Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2019 | Apr. 30, 2019 | |
Document and Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q1 | |
Entity Registrant Name | CVB FINANCIAL CORP | |
Entity Central Index Key | 0000354647 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Trading Symbol | CVBF | |
Entity Emerging Growth Company | false | |
Entity Small Business | false | |
Entity Common Stock, Shares Outstanding | 140,012,038 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Assets | ||
Cash and due from banks | $ 168,877 | $ 144,008 |
Interest-earning balances due from Federal Reserve | 3,337 | 19,940 |
Total cash and cash equivalents | 172,214 | 163,948 |
Interest-earning balances due from depository institutions | 7,420 | 7,670 |
Investment securities available-for-sale, at fair value (with amortized cost of $1,677,732 at March 31, 2019, and $1,757,666 at December 31, 2018) | 1,673,501 | 1,734,085 |
Investment securities held-to-maturity (with fair value of $720,651 at March 31, 2019, and $721,537 at December 31, 2018) | 733,464 | 744,440 |
Total investment securities | 2,406,965 | 2,478,525 |
Investment in stock of Federal Home Loan Bank (FHLB) | 17,688 | 17,688 |
Loans and lease finance receivables | 7,606,863 | 7,764,611 |
Allowance for loan losses | (65,201) | (63,613) |
Net loans and lease finance receivables | 7,541,662 | 7,700,998 |
Premises and equipment, net | 55,833 | 58,193 |
Bank owned life insurance (BOLI) | 222,010 | 220,758 |
Accrued interest receivable | 30,557 | 30,649 |
Intangibles | 50,927 | 53,784 |
Goodwill | 666,539 | 666,539 |
Other real estate owned (OREO) | 2,275 | 420 |
Income taxes | 35,833 | 62,174 |
Other assets | 95,034 | 67,807 |
Total assets | 11,304,957 | 11,529,153 |
Deposits: | ||
Noninterest-bearing | 5,098,822 | 5,204,787 |
Interest-bearing | 3,555,298 | 3,622,703 |
Total deposits | 8,654,120 | 8,827,490 |
Customer repurchase agreements | 462,774 | 442,255 |
Other borrowings | 153,000 | 280,000 |
Deferred compensation | 20,860 | 20,033 |
Junior subordinated debentures | 25,774 | 25,774 |
Other liabilities | 97,502 | 82,411 |
Total liabilities | 9,414,030 | 9,677,963 |
Commitments and Contingencies | ||
Stockholders' Equity | ||
Common stock, authorized, 225,000,000 shares without par; issued and outstanding 140,009,185 at March 31, 2019, and 140,000,017 at December 31, 2018 | 1,294,093 | 1,293,669 |
Retained earnings | 602,279 | 575,805 |
Accumulated other comprehensive loss, net of tax | (5,445) | (18,284) |
Total stockholders' equity | 1,890,927 | 1,851,190 |
Total liabilities and stockholders' equity | $ 11,304,957 | $ 11,529,153 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Statement of Financial Position [Abstract] | ||
Amortized cost | $ 1,677,732 | $ 1,757,666 |
Fair Value, Held-to-maturity | $ 720,651 | $ 721,537 |
Common stock, par value | ||
Common stock, authorized | 225,000,000 | 225,000,000 |
Common stock, shares issued | 140,009,185 | 140,000,017 |
Common stock, shares outstanding | 140,009,185 | 140,000,017 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Earnings and Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Interest income: | ||
Loans and leases, including fees | $ 99,687 | $ 55,196 |
Investment securities: | ||
Investment securities available-for-sale | 10,645 | 11,868 |
Investment securities held-to-maturity | 4,525 | 4,765 |
Total investment income | 15,170 | 16,633 |
Dividends from FHLB stock | 332 | 332 |
Interest-earning deposits with other institutions | 94 | 536 |
Total interest income | 115,283 | 72,697 |
Interest expense: | ||
Deposits | 3,871 | 1,525 |
Borrowings and customer repurchase agreements | 1,610 | 453 |
Junior subordinated debentures | 266 | 198 |
Total interest expense | 5,747 | 2,176 |
Net interest income before provision for (recapture of) loan losses | 109,536 | 70,521 |
Provision for (recapture of) loan losses | 1,500 | (1,000) |
Net interest income after provision for (recapture of) loan losses | 108,036 | 71,521 |
Noninterest income: | ||
BOLI income | 1,336 | 979 |
Gain on OREO, net | 105 | 3,540 |
Gain on sale of building, net | 4,545 | |
Other | 2,044 | 1,391 |
Total noninterest income | 16,303 | 12,916 |
Noninterest expense: | ||
Salaries and employee benefits | 29,302 | 22,314 |
Occupancy and equipment | 5,615 | 4,192 |
Professional services | 1,925 | 1,530 |
Software licenses and maintenance | 2,422 | 1,760 |
Marketing and promotion | 1,394 | 1,356 |
Amortization of intangible assets | 2,857 | 331 |
Acquisition related expenses | 3,149 | 803 |
Other | 4,940 | 3,660 |
Total noninterest expense | 51,604 | 35,946 |
Earnings before income taxes | 72,735 | 48,491 |
Income taxes | 21,093 | 13,578 |
Net earnings | 51,642 | 34,913 |
Other comprehensive income (loss): | ||
Unrealized gain (loss) on securities arising during the period, before tax | 18,227 | (32,170) |
Less: Income tax (expense) benefit related to items of other comprehensive income | (5,388) | 9,511 |
Other comprehensive income (loss), net of tax | 12,839 | (22,659) |
Comprehensive income | $ 64,481 | $ 12,254 |
Basic earnings per common share | $ 0.37 | $ 0.32 |
Diluted earnings per common share | $ 0.37 | $ 0.32 |
Service Charges on Deposit Accounts [Member] | ||
Noninterest income: | ||
Revenue from contract with customer, including assessed tax | $ 5,141 | $ 4,045 |
Trust and Investment Services [Member] | ||
Noninterest income: | ||
Revenue from contract with customer, including assessed tax | 2,182 | 2,157 |
Bankcard Services [Member] | ||
Noninterest income: | ||
Revenue from contract with customer, including assessed tax | $ 950 | $ 804 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands | Total | Common Stock [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income [Member] |
Beginning balance at Dec. 31, 2017 | $ 1,069,266 | $ 573,453 | $ 494,361 | $ 1,452 |
Beginning balance, shares at Dec. 31, 2017 | 110,185 | |||
Cumulative adjustment upon adoption of ASU 2018-02 | (356) | 356 | ||
Repurchase of common stock | (792) | $ (792) | ||
Repurchase of common stock, shares | (34) | |||
Exercise of stock options | 828 | $ 828 | ||
Exercise of stock options, shares | 87 | |||
Shares issued pursuant to stock-based compensation plan | 736 | $ 736 | ||
Shares issued pursuant to stock-based compensation plan, shares | 21 | |||
Cash dividends declared on common stock | (15,434) | (15,434) | ||
Net earnings | 34,913 | 34,913 | ||
Other comprehensive income | (22,659) | (22,659) | ||
Ending balance at Mar. 31, 2018 | 1,066,858 | $ 574,225 | 513,484 | (20,851) |
Ending balance, shares at Mar. 31, 2018 | 110,259 | |||
Beginning balance at Dec. 31, 2018 | 1,851,190 | $ 1,293,669 | 575,805 | (18,284) |
Beginning balance, shares at Dec. 31, 2018 | 140,000 | |||
Repurchase of common stock | (735) | $ (735) | ||
Repurchase of common stock, shares | (33) | |||
Exercise of stock options | 140 | $ 140 | ||
Exercise of stock options, shares | 9 | |||
Shares issued pursuant to stock-based compensation plan | 1,019 | $ 1,019 | ||
Shares issued pursuant to stock-based compensation plan, shares | 33 | |||
Cash dividends declared on common stock | (25,168) | (25,168) | ||
Net earnings | 51,642 | 51,642 | ||
Other comprehensive income | 12,839 | 12,839 | ||
Ending balance at Mar. 31, 2019 | $ 1,890,927 | $ 1,294,093 | $ 602,279 | $ (5,445) |
Ending balance, shares at Mar. 31, 2019 | 140,009 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Stockholders' Equity (Parenthetical) - $ / shares | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Statement of Stockholders' Equity [Abstract] | ||
Cash dividends per common share | $ 0.18 | $ 0.14 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Cash Flows from Operating Activities | ||
Interest and dividends received | $ 109,857 | $ 75,103 |
Service charges and other fees received | 10,247 | 8,414 |
Interest paid | (5,336) | (2,172) |
Net cash paid to vendors, employees and others | (60,281) | (35,932) |
Income taxes | 0 | 622 |
Payments to FDIC, loss share agreement | 0 | (39) |
Net cash provided by operating activities | 54,487 | 45,996 |
Cash Flows from Investing Activities | ||
Net change in interest-earning balances from depository institutions | 250 | 7,852 |
Proceeds from repayment of investment securities available-for-sale | 77,303 | 95,018 |
Proceeds from maturity of investment securities available-for-sale | 565 | 9,945 |
Proceeds from repayment and maturity of investment securities held-to-maturity | 29,598 | 30,273 |
Purchases of investment securities held-to-maturity | (19,844) | 0 |
Net increase in equity investments | (2,314) | (5,577) |
Net decrease in loan and lease finance receivables | 163,588 | 39,424 |
Proceeds from BOLI death benefit | 175 | 882 |
Proceeds from sale of building, net | 5,487 | |
Purchase of premises and equipment | (1,490) | (716) |
Proceeds from sales of other real estate owned | 523 | 8,067 |
Net cash provided by investing activities | 253,841 | 185,168 |
Cash Flows from Financing Activities | ||
Net increase in other deposits | (156,745) | 175,839 |
Net decrease in time deposits | (16,625) | (13,257) |
Net decrease in other borrowings | (127,000) | 0 |
Net increase (decrease) in customer repurchase agreements | 20,519 | (66,496) |
Cash dividends on common stock | (19,616) | (15,425) |
Repurchase of common stock | (735) | (792) |
Proceeds from exercise of stock options | 140 | 828 |
Net cash (used in) provided by financing activities | (300,062) | 80,697 |
Net increase in cash and cash equivalents | 8,266 | 311,861 |
Cash and cash equivalents, beginning of period | 163,948 | 144,377 |
Cash and cash equivalents, end of period | 172,214 | 456,238 |
Reconciliation of Net Earnings to Net Cash Provided by Operating Activities | ||
Net earnings | (51,642) | (34,913) |
Adjustments to reconcile net earnings to net cash provided by operating activities: | ||
Gain on sale of building, net | (4,545) | |
Gain on sale of other real estate owned | (105) | (3,540) |
Increase in BOLI | (1,427) | (1,098) |
Net amortization of premiums and discounts on investment securities | 2,498 | 3,839 |
Accretion of discount for acquired loans, net | (7,200) | (1,012) |
Provision for (recapture of) loan losses | 1,500 | (1,000) |
Payments to FDIC, loss share agreement | 0 | (39) |
Stock-based compensation | 1,019 | 736 |
Depreciation and amortization, net | 5,669 | 257 |
Change in other assets and liabilities | 5,436 | 12,940 |
Total adjustments | 2,845 | 11,083 |
Net cash provided by operating activities | 54,487 | 45,996 |
Supplemental Disclosure of Non-cash Investing Activities | ||
Transfer of loans to other real estate owned | 2,275 | 0 |
Issuance of common stock for acquisition | $ 0 | $ 0 |
Business
Business | 3 Months Ended |
Mar. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Business | 1. BUSINESS The condensed consolidated financial statements include CVB Financial Corp. (referred to herein on an unconsolidated basis as “CVB” and on a consolidated basis as “we,” “our” or the “Company”) and its wholly owned subsidiary, Citizens Business Bank (the “Bank” or “CBB”), after elimination of all intercompany transactions and balances. The Company has one inactive subsidiary, Chino Valley Bancorp. The Company is also the common stockholder of CVB Statutory Trust III. CVB Statutory Trust III was created in January 2006 to issue trust preferred securities in order to raise capital for the Company. In accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 810, Consolidation, this trust does not meet the criteria for consolidation. The Company’s primary operations are related to traditional banking activities. This includes the acceptance of deposits and the lending and investing of money through the operations of the Bank. The Bank also provides trust and investment-related services to customers through CitizensTrust. The Bank’s customers consist primarily of small to mid-sized businesses and individuals located in the Inland Empire, Los Angeles County, Orange County, San Diego County, Ventura County, Santa Barbara County, and the Central Valley area of California. The Bank operates 62 banking centers and three trust office locations. The Company is headquartered in the city of Ontario, California. On August 10, 2018, we completed the acquisition of Community Bank (“CB”), headquartered in Pasadena, California with 16 banking centers located throughout the greater Los Angeles and Orange County areas and total assets of approximately $4.09 billion. Our condensed consolidated financial statements for 2018 include CB operations, post-merger. See Note 4 – Business Combinations , included herein. |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | 2. BASIS OF PRESENTATION The accompanying unaudited condensed consolidated financial statements and notes thereto have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”) for Form 10-Q and conform to practices within the banking industry and include all of the information and disclosures required by accounting principles generally accepted in the United States of America (“GAAP”) for interim financial reporting. The accompanying unaudited condensed consolidated financial statements reflect all adjustments (consisting only of normal recurring adjustments), which are necessary for a fair presentation of financial results for the interim periods presented. The results of operations for the three months ended March 31, 2019 are not necessarily indicative of the results for the full year. Certain information and note disclosures normally included in annual financial statements prepared in accordance with GAAP have been condensed or omitted. These unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements, accounting policies and financial notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2018, filed with the SEC. A summary of the significant accounting policies consistently applied in the preparation of the accompanying unaudited condensed consolidated financial statements follows. Reclassification |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Summary of Significant Accounting Policies | 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Except as discussed below, our accounting policies are described in Note 3 — Summary of Significant Accounting Policies Use of Estimates in the Preparation of Financial Statements — The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. A material estimate that is particularly susceptible to significant change in the near term relates to the determination of the allowance for loan losses. Other significant estimates, which may be subject to change, include fair value determinations and disclosures, impairment of investments, goodwill, loans, as well as valuation of deferred tax assets. Adoption of New Accounting Standards In June 2018, the FASB issued ASU No. 2018-07, “Compensation – Stock Compensation (Topic 718): Improvements to Nonemployees Share-Based Accounting.” The intention of ASU 2018-07 is to expand the scope of Topic 718 to include share-based payment transactions for acquiring goods and services from nonemployees. These share-based payments will now be measured at grant-date fair value of the equity instrument issued. Upon adoption, only liability-classified awards that have not been settled and equity-classified awards for which a measurement date has not been established should be remeasured through a cumulative-effect adjustment to retained earnings as of the beginning of the fiscal year of adoption. ASU 2018-07 is effective for fiscal years beginning after December 15, 2018 and is applied retrospectively. The Company adopted this ASU and it did not have a material impact on the Company’s consolidated financial statements. In February 2016, FASB issued ASU No. 2016-02, “Leases (Topic 842)”. ASU 2016-02 establishes a right-of-use (“ROU”) model that requires a lessee to record a ROU asset and a lease liability on the balance sheet for all leases with terms longer than 12 months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement. The new standard is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. A modified retrospective transition approach is required for lessees for capital and operating leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements, with certain practical expedients available. In July 2018, the FASB issued ASU 2018-10, “Codification Improvements to Topic 842, Leases”, which clarifies and corrects errors in ASC 842. The effective date and transition requirements of ASU 2018-10 are the same as the effective date and transition requirements of 2016-02. In July 2018, the FASB issued ASU No. 2018-11, “Leases (Topic 842): Targeted Improvements”, which creates a new optional transition method for implementing the new standard on leases, ASU No. 2016-02, and provides lessors with a practical expedient for separating lease and non-lease components. Specifically, under the amendments in ASU 2018-11: (1) the transition option allows entities to not apply the new leases standard in the comparative periods presented when transitioning to the new accounting standard for leases, and (2) lessors may elect not to separate lease and non-lease components when certain conditions are met. The amendments have the same effective date as ASU 2016-02. Practical Expedients The Company’s leasing portfolio consists of real estate leases, which are used primarily for the banking operations of the Company. All leases in the current portfolio have been classified as operating leases, although this may change in the future. ROU assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the obligation to make lease payments arising from the lease. The adoption of this ASU during the first quarter of 2019 did not have a material impact on the Company’s consolidated financial statements. At adoption, the Company recognized a lease liability and a corresponding ROU asset of approximately $20 million on the consolidated balance sheet related to its future lease payments as a lessee under operating leases. See Note 13— Leases Operating lease ROU assets and lease liabilities are included in other assets other liabilities Recent Accounting Pronouncements In January 2017, the FASB issued ASU No. 2017-04, “Intangibles – Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment.” ASU 2017-04 eliminates the second step in the goodwill impairment test which requires an entity to determine the implied fair value of the reporting unit’s goodwill. Instead, an entity should recognize an impairment loss if the carrying value of the net assets assigned to the reporting unit exceeds the fair value of the reporting unit, with the impairment loss not to exceed the amount of goodwill allocated to the reporting unit. The standard will be effective for the Company beginning January 1, 2020, with early adoption permitted for goodwill impairment tests performed after January 1, 2017. The Company does not expect this ASU to have a material impact on the Company’s consolidated financial statements. In August 2018, the FASB issued ASU No. 2018-13, “Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement.” This ASU eliminates, adds and modifies certain disclosure requirements for fair value measurements. Among the changes, entities will no longer be required to disclose the amount of and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, but will be required to disclose the range and weighted average used to develop significant unobservable inputs for Level 3 fair value measurements. ASU No. 2018-13 is effective for interim and annual reporting periods beginning after December 15, 2019; early adoption is permitted. Entities may early adopt any eliminated or modified disclosure requirements and delay adoption of the additional disclosure requirements until their effective date. The Company does not expect this ASU to have a material impact on the Company’s consolidated financial statements. |
Business Combinations
Business Combinations | 3 Months Ended |
Mar. 31, 2019 | |
Business Combinations [Abstract] | |
Business Combinations | 4. BUSINESS COMBINATIONS Community Bank Acquisition On August 10, 2018, the Company completed the acquisition of CB, headquartered in Pasadena, California. The Company acquired all of the assets and assumed all of the liabilities of CB for $180.7 million in cash and $722.8 million in stock. As a result, CB was merged with the Bank, the principal subsidiary of CVB. The primary reason for the acquisition was to further strengthen the Company’s presence in Southern California. At close, CB had 16 banking centers located throughout the greater Los Angeles and Orange County areas. The systems integration of CB and CBB was completed in November 2018 The assets acquired and liabilities assumed have been accounted for under the acquisition method of accounting. The assets and liabilities, both tangible and intangible, were recorded at their estimated fair values as of the August 10, 2018 acquisition date. These fair values are estimates and are subject to adjustment for up to one year after the acquisition date or when additional information relative to the closing date fair values becomes available and such information is considered final, whichever is earlier. As the initial estimate of fair value of impaired loans was incomplete as of March 31, 2019, the fair value reflected in the financial statements has been determined provisionally. The application of the acquisition method of accounting resulted in the recognition of goodwill of $550.0 million and a core deposit intangible (“CDI”) of $52.2 million, or 2.26% of core deposits. Goodwill represents the excess purchase price over the fair value of the net assets acquired. Goodwill is not deductible for income tax purposes. The table below summarizes the amounts recognized for the estimated fair value of assets acquired and the liabilities assumed as of the acquisition date. August 10, 2018 (Dollars in thousands) Merger Consideration Cash paid $ 180,719 CVBF common stock issued 722,767 Total merger consideration $ 903,486 Identifiable net assets acquired, at fair value Assets Acquired Cash and cash equivalents 47,802 Investment securities 716,996 FHLB stock 17,250 Loans 2,734,081 Accrued interest receivable 7,916 Premises and equipment 14,632 BOLI 70,904 Core deposit intangible 52,200 Other assets 54,479 Total assets acquired 3,716,260 Liabilities assumed Deposits 2,869,986 FHLB advances 297,571 Other borrowings 166,000 Other liabilities 29,192 Total liabilities assumed 3,362,749 Total fair value of identifiable net assets, at fair value 353,511 Goodwill $ 549,975 At the date of acquisition, the gross contractual loan amounts receivable, inclusive of all principal and interest, was approximately $3 billion. The Company’s best estimate of the contractual principal cash flows for loans not expected to be collected at the date of acquisition was approximately $4.5 million. We have included the financial results of the business combination in the condensed consolidated statement of earnings and comprehensive income beginning on the acquisition date. For the three months ended March 31, 2019 and 2018, the Company incurred merger related expenses associated with the CB acquisition of $3.1 million and $803,000, respectively. For illustrative purposes only, the following table presents certain unaudited pro forma information for the three months ended March 31, 2018. This unaudited estimated pro forma financial information was calculated as if CB had been acquired as of the beginning of the year prior to the date of acquisition. This unaudited pro forma information combines the historical results of CB with the Company’s consolidated historical results and includes certain adjustments reflecting the estimated impact of certain fair value adjustments for the respective periods. The pro forma information is not indicative of what would have occurred had the acquisition occurred as of the beginning of the year prior to the acquisition. The unaudited pro forma information does not consider any changes to the provision for credit losses resulting from recording loan assets at fair value, cost savings, or business synergies. As a result, actual amounts would have differed from the unaudited pro forma information presented. Unaudited Pro Forma 2018 (Dollars in thousands, except per share amounts) Total revenues (net interest income plus noninterest income) $ 122,973 Net income $ 45,991 Earnings per share - basic $ 0.33 Earnings per share - diluted $ 0.33 |
