Cover Page
Cover Page - shares | 9 Months Ended | |
Sep. 30, 2020 | Oct. 30, 2020 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Current Fiscal Year End Date | --12-31 | |
Entity Central Index Key | 0000354647 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2020 | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity Interactive Data Current | Yes | |
Document Period End Date | Sep. 30, 2020 | |
Entity Registrant Name | CVB FINANCIAL CORP. | |
Entity Current Reporting Status | Yes | |
Trading Symbol | CVBF | |
Title of 12(b) Security | Common Stock | |
Security Exchange Name | NASDAQ | |
Entity File Number | 000-10140 | |
Entity Incorporation, State or Country Code | CA | |
Entity Tax Identification Number | 95-3629339 | |
Entity Address, Address Line One | 701 North Haven Ave | |
Entity Address, City or Town | Ontario | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 91764 | |
City Area Code | 909 | |
Local Phone Number | 980-4030 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 135,505,605 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Assets | ||
Cash and due from banks | $ 145,455 | $ 158,310 |
Interest-earning balances due from Federal Reserve | 1,339,498 | 27,208 |
Total cash and cash equivalents | 1,484,953 | 185,518 |
Interest-earning balances due from depository institutions | 44,367 | 2,931 |
Investment securities available-for-sale, at fair value (with amortized cost of $2,150,364 at September 30, 2020, and $1,718,357 at December 31, 2019) | 2,205,646 | 1,740,257 |
Investment securities held-to-maturity (with fair value of $603,522 at September 30, 2020, and $678,948 at December 31, 2019) | 577,694 | 674,452 |
Total investment securities | 2,783,340 | 2,414,709 |
Investment in stock of Federal Home Loan Bank (FHLB) | 17,688 | 17,688 |
Loans and lease finance receivables | 8,407,872 | 7,564,577 |
Allowance for credit losses | (93,869) | (68,660) |
Net loans and lease finance receivables | 8,314,003 | 7,495,917 |
Premises and equipment, net | 51,477 | 53,978 |
Bank owned life insurance (BOLI) | 228,132 | 226,281 |
Accrued interest receivable | 30,004 | 28,122 |
Intangibles | 35,804 | 42,986 |
Goodwill | 663,707 | 663,707 |
Other real estate owned (OREO) | 4,189 | 4,889 |
Income taxes | 21,412 | 35,587 |
Other assets | 139,635 | 110,137 |
Total assets | 13,818,711 | 11,282,450 |
Deposits: | ||
Noninterest-bearing | 6,919,423 | 5,245,517 |
Interest-bearing | 4,249,411 | 3,459,411 |
Total deposits | 11,168,834 | 8,704,928 |
Customer repurchase agreements | 483,420 | 428,659 |
Other borrowings | 10,000 | |
Deferred compensation | 21,259 | 22,666 |
Junior subordinated debentures | 25,774 | 25,774 |
Other liabilities | 127,467 | 106,325 |
Total liabilities | 11,836,754 | 9,288,352 |
Stockholders' Equity | ||
Common stock, authorized, 225,000,000 shares without par; issued and outstanding 135,509,143 at September 30, 2020, and 140,102,480 at December 31, 2019 | 1,210,646 | 1,298,792 |
Retained earnings | 735,218 | 682,692 |
Accumulated other comprehensive income, net of tax | 36,093 | 12,614 |
Total stockholders' equity | 1,981,957 | 1,994,098 |
Total liabilities and stockholders' equity | $ 13,818,711 | $ 11,282,450 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Statement of Financial Position [Abstract] | ||
Amortized cost | $ 2,150,364 | $ 1,718,357 |
Fair Value, Held-to-maturity | $ 603,522 | $ 678,948 |
Common stock, par value | $ 0 | $ 0 |
Common stock, authorized | 225,000,000 | 225,000,000 |
Common stock, shares issued | 135,509,143 | 140,102,480 |
Common stock, shares outstanding | 135,509,143 | 140,102,480 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Earnings and Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Interest income: | ||||
Loans and leases, including fees | $ 94,200 | $ 98,796 | $ 281,669 | $ 300,326 |
Investment securities: | ||||
Investment securities available-for-sale | 8,447 | 9,222 | 26,945 | 29,985 |
Investment securities held-to-maturity | 3,375 | 4,298 | 11,033 | 13,249 |
Total investment income | 11,822 | 13,520 | 37,978 | 43,234 |
Dividends from FHLB stock | 215 | 301 | 761 | 931 |
Interest-earning deposits with other institutions | 389 | 946 | 1,285 | 1,140 |
Total interest income | 106,626 | 113,563 | 321,693 | 345,631 |
Interest expense: | ||||
Deposits | 2,958 | 4,589 | 10,077 | 12,553 |
Borrowings and customer repurchase agreements | 232 | 568 | 972 | 3,555 |
Junior subordinated debentures | 111 | 247 | 444 | 771 |
Total interest expense | 3,301 | 5,404 | 11,493 | 16,879 |
Net interest income before provision for credit losses | 103,325 | 108,159 | 310,200 | 328,752 |
Provision for credit losses | 0 | 1,500 | 23,500 | 5,000 |
Net interest income after provision for credit losses | 103,325 | 106,659 | 286,700 | 323,752 |
Noninterest income: | ||||
BOLI income | 1,469 | 1,797 | 5,211 | 4,482 |
Gain on OREO, net | 13 | 23 | 129 | |
Gain on sale of building, net | 1,680 | 1,680 | 4,545 | |
Gain on eminent domain condemnation, net | 0 | 5,685 | ||
Other | 3,160 | 2,297 | 8,736 | 6,944 |
Total noninterest income | 13,153 | 11,894 | 36,945 | 46,402 |
Noninterest expense: | ||||
Salaries and employee benefits | 31,034 | 30,122 | 90,617 | 88,286 |
Occupancy and equipment | 5,275 | 4,879 | 15,143 | 15,730 |
Professional services | 2,019 | 1,688 | 6,643 | 5,653 |
Computer software expense | 2,837 | 2,663 | 8,407 | 8,032 |
Marketing and promotion | 728 | 1,517 | 3,538 | 4,149 |
Amortization of intangible assets | 2,292 | 2,648 | 7,182 | 8,338 |
Acquisition related expenses | 244 | 6,005 | ||
Other | 5,403 | 3,774 | 13,097 | 13,474 |
Total noninterest expense | 49,588 | 47,535 | 144,627 | 149,667 |
Earnings before income taxes | 66,890 | 71,018 | 179,018 | 220,487 |
Income taxes | 19,398 | 20,595 | 51,915 | 63,941 |
Net earnings | 47,492 | 50,423 | 127,103 | 156,546 |
Other comprehensive income: | ||||
Unrealized (loss) gain on securities arising during the period, before tax | (2,004) | 5,423 | 33,334 | 43,136 |
Less: Reclassification adjustment for net gain on securities included in net income | 0 | (5) | 0 | (5) |
Other comprehensive (loss) income, before tax | (2,004) | 5,418 | 33,334 | 43,131 |
Less: Income tax benefit (expense) related to items of other comprehensive income | 593 | (1,602) | (9,855) | (12,751) |
Other comprehensive (loss) income, net of tax | (1,411) | 3,816 | 23,479 | 30,380 |
Comprehensive income | $ 46,081 | $ 54,239 | $ 150,582 | $ 186,926 |
Basic earnings per common share | $ 0.35 | $ 0.36 | $ 0.93 | $ 1.12 |
Diluted earnings per common share | $ 0.35 | $ 0.36 | $ 0.93 | $ 1.12 |
Service Charges on Deposit Accounts [Member] | ||||
Noninterest income: | ||||
Revenue from contract with customer, including assessed tax | $ 3,970 | $ 4,833 | $ 12,555 | $ 15,039 |
Trust and Investment Services [Member] | ||||
Noninterest income: | ||||
Revenue from contract with customer, including assessed tax | 2,405 | 2,330 | 7,302 | 6,964 |
Bankcard Services [Member] | ||||
Noninterest income: | ||||
Revenue from contract with customer, including assessed tax | $ 456 | $ 637 | $ 1,438 | $ 2,614 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands | Total | Cumulative Effect, Period of Adoption, Adjustment [Member] | Common Stock [Member] | Retained Earnings [Member] | Retained Earnings [Member]Cumulative Effect, Period of Adoption, Adjustment [Member] | Accumulated Other Comprehensive Income (Loss) [Member] |
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 | (1,535) | $ (1,535) | ||||
Repurchase of common stock, shares | (70) | |||||
Exercise of stock options | 2,212 | $ 2,212 | ||||
Exercise of stock options, shares | 160 | |||||
Shares issued pursuant to stock-based compensation plan | 3,792 | $ 3,792 | ||||
Shares issued pursuant to stock-based compensation plan, shares | 67 | |||||
Cash dividends declared on common stock | (75,692) | (75,692) | ||||
Net earnings | 156,546 | 156,546 | ||||
Other comprehensive income (loss) | 30,380 | 30,380 | ||||
Ending balance at Sep. 30, 2019 | 1,966,893 | $ 1,298,138 | 656,659 | 12,096 | ||
Ending balance, shares at Sep. 30, 2019 | 140,157 | |||||
Beginning balance at Jun. 30, 2019 | 1,936,677 | $ 1,296,885 | 631,512 | 8,280 | ||
Beginning balance, shares at Jun. 30, 2019 | 140,142 | |||||
Repurchase of common stock | (723) | $ (723) | ||||
Repurchase of common stock, shares | (34) | |||||
Exercise of stock options | 155 | $ 155 | ||||
Exercise of stock options, shares | 15 | |||||
Shares issued pursuant to stock-based compensation plan | 1,821 | $ 1,821 | ||||
Shares issued pursuant to stock-based compensation plan, shares | 34 | |||||
Cash dividends declared on common stock | (25,276) | (25,276) | ||||
Net earnings | 50,423 | 50,423 | ||||
Other comprehensive income (loss) | 3,816 | 3,816 | ||||
Ending balance at Sep. 30, 2019 | 1,966,893 | $ 1,298,138 | 656,659 | 12,096 | ||
Ending balance, shares at Sep. 30, 2019 | 140,157 | |||||
Beginning balance at Dec. 31, 2019 | 1,994,098 | $ 1,298,792 | 682,692 | 12,614 | ||
Beginning balance, shares at Dec. 31, 2019 | 140,102 | |||||
Cumulative adjustment upon adoption of ASU 2016-13 at Dec. 31, 2019 | $ (1,325) | $ (1,325) | ||||
Repurchase of common stock | (92,687) | $ (92,687) | ||||
Repurchase of common stock, shares | (5,004) | |||||
Exercise of stock options | 168 | $ 168 | ||||
Exercise of stock options, shares | 14 | |||||
Shares issued pursuant to stock-based compensation plan | 4,373 | $ 4,373 | ||||
Shares issued pursuant to stock-based compensation plan, shares | 397 | |||||
Cash dividends declared on common stock | (73,252) | (73,252) | ||||
Net earnings | 127,103 | 127,103 | ||||
Other comprehensive income (loss) | 23,479 | 23,479 | ||||
Ending balance at Sep. 30, 2020 | 1,981,957 | $ 1,210,646 | 735,218 | 36,093 | ||
Ending balance, shares at Sep. 30, 2020 | 135,509 | |||||
Beginning balance at Jun. 30, 2020 | 1,959,098 | $ 1,209,449 | 712,145 | 37,504 | ||
Beginning balance, shares at Jun. 30, 2020 | 135,516 | |||||
Repurchase of common stock | (257) | $ (257) | ||||
Repurchase of common stock, shares | (15) | |||||
Exercise of stock options | 47 | $ 47 | ||||
Exercise of stock options, shares | 4 | |||||
Shares issued pursuant to stock-based compensation plan | 1,407 | $ 1,407 | ||||
Shares issued pursuant to stock-based compensation plan, shares | 4 | |||||
Cash dividends declared on common stock | (24,419) | (24,419) | ||||
Net earnings | 47,492 | 47,492 | ||||
Other comprehensive income (loss) | (1,411) | (1,411) | ||||
Ending balance at Sep. 30, 2020 | $ 1,981,957 | $ 1,210,646 | $ 735,218 | $ 36,093 | ||
Ending balance, shares at Sep. 30, 2020 | 135,509 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Stockholders' Equity (Parenthetical) - $ / shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Statement of Stockholders' Equity [Abstract] | ||||
Cash dividends per common share | $ 0.18 | $ 0.18 | $ 0.54 | $ 0.54 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Cash Flows from Operating Activities | ||
Interest and dividends received | $ 301,634 | $ 331,953 |
Service charges and other fees received | 29,918 | 31,441 |
Interest paid | (10,975) | (16,155) |
Net cash paid to vendors, employees and others | (136,948) | (140,482) |
Income taxes | (45,610) | (59,347) |
Net cash provided by operating activities | 138,019 | 147,410 |
Cash Flows from Investing Activities | ||
Net change in interest-earning balances from depository institutions | (41,436) | 1,997 |
Proceeds from sale of investment securities held-for-sale | 0 | 152,644 |
Proceeds from repayment of investment securities available-for-sale | 426,684 | 268,766 |
Proceeds from maturity of investment securities available-for-sale | 3,506 | 6,059 |
Purchases of investment securities available-for-sale | (870,934) | (225,416) |
Proceeds from repayment and maturity of investment securities held-to-maturity | 106,491 | 81,001 |
Purchases of investment securities held-to-maturity | (11,210) | (42,917) |
Net increase in equity investments | (2,890) | (3,511) |
Net (increase) decrease in loan and lease finance receivables | (815,151) | 289,490 |
Proceeds on eminent domain condemnation, net | 0 | 5,685 |
Proceeds from sale of building, net of selling costs | 2,131 | 5,487 |
Purchase of premises and equipment | (2,444) | (3,061) |
Proceeds from BOLI death benefit | 4,589 | 1,509 |
Proceeds from sales of other real estate owned | 0 | 523 |
Net cash (used in) provided by investing activities | (1,200,664) | 538,256 |
Cash Flows from Financing Activities | ||
Net increase in other deposits | 2,465,066 | 37,061 |
Net decrease in time deposits | (1,160) | (70,221) |
Net increase (decrease) in other borrowings | 10,000 | (275,086) |
Net increase (decrease) in customer repurchase agreements | 54,761 | (34,405) |
Cash dividends on common stock | (74,068) | (70,092) |
Repurchase of common stock | (92,687) | (1,535) |
Proceeds from exercise of stock options | 168 | 2,212 |
Net cash provided by (used in) financing activities | 2,362,080 | (412,066) |
Net increase in cash and cash equivalents | 1,299,435 | 273,600 |
Cash and cash equivalents, beginning of period | 185,518 | 163,948 |
Cash and cash equivalents, end of period | 1,484,953 | 437,548 |
Reconciliation of Net Earnings to Net Cash Provided by Operating Activities | ||
Net earnings | 127,103 | 156,546 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | ||
Gain on sale of investment securities, net | 0 | (5) |
Gain on eminent domain condemnation, net | 0 | (5,685) |
Gain on sale of building, net | (1,680) | (4,545) |
Gain on sale of other real estate owned | 0 | (105) |
Increase in BOLI | (4,028) | (5,592) |
Net amortization of premiums and discounts on investment securities | 10,181 | 7,593 |
Accretion of discount for acquired loans, net | (13,106) | (22,369) |
Provision for credit losses | 23,500 | 5,000 |
Valuation allowance on other real estate owned | 700 | 0 |
Stock-based compensation | 4,373 | 3,792 |
Depreciation and amortization, net | 2,173 | 16,993 |
Change in other assets and liabilities | (11,197) | (4,213) |
Total adjustments | 10,916 | (9,136) |
Net cash provided by operating activities | 138,019 | 147,410 |
Supplemental Disclosure of Non-cash Investing Activities | ||
Transfer of loans to other real estate owned | $ 0 | $ 9,450 |
Business
Business | 9 Months Ended |
Sep. 30, 2020 | |
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 its CitizensTrust Division. The Bank’s customers consist primarily of small to mid-sized |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Sep. 30, 2020 | |
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 10-K Reclassification |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2020 | |
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 10-K (“Form 10-K”). Use of Estimates in the Preparation of Financial Statements Adoption of New Accounting Standard Provision and Allowance for Credit Losses No. 2016-13, held-to-maturity available-for-sale The Company adopted this ASU using the modified retrospective method for all financial assets measured at amortized cost and off-balance The Company developed an allowance model that calculates reserves over the life of the loan and is largely driven by portfolio characteristics, risk grading, macroeconomic variables and the associated economic outlook, as well as other key methodology assumptions. The allowance is based upon historical lifetime loss rate models segregated by three loan segments: Commercial and Industrial, Commercial Real Estate, and Consumer Retail. In addition to determining the quantitative life of loan loss rate to be applied against the portfolio segments, the ASU indicates management has the opportunity to layer on current conditions and forecast adjustments to ensure that the life of loan loss rate reflects both the current state of the portfolio, and expectations for macroeconomic changes in the near future. We utilized a single economic forecast that is based on probability weighted scenarios to incorporate macroeconomic uncertainty over a 2 or 3-year Beginning in the second half of March 2020, the broader economy experienced a significant deterioration in the economic environment driven by the COVID-19 pandemic resulting in adverse changes to the forecasted macroeconomic variables utilized in our modeling processes. This economic deterioration, coupled with the implementation of the expected loss methodology for determining our provision for credit losses, have contributed to an increased provision for credit losses of million in the first half of 2020. We continue to monitor the impact on the economy from COVID-19 closely, as well as any effects that may result from the CARES Act. The extent to which the COVID-19 pandemic will impact our operations and financial results during the final quarter of 2020 is uncertain, but we may experience increased provision for credit losses if the COVID-19 pandemic results in additional economic stress on our borrowers and loan portfolios. |
Investment Securities
Investment Securities | 9 Months Ended |
Sep. 30, 2020 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment Securities | 4. INVESTMENT SECURITIES The amortized cost and estimated fair value of investment securities are summarized below. The majority of securities held are available-for-sale September 30, 2020 Amortized Cost Gross Unrealized Holding Gain Gross Unrealized Holding Loss Fair Value Total Percent (Dollars in thousands) Investment securities available-for-sale: Mortgage-backed securities $ 1,710,160 $ 46,713 $ (2) $ 1,756,871 79.65% CMO/REMIC 404,380 7,326 (212) 411,494 18.66% Municipal bonds 35,011 1,457 - 36,468 1.65% Other securities 813 - - 813 0.04% Total available-for-sale $ 2,150,364 $ 55,496 $ (214) $ 2,205,646 100.00% Investment securities held-to-maturity: Government agency/GSE $ 103,317 $ 6,627 $ - $ 109,944 17.88% Mortgage-backed securities 152,285 7,837 - 160,122 26.36% CMO/REMIC 159,676 5,315 - 164,991 27.64% Municipal bonds 162,416 6,387 (338) 168,465 28.12% Total held-to-maturity $ 577,694 $ 26,166 $ (338) $ 603,522 100.00% December 31, 2019 Amortized Cost Gross Unrealized Holding Gain Gross Unrealized Holding Loss Fair Value Total Percent (Dollars in thousands) Investment securities available-for-sale: Mortgage-backed securities $ 1,185,757 $ 21,306 $ (750) $ 1,206,313 69.32% CMO/REMIC 493,214 1,392 (896) 493,710 28.37% Municipal bonds 38,506 850 (2) 39,354 2.26% Other securities 880 - - 880 0.05% Total available-for-sale $ 1,718,357 $ 23,548 $ (1,648) $ 1,740,257 100.00% Investment securities held-to-maturity: Government agency/GSE $ 117,366 $ 2,280 $ (657) $ 118,989 17.40% Mortgage-backed securities 168,479 2,083 (54) 170,508 24.98% CMO/REMIC 192,548 - (2,458) 190,090 28.55% Municipal bonds 196,059 3,867 (565) 199,361 29.07% Total held-to-maturity $ 674,452 $ 8,230 $ (3,734) $ 678,948 100.00% 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. Three Months Ended Nine Months Ended 2020 2019 2020 2019 (Dollars in thousands) Investment securities available-for-sale: Taxable $ 8,244 $ 8,949 $ 26,313 $ 29,079 Tax-advantaged 203 273 632 906 Total interest income from available-for-sale 8,447 9,222 26,945 29,985 Investment securities held-to-maturity: Taxable 2,265 2,883 7,410 8,725 Tax-advantaged 1,110 1,415 3,623 4,524 Total interest income from held-to-maturity 3,375 4,298 11,033 13,249 Total interest income from investment securities $ 11,822 $ 13,520 $ 37,978 $ 43,234 The adoption of CECL did not have a material impact on the accounting for investment securities, as approximately 93% of the total investment securities portfolio at September 30, 2020 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 remaining securities are predominately AA- held-to-maturity We adopted ASU 2016-13 available-for-sale held-to-maturity The following table presents the Company’s available-for-sale September 30, 2020 Less Than 12 Months 12 Months or Longer Total Fair Value Gross Fair Value Gross Fair Value Gross (Dollars in thousands) Investment securities available-for-sale: Mortgage-backed securities $ 30,851 $ (2) $ - $ - $ 30,851 $ (2) CMO/REMIC 71,781 (212) - - 71,781 (212) Municipal bonds - - - - - - Total available-for-sale $ 102,632 $ (214) $ - $ - $ 102,632 $ (214) The table below presents 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 December 31, 2019, prior to adoption of ASU 2016-13. December 31, 2019 Less Than 12 Months 12 Months or Longer Total Fair Value Gross Fair Value Gross Fair Value Gross (Dollars in thousands) Investment securities available-for-sale: Mortgage-backed securities $ 20,289 $ (6) $ 97,964 $ (744) $ 118,253 $ (750) CMO/REMIC 177,517 (705) 34,565 (191) 212,082 (896) Municipal bonds - - 563 (2) 563 (2) Total available-for-sale $ 197,806 $ (711) $ 133,092 $ (937) $ 330,898 $ (1,648) Investment securities held-to-maturity: Government agency/GSE $ 28,359 $ (252) $ 19,405 $ (405) $ 47,764 $ (657) Mortgage-backed securities 10,411 (54) - - 10,411 (54) CMO/REMIC 23,897 (104) 166,193 (2,354) 190,090 (2,458) Municipal bonds 7,583 (32) 29,981 (533) 37,564 (565) Total held-to-maturity $ 70,250 $ (442) $ 215,579 $ (3,292) $ 285,829 $ (3,734) At September 30, 2020 and December 31, 2019, investment securities having a carrying value of approximately $1.86 billion and $1.64 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 September 30, 2020, by contractual maturity, are shown in the table below. Although mortgage-backed and CMO/REMIC securities have weighted average remaining contractual maturities of approximately 17 years, expected maturities will differ from contractual maturities because borrowers may have the right to prepay such obligations without penalty . September 30, 2020 Available-for-sale Held-to-maturity Amortized Fair Value Amortized Fair Value (Dollars in thousands) Due in one year or less $ 27,816 $ 27,968 $ 2,730 $ 2,764 Due after one year through five years 1,960,912 2,012,028 327,785 341,060 Due after five years through ten years 119,315 121,652 81,246 84,329 Due after ten years 42,321 43,998 165,933 175,369 Total investment securities $ 2,150,364 $ 2,205,646 $ 577,694 $ 603,522 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 as of September 30, 2020. |
Loans and Lease Finance Receiva
Loans and Lease Finance Receivables and Allowance for Credit Losses | 9 Months Ended |
Sep. 30, 2020 | |
Receivables [Abstract] | |
