time 1,898,013 507,338 Total deposits $ 17,522,438 $ 16,777,924 |
Schedule of Time Deposit Maturities | The scheduled maturities for time deposits at September 30, 2022 were as follows: (amounts in thousands) September 30, 2022 2022 $ 459,951 2023 1,357,068 2024 75,623 2025 2,415 2026 1,567 Thereafter 1,389 Total time deposits $ 1,898,013 |
Borrowings (Tables)
Borrowings (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Debt Disclosure [Abstract] | |
Short Term Borrowings | Short-term debt at September 30, 2022 and December 31, 2021 was as follows: September 30, 2022 December 31, 2021 (dollars in thousands) Amount Rate Amount Rate FHLB advances $ — — % $ 700,000 0.26 % Federal funds purchased 365,000 3.23 % 75,000 0.05 % Total short-term debt $ 365,000 $ 775,000 |
Summary of Bancorp's Short Term Borrowings | The following is a summary of additional information relating to Customers' short-term debt: (dollars in thousands) September 30, 2022 (1) December 31, 2021 (2) FHLB advances Maximum outstanding at any month end $ 775,000 $ 850,000 Average balance during the period 189,175 264,704 Weighted-average interest rate during the period 2.34 % 2.35 % Federal funds purchased Maximum outstanding at any month end 895,000 365,000 Average balance during the period 416,344 22,110 Weighted-average interest rate during the period 1.40 % 0.07 % (1) For the nine months ended September 30, 2022. (2) For the year ended December 31, 2021. |
Schedule of Long-term Debt | Long-term FHLB and FRB advances at September 30, 2022 and December 31, 2021 were as follows: September 30, 2022 December 31, 2021 (dollars in thousands) Amount Rate Amount Rate FHLB advances (1) $ 500,000 3.37 % $ — — % Total long-term FHLB and FRB advances $ 500,000 $ — (1) Amounts reported in the above table include long-term advances from FHLB of $250 million with a fixed rate of 3.44%, maturity of June 2024 with a returnable option that can be repaid without penalty on certain predetermined dates at Customers Bank's option, and $250 million with a fixed rate of 3.30% and maturity of June 2027. The maximum borrowing capacity with the FHLB and FRB at September 30, 2022 and December 31, 2021 was as follows: (amounts in thousands) September 30, 2022 December 31, 2021 Total maximum borrowing capacity with the FHLB $ 3,560,959 $ 2,973,635 Total maximum borrowing capacity with the FRB (1) 2,557,704 183,052 Qualifying loans serving as collateral against FHLB and FRB advances (1) 7,543,384 3,594,339 (1) Amounts reported in the above table exclude borrowings under the PPPLF, which are limited to the unpaid principal balance of the loans originated under the PPP. During the three months ended September 30, 2021, Customers repaid the PPPLF advances. No new advances are available from the PPPLF after July 30, 2021. Customers had no borrowings under the PPPLF at September 30, 2022 and December 31, 2021. Senior and Subordinated Debt Long-term senior notes and subordinated debt at September 30, 2022 and December 31, 2021 were as follows: September 30, 2022 December 31, 2021 (dollars in thousands) Issued by Ranking Carrying Amount Carrying Amount Rate Issued Amount Date Issued Maturity Price Customers Bancorp Senior (1) $ 98,753 $ 98,642 2.875 % $ 100,000 August 2021 August 2031 100.000 % Customers Bancorp Senior 24,762 24,672 4.500 % 25,000 September 2019 September 2024 100.000 % Customers Bancorp Senior — 99,772 3.950 % 100,000 June 2017 June 2022 99.775 % Total other borrowings $ 123,515 $ 223,086 Customers Bancorp Subordinated (2)(3) $ 72,539 $ 72,403 5.375 % $ 74,750 December 2019 December 2034 100.000 % Customers Bank Subordinated (2)(4) 109,343 109,270 6.125 % 110,000 June 2014 June 2029 100.000 % Total subordinated debt $ 181,882 $ 181,673 (1) The senior notes will bear an annual fixed rate of 2.875% until August 15, 2026. From August 15, 2026 until maturity, the notes will bear an annual interest rate equal to a benchmark rate, which is expected to be the three-month term SOFR, plus 235 basis points. Customers Bancorp has the ability to call the senior notes, in whole, or in part, at a redemption price equal to 100% of the principal balance at certain times on or after August 15, 2026. (2) The subordinated notes qualify as Tier 2 capital for regulatory capital purposes. (3) 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. |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Equity [Abstract] | |
Schedule of Stock by Class | The table below summarizes Customers' issuances of preferred stock that remain outstanding at September 30, 2022 and December 31, 2021 and the dividends paid per share. (amounts in thousands except share and per share data) Shares at Carrying value at Initial Fixed Rate Date at which dividend rate becomes floating and earliest redemption date Floating rate of Three-Month LIBOR Plus: Dividend Paid Per Share in 2022 (1) Fixed-to-floating rate: Issue Date September 30, 2022 December 31, 2021 September 30, 2022 December 31, 2021 Series E April 28, 2016 2,300,000 2,300,000 $ 55,593 $ 55,593 6.45 % June 15, 2021 5.140 % $ 1.16 Series F September 16, 2016 3,400,000 3,400,000 82,201 82,201 6.00 % December 15, 2021 4.762 % $ 1.09 Totals 5,700,000 5,700,000 $ 137,794 $ 137,794 (1) For the nine months ended September 30, 2022. |
Regulatory Capital (Tables)
Regulatory Capital (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
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 (dollars in thousands) Amount Ratio Amount Ratio Amount Ratio Amount Ratio As of September 30, 2022: Common equity Tier 1 capital (to risk-weighted assets) Customers Bancorp, Inc. $ 1,447,890 9.845 % $ 661,804 4.500 % N/A N/A $ 1,029,472 7.000 % Customers Bank $ 1,676,998 11.420 % $ 660,807 4.500 % $ 954,499 6.500 % $ 1,027,922 7.000 % Tier 1 capital (to risk-weighted assets) Customers Bancorp, Inc. $ 1,585,683 10.782 % $ 882,405 6.000 % N/A N/A $ 1,250,073 8.500 % Customers Bank $ 1,676,998 11.420 % $ 881,076 6.000 % $ 1,174,768 8.000 % $ 1,248,191 8.500 % Total capital (to risk-weighted assets) Customers Bancorp, Inc. $ 1,838,179 12.499 % $ 1,176,540 8.000 % N/A N/A $ 1,544,208 10.500 % Customers Bank $ 1,856,955 12.646 % $ 1,174,768 8.000 % $ 1,468,460 10.000 % $ 1,541,883 10.500 % Tier 1 capital (to average assets) Customers Bancorp, Inc. $ 1,585,683 7.650 % $ 829,133 4.000 % N/A N/A $ 829,133 4.000 % Customers Bank $ 1,676,998 8.099 % $ 828,289 4.000 % $ 1,035,361 5.000 % $ 828,289 4.000 % As of December 31, 2021: Common equity Tier 1 capital (to risk-weighted assets) Customers Bancorp, Inc. $ 1,291,270 9.981 % $ 582,179 4.500 % N/A N/A $ 905,611 7.000 % Customers Bank $ 1,526,583 11.825 % $ 580,943 4.500 % $ 839,140 6.500 % $ 903,689 7.000 % Tier 1 capital (to risk-weighted assets) Customers Bancorp, Inc. $ 1,429,063 11.046 % $ 776,238 6.000 % N/A N/A $ 1,099,671 8.500 % Customers Bank $ 1,526,583 11.825 % $ 774,591 6.000 % $ 1,032,788 8.000 % $ 1,097,337 8.500 % Total capital (to risk-weighted assets) Customers Bancorp, Inc. $ 1,667,395 12.888 % $ 1,034,984 8.000 % N/A N/A $ 1,358,417 10.500 % Customers Bank $ 1,692,512 13.110 % $ 1,032,788 8.000 % $ 1,290,985 10.000 % $ 1,355,534 10.500 % Tier 1 capital (to average assets) Customers Bancorp, Inc. $ 1,429,063 7.413 % $ 771,084 4.000 % N/A N/A $ 771,084 4.000 % Customers Bank $ 1,526,583 7.925 % $ 770,528 4.000 % $ 963,160 5.000 % $ 770,528 4.000 % |
Disclosures About Fair Value _2
Disclosures About Fair Value of Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Estimated Fair Values of Financial Instruments | The estimated fair values of Customers' financial instruments at September 30, 2022 and December 31, 2021 were as follows. Fair Value Measurements at September 30, 2022 (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 $ 404,465 $ 404,465 $ 404,465 $ — $ — Debt securities, available for sale 2,918,830 2,918,830 — 2,830,944 87,886 Debt securities, held to maturity 886,294 854,737 — 454,736 400,001 Loans held for sale 5,224 5,224 — 609 4,615 Total loans and leases receivable, net of allowance for credit losses on loans and leases 15,201,267 14,905,661 — 1,569,090 13,336,571 FHLB, Federal Reserve Bank and other restricted stock 64,112 64,112 — 64,112 — Derivatives 46,451 46,451 — 46,410 41 Liabilities: Deposits $ 17,522,438 $ 17,502,691 $ 15,624,425 $ 1,878,266 $ — Federal funds purchased 365,000 365,000 365,000 — — FHLB advances 500,000 480,319 — 480,319 — Other borrowings 123,515 120,888 — 120,888 — Subordinated debt 181,882 171,722 — 171,722 — Derivatives 43,727 43,727 — 43,727 — Fair Value Measurements at December 31, 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 $ 518,032 $ 518,032 $ 518,032 $ — $ — Debt securities, available for sale 3,791,575 3,791,575 — 3,648,690 142,885 Loans held for sale 16,254 16,254 — 15,747 507 Total loans and leases receivable, net of allowance for credit losses on loans and leases 14,414,827 14,207,811 — 2,284,325 11,923,486 FHLB, Federal Reserve Bank and other restricted stock 64,584 64,584 — 64,584 — Derivatives 27,295 27,295 — 27,116 179 Liabilities: Deposits $ 16,777,924 $ 16,777,236 $ 16,270,586 $ 506,650 $ — Federal funds purchased 75,000 75,000 75,000 — — FHLB advances 700,000 700,000 — 700,000 — Other borrowings 223,086 226,585 — 226,585 — Subordinated debt 181,673 204,782 — 204,782 — Derivatives 26,544 26,544 — 26,544 — |
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 September 30, 2022 and December 31, 2021 were as follows: September 30, 2022 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 $ — $ 105,375 $ 87,886 $ 193,261 Agency-guaranteed residential collateralized mortgage obligations — 138,222 — 138,222 Collateralized loan obligations — 827,813 — 827,813 Commercial mortgage-backed securities — 134,843 — 134,843 Corporate notes — 532,655 — 532,655 Private label collateralized mortgage obligations — 1,084,685 — 1,084,685 State and political subdivision debt securities — 7,351 — 7,351 Derivatives — 46,410 41 46,451 Loans held for sale – fair value option — 609 — 609 Loans receivable, mortgage warehouse – fair value option — 1,569,090 — 1,569,090 Total assets – recurring fair value measurements $ — $ 4,447,053 $ 87,927 $ 4,534,980 Liabilities Derivatives $ — $ 43,727 $ — $ 43,727 Measured at Fair Value on a Nonrecurring Basis: Assets Collateral-dependent loans $ — $ — $ 4,853 $ 4,853 Total assets – nonrecurring fair value measurements $ — $ — $ 4,853 $ 4,853 December 31, 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 $ — $ 154,540 $ 142,885 $ 297,425 Agency-guaranteed residential mortgage–backed securities — 9,553 — 9,553 Agency-guaranteed commercial mortgage–backed securities — 2,152 — 2,152 Agency-guaranteed residential collateralized mortgage obligations — 196,930 — 196,930 Agency-guaranteed commercial collateralized mortgage obligations — 238,844 — 238,844 Collateralized loan obligations — 1,066,802 — 1,066,802 Commercial mortgage-backed securities — 148,927 — 148,927 Corporate notes — 580,046 — 580,046 Private label collateralized mortgage obligations — 1,242,465 — 1,242,465 State and political subdivision debt securities — 8,431 — 8,431 Derivatives — 27,116 179 27,295 Loans held for sale – fair value option — 15,747 — 15,747 Loans receivable, mortgage warehouse – fair value option — 2,284,325 — 2,284,325 Total assets – recurring fair value measurements $ — $ 5,975,878 $ 143,064 $ 6,118,942 Liabilities Derivatives $ — $ 26,544 $ — $ 26,544 Measured at Fair Value on a Nonrecurring Basis: Assets Collateral-dependent loans $ — $ — $ 5,121 $ 5,121 Total assets – nonrecurring fair value measurements $ — $ — $ 5,121 $ 5,121 |
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 nine months ended September 30, 2022 and 2021 are summarized in the tables below. Additional information about residential mortgage loan commitments can be found in NOTE 15 – DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES. Residential Mortgage Loan Commitments Three Months Ended September 30, (amounts in thousands) 2022 2021 Balance at July 1 $ 98 $ 301 Issuances 41 163 Settlements (98) (301) Balance at September 30 $ 41 $ 163 Residential Mortgage Loan Commitments Nine Months Ended September 30, (amounts in thousands) 2022 2021 Balance at January 1 $ 179 $ 200 Issuances 288 660 Settlements (426) (697) Balance at September 30 $ 41 $ 163 The changes in asset-backed securities (Level 3 assets) measured at fair value on a recurring basis for the three and nine months ended September 30, 2022 are summarized in the tables below. Asset-backed securities (amounts in thousands) Three Months Ended September 30, 2022 Balance at July 1 $ 106,919 Principal payments and premium amortization (16,852) Decrease in allowance for credit losses 158 Change in fair value recognized in OCI (2,339) Balance at September 30 $ 87,886 Asset-backed securities (amounts in thousands) Nine Months Ended September 30, 2022 Balance at January 1 $ 142,885 Principal payments and premium amortization (51,348) Credit losses (253) Change in fair value recognized in OCI (3,398) Balance at September 30 $ 87,886 |
Summary of Financial Assets and Financial Liabilities Measured at Fair Value on Recurring and Nonrecurring Basis | The following tables summarize financial assets and financial liabilities measured at fair value as of September 30, 2022 and December 31, 2021 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 (dollars in thousands) Fair Value Valuation Technique Unobservable Input Range (Weighted Average) (4) September 30, 2022 Asset-backed securities $ 87,886 Discounted cash flow Discount rate Annualized loss rate Constant prepayment rate 7% - 7% (7%) 4% - 6% (5%) 22% - 24% (23%) Collateral-dependent loans – real estate 4,615 Collateral appraisal (1) Liquidation expenses (2) 0% - 0% (0%) Collateral-dependent loans – commercial and industrial 238 Collateral appraisal (1) Business asset valuation (3) Liquidation expenses (2) Business asset valuation adjustments (4) 8% - 8% (8%) 25% - 27% (26%) Residential mortgage loan commitments 41 Adjusted market bid Pull-through rate 82% - 100% (86%) Quantitative Information about Level 3 Fair Value Measurements (dollars in thousands) Fair Value Valuation Technique Unobservable Input Range (Weighted Average) (4) December 31, 2021 Asset-backed securities $ 142,885 Discounted cash flow Discount rate Annualized loss rate Constant prepayment rate 4% - 5% (5%) 4% - 4% (4%) 17% - 33% (19%) Collateral-dependent loans – real estate 4,170 Collateral appraisal (1) Liquidation expenses (2) 8% - 8% (8%) Collateral-dependent loans – commercial and industrial 951 Collateral appraisal (1) Business asset valuation (3) Liquidation expenses (2) Business asset valuation adjustments (4) 8% - 26% (12%) 20% - 20% (20%) Residential mortgage loan commitments 179 Adjusted market bid Pull-through rate 76% - 89% (85%) (1) Obtained from approved independent appraisers. Appraisals are current and in compliance with credit policy. Customers does not generally discount appraisals. Fair value is also estimated based on sale agreements or letters of intent with third parties. (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) | 9 Months Ended |
Sep. 30, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Derivative Assets at Fair Value | As of September 30, 2022, 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 (amounts in thousands) September 30, 2022 December 31, 2021 September 30, 2022 December 31, 2021 AFS debt securities $ 22,500 $ 80,500 $ 1,885 $ 1,750 |
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 consolidated balance sheets as of September 30, 2022 and December 31, 2021. September 30, 2022 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 $ 1,885 Other liabilities $ — Total $ 1,885 $ — Derivatives not designated as hedging instruments: Interest rate swaps and caps Other assets $ 44,492 Other liabilities $ 43,727 Credit contracts Other assets 33 Other liabilities — Residential mortgage loan commitments Other assets 41 Other liabilities — Total $ 44,566 $ 43,727 December 31, 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 $ 1,750 Other liabilities $ — Total $ 1,750 $ — Derivatives not designated as hedging instruments: Interest rate swaps and caps Other assets $ 25,235 Other liabilities $ 26,343 Credit contracts Other assets 131 Other liabilities 201 Residential mortgage loan commitments Other assets 179 Other liabilities — Total $ 25,545 $ 26,544 |