Investment Securities
Investment Securities | 3 Months Ended |
Mar. 31, 2019 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment Securities | 5. INVESTMENT SECURITIES The amortized cost and estimated fair value of investment securities are summarized below. The majority of securities held are available-for-sale securities with fair value based on quoted prices for similar assets in active markets or quoted prices for identical assets in markets that are not active. Estimated fair values were obtained from an independent pricing service based upon market quotes. March 31, 2019 Amortized Cost Gross Unrealized Holding Gain Gross Unrealized Holding Fair Value Total Percent (Dollars in thousands) Investment securities available-for-sale: Residential mortgage-backed securities $ 1,424,937 $ 6,107 $ (8,540 ) $ 1,422,504 85.00 % CMO/REMIC - residential 206,956 470 (2,301 ) 205,125 12.26 % Municipal bonds 45,052 421 (388 ) 45,085 2.69 % Other securities 787 - - 787 0.05 % Total available-for-sale securities $ 1,677,732 $ 6,998 $ (11,229 ) $ 1,673,501 100.00 % Investment securities held-to-maturity: Government agency/GSE $ 133,557 $ 564 $ (2,077 ) $ 132,044 18.21 % Residential mortgage-backed securities 169,367 737 (999 ) 169,105 23.09 % CMO 213,145 - (9,998 ) 203,147 29.06 % Municipal bonds 217,395 1,819 (2,859 ) 216,355 29.64 % Total held-to-maturity securities $ 733,464 $ 3,120 $ (15,933 ) $ 720,651 100.00 % December 31, 2018 Amortized Cost Gross Unrealized Holding Gain Gross Unrealized Holding Fair Value Total Percent (Dollars in thousands) Investment securities available-for-sale: Residential mortgage-backed securities $ 1,494,106 $ 1,348 $ (20,946 ) $ 1,474,508 85.03 % CMO/REMIC - residential 217,223 353 (3,525 ) 214,051 12.34 % Municipal bonds 45,621 332 (1,143 ) 44,810 2.59 % Other securities 716 - - 716 0.04 % Total available-for-sale securities $ 1,757,666 $ 2,033 $ (25,614 ) $ 1,734,085 100.00 % Investment securities held-to-maturity: Government agency/GSE $ 138,274 $ 572 $ (2,622 ) $ 136,224 18.57 % Residential mortgage-backed securities 153,874 - (3,140 ) 150,734 20.67 % CMO 215,336 - (12,081 ) 203,255 28.93 % Municipal bonds 236,956 556 (6,188 ) 231,324 31.83 % Total held-to-maturity securities $ 744,440 $ 1,128 $ (24,031 ) $ 721,537 100.00 % The following table provides information about the amount of interest income earned on investment securities which is fully taxable and which is exempt from regular federal income tax. For the Three Months Ended March 31, 2019 2018 (Dollars in thousands) Investment securities available-for-sale: Taxable $ 10,309 $ 11,445 Tax-advantaged 336 423 Total interest income from available-for-sale securities 10,645 11,868 Investment securities held-to-maturity: Taxable 2,910 2,878 Tax-advantaged 1,615 1,887 Total interest income from held-to-maturity securities 4,525 4,765 Total interest income from investment securities $ 15,170 $ 16,633 Approximately 89% of the total investment securities portfolio at March 31, 2019 represents securities issued by the U.S. government or U.S. government-sponsored enterprises, with the implied guarantee of payment of principal and interest. The tables below show the Company’s investment securities’ gross unrealized losses and fair value by investment category and length of time that individual securities have been in a continuous unrealized loss position at March 31, 2019 and December 31, 2018. Management has reviewed individual securities to determine whether a decline in fair value below the amortized cost basis is other-than-temporary. The unrealized losses on these securities were primarily attributed to changes in interest rates. The issuers of these securities have not, to our knowledge, evidenced any cause for default on these securities. These securities have fluctuated in value since their purchase dates as market rates have fluctuated. However, we have the ability and the intention to hold these securities until their fair values recover to cost or maturity. As such, management does not deem these securities to be other-than-temporarily-Impaired (“OTTI”). March 31, 2019 Less Than 12 Months 12 Months or Longer Total Fair Value Gross Unrealized Holding Losses Fair Value Gross Unrealized Holding Losses Fair Value Gross Unrealized Holding Losses (Dollars in thousands) Investment securities available-for-sale: Residential mortgage-backed securities $ - $ - $ 703,134 $ (8,540 ) $ 703,134 $ (8,540 ) CMO/REMIC - residential 66 - 160,926 (2,301 ) 160,992 (2,301 ) Municipal bonds - - 16,689 (388 ) 16,689 (388 ) Total available-for-sale securities $ 66 $ - $ 880,749 $ (11,229 ) $ 880,815 $ (11,229 ) Investment securities held-to-maturity: Government agency/GSE $ 26,291 $ (122 ) $ 60,153 $ (1,955 ) $ 86,444 $ (2,077 ) Residential mortgage-backed securities - - 86,568 (999 ) 86,568 (999 ) CMO - - 203,148 (9,998 ) 203,148 (9,998 ) Municipal bonds - - 64,790 (2,859 ) 64,790 (2,859 ) Total held-to-maturity securities $ 26,291 $ (122 ) $ 414,659 $ (15,811 ) $ 440,950 $ (15,933 ) December 31, 2018 Less Than 12 Months 12 Months or Longer Total Fair Value Gross Unrealized Holding Losses Fair Value Gross Unrealized Holding Losses Fair Value Gross Unrealized Holding Losses (Dollars in thousands) Investment securities available-for-sale: Residential mortgage-backed securities $ 692,311 $ (4,864 ) $ 593,367 $ (16,082 ) $ 1,285,678 $ (20,946 ) CMO/REMIC - residential 36,582 (365 ) 135,062 (3,160 ) 171,644 (3,525 ) Municipal bonds 9,568 (188 ) 14,181 (955 ) 23,749 (1,143 ) Total available-for-sale securities $ 738,461 $ (5,417 ) $ 742,610 $ (20,197 ) $ 1,481,071 $ (25,614 ) Investment securities held-to-maturity: Government agency/GSE $ 7,479 $ (15 ) $ 54,944 $ (2,607 ) $ 62,423 $ (2,622 ) Residential mortgage-backed securities 59,871 (484 ) 90,863 (2,656 ) 150,734 (3,140 ) CMO - - 203,254 (12,081 ) 203,254 (12,081 ) Municipal bonds 70,989 (778 ) 77,723 (5,410 ) 148,712 (6,188 ) Total held-to-maturity securities $ 138,339 $ (1,277 ) $ 426,784 $ (22,754 ) $ 565,123 $ (24,031 ) At March 31, 2019 and December 31, 2018, investment securities having a carrying value of approximately $1.53 billion and $1.66 billion, respectively, were pledged to secure public deposits, short and long-term borrowings, and for other purposes as required or permitted by law. The amortized cost and fair value of debt securities at March 31, 2019, by contractual maturity, are shown in the table below. Although mortgage-backed and CMO/REMIC securities have contractual maturities through 2057, expected maturities will differ from contractual maturities because borrowers may have the right to prepay such obligations without penalty. Mortgage-backed and CMO/REMIC securities are included in maturity categories based upon estimated average lives which incorporate estimated prepayment speeds. March 31, 2019 Available-for-sale Held-to-maturity Amortized Cost Fair Value Amortized Cost Fair Value (Dollars in thousands) Due in one year or less $ 11,947 $ 12,113 $ 500 $ 506 Due after one year through five years 1,481,462 1,479,161 264,136 254,886 Due after five years through ten years 157,640 155,816 232,213 231,964 Due after ten years 26,683 26,411 236,615 233,295 Total investment securities $ 1,677,732 $ 1,673,501 $ 733,464 $ 720,651 The investment in FHLB stock is periodically evaluated for impairment based on, among other things, the capital adequacy of the FHLB and its overall financial condition. No impairment losses have been recorded through March 31, 2019. |
Acquired SJB Assets and FDIC Lo
Acquired SJB Assets and FDIC Loss Sharing Asset | 3 Months Ended |
Mar. 31, 2019 | |
Text Block [Abstract] | |
Acquired SJB Assets and FDIC Loss Sharing Asset | 6. ACQUIRED SJB ASSETS AND FDIC LOSS SHARING ASSET FDIC Assisted Acquisition On October 16, 2009, the Bank acquired San Joaquin Bank (“SJB”) and entered into loss sharing agreements with the Federal Deposit Insurance Corporation (“FDIC”) that are more fully discussed in Note 3 – Summary of Significant Accounting Policies , included in our Annual Report on Form 10-K for the year ended December 31, 2018. The acquisition has been accounted for under the purchase method of accounting. The assets and liabilities were recorded at their estimated fair values as of the October 16, 2009 acquisition date. The acquired loans were accounted for as Purchase Credit Impaired (“PCI”) loans. At March 31, 2019, the remaining discount associated with the PCI loans was zero. The loss sharing agreement for commercial loans expired October 16, 2014. The loss sharing agreement with the FDIC for single-family residential loans, which would have expired on October 16, 2019, was terminated by the Bank on July 20, 2018. The following table provides a summary of PCI loans and lease finance receivables by type and by internal risk ratings (credit quality indicators) for the periods indicated. March 31, 2019 December 31, 2018 (Dollars in thousands) Commercial and industrial $ 616 $ 519 SBA 1,235 1,258 Real estate: Commercial real estate 13,183 14,407 Construction - - SFR mortgage 141 145 Dairy & livestock and agribusiness - 700 Municipal lease finance receivables - - Consumer and other loans 181 185 Gross PCI loans 15,356 17,214 Less: Purchase accounting discount - - Gross PCI loans, net of discount 15,356 17,214 Less: Allowance for PCI loan losses (180 ) (204 ) Net PCI loans $ 15,176 $ 17,010 Credit Quality Indicators The following table summarizes gross PCI loans by internal risk ratings for the periods indicated. March 31, 2019 December 31, 2018 (Dollars in thousands) Pass $ 13,993 $ 15,816 Special mention 1,152 1,174 Substandard 211 224 Doubtful & loss - - Total gross PCI loans $ 15,356 $ 17,214 |
Loans and Lease Finance Receiva
Loans and Lease Finance Receivables and Allowance for Loan Losses | 3 Months Ended |
Mar. 31, 2019 | |
Receivables [Abstract] | |
Loans and Lease Finance Receivables and Allowance for Loan Losses | 7. LOANS AND LEASE FINANCE RECEIVABLES AND ALLOWANCE FOR LOAN LOSSES The following table provides a summary of the Company’s total loans and lease finance receivables, excluding PCI loans, by type. March 31, 2019 December 31, 2018 (Dollars in thousands) Commercial and industrial $ 957,126 $ 1,002,209 SBA 337,957 350,043 Real estate: Commercial real estate 5,388,866 5,394,229 Construction 121,912 122,782 SFR mortgage 285,787 296,504 Dairy & livestock and agribusiness 322,321 393,843 Municipal lease finance receivables 61,249 64,186 Consumer and other loans 120,768 128,429 Gross loans, excluding PCI loans 7,595,986 7,752,225 Less: Deferred loan fees, net (4,479 ) (4,828 ) Gross loans, excluding PCI loans, net of deferred loan fees 7,591,507 7,747,397 Less: Allowance for loan losses (65,021 ) (63,409 ) Net loans, excluding PCI loans 7,526,486 7,683,988 PCI Loans 15,356 17,214 Discount on PCI loans - - Less: Allowance for loan losses (180 ) (204 ) PCI loans, net 15,176 17,010 Total loans and lease finance receivables $ 7,541,662 $ 7,700,998 As of March 31, 2019, 76.31% of the Company’s total gross loan portfolio (excluding PCI loans) consisted of real estate loans, 70.94% of which consisted of commercial real estate loans. Substantially all of the Company’s real estate loans and construction loans are secured by real properties located in California. As of March 31, 2019, $231.1 million, or 4.29% of the total commercial real estate loans included loans secured by farmland, compared to $229.8 million, or 4.26%, at December 31, 2018. The loans secured by farmland included $124.2 million for loans secured by dairy & livestock land and $106.9 million for loans secured by agricultural land at March 31, 2019, compared to $126.9 million for loans secured by dairy & livestock land and $102.9 million for loans secured by agricultural land at December 31, 2018. As of March 31, 2019, dairy & livestock and agribusiness loans of $322.3 million were comprised of $264.8 million for dairy & livestock loans and $57.6 million for agribusiness loans, compared to $340.5 million for dairy & livestock loans and $53.3 million for agribusiness loans at December 31, 2018. At March 31, 2019, the Company held approximately $3.79 billion of total fixed rate loans, including PCI loans. At March 31, 2019 and December 31, 2018, loans totaling $6.18 billion and $5.71 billion, respectively, were pledged to secure the borrowings and available lines of credit from the FHLB and the Federal Reserve Bank. There were no outstanding loans held-for-sale as of March 31, 2019 and December 31, 2018. Credit Quality Indicators An important element of our approach to credit risk management is our loan risk rating system. The originating officer assigns each loan an initial risk rating, which is reviewed and confirmed or changed, as appropriate, by credit management. Approvals are made based upon the amount of inherent credit risk specific to the transaction and are reviewed for appropriateness by senior line and credit management personnel. Credits are monitored by line and credit management personnel for deterioration or improvement in a borrower’s financial condition, which would impact the ability of the borrower to perform under the contract. Risk ratings are adjusted as necessary. Loans are risk rated into the following categories (Credit Quality Indicators): Pass, Special Mention, Substandard, Doubtful and Loss. Each of these groups is assessed for the proper amount to be used in determining the adequacy of our allowance for losses. These categories can be described as follows: Pass — These loans, including loans on the Bank’s internal watch list, range from minimal credit risk to lower than average, but still acceptable, credit risk. Watch list loans usually require more than normal management attention. Loans on the watch list may involve borrowers with adverse financial trends, higher debt/equity ratios, or weaker liquidity positions, but not to the degree of being considered a defined weakness or problem loan where risk of loss may be apparent. Special Mention — Loans assigned to this category have potential weaknesses that deserve management’s close attention. If left uncorrected, these potential weaknesses may result in the deterioration of the repayment prospects for the asset or the Company’s credit position at some future date. Special mention assets are not adversely classified and do not expose the Company to sufficient risk to warrant adverse classification. Substandard — Loans classified as substandard are inadequately protected by the current sound worth and paying capacity of the obligor or of the collateral pledged, if any. Assets so classified must have a well-defined weakness, or weaknesses, that jeopardize the liquidation of the debt. Substandard loans are characterized by the distinct possibility that the Company will sustain some loss if deficiencies are not corrected. Doubtful — Loans classified as doubtful have all the weaknesses inherent in those classified substandard with the added characteristic that the weaknesses make collection or the liquidation in full, on the basis of currently existing facts, conditions and values, highly questionable and improbable. Loss — Loans classified as loss are considered uncollectible and of such little value that their continuance as bankable assets is not warranted. This classification does not mean that the loan has absolutely no recovery or salvage value, but rather that it is not practical or desirable to defer writing off this asset with insignificant value even though partial recovery may be affected in the future. The following table summarizes loans by type, excluding PCI loans, according to our internal risk ratings for the periods presented. March 31, 2019 Pass Special Mention Substandard (1) Doubtful & Loss Total (Dollars in thousands) Commercial and industrial $ 913,059 $ 32,685 $ 11,382 $ - $ 957,126 SBA 322,393 7,704 7,860 - 337,957 Real estate: Commercial real estate Owner occupied 1,986,030 96,262 16,849 - 2,099,141 Non-owner occupied 3,279,696 9,290 739 - 3,289,725 Construction Speculative 120,801 - - - 120,801 Non-speculative 1,111 - - - 1,111 SFR mortgage 278,962 3,287 3,538 - 285,787 Dairy & livestock and agribusiness 261,438 50,451 10,432 - 322,321 Municipal lease finance receivables 60,745 504 - - 61,249 Consumer and other loans 118,596 1,215 957 - 120,768 Total gross loans, excluding PCI loans $ 7,342,831 $ 201,398 $ 51,757 $ - $ 7,595,986 (1) Includes $19.9 million of classified loans acquired from CB in the third quarter of 2018. December 31, 2018 Pass Special Mention Substandard (1) Doubtful & Loss Total (Dollars in thousands) Commercial and industrial $ 961,909 $ 29,358 $ 10,942 $ - $ 1,002,209 SBA 336,033 7,375 6,635 - 350,043 Real estate: Commercial real estate Owner occupied 2,008,169 95,841 13,980 - 2,117,990 Non-owner occupied 3,260,822 9,938 5,479 - 3,276,239 Construction Speculative 118,233 - - - 118,233 Non-speculative 4,549 - - - 4,549 SFR mortgage 289,607 3,310 3,587 - 296,504 Dairy & livestock and agribusiness 350,044 34,586 9,213 - 393,843 Municipal lease finance receivables 63,650 536 - - 64,186 Consumer and other loans 126,085 1,263 1,081 - 128,429 Total gross loans, excluding PCI loans $ 7,519,101 $ 182,207 $ 50,917 $ - $ 7,752,225 (1) Includes $19.0 million of classified loans acquired from CB in the third quarter of 2018. Allowance for Loan Losses (“ALLL”) The Bank’s Audit and Director Loan Committees provide Board oversight of the ALLL process and approve the ALLL methodology on a quarterly basis. Our methodology for assessing the appropriateness of the allowance is conducted on a regular basis and considers the Bank’s overall loan portfolio. Refer to Note 3 – Summary of Significant Accounting Policies of the 2018 Annual Report on Form 10-K for the year ended December 31, 2018 for a more detailed discussion concerning the allowance for loan losses. Management believes that the ALLL was appropriate at March 31, 2019 and December 31, 2018. No assurance can be given that economic conditions which adversely affect the Company’s service areas or other circumstances will not be reflected in increased provisions for loan losses in the future. The following tables present the balance and activity related to the allowance for loan losses for held-for-investment loans by type for the periods presented. For the Three Months Ended March 31, 2019 Ending Balance December 31, 2018 Charge-offs Recoveries Provision for (Recapture of) Loan Losses Ending Balance March 31, 2019 (Dollars in thousands) Commercial and industrial $ 7,520 $ - $ 110 $ (31 ) $ 7,599 SBA 1,062 (20 ) 5 232 1,279 Real estate: - - Commercial real estate 44,934 - - 1,144 46,078 Construction 981 - 3 (120 ) 864 SFR mortgage 2,196 - 68 (76 ) 2,188 Dairy & livestock and agribusiness 5,215 (78 ) - 562 5,699 Municipal lease finance receivables 775 - - (37 ) 738 Consumer and other loans 726 (1 ) 1 (150 ) 576 PCI loans 204 - - (24 ) 180 Total allowance for loan losses $ 63,613 $ (99 ) $ 187 $ 1,500 $ 65,201 For the Three Months Ended March 31, 2018 Ending Balance December 31, 2017 Charge-offs Recoveries Provision for (Recapture of) Loan Losses Ending Balance March 31, 2018 (Dollars in thousands) Commercial and industrial $ 7,280 $ - $ 10 $ 209 $ 7,499 SBA 869 - 5 10 884 Real estate: - - Commercial real estate 41,722 - - 141 41,863 Construction 984 - 1,334 (1,331 ) 987 SFR mortgage 2,112 - - 90 2,202 Dairy & livestock and agribusiness 4,647 - - 19 4,666 Municipal lease finance receivables 851 - - (17 ) 834 Consumer and other loans 753 (7 ) 8 (66 ) 688 PCI loans 367 - - (55 ) 312 Total allowance for loan losses $ 59,585 $ (7 ) $ 1,357 $ (1,000 ) $ 59,935 The following tables present the recorded investment in loans held-for-investment and the related allowance for loan losses by loan type, based on the Company’s methodology for determining the allowance for loan losses for the periods presented. Acquired loans are also supported by a credit discount established through the determination of fair value for the acquired loan portfolio. March 31, 2019 Recorded Investment in Loans Allowance for Loan Losses Individually Evaluated for Impairment Collectively Evaluated for Impairment Acquired with Deterioriated Credit Quality Individually Evaluated for Impairment Collectively Evaluated for Impairment Acquired with Deterioriated Credit Quality (Dollars in thousands) Commercial and industrial $ 8,512 $ 948,614 $ - $ 117 $ 7,482 $ - SBA 4,661 333,296 - 317 962 - Real estate: Commercial real estate 1,589 5,387,277 - - 46,078 - Construction - 121,912 - - 864 - SFR mortgage 5,051 280,736 - - 2,188 - Dairy & livestock and agribusiness - 322,321 - - 5,699 - Municipal lease finance receivables - 61,249 - - 738 - Consumer and other loans 477 120,291 - 1 575 - PCI loans - - 15,356 - - 180 Total $ 20,290 $ 7,575,696 $ 15,356 $ 435 $ 64,586 $ 180 March 31, 2018 Recorded Investment in Loans Allowance for Loan Losses Individually Evaluated for Impairment Collectively Evaluated for Impairment Acquired with Deterioriated Credit Quality Individually Evaluated for Impairment Collectively Evaluated for Impairment Acquired with Deterioriated Credit Quality (Dollars in thousands) Commercial and industrial $ 432 $ 513,797 $ - $ - $ 7,499 $ - SBA 1,201 122,231 - - 884 - Real estate: Commercial real estate 7,992 3,403,224 - - 41,863 - Construction - 79,898 - - 987 - SFR mortgage 3,576 234,042 - - 2,202 - Dairy & livestock and agribusiness 818 275,561 - - 4,666 - Municipal lease finance receivables - 67,892 - - 834 - Consumer and other loans 438 63,721 - - 688 - PCI loans - - 25,861 - - 312 Total $ 14,457 $ 4,760,366 $ 25,861 $ - $ 59,623 $ 312 Past Due and Nonperforming Loans We seek to manage asset quality and control credit risk through diversification of the loan portfolio and the application of policies designed to promote sound underwriting and loan monitoring practices. The Bank’s Credit Management Division is in charge of monitoring asset quality, establishing credit policies and procedures and enforcing the consistent application of these policies and procedures across the Bank. Reviews of nonperforming, past due loans and larger credits, designed to identify potential charges to the allowance for loan losses, and to determine the adequacy of the allowance, are conducted on an ongoing basis. These reviews consider such factors as the financial strength of borrowers and any guarantors, the value of the applicable collateral, loan loss experience, estimated loan losses, growth in the loan portfolio, prevailing economic conditions and other factors. Refer to Note 3 – Summary of Significant Accounting Policies, A loan is reported as a TDR when the Bank grants a concession(s) to a borrower experiencing financial difficulties that the Bank would not otherwise consider. Examples of such concessions include a reduction in the interest rate, deferral of principal or accrued interest, extending the payment due dates or loan maturity date(s), or providing a lower interest rate than would be normally available for new debt of similar risk. As a result of one or more of these concessions, restructured loans are classified as impaired. Impairment reserves on non-collateral dependent restructured loans are measured by comparing the present value of expected future cash flows on the restructured loans discounted at the interest rate of the original loan agreement to the carrying value of the loan. These impairment reserves are recognized as a specific component to be provided for in the allowance for loan losses. When we identify a loan as impaired, we measure the loan for potential impairment using discounted cash flows, unless the loan is determined to be collateral dependent. In these cases, we use the current fair value of collateral, less selling costs. Generally, the determination of fair value is established through obtaining external appraisals of the collateral. The following tables present the recorded investment in, and the aging of, past due and nonaccrual loans, excluding PCI loans, by type of loans for the periods presented. March 31, 2019 30-59 Days Past Due 60-89 Days Past Due Total Past Due and Accruing Nonaccrual (1) (3) Current Total Loans and Financing Receivables (Dollars in thousands) Commercial and industrial $ 339 $ 30 $ 369 $ 8,388 $ 948,369 $ 957,126 SBA 601 - 601 4,098 333,258 337,957 Real estate: Commercial real estate Owner occupied - - - 519 2,098,622 2,099,141 Non-owner occupied 124 - 124 615 3,288,986 