Loans and Lease Finance Receivables and Allowance for Credit Losses | 5. LOANS AND LEASE FINANCE RECEIVABLES AND ALLOWANCE FOR CREDIT LOSSES The following table provides a summary of total loans and lease finance receivables by type. September 30, 2020 December 31, 2019 (Dollars in thousands) Commercial and industrial $ 817,056 $ 935,127 SBA 304,987 305,008 SBA - Paycheck Protection Program (PPP) 1,101,142 - Real estate: Commercial real estate 5,428,223 5,374,617 Construction 101,903 116,925 SFR mortgage 274,731 283,468 Dairy & livestock and agribusiness 252,802 383,709 Municipal lease finance receivables 38,040 53,146 Consumer and other loans 88,988 116,319 Total loans 8,407,872 7,568,319 Less: Deferred loan fees, net (1) - (3,742 ) Total loans, net of deferred loan fees 8,407,872 7,564,577 Less: Allowance for credit losses (93,869 ) (68,660 ) Total loans and lease finance receivables, net $ 8,314,003 $ 7,495,917 (1) Beginning with March 31, 2020, gross loans are presented net of deferred loan fees by respective class of financing receivables. As of September 30, 2020, 69.04% of the Company’s total gross loan portfolio consisted of real estate loans, with commercial real estate loans representing 64.56% of total loans. Substantially all of the Company’s real estate loans and construction loans are secured by real properties located in California. As of September 30, 2020, $271.2 million, or 5.00% of the total commercial real estate loans included loans secured by farmland, compared to $241.8 million, or 4.50%, at December 31, 2019. The loans secured by farmland included $121.1 million for loans secured by dairy & livestock land and $150.2 million for loans secured by agricultural land at September 30, 2020, compared to $125.9 million for loans secured by dairy & livestock land and $115.9 million for loans secured by agricultural land at December 31, 2019. As of September 30, 2020, dairy & livestock and agribusiness loans of $252.8 million were comprised of $210.4 million for dairy & livestock loans and $42.4 million for agribusiness loans, compared to $323.5 million for dairy & livestock loans and $60.2 million for agribusiness loans at December 31, 2019. At September 30, 2020 and December 31, 2019, loans totaling $6.00 billion and $6.03 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 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. Loans are monitored by line and credit management personnel on an ongoing basis 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 and origination year, according to our internal risk ratings as of the date presented. Origination Year Revolving Revolving September 30, 2020 2020 2019 2018 2017 2016 Prior Total (Dollars in thousands) Commercial and Risk Rating: Pass $ 81,480 $ 170,738 $ 72,345 $ 62,918 $ 41,860 $ 80,669 $ 255,407 $ 8,153 $ 773,570 Special Mention - 1,235 3,087 814 241 5,015 15,970 1,022 27,384 Substandard 4,545 111 1,500 1,815 448 8 6,472 1,203 16,102 Doubtful & Loss - - - - - - - - - Total Commercial and $ 86,025 $ 172,084 $ 76,932 $ 65,547 $ 42,549 $ 85,692 $ 277,849 $ 10,378 $ 817,056 SBA loans: Risk Rating: Pass $ 37,389 $ 13,394 $ 46,193 $ 72,665 $ 26,687 $ 88,255 $ - $ 2,873 $ 287,456 Special Mention - - - 1,113 1,352 6,910 - - 9,375 Substandard - - 955 1,998 1,546 3,657 - - 8,156 Doubtful & Loss - - - - - - - - - Total SBA loans: $ 37,389 $ 13,394 $ 47,148 $ 75,776 $ 29,585 $ 98,822 $ - $ 2,873 $ 304,987 SBA - PPP loans: Risk Rating: Pass $ 1,101,142 $ - $ - $ - $ - $ - $ - $ - $ 1,101,142 Special Mention - - - - - - - - - Substandard - - - - - - - - - Doubtful & Loss - - - - - - - - - Total SBA - PPP loans: $ 1,101,142 $ - $ - $ - $ - $ - $ - $ - $ 1,101,142 Commercial real estate loans: Risk Rating: Pass $ 617,068 $ 701,648 $ 680,997 $ 684,519 $ 589,553 $ 1,776,989 $ 201,021 $ 26,329 $ 5,278,124 Special Mention 4,619 11,125 18,168 21,767 13,865 48,591 5,447 297 123,879 Substandard - 793 3,815 5,497 1,281 14,597 237 - 26,220 Doubtful & Loss - - - - - - - - - Total Commercial real estate loans: $ 621,687 $ 713,566 $ 702,980 $ 711,783 $ 604,699 $ 1,840,177 $ 206,705 $ 26,626 $ 5,428,223 Construction loans: Risk Rating: Pass $ 11,160 $ 8,614 $ 14,399 $ 15,667 $ 10,592 $ 4 $ 41,467 $ - $ 101,903 Special Mention - - - - - - - - - Substandard - - - - - - - - - Doubtful & Loss - - - - - - - - - Total Construction loans: $ 11,160 $ 8,614 $ 14,399 $ 15,667 $ 10,592 $ 4 $ 41,467 $ - $ 101,903 SFR mortgage loans: Risk Rating: Pass $ 52,050 $ 62,087 $ 33,614 $ 25,069 $ 28,344 $ 69,215 $ - $ - $ 270,379 Special Mention 15 - - - - 456 - - 471 Substandard - 238 - - 229 2,974 - 440 3,881 Doubtful & Loss - - - - - - - - - Total SFR mortgage loans: $ 52,065 $ 62,325 $ 33,614 $ 25,069 $ 28,573 $ 72,645 $ - $ 440 $ 274,731 Origination Year Revolving Revolving September 30, 2020 2020 2019 2018 2017 2016 Prior Total (Dollars in thousands) Dairy & livestock and agribusiness loans: Risk Rating: Pass $ 742 $ 2,201 $ 1,675 $ 5,709 $ 152 $ 341 $ 210,610 $ 494 $ 221,924 Special Mention 13 - - - - - 11,596 1,631 13,240 Substandard - - 849 703 2,985 - 824 12,277 17,638 Doubtful & Loss - - - - - - - - - Total Dairy & livestock and agribusiness loans: $ 755 $ 2,201 $ 2,524 $ 6,412 $ 3,137 $ 341 $ 223,030 $ 14,402 $ 252,802 Municipal lease finance receivables loans: Risk Rating: Pass $ 123 $ - $ 2,556 $ 10,436 $ 3,587 $ 20,926 $ - $ - $ 37,628 Special Mention - - - - - 412 - - 412 Substandard - - - - - - - - - Doubtful & Loss - - - - - - - - - Total Municipal lease finance receivables loans: $ 123 $ - $ 2,556 $ 10,436 $ 3,587 $ 21,338 $ - $ - $ 38,040 Consumer and other Risk Rating: Pass $ 5,483 $ 2,334 $ 971 $ 1,068 $ 1,714 $ 1,380 $ 72,501 $ 1,994 $ 87,445 Special Mention - - - - - 91 737 - 828 Substandard - - - - - 174 - 541 715 Doubtful & Loss - - - - - - - - - Total Consumer and other loans: $ 5,483 $ 2,334 $ 971 $ 1,068 $ 1,714 $ 1,645 $ 73,238 $ 2,535 $ 88,988 Gross loans: Risk Rating: Pass $ 1,906,637 $ 961,016 $ 852,750 $ 878,051 $ 702,489 $ 2,037,779 $ 781,006 $ 39,843 $ 8,159,571 Special Mention 4,647 12,360 21,255 23,694 15,458 61,475 33,750 2,950 175,589 Substandard 4,545 1,142 7,119 10,013 6,489 21,410 7,533 14,461 72,712 Doubtful & Loss - - - - - - - - - Total Gross loans: $ 1,915,829 $ 974,518 $ 881,124 $ 911,758 $ 724,436 $ 2,120,664 $ 822,289 $ 57,254 $ 8,407,872 The following table summarizes loans by type, according to our internal risk ratings as of the date presented. December 31, 2019 Pass Special Substandard Doubtful & Total (Dollars in thousands) Commercial and industrial $ 895,234 $ 35,473 $ 4,420 $ - $ 935,127 SBA 283,430 11,032 10,546 - 305,008 Real estate: Commercial real estate Owner occupied 1,977,007 78,208 28,435 - 2,083,650 Non-owner 3,280,580 10,005 382 - 3,290,967 Construction Speculative 106,895 - - - 106,895 Non-speculative 10,030 - - - 10,030 SFR mortgage 280,010 1,957 1,501 - 283,468 Dairy & livestock and agribusiness 320,670 35,920 27,119 - 383,709 Municipal lease finance receivables 52,676 470 - - 53,146 Consumer and other loans 114,870 421 1,028 - 116,319 Total gross loans $ 7,321,402 $ 173,486 $ 73,431 $ - $ 7,568,319 Allowance for Credit Losses The allowance for credit losses for 2020 is based upon historical lifetime loss rate models segregated by three loan segments: Commercial and Industrial, Commercial Real Estate, and Consumer Retail. Our methodology for assessing the appropriateness of the allowance is reviewed on a regular basis and considers overall risks in the Bank’s loan portfolio. Refer to Note 3 – Summary of Significant Accounting Policies Our allowance for credit losses decreased in the third quarter by $114,000, as a result of net charge-offs of $114,000. There was no provision for credit losses in the third quarter of 2020. Our allowance for credit losses at September 30, 2020 was $93.9 million or 1.12% of total loans. For the nine months ended September 30, 2020, the ACL increased by $25.2 million, including a $1.8 million increase from the adoption of CECL on January 1, 2020. The increase in the ACL was primarily due to $23.5 million in provision for credit losses recorded in the first half of 2020 resulting from the forecasted changes in macroeconomic variables related to the COVID -19 in this baseline forec as t re-opening its currently f Management believes that the ACL was appropriate at September 30, 2020 and December 31, 2019. There is a high degree of uncertainty around the epidemiological assumptions and impact of government responses to the pandemic that impact our economic forecast, so no assurance can be given that economic conditions that adversely affect the Company’s service areas or other circumstances will not be reflected in increased provisions for credit losses in the future. The following tables present the balance and activity related to the allowance for credit losses for held-for-investment Three Months Ended September 30, 2020 Ending Balance Charge-offs Recoveries Provision for Ending Balance (Dollars in thousands) Commercial and industrial $ 7,991 $ (161 ) $ 2 $ 761 $ 8,593 SBA 3,651 (47 ) 69 (169 ) 3,504 SBA - PPP - - - - - Real estate: Commercial real estate 74,928 - - (473 ) 74,455 Construction 2,290 - 3 (355 ) 1,938 SFR mortgage 222 - - 15 237 Dairy & livestock and agribusiness 3,379 - - 330 3,709 Municipal lease finance receivables 302 - - (153 ) 149 Consumer and other loans 1,220 (23 ) 43 44 1,284 Total allowance for credit losses $ 93,983 $ (231 ) $ 117 $ - $ 93,869 Three Months Ended September 30, 2019 Ending Balance Charge-offs Recoveries Provision for Ending Balance (Dollars in thousands) Commercial and industrial $ 7,857 $ - $ 94 $ 287 $ 8,238 SBA 1,119 (65 ) - 412 1,466 Real estate: Commercial real estate 48,287 - - 624 48,911 Construction 871 - 3 55 929 SFR mortgage 2,323 - 8 44 2,375 Dairy & livestock and agribusiness 5,341 - - 88 5,429 Municipal lease finance receivables 726 - - (64 ) 662 Consumer and other loans 608 (3 ) 3 54 662 Total allowance for loan losses $ 67,132 $ (68 ) $ 108 $ 1,500 $ 68,672 Nine Months Ended September 30, 2020 Ending Balance, 2016-13 Impact of ASU 2016-13 Charge-offs Recoveries Provision for Ending Balance (Dollars in thousands) Commercial and industrial $ 8,880 $ (2,442 ) $ (172 ) $ 7 $ 2,320 $ 8,593 SBA 1,453 1,818 (203 ) 72 364 3,504 SBA - PPP - - - - - - Real estate: Commercial real estate 48,629 3,547 - - 22,279 74,455 Construction 858 655 - 9 416 1,938 SFR mortgage 2,339 (2,043 ) - 206 (265 ) 237 Dairy & livestock and agribusiness 5,255 (186 ) - - (1,360 ) 3,709 Municipal lease finance receivables 623 (416 ) - - (58 ) 149 Consumer and other loans 623 907 (109 ) 59 (196 ) 1,284 Total allowance for credit losses $ 68,660 $ 1,840 $ (484 ) $ 353 $ 23,500 $ 93,869 Nine Months Ended September 30, 2019 Ending Balance Charge-offs Recoveries Provision for Ending Balance (Dollars in thousands) Commercial and industrial $ 7,528 $ (48 ) $ 253 $ 505 $ 8,238 SBA 1,078 (295 ) 9 674 1,466 Real estate: Commercial real estate 45,097 - - 3,814 48,911 Construction 981 - 9 (61 ) 929 SFR mortgage 2,197 - 191 (13 ) 2,375 Dairy & livestock and agribusiness 5,225 (78 ) 19 263 5,429 Municipal lease finance receivables 775 - - (113 ) 662 Consumer and other loans 732 (7 ) 6 (69 ) 662 Total allowance for loan losses $ 63,613 $ (428 ) $ 487 $ 5,000 $ 68,672 The following table presents the recorded investment in loans held-for-investment September 30, 2019 Recorded Investment in Loans Allowance for Loan Losses Individually Collectively Individually Collectively (Dollars in thousands) Commercial and industrial $ 1,638 $ 920,040 $ 254 $ 7,984 SBA 3,248 316,323 286 1,180 Real estate: Commercial real estate 1,500 5,374,168 - 48,911 Construction - 119,931 - 929 SFR mortgage 3,009 275,635 - 2,375 Dairy & livestock and agribusiness - 311,229 - 5,429 Municipal lease finance receivables - 54,468 - 662 Consumer and other loans 385 116,743 - 662 Total $ 9,780 $ 7,488,537 $ 540 $ 68,132 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 ACL, 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 10-K The following table presents the recorded investment in, and the aging of, past due loans (including nonaccrual loans), by type of loans as of the date presented. September 30, 2020 30-59 Days 60-89 Days Greater than Past Due Total Past Due Loans Not Total Loans (Dollars in thousands) Commercial and industrial $ 3,582 $ 1,209 $ 560 $ 5,351 $ 811,705 $ 817,056 SBA 468 270 777 1,515 303,472 304,987 SBA - PPP - - - - 1,101,142 1,101,142 Real estate: Commercial real estate Owner occupied - - 3,770 3,770 2,121,430 2,125,200 Non-owner - - 1,715 1,715 3,301,308 3,303,023 Construction Speculative (1) - - - - 94,232 94,232 Non-speculative - - - - 7,671 7,671 SFR mortgage - - 467 467 274,264 274,731 Dairy & livestock and agribusiness - 849 - 849 251,953 252,802 Municipal lease finance receivables - - - - 38,040 38,040 Consumer and other loans 68 - 34 102 88,886 88,988 Total gross loans $ 4,118 $ 2,328 $ 7,323 $ 13,769 $ 8,394,103 $ 8,407,872 (1) Speculative construction loans are generally for properties where there is no identified buyer or renter. Following the adoption of CECL on January 1, 2020, the definitions of impairment and related impaired loan disclosures were removed. Under CECL, amortized cost of our finance receivables and loans that are on nonaccrual status, including loans with no allowance, are presented as of September 30, 2020 by type of loan. September 30, 2020 Nonaccrual Total Loans Past 89 Days Still (Dollars in thousands) Commercial and industrial $ 1,421 $ 1,822 $ - SBA 850 1,724 - SBA - PPP - - - Real estate: Commercial real estate Owner occupied 4,766 4,766 - Non-owner - 1,715 - Construction Speculative (2) - - - Non-speculative - - - SFR mortgage 675 675 - Dairy & livestock and agribusiness 849 849 - Municipal lease finance receivables - - - Consumer and other loans 224 224 - Total gross loans $ 8,785 $ 11,775 $ - (1) As of September 30, 2020, $1.8 million of nonaccruing loans were current, $571,000 were 30-59 60-89 (2) Speculative construction loans are generally for properties where there is no identified buyer or renter. (3) Excludes $51,000 of guaranteed portion of nonaccrual SBA loans that are in process of collection. The following table presents the recorded investment in, and the aging of, past due and nonaccrual loans, by type of loans as of the date presented. December 31, 2019 30-59 Days 60-89 Days Total Past Due Nonaccrual (1) (3) Current Total Loans (Dollars in thousands) Commercial and industrial $ 2 $ - $ 2 $ 1,266 $ 933,859 $ 935,127 SBA 870 532 1,402 2,032 301,574 305,008 Real estate: Commercial real estate Owner occupied - - - 479 2,083,171 2,083,650 Non-owner - - - 245 3,290,722 3,290,967 Construction Speculative (2) - - - - 106,895 106,895 Non-speculative - - - - 10,030 10,030 SFR mortgage 6 243 249 878 282,341 283,468 Dairy & livestock and agribusiness - - - - 383,709 383,709 Municipal lease finance receivables - - - - 53,146 53,146 Consumer and other loans - - - 377 115,942 116,319 Total gross loans $ 878 $ 775 $ 1,653 $ 5,277 $ 7,561,389 $ 7,568,319 (1) As of December 31, 2019, $1.2 million of nonaccruing loans were current, $59,000 were 30-59 60-89 (2) Speculative construction loans are generally for properties where there is no identified buyer or renter. (3) Excludes $2.0 million of guaranteed portion of nonaccrual SBA loans that are in process of collection. Impaired Loans (prior to adoption of CECL) Following the adoption of CECL as of January 1, 2020, the definitions of impairment and related impaired loan disclosures were removed. As a result of the change, the following tables present information about our impaired loans and lease finance receivables, individually evaluated for impairment by type of loans, as of September 30, 2019 and December 31, 2019, prior to the date of adoption of the amendments to the credit loss standard. As of and For the Nine Months Ended Recorded Unpaid Related Average Interest (Dollars in thousands) With no related allowance recorded: Commercial and industrial $ 1,382 $ 1,537 $ - $ 1,560 $ 4 SBA 2,447 3,554 - 2,606 31 Real estate: Commercial real estate Owner occupied 494 614 - 508 - Non-owner occupied 1,006 1,190 - 1,052 21 Construction Speculative - - - - - Non-speculative - - - - - SFR mortgage 3,009 3,338 - 3,059 62 Dairy & livestock and agribusiness - - - - - Municipal lease finance receivables - - - - - Consumer and other loans 385 516 - 401 - Total 8,723 10,749 - 9,186 118 With a related allowance recorded: Commercial and industrial 256 345 254 829 - SBA 801 816 286 816 - 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 1,057 1,161 540 1,645 - Total impaired loans $ 9,780 $ 11,910 $ 540 $ 10,831 $ 118 December 31, 2019 Recorded Unpaid Related (Dollars in thousands) With no related allowance recorded: Commercial and industrial $ 1,091 $ 1,261 $ - SBA 2,243 2,734 - Real estate: Commercial real estate Owner occupied 479 613 - Non-owner 642 643 - Construction Speculative - - - Non-speculative - - - SFR mortgage 2,979 3,310 - Dairy & livestock and agribusiness - - - Municipal lease finance receivables - - - Consumer and other loans 377 514 - Total 7,811 9,075 - With a related allowance recorded: Commercial and industrial 253 347 251 SBA 325 324 257 Real estate: Commercial real estate Owner occupied - - - Non-owner - - - Construction Speculative - - - Non-speculative - - - SFR mortgage - - - Dairy & livestock and agribusiness - - - Municipal lease finance receivables - - - Consumer and other loans - - - Total 578 671 508 Total impaired loans $ 8,389 $ 9,746 $ 508 Collateral Dependent Loans A loan is considered collateral-dependent when the borrower is experiencing financial difficulty and repayment is expected to be provided substantially through the operation or sale of the collateral. The following table presents the recorded investment in collateral-dependent loans by type of loans as of the date presented. September 30, 2020 Number of Real Estate Business Assets Other (Dollars in thousands) Commercial and industrial $ 145 $ 4,703 $ 62 14 SBA 1,015 497 7 11 SBA - PPP - - - - Real estate: Commercial real estate 6,836 - - 7 Construction - - - - SFR mortgage 675 - - 3 Dairy & livestock and agribusiness - 849 - 1 Municipal lease finance receivables - - - - Consumer and other loans 203 - 20 4 Total collateral-dependent loans $ 8,874 $ 6,049 $ 89 40 Reserve for Unfunded Loan Commitments The allowance for off-balance off-balance 2016-13, Troubled Debt Restructurings (“TDRs”) Loans that are reported as TDRs are considered nonperforming and charge-off Summary of Significant Accounting Policies, 10-K As of September 30, 2020, there were $2.2 million of loans classified as a TDR, all of which 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 no allocated allowance to TDRs as of September 30, 2020 and December 31, 2019. The following table provides a summary of the activity related to TDRs for the periods presented. Three Months Ended Nine Months Ended 2020 2019 2020 2019 (Dollars in thousands) Performing TDRs: Beginning balance $ 2,771 $ 3,219 $ 3,112 $ 3,594 New modifications - - - - Payoffs/payments, net and other (554 ) (51 ) (895 ) (426 ) TDRs returned to accrual status - - - - TDRs placed on nonaccrual status - - - - Ending balance $ 2,217 $ 3,168 $ 2,217 $ 3,168 Nonperforming TDRs: Beginning balance $ - $ 263 $ 244 $ 3,509 New modifications - - - - Charge-offs - - - (78 ) Transfer to OREO - - - (2,275 ) Payoffs/payments, net and other - (14 ) (244 ) (907 ) TDRs returned to accrual status - - - - TDRs placed on nonaccrual status - - - - Ending balance $ - $ 249 $ - $ 249 Total TDRs $ 2,217 $ 3,417 $ 2,217 $ 3,417 As of September 30, 2020 and 2019, there were no loans that were modified as TDRs during the nine months ended September 30, 2020 and 2019, respectively. There were no loans that were previously modified as a TDR within the previous 12 months that subsequently defaulted during the nine months ended September 30, 2020 and 2019. In accordance with regulatory guidance, if borrowers are less than 30 days past due on their loans, upon implementation of the modification program, or as allowed under the CARES Act if borrowers are less than 30 days past due on their loans as of December 31, 2019, and enter into short-term loan modifications offered as a result of COVID-19, COVID-19, COVID-19, |
Earnings Per Share Reconciliati
Earnings Per Share Reconciliation | 9 Months Ended |
Sep. 30, 2020 | |
Earnings Per Share [Abstract] | |
Earnings Per Share Reconciliation | 6. 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 and nine months ended September 30, 2020, shares deemed to be antidilutive, and thus excluded from the computation of earnings per common share, were 517,000 and 361,000, respectively. For the three and nine months ended September 30, 2019, shares deemed to be antidilutive, and thus excluded from the computation of earnings per common share, were 240,000 and 184,000, 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. Three Months Ended Nine Months Ended 2020 2019 2020 2019 (In thousands, except per share amounts) Earnings per common share: Net earnings $ 47,492 $ 50,423 $ 127,103 $ 156,546 Less: Net earnings allocated to restricted stock 175 116 407 390 Net earnings allocated to common shareholders $ 47,317 $ 50,307 $ 126,696 $ 156,156 Weighted average shares outstanding 135,017 139,824 136,369 139,730 Basic earnings per common share $ 0.35 $ 0.36 $ 0.93 $ 1.12 Diluted earnings per common share: Net income allocated to common shareholders $ 47,317 $ 50,307 $ 126,696 $ 156,156 Weighted average shares outstanding 135,017 139,824 136,369 139,730 Incremental shares from assumed exercise of outstanding options 167 151 167 217 Diluted weighted average shares outstanding 135,184 139,975 136,536 139,947 Diluted earnings per common share $ 0.35 $ 0.36 $ 0.93 $ 1.12 |
Fair Value Information
Fair Value Information | 9 Months Ended |