Effect of Derivative Financial Instruments on Net Income and Comprehensive Income | The following table presents 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 nine months ended September 30, 2022 and 2021. Amount of Income (Loss) Recognized in Earnings Three Months Ended September 30, Nine Months Ended September 30, (amounts in thousands) Income Statement Location 2022 2021 2022 2021 Derivatives designated as fair value hedges: Recognized on interest rate swaps Net interest income $ 510 $ — $ 3,530 $ 4,777 Recognized on hedged AFS debt securities Net interest income (510) — (3,530) (4,777) Total $ — $ — $ — $ — Derivatives not designated as hedging instruments: Interest rate swaps and caps Non-interest income (1) $ 503 $ 517 $ 2,244 $ 2,540 Credit contracts Non-interest income (1) 60 7 104 81 Residential mortgage loan commitments Non-interest income (2) (57) (138) (139) (37) Total $ 506 $ 386 $ 2,209 $ 2,584 (1) Included in unrealized gain (loss) on derivatives. (2) Included in mortgage banking income. Effect of Derivative Instruments on Comprehensive Income The following tables present the effect of Customers' derivative financial instruments on comprehensive income for the three and nine months ended September 30, 2022 and 2021. 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 September 30, Three Months Ended September 30, (amounts in thousands) 2022 2021 2022 2021 Derivatives in cash flow hedging relationships: Interest rate swaps $ — $ — Interest expense $ — $ — 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 Nine Months Ended September 30, Nine Months Ended September 30, (amounts in thousands) 2022 2021 2022 2021 Derivatives in cash flow hedging relationships: Interest rate swaps $ — $ 9,117 Interest expense $ — $ (2,505) Non-interest income (2) — (24,467) Total $ — $ (26,972) (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. (2) Included in loss on cash flow hedge derivative terminations. |
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 tables 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 tables 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 Net Amount (amounts in thousands) Financial Instruments Cash Collateral Received/Posted September 30, 2022 Interest rate derivative assets with institutional counterparties $ 31,495 $ — $ (31,495) $ — Interest rate derivative liabilities with institutional counterparties $ — $ — $ — $ — Gross Amounts Recognized on the Consolidated Balance Sheets Gross Amounts Not Offset in the Consolidated Balance Sheet Net Amount (amounts in thousands) Financial Instruments Cash Collateral Received/Posted December 31, 2021 Interest rate derivative assets with institutional counterparties $ — $ — $ — $ — Interest rate derivative liabilities with institutional counterparties $ 23,348 $ — $ (23,348) $ — |
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 tables 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 tables 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 Net Amount (amounts in thousands) Financial Instruments Cash Collateral Received/Posted September 30, 2022 Interest rate derivative assets with institutional counterparties $ 31,495 $ — $ (31,495) $ — Interest rate derivative liabilities with institutional counterparties $ — $ — $ — $ — Gross Amounts Recognized on the Consolidated Balance Sheets Gross Amounts Not Offset in the Consolidated Balance Sheet Net Amount (amounts in thousands) Financial Instruments Cash Collateral Received/Posted December 31, 2021 Interest rate derivative assets with institutional counterparties $ — $ — $ — $ — Interest rate derivative liabilities with institutional counterparties $ 23,348 $ — $ (23,348) $ — |
Description of the Business - A
Description of the Business - Additional Information (Detail) - branch | 1 Months Ended | 3 Months Ended | 12 Months Ended |
Nov. 30, 2022 | Sep. 30, 2022 | Dec. 31, 2022 | |
Subsequent Event [Line Items] | |||
Number of branches (branch) | 8 | ||
Number of branches closed (branch) | 4 | ||
Subsequent Event | |||
Subsequent Event [Line Items] | |||
Number of branches expected to close (branch) | 1 | ||
Number of branches previously announced as closing (branch) | 5 |
Discontinued Operations - Narra
Discontinued Operations - Narrative (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||||
Jan. 04, 2021 | May 31, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Proceeds from sale of non-controlling interest in BMT | $ 0 | $ 26,795 | |||||
Deposits held | $ 17,522,438 | 17,522,438 | $ 16,777,924 | ||||
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% | ||||||
Expenses under the deposit servicing agreement | 13,000 | $ 15,100 | 46,700 | $ 43,000 | |||
Deposits held | $ 1,600,000 | $ 1,600,000 | $ 1,800,000 | ||||
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 | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Discontinued operations: | ||||
Loss from discontinued operations before income taxes | $ 0 | $ 0 | $ 0 | $ (20,354) |
Income tax expense (benefit) | 0 | 0 | 0 | 17,682 |
Net loss from discontinued operations | 0 | 0 | 0 | (38,036) |
BankMobile Technologies, Inc. | Discontinued Operations, Disposed of by Sale | ||||
Discontinued operations: | ||||
Non-interest income | 0 | 0 | 0 | 0 |
Non-interest expense | 0 | 0 | 0 | 20,354 |
Loss from discontinued operations before income taxes | 0 | 0 | 0 | (20,354) |
Income tax expense (benefit) | 0 | 0 | 0 | 17,682 |
Net loss from discontinued operations | $ 0 | $ 0 | $ 0 | $ (38,036) |
Earnings (Loss) Per Share - Com
Earnings (Loss) Per Share - Components of Earnings Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Earnings Per Share [Abstract] | ||||
Net income from continuing operations available to common shareholders | $ 61,364 | $ 110,241 | $ 192,779 | $ 239,523 |
Net loss from discontinued operations | 0 | 0 | 0 | (38,036) |
Net income available to common shareholders | $ 61,364 | $ 110,241 | $ 192,779 | $ 201,487 |
Weighted-average number of common shares outstanding - basic (shares) | 32,455,814 | 32,449,853 | 32,706,652 | 32,206,547 |
Share-based compensation plans (shares) | 770,793 | 1,418,700 | 1,000,212 | 1,281,125 |
Weighted-average number of common shares - diluted (shares) | 33,226,607 | 33,868,553 | 33,706,864 | 33,487,672 |
Basic earnings per common share from continuing operations (usd per share) | $ 1.89 | $ 3.40 | $ 5.89 | $ 7.44 |
Basic earnings (loss) per common share from discontinued operations (usd per share) | 0 | 0 | 0 | (1.18) |
Basic earnings (loss) per common share (usd per share) | 1.89 | 3.40 | 5.89 | 6.26 |
Diluted earnings per common share from continuing operations (usd per share) | 1.85 | 3.25 | 5.72 | 7.15 |
Diluted earnings (loss) per common share from discontinued operations (usd per share) | 0 | 0 | 0 | (1.13) |
Diluted earnings (loss) per common share (usd per share) | $ 1.85 | $ 3.25 | $ 5.72 | $ 6.02 |
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 | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Share-based compensation awards | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Total anti-dilutive securities (shares) | 730,486 | 710,000 | 100,707 | 711,000 |
Changes in Accumulated Other _3
Changes in Accumulated Other Comprehensive Income (Loss) By Component (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Beginning balance | $ 1,353,390 | $ 1,250,729 | $ 1,366,217 | $ 1,117,086 |
Unrealized gains (losses) arising during period, before tax | (46,450) | 958 | (213,532) | 14,271 |
Income tax effect | 12,077 | (249) | 55,518 | (3,711) |
Other comprehensive income (loss) before reclassifications | (34,373) | 709 | (158,014) | 10,560 |
Reclassification adjustments for (gains) losses included in net income, before tax | 4,227 | (6,063) | 9,281 | (4,469) |
Income tax effect | (1,099) | 1,576 | (2,413) | 1,161 |
Amounts reclassified from accumulated other comprehensive income (loss) to net income | 3,128 | (4,487) | 6,868 | (3,308) |
Other comprehensive income (loss), net of income tax effect | (31,245) | (3,778) | (151,146) | 7,252 |
Ending balance | 1,386,931 | 1,284,299 | 1,386,931 | 1,284,299 |
Total | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Beginning balance | (124,881) | 5,266 | (4,980) | (5,764) |
Other comprehensive income (loss), net of income tax effect | (31,245) | (3,778) | (151,146) | 7,252 |
Ending balance | (156,126) | 1,488 | (156,126) | 1,488 |
Unrealized Gains (Losses) on Available for Sale Securities | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Beginning balance | (124,881) | 5,266 | (4,980) | 23,312 |
Unrealized gains (losses) arising during period, before tax | (46,450) | 958 | (213,532) | 1,950 |
Income tax effect | 12,077 | (249) | 55,518 | (507) |
Other comprehensive income (loss) before reclassifications | (34,373) | 709 | (158,014) | 1,443 |
Reclassification adjustments for (gains) losses included in net income, before tax | 4,227 | (6,063) | 9,281 | (31,441) |
Income tax effect | (1,099) | 1,576 | (2,413) | 8,174 |
Amounts reclassified from accumulated other comprehensive income (loss) to net income | 3,128 | (4,487) | 6,868 | (23,267) |
Other comprehensive income (loss), net of income tax effect | (31,245) | (3,778) | (151,146) | (21,824) |
Ending balance | (156,126) | 1,488 | (156,126) | 1,488 |
Unrealized Gains (Losses) on Cash Flow Hedges | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Beginning balance | 0 | 0 | 0 | (29,076) |
Unrealized gains (losses) arising during period, before tax | 0 | 0 | 0 | 12,321 |
Income tax effect | 0 | 0 | 0 | (3,204) |
Other comprehensive income (loss) before reclassifications | 0 | 0 | 0 | 9,117 |
Reclassification adjustments for (gains) losses included in net income, before tax | 0 | 0 | 0 | 26,972 |
Income tax effect | 0 | 0 | 0 | (7,013) |
Amounts reclassified from accumulated other comprehensive income (loss) to net income | 0 | 0 | 0 | 19,959 |
Other comprehensive income (loss), net of income tax effect | 0 | 0 | 0 | 29,076 |
Ending balance | $ 0 | $ 0 | $ 0 | $ 0 |
Investment Securities - Summary
Investment Securities - Summary of Amortized Cost and Approximate Fair Value of Investment Securities (Detail) - USD ($) $ in Thousands | Sep. 30, 2022 | Jun. 30, 2022 | Dec. 31, 2021 |
Debt Securities, Available-for-sale [Line Items] | |||
Amortized Cost | $ 3,084,960 | $ 3,799,851 | |
Allowance for Credit Losses | (253) | ||
Gross Unrealized Gains | 33 | 7,427 | |
Gross Unrealized Losses | (165,910) | (15,703) | |
Fair Value | 2,918,830 | 3,791,575 | |
Equity securities | 24,864 | 25,575 | |
Investment securities, at fair value | 2,943,694 | 3,817,150 | |
Available-for-sale debt securities, accrued interest | 15,000 | 11,000 | |
Asset-backed securities | |||
Debt Securities, Available-for-sale [Line Items] | |||
Amortized Cost | 200,171 | 297,291 | |
Allowance for Credit Losses | (253) | $ (411) | 0 |
Gross Unrealized Gains | 0 | 253 | |
Gross Unrealized Losses | (6,657) | (119) | |
Fair Value | 193,261 | 297,425 | |
Agency-guaranteed residential mortgage-backed securities | |||
Debt Securities, Available-for-sale [Line Items] | |||
Amortized Cost | 9,865 | ||
Gross Unrealized Gains | 0 | ||
Gross Unrealized Losses | (312) | ||
Fair Value | 9,553 | ||
Agency-guaranteed commercial mortgage-backed securities | |||
Debt Securities, Available-for-sale [Line Items] | |||
Amortized Cost | 2,162 | ||
Gross Unrealized Gains | 0 | ||
Gross Unrealized Losses | (10) | ||
Fair Value | 2,152 | ||
Agency-guaranteed residential collateralized mortgage obligations | |||
Debt Securities, Available-for-sale [Line Items] | |||
Amortized Cost | 152,008 | 199,091 | |
Allowance for Credit Losses | 0 | ||
Gross Unrealized Gains | 0 | 154 | |
Gross Unrealized Losses | (13,786) | (2,315) | |
Fair Value | 138,222 | 196,930 | |
Agency-guaranteed commercial collateralized mortgage obligations | |||
Debt Securities, Available-for-sale [Line Items] | |||
Amortized Cost | 242,668 | ||
Gross Unrealized Gains | 53 | ||
Gross Unrealized Losses | (3,877) | ||
Fair Value | 238,844 | ||
Collateralized loan obligations | |||
Debt Securities, Available-for-sale [Line Items] | |||
Amortized Cost | 855,959 | 1,067,770 | |
Allowance for Credit Losses | 0 | ||
Gross Unrealized Gains | 10 | 247 | |
Gross Unrealized Losses | (28,156) | (1,215) | |
Fair Value | 827,813 | 1,066,802 | |
Commercial mortgage-backed securities | |||
Debt Securities, Available-for-sale [Line Items] | |||
Amortized Cost | 138,972 | 149,054 | |
Allowance for Credit Losses | 0 | ||
Gross Unrealized Gains | 0 | 53 | |
Gross Unrealized Losses | (4,129) | (180) | |
Fair Value | 134,843 | 148,927 | |
Corporate notes | |||
Debt Securities, Available-for-sale [Line Items] | |||
Amortized Cost | 587,987 | 575,273 | |
Allowance for Credit Losses | 0 | ||
Gross Unrealized Gains | 23 | 6,334 | |
Gross Unrealized Losses | (55,355) | (1,561) | |
Fair Value | 532,655 | 580,046 | |
Private label collateralized mortgage obligations | |||
Debt Securities, Available-for-sale [Line Items] | |||
Amortized Cost | 1,141,340 | 1,248,142 | |
Allowance for Credit Losses | 0 | ||
Gross Unrealized Gains | 0 | 333 | |
Gross Unrealized Losses | (56,655) | (6,010) | |
Fair Value | 1,084,685 | 1,242,465 | |
State and political subdivision debt securities | |||
Debt Securities, Available-for-sale [Line Items] | |||
Amortized Cost | 8,523 | 8,535 | |
Allowance for Credit Losses | 0 | ||
Gross Unrealized Gains | 0 | ||
Gross Unrealized Losses | (1,172) | (104) | |
Fair Value | $ 7,351 | $ 8,431 |
Investment Securities - Additio
Investment Securities - Additional Information (Detail) $ in Thousands | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2022 USD ($) security assetBackedSecurity contract | Jun. 30, 2021 USD ($) | Sep. 30, 2022 USD ($) security assetBackedSecurity contract | Sep. 30, 2021 USD ($) | Sep. 30, 2022 USD ($) security assetBackedSecurity contract | Sep. 30, 2021 USD ($) | Dec. 31, 2021 USD ($) security | |
Debt Securities, Available-for-sale [Line Items] | |||||||
Proceed from sales of foreign subsidiaries | $ 3,800 | $ 0 | $ 3,765 | ||||
Loss on sale of foreign subsidiaries | $ 2,800 | $ 0 | $ 0 | 0 | 2,840 | ||
Unrealized gain on investment securities | 2,700 | ||||||
Proceeds from sales of investment securities available for sale | $ 126,600 | 258,400 | $ 681,633 | 666,023 | |||
Number of available-for-sale investment securities, unrealized loss position, less than twelve month category | security | 128 | 128 | 128 | ||||
Number of available-for-sale investment securities, unrealized loss position, twelve month or more category | contract | 19 | 19 | 19 | ||||
Number of asset-backed securities with deterioration in future estimated cash flows | assetBackedSecurity | 4 | 4 | 4 | ||||
Number of available-for-sale investment securities, unrealized loss position | security | 147 | 147 | 147 | 117 | |||
Carrying value of consumer loans sold | $ 521,800 | ||||||
Loss on sale of loans | 23,500 | $ 23,400 | $ (5,800) | $ 19,700 | $ (10,100) | ||
Debt securities, held-to-maturity, allowance for credit loss, excluding accrued interest | 0 | 0 | 0 | ||||
Variable Interest Entity, Not Primary Beneficiary | |||||||
Debt Securities, Available-for-sale [Line Items] | |||||||
Asset-backed securities collateralized by loans sold | 400,000 | 400,000 | 400,000 | ||||
Asset Pledged as Collateral | |||||||
Debt Securities, Available-for-sale [Line Items] | |||||||
Debt securities | $ 17,500 | $ 17,500 | $ 17,500 | $ 11,300 |
Investment Securities - Gain (L
Investment Securities - Gain (Loss) on Sale of AFS Debt Securities (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Investments, Debt and Equity Securities [Abstract] | ||||
Gross realized gains | $ 0 | $ 6,063 | $ 2,563 | $ 31,441 |
Gross realized losses | (2,135) | 0 | (8,790) | 0 |
Net realized gains (losses) on sale of available for sale debt securities | $ (2,135) | $ 6,063 | $ (6,227) | $ 31,441 |
Investment Securities - Summa_2
Investment Securities - Summary of Available-for-Sale Debt Securities by Stated Maturity (Detail) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Debt Securities, Available-for-sale [Line Items] | ||
