Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2020 | Oct. 31, 2020 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0000861842 | |
Entity Registrant Name | Cathay General Bancorp | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2020 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2020 | |
Document Transition Report | false | |
Entity File Number | 001-31830 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 95-4274680 | |
Entity Address, Address Line One | 777 North Broadway | |
Entity Address, City or Town | Los Angeles | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 90012 | |
City Area Code | 213 | |
Local Phone Number | 625-4700 | |
Title of 12(b) Security | Common Stock | |
Trading Symbol | CATY | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 79,660,767 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Assets | ||
Cash and due from banks | $ 128,896 | $ 177,240 |
Short-term investments and interest-bearing deposits | 1,305,170 | 416,538 |
Securities available-for-sale (amortized cost of $1,060,975 at September 30, 2020 and $1,443,730 at December 31, 2019) | 1,080,540 | 1,451,842 |
Loans | 15,565,779 | 15,075,481 |
Less: Allowance for loan losses | (179,130) | (123,224) |
Unamortized deferred loan fees, net | (4,210) | (626) |
Loans, net | 15,382,439 | 14,951,631 |
Equity securities | 22,964 | 28,005 |
Federal Home Loan Bank stock | 17,250 | 18,090 |
Other real estate owned, net | 4,918 | 10,244 |
Affordable housing investments and alternative energy partnerships, net | 325,013 | 308,681 |
Premises and equipment, net | 103,438 | 104,239 |
Customers’ liability on acceptances | 12,973 | 10,694 |
Accrued interest receivable | 57,102 | 53,541 |
Goodwill | 372,189 | 372,189 |
Other intangible assets, net | 5,631 | 6,296 |
Right-of-use assets - operating leases | 32,591 | 33,990 |
Other assets | 167,124 | 150,924 |
Total assets | 19,018,238 | 18,094,144 |
Deposits: | ||
Non-interest-bearing demand deposits | 3,306,421 | 2,871,444 |
Interest-bearing deposits: | ||
NOW deposits | 1,767,227 | 1,358,152 |
Money market deposits | 3,227,359 | 2,260,764 |
Savings deposits | 784,076 | 758,903 |
Time deposits | 6,949,165 | 7,443,045 |
Total deposits | 16,034,248 | 14,692,308 |
Short-term borrowings | 0 | 25,683 |
Advances from the Federal Home Loan Bank | 230,000 | 670,000 |
Other borrowings of affordable housing investments | 23,788 | 29,022 |
Long-term debt | 119,136 | 119,136 |
Deferred payments from acquisition | 0 | 7,644 |
Acceptances outstanding | 12,973 | 10,694 |
Lease liabilities - operating leases | 35,116 | 35,873 |
Other liabilities | 188,254 | 209,501 |
Total liabilities | 16,643,515 | 15,799,861 |
Commitments and contingencies | 0 | 0 |
Stockholders’ Equity | ||
Common stock, $0.01 par value, 100,000,000 shares authorized; 90,394,359 issued and 79,659,396 outstanding at September 30, 2020, and 90,064,382 issued and 79,729,419 outstanding at December 31, 2019 | 904 | 900 |
Additional paid-in-capital | 955,742 | 950,466 |
Accumulated other comprehensive income, net | 6,389 | 2,302 |
Retained earnings | 1,743,106 | 1,659,153 |
Treasury stock, at cost (10,734,963 shares at September 30, 2020, and 10,334,963 shares at December 31, 2019) | (331,418) | (318,538) |
Total equity | 2,374,723 | 2,294,283 |
Total liabilities and equity | $ 19,018,238 | $ 18,094,144 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Securities available-for-sale, amortized cost | $ 1,060,975 | $ 1,443,730 |
Common stock par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock shares authorized (in shares) | 100,000,000 | 100,000,000 |
Common stock, shares issued (in shares) | 90,394,359 | 90,064,382 |
Common stock, shares outstanding (in shares) | 79,659,396 | 79,729,419 |
Treasury stock shares (in shares) | 10,734,963 | 10,334,963 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Loans receivable, including loan fees | $ 167,556 | $ 187,827 | $ 513,575 | $ 548,395 |
Investment securities | 4,115 | 8,687 | 17,130 | 24,454 |
Federal Home Loan Bank stock | 216 | 301 | 735 | 903 |
Deposits with banks | 347 | 1,016 | 1,538 | 4,289 |
Total interest and dividend income | 172,234 | 197,831 | 532,978 | 578,041 |
Interest Expense | ||||
Time deposits | 26,247 | 40,378 | 92,213 | 113,992 |
Other deposits | 5,761 | 6,626 | 19,671 | 17,591 |
Advances from Federal Home Loan Bank | 1,251 | 1,661 | 4,119 | 5,976 |
Long-term debt | 1,456 | 1,948 | 4,336 | 6,087 |
Deferred payments from acquisition | 15 | 93 | 115 | 502 |
Short-term borrowings | 0 | 125 | 234 | 198 |
Total interest expense | 34,730 | 50,831 | 120,688 | 144,346 |
Net interest income before provision/(reversal) for credit losses | 137,504 | 147,000 | 412,290 | 433,695 |
Provision/(reversal) for credit losses | (12,500) | 2,000 | (62,500) | 2,000 |
Net interest income after provision/(reversal) for credit losses | 125,004 | 149,000 | 349,790 | 435,695 |
Non-Interest Income | ||||
Net (losses)/gains from equity securities | (1,605) | 364 | (1,928) | 7,764 |
Securities gains/(losses), net | 0 | (121) | 1,153 | (108) |
Letters of credit commissions | 1,792 | 1,602 | 4,992 | 4,733 |
Depository service fees | 1,263 | 1,119 | 3,678 | 3,617 |
Other operating income | 8,527 | 7,424 | 23,474 | 20,097 |
Total non-interest income | 9,977 | 10,388 | 31,369 | 36,103 |
Non-Interest Expense | ||||
Salaries and employee benefits | 33,341 | 31,915 | 92,477 | 97,200 |
Occupancy expense | 5,295 | 5,579 | 15,435 | 16,617 |
Computer and equipment expense | 3,044 | 2,741 | 8,218 | 8,453 |
Professional services expense | 5,241 | 5,952 | 15,586 | 17,209 |
Data processing service expense | 3,772 | 3,246 | 11,004 | 9,737 |
FDIC and regulatory assessments | 1,993 | 2,582 | 6,854 | 7,190 |
Marketing expense | 1,089 | 2,436 | 3,890 | 5,556 |
Other real estate owned expense/(income) | 423 | 190 | (3,229) | 839 |
Amortization of investments in low income housing and alternative energy partnerships | 16,173 | 6,997 | 42,997 | 26,909 |
Amortization of core deposit intangibles | 172 | 172 | 515 | 515 |
Other operating expense | 5,454 | 3,770 | 14,672 | 15,871 |
Total non-interest expense | 75,997 | 65,580 | 208,419 | 206,096 |
Income before income tax expense | 58,984 | 93,808 | 172,740 | 265,702 |
Income tax expense | 2,190 | 20,973 | 14,773 | 53,944 |
Net income | 56,794 | 72,835 | 157,967 | 211,758 |
Other Comprehensive (Loss)/Income, net of tax | ||||
Unrealized holding (losses)/gains on securities available-for-sale | (2,496) | 1,233 | 8,880 | 21,216 |
Unrealized holding gains/(losses) on cash flow hedge derivatives | 532 | (793) | (3,981) | (4,119) |
Less: reclassification adjustments for gains/(losses) included in net income | 0 | (85) | 812 | (76) |
Total other comprehensive (loss)/income, net of tax | (1,964) | 525 | 4,087 | 17,173 |
Total comprehensive income | $ 54,830 | $ 73,360 | $ 162,054 | $ 228,931 |
Net Income Per Common Share: | ||||
Basic (in dollars per share) | $ 0.71 | $ 0.91 | $ 1.98 | $ 2.64 |
Diluted (in dollars per share) | 0.71 | 0.91 | 1.98 | 2.64 |
Cash dividends paid per common share (in dollars per share) | $ 0.31 | $ 0.31 | $ 0.93 | $ 0.93 |
Average Common Shares Outstanding: | ||||
Basic (in shares) | 79,628,372 | 79,736,814 | 79,599,288 | 80,096,855 |
Diluted (in shares) | 79,764,318 | 79,993,830 | 79,758,943 | 80,330,616 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands | Common Stock Outstanding [Member] | Additional Paid-in Capital [Member] | AOCI Attributable to Parent [Member] | Retained Earnings [Member] | Treasury Stock [Member] | Total |
Balance (in shares) at Dec. 31, 2018 | 80,501,948 | |||||
Beginning balance, loss, net of tax at Dec. 31, 2018 | $ 898 | $ 942,062 | $ (18,006) | $ 1,479,149 | $ (282,237) | $ 2,121,866 |
Dividend Reinvestment Plan (in shares) | 70,798 | |||||
Dividend Reinvestment Plan | $ 1 | 2,521 | 0 | 0 | 0 | 2,522 |
Restricted stock units vested (in shares) | 123,199 | |||||
Restricted stock units vested | $ 1 | 0 | 0 | 0 | 0 | 1 |
Shares withheld related to net share settlement of RSUs | 0 | (2,300) | 0 | 0 | 0 | (2,300) |
Stock -based compensation | 0 | 4,848 | 0 | 0 | 0 | 4,848 |
Cash dividends | 0 | 0 | 0 | (74,422) | 0 | (74,422) |
Total other comprehensive (loss)/income, net of tax | 0 | 0 | 17,173 | 0 | 0 | 17,173 |
Net income | $ 0 | 0 | 0 | 211,758 | 0 | 211,758 |
Purchases of treasury stock (in shares) | (1,010,594) | |||||
Purchases of treasury stock | $ 0 | 0 | 0 | 0 | (36,301) | (36,301) |
Stock issued to directors (in shares) | 21,160 | |||||
Stock issued to directors | $ 0 | 749 | 0 | 0 | 0 | 749 |
Balance (in shares) at Sep. 30, 2019 | 79,706,511 | |||||
Ending balance, loss, net of tax at Sep. 30, 2019 | $ 900 | 947,880 | (833) | 1,616,485 | (318,538) | 2,245,894 |
Balance (in shares) at Jun. 30, 2019 | 79,818,003 | |||||
Beginning balance, loss, net of tax at Jun. 30, 2019 | $ 900 | 945,250 | (1,358) | 1,568,351 | (313,846) | 2,199,297 |
Dividend Reinvestment Plan (in shares) | 23,508 | |||||
Dividend Reinvestment Plan | $ 0 | 841 | 0 | 0 | 0 | 841 |
Stock -based compensation | 0 | 1,789 | 0 | 0 | 0 | 1,789 |
Cash dividends | 0 | 0 | 0 | (24,701) | 0 | (24,701) |
Total other comprehensive (loss)/income, net of tax | 0 | 0 | 525 | 0 | 0 | 525 |
Net income | $ 0 | 0 | 0 | 72,835 | 0 | 72,835 |
Purchases of treasury stock (in shares) | (135,000) | |||||
Purchases of treasury stock | $ 0 | 0 | 0 | 0 | (4,692) | (4,692) |
Balance (in shares) at Sep. 30, 2019 | 79,706,511 | |||||
Ending balance, loss, net of tax at Sep. 30, 2019 | $ 900 | 947,880 | (833) | 1,616,485 | (318,538) | 2,245,894 |
Balance (in shares) at Dec. 31, 2019 | 79,729,419 | |||||
Beginning balance, loss, net of tax at Dec. 31, 2019 | $ 900 | 950,466 | 2,302 | 1,659,153 | (318,538) | 2,294,283 |
Dividend Reinvestment Plan (in shares) | 109,988 | |||||
Dividend Reinvestment Plan | $ 2 | 2,571 | 0 | 0 | 0 | 2,573 |
Restricted stock units vested (in shares) | 188,879 | |||||
Restricted stock units vested | $ 2 | 0 | 0 | 0 | 0 | 2 |
Shares withheld related to net share settlement of RSUs | 0 | (1,903) | 0 | 0 | 0 | (1,903) |
Stock -based compensation | 0 | 3,808 | 0 | 0 | 0 | 3,808 |
Cash dividends | 0 | 0 | 0 | (74,014) | 0 | (74,014) |
Total other comprehensive (loss)/income, net of tax | 0 | 0 | 4,087 | 0 | 0 | 4,087 |
Net income | $ 0 | 0 | 0 | 157,967 | 0 | 157,967 |
Purchases of treasury stock (in shares) | (400,000) | |||||
Purchases of treasury stock | $ 0 | 0 | 0 | 0 | (12,880) | (12,880) |
Stock issued to directors (in shares) | 31,110 | |||||
Stock issued to directors | $ 0 | 800 | 0 | 0 | 0 | 800 |
Balance (in shares) at Sep. 30, 2020 | 79,659,396 | |||||
Ending balance, loss, net of tax at Sep. 30, 2020 | $ 904 | 955,742 | 6,389 | 1,743,106 | (331,418) | 2,374,723 |
Balance (in shares) at Jun. 30, 2020 | 79,619,984 | |||||
Beginning balance, loss, net of tax at Jun. 30, 2020 | $ 903 | 953,616 | 8,353 | 1,710,994 | (331,418) | 2,342,448 |
Dividend Reinvestment Plan (in shares) | 37,420 | |||||
Dividend Reinvestment Plan | $ 1 | 866 | 0 | 0 | 0 | 867 |
Restricted stock units vested (in shares) | 1,992 | |||||
Restricted stock units vested | $ 0 | 0 | 0 | 0 | 0 | 0 |
Shares withheld related to net share settlement of RSUs | 0 | (4) | 0 | 0 | 0 | (4) |
Stock -based compensation | 0 | 1,264 | 0 | 0 | 0 | 1,264 |
Cash dividends | 0 | 0 | 0 | (24,682) | 0 | (24,682) |
Total other comprehensive (loss)/income, net of tax | 0 | 0 | (1,964) | 0 | 0 | (1,964) |
Net income | $ 0 | 0 | 0 | 56,794 | 0 | 56,794 |
Balance (in shares) at Sep. 30, 2020 | 79,659,396 | |||||
Ending balance, loss, net of tax at Sep. 30, 2020 | $ 904 | $ 955,742 | $ 6,389 | $ 1,743,106 | $ (331,418) | $ 2,374,723 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Changes in Stockholders' Equity (Parentheticals) - $ / shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Retained Earnings [Member] | ||||
Cash dividends per share (in dollars per share) | $ 0.31 | $ 0.31 | $ 0.93 | $ 0.93 |
Cash dividends per share (in dollars per share) | $ 0.31 | $ 0.31 | $ 0.93 | $ 0.93 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | |
Cash Flows from Operating Activities | ||||||
Net income | $ 56,794 | $ 72,835 | $ 157,967 | $ 211,758 | ||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||
Provision/(reversal) for credit losses | 12,500 | $ 25,000 | (2,000) | 62,500 | (2,000) | |
Provision for losses on other real estate owned | 717 | 494 | ||||
Deferred tax (benefit)/provision | (10,305) | 9,911 | ||||
Depreciation and amortization | 5,644 | 5,009 | ||||
Amortization of right-of-use asset | 6,624 | 6,248 | ||||
Change in operating lease liabilities | (757) | (5,298) | ||||
Net gains on sale and transfer of other real estate owned | (4,216) | (193) | ||||
Net gains on sale of loans held for sale | (219) | (795) | ||||
Proceeds from sales of loans held for sale | 6,406 | 38,742 | ||||
Originations of loans held for sale | (6,187) | 0 | ||||
Amortization on alternative energy partnerships, venture capital and other investments | 42,904 | 27,009 | ||||
Net (gain)/loss on sales and calls of securities | (1,153) | 108 | ||||
Amortization/accretion of security premiums/discounts, net | 6,211 | 2,376 | ||||
Loss on sales or disposal of fixed assets | 45 | 0 | ||||
Unrealized loss/(gain) on equity securities | 1,600 | (400) | 1,928 | (7,764) | ||
Stock based compensation and stock issued to officers as compensation | 4,608 | 5,597 | ||||
Net change in accrued interest receivable and other assets | (13,000) | (31,640) | ||||
Net change in other liabilities | (26,597) | 64,186 | ||||
Net cash provided by operating activities | 233,120 | 323,748 | ||||
Cash Flows from Investing Activities | ||||||
Purchase of investment securities available-for-sale | (272,961) | (539,979) | ||||
Proceeds from sale of investment securities available-for-sale | 107,539 | 149,725 | ||||
Proceeds from sale of equity securities | 3,112 | 0 | ||||
Proceeds from repayments, maturities and calls of investment securities available-for-sale | 543,114 | 233,058 | ||||
Purchase of Federal Home Loan Bank stock | (840) | (975) | ||||
Redemptions of Federal Home Loan Bank stock | 1,680 | 975 | ||||
Net increase in loans | (496,732) | (803,291) | ||||
Purchase of premises and equipment | (4,372) | (5,125) | ||||
Proceeds from sales of other real estate owned | 4,308 | 1,905 | ||||
Net increase in investment in affordable housing and alternative energy partnerships | (60,129) | (35,952) | ||||
Net cash used for investing activities | (175,281) | (999,659) | ||||
Cash Flows from Financing Activities | ||||||
Net increase in deposits | 1,342,019 | 955,679 | ||||
Advances from Federal Home Loan Bank | 1,450,000 | 3,610,000 | ||||
Repayment of Federal Home Loan Bank borrowings | (1,890,000) | (3,540,000) | ||||
Cash dividends paid | (74,014) | (74,422) | ||||
Repayment of other borrowings | (7,663) | (39,918) | ||||
Proceeds from other borrowings | 0 | 25,507 | ||||
Purchases of treasury stock | (12,880) | (36,301) | ||||
Repayment of short-term borrowings | (25,683) | 0 | ||||
Proceeds from shares issued under Dividend Reinvestment Plan | 2,573 | 2,522 | ||||
Taxes paid related to net share settlement of RSUs | (1,903) | (2,300) | ||||
Net cash provided by financing activities | 782,449 | 900,767 | ||||
Increase in cash, cash equivalents, and restricted cash | 840,288 | 224,856 | ||||
Cash, cash equivalents, and restricted cash, beginning of the period | $ 593,778 | 593,778 | 600,290 | $ 600,290 | ||
Cash, cash equivalents, and restricted cash, end of the period | $ 1,434,066 | $ 825,146 | 1,434,066 | 825,146 | $ 593,778 | |
Supplemental disclosure of cash flow information | ||||||
Interest | 133,151 | 137,422 | ||||
Income taxes paid | 35,490 | 43,507 | ||||
Non-cash investing and financing activities: | ||||||
Net change in unrealized holding loss on securities available-for-sale, net of tax | 8,068 | 21,292 | ||||
Net change in unrealized holding loss on cash flow hedge derivatives | (3,981) | (4,119) | ||||
Transfers to other real estate owned from loans held for investment | 0 | 860 | ||||
Loans transferred from held for investment to held for sale, net | $ 0 | $ 75,285 |
Note 1 - Business
Note 1 - Business | 9 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Nature of Operations [Text Block] | 1. Cathay General Bancorp (“Bancorp”) is the holding company for Cathay Bank (the “Bank” and, together, with Bancorp, the “Company”), ten five 1962 September 30, 2020, four three two one one not |
Note 2 - Basis of Presentation
Note 2 - Basis of Presentation | 9 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | 2. The accompanying unaudited Condensed Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with the instructions to Form 10 10 X. not not may December 31, 2020. 10 December 31, 2019. The preparation of the Condensed Consolidated Financial Statements in accordance with GAAP requires management of the Company to make estimates and judgments that affect the reported amounts of assets and liabilities, revenues and expenses, and related disclosures of contingent assets and liabilities at the date of the Condensed Consolidated Financial Statements. Actual results could differ from those estimates. The Company expects that the most significant estimates subject to change are the allowance for loan losses. |
Note 3 - Recent Accounting Pron
Note 3 - Recent Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Accounting Standards Update and Change in Accounting Principle [Text Block] | 3. Accounting Standards A dopt ed in 20 20 In January 2017, 2017 04, 350 2 2 December 15, 2019. 2017 04 not In August 2018, No. 2018 13, no 1 2 3 No. 2018 13 December 15, 2019; No. 2018 13 no Other Accounting Standards Pending Adoption In June 2016, 2016 13, 326 not The FASB issued additional ASUs containing clarifying guidance, transition relief provisions and minor updates to the original ASU. These include ASU 2018 19 November 2018), 2019 04 April 2019), 2019 05 May 2019), 2019 10 November 2019), 2019 11 November 2019), 2020 02 February 2020) 2020 03 March 2020). 2016 13 December 15, 2019. first As previously disclosed, the Company formed a multidisciplinary project team and implementation plan, developed a conceptual framework, and engaged an outside firm to develop econometric regression models for net losses during the R&S forecast period. Our approach for estimating expected life-time credit losses includes, among other things, the following key components for all loan portfolio segments: a. The use of a probability of default/loss given default methodology; b. A number of scenarios based on forecasts from an outside economic forecasting company to develop economic forecasts for the R&S period; c. An initial R&S forecast period of eight four third As previously disclosed, the Company has elected to delay its adoption of ASU 2016 13, 19 December 31, 2020, 2016 13, January 1, 2020, one September 30, 2020, March 31, 2020 June 30, 2020 September 30, 2020 September 30, 2020, first 2020, second 2020, third 2020 March 31, 2020 June 30, 2020 September 30, 2020. In July 2017, 2017 11, 260 480 815 two 480, December 15, 2020. first 250 10 45 5 45 10. not not not 2017 11 In December 2019, No. 2019 12, 740 740 not December 15, 2020 not not 2019 12 In January 2020, No. 2020 01, 321 323 815 321, 323, 815.” December 15, 2020. not No. 2020 01 323, 321 not not 2020 01 In March 2020, No. 2020 04, 848 No. 2020 04 March 12, 2020 December 31, 2022. December 31, 2022. 2020 02 |
Note 4 - Cash, Cash Equivalents
Note 4 - Cash, Cash Equivalents and Restricted Cash | 9 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Cash and Cash Equivalents Disclosure [Text Block] | 4. The Company manages its cash and cash equivalents based upon the Company’s operating, investment, and financing activities. Cash and cash equivalents, including for purposes of reporting cash flows, consist of cash on hand, amounts due from banks, and short-term investments with original maturity of three The Company is required to maintain reserves with the Federal Reserve Bank. Reserve requirements are based on a percentage of deposit liabilities. The average reserve balances required were $78 thousand and $110 thousand for the nine September 30, 2020 December 31, 2019, September 30, 2020 December 31, 2019, September 30, 2020 December 31, 2019, |
Note 5 - Earnings Per Share
Note 5 - Earnings Per Share | 9 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 5. Basic earnings per share excludes dilution and is computed by dividing net income available to common stockholders by the weighted-average number of common shares outstanding for the period. Diluted earnings per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock and resulted in the issuance of common stock that then shared in earnings. Restricted stock units (“RSUs”) with anti-dilutive effect were not Three months ended September 30, Nine months ended September 30, 2020 2019 2020 2019 (In thousands, except share and per share data) Net income $ 56,794 $ 72,835 $ 157,967 $ 211,758 Weighted-average shares: Basic weighted-average number of common shares outstanding 79,628,372 79,736,814 79,599,288 80,096,855 Dilutive effect of weighted-average outstanding common share equivalents RSUs 135,946 257,016 159,655 233,761 Diluted weighted-average number of common shares outstanding 79,764,318 79,993,830 79,758,943 80,330,616 Average restricted stock units with anti-dilutive effect 117,621 32,321 97,110 47,690 Earnings per common share: Basic $ 0.71 $ 0.91 $ 1.98 $ 2.64 Diluted $ 0.71 $ 0.91 $ 1.98 $ 2.64 |
Note 6 - Stock-based Compensati