3,289,725 Construction Speculative (2) - - - - 120,801 120,801 Non-speculative - - - - 1,111 1,111 SFR mortgage - - - 2,894 282,893 285,787 Dairy & livestock and agribusiness - - - - 322,321 322,321 Municipal lease finance receivables - - - - 61,249 61,249 Consumer and other loans 98 3 101 477 120,190 120,768 Total gross loans, excluding PCI loans $ 1,162 $ 33 $ 1,195 $ 16,991 $ 7,577,800 $ 7,595,986 (1) As of March 31, 2019, $ 1.4 2.1 $ 13.5 (2) Speculative construction loans are generally for properties where there is no identified buyer or renter. (3) Includes $ 13.7 December 31, 2018 30-59 Days Past Due 60-89 Days Past Due Total Past Due and Accruing Nonaccrual (1) (3) Current Total Loans and Financing Receivables (Dollars in thousands) Commercial and industrial $ 820 $ 89 $ 909 $ 7,490 $ 993,810 $ 1,002,209 SBA 1,172 135 1,307 2,892 345,844 350,043 Real estate: Commercial real estate Owner occupied 2,439 350 2,789 589 2,114,612 2,117,990 Non-owner occupied - - - 5,479 3,270,760 3,276,239 Construction Speculative (2) - - - - 118,233 118,233 Non-speculative - - - - 4,549 4,549 SFR mortgage - 285 285 2,937 293,282 296,504 Dairy & livestock and agribusiness - - - 78 393,765 393,843 Municipal lease finance receivables - - - - 64,186 64,186 Consumer and other loans - - - 486 127,943 128,429 Total gross loans, excluding PCI loans $ 4,431 $ 859 $ 5,290 $ 19,951 $ 7,726,984 $ 7,752,225 (1) As of December 31, 2018, $ 2.3 33,000 57,000 17.6 (2) Speculative construction loans are generally for properties where there is no identified buyer or renter. (3) Includes $ 12.3 Impaired Loans At March 31, 2019, the Company had impaired loans, excluding PCI loans, of $20.3 $8.4 $2.9 $4.1 $477,000 $3.6 $277,000 $3.3 $435,000 $23.5 million with a related allowance of $561,000. The following tables present information for held-for-investment loans, excluding PCI loans, individually evaluated for impairment by type of loans, as and for the periods presented. As of and For the Three Months Ended March 31, 2019 Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized (Dollars in thousands) With no related allowance recorded: Commercial and industrial $ 8,208 $ 12,317 $ - $ 8,230 $ 2 SBA 3,400 5,779 - 3,511 11 Real estate: Commercial real estate Owner occupied 519 618 - 521 - Non-owner occupied 1,070 1,231 - 1,084 7 Construction Speculative - - - - - Non-speculative - - - - - SFR mortgage 5,051 5,865 - 5,082 21 Dairy & livestock and agribusiness - - - - - Municipal lease finance receivables - - - - - Consumer and other loans 476 625 - 482 - Total 18,724 26,435 - 18,910 41 With a related allowance recorded: Commercial and industrial 304 309 117 323 - SBA 1,261 1,236 317 1,261 - Real estate: Commercial real estate Owner occupied - - - - - Non-owner occupied - - - - - Construction Speculative - - - - - Non-speculative - - - - - SFR mortgage - - - - - Dairy & livestock and agribusiness - - - - - Municipal lease finance receivables - - - - - Consumer and other loans 1 1 1 1 - Total 1,566 1,546 435 1,585 - Total impaired loans $ 20,290 $ 27,981 $ 435 $ 20,495 $ 41 As of and For the Three Months Ended March 31, 2018 Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized (Dollars in thousands) With no related allowance recorded: Commercial and industrial $ 432 $ 986 $ — $ 461 $ 2 SBA 1,201 1,327 — 1,220 12 Real estate: Commercial real estate Owner occupied 4,332 4,755 — 4,348 — Non-owner occupied 3,660 5,033 — 3,715 22 Construction Speculative — — — — — Non-speculative — — — — — SFR mortgage 3,576 4,236 — 3,599 25 Dairy & livestock and agribusiness 818 1,091 — 826 — Municipal lease finance receivables — — — — — Consumer and other loans 438 640 — 519 — Total 14,457 18,068 — 14,688 61 With a related allowance recorded: Commercial and industrial — — — — — SBA — — — — — Real estate: Commercial real estate Owner occupied — — — — — Non-owner occupied — — — — — Construction Speculative — — — — — Non-speculative — — — — — SFR mortgage — — — — — Dairy & livestock and agribusiness — — — — — Municipal lease finance receivables — — — — — Consumer and other loans — — — — — Total — — — — — Total impaired loans $ 14,457 $ 18,068 $ — $ 14,688 $ 61 As of December 31, 2018 Recorded Investment Unpaid Principal Balance Related Allowance (Dollars in thousands) With no related allowance recorded: Commercial and industrial $ 7,436 $ 11,457 $ — SBA 3,467 5,746 — Real estate: Commercial real estate Owner occupied 589 705 — Non-owner occupied 2,808 4,324 — Construction Speculative — — — Non-speculative — — — SFR mortgage 5,349 6,270 — Dairy & livestock and agribusiness — — — Municipal lease finance receivables — — — Consumer and other loans 418 526 — Total 20,067 29,028 — With a related allowance recorded: Commercial and industrial 189 191 3 SBA — — — Real estate: Commercial real estate Owner occupied — — — Non-owner occupied 3,143 3,144 478 Construction Speculative — — — Non-speculative — — — SFR mortgage — — — Dairy & livestock and agribusiness 78 78 12 Municipal lease finance receivables — — — Consumer and other loans 68 100 68 Total 3,478 3,513 561 Total impaired loans $ 23,545 $ 32,541 $ 561 The Company recognizes the charge-off of the impairment allowance on impaired loans in the period in which a loss is identified for collateral dependent loans. Therefore, the majority of the nonaccrual loans as of March 31, 2019, December 31, 2018 and March 31, 2018 have already been written down to the estimated net realizable value. An allowance is recorded on impaired loans for the following: nonaccrual loans where a charge-off is not yet processed, nonaccrual SFR mortgage loans where there is a potential modification in process, or on smaller balance non-collateral dependent loans. Reserve for Unfunded Loan Commitments The allowance for off-balance sheet credit exposure relates to commitments to extend credit, letters of credit and undisbursed funds on lines of credit. The Company evaluates credit risk associated with the off-balance sheet loan commitments at the same time it evaluates credit risk associated with the loan and lease portfolio. There was no provision or recapture of provision for unfunded loan commitments for the three months ended March 31, 2019, and 2018. The acquisition of CB resulted in $2.9 million in reserve for unfunded loan commitments at fair value in the third quarter of 2018. As of March 31, 2019 and December 31, 2018, the balance in this reserve was $0.0 million and $9.0 million, respectively, and was included in other liabilities. Troubled Debt Restructurings (“TDRs”) Loans that are reported as TDRs are considered impaired and charge-off amounts are taken on an individual loan basis, as deemed appropriate. The majority of restructured loans are loans for which the terms of repayment have been renegotiated, resulting in a reduction in interest rate or deferral of principal. Refer to Note 3 – Summary of Significant Accounting Policies , included in our Annual Report on Form 10-K for the year ended December 31, 2018 for a more detailed discussion regarding TDRs. As of March 31, 2019, there were $0.0 million of loans classified as a TDR, of which $0.0 million were nonperforming and $0.0 million were performing. TDRs on accrual status are comprised of loans that were accruing interest at the time of restructuring or have demonstrated repayment performance in compliance with the restructured terms for a sustained period and for which the Company anticipates full repayment of both principal and interest. At March 31, 2019, performing TDRs were comprised of ten SFR mortgage loans of $0.0 million, one SBA loan of $0,000, one commercial real estate loan of $0,000, and two commercial and industrial loans of $0,000. The majority of TDRs have no specific allowance allocated as any impairment amount is normally charged off at the time a probable loss is determined. We have allocated $0,000 and $490,000 of specific allowance to TDRs as of March 31, 2019 and December 31, 2018, respectively. The following table provides a summary of the activity related to TDRs for the periods presented. For the Three Months Ended March 31, 2019 2018 (Dollars in thousands) Performing TDRs: Beginning balance $ 3,594 $ 4,809 New modifications - - Payoffs/payments, net and other (295 ) (524 ) TDRs returned to accrual status - - TDRs placed on nonaccrual status - - Ending balance $ 3,299 $ 4,285 Nonperforming TDRs: Beginning balance $ 3,509 $ 4,200 New modifications - - Charge-offs (78 ) - Transfer to OREO (2,275 ) - Payoffs/payments, net and other (879 ) (291 ) TDRs returned to accrual status - - TDRs placed on nonaccrual status - - Ending balance $ 277 $ 3,909 Total TDRs $ 3,576 $ 8,194 There were no loans that were modified as TDRs during the three months ended March 31, 2019 and 2018. As of March 31, 2019 and 2018, there were no loans that were previously modified as a TDR within the previous 12 months that subsequently defaulted during the three months ended March 31, 2019 and 2018, respectively. |
Earnings Per Share Reconciliati
Earnings Per Share Reconciliation | 3 Months Ended |
Mar. 31, 2019 | |
Earnings Per Share [Abstract] | |
Earnings Per Share Reconciliation | 8. EARNINGS PER SHARE RECONCILIATION Basic earnings per common share are computed by dividing income allocated to common stockholders by the weighted-average number of common shares outstanding during each period. The computation of diluted earnings per common share considers the number of shares issuable upon the assumed exercise of outstanding common stock options. Antidilutive common shares are not included in the calculation of diluted earnings per common share. For the three months ended March 31, 2019 and 2018, shares deemed to be antidilutive, and thus excluded from the computation of earnings per common share, were 396,000 and 16,000, respectively. The table below shows earnings per common share and diluted earnings per common share, and reconciles the numerator and denominator of both earnings per common share calculations. For the Three Months Ended March 31, 2019 2018 (In thousands, except per share amounts) Earnings per common share: Net earnings $ 51,642 $ 34,913 Less: Net earnings allocated to restricted stock 141 108 Net earnings allocated to common shareholders $ 51,501 $ 34,805 Weighted average shares outstanding 139,615 109,859 Basic earnings per common share $ 0.37 $ 0.32 Diluted earnings per common share: Net income allocated to common shareholders 51,501 34,805 Weighted average shares outstanding 139,615 109,859 Incremental shares from assumed exercise of outstanding options 216 364 Diluted weighted average shares outstanding 139,831 110,223 Diluted earnings per common share $ 0.37 $ 0.32 |
Fair Value Information
Fair Value Information | 3 Months Ended |
Mar. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value Information | 9. FAIR VALUE INFORMATION Fair Value Hierarchy Fair value is the exchange price that would be received for an asset or paid to transfer a liability (exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The following disclosure provides the fair value information for financial assets and liabilities as of March 31, 2019. The fair value hierarchy prioritizes the inputs to valuation techniques used to measure fair value into three broad levels (Level 1, Level 2 and Level 3). • Level 1 • Level 2 • Level 3 There were no transfers in and out of Level 1 and Level 2 during the three months ended March 31, 2019 and 2018. Assets and Liabilities Measured at Fair Value on a Recurring Basis The tables below present the balances of assets and liabilities measured at fair value on a recurring basis for the periods presented. Carrying Value at Quoted Prices in Active Markets for Significant Other Significant (Dollars in thousands) Description of assets Investment securities - AFS: Residential mortgage-backed securities $ 1,422,504 $ - $ 1,422,504 $ - CMO/REMIC - residential 205,125 - 205,125 - Municipal bonds 45,085 - 45,085 - Other securities 787 - 787 - Total investment securities - AFS 1,673,501 - 1,673,501 - Interest rate swaps 4,418 - 4,418 - Total assets $ 1,677,919 $ - $ 1,677,919 $ - Description of liability Interest rate swaps $ 4,418 $ - $ 4,418 $ - Total liabilities $ 4,418 $ - $ 4,418 $ - Carrying Value at Quoted Prices in Active Markets for Significant Other Significant (Dollars in thousands) Description of assets Investment securities - AFS: Residential mortgage-backed securities $ 1,474,508 $ - $ 1,474,508 $ - CMO/REMIC - residential 214,051 - 214,051 - Municipal bonds 44,810 - 44,810 - Other securities 716 - 716 - Total investment securities - AFS 1,734,085 - 1,734,085 - Interest rate swaps 1,938 - 1,938 - Total assets $ 1,736,023 $ - $ 1,736,023 $ - Description of liability Interest rate swaps $ 1,938 $ - $ 1,938 $ - Total liabilities $ 1,938 $ - $ 1,938 $ - Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis We may be required to measure certain assets at fair value on a non-recurring basis in accordance with GAAP. These adjustments to fair value usually result from application of lower of cost or fair value accounting or impairment write-downs of individual assets. For assets measured at fair value on a non-recurring basis that were held on the balance sheet at March 31, 2019 and December 31, 2018, respectively, the following tables provide the level of valuation assumptions used to determine each adjustment and the carrying value of the related assets that had losses during the period. Carrying Value at Quoted Prices in Active Markets for Significant Other Significant Total Losses For the Three (Dollars in thousands) Description of assets Impaired loans, excluding PCI loans: Commercial and industrial $ 116 $ - $ - $ 116 $ 114 SBA 1,377 - - 1,377 338 Real estate: Commercial real estate - - - - - Construction - - - - - SFR mortgage - - - - - Dairy & livestock and agribusiness - - - - - Consumer and other loans - - - - - Other real estate owned - - - - - Asset held-for-sale - - - - - Total assets $ 1,493 $ - $ - $ 1,493 $ 452 Carrying Value at Quoted Prices in Active Markets for Significant Other Significant Total Losses For the Year Ended December 31, 2018 (Dollars in thousands) Description of assets Impaired loans, excluding PCI loans: Commercial and industrial $ 189 $ - $ - $ 189 $ 3 SBA - - - - - Real estate: Commercial real estate 3,143 - - 3,143 478 Construction - - - - - SFR mortgage - - - - - Dairy & livestock and agribusiness 78 - - 78 12 Consumer and other loans 68 - - 68 68 Other real estate owned - - - - - Asset held-for-sale - - - - - Total assets $ 3,478 $ - $ - $ 3,478 $ 561 Fair Value of Financial Instruments The following disclosure presents estimated fair value of our financial instruments. The estimated fair value amounts have been determined by the Company using available market information and appropriate valuation methodologies. However, considerable judgment is required to develop the estimates of fair value. Accordingly, the estimates presented below are not necessarily indicative of the amounts the Company may realize in a current market exchange as of March 31, 2019 and December 31, 2018, respectively. The use of different market assumptions and/or estimation methodologies may have a material effect on the estimated fair value amounts. March 31, 2019 Estimated Fair Value Carrying Level 1 Level 2 Level 3 Total (Dollars in thousands) Assets Total cash and cash equivalents $ 172,214 $ 172,214 $ - $ - $ 172,214 Interest-earning balances due from depository institutions 7,420 - 7,228 - 7,228 Investment securities available-for-sale 1,673,501 - 1,673,501 - 1,673,501 Investment securities held-to-maturity 733,464 - 720,651 - 720,651 Total loans, net of allowance for loan losses 7,541,662 - - 7,506,350 7,506,350 Swaps 4,418 - 4,418 - 4,418 Liabilities Deposits: Interest-bearing $ 3,555,298 $ - $ 3,549,970 $ - $ 3,549,970 Borrowings 615,774 - 615,186 - 615,186 Junior subordinated debentures 25,774 - - 21,016 21,016 Swaps 4,418 - 4,418 - 4,418 December 31, 2018 Estimated Fair Value Carrying Level 1 Level 2 Level 3 Total (Dollars in thousands) Assets Total cash and due from banks $ 163,948 $ 163,948 $ - $ - $ 163,948 Interest-earning balances due from depository institutions 7,670 - 7,339 - 7,339 Investment securities available-for-sale 1,734,085 - 1,734,085 - 1,734,085 Investment securities held-to-maturity 744,440 - 721,537 - 721,537 Total loans, net of allowance for loan losses 7,700,998 - - 7,514,964 7,514,964 Swaps 1,938 - 1,938 - 1,938 Liabilities Deposits: Interest-bearing $ 3,622,703 $ - $ 3,614,682 $ - $ 3,614,682 Borrowings 722,255 - 721,601 - 721,601 Junior subordinated debentures 25,774 - - 21,176 21,176 Swaps 1,938 - 1,938 - 1,938 The fair value estimates presented herein are based on pertinent information available to management as of March 31, 2019 and December 31, 2018. Although management is not aware of any factors that would significantly affect the estimated fair value amounts, such amounts have not been comprehensively revalued for purposes of these financial statements since that date, and therefore, current estimates of fair value may differ significantly from the amounts presented above. |
Derivative Financial Instrument
Derivative Financial Instruments | 3 Months Ended |
Mar. 31, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | 10. DERIVATIVE FINANCIAL INSTRUMENTS The Bank is exposed to certain risks relating to its ongoing business operations and utilizes interest rate swap agreements (“swaps”) as part of its asset/liability management strategy to help manage its interest rate risk position. As of March 31, 2019, the Bank has entered into 77 interest-rate swap agreements with customers. The Bank then entered into identical offsetting swaps with a counterparty. The swap agreements are not designated as hedging instruments. The purpose of entering into offsetting derivatives not designated as a hedging instrument is to provide the Bank a variable-rate loan receivable and to provide the customer the financial effects of a fixed-rate loan without creating significant volatility in the Bank’s earnings. The structure of the swaps is as follows. We believe our risk of loss associated with our counterparty borrowers related to interest rate swaps is mitigated as the loans with swaps are underwritten to take into account potential additional exposure, although there can be no assurances in this regard since the performance of our swaps is subject to market and counterparty risk. Balance Sheet Classification of Derivative Financial Instruments As of March 31, 2019 and December 31, 2018, the total notional amount of the Company’s swaps was $213.5 million, and $195.4 million, respectively. The location of the asset and liability, and their respective fair values are summarized in the tables below. March 31, 2019 Asset Derivatives Liability Derivatives Balance Sheet Location Fair Value Balance Sheet Location Fair Value (Dollars in thousands) Derivatives not designated as hedging instruments: Interest rate swaps Other assets $ 4,418 Other liabilities $ 4,418 Total derivatives $ 4,418 $ 4,418 December 31, 2018 Asset Derivatives Liability Derivatives Balance Sheet Location Fair Value Balance Sheet Location Fair Value (Dollars in thousands) Derivatives not designated as hedging instruments: Interest rate swaps Other assets $ 1,938 Other liabilities $ 1,938 Total derivatives $ 1,938 $ 1,938 The Effect of Derivative Financial Instruments on the Condensed Consolidated Statements of Earnings The following table summarizes the effect of derivative financial instruments on the condensed consolidated statement of earnings for the periods presented. Derivatives Not Designated as Location of Gain Recognized in Amount of Gain Recognized in Income on Derivative Instruments For the Three Months Ended March 31, 2019 2018 (Dollars in thousands) Interest rate swaps Other income $ 384 $ 116 Total $ 384 $ 116 |
Other Comprehensive Income
Other Comprehensive Income | 3 Months Ended |
Mar. 31, 2019 | |
Equity [Abstract] | |
Other Comprehensive Income | 11. OTHER COMPREHENSIVE INCOME The table below provides a summary of the components of other comprehensive income (“OCI”) for the periods presented. For the Three Months Ended March 31, 2019 2018 Before-tax Tax effect After-tax Before-tax Tax effect After-tax (Dollars in thousands) Investment securities: Net change in fair value recorded in accumulated OCI $ 19,350 $ (5,720 ) $ 13,630 $ (31,338 ) $ 9,265 $ (22,073 ) Amortization of unrealized losses on securities transferred from available-for-sale to held-to-maturity (1,123 ) 332 (791 ) (832 ) 246 (586 ) Net change $ 18,227 $ (5,388 ) $ 12,839 $ (32,170 ) $ 9,511 $ (22,659 ) |
Balance Sheet Offsetting
Balance Sheet Offsetting | 3 Months Ended |
Mar. 31, 2019 | |
Text Block [Abstract] | |
Balance Sheet Offsetting | 12. BALANCE SHEET OFFSETTING Assets . . . Gross Amounts Gross Amounts Net Amounts of Gross Amounts Not Offset in the the Condensed Condensed in the Condensed Financial Collateral Net Amount (Dollars in thousands) March 31, 2019 Financial assets: Derivatives not designated as hedging instruments $ 4,418 $ - $ - $ 4,418 $ - $ 4,418 Total $ 4,418 $ - $ - $ 4,418 $ - $ 4,418 Financial liabilities: Derivatives not designated as hedging instruments $ 5,221 $ (803 ) $ 4,418 $ 803 $ (7,520 ) $ (2,299 ) Repurchase agreements 462,774 - 462,774 - (489,984 ) (27,210 ) Total $ 467,995 $ (803 ) $ 467,192 $ 803 $ (497,504 ) $ (29,509 ) December 31, 2018 Financial assets: Derivatives not designated as hedging instruments $ 1,938 $ - $ - $ 1,938 $ - $ 1,938 Total $ 1,938 $ - $ - $ 1,938 $ - $ 1,938 Financial liabilities: Derivatives not designated as hedging instruments $ 4,203 $ (2,265 ) $ 1,938 $ 2,265 $ - $ 4,203 Repurchase agreements 442,255 - 442,255 - (487,607 ) (45,352 ) Total $ 446,458 $ (2,265 ) $ 444,193 $ 2,265 $ (487,607 ) $ (41,149 ) |
Leases
Leases | 3 Months Ended |
Mar. 31, 2019 | |
Leases [Abstract] | |
Leases | 13. LEASES The Company’s operating leases, where the Company is a lessee, include real estate, such as office space and banking centers. Lease expense for operating leases is recognized on a straight-line basis over the term of the lease and is reflected in the consolidated statement of earnings. While the Company has, as a lessor, certain equipment finance leases, such leases are not material to the Company’s consolidated financial statements. The following presents the components of lease costs and supplemental information related to leases as of and for three months ended March 31, 2019. As of and For the Three Months Ended (Dollars in thousands) Lease Assets and Liabilities ROU assets $ 19,809 Total lease liabilities $ 21,450 Lease Cost Operating lease expense (1) $ 2,100 Sublease income - Total lease expense $ 2,100 Other Information Cash paid for amounts included in the measurement of lease liabilities: Operating cash outflows from operating leases $ 2,746 (1) Includes short-term leases and variable lease costs, which are immaterial. Lease Term and Discount Rate As of March 31, 2019 Weighted average remaining lease term (years) 4.09 Weighted average discount rate 3.55 % The Company’s lease arrangements that have not yet commenced as of March 31, 2019 and the Company’s short-term lease costs and variable lease costs, for the three months ended March 31, 2019 are not material to the consolidated financial statements. The future lease payments required for leases that have initial or remaining non-cancelable lease terms in excess of one year as of March 31, 2019, excluding property taxes and insurance, are as follows: As of March 31, 2019 (Dollars in thousands) Year: 2019 (excluding the three months ended March 31, 2019) $ 6,083 2020 6,109 2021 4,360 2022 3,091 2023 1,488 Thereafter 1,938 Total future lease payments 23,069 Less: Imputed interest (1,619 ) Present value of lease liabilities $ 21,450 |
Revenue Recognition
Revenue Recognition | 3 Months Ended |
Mar. 31, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition | 14. REVENUE RECOGNITION On January 1, 2018, the Company adopted ASU No. 2014-09 “Revenue from Contracts with Customers (Topic 606)” and all subsequent ASUs that modified Topic 606. Refer to Note 3 – Summary of Significant Accounting Policies Revenue Recognition The following presents noninterest income, segregated by revenue streams in-scope and out-of-scope of Topic 606, for the periods indicated. For the Three Months Ended March 31, 2019 2018 (Dollars in thousands) Noninterest income: In-scope of Topic 606: Service charges on deposit accounts $ 5,141 $ 4,045 Trust and investment services 2,182 2,157 Bankcard services 950 804 Gain on OREO, net 105 3,540 Other 2,044 1,391 Noninterest Income (in-scope 10,422 11,937 Noninterest Income (out-of-scope 5,881 979 Total noninterest income $ 16,303 $ 12,916 |