Due in one year or less, amortized cost | $ 0 | |
Due after one year through five years, amortized cost | 463,431 | |
Due after five years through ten years, amortized cost | 133,079 | |
Amortized Cost | 3,084,960 | $ 3,799,851 |
Due in one year or less, fair value | 0 | |
Due after one year through five years, fair value | 421,935 | |
Due after five years through ten years, fair value | 118,071 | |
Fair Value | 2,918,830 | 3,791,575 |
Asset-backed securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Debt securities, available-for-sale, without single maturity date, amortized cost | 200,171 | |
Amortized Cost | 200,171 | 297,291 |
Debt securities, available-for-sale, without single maturity date, fair value | 193,261 | |
Fair Value | 193,261 | 297,425 |
Collateralized loan obligations | ||
Debt Securities, Available-for-sale [Line Items] | ||
Debt securities, available-for-sale, without single maturity date, amortized cost | 855,959 | |
Amortized Cost | 855,959 | 1,067,770 |
Debt securities, available-for-sale, without single maturity date, fair value | 827,813 | |
Fair Value | 827,813 | 1,066,802 |
Commercial mortgage-backed securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Debt securities, available-for-sale, without single maturity date, amortized cost | 138,972 | |
Amortized Cost | 138,972 | 149,054 |
Debt securities, available-for-sale, without single maturity date, fair value | 134,843 | |
Fair Value | 134,843 | 148,927 |
Agency-guaranteed residential collateralized mortgage obligations | ||
Debt Securities, Available-for-sale [Line Items] | ||
Debt securities, available-for-sale, without single maturity date, amortized cost | 152,008 | |
Amortized Cost | 152,008 | 199,091 |
Debt securities, available-for-sale, without single maturity date, fair value | 138,222 | |
Fair Value | 138,222 | 196,930 |
Private label collateralized mortgage obligations | ||
Debt Securities, Available-for-sale [Line Items] | ||
Debt securities, available-for-sale, without single maturity date, amortized cost | 1,141,340 | |
Amortized Cost | 1,141,340 | 1,248,142 |
Debt securities, available-for-sale, without single maturity date, fair value | 1,084,685 | |
Fair Value | $ 1,084,685 | $ 1,242,465 |
Investment Securities - Gross U
Investment Securities - Gross Unrealized Losses and Fair Value, Aggregated by Investment Category (Detail) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Debt Securities, Available-for-sale [Line Items] | ||
Less Than 12 Months, Fair Value | $ 2,416,144 | $ 2,024,753 |
Less than 12 Months, Unrealized Losses | (145,487) | (15,567) |
12 Months or More, Fair Value | 244,845 | 6,818 |
12 Months or More, Unrealized Losses | (20,423) | (136) |
Total, Fair Value | 2,660,989 | 2,031,571 |
Total, Unrealized Losses | (165,910) | (15,703) |
Asset-backed securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less Than 12 Months, Fair Value | 186,085 | 54,753 |
Less than 12 Months, Unrealized Losses | (5,811) | (119) |
12 Months or More, Fair Value | 11,154 | 0 |
12 Months or More, Unrealized Losses | (846) | 0 |
Total, Fair Value | 197,239 | 54,753 |
Total, Unrealized Losses | (6,657) | (119) |
Agency-guaranteed residential mortgage-backed securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less Than 12 Months, Fair Value | 9,554 | |
Less than 12 Months, Unrealized Losses | (312) | |
12 Months or More, Fair Value | 0 | |
12 Months or More, Unrealized Losses | 0 | |
Total, Fair Value | 9,554 | |
Total, Unrealized Losses | (312) | |
Agency-guaranteed commercial mortgage-backed securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less Than 12 Months, Fair Value | 2,152 | |
Less than 12 Months, Unrealized Losses | (10) | |
12 Months or More, Fair Value | 0 | |
12 Months or More, Unrealized Losses | 0 | |
Total, Fair Value | 2,152 | |
Total, Unrealized Losses | (10) | |
Agency-guaranteed residential collateralized mortgage obligations | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less Than 12 Months, Fair Value | 138,222 | 173,492 |
Less than 12 Months, Unrealized Losses | (13,786) | (2,315) |
12 Months or More, Fair Value | 0 | 0 |
12 Months or More, Unrealized Losses | 0 | 0 |
Total, Fair Value | 138,222 | 173,492 |
Total, Unrealized Losses | (13,786) | (2,315) |
Agency-guaranteed commercial collateralized mortgage obligations | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less Than 12 Months, Fair Value | 118,334 | |
Less than 12 Months, Unrealized Losses | (3,877) | |
12 Months or More, Fair Value | 0 | |
12 Months or More, Unrealized Losses | 0 | |
Total, Fair Value | 118,334 | |
Total, Unrealized Losses | (3,877) | |
Collateralized loan obligations | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less Than 12 Months, Fair Value | 787,365 | 715,250 |
Less than 12 Months, Unrealized Losses | (27,078) | (1,215) |
12 Months or More, Fair Value | 35,670 | 0 |
12 Months or More, Unrealized Losses | (1,078) | 0 |
Total, Fair Value | 823,035 | 715,250 |
Total, Unrealized Losses | (28,156) | (1,215) |
Commercial mortgage-backed securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less Than 12 Months, Fair Value | 130,010 | 122,597 |
Less than 12 Months, Unrealized Losses | (4,027) | (180) |
12 Months or More, Fair Value | 4,847 | 0 |
12 Months or More, Unrealized Losses | (102) | 0 |
Total, Fair Value | 134,857 | 122,597 |
Total, Unrealized Losses | (4,129) | (180) |
Corporate notes | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less Than 12 Months, Fair Value | 454,386 | 188,100 |
Less than 12 Months, Unrealized Losses | (49,635) | (1,561) |
12 Months or More, Fair Value | 55,850 | 0 |
12 Months or More, Unrealized Losses | (5,720) | 0 |
Total, Fair Value | 510,236 | 188,100 |
Total, Unrealized Losses | (55,355) | (1,561) |
Private label collateralized mortgage obligations | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less Than 12 Months, Fair Value | 720,076 | 632,091 |
Less than 12 Months, Unrealized Losses | (45,150) | (5,874) |
12 Months or More, Fair Value | 129,973 | 6,818 |
12 Months or More, Unrealized Losses | (11,505) | (136) |
Total, Fair Value | 850,049 | 638,909 |
Total, Unrealized Losses | (56,655) | (6,010) |
State and political subdivision debt securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less Than 12 Months, Fair Value | 0 | 8,430 |
Less than 12 Months, Unrealized Losses | 0 | (104) |
12 Months or More, Fair Value | 7,351 | 0 |
12 Months or More, Unrealized Losses | (1,172) | 0 |
Total, Fair Value | 7,351 | 8,430 |
Total, Unrealized Losses | $ (1,172) | $ (104) |
Investment Securities - Credit
Investment Securities - Credit Valuation Allowance for Available For Sale Debt Securities (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended |
Sep. 30, 2022 | Sep. 30, 2022 | |
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward] | ||
Debt securities, allowance for credit loss, ending balance | $ 253 | $ 253 |
Asset-backed securities | ||
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward] | ||
Debt securities, allowance for credit loss, beginning balance | 411 | 0 |
Decrease in allowance for credit losses on previously impaired securities | (158) | |
Credit losses on securities for which credit losses were not previously recorded | 253 | |
Debt securities, allowance for credit loss, ending balance | $ 253 | $ 253 |
Investment Securities - Summa_3
Investment Securities - Summary of Amortized Cost and Approximate Fair Value of Investment Securities (Detail) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Schedule of Held-to-Maturity Securities [Line Items] | ||
Amortized Cost | $ 886,294 | $ 0 |
Allowance for Credit Losses | 0 | |
Net Carrying Value | 886,294 | |
Gross Unrealized Gains | 0 | |
Gross Unrealized Losses | (31,557) | |
Fair Value | 854,737 | |
Debt securities, held to maturity, accrued interest | 800 | |
Asset-backed securities | ||
Schedule of Held-to-Maturity Securities [Line Items] | ||
Amortized Cost | 400,001 | |
Allowance for Credit Losses | 0 | |
Net Carrying Value | 400,001 | |
Gross Unrealized Gains | 0 | |
Gross Unrealized Losses | 0 | |
Fair Value | 400,001 | |
Agency-guaranteed residential mortgage-backed securities | ||
Schedule of Held-to-Maturity Securities [Line Items] | ||
Amortized Cost | 7,781 | |
Allowance for Credit Losses | 0 | |
Net Carrying Value | 7,781 | |
Gross Unrealized Gains | ||
Gross Unrealized Losses | (702) | |
Fair Value | 7,079 | |
Agency-guaranteed commercial mortgage-backed securities | ||
Schedule of Held-to-Maturity Securities [Line Items] | ||
Amortized Cost | 1,947 | |
Allowance for Credit Losses | 0 | |
Net Carrying Value | 1,947 | |
Gross Unrealized Gains | 0 | |
Gross Unrealized Losses | (96) | |
Fair Value | 1,851 | |
Agency-guaranteed residential collateralized mortgage obligations | ||
Schedule of Held-to-Maturity Securities [Line Items] | ||
Amortized Cost | 209,519 | |
Allowance for Credit Losses | 0 | |
Net Carrying Value | 209,519 | |
Gross Unrealized Gains | 0 | |
Gross Unrealized Losses | (16,681) | |
Fair Value | 192,838 | |
Agency-guaranteed commercial collateralized mortgage obligations | ||
Schedule of Held-to-Maturity Securities [Line Items] | ||
Amortized Cost | 152,794 | |
Allowance for Credit Losses | 0 | |
Net Carrying Value | 152,794 | |
Gross Unrealized Gains | 0 | |
Gross Unrealized Losses | (6,189) | |
Fair Value | 146,605 | |
Private label collateralized mortgage obligations | ||
Schedule of Held-to-Maturity Securities [Line Items] | ||
Amortized Cost | 114,252 | |
Allowance for Credit Losses | 0 | |
Net Carrying Value | 114,252 | |
Gross Unrealized Gains | 0 | |
Gross Unrealized Losses | (7,889) | |
Fair Value | $ 106,363 |
Investment Securities - Summa_4
Investment Securities - Summary of Held to Maturity Debt Securities by Stated Maturity (Detail) $ in Thousands | Sep. 30, 2022 USD ($) |
Schedule of Held-to-Maturity Securities [Line Items] | |
Amortized Cost | $ 886,294 |
Fair Value | 854,737 |
Asset-backed securities | |
Schedule of Held-to-Maturity Securities [Line Items] | |
Amortized Cost | 400,001 |
Fair Value | 400,001 |
Agency-guaranteed residential mortgage-backed securities | |
Schedule of Held-to-Maturity Securities [Line Items] | |
Amortized Cost | 7,781 |
Fair Value | 7,079 |
Agency-guaranteed commercial mortgage-backed securities | |
Schedule of Held-to-Maturity Securities [Line Items] | |
Amortized Cost | 1,947 |
Fair Value | 1,851 |
Agency-guaranteed residential collateralized mortgage obligations | |
Schedule of Held-to-Maturity Securities [Line Items] | |
Amortized Cost | 209,519 |
Fair Value | 192,838 |
Agency-guaranteed commercial collateralized mortgage obligations | |
Schedule of Held-to-Maturity Securities [Line Items] | |
Amortized Cost | 152,794 |
Fair Value | 146,605 |
Private label collateralized mortgage obligations | |
Schedule of Held-to-Maturity Securities [Line Items] | |
Amortized Cost | 114,252 |
Fair Value | $ 106,363 |
Investment Securities - Debt Se
Investment Securities - Debt Securities, Held-to-maturity, Credit Quality Indicator (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Schedule of Held-to-Maturity Securities [Line Items] | ||
Investment securities held to maturity | $ 886,294 | $ 0 |
Asset-backed securities | ||
Schedule of Held-to-Maturity Securities [Line Items] | ||
Investment securities held to maturity | 400,001 | |
Agency-guaranteed residential mortgage-backed securities | ||
Schedule of Held-to-Maturity Securities [Line Items] | ||
Investment securities held to maturity | 7,781 | |
Agency-guaranteed commercial mortgage-backed securities | ||
Schedule of Held-to-Maturity Securities [Line Items] | ||
Investment securities held to maturity | 1,947 | |
Agency-guaranteed residential collateralized mortgage obligations | ||
Schedule of Held-to-Maturity Securities [Line Items] | ||
Investment securities held to maturity | 209,519 | |
Agency-guaranteed commercial collateralized mortgage obligations | ||
Schedule of Held-to-Maturity Securities [Line Items] | ||
Investment securities held to maturity | 152,794 | |
Private label collateralized mortgage obligations | ||
Schedule of Held-to-Maturity Securities [Line Items] | ||
Investment securities held to maturity | 114,252 | |
AAA | ||
Schedule of Held-to-Maturity Securities [Line Items] | ||
Investment securities held to maturity | 63,767 | |
AAA | Asset-backed securities | ||
Schedule of Held-to-Maturity Securities [Line Items] | ||
Investment securities held to maturity | 0 | |
AAA | Agency-guaranteed residential mortgage-backed securities | ||
Schedule of Held-to-Maturity Securities [Line Items] | ||
Investment securities held to maturity | 0 | |
AAA | Agency-guaranteed commercial mortgage-backed securities | ||
Schedule of Held-to-Maturity Securities [Line Items] | ||
Investment securities held to maturity | 0 | |
AAA | Agency-guaranteed residential collateralized mortgage obligations | ||
Schedule of Held-to-Maturity Securities [Line Items] | ||
Investment securities held to maturity | 0 | |
AAA | Agency-guaranteed commercial collateralized mortgage obligations | ||
Schedule of Held-to-Maturity Securities [Line Items] | ||
Investment securities held to maturity | 0 | |
AAA | Private label collateralized mortgage obligations | ||
Schedule of Held-to-Maturity Securities [Line Items] | ||
Investment securities held to maturity | 63,767 | |
AA | ||
Schedule of Held-to-Maturity Securities [Line Items] | ||
Investment securities held to maturity | 7,077 | |
AA | Asset-backed securities | ||
Schedule of Held-to-Maturity Securities [Line Items] | ||
Investment securities held to maturity | 0 | |
AA | Agency-guaranteed residential mortgage-backed securities | ||
Schedule of Held-to-Maturity Securities [Line Items] | ||
Investment securities held to maturity | 0 | |
AA | Agency-guaranteed commercial mortgage-backed securities | ||
Schedule of Held-to-Maturity Securities [Line Items] | ||
Investment securities held to maturity | 0 | |
AA | Agency-guaranteed residential collateralized mortgage obligations | ||
Schedule of Held-to-Maturity Securities [Line Items] | ||
Investment securities held to maturity | 0 | |
AA | Agency-guaranteed commercial collateralized mortgage obligations | ||
Schedule of Held-to-Maturity Securities [Line Items] | ||
Investment securities held to maturity | 0 | |
AA | Private label collateralized mortgage obligations | ||
Schedule of Held-to-Maturity Securities [Line Items] | ||
Investment securities held to maturity | 7,077 | |
A | ||
Schedule of Held-to-Maturity Securities [Line Items] | ||
Investment securities held to maturity | 34,189 | |
A | Asset-backed securities | ||
Schedule of Held-to-Maturity Securities [Line Items] | ||
Investment securities held to maturity | 0 | |
A | Agency-guaranteed residential mortgage-backed securities | ||
Schedule of Held-to-Maturity Securities [Line Items] | ||
Investment securities held to maturity | 0 | |
A | Agency-guaranteed commercial mortgage-backed securities | ||
Schedule of Held-to-Maturity Securities [Line Items] | ||
Investment securities held to maturity | 0 | |
A | Agency-guaranteed residential collateralized mortgage obligations | ||
Schedule of Held-to-Maturity Securities [Line Items] | ||
Investment securities held to maturity | 0 | |
A | Agency-guaranteed commercial collateralized mortgage obligations | ||
Schedule of Held-to-Maturity Securities [Line Items] | ||
Investment securities held to maturity | 0 | |
A | Private label collateralized mortgage obligations | ||
Schedule of Held-to-Maturity Securities [Line Items] | ||
Investment securities held to maturity | 34,189 | |
BBB | ||
Schedule of Held-to-Maturity Securities [Line Items] | ||
Investment securities held to maturity | 9,219 | |
BBB | Asset-backed securities | ||
Schedule of Held-to-Maturity Securities [Line Items] | ||
Investment securities held to maturity | 0 | |
BBB | Agency-guaranteed residential mortgage-backed securities | ||
Schedule of Held-to-Maturity Securities [Line Items] | ||
Investment securities held to maturity | 0 | |
BBB | Agency-guaranteed commercial mortgage-backed securities | ||
Schedule of Held-to-Maturity Securities [Line Items] | ||
Investment securities held to maturity | 0 | |
BBB | Agency-guaranteed residential collateralized mortgage obligations | ||