Note 6 - Stock-based Compensation | 9 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | 6. Pursuant to the Company’s 2005 may RSUs are generally granted at no three one three may may Performance-based RSUs are granted at the target amount of awards. Based on the Company’s attainment of specified performance goals and consideration of market conditions, the number of shares that vest can be adjusted to a minimum of zero three Compensation costs for the time-based awards are based on the quoted market price of the Company’s stock at the grant date. Compensation costs associated with performance-based RSUs are based on grant date fair value, which considers both market and performance conditions. Compensation costs of both time-based and performance-based awards are recognized on a straight-line basis from the grant date until the vesting date of each grant. The following table presents RSU activity during the nine September 30, 2020: Time-Based RSUs Performance-Based RSUs Weighted-Average Weighted-Average Grant Date Grant Date Shares Fair Value Shares Fair Value Balance at December 31, 2019 273,200 $ 35.90 297,744 $ 32.65 Granted 3,013 24.89 212,369 19.66 Vested (79,630 ) 25.39 (193,240 ) 21.68 Forfeited (8,162 ) 39.41 (14,071 ) 39.08 Balance at September 30, 2020 188,421 $ 40.01 302,802 $ 30.24 The compensation expense recorded for RSUs was $1.3 million and $1.8 million for the three September 30, 2020 2019, nine September 30, 2020 2019, September 30, 2020 2019, September 30, 2020, As of September 30, 2020, 2005 Tax deficiency from share-based payment arrangements increased income tax expense by $0.4 million and a tax benefit from share-based payment arrangements reduced income tax expense by $0.6 million in the nine September 30, 2020 2019, |
Note 7 - Investment Securities
Note 7 - Investment Securities | 9 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | 7. The following tables set forth the amortized cost, gross unrealized gains, gross unrealized losses, and fair value of securities available-for-sale as of September 30, 2020, December 31, 2019: September 30, 2020 Gross Gross Amortized Unrealized Unrealized Cost Gains Losses Fair Value (In thousands) Securities Available-for-Sale U.S. treasury securities $ 99,968 $ 12 $ — $ 99,980 U.S. government agency entities 104,661 465 530 104,596 Mortgage-backed securities 709,756 20,045 557 729,244 Collateralized mortgage obligations 222 — 11 211 Corporate debt securities 146,368 288 147 146,509 Total $ 1,060,975 $ 20,810 $ 1,245 $ 1,080,540 December 31, 2019 Gross Gross Amortized Unrealized Unrealized Cost Gains Losses Fair Value (In thousands) Securities Available-for-Sale U.S. treasury securities $ 74,926 $ 10 $ — $ 74,936 U.S. government agency entities 90,452 663 319 90,796 U.S. government sponsored entities 225,000 — 557 224,443 Mortgage-backed securities 880,040 8,574 824 887,790 Collateralized mortgage obligations 569 — 17 552 Corporate debt securities 172,743 605 23 173,325 Total $ 1,443,730 $ 9,852 $ 1,740 $ 1,451,842 The amortized cost and fair value of securities available-for-sale as of September 30, 2020, may may September 30, 2020 Securities Available-For-Sale Amortized Cost Fair Value (In thousands) Due in one year or less $ 182,047 $ 182,289 Due after one year through five years 44,028 44,044 Due after five years through ten years 176,079 178,429 Due after ten years 658,821 675,778 Total $ 1,060,975 $ 1,080,540 Equity Securities three September 30, 2020, three September 30, 2019. nine September 30, 2020, nine September 30, 2019. September 30, 2020 December 31, 2019, The following tables set forth the gross unrealized losses and related fair value of the Company’s investment portfolio, aggregated by investment category and the length of time that individual security has been in a continuous unrealized loss position, as of September 30, 2020 December 31, 2019: September 30, 2020 Less than 12 Months 12 Months or Longer Total Gross Gross Gross Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses (In thousands) Securities Available-for-Sale U.S. government agency entities $ 21,824 $ 94 $ 40,793 $ 436 $ 62,617 $ 530 Mortgage-backed securities 1,924 20 8,944 537 10,868 557 Collateralized mortgage obligations — — 211 11 211 11 Corporate debt securities 45,762 147 — — 45,762 147 Total $ 69,510 $ 261 $ 49,948 $ 984 $ 119,458 $ 1,245 December 31, 2019 Less than 12 Months 12 Months or Longer Total Gross Gross Gross Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses (In thousands) Securities Available-for-Sale U.S. government agency entities $ 48,829 $ 172 $ 3,570 $ 147 $ 52,399 $ 319 U.S. government sponsored entities — — 224,443 557 224,443 557 Mortgage-backed securities 43,719 36 120,801 788 164,520 824 Collateralized mortgage obligations — — 552 17 552 17 Corporate debt securities 51,791 23 — — 51,791 23 Total $ 144,339 $ 231 $ 349,366 $ 1,509 $ 493,705 $ 1,740 To the Company’s knowledge, the Company believes the unrealized losses were primarily attributed to yield curve movement, together with widened liquidity spreads and credit spreads. The issuers have not, no not no three nine September 30, 2020 2019. Securities available-for-sale having a carrying value of $18.6 million and $20.1 million as of September 30, 2020 December 31, 2019, |
Note 8 - Loans
Note 8 - Loans | 9 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | 8 . Loans Most of the Company’s business activities are with customers located in the high-density Asian-populated areas of Southern and Northern California; New York City, New York; Dallas and Houston, Texas; Seattle, Washington; Boston, Massachusetts; Chicago, Illinois; Edison, New Jersey; Rockville, Maryland; and Las Vegas, Nevada. The Company also has loan customers in Hong Kong. The Company has no The types of loans in the Company’s Condensed Consolidated Balance Sheets as of September 30, 2020, December 31, 2019, September 30, 2020 December 31, 2019 (In thousands) Commercial loans $ 2,848,000 $ 2,778,744 Residential mortgage loans 4,169,847 4,088,586 Commercial mortgage loans 7,459,316 7,275,262 Real estate construction loans 675,112 579,864 Equity lines 411,848 347,975 Installment and other loans 1,656 5,050 Gross loans $ 15,565,779 $ 15,075,481 Allowance for loan losses (179,130 ) (123,224 ) Unamortized deferred loan fees, net (4,210 ) (626 ) Total loans, net $ 15,382,439 $ 14,951,631 As of September 30, 2020, December 31, 2019, September 30, 2020 December 31, 2019, The following table presents the average recorded investment and interest income recognized on impaired loans for the periods indicated: Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized (In thousands) Commercial loans $ 30,346 $ 148 $ 38,659 $ 208 $ 30,723 $ 242 $ 41,132 $ 705 Real estate construction loans 4,368 98 4,662 — 4,444 245 4,734 — Commercial mortgage loans 40,708 268 40,699 332 37,730 966 51,323 1,034 Residential mortgage loans and equity lines 16,609 74 13,133 78 15,240 200 13,126 237 Total impaired loans $ 92,031 $ 588 $ 97,153 $ 618 $ 88,137 $ 1,653 $ 110,315 $ 1,976 The following table presents impaired loans and the related allowance for loan losses as of the dates indicated: September 30, 2020 December 31, 2019 Unpaid Principal Balance Recorded Investment Allowance Unpaid Principal Balance Recorded Investment Allowance (In thousands) With no allocated allowance Commercial loans $ 16,210 $ 13,293 $ — $ 20,134 $ 15,857 $ — Real estate construction loans 5,776 4,335 — 5,776 4,580 — Commercial mortgage loans 22,996 22,532 — 9,234 9,030 — Residential mortgage loans and equity lines 7,921 7,814 — 6,171 6,073 — Subtotal $ 52,903 $ 47,974 $ — $ 41,315 $ 35,540 $ — With allocated allowance Commercial loans $ 28,059 $ 20,871 $ 7,704 $ 8,769 $ 8,739 $ 2,543 Commercial mortgage loans 31,138 31,019 582 26,117 26,040 473 Residential mortgage loans and equity lines 6,632 5,914 209 6,740 5,540 220 Subtotal $ 65,829 $ 57,804 $ 8,495 $ 41,626 $ 40,319 $ 3,236 Total impaired loans $ 118,732 $ 105,778 $ 8,495 $ 82,941 $ 75,859 $ 3,236 The following tables present the aging of the loan portfolio by type as of September 30, 2020, December 31, 2019: September 30, 2020 30-59 Days Past Due 60-89 Days Past Due 90 Days or More Past Due Non-accrual Loans Total Past Due Loans Not Past Due Total (In thousands) Commercial loans $ 4,956 $ 7,098 $ — $ 29,757 $ 41,811 $ 2,806,189 $ 2,848,000 Real estate construction loans 19,000 2,657 — 4,335 25,992 649,120 675,112 Commercial mortgage loans 4,275 — 2,868 33,782 40,925 7,418,391 7,459,316 Residential mortgage loans and equity lines 212 — — 9,317 9,529 4,572,166 4,581,695 Installment and other loans — — — — — 1,656 1,656 Total loans $ 28,443 $ 9,755 $ 2,868 $ 77,191 $ 118,257 $ 15,447,522 $ 15,565,779 December 31, 2019 30-59 Days Past Due 60-89 Days Past Due 90 Days or More Past Due Non-accrual Loans Total Past Due Loans Not Past Due Total (In thousands) Commercial loans $ 24,681 $ 9,954 $ 6,409 $ 19,381 $ 60,425 $ 2,718,319 $ 2,778,744 Real estate construction loans 5,846 6,753 — 4,580 17,179 562,685 579,864 Commercial mortgage loans 7,694 2,609 — 9,928 20,231 7,255,031 7,275,262 Residential mortgage loans and equity lines 26,028 965 — 6,634 33,627 4,402,934 4,436,561 Installment and other loans — — — — — 5,050 5,050 Total loans $ 64,249 $ 20,281 $ 6,409 $ 40,523 $ 131,462 $ 14,944,019 $ 15,075,481 The determination of the amount of the allowance for loan losses for impaired loans is based on management’s current judgment about the credit quality of the loan portfolio and takes into consideration known relevant internal and external factors that affect collectability when determining the appropriate level for the allowance for loan losses. The nature of the process by which the Bank determines the appropriate allowance for loan losses requires the exercise of considerable judgment. This allowance evaluation process is also applied to TDRs since they are considered to be impaired loans. The allowance for loan losses and the reserve for off-balance sheet credit commitments are significant estimates that can and do change based on management’s process in analyzing the loan portfolio and on management’s assumptions about specific borrowers, underlying collateral, and applicable economic, market and environmental conditions, among other factors. Although the Company took steps to incorporate the impact of the COVID- 19 19 A TDR is a formal modification of the terms of a loan when the lender, for economic or legal reasons related to the borrower’s financial difficulties, grants a concession to the borrower. The concessions may TDRs on accrual status are comprised of the loans that have, pursuant to the Bank’s policy, performed under the restructured terms and have demonstrated sustained performance under the modified terms for six As of September 30, 2020, December 31, 2019. September 30, 2020, December 31, 2019. three nine September 30, 2020 2019, September 30, 2020 2019, three nine September 30, 2020 2019: Three Months Ended September 30, 2020 September 30, 2020 No. of Contracts Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment Charge-offs Specific Reserve (In thousands) Commercial loans 2 $ 2,983 $ 2,983 $ — $ 203 Total 2 $ 2,983 $ 2,983 $ — $ 203 Three Months Ended September 30, 2019 September 30, 2019 No. of Contracts Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment Charge-offs Specific Reserve (In thousands) Commercial loans 3 $ 7,585 $ 6,165 $ — $ 89 Total 3 $ 7,585 $ 6,165 $ — $ 89 Nine Months Ended September 30, 2020 September 30, 2020 No. of Contracts Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment Charge-offs Specific Reserve (In thousands) Commercial loans 5 $ 5,417 $ 5,417 $ — $ 203 Total 5 $ 5,417 $ 5,417 $ — $ 203 Nine Months Ended September 30, 2019 September 30, 2019 No. of Contracts Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment Charge-offs Specific Reserve (In thousands) Commercial loans 23 $ 25,937 $ 10,814 $ — $ 125 Total 23 $ 25,937 $ 10,814 $ — $ 125 Modifications of the loan terms in the nine September 30, 2020 three twelve We expect that the TDRs on accruing status as of September 30, 2020, September 30, 2020, December 31, 2019, September 30, 2020 Payment Deferral Rate Reduction Rate Reduction and Payment Deferral Total (In thousands) Accruing TDRs Commercial loans $ 4,406 $ — $ — $ 4,406 Commercial mortgage loans 582 5,662 13,526 19,770 Residential mortgage loans 1,940 284 2,187 4,411 Total accruing TDRs $ 6,928 $ 5,946 $ 15,713 $ 28,587 September 30, 2020 Payment Deferral Rate Reduction Rate Reduction and Payment Deferral Total (In thousands) Non-accrual TDRs Commercial loans $ 8,902 $ — $ — $ 8,902 Residential mortgage loans 1,017 — — 1,017 Total non-accrual TDRs $ 9,919 $ — $ — $ 9,919 December 31, 2019 Payment Deferral Rate Reduction Rate Reduction and Payment Deferral Total (In thousands) Accruing TDRs Commercial loans $ 5,215 $ — $ — $ 5,215 Commercial mortgage loans 615 5,748 18,779 25,142 Residential mortgage loans 2,525 311 2,143 4,979 Total accruing TDRs $ 8,355 $ 6,059 $ 20,922 $ 35,336 December 31, 2019 Payment Deferral Rate Reduction Rate Reduction and Payment Deferral Total (In thousands) Non-accrual TDRs Commercial loans $ 16,692 $ — $ — $ 16,692 Commercial mortgage loans 1,220 — 136 1,356 Total non-accrual TDRs $ 17,912 $ — $ 136 $ 18,048 The activity within TDRs for the periods indicated is set forth below: Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 (In thousands) Accruing TDRs Beginning balance $ 31,671 $ 64,898 $ 35,336 $ 65,071 New restructurings 2,983 240 5,417 15,432 Restructured loans restored to accrual status 263 — 263 — Charge-offs — (1,341 ) — (1,341 ) Payments (6,330 ) (22,150 ) (12,429 ) (36,219 ) Restructured loans placed on non-accrual status — — — (1,296 ) Ending balance $ 28,587 $ 41,647 $ 28,587 $ 41,647 Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 (In thousands) Non-accrual TDRs Beginning balance $ 12,670 $ 22,457 $ 18,048 $ 24,189 New restructurings — 7,345 — 10,505 Restructured loans placed on non-accrual status — — — 1,296 Charge-offs — (2,389 ) (4,970 ) (3,607 ) Payments (2,488 ) (7,626 ) (2,896 ) (12,596 ) Restructured loans restored to accrual status (263 ) — (263 ) — Ending balance $ 9,919 $ 19,787 $ 9,919 $ 19,787 The Company considers a loan to be in payment default once it is 60 to 90 days contractually past due under the modified terms. The Company did not twelve September 30, 2020. Under the Company’s internal underwriting policy, an evaluation is performed of the probability that the borrower will be in payment default on any of its debt in the foreseeable future without the modification in order to determine whether a borrower is experiencing financial difficulty. As of September 30, 2020, no The CARES Act, signed into law on March 27, 2020, 19 March 1, 2020 December 31, 2020 60 not 30 December 31, 2019. 19 19 As part of the on-going monitoring of the credit quality of our loan portfolio, the Company utilizes a risk grading matrix to assign a risk grade to each loan. The risk rating categories can be generally described by the following grouping for non-homogeneous loans: ● Pass/Watch – ● Special Mention – not may ● Substandard – may not not ● Doubtful – may ● Loss – no The following tables set forth the loan portfolio by risk rating as of September 30, 2020 December 31, 2019: September 30, 2020 Pass/Watch Special Mention Substandard Doubtful Total (In thousands) Commercial loans $ 2,553,148 $ 156,869 $ 137,983 $ — $ 2,848,000 Real estate construction loans 548,075 122,299 4,738 — 675,112 Commercial mortgage loans 7,215,288 114,653 129,375 — 7,459,316 Residential mortgage loans and equity lines 4,571,766 212 9,717 — 4,581,695 Installment and other loans 1,656 — — — 1,656 Total gross loans $ 14,889,933 $ 394,033 $ 281,813 $ — $ 15,565,779 December 31, 2019 Pass/Watch Special Mention Substandard Doubtful Total (In thousands) Commercial loans $ 2,528,944 $ 166,016 $ 83,784 $ — $ 2,778,744 Real estate construction loans 461,597 113,687 4,580 — 579,864 Commercial mortgage loans 6,992,933 196,454 85,875 — 7,275,262 Residential mortgage loans and equity lines 4,427,205 914 8,442 — 4,436,561 Installment and other loans 5,050 — — — 5,050 Total gross loans $ 14,415,729 $ 477,071 $ 182,681 $ — $ 15,075,481 The following tables set forth the balance in the allowance for loan losses by portfolio segment and based on impairment method as of September 30, 2020 December 31, 2019: September 30, 2020 Real Estate Commercial Residential Installment Commercial Construction Mortgage Mortgage Loans and Loans Loans Loans and Equity Lines Other Loans Total (In thousands) Loans individually evaluated for impairment Allowance $ 7,704 $ — $ 582 $ 209 $ — $ 8,495 Balance $ 34,164 $ 4,335 $ 53,551 $ 13,728 $ — $ 105,778 Loans collectively evaluated for impairment Allowance $ 71,690 $ 32,712 $ 46,083 $ 20,150 $ — $ 170,635 Balance $ 2,813,836 $ 670,777 $ 7,405,765 $ 4,567,967 $ 1,656 $ 15,460,001 Total allowance $ 79,394 $ 32,712 $ 46,665 $ 20,359 $ — $ 179,130 Total balance $ 2,848,000 $ 675,112 $ 7,459,316 $ 4,581,695 $ 1,656 $ 15,565,779 December 31, 2019 Real Estate Commercial Residential Installment Commercial Construction Mortgage Mortgage Loans and Loans Loans Loans and Equity Lines Other Loans Total (In thousands) Loans individually evaluated for impairment Allowance $ 2,543 $ — $ 473 $ 220 $ — $ 3,236 Balance $ 24,596 $ 4,580 $ 35,070 $ 11,613 $ — $ 75,859 Loans collectively evaluated for impairment Allowance $ 54,478 $ 19,474 $ 33,129 $ 12,888 $ 19 $ 119,988 Balance $ 2,754,148 $ 575,284 $ 7,240,192 $ 4,424,948 $ 5,050 $ 14,999,622 Total allowance $ 57,021 $ 19,474 $ 33,602 $ 13,108 $ 19 $ 123,224 Total balance $ 2,778,744 $ 579,864 $ 7,275,262 $ 4,436,561 $ 5,050 $ 15,075,481 The following tables set forth activity in the allowance for loan losses by portfolio segment for the three nine September 30, 2020, September 30, 2019. one not Three months ended September 30, 2020 and 2019 Residential Real Estate Commercial Mortgage Loans Installment Commercial Construction Mortgage and and Other Loans Loans Loans Equity Lines Loans Total (In thousands) June 30, 2020 Ending Balance $ 82,256 $ 26,700 $ 41,132 $ 19,592 $ — $ 169,680 Provision for possible credit losses 298 6,012 5,438 752 — 12,500 Charge-offs (6,956 ) — — — — (6,956 ) Recoveries 3,796 — 95 15 — 3,906 Net (charge-offs)/recoveries (3,160 ) — 95 15 — (3,050 ) September 30, 2020 Ending Balance $ 79,394 $ 32,712 $ 46,665 $ 20,359 $ — $ 179,130 Residential Real Estate Commercial Mortgage Loans Installment Commercial Construction Mortgage and and Other Loans Loans Loans Equity Lines Loans Total (In thousands) June 30, 2019 Ending Balance $ 54,293 $ 21,010 $ 33,154 $ 14,164 $ 30 $ 122,651 Provision/(reversal) for possible credit losses 7,400 (2,690 ) (4,648 ) (2,057 ) (5 ) (2,000 ) Charge-offs (3,356 ) — — — — (3,356 ) Recoveries 212 3,378 4,961 62 — 8,613 Net (charge-offs)/recoveries (3,144 ) 3,378 4,961 62 — 5,257 September 30, 2019 Ending Balance $ 58,549 $ 21,698 $ 33,467 $ 12,169 $ 25 $ 125,908 Nine months ended September 30, 2020 and 2019 Residential Real Estate Commercial Mortgage Loans Installment Commercial Construction Mortgage and and Other Loans Loans Loans Equity Lines Loans Total (In thousands) 2020 Beginning Balance $ 57,021 $ 19,474 $ 33,602 $ 13,108 $ 19 $ 123,224 Provision/(reversal) for possible credit losses 29,402 13,238 12,718 7,161 (19 ) 62,500 Charge-offs (13,383 ) — — — — (13,383 ) Recoveries 6,354 — 345 90 — 6,789 Net (charge-offs)/recoveries (7,029 ) — 345 90 — (6,594 ) September 30, 2020 Ending Balance $ 79,394 $ 32,712 $ 46,665 $ 20,359 $ — $ 179,130 Reserve for impaired loans $ 7,704 $ — $ 582 $ 209 $ — $ 8,495 Reserve for non-impaired loans $ 71,690 $ 32,712 $ 46,083 $ 20,150 $ — $ 170,635 Reserve for off-balance sheet credit commitments $ 4,297 $ 896 $ 172 $ 294 $ 4 $ 5,663 Residential Real Estate Commercial Mortgage Loans Installment Commercial Construction Mortgage and and Other Loans Loans Loans Equity Lines Loans Total (In thousands) 2019 Beginning Balance $ 54,978 $ 19,626 $ 33,487 $ 14,282 $ 18 $ 122,391 Provision/(reversal) for possible credit losses 8,262 (2,540 ) (5,234 ) (2,495 ) 7 (2,000 ) Charge-offs (6,300 ) — — — — (6,300 ) Recoveries 1,609 4,612 5,214 382 — 11,817 Net (charge-offs)/recoveries (4,691 ) 4,612 5,214 382 — 5,517 September 30, 2019 Ending Balance $ 58,549 $ 21,698 $ 33,467 $ 12,169 $ 25 $ 125,908 Reserve for impaired loans $ 744 $ — $ 536 $ 221 $ — $ 1,501 Reserve for non-impaired loans $ 57,805 $ 21,698 $ 32,931 $ 11,948 $ 25 $ 124,407 Reserve for off-balance sheet credit commitments $ 2,505 $ 1,608 $ 121 $ 313 $ 3 $ 4,550 The ongoing COVID- 19 19 • The Company has provided loans through the SBA's Paycheck Protection Program, or “PPP”. As of September 30, 2020, • The Company has outstanding modifications on approximately 95 commercial real estate loans totaling $428.1 million as of September 30, 2020, $64..6 • As of September 30, 2020, 19 |
Note 9 - Commitments and Contin