Accounting policies (Policies)
Accounting policies (Policies) | 3 Months Ended |
Mar. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Reclassification | Reclassification |
Business Segments | Business Segments— We regularly assess our strategic plans, operations and reporting structures to identify our reportable segments. Changes to our reportable segments are expected to be infrequent. For the years ended December 31, 2016 through June 30, 2018, we operated as two reportable segments: Banking Centers and Dairy & Livestock and Agribusiness. As a result of the Community Bank acquisition, along with changes in personnel, reporting structure, and operations, we re-evaluated our segment reporting for the third quarter ended September 30, 2018. As of March 31, 2019, we operated as one reportable segment. The factors considered in making this determination include the nature of products and offered services, geographic regions in which we operate, the applicable regulatory environment, and the materiality of discrete financial information reviewed by our key decision makers. Through our network of banking centers, we provide relationship-based banking products, services and solutions for small to mid-sized companies, real estate investors, non-profit organizations, professionals and other individuals. Our products and services include loans for commercial businesses, commercial real estate, multi-family, construction and land, dairy & livestock and agribusiness, consumer and government-guaranteed small business loans. We also provide business deposit products and treasury cash management services, as well as deposit products to the owners and employees of the businesses we serve. The decision to combine our two reportable segments was made to align the segment reporting with the changes in our operations and reporting structure, consistent with the level and materiality of information reviewed by our key decision makers. |
Use of Estimates in the Preparation of Financial Statements | Use of Estimates in the Preparation of Financial Statements — The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. A material estimate that is particularly susceptible to significant change in the near term relates to the determination of the allowance for loan losses. Other significant estimates, which may be subject to change, include fair value determinations and disclosures, impairment of investments, goodwill, loans, as well as valuation of deferred tax assets. |
Adoption of New Accounting Standard and Recent Accounting Pronouncements | Adoption of New Accounting Standards In June 2018, the FASB issued ASU No. 2018-07, “Compensation – Stock Compensation (Topic 718): Improvements to Nonemployees Share-Based Accounting.” The intention of ASU 2018-07 is to expand the scope of Topic 718 to include share-based payment transactions for acquiring goods and services from nonemployees. These share-based payments will now be measured at grant-date fair value of the equity instrument issued. Upon adoption, only liability-classified awards that have not been settled and equity-classified awards for which a measurement date has not been established should be remeasured through a cumulative-effect adjustment to retained earnings as of the beginning of the fiscal year of adoption. ASU 2018-07 is effective for fiscal years beginning after December 15, 2018 and is applied retrospectively. The Company adopted this ASU and it did not have a material impact on the Company’s consolidated financial statements. In February 2016, FASB issued ASU No. 2016-02, “Leases (Topic 842)”. ASU 2016-02 establishes a right-of-use (“ROU”) model that requires a lessee to record a ROU asset and a lease liability on the balance sheet for all leases with terms longer than 12 months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement. The new standard is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. A modified retrospective transition approach is required for lessees for capital and operating leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements, with certain practical expedients available. In July 2018, the FASB issued ASU 2018-10, “Codification Improvements to Topic 842, Leases”, which clarifies and corrects errors in ASC 842. The effective date and transition requirements of ASU 2018-10 are the same as the effective date and transition requirements of 2016-02. In July 2018, the FASB issued ASU No. 2018-11, “Leases (Topic 842): Targeted Improvements”, which creates a new optional transition method for implementing the new standard on leases, ASU No. 2016-02, and provides lessors with a practical expedient for separating lease and non-lease components. Specifically, under the amendments in ASU 2018-11: (1) the transition option allows entities to not apply the new leases standard in the comparative periods presented when transitioning to the new accounting standard for leases, and (2) lessors may elect not to separate lease and non-lease components when certain conditions are met. The amendments have the same effective date as ASU 2016-02. Practical Expedients The Company’s leasing portfolio consists of real estate leases, which are used primarily for the banking operations of the Company. All leases in the current portfolio have been classified as operating leases, although this may change in the future. ROU assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the obligation to make lease payments arising from the lease. The adoption of this ASU during the first quarter of 2019 did not have a material impact on the Company’s consolidated financial statements. At adoption, the Company recognized a lease liability and a corresponding ROU asset of approximately $20 million on the consolidated balance sheet related to its future lease payments as a lessee under operating leases. See Note 13— Leases Operating lease ROU assets and lease liabilities are included in other assets other liabilities Recent Accounting Pronouncements In January 2017, the FASB issued ASU No. 2017-04, “Intangibles – Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment.” ASU 2017-04 eliminates the second step in the goodwill impairment test which requires an entity to determine the implied fair value of the reporting unit’s goodwill. Instead, an entity should recognize an impairment loss if the carrying value of the net assets assigned to the reporting unit exceeds the fair value of the reporting unit, with the impairment loss not to exceed the amount of goodwill allocated to the reporting unit. The standard will be effective for the Company beginning January 1, 2020, with early adoption permitted for goodwill impairment tests performed after January 1, 2017. The Company does not expect this ASU to have a material impact on the Company’s consolidated financial statements. In August 2018, the FASB issued ASU No. 2018-13, “Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement.” This ASU eliminates, adds and modifies certain disclosure requirements for fair value measurements. Among the changes, entities will no longer be required to disclose the amount of and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, but will be required to disclose the range and weighted average used to develop significant unobservable inputs for Level 3 fair value measurements. ASU No. 2018-13 is effective for interim and annual reporting periods beginning after December 15, 2019; early adoption is permitted. Entities may early adopt any eliminated or modified disclosure requirements and delay adoption of the additional disclosure requirements until their effective date. The Company does not expect this ASU to have a material impact on the Company’s consolidated financial statements. |
Business Combinations (Tables)
Business Combinations (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Business Combinations [Abstract] | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | The table below summarizes the amounts recognized for the estimated fair value of assets acquired and the liabilities assumed as of the acquisition date. August 10, 2018 (Dollars in thousands) Merger Consideration Cash paid $ 180,719 CVBF common stock issued 722,767 Total merger consideration $ 903,486 Identifiable net assets acquired, at fair value Assets Acquired Cash and cash equivalents 47,802 Investment securities 716,996 FHLB stock 17,250 Loans 2,734,081 Accrued interest receivable 7,916 Premises and equipment 14,632 BOLI 70,904 Core deposit intangible 52,200 Other assets 54,479 Total assets acquired 3,716,260 Liabilities assumed Deposits 2,869,986 FHLB advances 297,571 Other borrowings 166,000 Other liabilities 29,192 Total liabilities assumed 3,362,749 Total fair value of identifiable net assets, at fair value 353,511 Goodwill $ 549,975 |
Business Acquisition, Pro Forma Information [Table Text Block] | As a result, actual amounts would have differed from the unaudited pro forma information presented. Unaudited Pro Forma 2018 (Dollars in thousands, except per share amounts) Total revenues (net interest income plus noninterest income) $ 122,973 Net income $ 45,991 Earnings per share - basic $ 0.33 Earnings per share - diluted $ 0.33 |
Investment Securities (Tables)
Investment Securities (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Investments, Debt and Equity Securities [Abstract] | |
Summary of Amortized Cost and Estimated Fair Value of Investment Securities | The amortized cost and estimated fair value of investment securities are summarized below. The majority of securities held are available-for-sale securities with fair value based on quoted prices for similar assets in active markets or quoted prices for identical assets in markets that are not active. Estimated fair values were obtained from an independent pricing service based upon market quotes. March 31, 2019 Amortized Cost Gross Unrealized Holding Gain Gross Unrealized Holding Fair Value Total Percent (Dollars in thousands) Investment securities available-for-sale: Residential mortgage-backed securities $ 1,424,937 $ 6,107 $ (8,540 ) $ 1,422,504 85.00 % CMO/REMIC - residential 206,956 470 (2,301 ) 205,125 12.26 % Municipal bonds 45,052 421 (388 ) 45,085 2.69 % Other securities 787 - - 787 0.05 % Total available-for-sale securities $ 1,677,732 $ 6,998 $ (11,229 ) $ 1,673,501 100.00 % Investment securities held-to-maturity: Government agency/GSE $ 133,557 $ 564 $ (2,077 ) $ 132,044 18.21 % Residential mortgage-backed securities 169,367 737 (999 ) 169,105 23.09 % CMO 213,145 - (9,998 ) 203,147 29.06 % Municipal bonds 217,395 1,819 (2,859 ) 216,355 29.64 % Total held-to-maturity securities $ 733,464 $ 3,120 $ (15,933 ) $ 720,651 100.00 % December 31, 2018 Amortized Cost Gross Unrealized Holding Gain Gross Unrealized Holding Fair Value Total Percent (Dollars in thousands) Investment securities available-for-sale: Residential mortgage-backed securities $ 1,494,106 $ 1,348 $ (20,946 ) $ 1,474,508 85.03 % CMO/REMIC - residential 217,223 353 (3,525 ) 214,051 12.34 % Municipal bonds 45,621 332 (1,143 ) 44,810 2.59 % Other securities 716 - - 716 0.04 % Total available-for-sale securities $ 1,757,666 $ 2,033 $ (25,614 ) $ 1,734,085 100.00 % Investment securities held-to-maturity: Government agency/GSE $ 138,274 $ 572 $ (2,622 ) $ 136,224 18.57 % Residential mortgage-backed securities 153,874 - (3,140 ) 150,734 20.67 % CMO 215,336 - (12,081 ) 203,255 28.93 % Municipal bonds 236,956 556 (6,188 ) 231,324 31.83 % Total held-to-maturity securities $ 744,440 $ 1,128 $ (24,031 ) $ 721,537 100.00 % |
Summary of Interest Income Earned on Investment Securities | The following table provides information about the amount of interest income earned on investment securities which is fully taxable and which is exempt from regular federal income tax. For the Three Months Ended March 31, 2019 2018 (Dollars in thousands) Investment securities available-for-sale: Taxable $ 10,309 $ 11,445 Tax-advantaged 336 423 Total interest income from available-for-sale securities 10,645 11,868 Investment securities held-to-maturity: Taxable 2,910 2,878 Tax-advantaged 1,615 1,887 Total interest income from held-to-maturity securities 4,525 4,765 Total interest income from investment securities $ 15,170 $ 16,633 |
Summary of Continuous Unrealized Loss Position of Securities | The tables below show the Company’s investment securities’ gross unrealized losses and fair value by investment category and length of time that individual securities have been in a continuous unrealized loss position at March 31, 2019 and December 31, 2018. Management has reviewed individual securities to determine whether a decline in fair value below the amortized cost basis is other-than-temporary. The unrealized losses on these securities were primarily attributed to changes in interest rates. The issuers of these securities have not, to our knowledge, evidenced any cause for default on these securities. These securities have fluctuated in value since their purchase dates as market rates have fluctuated. However, we have the ability and the intention to hold these securities until their fair values recover to cost or maturity. As such, management does not deem these securities to be other-than-temporarily-Impaired (“OTTI”). March 31, 2019 Less Than 12 Months 12 Months or Longer Total Fair Value Gross Unrealized Holding Losses Fair Value Gross Unrealized Holding Losses Fair Value Gross Unrealized Holding Losses (Dollars in thousands) Investment securities available-for-sale: Residential mortgage-backed securities $ - $ - $ 703,134 $ (8,540 ) $ 703,134 $ (8,540 ) CMO/REMIC - residential 66 - 160,926 (2,301 ) 160,992 (2,301 ) Municipal bonds - - 16,689 (388 ) 16,689 (388 ) Total available-for-sale securities $ 66 $ - $ 880,749 $ (11,229 ) $ 880,815 $ (11,229 ) Investment securities held-to-maturity: Government agency/GSE $ 26,291 $ (122 ) $ 60,153 $ (1,955 ) $ 86,444 $ (2,077 ) Residential mortgage-backed securities - - 86,568 (999 ) 86,568 (999 ) CMO - - 203,148 (9,998 ) 203,148 (9,998 ) Municipal bonds - - 64,790 (2,859 ) 64,790 (2,859 ) Total held-to-maturity securities $ 26,291 $ (122 ) $ 414,659 $ (15,811 ) $ 440,950 $ (15,933 ) December 31, 2018 Less Than 12 Months 12 Months or Longer Total Fair Value Gross Unrealized Holding Losses Fair Value Gross Unrealized Holding Losses Fair Value Gross Unrealized Holding Losses (Dollars in thousands) Investment securities available-for-sale: Residential mortgage-backed securities $ 692,311 $ (4,864 ) $ 593,367 $ (16,082 ) $ 1,285,678 $ (20,946 ) CMO/REMIC - residential 36,582 (365 ) 135,062 (3,160 ) 171,644 (3,525 ) Municipal bonds 9,568 (188 ) 14,181 (955 ) 23,749 (1,143 ) Total available-for-sale securities $ 738,461 $ (5,417 ) $ 742,610 $ (20,197 ) $ 1,481,071 $ (25,614 ) Investment securities held-to-maturity: Government agency/GSE $ 7,479 $ (15 ) $ 54,944 $ (2,607 ) $ 62,423 $ (2,622 ) Residential mortgage-backed securities 59,871 (484 ) 90,863 (2,656 ) 150,734 (3,140 ) CMO - - 203,254 (12,081 ) 203,254 (12,081 ) Municipal bonds 70,989 (778 ) 77,723 (5,410 ) 148,712 (6,188 ) Total held-to-maturity securities $ 138,339 $ (1,277 ) $ 426,784 $ (22,754 ) $ 565,123 $ (24,031 ) |
Summary of Amortized Cost and Fair Value of Debt Securities by Contractual Maturity | Mortgage-backed and CMO/REMIC securities are included in maturity categories based upon estimated average lives which incorporate estimated prepayment speeds. March 31, 2019 Available-for-sale Held-to-maturity Amortized Cost Fair Value Amortized Cost Fair Value (Dollars in thousands) Due in one year or less $ 11,947 $ 12,113 $ 500 $ 506 Due after one year through five years 1,481,462 1,479,161 264,136 254,886 Due after five years through ten years 157,640 155,816 232,213 231,964 Due after ten years 26,683 26,411 236,615 233,295 Total investment securities $ 1,677,732 $ 1,673,501 $ 733,464 $ 720,651 |
Acquired SJB Assets and FDIC _2
Acquired SJB Assets and FDIC Loss Sharing Asset (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Text Block [Abstract] | |
Summary of PCI Loans and Lease Finance Receivables | The following table provides a summary of PCI loans and lease finance receivables by type and by internal risk ratings (credit quality indicators) for the periods indicated. March 31, 2019 December 31, 2018 (Dollars in thousands) Commercial and industrial $ 616 $ 519 SBA 1,235 1,258 Real estate: Commercial real estate 13,183 14,407 Construction - - SFR mortgage 141 145 Dairy & livestock and agribusiness - 700 Municipal lease finance receivables - - Consumer and other loans 181 185 Gross PCI loans 15,356 17,214 Less: Purchase accounting discount - - Gross PCI loans, net of discount 15,356 17,214 Less: Allowance for PCI loan losses (180 ) (204 ) Net PCI loans $ 15,176 $ 17,010 |
Summary of Gross PCI Loans by Internal Risk Ratings by Loans | The following table summarizes gross PCI loans by internal risk ratings for the periods indicated. March 31, 2019 December 31, 2018 (Dollars in thousands) Pass $ 13,993 $ 15,816 Special mention 1,152 1,174 Substandard 211 224 Doubtful & loss - - Total gross PCI loans $ 15,356 $ 17,214 |
Loans and Lease Finance Recei_2
Loans and Lease Finance Receivables and Allowance for Loan Losses (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Receivables [Abstract] | |
Summary of Components of Loans and Lease Finance Receivables, Excluding PCI Loans | March 31, 2019 December 31, 2018 (Dollars in thousands) Commercial and industrial $ 957,126 $ 1,002,209 SBA 337,957 350,043 Real estate: Commercial real estate 5,388,866 5,394,229 Construction 121,912 122,782 SFR mortgage 285,787 296,504 Dairy & livestock and agribusiness 322,321 393,843 Municipal lease finance receivables 61,249 64,186 Consumer and other loans 120,768 128,429 Gross loans, excluding PCI loans 7,595,986 7,752,225 Less: Deferred loan fees, net (4,479 ) (4,828 ) Gross loans, excluding PCI loans, net of deferred loan fees 7,591,507 7,747,397 Less: Allowance for loan losses (65,021 ) (63,409 ) Net loans, excluding PCI loans 7,526,486 7,683,988 PCI Loans 15,356 17,214 Discount on PCI loans - - Less: Allowance for loan losses (180 ) (204 ) PCI loans, net 15,176 17,010 Total loans and lease finance receivables $ 7,541,662 $ 7,700,998 |
Summary of Loan, Excluding PCI Loans by Internal Risk Ratings | March 31, 2019 Pass Special Mention Substandard (1) Doubtful & Loss Total (Dollars in thousands) Commercial and industrial $ 913,059 $ 32,685 $ 11,382 $ - $ 957,126 SBA 322,393 7,704 7,860 - 337,957 Real estate: Commercial real estate Owner occupied 1,986,030 96,262 16,849 - 2,099,141 Non-owner occupied 3,279,696 9,290 739 - 3,289,725 Construction Speculative 120,801 - - - 120,801 Non-speculative 1,111 - - - 1,111 SFR mortgage 278,962 3,287 3,538 - 285,787 Dairy & livestock and agribusiness 261,438 50,451 10,432 - 322,321 Municipal lease finance receivables 60,745 504 - - 61,249 Consumer and other loans 118,596 1,215 957 - 120,768 Total gross loans, excluding PCI loans $ 7,342,831 $ 201,398 $ 51,757 $ - $ 7,595,986 (1) Includes $19.9 million of classified loans acquired from CB in the third quarter of 2018. December 31, 2018 Pass Special Mention Substandard (1) Doubtful & Loss Total (Dollars in thousands) Commercial and industrial $ 961,909 $ 29,358 $ 10,942 $ - $ 1,002,209 SBA 336,033 7,375 6,635 - 350,043 Real estate: Commercial real estate Owner occupied 2,008,169 95,841 13,980 - 2,117,990 Non-owner occupied 3,260,822 9,938 5,479 - 3,276,239 Construction Speculative 118,233 - - - 118,233 Non-speculative 4,549 - - - 4,549 SFR mortgage 289,607 3,310 3,587 - 296,504 Dairy & livestock and agribusiness 350,044 34,586 9,213 - 393,843 Municipal lease finance receivables 63,650 536 - - 64,186 Consumer and other loans 126,085 1,263 1,081 - 128,429 Total gross loans, excluding PCI loans $ 7,519,101 $ 182,207 $ 50,917 $ - $ 7,752,225 (1) Includes $19.0 million of classified loans acquired from CB in the third quarter of 2018. |
Schedule of Balance and Activity Related to Allowance for Loan Losses for Held-for-Investment Loans by Type | For the Three Months Ended March 31, 2019 Ending Balance December 31, 2018 Charge-offs Recoveries Provision for (Recapture of) Loan Losses Ending Balance March 31, 2019 (Dollars in thousands) Commercial and industrial $ 7,520 $ - $ 110 $ (31 ) $ 7,599 SBA 1,062 (20 ) 5 232 1,279 Real estate: - - Commercial real estate 44,934 - - 1,144 46,078 Construction 981 - 3 (120 ) 864 SFR mortgage 2,196 - 68 (76 ) 2,188 Dairy & livestock and agribusiness 5,215 (78 ) - 562 5,699 Municipal lease finance receivables 775 - - (37 ) 738 Consumer and other loans 726 (1 ) 1 (150 ) 576 PCI loans 204 - - (24 ) 180 Total allowance for loan losses $ 63,613 $ (99 ) $ 187 $ 1,500 $ 65,201 For the Three Months Ended March 31, 2018 Ending Balance December 31, 2017 Charge-offs Recoveries Provision for (Recapture of) Loan Losses Ending Balance March 31, 2018 (Dollars in thousands) Commercial and industrial $ 7,280 $ - $ 10 $ 209 $ 7,499 SBA 869 - 5 10 884 Real estate: - - Commercial real estate 41,722 - - 141 41,863 Construction 984 - 1,334 (1,331 ) 987 SFR mortgage 2,112 - - 90 2,202 Dairy & livestock and agribusiness 4,647 - - 19 4,666 Municipal lease finance receivables 851 - - (17 ) 834 Consumer and other loans 753 (7 ) 8 (66 ) 688 PCI loans 367 - - (55 ) 312 Total allowance for loan losses $ 59,585 $ (7 ) $ 1,357 $ (1,000 ) $ 59,935 |
Schedule of Recorded Investment in Loans Held-for-Investment and Related Allowance for Loan Losses by Loan Type | March 31, 2019 Recorded Investment in Loans Allowance for Loan Losses Individually Evaluated for Impairment Collectively Evaluated for Impairment Acquired with Deterioriated Credit Quality Individually Evaluated for Impairment Collectively Evaluated for Impairment Acquired with Deterioriated Credit Quality (Dollars in thousands) Commercial and industrial $ 8,512 $ 948,614 $ - $ 117 $ 7,482 $ - SBA 4,661 333,296 - 317 962 - Real estate: Commercial real estate 1,589 5,387,277 - - 46,078 - Construction - 121,912 - - 864 - SFR mortgage 5,051 280,736 - - 2,188 - Dairy & livestock and agribusiness - 322,321 - - 5,699 - Municipal lease finance receivables - 61,249 - - 738 - Consumer and other loans 477 120,291 - 1 575 - PCI loans - - 15,356 - - 180 Total $ 20,290 $ 7,575,696 $ 15,356 $ 435 $ 64,586 $ 180 March 31, 2018 Recorded Investment in Loans Allowance for Loan Losses Individually Evaluated for Impairment Collectively Evaluated for Impairment Acquired with Deterioriated Credit Quality Individually Evaluated for Impairment Collectively Evaluated for Impairment Acquired with Deterioriated Credit Quality (Dollars in thousands) Commercial and industrial $ 432 $ 513,797 $ - $ - $ 7,499 $ - SBA 1,201 122,231 - - 884 - Real estate: Commercial real estate 7,992 3,403,224 - - 41,863 - Construction - 79,898 - - 987 - SFR mortgage 3,576 234,042 - - 2,202 - Dairy & livestock and agribusiness 818 275,561 - - 4,666 - Municipal lease finance receivables - 67,892 - - 834 - Consumer and other loans 438 63,721 - - 688 - PCI loans - - 25,861 - - 312 Total $ 14,457 $ 4,760,366 $ 25,861 $ - $ 59,623 $ 312 |