Sep. 30, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value Information | 7. 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 September 30, 2020. 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 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 as of the dates presented. Carrying Value at Quoted Prices in Active Markets for Significant Other Significant (Dollars in thousands) Description of assets Investment securities - AFS: Mortgage-backed securities $ 1,756,871 $ - $ 1,756,871 $ - CMO/REMIC 411,494 - 411,494 - Municipal bonds 36,468 - 36,468 - Other securities 813 - 813 - Total investment securities - AFS 2,205,646 - 2,205,646 - Interest rate swaps 37,255 - 37,255 - Total assets $ 2,242,901 $ - $ 2,242,901 $ - Description of liability Interest rate swaps $ 37,255 $ - $ 37,255 $ - Total liabilities $ 37,255 $ - $ 37,255 $ - Carrying Value at Quoted Prices in Significant Other Significant (Dollars in thousands) Description of assets Investment securities - AFS: Mortgage-backed securities $ 1,206,313 $ - $ 1,206,313 $ - CMO/REMIC 493,710 - 493,710 - Municipal bonds 39,354 - 39,354 - Other securities 880 - 880 - Total investment securities - AFS 1,740,257 - 1,740,257 - Interest rate swaps 11,502 - 11,502 - Total assets $ 1,751,759 $ - $ 1,751,759 $ - Description of liability Interest rate swaps $ 11,502 $ - $ 11,502 $ - Total liabilities $ 11,502 $ - $ 11,502 $ - Assets and Liabilities Measured at Fair Value on a Non-Recurring We may be required to measure certain assets at fair value on a non-recurring For assets measured at fair value on a non-recurring Carrying Value at Quoted Prices in Significant Other Significant Total Losses For the Nine Months Ended (Dollars in thousands) Description of assets Loans: Commercial and industrial $ 3,273 $ - $ - $ 3,273 $ 2,034 SBA 712 - - 712 203 Real estate: Commercial real estate 1,715 - - 1,715 1,295 Construction - - - - - SFR mortgage - - - - - Dairy & livestock and agribusiness - - - - - Consumer and other loans - - - - - Other real estate owned 2,275 - - 2,275 700 Asset held-for-sale - - - - - Total assets $ 7,975 $ - $ - $ 7,975 $ 4,232 Carrying Value at Quoted Prices in Significant Other Significant Total Losses (Dollars in thousands) Description of assets Impaired loans: Commercial and industrial $ 253 $ - $ - $ 253 $ 251 SBA 359 - - 359 513 Real estate: Commercial real estate - - - - - Construction - - - - - SFR mortgage - - - - - Dairy & livestock and agribusiness - - - - - Consumer and other loans - - - - - Other real estate owned 444 - - 444 64 Asset held-for-sale - - - - - Total assets $ 1,056 $ - $ - $ 1,056 $ 828 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 September 30, 2020 and December 31, 2019, respectively. The use of different market assumptions and/or estimation methodologies may have a material effect on the estimated fair value amounts. September 30, 2020 Carrying Estimated Fair Value Level 1 Level 2 Level 3 Total (Dollars in thousands) Assets Total cash and cash equivalents $ 1,484,953 $ 1,484,953 $ - $ - $ 1,484,953 Interest-earning balances due from depository 44,367 - 44,414 - 44,414 Investment securities available-for-sale 2,205,646 - 2,205,646 - 2,205,646 Investment securities held-to-maturity 577,694 - 603,522 - 603,522 Total loans, net of allowance for credit losses 8,314,003 - - 8,326,796 8,326,796 Swaps 37,255 - 37,255 - 37,255 Liabilities Deposits: Interest-bearing $ 4,249,411 $ - $ 4,250,728 $ - $ 4,250,728 Borrowings 493,420 - 493,344 - 493,344 Junior subordinated debentures 25,774 - - 18,917 18,917 Swaps 37,255 - 37,255 - 37,255 December 31, 2019 Carrying Estimated Fair Value Level 1 Level 2 Level 3 Total (Dollars in thousands) Assets Total cash and cash equivalents $ 185,518 $ 185,518 $ - $ - $ 185,518 Interest-earning balances due from depository 2,931 - 2,938 - 2,938 Investment securities available-for-sale 1,740,257 - 1,740,257 - 1,740,257 Investment securities held-to-maturity 674,452 - 678,948 - 678,948 Total loans, net of allowance for loan losses 7,495,917 - - 7,343,167 7,343,167 Swaps 11,502 - 11,502 - 11,502 Liabilities Deposits: Interest-bearing $ 3,459,411 $ - $ 3,457,922 $ - $ 3,457,922 Borrowings 428,659 - 428,330 - 428,330 Junior subordinated debentures 25,774 - - 20,669 20,669 Swaps 11,502 - 11,502 - 11,502 The fair value estimates presented herein are based on pertinent information available to management as of September 30, 2020 and December 31, 2019. 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 | 9 Months Ended |
Sep. 30, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | 8. 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 September 30, 2020, the Bank has entered into 133 interest-rate swap agreements with customers with a notional amount totaling $455.2 million. 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. The Bank enters into an interest rate swap with its customers in which the Bank pays the customer a variable rate and the customer pays the Bank a fixed rate, therefore allowing customers to convert variable rate loans to fixed rate loans. At the same time, the Bank enters into a swap with the counterparty bank in which the Bank pays the counterparty a fixed rate and the counterparty in return pays the Bank a variable rate. The net effect of the transaction allows the Bank to receive interest on the loan from the customer at a variable rate based on LIBOR plus a spread. The changes in the fair value of the swaps primarily offset each other and therefore should not have a significant impact on the Company’s results of operations, although the Company does incur credit and counterparty risk with respect to performance on the swap agreements by the Bank’s customer and counterparty, respectively. As a result of the Bank exceeding $10 billion in assets, federal regulations required the Bank, beginning in January 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. Our interest rate swap derivatives are subject to a master netting arrangement with our counterparties. None of our derivative assets and liabilities are offset in the Company’s condensed consolidated balance sheet. 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 September 30, 2020 and December 31, 2019, the total notional amount of the Company’s swaps was $455.2 million, and $260.0 million, respectively. The location of the asset and liability, and their respective fair values, are summarized in the tables below. September 30, 2020 Asset Derivatives Liability Derivatives Balance Sheet Fair Balance Sheet Fair (Dollars in thousands) Derivatives not designated as hedging instruments: Interest rate swaps Other assets $ 37,255 Other liabilities $ 37,255 Total derivatives $ 37,255 $ 37,255 December 31, 2019 Asset Derivatives Liability Derivatives Balance Sheet Fair Balance Sheet Fair (Dollars in thousands) Derivatives not designated as hedging instruments: Interest rate swaps Other assets $ 11,502 Other liabilities $ 11,502 Total derivatives $ 11,502 $ 11,502 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 Hedging Instruments Location of Gain Recognized in Amount of Gain Recognized in Income Three Months Ended Nine Months Ended 2020 2019 2020 2019 (Dollars in thousands) Interest rate swaps Other income $ 1,591 $ 378 $ 4,149 $ 1,135 Total $ 1,591 $ 378 $ 4,149 $ 1,135 |
Other Comprehensive Income
Other Comprehensive Income | 9 Months Ended |
Sep. 30, 2020 | |
Equity [Abstract] | |
Other Comprehensive Income | 9. OTHER COMPREHENSIVE INCOME The table below provides a summary of the components of other comprehensive income (“OCI”) for the periods presented. Three Months Ended September 30, 2020 2019 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 $ (1,974 ) $ 584 $ (1,390 ) $ 5,672 $ (1,677 ) $ 3,995 Amortization of net unrealized losses on securities transferred from available-for-sale held-to-maturity (30 ) 9 (21 ) (249 ) 74 (175 ) Net realized gain reclassified into earnings (1) - - - (5 ) 1 (4 ) Net change $ (2,004 ) $ 593 $ (1,411 ) $ 5,418 $ (1,602 ) $ 3,816 Nine Months Ended September 30, 2020 2019 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 $ 33,382 $ (9,869 ) $ 23,513 $ 44,586 $ (13,181 ) $ 31,405 Amortization of net unrealized losses on securities transferred from available-for-sale held-to-maturity (48 ) 14 (34 ) (1,450 ) 429 (1,021 ) Net realized gain reclassified into earnings (1) - - - (5 ) 1 (4 ) Net change $ 33,334 $ (9,855 ) $ 23,479 $ 43,131 $ (12,751 ) $ 30,380 (1) Included in other noninterest income. |
Balance Sheet Offsetting
Balance Sheet Offsetting | 9 Months Ended |
Sep. 30, 2020 | |
Text Block [Abstract] | |
Balance Sheet Offsetting | 10. BALANCE SHEET OFFSETTING Assets and liabilities relating to certain financial instruments, including, derivatives and securities sold under repurchase agreements (“repurchase agreements”), may be eligible for offset in the condensed consolidated balance sheets as permitted under accounting guidance. As noted above, our interest rate swap derivatives are subject to master netting arrangements. Our interest rate swap derivatives require the Company to pledge investment securities as collateral based on certain risk thresholds. Investment securities that have been pledged by the Company to counterparties continue to be reported in the Company’s condensed consolidated balance sheets unless the Company defaults. We offer a repurchase agreement product to our customers, which include master netting agreements that allow for the netting of collateral positions. This product, known as Citizens Sweep Manager, sells certain of our securities overnight to our customers under an agreement to repurchase them the next day. The repurchase agreements are not offset in the Company’s condensed consolidated balances. Gross Amounts Gross Amounts Net Amounts Gross Amounts Not Offset in the Net Amount Financial Collateral (Dollars in thousands) September 30, 2020 Financial assets: Derivatives not designated as $ 37,255 $ - $ - $ 37,255 $ - $ 37,255 Total $ 37,255 $ - $ - $ 37,255 $ - $ 37,255 Financial liabilities: Derivatives not designated as $ 37,255 $ - $ 37,255 $ - $ (66,946 ) $ (29,691 ) Repurchase agreements 483,420 - 483,420 - (498,535 ) (15,115 ) Total $ 520,675 $ - $ 520,675 $ - $ (565,481 ) $ (44,806 ) December 31, 2019 Financial assets: Derivatives not designated as $ 11,502 $ - $ - $ 11,502 $ - $ 11,502 Total $ 11,502 $ - $ - $ 11,502 $ - $ 11,502 Financial liabilities: Derivatives not designated as $ 11,619 $ (117 ) $ 11,502 $ 117 $ (23,312 ) $ (11,693 ) Repurchase agreements 428,659 - 428,659 - (510,138 ) (81,479 ) Total $ 440,278 $ (117 ) $ 440,161 $ 117 $ (533,450 ) $ (93,172 ) |
Leases
Leases | 9 Months Ended |
Sep. 30, 2020 | |
Leases [Abstract] | |
Leases | 11. 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. Right-of-use While the Company has, as a lessor, certain equipment finance leases, such leases are not material to the Company’s consolidated financial statements. The tables below present the components of lease costs and supplemental information related to leases as of and for the periods presented. September 30, December 31, (Dollars in thousands) Lease Assets and Liabilities ROU assets $ 19,771 $ 18,522 Total lease liabilities 21,939 21,392 Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 (Dollars in thousands) Lease Cost Operating lease expense (1) $ 1,654 $ 1,628 $ 4,900 $ 5,634 Sublease income - - - - Total lease expense $ 1,654 $ 1,628 $ 4,900 $ 5,634 (1) Includes short-term leases and variable lease costs, which are immaterial. Other Information Cash paid for amounts included in the measurement of lease liabilities: Operating cash outflows from operating leases, net $ 1,826 $ 1,640 $ 5,630 $ 6,499 Lease Term and Discount Rate September 30, December 31, Weighted average remaining lease term (years) 4.29 4.18 Weighted average discount rate 2.86 % 3.34 % The Company’s lease arrangements that have not yet commenced as of September 30, 2020 and the Company’s short-term lease costs and variable lease costs, for the nine months ended September 30, 2020 are not material to the consolidated financial statements. The future lease payments required for leases that have initial or remaining non-cancelable September 30, 2020 (Dollars in thousands) Year: 2020 (excluding the nine months ended September 30, 2020) $ 1,781 2021 6,656 2022 5,475 2023 3,615 2024 2,428 Thereafter 3,461 Total future lease payments 23,416 Less: Imputed interest (1,477 ) Present value of lease liabilities $ 21,939 |
Revenue Recognition
Revenue Recognition | 9 Months Ended |
Sep. 30, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition | 12. REVENUE RECOGNITION On January 1, 2018, the Company adopted ASU No. 2014-09 Summary of Significant Accounting Policies Revenue Recognition our 10-K in-scope The following presents noninterest income, segregated by revenue streams in-scope out-of-scope Three Months Ended Nine Months Ended September 30, September 30, 2020 2019 2020 2019 (Dollars in thousands) Noninterest income: In-scope Service charges on deposit accounts $ 3,970 $ 4,833 $ 12,555 $ 15,039 Trust and investment services 2,405 2,330 7,302 6,964 Bankcard services 456 637 1,438 2,614 Gain on OREO, net 13 - 23 129 Other 3,160 2,292 8,736 6,939 Noninterest Income (in-scope 10,004 10,092 30,054 31,685 Noninterest Income (out-of-scope 3,149 1,802 6,891 14,717 Total noninterest income $ 13,153 $ 11,894 $ 36,945 $ 46,402 |
Accounting policies (Policies)
Accounting policies (Policies) | 9 Months Ended |
Sep. 30, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Reclassification | Reclassification |
Use of Estimates in the Preparation of Financial Statements | Use of Estimates in the Preparation of Financial Statements |
Adoption of New Accounting Standard | Adoption of New Accounting Standard Provision and Allowance for Credit Losses No. 2016-13, held-to-maturity available-for-sale The Company adopted this ASU using the modified retrospective method for all financial assets measured at amortized cost and off-balance The Company developed an allowance model that calculates reserves over the life of the loan and is largely driven by portfolio characteristics, risk grading, macroeconomic variables and the associated economic outlook, as well as other key methodology assumptions. The allowance is based upon historical lifetime loss rate models segregated by three loan segments: Commercial and Industrial, Commercial Real Estate, and Consumer Retail. In addition to determining the quantitative life of loan loss rate to be applied against the portfolio segments, the ASU indicates management has the opportunity to layer on current conditions and forecast adjustments to ensure that the life of loan loss rate reflects both the current state of the portfolio, and expectations for macroeconomic changes in the near future. We utilized a single economic forecast that is based on probability weighted scenarios to incorporate macroeconomic uncertainty over a 2 or 3-year Beginning in the second half of March 2020, the broader economy experienced a significant deterioration in the economic environment driven by the COVID-19 pandemic resulting in adverse changes to the forecasted macroeconomic variables utilized in our modeling processes. This economic deterioration, coupled with the implementation of the expected loss methodology for determining our provision for credit losses, have contributed to an increased provision for credit losses of million in the first half of 2020. We continue to monitor the impact on the economy from COVID-19 closely, as well as any effects that may result from the CARES Act. The extent to which the COVID-19 pandemic will impact our operations and financial results during the final quarter of 2020 is uncertain, but we may experience increased provision for credit losses if the COVID-19 pandemic results in additional economic stress on our borrowers and loan portfolios. |
Investment Securities (Tables)
Investment Securities (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Investments, Debt and Equity Securities [Abstract] | |
Summary of Amortized Cost and Estimated Fair Value of Investment Securities | September 30, 2020 Amortized Cost Gross Unrealized Holding Gain Gross Unrealized Holding Loss Fair Value Total Percent (Dollars in thousands) Investment securities available-for-sale: Mortgage-backed securities $ 1,710,160 $ 46,713 $ (2) $ 1,756,871 79.65% CMO/REMIC 404,380 7,326 (212) 411,494 18.66% Municipal bonds 35,011 1,457 - 36,468 1.65% Other securities 813 - - 813 0.04% Total available-for-sale $ 2,150,364 $ 55,496 $ (214) $ 2,205,646 100.00% Investment securities held-to-maturity: Government agency/GSE $ 103,317 $ 6,627 $ - $ 109,944 17.88% Mortgage-backed securities 152,285 7,837 - 160,122 26.36% CMO/REMIC 159,676 5,315 - 164,991 27.64% Municipal bonds 162,416 6,387 (338) 168,465 28.12% Total held-to-maturity $ 577,694 $ 26,166 $ (338) $ 603,522 100.00% December 31, 2019 Amortized Cost Gross Unrealized Holding Gain Gross Unrealized Holding Loss Fair Value Total Percent (Dollars in thousands) Investment securities available-for-sale: Mortgage-backed securities $ 1,185,757 $ 21,306 $ (750) $ 1,206,313 69.32% CMO/REMIC 493,214 1,392 (896) 493,710 28.37% Municipal bonds 38,506 850 (2) 39,354 2.26% Other securities 880 - - 880 0.05% Total available-for-sale $ 1,718,357 $ 23,548 $ (1,648) $ 1,740,257 100.00% Investment securities held-to-maturity: Government agency/GSE $ 117,366 $ 2,280 $ (657) $ 118,989 17.40% Mortgage-backed securities 168,479 2,083 (54) 170,508 24.98% CMO/REMIC 192,548 - (2,458) 190,090 28.55% Municipal bonds 196,059 3,867 (565) 199,361 29.07% Total held-to-maturity $ 674,452 $ 8,230 $ (3,734) $ 678,948 100.00% |
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. Three Months Ended Nine Months Ended 2020 2019 2020 2019 (Dollars in thousands) Investment securities available-for-sale: Taxable $ 8,244 $ 8,949 $ 26,313 $ 29,079 Tax-advantaged 203 273 632 906 Total interest income from available-for-sale 8,447 9,222 26,945 29,985 Investment securities held-to-maturity: Taxable 2,265 2,883 7,410 8,725 Tax-advantaged 1,110 1,415 3,623 4,524 Total interest income from held-to-maturity 3,375 4,298 11,033 13,249 Total interest income from investment securities $ 11,822 $ 13,520 $ 37,978 $ 43,234 |
Summary of Continuous Unrealized Loss Position of Securities | The following table presents the Company’s available-for-sale September 30, 2020 Less Than 12 Months 12 Months or Longer Total Fair Value Gross Fair Value Gross Fair Value Gross (Dollars in thousands) Investment securities available-for-sale: Mortgage-backed securities $ 30,851 $ (2) $ - $ - $ 30,851 $ (2) CMO/REMIC 71,781 (212) - - 71,781 (212) Municipal bonds - - - - - - Total available-for-sale $ 102,632 $ (214) $ - $ - $ 102,632 $ (214) December 31, 2019 Less Than 12 Months 12 Months or Longer Total Fair Value Gross Fair Value Gross Fair Value Gross (Dollars in thousands) Investment securities available-for-sale: Mortgage-backed securities $ 20,289 $ (6) $ 97,964 $ (744) $ 118,253 $ (750) CMO/REMIC 177,517 (705) 34,565 (191) 212,082 (896) Municipal bonds - - 563 (2) 563 (2) Total available-for-sale $ 197,806 $ (711) $ 133,092 $ (937) $ 330,898 $ (1,648) Investment securities held-to-maturity: Government agency/GSE $ 28,359 $ (252) $ 19,405 $ (405) $ 47,764 $ (657) Mortgage-backed securities 10,411 (54) - - 10,411 (54) CMO/REMIC 23,897 (104) 166,193 (2,354) 190,090 (2,458) Municipal bonds 7,583 (32) 29,981 (533) 37,564 (565) Total held-to-maturity $ 70,250 $ (442) $ 215,579 $ (3,292) $ 285,829 $ (3,734) |
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. September 30, 2020 Available-for-sale Held-to-maturity Amortized Fair Value Amortized Fair Value (Dollars in thousands) Due in one year or less $ 27,816 $ 27,968 $ 2,730 $ 2,764 Due after one year through five years 1,960,912 2,012,028 327,785 341,060 Due after five years through ten years 119,315 121,652 81,246 84,329 Due after ten years 42,321 43,998 165,933 175,369 Total investment securities $ 2,150,364 $ 2,205,646 $ 577,694 $ 603,522 |
Loans and Lease Finance Recei_2
Loans and Lease Finance Receivables and Allowance for Credit Losses (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Receivables [Abstract] | |
Summary of Components of Loans and Lease Finance Receivables, Excluding PCI Loans | The following table provides a summary of total loans and lease finance receivables by type. September 30, 2020 December 31, 2019 (Dollars in thousands) Commercial and industrial $ 817,056 $ 935,127 SBA 304,987 305,008 SBA - Paycheck Protection Program (PPP) 1,101,142 - Real estate: Commercial real estate 5,428,223 5,374,617 Construction 101,903 116,925 SFR mortgage 274,731 283,468 Dairy & livestock and agribusiness 252,802 383,709 Municipal lease finance receivables 38,040 53,146 Consumer and other loans 88,988 116,319 Total loans 8,407,872 7,568,319 Less: Deferred loan fees, net (1) - (3,742 ) Total loans, net of deferred loan fees 8,407,872 7,564,577 Less: Allowance for credit losses (93,869 ) (68,660 ) Total loans and lease finance receivables, net $ 8,314,003 $ 7,495,917 (1) Beginning with March 31, 2020, gross loans are presented net of deferred loan fees by respective class of financing receivables. |
Summary of loans by type and origination year, according to our internal risk ratings | The following table summarizes loans by type and origination year, according to our internal risk ratings as of the date presented. Origination Year Revolving Revolving September 30, 2020 2020 2019 2018 2017 2016 Prior Total (Dollars in thousands) Commercial and Risk Rating: Pass $ 81,480 $ 170,738 $ 72,345 $ 62,918 $ 41,860 $ 80,669 $ 255,407 $ 8,153 $ 773,570 Special Mention - 1,235 3,087 814 241 5,015 15,970 1,022 27,384 Substandard 4,545 111 1,500 1,815 448 8 6,472 1,203 16,102 Doubtful & Loss - - - - - - - - - Total Commercial and $ 86,025 $ 172,084 $ 76,932 $ 65,547 $ 42,549 $ 85,692 $ 277,849 $ 10,378 $ 817,056 SBA loans: Risk Rating: Pass $ 37,389 $ 13,394 $ 46,193 $ 72,665 $ 26,687 $ 88,255 $ - $ 2,873 $ 287,456 Special Mention - - - 1,113 1,352 6,910 - - 9,375 Substandard - - 955 1,998 1,546 3,657 - - 8,156 Doubtful & Loss - - - - - - - - - Total SBA loans: $ 37,389 $ 13,394 $ 47,148 $ 75,776 $ 29,585 $ 98,822 $ - $ 2,873 $ 304,987 SBA - PPP loans: Risk Rating: Pass $ 1,101,142 $ - $ - $ - $ - $ - $ - $ - $ 1,101,142 Special Mention - - - - - - - - - Substandard - - - - - - - - - Doubtful & Loss - - - - - - - - - Total SBA - PPP loans: $ 1,101,142 $ - $ - $ - $ - $ - $ - $ - $ 1,101,142 Commercial real estate loans: Risk Rating: Pass $ 617,068 $ 701,648 $ 680,997 $ 684,519 $ 589,553 $ 1,776,989 $ 201,021 $ 26,329 $ 5,278,124 Special Mention 4,619 11,125 18,168 21,767 13,865 48,591 5,447 297 123,879 Substandard - 793 3,815 5,497 1,281 14,597 237 - 26,220 Doubtful & Loss - - - - - - - - - Total Commercial real estate loans: $ 621,687 $ 713,566 $ 702,980 $ 711,783 $ 604,699 $ 1,840,177 $ 206,705 $ 26,626 $ 5,428,223 Construction loans: Risk Rating: Pass $ 11,160 $ 8,614 $ 14,399 $ 15,667 $ 10,592 $ 4 $ 41,467 $ - $ 101,903 Special Mention - - - - - - - - - Substandard - - - - - - - - - Doubtful & Loss - - - - - - - - - Total Construction loans: $ 11,160 $ 8,614 $ 14,399 $ 15,667 $ 10,592 $ 4 $ 41,467 $ - $ 101,903 SFR mortgage loans: Risk Rating: Pass $ 52,050 $ 62,087 $ 33,614 $ 25,069 $ 28,344 $ 69,215 $ - $ - $ 270,379 Special Mention 15 - - - - 456 - - 471 Substandard - 238 - - 229 2,974 - 440 3,881 Doubtful & Loss - - - - - - - - - Total SFR mortgage loans: $ 52,065 $ 62,325 $ 33,614 $ 25,069 $ 28,573 $ 72,645 $ - $ 440 $ 274,731 Origination Year Revolving Revolving September 30, 2020 2020 2019 2018 2017 2016 Prior Total (Dollars in thousands) Dairy & livestock and agribusiness loans: Risk Rating: Pass $ 742 $ 2,201 $ 1,675 $ 5,709 $ 152 $ 341 $ 210,610 $ 494 $ 221,924 Special Mention 13 - - - - - 11,596 1,631 13,240 Substandard - - 849 703 2,985 - 824 12,277 17,638 Doubtful & Loss - - - - - - - - - Total Dairy & livestock and agribusiness loans: $ 755 $ 2,201 $ 2,524 $ 6,412 $ 3,137 $ 341 $ 223,030 $ 14,402 $ 252,802 Municipal lease finance receivables loans: Risk Rating: Pass $ 123 $ - $ 2,556 $ 10,436 $ 3,587 $ 20,926 $ - $ - $ 37,628 Special Mention - - - - - 412 - - 412 Substandard - - - - - - - - - Doubtful & Loss - - - - - - - - - Total Municipal lease finance receivables loans: $ 123 $ - $ 2,556 $ 10,436 $ 3,587 $ 21,338 $ - $ - $ 38,040 Consumer and other Risk Rating: Pass $ 5,483 $ 2,334 $ 971 $ 1,068 $ 1,714 $ 1,380 $ 72,501 $ 1,994 $ 87,445 Special Mention - - - - - 91 737 - 828 Substandard - - - - - 174 - 541 715 Doubtful & Loss - - - - - - - - - Total Consumer and other loans: $ 5,483 $ 2,334 $ 971 $ 1,068 $ 1,714 $ 1,645 $ 73,238 $ 2,535 $ 88,988 Gross loans: Risk Rating: Pass $ 1,906,637 $ 961,016 $ 852,750 $ 878,051 $ 702,489 $ 2,037,779 $ 781,006 $ 39,843 $ 8,159,571 Special Mention 4,647 12,360 21,255 23,694 15,458 61,475 33,750 2,950 175,589 Substandard 4,545 1,142 7,119 10,013 6,489 21,410 7,533 14,461 72,712 Doubtful & Loss - - - - - - - - - Total Gross loans: $ 1,915,829 $ 974,518 $ 881,124 $ 911,758 $ 724,436 $ 2,120,664 $ 822,289 $ 57,254 $ 8,407,872 |