Note 9 - Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 9. From time to time, Bancorp and its subsidiaries are parties to litigation that arise in the ordinary course of business or otherwise are incidental to various aspects of its operations. Based upon information available to the Company and its review of any such litigation with counsel, management presently believes that the liability relating to such litigation, if any, would not one Although the Company establishes accruals for legal proceedings when information related to the loss contingencies represented by those matters indicates both that a loss is probable and that the amount of loss can be reasonably estimated, the Company does not may not may In the normal course of business, the Company from time to time becomes a party to financial instruments with off-balance sheet risk to meet the financing needs of its customers. These financial instruments include commitments to extend credit in the form of loans, or through commercial or standby letters of credit and financial guarantees. These instruments represent varying degrees of exposure to risk in excess of the amounts included in the accompanying Condensed Consolidated Balance Sheets. The contractual or notional amount of these instruments indicates a level of activity associated with a particular class of financial instrument and is not The Company’s unfunded commitments related to investments in qualified affordable housing and alternative energy partnerships were $117.8 million and $114.5 million as of September 30, 2020 December 31, 2019, |
Note 10 - Leases
Note 10 - Leases | 9 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | 10. The Company determines if a contract arrangement is a lease at inception and primarily enters into operating lease contracts for its branch locations, office space and certain equipment. As part of its property lease agreements, the Company may not September 30, 2020. Accounting Policy Elections - not not not The ROU assets and lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at commencement date. The Company uses its incremental borrowing rate to determine the present value of its lease liabilities. The following table presents the operating lease related assets and liabilities recorded on the Condensed Consolidated Balance Sheet, and the weighted-average remaining lease terms and discount rates as of September 30, 2020 December 31, 2019: September 30, 2020 December 31, 2019 ($ In millions) Operating Leases: ROU assets $ 32.6 $ 34.0 Lease liabilities $ 35.1 $ 35.9 Weighted-average remaining lease term (in years) 4.9 5.4 Weighted-average discount rate 2.79 % 3.10 % Operating lease expense was $3.1 million and $3.3 million for the three September 30, 2020 September 30, 2019, nine September 30, 2020 September 30, 2019, three September 30, 2020 2019, nine September 30, 2020 2019, The following table presents a maturity analysis of the Company’s operating lease liabilities as of September 30, 2020 December 31, 2019, As of September 30, 2020 Operating Leases (In thousands) Remaining 2020 $ 2,392 2021 9,235 2022 8,183 2023 6,758 2024 4,570 Thereafter 6,641 Total lease payments 37,779 Less amount of payment representing interest (2,663 ) Total present value of lease payments $ 35,116 As of December 31, 2019 Operating Leases (In thousands) 2020 $ 8,764 2021 7,923 2022 6,771 2023 5,714 2024 3,852 Thereafter 6,199 Total lease payments 39,223 Less amount of payment representing interest (3,350 ) Total present value of lease payments $ 35,873 |
Note 11 - Borrowed Funds
Note 11 - Borrowed Funds | 9 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 11. Borrowing s from the F ederal H ome L oan B ank (“FHLB ”) – September 30, 2020, December 31, 2019. September 30, 2020 December 31, 2019. September 30, 2020, November 2020, May 2021, June 2021, July 2021, May 2023. Junior Subordinated Notes – three 2003 two 2007 twenty may not, At September 30, 2020, December 31, 2019. |
Note 12 - Income Taxes
Note 12 - Income Taxes | 9 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 12. The effective tax rate for the first nine 2020 first nine 2019. first nine 2020 The Company’s tax returns are open for audit by the Internal Revenue Service back to 2016 2015. 2017 July 2020 not It is reasonably possible that unrecognized tax benefits could change significantly over the next twelve not |
Note 13 - Fair Value Measuremen
Note 13 - Fair Value Measurements | 9 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Fair Value Measurement and Measurement Inputs, Recurring and Nonrecurring [Text Block] | 1 3 . Fair Value Measurement s The Company determined the fair values of our financial instruments based on the following: ● Level 1 ● Level 2 not not ● Level 3 The Company uses the following methodologies to measure the fair value of its financial assets and liabilities on a recurring basis: Securities Available for Sale 1 2 Equity Securities – 1 Foreign Exchange Contracts 2 Warrants 3 Interest Rate Swaps third 2 Assets measured at estimated fair value on a non-recurring basis: Certain assets or liabilities are required to be measured at estimated fair value on a nonrecurring basis subsequent to initial recognition. Generally, these adjustments are the result of lower-of-cost-or-fair value or other impairment write-downs of individual assets. In determining the estimated fair values during the period, the Company determined that substantially all the changes in estimated fair value were due to declines in market conditions versus instrument specific credit risk. For the periods ended September 30, 2020 December 31, 2019, no The following tables present the Company’s hierarchy for its assets and liabilities measured at fair value on a recurring basis as of September 30, 2020, December 31, 2019: September 30, 2020 Fair Value Measurements Using Total Fair Value Level 1 Level 2 Level 3 Measurements (In thousands) Assets Securities available-for-sale U.S. Treasury securities $ 99,980 $ — $ — $ 99,980 U.S. government agency entities — 104,596 — 104,596 Mortgage-backed securities — 729,244 — 729,244 Collateralized mortgage obligations — 211 — 211 Corporate debt securities — 146,509 — 146,509 Total securities available-for-sale $ 99,980 $ 980,560 $ — $ 1,080,540 Equity securities Mutual funds $ 6,430 $ — $ — $ 6,430 Preferred stock of government sponsored entities 5,522 — — 5,522 Other equity securities 11,012 — — 11,012 Total equity securities $ 22,964 $ — $ — $ 22,964 Warrants $ — $ — $ 20 $ 20 Interest rate swaps — 3,992 — 3,992 Foreign exchange contracts — 3,236 — 3,236 Total assets $ 122,944 $ 987,788 $ 20 $ 1,110,752 Liabilities Option contracts $ — $ 6 $ — $ 6 Interest rate swaps — 31,525 — 31,525 Foreign exchange contracts — 1,592 — 1,592 Total liabilities $ — $ 33,123 $ — $ 33,123 December 31, 2019 Fair Value Measurements Using Total Fair Value Level 1 Level 2 Level 3 Measurements (In thousands) Assets Securities available-for-sale U.S. Treasury securities $ 74,936 $ — $ — $ 74,936 U.S. government agency entities — 90,796 — 90,796 U.S. government sponsored entities — 224,443 — 224,443 Mortgage-backed securities — 887,790 — 887,790 Collateralized mortgage obligations — 552 — 552 Corporate debt securities — 173,325 — 173,325 Total securities available-for-sale $ 74,936 $ 1,376,906 $ — $ 1,451,842 Equity securities Mutual funds $ 6,277 $ — $ — $ 6,277 Preferred stock of government sponsored entities 10,529 — — 10,529 Other equity securities 11,199 — — 11,199 Total equity securities $ 28,005 $ — $ — $ 28,005 Warrants $ — $ — $ 39 $ 39 Interest rate swaps — 2,181 — 2,181 Foreign exchange contracts — 2,411 — 2,411 Total assets $ 102,941 $ 1,381,498 $ 39 $ 1,484,478 Liabilities Option contracts $ — $ 7 $ — $ 7 Interest rate swaps — 14,229 — 14,229 Foreign exchange contracts — 1,415 — 1,415 Total liabilities $ — $ 15,651 $ — $ 15,651 The Company measured the fair value of its warrants on a recurring basis using significant unobservable inputs. The fair value adjustment of warrants was included in other operating income in the first nine 2020. For financial assets measured at fair value on a nonrecurring basis that were still reflected in the Condensed Consolidated Balance Sheets as of September 30, 2020, September 30, 2020, December 31, 2019, As of September 30, 2020 Total Losses Fair Value Measurements Using Total Fair Value For the Three Months Ended For the Nine Months Ended Level 1 Level 2 Level 3 Measurements September 30, 2020 September 30, 2019 September 30, 2020 September 30, 2019 (In thousands) Assets Impaired loans by type: Commercial loans $ — $ — $ 13,167 $ 13,167 $ 6,950 $ — $ 6,950 $ — Commercial mortgage loans — — 30,437 30,437 — — — — Residential mortgage loans and equity lines — — 5,705 5,705 — — — — Total impaired loans — — 49,309 49,309 6,950 — 6,950 — Loans held-for-sale — — — — — 120 — 120 Other real estate owned (1) — 905 4,238 5,143 — — 717 494 Investments in venture capital and private company stock — — 1,381 1,381 3 83 107 101 Total assets $ — $ 905 $ 54,928 $ 55,833 $ 6,953 $ 203 $ 7,774 $ 715 ( 1 As of December 31, 2019 Total Losses/(Gains) Fair Value Measurements Using Total Fair Value For the Twelve Months Ended Level 1 Level 2 Level 3 Measurements December 31, 2019 December 31, 2018 (In thousands) Assets Impaired loans by type: Commercial loans $ — $ — $ 6,196 $ 6,196 $ — $ — Commercial mortgage loans — — 25,566 25,566 — — Residential mortgage loans and equity lines — — 5,320 5,320 — — Total impaired loans — — 37,082 37,082 — — Other real estate owned (1) — 6,490 4,343 10,833 681 (619 ) Investments in venture capital and private company stock — — 1,604 1,604 167 330 Total assets $ — $ 6,490 $ 43,029 $ 49,519 $ 848 $ (289 ) ( 1 The significant unobservable (Level 3 twelve The significant unobservable inputs used in the fair value measurement of other real estate owned (“OREO”) are primarily based on the appraised value of OREO adjusted by estimated sales cost and commissions. The Company applies estimated sales cost and commissions ranging from 3% to 6% of the collateral value of impaired loans, quoted price, or loan sale price of loans held for sale, and appraised value of OREO. |
Note 14 - Fair Value of Financi
Note 14 - Fair Value of Financial Instruments | 9 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 1 4 . Fair Value of Financial Instruments The Company uses the following methods and assumptions to estimate the fair value of each class of financial instruments. Cash and Cash Equivalents - 1 Short-term Investments and interest - bearing deposits - 1 Securities Available for Sale 1 2 Equity Securities – 1 Loans - third The fair value of performing loans is calculated by discounting scheduled cash flows through the estimated maturity using estimated market discount rates that reflect the credit and interest rate risk inherent in the loan, a Level 3 The fair value of impaired loans is calculated based on the net realizable fair value of the collateral or the observable market price of the most recent sale or quoted price from loans held for sale. The Company does not 2 3 Loans Held-for-Sale – third 3 FHLB Stock - Deposit Liabilities - 3 Advanc es from FHLB - 2 Short-term and Other Borrowings - 3 Long-term D ebt - 2 Currency Option and Foreign Exchange Contracts 2 Interest Rate Swaps third 2 Off-Balance-Sheet Financi al Instruments - 3 Fair value is estimated in accordance with ASC Topic 825. not one no The following table sets forth the carrying and notional amounts and estimated fair value of financial instruments as of September 30, 2020 December 31, 2019: September 30, 2020 December 31, 2019 Carrying Carrying Amount Fair Value Amount Fair Value (In thousands) Financial Assets Cash and due from banks $ 128,896 $ 128,896 $ 177,240 $ 177,240 Short-term investments 1,305,170 1,305,170 416,538 416,538 Securities available-for-sale 1,080,540 1,080,540 1,451,842 1,451,842 Loans, net 15,382,439 16,030,529 14,951,631 15,444,752 Equity securities 22,964 22,964 28,005 28,005 Investment in Federal Home Loan Bank stock 17,250 17,250 18,090 18,090 Warrants 20 20 39 39 Notional Notional Amount Fair Value Amount Fair Value Foreign exchange contracts $ 107,071 $ 3,236 $ 146,397 $ 2,411 Interest rate swaps 72,717 3,992 130,401 2,181 Carrying Carrying Amount Fair Value Amount Fair Value Financial Liabilities Deposits $ 16,034,248 $ 16,061,257 $ 14,692,308 $ 14,719,452 Short-term borrowings — — 25,683 25,683 Advances from Federal Home Loan Bank 230,000 238,509 670,000 674,530 Other borrowings 23,788 19,550 36,666 30,764 Long-term debt 119,136 64,296 119,136 76,058 Notional Notional Amount Fair Value Amount Fair Value Option contracts $ 850 $ 6 $ 908 $ 7 Foreign exchange contracts 160,489 1,592 127,003 1,415 Interest rate swaps 686,785 31,525 602,291 14,229 Notional Notional Amount Fair Value Amount Fair Value Off-Balance Sheet Financial Instruments Commitments to extend credit $ 3,033,685 $ (8,847 ) $ 3,077,081 $ (9,826 ) Standby letters of credit 255,173 (1,647 ) 282,352 (2,431 ) Other letters of credit 24,591 (21 ) 22,209 (20 ) Bill of lading guarantees 221 — 319 (1 ) The following tables set forth the level in the fair value hierarchy for the estimated fair values of financial instruments as of September 30, 2020 December 31, 2019. As of September 30, 2020 Estimated Fair Value Measurements Level 1 Level 2 Level 3 (In thousands) Financial Assets Cash and due from banks $ 128,896 $ 128,896 $ — $ — Short-term investments 1,305,170 1,305,170 — — Securities available-for-sale 1,080,540 99,980 980,560 — Loans, net 16,030,529 — — 16,030,529 Equity securities 22,964 22,964 — — Investment in Federal Home Loan Bank stock 17,250 — 17,250 — Warrants 20 — — 20 Financial Liabilities Deposits 16,061,257 — — 16,061,257 Advances from Federal Home Loan Bank 238,509 — 238,509 — Other borrowings 19,550 — — 19,550 Long-term debt 64,296 — 64,296 — As of December 31, 2019 Estimated Fair Value Measurements Level 1 Level 2 Level 3 (In thousands) Financial Assets Cash and due from banks $ 177,240 $ 177,240 $ — $ — Short-term investments 416,538 416,538 — — Securities available-for-sale 1,451,842 74,936 1,376,906 — Loans, net 15,444,752 — — 15,444,752 Equity securities 28,005 28,005 — — Investment in Federal Home Loan Bank stock 18,090 — 18,090 — Warrants 39 — — 39 Financial Liabilities Deposits 14,719,452 — — 14,719,452 Short-term borrowings 25,683 — — 25,683 Advances from Federal Home Loan Bank 674,530 — 674,530 — Other borrowings 30,764 — — 30,764 Long-term debt 76,058 — 76,058 — |
Note 15 - Goodwill and Goodwill
Note 15 - Goodwill and Goodwill Impairment | 9 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | 1 5 . Goodwill and Goodwill Impairment The Company’s policy is to assess goodwill for impairment at the reporting unit level on an annual basis or between annual assessments if a triggering event occurs or circumstances change that would more likely than not During the third 2020, 350 two not |
Note 16 - Financial Derivatives
Note 16 - Financial Derivatives | 9 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | 1 6 . Financial Derivatives It is our policy not may may may The Company follows ASC Topic 815 not third not The Company offers various interest rate derivative contracts to its customers. When derivative transactions are executed with its customers, the derivative contracts are offset by paired trades with third not not third In May 2014, ten five ten June 2014 June 2024, three September 30, 2020, 2019, not September 30, 2020, December 31, 2019, September 30, 2020 December 31, 2019 Cash flow swap hedges: ($ in thousands) Notional $ 119,136 $ 119,136 Weighted average fixed rate-pay 2.61 % 2.61 % Weighted average variable rate-receive 0.51 % 2.26 % Unrealized loss, net of taxes (1) $ (7,393 ) $ (3,412 ) Three months ended Nine months ended September 30, 2020 September 30, 2019 September 30, 2020 September 30, 2019 Periodic net settlement of swaps (2) $ 702 $ 78 $ 1,471 $ 41 ( 1 ( 2 As of September 30, 2020, three ten September 30, 2020, 2019, not September 30, 2020, December 31, 2019, September 30, 2020 December 31, 2019 Fair value swap hedges: ($ in thousands) Notional $ 494,932 $ 579,584 Weighted average fixed rate-pay 4.57 % 4.71 % Weighted average variable rate spread 1.90 % 2.62 % Weighted average variable rate-receive 3.27 % 4.87 % Net unrealized loss (1) $ (17,037 ) $ (7,205 ) Three months ended Nine months ended September 30, 2020 September 30, 2019 September 30, 2020 September 30, 2019 Periodic net settlement of SWAPs (2) $ (2,510) $ 205 $ (5,307) $ 1,352 ( 1 ( 2 The Company has designated as a partial-term hedging election $25.0 million of a pool of loans with a notational value of $44.7 million as of September 30, 2020. not 1 September 30, 2020, Interest rate swap contracts involve the risk of dealing with institutional derivative counterparties and their ability to meet contractual terms. Institutional counterparties must have a strong credit profile and be approved by the Company’s Board of Directors. The Company’s credit exposure on interest rate swaps is limited to the net favorable value and interest payments of all swaps by each counterparty. Credit exposure may September 30, 2020 December 31, 2019. The Company from time to time enters into foreign exchange forward contracts with various counterparties to mitigate the risk of fluctuations in foreign currency exchange rates for foreign exchange certificates of deposit or foreign exchange contracts entered into with our clients. These contracts are not not September 30, 2020, December 31, 2019, September 30, 2020 December 31, 2019 Derivative financial instruments not designated as hedging instruments: ($ in thousands) Notional amounts: Option contracts $ 850 $ 908 Spot, forward, and swap contracts with positive fair value $ 107,071 $ 146,397 Spot, forward, and swap contracts with negative fair value $ 160,489 $ 127,003 Fair value: Option contracts $ (6 ) $ (7 ) Spot, forward, and swap contracts with positive fair value $ 3,236 $ 2,411 Spot, forward, and swap contracts with negative fair value $ (1,592 ) $ (1,415 ) |
Note 17 - Balance Sheet Offsett
Note 17 - Balance Sheet Offsetting | 9 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Supplemental Balance Sheet Disclosures [Text Block] | 1 7 . Balance Sheet Offsetting Certain financial instruments, including resell and repurchase agreements, securities lending arrangements and derivatives, may may not Financial instruments that are eligible for offset in the Condensed Consolidated Balance Sheets, as of September 30, 2020, December 31, 2019, Gross Amounts Not Offset in the Gross Amounts Recognized Gross Amounts Offset in the Balance Sheet Net Amounts Presented in the Balance Sheet Financial Instruments Collateral Posted Net Amount September 30, 2020 (In thousands) Assets: Derivatives $ 3,992 $ — $ 3,992 $ — $ — $ 3,992 Liabilities: Derivatives $ 31,525 $ (20,247 ) $ 11,278 $ — $ — $ 11,278 December 31, 2019 Assets: Derivatives $ 2,181 $ — $ 2,181 $ — $ — $ 2,181 Liabilities: Derivatives $ 14,229 $ — $ 14,229 $ — $ (14,229 ) $ — |
Note 18 - Revenue from Contract
Note 18 - Revenue from Contracts with Customers | 9 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | 1 8 . Revenue from Contracts with Customers The following is a summary of revenue from contracts with customers that are in-scope and not 606, Three months Ended September 30, Nine months Ended September 30, 2020 2019 2020 2019 (In thousands) Non-interest income, in-scope: Fees and service charges on deposit accounts $ 2,018 $ 1,892 $ 5,945 $ 5,940 Wealth management fees 2,628 2,049 7,974 6,258 Other service fees (1) 3,676 3,645 10,038 10,593 Total noninterest income 8,322 7,586 23,957 22,791 Noninterest income, not in-scope (2) 1,655 2,802 7,412 13,312 Total noninterest income $ 9,977 $ 10,388 $ 31,369 $ 36,103 ( 1 ( 2 606. The major revenue streams by fee type that are within the scope of ASC 606 Fees and Services Charges on Deposit Accounts Fees and service charges on deposit accounts include charges for analysis, overdraft, cash checking, ATM, and safe deposit activities executed by our deposit clients, as well as interchange income earned through card payment networks for the acceptance of card based transactions. Fees earned from our deposit clients are governed by contracts that provide for overall custody and access to deposited funds and other related services and can be terminated at will by either party. Fees received from deposit clients for the various deposit activities are recognized as revenue by the Company once the performance obligations are met. Wealth Management Fees The Company employs financial consultants to provide investment planning services for customers including wealth management services, asset allocation strategies, portfolio analysis and monitoring, investment strategies, and risk management strategies. The fees the Company earns are variable and are generally received monthly by the Company. The Company recognizes revenue for the services performed at quarter end based on actual transaction details received from the broker dealer the Company engages. Practical Expedients and Exemptions The Company applies the practical expedient in ASC 606 10 50 14 not one one In addition, given the short term nature of the contracts, the Company also applies the practical expedient in ASC 606 10 32 18 not one |
Note 19 - Stockholders' Equity