Schedule of Recorded Investment in, and Aging of, Past Due and Nonaccrual Loans, Excluding PCI Loans by Class of Loans | The following tables present the recorded investment in, and the aging of, past due and nonaccrual loans, excluding PCI loans, by type of loans for the periods presented. March 31, 2019 30-59 Days Past Due 60-89 Days Past Due Total Past Due and Accruing Nonaccrual (1) (3) Current Total Loans and Financing Receivables (Dollars in thousands) Commercial and industrial $ 339 $ 30 $ 369 $ 8,388 $ 948,369 $ 957,126 SBA 601 - 601 4,098 333,258 337,957 Real estate: Commercial real estate Owner occupied - - - 519 2,098,622 2,099,141 Non-owner occupied 124 - 124 615 3,288,986 3,289,725 Construction Speculative (2) - - - - 120,801 120,801 Non-speculative - - - - 1,111 1,111 SFR mortgage - - - 2,894 282,893 285,787 Dairy & livestock and agribusiness - - - - 322,321 322,321 Municipal lease finance receivables - - - - 61,249 61,249 Consumer and other loans 98 3 101 477 120,190 120,768 Total gross loans, excluding PCI loans $ 1,162 $ 33 $ 1,195 $ 16,991 $ 7,577,800 $ 7,595,986 (1) As of March 31, 2019, $ 1.4 2.1 $ 13.5 (2) Speculative construction loans are generally for properties where there is no identified buyer or renter. (3) Includes $ 13.7 December 31, 2018 30-59 Days Past Due 60-89 Days Past Due Total Past Due and Accruing Nonaccrual (1) (3) Current Total Loans and Financing Receivables (Dollars in thousands) Commercial and industrial $ 820 $ 89 $ 909 $ 7,490 $ 993,810 $ 1,002,209 SBA 1,172 135 1,307 2,892 345,844 350,043 Real estate: Commercial real estate Owner occupied 2,439 350 2,789 589 2,114,612 2,117,990 Non-owner occupied - - - 5,479 3,270,760 3,276,239 Construction Speculative (2) - - - - 118,233 118,233 Non-speculative - - - - 4,549 4,549 SFR mortgage - 285 285 2,937 293,282 296,504 Dairy & livestock and agribusiness - - - 78 393,765 393,843 Municipal lease finance receivables - - - - 64,186 64,186 Consumer and other loans - - - 486 127,943 128,429 Total gross loans, excluding PCI loans $ 4,431 $ 859 $ 5,290 $ 19,951 $ 7,726,984 $ 7,752,225 (1) As of December 31, 2018, $ 2.3 33,000 57,000 17.6 (2) Speculative construction loans are generally for properties where there is no identified buyer or renter. (3) Includes $ 12.3 |
Schedule of Held-for-Investment Loans, Excluding PCI Loans, Individually Evaluated for Impairment by Class of Loans | The following tables present information for held-for-investment loans, excluding PCI loans, individually evaluated for impairment by type of loans, as and for the periods presented. As of and For the Three Months Ended March 31, 2019 Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized (Dollars in thousands) With no related allowance recorded: Commercial and industrial $ 8,208 $ 12,317 $ - $ 8,230 $ 2 SBA 3,400 5,779 - 3,511 11 Real estate: Commercial real estate Owner occupied 519 618 - 521 - Non-owner occupied 1,070 1,231 - 1,084 7 Construction Speculative - - - - - Non-speculative - - - - - SFR mortgage 5,051 5,865 - 5,082 21 Dairy & livestock and agribusiness - - - - - Municipal lease finance receivables - - - - - Consumer and other loans 476 625 - 482 - Total 18,724 26,435 - 18,910 41 With a related allowance recorded: Commercial and industrial 304 309 117 323 - SBA 1,261 1,236 317 1,261 - Real estate: Commercial real estate Owner occupied - - - - - Non-owner occupied - - - - - Construction Speculative - - - - - Non-speculative - - - - - SFR mortgage - - - - - Dairy & livestock and agribusiness - - - - - Municipal lease finance receivables - - - - - Consumer and other loans 1 1 1 1 - Total 1,566 1,546 435 1,585 - Total impaired loans $ 20,290 $ 27,981 $ 435 $ 20,495 $ 41 As of and For the Three Months Ended March 31, 2018 Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized (Dollars in thousands) With no related allowance recorded: Commercial and industrial $ 432 $ 986 $ - $ 461 $ 2 SBA 1,201 1,327 - 1,220 12 Real estate: Commercial real estate Owner occupied 4,332 4,755 - 4,348 - Non-owner occupied 3,660 5,033 - 3,715 22 Construction Speculative - - - - - Non-speculative - - - - - SFR mortgage 3,576 4,236 - 3,599 25 Dairy & livestock and agribusiness 818 1,091 - 826 - Municipal lease finance receivables - - - - - Consumer and other loans 438 640 - 519 - Total 14,457 18,068 - 14,688 61 With a related allowance recorded: Commercial and industrial - - - - - SBA - - - - - Real estate: Commercial real estate Owner occupied - - - - - Non-owner occupied - - - - - Construction Speculative - - - - - Non-speculative - - - - - SFR mortgage - - - - - Dairy & livestock and agribusiness - - - - - Municipal lease finance receivables - - - - - Consumer and other loans - - - - - Total - - - - - Total impaired loans $ 14,457 $ 18,068 $ - $ 14,688 $ 61 As of December 31, 2018 Recorded Investment Unpaid Principal Balance Related Allowance (Dollars in thousands) With no related allowance recorded: Commercial and industrial $ 7,436 $ 11,457 $ - SBA 3,467 5,746 - Real estate: Commercial real estate Owner occupied 589 705 - Non-owner occupied 2,808 4,324 - Construction Speculative - - - Non-speculative - - - SFR mortgage 5,349 6,270 - Dairy & livestock and agribusiness - - - Municipal lease finance receivables - - - Consumer and other loans 418 526 - Total 20,067 29,028 - With a related allowance recorded: Commercial and industrial 189 191 3 SBA - - - Real estate: Commercial real estate Owner occupied - - - Non-owner occupied 3,143 3,144 478 Construction Speculative - - - Non-speculative - - - SFR mortgage - - - Dairy & livestock and agribusiness 78 78 12 Municipal lease finance receivables - - - Consumer and other loans 68 100 68 Total 3,478 3,513 561 Total impaired loans $ 23,545 $ 32,541 $ 561 |
Summary of Activity Related to Troubled Debt Restructurings | The following table provides a summary of the activity related to TDRs for the periods presented. For the Three Months Ended March 31, 2019 2018 (Dollars in thousands) Performing TDRs: Beginning balance $ 3,594 $ 4,809 New modifications - - Payoffs/payments, net and other (295 ) (524 ) TDRs returned to accrual status - - TDRs placed on nonaccrual status - - Ending balance $ 3,299 $ 4,285 Nonperforming TDRs: Beginning balance $ 3,509 $ 4,200 New modifications - - Charge-offs (78 ) - Transfer to OREO (2,275 ) - Payoffs/payments, net and other (879 ) (291 ) TDRs returned to accrual status - - TDRs placed on nonaccrual status - - Ending balance $ 277 $ 3,909 Total TDRs $ 3,576 $ 8,194 |
Earnings Per Share Reconcilia_2
Earnings Per Share Reconciliation (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Common Share Reconciliation | The table below shows earnings per common share and diluted earnings per common share, and reconciles the numerator and denominator of both earnings per common share calculations. For the Three Months Ended March 31, 2019 2018 (In thousands, except per share amounts) Earnings per common share: Net earnings $ 51,642 $ 34,913 Less: Net earnings allocated to restricted stock 141 108 Net earnings allocated to common shareholders $ 51,501 $ 34,805 Weighted average shares outstanding 139,615 109,859 Basic earnings per common share $ 0.37 $ 0.32 Diluted earnings per common share: Net income allocated to common shareholders 51,501 34,805 Weighted average shares outstanding 139,615 109,859 Incremental shares from assumed exercise of outstanding options 216 364 Diluted weighted average shares outstanding 139,831 110,223 Diluted earnings per common share $ 0.37 $ 0.32 |
Fair Value Information (Tables)
Fair Value Information (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Assets and Liabilities Measured at Fair Value on a Recurring Basis | Carrying Value at March 31, 2019 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) (Dollars in thousands) Description of assets Investment securities - AFS: Residential mortgage-backed securities $ 1,422,504 $ - $ 1,422,504 $ - CMO/REMIC - residential 205,125 - 205,125 - Municipal bonds 45,085 - 45,085 - Other securities 787 - 787 - Total investment securities - AFS 1,673,501 - 1,673,501 - Interest rate swaps 4,418 - 4,418 - Total assets $ 1,677,919 $ - $ 1,677,919 $ - Description of liability Interest rate swaps $ 4,418 $ - $ 4,418 $ - Total liabilities $ 4,418 $ - $ 4,418 $ - Carrying Value at December 31, 2018 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) (Dollars in thousands) Description of assets Investment securities - AFS: Residential mortgage-backed securities $ 1,474,508 $ - $ 1,474,508 $ - CMO/REMIC - residential 214,051 - 214,051 - Municipal bonds 44,810 - 44,810 - Other securities 716 - 716 - Total investment securities - AFS 1,734,085 - 1,734,085 - Interest rate swaps 1,938 - 1,938 - Total assets $ 1,736,023 $ - $ 1,736,023 $ - Description of liability Interest rate swaps $ 1,938 $ - $ 1,938 $ - Total liabilities $ 1,938 $ - $ 1,938 $ - |
Assets and Liabilities Measured at Fair Value on Non-Recurring Basis | the following tables provide the level of valuation assumptions used to determine each adjustment and the carrying value of the related assets that had losses during the period. Carrying Value at March 31, 2019 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Losses For the Three Months Ended March 31, 2019 (Dollars in thousands) Description of assets Impaired loans, excluding PCI loans: Commercial and industrial $ 116 $ - $ - $ 116 $ 114 SBA 1,377 - - 1,377 338 Real estate: Commercial real estate - - - - - Construction - - - - - SFR mortgage - - - - - Dairy & livestock and agribusiness - - - - - Consumer and other loans - - - - - Other real estate owned - - - - - Asset held-for-sale - - - - - Total assets $ 1,493 $ - $ - $ 1,493 $ 452 Carrying Value at December 31, 2018 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Losses For the Year Ended December 31, 2018 (Dollars in thousands) Description of assets Impaired loans, excluding PCI loans: Commercial and industrial $ 189 $ - $ - $ 189 $ 3 SBA - - - - - Real estate: Commercial real estate 3,143 - - 3,143 478 Construction - - - - - SFR mortgage - - - - - Dairy & livestock and agribusiness 78 - - 78 12 Consumer and other loans 68 - - 68 68 Other real estate owned - - - - - Asset held-for-sale - - - - - Total assets $ 3,478 $ - $ - $ 3,478 $ 561 |
Estimated Fair Value of Financial Instruments | The following disclosure presents estimated fair value of our financial instruments. The estimated fair value amounts have been determined by the Company using available market information and appropriate valuation methodologies. However, considerable judgment is required to develop the estimates of fair value. Accordingly, the estimates presented below are not necessarily indicative of the amounts the Company may realize in a current market exchange as of March 31, 2019 and December 31, 2018, respectively. The use of different market assumptions and/or estimation methodologies may have a material effect on the estimated fair value amounts. March 31, 2019 Estimated Fair Value Carrying Amount Level 1 Level 2 Level 3 Total (Dollars in thousands) Assets Total cash and cash equivalents $ 172,214 $ 172,214 $ - $ - $ 172,214 Interest-earning balances due from depository 7,420 - 7,228 - 7,228 Investment securities available-for-sale 1,673,501 - 1,673,501 - 1,673,501 Investment securities held-to-maturity 733,464 - 720,651 - 720,651 Total loans, net of allowance for loan losses 7,541,662 - - 7,506,350 7,506,350 Swaps 4,418 - 4,418 - 4,418 Liabilities Deposits: Interest-bearing $ 3,555,298 $ - $ 3,549,970 $ - $ 3,549,970 Borrowings 615,774 - 615,186 - 615,186 Junior subordinated debentures 25,774 - - 21,016 21,016 Swaps 4,418 - 4,418 - 4,418 December 31, 2018 Estimated Fair Value Carrying Amount Level 1 Level 2 Level 3 Total (Dollars in thousands) Assets Total cash and due from banks $ 163,948 $ 163,948 $ - $ - $ 163,948 Interest-earning balances due from depository 7,670 - 7,339 - 7,339 Investment securities available-for-sale 1,734,085 - 1,734,085 - 1,734,085 Investment securities held-to-maturity 744,440 - 721,537 - 721,537 Total loans, net of allowance for loan losses 7,700,998 - - 7,514,964 7,514,964 Swaps 1,938 - 1,938 - 1,938 Liabilities Deposits: Interest-bearing $ 3,622,703 $ - $ 3,614,682 $ - $ 3,614,682 Borrowings 722,255 - 721,601 - 721,601 Junior subordinated debentures 25,774 - - 21,176 21,176 Swaps 1,938 - 1,938 - 1,938 |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Fair Value of Derivative Instruments | As of March 31, 2019 and December 31, 2018, the total notional amount of the Company’s swaps was $213.5 million, and $195.4 million, respectively. The location of the asset and liability, and their respective fair values are summarized in the tables below. March 31, 2019 Asset Derivatives Liability Derivatives Balance Sheet Location Fair Value Balance Sheet Location Fair Value (Dollars in thousands) Derivatives not designated as hedging instruments: Interest rate swaps Other assets $ 4,418 Other liabilities $ 4,418 Total derivatives $ 4,418 $ 4,418 December 31, 2018 Asset Derivatives Liability Derivatives Balance Sheet Location Fair Value Balance Sheet Location Fair Value (Dollars in thousands) Derivatives not designated as hedging instruments: Interest rate swaps Other assets $ 1,938 Other liabilities $ 1,938 Total derivatives $ 1,938 $ 1,938 |
Effect of Derivative Instruments on Consolidated Statement of Earnings | The following table summarizes the effect of derivative financial instruments on the condensed consolidated statement of earnings for the periods presented. Derivatives Not Designated as Location of Gain Recognized in Amount of Gain Recognized in Income on Derivative Instruments For the Three Months Ended March 31, 2019 2018 (Dollars in thousands) Interest rate swaps Other income $ 384 $ 116 Total $ 384 $ 116 |
Other Comprehensive Income (Tab
Other Comprehensive Income (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Equity [Abstract] | |
Summary of Components of Other Comprehensive Income | The table below provides a summary of the components of other comprehensive income (“OCI”) for the periods presented. For the Three Months Ended March 31, 2019 2018 Before-tax Tax effect After-tax Before-tax Tax effect After-tax (Dollars in thousands) Investment securities: Net change in fair value recorded in accumulated OCI $ 19,350 $ (5,720 ) $ 13,630 $ (31,338 ) $ 9,265 $ (22,073 ) Amortization of unrealized losses on securities transferred from available-for-sale to held-to-maturity (1,123 ) 332 (791 ) (832 ) 246 (586 ) Net change $ 18,227 $ (5,388 ) $ 12,839 $ (32,170 ) $ 9,511 $ (22,659 ) |
Balance Sheet Offsetting (Table
Balance Sheet Offsetting (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Text Block [Abstract] | |
Schedule of Balance Sheet Offsetting | Gross Amounts Gross Amounts Net Amounts of Gross Amounts Not Offset in the the Condensed Condensed in the Condensed Financial Collateral Net Amount (Dollars in thousands) March 31, 2019 Financial assets: Derivatives not designated as hedging instruments $ 4,418 $ - $ - $ 4,418 $ - $ 4,418 Total $ 4,418 $ - $ - $ 4,418 $ - $ 4,418 Financial liabilities: Derivatives not designated as hedging instruments $ 5,221 $ (803 ) $ 4,418 $ 803 $ (7,520 ) $ (2,299 ) Repurchase agreements 462,774 - 462,774 - (489,984 ) (27,210 ) Total $ 467,995 $ (803 ) $ 467,192 $ 803 $ (497,504 ) $ (29,509 ) December 31, 2018 Financial assets: Derivatives not designated as hedging instruments $ 1,938 $ - $ - $ 1,938 $ - $ 1,938 Total $ 1,938 $ - $ - $ 1,938 $ - $ 1,938 Financial liabilities: Derivatives not designated as hedging instruments $ 4,203 $ (2,265 ) $ 1,938 $ 2,265 $ - $ 4,203 Repurchase agreements 442,255 - 442,255 - (487,607 ) (45,352 ) Total $ 446,458 $ (2,265 ) $ 444,193 $ 2,265 $ (487,607 ) $ (41,149 ) |
Leases (Table)
Leases (Table) | 3 Months Ended |
Mar. 31, 2019 | |
Leases [Abstract] | |
Components of lease costs and supplemental information related to leases | The following presents the components of lease costs and supplemental information related to leases as of and for three months ended March 31, 2019. As of and For the Three Months Ended (Dollars in thousands) Lease Assets and Liabilities ROU assets $ 19,809 Total lease liabilities $ 21,450 Lease Cost Operating lease expense (1) $ 2,100 Sublease income - Total lease expense $ 2,100 Other Information Cash paid for amounts included in the measurement of lease liabilities: Operating cash outflows from operating leases $ 2,746 (1) Includes short-term leases and variable lease costs, which are immaterial. Lease Term and Discount Rate As of March 31, 2019 Weighted average remaining lease term (years) 4.09 Weighted average discount rate 3.55 % |
Future lease payments required for leases that have initial or remaining non-cancelable lease terms | The future lease payments required for leases that have initial or remaining non-cancelable lease terms in excess of one year as of March 31, 2019, excluding property taxes and insurance, are as follows: As of March 31, 2019 (Dollars in thousands) Year: 2019 (excluding the three months ended March 31, 2019) $ 6,083 2020 6,109 2021 4,360 2022 3,091 2023 1,488 Thereafter 1,938 Total future lease payments 23,069 Less: Imputed interest (1,619 ) Present value of lease liabilities $ 21,450 |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Summary of Non Interest Income, Segregated by Revenue Streams in-Scope and Out-of-Scope of Topic 606 | The following presents noninterest income, segregated by revenue streams in-scope and out-of-scope of Topic 606, for the periods indicated. For the Three Months Ended March 31, 2019 2018 (Dollars in thousands) Noninterest income: In-scope of Topic 606: Service charges on deposit accounts $ 5,141 $ 4,045 Trust and investment services 2,182 2,157 Bankcard services 950 804 Gain on OREO, net 105 3,540 Other 2,044 1,391 Noninterest Income (in-scope 10,422 11,937 Noninterest Income (out-of-scope 5,881 979 Total noninterest income $ 16,303 $ 12,916 |
Business - Additional Informati
Business - Additional Information (Detail) $ in Millions | Mar. 31, 2019SubsidiaryLocation | Aug. 10, 2018USD ($) |
Schedule Of Description Of Company [Line Items] | ||
Number of inactive subsidiaries | Subsidiary | 1 | |
Bank operated banking centers | 62 | |
Bank operated trust office locations, number | 3 | |
Community Bank [Member] | ||
Schedule Of Description Of Company [Line Items] | ||
Bank operated banking centers | 16 | |
Total assets | $ | $ 4,090 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies - Additional Information (Detail) $ in Thousands | Mar. 31, 2019USD ($) |
Summary Of Significant Accounting Policies [Line Items] | |
Operating Lease, Right-of-Use Asset | $ 19,809 |
Business Combinations - Additio
Business Combinations - Additional Information (Detail) | Aug. 10, 2018USD ($)Branch | Mar. 31, 2019USD ($) | Mar. 31, 2018USD ($) | Dec. 31, 2018USD ($) |
Business Acquisition [Line Items] | ||||
Acquisition date | Oct. 16, 2009 | |||
Goodwill | $ 666,539,000 | $ 666,539,000 | ||
Merger related expenses | $ 3,149,000 | $ 803,000 | ||
Community Bank [Member] | ||||
Business Acquisition [Line Items] | ||||
Acquisition date | Aug. 10, 2018 | |||
Number of branches owned by merger company | Branch | 16 | |||
Acquired assets and assumed liabilities for cash | $ 180,719,000 | |||
Assets and assumed all of the liabilities, stock | 722,767,000 | |||
Goodwill | 549,975,000 | |||
Core deposit intangible assets | $ 52,200,000 | |||
Percentage of core deposits to total deposits | 2.26% | |||
Merger related expenses | $ 3,100,000 | $ 803,000 | ||
Gross contractual amount receivable, as of acquisition date | $ 3,000,000,000 | |||
Contractual principal cash flows, loans not expected to be collected | $ 4,500,000 |
Business Combinaions - Schedule
Business Combinaions - Schedule of Recognized Identified Assets Acquired and Liabilities Assumed (Detail) - USD ($) $ in Thousands | Aug. 10, 2018 | Mar. 31, 2019 | Dec. 31, 2018 |
Liabilities assumed | |||
Goodwill | $ 666,539 | $ 666,539 | |
Community Bank [Member] | |||
Merger Consideration | |||
Cash paid | $ 180,719 | ||
CVBF common stock issued | 722,767 | ||
Total merger consideration | 903,486 | ||
Assets Acquired | |||
Cash and cash equivalents | 47,802 | ||
Investment securities | 716,996 | ||
FHLB stock | 17,250 | ||
Loans | 2,734,081 | ||
Accrued interest receivable | 7,916 | ||
Premises and equipment | 14,632 | ||
BOLI | 70,904 | ||
Core deposit intangible | 52,200 | ||
Other assets | 54,479 | ||
Total assets acquired | 3,716,260 | ||
Liabilities assumed | |||
Deposits | 2,869,986 | ||
FHLB advances | 297,571 | ||
Other borrowings | 166,000 | ||
Other liabilities | 29,192 | ||
Total liabilities assumed | 3,362,749 | ||
Total fair value of identifiable net assets, at fair value | 353,511 | ||
Goodwill | $ 549,975 |
Business Combinations - Busines
Business Combinations - Business Acquisition Pro Forma Information (Detail) - Community Bank [Member] $ / shares in Units, $ in Thousands | 3 Months Ended |
Mar. 31, 2018USD ($)$ / shares | |
Business Acquisitions ProForma Information [Line Items] | |
Total revenues (net interest income plus noninterest income) | $ | $ 122,973 |
Net income | $ | $ 45,991 |
Earnings per share - basic | $ / shares | $ 0.33 |
Earnings per share - diluted | $ / shares | $ 0.33 |
Investment Securities - Summary
Investment Securities - Summary of Amortized Cost and Estimated Fair Value of Investment Securities (Detail) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Schedule of Investments [Line Items] | ||
Amortized Cost, Available-for-sale | $ 1,677,732 | $ 1,757,666 |
Gross Unrealized Holding Gain, Available-for-sale | 6,998 | 2,033 |
Gross Unrealized Holding Loss, Available-for-sale | (11,229) | (25,614) |
Fair Value, Available-for-sale | $ 1,673,501 | $ 1,734,085 |
Total Percent, Available-for-sale | 100.00% | 100.00% |
Amortized Cost, Held-to-maturity | $ 733,464 | $ 744,440 |
Gross Unrealized Holding Gain, Held-to-maturity | 3,120 | 1,128 |
Gross Unrealized Holding Loss, Held-to-maturity | (15,933) | (24,031) |
Fair Value, Held-to-maturity | $ 720,651 | $ 721,537 |
Total Percent, Held-to-maturity | 100.00% | 100.00% |
CMO/REMIC - Residential [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost, Available-for-sale | $ 206,956 | $ 217,223 |
Gross Unrealized Holding Gain, Available-for-sale | 470 | 353 |
Gross Unrealized Holding Loss, Available-for-sale | (2,301) | (3,525) |
Fair Value, Available-for-sale | $ 205,125 | $ 214,051 |
Total Percent, Available-for-sale | 12.26% | 12.34% |
Amortized Cost, Held-to-maturity | $ 213,145 | $ 215,336 |
Gross Unrealized Holding Gain, Held-to-maturity | 0 | 0 |
Gross Unrealized Holding Loss, Held-to-maturity | (9,998) | (12,081) |
Fair Value, Held-to-maturity | $ 203,147 | $ 203,255 |
Total Percent, Held-to-maturity | 29.06% | 28.93% |
Government Agency/GSE [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost, Held-to-maturity | $ 133,557 | $ 138,274 |
Gross Unrealized Holding Gain, Held-to-maturity | 564 | 572 |
Gross Unrealized Holding Loss, Held-to-maturity | (2,077) | (2,622) |
Fair Value, Held-to-maturity | $ 132,044 | $ 136,224 |
Total Percent, Held-to-maturity | 18.21% | 18.57% |
Residential Mortgage-backed Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost, Available-for-sale | $ 1,424,937 | $ 1,494,106 |
Gross Unrealized Holding Gain, Available-for-sale | 6,107 | 1,348 |
Gross Unrealized Holding Loss, Available-for-sale | (8,540) | (20,946) |
Fair Value, Available-for-sale | $ 1,422,504 | $ 1,474,508 |
Total Percent, Available-for-sale | 85.00% | 85.03% |
Amortized Cost, Held-to-maturity | $ 169,367 | $ 153,874 |
Gross Unrealized Holding Gain, Held-to-maturity | 737 | 0 |
Gross Unrealized Holding Loss, Held-to-maturity | (999) | (3,140) |
Fair Value, Held-to-maturity | $ 169,105 | $ 150,734 |
Total Percent, Held-to-maturity | 23.09% | 20.67% |
Municipal Bonds [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost, Available-for-sale | $ 45,052 | $ 45,621 |
Gross Unrealized Holding Gain, Available-for-sale | 421 | 332 |
Gross Unrealized Holding Loss, Available-for-sale | (388) | (1,143) |
Fair Value, Available-for-sale | $ 45,085 | $ 44,810 |
Total Percent, Available-for-sale | 2.69% | 2.59% |
Amortized Cost, Held-to-maturity | $ 217,395 | $ 236,956 |
Gross Unrealized Holding Gain, Held-to-maturity | 1,819 | 556 |
Gross Unrealized Holding Loss, Held-to-maturity | (2,859) | (6,188) |
Fair Value, Held-to-maturity | $ 216,355 | $ 231,324 |
Total Percent, Held-to-maturity | 29.64% | 31.83% |
Other Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost, Available-for-sale | $ 787 | $ 716 |
Gross Unrealized Holding Gain, Available-for-sale | 0 | 0 |
Gross Unrealized Holding Loss, Available-for-sale | 0 | 0 |
Fair Value, Available-for-sale | $ 787 | $ 716 |
Total Percent, Available-for-sale | 0.05% | 0.04% |
Investment Securities - Summa_2
Investment Securities - Summary of Interest Income Earned on Investment Securities (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Net Investment Income [Line Items] | ||
Total interest income from available-for-sale securities | $ 10,645 | $ 11,868 |
Total interest income from held-to-maturity securities | 4,525 | 4,765 |
Total investment income | 15,170 | 16,633 |
Investment securities available-for-sale [Member] | ||
Net Investment Income [Line Items] | ||
Taxable | 10,309 | 11,445 |
Tax-advantaged | 336 | 423 |
Investment securities held-to-maturity [Member] | ||
Net Investment Income [Line Items] | ||
Taxable | 2,910 | 2,878 |
Tax-advantaged | $ 1,615 | $ 1,887 |