Summary of Loan, Excluding PCI Loans by Internal Risk Ratings | The following table summarizes loans by type, according to our internal risk ratings as of the date presented. December 31, 2019 Pass Special Substandard Doubtful & Total (Dollars in thousands) Commercial and industrial $ 895,234 $ 35,473 $ 4,420 $ - $ 935,127 SBA 283,430 11,032 10,546 - 305,008 Real estate: Commercial real estate Owner occupied 1,977,007 78,208 28,435 - 2,083,650 Non-owner 3,280,580 10,005 382 - 3,290,967 Construction Speculative 106,895 - - - 106,895 Non-speculative 10,030 - - - 10,030 SFR mortgage 280,010 1,957 1,501 - 283,468 Dairy & livestock and agribusiness 320,670 35,920 27,119 - 383,709 Municipal lease finance receivables 52,676 470 - - 53,146 Consumer and other loans 114,870 421 1,028 - 116,319 Total gross loans $ 7,321,402 $ 173,486 $ 73,431 $ - $ 7,568,319 |
Schedule of Balance and Activity Related to Allowance for Loan Losses for Held-for-Investment Loans by Type | The following tables present the balance and activity related to the allowance for credit losses for held-for-investment Three Months Ended September 30, 2020 Ending Balance Charge-offs Recoveries Provision for Ending Balance (Dollars in thousands) Commercial and industrial $ 7,991 $ (161 ) $ 2 $ 761 $ 8,593 SBA 3,651 (47 ) 69 (169 ) 3,504 SBA - PPP - - - - - Real estate: Commercial real estate 74,928 - - (473 ) 74,455 Construction 2,290 - 3 (355 ) 1,938 SFR mortgage 222 - - 15 237 Dairy & livestock and agribusiness 3,379 - - 330 3,709 Municipal lease finance receivables 302 - - (153 ) 149 Consumer and other loans 1,220 (23 ) 43 44 1,284 Total allowance for credit losses $ 93,983 $ (231 ) $ 117 $ - $ 93,869 Three Months Ended September 30, 2019 Ending Balance Charge-offs Recoveries Provision for Ending Balance (Dollars in thousands) Commercial and industrial $ 7,857 $ - $ 94 $ 287 $ 8,238 SBA 1,119 (65 ) - 412 1,466 Real estate: Commercial real estate 48,287 - - 624 48,911 Construction 871 - 3 55 929 SFR mortgage 2,323 - 8 44 2,375 Dairy & livestock and agribusiness 5,341 - - 88 5,429 Municipal lease finance receivables 726 - - (64 ) 662 Consumer and other loans 608 (3 ) 3 54 662 Total allowance for loan losses $ 67,132 $ (68 ) $ 108 $ 1,500 $ 68,672 Nine Months Ended September 30, 2020 Ending Balance, 2016-13 Impact of ASU 2016-13 Charge-offs Recoveries Provision for Ending Balance (Dollars in thousands) Commercial and industrial $ 8,880 $ (2,442 ) $ (172 ) $ 7 $ 2,320 $ 8,593 SBA 1,453 1,818 (203 ) 72 364 3,504 SBA - PPP - - - - - - Real estate: Commercial real estate 48,629 3,547 - - 22,279 74,455 Construction 858 655 - 9 416 1,938 SFR mortgage 2,339 (2,043 ) - 206 (265 ) 237 Dairy & livestock and agribusiness 5,255 (186 ) - - (1,360 ) 3,709 Municipal lease finance receivables 623 (416 ) - - (58 ) 149 Consumer and other loans 623 907 (109 ) 59 (196 ) 1,284 Total allowance for credit losses $ 68,660 $ 1,840 $ (484 ) $ 353 $ 23,500 $ 93,869 Nine Months Ended September 30, 2019 Ending Balance Charge-offs Recoveries Provision for Ending Balance (Dollars in thousands) Commercial and industrial $ 7,528 $ (48 ) $ 253 $ 505 $ 8,238 SBA 1,078 (295 ) 9 674 1,466 Real estate: Commercial real estate 45,097 - - 3,814 48,911 Construction 981 - 9 (61 ) 929 SFR mortgage 2,197 - 191 (13 ) 2,375 Dairy & livestock and agribusiness 5,225 (78 ) 19 263 5,429 Municipal lease finance receivables 775 - - (113 ) 662 Consumer and other loans 732 (7 ) 6 (69 ) 662 Total allowance for loan losses $ 63,613 $ (428 ) $ 487 $ 5,000 $ 68,672 |
Schedule of Recorded Investment in Loans Held-for-Investment and Related Allowance for Loan Losses by Loan Type | September 30, 2019 Recorded Investment in Loans Allowance for Loan Losses Individually Collectively Individually Collectively (Dollars in thousands) Commercial and industrial $ 1,638 $ 920,040 $ 254 $ 7,984 SBA 3,248 316,323 286 1,180 Real estate: Commercial real estate 1,500 5,374,168 - 48,911 Construction - 119,931 - 929 SFR mortgage 3,009 275,635 - 2,375 Dairy & livestock and agribusiness - 311,229 - 5,429 Municipal lease finance receivables - 54,468 - 662 Consumer and other loans 385 116,743 - 662 Total $ 9,780 $ 7,488,537 $ 540 $ 68,132 |
Schedule of Recorded Investment in, and Aging of, Past Due and Nonaccrual Loans, Excluding PCI Loans by Class of Loans | The following table presents the recorded investment in, and the aging of, past due loans (including nonaccrual loans), by type of loans as of the date presented. September 30, 2020 30-59 Days 60-89 Days Greater than Past Due Total Past Due Loans Not Total Loans (Dollars in thousands) Commercial and industrial $ 3,582 $ 1,209 $ 560 $ 5,351 $ 811,705 $ 817,056 SBA 468 270 777 1,515 303,472 304,987 SBA - PPP - - - - 1,101,142 1,101,142 Real estate: Commercial real estate Owner occupied - - 3,770 3,770 2,121,430 2,125,200 Non-owner - - 1,715 1,715 3,301,308 3,303,023 Construction Speculative (1) - - - - 94,232 94,232 Non-speculative - - - - 7,671 7,671 SFR mortgage - - 467 467 274,264 274,731 Dairy & livestock and agribusiness - 849 - 849 251,953 252,802 Municipal lease finance receivables - - - - 38,040 38,040 Consumer and other loans 68 - 34 102 88,886 88,988 Total gross loans $ 4,118 $ 2,328 $ 7,323 $ 13,769 $ 8,394,103 $ 8,407,872 (1) Speculative construction loans are generally for properties where there is no identified buyer or renter. Following the adoption of CECL on January 1, 2020, the definitions of impairment and related impaired loan disclosures were removed. Under CECL, amortized cost of our finance receivables and loans that are on nonaccrual status, including loans with no allowance, are presented as of September 30, 2020 by type of loan. September 30, 2020 Nonaccrual Total Loans Past 89 Days Still (Dollars in thousands) Commercial and industrial $ 1,421 $ 1,822 $ - SBA 850 1,724 - SBA - PPP - - - Real estate: Commercial real estate Owner occupied 4,766 4,766 - Non-owner - 1,715 - Construction Speculative (2) - - - Non-speculative - - - SFR mortgage 675 675 - Dairy & livestock and agribusiness 849 849 - Municipal lease finance receivables - - - Consumer and other loans 224 224 - Total gross loans $ 8,785 $ 11,775 $ - (1) As of September 30, 2020, $1.8 million of nonaccruing loans were current, $571,000 were 30-59 60-89 (2) Speculative construction loans are generally for properties where there is no identified buyer or renter. (3) Excludes $51,000 of guaranteed portion of nonaccrual SBA loans that are in process of collection. The following table presents the recorded investment in, and the aging of, past due and nonaccrual loans, by type of loans as of the date presented. December 31, 2019 30-59 Days 60-89 Days Total Past Due Nonaccrual (1) (3) Current Total Loans (Dollars in thousands) Commercial and industrial $ 2 $ - $ 2 $ 1,266 $ 933,859 $ 935,127 SBA 870 532 1,402 2,032 301,574 305,008 Real estate: Commercial real estate Owner occupied - - - 479 2,083,171 2,083,650 Non-owner - - - 245 3,290,722 3,290,967 Construction Speculative (2) - - - - 106,895 106,895 Non-speculative - - - - 10,030 10,030 SFR mortgage 6 243 249 878 282,341 283,468 Dairy & livestock and agribusiness - - - - 383,709 383,709 Municipal lease finance receivables - - - - 53,146 53,146 Consumer and other loans - - - 377 115,942 116,319 Total gross loans $ 878 $ 775 $ 1,653 $ 5,277 $ 7,561,389 $ 7,568,319 (1) As of December 31, 2019, $1.2 million of nonaccruing loans were current, $59,000 were 30-59 60-89 (2) Speculative construction loans are generally for properties where there is no identified buyer or renter. (3) Excludes $2.0 million of guaranteed portion of nonaccrual SBA loans that are in process of collection. |
Schedule of Held-for-Investment Loans, Individually Evaluated for Impairment by Class of Loans | As of and For the Nine Months Ended Recorded Unpaid Related Average Interest (Dollars in thousands) With no related allowance recorded: Commercial and industrial $ 1,382 $ 1,537 $ - $ 1,560 $ 4 SBA 2,447 3,554 - 2,606 31 Real estate: Commercial real estate Owner occupied 494 614 - 508 - Non-owner occupied 1,006 1,190 - 1,052 21 Construction Speculative - - - - - Non-speculative - - - - - SFR mortgage 3,009 3,338 - 3,059 62 Dairy & livestock and agribusiness - - - - - Municipal lease finance receivables - - - - - Consumer and other loans 385 516 - 401 - Total 8,723 10,749 - 9,186 118 With a related allowance recorded: Commercial and industrial 256 345 254 829 - SBA 801 816 286 816 - 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 1,057 1,161 540 1,645 - Total impaired loans $ 9,780 $ 11,910 $ 540 $ 10,831 $ 118 December 31, 2019 Recorded Unpaid Related (Dollars in thousands) With no related allowance recorded: Commercial and industrial $ 1,091 $ 1,261 $ - SBA 2,243 2,734 - Real estate: Commercial real estate Owner occupied 479 613 - Non-owner 642 643 - Construction Speculative - - - Non-speculative - - - SFR mortgage 2,979 3,310 - Dairy & livestock and agribusiness - - - Municipal lease finance receivables - - - Consumer and other loans 377 514 - Total 7,811 9,075 - With a related allowance recorded: Commercial and industrial 253 347 251 SBA 325 324 257 Real estate: Commercial real estate Owner occupied - - - Non-owner - - - Construction Speculative - - - Non-speculative - - - SFR mortgage - - - Dairy & livestock and agribusiness - - - Municipal lease finance receivables - - - Consumer and other loans - - - Total 578 671 508 Total impaired loans $ 8,389 $ 9,746 $ 508 |
Summary of pledged assets not separately reported on statement of financial position | A loan is considered collateral-dependent when the borrower is experiencing financial difficulty and repayment is expected to be provided substantially through the operation or sale of the collateral. The following table presents the recorded investment in collateral-dependent loans by type of loans as of the date presented. September 30, 2020 Number of Real Estate Business Assets Other (Dollars in thousands) Commercial and industrial $ 145 $ 4,703 $ 62 14 SBA 1,015 497 7 11 SBA - PPP - - - - Real estate: Commercial real estate 6,836 - - 7 Construction - - - - SFR mortgage 675 - - 3 Dairy & livestock and agribusiness - 849 - 1 Municipal lease finance receivables - - - - Consumer and other loans 203 - 20 4 Total collateral-dependent loans $ 8,874 $ 6,049 $ 89 40 |
Summary of Activity Related to Troubled Debt Restructurings | The following table provides a summary of the activity related to TDRs for the periods presented. Three Months Ended Nine Months Ended 2020 2019 2020 2019 (Dollars in thousands) Performing TDRs: Beginning balance $ 2,771 $ 3,219 $ 3,112 $ 3,594 New modifications - - - - Payoffs/payments, net and other (554 ) (51 ) (895 ) (426 ) TDRs returned to accrual status - - - - TDRs placed on nonaccrual status - - - - Ending balance $ 2,217 $ 3,168 $ 2,217 $ 3,168 Nonperforming TDRs: Beginning balance $ - $ 263 $ 244 $ 3,509 New modifications - - - - Charge-offs - - - (78 ) Transfer to OREO - - - (2,275 ) Payoffs/payments, net and other - (14 ) (244 ) (907 ) TDRs returned to accrual status - - - - TDRs placed on nonaccrual status - - - - Ending balance $ - $ 249 $ - $ 249 Total TDRs $ 2,217 $ 3,417 $ 2,217 $ 3,417 |
Earnings Per Share Reconcilia_2
Earnings Per Share Reconciliation (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
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. Three Months Ended Nine Months Ended 2020 2019 2020 2019 (In thousands, except per share amounts) Earnings per common share: Net earnings $ 47,492 $ 50,423 $ 127,103 $ 156,546 Less: Net earnings allocated to restricted stock 175 116 407 390 Net earnings allocated to common shareholders $ 47,317 $ 50,307 $ 126,696 $ 156,156 Weighted average shares outstanding 135,017 139,824 136,369 139,730 Basic earnings per common share $ 0.35 $ 0.36 $ 0.93 $ 1.12 Diluted earnings per common share: Net income allocated to common shareholders $ 47,317 $ 50,307 $ 126,696 $ 156,156 Weighted average shares outstanding 135,017 139,824 136,369 139,730 Incremental shares from assumed exercise of outstanding options 167 151 167 217 Diluted weighted average shares outstanding 135,184 139,975 136,536 139,947 Diluted earnings per common share $ 0.35 $ 0.36 $ 0.93 $ 1.12 |
Fair Value Information (Tables)
Fair Value Information (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Fair Value Disclosures [Abstract] | |
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 as of the dates presented. Carrying Value at Quoted Prices in Active Markets for Significant Other Significant (Dollars in thousands) Description of assets Investment securities - AFS: Mortgage-backed securities $ 1,756,871 $ - $ 1,756,871 $ - CMO/REMIC 411,494 - 411,494 - Municipal bonds 36,468 - 36,468 - Other securities 813 - 813 - Total investment securities - AFS 2,205,646 - 2,205,646 - Interest rate swaps 37,255 - 37,255 - Total assets $ 2,242,901 $ - $ 2,242,901 $ - Description of liability Interest rate swaps $ 37,255 $ - $ 37,255 $ - Total liabilities $ 37,255 $ - $ 37,255 $ - Carrying Value at Quoted Prices in Significant Other Significant (Dollars in thousands) Description of assets Investment securities - AFS: Mortgage-backed securities $ 1,206,313 $ - $ 1,206,313 $ - CMO/REMIC 493,710 - 493,710 - Municipal bonds 39,354 - 39,354 - Other securities 880 - 880 - Total investment securities - AFS 1,740,257 - 1,740,257 - Interest rate swaps 11,502 - 11,502 - Total assets $ 1,751,759 $ - $ 1,751,759 $ - Description of liability Interest rate swaps $ 11,502 $ - $ 11,502 $ - Total liabilities $ 11,502 $ - $ 11,502 $ - |
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 Quoted Prices in Significant Other Significant Total Losses For the Nine Months Ended (Dollars in thousands) Description of assets Loans: Commercial and industrial $ 3,273 $ - $ - $ 3,273 $ 2,034 SBA 712 - - 712 203 Real estate: Commercial real estate 1,715 - - 1,715 1,295 Construction - - - - - SFR mortgage - - - - - Dairy & livestock and agribusiness - - - - - Consumer and other loans - - - - - Other real estate owned 2,275 - - 2,275 700 Asset held-for-sale - - - - - Total assets $ 7,975 $ - $ - $ 7,975 $ 4,232 Carrying Value at Quoted Prices in Significant Other Significant Total Losses (Dollars in thousands) Description of assets Impaired loans: Commercial and industrial $ 253 $ - $ - $ 253 $ 251 SBA 359 - - 359 513 Real estate: Commercial real estate - - - - - Construction - - - - - SFR mortgage - - - - - Dairy & livestock and agribusiness - - - - - Consumer and other loans - - - - - Other real estate owned 444 - - 444 64 Asset held-for-sale - - - - - Total assets $ 1,056 $ - $ - $ 1,056 $ 828 |
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 September 30, 2020 and December 31, 2019, respectively. The use of different market assumptions and/or estimation methodologies may have a material effect on the estimated fair value amounts. September 30, 2020 Carrying Estimated Fair Value Level 1 Level 2 Level 3 Total (Dollars in thousands) Assets Total cash and cash equivalents $ 1,484,953 $ 1,484,953 $ - $ - $ 1,484,953 Interest-earning balances due from depository 44,367 - 44,414 - 44,414 Investment securities available-for-sale 2,205,646 - 2,205,646 - 2,205,646 Investment securities held-to-maturity 577,694 - 603,522 - 603,522 Total loans, net of allowance for credit losses 8,314,003 - - 8,326,796 8,326,796 Swaps 37,255 - 37,255 - 37,255 Liabilities Deposits: Interest-bearing $ 4,249,411 $ - $ 4,250,728 $ - $ 4,250,728 Borrowings 493,420 - 493,344 - 493,344 Junior subordinated debentures 25,774 - - 18,917 18,917 Swaps 37,255 - 37,255 - 37,255 December 31, 2019 Carrying Estimated Fair Value Level 1 Level 2 Level 3 Total (Dollars in thousands) Assets Total cash and cash equivalents $ 185,518 $ 185,518 $ - $ - $ 185,518 Interest-earning balances due from depository 2,931 - 2,938 - 2,938 Investment securities available-for-sale 1,740,257 - 1,740,257 - 1,740,257 Investment securities held-to-maturity 674,452 - 678,948 - 678,948 Total loans, net of allowance for loan losses 7,495,917 - - 7,343,167 7,343,167 Swaps 11,502 - 11,502 - 11,502 Liabilities Deposits: Interest-bearing $ 3,459,411 $ - $ 3,457,922 $ - $ 3,457,922 Borrowings 428,659 - 428,330 - 428,330 Junior subordinated debentures 25,774 - - 20,669 20,669 Swaps 11,502 - 11,502 - 11,502 |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Fair Value of Derivative Instruments | As of September 30, 2020 and December 31, 2019, the total notional amount of the Company’s swaps was $455.2 million, and $260.0 million, respectively. The location of the asset and liability, and their respective fair values, are summarized in the tables below. September 30, 2020 Asset Derivatives Liability Derivatives Balance Sheet Fair Balance Sheet Fair (Dollars in thousands) Derivatives not designated as hedging instruments: Interest rate swaps Other assets $ 37,255 Other liabilities $ 37,255 Total derivatives $ 37,255 $ 37,255 December 31, 2019 Asset Derivatives Liability Derivatives Balance Sheet Fair Balance Sheet Fair (Dollars in thousands) Derivatives not designated as hedging instruments: Interest rate swaps Other assets $ 11,502 Other liabilities $ 11,502 Total derivatives $ 11,502 $ 11,502 |
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 Hedging Instruments Location of Gain Recognized in Amount of Gain Recognized in Income Three Months Ended Nine Months Ended 2020 2019 2020 2019 (Dollars in thousands) Interest rate swaps Other income $ 1,591 $ 378 $ 4,149 $ 1,135 Total $ 1,591 $ 378 $ 4,149 $ 1,135 |
Other Comprehensive Income (Tab
Other Comprehensive Income (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
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. Three Months Ended September 30, 2020 2019 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 $ (1,974 ) $ 584 $ (1,390 ) $ 5,672 $ (1,677 ) $ 3,995 Amortization of net unrealized losses on securities transferred from available-for-sale held-to-maturity (30 ) 9 (21 ) (249 ) 74 (175 ) Net realized gain reclassified into earnings (1) - - - (5 ) 1 (4 ) Net change $ (2,004 ) $ 593 $ (1,411 ) $ 5,418 $ (1,602 ) $ 3,816 Nine Months Ended September 30, 2020 2019 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 $ 33,382 $ (9,869 ) $ 23,513 $ 44,586 $ (13,181 ) $ 31,405 Amortization of net unrealized losses on securities transferred from available-for-sale held-to-maturity (48 ) 14 (34 ) (1,450 ) 429 (1,021 ) Net realized gain reclassified into earnings (1) - - - (5 ) 1 (4 ) Net change $ 33,334 $ (9,855 ) $ 23,479 $ 43,131 $ (12,751 ) $ 30,380 (1) Included in other noninterest income. |
Balance Sheet Offsetting (Table
Balance Sheet Offsetting (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Text Block [Abstract] | |
Schedule of Balance Sheet Offsetting | Gross Amounts Gross Amounts Net Amounts Gross Amounts Not Offset in the Net Amount Financial Collateral (Dollars in thousands) September 30, 2020 Financial assets: Derivatives not designated as $ 37,255 $ - $ - $ 37,255 $ - $ 37,255 Total $ 37,255 $ - $ - $ 37,255 $ - $ 37,255 Financial liabilities: Derivatives not designated as $ 37,255 $ - $ 37,255 $ - $ (66,946 ) $ (29,691 ) Repurchase agreements 483,420 - 483,420 - (498,535 ) (15,115 ) Total $ 520,675 $ - $ 520,675 $ - $ (565,481 ) $ (44,806 ) December 31, 2019 Financial assets: Derivatives not designated as $ 11,502 $ - $ - $ 11,502 $ - $ 11,502 Total $ 11,502 $ - $ - $ 11,502 $ - $ 11,502 Financial liabilities: Derivatives not designated as $ 11,619 $ (117 ) $ 11,502 $ 117 $ (23,312 ) $ (11,693 ) Repurchase agreements 428,659 - 428,659 - (510,138 ) (81,479 ) Total $ 440,278 $ (117 ) $ 440,161 $ 117 $ (533,450 ) $ (93,172 ) |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Leases [Abstract] | |
Components of lease costs and supplemental information related to leases | The tables below present the components of lease costs and supplemental information related to leases as of and for the periods presented. September 30, December 31, (Dollars in thousands) Lease Assets and Liabilities ROU assets $ 19,771 $ 18,522 Total lease liabilities 21,939 21,392 Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 (Dollars in thousands) Lease Cost Operating lease expense (1) $ 1,654 $ 1,628 $ 4,900 $ 5,634 Sublease income - - - - Total lease expense $ 1,654 $ 1,628 $ 4,900 $ 5,634 (1) Includes short-term leases and variable lease costs, which are immaterial. Other Information Cash paid for amounts included in the measurement of lease liabilities: Operating cash outflows from operating leases, net $ 1,826 $ 1,640 $ 5,630 $ 6,499 Lease Term and Discount Rate September 30, December 31, Weighted average remaining lease term (years) 4.29 4.18 Weighted average discount rate 2.86 % 3.34 % |
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 September 30, 2020 (Dollars in thousands) Year: 2020 (excluding the nine months ended September 30, 2020) $ 1,781 2021 6,656 2022 5,475 2023 3,615 2024 2,428 Thereafter 3,461 Total future lease payments 23,416 Less: Imputed interest (1,477 ) Present value of lease liabilities $ 21,939 |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
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 out-of-scope Three Months Ended Nine Months Ended September 30, September 30, 2020 2019 2020 2019 (Dollars in thousands) Noninterest income: In-scope Service charges on deposit accounts $ 3,970 $ 4,833 $ 12,555 $ 15,039 Trust and investment services 2,405 2,330 7,302 6,964 Bankcard services 456 637 1,438 2,614 Gain on OREO, net 13 - 23 129 Other 3,160 2,292 8,736 6,939 Noninterest Income (in-scope 10,004 10,092 30,054 31,685 Noninterest Income (out-of-scope 3,149 1,802 6,891 14,717 Total noninterest income $ 13,153 $ 11,894 $ 36,945 $ 46,402 |
Business - Additional Informati
Business - Additional Information (Detail) | Sep. 30, 2020LocationLoanSubsidiary |
Schedule Of Description Of Company [Line Items] | |
Number of inactive subsidiaries | Subsidiary | 1 |
Bank operated banking centers | 57 |
Bank operated trust office locations, number | 3 |