Note 19 - Stockholders' Equity | 9 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | 1 9 . Stockholders’ Equity Total equity was $2.37 billion as of September 30, 2020, December 31, 2019, Activity in accumulated other comprehensive income, net of tax, and reclassification out of accumulated other comprehensive income for the three nine September 30, 2020, September 30, 2019, Three months ended September 30, 2020 Three months ended September 30, 2019 Pre-tax Tax expense/ (benefit) Net-of-tax Pre-tax Tax expense/ (benefit) Net-of-tax Beginning balance, gain/(loss), net of tax (In thousands) Securities available-for-sale $ 16,278 $ 2,209 Cash flow hedge derivatives (7,925 ) (3,567 ) Total $ 8,353 $ (1,358 ) Net unrealized (losses)/gains arising during the period Securities available-for-sale $ (3,543 ) $ (1,047 ) $ (2,496 ) $ 1,750 $ 517 $ 1,233 Cash flow hedge derivatives 755 223 532 (1,126 ) (333 ) (793 ) Total $ (2,788 ) $ (824 ) $ (1,964 ) $ 624 $ 184 $ 440 Reclassification adjustment for net (gains)/losses in net income Securities available-for-sale — — — 121 36 85 Cash flow hedge derivatives — — — — — — Total — — — 121 36 85 Total other comprehensive (loss)/income Securities available-for-sale $ (3,543 ) $ (1,047 ) $ (2,496 ) $ 1,871 $ 553 $ 1,318 Cash flow hedge derivatives 755 223 532 (1,126 ) (333 ) (793 ) Total $ (2,788 ) $ (824 ) $ (1,964 ) $ 745 $ 220 $ 525 Ending balance, gain/(loss), net of tax Securities available-for-sale $ 13,782 $ 3,527 Cash flow hedge derivatives (7,393 ) (4,360 ) Total $ 6,389 $ (833 ) Nine months ended September 30, 2020 Nine months ended September 30, 2019 Pre-tax Tax expense/ (benefit) Net-of-tax Pre-tax Tax expense/ (benefit) Net-of-tax Beginning balance, gain/(loss), net of tax (In thousands) Securities available-for-sale $ 5,714 $ (17,765 ) Cash flow hedge derivatives (3,412 ) (241 ) Total $ 2,302 $ (18,006 ) Net unrealized gains/(losses) arising during the period Securities available-for-sale $ 12,607 $ 3,727 $ 8,880 $ 30,119 $ 8,903 $ 21,216 Cash flow hedge derivatives (5,652 ) (1,671 ) (3,981 ) (5,848 ) (1,729 ) (4,119 ) Total $ 6,955 $ 2,056 $ 4,899 $ 24,271 $ 7,174 $ 17,097 Reclassification adjustment for net (gains)/losses in net income Securities available-for-sale (1,153 ) (341 ) (812 ) 108 32 76 Cash flow hedge derivatives — — — — — — Total (1,153 ) (341 ) (812 ) 108 32 76 Total other comprehensive income/(loss) Securities available-for-sale $ 11,454 $ 3,386 $ 8,068 $ 30,227 $ 8,935 $ 21,292 Cash flow hedge derivatives (5,652 ) (1,671 ) (3,981 ) (5,848 ) (1,729 ) (4,119 ) Total $ 5,802 $ 1,715 $ 4,087 $ 24,379 $ 7,206 $ 17,173 Ending balance, gain/(loss), net of tax Securities available-for-sale $ 13,782 $ 3,527 Cash flow hedge derivatives (7,393 ) (4,360 ) Total $ 6,389 $ (833 ) |
Note 20 - Stock Repurchase Prog
Note 20 - Stock Repurchase Program | 9 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Treasury Stock [Text Block] | 20. On May 7, 2019, 2019, May 2019 May 2019 three March 31, 2020. No may 2019 three June 30, 2020 September 30, 2020. September 30, 2020, |
Note 21 - Subsequent Events
Note 21 - Subsequent Events | 9 Months Ended |
Sep. 30, 2020 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 21. The Company has evaluated the effect of events that have occurred subsequent to September 30, 2020, no Between October 30, 2020 November 4, 2020, May 2019 |
Note 5 - Earnings Per Share (Ta
Note 5 - Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three months ended September 30, Nine months ended September 30, 2020 2019 2020 2019 (In thousands, except share and per share data) Net income $ 56,794 $ 72,835 $ 157,967 $ 211,758 Weighted-average shares: Basic weighted-average number of common shares outstanding 79,628,372 79,736,814 79,599,288 80,096,855 Dilutive effect of weighted-average outstanding common share equivalents RSUs 135,946 257,016 159,655 233,761 Diluted weighted-average number of common shares outstanding 79,764,318 79,993,830 79,758,943 80,330,616 Average restricted stock units with anti-dilutive effect 117,621 32,321 97,110 47,690 Earnings per common share: Basic $ 0.71 $ 0.91 $ 1.98 $ 2.64 Diluted $ 0.71 $ 0.91 $ 1.98 $ 2.64 |
Note 6 - Stock-based Compensa_2
Note 6 - Stock-based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Notes Tables | |
Share-based Payment Arrangement, Restricted Stock Unit, Activity [Table Text Block] | Time-Based RSUs Performance-Based RSUs Weighted-Average Weighted-Average Grant Date Grant Date Shares Fair Value Shares Fair Value Balance at December 31, 2019 273,200 $ 35.90 297,744 $ 32.65 Granted 3,013 24.89 212,369 19.66 Vested (79,630 ) 25.39 (193,240 ) 21.68 Forfeited (8,162 ) 39.41 (14,071 ) 39.08 Balance at September 30, 2020 188,421 $ 40.01 302,802 $ 30.24 |
Note 7 - Investment Securities
Note 7 - Investment Securities (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Notes Tables | |
Schedule of Available-for-sale Securities Reconciliation [Table Text Block] | September 30, 2020 Gross Gross Amortized Unrealized Unrealized Cost Gains Losses Fair Value (In thousands) Securities Available-for-Sale U.S. treasury securities $ 99,968 $ 12 $ — $ 99,980 U.S. government agency entities 104,661 465 530 104,596 Mortgage-backed securities 709,756 20,045 557 729,244 Collateralized mortgage obligations 222 — 11 211 Corporate debt securities 146,368 288 147 146,509 Total $ 1,060,975 $ 20,810 $ 1,245 $ 1,080,540 December 31, 2019 Gross Gross Amortized Unrealized Unrealized Cost Gains Losses Fair Value (In thousands) Securities Available-for-Sale U.S. treasury securities $ 74,926 $ 10 $ — $ 74,936 U.S. government agency entities 90,452 663 319 90,796 U.S. government sponsored entities 225,000 — 557 224,443 Mortgage-backed securities 880,040 8,574 824 887,790 Collateralized mortgage obligations 569 — 17 552 Corporate debt securities 172,743 605 23 173,325 Total $ 1,443,730 $ 9,852 $ 1,740 $ 1,451,842 |
Investments Classified by Contractual Maturity Date [Table Text Block] | September 30, 2020 Securities Available-For-Sale Amortized Cost Fair Value (In thousands) Due in one year or less $ 182,047 $ 182,289 Due after one year through five years 44,028 44,044 Due after five years through ten years 176,079 178,429 Due after ten years 658,821 675,778 Total $ 1,060,975 $ 1,080,540 |
Schedule of Unrealized Loss on Investments [Table Text Block] | September 30, 2020 Less than 12 Months 12 Months or Longer Total Gross Gross Gross Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses (In thousands) Securities Available-for-Sale U.S. government agency entities $ 21,824 $ 94 $ 40,793 $ 436 $ 62,617 $ 530 Mortgage-backed securities 1,924 20 8,944 537 10,868 557 Collateralized mortgage obligations — — 211 11 211 11 Corporate debt securities 45,762 147 — — 45,762 147 Total $ 69,510 $ 261 $ 49,948 $ 984 $ 119,458 $ 1,245 December 31, 2019 Less than 12 Months 12 Months or Longer Total Gross Gross Gross Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses (In thousands) Securities Available-for-Sale U.S. government agency entities $ 48,829 $ 172 $ 3,570 $ 147 $ 52,399 $ 319 U.S. government sponsored entities — — 224,443 557 224,443 557 Mortgage-backed securities 43,719 36 120,801 788 164,520 824 Collateralized mortgage obligations — — 552 17 552 17 Corporate debt securities 51,791 23 — — 51,791 23 Total $ 144,339 $ 231 $ 349,366 $ 1,509 $ 493,705 $ 1,740 |
Note 8 - Loans (Tables)
Note 8 - Loans (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Notes Tables | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | September 30, 2020 December 31, 2019 (In thousands) Commercial loans $ 2,848,000 $ 2,778,744 Residential mortgage loans 4,169,847 4,088,586 Commercial mortgage loans 7,459,316 7,275,262 Real estate construction loans 675,112 579,864 Equity lines 411,848 347,975 Installment and other loans 1,656 5,050 Gross loans $ 15,565,779 $ 15,075,481 Allowance for loan losses (179,130 ) (123,224 ) Unamortized deferred loan fees, net (4,210 ) (626 ) Total loans, net $ 15,382,439 $ 14,951,631 |
Impaired Financing Receivables [Table Text Block] | Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized (In thousands) Commercial loans $ 30,346 $ 148 $ 38,659 $ 208 $ 30,723 $ 242 $ 41,132 $ 705 Real estate construction loans 4,368 98 4,662 — 4,444 245 4,734 — Commercial mortgage loans 40,708 268 40,699 332 37,730 966 51,323 1,034 Residential mortgage loans and equity lines 16,609 74 13,133 78 15,240 200 13,126 237 Total impaired loans $ 92,031 $ 588 $ 97,153 $ 618 $ 88,137 $ 1,653 $ 110,315 $ 1,976 |
Schedule Of Impaired Loans And Related Allowance And Charge Off [Table Text Block] | September 30, 2020 December 31, 2019 Unpaid Principal Balance Recorded Investment Allowance Unpaid Principal Balance Recorded Investment Allowance (In thousands) With no allocated allowance Commercial loans $ 16,210 $ 13,293 $ — $ 20,134 $ 15,857 $ — Real estate construction loans 5,776 4,335 — 5,776 4,580 — Commercial mortgage loans 22,996 22,532 — 9,234 9,030 — Residential mortgage loans and equity lines 7,921 7,814 — 6,171 6,073 — Subtotal $ 52,903 $ 47,974 $ — $ 41,315 $ 35,540 $ — With allocated allowance Commercial loans $ 28,059 $ 20,871 $ 7,704 $ 8,769 $ 8,739 $ 2,543 Commercial mortgage loans 31,138 31,019 582 26,117 26,040 473 Residential mortgage loans and equity lines 6,632 5,914 209 6,740 5,540 220 Subtotal $ 65,829 $ 57,804 $ 8,495 $ 41,626 $ 40,319 $ 3,236 Total impaired loans $ 118,732 $ 105,778 $ 8,495 $ 82,941 $ 75,859 $ 3,236 |
Financing Receivable, Past Due [Table Text Block] | September 30, 2020 30-59 Days Past Due 60-89 Days Past Due 90 Days or More Past Due Non-accrual Loans Total Past Due Loans Not Past Due Total (In thousands) Commercial loans $ 4,956 $ 7,098 $ — $ 29,757 $ 41,811 $ 2,806,189 $ 2,848,000 Real estate construction loans 19,000 2,657 — 4,335 25,992 649,120 675,112 Commercial mortgage loans 4,275 — 2,868 33,782 40,925 7,418,391 7,459,316 Residential mortgage loans and equity lines 212 — — 9,317 9,529 4,572,166 4,581,695 Installment and other loans — — — — — 1,656 1,656 Total loans $ 28,443 $ 9,755 $ 2,868 $ 77,191 $ 118,257 $ 15,447,522 $ 15,565,779 December 31, 2019 30-59 Days Past Due 60-89 Days Past Due 90 Days or More Past Due Non-accrual Loans Total Past Due Loans Not Past Due Total (In thousands) Commercial loans $ 24,681 $ 9,954 $ 6,409 $ 19,381 $ 60,425 $ 2,718,319 $ 2,778,744 Real estate construction loans 5,846 6,753 — 4,580 17,179 562,685 579,864 Commercial mortgage loans 7,694 2,609 — 9,928 20,231 7,255,031 7,275,262 Residential mortgage loans and equity lines 26,028 965 — 6,634 33,627 4,402,934 4,436,561 Installment and other loans — — — — — 5,050 5,050 Total loans $ 64,249 $ 20,281 $ 6,409 $ 40,523 $ 131,462 $ 14,944,019 $ 15,075,481 |
Schedule Of Troubled Debt Restructurings [Table Text Block] | Three Months Ended September 30, 2020 September 30, 2020 No. of Contracts Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment Charge-offs Specific Reserve (In thousands) Commercial loans 2 $ 2,983 $ 2,983 $ — $ 203 Total 2 $ 2,983 $ 2,983 $ — $ 203 Three Months Ended September 30, 2019 September 30, 2019 No. of Contracts Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment Charge-offs Specific Reserve (In thousands) Commercial loans 3 $ 7,585 $ 6,165 $ — $ 89 Total 3 $ 7,585 $ 6,165 $ — $ 89 Nine Months Ended September 30, 2020 September 30, 2020 No. of Contracts Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment Charge-offs Specific Reserve (In thousands) Commercial loans 5 $ 5,417 $ 5,417 $ — $ 203 Total 5 $ 5,417 $ 5,417 $ — $ 203 Nine Months Ended September 30, 2019 September 30, 2019 No. of Contracts Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment Charge-offs Specific Reserve (In thousands) Commercial loans 23 $ 25,937 $ 10,814 $ — $ 125 Total 23 $ 25,937 $ 10,814 $ — $ 125 |
Financing Receivable, Troubled Debt Restructuring [Table Text Block] | September 30, 2020 Payment Deferral Rate Reduction Rate Reduction and Payment Deferral Total (In thousands) Accruing TDRs Commercial loans $ 4,406 $ — $ — $ 4,406 Commercial mortgage loans 582 5,662 13,526 19,770 Residential mortgage loans 1,940 284 2,187 4,411 Total accruing TDRs $ 6,928 $ 5,946 $ 15,713 $ 28,587 December 31, 2019 Payment Deferral Rate Reduction Rate Reduction and Payment Deferral Total (In thousands) Accruing TDRs Commercial loans $ 5,215 $ — $ — $ 5,215 Commercial mortgage loans 615 5,748 18,779 25,142 Residential mortgage loans 2,525 311 2,143 4,979 Total accruing TDRs $ 8,355 $ 6,059 $ 20,922 $ 35,336 |
Non Accrual Troubled Debt Restructurings [Table Text Block] | September 30, 2020 Payment Deferral Rate Reduction Rate Reduction and Payment Deferral Total (In thousands) Non-accrual TDRs Commercial loans $ 8,902 $ — $ — $ 8,902 Residential mortgage loans 1,017 — — 1,017 Total non-accrual TDRs $ 9,919 $ — $ — $ 9,919 December 31, 2019 Payment Deferral Rate Reduction Rate Reduction and Payment Deferral Total (In thousands) Non-accrual TDRs Commercial loans $ 16,692 $ — $ — $ 16,692 Commercial mortgage loans 1,220 — 136 1,356 Total non-accrual TDRs $ 17,912 $ — $ 136 $ 18,048 |
Activity Within The Troubled Debt Resturings [Table Text Block] | Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 (In thousands) Accruing TDRs Beginning balance $ 31,671 $ 64,898 $ 35,336 $ 65,071 New restructurings 2,983 240 5,417 15,432 Restructured loans restored to accrual status 263 — 263 — Charge-offs — (1,341 ) — (1,341 ) Payments (6,330 ) (22,150 ) (12,429 ) (36,219 ) Restructured loans placed on non-accrual status — — — (1,296 ) Ending balance $ 28,587 $ 41,647 $ 28,587 $ 41,647 Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 (In thousands) Non-accrual TDRs Beginning balance $ 12,670 $ 22,457 $ 18,048 $ 24,189 New restructurings — 7,345 — 10,505 Restructured loans placed on non-accrual status — — — 1,296 Charge-offs — (2,389 ) (4,970 ) (3,607 ) Payments (2,488 ) (7,626 ) (2,896 ) (12,596 ) Restructured loans restored to accrual status (263 ) — (263 ) — Ending balance $ 9,919 $ 19,787 $ 9,919 $ 19,787 |
Financing Receivable Credit Quality Indicators [Table Text Block] | September 30, 2020 Pass/Watch Special Mention Substandard Doubtful Total (In thousands) Commercial loans $ 2,553,148 $ 156,869 $ 137,983 $ — $ 2,848,000 Real estate construction loans 548,075 122,299 4,738 — 675,112 Commercial mortgage loans 7,215,288 114,653 129,375 — 7,459,316 Residential mortgage loans and equity lines 4,571,766 212 9,717 — 4,581,695 Installment and other loans 1,656 — — — 1,656 Total gross loans $ 14,889,933 $ 394,033 $ 281,813 $ — $ 15,565,779 December 31, 2019 Pass/Watch Special Mention Substandard Doubtful Total (In thousands) Commercial loans $ 2,528,944 $ 166,016 $ 83,784 $ — $ 2,778,744 Real estate construction loans 461,597 113,687 4,580 — 579,864 Commercial mortgage loans 6,992,933 196,454 85,875 — 7,275,262 Residential mortgage loans and equity lines 4,427,205 914 8,442 — 4,436,561 Installment and other loans 5,050 — — — 5,050 Total gross loans $ 14,415,729 $ 477,071 $ 182,681 $ — $ 15,075,481 |
Financing Receivable, Allowance for Credit Loss [Table Text Block] | Three months ended September 30, 2020 and 2019 Residential Real Estate Commercial Mortgage Loans Installment Commercial Construction Mortgage and and Other Loans Loans Loans Equity Lines Loans Total (In thousands) June 30, 2020 Ending Balance $ 82,256 $ 26,700 $ 41,132 $ 19,592 $ — $ 169,680 Provision for possible credit losses 298 6,012 5,438 752 — 12,500 Charge-offs (6,956 ) — — — — (6,956 ) Recoveries 3,796 — 95 15 — 3,906 Net (charge-offs)/recoveries (3,160 ) — 95 15 — (3,050 ) September 30, 2020 Ending Balance $ 79,394 $ 32,712 $ 46,665 $ 20,359 $ — $ 179,130 Residential Real Estate Commercial Mortgage Loans Installment Commercial Construction Mortgage and and Other Loans Loans Loans Equity Lines Loans Total (In thousands) June 30, 2019 Ending Balance $ 54,293 $ 21,010 $ 33,154 $ 14,164 $ 30 $ 122,651 Provision/(reversal) for possible credit losses 7,400 (2,690 ) (4,648 ) (2,057 ) (5 ) (2,000 ) Charge-offs (3,356 ) — — — — (3,356 ) Recoveries 212 3,378 4,961 62 — 8,613 Net (charge-offs)/recoveries (3,144 ) 3,378 4,961 62 — 5,257 September 30, 2019 Ending Balance $ 58,549 $ 21,698 $ 33,467 $ 12,169 $ 25 $ 125,908 Nine months ended September 30, 2020 and 2019 Residential Real Estate Commercial Mortgage Loans Installment Commercial Construction Mortgage and and Other Loans Loans Loans Equity Lines Loans Total (In thousands) 2020 Beginning Balance $ 57,021 $ 19,474 $ 33,602 $ 13,108 $ 19 $ 123,224 Provision/(reversal) for possible credit losses 29,402 13,238 12,718 7,161 (19 ) 62,500 Charge-offs (13,383 ) — — — — (13,383 ) Recoveries 6,354 — 345 90 — 6,789 Net (charge-offs)/recoveries (7,029 ) — 345 90 — (6,594 ) September 30, 2020 Ending Balance $ 79,394 $ 32,712 $ 46,665 $ 20,359 $ — $ 179,130 Reserve for impaired loans $ 7,704 $ — $ 582 $ 209 $ — $ 8,495 Reserve for non-impaired loans $ 71,690 $ 32,712 $ 46,083 $ 20,150 $ — $ 170,635 Reserve for off-balance sheet credit commitments $ 4,297 $ 896 $ 172 $ 294 $ 4 $ 5,663 Residential Real Estate Commercial Mortgage Loans Installment Commercial Construction Mortgage and and Other Loans Loans Loans Equity Lines Loans Total (In thousands) 2019 Beginning Balance $ 54,978 $ 19,626 $ 33,487 $ 14,282 $ 18 $ 122,391 Provision/(reversal) for possible credit losses 8,262 (2,540 ) (5,234 ) (2,495 ) 7 (2,000 ) Charge-offs (6,300 ) — — — — (6,300 ) Recoveries 1,609 4,612 5,214 382 — 11,817 Net (charge-offs)/recoveries (4,691 ) 4,612 5,214 382 — 5,517 September 30, 2019 Ending Balance $ 58,549 $ 21,698 $ 33,467 $ 12,169 $ 25 $ 125,908 Reserve for impaired loans $ 744 $ — $ 536 $ 221 $ — $ 1,501 Reserve for non-impaired loans $ 57,805 $ 21,698 $ 32,931 $ 11,948 $ 25 $ 124,407 Reserve for off-balance sheet credit commitments $ 2,505 $ 1,608 $ 121 $ 313 $ 3 $ 4,550 |
Impairment Method [Member] | |
Notes Tables | |
Impaired Financing Receivables [Table Text Block] | September 30, 2020 Real Estate Commercial Residential Installment Commercial Construction Mortgage Mortgage Loans and Loans Loans Loans and Equity Lines Other Loans Total (In thousands) Loans individually evaluated for impairment Allowance $ 7,704 $ — $ 582 $ 209 $ — $ 8,495 Balance $ 34,164 $ 4,335 $ 53,551 $ 13,728 $ — $ 105,778 Loans collectively evaluated for impairment Allowance $ 71,690 $ 32,712 $ 46,083 $ 20,150 $ — $ 170,635 Balance $ 2,813,836 $ 670,777 $ 7,405,765 $ 4,567,967 $ 1,656 $ 15,460,001 Total allowance $ 79,394 $ 32,712 $ 46,665 $ 20,359 $ — $ 179,130 Total balance $ 2,848,000 $ 675,112 $ 7,459,316 $ 4,581,695 $ 1,656 $ 15,565,779 December 31, 2019 Real Estate Commercial Residential Installment Commercial Construction Mortgage Mortgage Loans and Loans Loans Loans and Equity Lines Other Loans Total (In thousands) Loans individually evaluated for impairment Allowance $ 2,543 $ — $ 473 $ 220 $ — $ 3,236 Balance $ 24,596 $ 4,580 $ 35,070 $ 11,613 $ — $ 75,859 Loans collectively evaluated for impairment Allowance $ 54,478 $ 19,474 $ 33,129 $ 12,888 $ 19 $ 119,988 Balance $ 2,754,148 $ 575,284 $ 7,240,192 $ 4,424,948 $ 5,050 $ 14,999,622 Total allowance $ 57,021 $ 19,474 $ 33,602 $ 13,108 $ 19 $ 123,224 Total balance $ 2,778,744 $ 579,864 $ 7,275,262 $ 4,436,561 $ 5,050 $ 15,075,481 |
Note 10 - Leases (Tables)
Note 10 - Leases (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Notes Tables | |
Operating Lease, Assets and Liabilities, Weighted Average Remaining Terms and Discount Rate [Table Text Block] | September 30, 2020 December 31, 2019 ($ In millions) Operating Leases: ROU assets $ 32.6 $ 34.0 Lease liabilities $ 35.1 $ 35.9 Weighted-average remaining lease term (in years) 4.9 5.4 Weighted-average discount rate 2.79 % 3.10 % |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | As of September 30, 2020 Operating Leases (In thousands) Remaining 2020 $ 2,392 2021 9,235 2022 8,183 2023 6,758 2024 4,570 Thereafter 6,641 Total lease payments 37,779 Less amount of payment representing interest (2,663 ) Total present value of lease payments $ 35,116 As of December 31, 2019 Operating Leases (In thousands) 2020 $ 8,764 2021 7,923 2022 6,771 2023 5,714 2024 3,852 Thereafter 6,199 Total lease payments 39,223 Less amount of payment representing interest (3,350 ) Total present value of lease payments $ 35,873 |
Note 13 - Fair Value Measurem_2
Note 13 - Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Notes Tables | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | September 30, 2020 Fair Value Measurements Using Total Fair Value Level 1 Level 2 Level 3 Measurements (In thousands) Assets Securities available-for-sale U.S. Treasury securities $ 99,980 $ — $ — $ 99,980 U.S. government agency entities — 104,596 — 104,596 Mortgage-backed securities — 729,244 — 729,244 Collateralized mortgage obligations — 211 — 211 Corporate debt securities — 146,509 — 146,509 Total securities available-for-sale $ 99,980 $ 980,560 $ — $ 1,080,540 Equity securities Mutual funds $ 6,430 $ — $ — $ 6,430 Preferred stock of government sponsored entities 5,522 — — 5,522 Other equity securities 11,012 — — 11,012 Total equity securities $ 22,964 $ — $ — $ 22,964 Warrants $ — $ — $ 20 $ 20 Interest rate swaps — 3,992 — 3,992 Foreign exchange contracts — 3,236 — 3,236 Total assets $ 122,944 $ 987,788 $ 20 $ 1,110,752 Liabilities Option contracts $ — $ 6 $ — $ 6 Interest rate swaps — 31,525 — 31,525 Foreign exchange contracts — 1,592 — 1,592 Total liabilities $ — $ 33,123 $ — $ 33,123 December 31, 2019 Fair Value Measurements Using Total Fair Value Level 1 Level 2 Level 3 Measurements (In thousands) Assets Securities available-for-sale U.S. Treasury securities $ 74,936 $ — $ — $ 74,936 U.S. government agency entities — 90,796 — 90,796 U.S. government sponsored entities — 224,443 — 224,443 Mortgage-backed securities — 887,790 — 887,790 Collateralized mortgage obligations — 552 — 552 Corporate debt securities — 173,325 — 173,325 Total securities available-for-sale $ 74,936 $ 1,376,906 $ — $ 1,451,842 Equity securities Mutual funds $ 6,277 $ — $ — $ 6,277 Preferred stock of government sponsored entities 10,529 — — 10,529 Other equity securities 11,199 — — 11,199 Total equity securities $ 28,005 $ — $ — $ 28,005 Warrants $ — $ — $ 39 $ 39 Interest rate swaps — 2,181 — 2,181 Foreign exchange contracts — 2,411 — 2,411 Total assets $ 102,941 $ 1,381,498 $ 39 $ 1,484,478 Liabilities Option contracts $ — $ 7 $ — $ 7 Interest rate swaps — 14,229 — 14,229 Foreign exchange contracts — 1,415 — 1,415 Total liabilities $ — $ 15,651 $ — $ 15,651 |