Schedule of Held-to-Maturity Securities [Line Items] | ||
Investment securities held to maturity | 0 | |
BBB | Agency-guaranteed commercial collateralized mortgage obligations | ||
Schedule of Held-to-Maturity Securities [Line Items] | ||
Investment securities held to maturity | 0 | |
BBB | Private label collateralized mortgage obligations | ||
Schedule of Held-to-Maturity Securities [Line Items] | ||
Investment securities held to maturity | 9,219 | |
Not Rated | ||
Schedule of Held-to-Maturity Securities [Line Items] | ||
Investment securities held to maturity | 772,042 | |
Not Rated | Asset-backed securities | ||
Schedule of Held-to-Maturity Securities [Line Items] | ||
Investment securities held to maturity | 400,001 | |
Not Rated | Agency-guaranteed residential mortgage-backed securities | ||
Schedule of Held-to-Maturity Securities [Line Items] | ||
Investment securities held to maturity | 7,781 | |
Not Rated | Agency-guaranteed commercial mortgage-backed securities | ||
Schedule of Held-to-Maturity Securities [Line Items] | ||
Investment securities held to maturity | 1,947 | |
Not Rated | Agency-guaranteed residential collateralized mortgage obligations | ||
Schedule of Held-to-Maturity Securities [Line Items] | ||
Investment securities held to maturity | 209,519 | |
Not Rated | Agency-guaranteed commercial collateralized mortgage obligations | ||
Schedule of Held-to-Maturity Securities [Line Items] | ||
Investment securities held to maturity | 152,794 | |
Not Rated | Private label collateralized mortgage obligations | ||
Schedule of Held-to-Maturity Securities [Line Items] | ||
Investment securities held to maturity | $ 0 |
Loans Held for Sale - Compositi
Loans Held for Sale - Composition of Loans Held for Sale (Detail) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Receivables Held-for-sale [Abstract] | ||
Multi-family loans, at lower of cost or fair value | $ 4,108 | $ 0 |
Total commercial loans held for sale | 4,108 | 0 |
Home equity conversion mortgages, at lower of cost or fair value | 507 | 507 |
Residential mortgage loans, at fair value | 609 | 15,747 |
Total consumer loans held for sale | 1,116 | 16,254 |
Loans held for sale | $ 5,224 | $ 16,254 |
Loans Held for Sale - Narrative
Loans Held for Sale - Narrative (Details) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Receivables Held-for-sale [Abstract] | ||
Loans held-for-sale (including nonperforming loans) | $ 4.6 | $ 0.5 |
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 | Sep. 30, 2022 | Jun. 30, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Dec. 31, 2020 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans receivable, mortgage warehouse, at fair value | $ 1,569,090 | $ 2,284,325 | ||||
Loans receivable, PPP | 1,154,632 | 3,250,008 | ||||
Loans and leases receivable | 12,607,742 | 9,018,298 | ||||
Allowance for credit losses on loans and leases | (130,197) | $ (156,530) | (137,804) | $ (131,496) | $ (125,436) | $ (144,176) |
Total loans and leases receivable, net of allowance for credit losses on loans and leases | 15,201,267 | 14,414,827 | ||||
Deferred (fees) costs and unamortized (discounts) premiums, net | (21,000) | (52,000) | ||||
Multi-family | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans and leases receivable | 2,263,268 | 1,486,308 | ||||
Allowance for credit losses on loans and leases | (14,244) | (9,765) | (4,477) | (4,397) | (5,028) | (12,620) |
Construction | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans and leases receivable | 136,133 | 198,981 | ||||
Allowance for credit losses on loans and leases | (1,614) | (1,179) | (692) | (886) | (2,643) | (5,871) |
Residential real estate | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans and leases receivable | 465,772 | 334,730 | ||||
Allowance for credit losses on loans and leases | (5,453) | (5,578) | (2,383) | (1,912) | (2,299) | (3,977) |
Manufactured housing | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans and leases receivable | 46,990 | 52,861 | ||||
Allowance for credit losses on loans and leases | (4,482) | $ (4,080) | (4,278) | $ (4,410) | $ (4,372) | $ (5,190) |
Commercial | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans and leases receivable | 10,697,085 | 6,886,232 | ||||
Commercial | Specialty lending | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans and leases receivable | 5,103,974 | 2,403,991 | ||||
Commercial | Other commercial and industrial | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans and leases receivable | 1,203,829 | 1,020,792 | ||||
Commercial | Multi-family | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans and leases receivable | 2,263,268 | 1,486,308 | ||||
Commercial | Commercial real estate owner occupied | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans and leases receivable | 726,670 | 654,922 | ||||
Commercial | Commercial real estate non-owner occupied | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans and leases receivable | 1,263,211 | 1,121,238 | ||||
Commercial | Construction | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans and leases receivable | 136,133 | 198,981 | ||||
Commercial | Direct finance equipment leases | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans and leases receivable | 145,600 | 146,500 | ||||
Consumer | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans and leases receivable | 1,910,657 | 2,132,066 | ||||
Consumer | Residential real estate | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans and leases receivable | 465,772 | 334,730 | ||||
Consumer | Manufactured housing | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans and leases receivable | 46,990 | 52,861 | ||||
Consumer | Personal | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans and leases receivable | 1,056,432 | 1,392,862 | ||||
Consumer | Other | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans and leases receivable | $ 341,463 | $ 351,613 |
Loans and Leases Receivable a_4
Loans and Leases Receivable and Allowance for Credit Losses on Loans and Leases - Additional Information (Detail) | 3 Months Ended | 9 Months Ended | |||||||
Sep. 30, 2022 USD ($) commitment | Sep. 30, 2022 USD ($) commitment loan | Sep. 30, 2021 USD ($) loan | Sep. 30, 2022 USD ($) loan commitment | Sep. 30, 2021 USD ($) loan | Jun. 30, 2022 USD ($) | Dec. 31, 2021 USD ($) commitment | Jun. 30, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||||||
Accrued interest | $ 92,000,000 | $ 92,000,000 | $ 92,000,000 | $ 81,600,000 | |||||
Loans receivable, excluding accrued interest | 15,201,267,000 | 15,201,267,000 | $ 15,201,267,000 | 14,414,827,000 | |||||
Loans held for sale, average life from purchase to sale | 30 days | ||||||||
Loans and leases receivable | 12,607,742,000 | 12,607,742,000 | $ 12,607,742,000 | 9,018,298,000 | |||||
Interest income | 200,457,000 | $ 233,097,000 | 526,573,000 | $ 538,822,000 | |||||
Allowance for credit loss, excluding accrued interest | 130,197,000 | 130,197,000 | $ 131,496,000 | 130,197,000 | $ 131,496,000 | $ 156,530,000 | 137,804,000 | $ 125,436,000 | $ 144,176,000 |
Allowance for credit loss, period increase | 7,600,000 | ||||||||
Loans reported as TDR | 16,900,000 | 16,900,000 | $ 16,900,000 | 16,500,000 | |||||
Minimum performance requirement (months) | 6 months | ||||||||
Lease receivable, TDR | $ 0 | $ 0 | $ 0 | $ 0 | |||||
Number of loans | loan | 71 | 43 | 184 | 174 | |||||
Number of commitments to lend additional funds (commitment) | commitment | 0 | 0 | 0 | 0 | |||||
Proceeds from sales of loans and leases | $ 100,700,000 | $ 136,920,000 | $ 260,851,000 | ||||||
Asset Pledged as Collateral | |||||||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||||||
Loans and leases receivable | 6,600,000,000 | $ 6,600,000,000 | $ 6,600,000,000 | $ 3,700,000,000 | |||||
Forgiveness of debt | |||||||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||||||
Number of loans | loan | 0 | 0 | 0 | 0 | |||||
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] | |||||||||
Loans and leases receivable | 1,200,000,000 | $ 1,200,000,000 | $ 1,200,000,000 | 3,300,000,000 | |||||
Interest income | 14,700,000 | $ 117,100,000 | 72,100,000 | $ 197,100,000 | |||||
Commercial Real Estate | Commercial and industrial | Collateral Dependent Loan | |||||||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||||||
Loans receivable, excluding accrued interest | $ 32,000,000 | $ 32,000,000 | $ 32,000,000 | $ 38,900,000 |
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 | Sep. 30, 2022 | Dec. 31, 2021 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable | $ 12,607,742 | $ 9,018,298 |
Loans still accruing interest because collection is considered probable | 1,500 | 1,400 |
Purchased-credit-impaired loans | 8,700 | 9,900 |
Small Business Administration (SBA), CARES Act, Paycheck Protection Program | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable | 1,200,000 | 3,300,000 |
Total past due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable | 44,983 | 68,433 |
30 to 59 Days Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable | 13,922 | 18,374 |
30 to 59 Days Past Due | Small Business Administration (SBA), CARES Act, Paycheck Protection Program | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable | 274,400 | 6,300 |
60 to 89 Days Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable | 11,163 | 8,654 |
90 Days or More Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable | 19,898 | 41,405 |
Loans and leases not past due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable | 12,562,759 | 8,949,865 |
60 Days or More Past Due | Small Business Administration (SBA), CARES Act, Paycheck Protection Program | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable | 178,200 | 21,800 |
Commercial and industrial, including specialty lending | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable | 6,307,803 | 3,424,783 |
Commercial and industrial, including specialty lending | Total past due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable | 5,108 | 8,117 |
Commercial and industrial, including specialty lending | 30 to 59 Days Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable | 739 | 2,093 |
Commercial and industrial, including specialty lending | 60 to 89 Days Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable | 419 | 95 |
Commercial and industrial, including specialty lending | 90 Days or More Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable | 3,950 | 5,929 |
Commercial and industrial, including specialty lending | Loans and leases not past due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable | 6,302,695 | 3,416,666 |
Multi-family | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable | 2,263,268 | 1,486,308 |
Multi-family | Total past due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable | 1,159 | 22,624 |
Multi-family | 30 to 59 Days Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable | 0 | 1,682 |
Multi-family | 60 to 89 Days Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable | 0 | 2,707 |
Multi-family | 90 Days or More Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable | 1,159 | 18,235 |
Multi-family | Loans and leases not past due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable | 2,262,109 | 1,463,684 |
Commercial real estate owner occupied | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable | 726,670 | 654,922 |
Commercial real estate owner occupied | Total past due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable | 2,242 | 1,591 |
Commercial real estate owner occupied | 30 to 59 Days Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable | 115 | 287 |
Commercial real estate owner occupied | 60 to 89 Days Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable | 0 | 0 |
Commercial real estate owner occupied | 90 Days or More Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable | 2,127 | 1,304 |
Commercial real estate owner occupied | Loans and leases not past due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable | 724,428 | 653,331 |
Commercial real estate non-owner occupied | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable | 1,263,211 | 1,121,238 |
Commercial real estate non-owner occupied | Total past due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable | 324 | 2,815 |
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 | 324 | 0 |
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 | 2,815 |
Commercial real estate non-owner occupied | Loans and leases not past due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable | 1,262,887 | 1,118,423 |
Construction | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable | 136,133 | 198,981 |
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 | 136,133 | 198,981 |
Residential real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable | 465,772 | 334,730 |
Residential real estate | Total past due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable | 4,436 | 9,834 |
Residential real estate | 30 to 59 Days Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable | 746 | 4,655 |
Residential real estate | 60 to 89 Days Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable | 1,313 | 789 |
Residential real estate | 90 Days or More Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable | 2,377 | 4,390 |
Residential real estate | Loans and leases not past due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable | 461,336 | 324,896 |
Manufactured housing | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable | 46,990 | 52,861 |
Manufactured housing | Total past due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable | 5,264 | 8,025 |
Manufactured housing | 30 to 59 Days Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable | 1,416 | 2,308 |
Manufactured housing | 60 to 89 Days Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable | 410 | 768 |
Manufactured housing | 90 Days or More Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable | 3,438 | 4,949 |
Manufactured housing | Loans and leases not past due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable | 41,726 | 44,836 |
Installment | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable | 1,397,895 | 1,744,475 |
Installment | Total past due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable | 26,450 | 15,427 |
Installment | 30 to 59 Days Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable | 10,906 | 7,349 |
Installment | 60 to 89 Days Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable | 8,697 | 4,295 |
Installment | 90 Days or More Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable | 6,847 | 3,783 |
Installment | Loans and leases not past due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable | $ 1,371,445 | $ 1,729,048 |
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 | Sep. 30, 2022 | Dec. 31, 2021 |
Financing Receivable, Impaired [Line Items] | ||
Nonaccrual loans with no related allowance | $ 13,848 | $ 41,508 |
Nonaccrual loans with related allowance | 9,456 | 7,605 |
Total nonaccrual loans | 23,304 | 49,113 |
Commercial and industrial, including specialty lending | ||
Financing Receivable, Impaired [Line Items] | ||
Nonaccrual loans with no related allowance | 4,054 | 5,837 |
Nonaccrual loans with related allowance | 24 | 259 |
Total nonaccrual loans | 4,078 | 6,096 |
Multi-family | ||
Financing Receivable, Impaired [Line Items] | ||
Nonaccrual loans with no related allowance | 1,158 | 22,654 |
Nonaccrual loans with related allowance | 0 | 0 |
Total nonaccrual loans | 1,158 | 22,654 |
Commercial real estate owner occupied | ||
Financing Receivable, Impaired [Line Items] | ||
Nonaccrual loans with no related allowance | 2,198 | 2,475 |
Nonaccrual loans with related allowance | 0 | 0 |
Total nonaccrual loans | 2,198 | 2,475 |
Commercial real estate non-owner occupied | ||
Financing Receivable, Impaired [Line Items] | ||
Nonaccrual loans with no related allowance | 0 | 2,815 |
Nonaccrual loans with related allowance | 0 | 0 |
Total nonaccrual loans | 0 | 2,815 |
Residential real estate | ||
Financing Receivable, Impaired [Line Items] | ||
Nonaccrual loans with no related allowance | 6,438 | 7,727 |
Nonaccrual loans with related allowance | 0 | 0 |
Total nonaccrual loans | 6,438 | 7,727 |