Number of loan production office | Loan | 1 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) | Jan. 01, 2020 | Jun. 30, 2020 | Sep. 30, 2020 | Dec. 31, 2019 |
Summary Of Significant Accounting Policies [Line Items] | ||||
Net decrease in retained earnings | $ 735,218,000 | $ 682,692,000 | ||
Transition adjustment, allowance for credit loses for loans | $ 1,800,000 | 1,800,000 | ||
Adjustment of transition reserve for loans | $ 41,000 | |||
Increase in provision for credit loses | $ 23,500,000 | |||
Revision of Prior Period, Accounting Standards Update, Adjustment [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Net decrease in retained earnings | $ 1,300,000 |
Investment Securities - Summary
Investment Securities - Summary of Amortized Cost and Estimated Fair Value of Investment Securities (Detail) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Schedule of Investments [Line Items] | ||
Amortized Cost, Available-for-sale | $ 2,150,364 | $ 1,718,357 |
Gross Unrealized Holding Gain, Available-for-sale | 55,496 | 23,548 |
Gross Unrealized Holding Loss, Available-for-sale | (214) | (1,648) |
Fair Value, Available-for-sale | $ 2,205,646 | $ 1,740,257 |
Total Percent, Available-for-sale | 100.00% | 100.00% |
Amortized Cost, Held-to-maturity | $ 577,694 | $ 674,452 |
Gross Unrealized Holding Gain, Held-to-maturity | 26,166 | 8,230 |
Gross Unrealized Holding Loss, Held-to-maturity | (338) | (3,734) |
Fair Value, Held-to-maturity | $ 603,522 | $ 678,948 |
Total Percent, Held-to-maturity | 100.00% | 100.00% |
CMO/REMIC [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost, Available-for-sale | $ 404,380 | $ 493,214 |
Gross Unrealized Holding Gain, Available-for-sale | 7,326 | 1,392 |
Gross Unrealized Holding Loss, Available-for-sale | (212) | (896) |
Fair Value, Available-for-sale | $ 411,494 | $ 493,710 |
Total Percent, Available-for-sale | 18.66% | 28.37% |
Amortized Cost, Held-to-maturity | $ 159,676 | $ 192,548 |
Gross Unrealized Holding Gain, Held-to-maturity | 5,315 | |
Gross Unrealized Holding Loss, Held-to-maturity | (2,458) | |
Fair Value, Held-to-maturity | $ 164,991 | $ 190,090 |
Total Percent, Held-to-maturity | 27.64% | 28.55% |
Government Agency/GSE [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost, Held-to-maturity | $ 103,317 | $ 117,366 |
Gross Unrealized Holding Gain, Held-to-maturity | 6,627 | 2,280 |
Gross Unrealized Holding Loss, Held-to-maturity | (657) | |
Fair Value, Held-to-maturity | $ 109,944 | $ 118,989 |
Total Percent, Held-to-maturity | 17.88% | 17.40% |
Mortgage-backed Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost, Available-for-sale | $ 1,710,160 | $ 1,185,757 |
Gross Unrealized Holding Gain, Available-for-sale | 46,713 | 21,306 |
Gross Unrealized Holding Loss, Available-for-sale | (2) | (750) |
Fair Value, Available-for-sale | $ 1,756,871 | $ 1,206,313 |
Total Percent, Available-for-sale | 79.65% | 69.32% |
Amortized Cost, Held-to-maturity | $ 152,285 | $ 168,479 |
Gross Unrealized Holding Gain, Held-to-maturity | 7,837 | 2,083 |
Gross Unrealized Holding Loss, Held-to-maturity | (54) | |
Fair Value, Held-to-maturity | $ 160,122 | $ 170,508 |
Total Percent, Held-to-maturity | 26.36% | 24.98% |
Municipal Bonds [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost, Available-for-sale | $ 35,011 | $ 38,506 |
Gross Unrealized Holding Gain, Available-for-sale | 1,457 | 850 |
Gross Unrealized Holding Loss, Available-for-sale | (2) | |
Fair Value, Available-for-sale | $ 36,468 | $ 39,354 |
Total Percent, Available-for-sale | 1.65% | 2.26% |
Amortized Cost, Held-to-maturity | $ 162,416 | $ 196,059 |
Gross Unrealized Holding Gain, Held-to-maturity | 6,387 | 3,867 |
Gross Unrealized Holding Loss, Held-to-maturity | (338) | (565) |
Fair Value, Held-to-maturity | $ 168,465 | $ 199,361 |
Total Percent, Held-to-maturity | 28.12% | 29.07% |
Other Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost, Available-for-sale | $ 813 | $ 880 |
Gross Unrealized Holding Gain, Available-for-sale | ||
Gross Unrealized Holding Loss, Available-for-sale | ||
Fair Value, Available-for-sale | $ 813 | $ 880 |
Total Percent, Available-for-sale | 0.04% | 0.05% |
Investment Securities - Summa_2
Investment Securities - Summary of Interest Income Earned on Investment Securities (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Net Investment Income [Line Items] | ||||
Total interest income from available-for-sale securities | $ 8,447 | $ 9,222 | $ 26,945 | $ 29,985 |
Total interest income from held-to-maturity securities | 3,375 | 4,298 | 11,033 | 13,249 |
Total investment income | 11,822 | 13,520 | 37,978 | 43,234 |
Investment securities available-for-sale [Member] | ||||
Net Investment Income [Line Items] | ||||
Taxable | 8,244 | 8,949 | 26,313 | 29,079 |
Tax-advantaged | 203 | 273 | 632 | 906 |
Total interest income from available-for-sale securities | 8,447 | 9,222 | 26,945 | 29,985 |
Investment securities held-to-maturity [Member] | ||||
Net Investment Income [Line Items] | ||||
Taxable | 2,265 | 2,883 | 7,410 | 8,725 |
Tax-advantaged | 1,110 | 1,415 | 3,623 | 4,524 |
Total interest income from held-to-maturity securities | $ 3,375 | $ 4,298 | $ 11,033 | $ 13,249 |
Investment Securities - Summa_3
Investment Securities - Summary of Continuous Unrealized Loss Position of Securities (Detail) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Schedule of Investments [Line Items] | ||
Fair Value, Less Than 12 Months, Available-for-sale | $ 102,632 | $ 197,806 |
Gross Unrealized Holding Losses, Less Than 12 Months, Available-for-sale | (214) | (711) |
Fair Value, 12 Months or Longer, Available-for-sale | 133,092 | |
Gross Unrealized Holding Losses, 12 Months or Longer, Available-for-sale | (937) | |
Fair Value, Available-for-sale | 102,632 | 330,898 |
Gross Unrealized Holding Losses, Available-for-sale | (214) | (1,648) |
Fair Value, Less Than 12 Months, Held-to-maturity | 70,250 | |
Gross Unrealized Holding Losses, Less Than 12 Months, Held-to-maturity | (442) | |
Fair Value, 12 Months or Longer, Held-to-maturity | 215,579 | |
Gross Unrealized Holding Losses, 12 Months or Longer, Held-to-maturity | (3,292) | |
Fair Value, Held-to-maturity | 285,829 | |
Gross Unrealized Holding Losses, Held-to-maturity | (3,734) | |
CMO/REMIC [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value, Less Than 12 Months, Available-for-sale | 71,781 | 177,517 |
Gross Unrealized Holding Losses, Less Than 12 Months, Available-for-sale | (212) | (705) |
Fair Value, 12 Months or Longer, Available-for-sale | 34,565 | |
Gross Unrealized Holding Losses, 12 Months or Longer, Available-for-sale | (191) | |
Fair Value, Available-for-sale | 71,781 | 212,082 |
Gross Unrealized Holding Losses, Available-for-sale | (212) | (896) |
Fair Value, Less Than 12 Months, Held-to-maturity | 23,897 | |
Gross Unrealized Holding Losses, Less Than 12 Months, Held-to-maturity | (104) | |
Fair Value, 12 Months or Longer, Held-to-maturity | 166,193 | |
Gross Unrealized Holding Losses, 12 Months or Longer, Held-to-maturity | (2,354) | |
Fair Value, Held-to-maturity | 190,090 | |
Gross Unrealized Holding Losses, Held-to-maturity | (2,458) | |
Government Agency/GSE [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value, Less Than 12 Months, Held-to-maturity | 28,359 | |
Gross Unrealized Holding Losses, Less Than 12 Months, Held-to-maturity | (252) | |
Fair Value, 12 Months or Longer, Held-to-maturity | 19,405 | |
Gross Unrealized Holding Losses, 12 Months or Longer, Held-to-maturity | (405) | |
Fair Value, Held-to-maturity | 47,764 | |
Gross Unrealized Holding Losses, Held-to-maturity | (657) | |
Mortgage-backed Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value, Less Than 12 Months, Available-for-sale | 30,851 | 20,289 |
Gross Unrealized Holding Losses, Less Than 12 Months, Available-for-sale | (2) | (6) |
Fair Value, 12 Months or Longer, Available-for-sale | 97,964 | |
Gross Unrealized Holding Losses, 12 Months or Longer, Available-for-sale | (744) | |
Fair Value, Available-for-sale | 30,851 | 118,253 |
Gross Unrealized Holding Losses, Available-for-sale | (2) | (750) |
Fair Value, Less Than 12 Months, Held-to-maturity | 10,411 | |
Gross Unrealized Holding Losses, Less Than 12 Months, Held-to-maturity | (54) | |
Fair Value, 12 Months or Longer, Held-to-maturity | ||
Gross Unrealized Holding Losses, 12 Months or Longer, Held-to-maturity | ||
Fair Value, Held-to-maturity | 10,411 | |
Gross Unrealized Holding Losses, Held-to-maturity | (54) | |
Municipal Bonds [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value, Less Than 12 Months, Available-for-sale | ||
Gross Unrealized Holding Losses, Less Than 12 Months, Available-for-sale | ||
Fair Value, 12 Months or Longer, Available-for-sale | 563 | |
Gross Unrealized Holding Losses, 12 Months or Longer, Available-for-sale | (2) | |
Fair Value, Available-for-sale | 563 | |
Gross Unrealized Holding Losses, Available-for-sale | (2) | |
Fair Value, Less Than 12 Months, Held-to-maturity | 7,583 | |
Gross Unrealized Holding Losses, Less Than 12 Months, Held-to-maturity | (32) | |
Fair Value, 12 Months or Longer, Held-to-maturity | 29,981 | |
Gross Unrealized Holding Losses, 12 Months or Longer, Held-to-maturity | (533) | |
Fair Value, Held-to-maturity | 37,564 | |
Gross Unrealized Holding Losses, Held-to-maturity | $ (565) |
Investment Securities - Summa_4
Investment Securities - Summary of Amortized Cost and Fair Value of Debt Securities by Contractual Maturity (Detail) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Investments, Debt and Equity Securities [Abstract] | ||
Due in one year or less, Amortized Cost, Held-to-maturity | $ 2,730 | |
Due after one year through five years, Amortized Cost, Held-to-maturity | 327,785 | |
Due after five years through ten years, Amortized Cost, Held-to-maturity | 81,246 | |
Due after ten years, Amortized Cost, Held-to-maturity | 165,933 | |
Total Held-to-maturity, Debt Maturities, Amortized Cost Basis | 577,694 | |
Due in one year or less, Fair Value, Held-to-maturity | 2,764 | |
Due after one year through five years, Fair Value, Held-to-maturity | 341,060 | |
Due after five years through ten years, Fair Value, Held-to-maturity | 84,329 | |
Due after ten years, Fair Value, Held-to-maturity | 175,369 | |
Total, Held-to-maturity, Fair Value | 603,522 | |
Due in one year or less, Amortized Cost, Available-for-sale | 27,816 | |
Due after one year through five years, Amortized Cost, Available-for-sale | 1,960,912 | |
Due after five years through ten years, Amortized Cost, Available-for-sale | 119,315 | |
Due after ten years, Amortized Cost, Available-for-sale | 42,321 | |
Amortized Cost, Available-for-sale | 2,150,364 | $ 1,718,357 |
Due in one year or less, Fair Value, Available-for-sale | 27,968 | |
Due after one year through five years, Fair Value, Available-for-sale | 2,012,028 | |
Due after five years through ten years, Fair Value, Available-for-sale | 121,652 | |
Due after ten years, Fair Value, Available-for-sale | 43,998 | |
Total Available-for-sale Securities, Debt Maturities, Available-for-sale, Fair Value | $ 2,205,646 | $ 1,740,257 |
Investment Securities - Additio
Investment Securities - Additional Information (Detail) - USD ($) | 9 Months Ended | |
Sep. 30, 2020 | Dec. 31, 2019 | |
Debt Securities, Available-for-sale [Line Items] | ||
Investment securities pledged as collateral | $ 1,860,000,000 | $ 1,640,000,000 |
Investment in FHLB stock, impairment losses | $ 0 | |
Debt securities weighted average remaining contractual maturity term | 17 years | |
United States [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Securities issued by U.S. government percentage | 93.00% |
Loans and Lease Finance Recei_3
Loans and Lease Finance Receivables and Allowance for Credit Losses - Additional Information (Detail) | Jan. 01, 2020USD ($) | Sep. 30, 2021 | Dec. 31, 2020 | Sep. 30, 2020USD ($) | Jun. 30, 2020USD ($) | Sep. 30, 2020USD ($)Contract | Sep. 30, 2019USD ($)Contract | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2019USD ($) |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Percentage of total gross loan portfolio (excluding PCI loans) | 1.12% | 1.12% | ||||||||
Secure borrowings and available lines of credit from FHLB and Federal Reserve Bank | $ 6,000,000,000 | $ 6,000,000,000 | $ 6,030,000,000 | |||||||
Loans held-for-sale | 0 | 0 | 0 | |||||||
Impaired, at carrying value | 2,200,000 | 2,200,000 | $ 9,780,000 | 8,389,000 | ||||||
Allowance for Credit Losses | 93,900,000 | 93,900,000 | ||||||||
Reserve for credit risk for undisbursed commitments | 9,000,000 | 9,000,000 | 9,000,000 | |||||||
Allocation of allowance to troubled debt restructuring | 0 | $ 0 | 0 | |||||||
Number of loans modified as a TDR within the previous 12 months that subsequently defaulted | Contract | 0 | 0 | ||||||||
Increase in reserve for unfunded loan commitments | $ 0 | |||||||||
Allowance For Credit Losses Increase Decrease | 114,000 | 25,200,000 | ||||||||
Provision For Credit Losses | 0 | $ 23,500,000 | ||||||||
Allowance For Credit Losses Write Offs | $ 114,000 | |||||||||
Transition adjustment, allowance for credit loses for loans | $ 1,800,000 | $ 1,800,000 | ||||||||
Baseline Forecast [Member] | Minimum [Member] | ||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Percentage of weighted forecast | 50.00% | 50.00% | ||||||||
GDP [Member] | ||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Percentage of Increase Decrease In Macro Economic Factors | 27.00% | |||||||||
GDP [Member] | Forecast [Member] | ||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Percentage of Increase Decrease In Macro Economic Factors | 3.50% | 2.90% | 5.00% | |||||||
Unemployment [Member] | ||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Percentage of Increase Decrease In Macro Economic Factors | 11.00% | |||||||||
Unemployment [Member] | Forecast [Member] | ||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Percentage of Increase Decrease In Macro Economic Factors | 8.90% | 6.40% | 8.00% | |||||||
Impact of ASU 2016-13 Adoption [Member] | ||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Increase in reserve for unfunded loan commitments | $ 41,000 | |||||||||
Commercial Real Estate Loans [Member] | ||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Percentage of total gross loan portfolio (excluding PCI loans) | 69.04% | 69.04% | ||||||||
Notes receivable gross | $ 5,428,223,000 | $ 5,428,223,000 | 5,374,617,000 | |||||||
Construction [Member] | ||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Percentage of total gross loan portfolio (excluding PCI loans) | 64.56% | 64.56% | ||||||||
Performing Financing Receivable [Member] | Single-family Residential Loans [Member] | ||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Loans classified as troubled debt restructured | $ 1,800,000 | $ 1,800,000 | ||||||||
Performing Financing Receivable [Member] | Commercial and Industrial [Member] | ||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Loans classified as troubled debt restructured | 47,000 | 47,000 | ||||||||
Performing Financing Receivable [Member] | Commercial Real Estate [Member] | ||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Loans classified as troubled debt restructured | 354,000 | 354,000 | ||||||||
Loans, Excluding PCI Loans [Member] | ||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Notes receivable gross | 252,800,000 | 252,800,000 | ||||||||
Loans, Excluding PCI Loans [Member] | Dairy & Livestock Loans [Member] | ||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Notes receivable gross | 210,400,000 | 210,400,000 | 323,500,000 | |||||||
Loans, Excluding PCI Loans [Member] | Agribusiness Loans [Member] | ||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||||
Notes receivable gross | $ 42,400,000 | $ 42,400,000 | $ 60,200,000 | |||||||
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) | 5.00% | 5.00% | 4.50% | |||||||
Notes receivable gross | $ 271,200,000 | $ 271,200,000 | $ 241,800,000 | |||||||
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] | ||||||||||
Notes receivable gross | 121,100,000 | 121,100,000 | 125,900,000 | |||||||
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] | ||||||||||
Notes receivable gross | $ 150,200,000 | $ 150,200,000 | $ 115,900,000 |
Loans and Lease Finance Recei_4
Loans and Lease Finance Receivables and Allowance for Credit Losses - Summary of Components of Loans and Lease Finance Receivables, Including PCI Loans (Detail) - USD ($) $ in Thousands | Sep. 30, 2020 | Jun. 30, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Dec. 31, 2018 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Construction | $ 101,903 | $ 116,925 | ||||
Total loans | 8,407,872 | 7,568,319 | ||||
Less: Deferred loan fees, net | (3,742) | |||||
Total loans, net of deferred loan fees | 8,407,872 | 7,564,577 | ||||
Less: Allowance for credit losses | (93,869) | $ (93,983) | (68,660) | $ (68,672) | $ (67,132) | $ (63,613) |
Net loans and lease finance receivables | 8,314,003 | 7,495,917 | ||||
Commercial And Industrial [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Notes receivable gross | 817,056 | 935,127 | ||||
Total loans | 817,056 | |||||
SBA [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Notes receivable gross | 304,987 | 305,008 | ||||
Total loans | 304,987 | |||||
SBA - Paycheck Protection Program (PPP) [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Notes receivable gross | 1,101,142 | |||||
Total loans | 1,101,142 | |||||
Less: Allowance for credit losses | 0 | 0 | 0 | |||
Commercial real estate [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Notes receivable gross | 5,428,223 | 5,374,617 | ||||
Total loans | 5,428,223 | |||||
SFR mortgage [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Notes receivable gross | 274,731 | 283,468 | ||||
Total loans | 274,731 | |||||
Dairy & livestock and agribusiness [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Notes receivable gross | 252,802 | 383,709 | ||||
Total loans | 252,802 | |||||
Municipal Lease Finance Receivables [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Notes receivable gross | 38,040 | 53,146 | ||||
Total loans | 38,040 | 53,146 | ||||
Less: Allowance for credit losses | (149) | $ (302) | $ (662) | $ (726) | $ (775) | |
Consumer and other loans [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Notes receivable gross | 88,988 | $ 116,319 | ||||
Total loans | $ 88,988 |
Loans and Lease Finance Recei_5
Loans and Lease Finance Receivables and Allowance for Credit Losses - Summary of loans by type and origination year, according to our internal risk ratings (Detail) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | $ 1,915,829 | |
2019 | 974,518 | |
2018 | 881,124 | |
2017 | 911,758 | |
2016 | 724,436 | |
Prior | 2,120,664 | |
Revolving loans amortized cost basis | 822,289 | |
Revolving loans converted to term loans | 57,254 | |
Total | 8,407,872 | $ 7,568,319 |
Commercial And Industrial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 86,025 | |
2019 | 172,084 | |
2018 | 76,932 | |
2017 | 65,547 | |
2016 | 42,549 | |
Prior | 85,692 | |
Revolving loans amortized cost basis | 277,849 | |
Revolving loans converted to term loans | 10,378 | |
Total | 817,056 | |
Commercial Trade Financing [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 37,389 | |
2019 | 13,394 | |
2018 | 47,148 | |
2017 | 75,776 | |
2016 | 29,585 | |
Prior | 98,822 | |
Revolving loans amortized cost basis | 0 | |
Revolving loans converted to term loans | 2,873 | |
Total | 304,987 | |
SBA - Paycheck Protection Program (PPP) [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 1,101,142 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
2016 | 0 | |
Prior | 0 | |
Revolving loans amortized cost basis | 0 | |
Revolving loans converted to term loans | 0 | |
Total | 1,101,142 | |
Real Estate Loan [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 621,687 | |
2019 | 713,566 | |
2018 | 702,980 | |
2017 | 711,783 | |
2016 | 604,699 | |
Prior | 1,840,177 | |
Revolving loans amortized cost basis | 206,705 | |
Revolving loans converted to term loans | 26,626 | |
Total | 5,428,223 | |
Construction Loans [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 11,160 | |
2019 | 8,614 | |
2018 | 14,399 | |
2017 | 15,667 | |
2016 | 10,592 | |
Prior | 4 | |
Revolving loans amortized cost basis | 41,467 | |
Revolving loans converted to term loans | 0 | |
Total | 101,903 | |
Consumer Mortgage [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 52,065 | |
2019 | 62,325 | |
2018 | 33,614 | |
2017 | 25,069 | |
2016 | 28,573 | |
Prior | 72,645 | |
Revolving loans amortized cost basis | 0 | |
Revolving loans converted to term loans | 440 | |
Total | 274,731 | |
Dairy And Livestock And Agribusiness [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 755 | |
2019 | 2,201 | |
2018 | 2,524 | |
2017 | 6,412 | |
2016 | 3,137 | |
Prior | 341 | |
Revolving loans amortized cost basis | 223,030 | |
Revolving loans converted to term loans | 14,402 | |
Total | 252,802 | |
Municipal Lease Finance Receivables [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 123 | |
2019 | 0 | |
2018 | 2,556 | |
2017 | 10,436 | |
2016 | 3,587 | |
Prior | 21,338 | |
Revolving loans amortized cost basis | 0 | |
Revolving loans converted to term loans | 0 | |
Total | 38,040 | 53,146 |
Consumer Other [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 5,483 | |
2019 | 2,334 | |
2018 | 971 | |
2017 | 1,068 | |
2016 | 1,714 | |
Prior | 1,645 | |
Revolving loans amortized cost basis | 73,238 | |
Revolving loans converted to term loans | 2,535 | |
Total | 88,988 | |
Pass [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 1,906,637 | |
2019 | 961,016 | |
2018 | 852,750 | |
2017 | 878,051 | |
2016 | 702,489 | |
Prior | 2,037,779 | |
Revolving loans amortized cost basis | 781,006 | |
Revolving loans converted to term loans | 39,843 | |
Total | 8,159,571 | 7,321,402 |
Pass [Member] | Commercial And Industrial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 81,480 | |
2019 | 170,738 | |
2018 | 72,345 | |
2017 | 62,918 | |
2016 | 41,860 | |
Prior | 80,669 | |
Revolving loans amortized cost basis | 255,407 | |
Revolving loans converted to term loans | 8,153 | |
Total | 773,570 | |
Pass [Member] | Commercial Trade Financing [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 37,389 | |
2019 | 13,394 | |
2018 | 46,193 | |
2017 | 72,665 | |
2016 | 26,687 | |
Prior | 88,255 | |
Revolving loans amortized cost basis | 0 | |
Revolving loans converted to term loans | 2,873 | |
Total | 287,456 | |
Pass [Member] | SBA - Paycheck Protection Program (PPP) [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 1,101,142 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
2016 | 0 | |
Prior | 0 | |
Revolving loans amortized cost basis | 0 | |
Revolving loans converted to term loans | 0 | |
Total | 1,101,142 | |