Fair Value Measurements, Nonrecurring [Table Text Block] | As of September 30, 2020 Total Losses Fair Value Measurements Using Total Fair Value For the Three Months Ended For the Nine Months Ended Level 1 Level 2 Level 3 Measurements September 30, 2020 September 30, 2019 September 30, 2020 September 30, 2019 (In thousands) Assets Impaired loans by type: Commercial loans $ — $ — $ 13,167 $ 13,167 $ 6,950 $ — $ 6,950 $ — Commercial mortgage loans — — 30,437 30,437 — — — — Residential mortgage loans and equity lines — — 5,705 5,705 — — — — Total impaired loans — — 49,309 49,309 6,950 — 6,950 — Loans held-for-sale — — — — — 120 — 120 Other real estate owned (1) — 905 4,238 5,143 — — 717 494 Investments in venture capital and private company stock — — 1,381 1,381 3 83 107 101 Total assets $ — $ 905 $ 54,928 $ 55,833 $ 6,953 $ 203 $ 7,774 $ 715 As of December 31, 2019 Total Losses/(Gains) Fair Value Measurements Using Total Fair Value For the Twelve Months Ended Level 1 Level 2 Level 3 Measurements December 31, 2019 December 31, 2018 (In thousands) Assets Impaired loans by type: Commercial loans $ — $ — $ 6,196 $ 6,196 $ — $ — Commercial mortgage loans — — 25,566 25,566 — — Residential mortgage loans and equity lines — — 5,320 5,320 — — Total impaired loans — — 37,082 37,082 — — Other real estate owned (1) — 6,490 4,343 10,833 681 (619 ) Investments in venture capital and private company stock — — 1,604 1,604 167 330 Total assets $ — $ 6,490 $ 43,029 $ 49,519 $ 848 $ (289 ) |
Note 14 - Fair Value of Finan_2
Note 14 - Fair Value of Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Notes Tables | |
Fair Value, by Balance Sheet Grouping [Table Text Block] | September 30, 2020 December 31, 2019 Carrying Carrying Amount Fair Value Amount Fair Value (In thousands) Financial Assets Cash and due from banks $ 128,896 $ 128,896 $ 177,240 $ 177,240 Short-term investments 1,305,170 1,305,170 416,538 416,538 Securities available-for-sale 1,080,540 1,080,540 1,451,842 1,451,842 Loans, net 15,382,439 16,030,529 14,951,631 15,444,752 Equity securities 22,964 22,964 28,005 28,005 Investment in Federal Home Loan Bank stock 17,250 17,250 18,090 18,090 Warrants 20 20 39 39 Notional Notional Amount Fair Value Amount Fair Value Foreign exchange contracts $ 107,071 $ 3,236 $ 146,397 $ 2,411 Interest rate swaps 72,717 3,992 130,401 2,181 Carrying Carrying Amount Fair Value Amount Fair Value Financial Liabilities Deposits $ 16,034,248 $ 16,061,257 $ 14,692,308 $ 14,719,452 Short-term borrowings — — 25,683 25,683 Advances from Federal Home Loan Bank 230,000 238,509 670,000 674,530 Other borrowings 23,788 19,550 36,666 30,764 Long-term debt 119,136 64,296 119,136 76,058 Notional Notional Amount Fair Value Amount Fair Value Option contracts $ 850 $ 6 $ 908 $ 7 Foreign exchange contracts 160,489 1,592 127,003 1,415 Interest rate swaps 686,785 31,525 602,291 14,229 Notional Notional Amount Fair Value Amount Fair Value Off-Balance Sheet Financial Instruments Commitments to extend credit $ 3,033,685 $ (8,847 ) $ 3,077,081 $ (9,826 ) Standby letters of credit 255,173 (1,647 ) 282,352 (2,431 ) Other letters of credit 24,591 (21 ) 22,209 (20 ) Bill of lading guarantees 221 — 319 (1 ) |
Schedule Of Fair Value Of Financial Instruments [Table Text Block] | As of September 30, 2020 Estimated Fair Value Measurements Level 1 Level 2 Level 3 (In thousands) Financial Assets Cash and due from banks $ 128,896 $ 128,896 $ — $ — Short-term investments 1,305,170 1,305,170 — — Securities available-for-sale 1,080,540 99,980 980,560 — Loans, net 16,030,529 — — 16,030,529 Equity securities 22,964 22,964 — — Investment in Federal Home Loan Bank stock 17,250 — 17,250 — Warrants 20 — — 20 Financial Liabilities Deposits 16,061,257 — — 16,061,257 Advances from Federal Home Loan Bank 238,509 — 238,509 — Other borrowings 19,550 — — 19,550 Long-term debt 64,296 — 64,296 — As of December 31, 2019 Estimated Fair Value Measurements Level 1 Level 2 Level 3 (In thousands) Financial Assets Cash and due from banks $ 177,240 $ 177,240 $ — $ — Short-term investments 416,538 416,538 — — Securities available-for-sale 1,451,842 74,936 1,376,906 — Loans, net 15,444,752 — — 15,444,752 Equity securities 28,005 28,005 — — Investment in Federal Home Loan Bank stock 18,090 — 18,090 — Warrants 39 — — 39 Financial Liabilities Deposits 14,719,452 — — 14,719,452 Short-term borrowings 25,683 — — 25,683 Advances from Federal Home Loan Bank 674,530 — 674,530 — Other borrowings 30,764 — — 30,764 Long-term debt 76,058 — 76,058 — |
Note 16 - Financial Derivativ_2
Note 16 - Financial Derivatives (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Notes Tables | |
Schedule of Cash Flow Hedging Instruments, Statements of Financial Performance and Financial Position, Location [Table Text Block] | September 30, 2020 December 31, 2019 Cash flow swap hedges: ($ in thousands) Notional $ 119,136 $ 119,136 Weighted average fixed rate-pay 2.61 % 2.61 % Weighted average variable rate-receive 0.51 % 2.26 % Unrealized loss, net of taxes (1) $ (7,393 ) $ (3,412 ) Three months ended Nine months ended September 30, 2020 September 30, 2019 September 30, 2020 September 30, 2019 Periodic net settlement of swaps (2) $ 702 $ 78 $ 1,471 $ 41 |
Schedule of Fair Value Hedging Instruments, Statements of Financial Performance and Financial Position, Location [Table Text Block] | September 30, 2020 December 31, 2019 Fair value swap hedges: ($ in thousands) Notional $ 494,932 $ 579,584 Weighted average fixed rate-pay 4.57 % 4.71 % Weighted average variable rate spread 1.90 % 2.62 % Weighted average variable rate-receive 3.27 % 4.87 % Net unrealized loss (1) $ (17,037 ) $ (7,205 ) Three months ended Nine months ended September 30, 2020 September 30, 2019 September 30, 2020 September 30, 2019 Periodic net settlement of SWAPs (2) $ (2,510) $ 205 $ (5,307) $ 1,352 |
Derivatives Not Designated as Hedging Instruments [Table Text Block] | September 30, 2020 December 31, 2019 Derivative financial instruments not designated as hedging instruments: ($ in thousands) Notional amounts: Option contracts $ 850 $ 908 Spot, forward, and swap contracts with positive fair value $ 107,071 $ 146,397 Spot, forward, and swap contracts with negative fair value $ 160,489 $ 127,003 Fair value: Option contracts $ (6 ) $ (7 ) Spot, forward, and swap contracts with positive fair value $ 3,236 $ 2,411 Spot, forward, and swap contracts with negative fair value $ (1,592 ) $ (1,415 ) |
Note 17 - Balance Sheet Offse_2
Note 17 - Balance Sheet Offsetting (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Notes Tables | |
Schedule of Amounts Recognized in Balance Sheet [Table Text Block] | Gross Amounts Not Offset in the Gross Amounts Recognized Gross Amounts Offset in the Balance Sheet Net Amounts Presented in the Balance Sheet Financial Instruments Collateral Posted Net Amount September 30, 2020 (In thousands) Assets: Derivatives $ 3,992 $ — $ 3,992 $ — $ — $ 3,992 Liabilities: Derivatives $ 31,525 $ (20,247 ) $ 11,278 $ — $ — $ 11,278 December 31, 2019 Assets: Derivatives $ 2,181 $ — $ 2,181 $ — $ — $ 2,181 Liabilities: Derivatives $ 14,229 $ — $ 14,229 $ — $ (14,229 ) $ — |
Note 18 - Revenue from Contra_2
Note 18 - Revenue from Contracts with Customers (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Three months Ended September 30, Nine months Ended September 30, 2020 2019 2020 2019 (In thousands) Non-interest income, in-scope: Fees and service charges on deposit accounts $ 2,018 $ 1,892 $ 5,945 $ 5,940 Wealth management fees 2,628 2,049 7,974 6,258 Other service fees (1) 3,676 3,645 10,038 10,593 Total noninterest income 8,322 7,586 23,957 22,791 Noninterest income, not in-scope (2) 1,655 2,802 7,412 13,312 Total noninterest income $ 9,977 $ 10,388 $ 31,369 $ 36,103 |
Note 19 - Stockholders' Equity
Note 19 - Stockholders' Equity (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Notes Tables | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Three months ended September 30, 2020 Three months ended September 30, 2019 Pre-tax Tax expense/ (benefit) Net-of-tax Pre-tax Tax expense/ (benefit) Net-of-tax Beginning balance, gain/(loss), net of tax (In thousands) Securities available-for-sale $ 16,278 $ 2,209 Cash flow hedge derivatives (7,925 ) (3,567 ) Total $ 8,353 $ (1,358 ) Net unrealized (losses)/gains arising during the period Securities available-for-sale $ (3,543 ) $ (1,047 ) $ (2,496 ) $ 1,750 $ 517 $ 1,233 Cash flow hedge derivatives 755 223 532 (1,126 ) (333 ) (793 ) Total $ (2,788 ) $ (824 ) $ (1,964 ) $ 624 $ 184 $ 440 Reclassification adjustment for net (gains)/losses in net income Securities available-for-sale — — — 121 36 85 Cash flow hedge derivatives — — — — — — Total — — — 121 36 85 Total other comprehensive (loss)/income Securities available-for-sale $ (3,543 ) $ (1,047 ) $ (2,496 ) $ 1,871 $ 553 $ 1,318 Cash flow hedge derivatives 755 223 532 (1,126 ) (333 ) (793 ) Total $ (2,788 ) $ (824 ) $ (1,964 ) $ 745 $ 220 $ 525 Ending balance, gain/(loss), net of tax Securities available-for-sale $ 13,782 $ 3,527 Cash flow hedge derivatives (7,393 ) (4,360 ) Total $ 6,389 $ (833 ) Nine months ended September 30, 2020 Nine months ended September 30, 2019 Pre-tax Tax expense/ (benefit) Net-of-tax Pre-tax Tax expense/ (benefit) Net-of-tax Beginning balance, gain/(loss), net of tax (In thousands) Securities available-for-sale $ 5,714 $ (17,765 ) Cash flow hedge derivatives (3,412 ) (241 ) Total $ 2,302 $ (18,006 ) Net unrealized gains/(losses) arising during the period Securities available-for-sale $ 12,607 $ 3,727 $ 8,880 $ 30,119 $ 8,903 $ 21,216 Cash flow hedge derivatives (5,652 ) (1,671 ) (3,981 ) (5,848 ) (1,729 ) (4,119 ) Total $ 6,955 $ 2,056 $ 4,899 $ 24,271 $ 7,174 $ 17,097 Reclassification adjustment for net (gains)/losses in net income Securities available-for-sale (1,153 ) (341 ) (812 ) 108 32 76 Cash flow hedge derivatives — — — — — — Total (1,153 ) (341 ) (812 ) 108 32 76 Total other comprehensive income/(loss) Securities available-for-sale $ 11,454 $ 3,386 $ 8,068 $ 30,227 $ 8,935 $ 21,292 Cash flow hedge derivatives (5,652 ) (1,671 ) (3,981 ) (5,848 ) (1,729 ) (4,119 ) Total $ 5,802 $ 1,715 $ 4,087 $ 24,379 $ 7,206 $ 17,173 Ending balance, gain/(loss), net of tax Securities available-for-sale $ 13,782 $ 3,527 Cash flow hedge derivatives (7,393 ) (4,360 ) Total $ 6,389 $ (833 ) |
Note 1 - Business (Details Text
Note 1 - Business (Details Textual) | Sep. 30, 2020 |
Number Of Limited Partnerships In Housing Investments | 10 |
Percentage of Subsidiaries Common Securities Owned by Parent Company | 100.00% |
Southern California1 [Member] | |
Number Of Branch Locations | 25 |
Northern California 1 [Member] | |
Number Of Branch Locations | 13 |
NEW YORK | |
Number Of Branch Locations | 10 |
WASHINGTON | |
Number Of Branch Locations | 4 |
ILLINOIS | |
Number Of Branch Locations | 3 |
TEXAS | |
Number Of Branch Locations | 2 |
NEW JERSEY | |
Number Of Branch Locations | 1 |
HONG KONG | |
Number Of Branch Locations | 1 |
MARYLAND | |
Number Of Branch Locations | 1 |
MASSACHUSETTS | |
Number Of Branch Locations | 1 |
NEVADA | |
Number Of Branch Locations | 1 |
Note 3 - Recent Accounting Pr_2
Note 3 - Recent Accounting Pronouncements (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Jan. 01, 2020 | Dec. 31, 2019 | |
Retained Earnings (Accumulated Deficit), Ending Balance | $ 1,743,106 | $ 1,743,106 | $ 1,659,153 | |||||
Accounts Receivable, Credit Loss Expense (Reversal) | 12,500 | |||||||
Provision for Loan and Lease Losses, Total | 12,500 | $ 25,000 | $ 25,000 | $ (2,000) | $ 62,500 | $ (2,000) | ||
Cumulative Effect, Period of Adoption, Adjustment [Member] | Accounting Standards Update 2016-13 [Member] | Minimum [Member] | ||||||||
Retained Earnings (Accumulated Deficit), Ending Balance | $ 10,000 | |||||||
Accounts Receivable, Allowance for Credit Loss, Ending Balance | 15,000 | |||||||
Accounts Receivable, Credit Loss Expense (Reversal) | 15,000 | 5,000 | 10,000 | |||||
Cumulative Effect, Period of Adoption, Adjustment [Member] | Accounting Standards Update 2016-13 [Member] | Maximum [Member] | ||||||||
Retained Earnings (Accumulated Deficit), Ending Balance | 12,000 | |||||||
Accounts Receivable, Allowance for Credit Loss, Ending Balance | $ 17,000 | |||||||
Accounts Receivable, Credit Loss Expense (Reversal) | $ 25,000 | $ 10,000 | $ 15,000 |
Note 4 - Cash, Cash Equivalen_2
Note 4 - Cash, Cash Equivalents and Restricted Cash (Details Textual) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2020 | Dec. 31, 2019 | |
Average Reserve Balances Required to be Maintained with Federal Bank | $ 78 | $ 110 |
Margin Deposit Assets | 39,000 | 17,700 |
Restricted Cash, Total | 21,800 | 18,900 |
Bank [Member] | ||
Margin Deposit Assets | $ 13,200 | $ 7,100 |
Note 5 - Earnings Per Share - E
Note 5 - Earnings Per Share - Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Net income | $ 56,794 | $ 72,835 | $ 157,967 | $ 211,758 |
Weighted-average shares: | ||||
Basic weighted-average number of common shares outstanding (in shares) | 79,628,372 | 79,736,814 | 79,599,288 | 80,096,855 |
Diluted (in shares) | 79,764,318 | 79,993,830 | 79,758,943 | 80,330,616 |
Average restricted stock units with anti-dilutive effect (in shares) | 117,621 | 32,321 | 97,110 | 47,690 |
Basic (in dollars per share) | $ 0.71 | $ 0.91 | $ 1.98 | $ 2.64 |
Diluted (in dollars per share) | $ 0.71 | $ 0.91 | $ 1.98 | $ 2.64 |
Restricted Stock Units (RSUs) [Member] | ||||
Weighted-average shares: | ||||
Dilutive effect of weighted-average outstanding common share equivalents RSUs (in shares) | 135,946 | 257,016 | 159,655 | 233,761 |
Note 6 - Stock-based Compensa_3
Note 6 - Stock-based Compensation (Details Textual) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Benefit (Shortfall) of Tax Deductions from Share-based Compensation | $ 0.4 | $ 0.6 | ||
2005 Incentive Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares) | 2,150,724 | 2,150,724 | ||
Restricted Stock Units (RSUs) [Member] | ||||
Share-based Payment Arrangement, Expense | $ 1.3 | $ 1.8 | $ 3.8 | 4.8 |
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 8 | $ 11.5 | $ 8 | $ 11.5 |
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 1 year 8 months 12 days | |||
Minimum [Member] | ||||
Performance-based Restricted Stock Units, Number of Shares That May Vest, Percentage of Target | 0.00% | 0.00% | ||
Maximum [Member] | ||||
Performance-based Restricted Stock Units, Number of Shares That May Vest, Percentage of Target | 150.00% | 150.00% |
Note 6 - Stock-based Compensa_4
Note 6 - Stock-based Compensation - Restricted Stock Units (Details) | 9 Months Ended |
Sep. 30, 2020$ / sharesshares | |
Time-based Restricted Stock Units [Member] | |
Balance (in shares) | shares | 273,200 |
Balance (in dollars per share) | $ / shares | $ 35.90 |
Granted (in shares) | shares | 3,013 |
Granted (in dollars per share) | $ / shares | $ 24.89 |
Vested (in shares) | shares | (79,630) |
Vested (in dollars per share) | $ / shares | $ 25.39 |
Forfeited (in shares) | shares | (8,162) |
Forfeited (in dollars per share) | $ / shares | $ 39.41 |
Balance (in shares) | shares | 188,421 |
Balance (in dollars per share) | $ / shares | $ 40.01 |
Performance-based Restricted Stock Units [Member] | |
Balance (in shares) | shares | 297,744 |
Balance (in dollars per share) | $ / shares | $ 32.65 |
Granted (in shares) | shares | 212,369 |
Granted (in dollars per share) | $ / shares | $ 19.66 |
Vested (in shares) | shares | (193,240) |
Vested (in dollars per share) | $ / shares | $ 21.68 |
Forfeited (in shares) | shares | (14,071) |
Forfeited (in dollars per share) | $ / shares | $ 39.08 |
Balance (in shares) | shares | 302,802 |
Balance (in dollars per share) | $ / shares | $ 30.24 |
Note 7 - Investment Securitie_2
Note 7 - Investment Securities (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | |
Equity Securities, FV-NI, Unrealized Gain (Loss), Total | $ (1,600) | $ 400 | $ (1,928) | $ 7,764 | |
Equity Securities, FV-NI | 22,964 | 22,964 | $ 28,005 | ||
Pledged Investment Securities | $ 18,600 | $ 18,600 | $ 20,100 |
Note 7 - Investment Securitie_3
Note 7 - Investment Securities - Investment Securities (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Investment securities available for sale, amortized cost | $ 1,060,975 | $ 1,443,730 |
Investment securities available for sale, gross unrealized gains | 20,810 | 9,852 |
Investment securities available for sale, gross unrealized losses | 1,245 | 1,740 |
Investment securities available for sale, Estimated fair value | 1,080,540 | 1,451,842 |
US Treasury Securities [Member] | ||
Investment securities available for sale, amortized cost | 99,968 | 74,926 |
Investment securities available for sale, gross unrealized gains | 12 | 10 |
Investment securities available for sale, gross unrealized losses | 0 | 0 |
Investment securities available for sale, Estimated fair value | 99,980 | 74,936 |
US Government Corporations and Agencies Securities [Member] | ||
Investment securities available for sale, amortized cost | 104,661 | 90,452 |
Investment securities available for sale, gross unrealized gains | 465 | 663 |
Investment securities available for sale, gross unrealized losses | 530 | 319 |
Investment securities available for sale, Estimated fair value | 104,596 | 90,796 |
Collateralized Mortgage Backed Securities [Member] | ||
Investment securities available for sale, amortized cost | 709,756 | 880,040 |
Investment securities available for sale, gross unrealized gains | 20,045 | 8,574 |
Investment securities available for sale, gross unrealized losses | 557 | 824 |
Investment securities available for sale, Estimated fair value | 729,244 | 887,790 |
US Government-sponsored Enterprises Debt Securities [Member] | ||
Investment securities available for sale, amortized cost | 225,000 | |
Investment securities available for sale, gross unrealized gains | 0 | |
Investment securities available for sale, gross unrealized losses | 557 | |
Investment securities available for sale, Estimated fair value | 224,443 | |
Collateralized Mortgage Obligations [Member] | ||
Investment securities available for sale, amortized cost | 222 | 569 |
Investment securities available for sale, gross unrealized gains | 0 | 0 |
Investment securities available for sale, gross unrealized losses | 11 | 17 |
Investment securities available for sale, Estimated fair value | 211 | 552 |
Corporate Debt Securities [Member] | ||
Investment securities available for sale, amortized cost | 146,368 | 172,743 |
Investment securities available for sale, gross unrealized gains | 288 | 605 |
Investment securities available for sale, gross unrealized losses | 147 | 23 |
Investment securities available for sale, Estimated fair value | $ 146,509 | $ 173,325 |
Note 7 - Investment Securitie_4
Note 7 - Investment Securities - Investments by Contractual Maturity Date (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Due in one year or less, Amortized Cost | $ 182,047 | |
Due in one year or less, Fair Value | 182,289 | |
Due after one year through five years, Amortized Cost | 44,028 | |
Due after one year through five years, Fair Value | 44,044 | |
Due after five years through ten years, Amortized Cost | 176,079 | |
Due after five years through ten years, Fair Value | 178,429 | |
Due after ten years, Amortized Cost | 658,821 | |
Due after ten years, Fair Value | 675,778 | |
Total, Amortized Cost | 1,060,975 | $ 1,443,730 |
Total, Fair Value | $ 1,080,540 | $ 1,451,842 |
Note 7 - Investment Securitie_5
Note 7 - Investment Securities - Temporarily Impaired Securities (Details) $ in Thousands | Sep. 30, 2020USD ($) | Dec. 31, 2019USD ($) |
Temporarily impaired securities, less than 12 months, fair value | $ 69,510 | $ 144,339 |
Temporarily impaired securities, less than 12 months, unrealized losses | $ 261 | $ 231 |
Temporarily impaired securities, less than 12 months, no. Of issuances | 49,948 | 349,366 |
Temporarily impaired securities, 12 months or longer, fair value | $ 984 | $ 1,509 |
Temporarily impaired securities, 12 months or longer, unrealized losses | $ 119,458 | $ 493,705 |
Temporarily impaired securities, 12 months or longer, no. Of issuances | 1,245 | 1,740 |
US Government Corporations and Agencies Securities [Member] | ||
Temporarily impaired securities, less than 12 months, fair value | $ 21,824 | $ 48,829 |
Temporarily impaired securities, less than 12 months, unrealized losses | $ 94 | $ 172 |
Temporarily impaired securities, less than 12 months, no. Of issuances | 40,793 | 3,570 |
Temporarily impaired securities, 12 months or longer, fair value | $ 436 | $ 147 |
Temporarily impaired securities, 12 months or longer, unrealized losses | $ 62,617 | $ 52,399 |
Temporarily impaired securities, 12 months or longer, no. Of issuances | 530 | 319 |
Collateralized Mortgage Backed Securities [Member] | ||
Temporarily impaired securities, less than 12 months, fair value | $ 1,924 | $ 43,719 |
Temporarily impaired securities, less than 12 months, unrealized losses | $ 20 | $ 36 |
Temporarily impaired securities, less than 12 months, no. Of issuances | 8,944 | 120,801 |
Temporarily impaired securities, 12 months or longer, fair value | $ 537 | $ 788 |
Temporarily impaired securities, 12 months or longer, unrealized losses | $ 10,868 | $ 164,520 |
Temporarily impaired securities, 12 months or longer, no. Of issuances | 557 | 824 |
US Government-sponsored Enterprises Debt Securities [Member] | ||
Temporarily impaired securities, less than 12 months, fair value | $ 0 | |
Temporarily impaired securities, less than 12 months, unrealized losses | $ 0 | |
Temporarily impaired securities, less than 12 months, no. Of issuances | 224,443 | |
Temporarily impaired securities, 12 months or longer, fair value | $ 557 | |