Manufactured housing | ||
Financing Receivable, Impaired [Line Items] | ||
Nonaccrual loans with no related allowance | 0 | 0 |
Nonaccrual loans with related allowance | 2,584 | 3,563 |
Total nonaccrual loans | 2,584 | 3,563 |
Installment | ||
Financing Receivable, Impaired [Line Items] | ||
Nonaccrual loans with no related allowance | 0 | 0 |
Nonaccrual loans with related allowance | 6,848 | 3,783 |
Total nonaccrual loans | $ 6,848 | $ 3,783 |
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 | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance | $ 156,530 | $ 125,436 | $ 137,804 | $ 144,176 |
Charge-offs | (21,484) | (8,755) | (45,935) | (31,361) |
Recoveries | 2,987 | 1,651 | 6,731 | 5,145 |
Provision (benefit) for credit losses on loans and leases | (7,836) | 13,164 | 31,597 | 13,536 |
Ending balance | 130,197 | 131,496 | 130,197 | 131,496 |
Commercial and industrial, including specialty lending | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance | 11,081 | 8,127 | 12,702 | 12,239 |
Charge-offs | (2,657) | (516) | (3,235) | (1,153) |
Recoveries | 76 | 400 | 1,129 | 945 |
Provision (benefit) for credit losses on loans and leases | 6,631 | 2,849 | 4,535 | (1,171) |
Ending balance | 15,131 | 10,860 | 15,131 | 10,860 |
Multi-family | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance | 9,765 | 5,028 | 4,477 | 12,620 |
Charge-offs | 0 | 0 | (1,990) | (1,132) |
Recoveries | 0 | 0 | 337 | 0 |
Provision (benefit) for credit losses on loans and leases | 4,479 | (631) | 11,420 | (7,091) |
Ending balance | 14,244 | 4,397 | 14,244 | 4,397 |
Commercial real estate owner occupied | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance | 4,745 | 4,464 | 3,213 | 9,512 |
Charge-offs | 0 | (524) | 0 | (666) |
Recoveries | 0 | 474 | 49 | 483 |
Provision (benefit) for credit losses on loans and leases | 1,475 | (797) | 2,958 | (5,712) |
Ending balance | 6,220 | 3,617 | 6,220 | 3,617 |
Commercial real estate non-owner occupied | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance | 8,880 | 7,374 | 6,210 | 19,452 |
Charge-offs | (4,862) | (943) | (5,025) | (943) |
Recoveries | 31 | 0 | 43 | 69 |
Provision (benefit) for credit losses on loans and leases | 7,283 | 944 | 10,104 | (11,203) |
Ending balance | 11,332 | 7,375 | 11,332 | 7,375 |
Construction | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance | 1,179 | 2,643 | 692 | 5,871 |
Charge-offs | 0 | 0 | 0 | 0 |
Recoveries | 10 | 3 | 226 | 122 |
Provision (benefit) for credit losses on loans and leases | 425 | (1,760) | 696 | (5,107) |
Ending balance | 1,614 | 886 | 1,614 | 886 |
Residential real estate | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance | 5,578 | 2,299 | 2,383 | 3,977 |
Charge-offs | 0 | (79) | (4) | (129) |
Recoveries | 13 | 25 | 58 | 47 |
Provision (benefit) for credit losses on loans and leases | (138) | (333) | 3,016 | (1,983) |
Ending balance | 5,453 | 1,912 | 5,453 | 1,912 |
Manufactured housing | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance | 4,080 | 4,372 | 4,278 | 5,190 |
Charge-offs | 0 | 0 | 0 | 0 |
Recoveries | 0 | 0 | 0 | 0 |
Provision (benefit) for credit losses on loans and leases | 402 | 38 | 204 | (780) |
Ending balance | 4,482 | 4,410 | 4,482 | 4,410 |
Installment | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance | 111,222 | 91,129 | 103,849 | 75,315 |
Charge-offs | (13,965) | (6,693) | (35,681) | (27,338) |
Recoveries | 2,857 | 749 | 4,889 | 3,479 |
Provision (benefit) for credit losses on loans and leases | (28,393) | 12,854 | (1,336) | 46,583 |
Ending balance | $ 71,721 | $ 98,039 | $ 71,721 | $ 98,039 |
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 | 9 Months Ended | ||
Sep. 30, 2022 USD ($) loan | Sep. 30, 2021 USD ($) loan | Sep. 30, 2022 USD ($) loan | Sep. 30, 2021 USD ($) loan | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of loans | loan | 71 | 43 | 184 | 174 |
Recorded investment | $ | $ 739 | $ 931 | $ 2,403 | $ 2,954 |
Interest-rate reductions | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of loans | loan | 0 | 4 | 14 | 16 |
Recorded investment | $ | $ 0 | $ 244 | $ 470 | $ 585 |
Other | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of loans | loan | 71 | 39 | 170 | 158 |
Recorded investment | $ | $ 739 | $ 687 | $ 1,933 | $ 2,369 |
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 | 9 Months Ended | |
Sep. 30, 2022 USD ($) loan | Sep. 30, 2021 USD ($) loan | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of loans | loan | 36 | 21 |
Recorded Investment | $ | $ 585 | $ 302 |
Manufactured housing | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of loans | loan | 1 | 2 |
Recorded Investment | $ | $ 46 | $ 71 |
Residential real estate | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of loans | loan | 1 | 0 |
Recorded Investment | $ | $ 119 | $ 0 |
Installment | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of loans | loan | 34 | 19 |
Recorded Investment | $ | $ 420 | $ 231 |
Loans and Leases Receivable _10
Loans and Leases Receivable and Allowance for Credit Losses on Loans and Leases - Credit Ratings (Detail) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current year | $ 5,302,383 | $ 2,885,998 |
Fiscal year before current year | 1,964,056 | 1,162,342 |
Two years before current year | 819,042 | 983,444 |
Three years before current year | 638,237 | 553,607 |
Four years before current year | 359,291 | 732,071 |
Prior | 1,286,507 | 1,103,651 |
Revolving loans amortized cost basis | 2,238,226 | 1,597,185 |
Revolving loans converted to term | 0 | 0 |
Loans and leases receivable | 12,607,742 | 9,018,298 |
Commercial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and leases receivable | 10,697,085 | 6,886,232 |
Consumer | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and leases receivable | 1,910,657 | 2,132,066 |
Commercial loans and leases receivable | Commercial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current year | 4,584,613 | 1,803,457 |
Fiscal year before current year | 1,388,727 | 762,301 |
Two years before current year | 662,223 | 618,104 |
Three years before current year | 466,832 | 509,267 |
Four years before current year | 334,219 | 723,019 |
Prior | 1,159,109 | 962,716 |
Revolving loans amortized cost basis | 2,101,362 | 1,507,368 |
Revolving loans converted to term | 0 | 0 |
Loans and leases receivable | 10,697,085 | 6,886,232 |
Commercial and industrial, including specialty lending | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and leases receivable | 6,307,803 | 3,424,783 |
Commercial and industrial, including specialty lending | Commercial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current year | 2,811,777 | 993,278 |
Fiscal year before current year | 667,041 | 348,710 |
Two years before current year | 298,913 | 279,545 |
Three years before current year | 219,553 | 103,181 |
Four years before current year | 80,042 | 97,470 |
Prior | 131,190 | 96,716 |
Revolving loans amortized cost basis | 2,099,287 | 1,505,883 |
Revolving loans converted to term | 0 | 0 |
Loans and leases receivable | 6,307,803 | 3,424,783 |
Commercial and industrial, including specialty lending | Pass | Commercial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current year | 2,811,777 | 974,016 |
Fiscal year before current year | 638,308 | 337,045 |
Two years before current year | 290,113 | 266,677 |
Three years before current year | 210,755 | 86,691 |
Four years before current year | 72,613 | 55,536 |
Prior | 87,766 | 89,860 |
Revolving loans amortized cost basis | 2,091,816 | 1,484,287 |
Revolving loans converted to term | 0 | 0 |
Loans and leases receivable | 6,203,148 | 3,294,112 |
Commercial and industrial, including specialty lending | Special mention | Commercial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current year | 0 | 476 |
Fiscal year before current year | 6,000 | 1,408 |
Two years before current year | 0 | 3,325 |
Three years before current year | 0 | 4,904 |
Four years before current year | 0 | 36,252 |
Prior | 290 | 92 |
Revolving loans amortized cost basis | 2,816 | 14,662 |
Revolving loans converted to term | 0 | 0 |
Loans and leases receivable | 9,106 | 61,119 |
Commercial and industrial, including specialty lending | Substandard | Commercial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current year | 0 | 18,786 |
Fiscal year before current year | 22,733 | 10,257 |
Two years before current year | 8,800 | 9,543 |
Three years before current year | 8,798 | 11,586 |
Four years before current year | 7,429 | 5,682 |
Prior | 43,134 | 6,764 |
Revolving loans amortized cost basis | 4,655 | 6,934 |
Revolving loans converted to term | 0 | 0 |
Loans and leases receivable | 95,549 | 69,552 |
Commercial and industrial, including specialty lending | 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 |
Multi-family | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and leases receivable | 2,263,268 | 1,486,308 |
Multi-family | Commercial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current year | 1,257,398 | 403,075 |
Fiscal year before current year | 366,238 | 133,452 |
Two years before current year | 131,310 | 23,068 |
Three years before current year | 22,364 | 219,006 |
Four years before current year | 119,414 | 339,368 |
Prior | 366,544 | 368,339 |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term | 0 | 0 |
Loans and leases receivable | 2,263,268 | 1,486,308 |
Multi-family | Pass | Commercial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current year | 1,257,398 | 403,075 |
Fiscal year before current year | 364,730 | 133,452 |
Two years before current year | 131,310 | 23,068 |
Three years before current year | 22,364 | 209,070 |
Four years before current year | 114,430 | 282,663 |
Prior | 241,843 | 316,491 |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term | 0 | 0 |
Loans and leases receivable | 2,132,075 | 1,367,819 |
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 | 9,936 |
Four years before current year | 4,984 | 18,489 |
Prior | 58,964 | 28,776 |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term | 0 | 0 |
Loans and leases receivable | 63,948 | 57,201 |
Multi-family | Substandard | Commercial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current year | 0 | 0 |
Fiscal year before current year | 1,508 | 0 |
Two years before current year | 0 | 0 |
Three years before current year | 0 | 0 |
Four years before current year | 0 | 38,216 |
Prior | 65,737 | 23,072 |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term | 0 | 0 |
Loans and leases receivable | 67,245 | 61,288 |
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 | 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 owner occupied | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and leases receivable | 726,670 | 654,922 |
Commercial real estate owner occupied | Commercial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current year | 186,167 | 213,102 |
Fiscal year before current year | 203,200 | 59,348 |
Two years before current year | 56,956 | 131,252 |
Three years before current year | 92,571 | 70,993 |
Four years before current year | 45,970 | 68,941 |
Prior | 141,806 | 110,614 |
Revolving loans amortized cost basis | 0 | 672 |
Revolving loans converted to term | 0 | 0 |
Loans and leases receivable | 726,670 | 654,922 |
Commercial real estate owner occupied | Pass | Commercial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current year | 186,167 | 213,102 |
Fiscal year before current year | 203,200 | 59,348 |
Two years before current year | 56,956 | 124,626 |
Three years before current year | 92,437 | 60,993 |
Four years before current year | 36,062 | 58,073 |
Prior | 129,565 | 99,219 |
Revolving loans amortized cost basis | 0 | 672 |
Revolving loans converted to term | 0 | 0 |
Loans and leases receivable | 704,387 | 616,033 |
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 | 0 |
Two years before current year | 0 | 2,876 |
Three years before current year | 0 | 318 |
Four years before current year | 461 | 2,044 |
Prior | 3,858 | 572 |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term | 0 | 0 |
Loans and leases receivable | 4,319 | 5,810 |
Commercial real estate 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 | 3,750 |
Three years before current year | 134 | 9,682 |
Four years before current year | 9,447 | 8,824 |
Prior | 8,383 | 10,823 |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term | 0 | 0 |
Loans and leases receivable | 17,964 | 33,079 |
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 | |
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 | 1,263,211 | 1,121,238 |
Commercial real estate non-owner occupied | Commercial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current year | 279,854 | 136,897 |
Fiscal year before current year | 119,817 | 171,592 |
Two years before current year | 165,534 | 106,617 |
Three years before current year | 103,527 | 111,259 |
Four years before current year | 84,071 | 217,240 |
Prior | 510,408 | 377,633 |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term | 0 | 0 |
Loans and leases receivable | 1,263,211 | 1,121,238 |
Commercial real estate non-owner occupied | Pass | Commercial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current year | 279,854 | 136,897 |
Fiscal year before current year | 119,817 | 149,898 |
Two years before current year | 144,199 | 95,504 |
Three years before current year | 74,694 | 66,040 |
Four years before current year | 63,318 | 153,509 |
Prior | 405,022 | 310,435 |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term | 0 | 0 |
Loans and leases receivable | 1,086,904 | 912,283 |
Commercial real estate non-owner occupied | Special mention | Commercial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current year | 0 | 0 |
Fiscal year before current year | 0 | 21,694 |
Two years before current year | 21,335 | 11,113 |
Three years before current year | 0 | 9,373 |
Four years before current year | 0 | 43,215 |
Prior | 5,852 | 20,540 |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term | 0 | 0 |
Loans and leases receivable | 27,187 | 105,935 |
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 | 0 |
Three years before current year | 28,833 | 35,846 |
Four years before current year | 20,753 | 20,516 |
Prior | 99,534 | 46,658 |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term | 0 | 0 |
Loans and leases receivable | 149,120 | 103,020 |
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 | 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 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and leases receivable | 136,133 | 198,981 |
Construction | Commercial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current year | 49,417 | 57,105 |
Fiscal year before current year | 32,431 | 49,199 |
Two years before current year | 9,510 | 77,622 |
Three years before current year | 28,817 | 4,828 |
Four years before current year | 4,722 | 0 |
Prior | 9,161 | 9,414 |
Revolving loans amortized cost basis | 2,075 | 813 |
Revolving loans converted to term | 0 | 0 |
Loans and leases receivable | 136,133 | 198,981 |
Construction | Pass | Commercial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current year | 49,417 | 57,105 |
Fiscal year before current year | 32,431 | 49,199 |
Two years before current year | 9,510 | 77,622 |
Three years before current year | 28,817 | 4,828 |
Four years before current year | 4,722 | 0 |
Prior | 9,161 | 9,414 |
Revolving loans amortized cost basis | 2,075 | 813 |
Revolving loans converted to term | 0 | 0 |
Loans and leases receivable | 136,133 | 198,981 |
Construction | 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 | 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 | 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 | 717,770 | 1,082,541 |
Fiscal year before current year | 575,329 | 400,041 |
Two years before current year | 156,819 | 365,340 |
Three years before current year | 171,405 | 44,340 |
Four years before current year | 25,072 | 9,052 |
Prior | 127,398 | 140,935 |
Revolving loans amortized cost basis | 136,864 | 89,817 |
Revolving loans converted to term | 0 | 0 |
Loans and leases receivable | 1,910,657 | 2,132,066 |
Residential real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and leases receivable | 465,772 | 334,730 |