Pass [Member] | Real Estate Loan [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 617,068 | |
2019 | 701,648 | |
2018 | 680,997 | |
2017 | 684,519 | |
2016 | 589,553 | |
Prior | 1,776,989 | |
Revolving loans amortized cost basis | 201,021 | |
Revolving loans converted to term loans | 26,329 | |
Total | 5,278,124 | |
Pass [Member] | Construction Loans [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 11,160 | |
2019 | 8,614 | |
2018 | 14,399 | |
2017 | 15,667 | |
2016 | 10,592 | |
Prior | 4 | |
Revolving loans amortized cost basis | 41,467 | |
Revolving loans converted to term loans | 0 | |
Total | 101,903 | |
Pass [Member] | Consumer Mortgage [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 52,050 | |
2019 | 62,087 | |
2018 | 33,614 | |
2017 | 25,069 | |
2016 | 28,344 | |
Prior | 69,215 | |
Revolving loans amortized cost basis | 0 | |
Revolving loans converted to term loans | 0 | |
Total | 270,379 | |
Pass [Member] | Dairy And Livestock And Agribusiness [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 742 | |
2019 | 2,201 | |
2018 | 1,675 | |
2017 | 5,709 | |
2016 | 152 | |
Prior | 341 | |
Revolving loans amortized cost basis | 210,610 | |
Revolving loans converted to term loans | 494 | |
Total | 221,924 | |
Pass [Member] | Municipal Lease Finance Receivables [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 123 | |
2019 | 0 | |
2018 | 2,556 | |
2017 | 10,436 | |
2016 | 3,587 | |
Prior | 20,926 | |
Revolving loans amortized cost basis | 0 | |
Revolving loans converted to term loans | 0 | |
Total | 37,628 | |
Pass [Member] | Consumer Other [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 5,483 | |
2019 | 2,334 | |
2018 | 971 | |
2017 | 1,068 | |
2016 | 1,714 | |
Prior | 1,380 | |
Revolving loans amortized cost basis | 72,501 | |
Revolving loans converted to term loans | 1,994 | |
Total | 87,445 | |
Special Mention [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 4,647 | |
2019 | 12,360 | |
2018 | 21,255 | |
2017 | 23,694 | |
2016 | 15,458 | |
Prior | 61,475 | |
Revolving loans amortized cost basis | 33,750 | |
Revolving loans converted to term loans | 2,950 | |
Total | 175,589 | 173,486 |
Special Mention [Member] | Commercial And Industrial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 0 | |
2019 | 1,235 | |
2018 | 3,087 | |
2017 | 814 | |
2016 | 241 | |
Prior | 5,015 | |
Revolving loans amortized cost basis | 15,970 | |
Revolving loans converted to term loans | 1,022 | |
Total | 27,384 | |
Special Mention [Member] | Commercial Trade Financing [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 1,113 | |
2016 | 1,352 | |
Prior | 6,910 | |
Revolving loans amortized cost basis | 0 | |
Revolving loans converted to term loans | 0 | |
Total | 9,375 | |
Special Mention [Member] | SBA - Paycheck Protection Program (PPP) [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
2016 | 0 | |
Prior | 0 | |
Revolving loans amortized cost basis | 0 | |
Revolving loans converted to term loans | 0 | |
Total | 0 | |
Special Mention [Member] | Real Estate Loan [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 4,619 | |
2019 | 11,125 | |
2018 | 18,168 | |
2017 | 21,767 | |
2016 | 13,865 | |
Prior | 48,591 | |
Revolving loans amortized cost basis | 5,447 | |
Revolving loans converted to term loans | 297 | |
Total | 123,879 | |
Special Mention [Member] | Construction Loans [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
2016 | 0 | |
Prior | 0 | |
Revolving loans amortized cost basis | 0 | |
Revolving loans converted to term loans | 0 | |
Total | 0 | |
Special Mention [Member] | Consumer Mortgage [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 15 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
2016 | 0 | |
Prior | 456 | |
Revolving loans amortized cost basis | 0 | |
Revolving loans converted to term loans | 0 | |
Total | 471 | |
Special Mention [Member] | Dairy And Livestock And Agribusiness [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 13 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
2016 | 0 | |
Prior | 0 | |
Revolving loans amortized cost basis | 11,596 | |
Revolving loans converted to term loans | 1,631 | |
Total | 13,240 | |
Special Mention [Member] | Municipal Lease Finance Receivables [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
2016 | 0 | |
Prior | 412 | |
Total | 412 | |
Special Mention [Member] | Consumer Other [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
2016 | 0 | |
Prior | 91 | |
Revolving loans amortized cost basis | 737 | |
Revolving loans converted to term loans | 0 | |
Total | 828 | |
Substandard [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 4,545 | |
2019 | 1,142 | |
2018 | 7,119 | |
2017 | 10,013 | |
2016 | 6,489 | |
Prior | 21,410 | |
Revolving loans amortized cost basis | 7,533 | |
Revolving loans converted to term loans | 14,461 | |
Total | 72,712 | 73,431 |
Substandard [Member] | Commercial And Industrial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 4,545 | |
2019 | 111 | |
2018 | 1,500 | |
2017 | 1,815 | |
2016 | 448 | |
Prior | 8 | |
Revolving loans amortized cost basis | 6,472 | |
Revolving loans converted to term loans | 1,203 | |
Total | 16,102 | |
Substandard [Member] | Commercial Trade Financing [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 0 | |
2019 | 0 | |
2018 | 955 | |
2017 | 1,998 | |
2016 | 1,546 | |
Prior | 3,657 | |
Revolving loans amortized cost basis | 0 | |
Revolving loans converted to term loans | 0 | |
Total | 8,156 | |
Substandard [Member] | SBA - Paycheck Protection Program (PPP) [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
2016 | 0 | |
Prior | 0 | |
Revolving loans amortized cost basis | 0 | |
Revolving loans converted to term loans | 0 | |
Total | 0 | |
Substandard [Member] | Real Estate Loan [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 0 | |
2019 | 793 | |
2018 | 3,815 | |
2017 | 5,497 | |
2016 | 1,281 | |
Prior | 14,597 | |
Revolving loans amortized cost basis | 237 | |
Revolving loans converted to term loans | 0 | |
Total | 26,220 | |
Substandard [Member] | Construction Loans [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
2016 | 0 | |
Prior | 0 | |
Revolving loans amortized cost basis | 0 | |
Revolving loans converted to term loans | 0 | |
Total | 0 | |
Substandard [Member] | Consumer Mortgage [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 0 | |
2019 | 238 | |
2018 | 0 | |
2017 | 0 | |
2016 | 229 | |
Prior | 2,974 | |
Revolving loans amortized cost basis | 0 | |
Revolving loans converted to term loans | 440 | |
Total | 3,881 | |
Substandard [Member] | Dairy And Livestock And Agribusiness [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 0 | |
2019 | 0 | |
2018 | 849 | |
2017 | 703 | |
2016 | 2,985 | |
Prior | 0 | |
Revolving loans amortized cost basis | 824 | |
Revolving loans converted to term loans | 12,277 | |
Total | 17,638 | |
Substandard [Member] | Municipal Lease Finance Receivables [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
2016 | 0 | |
Prior | 0 | |
Revolving loans amortized cost basis | 0 | |
Revolving loans converted to term loans | 0 | |
Total | 0 | |
Substandard [Member] | Consumer Other [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
2016 | 0 | |
Prior | 174 | |
Revolving loans amortized cost basis | 0 | |
Revolving loans converted to term loans | 541 | |
Total | 715 | |
Doubtful [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
2016 | 0 | |
Prior | 0 | |
Revolving loans amortized cost basis | 0 | |
Revolving loans converted to term loans | 0 | |
Total | 0 | $ 0 |
Doubtful [Member] | Commercial And Industrial [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
2016 | 0 | |
Prior | 0 | |
Revolving loans amortized cost basis | 0 | |
Revolving loans converted to term loans | 0 | |
Total | 0 | |
Doubtful [Member] | Commercial Trade Financing [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
2016 | 0 | |
Prior | 0 | |
Revolving loans amortized cost basis | 0 | |
Revolving loans converted to term loans | 0 | |
Total | 0 | |
Doubtful [Member] | SBA - Paycheck Protection Program (PPP) [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
2016 | 0 | |
Prior | 0 | |
Revolving loans amortized cost basis | 0 | |
Revolving loans converted to term loans | 0 | |
Total | 0 | |
Doubtful [Member] | Real Estate Loan [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
2016 | 0 | |
Prior | 0 | |
Revolving loans amortized cost basis | 0 | |
Revolving loans converted to term loans | 0 | |
Total | 0 | |
Doubtful [Member] | Construction Loans [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
2016 | 0 | |
Prior | 0 | |
Revolving loans amortized cost basis | 0 | |
Revolving loans converted to term loans | 0 | |
Total | 0 | |
Doubtful [Member] | Consumer Mortgage [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
2016 | 0 | |
Prior | 0 | |
Revolving loans amortized cost basis | 0 | |
Revolving loans converted to term loans | 0 | |
Total | 0 | |
Doubtful [Member] | Dairy And Livestock And Agribusiness [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
2016 | 0 | |
Prior | 0 | |
Revolving loans amortized cost basis | 0 | |
Revolving loans converted to term loans | 0 | |
Total | 0 | |
Doubtful [Member] | Municipal Lease Finance Receivables [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
2016 | 0 | |
Prior | 0 | |
Revolving loans amortized cost basis | 0 | |
Revolving loans converted to term loans | 0 | |
Total | 0 | |
Doubtful [Member] | Consumer Other [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
2016 | 0 | |
Prior | 0 | |
Revolving loans amortized cost basis | 0 | |
Revolving loans converted to term loans | 0 | |
Total | $ 0 |
Loans and Lease Finance Recei_6
Loans and Lease Finance Receivables and Allowance for Credit Losses - Summary of Loan, Including PCI Loans by Internal Risk Ratings (Detail) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Commercial real estate, Non-owner occupied | $ 3,290,967 | |
Total loans | $ 8,407,872 | 7,568,319 |
Commercial And Industrial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Notes receivable gross | 817,056 | 935,127 |
Total loans | 817,056 | |
SBA [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Notes receivable gross | 304,987 | 305,008 |
Total loans | 304,987 | |
Commercial real estate, owner occupied [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Notes receivable gross | 2,083,650 | |
Total loans | 2,125,200 | 2,083,650 |
Construction, Speculative [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Notes receivable gross | 106,895 | |
Construction, Non-speculative [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Notes receivable gross | 10,030 | |
SFR mortgage [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Notes receivable gross | 274,731 | 283,468 |
Total loans | 274,731 | |
Dairy & Livestock and Agribusiness [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Notes receivable gross | 252,802 | 383,709 |
Total loans | 252,802 | |
Municipal Lease Finance Receivables [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Notes receivable gross | 38,040 | 53,146 |
Total loans | 38,040 | 53,146 |
Consumer Other [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Notes receivable gross | 88,988 | 116,319 |
Total loans | 88,988 | |
Pass [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Commercial real estate, Non-owner occupied | 3,280,580 | |
Total loans | 8,159,571 | 7,321,402 |
Pass [Member] | Commercial And Industrial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Notes receivable gross | 895,234 | |
Total loans | 773,570 | |
Pass [Member] | SBA [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Notes receivable gross | 283,430 | |
Total loans | 287,456 | |
Pass [Member] | Commercial real estate, owner occupied [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Notes receivable gross | 1,977,007 | |
Pass [Member] | Construction, Speculative [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Notes receivable gross | 106,895 | |
Pass [Member] | Construction, Non-speculative [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Notes receivable gross | 10,030 | |
Pass [Member] | SFR mortgage [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Notes receivable gross | 280,010 | |
Total loans | 270,379 | |
Pass [Member] | Dairy & Livestock and Agribusiness [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Notes receivable gross | 320,670 | |
Total loans | 221,924 | |
Pass [Member] | Municipal Lease Finance Receivables [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Notes receivable gross | 52,676 | |
Total loans | 37,628 | |
Pass [Member] | Consumer Other [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Notes receivable gross | 114,870 | |
Total loans | 87,445 | |
Special Mention [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Commercial real estate, Non-owner occupied | 10,005 | |
Total loans | 175,589 | 173,486 |
Special Mention [Member] | Commercial And Industrial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Notes receivable gross | 35,473 | |
Total loans | 27,384 | |
Special Mention [Member] | SBA [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Notes receivable gross | 11,032 | |
Total loans | 9,375 | |
Special Mention [Member] | Commercial real estate, owner occupied [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Notes receivable gross | 78,208 | |
Special Mention [Member] | Construction, Speculative [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Notes receivable gross | 0 | |
Special Mention [Member] | Construction, Non-speculative [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Notes receivable gross | 0 | |
Special Mention [Member] | SFR mortgage [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Notes receivable gross | 1,957 | |
Total loans | 471 | |
Special Mention [Member] | Dairy & Livestock and Agribusiness [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Notes receivable gross | 35,920 | |
Total loans | 13,240 | |
Special Mention [Member] | Municipal Lease Finance Receivables [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Notes receivable gross | 470 | |
Total loans | 412 | |
Special Mention [Member] | Consumer Other [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Notes receivable gross | 421 | |
Total loans | 828 | |
Substandard [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Commercial real estate, Non-owner occupied | 382 | |
Total loans | 72,712 | 73,431 |
Substandard [Member] | Commercial And Industrial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Notes receivable gross | 4,420 | |
Total loans | 16,102 | |
Substandard [Member] | SBA [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Notes receivable gross | 10,546 | |
Total loans | 8,156 | |
Substandard [Member] | Commercial real estate, owner occupied [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Notes receivable gross | 28,435 | |
Substandard [Member] | Construction, Speculative [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Notes receivable gross | 0 | |
Substandard [Member] | Construction, Non-speculative [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Notes receivable gross | 0 | |
Substandard [Member] | SFR mortgage [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Notes receivable gross | 1,501 | |
Total loans | 3,881 | |
Substandard [Member] | Dairy & Livestock and Agribusiness [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Notes receivable gross | 27,119 | |
Total loans | 17,638 | |
Substandard [Member] | Municipal Lease Finance Receivables [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Notes receivable gross | 0 | |
Total loans | 0 | |
Substandard [Member] | Consumer Other [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Notes receivable gross | 1,028 | |
Total loans | 715 | |
Doubtful & Loss [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Commercial real estate, Non-owner occupied | 0 | |
Total loans | 0 | 0 |
Doubtful & Loss [Member] | Commercial And Industrial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Notes receivable gross | 0 | |
Total loans | 0 | |
Doubtful & Loss [Member] | SBA [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Notes receivable gross | 0 | |
Total loans | 0 | |
Doubtful & Loss [Member] | Commercial real estate, owner occupied [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Notes receivable gross | 0 | |
Doubtful & Loss [Member] | Construction, Speculative [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Notes receivable gross | 0 | |
Doubtful & Loss [Member] | Construction, Non-speculative [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Notes receivable gross | 0 | |
Doubtful & Loss [Member] | SFR mortgage [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Notes receivable gross | 0 | |
Total loans | 0 | |
Doubtful & Loss [Member] | Dairy & Livestock and Agribusiness [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Notes receivable gross | 0 | |
Total loans | 0 | |
Doubtful & Loss [Member] | Municipal Lease Finance Receivables [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Notes receivable gross | 0 | |
Total loans | 0 | |
Doubtful & Loss [Member] | Consumer Other [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Notes receivable gross | $ 0 | |
Total loans | $ 0 |
Loans and Lease Finance Recei_7
Loans and Lease Finance Receivables and Allowance for Credit 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 | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Beginning Balance | $ 93,983 | $ 67,132 | $ 68,660 | $ 63,613 |
Charge-offs | (231) | (68) | (484) | (428) |
Recoveries | 117 | 108 | 353 | 487 |
Provision for (Recapture of) loan losses | 0 | 1,500 | 23,500 | 5,000 |
Ending Balance | 93,869 | 68,672 | 93,869 | 68,672 |
Impact of ASU 2016-13 Adoption [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Beginning Balance | 1,840 | |||
Previously Reported [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Beginning Balance | 68,660 | |||
Commercial and Industrial [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Beginning Balance | 7,991 | 7,857 | 7,528 | |
Charge-offs | (161) | 0 | (172) | (48) |
Recoveries | 2 | 94 | 7 | 253 |
Provision for (Recapture of) loan losses | 761 | 287 | 2,320 | 505 |
Ending Balance | 8,593 | 8,238 | 8,593 | 8,238 |
Commercial and Industrial [Member] | Impact of ASU 2016-13 Adoption [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Beginning Balance | (2,442) | |||
Commercial and Industrial [Member] | Previously Reported [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Beginning Balance | 8,880 | |||
Small Business Administration [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Beginning Balance | 3,651 | 1,119 | 1,078 | |
Charge-offs | (47) | (65) | (203) | (295) |
Recoveries | 69 | 0 | 72 | 9 |
Provision for (Recapture of) loan losses | (169) | 412 | 364 | 674 |
Ending Balance | 3,504 | 1,466 | 3,504 | 1,466 |
Small Business Administration [Member] | Impact of ASU 2016-13 Adoption [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Beginning Balance | 1,818 | |||
Small Business Administration [Member] | Previously Reported [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Beginning Balance | 1,453 | |||
SBA - Paycheck Protection Program (PPP) [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Beginning Balance | 0 | 0 | ||
Charge-offs | 0 | 0 | ||
Recoveries | 0 | 0 | ||
Provision for (Recapture of) loan losses | 0 | 0 | ||
Ending Balance | 0 | 0 | ||
SBA - Paycheck Protection Program (PPP) [Member] | Impact of ASU 2016-13 Adoption [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Beginning Balance | 0 | |||
Commercial Real Estate [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Beginning Balance | 74,928 | 48,287 | 45,097 | |
Charge-offs | 0 | 0 | 0 | 0 |
Recoveries | 0 | 0 | 0 | 0 |
Provision for (Recapture of) loan losses | (473) | 624 | 22,279 | 3,814 |
Ending Balance | 74,455 | 48,911 | 74,455 | 48,911 |
Commercial Real Estate [Member] | Impact of ASU 2016-13 Adoption [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Beginning Balance | 3,547 | |||
Commercial Real Estate [Member] | Previously Reported [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Beginning Balance | 48,629 | |||
Construction [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Beginning Balance | 2,290 | 871 | 981 | |
Charge-offs | 0 | 0 | 0 | 0 |
Recoveries | 3 | 3 | 9 | 9 |
Provision for (Recapture of) loan losses | (355) | 55 | 416 | (61) |
Ending Balance | 1,938 | 929 | 1,938 | 929 |
Construction [Member] | Impact of ASU 2016-13 Adoption [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Beginning Balance | 655 | |||
Construction [Member] | Previously Reported [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Beginning Balance | 858 | |||
SFR Mortgage [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Beginning Balance | 222 | 2,323 | 2,197 | |
Charge-offs | 0 | 0 | 0 | 0 |
Recoveries | 0 | 8 | 206 | 191 |
Provision for (Recapture of) loan losses | 15 | 44 | (265) | (13) |
Ending Balance | 237 | 2,375 | 237 | 2,375 |
SFR Mortgage [Member] | Impact of ASU 2016-13 Adoption [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Beginning Balance | (2,043) | |||
SFR Mortgage [Member] | Previously Reported [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Beginning Balance | 2,339 | |||
Dairy & Livestock and Agribusiness [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Beginning Balance | 3,379 | 5,341 | 5,225 | |
Charge-offs | 0 | 0 | 0 | (78) |
Recoveries | 0 | 0 | 0 | 19 |
Provision for (Recapture of) loan losses | 330 | 88 | (1,360) | 263 |
Ending Balance | 3,709 | 5,429 | 3,709 | 5,429 |
Dairy & Livestock and Agribusiness [Member] | Impact of ASU 2016-13 Adoption [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Beginning Balance | (186) | |||
Dairy & Livestock and Agribusiness [Member] | Previously Reported [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Beginning Balance | 5,255 | |||
Municipal Lease Finance Receivables [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Beginning Balance | 302 | 726 | 775 | |
Charge-offs | 0 | 0 | 0 | 0 |
Recoveries | 0 | 0 | 0 | 0 |
Provision for (Recapture of) loan losses | (153) | (64) | (58) | (113) |
Ending Balance | 149 | 662 | 149 | 662 |
Municipal Lease Finance Receivables [Member] | Impact of ASU 2016-13 Adoption [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Beginning Balance | (416) | |||
Municipal Lease Finance Receivables [Member] | Previously Reported [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Beginning Balance | 623 | |||
Consumer and Other Loans [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Beginning Balance | 1,220 | 608 | 732 | |
Charge-offs | (23) | (3) | (109) | (7) |
Recoveries | 43 | 3 | 59 | 6 |
Provision for (Recapture of) loan losses | 44 | 54 | (196) | (69) |
Ending Balance | $ 1,284 | $ 662 | 1,284 | $ 662 |