Temporarily impaired securities, 12 months or longer, unrealized losses | $ 224,443 | |
Temporarily impaired securities, 12 months or longer, no. Of issuances | 557 | |
Collateralized Mortgage Obligations [Member] | ||
Temporarily impaired securities, less than 12 months, fair value | $ 0 | $ 0 |
Temporarily impaired securities, less than 12 months, unrealized losses | $ 0 | $ 0 |
Temporarily impaired securities, less than 12 months, no. Of issuances | 211 | 552 |
Temporarily impaired securities, 12 months or longer, fair value | $ 11 | $ 17 |
Temporarily impaired securities, 12 months or longer, unrealized losses | $ 211 | $ 552 |
Temporarily impaired securities, 12 months or longer, no. Of issuances | 11 | 17 |
Corporate Debt Securities [Member] | ||
Temporarily impaired securities, less than 12 months, fair value | $ 45,762 | $ 51,791 |
Temporarily impaired securities, less than 12 months, unrealized losses | $ 147 | $ 23 |
Temporarily impaired securities, less than 12 months, no. Of issuances | 0 | 0 |
Temporarily impaired securities, 12 months or longer, fair value | $ 0 | $ 0 |
Temporarily impaired securities, 12 months or longer, unrealized losses | $ 45,762 | $ 51,791 |
Temporarily impaired securities, 12 months or longer, no. Of issuances | 147 | 23 |
Note 8 - Loans (Details Textual
Note 8 - Loans (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Jun. 30, 2020 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | |
Impaired Financing Receivable, Recorded Investment, Total | $ 105,778 | $ 105,778 | $ 75,859 | |||
Percentage Of Charge Off To Contractual Balances For Impaired Loans | 6.10% | 6.10% | 2.10% | |||
Financing Receivables, Impaired, Troubled Debt Restructuring, Specific Reserve | $ 203 | $ 89 | $ 203 | $ 125 | ||
Financing Receivable, Troubled Debt Restructuring, Subsequent Default | 0 | |||||
Financing Receivable, Troubled Debt Restructuring, Commitment to Lend | $ 0 | |||||
Loans and Leases Receivable, Gross, Total | 15,565,779 | 15,565,779 | 15,075,481 | |||
Commercial Real Estate Portfolio Segment [Member] | ||||||
Loans and Leases Receivable, Gross, Total | $ 7,459,316 | $ 7,459,316 | 7,275,262 | |||
Financing Receivable, Number of Contracts with Modifications | 95 | 95 | ||||
Loans and Leases Receivable with Modifications, Gross | $ 428,100 | $ 428,100 | ||||
Financing Receivable with Modifications, Percentage of Total Commercial Real Estate Loans | 5.70% | 5.70% | ||||
Commercial Portfolio Segment [Member] | ||||||
Financing Receivables, Impaired, Troubled Debt Restructuring, Specific Reserve | $ 203 | $ 89 | $ 203 | $ 125 | ||
Loans and Leases Receivable, Gross, Total | $ 2,848,000 | $ 2,848,000 | 2,778,744 | |||
Financing Receivable, Number of Contracts with Modifications | 24 | 24 | ||||
Loans and Leases Receivable with Modifications, Gross | $ 64,600 | $ 64,600 | ||||
Financing Receivable, Percentage of Total Modified Commercial Loans | 2.30% | 2.30% | ||||
Residential Portfolio Segment [Member] | ||||||
Loans and Leases Receivable, Gross, Total | $ 4,169,847 | $ 4,169,847 | 4,088,586 | |||
Financing Receivable, Number of Contracts with Approved Forbearance Requests | 367 | 367 | ||||
Loans and Leases Receivable with Approved Forbearance Requests, Gross | $ 180,600 | $ 180,600 | ||||
Financing Receivable, Approved Forbearance Percentage of Total Residential Mortgage Loans | 4.30% | 4.30% | ||||
HELOC Loans [Member] | ||||||
Financing Receivable, Number of Contracts with Modifications | 21 | 21 | ||||
Loans and Leases Receivable with Modifications, Gross | $ 6,500 | $ 6,500 | ||||
Financing Receivable with Modifications, Percentage of Total HELOC Loans | 1.60% | 1.60% | ||||
SBA's Paycheck Protection Program [Member] | ||||||
Financing Receivable, Number of Contracts | 1,437 | 1,437 | ||||
Loans and Leases Receivable, Gross, Total | $ 265,700 | $ 265,700 | ||||
Minimum [Member] | ||||||
Period Loan Is In Payment Default (Day) | 60 days | |||||
Maximum [Member] | ||||||
Period Loan Is In Payment Default (Day) | 90 days | |||||
Nonaccrual Loans [Member] | ||||||
Impaired Financing Receivable, Recorded Investment, Total | 77,200 | 77,200 | 40,500 | |||
Accruing Troubled Debt Restructuring [Member] | ||||||
Impaired Financing Receivable, Recorded Investment, Total | 28,600 | 28,600 | 35,400 | |||
Financing Receivable, Troubled Debt Restructuring | 28,600 | 28,600 | 35,300 | |||
Troubled Debt Restructuring, Specific Reserves | 395,000 | 395,000 | ||||
Financing Receivables, Impaired, Troubled Debt Restructuring, Specific Reserve | 822 | |||||
Non-accruing Troubled Debt Restructuring [Member] | ||||||
Financing Receivable, Troubled Debt Restructuring | 9,900 | 9,900 | 18,000 | |||
Troubled Debt Restructuring, Specific Reserves | $ 42 | $ 42 | ||||
Financing Receivables, Impaired, Troubled Debt Restructuring, Specific Reserve | $ 2,200 |
Note 8 - Loans - Components of
Note 8 - Loans - Components of Loans in Consolidated Balance Sheets (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Loans | $ 15,565,779 | $ 15,075,481 |
Less: Allowance for loan losses | (179,130) | (123,224) |
Unamortized deferred loan fees, net | (4,210) | (626) |
Loans, net | 15,382,439 | 14,951,631 |
Commercial Portfolio Segment [Member] | ||
Loans | 2,848,000 | 2,778,744 |
Less: Allowance for loan losses | (79,394) | (57,021) |
Residential Portfolio Segment [Member] | ||
Loans | 4,169,847 | 4,088,586 |
Commercial Real Estate Portfolio Segment [Member] | ||
Loans | 7,459,316 | 7,275,262 |
Less: Allowance for loan losses | (46,665) | (33,602) |
Real Estate Construction Portfolio Segment [Member] | ||
Loans | 675,112 | 579,864 |
Less: Allowance for loan losses | (32,712) | (19,474) |
Equity Lines Portfolio Segment [Member] | ||
Loans | 411,848 | 347,975 |
Consumer Portfolio Segment [Member] | ||
Loans | $ 1,656 | 5,050 |
Less: Allowance for loan losses | $ (19) |
Note 8 - Loans - Average Balanc
Note 8 - Loans - Average Balance and Interest Income Recognized Related to Impaired Loans (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Average Recorded Investment | $ 92,031 | $ 97,153 | $ 88,137 | $ 110,315 |
Interest Income Recognized | 588 | 618 | 1,653 | 1,976 |
Commercial Portfolio Segment [Member] | ||||
Average Recorded Investment | 30,346 | 38,659 | 30,723 | 41,132 |
Interest Income Recognized | 148 | 208 | 242 | 705 |
Real Estate Construction Portfolio Segment [Member] | ||||
Average Recorded Investment | 4,368 | 4,662 | 4,444 | 4,734 |
Interest Income Recognized | 98 | 0 | 245 | 0 |
Commercial Real Estate Portfolio Segment [Member] | ||||
Average Recorded Investment | 40,708 | 40,699 | 37,730 | 51,323 |
Interest Income Recognized | 268 | 332 | 966 | 1,034 |
Residential Mortgage and Equity Lines Portfolio Segment [Member] | ||||
Average Recorded Investment | 16,609 | 13,133 | 15,240 | 13,126 |
Interest Income Recognized | $ 74 | $ 78 | $ 200 | $ 237 |
Note 8 - Loans - Impaired Loans
Note 8 - Loans - Impaired Loans and Related Allowance for Credit Losses (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Loans with no related allowance, unpaid principal balance | $ 52,903 | $ 41,315 |
Loans with no related allowance, recorded investment | 47,974 | 35,540 |
Loans with related allowance, unpaid principal balance | 65,829 | 41,626 |
Loans with related allowance, recorded investment | 57,804 | 40,319 |
Allowance | 8,495 | 3,236 |
Total impaired loans, unpaid principal balance | 118,732 | 82,941 |
Total impaired loans, recorded investment | 105,778 | 75,859 |
Commercial Portfolio Segment [Member] | ||
Loans with no related allowance, unpaid principal balance | 16,210 | 20,134 |
Loans with no related allowance, recorded investment | 13,293 | 15,857 |
Loans with related allowance, unpaid principal balance | 28,059 | 8,769 |
Loans with related allowance, recorded investment | 20,871 | 8,739 |
Allowance | 7,704 | 2,543 |
Real Estate Construction Portfolio Segment [Member] | ||
Loans with no related allowance, unpaid principal balance | 5,776 | 5,776 |
Loans with no related allowance, recorded investment | 4,335 | 4,580 |
Commercial Real Estate Portfolio Segment [Member] | ||
Loans with no related allowance, unpaid principal balance | 22,996 | 9,234 |
Loans with no related allowance, recorded investment | 22,532 | 9,030 |
Loans with related allowance, unpaid principal balance | 31,138 | 26,117 |
Loans with related allowance, recorded investment | 31,019 | 26,040 |
Allowance | 582 | 473 |
Residential Mortgage and Equity Lines Portfolio Segment [Member] | ||
Loans with no related allowance, unpaid principal balance | 7,921 | 6,171 |
Loans with no related allowance, recorded investment | 7,814 | 6,073 |
Loans with related allowance, unpaid principal balance | 6,632 | 6,740 |
Loans with related allowance, recorded investment | 5,914 | 5,540 |
Allowance | $ 209 | $ 220 |
Note 8 - Loans - Aging of Loan
Note 8 - Loans - Aging of Loan Portfolio (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Loans past due | $ 118,257 | $ 131,462 |
Non-accrual loans | 77,191 | 40,523 |
Loans not past due | 15,447,522 | 14,944,019 |
Loans | 15,565,779 | 15,075,481 |
Financial Asset, 30 to 59 Days Past Due [Member] | ||
Loans past due | 28,443 | 64,249 |
Financial Asset, 60 to 89 Days Past Due [Member] | ||
Loans past due | 9,755 | 20,281 |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans past due | 2,868 | 6,409 |
Commercial Portfolio Segment [Member] | ||
Loans past due | 41,811 | 60,425 |
Non-accrual loans | 29,757 | 19,381 |
Loans not past due | 2,806,189 | 2,718,319 |
Loans | 2,848,000 | 2,778,744 |
Commercial Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Loans past due | 4,956 | 24,681 |
Commercial Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Loans past due | 7,098 | 9,954 |
Commercial Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans past due | 0 | 6,409 |
Real Estate Construction Portfolio Segment [Member] | ||
Loans past due | 25,992 | 17,179 |
Non-accrual loans | 4,335 | 4,580 |
Loans not past due | 649,120 | 562,685 |
Loans | 675,112 | 579,864 |
Real Estate Construction Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Loans past due | 19,000 | 5,846 |
Real Estate Construction Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Loans past due | 2,657 | 6,753 |
Real Estate Construction Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans past due | 0 | 0 |
Commercial Real Estate Portfolio Segment [Member] | ||
Loans past due | 40,925 | 20,231 |
Non-accrual loans | 33,782 | 9,928 |
Loans not past due | 7,418,391 | 7,255,031 |
Loans | 7,459,316 | 7,275,262 |
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Loans past due | 4,275 | 7,694 |
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Loans past due | 0 | 2,609 |
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans past due | 2,868 | 0 |
Residential Mortgage and Equity Lines Portfolio Segment [Member] | ||
Loans past due | 9,529 | 33,627 |
Non-accrual loans | 9,317 | 6,634 |
Loans not past due | 4,572,166 | 4,402,934 |
Loans | 4,581,695 | 4,436,561 |
Residential Mortgage and Equity Lines Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Loans past due | 212 | 26,028 |
Residential Mortgage and Equity Lines Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Loans past due | 0 | 965 |
Residential Mortgage and Equity Lines Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans past due | 0 | 0 |
Installment and Other Loans [Member ] | ||
Loans past due | 0 | 0 |
Non-accrual loans | 0 | 0 |
Loans not past due | 1,656 | 5,050 |
Loans | 1,656 | 5,050 |
Installment and Other Loans [Member ] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Loans past due | 0 | 0 |
Installment and Other Loans [Member ] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Loans past due | 0 | 0 |
Installment and Other Loans [Member ] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans past due | $ 0 | $ 0 |
Note 8 - Loans - Troubled Debt
Note 8 - Loans - Troubled Debt Restructuring (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020USD ($) | Sep. 30, 2019USD ($) | Sep. 30, 2020USD ($) | Sep. 30, 2019USD ($) | |
No. of Contracts | 2 | 3 | 5 | 23 |
Pre-Modification Outstanding Recorded Investment | $ 2,983 | $ 7,585 | $ 5,417 | $ 25,937 |
Post-Modification Outstanding Recorded Investment | 2,983 | 6,165 | 5,417 | 10,814 |
Charge-offs | 0 | 0 | 0 | 0 |
Commercial loans | $ 203 | $ 89 | $ 203 | $ 125 |
Commercial Portfolio Segment [Member] | ||||
No. of Contracts | 2 | 3 | 5 | 23 |
Pre-Modification Outstanding Recorded Investment | $ 2,983 | $ 7,585 | $ 5,417 | $ 25,937 |
Post-Modification Outstanding Recorded Investment | 2,983 | 6,165 | 5,417 | 10,814 |
Charge-offs | 0 | 0 | 0 | 0 |
Commercial loans | $ 203 | $ 89 | $ 203 | $ 125 |
Note 8 - Loans - Accruing Troub
Note 8 - Loans - Accruing Troubled Debt Restructurings (Details) - Accruing Troubled Debt Restructuring [Member] - USD ($) $ in Thousands | Sep. 30, 2020 | Jun. 30, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Dec. 31, 2018 |
Accruing TDRs | $ 28,587 | $ 31,671 | $ 35,336 | $ 41,647 | $ 64,898 | $ 65,071 |
Payment Deferral [Member] | ||||||
Accruing TDRs | 6,928 | 8,355 | ||||
Contractual Interest Rate Reduction [Member] | ||||||
Accruing TDRs | 5,946 | 6,059 | ||||
Rate Reduction and Payment Deferral [Member] | ||||||
Accruing TDRs | 15,713 | 20,922 | ||||
Commercial Portfolio Segment [Member] | ||||||
Accruing TDRs | 4,406 | 5,215 | ||||
Commercial Portfolio Segment [Member] | Payment Deferral [Member] | ||||||
Accruing TDRs | 4,406 | 5,215 | ||||
Commercial Portfolio Segment [Member] | Contractual Interest Rate Reduction [Member] | ||||||
Accruing TDRs | 0 | 0 | ||||
Commercial Portfolio Segment [Member] | Rate Reduction and Payment Deferral [Member] | ||||||
Accruing TDRs | 0 | 0 | ||||
Commercial Real Estate Portfolio Segment [Member] | ||||||
Accruing TDRs | 19,770 | 25,142 | ||||
Commercial Real Estate Portfolio Segment [Member] | Payment Deferral [Member] | ||||||
Accruing TDRs | 582 | 615 | ||||
Commercial Real Estate Portfolio Segment [Member] | Contractual Interest Rate Reduction [Member] | ||||||
Accruing TDRs | 5,662 | 5,748 | ||||
Commercial Real Estate Portfolio Segment [Member] | Rate Reduction and Payment Deferral [Member] | ||||||
Accruing TDRs | 13,526 | 18,779 | ||||
Residential Portfolio Segment [Member] | ||||||
Accruing TDRs | 4,411 | 4,979 | ||||
Residential Portfolio Segment [Member] | Payment Deferral [Member] | ||||||
Accruing TDRs | 1,940 | 2,525 | ||||
Residential Portfolio Segment [Member] | Contractual Interest Rate Reduction [Member] | ||||||
Accruing TDRs | 284 | 311 | ||||
Residential Portfolio Segment [Member] | Rate Reduction and Payment Deferral [Member] | ||||||
Accruing TDRs | $ 2,187 | $ 2,143 |
Note 8 - Loans - Non-accrual Tr
Note 8 - Loans - Non-accrual Troubled Debt Restructurings (Details) - Non-accruing Troubled Debt Restructuring [Member] - USD ($) $ in Thousands | Sep. 30, 2020 | Jun. 30, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Dec. 31, 2018 |
Accruing TDRs | $ 9,919 | $ 12,670 | $ 18,048 | $ 19,787 | $ 22,457 | $ 24,189 |
Payment Deferral [Member] | ||||||
Accruing TDRs | 9,919 | 17,912 | ||||
Contractual Interest Rate Reduction [Member] | ||||||
Accruing TDRs | 0 | 0 | ||||
Rate Reduction and Payment Deferral [Member] | ||||||
Accruing TDRs | 0 | 136 | ||||
Commercial Portfolio Segment [Member] | ||||||
Accruing TDRs | 8,902 | 16,692 | ||||
Commercial Portfolio Segment [Member] | Payment Deferral [Member] | ||||||
Accruing TDRs | 8,902 | 16,692 | ||||
Commercial Portfolio Segment [Member] | Contractual Interest Rate Reduction [Member] | ||||||
Accruing TDRs | 0 | 0 | ||||
Commercial Portfolio Segment [Member] | Rate Reduction and Payment Deferral [Member] | ||||||
Accruing TDRs | 0 | 0 | ||||
Residential Portfolio Segment [Member] | ||||||
Accruing TDRs | 1,017 | |||||
Residential Portfolio Segment [Member] | Payment Deferral [Member] | ||||||
Accruing TDRs | 1,017 | |||||
Residential Portfolio Segment [Member] | Contractual Interest Rate Reduction [Member] | ||||||
Accruing TDRs | 0 | |||||
Residential Portfolio Segment [Member] | Rate Reduction and Payment Deferral [Member] | ||||||
Accruing TDRs | $ 0 | |||||
Commercial Real Estate Portfolio Segment [Member] | ||||||
Accruing TDRs | 1,356 | |||||
Commercial Real Estate Portfolio Segment [Member] | Payment Deferral [Member] | ||||||
Accruing TDRs | 1,220 | |||||
Commercial Real Estate Portfolio Segment [Member] | Contractual Interest Rate Reduction [Member] | ||||||
Accruing TDRs | 0 | |||||
Commercial Real Estate Portfolio Segment [Member] | Rate Reduction and Payment Deferral [Member] | ||||||
Accruing TDRs | $ 136 |
Note 8 - Loans - Troubled Deb_2
Note 8 - Loans - Troubled Debt Restructuring Activity (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Charge-offs | $ 0 | $ 0 | $ 0 | $ 0 |
Accruing Troubled Debt Restructuring [Member] | ||||
Beginning balance | 31,671 | 64,898 | 35,336 | 65,071 |
New restructurings | 2,983 | 240 | 5,417 | 15,432 |
Restructured loans restored to accrual status | 263 | 0 | 263 | 0 |
Charge-offs | 0 | (1,341) | 0 | (1,341) |
Payments | (6,330) | (22,150) | (12,429) | (36,219) |
Restructured loans placed on non-accrual status | 0 | 0 | 0 | (1,296) |
New restructurings | 2,983 | 240 | 5,417 | 15,432 |
Ending balance | 28,587 | 41,647 | 28,587 | 41,647 |
Non-accruing Troubled Debt Restructuring [Member] | ||||
Beginning balance | 12,670 | 22,457 | 18,048 | 24,189 |
New restructurings | 0 | 7,345 | 0 | 10,505 |
Restructured loans restored to accrual status | (263) | 0 | (263) | 0 |
Charge-offs | 0 | (2,389) | (4,970) | (3,607) |
Payments | (2,488) | (7,626) | (2,896) | (12,596) |
Restructured loans placed on non-accrual status | 0 | 0 | 0 | 1,296 |
New restructurings | 0 | 7,345 | 0 | 10,505 |
Ending balance | $ 9,919 | $ 19,787 | $ 9,919 | $ 19,787 |
Note 8 - Loans - Portfolio by R
Note 8 - Loans - Portfolio by Risk Rating (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Loans | $ 15,565,779 | $ 15,075,481 |
Commercial Portfolio Segment [Member] | ||
Loans | 2,848,000 | 2,778,744 |
Real Estate Construction Portfolio Segment [Member] | ||
Loans | 675,112 | 579,864 |
Commercial Real Estate Portfolio Segment [Member] | ||
Loans | 7,459,316 | 7,275,262 |
Residential Mortgage and Equity Lines Portfolio Segment [Member] | ||
Loans | 4,581,695 | 4,436,561 |
Consumer Portfolio Segment [Member] | ||
Loans | 1,656 | 5,050 |
Pass [Member] | ||
Loans | 14,889,933 | 14,415,729 |
Pass [Member] | Commercial Portfolio Segment [Member] | ||
Loans | 2,553,148 | 2,528,944 |
Pass [Member] | Real Estate Construction Portfolio Segment [Member] | ||
Loans | 548,075 | 461,597 |
Pass [Member] | Commercial Real Estate Portfolio Segment [Member] | ||
Loans | 7,215,288 | 6,992,933 |
Pass [Member] | Residential Mortgage and Equity Lines Portfolio Segment [Member] | ||
Loans | 4,571,766 | 4,427,205 |
Pass [Member] | Consumer Portfolio Segment [Member] | ||
Loans | 1,656 | 5,050 |
Special Mention [Member] | ||
Loans | 394,033 | 477,071 |
Special Mention [Member] | Commercial Portfolio Segment [Member] | ||
Loans | 156,869 | 166,016 |
Special Mention [Member] | Real Estate Construction Portfolio Segment [Member] | ||
Loans | 122,299 | 113,687 |
Special Mention [Member] | Commercial Real Estate Portfolio Segment [Member] | ||
Loans | 114,653 | 196,454 |
Special Mention [Member] | Residential Mortgage and Equity Lines Portfolio Segment [Member] | ||
Loans | 212 | 914 |
Special Mention [Member] | Consumer Portfolio Segment [Member] | ||
Loans | 0 | 0 |
Substandard [Member] | ||
Loans | 281,813 | 182,681 |
Substandard [Member] | Commercial Portfolio Segment [Member] | ||
Loans | 137,983 | 83,784 |
Substandard [Member] | Real Estate Construction Portfolio Segment [Member] | ||
Loans | 4,738 | 4,580 |
Substandard [Member] | Commercial Real Estate Portfolio Segment [Member] | ||
Loans | 129,375 | 85,875 |
Substandard [Member] | Residential Mortgage and Equity Lines Portfolio Segment [Member] | ||
Loans | 9,717 | 8,442 |
Substandard [Member] | Consumer Portfolio Segment [Member] | ||
Loans | 0 | 0 |
Doubtful [Member] | ||
Loans | 0 | 0 |
Doubtful [Member] | Commercial Portfolio Segment [Member] | ||
Loans | 0 | 0 |
Doubtful [Member] | Real Estate Construction Portfolio Segment [Member] | ||
Loans | 0 | 0 |
Doubtful [Member] | Commercial Real Estate Portfolio Segment [Member] | ||
Loans | 0 | 0 |
Doubtful [Member] | Residential Mortgage and Equity Lines Portfolio Segment [Member] | ||
Loans | 0 | 0 |
Doubtful [Member] | Consumer Portfolio Segment [Member] | ||
Loans | $ 0 | $ 0 |
Note 8 - Loans - Allowance for
Note 8 - Loans - Allowance for Loan Losses by Portfolio Segment and Based on Impairment Method (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Loans individually evaluated for impairment, allowance | $ 8,495 | $ 3,236 |
Loans individually evaluated for impairment, balance | 105,778 | 75,859 |
Loans collectively evaluated for impairment, allowance | 170,635 | 119,988 |
Loans collectively evaluated for impairment, balance | 15,460,001 | 14,999,622 |
Loans, allowance | 179,130 | 123,224 |
Loans | 15,565,779 | 15,075,481 |
Commercial Portfolio Segment [Member] | ||
Loans individually evaluated for impairment, allowance | 7,704 | 2,543 |
Loans individually evaluated for impairment, balance | 34,164 | 24,596 |
Loans collectively evaluated for impairment, allowance | 71,690 | 54,478 |
Loans collectively evaluated for impairment, balance | 2,813,836 | 2,754,148 |
Loans, allowance | 79,394 | 57,021 |
Loans | 2,848,000 | 2,778,744 |
Real Estate Construction Portfolio Segment [Member] | ||
Loans individually evaluated for impairment, allowance | 0 | 0 |