Investment Securities - Summa_3
Investment Securities - Summary of Continuous Unrealized Loss Position of Securities (Detail) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Schedule of Investments [Line Items] | ||
Fair Value, Less Than 12 Months, Available-for-sale | $ 66 | $ 738,461 |
Gross Unrealized Holding Losses, Less Than 12 Months, Available-for-sale | 0 | (5,417) |
Fair Value, 12 Months or Longer, Available-for-sale | 880,749 | 742,610 |
Gross Unrealized Holding Losses, 12 Months or Longer, Available-for-sale | (11,229) | (20,197) |
Fair Value, Available-for-sale | 880,815 | 1,481,071 |
Gross Unrealized Holding Losses, Available-for-sale | (11,229) | (25,614) |
Fair Value, Less Than 12 Months, Held-to-maturity | 26,291 | 138,339 |
Gross Unrealized Holding Losses, Less Than 12 Months, Held-to-maturity | (122) | (1,277) |
Fair Value, 12 Months or Longer, Held-to-maturity | 414,659 | 426,784 |
Gross Unrealized Holding Losses, 12 Months or Longer, Held-to-maturity | (15,811) | (22,754) |
Fair Value, Held-to-maturity | 440,950 | 565,123 |
Gross Unrealized Holding Losses, Held-to-maturity | (15,933) | (24,031) |
CMO/REMIC - Residential [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value, Less Than 12 Months, Available-for-sale | 66 | 36,582 |
Gross Unrealized Holding Losses, Less Than 12 Months, Available-for-sale | 0 | (365) |
Fair Value, 12 Months or Longer, Available-for-sale | 160,926 | 135,062 |
Gross Unrealized Holding Losses, 12 Months or Longer, Available-for-sale | (2,301) | (3,160) |
Fair Value, Available-for-sale | 160,992 | 171,644 |
Gross Unrealized Holding Losses, Available-for-sale | (2,301) | (3,525) |
Fair Value, Less Than 12 Months, Held-to-maturity | 0 | 0 |
Gross Unrealized Holding Losses, Less Than 12 Months, Held-to-maturity | 0 | 0 |
Fair Value, 12 Months or Longer, Held-to-maturity | 203,148 | 203,254 |
Gross Unrealized Holding Losses, 12 Months or Longer, Held-to-maturity | (9,998) | (12,081) |
Fair Value, Held-to-maturity | 203,148 | 203,254 |
Gross Unrealized Holding Losses, Held-to-maturity | (9,998) | (12,081) |
Government Agency/GSE [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value, Less Than 12 Months, Held-to-maturity | 26,291 | 7,479 |
Gross Unrealized Holding Losses, Less Than 12 Months, Held-to-maturity | (122) | (15) |
Fair Value, 12 Months or Longer, Held-to-maturity | 60,153 | 54,944 |
Gross Unrealized Holding Losses, 12 Months or Longer, Held-to-maturity | (1,955) | (2,607) |
Fair Value, Held-to-maturity | 86,444 | 62,423 |
Gross Unrealized Holding Losses, Held-to-maturity | (2,077) | (2,622) |
Residential Mortgage-backed Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value, Less Than 12 Months, Available-for-sale | 0 | 692,311 |
Gross Unrealized Holding Losses, Less Than 12 Months, Available-for-sale | 0 | (4,864) |
Fair Value, 12 Months or Longer, Available-for-sale | 703,134 | 593,367 |
Gross Unrealized Holding Losses, 12 Months or Longer, Available-for-sale | (8,540) | (16,082) |
Fair Value, Available-for-sale | 703,134 | 1,285,678 |
Gross Unrealized Holding Losses, Available-for-sale | (8,540) | (20,946) |
Fair Value, Less Than 12 Months, Held-to-maturity | 0 | 59,871 |
Gross Unrealized Holding Losses, Less Than 12 Months, Held-to-maturity | 0 | (484) |
Fair Value, 12 Months or Longer, Held-to-maturity | 86,568 | 90,863 |
Gross Unrealized Holding Losses, 12 Months or Longer, Held-to-maturity | (999) | (2,656) |
Fair Value, Held-to-maturity | 86,568 | 150,734 |
Gross Unrealized Holding Losses, Held-to-maturity | (999) | (3,140) |
Municipal Bonds [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value, Less Than 12 Months, Available-for-sale | 0 | 9,568 |
Gross Unrealized Holding Losses, Less Than 12 Months, Available-for-sale | 0 | (188) |
Fair Value, 12 Months or Longer, Available-for-sale | 16,689 | 14,181 |
Gross Unrealized Holding Losses, 12 Months or Longer, Available-for-sale | (388) | (955) |
Fair Value, Available-for-sale | 16,689 | 23,749 |
Gross Unrealized Holding Losses, Available-for-sale | (388) | (1,143) |
Fair Value, Less Than 12 Months, Held-to-maturity | 0 | 70,989 |
Gross Unrealized Holding Losses, Less Than 12 Months, Held-to-maturity | 0 | (778) |
Fair Value, 12 Months or Longer, Held-to-maturity | 64,790 | 77,723 |
Gross Unrealized Holding Losses, 12 Months or Longer, Held-to-maturity | (2,859) | (5,410) |
Fair Value, Held-to-maturity | 64,790 | 148,712 |
Gross Unrealized Holding Losses, Held-to-maturity | $ (2,859) | $ (6,188) |
Investment Securities - Summa_4
Investment Securities - Summary of Amortized Cost and Fair Value of Debt Securities by Contractual Maturity (Detail) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Investments, Debt and Equity Securities [Abstract] | ||
Due in one year or less, Amortized Cost, Held-to-maturity | $ 500 | |
Due after one year through five years, Amortized Cost, Held-to-maturity | 264,136 | |
Due after five years through ten years, Amortized Cost, Held-to-maturity | 232,213 | |
Due after ten years, Amortized Cost, Held-to-maturity | 236,615 | |
Total Held-to-maturity, Debt Maturities, Amortized Cost Basis | 733,464 | |
Due in one year or less, Fair Value, Held-to-maturity | 506 | |
Due after one year through five years, Fair Value, Held-to-maturity | 254,886 | |
Due after five years through ten years, Fair Value, Held-to-maturity | 231,964 | |
Due after ten years, Fair Value, Held-to-maturity | 233,295 | |
Total, Held-to-maturity, Fair Value | 720,651 | |
Due in one year or less, Amortized Cost, Available-for-sale | 11,947 | |
Due after one year through five years, Amortized Cost, Available-for-sale | 1,481,462 | |
Due after five years through ten years, Amortized Cost, Available-for-sale | 157,640 | |
Due after ten years, Amortized Cost, Available-for-sale | 26,683 | |
Amortized Cost, Available-for-sale | 1,677,732 | $ 1,757,666 |
Due in one year or less, Fair Value, Available-for-sale | 12,113 | |
Due after one year through five years, Fair Value, Available-for-sale | 1,479,161 | |
Due after five years through ten years, Fair Value, Available-for-sale | 155,816 | |
Due after ten years, Fair Value, Available-for-sale | 26,411 | |
Total Available-for-sale Securities, Debt Maturities, Available-for-sale, Fair Value | $ 1,673,501 | $ 1,734,085 |
Investment Securities - Additio
Investment Securities - Additional Information (Detail) - USD ($) | 3 Months Ended | |
Mar. 31, 2019 | Dec. 31, 2018 | |
Debt Securities, Available-for-sale [Line Items] | ||
Credit-related impairment loss on investment securities held-to-maturity | $ 0 | |
Investment securities pledged as collateral | $ 1,530,000,000 | $ 1,660,000,000 |
United States [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Securities issued by U.S. government percentage | 89.00% |
Acquired SJB Assets and FDIC _3
Acquired SJB Assets and FDIC Loss Sharing Asset - Additional Information (Detail) $ in Millions | 3 Months Ended |
Mar. 31, 2019USD ($) | |
Business Combinations [Abstract] | |
Acquisition date | Oct. 16, 2009 |
Remaining discount associated with SJB loans | $ 0 |
Acquired SJB Assets and FDIC _4
Acquired SJB Assets and FDIC Loss Sharing Asset - Summary of PCI Loans and Lease Finance Receivables (Detail) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2018 |
Real estate: | |||
Less: Purchase accounting discount | $ 0 | ||
Gross PCI loans, net of discount | 15,356 | $ 25,861 | |
Less: Allowance for PCI loan losses | (180) | (312) | |
PCI Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Commercial and industrial | 616 | $ 519 | |
SBA | 1,235 | 1,258 | |
Real estate: | |||
Commercial real estate | 13,183 | 14,407 | |
Construction | 0 | 0 | |
SFR mortgage | 141 | 145 | |
Dairy & livestock and agribusiness | 0 | 700 | |
Municipal lease finance receivables | 0 | 0 | |
Consumer and other loans | 181 | 185 | |
Gross PCI loans | 15,356 | 17,214 | |
Less: Purchase accounting discount | 0 | 0 | |
Gross PCI loans, net of discount | 15,356 | 17,214 | 25,861 |
Less: Allowance for PCI loan losses | (180) | (204) | $ (312) |
Net loans | $ 15,176 | $ 17,010 |
Acquired SJB Assets and FDIC _5
Acquired SJB Assets and FDIC Loss Sharing Asset - Summary of Gross PCI Loans by Internal Risk Ratings by Loans (Detail) - PCI Loans [Member] - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total gross PCI loans | $ 15,356 | $ 17,214 |
Pass [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total gross PCI loans | 13,993 | 15,816 |
Special Mention [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total gross PCI loans | 1,152 | 1,174 |
Substandard [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total gross PCI loans | 211 | 224 |
Doubtful & Loss [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total gross PCI loans | $ 0 | $ 0 |
Loans and Lease Finance Recei_3
Loans and Lease Finance Receivables and Allowance for Loan Losses - Additional Information (Detail) | 3 Months Ended | ||
Mar. 31, 2019USD ($)SecurityLoan | Mar. 31, 2018USD ($) | Dec. 31, 2018USD ($) | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total fixed rate loans held | $ 3,790,000,000 | ||
Secure borrowings and available lines of credit from FHLB and Federal Reserve Bank | 6,180,000,000 | $ 5,710,000,000 | |
Impaired, at carrying value | 20,290,000 | $ 14,457,000 | 23,545,000 |
Loans classified as troubled debt restructured | 3,600,000 | ||
Impaired, at carrying value | 435,000 | 0 | 561,000 |
Reserve for credit risk for undisbursed commitments | 0 | 9,000,000 | |
Allocation of allowance to troubled debt restructuring | $ 0 | 490,000,000 | |
Community Bank [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Increase in reserve for unfunded loan commitments | $ 2,900,000 | ||
Commercial Real Estate Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Percentage of total gross loan portfolio (excluding PCI loans) | 76.31% | ||
Construction [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Percentage of total gross loan portfolio (excluding PCI loans) | 70.94% | ||
Nonaccrual Small Business Administration Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Outstanding balance | $ 0 | ||
Impaired Loans Modified in Troubled Debt Restructure [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Impaired, at carrying value | 3,600,000 | ||
Single-family Residential Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Outstanding balance | 2,900,000 | ||
Commercial Real Estate [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Outstanding balance | 1,100,000 | ||
Nonaccrual Single Family Mortgage Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Outstanding balance | 8,400,000 | ||
Consumer and Other Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Outstanding balance | 4,100,000 | ||
Nonperforming Financing Receivable [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Impaired, at carrying value | 277,000,000,000 | ||
Loans classified as troubled debt restructured | 0 | ||
Performing Financing Receivable [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Impaired, at carrying value | 20,300,000 | ||
Loans classified as troubled debt restructured | 3,300,000 | ||
Performing Financing Receivable [Member] | Commercial Real Estate Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans classified as troubled debt restructured | $ 563,000 | ||
Number of loans | SecurityLoan | 1 | ||
Performing Financing Receivable [Member] | Impaired Loans Modified in Troubled Debt Restructure [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans classified as troubled debt restructured | $ 3,300,000 | ||
Performing Financing Receivable [Member] | Single-family Residential Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans classified as troubled debt restructured | 2,200,000 | ||
Performing Financing Receivable [Member] | Commercial and Industrial [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans classified as troubled debt restructured | $ 124,000 | ||
Number of loans | SecurityLoan | 2 | ||
Performing Financing Receivable [Member] | Small Business Administration [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans classified as troubled debt restructured | $ 455,000 | ||
Number of loans | SecurityLoan | 1 | ||
Loans, Excluding PCI Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Commercial real estate loans | $ 5,388,866,000 | 5,394,229,000 | |
Dairy & livestock and agribusiness | 322,321,000 | 393,843,000 | |
Impaired, at carrying value | 23,500,000 | ||
Outstanding balance | 16,991,000 | 19,951,000 | |
Loans, Excluding PCI Loans [Member] | Dairy & Livestock Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Dairy & livestock and agribusiness | 264,800,000 | 340,500,000 | |
Loans, Excluding PCI Loans [Member] | Agribusiness Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Dairy & livestock and agribusiness | 57,600,000 | 53,300,000 | |
Loans, Excluding PCI Loans [Member] | Dairy & Livestock and Agribusiness [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Outstanding balance | 0 | 78,000 | |
Loans, Excluding PCI Loans [Member] | Commercial and Industrial [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Outstanding balance | 8,388,000 | 7,490,000 | |
Loans, Excluding PCI Loans [Member] | Small Business Administration [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Outstanding balance | $ 4,098,000 | $ 2,892,000 | |
Loans, Excluding PCI Loans [Member] | Loans Secured by Farmland [Member] | Commercial Real Estate Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Percentage of total gross loan portfolio (excluding PCI loans) | 4.29% | 4.26% | |
Commercial real estate loans | $ 231,100,000 | $ 229,800,000 | |
Loans, Excluding PCI Loans [Member] | Loans Secured by Farmland [Member] | Loans Secured by Dairy & Livestock Land [Member] | Commercial Real Estate Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Commercial real estate loans | 124,200,000 | 126,900,000 | |
Loans, Excluding PCI Loans [Member] | Loans Secured by Farmland [Member] | Loans Secured by Agricultural Land [Member] | Commercial Real Estate Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Commercial real estate loans | $ 106,900,000 | $ 102,900,000 |
Loans and Lease Finance Recei_4
Loans and Lease Finance Receivables and Allowance for Loan Losses - Summary of Components of Loans and Lease Finance Receivables, Excluding PCI Loans (Detail) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2018 | Dec. 31, 2017 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Gross loans, excluding PCI loans, net of deferred loan fees | $ 7,606,863 | $ 7,764,611 | ||
Less: Allowance for loan losses | (65,201) | (63,613) | $ (59,935) | $ (59,585) |
Total loans and lease finance receivables | 7,541,662 | 7,700,998 | ||
PCI Loans [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Commercial and industrial | 616 | 519 | ||
PCI Loans | 15,356 | 17,214 | ||
SBA | 1,235 | 1,258 | ||
Discount on PCI loans | 0 | 0 | ||
Commercial real estate | 13,183 | 14,407 | ||
Construction | 0 | 0 | ||
SFR mortgage | 141 | 145 | ||
Dairy & livestock and agribusiness | 0 | 700 | ||
Municipal lease finance receivables | 0 | 0 | ||
Consumer and other loans | 181 | 185 | ||
Less: Allowance for loan losses | (180) | (204) | $ (312) | $ (367) |
Net loans | 15,176 | 17,010 | ||
Loans, Excluding PCI Loans [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Commercial and industrial | 957,126 | 1,002,209 | ||
SBA | 337,957 | 350,043 | ||
Commercial real estate | 5,388,866 | 5,394,229 | ||
Construction | 121,912 | 122,782 | ||
SFR mortgage | 285,787 | 296,504 | ||
Dairy & livestock and agribusiness | 322,321 | 393,843 | ||
Municipal lease finance receivables | 61,249 | 64,186 | ||
Consumer and other loans | 120,768 | 128,429 | ||
Total gross loans, excluding PCI loans | 7,595,986 | 7,752,225 | ||
Less: Deferred loan fees, net | (4,479) | (4,828) | ||
Gross loans, excluding PCI loans, net of deferred loan fees | 7,591,507 | 7,747,397 | ||
Less: Allowance for loan losses | (65,021) | (63,409) | ||
Net loans | $ 7,526,486 | $ 7,683,988 |
Loans and Lease Finance Recei_5
Loans and Lease Finance Receivables and Allowance for Loan Losses - Summary of Loan, Excluding PCI Loans by Internal Risk Ratings (Parenthetical) (Detail) $ in Millions | 3 Months Ended |
Sep. 30, 2018USD ($) | |
Receivables [Abstract] | |
Payments to Acquire Loans Receivable | $ 19 |
Loans and Lease Finance Recei_6
Loans and Lease Finance Receivables and Allowance for Loan Losses - Summary of Loan, Excluding PCI Loans by Internal Risk Ratings (Detail) - Loans, Excluding PCI Loans [Member] - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Commercial and industrial | $ 957,126 | $ 1,002,209 |
SBA | 337,957 | 350,043 |
Commercial real estate, Owner occupied | 2,099,141 | 2,117,990 |
Commercial real estate, Non-owner occupied | 3,289,725 | 3,276,239 |
Construction, Speculative | 120,801 | 118,233 |
Construction, Non-speculative | 1,111 | 4,549 |
SFR mortgage | 285,787 | 296,504 |
Dairy & livestock and agribusiness | 322,321 | 393,843 |
Municipal lease finance receivables | 61,249 | 64,186 |
Consumer and other loans | 120,768 | 128,429 |
Total gross loans, excluding PCI loans | 7,595,986 | 7,752,225 |
Pass [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Commercial and industrial | 913,059 | 961,909 |
SBA | 322,393 | 336,033 |
Commercial real estate, Owner occupied | 1,986,030 | 2,008,169 |
Commercial real estate, Non-owner occupied | 3,279,696 | 3,260,822 |
Construction, Speculative | 120,801 | 118,233 |
Construction, Non-speculative | 1,111 | 4,549 |
SFR mortgage | 278,962 | 289,607 |
Dairy & livestock and agribusiness | 261,438 | 350,044 |
Municipal lease finance receivables | 60,745 | 63,650 |
Consumer and other loans | 118,596 | 126,085 |
Total gross loans, excluding PCI loans | 7,342,831 | 7,519,101 |
Special Mention [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Commercial and industrial | 32,685 | 29,358 |
SBA | 7,704 | 7,375 |
Commercial real estate, Owner occupied | 96,262 | 95,841 |
Commercial real estate, Non-owner occupied | 9,290 | 9,938 |
Construction, Speculative | 0 | 0 |
Construction, Non-speculative | 0 | 0 |
SFR mortgage | 3,287 | 3,310 |
Dairy & livestock and agribusiness | 50,451 | 34,586 |
Municipal lease finance receivables | 504 | 536 |
Consumer and other loans | 1,215 | 1,263 |
Total gross loans, excluding PCI loans | 201,398 | 182,207 |
Substandard [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Commercial and industrial | 11,382 | 10,942 |
SBA | 7,860 | 6,635 |
Commercial real estate, Owner occupied | 16,849 | 13,980 |
Commercial real estate, Non-owner occupied | 739 | 5,479 |
Construction, Speculative | 0 | 0 |
Construction, Non-speculative | 0 | 0 |
SFR mortgage | 3,538 | 3,587 |
Dairy & livestock and agribusiness | 10,432 | 9,213 |
Municipal lease finance receivables | 0 | 0 |
Consumer and other loans | 957 | 1,081 |
Total gross loans, excluding PCI loans | 51,757 | 50,917 |
Doubtful & Loss [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Commercial and industrial | 0 | 0 |
SBA | 0 | 0 |
Commercial real estate, Owner occupied | 0 | 0 |
Commercial real estate, Non-owner occupied | 0 | 0 |
Construction, Speculative | 0 | 0 |
Construction, Non-speculative | 0 | 0 |
SFR mortgage | 0 | 0 |
Dairy & livestock and agribusiness | 0 | 0 |
Municipal lease finance receivables | 0 | 0 |
Consumer and other loans | 0 | 0 |
Total gross loans, excluding PCI loans | $ 0 | $ 0 |
Loans and Lease Finance Recei_7
Loans and Lease Finance Receivables and Allowance for Loan Losses - Schedule of Balance and Activity Related to Allowance for Loan Losses for Held-for-Investment Loans by Type (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Beginning Balance | $ 63,613 | $ 59,585 |
Charge-offs | (99) | (7) |
Recoveries | 187 | 1,357 |
(Recapture of) provision for loan losses | 1,500 | (1,000) |
Ending Balance | 65,201 | 59,935 |
PCI Loans [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Beginning Balance | 204 | 367 |
Charge-offs | 0 | 0 |
Recoveries | 0 | 0 |
(Recapture of) provision for loan losses | (24) | (55) |
Ending Balance | 180 | 312 |
Commercial and Industrial [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Beginning Balance | 7,520 | 7,280 |
Charge-offs | 0 | 0 |
Recoveries | 110 | 10 |
(Recapture of) provision for loan losses | (31) | 209 |
Ending Balance | 7,599 | 7,499 |
Small Business Administration [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Beginning Balance | 1,062 | 869 |
Charge-offs | (20) | 0 |
Recoveries | 5 | 5 |
(Recapture of) provision for loan losses | 232 | 10 |
Ending Balance | 1,279 | 884 |
Commercial Real Estate [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Beginning Balance | 44,934 | 41,722 |
Charge-offs | 0 | 0 |
Recoveries | 0 | 0 |
(Recapture of) provision for loan losses | 1,144 | 141 |
Ending Balance | 46,078 | 41,863 |
Construction [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Beginning Balance | 981 | 984 |
Charge-offs | 0 | 0 |
Recoveries | 3 | 1,334 |
(Recapture of) provision for loan losses | (120) | (1,331) |
Ending Balance | 864 | 987 |
SFR Mortgage [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Beginning Balance | 2,196 | 2,112 |
Charge-offs | 0 | 0 |
Recoveries | 68 | 0 |
(Recapture of) provision for loan losses | (76) | 90 |
Ending Balance | 2,188 | 2,202 |
Dairy & Livestock and Agribusiness [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Beginning Balance | 5,215 | 4,647 |
Charge-offs | (78) | 0 |
Recoveries | 0 | 0 |
(Recapture of) provision for loan losses | 562 | 19 |
Ending Balance | 5,699 | 4,666 |
Municipal Lease Finance Receivables [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Beginning Balance | 775 | 851 |
Charge-offs | 0 | 0 |
Recoveries | 0 | 0 |
(Recapture of) provision for loan losses | (37) | (17) |
Ending Balance | 738 | 834 |
Consumer and Other Loans [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Beginning Balance | 726 | 753 |
Charge-offs | (1) | (7) |
Recoveries | 1 | 8 |
(Recapture of) provision for loan losses | (150) | (66) |
Ending Balance | $ 576 | $ 688 |
Loans and Lease Finance Recei_8
Loans and Lease Finance Receivables and Allowance for Loan Losses - Schedule of Recorded Investment in Loans Held-for-Investment and Related Allowance for Loan Losses by Loan Type (Detail) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2018 |
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Recorded Investment in Loans, Individually Evaluated for Impairment | $ 20,290 | $ 14,457 | |
Recorded Investment in Loans, Collectively Evaluated for Impairment | 7,575,696 | 4,760,366 | |
Recorded Investment in Loans, Acquired with Deterioriated Credit Quality | 15,356 | 25,861 | |
Allowance for Loan Losses, Individually Evaluated for Impairment | 435 | 0 | |
Allowance for Loan Losses, Collectively Evaluated for Impairment | 64,586 | 59,623 | |
Allowance for Loan Losses, Acquired with Deterioriated Credit Quality | 180 | 312 | |
PCI Loans [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Recorded Investment in Loans, Individually Evaluated for Impairment | 0 | 0 | |
Recorded Investment in Loans, Collectively Evaluated for Impairment | 0 | 0 | |
Recorded Investment in Loans, Acquired with Deterioriated Credit Quality | 15,356 | $ 17,214 | 25,861 |
Allowance for Loan Losses, Individually Evaluated for Impairment | 0 | 0 | |
Allowance for Loan Losses, Collectively Evaluated for Impairment | 0 | 0 | |
Allowance for Loan Losses, Acquired with Deterioriated Credit Quality | 180 | $ 204 | 312 |
Commercial and Industrial [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Recorded Investment in Loans, Individually Evaluated for Impairment | 8,512 | 432 | |
Recorded Investment in Loans, Collectively Evaluated for Impairment | 948,614 | 513,797 | |
Recorded Investment in Loans, Acquired with Deterioriated Credit Quality | 0 | 0 | |
Allowance for Loan Losses, Individually Evaluated for Impairment | 117 | 0 | |
Allowance for Loan Losses, Collectively Evaluated for Impairment | 7,482 | 7,499 | |
Allowance for Loan Losses, Acquired with Deterioriated Credit Quality | 0 | 0 | |
Small Business Administration [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Recorded Investment in Loans, Individually Evaluated for Impairment | 4,661 | 1,201 | |
Recorded Investment in Loans, Collectively Evaluated for Impairment | 333,296 | 122,231 | |
Recorded Investment in Loans, Acquired with Deterioriated Credit Quality | 0 | 0 | |
Allowance for Loan Losses, Individually Evaluated for Impairment | 317 | 0 | |