Residential real estate | Consumer | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current year | 136,267 | 107,854 |
Fiscal year before current year | 144,010 | 8,251 |
Two years before current year | 7,597 | 21,431 |
Three years before current year | 17,015 | 12,404 |
Four years before current year | 11,849 | 7,376 |
Prior | 79,539 | 87,622 |
Revolving loans amortized cost basis | 69,495 | 89,792 |
Revolving loans converted to term | 0 | 0 |
Loans and leases receivable | 465,772 | 334,730 |
Residential real estate | Consumer | Performing | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current year | 136,267 | 107,854 |
Fiscal year before current year | 144,010 | 8,251 |
Two years before current year | 7,420 | 21,096 |
Three years before current year | 16,643 | 11,389 |
Four years before current year | 10,471 | 6,707 |
Prior | 75,826 | 84,035 |
Revolving loans amortized cost basis | 68,839 | 87,438 |
Revolving loans converted to term | 0 | 0 |
Loans and leases receivable | 459,476 | 326,770 |
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 | 177 | 335 |
Three years before current year | 372 | 1,015 |
Four years before current year | 1,378 | 669 |
Prior | 3,713 | 3,587 |
Revolving loans amortized cost basis | 656 | 2,354 |
Revolving loans converted to term | 0 | 0 |
Loans and leases receivable | 6,296 | 7,960 |
Manufactured housing | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and leases receivable | 46,990 | 52,861 |
Manufactured housing | Consumer | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current year | 0 | 0 |
Fiscal year before current year | 0 | 0 |
Two years before current year | 0 | 253 |
Three years before current year | 218 | 299 |
Four years before current year | 105 | 73 |
Prior | 46,667 | 52,236 |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term | 0 | 0 |
Loans and leases receivable | 46,990 | 52,861 |
Manufactured housing | Consumer | 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 | 253 |
Three years before current year | 218 | 299 |
Four years before current year | 105 | 73 |
Prior | 43,801 | 47,537 |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term | 0 | 0 |
Loans and leases receivable | 44,124 | 48,162 |
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 | 2,866 | 4,699 |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term | 0 | 0 |
Loans and leases receivable | 2,866 | 4,699 |
Installment | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and leases receivable | 1,397,895 | 1,744,475 |
Installment | Consumer | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current year | 581,503 | 974,687 |
Fiscal year before current year | 431,319 | 391,790 |
Two years before current year | 149,222 | 343,656 |
Three years before current year | 154,172 | 31,637 |
Four years before current year | 13,118 | 1,603 |
Prior | 1,192 | 1,077 |
Revolving loans amortized cost basis | 67,369 | 25 |
Revolving loans converted to term | 0 | 0 |
Loans and leases receivable | 1,397,895 | 1,744,475 |
Installment | Consumer | Performing | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current year | 580,370 | 973,525 |
Fiscal year before current year | 427,400 | 390,788 |
Two years before current year | 148,318 | 341,582 |
Three years before current year | 152,836 | 31,481 |
Four years before current year | 13,033 | 1,601 |
Prior | 1,132 | 1,016 |
Revolving loans amortized cost basis | 67,288 | 25 |
Revolving loans converted to term | 0 | 0 |
Loans and leases receivable | 1,390,377 | 1,740,018 |
Installment | Consumer | Non-performing | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current year | 1,133 | 1,162 |
Fiscal year before current year | 3,919 | 1,002 |
Two years before current year | 904 | 2,074 |
Three years before current year | 1,336 | 156 |
Four years before current year | 85 | 2 |
Prior | 60 | 61 |
Revolving loans amortized cost basis | 81 | 0 |
Revolving loans converted to term | 0 | 0 |
Loans and leases receivable | $ 7,518 | $ 4,457 |
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 | 9 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Purchases | $ 137,814 | $ 652,176 | $ 368,776 | $ 1,389,512 | |
Sales | $ 502,201 | $ 130,350 | $ 536,920 | $ 260,851 | |
Purchase price as a percentage of loans outstanding | 99.90% | 99.20% | 98.70% | 101% | |
Net gain on sale of loans | $ (23,500) | $ (23,400) | $ 5,800 | $ (19,700) | $ 10,100 |
Proceeds from sales of loans and leases | $ 100,700 | 136,920 | 260,851 | ||
Loans receivable, PPP | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Purchases | 0 | 602,175 | 0 | 1,223,662 | |
Residential real estate | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Purchases | 15,067 | 0 | 170,022 | 0 | |
Sales | 0 | 14,549 | 0 | 42,735 | |
Personal | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Purchases | 47,778 | 0 | 123,785 | 109,142 | |
Sales | 500,001 | 103,897 | 500,001 | 132,715 | |
Other | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Purchases | 74,969 | 50,001 | 74,969 | 56,708 | |
Specialty lending | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Sales | 2,200 | 0 | 2,200 | 0 | |
Other commercial and industrial | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Sales | 0 | 6,176 | 22,880 | 35,166 | |
Multi-family | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Sales | 0 | 0 | 2,879 | 19,443 | |
Commercial real estate owner occupied | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Sales | 0 | 5,728 | 8,960 | 12,426 | |
Commercial real estate non-owner occupied | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Sales | $ 0 | $ 0 | $ 0 | $ 18,366 |
Leases - Lessee Narrative (Deta
Leases - Lessee Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Lessee, Lease, Description [Line Items] | ||||
Lessee, operating lease, renewal term | 10 years | 10 years | ||
Operating lease, lease not yet commenced, liability | $ 4.2 | $ 4.2 | ||
Operating cash flows from operating leases | $ 1.2 | $ 1.3 | $ 3.6 | $ 3.8 |
Minimum | ||||
Lessee, Lease, Description [Line Items] | ||||
Lessee, operating lease, remaining lease term | 1 month | 1 month | ||
Lessee, operating lease, term | 1 year | 1 year | ||
Maximum | ||||
Lessee, Lease, Description [Line Items] | ||||
Lessee, operating lease, remaining lease term | 8 years | 8 years | ||
Lessee, operating lease, term | 10 years | 10 years |
Leases - Right-of-Use Assets an
Leases - Right-of-Use Assets and Lease Liabilities (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
ASSETS | ||
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | Other assets | Other assets |
Operating lease ROU assets | $ 16,827 | $ 12,677 |
LIABILITIES | ||
Operating Lease, Liability, Statement of Financial Position [Extensible List] | Other Liabilities | Other Liabilities |
Operating lease liabilities | $ 19,720 | $ 14,524 |
Leases - Lease, Cost (Details)
Leases - Lease, Cost (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Leases [Abstract] | ||||
Operating lease cost | $ 1,137,000 | $ 1,147,000 | $ 3,352,000 | $ 3,394,000 |
Variable lease cost | $ 0 | $ 0 | $ 0 | $ 0 |
Leases - Maturities of Non-Canc
Leases - Maturities of Non-Cancelable Lease Liabilities (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Leases [Abstract] | ||
2022 | $ 1,565 | |
2023 | 5,201 | |
2024 | 4,206 | |
2025 | 3,291 | |
2026 | 2,465 | |
Thereafter | 5,016 | |
Total minimum payments | 21,744 | |
Less: interest | 2,024 | |
Present value of lease liabilities | $ 19,720 | $ 14,524 |
Leases - Summary of Lease Term
Leases - Summary of Lease Term and Discount Rate (Details) | Sep. 30, 2022 | Dec. 31, 2021 |
Leases [Abstract] | ||
Operating lease, weighted average remaining lease term (years) | 5 years 2 months 12 days | 3 years 10 months 24 days |
Operating lease, weighted average discount rate, percent | 2.89% | 2.74% |
Leases - Lessor Narrative (Deta
Leases - Lessor Narrative (Details) | Sep. 30, 2022 |
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 |
Leases - Lessor, Lease Receivab
Leases - Lessor, Lease Receivables and Investment in Operating Leases and their Corresponding Balance Sheet Location (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Direct financing leases | ||
Lease receivables | $ 131,731 | $ 134,855 |
Guaranteed residual assets | 11,854 | 11,397 |
Unguaranteed residual assets | 6,347 | 5,665 |
Deferred initial direct costs | 566 | 448 |
Unearned income | (4,929) | (5,383) |
Net investment in direct financing leases | 145,569 | 146,982 |
Operating leases | ||
Investment in operating leases | 241,079 | 158,135 |
Accumulated depreciation | (54,009) | (40,749) |
Deferred initial direct costs | 1,535 | 872 |
Net investment in operating leases | 188,605 | 118,258 |
Total lease assets | $ 334,174 | $ 265,240 |
Deposits - Components of Deposi
Deposits - Components of Deposits (Detail) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Deposits, by Component, Alternative [Abstract] | ||
Demand, non-interest bearing | $ 2,993,793 | $ 4,459,790 |
Demand, interest bearing | 7,124,663 | 6,488,406 |
Savings, including money market deposit accounts | 5,505,969 | 5,322,390 |
Time Deposits | 1,898,013 | 507,338 |
Total deposits | $ 17,522,438 | $ 16,777,924 |
Deposits - Schedule of Time Dep
Deposits - Schedule of Time Deposit Maturities (Detail) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Deposit [Abstract] | ||
2022 | $ 459,951 | |
2023 | 1,357,068 | |
2024 | 75,623 | |
2025 | 2,415 | |
2026 | 1,567 | |
Thereafter | 1,389 | |
Total time deposits | $ 1,898,013 | $ 507,338 |
Deposits - Narrative (Detail)
Deposits - Narrative (Detail) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Deposit [Abstract] | ||
Time deposits greater than $250,000 | $ 1,700 | $ 259 |
Brokered demand deposits | 1,400 | 1,700 |
Brokered money market deposits | 715.6 | 480.5 |
Brokered certificates of deposit | 1,600 | 0 |
Demand deposit overdrafts reclassified as loans | $ 4.2 | $ 2.8 |
Borrowings - Short-term Borrowi
Borrowings - Short-term Borrowings (Detail) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Debt Disclosure [Abstract] | ||
FHLB advances | $ 0 | $ 700,000 |
Federal funds purchased | 365,000 | 75,000 |
Total short-term debt | $ 365,000 | $ 775,000 |
FHLB advances, rate | 0% | 0.26% |
Federal funds purchased, rate | 3.23% | 0.05% |
Borrowings - Summary of Bancorp
Borrowings - Summary of Bancorp's Short-term Borrowings (Detail) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2022 | Dec. 31, 2021 | |
FHLB Advances | ||
Short-term Debt [Line Items] | ||
Maximum outstanding at any month end | $ 775,000 | $ 850,000 |
Average balance during the period | $ 189,175 | $ 264,704 |
Weighted-average interest rate during the period | 2.34% | 2.35% |
Federal Funds Purchased | ||
Short-term Debt [Line Items] | ||
Maximum outstanding at any month end | $ 895,000 | $ 365,000 |
Average balance during the period | $ 416,344 | $ 22,110 |
Weighted-average interest rate during the period | 1.40% | 0.07% |
Borrowings - Narrative (Detail)
Borrowings - Narrative (Detail) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Federal Funds Purchased | ||
Debt Instrument [Line Items] | ||
Aggregate availability under federal funds line | $ 1,400 | $ 1,300 |
Borrowings - FHLB and FRB Advan
Borrowings - FHLB and FRB Advances (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Debt Instrument [Line Items] | ||
FHLB advances | $ 500,000 | $ 0 |
FHLB advances, interest rate | 3.37% | 0% |
Total maximum borrowing capacity with the FHLB | $ 3,560,959 | $ 2,973,635 |
Total maximum borrowing capacity with the FRB | 2,557,704 | 183,052 |
Loans and leases receivable | 12,607,742 | 9,018,298 |
Borrowings under PPPLF | 365,000 | 775,000 |
Paycheck Protection Program Liquidity Facility, CARES Act | Federal Reserve Bank Advances | ||
Debt Instrument [Line Items] | ||
Borrowings under PPPLF | 0 | 0 |
FHLB Advance Due June 2027 | ||
Debt Instrument [Line Items] | ||
FHLB advances | $ 250,000 | |
FHLB advances, interest rate | 3.30% | |
FHLB Advance Due June 2024 | ||
Debt Instrument [Line Items] | ||
FHLB advances | $ 250,000 | |
FHLB advances, interest rate | 3.44% | |
Qualifying Assets Pledged As Collateral | ||
Debt Instrument [Line Items] | ||
Loans and leases receivable | $ 7,543,384 | $ 3,594,339 |
Borrowings - Long-term Debt (De
Borrowings - Long-term Debt (Details) - USD ($) | 9 Months Ended | |
Sep. 30, 2022 | Dec. 31, 2021 | |
Senior Notes | ||
Debt Instrument [Line Items] | ||
Carrying Amount | $ 123,515,000 | $ 223,086,000 |
Senior Subordinated Notes | ||
Debt Instrument [Line Items] | ||
Carrying Amount | 181,882,000 | 181,673,000 |
Maturing August 2031 | Senior Notes | ||
Debt Instrument [Line Items] | ||
Carrying Amount | $ 98,753,000 | 98,642,000 |
Rate | 2.875% | |
Issued Amount | $ 100,000,000 | |
Price | 100% | |
Maturing September 2024 | Senior Notes | ||
Debt Instrument [Line Items] | ||
Carrying Amount | $ 24,762,000 | 24,672,000 |
Rate | 4.50% | |
Issued Amount | $ 25,000,000 | |
Price | 100% | |
Maturing June 2022 | Senior Notes | ||
Debt Instrument [Line Items] | ||
Carrying Amount | $ 0 | 99,772,000 |
Rate | 3.95% | |
Issued Amount | $ 100,000,000 | |
Price | 99.775% | |
Maturing December 2034 | Senior Subordinated Notes | ||
Debt Instrument [Line Items] | ||
Carrying Amount | $ 72,539,000 | 72,403,000 |
Rate | 5.375% | |
Issued Amount | $ 74,750,000 | |
Price | 100% | |
Maturing June 2029 | Senior Subordinated Notes | ||
Debt Instrument [Line Items] | ||
Carrying Amount | $ 109,343,000 | $ 109,270,000 |
Rate | 6.125% | |
Issued Amount | $ 110,000,000 | |
Price | 100% | |
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Maturing August 2031 | Senior Notes | ||
Debt Instrument [Line Items] | ||
Spread on variable interest rate | 2.35% | |
London Interbank Offered Rate (LIBOR) | Maturing June 2029 | Senior Subordinated Notes | ||
Debt Instrument [Line Items] | ||
Spread on variable interest rate | 3.443% |
Shareholders' Equity - Narrativ
Shareholders' Equity - Narrative (Detail) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||||
Dec. 15, 2021 | Sep. 15, 2021 USD ($) $ / shares | Jun. 15, 2021 | Mar. 15, 2021 | Sep. 30, 2022 USD ($) series shares | Sep. 30, 2021 USD ($) | Sep. 30, 2022 USD ($) series shares | Sep. 30, 2021 USD ($) | Dec. 31, 2021 shares | Aug. 25, 2021 shares | |
Capital Unit [Line Items] | ||||||||||
Stock repurchase program, number of shares authorized to be repurchased | shares | 3,235,326 | |||||||||
Percentage of company's outstanding shares | 10% | |||||||||
Stock repurchase program, additional term (in years) | 1 year | |||||||||
Repurchase of common shares (in shares) | shares | 664,145 | |||||||||
Repurchase of common shares | $ | $ 27,820 | |||||||||
Preferred stock, number of series outstanding | series | 2 | 2 | ||||||||
Redemption of preferred stock | $ | $ 79,677 | $ 79,677 | ||||||||
Loss on redemption of preferred stock | $ | $ 0 | $ 2,820 | $ 0 | $ 2,820 | ||||||
Preferred stock, shares outstanding (shares) | shares | 5,700,000 | 5,700,000 | 5,700,000 | |||||||
Series C and D Preferred Stock | ||||||||||
Capital Unit [Line Items] | ||||||||||
Redemption of preferred stock | $ | $ 82,500 | |||||||||
Loss on redemption of preferred stock | $ | $ 2,800 | $ 2,800 | ||||||||
Series C Preferred Stock | ||||||||||
Capital Unit [Line Items] | ||||||||||
Preferred stock, redemption price per share (in usd per share) | $ / shares | $ 25 | |||||||||
Preferred stock, shares outstanding (shares) | shares | 0 | 0 | ||||||||
Series D Preferred Stock | ||||||||||
Capital Unit [Line Items] | ||||||||||
Preferred stock, redemption price per share (in usd per share) | $ / shares | $ 25 | |||||||||
Preferred stock, shares outstanding (shares) | shares | 0 | 0 | ||||||||
Stated rate (as a percent) | 6.50% | |||||||||
Series D Preferred Stock | London Interbank Offered Rate (LIBOR) | ||||||||||
Capital Unit [Line Items] | ||||||||||
Spread on variable interest rate | 5.09% | |||||||||
Series E Preferred Stock | ||||||||||
Capital Unit [Line Items] | ||||||||||
Stated rate (as a percent) | 6.45% | |||||||||
Series E Preferred Stock | London Interbank Offered Rate (LIBOR) | ||||||||||
Capital Unit [Line Items] | ||||||||||
Spread on variable interest rate | 5.14% | |||||||||
Series F Preferred Stock | ||||||||||
Capital Unit [Line Items] | ||||||||||