Loans individually evaluated for impairment, balance | 4,335 | 4,580 |
Loans collectively evaluated for impairment, allowance | 32,712 | 19,474 |
Loans collectively evaluated for impairment, balance | 670,777 | 575,284 |
Loans, allowance | 32,712 | 19,474 |
Loans | 675,112 | 579,864 |
Commercial Real Estate Portfolio Segment [Member] | ||
Loans individually evaluated for impairment, allowance | 582 | 473 |
Loans individually evaluated for impairment, balance | 53,551 | 35,070 |
Loans collectively evaluated for impairment, allowance | 46,083 | 33,129 |
Loans collectively evaluated for impairment, balance | 7,405,765 | 7,240,192 |
Loans, allowance | 46,665 | 33,602 |
Loans | 7,459,316 | 7,275,262 |
Residential Mortgage and Equity Lines Portfolio Segment [Member] | ||
Loans individually evaluated for impairment, allowance | 209 | 220 |
Loans individually evaluated for impairment, balance | 13,728 | 11,613 |
Loans collectively evaluated for impairment, allowance | 20,150 | 12,888 |
Loans collectively evaluated for impairment, balance | 4,567,967 | 4,424,948 |
Loans, allowance | 20,359 | 13,108 |
Loans | 4,581,695 | 4,436,561 |
Installment and Other Loans [Member ] | ||
Loans individually evaluated for impairment, allowance | 0 | |
Loans individually evaluated for impairment, balance | 0 | |
Loans collectively evaluated for impairment, allowance | 0 | |
Loans collectively evaluated for impairment, balance | 1,656 | |
Loans, allowance | 0 | |
Loans | 1,656 | 5,050 |
Consumer Portfolio Segment [Member] | ||
Loans individually evaluated for impairment, allowance | 0 | |
Loans individually evaluated for impairment, balance | 0 | |
Loans collectively evaluated for impairment, allowance | 19 | |
Loans collectively evaluated for impairment, balance | 5,050 | |
Loans, allowance | 19 | |
Loans | $ 1,656 | $ 5,050 |
Note 8 - Loans - Allowance fo_2
Note 8 - Loans - Allowance for Loan Losses by Portfolio Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Beginning Balance | $ 169,680 | $ 122,651 | $ 123,224 | $ 122,391 |
Provision/(reversal) for possible credit losses | 12,500 | (2,000) | 62,500 | (2,000) |
Charge-offs | (6,956) | (3,356) | (13,383) | (6,300) |
Recoveries | 3,906 | 8,613 | 6,789 | 11,817 |
Net (charge-offs)/recoveries | (3,050) | 5,257 | (6,594) | 5,517 |
Ending Balance | 179,130 | 125,908 | 179,130 | 125,908 |
Reserve for impaired loans | 8,495 | 1,501 | 8,495 | 1,501 |
Reserve for non-impaired loans | 170,635 | 124,407 | 170,635 | 124,407 |
Reserve for off-balance sheet credit commitments | 5,663 | 4,550 | 5,663 | 4,550 |
Commercial Portfolio Segment [Member] | ||||
Beginning Balance | 82,256 | 54,293 | 57,021 | 54,978 |
Provision/(reversal) for possible credit losses | 298 | 7,400 | 29,402 | 8,262 |
Charge-offs | (6,956) | (3,356) | (13,383) | (6,300) |
Recoveries | 3,796 | 212 | 6,354 | 1,609 |
Net (charge-offs)/recoveries | (3,160) | (3,144) | (7,029) | (4,691) |
Ending Balance | 79,394 | 58,549 | 79,394 | 58,549 |
Reserve for impaired loans | 7,704 | 744 | 7,704 | 744 |
Reserve for non-impaired loans | 71,690 | 57,805 | 71,690 | 57,805 |
Reserve for off-balance sheet credit commitments | 4,297 | 2,505 | 4,297 | 2,505 |
Real Estate Construction Portfolio Segment [Member] | ||||
Beginning Balance | 26,700 | 21,010 | 19,474 | 19,626 |
Provision/(reversal) for possible credit losses | 6,012 | (2,690) | 13,238 | (2,540) |
Charge-offs | 0 | 0 | 0 | 0 |
Recoveries | 0 | 3,378 | 0 | 4,612 |
Net (charge-offs)/recoveries | 0 | 3,378 | 0 | 4,612 |
Ending Balance | 32,712 | 21,698 | 32,712 | 21,698 |
Reserve for impaired loans | 0 | 0 | 0 | 0 |
Reserve for non-impaired loans | 32,712 | 21,698 | 32,712 | 21,698 |
Reserve for off-balance sheet credit commitments | 896 | 1,608 | 896 | 1,608 |
Commercial Real Estate Portfolio Segment [Member] | ||||
Beginning Balance | 41,132 | 33,154 | 33,602 | 33,487 |
Provision/(reversal) for possible credit losses | 5,438 | (4,648) | 12,718 | (5,234) |
Charge-offs | 0 | 0 | 0 | 0 |
Recoveries | 95 | 4,961 | 345 | 5,214 |
Net (charge-offs)/recoveries | 95 | 4,961 | 345 | 5,214 |
Ending Balance | 46,665 | 33,467 | 46,665 | 33,467 |
Reserve for impaired loans | 582 | 536 | 582 | 536 |
Reserve for non-impaired loans | 46,083 | 32,931 | 46,083 | 32,931 |
Reserve for off-balance sheet credit commitments | 172 | 121 | 172 | 121 |
Residential Mortgage and Equity Lines Portfolio Segment [Member] | ||||
Beginning Balance | 19,592 | 14,164 | 13,108 | 14,282 |
Provision/(reversal) for possible credit losses | 752 | (2,057) | 7,161 | (2,495) |
Charge-offs | 0 | 0 | 0 | 0 |
Recoveries | 15 | 62 | 90 | 382 |
Net (charge-offs)/recoveries | 15 | 62 | 90 | 382 |
Ending Balance | 20,359 | 12,169 | 20,359 | 12,169 |
Reserve for impaired loans | 209 | 221 | 209 | 221 |
Reserve for non-impaired loans | 20,150 | 11,948 | 20,150 | 11,948 |
Reserve for off-balance sheet credit commitments | 294 | 313 | 294 | 313 |
Installment and Other Loans [Member ] | ||||
Beginning Balance | 0 | 30 | 19 | 18 |
Provision/(reversal) for possible credit losses | 0 | (5) | (19) | 7 |
Charge-offs | 0 | 0 | 0 | 0 |
Recoveries | 0 | 0 | 0 | 0 |
Net (charge-offs)/recoveries | 0 | 0 | 0 | 0 |
Ending Balance | 0 | 25 | 0 | 25 |
Reserve for impaired loans | 0 | 0 | 0 | 0 |
Reserve for non-impaired loans | 0 | 25 | 0 | 25 |
Reserve for off-balance sheet credit commitments | $ 4 | $ 3 | $ 4 | $ 3 |
Note 9 - Commitments and Cont_2
Note 9 - Commitments and Contingencies (Details Textual) - USD ($) $ in Millions | Sep. 30, 2020 | Dec. 31, 2019 |
Qualified Affordable Housing and Alternative Energy Partnerships [Member] | ||
Other Commitment, Total | $ 117.8 | $ 114.5 |
Note 10 - Leases (Details Textu
Note 10 - Leases (Details Textual) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Operating Lease, Expense | $ 3.1 | $ 3.3 | $ 8.8 | $ 10.1 |
Operating Lease, Payments | $ 2.2 | $ 2.1 | $ 6.8 | $ 6.2 |
Note 10 - Leases - Operating Le
Note 10 - Leases - Operating Lease Related Assets and Liabilities (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Right-of-use assets - operating leases | $ 32,591 | $ 33,990 |
Lease liabilities - operating leases | $ 35,116 | $ 35,873 |
Weighted-average remaining lease term (in years) (Year) | 4 years 10 months 24 days | 5 years 4 months 24 days |
Weighted-average discount rate | 2.79% | 3.10% |
Note 10 - Leases - Lease Maturi
Note 10 - Leases - Lease Maturity Schedule (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Remaining 2020 | $ 2,392 | |
2021 | 9,235 | $ 8,764 |
2022 | 8,183 | 7,923 |
2023 | 6,758 | 6,771 |
2024 | 4,570 | 5,714 |
Thereafter | 6,641 | |
Total lease payments | 37,779 | 39,223 |
Less amount of payment representing interest | (2,663) | (3,350) |
Lease liabilities - operating leases | $ 35,116 | 35,873 |
2024 | 3,852 | |
Thereafter | $ 6,199 |
Note 11 - Borrowed Funds (Detai
Note 11 - Borrowed Funds (Details Textual) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2020 | Dec. 31, 2019 | |
Securities Sold under Agreements to Repurchase, Total | $ 0 | $ 450,000 |
Advances from Federal Home Loan Banks, Total | 230,000 | $ 670,000 |
Junior Subordinated Notes, Noncurrent | $ 119,100 | |
Junior Subordinated Debt [Member] | ||
Debt Instrument, Interest Rate, Effective Percentage | 2.41% | 4.09% |
Debt Instrument, Term (Year) | 30 years | |
Mature in November 2020 [Member] | ||
Advances from Federal Home Loan Banks, Total | $ 5,000 | |
Mature in May 2021 [Member] | ||
Advances from Federal Home Loan Banks, Total | 80,000 | |
Mature in June 2021 [Member] | ||
Advances from Federal Home Loan Banks, Total | 50,000 | |
Mature in July 2021 [Member] | ||
Advances from Federal Home Loan Banks, Total | 75,000 | |
Mature in May 2023 [Member] | ||
Advances from Federal Home Loan Banks, Total | $ 20,000 | |
Over-night Borrowings [Member] | ||
Federal Home Loan Bank, Advances, Branch of FHLB Bank, Interest Rate | 1.66% | |
Non Overnight Borrowings [Member] | ||
Federal Home Loan Bank, Advances, Branch of FHLB Bank, Interest Rate | 2.16% | 2.26% |
Advances from Federal Home Loan Banks, Total | $ 230,000 | $ 220,000 |
Note 12 - Income Taxes (Details
Note 12 - Income Taxes (Details Textual) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Effective Income Tax Rate Reconciliation, Percent, Total | 8.60% | 20.30% |
Effective Income Tax Rate Reconciliation, Tax Expense (Benefit), Share-based Payment Arrangement, Amount | $ 0.4 |
Note 13 - Fair Value Measurem_3
Note 13 - Fair Value Measurements (Details Textual) $ in Thousands | Sep. 30, 2020USD ($) | Dec. 31, 2019USD ($) |
Other Real Estate, Foreclosed Assets, and Repossessed Assets, Total | $ 4,918 | $ 10,244 |
Minimum [Member] | ||
Estimated Sales Cost Applied To Collateral | 3.00% | |
Maximum [Member] | ||
Estimated Sales Cost Applied To Collateral | 6.00% | |
Measurement Input, Expected Term [Member] | Minimum [Member] | ||
Warrants and Rights Outstanding, Measurement Input | 1 | |
Measurement Input, Expected Term [Member] | Maximum [Member] | ||
Warrants and Rights Outstanding, Measurement Input | 6 | |
Measurement Input, Risk Free Interest Rate [Member] | Minimum [Member] | ||
Warrants and Rights Outstanding, Measurement Input | 0.23 | |
Measurement Input, Risk Free Interest Rate [Member] | Maximum [Member] | ||
Warrants and Rights Outstanding, Measurement Input | 0.66 | |
Measurement Input, Price Volatility [Member] | Minimum [Member] | ||
Warrants and Rights Outstanding, Measurement Input | 16.58 | |
Measurement Input, Price Volatility [Member] | Maximum [Member] | ||
Warrants and Rights Outstanding, Measurement Input | 25.50 |
Note 13 - Fair Value Measurem_4
Note 13 - Fair Value Measurements - Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Securities available-for-sale | $ 1,080,540 | $ 1,451,842 |
Equity securities | 22,964 | 28,005 |
Assets, fair value disclosure | 1,110,752 | 1,484,478 |
Liabilities, fair value disclosure | 33,123 | 15,651 |
Equity securities | 22,964 | 28,005 |
US Treasury Securities [Member] | ||
Securities available-for-sale | 99,980 | 74,936 |
US Government Corporations and Agencies Securities [Member] | ||
Securities available-for-sale | 104,596 | |
US Government Agencies Debt Securities [Member] | ||
Securities available-for-sale | 90,796 | |
Commercial Mortgage Backed Securities [Member] | ||
Securities available-for-sale | 729,244 | 887,790 |
US Government-sponsored Enterprises Debt Securities [Member] | ||
Securities available-for-sale | 224,443 | |
Collateralized Mortgage Obligations [Member] | ||
Securities available-for-sale | 211 | 552 |
Corporate Debt Securities [Member] | ||
Securities available-for-sale | 146,509 | 173,325 |
Mutual Funds [Member] | ||
Equity securities | 6,430 | 6,277 |
Equity securities | 6,430 | 6,277 |
Preferred Stock of Government Sponsored Entities [Member] | ||
Equity securities | 5,522 | 10,529 |
Equity securities | 5,522 | 10,529 |
Other Equity Securities [Member] | ||
Equity securities | 11,012 | 11,199 |
Equity securities | 11,012 | 11,199 |
Warrant [Member] | ||
Assets, fair value disclosure | 20 | 39 |
Interest Rate Swap [Member] | ||
Assets, fair value disclosure | 3,992 | 2,181 |
Liabilities, fair value disclosure | 31,525 | 14,229 |
Foreign Exchange Contract [Member] | ||
Assets, fair value disclosure | 3,236 | 2,411 |
Liabilities, fair value disclosure | 1,592 | 1,415 |
Option Contracts [Member] | ||
Liabilities, fair value disclosure | 6 | 7 |
Fair Value, Inputs, Level 1 [Member] | ||
Securities available-for-sale | 99,980 | 74,936 |
Equity securities | 22,964 | 28,005 |
Assets, fair value disclosure | 122,944 | 102,941 |
Liabilities, fair value disclosure | 0 | 0 |
Equity securities | 22,964 | 28,005 |
Fair Value, Inputs, Level 1 [Member] | US Treasury Securities [Member] | ||
Securities available-for-sale | 99,980 | 74,936 |
Fair Value, Inputs, Level 1 [Member] | US Government Corporations and Agencies Securities [Member] | ||
Securities available-for-sale | 0 | |
Fair Value, Inputs, Level 1 [Member] | US Government Agencies Debt Securities [Member] | ||
Securities available-for-sale | 0 | |
Fair Value, Inputs, Level 1 [Member] | Commercial Mortgage Backed Securities [Member] | ||
Securities available-for-sale | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | US Government-sponsored Enterprises Debt Securities [Member] | ||
Securities available-for-sale | 0 | |
Fair Value, Inputs, Level 1 [Member] | Collateralized Mortgage Obligations [Member] | ||
Securities available-for-sale | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Corporate Debt Securities [Member] | ||
Securities available-for-sale | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Mutual Funds [Member] | ||
Equity securities | 6,430 | 6,277 |
Equity securities | 6,430 | 6,277 |
Fair Value, Inputs, Level 1 [Member] | Preferred Stock of Government Sponsored Entities [Member] | ||
Equity securities | 5,522 | 10,529 |
Equity securities | 5,522 | 10,529 |
Fair Value, Inputs, Level 1 [Member] | Other Equity Securities [Member] | ||
Equity securities | 11,012 | 11,199 |
Equity securities | 11,012 | 11,199 |
Fair Value, Inputs, Level 1 [Member] | Warrant [Member] | ||
Assets, fair value disclosure | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Interest Rate Swap [Member] | ||
Assets, fair value disclosure | 0 | 0 |
Liabilities, fair value disclosure | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Foreign Exchange Contract [Member] | ||
Assets, fair value disclosure | 0 | 0 |
Liabilities, fair value disclosure | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Option Contracts [Member] | ||
Liabilities, fair value disclosure | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | ||
Securities available-for-sale | 980,560 | 1,376,906 |
Equity securities | 0 | 0 |
Assets, fair value disclosure | 987,788 | 1,381,498 |
Liabilities, fair value disclosure | 33,123 | 15,651 |
Equity securities | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | US Treasury Securities [Member] | ||
Securities available-for-sale | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | US Government Corporations and Agencies Securities [Member] | ||
Securities available-for-sale | 104,596 | |
Fair Value, Inputs, Level 2 [Member] | US Government Agencies Debt Securities [Member] | ||
Securities available-for-sale | 90,796 | |
Fair Value, Inputs, Level 2 [Member] | Commercial Mortgage Backed Securities [Member] | ||
Securities available-for-sale | 729,244 | 887,790 |
Fair Value, Inputs, Level 2 [Member] | US Government-sponsored Enterprises Debt Securities [Member] | ||
Securities available-for-sale | 224,443 | |
Fair Value, Inputs, Level 2 [Member] | Collateralized Mortgage Obligations [Member] | ||
Securities available-for-sale | 211 | 552 |
Fair Value, Inputs, Level 2 [Member] | Corporate Debt Securities [Member] | ||
Securities available-for-sale | 146,509 | 173,325 |
Fair Value, Inputs, Level 2 [Member] | Mutual Funds [Member] | ||
Equity securities | 0 | 0 |
Equity securities | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | Preferred Stock of Government Sponsored Entities [Member] | ||
Equity securities | 0 | 0 |
Equity securities | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | Other Equity Securities [Member] | ||
Equity securities | 0 | 0 |
Equity securities | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | Warrant [Member] | ||
Assets, fair value disclosure | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | Interest Rate Swap [Member] | ||
Assets, fair value disclosure | 3,992 | 2,181 |
Liabilities, fair value disclosure | 31,525 | 14,229 |
Fair Value, Inputs, Level 2 [Member] | Foreign Exchange Contract [Member] | ||
Assets, fair value disclosure | 3,236 | 2,411 |
Liabilities, fair value disclosure | 1,592 | 1,415 |
Fair Value, Inputs, Level 2 [Member] | Option Contracts [Member] | ||
Liabilities, fair value disclosure | 6 | 7 |
Fair Value, Inputs, Level 3 [Member] | ||
Securities available-for-sale | 0 | 0 |
Equity securities | 0 | 0 |
Assets, fair value disclosure | 20 | 39 |
Liabilities, fair value disclosure | 0 | 0 |
Equity securities | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | US Treasury Securities [Member] | ||
Securities available-for-sale | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | US Government Corporations and Agencies Securities [Member] | ||
Securities available-for-sale | 0 | |
Fair Value, Inputs, Level 3 [Member] | US Government Agencies Debt Securities [Member] | ||
Securities available-for-sale | 0 | |
Fair Value, Inputs, Level 3 [Member] | Commercial Mortgage Backed Securities [Member] | ||
Securities available-for-sale | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | US Government-sponsored Enterprises Debt Securities [Member] | ||
Securities available-for-sale | 0 | |
Fair Value, Inputs, Level 3 [Member] | Collateralized Mortgage Obligations [Member] | ||
Securities available-for-sale | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Corporate Debt Securities [Member] | ||
Securities available-for-sale | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Mutual Funds [Member] | ||
Equity securities | 0 | 0 |
Equity securities | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Preferred Stock of Government Sponsored Entities [Member] | ||
Equity securities | 0 | 0 |
Equity securities | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Other Equity Securities [Member] | ||
Equity securities | 0 | 0 |
Equity securities | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Warrant [Member] | ||
Assets, fair value disclosure | 20 | 39 |
Fair Value, Inputs, Level 3 [Member] | Interest Rate Swap [Member] | ||
Assets, fair value disclosure | 0 | 0 |
Liabilities, fair value disclosure | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Foreign Exchange Contract [Member] | ||
Assets, fair value disclosure | 0 | 0 |
Liabilities, fair value disclosure | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Option Contracts [Member] | ||
Liabilities, fair value disclosure | $ 0 | $ 0 |
Note 13 - Fair Value Measurem_5
Note 13 - Fair Value Measurements - Financial Assets and Liabilities Measured on a Non-recurring Basis (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | |||||||
Assets, fair value disclosure | $ 1,110,752 | $ 1,110,752 | $ 1,484,478 | |||||||||
Total Losses | 6,953 | $ 203 | 7,774 | $ 715 | 848 | $ (289) | ||||||
Fair Value, Nonrecurring [Member] | ||||||||||||
Assets, fair value disclosure | 55,833 | 55,833 | 49,519 | |||||||||
Fair Value, Inputs, Level 1 [Member] | ||||||||||||
Assets, fair value disclosure | 122,944 | 122,944 | 102,941 | |||||||||
Fair Value, Inputs, Level 1 [Member] | Fair Value, Nonrecurring [Member] | ||||||||||||
Assets, fair value disclosure | 0 | 0 | 0 | |||||||||
Fair Value, Inputs, Level 2 [Member] | ||||||||||||
Assets, fair value disclosure | 987,788 | 987,788 | 1,381,498 | |||||||||
Fair Value, Inputs, Level 2 [Member] | Fair Value, Nonrecurring [Member] | ||||||||||||
Assets, fair value disclosure | 905 | 905 | 6,490 | |||||||||
Fair Value, Inputs, Level 3 [Member] | ||||||||||||
Assets, fair value disclosure | 20 | 20 | 39 | |||||||||
Fair Value, Inputs, Level 3 [Member] | Fair Value, Nonrecurring [Member] | ||||||||||||
Assets, fair value disclosure | 54,928 | 54,928 | 43,029 | |||||||||
Impaired Loans [Member] | ||||||||||||
Total Losses | 6,950 | 0 | 6,950 | 0 | 0 | 0 | ||||||
Impaired Loans [Member] | Fair Value, Nonrecurring [Member] | ||||||||||||
Assets, fair value disclosure | 49,309 | 49,309 | 37,082 | |||||||||
Impaired Loans [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Nonrecurring [Member] | ||||||||||||
Assets, fair value disclosure | 0 | 0 | 0 | |||||||||
Impaired Loans [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Nonrecurring [Member] | ||||||||||||
Assets, fair value disclosure | 0 | 0 | 0 | |||||||||
Impaired Loans [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Nonrecurring [Member] | ||||||||||||
Assets, fair value disclosure | 49,309 | 49,309 | 37,082 | |||||||||
Impaired Loans [Member] | Commercial Portfolio Segment [Member] | ||||||||||||
Total Losses | 6,950 | 0 | 6,950 | 0 | 0 | 0 | ||||||
Impaired Loans [Member] | Commercial Portfolio Segment [Member] | Fair Value, Nonrecurring [Member] | ||||||||||||
Assets, fair value disclosure | 13,167 | 13,167 | 6,196 | |||||||||
Impaired Loans [Member] | Commercial Portfolio Segment [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Nonrecurring [Member] | ||||||||||||
Assets, fair value disclosure | 0 | 0 | 0 | |||||||||
Impaired Loans [Member] | Commercial Portfolio Segment [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Nonrecurring [Member] | ||||||||||||
Assets, fair value disclosure | 0 | 0 | 0 | |||||||||
Impaired Loans [Member] | Commercial Portfolio Segment [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Nonrecurring [Member] | ||||||||||||
Assets, fair value disclosure | 13,167 | 13,167 | 6,196 | |||||||||
Impaired Loans [Member] | Commercial Real Estate Portfolio Segment [Member] | ||||||||||||
Total Losses | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
Impaired Loans [Member] | Commercial Real Estate Portfolio Segment [Member] | Fair Value, Nonrecurring [Member] | ||||||||||||
Assets, fair value disclosure | 30,437 | 30,437 | 25,566 | |||||||||
Impaired Loans [Member] | Commercial Real Estate Portfolio Segment [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Nonrecurring [Member] | ||||||||||||
Assets, fair value disclosure | 0 | 0 | 0 | |||||||||
Impaired Loans [Member] | Commercial Real Estate Portfolio Segment [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Nonrecurring [Member] | ||||||||||||