Allowance for Loan Losses, Collectively Evaluated for Impairment | 962 | 884 | |
Allowance for Loan Losses, Acquired with Deterioriated Credit Quality | 0 | 0 | |
Commercial Real Estate [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Recorded Investment in Loans, Individually Evaluated for Impairment | 1,589 | 7,992 | |
Recorded Investment in Loans, Collectively Evaluated for Impairment | 5,387,277 | 3,403,224 | |
Recorded Investment in Loans, Acquired with Deterioriated Credit Quality | 0 | 0 | |
Allowance for Loan Losses, Individually Evaluated for Impairment | 0 | 0 | |
Allowance for Loan Losses, Collectively Evaluated for Impairment | 46,078 | 41,863 | |
Allowance for Loan Losses, Acquired with Deterioriated Credit Quality | 0 | 0 | |
Construction [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Recorded Investment in Loans, Individually Evaluated for Impairment | 0 | 0 | |
Recorded Investment in Loans, Collectively Evaluated for Impairment | 121,912 | 79,898 | |
Recorded Investment in Loans, Acquired with Deterioriated Credit Quality | 0 | 0 | |
Allowance for Loan Losses, Individually Evaluated for Impairment | 0 | 0 | |
Allowance for Loan Losses, Collectively Evaluated for Impairment | 864 | 987 | |
Allowance for Loan Losses, Acquired with Deterioriated Credit Quality | 0 | 0 | |
SFR Mortgage [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Recorded Investment in Loans, Individually Evaluated for Impairment | 5,051 | 3,576 | |
Recorded Investment in Loans, Collectively Evaluated for Impairment | 280,736 | 234,042 | |
Recorded Investment in Loans, Acquired with Deterioriated Credit Quality | 0 | 0 | |
Allowance for Loan Losses, Individually Evaluated for Impairment | 0 | 0 | |
Allowance for Loan Losses, Collectively Evaluated for Impairment | 2,188 | 2,202 | |
Allowance for Loan Losses, Acquired with Deterioriated Credit Quality | 0 | 0 | |
Dairy & Livestock and Agribusiness [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Recorded Investment in Loans, Individually Evaluated for Impairment | 0 | 818 | |
Recorded Investment in Loans, Collectively Evaluated for Impairment | 322,321 | 275,561 | |
Recorded Investment in Loans, Acquired with Deterioriated Credit Quality | 0 | 0 | |
Allowance for Loan Losses, Individually Evaluated for Impairment | 0 | 0 | |
Allowance for Loan Losses, Collectively Evaluated for Impairment | 5,699 | 4,666 | |
Allowance for Loan Losses, Acquired with Deterioriated Credit Quality | 0 | 0 | |
Municipal Lease Finance Receivables [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Recorded Investment in Loans, Individually Evaluated for Impairment | 0 | 0 | |
Recorded Investment in Loans, Collectively Evaluated for Impairment | 61,249 | 67,892 | |
Recorded Investment in Loans, Acquired with Deterioriated Credit Quality | 0 | 0 | |
Allowance for Loan Losses, Individually Evaluated for Impairment | 0 | 0 | |
Allowance for Loan Losses, Collectively Evaluated for Impairment | 738 | 834 | |
Allowance for Loan Losses, Acquired with Deterioriated Credit Quality | 0 | 0 | |
Consumer and Other Loans [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Recorded Investment in Loans, Individually Evaluated for Impairment | 477 | 438 | |
Recorded Investment in Loans, Collectively Evaluated for Impairment | 120,291 | 63,721 | |
Recorded Investment in Loans, Acquired with Deterioriated Credit Quality | 0 | 0 | |
Allowance for Loan Losses, Individually Evaluated for Impairment | 1 | 0 | |
Allowance for Loan Losses, Collectively Evaluated for Impairment | 575 | 688 | |
Allowance for Loan Losses, Acquired with Deterioriated Credit Quality | $ 0 | $ 0 |
Loans and Lease Finance Recei_9
Loans and Lease Finance Receivables and Allowance for Loan Losses - Schedule of Recorded Investment in, and Aging of, Past Due and Nonaccrual Loans, Excluding PCI Loans by Class of Loans (Detail) - USD ($) | Mar. 31, 2019 | Dec. 31, 2018 |
30-59 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual | $ 2,100 | $ 33,000 |
60-89 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual | 0 | 57,000 |
Loans, Excluding PCI Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due and Accruing | 1,195,000 | 5,290,000 |
Nonaccrual | 16,991,000 | 19,951,000 |
Current | 7,577,800,000 | 7,726,984,000 |
Total gross loans, excluding PCI loans | 7,595,986,000 | 7,752,225,000 |
Loans, Excluding PCI Loans [Member] | 30-59 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due and Accruing | 1,162,000 | 4,431,000 |
Loans, Excluding PCI Loans [Member] | 60-89 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due and Accruing | 33,000 | 859,000 |
Loans, Excluding PCI Loans [Member] | Commercial and Industrial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due and Accruing | 369,000 | 909,000 |
Nonaccrual | 8,388,000 | 7,490,000 |
Current | 948,369,000 | 993,810,000 |
Total gross loans, excluding PCI loans | 957,126,000 | 1,002,209,000 |
Loans, Excluding PCI Loans [Member] | Commercial and Industrial [Member] | 30-59 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due and Accruing | 339,000 | 820,000 |
Loans, Excluding PCI Loans [Member] | Commercial and Industrial [Member] | 60-89 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due and Accruing | 30,000 | 89,000 |
Loans, Excluding PCI Loans [Member] | Small Business Administration [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due and Accruing | 601,000 | 1,307,000 |
Nonaccrual | 4,098,000 | 2,892,000 |
Current | 333,258,000 | 345,844,000 |
Total gross loans, excluding PCI loans | 337,957,000 | 350,043,000 |
Loans, Excluding PCI Loans [Member] | Small Business Administration [Member] | 30-59 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due and Accruing | 601,000 | 1,172,000 |
Loans, Excluding PCI Loans [Member] | Small Business Administration [Member] | 60-89 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due and Accruing | 0 | 135,000 |
Loans, Excluding PCI Loans [Member] | Commercial Real Estate Owner Occupied [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due and Accruing | 0 | 2,789,000 |
Nonaccrual | 519,000 | 589,000 |
Current | 2,098,622,000 | 2,114,612,000 |
Total gross loans, excluding PCI loans | 2,099,141,000 | 2,117,990,000 |
Loans, Excluding PCI Loans [Member] | Commercial Real Estate Owner Occupied [Member] | 30-59 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due and Accruing | 0 | 2,439,000 |
Loans, Excluding PCI Loans [Member] | Commercial Real Estate Owner Occupied [Member] | 60-89 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due and Accruing | 0 | 350,000 |
Loans, Excluding PCI Loans [Member] | Commercial Real Estate Non-owner Occupied [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due and Accruing | 124,000 | 0 |
Nonaccrual | 615,000 | 5,479,000 |
Current | 3,288,986,000 | 3,270,760,000 |
Total gross loans, excluding PCI loans | 3,289,725,000 | 3,276,239,000 |
Loans, Excluding PCI Loans [Member] | Commercial Real Estate Non-owner Occupied [Member] | 30-59 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due and Accruing | 124,000 | 0 |
Loans, Excluding PCI Loans [Member] | Commercial Real Estate Non-owner Occupied [Member] | 60-89 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due and Accruing | 0 | 0 |
Loans, Excluding PCI Loans [Member] | Construction Speculative [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due and Accruing | 0 | 0 |
Nonaccrual | 0 | 0 |
Current | 120,801,000 | 118,233,000 |
Total gross loans, excluding PCI loans | 120,801,000 | 118,233,000 |
Loans, Excluding PCI Loans [Member] | Construction Speculative [Member] | 30-59 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due and Accruing | 0 | 0 |
Loans, Excluding PCI Loans [Member] | Construction Speculative [Member] | 60-89 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due and Accruing | 0 | 0 |
Loans, Excluding PCI Loans [Member] | Construction Non-speculative [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due and Accruing | 0 | 0 |
Nonaccrual | 0 | 0 |
Current | 1,111,000 | 4,549,000 |
Total gross loans, excluding PCI loans | 1,111,000 | 4,549,000 |
Loans, Excluding PCI Loans [Member] | Construction Non-speculative [Member] | 30-59 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due and Accruing | 0 | 0 |
Loans, Excluding PCI Loans [Member] | Construction Non-speculative [Member] | 60-89 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due and Accruing | 0 | 0 |
Loans, Excluding PCI Loans [Member] | SFR Mortgage [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due and Accruing | 0 | 285,000 |
Nonaccrual | 2,894,000 | 2,937,000 |
Current | 282,893,000 | 293,282,000 |
Total gross loans, excluding PCI loans | 285,787,000 | 296,504,000 |
Loans, Excluding PCI Loans [Member] | SFR Mortgage [Member] | 30-59 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due and Accruing | 0 | 0 |
Loans, Excluding PCI Loans [Member] | SFR Mortgage [Member] | 60-89 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due and Accruing | 0 | 285,000 |
Loans, Excluding PCI Loans [Member] | Dairy & Livestock and Agribusiness [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due and Accruing | 0 | 0 |
Nonaccrual | 0 | 78,000 |
Current | 322,321,000 | 393,765,000 |
Total gross loans, excluding PCI loans | 322,321,000 | 393,843,000 |
Loans, Excluding PCI Loans [Member] | Dairy & Livestock and Agribusiness [Member] | 30-59 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due and Accruing | 0 | 0 |
Loans, Excluding PCI Loans [Member] | Dairy & Livestock and Agribusiness [Member] | 60-89 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due and Accruing | 0 | 0 |
Loans, Excluding PCI Loans [Member] | Municipal Lease Finance Receivables [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due and Accruing | 0 | 0 |
Nonaccrual | 0 | 0 |
Current | 61,249,000 | 64,186,000 |
Total gross loans, excluding PCI loans | 61,249,000 | 64,186,000 |
Loans, Excluding PCI Loans [Member] | Municipal Lease Finance Receivables [Member] | 30-59 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due and Accruing | 0 | 0 |
Loans, Excluding PCI Loans [Member] | Municipal Lease Finance Receivables [Member] | 60-89 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due and Accruing | 0 | 0 |
Loans, Excluding PCI Loans [Member] | Consumer and Other Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due and Accruing | 101,000 | 0 |
Nonaccrual | 477,000 | 486,000 |
Current | 120,190,000 | 127,943,000 |
Total gross loans, excluding PCI loans | 120,768,000 | 128,429,000 |
Loans, Excluding PCI Loans [Member] | Consumer and Other Loans [Member] | 30-59 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due and Accruing | 98,000 | 0 |
Loans, Excluding PCI Loans [Member] | Consumer and Other Loans [Member] | 60-89 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due and Accruing | $ 3,000 | $ 0 |
Loans and Lease Finance Rece_10
Loans and Lease Finance Receivables and Allowance for Loan Losses - Schedule of Recorded Investment in, and Aging of, Past Due and Nonaccrual Loans, Excluding PCI Loans by Class of Loans (Parenthetical) (Detail) - USD ($) | Mar. 31, 2019 | Dec. 31, 2018 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccruing loans, current | $ 1,400,000 | $ 2,300,000 |
Community Bank [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual loans | 13,700,000 | 12,300,000 |
30-59 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual | 2,100 | 33,000 |
60-89 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual | 0 | 57,000 |
90+ Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual | $ 13,500,000 | $ 17,600,000 |
Loans and Lease Finance Rece_11
Loans and Lease Finance Receivables and Allowance for Loan Losses - Schedule of Held-for-Investment Loans, Excluding PCI Loans, Individually Evaluated for Impairment by Class of Loans (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Recorded Investment, With no related allowance recorded | $ 18,724 | $ 14,457 | $ 20,067 |
Recorded Investment, With a related allowance recorded | 1,566 | 0 | 3,478 |
Recorded Investment, Total impaired loans | 20,290 | 14,457 | 23,545 |
Unpaid Principal Balance, With no related allowance recorded | 26,435 | 18,068 | 29,028 |
Unpaid Principal Balance, With a related allowance recorded | 1,546 | 0 | 3,513 |
Unpaid Principal Balance, Total impaired loans | 27,981 | 18,068 | 32,541 |
Related Allowance, With no related allowance recorded | 0 | 0 | 0 |
Related Allowance, With a related allowance recorded | 435 | 0 | 561 |
Related Allowance, Total impaired loans | 435 | 0 | 561 |
Average Recorded Investment, With no related allowance recorded | 18,910 | 14,688 | |
Average Recorded Investment, With a related allowance recorded | 1,585 | 0 | |
Average Recorded Investment, Total impaired loans | 20,495 | 14,688 | |
Interest Income Recognized, With no related allowance recorded | 41 | 61 | |
Interest Income Recognized, With a related allowance recorded | 0 | 0 | |
Interest Income Recognized, Total impaired loans | 41 | 61 | |
Commercial and Industrial [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Recorded Investment, With no related allowance recorded | 8,208 | 432 | 7,436 |
Recorded Investment, With a related allowance recorded | 304 | 0 | 189 |
Unpaid Principal Balance, With no related allowance recorded | 12,317 | 986 | 11,457 |
Unpaid Principal Balance, With a related allowance recorded | 309 | 0 | 191 |
Related Allowance, With no related allowance recorded | 0 | 0 | 0 |
Related Allowance, With a related allowance recorded | 117 | 0 | 3 |
Average Recorded Investment, With no related allowance recorded | 8,230 | 461 | |
Average Recorded Investment, With a related allowance recorded | 323 | 0 | |
Interest Income Recognized, With no related allowance recorded | 2 | 2 | |
Interest Income Recognized, With a related allowance recorded | 0 | 0 | |
Small Business Administration [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Recorded Investment, With no related allowance recorded | 3,400 | 1,201 | 3,467 |
Recorded Investment, With a related allowance recorded | 1,261 | 0 | |
Unpaid Principal Balance, With no related allowance recorded | 5,779 | 1,327 | 5,746 |
Unpaid Principal Balance, With a related allowance recorded | 1,236 | 0 | 0 |
Related Allowance, With no related allowance recorded | 0 | 0 | 0 |
Related Allowance, With a related allowance recorded | 317 | 0 | 0 |
Average Recorded Investment, With no related allowance recorded | 3,511 | 1,220 | |
Average Recorded Investment, With a related allowance recorded | 1,261 | 0 | |
Interest Income Recognized, With no related allowance recorded | 11 | 12 | |
Interest Income Recognized, With a related allowance recorded | 0 | 0 | |
Commercial Real Estate Owner Occupied [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Recorded Investment, With no related allowance recorded | 519 | 4,332 | 589 |
Recorded Investment, With a related allowance recorded | 0 | 0 | 0 |
Unpaid Principal Balance, With no related allowance recorded | 618 | 4,755 | 705 |
Unpaid Principal Balance, With a related allowance recorded | 0 | 0 | 0 |
Related Allowance, With no related allowance recorded | 0 | 0 | 0 |
Related Allowance, With a related allowance recorded | 0 | 0 | 0 |
Average Recorded Investment, With no related allowance recorded | 521 | 4,348 | |
Average Recorded Investment, With a related allowance recorded | 0 | 0 | |
Interest Income Recognized, With no related allowance recorded | 0 | 0 | |
Interest Income Recognized, With a related allowance recorded | 0 | 0 | |
Commercial Real Estate Non-owner Occupied [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Recorded Investment, With no related allowance recorded | 1,070 | 3,660 | 2,808 |
Recorded Investment, With a related allowance recorded | 0 | 0 | 3,143 |
Unpaid Principal Balance, With no related allowance recorded | 1,231 | 5,033 | 4,324 |
Unpaid Principal Balance, With a related allowance recorded | 0 | 0 | 3,144 |
Related Allowance, With no related allowance recorded | 0 | 0 | 0 |
Related Allowance, With a related allowance recorded | 0 | 0 | 478 |
Average Recorded Investment, With no related allowance recorded | 1,084 | 3,715 | |
Average Recorded Investment, With a related allowance recorded | 0 | 0 | |
Interest Income Recognized, With no related allowance recorded | 7 | 22 | |
Interest Income Recognized, With a related allowance recorded | 0 | 0 | |
Construction Speculative [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Recorded Investment, With no related allowance recorded | 0 | 0 | 0 |
Recorded Investment, With a related allowance recorded | 0 | 0 | 0 |
Unpaid Principal Balance, With no related allowance recorded | 0 | 0 | 0 |
Unpaid Principal Balance, With a related allowance recorded | 0 | 0 | 0 |
Related Allowance, With no related allowance recorded | 0 | 0 | 0 |
Related Allowance, With a related allowance recorded | 0 | 0 | 0 |
Average Recorded Investment, With no related allowance recorded | 0 | 0 | |
Average Recorded Investment, With a related allowance recorded | 0 | 0 | |
Interest Income Recognized, With no related allowance recorded | 0 | 0 | |
Interest Income Recognized, With a related allowance recorded | 0 | 0 | |
Construction Non-speculative [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Recorded Investment, With no related allowance recorded | 0 | 0 | 0 |
Recorded Investment, With a related allowance recorded | 0 | 0 | 0 |
Unpaid Principal Balance, With no related allowance recorded | 0 | 0 | 0 |
Unpaid Principal Balance, With a related allowance recorded | 0 | 0 | 0 |
Related Allowance, With no related allowance recorded | 0 | 0 | 0 |
Related Allowance, With a related allowance recorded | 0 | 0 | 0 |
Average Recorded Investment, With no related allowance recorded | 0 | 0 | |
Average Recorded Investment, With a related allowance recorded | 0 | 0 | |
Interest Income Recognized, With no related allowance recorded | 0 | 0 | |
Interest Income Recognized, With a related allowance recorded | 0 | 0 | |
SFR Mortgage [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Recorded Investment, With no related allowance recorded | 5,051 | 3,576 | 5,349 |
Recorded Investment, With a related allowance recorded | 0 | 0 | 0 |
Unpaid Principal Balance, With no related allowance recorded | 5,865 | 4,236 | 6,270 |
Unpaid Principal Balance, With a related allowance recorded | 0 | 0 | 0 |
Related Allowance, With no related allowance recorded | 0 | 0 | 0 |
Related Allowance, With a related allowance recorded | 0 | 0 | 0 |
Average Recorded Investment, With no related allowance recorded | 5,082 | 3,599 | |
Average Recorded Investment, With a related allowance recorded | 0 | 0 | |
Interest Income Recognized, With no related allowance recorded | 21 | 25 | |
Interest Income Recognized, With a related allowance recorded | 0 | 0 | |
Dairy & Livestock and Agribusiness [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Recorded Investment, With no related allowance recorded | 0 | 818 | 0 |
Recorded Investment, With a related allowance recorded | 0 | 0 | 78 |
Unpaid Principal Balance, With no related allowance recorded | 0 | 1,091 | 0 |
Unpaid Principal Balance, With a related allowance recorded | 0 | 0 | 78 |
Related Allowance, With no related allowance recorded | 0 | 0 | 0 |
Related Allowance, With a related allowance recorded | 0 | 0 | 12 |
Average Recorded Investment, With no related allowance recorded | 0 | 826 | |
Average Recorded Investment, With a related allowance recorded | 0 | 0 | |
Interest Income Recognized, With no related allowance recorded | 0 | 0 | |
Interest Income Recognized, With a related allowance recorded | 0 | 0 | |
Municipal Lease Finance Receivables [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Recorded Investment, With no related allowance recorded | 0 | 0 | 0 |
Recorded Investment, With a related allowance recorded | 0 | 0 | 0 |
Unpaid Principal Balance, With no related allowance recorded | 0 | 0 | 0 |
Unpaid Principal Balance, With a related allowance recorded | 0 | 0 | 0 |
Related Allowance, With no related allowance recorded | 0 | 0 | 0 |
Related Allowance, With a related allowance recorded | 0 | 0 | 0 |
Average Recorded Investment, With no related allowance recorded | 0 | 0 | |
Average Recorded Investment, With a related allowance recorded | 0 | 0 | |
Interest Income Recognized, With no related allowance recorded | 0 | 0 | |
Interest Income Recognized, With a related allowance recorded | 0 | 0 | |
Consumer and Other Loans [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Recorded Investment, With no related allowance recorded | 476 | 438 | 418 |
Recorded Investment, With a related allowance recorded | 1 | 0 | 68 |
Unpaid Principal Balance, With no related allowance recorded | 625 | 640 | 526 |
Unpaid Principal Balance, With a related allowance recorded | 1 | 0 | 100 |
Related Allowance, With no related allowance recorded | 0 | 0 | 0 |
Related Allowance, With a related allowance recorded | 1 | 0 | $ 68 |
Average Recorded Investment, With no related allowance recorded | 482 | 519 | |
Average Recorded Investment, With a related allowance recorded | 1 | 0 | |
Interest Income Recognized, With no related allowance recorded | 0 | 0 | |
Interest Income Recognized, With a related allowance recorded | $ 0 | $ 0 |
Loans and Lease Finance Rece_12
Loans and Lease Finance Receivables and Allowance for Loan Losses - Summary of Activity Related to Troubled Debt Restructurings (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Financing Receivable, Modifications [Line Items] | ||
Total TDRs | $ 3,576 | $ 8,194 |
Performing TDRs [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Beginning balance | 3,594 | 4,809 |
New modifications | 0 | 0 |
Payoffs/payments, net and other | (295) | (524) |
TDRs returned to accrual status | 0 | 0 |
TDRs placed on nonaccrual status | 0 | 0 |
Ending balance | 3,299 | 4,285 |
Nonperforming TDRs [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Beginning balance | 3,509 | 4,200 |
New modifications | 0 | 0 |
Transfer to OREO | (2,275) | 0 |
Charge-offs | (78) | 0 |
Payoffs/payments, net and other | (879) | (291) |
TDRs returned to accrual status | 0 | 0 |
TDRs placed on nonaccrual status | 0 | 0 |
Ending balance | $ 277 | $ 3,909 |
Earnings Per Share Reconcilia_3
Earnings Per Share Reconciliation - Additional Information (Detail) - shares | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Earnings Per Share [Abstract] | ||
Antidilutive securities excluded from computation of earnings per common share | 396,000 | 16,000 |
Earnings Per Share Reconcilia_4
Earnings Per Share Reconciliation - Schedule of Earnings Per Common Share Reconciliation (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Earnings per common share: | ||
Net earnings | $ 51,642 | $ 34,913 |
Less: Net earnings allocated to restricted stock | 141 | 108 |
Net earnings allocated to common shareholders | $ 51,501 | $ 34,805 |
Weighted average shares outstanding | 139,615 | 109,859 |
Basic earnings per common share | $ 0.37 | $ 0.32 |
Diluted earnings per common share: | ||
Net income allocated to common shareholders | $ 51,501 | $ 34,805 |
Weighted average shares outstanding | 139,615 | 109,859 |
Incremental shares from assumed exercise of outstanding options | 216 | 364 |
Diluted weighted average shares outstanding | 139,831 | 110,223 |
Diluted earnings per common share | $ 0.37 | $ 0.32 |
Fair Value Information - Additi
Fair Value Information - Additional Information (Detail) - USD ($) | Mar. 31, 2019 | Mar. 31, 2018 |
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | ||
Fair value assets transfers from Level 1 to Level 2 | $ 0 | $ 0 |
Fair value assets transfers from Level 2 to Level 1 | 0 | 0 |
Fair value liabilities transfers from Level 1 to Level 2 | 0 | 0 |
Fair value liabilities transfers from Level 2 to Level 1 | $ 0 | $ 0 |
Fair Value Information - Assets
Fair Value Information - Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest rate swaps, liabilities | $ 467,192 | $ 444,193 |
Interest Rate Swaps [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest rate swaps, assets | 0 | 0 |
Carrying Value [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest rate swaps, assets | 4,418 | 1,938 |
Interest rate swaps, liabilities | 4,418 | 1,938 |
Fair Value on Recurring Basis [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 0 | 0 |
Total liabilities | 0 | 0 |
Fair Value on Recurring Basis [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 1,677,919 | 1,736,023 |