Consumer and Other Loans [Member] | Impact of ASU 2016-13 Adoption [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Beginning Balance | 907 | |||
Consumer and Other Loans [Member] | Previously Reported [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Beginning Balance | $ 623 |
Loans and Lease Finance Recei_8
Loans and Lease Finance Receivables and Allowance for Credit Losses - Schedule of Recorded Investment in Loans Held-for-Investment and Related Allowance for Loan Losses by Loan Type (Detail) $ in Thousands | Sep. 30, 2019USD ($) |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Recorded Investment in Loans, Individually Evaluated for Impairment | $ 9,780 |
Recorded Investment in Loans, Collectively Evaluated for Impairment | 7,488,537 |
Allowance for Loan Losses, Individually Evaluated for Impairment | 540 |
Allowance for Loan Losses, Collectively Evaluated for Impairment | 68,132 |
Commercial and Industrial [Member] | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Recorded Investment in Loans, Individually Evaluated for Impairment | 1,638 |
Recorded Investment in Loans, Collectively Evaluated for Impairment | 920,040 |
Allowance for Loan Losses, Individually Evaluated for Impairment | 254 |
Allowance for Loan Losses, Collectively Evaluated for Impairment | 7,984 |
Small Business Administration [Member] | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Recorded Investment in Loans, Individually Evaluated for Impairment | 3,248 |
Recorded Investment in Loans, Collectively Evaluated for Impairment | 316,323 |
Allowance for Loan Losses, Individually Evaluated for Impairment | 286 |
Allowance for Loan Losses, Collectively Evaluated for Impairment | 1,180 |
Commercial Real Estate [Member] | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Recorded Investment in Loans, Individually Evaluated for Impairment | 1,500 |
Recorded Investment in Loans, Collectively Evaluated for Impairment | 5,374,168 |
Allowance for Loan Losses, Individually Evaluated for Impairment | 0 |
Allowance for Loan Losses, Collectively Evaluated for Impairment | 48,911 |
Construction [Member] | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Recorded Investment in Loans, Individually Evaluated for Impairment | 0 |
Recorded Investment in Loans, Collectively Evaluated for Impairment | 119,931 |
Allowance for Loan Losses, Individually Evaluated for Impairment | 0 |
Allowance for Loan Losses, Collectively Evaluated for Impairment | 929 |
SFR Mortgage [Member] | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Recorded Investment in Loans, Individually Evaluated for Impairment | 3,009 |
Recorded Investment in Loans, Collectively Evaluated for Impairment | 275,635 |
Allowance for Loan Losses, Individually Evaluated for Impairment | 0 |
Allowance for Loan Losses, Collectively Evaluated for Impairment | 2,375 |
Dairy & Livestock and Agribusiness [Member] | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Recorded Investment in Loans, Individually Evaluated for Impairment | 0 |
Recorded Investment in Loans, Collectively Evaluated for Impairment | 311,229 |
Allowance for Loan Losses, Individually Evaluated for Impairment | 0 |
Allowance for Loan Losses, Collectively Evaluated for Impairment | 5,429 |
Municipal Lease Finance Receivables [Member] | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Recorded Investment in Loans, Individually Evaluated for Impairment | 0 |
Recorded Investment in Loans, Collectively Evaluated for Impairment | 54,468 |
Allowance for Loan Losses, Individually Evaluated for Impairment | 0 |
Allowance for Loan Losses, Collectively Evaluated for Impairment | 662 |
Consumer and Other Loans [Member] | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Recorded Investment in Loans, Individually Evaluated for Impairment | 385 |
Recorded Investment in Loans, Collectively Evaluated for Impairment | 116,743 |
Allowance for Loan Losses, Individually Evaluated for Impairment | 0 |
Allowance for Loan Losses, Collectively Evaluated for Impairment | $ 662 |
Loans and Lease Finance Recei_9
Loans and Lease Finance Receivables and Allowance for Credit Losses - Schedule of Recorded Investment in, and Aging of, Past Due and Nonaccrual Loans, Including PCI Loans by Class of Loans (Detail) - USD ($) | Sep. 30, 2020 | Dec. 31, 2019 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | $ 13,769,000 | |
Total Past Due and Accruing | $ 1,653,000 | |
Nonaccrual | 11,775,000 | 5,277,000 |
Loans Not Past Due | 8,394,103,000 | |
Loans Not Past Due and accruing | 7,561,389,000 | |
Nonaccrual with No Allowance for Credit Losses | 8,785,000 | |
Loans Past Due Over 89 Days Still Accruing | 0 | |
Total loans | 8,407,872,000 | 7,568,319,000 |
30-59 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 4,118,000 | |
Total Past Due and Accruing | 878,000 | |
Nonaccrual | 571,000 | 59,000 |
60-89 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 2,328,000 | |
Total Past Due and Accruing | 775,000 | |
Nonaccrual | 2,100,000 | 1,100,000 |
Greater than 89 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 7,323,000 | |
Nonaccrual | 7,300,000 | 2,900,000 |
Commercial and Industrial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 5,351,000 | |
Total Past Due and Accruing | 2,000 | |
Nonaccrual | 1,822,000 | 1,266,000 |
Loans Not Past Due | 811,705,000 | |
Loans Not Past Due and accruing | 933,859,000 | |
Nonaccrual with No Allowance for Credit Losses | 1,421,000 | |
Loans Past Due Over 89 Days Still Accruing | 0 | |
Total loans | 817,056,000 | 935,127,000 |
Commercial and Industrial [Member] | 30-59 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 3,582,000 | |
Total Past Due and Accruing | 2,000 | |
Commercial and Industrial [Member] | 60-89 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 1,209,000 | 0 |
Commercial and Industrial [Member] | Greater than 89 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 560,000 | |
Small Business Administration [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 1,515,000 | |
Total Past Due and Accruing | 1,402,000 | |
Nonaccrual | 1,724,000 | 2,032,000 |
Loans Not Past Due | 303,472,000 | |
Loans Not Past Due and accruing | 301,574,000 | |
Nonaccrual with No Allowance for Credit Losses | 850,000 | |
Loans Past Due Over 89 Days Still Accruing | 0 | |
Total loans | 304,987,000 | 305,008,000 |
Small Business Administration [Member] | 30-59 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 468,000 | |
Total Past Due and Accruing | 870,000 | |
Small Business Administration [Member] | 60-89 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 270,000 | |
Total Past Due and Accruing | 532,000 | |
Small Business Administration [Member] | Greater than 89 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 777,000 | |
SBA - Paycheck Protection Program (PPP) [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 0 | |
Nonaccrual | 0 | |
Loans Not Past Due | 1,101,142,000 | |
Nonaccrual with No Allowance for Credit Losses | 0 | |
Loans Past Due Over 89 Days Still Accruing | 0 | |
Total loans | 1,101,142,000 | |
SBA - Paycheck Protection Program (PPP) [Member] | 30-59 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 0 | |
SBA - Paycheck Protection Program (PPP) [Member] | 60-89 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 0 | |
SBA - Paycheck Protection Program (PPP) [Member] | Greater than 89 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 0 | |
Commercial Real Estate Owner Occupied [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 3,770,000 | |
Total Past Due and Accruing | 0 | |
Nonaccrual | 4,766,000 | 479,000 |
Loans Not Past Due | 2,121,430,000 | |
Loans Not Past Due and accruing | 2,083,171,000 | |
Nonaccrual with No Allowance for Credit Losses | 4,766,000 | |
Loans Past Due Over 89 Days Still Accruing | 0 | |
Total loans | 2,125,200,000 | 2,083,650,000 |
Commercial Real Estate Owner Occupied [Member] | 30-59 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 0 | 0 |
Commercial Real Estate Owner Occupied [Member] | 60-89 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 0 | 0 |
Commercial Real Estate Owner Occupied [Member] | Greater than 89 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 3,770,000 | |
Commercial Real Estate Non-owner Occupied [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 1,715,000 | |
Total Past Due and Accruing | 0 | |
Nonaccrual | 1,715,000 | 245,000 |
Loans Not Past Due | 3,301,308,000 | |
Loans Not Past Due and accruing | 3,290,722,000 | |
Nonaccrual with No Allowance for Credit Losses | 0 | |
Loans Past Due Over 89 Days Still Accruing | 0 | |
Total loans | 3,303,023,000 | 3,290,967,000 |
Commercial Real Estate Non-owner Occupied [Member] | 30-59 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 0 | 0 |
Commercial Real Estate Non-owner Occupied [Member] | 60-89 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 0 | 0 |
Commercial Real Estate Non-owner Occupied [Member] | Greater than 89 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 1,715,000 | |
Construction Speculative [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 0 | |
Total Past Due and Accruing | 0 | |
Nonaccrual | 0 | 0 |
Loans Not Past Due | 94,232,000 | |
Loans Not Past Due and accruing | 106,895,000 | |
Nonaccrual with No Allowance for Credit Losses | 0 | |
Loans Past Due Over 89 Days Still Accruing | 0 | |
Total loans | 94,232,000 | 106,895,000 |
Construction Speculative [Member] | 30-59 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 0 | 0 |
Construction Speculative [Member] | 60-89 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 0 | 0 |
Construction Speculative [Member] | Greater than 89 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 0 | |
Construction Non-speculative [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 0 | |
Total Past Due and Accruing | 0 | |
Nonaccrual | 0 | 0 |
Loans Not Past Due | 7,671,000 | |
Loans Not Past Due and accruing | 10,030,000 | |
Nonaccrual with No Allowance for Credit Losses | 0 | |
Loans Past Due Over 89 Days Still Accruing | 0 | |
Total loans | 7,671,000 | 10,030,000 |
Construction Non-speculative [Member] | 30-59 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 0 | 0 |
Construction Non-speculative [Member] | 60-89 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 0 | 0 |
Construction Non-speculative [Member] | Greater than 89 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 0 | |
SFR Mortgage [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 467,000 | |
Total Past Due and Accruing | 249,000 | |
Nonaccrual | 675,000 | 878,000 |
Loans Not Past Due | 274,264,000 | |
Loans Not Past Due and accruing | 282,341,000 | |
Nonaccrual with No Allowance for Credit Losses | 675,000 | |
Loans Past Due Over 89 Days Still Accruing | 0 | |
Total loans | 274,731,000 | 283,468,000 |
SFR Mortgage [Member] | 30-59 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 0 | |
Total Past Due and Accruing | 6,000 | |
SFR Mortgage [Member] | 60-89 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 0 | |
Total Past Due and Accruing | 243,000 | |
SFR Mortgage [Member] | Greater than 89 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 467,000 | |
Dairy & Livestock and Agribusiness [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 849,000 | |
Total Past Due and Accruing | 0 | |
Nonaccrual | 849,000 | 0 |
Loans Not Past Due | 251,953,000 | |
Loans Not Past Due and accruing | 383,709,000 | |
Nonaccrual with No Allowance for Credit Losses | 849,000 | |
Loans Past Due Over 89 Days Still Accruing | 0 | |
Total loans | 252,802,000 | 383,709,000 |
Dairy & Livestock and Agribusiness [Member] | 30-59 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 0 | 0 |
Dairy & Livestock and Agribusiness [Member] | 60-89 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 849,000 | 0 |
Dairy & Livestock and Agribusiness [Member] | Greater than 89 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 0 | |
Municipal Lease Finance Receivables [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 0 | |
Total Past Due and Accruing | 0 | |
Nonaccrual | 0 | 0 |
Loans Not Past Due | 38,040,000 | |
Loans Not Past Due and accruing | 53,146,000 | |
Nonaccrual with No Allowance for Credit Losses | 0 | |
Loans Past Due Over 89 Days Still Accruing | 0 | |
Total loans | 38,040,000 | 53,146,000 |
Municipal Lease Finance Receivables [Member] | 30-59 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 0 | 0 |
Municipal Lease Finance Receivables [Member] | 60-89 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 0 | 0 |
Municipal Lease Finance Receivables [Member] | Greater than 89 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 0 | |
Consumer and Other Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 102,000 | |
Total Past Due and Accruing | 0 | |
Nonaccrual | 224,000 | 377,000 |
Loans Not Past Due | 88,886,000 | |
Loans Not Past Due and accruing | 115,942,000 | |
Nonaccrual with No Allowance for Credit Losses | 224,000 | |
Loans Past Due Over 89 Days Still Accruing | 0 | |
Total loans | 88,988,000 | 116,319,000 |
Consumer and Other Loans [Member] | 30-59 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 68,000 | 0 |
Consumer and Other Loans [Member] | 60-89 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | 0 | $ 0 |
Consumer and Other Loans [Member] | Greater than 89 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due | $ 34,000 |
Loans and Lease Finance Rece_10
Loans and Lease Finance Receivables and Allowance for Credit Losses - Schedule of Recorded Investment in, and Aging of, Past Due and Nonaccrual Loans, Including PCI Loans by Class of Loans (Parenthetical) (Detail) - USD ($) | Sep. 30, 2020 | Dec. 31, 2019 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccruing loans, current | $ 1,800,000 | $ 1,200,000 |
Nonaccrual | 11,775,000 | 5,277,000 |
Small Business Administration Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual | 1,724,000 | 2,032,000 |
Small Business Administration Loans [Member] | Financial Guarantee [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual loans | 51,000 | 2,000,000 |
30-59 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual | 571,000 | 59,000 |
60-89 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual | 2,100,000 | 1,100,000 |
90+ Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual | $ 7,300,000 | $ 2,900,000 |
Loans and Lease Finance Rece_11
Loans and Lease Finance Receivables and Allowance for Credit Losses - Schedule of Held-for-Investment Loans, Individually Evaluated for Impairment by Class of Loans (Detail) - USD ($) $ in Thousands | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2020 | Dec. 31, 2019 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Recorded Investment, With no related allowance recorded | $ 8,723 | $ 7,811 | |
Recorded Investment, With a related allowance recorded | 1,057 | 578 | |
Recorded Investment, Total impaired loans | 9,780 | $ 2,200 | 8,389 |
Unpaid Principal Balance, With no related allowance recorded | 10,749 | 9,075 | |
Unpaid Principal Balance, With a related allowance recorded | 1,161 | 671 | |
Unpaid Principal Balance, Total impaired loans | 11,910 | 9,746 | |
Related Allowance, With no related allowance recorded | 0 | 0 | |
Related Allowance, With a related allowance recorded | 540 | 508 | |
Related Allowance, Total impaired loans | 540 | 508 | |
Average Recorded Investment, With no related allowance recorded | 9,186 | ||
Average Recorded Investment, With a related allowance recorded | 1,645 | ||
Average Recorded Investment, Total impaired loans | 10,831 | ||
Interest Income Recognized, With no related allowance recorded | 118 | ||
Interest Income Recognized, With a related allowance recorded | 0 | ||
Interest Income Recognized, Total impaired loans | 118 | ||
Commercial and Industrial [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Recorded Investment, With no related allowance recorded | 1,382 | 1,091 | |
Recorded Investment, With a related allowance recorded | 256 | 253 | |
Unpaid Principal Balance, With no related allowance recorded | 1,537 | 1,261 | |
Unpaid Principal Balance, With a related allowance recorded | 345 | 347 | |
Related Allowance, With no related allowance recorded | 0 | 0 | |
Related Allowance, With a related allowance recorded | 254 | 251 | |
Average Recorded Investment, With no related allowance recorded | 1,560 | ||
Average Recorded Investment, With a related allowance recorded | 829 | ||
Interest Income Recognized, With no related allowance recorded | 4 | ||
Interest Income Recognized, With a related allowance recorded | 0 | ||
Small Business Administration [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Recorded Investment, With no related allowance recorded | 2,447 | 2,243 | |
Recorded Investment, With a related allowance recorded | 801 | 325 | |
Unpaid Principal Balance, With no related allowance recorded | 3,554 | 2,734 | |
Unpaid Principal Balance, With a related allowance recorded | 816 | 324 | |
Related Allowance, With no related allowance recorded | 0 | 0 | |
Related Allowance, With a related allowance recorded | 286 | 257 | |
Average Recorded Investment, With no related allowance recorded | 2,606 | ||
Average Recorded Investment, With a related allowance recorded | 816 | ||
Interest Income Recognized, With no related allowance recorded | 31 | ||
Interest Income Recognized, With a related allowance recorded | 0 | ||
Commercial Real Estate Owner Occupied [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Recorded Investment, With no related allowance recorded | 494 | 479 | |
Recorded Investment, With a related allowance recorded | 0 | 0 | |
Unpaid Principal Balance, With no related allowance recorded | 614 | 613 | |
Unpaid Principal Balance, With a related allowance recorded | 0 | 0 | |
Related Allowance, With no related allowance recorded | 0 | 0 | |
Related Allowance, With a related allowance recorded | 0 | 0 | |
Average Recorded Investment, With no related allowance recorded | 508 | ||
Average Recorded Investment, With a related allowance recorded | 0 | ||
Interest Income Recognized, With no related allowance recorded | 0 | ||
Interest Income Recognized, With a related allowance recorded | 0 | ||
Commercial Real Estate Non-owner Occupied [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Recorded Investment, With no related allowance recorded | 1,006 | 642 | |
Recorded Investment, With a related allowance recorded | 0 | 0 | |
Unpaid Principal Balance, With no related allowance recorded | 1,190 | 643 | |
Unpaid Principal Balance, With a related allowance recorded | 0 | 0 | |
Related Allowance, With no related allowance recorded | 0 | 0 | |
Related Allowance, With a related allowance recorded | 0 | 0 | |
Average Recorded Investment, With no related allowance recorded | 1,052 | ||
Average Recorded Investment, With a related allowance recorded | 0 | ||
Interest Income Recognized, With no related allowance recorded | 21 | ||
Interest Income Recognized, With a related allowance recorded | 0 | ||
Construction Speculative [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Recorded Investment, With no related allowance recorded | 0 | 0 | |
Recorded Investment, With a related allowance recorded | 0 | 0 | |
Unpaid Principal Balance, With no related allowance recorded | 0 | 0 | |
Unpaid Principal Balance, With a related allowance recorded | 0 | 0 | |
Related Allowance, With no related allowance recorded | 0 | 0 | |
Related Allowance, With a related allowance recorded | 0 | 0 | |
Average Recorded Investment, With no related allowance recorded | 0 | ||
Average Recorded Investment, With a related allowance recorded | 0 | ||
Interest Income Recognized, With no related allowance recorded | 0 | ||
Interest Income Recognized, With a related allowance recorded | 0 | ||
Construction Non-speculative [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Recorded Investment, With no related allowance recorded | 0 | 0 | |
Recorded Investment, With a related allowance recorded | 0 | 0 | |
Unpaid Principal Balance, With no related allowance recorded | 0 | 0 | |
Unpaid Principal Balance, With a related allowance recorded | 0 | 0 | |
Related Allowance, With no related allowance recorded | 0 | 0 | |
Related Allowance, With a related allowance recorded | 0 | 0 | |
Average Recorded Investment, With no related allowance recorded | 0 | ||
Average Recorded Investment, With a related allowance recorded | 0 | ||
Interest Income Recognized, With no related allowance recorded | 0 | ||
Interest Income Recognized, With a related allowance recorded | 0 | ||
SFR Mortgage [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Recorded Investment, With no related allowance recorded | 3,009 | 2,979 | |
Recorded Investment, With a related allowance recorded | 0 | 0 | |
Unpaid Principal Balance, With no related allowance recorded | 3,338 | 3,310 | |
Unpaid Principal Balance, With a related allowance recorded | 0 | 0 | |
Related Allowance, With no related allowance recorded | 0 | 0 | |
Related Allowance, With a related allowance recorded | 0 | 0 | |
Average Recorded Investment, With no related allowance recorded | 3,059 | ||
Average Recorded Investment, With a related allowance recorded | 0 | ||
Interest Income Recognized, With no related allowance recorded | 62 | ||
Interest Income Recognized, With a related allowance recorded | 0 | ||
Dairy & Livestock and Agribusiness [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Recorded Investment, With no related allowance recorded | 0 | 0 | |
Recorded Investment, With a related allowance recorded | 0 | 0 | |
Unpaid Principal Balance, With no related allowance recorded | 0 | 0 | |
Unpaid Principal Balance, With a related allowance recorded | 0 | 0 | |
Related Allowance, With no related allowance recorded | 0 | 0 | |
Related Allowance, With a related allowance recorded | 0 | 0 | |
Average Recorded Investment, With no related allowance recorded | 0 | ||
Average Recorded Investment, With a related allowance recorded | 0 | ||
Interest Income Recognized, With no related allowance recorded | 0 | ||
Interest Income Recognized, With a related allowance recorded | 0 | ||
Municipal Lease Finance Receivables [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Recorded Investment, With no related allowance recorded | 0 | 0 | |
Recorded Investment, With a related allowance recorded | 0 | 0 | |
Unpaid Principal Balance, With no related allowance recorded | 0 | 0 | |
Unpaid Principal Balance, With a related allowance recorded | 0 | 0 | |
Related Allowance, With no related allowance recorded | 0 | 0 | |
Related Allowance, With a related allowance recorded | 0 | 0 | |
Average Recorded Investment, With no related allowance recorded | 0 | ||
Average Recorded Investment, With a related allowance recorded | 0 | ||
Interest Income Recognized, With no related allowance recorded | 0 | ||