Assets, fair value disclosure | 0 | 0 | 0 | |||||||||
Impaired Loans [Member] | Commercial Real Estate Portfolio Segment [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Nonrecurring [Member] | ||||||||||||
Assets, fair value disclosure | 30,437 | 30,437 | 25,566 | |||||||||
Impaired Loans [Member] | Residential Mortgage and Equity Lines Portfolio Segment [Member] | ||||||||||||
Total Losses | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
Impaired Loans [Member] | Residential Mortgage and Equity Lines Portfolio Segment [Member] | Fair Value, Nonrecurring [Member] | ||||||||||||
Assets, fair value disclosure | 5,705 | 5,705 | 5,320 | |||||||||
Impaired Loans [Member] | Residential Mortgage and Equity Lines Portfolio Segment [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Nonrecurring [Member] | ||||||||||||
Assets, fair value disclosure | 0 | 0 | 0 | |||||||||
Impaired Loans [Member] | Residential Mortgage and Equity Lines Portfolio Segment [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Nonrecurring [Member] | ||||||||||||
Assets, fair value disclosure | 0 | 0 | 0 | |||||||||
Impaired Loans [Member] | Residential Mortgage and Equity Lines Portfolio Segment [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Nonrecurring [Member] | ||||||||||||
Assets, fair value disclosure | 5,705 | 5,705 | 5,320 | |||||||||
Loans Held-for-sale [Member] | ||||||||||||
Total Losses | 0 | 120 | 0 | 120 | ||||||||
Loans Held-for-sale [Member] | Fair Value, Nonrecurring [Member] | ||||||||||||
Assets, fair value disclosure | 0 | 0 | ||||||||||
Loans Held-for-sale [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Nonrecurring [Member] | ||||||||||||
Assets, fair value disclosure | 0 | 0 | ||||||||||
Loans Held-for-sale [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Nonrecurring [Member] | ||||||||||||
Assets, fair value disclosure | 0 | 0 | ||||||||||
Loans Held-for-sale [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Nonrecurring [Member] | ||||||||||||
Assets, fair value disclosure | 0 | 0 | ||||||||||
Other Real Estate Owned [Member] | ||||||||||||
Total Losses | 0 | [1],[2] | 0 | [1],[2] | 717 | [1],[2] | 494 | [1],[2] | 681 | [3] | (619) | [3] |
Other Real Estate Owned [Member] | Fair Value, Nonrecurring [Member] | ||||||||||||
Assets, fair value disclosure | 5,143 | [1] | 5,143 | [1] | 10,833 | [3] | ||||||
Other Real Estate Owned [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Nonrecurring [Member] | ||||||||||||
Assets, fair value disclosure | 0 | [1] | 0 | [1] | 0 | [3] | ||||||
Other Real Estate Owned [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Nonrecurring [Member] | ||||||||||||
Assets, fair value disclosure | 905 | [1] | 905 | [1] | 6,490 | [3] | ||||||
Other Real Estate Owned [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Nonrecurring [Member] | ||||||||||||
Assets, fair value disclosure | 4,238 | [1] | 4,238 | [1] | 4,343 | [3] | ||||||
Investments in Venture Capital [Member] | ||||||||||||
Total Losses | 3 | $ 83 | 107 | $ 101 | 167 | $ 330 | ||||||
Investments in Venture Capital [Member] | Fair Value, Nonrecurring [Member] | ||||||||||||
Assets, fair value disclosure | 1,381 | 1,381 | 1,604 | |||||||||
Investments in Venture Capital [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Nonrecurring [Member] | ||||||||||||
Assets, fair value disclosure | 0 | 0 | 0 | |||||||||
Investments in Venture Capital [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Nonrecurring [Member] | ||||||||||||
Assets, fair value disclosure | 0 | 0 | 0 | |||||||||
Investments in Venture Capital [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Nonrecurring [Member] | ||||||||||||
Assets, fair value disclosure | $ 1,381 | $ 1,381 | $ 1,604 | |||||||||
[1] | Other real estate owned balance of $4.9 million in the condensed consolidated balance sheet is net of estimated disposal costs. | |||||||||||
[2] | Other real estate owned balance of $9.0 million in the condensed consolidated balance sheet is net of estimated disposal costs. | |||||||||||
[3] | Other real estate owned balance of $10.2 million in the Consolidated Balance Sheets is net of estimated disposal costs. |
Note 14 - Fair Value of Finan_3
Note 14 - Fair Value of Financial Instruments - Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 | |
Equity securities | $ 22,964 | $ 28,005 | |
Warrants | 3,992 | 2,181 | |
Foreign exchange contracts with gain | 107,071 | 146,397 | |
Foreign exchange contracts with gain, fair value | 3,236 | 2,411 | |
Interest rate swaps | 72,717 | 130,401 | |
Interest rate swaps, fair value | 3,992 | 2,181 | |
Option contracts | 850 | 908 | |
Option contracts, fair value | 6 | 7 | |
Foreign exchange contracts with loss | 160,489 | 127,003 | |
Foreign exchange contracts with loss, fair value | 1,592 | 1,415 | |
Interest rate swaps | 686,785 | 602,291 | |
Interest rate swaps, fair value | 31,525 | 14,229 | |
Commitments to extend credit | 3,033,685 | 3,077,081 | |
Commitments to extend credit, fair value | (8,847) | (9,826) | |
Standby letters of credit | 255,173 | 282,352 | |
Standby letters of credit, fair value | (1,647) | (2,431) | |
Other letters of credit | 24,591 | 22,209 | |
Other letters of credit, fair value | (21) | (20) | |
Bill of lading guarantees | 221 | 319 | |
Bill of lading guarantees, fair value | 0 | (1) | |
Reported Value Measurement [Member] | |||
Cash and due from banks | 128,896 | 177,240 | |
Short-term investments | 1,305,170 | 416,538 | |
Securities available-for-sale | 1,080,540 | 1,451,842 | |
Loans, net | 15,382,439 | 14,951,631 | |
Equity securities | 22,964 | 28,005 | |
Investment in Federal Home Loan Bank stock | 17,250 | 18,090 | |
Deposits | 16,034,248 | 14,692,308 | |
Short-term borrowings | 0 | 25,683 | |
Advances from Federal Home Loan Bank | 230,000 | 670,000 | |
Other borrowings | 23,788 | 36,666 | |
Long-term debt | 119,136 | 119,136 | |
Reported Value Measurement [Member] | Warrants [Member] | |||
Warrants | 20 | 39 | |
Estimate of Fair Value Measurement [Member] | |||
Cash and due from banks | 128,896 | 177,240 | |
Short-term investments | 1,305,170 | 416,538 | |
Securities available-for-sale | 1,080,540 | 1,451,842 | |
Loans, net | 16,030,529 | [1] | 15,444,752 |
Equity securities | 22,964 | 28,005 | |
Investment in Federal Home Loan Bank stock | 17,250 | 18,090 | |
Deposits | 16,061,257 | 14,719,452 | |
Short-term borrowings | 0 | 25,683 | |
Advances from Federal Home Loan Bank | 238,509 | 674,530 | |
Other borrowings | 19,550 | 30,764 | |
Long-term debt | 64,296 | 76,058 | |
Estimate of Fair Value Measurement [Member] | Warrants [Member] | |||
Warrants | $ 20 | $ 39 | |
[1] | In accordance with the prospective adoption of ASU 2016-01, the fair value of loans as of December 31, 2019 & 2018 was measured using an exit price notion. |
Note 14 - Fair Value of Finan_4
Note 14 - Fair Value of Financial Instruments - Fair Value Hierarchy of Financial Instruments (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 | |
Equity securities | $ 22,964 | $ 28,005 | |
Warrants | 3,992 | 2,181 | |
Equity Securities, FV-NI | 22,964 | 28,005 | |
Fair Value, Inputs, Level 1 [Member] | |||
Equity securities | 22,964 | 28,005 | |
Equity Securities, FV-NI | 22,964 | 28,005 | |
Fair Value, Inputs, Level 2 [Member] | |||
Equity securities | 0 | 0 | |
Equity Securities, FV-NI | 0 | 0 | |
Fair Value, Inputs, Level 3 [Member] | |||
Equity securities | 0 | 0 | |
Equity Securities, FV-NI | 0 | 0 | |
Estimate of Fair Value Measurement [Member] | |||
Cash and due from banks | 128,896 | 177,240 | |
Short-term investments | 1,305,170 | 416,538 | |
Securities available-for-sale | 1,080,540 | 1,451,842 | |
Loans, net | 16,030,529 | [1] | 15,444,752 |
Equity securities | 22,964 | 28,005 | |
Investment in Federal Home Loan Bank stock | 17,250 | 18,090 | |
Deposits | 16,061,257 | 14,719,452 | |
Advances from Federal Home Loan Bank | 238,509 | 674,530 | |
Other borrowings | 19,550 | 30,764 | |
Long-term debt | 64,296 | 76,058 | |
Equity Securities, FV-NI | 22,964 | 28,005 | |
Short-term borrowings | 0 | 25,683 | |
Estimate of Fair Value Measurement [Member] | Warrants [Member] | |||
Warrants | 20 | 39 | |
Warrants | 39 | ||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Cash and due from banks | 128,896 | 177,240 | |
Short-term investments | 1,305,170 | 416,538 | |
Securities available-for-sale | 99,980 | 74,936 | |
Loans, net | 0 | [1] | 0 |
Equity securities | 22,964 | 28,005 | |
Investment in Federal Home Loan Bank stock | 0 | 0 | |
Deposits | 0 | 0 | |
Advances from Federal Home Loan Bank | 0 | 0 | |
Other borrowings | 0 | 0 | |
Long-term debt | 0 | 0 | |
Equity Securities, FV-NI | 22,964 | 28,005 | |
Short-term borrowings | 0 | ||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | Warrants [Member] | |||
Warrants | 0 | ||
Warrants | 0 | ||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Cash and due from banks | 0 | 0 | |
Short-term investments | 0 | 0 | |
Securities available-for-sale | 980,560 | 1,376,906 | |
Loans, net | 0 | [1] | 0 |
Equity securities | 0 | 0 | |
Investment in Federal Home Loan Bank stock | 17,250 | 18,090 | |
Deposits | 0 | 0 | |
Advances from Federal Home Loan Bank | 238,509 | 674,530 | |
Other borrowings | 0 | 0 | |
Long-term debt | 64,296 | 76,058 | |
Equity Securities, FV-NI | 0 | 0 | |
Short-term borrowings | 0 | ||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | Warrants [Member] | |||
Warrants | 0 | ||
Warrants | 0 | ||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Cash and due from banks | 0 | 0 | |
Short-term investments | 0 | 0 | |
Securities available-for-sale | 0 | 0 | |
Loans, net | 16,030,529 | [1] | 15,444,752 |
Equity securities | 0 | 0 | |
Investment in Federal Home Loan Bank stock | 0 | 0 | |
Deposits | 16,061,257 | 14,719,452 | |
Advances from Federal Home Loan Bank | 0 | 0 | |
Other borrowings | 19,550 | 30,764 | |
Long-term debt | 0 | 0 | |
Equity Securities, FV-NI | 0 | 0 | |
Short-term borrowings | 25,683 | ||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | Warrants [Member] | |||
Warrants | $ 20 | ||
Warrants | $ 39 | ||
[1] | In accordance with the prospective adoption of ASU 2016-01, the fair value of loans as of December 31, 2019 & 2018 was measured using an exit price notion. |
Note 16 - Financial Derivativ_3
Note 16 - Financial Derivatives (Details Textual) - USD ($) $ in Thousands | May 31, 2014 | Sep. 30, 2020 | Dec. 31, 2019 |
Junior Subordinated Notes, Total | $ 119,100 | ||
Cash [Member] | |||
Collateral Already Posted, Aggregate Fair Value | $ 13,200 | $ 7,100 | |
Interest Rate Swap [Member] | Cash Flow Hedging [Member] | Designated as Hedging Instrument [Member] | |||
Derivative Outstanding, Notional Amount | $ 119,100 | ||
Derivative Original Maturity (Year) | 10 years | ||
Derivative, Notional Amount | 119,136 | 119,136 | |
Interest Rate Swap [Member] | Fair Value Hedging [Member] | Designated as Hedging Instrument [Member] | |||
Derivative, Notional Amount | $ 494,932 | $ 579,584 | |
Interest Rate Swap [Member] | Fair Value Hedging [Member] | Designated as Hedging Instrument [Member] | Minimum [Member] | |||
Derivative, Term of Contract (Year) | 3 years | ||
Interest Rate Swap [Member] | Fair Value Hedging [Member] | Designated as Hedging Instrument [Member] | Maximum [Member] | |||
Derivative, Term of Contract (Year) | 10 years | ||
Loans Receivable with Partial-term Hedging Designation [Member] | |||
Derivative, Notional Amount | $ 44,700 | ||
Loans and Leases Receivable, Gross, Total | 25,000 | ||
Hedged Asset, Fair Value Hedge, Last-of-Layer, Amount | 25,000 | ||
Hedged Asset, Fair Value Hedge, Last-of-Layer, Cumulative Increase (Decrease) | $ 397 |
Note 16 - Financial Derivativ_4
Note 16 - Financial Derivatives - Cash Flow Swap Hedges (Details) - Interest Rate Swap [Member] - Cash Flow Hedging [Member] - Designated as Hedging Instrument [Member] - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | ||
Notional | $ 119,136 | $ 119,136 | $ 119,136 | |||
Weighted average fixed rate-pay | 2.61% | 2.61% | 2.61% | |||
Weighted average variable rate-receive | 0.51% | 0.51% | 2.26% | |||
Unrealized loss, net of taxes (1) | [1] | $ (7,393) | $ (3,412) | |||
Periodic net settlement of swaps (2) | [2] | $ 702 | $ 78 | $ 1,471 | $ 41 | |
[1] | Included in other comprehensive income. | |||||
[2] | the amount of periodic net settlement of interest rate swaps was included in interest expense. |
Note 16 - Financial Derivativ_5
Note 16 - Financial Derivatives - Fair Value Swap Hedges (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | ||
Net unrealized loss (1) | $ (3,981) | $ (4,119) | ||||
Periodic net settlement of SWAPs (2) | [1] | $ (2,510) | $ 205 | (5,307) | $ 1,352 | |
Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | Fair Value Hedging [Member] | ||||||
Derivative, Notional Amount | $ 494,932 | $ 494,932 | $ 579,584 | |||
Weighted average fixed rate-pay | 4.57% | 4.57% | 4.71% | |||
Weighted average variable rate-receive | 3.27% | 3.27% | 4.87% | |||
Net unrealized loss (1) | [2] | $ (17,037) | $ (7,205) | |||
Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | Fair Value Hedging [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||
Weighted average variable rate spread | 1.90% | 1.90% | 2.62% | |||
[1] | the amount of periodic net settlement of interest rate swaps was included in interest income. | |||||
[2] | the amount is included in other non-interest income. |
Note 16 - Financial Derivativ_6
Note 16 - Financial Derivatives - Not Designated as Hedging (Details) - Not Designated as Hedging Instrument [Member] - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Foreign Exchange Forward [Member] | ||
Notional | $ 850 | $ 908 |
Option contracts, fair value | (6) | (7) |
Spot, Forward, and Swap Contracts with Positive Fair Value [Member] | ||
Notional | 107,071 | 146,397 |
Option contracts, fair value | 3,236 | 2,411 |
Spot, Forward, and Swap Contracts with Negative Fair Value [Member] | ||
Notional | 160,489 | 127,003 |
Option contracts, fair value | $ (1,592) | $ (1,415) |
Note 17 - Balance Sheet Offse_3
Note 17 - Balance Sheet Offsetting - Financial Instruments That Are Eligible for Offset in the Consolidated Balance Sheet (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Derivative assets, gross | $ 3,992 | $ 2,181 |
Derivative assets, net | 3,992 | 2,181 |
Derivatives | 0 | 0 |
Derivative assets not offset | 3,992 | 2,181 |
Derivative liabilities, gross | 31,525 | 14,229 |
Derivative liabilities, net | 11,278 | 14,229 |
Derivatives, collateral posted | $ 0 | $ (14,229) |
Note 18 - Revenue from Contra_3
Note 18 - Revenue from Contracts with Customers - Summary of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | ||
Revenues | $ 8,322 | $ 7,586 | $ 23,957 | $ 22,791 | |
Noninterest income, not in-scope(2) | [1] | 1,655 | 2,802 | 7,412 | 13,312 |
Total noninterest income | 9,977 | 10,388 | 31,369 | 36,103 | |
Fees and Services Charges on Deposit Account [Member] | |||||
Revenues | 2,018 | 1,892 | 5,945 | 5,940 | |
Wealth Management Fees [Member] | |||||
Revenues | 2,628 | 2,049 | 7,974 | 6,258 | |
Other Service Fees [Member] | |||||
Revenues | [2] | $ 3,676 | $ 3,645 | $ 10,038 | $ 10,593 |
[1] | These amounts primarily represent revenue from contracts with customers that are out of the scope of ASC 606. | ||||
[2] | Other service fees comprise of fees related to letters of credit, wire fees, fees on foreign exchange transactions and other immaterial individual revenue streams. |
Note 19 - Stockholders' Equit_2
Note 19 - Stockholders' Equity (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Jun. 30, 2020 | Dec. 31, 2019 | Jun. 30, 2019 | Dec. 31, 2018 | |
Stockholders' Equity Attributable to Parent, Ending Balance | $ 2,374,723 | $ 2,245,894 | $ 2,374,723 | $ 2,245,894 | $ 2,342,448 | $ 2,294,283 | $ 2,199,297 | $ 2,121,866 |
Stockholders' Equity, Period Increase (Decrease), Total | 80,400,000 | |||||||
Net Income (Loss) Attributable to Parent, Total | 56,794 | 72,835 | 157,967 | 211,758 | ||||
Other Comprehensive Income (Loss), Net of Tax, Total | (1,964) | 525 | 4,087 | 17,173 | ||||
Proceeds from Issuance of Common Stock, Dividend Reinvestment Plan | 2,573 | 2,522 | ||||||
Dividends, Common Stock, Cash | $ 24,682 | $ 24,701 | 74,014 | 74,422 | ||||
Payments for Repurchase of Common Stock | $ 12,880 | $ 36,301 |
Note 19 - Stockholders' Equit_3
Note 19 - Stockholders' Equity - Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Beginning balance, loss, net of tax | $ 2,342,448 | $ 2,199,297 | $ 2,294,283 | $ 2,121,866 |
Total other comprehensive (loss)/income, net of tax | (1,964) | 525 | 4,087 | 17,173 |
Ending balance, loss, net of tax | 2,374,723 | 2,245,894 | 2,374,723 | 2,245,894 |
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-sale, Parent [Member] | ||||
Beginning balance, loss, net of tax | 16,278 | 2,209 | 5,714 | (17,765) |
Net unrealized (losses)/gains arising during the period, pre-tax | (3,543) | 1,750 | 12,607 | 30,119 |
Net unrealized (losses)/gains arising during the period, tax | (1,047) | 517 | 3,727 | 8,903 |
Net unrealized (losses)/gains arising during the period, net of tax | (2,496) | 1,233 | 8,880 | 21,216 |
Reclassification adjustment for net losses/(gains) included in net income, pre-tax | 0 | (121) | 1,153 | (108) |
Reclassification adjustment for net losses/(gains) included in net income, tax | 0 | (36) | 341 | (32) |
Reclassification adjustment for net losses/(gains) included in net income, net of tax | 0 | (85) | 812 | (76) |
Total other comprehensive (loss)/income, pre-tax | (3,543) | 1,871 | 11,454 | 30,227 |
Total other comprehensive (loss)/income, tax | (1,047) | 553 | 3,386 | 8,935 |
Total other comprehensive (loss)/income, net of tax | (2,496) | 1,318 | 8,068 | 21,292 |
Ending balance, loss, net of tax | 13,782 | 3,527 | 13,782 | 3,527 |
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member] | ||||
Beginning balance, loss, net of tax | (7,925) | (3,567) | (3,412) | (241) |
Net unrealized (losses)/gains arising during the period, pre-tax | 755 | (1,126) | (5,652) | (5,848) |
Net unrealized (losses)/gains arising during the period, tax | 223 | (333) | (1,671) | (1,729) |
Net unrealized (losses)/gains arising during the period, net of tax | 532 | (793) | (3,981) | (4,119) |
Reclassification adjustment for net losses/(gains) included in net income, pre-tax | 0 | 0 | 0 | 0 |
Reclassification adjustment for net losses/(gains) included in net income, tax | 0 | 0 | 0 | 0 |
Reclassification adjustment for net losses/(gains) included in net income, net of tax | 0 | 0 | 0 | 0 |
Total other comprehensive (loss)/income, pre-tax | 755 | (1,126) | (5,652) | (5,848) |
Total other comprehensive (loss)/income, tax | 223 | (333) | (1,671) | (1,729) |
Total other comprehensive (loss)/income, net of tax | 532 | (793) | (3,981) | (4,119) |
Ending balance, loss, net of tax | (7,393) | (4,360) | (7,393) | (4,360) |
AOCI Attributable to Parent [Member] | ||||
Beginning balance, loss, net of tax | 8,353 | (1,358) | 2,302 | (18,006) |
Net unrealized (losses)/gains arising during the period, pre-tax | (2,788) | 624 | 6,955 | 24,271 |
Net unrealized (losses)/gains arising during the period, tax | (824) | 184 | 2,056 | 7,174 |
Net unrealized (losses)/gains arising during the period, net of tax | (1,964) | 440 | 4,899 | 17,097 |
Reclassification adjustment for net losses/(gains) included in net income, pre-tax | 0 | (121) | 1,153 | (108) |
Reclassification adjustment for net losses/(gains) included in net income, tax | 0 | (36) | 341 | (32) |
Reclassification adjustment for net losses/(gains) included in net income, net of tax | 0 | (85) | 812 | (76) |
Total other comprehensive (loss)/income, pre-tax | (2,788) | 745 | 5,802 | 24,379 |
Total other comprehensive (loss)/income, tax | (824) | 220 | 1,715 | 7,206 |
Total other comprehensive (loss)/income, net of tax | (1,964) | 525 | 4,087 | 17,173 |
Ending balance, loss, net of tax | $ 6,389 | $ (833) | $ 6,389 | $ (833) |
Note 20 - Stock Repurchase Pr_2
Note 20 - Stock Repurchase Program (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 8 Months Ended | 9 Months Ended | 17 Months Ended | |||
Mar. 31, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | May 07, 2019 | |
Treasury Stock, Value, Acquired, Cost Method | $ 4,692 | $ 12,880 | $ 36,301 | ||||
May 2019 Repurchase Program [Member] | |||||||
Stock Repurchase Program, Authorized Amount | $ 50,000 | ||||||
Treasury Stock, Shares, Acquired (in shares) | 400,000 | 741,934 | 1,141,934 | ||||
Treasury Stock, Value, Acquired, Cost Method | $ 12,900 | $ 26,400 | $ 39,300 | ||||
Treasury Stock Acquired, Average Cost Per Share (in dollars per share) | $ 32.20 | $ 35.59 | $ 34.40 |
Note 21 - Subsequent Events (De
Note 21 - Subsequent Events (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | Nov. 04, 2020 | Mar. 31, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 |
Treasury Stock, Value, Acquired, Cost Method | $ 4,692 | $ 12,880 | $ 36,301 | ||||
May 2019 Repurchase Program [Member] | |||||||
Treasury Stock, Shares, Acquired (in shares) | 400,000 | 741,934 | 1,141,934 | ||||
Treasury Stock, Value, Acquired, Cost Method | $ 12,900 | $ 26,400 | $ 39,300 | ||||
Treasury Stock Acquired, Average Cost Per Share (in dollars per share) | $ 32.20 | $ 35.59 | $ 34.40 | ||||
May 2019 Repurchase Program [Member] | Subsequent Event [Member] | |||||||
Treasury Stock, Shares, Acquired (in shares) | 120,000 | ||||||
Treasury Stock, Value, Acquired, Cost Method | $ 2,900 | ||||||
Treasury Stock Acquired, Average Cost Per Share (in dollars per share) | $ 24.19 | ||||||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 7,800 |