Total liabilities | 4,418 | 1,938 |
Fair Value on Recurring Basis [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 0 | 0 |
Total liabilities | 0 | 0 |
Fair Value on Recurring Basis [Member] | Municipal Bonds [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities - AFS | 0 | 0 |
Fair Value on Recurring Basis [Member] | Municipal Bonds [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities - AFS | 45,085 | 44,810 |
Fair Value on Recurring Basis [Member] | Municipal Bonds [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities - AFS | 0 | 0 |
Fair Value on Recurring Basis [Member] | Residential Mortgage-backed Securities [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities - AFS | 0 | 0 |
Fair Value on Recurring Basis [Member] | Residential Mortgage-backed Securities [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities - AFS | 1,422,504 | 1,474,508 |
Fair Value on Recurring Basis [Member] | Residential Mortgage-backed Securities [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities - AFS | 0 | 0 |
Fair Value on Recurring Basis [Member] | CMO/REMIC - Residential [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities - AFS | 0 | 0 |
Fair Value on Recurring Basis [Member] | CMO/REMIC - Residential [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities - AFS | 205,125 | 214,051 |
Fair Value on Recurring Basis [Member] | CMO/REMIC - Residential [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities - AFS | 0 | 0 |
Fair Value on Recurring Basis [Member] | Other Securities [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities - AFS | 0 | 0 |
Fair Value on Recurring Basis [Member] | Other Securities [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities - AFS | 787 | 716 |
Fair Value on Recurring Basis [Member] | Other Securities [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities - AFS | 0 | 0 |
Fair Value on Recurring Basis [Member] | Investment Securities-AFS [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities - AFS | 0 | 0 |
Fair Value on Recurring Basis [Member] | Investment Securities-AFS [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities - AFS | 1,673,501 | 1,734,085 |
Fair Value on Recurring Basis [Member] | Investment Securities-AFS [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities - AFS | 0 | 0 |
Fair Value on Recurring Basis [Member] | Interest Rate Swaps [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest rate swaps, assets | 0 | 0 |
Interest rate swaps, liabilities | 0 | 0 |
Fair Value on Recurring Basis [Member] | Interest Rate Swaps [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest rate swaps, assets | 4,418 | 1,938 |
Interest rate swaps, liabilities | 4,418 | 1,938 |
Fair Value on Recurring Basis [Member] | Interest Rate Swaps [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest rate swaps, assets | 0 | 0 |
Interest rate swaps, liabilities | 0 | 0 |
Fair Value on Recurring Basis [Member] | Carrying Value [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 1,677,919 | 1,736,023 |
Total liabilities | 4,418 | 1,938 |
Fair Value on Recurring Basis [Member] | Carrying Value [Member] | Municipal Bonds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities - AFS | 45,085 | 44,810 |
Fair Value on Recurring Basis [Member] | Carrying Value [Member] | Residential Mortgage-backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities - AFS | 1,422,504 | 1,474,508 |
Fair Value on Recurring Basis [Member] | Carrying Value [Member] | CMO/REMIC - Residential [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities - AFS | 205,125 | 214,051 |
Fair Value on Recurring Basis [Member] | Carrying Value [Member] | Other Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities - AFS | 787 | 716 |
Fair Value on Recurring Basis [Member] | Carrying Value [Member] | Investment Securities-AFS [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities - AFS | 1,673,501 | 1,734,085 |
Fair Value on Recurring Basis [Member] | Carrying Value [Member] | Interest Rate Swaps [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest rate swaps, assets | 4,418 | 1,938 |
Interest rate swaps, liabilities | $ 4,418 | $ 1,938 |
Fair Value Information - Asse_2
Fair Value Information - Assets and Liabilities Measured at Fair Value on Non-Recurring Basis (Detail) - Fair Value on Non-Recurring Basis [Member] - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Description of assets | ||
Total assets | $ 452 | $ 561 |
Other Real Estate Owned [Member] | ||
Description of assets | ||
Total assets | 0 | 0 |
Loans, Excluding PCI Loans [Member] | Asset Held-for-Sale [Member] | ||
Description of assets | ||
Total assets | 0 | 0 |
Loans, Excluding PCI Loans [Member] | Commercial and Industrial [Member] | ||
Description of assets | ||
Total assets | 114 | 3 |
Loans, Excluding PCI Loans [Member] | Small Business Administration [Member] | ||
Description of assets | ||
Total assets | 338 | 0 |
Loans, Excluding PCI Loans [Member] | Commercial Real Estate [Member] | ||
Description of assets | ||
Total assets | 0 | 478 |
Loans, Excluding PCI Loans [Member] | Construction [Member] | ||
Description of assets | ||
Total assets | 0 | 0 |
Loans, Excluding PCI Loans [Member] | SFR Mortgage [Member] | ||
Description of assets | ||
Total assets | 0 | 0 |
Loans, Excluding PCI Loans [Member] | Dairy & Livestock and Agribusiness [Member] | ||
Description of assets | ||
Total assets | 0 | 12 |
Loans, Excluding PCI Loans [Member] | Consumer and Other Loans [Member] | ||
Description of assets | ||
Total assets | 0 | 68 |
Level 1 [Member] | ||
Description of assets | ||
Total assets | 0 | 0 |
Level 1 [Member] | Other Real Estate Owned [Member] | ||
Description of assets | ||
Total assets | 0 | 0 |
Level 1 [Member] | Loans, Excluding PCI Loans [Member] | Asset Held-for-Sale [Member] | ||
Description of assets | ||
Total assets | 0 | 0 |
Level 1 [Member] | Loans, Excluding PCI Loans [Member] | Commercial and Industrial [Member] | ||
Description of assets | ||
Total assets | 0 | 0 |
Level 1 [Member] | Loans, Excluding PCI Loans [Member] | Small Business Administration [Member] | ||
Description of assets | ||
Total assets | 0 | 0 |
Level 1 [Member] | Loans, Excluding PCI Loans [Member] | Commercial Real Estate [Member] | ||
Description of assets | ||
Total assets | 0 | 0 |
Level 1 [Member] | Loans, Excluding PCI Loans [Member] | Construction [Member] | ||
Description of assets | ||
Total assets | 0 | 0 |
Level 1 [Member] | Loans, Excluding PCI Loans [Member] | SFR Mortgage [Member] | ||
Description of assets | ||
Total assets | 0 | 0 |
Level 1 [Member] | Loans, Excluding PCI Loans [Member] | Dairy & Livestock and Agribusiness [Member] | ||
Description of assets | ||
Total assets | 0 | 0 |
Level 1 [Member] | Loans, Excluding PCI Loans [Member] | Consumer and Other Loans [Member] | ||
Description of assets | ||
Total assets | 0 | 0 |
Level 2 [Member] | ||
Description of assets | ||
Total assets | 0 | 0 |
Level 2 [Member] | Other Real Estate Owned [Member] | ||
Description of assets | ||
Total assets | 0 | 0 |
Level 2 [Member] | Loans, Excluding PCI Loans [Member] | Asset Held-for-Sale [Member] | ||
Description of assets | ||
Total assets | 0 | 0 |
Level 2 [Member] | Loans, Excluding PCI Loans [Member] | Commercial and Industrial [Member] | ||
Description of assets | ||
Total assets | 0 | 0 |
Level 2 [Member] | Loans, Excluding PCI Loans [Member] | Small Business Administration [Member] | ||
Description of assets | ||
Total assets | 0 | 0 |
Level 2 [Member] | Loans, Excluding PCI Loans [Member] | Commercial Real Estate [Member] | ||
Description of assets | ||
Total assets | 0 | 0 |
Level 2 [Member] | Loans, Excluding PCI Loans [Member] | Construction [Member] | ||
Description of assets | ||
Total assets | 0 | 0 |
Level 2 [Member] | Loans, Excluding PCI Loans [Member] | SFR Mortgage [Member] | ||
Description of assets | ||
Total assets | 0 | 0 |
Level 2 [Member] | Loans, Excluding PCI Loans [Member] | Dairy & Livestock and Agribusiness [Member] | ||
Description of assets | ||
Total assets | 0 | 0 |
Level 2 [Member] | Loans, Excluding PCI Loans [Member] | Consumer and Other Loans [Member] | ||
Description of assets | ||
Total assets | 0 | 0 |
Level 3 [Member] | ||
Description of assets | ||
Total assets | 1,493 | 3,478 |
Level 3 [Member] | Other Real Estate Owned [Member] | ||
Description of assets | ||
Total assets | 0 | 0 |
Level 3 [Member] | Loans, Excluding PCI Loans [Member] | Asset Held-for-Sale [Member] | ||
Description of assets | ||
Total assets | 0 | 0 |
Level 3 [Member] | Loans, Excluding PCI Loans [Member] | Commercial and Industrial [Member] | ||
Description of assets | ||
Total assets | 116 | 189 |
Level 3 [Member] | Loans, Excluding PCI Loans [Member] | Small Business Administration [Member] | ||
Description of assets | ||
Total assets | 1,377 | 0 |
Level 3 [Member] | Loans, Excluding PCI Loans [Member] | Commercial Real Estate [Member] | ||
Description of assets | ||
Total assets | 0 | 3,143 |
Level 3 [Member] | Loans, Excluding PCI Loans [Member] | Construction [Member] | ||
Description of assets | ||
Total assets | 0 | 0 |
Level 3 [Member] | Loans, Excluding PCI Loans [Member] | SFR Mortgage [Member] | ||
Description of assets | ||
Total assets | 0 | 0 |
Level 3 [Member] | Loans, Excluding PCI Loans [Member] | Dairy & Livestock and Agribusiness [Member] | ||
Description of assets | ||
Total assets | 0 | 78 |
Level 3 [Member] | Loans, Excluding PCI Loans [Member] | Consumer and Other Loans [Member] | ||
Description of assets | ||
Total assets | 0 | 68 |
Carrying Value [Member] | ||
Description of assets | ||
Total assets | 1,493 | 3,478 |
Carrying Value [Member] | Other Real Estate Owned [Member] | ||
Description of assets | ||
Total assets | 0 | 0 |
Carrying Value [Member] | Loans, Excluding PCI Loans [Member] | Asset Held-for-Sale [Member] | ||
Description of assets | ||
Total assets | 0 | 0 |
Carrying Value [Member] | Loans, Excluding PCI Loans [Member] | Commercial and Industrial [Member] | ||
Description of assets | ||
Total assets | 116 | 189 |
Carrying Value [Member] | Loans, Excluding PCI Loans [Member] | Small Business Administration [Member] | ||
Description of assets | ||
Total assets | 1,377 | 0 |
Carrying Value [Member] | Loans, Excluding PCI Loans [Member] | Commercial Real Estate [Member] | ||
Description of assets | ||
Total assets | 0 | 3,143 |
Carrying Value [Member] | Loans, Excluding PCI Loans [Member] | Construction [Member] | ||
Description of assets | ||
Total assets | 0 | 0 |
Carrying Value [Member] | Loans, Excluding PCI Loans [Member] | SFR Mortgage [Member] | ||
Description of assets | ||
Total assets | 0 | 0 |
Carrying Value [Member] | Loans, Excluding PCI Loans [Member] | Dairy & Livestock and Agribusiness [Member] | ||
Description of assets | ||
Total assets | 0 | 78 |
Carrying Value [Member] | Loans, Excluding PCI Loans [Member] | Consumer and Other Loans [Member] | ||
Description of assets | ||
Total assets | $ 0 | $ 68 |
Fair Value Information - Estima
Fair Value Information - Estimated Fair Value of Financial Instruments (Detail) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2018 | Dec. 31, 2017 |
Assets | ||||
Total cash and cash equivalents | $ 172,214 | $ 163,948 | $ 456,238 | $ 144,377 |
Interest-earning balances due from depository institutions | 7,420 | 7,670 | ||
Investment securities available-for-sale | 1,673,501 | 1,734,085 | ||
Investment securities held-to-maturity | 733,464 | 744,440 | ||
Total loans, net of allowance for loan losses | 7,541,662 | 7,700,998 | ||
Deposits: | ||||
Interest-bearing | 3,555,298 | 3,622,703 | ||
Junior subordinated debentures | 25,774 | 25,774 | ||
Swaps | 467,192 | 444,193 | ||
Carrying Value [Member] | ||||
Assets | ||||
Total cash and cash equivalents | 172,214 | 163,948 | ||
Interest-earning balances due from depository institutions | 7,420 | 7,670 | ||
Investment securities available-for-sale | 1,673,501 | 1,734,085 | ||
Investment securities held-to-maturity | 733,464 | 744,440 | ||
Total loans, net of allowance for loan losses | 7,541,662 | 7,700,998 | ||
Swaps | 4,418 | 1,938 | ||
Deposits: | ||||
Interest-bearing | 3,555,298 | 3,622,703 | ||
Borrowings | 615,774 | 722,255 | ||
Junior subordinated debentures | 25,774 | 25,774 | ||
Swaps | 4,418 | 1,938 | ||
Estimated Fair Value [Member] | ||||
Assets | ||||
Total cash and cash equivalents | 172,214 | 163,948 | ||
Interest-earning balances due from depository institutions | 7,228 | 7,339 | ||
Investment securities available-for-sale | 1,673,501 | 1,734,085 | ||
Investment securities held-to-maturity | 720,651 | 721,537 | ||
Total loans, net of allowance for loan losses | 7,506,350 | 7,514,964 | ||
Swaps | 4,418 | 1,938 | ||
Deposits: | ||||
Interest-bearing | 3,549,970 | 3,614,682 | ||
Borrowings | 615,186 | 721,601 | ||
Junior subordinated debentures | 21,016 | 21,176 | ||
Swaps | 4,418 | 1,938 | ||
Estimated Fair Value [Member] | Level 1 [Member] | ||||
Assets | ||||
Total cash and cash equivalents | 172,214 | 163,948 | ||
Interest-earning balances due from depository institutions | 0 | 0 | ||
Investment securities available-for-sale | 0 | 0 | ||
Investment securities held-to-maturity | 0 | 0 | ||
Total loans, net of allowance for loan losses | 0 | 0 | ||
Swaps | 0 | 0 | ||
Deposits: | ||||
Interest-bearing | 0 | 0 | ||
Borrowings | 0 | 0 | ||
Junior subordinated debentures | 0 | 0 | ||
Swaps | 0 | 0 | ||
Estimated Fair Value [Member] | Level 2 [Member] | ||||
Assets | ||||
Total cash and cash equivalents | 0 | 0 | ||
Interest-earning balances due from depository institutions | 7,228 | 7,339 | ||
Investment securities available-for-sale | 1,673,501 | 1,734,085 | ||
Investment securities held-to-maturity | 720,651 | 721,537 | ||
Total loans, net of allowance for loan losses | 0 | 0 | ||
Swaps | 4,418 | 1,938 | ||
Deposits: | ||||
Interest-bearing | 3,549,970 | 3,614,682 | ||
Borrowings | 615,186 | 721,601 | ||
Junior subordinated debentures | 0 | 0 | ||
Swaps | 4,418 | 1,938 | ||
Estimated Fair Value [Member] | Level 3 [Member] | ||||
Assets | ||||
Total cash and cash equivalents | 0 | 0 | ||
Interest-earning balances due from depository institutions | 0 | 0 | ||
Investment securities available-for-sale | 0 | 0 | ||
Investment securities held-to-maturity | 0 | 0 | ||
Total loans, net of allowance for loan losses | 7,506,350 | 7,514,964 | ||
Swaps | 0 | 0 | ||
Deposits: | ||||
Interest-bearing | 0 | 0 | ||
Borrowings | 0 | 0 | ||
Junior subordinated debentures | 21,016 | 21,176 | ||
Swaps | $ 0 | $ 0 |
Derivative Financial Instrume_3
Derivative Financial Instruments - Additional Information (Detail) | 3 Months Ended | |
Mar. 31, 2019USD ($)Agreement | Dec. 31, 2018USD ($) | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative assets and liabilities offset in balance sheet | $ 0 | |
Total notional amount of the Company's swaps | $ 213,500,000 | $ 195,400,000 |
Description of Conditions Relating to Clearing of Interest rate Swaps | As a result of the Bank exceeding $10 billion in assets, federal regulations require the Bank, beginning in 2019, to clear most interest rate swaps through a clearing house (“centrally cleared”). These instruments contain language outlining collateral pledging requirements for each counterparty, in which collateral must be posted if market value exceeds certain agreed upon threshold limits. Cash or securities are pledged as collateral. | |
Interest-rate Swap Agreements with Customers [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Number of interest-rate swap agreements | Agreement | 77 |
Derivative Financial Instrume_4
Derivative Financial Instruments - Fair Value of Derivative Instruments (Detail) - Derivatives Not Designated as Hedging Instruments [Member] - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Other Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | $ 4,418 | $ 1,938 |
Other Assets [Member] | Interest Rate Swaps [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | 4,418 | 1,938 |
Other Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives | 4,418 | 1,938 |
Other Liabilities [Member] | Interest Rate Swaps [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives | $ 4,418 | $ 1,938 |
Derivative Financial Instrume_5
Derivative Financial Instruments - Effect of Derivative Instruments on Consolidated Statement of Earnings (Detail) - Derivatives Not Designated as Hedging Instruments [Member] - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Derivatives, Fair Value [Line Items] | ||
Amount of Gain Recognized in Income on Derivative Instruments | $ 384 | $ 116 |
Interest Rate Swaps [Member] | Other Income [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Amount of Gain Recognized in Income on Derivative Instruments | $ 384 | $ 116 |
Other Comprehensive Income - Su
Other Comprehensive Income - Summary of Components of OCI (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Equity [Abstract] | ||
Net change in fair value recorded in accumulated OCI, Before-tax | $ 19,350 | $ (31,338) |
Net change in fair value recorded in accumulated OCI, Tax effect | (5,720) | 9,265 |
Net change in fair value recorded in accumulated OCI, After-tax | 13,630 | (22,073) |
Amortization of unrealized losses on securities transferred from available-for-sale to held-to-maturity, Before-tax | (1,123) | (832) |
Amortization of unrealized losses on securities transferred from available-for-sale to held-to-maturity, Tax effect | 332 | 246 |
Amortization of unrealized losses on securities transferred from available-for-sale to held-to-maturity, After-tax | (791) | (586) |
Net change, Before-tax | 18,227 | (32,170) |
Net change, Tax effect | (5,388) | 9,511 |
Net change, After-tax | $ 12,839 | $ (22,659) |
Balance Sheet Offsetting - Sche
Balance Sheet Offsetting - Schedule of Balance Sheet Offsetting (Detail) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Offsetting Assets Liabilities [Line Items] | ||
Financial liabilities, Gross Amounts Recognized in the Condensed Consolidated Balance Sheets | $ 467,995 | $ 446,458 |
Financial liabilities, Gross Amounts Offset in the Condensed Consolidated Balance Sheets | (803) | (2,265) |
Financial liabilities, Net Amounts of Assets presented in the Condensed Consolidated Balance Sheets | 467,192 | 444,193 |
Financial liabilities, Gross Amounts Not Offset in the Condensed Consolidated Balance Sheets, Financial Instruments | 803 | 2,265 |
Financial liabilities, Gross Amounts Not Offset in the Condensed Consolidated Balance Sheets, Collateral Pledged | (497,504) | (487,607) |
Financial liabilities, Gross Amounts Not Offset in the Condensed Consolidated Balance Sheets, Net Amount | (29,509) | (41,149) |
Repurchase Agreements [Member] | ||
Offsetting Assets Liabilities [Line Items] | ||
Financial liabilities, Gross Amounts Recognized in the Condensed Consolidated Balance Sheets | 462,774 | 442,255 |
Financial liabilities, Gross Amounts Offset in the Condensed Consolidated Balance Sheets | 0 | 0 |
Financial liabilities, Net Amounts of Assets presented in the Condensed Consolidated Balance Sheets | 462,774 | 442,255 |
Financial liabilities, Gross Amounts Not Offset in the Condensed Consolidated Balance Sheets, Financial Instruments | 0 | 0 |
Financial liabilities, Gross Amounts Not Offset in the Condensed Consolidated Balance Sheets, Collateral Pledged | (489,984) | (487,607) |
Financial liabilities, Gross Amounts Not Offset in the Condensed Consolidated Balance Sheets, Net Amount | (27,210) | (45,352) |
Interest Rate Swaps [Member] | ||
Offsetting Assets Liabilities [Line Items] | ||
Financial assets, Gross Amounts Recognized in the Condensed Consolidated Balance Sheets | 4,418 | 1,938 |
Financial assets, Gross Amounts Offset in the Condensed Consolidated Balance Sheets | 0 | 0 |
Financial assets, Net Amounts of Assets presented in the Condensed Consolidated Balance Sheets | 0 | 0 |
Financial assets, Gross Amounts Not Offset in the Condensed Consolidated Balance Sheets, Financial Instruments | 4,418 | 1,938 |
Financial assets, Gross Amounts Not Offset in the Condensed Consolidated Balance Sheets, Collateral Pledged | 0 | 0 |
Financial assets, Gross Amounts Not Offset in the Condensed Consolidated Balance Sheets, Net Amount | 4,418 | 1,938 |
Interest Rate Swaps [Member] | Derivatives Not Designated as Hedging Instruments [Member] | ||
Offsetting Assets Liabilities [Line Items] | ||
Financial assets, Gross Amounts Recognized in the Condensed Consolidated Balance Sheets | 4,418 | 1,938 |
Financial assets, Gross Amounts Offset in the Condensed Consolidated Balance Sheets | 0 | 0 |
Financial assets, Net Amounts of Assets presented in the Condensed Consolidated Balance Sheets | 0 | 0 |
Financial assets, Gross Amounts Not Offset in the Condensed Consolidated Balance Sheets, Financial Instruments | 4,418 | 1,938 |
Financial assets, Gross Amounts Not Offset in the Condensed Consolidated Balance Sheets, Collateral Pledged | 0 | 0 |
Financial assets, Gross Amounts Not Offset in the Condensed Consolidated Balance Sheets, Net Amount | 4,418 | 1,938 |
Financial liabilities, Gross Amounts Recognized in the Condensed Consolidated Balance Sheets | 5,221 | 4,203 |
Financial liabilities, Gross Amounts Offset in the Condensed Consolidated Balance Sheets | (803) | (2,265) |
Financial liabilities, Net Amounts of Assets presented in the Condensed Consolidated Balance Sheets | 4,418 | 1,938 |
Financial liabilities, Gross Amounts Not Offset in the Condensed Consolidated Balance Sheets, Financial Instruments | 803 | 2,265 |
Financial liabilities, Gross Amounts Not Offset in the Condensed Consolidated Balance Sheets, Collateral Pledged | (7,520) | 0 |
Financial liabilities, Gross Amounts Not Offset in the Condensed Consolidated Balance Sheets, Net Amount | $ (2,299) | $ 4,203 |
Leases - Components of lease co
Leases - Components of lease costs and supplemental information related to leases (Detail) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019USD ($) | ||
Lease Assets and Liabilities | ||
ROU assets | $ 19,809 | |
Total lease liabilities | 21,450 | |
Lease Cost | ||
Operating lease expense | 2,100 | [1] |
Sublease income | 0 | |
Total lease expense | 2,100 | |
Other Information | ||
Operating cash outflows from operating leases | $ 2,746 | |
Lease Term and Discount Rate | ||
Weighted average remaining lease term (years) | 4 years 1 month 2 days | |
Weighted average discount rate | 3.55% | |
[1] | Includes short-term leases and variable lease costs, which are immaterial. |
Leases - Future lease payments
Leases - Future lease payments required for leases that have initial or remaining non-cancelable lease terms (Detail) $ in Thousands | Mar. 31, 2019USD ($) |
2019 (excluding the three months ended March 31, 2019) | $ 6,083 |
2020 | 6,109 |
2021 | 4,360 |
2022 | 3,091 |
2023 | 1,488 |
Thereafter | 1,938 |
Total future lease payments | 23,069 |
Less: Imputed interest | (1,619) |
Total future lease payments | $ 21,450 |
Revenue Recognition - Summary o
Revenue Recognition - Summary of Non Interest Income, Segregated by Revenue Streams in-Scope and Out-of-Scope of Topic 606 (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Noninterest income: | ||
Gain on OREO, net | $ 105 | $ 3,540 |
Other | 2,044 | 1,391 |
Total noninterest income | 16,303 | 12,916 |
Service Charges on Deposit Accounts [Member] | ||
Noninterest income: | ||
Revenue from contract with customer | 5,141 | 4,045 |
Trust and Investment Services [Member] | ||
Noninterest income: | ||
Revenue from contract with customer | 2,182 | 2,157 |
Bankcard Services [Member] | ||
Noninterest income: | ||
Revenue from contract with customer | 950 | 804 |
Accounting Standards Update 2014-09 [Member] | ||
Noninterest income: | ||
Gain on OREO, net | 105 | 3,540 |
Other | 2,044 | 1,391 |
Total noninterest income | 10,422 | 11,937 |
Accounting Standards Update 2014-09 [Member] | Service Charges on Deposit Accounts [Member] | ||
Noninterest income: | ||
Revenue from contract with customer | 5,141 | 4,045 |
Accounting Standards Update 2014-09 [Member] | Trust and Investment Services [Member] | ||
Noninterest income: | ||
Revenue from contract with customer | 2,182 | 2,157 |
Accounting Standards Update 2014-09 [Member] | Bankcard Services [Member] | ||
Noninterest income: | ||
Revenue from contract with customer | 950 | 804 |
Accounting Standards Update 2014-09 Not Adopted [Member] | ||
Noninterest income: | ||
Total noninterest income | $ 5,881 | $ 979 |