Interest Income Recognized, With a related allowance recorded | 0 | ||
Consumer and Other Loans [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Recorded Investment, With no related allowance recorded | 385 | 377 | |
Recorded Investment, With a related allowance recorded | 0 | 0 | |
Unpaid Principal Balance, With no related allowance recorded | 516 | 514 | |
Unpaid Principal Balance, With a related allowance recorded | 0 | 0 | |
Related Allowance, With no related allowance recorded | 0 | 0 | |
Related Allowance, With a related allowance recorded | 0 | $ 0 | |
Average Recorded Investment, With no related allowance recorded | 401 | ||
Average Recorded Investment, With a related allowance recorded | 0 | ||
Interest Income Recognized, With no related allowance recorded | 0 | ||
Interest Income Recognized, With a related allowance recorded | $ 0 |
Loans and Lease Finance Rece_12
Loans and Lease Finance Receivables and Allowance for Credit Losses - Summary of Activity Related to Troubled Debt Restructurings (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Financing Receivable, Modifications [Line Items] | ||||
Transfer to OREO | $ 0 | $ (9,450) | ||
Performing TDRs [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Beginning balance | $ 2,771 | $ 3,219 | 3,112 | 3,594 |
New modifications | 0 | 0 | 0 | 0 |
Payoffs/payments, net and other | (554) | (51) | (895) | (426) |
TDRs returned to accrual status | 0 | 0 | 0 | 0 |
TDRs placed on nonaccrual status | 0 | 0 | 0 | 0 |
Ending balance | 2,217 | 3,168 | 2,217 | 3,168 |
Nonperforming TDRs [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Beginning balance | 0 | 263 | 244 | 3,509 |
New modifications | 0 | 0 | 0 | 0 |
Charge-offs | 0 | 0 | 0 | (78) |
Transfer to OREO | 0 | 0 | 0 | (2,275) |
Payoffs/payments, net and other | 0 | (14) | (244) | (907) |
TDRs returned to accrual status | 0 | 0 | 0 | 0 |
TDRs placed on nonaccrual status | 0 | 0 | 0 | 0 |
Ending balance | 0 | 249 | 0 | 249 |
Total TDRs | $ 2,217 | $ 3,417 | $ 2,217 | $ 3,417 |
Loans and Lease Finance Rece_13
Loans and Lease Finance Receivables and Allowance for Credit Losses - Summary of Recorded Investment in Collateral-Dependent loans (Detail) $ in Thousands | Sep. 30, 2020USD ($)Collateral |
Financing Receivable, Modifications [Line Items] | |
Real Estate | $ 8,874 |
Business Assets | 6,049 |
Other | $ 89 |
Number of Instruments Dependent on Collateral | Collateral | 40 |
Commercial and Industrial [Member] | |
Financing Receivable, Modifications [Line Items] | |
Real Estate | $ 145 |
Business Assets | 4,703 |
Other | $ 62 |
Number of Instruments Dependent on Collateral | Collateral | 14 |
Small Business Administration [Member] | |
Financing Receivable, Modifications [Line Items] | |
Real Estate | $ 1,015 |
Business Assets | 497 |
Other | $ 7 |
Number of Instruments Dependent on Collateral | Collateral | 11 |
SBA - Paycheck Protection Program (PPP) [Member] | |
Financing Receivable, Modifications [Line Items] | |
Real Estate | $ 0 |
Business Assets | 0 |
Other | $ 0 |
Number of Instruments Dependent on Collateral | Collateral | 0 |
Commercial Real Estate [Member] | |
Financing Receivable, Modifications [Line Items] | |
Business Assets | $ 0 |
Other | 0 |
Construction [Member] | |
Financing Receivable, Modifications [Line Items] | |
Real Estate | 0 |
Business Assets | 0 |
Other | $ 0 |
Number of Instruments Dependent on Collateral | Collateral | 0 |
SFR Mortgage [Member] | |
Financing Receivable, Modifications [Line Items] | |
Real Estate | $ 675 |
Business Assets | 0 |
Other | $ 0 |
Number of Instruments Dependent on Collateral | Collateral | 3 |
Dairy & Livestock and Agribusiness [Member] | |
Financing Receivable, Modifications [Line Items] | |
Real Estate | $ 0 |
Business Assets | 849 |
Other | $ 0 |
Number of Instruments Dependent on Collateral | Collateral | 1 |
Municipal Lease Finance Receivables [Member] | |
Financing Receivable, Modifications [Line Items] | |
Real Estate | $ 0 |
Business Assets | 0 |
Other | $ 0 |
Number of Instruments Dependent on Collateral | Collateral | 0 |
Consumer and Other Loans [Member] | |
Financing Receivable, Modifications [Line Items] | |
Real Estate | $ 203 |
Business Assets | 0 |
Other | $ 20 |
Number of Instruments Dependent on Collateral | Collateral | 4 |
Commercial Real Estate Owner Occupied [Member] | |
Financing Receivable, Modifications [Line Items] | |
Real Estate | $ 6,836 |
Number of Instruments Dependent on Collateral | Collateral | 7 |
Earnings Per Share Reconcilia_3
Earnings Per Share Reconciliation - Additional Information (Detail) - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Earnings Per Share [Abstract] | ||||
Antidilutive securities excluded from computation of earnings per common share | 517,000 | 240,000 | 361,000 | 184,000 |
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 | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Earnings per common share: | ||||
Net earnings | $ 47,492 | $ 50,423 | $ 127,103 | $ 156,546 |
Less: Net earnings allocated to restricted stock | 175 | 116 | 407 | 390 |
Net earnings allocated to common shareholders | $ 47,317 | $ 50,307 | $ 126,696 | $ 156,156 |
Weighted average shares outstanding | 135,017 | 139,824 | 136,369 | 139,730 |
Basic earnings per common share | $ 0.35 | $ 0.36 | $ 0.93 | $ 1.12 |
Diluted earnings per common share: | ||||
Net income allocated to common shareholders | $ 47,317 | $ 50,307 | $ 126,696 | $ 156,156 |
Weighted average shares outstanding | 135,017 | 139,824 | 136,369 | 139,730 |
Incremental shares from assumed exercise of outstanding options | 167 | 151 | 167 | 217 |
Diluted weighted average shares outstanding | 135,184 | 139,975 | 136,536 | 139,947 |
Diluted earnings per common share | $ 0.35 | $ 0.36 | $ 0.93 | $ 1.12 |
Fair Value Information - Assets
Fair Value Information - Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest rate swaps, liabilities | $ 520,675 | $ 440,161 |
Interest Rate Swaps [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest rate swaps, assets | ||
Carrying Value [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest rate swaps, assets | 37,255 | 11,502 |
Interest rate swaps, liabilities | 37,255 | 11,502 |
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 | 2,242,901 | 1,751,759 |
Total liabilities | 37,255 | 11,502 |
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 | 36,468 | 39,354 |
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 | 1,756,871 | 1,206,313 |
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 | 411,494 | 493,710 |
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 | 813 | 880 |
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 | 2,205,646 | 1,740,257 |
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 | 37,255 | 11,502 |
Interest rate swaps, liabilities | 37,255 | 11,502 |
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 | 2,242,901 | 1,751,759 |
Total liabilities | 37,255 | 11,502 |
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 | 36,468 | 39,354 |
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 | 1,756,871 | 1,206,313 |
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 | 411,494 | 493,710 |
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 | 813 | 880 |
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 | 2,205,646 | 1,740,257 |
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 | 37,255 | 11,502 |
Interest rate swaps, liabilities | $ 37,255 | $ 11,502 |
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 | Sep. 30, 2020 | Dec. 31, 2019 |
Description of assets | ||
Total assets | $ 4,232 | $ 828 |
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 | 2,034 | 251 |
Loans, Excluding PCI Loans [Member] | Small Business Administration [Member] | ||
Description of assets | ||
Total assets | 203 | 513 |
Loans, Excluding PCI Loans [Member] | Commercial Real Estate [Member] | ||
Description of assets | ||
Total assets | 1,295 | 0 |
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 | 0 |
Loans, Excluding PCI Loans [Member] | Consumer and Other Loans [Member] | ||
Description of assets | ||
Total assets | 0 | 0 |
Loans, Excluding PCI Loans [Member] | Other Real Estate Owned [Member] | ||
Description of assets | ||
Total assets | 700 | 64 |
Level 1 [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 1 [Member] | Loans, Excluding PCI Loans [Member] | Other Real Estate Owned [Member] | ||
Description of assets | ||
Total assets | 0 | 0 |
Level 2 [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 2 [Member] | Loans, Excluding PCI Loans [Member] | Other Real Estate Owned [Member] | ||
Description of assets | ||
Total assets | 0 | 0 |
Level 3 [Member] | ||
Description of assets | ||
Total assets | 7,975 | 1,056 |
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 | 3,273 | 253 |
Level 3 [Member] | Loans, Excluding PCI Loans [Member] | Small Business Administration [Member] | ||
Description of assets | ||
Total assets | 712 | 359 |
Level 3 [Member] | Loans, Excluding PCI Loans [Member] | Commercial Real Estate [Member] | ||
Description of assets | ||
Total assets | 1,715 | 0 |
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 | 0 |
Level 3 [Member] | Loans, Excluding PCI Loans [Member] | Consumer and Other Loans [Member] | ||
Description of assets | ||
Total assets | 0 | 0 |
Level 3 [Member] | Loans, Excluding PCI Loans [Member] | Other Real Estate Owned [Member] | ||
Description of assets | ||
Total assets | 2,275 | 444 |
Carrying Value [Member] | ||
Description of assets | ||
Total assets | 7,975 | 1,056 |
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 | 3,273 | 253 |
Carrying Value [Member] | Loans, Excluding PCI Loans [Member] | Small Business Administration [Member] | ||
Description of assets | ||
Total assets | 712 | 359 |
Carrying Value [Member] | Loans, Excluding PCI Loans [Member] | Commercial Real Estate [Member] | ||
Description of assets | ||
Total assets | 1,715 | 0 |
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 | 0 |
Carrying Value [Member] | Loans, Excluding PCI Loans [Member] | Consumer and Other Loans [Member] | ||
Description of assets | ||
Total assets | 0 | 0 |
Carrying Value [Member] | Loans, Excluding PCI Loans [Member] | Other Real Estate Owned [Member] | ||
Description of assets | ||
Total assets | $ 2,275 | $ 444 |
Fair Value Information - Estima
Fair Value Information - Estimated Fair Value of Financial Instruments (Detail) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Dec. 31, 2018 |
Assets | ||||
Total cash and cash equivalents | $ 1,484,953 | $ 185,518 | $ 437,548 | $ 163,948 |
Investment securities available-for-sale | 2,205,646 | 1,740,257 | ||
Investment securities held-to-maturity | 577,694 | 674,452 | ||
Total loans, net of allowance for loan losses | 8,314,003 | 7,495,917 | ||
Deposits: | ||||
Interest-bearing | 4,249,411 | 3,459,411 | ||
Junior subordinated debentures | 25,774 | 25,774 | ||
Swaps | 520,675 | 440,161 | ||
Carrying Value [Member] | ||||
Assets | ||||
Total cash and cash equivalents | 1,484,953 | 185,518 | ||
Interest-earning balances due from depository institutions | 44,367 | 2,931 | ||
Investment securities available-for-sale | 2,205,646 | 1,740,257 | ||
Investment securities held-to-maturity | 577,694 | 674,452 | ||
Total loans, net of allowance for loan losses | 8,314,003 | 7,495,917 | ||
Swaps | 37,255 | 11,502 | ||
Deposits: | ||||
Interest-bearing | 4,249,411 | 3,459,411 | ||
Borrowings | 493,420 | 428,659 | ||
Junior subordinated debentures | 25,774 | 25,774 | ||
Swaps | 37,255 | 11,502 | ||
Estimated Fair Value [Member] | ||||
Assets | ||||
Total cash and cash equivalents | 1,484,953 | 185,518 | ||
Interest-earning balances due from depository institutions | 44,414 | 2,938 | ||
Investment securities available-for-sale | 2,205,646 | 1,740,257 | ||
Investment securities held-to-maturity | 603,522 | 678,948 | ||
Total loans, net of allowance for loan losses | 8,326,796 | 7,343,167 | ||
Swaps | 37,255 | 11,502 | ||
Deposits: | ||||
Interest-bearing | 4,250,728 | 3,457,922 | ||
Borrowings | 493,344 | 428,330 | ||
Junior subordinated debentures | 18,917 | 20,669 | ||
Swaps | 37,255 | 11,502 | ||
Estimated Fair Value [Member] | Level 1 [Member] | ||||
Assets | ||||
Total cash and cash equivalents | 1,484,953 | 185,518 | ||
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 | 44,414 | 2,938 | ||
Investment securities available-for-sale | 2,205,646 | 1,740,257 | ||
Investment securities held-to-maturity | 603,522 | 678,948 | ||
Total loans, net of allowance for loan losses | 0 | 0 | ||
Swaps | 37,255 | 11,502 | ||
Deposits: | ||||
Interest-bearing | 4,250,728 | 3,457,922 | ||
Borrowings | 493,344 | 428,330 | ||
Junior subordinated debentures | 0 | 0 | ||
Swaps | 37,255 | 11,502 | ||
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 | 8,326,796 | 7,343,167 | ||
Swaps | 0 | 0 | ||
Deposits: | ||||
Interest-bearing | 0 | 0 | ||
Borrowings | 0 | 0 | ||
Junior subordinated debentures | 18,917 | 20,669 | ||
Swaps | $ 0 | $ 0 |
Derivative Financial Instrume_3
Derivative Financial Instruments - Additional Information (Detail) | 9 Months Ended | |
Sep. 30, 2020USD ($)Agreement | Dec. 31, 2019USD ($) | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative assets and liabilities offset in balance sheet | $ 0 | |
Total notional amount of the Company's swaps | $ 455,200,000 | $ 260,000,000 |
Description of Conditions Relating to Clearing of Interest rate Swaps | As a result of the Bank exceeding $10 billion in assets, federal regulations required the Bank, beginning in January 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 | 133 | |
Total notional amount of the Company's swaps | $ 455,200,000 |
Derivative Financial Instrume_4
Derivative Financial Instruments - Fair Value of Derivative Instruments (Detail) - Derivatives Not Designated as Hedging Instruments [Member] - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Other Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | $ 37,255 | $ 11,502 |
Other Assets [Member] | Interest Rate Swaps [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | 37,255 | 11,502 |
Other Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives | 37,255 | 11,502 |
Other Liabilities [Member] | Interest Rate Swaps [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives | $ 37,255 | $ 11,502 |
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 | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Derivatives, Fair Value [Line Items] | ||||
Amount of Gain Recognized in Income on Derivative Instruments | $ 1,591 | $ 378 | $ 4,149 | $ 1,135 |
Interest Rate Swaps [Member] | Other Income [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Amount of Gain Recognized in Income on Derivative Instruments | $ 1,591 | $ 378 | $ 4,149 | $ 1,135 |
Other Comprehensive Income - Su
Other Comprehensive Income - Summary of Components of OCI (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Equity [Abstract] | ||||
Net change in fair value recorded in accumulated OCI, Before-tax | $ (1,974) | $ 5,672 | $ 33,382 | $ 44,586 |
Net change in fair value recorded in accumulated OCI, Tax effect | 584 | (1,677) | (9,869) | (13,181) |
Net change in fair value recorded in accumulated OCI, After-tax | (1,390) | 3,995 | 23,513 | 31,405 |
Net realized gain (loss) reclassified into earnings Before-tax | 0 | (5) | 0 | (5) |
Net realized gain reclassified into earnings Tax effect | 0 | 1 | 0 | 1 |
Net realized gain reclassified into earnings After-tax | 0 | (4) | 0 | (4) |
Amortization of unrealized losses on securities transferred from available-for-sale to held-to-maturity, Before-tax | (30) | (249) | (48) | (1,450) |
Amortization of unrealized gains (losses) on securities transferred from available-for-sale to held-to-maturity, Tax effect | 9 | 74 | 14 | 429 |
Amortization of unrealized losses on securities transferred from available-for-sale to held-to-maturity, After-tax | (21) | (175) | (34) | (1,021) |
Net change, Before-tax | (2,004) | 5,418 | 33,334 | 43,131 |
Net change, Tax effect | 593 | (1,602) | (9,855) | (12,751) |
Net change, After-tax | $ (1,411) | $ 3,816 | $ 23,479 | $ 30,380 |
Balance Sheet Offsetting - Sche
Balance Sheet Offsetting - Schedule of Balance Sheet Offsetting (Detail) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Offsetting Assets Liabilities [Line Items] | ||
Financial liabilities, Gross Amounts Recognized in the Condensed Consolidated Balance Sheets | $ 520,675 | $ 440,278 |
Financial liabilities, Gross Amounts Offset in the Condensed Consolidated Balance Sheets | (117) | |
Financial liabilities, Net Amounts of Assets Presented in the Condensed Consolidated Balance Sheets | 520,675 | 440,161 |
Financial liabilities, Gross Amounts Not Offset in the Condensed Consolidated Balance Sheets, Financial Instruments | 117 | |
Financial liabilities, Gross Amounts Not Offset in the Condensed Consolidated Balance Sheets, Collateral Pledged | (565,481) | (533,450) |
Financial liabilities, Gross Amounts Not Offset in the Condensed Consolidated Balance Sheets, Net Amount | (44,806) | (93,172) |
Repurchase Agreements [Member] | ||
Offsetting Assets Liabilities [Line Items] | ||
Financial liabilities, Gross Amounts Recognized in the Condensed Consolidated Balance Sheets | 483,420 | 428,659 |
Financial liabilities, Gross Amounts Offset in the Condensed Consolidated Balance Sheets | ||
Financial liabilities, Net Amounts of Assets Presented in the Condensed Consolidated Balance Sheets | 483,420 | 428,659 |
Financial liabilities, Gross Amounts Not Offset in the Condensed Consolidated Balance Sheets, Financial Instruments | ||
Financial liabilities, Gross Amounts Not Offset in the Condensed Consolidated Balance Sheets, Collateral Pledged | (498,535) | (510,138) |
Financial liabilities, Gross Amounts Not Offset in the Condensed Consolidated Balance Sheets, Net Amount | (15,115) | (81,479) |
Interest Rate Swaps [Member] | ||
Offsetting Assets Liabilities [Line Items] | ||
Financial assets, Gross Amounts Recognized in the Condensed Consolidated Balance Sheets | 37,255 | 11,502 |
Financial assets, Gross Amounts Offset in the Condensed Consolidated Balance Sheets | ||
Financial assets, Net Amounts of Assets Presented in the Condensed Consolidated Balance Sheets | ||
Financial assets, Gross Amounts Not Offset in the Condensed Consolidated Balance Sheets, Financial Instruments | 37,255 | 11,502 |
Financial assets, Gross Amounts Not Offset in the Condensed Consolidated Balance Sheets, Collateral Pledged | ||
Financial assets, Gross Amounts Not Offset in the Condensed Consolidated Balance Sheets, Net Amount | 37,255 | 11,502 |
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 | 37,255 | 11,502 |
Financial assets, Gross Amounts Offset in the Condensed Consolidated Balance Sheets | ||
Financial assets, Net Amounts of Assets Presented in the Condensed Consolidated Balance Sheets | ||
Financial assets, Gross Amounts Not Offset in the Condensed Consolidated Balance Sheets, Financial Instruments | 37,255 | 11,502 |
Financial assets, Gross Amounts Not Offset in the Condensed Consolidated Balance Sheets, Collateral Pledged | ||
Financial assets, Gross Amounts Not Offset in the Condensed Consolidated Balance Sheets, Net Amount | 37,255 | 11,502 |
Financial liabilities, Gross Amounts Recognized in the Condensed Consolidated Balance Sheets | 37,255 | 11,619 |
Financial liabilities, Gross Amounts Offset in the Condensed Consolidated Balance Sheets | (117) | |
Financial liabilities, Net Amounts of Assets Presented in the Condensed Consolidated Balance Sheets | 37,255 | 11,502 |
Financial liabilities, Gross Amounts Not Offset in the Condensed Consolidated Balance Sheets, Financial Instruments | 117 | |
Financial liabilities, Gross Amounts Not Offset in the Condensed Consolidated Balance Sheets, Collateral Pledged | (66,946) | (23,312) |
Financial liabilities, Gross Amounts Not Offset in the Condensed Consolidated Balance Sheets, Net Amount | $ (29,691) | $ (11,693) |
Leases - Components of lease co
Leases - Components of lease costs and supplemental information related to leases (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | |
Lease Assets and Liabilities | |||||
ROU assets | $ 19,771 | $ 19,771 | $ 18,522 | ||
Total lease liabilities | 21,939 | 21,939 | $ 21,392 | ||
Lease Cost | |||||
Operating lease expense | 1,654 | $ 1,628 | 4,900 | $ 5,634 | |
Sublease income | 0 | 0 | 0 | ||
Total lease expense | 1,654 | 1,628 | 4,900 | 5,634 | |
Other Information | |||||
Operating cash outflows from operating leases, net | $ 1,826 | $ 1,640 | $ 5,630 | $ 6,499 | |
Lease Term and Discount Rate | |||||
Weighted average remaining lease term (years) | 4 years 3 months 14 days | 4 years 3 months 14 days | 4 years 2 months 4 days | ||
Weighted average discount rate | 2.86% | 2.86% | 3.34% |
Leases - Future lease payments
Leases - Future lease payments required for leases that have initial or remaining non-cancelable lease terms (Detail) $ in Thousands | Sep. 30, 2020USD ($) |
2020 (excluding the nine months ended September 30, 2020) | $ 1,781 |
2021 | 6,656 |
2022 | 5,475 |
2023 | 3,615 |
2024 | 2,428 |
Thereafter | 3,461 |
Total future lease payments | 23,416 |
Less: Imputed interest | (1,477) |
Present value of lease liabilities | $ 21,939 |
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 | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Noninterest income: | ||||
Gain on OREO, net | $ 0 | $ 105 | ||
Other | $ 3,160 | $ 2,297 | 8,736 | 6,944 |
Total noninterest income | 13,153 | 11,894 | 36,945 | 46,402 |
Service Charges on Deposit Accounts [Member] | ||||
Noninterest income: | ||||
Revenue from contract with customer | 3,970 | 4,833 | 12,555 | 15,039 |
Trust and Investment Services [Member] | ||||
Noninterest income: | ||||
Revenue from contract with customer | 2,405 | 2,330 | 7,302 | 6,964 |
Bankcard Services [Member] | ||||
Noninterest income: | ||||
Revenue from contract with customer | 456 | 637 | 1,438 | 2,614 |
Accounting Standards Update 2014-09 [Member] | ||||
Noninterest income: | ||||
Gain on OREO, net | 13 | 0 | 23 | 129 |
Other | 3,160 | 2,292 | 8,736 | 6,939 |
Total noninterest income | 10,004 | 10,092 | 30,054 | 31,685 |
Accounting Standards Update 2014-09 [Member] | Service Charges on Deposit Accounts [Member] | ||||
Noninterest income: | ||||
Revenue from contract with customer | 3,970 | 4,833 | 12,555 | 15,039 |
Accounting Standards Update 2014-09 [Member] | Trust and Investment Services [Member] | ||||
Noninterest income: | ||||
Revenue from contract with customer | 2,405 | 2,330 | 7,302 | 6,964 |
Accounting Standards Update 2014-09 [Member] | Bankcard Services [Member] | ||||
Noninterest income: | ||||
Revenue from contract with customer | 456 | 637 | 1,438 | 2,614 |
Accounting Standards Update 2014-09 Not Adopted [Member] | ||||
Noninterest income: | ||||
Total noninterest income | $ 3,149 | $ 1,802 | $ 6,891 | $ 14,717 |