Stated rate (as a percent) | 6% | |||||||||
Series F Preferred Stock | London Interbank Offered Rate (LIBOR) | ||||||||||
Capital Unit [Line Items] | ||||||||||
Spread on variable interest rate | 4.762% |
Shareholders' Equity - Preferre
Shareholders' Equity - Preferred Stock and Dividends Paid Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Capital Unit [Line Items] | |||||
Preferred stock, shares issued (shares) | 5,700,000 | 5,700,000 | 5,700,000 | ||
Preferred stock, value | $ 137,794 | $ 137,794 | $ 137,794 | ||
Series E Preferred Stock | |||||
Capital Unit [Line Items] | |||||
Preferred stock, shares issued (shares) | 2,300,000 | 2,300,000 | 2,300,000 | ||
Preferred stock, value | $ 55,593 | $ 55,593 | $ 55,593 | ||
Initial Fixed Rate | 6.45% | ||||
Preferred stock, dividends, per share, cash paid (usd per share) | $ 0.445233 | $ 0.335984 | $ 1.160316 | $ 1.142234 | |
Series E Preferred Stock | London Interbank Offered Rate (LIBOR) | |||||
Capital Unit [Line Items] | |||||
Floating rate of Three-Month LIBOR Plus: | 5.14% | ||||
Series F Preferred Stock | |||||
Capital Unit [Line Items] | |||||
Preferred stock, shares issued (shares) | 3,400,000 | 3,400,000 | 3,400,000 | ||
Preferred stock, value | $ 82,201 | $ 82,201 | $ 82,201 | ||
Initial Fixed Rate | 6% | ||||
Preferred stock, dividends, per share, cash paid (usd per share) | $ 0.421083 | $ 0.375 | $ 1.088391 | $ 1.125 | |
Series F Preferred Stock | London Interbank Offered Rate (LIBOR) | |||||
Capital Unit [Line Items] | |||||
Floating rate of Three-Month LIBOR Plus: | 4.762% |
Regulatory Capital - Narrative
Regulatory Capital - Narrative (Details) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Capital conservation buffer to risk weighted assets | 2.50% | |
Cumulative Effect, Period of Adoption, Adjustment | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Cumulative capital transition impact | $ 61.6 | |
Capital transition provisions, benefit recognized, excluding amount previously phased in | $ 46.2 |
Regulatory Capital - Summary of
Regulatory Capital - Summary of Capital Amounts, Tier 1 Risk Based and Tier 1 Leveraged Ratios (Detail) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Common equity Tier 1 capital (to risk weighted assets), Actual Amount | $ 1,447,890 | $ 1,291,270 |
Tier 1 capital (to risk weighted assets), Actual Amount | 1,585,683 | 1,429,063 |
Total capital (to risk weighted assets), Actual Amount | 1,838,179 | 1,667,395 |
Tier 1 capital (to average assets), Actual Amount | $ 1,585,683 | $ 1,429,063 |
Common equity Tier 1 (to risk weighted assets), Actual Ratio | 9.845% | 9.981% |
Tier 1 capital (to risk weighted assets), Actual Ratio | 0.10782 | 0.11046 |
Total capital (to risk weighted assets), Actual Ratio | 0.12499 | 0.12888 |
Tier 1 capital (to average assets), Actual Ratio | 0.07650 | 0.07413 |
Common equity Tier 1 capital (to risk weighted assets), For Capital Adequacy Purposes Amount | $ 661,804 | $ 582,179 |
Tier 1 capital (to risk weighted assets), For Capital Adequacy Purposes Amount | 882,405 | 776,238 |
Total capital (to risk weighted assets), For Capital Adequacy Purposes Amount | 1,176,540 | 1,034,984 |
Tier 1 capital (to average assets), For Capital Adequacy Purposes Amount | $ 829,133 | $ 771,084 |
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 | $ 1,029,472 | $ 905,611 |
Tier 1 (to risk weighted assets) Required for Basel III amount | 1,250,073 | 1,099,671 |
Total capital (to risk weighted assets), for Basel III amount | 1,544,208 | 1,358,417 |
Tier 1 (to risk average assets), for Basel III amount | $ 829,133 | $ 771,084 |
Common equity Tier 1 (to risk weighted assets), for Basel III ratio | 7% | 7% |
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% | 4% |
Customers Bank | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Common equity Tier 1 capital (to risk weighted assets), Actual Amount | $ 1,676,998 | $ 1,526,583 |
Tier 1 capital (to risk weighted assets), Actual Amount | 1,676,998 | 1,526,583 |
Total capital (to risk weighted assets), Actual Amount | 1,856,955 | 1,692,512 |
Tier 1 capital (to average assets), Actual Amount | $ 1,676,998 | $ 1,526,583 |
Common equity Tier 1 (to risk weighted assets), Actual Ratio | 11.42% | 11.825% |
Tier 1 capital (to risk weighted assets), Actual Ratio | 0.11420 | 0.11825 |
Total capital (to risk weighted assets), Actual Ratio | 0.12646 | 0.13110 |
Tier 1 capital (to average assets), Actual Ratio | 0.08099 | 0.07925 |
Common equity Tier 1 capital (to risk weighted assets), For Capital Adequacy Purposes Amount | $ 660,807 | $ 580,943 |
Tier 1 capital (to risk weighted assets), For Capital Adequacy Purposes Amount | 881,076 | 774,591 |
Total capital (to risk weighted assets), For Capital Adequacy Purposes Amount | 1,174,768 | 1,032,788 |
Tier 1 capital (to average assets), For Capital Adequacy Purposes Amount | $ 828,289 | $ 770,528 |
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 | $ 954,499 | $ 839,140 |
Tier 1 capital (to risk weighted assets), To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | 1,174,768 | 1,032,788 |
Total capital (to risk weighted assets), To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | 1,468,460 | 1,290,985 |
Tier 1 capital (to average assets), To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | $ 1,035,361 | $ 963,160 |
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 | $ 1,027,922 | $ 903,689 |
Tier 1 (to risk weighted assets) Required for Basel III amount | 1,248,191 | 1,097,337 |
Total capital (to risk weighted assets), for Basel III amount | 1,541,883 | 1,355,534 |
Tier 1 (to risk average assets), for Basel III amount | $ 828,289 | $ 770,528 |
Common equity Tier 1 (to risk weighted assets), for Basel III ratio | 7% | 7% |
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% | 4% |
Disclosures About Fair Value _3
Disclosures About Fair Value of Financial Instruments - Narrative (Detail) | 9 Months Ended |
Sep. 30, 2022 | |
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 | Sep. 30, 2022 | Dec. 31, 2021 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents, Carrying Amount | $ 404,465 | $ 518,032 |
Cash and cash equivalents, Estimated Fair Value | 404,465 | 518,032 |
Debt securities, available for sale | 2,918,830 | 3,791,575 |
Debt securities, held to maturity | 886,294 | |
Investment securities held to maturity | 854,737 | |
Loans held for sale | 5,224 | 16,254 |
Total loans and leases receivable, net of allowance for credit losses on loans and leases | 15,201,267 | 14,414,827 |
Total loans and leases receivable, net of allowance for credit losses on loans and leases, Estimated Fair Value | 14,905,661 | 14,207,811 |
FHLB, Federal Reserve Bank and other restricted stock, Carrying Amount | 64,112 | 64,584 |
FHLB, Federal Reserve Bank and other restricted stock, Estimated Fair Value | 64,112 | 64,584 |
Derivative assets | 46,451 | 27,295 |
Deposits held | 17,522,438 | 16,777,924 |
Deposits, Estimated Fair Value | 17,502,691 | 16,777,236 |
Federal funds purchased, Carrying Amount | 365,000 | 75,000 |
Federal funds purchased, Estimated Fair Value | 365,000 | 75,000 |
FHLB advances, Carrying Amount | 500,000 | 700,000 |
FHLB advances, Estimated Fair Value | 480,319 | 700,000 |
Other borrowings, Carrying Amount | 123,515 | 223,086 |
Other borrowings, Estimated Fair Value | 120,888 | 226,585 |
Subordinated debt, Carrying Amount | 181,882 | 181,673 |
Subordinated debt, Estimated Fair Value | 171,722 | 204,782 |
Derivative liabilities | 43,727 | 26,544 |
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 | 404,465 | 518,032 |
Debt securities, available for sale | 0 | 0 |
Investment securities held to maturity | 0 | |
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 | 15,624,425 | 16,270,586 |
Federal funds purchased, Estimated Fair Value | 365,000 | 75,000 |
FHLB advances, Estimated Fair Value | 0 | 0 |
Other borrowings, Estimated Fair Value | 0 | 0 |
Subordinated debt, Estimated Fair Value | 0 | 0 |
Derivative liabilities | 0 | 0 |
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 | 2,830,944 | 3,648,690 |
Investment securities held to maturity | 454,736 | |
Loans held for sale | 609 | 15,747 |
Total loans and leases receivable, net of allowance for credit losses on loans and leases, Estimated Fair Value | 1,569,090 | 2,284,325 |
FHLB, Federal Reserve Bank and other restricted stock, Estimated Fair Value | 64,112 | 64,584 |
Derivative assets | 46,410 | 27,116 |
Deposits, Estimated Fair Value | 1,878,266 | 506,650 |
Federal funds purchased, Estimated Fair Value | 0 | 0 |
FHLB advances, Estimated Fair Value | 480,319 | 700,000 |
Other borrowings, Estimated Fair Value | 120,888 | 226,585 |
Subordinated debt, Estimated Fair Value | 171,722 | 204,782 |
Derivative liabilities | 43,727 | 26,544 |
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 | 87,886 | 142,885 |
Investment securities held to maturity | 400,001 | |
Loans held for sale | 4,615 | 507 |
Total loans and leases receivable, net of allowance for credit losses on loans and leases, Estimated Fair Value | 13,336,571 | 11,923,486 |
FHLB, Federal Reserve Bank and other restricted stock, Estimated Fair Value | 0 | 0 |
Derivative assets | 41 | 179 |
Deposits, Estimated Fair Value | 0 | 0 |
Federal funds purchased, Estimated Fair Value | 0 | 0 |
FHLB advances, Estimated Fair Value | 0 | 0 |
Other borrowings, Estimated Fair Value | 0 | 0 |
Subordinated debt, Estimated Fair Value | 0 | 0 |
Derivative liabilities | $ 0 | $ 0 |
Disclosures About Fair Value _5
Disclosures About Fair Value of Financial Instruments - Summary of Financial Assets and Liabilities Measured at Fair Value on a Recurring and Nonrecurring Basis (Detail) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Fair Value, Measurements, Recurring | ||
Assets | ||
Assets, fair value | $ 4,534,980 | $ 6,118,942 |
Fair Value, Measurements, Nonrecurring | ||
Assets | ||
Assets, fair value | 4,853 | 5,121 |
Asset-backed securities | Fair Value, Measurements, Recurring | ||
Assets | ||
Fair Value | 193,261 | 297,425 |
Agency-guaranteed residential mortgage-backed securities | Fair Value, Measurements, Recurring | ||
Assets | ||
Fair Value | 9,553 | |
Agency-guaranteed commercial mortgage-backed securities | Fair Value, Measurements, Recurring | ||
Assets | ||
Fair Value | 2,152 | |
Agency-guaranteed residential collateralized mortgage obligations | Fair Value, Measurements, Recurring | ||
Assets | ||
Fair Value | 138,222 | 196,930 |
Agency-guaranteed commercial collateralized mortgage obligations | Fair Value, Measurements, Recurring | ||
Assets | ||
Fair Value | 238,844 | |
Collateralized loan obligations | Fair Value, Measurements, Recurring | ||
Assets | ||
Fair Value | 827,813 | 1,066,802 |
Commercial mortgage-backed securities | Fair Value, Measurements, Recurring | ||
Assets | ||
Fair Value | 134,843 | 148,927 |
Corporate notes | Fair Value, Measurements, Recurring | ||
Assets | ||
Fair Value | 532,655 | 580,046 |
Private label collateralized mortgage obligations | Fair Value, Measurements, Recurring | ||
Assets | ||
Fair Value | 1,084,685 | 1,242,465 |
State and political subdivision debt securities | Fair Value, Measurements, Recurring | ||
Assets | ||
Fair Value | 7,351 | 8,431 |
Derivatives | Fair Value, Measurements, Recurring | ||
Assets | ||
Assets, fair value | 46,451 | 27,295 |
Loans held for sale – fair value option | Fair Value, Measurements, Recurring | ||
Assets | ||
Assets, fair value | 609 | 15,747 |
Loans receivable, mortgage warehouse – fair value option | Fair Value, Measurements, Recurring | ||
Assets | ||
Assets, fair value | 1,569,090 | 2,284,325 |
Derivatives | Fair Value, Measurements, Recurring | ||
Liabilities | ||
Financial liabilities, fair value | 43,727 | 26,544 |
Collateral-dependent loans | Fair Value, Measurements, Nonrecurring | ||
Assets | ||
Assets, fair value | 4,853 | 5,121 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Fair Value, Measurements, Recurring | ||
Assets | ||
Assets, fair value | 0 | 0 |
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) | Asset-backed securities | Fair Value, Measurements, Recurring | ||
Assets | ||
Fair Value | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Agency-guaranteed residential mortgage-backed securities | Fair Value, Measurements, Recurring | ||
Assets | ||
Fair Value | 0 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Agency-guaranteed commercial mortgage-backed securities | Fair Value, Measurements, Recurring | ||
Assets | ||
Fair Value | 0 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Agency-guaranteed residential collateralized mortgage obligations | Fair Value, Measurements, Recurring | ||
Assets | ||
Fair Value | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Agency-guaranteed commercial collateralized mortgage obligations | Fair Value, Measurements, Recurring | ||
Assets | ||
Fair Value | 0 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Collateralized loan obligations | Fair Value, Measurements, Recurring | ||
Assets | ||
Fair Value | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Commercial mortgage-backed securities | Fair Value, Measurements, Recurring | ||
Assets | ||
Fair Value | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Corporate notes | Fair Value, Measurements, Recurring | ||
Assets | ||
Fair Value | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Private label collateralized mortgage obligations | Fair Value, Measurements, Recurring | ||
Assets | ||
Fair Value | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | State and political subdivision debt securities | Fair Value, Measurements, Recurring | ||
Assets | ||
Fair Value | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Derivatives | 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 option | Fair Value, Measurements, Recurring | ||
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) | Derivatives | 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 |
Significant Other Observable Inputs (Level 2) | Fair Value, Measurements, Recurring | ||
Assets | ||
Assets, fair value | 4,447,053 | 5,975,878 |
Significant Other Observable Inputs (Level 2) | Fair Value, Measurements, Nonrecurring | ||
Assets | ||
Assets, fair value | 0 | 0 |
Significant Other Observable Inputs (Level 2) | Asset-backed securities | Fair Value, Measurements, Recurring | ||
Assets | ||
Fair Value | 105,375 | 154,540 |
Significant Other Observable Inputs (Level 2) | Agency-guaranteed residential mortgage-backed securities | Fair Value, Measurements, Recurring | ||
Assets | ||
Fair Value | 9,553 | |
Significant Other Observable Inputs (Level 2) | Agency-guaranteed commercial mortgage-backed securities | Fair Value, Measurements, Recurring | ||
Assets | ||
Fair Value | 2,152 | |
Significant Other Observable Inputs (Level 2) | Agency-guaranteed residential collateralized mortgage obligations | Fair Value, Measurements, Recurring | ||
Assets | ||
Fair Value | 138,222 | 196,930 |
Significant Other Observable Inputs (Level 2) | Agency-guaranteed commercial collateralized mortgage obligations | Fair Value, Measurements, Recurring | ||
Assets | ||
Fair Value | 238,844 | |
Significant Other Observable Inputs (Level 2) | Collateralized loan obligations | Fair Value, Measurements, Recurring | ||
Assets | ||
Fair Value | 827,813 | 1,066,802 |
Significant Other Observable Inputs (Level 2) | Commercial mortgage-backed securities | Fair Value, Measurements, Recurring | ||
Assets | ||
Fair Value | 134,843 | 148,927 |
Significant Other Observable Inputs (Level 2) | Corporate notes | Fair Value, Measurements, Recurring | ||
Assets | ||
Fair Value | 532,655 | 580,046 |
Significant Other Observable Inputs (Level 2) | Private label collateralized mortgage obligations | Fair Value, Measurements, Recurring | ||
Assets | ||
Fair Value | 1,084,685 | 1,242,465 |
Significant Other Observable Inputs (Level 2) | State and political subdivision debt securities | Fair Value, Measurements, Recurring | ||
Assets | ||
Fair Value | 7,351 | 8,431 |
Significant Other Observable Inputs (Level 2) | Derivatives | Fair Value, Measurements, Recurring | ||
Assets | ||
Assets, fair value | 46,410 | 27,116 |
Significant Other Observable Inputs (Level 2) | Loans held for sale – fair value option | Fair Value, Measurements, Recurring | ||
Assets | ||
Assets, fair value | 609 | 15,747 |
Significant Other Observable Inputs (Level 2) | Loans receivable, mortgage warehouse – fair value option | Fair Value, Measurements, Recurring | ||
Assets | ||
Assets, fair value | 1,569,090 | 2,284,325 |
Significant Other Observable Inputs (Level 2) | Derivatives | Fair Value, Measurements, Recurring | ||
Liabilities | ||
Financial liabilities, fair value | 43,727 | 26,544 |
Significant Other Observable Inputs (Level 2) | Collateral-dependent loans | Fair Value, Measurements, Nonrecurring | ||
Assets | ||
Assets, fair value | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Recurring | ||
Assets | ||
Assets, fair value | 87,927 | 143,064 |
Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Nonrecurring | ||
Assets | ||
Assets, fair value | 4,853 | 5,121 |
Significant Unobservable Inputs (Level 3) | Asset-backed securities | ||
Assets | ||
Fair Value | 87,886 | 142,885 |
Significant Unobservable Inputs (Level 3) | Asset-backed securities | Fair Value, Measurements, Recurring | ||
Assets | ||
Fair Value | 87,886 | 142,885 |
Significant Unobservable Inputs (Level 3) | Agency-guaranteed residential mortgage-backed securities | Fair Value, Measurements, Recurring | ||
Assets | ||
Fair Value | 0 | |
Significant Unobservable Inputs (Level 3) | Agency-guaranteed commercial mortgage-backed securities | Fair Value, Measurements, Recurring | ||
Assets | ||
Fair Value | 0 | |
Significant Unobservable Inputs (Level 3) | Agency-guaranteed residential collateralized mortgage obligations | Fair Value, Measurements, Recurring | ||
Assets | ||
Fair Value | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Agency-guaranteed commercial collateralized mortgage obligations | Fair Value, Measurements, Recurring | ||
Assets | ||
Fair Value | 0 | |
Significant Unobservable Inputs (Level 3) | Collateralized loan obligations | Fair Value, Measurements, Recurring | ||
Assets | ||
Fair Value | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Commercial mortgage-backed securities | Fair Value, Measurements, Recurring | ||
Assets | ||
Fair Value | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Corporate notes | Fair Value, Measurements, Recurring | ||
Assets | ||
Fair Value | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Private label collateralized mortgage obligations | Fair Value, Measurements, Recurring | ||
Assets | ||
Fair Value | 0 | 0 |
Significant Unobservable Inputs (Level 3) | State and political subdivision debt securities | Fair Value, Measurements, Recurring | ||
Assets | ||
Fair Value | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Derivatives | Fair Value, Measurements, Recurring | ||
Assets | ||
Assets, fair value | 41 | 179 |
Significant Unobservable Inputs (Level 3) | Loans held for sale – fair value option | Fair Value, Measurements, Recurring | ||
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) | Derivatives | 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 | $ 4,853 | $ 5,121 |
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) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Residential Mortgage Loan Commitments | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Balance at beginning of period | $ 98 | $ 301 | $ 179 | $ 200 |
Issuances | 41 | 163 | 288 | 660 |
Net (increase) decrease in allowance for credit losses | (98) | (301) | (426) | (697) |
Balance at end of period | 41 | $ 163 | 41 | $ 163 |
Asset-backed securities | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Balance at beginning of period | 106,919 | 142,885 | ||
Principal payments and premium amortization | (16,852) | (51,348) | ||
Credit losses | 158 | (253) | ||
Change in fair value recognized in OCI | (2,339) | (3,398) | ||
Balance at end of period | $ 87,886 | $ 87,886 |
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) - Significant Unobservable Inputs (Level 3) $ in Thousands | Sep. 30, 2022 USD ($) | Dec. 31, 2021 USD ($) |
Asset-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities, available for sale | $ 87,886 | $ 142,885 |
Residential mortgage loan commitments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Residential mortgage loan commitments | $ 41 | $ 179 |
Minimum | Asset-backed securities | Discount rate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities, available-for-sale, measurement input | 0.07 | 0.04 |
Minimum | Asset-backed securities | Annualized loss rate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities, available-for-sale, measurement input | 0.04 | 0.04 |
Minimum | Asset-backed securities | Constant prepayment rate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities, available-for-sale, measurement input | 0.22 | 0.17 |
Minimum | Residential mortgage loan commitments | Pull-through rate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Residential mortgage loans, measurement input | 0.82 | 0.76 |
Maximum | Asset-backed securities | Discount rate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities, available-for-sale, measurement input | 0.07 | 0.05 |
Maximum | Asset-backed securities | Annualized loss rate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities, available-for-sale, measurement input | 0.06 | 0.04 |
Maximum | Asset-backed securities | Constant prepayment rate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities, available-for-sale, measurement input | 0.24 | 0.33 |
Maximum | Residential mortgage loan commitments | Pull-through rate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Residential mortgage loans, measurement input | 1 | 0.89 |
Weighted Average | Asset-backed securities | Discount rate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities, available-for-sale, measurement input | 0.07 | 0.05 |
Weighted Average | Asset-backed securities | Annualized loss rate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities, available-for-sale, measurement input | 0.05 | 0.04 |
Weighted Average | Asset-backed securities | Constant prepayment rate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities, available-for-sale, measurement input | 0.23 | 0.19 |
Weighted Average | Residential mortgage loan commitments | Pull-through rate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Residential mortgage loans, measurement input | 0.86 | 0.85 |
Real Estate | Collateral-dependent loans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Collateral-dependent loans | $ 4,615 | $ 4,170 |
Real Estate | Minimum | Collateral-dependent loans | Liquidation expenses | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Collateral-dependent loans, measurement input | 0 | 0.08 |
Real Estate | Maximum | Collateral-dependent loans | Liquidation expenses | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Collateral-dependent loans, measurement input | 0 | 0.08 |
Real Estate | Weighted Average | Collateral-dependent loans | Liquidation expenses | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Collateral-dependent loans, measurement input | 0 | 0.08 |
Commercial and industrial | Collateral-dependent loans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Collateral-dependent loans | $ 238 | $ 951 |
Commercial and industrial | Minimum | Collateral-dependent loans | Liquidation expenses | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Collateral-dependent loans, measurement input | 0.08 | 0.08 |
Commercial and industrial | Minimum | Collateral-dependent loans | Business asset valuation adjustments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Collateral-dependent loans, measurement input | 0.25 | 0.20 |
Commercial and industrial | Maximum | Collateral-dependent loans | Liquidation expenses | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Collateral-dependent loans, measurement input | 0.08 | 0.26 |
Commercial and industrial | Maximum | Collateral-dependent loans | Business asset valuation adjustments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Collateral-dependent loans, measurement input | 0.27 | 0.20 |
Commercial and industrial | Weighted Average | Collateral-dependent loans | Liquidation expenses | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Collateral-dependent loans, measurement input | 0.08 | 0.12 |
Commercial and industrial | Weighted Average | Collateral-dependent loans | Business asset valuation adjustments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Collateral-dependent loans, measurement input | 0.26 | 0.20 |
Derivative Instruments and He_3
Derivative Instruments and Hedging Activities - Additional Information (Detail) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 USD ($) derivative | Sep. 30, 2022 USD ($) derivative | Sep. 30, 2021 USD ($) derivative | Dec. 31, 2021 USD ($) derivative | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative, net liability position, aggregate fair value | $ 31,500 | $ 31,500 | ||
Cash collateral received | 29,800 | $ 29,800 | ||
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 | 1,800 | $ 1,800 | $ 8,200 | |
Interest Rate Contract | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Cash collateral received | $ 31,495 | $ 31,495 | $ 0 | |
Interest Rate Contract | Derivative Designated as Hedging Instrument | Cash Flow Hedges | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
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 | |||
Number of outstanding interest rate derivatives | derivative | 0 | 0 | 0 | |
Interest Rate Contract | Derivative Designated as Hedging Instrument | Fair Value Hedging | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Number of interest rate derivatives terminated | derivative | 4 | 13 | 8 | |
Aggregate notional amount, terminated | $ 10,000 | $ 58,000 | $ 191,800 | |
Number of outstanding interest rate derivatives | derivative | 3 | 3 | 16 | |
Aggregate notional amount | $ 22,500 | $ 22,500 | $ 80,500 | |
Interest rate swaps | Not Designated as Hedging Instrument | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Aggregate notional amount | $ 1,300,000 | $ 1,300,000 | $ 1,400,000 | |
Number of derivative instruments held | derivative | 147 | 147 | 153 | |
Interest rate caps | Not Designated as Hedging Instrument | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Aggregate notional amount | $ 242,300 | $ 242,300 | $ 264,700 | |
Number of derivative instruments held | derivative | 12,000 | 12,000 | 14,000 | |
Credit contracts | Not Designated as Hedging Instrument | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Aggregate notional amount | $ 143,100 | $ 143,100 | $ 129,900 |
Derivative Instruments and He_4
Derivative Instruments and Hedging Activities - Cumulative Basis Adjustment for Fair Value Hedges (Detail) - AFS debt securities - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Amortized Cost | $ 22,500 | $ 80,500 |
Cumulative Amount of Fair Value Hedging Adjustment to Hedged Items | $ 1,885 | $ 1,750 |
Derivative Instruments and He_5
Derivative Instruments and Hedging Activities - Fair Value of Derivative Financial Instruments (Detail) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Other Assets | Derivative Designated as Hedging Instrument | Fair Value Hedging | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Assets | $ 1,885 | $ 1,750 |
Other Assets | Derivative Designated as Hedging Instrument | Interest rate swaps | Fair Value Hedging | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Assets | 1,885 | 1,750 |
Other Assets | Not Designated as Hedging Instrument | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Assets | 44,566 | 25,545 |
Other Assets | Not Designated as Hedging Instrument | Residential mortgage loan commitments | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Assets | 41 | 179 |
Other Assets | Not Designated as Hedging Instrument | Interest rate swaps and caps | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Assets | 44,492 | 25,235 |
Other Assets | Not Designated as Hedging Instrument | Credit contracts | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Assets | 33 | 131 |
Other Liabilities | Derivative Designated as Hedging Instrument | Fair Value Hedging | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Liabilities | 0 | 0 |
Other Liabilities | Derivative Designated as Hedging Instrument | Interest rate swaps | Fair Value Hedging | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Liabilities | 0 | 0 |
Other Liabilities | Not Designated as Hedging Instrument | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Liabilities | 43,727 | 26,544 |
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 swaps and caps | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Liabilities | 43,727 | 26,343 |
Other Liabilities | Not Designated as Hedging Instrument | Credit contracts | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Liabilities | $ 0 | $ 201 |
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 | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Gain (Loss) Reclassified from Accumulated OCI into Income | $ 0 | $ 0 | $ 0 | $ (26,972) |
Interest rate swaps | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Gain (Loss) Recognized in OCI on Derivatives | 0 | 0 | 0 | 9,117 |
Interest rate swaps | Interest expense | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Gain (Loss) Reclassified from Accumulated OCI into Income | 0 | 0 | 0 | (2,505) |
Interest rate swaps | Non-interest Income | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Gain (Loss) Reclassified from Accumulated OCI into Income | 0 | (24,467) | ||
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 | Interest rate swaps | Fair Value Hedging | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Income (Loss) Recognized in Earnings | 510 | 0 | 3,530 | 4,777 |
Derivative Designated as Hedging Instrument | AFS debt securities | Fair Value Hedging | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Income (Loss) Recognized in Earnings | (510) | 0 | (3,530) | (4,777) |
Not Designated as Hedging Instrument | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Income (Loss) Recognized in Earnings | 506 | 386 | 2,209 | 2,584 |
Not Designated as Hedging Instrument | Interest rate swaps and caps | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Income (Loss) Recognized in Earnings | 503 | 517 | 2,244 | 2,540 |
Not Designated as Hedging Instrument | Credit contracts | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Income (Loss) Recognized in Earnings | 60 | 7 | 104 | 81 |
Not Designated as Hedging Instrument | Residential mortgage loan commitments | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Income (Loss) Recognized in Earnings | $ (57) | $ (138) | $ (139) | $ (37) |
Derivative Instruments and He_7
Derivative Instruments and Hedging Activities - Summary of Offsetting of Financial Assets and Derivative Assets (Detail) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Offsetting Assets [Line Items] | ||
Gross amounts not offset in the consolidated balance sheet, Cash collateral received/posted | $ (29,800) | |
Interest Rate Contract | ||
Offsetting Assets [Line Items] | ||
Gross Amounts Recognized on the Consolidated Balance Sheets | 31,495 | $ 0 |
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/posted | (31,495) | 0 |
Gross amounts not offset in the consolidated balance sheet, Net amount | $ 0 | $ 0 |
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 | Sep. 30, 2022 | Dec. 31, 2021 |
Offsetting Liabilities [Line Items] | ||
Gross Amounts Recognized on the Consolidated Balance Sheets | $ 0 | $ 23,348 |
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/posted | 0 | (23,348) |
Gross amounts not offset in the consolidated balance sheet, Net amount | $ 0 | $ 0 |
Loss Contingencies - Narrative
Loss Contingencies - Narrative (Details) $ in Millions | Oct. 28, 2020 USD ($) |
Specialty's Cafe Bakery, Inc. Matter | |
Loss Contingencies [Line Items] | |
Loss contingency, damages sought, value | $ 8.1 |
Subsequent Events - Narrative (
Subsequent Events - Narrative (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Subsequent Event [Line Items] | ||
Deposits held | $ 17,522,438 | $ 16,777,924 |
Discontinued Operations | BankMobile Technologies, Inc. | ||
Subsequent Event [Line Items] | ||
Deposits held | $ 1,600,000 | $ 1,800,000 |