Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2023 | Oct. 31, 2023 | |
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 | 2023 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2023 | |
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 | 72,648,863 |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Assets | ||
Cash and due from banks | $ 145,580 | $ 195,440 |
Short-term investments and interest-bearing deposits | 1,017,354 | 966,962 |
Securities available-for-sale (amortized cost of $1,684,951 at September 30, 2023 and $1,622,173 at December 31, 2022) | 1,508,798 | 1,473,348 |
Loans | 19,023,822 | 18,254,024 |
Less: Allowance for loan losses | (154,619) | (146,485) |
Unamortized deferred loan fees, net | (9,521) | (6,641) |
Loans, net | 18,859,682 | 18,100,898 |
Equity securities | 31,456 | 22,158 |
Federal Home Loan Bank stock | 17,250 | 17,250 |
Other real estate owned, net | 14,407 | 4,067 |
Affordable housing investments and alternative energy partnerships, net | 332,903 | 327,128 |
Premises and equipment, net | 91,033 | 94,776 |
Customers’ liability on acceptances | 16,900 | 2,372 |
Accrued interest receivable | 90,875 | 82,428 |
Goodwill | 375,696 | 375,696 |
Other intangible assets, net | 4,725 | 5,757 |
Right-of-use assets - operating leases | 30,586 | 29,627 |
Other assets | 307,284 | 250,069 |
Total assets | 22,844,529 | 21,947,976 |
Deposits: | ||
Non-interest-bearing demand deposits | 3,623,483 | 4,168,989 |
Interest-bearing deposits: | ||
NOW deposits | 2,454,878 | 2,509,736 |
Money market deposits | 3,222,612 | 3,812,724 |
Savings deposits | 1,131,352 | 1,000,460 |
Time deposits | 9,203,263 | 7,013,370 |
Total deposits | 19,635,588 | 18,505,279 |
Advances from the Federal Home Loan Bank | 15,000 | 485,000 |
Other borrowings of affordable housing investments | 22,374 | 22,600 |
Long-term debt | 119,136 | 119,136 |
Acceptances outstanding | 16,900 | 2,372 |
Lease liabilities - operating leases | 32,962 | 32,518 |
Other liabilities | 363,833 | 307,031 |
Total liabilities | 20,205,793 | 19,473,936 |
Commitments and contingencies | 0 | 0 |
Stockholders’ Equity | ||
Common stock, $0.01 par value, 100,000,000 shares authorized; 91,310,545 issued and 72,586,992 outstanding at September 30, 2023, and 91,090,614 issued and 72,742,151 outstanding at December 31, 2022 | 913 | 911 |
Additional paid-in-capital | 986,074 | 981,119 |
Accumulated other comprehensive loss, net | (123,533) | (102,295) |
Retained earnings | 2,442,516 | 2,244,856 |
Treasury stock, at cost (18,723,553 shares at September 30, 2023, and 18,348,463 shares at December 31, 2022) | (667,234) | (650,551) |
Total equity | 2,638,736 | 2,474,040 |
Total liabilities and equity | $ 22,844,529 | $ 21,947,976 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Securities available-for-sale, amortized cost | $ 1,684,951 | $ 1,622,173 |
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) | 91,310,545 | 91,090,614 |
Common stock, shares outstanding (in shares) | 72,586,992 | 72,742,151 |
Treasury stock, shares (in shares) | 18,723,553 | 18,348,463 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Interest and Dividend Income | ||||
Loans receivable | $ 293,108 | $ 211,541 | $ 827,765 | $ 558,657 |
Investment securities | 12,698 | 7,483 | 36,832 | 18,059 |
Federal Home Loan Bank stock | 355 | 258 | 957 | 774 |
Deposits with banks | 17,307 | 6,732 | 43,405 | 10,003 |
Total interest and dividend income | 323,468 | 226,014 | 908,959 | 587,493 |
Interest Expense | ||||
Time deposits | 90,022 | 10,218 | 234,171 | 22,002 |
Other deposits | 38,207 | 13,871 | 92,683 | 25,894 |
Advances from Federal Home Loan Bank | 6,779 | 2,941 | 14,875 | 3,396 |
Long-term debt | 1,726 | 1,455 | 4,721 | 4,318 |
Short-term debt | 1,094 | 0 | 2,901 | 0 |
Total interest expense | 137,828 | 28,485 | 349,351 | 55,610 |
Net interest income before provision for credit losses | 185,640 | 197,529 | 559,608 | 531,883 |
Provision for credit losses | (7,000) | (2,000) | (24,255) | (13,143) |
Net interest income after provision for credit losses | 178,640 | 195,529 | 535,353 | 518,740 |
Non-Interest Income | ||||
Net (losses)/gains from equity securities | (6,218) | (3,661) | 9,298 | 1,358 |
Securities losses, net | 0 | 0 | (3,000) | 0 |
Letters of credit commissions | 1,738 | 1,609 | 4,972 | 4,767 |
Other operating income | 5,631 | 6,054 | 16,226 | 21,114 |
Total non-interest income | 7,837 | 9,876 | 45,191 | 44,726 |
Non-Interest Expense | ||||
Salaries and employee benefits | 38,774 | 34,677 | 114,048 | 107,453 |
Occupancy expense | 5,851 | 5,975 | 16,883 | 17,150 |
Computer and equipment expense | 4,387 | 3,509 | 12,899 | 9,762 |
Professional services expense | 7,906 | 6,337 | 24,212 | 20,738 |
Data processing service expense | 3,614 | 3,484 | 11,010 | 9,813 |
FDIC and regulatory assessments | 3,063 | 2,003 | 9,230 | 5,999 |
Marketing expense | 1,587 | 2,005 | 4,777 | 4,692 |
Other real estate owned expense | 435 | 55 | 566 | 93 |
Amortization of investments in low income housing and alternative energy partnerships | 23,157 | 11,949 | 60,497 | 27,471 |
Amortization of core deposit intangibles | 250 | 250 | 1,059 | 724 |
Acquisition, integration and restructuring costs | 0 | 59 | 0 | 4,086 |
Other operating expense | 4,949 | 5,085 | 14,799 | 14,227 |
Total non-interest expense | 93,973 | 75,388 | 269,980 | 222,208 |
Income before income tax expense | 92,504 | 130,017 | 310,564 | 341,258 |
Income tax expense | 10,133 | 30,982 | 38,966 | 78,217 |
Net income | 82,371 | 99,035 | 271,598 | 263,041 |
Other Comprehensive Income/(Loss), net of tax | ||||
Net holding losses on securities available-for-sale | (24,043) | (43,191) | (19,915) | (115,612) |
Net holding (losses)/gains on cash flow hedge derivatives | (441) | 1,645 | (1,323) | 5,803 |
Total other comprehensive loss, net of tax | (24,484) | (41,546) | (21,238) | (109,809) |
Total other comprehensive income | $ 57,887 | $ 57,489 | $ 250,360 | $ 153,232 |
Net Income Per Common Share: | ||||
Basic (in dollars per share) | $ 1.14 | $ 1.34 | $ 3.74 | $ 3.52 |
Diluted (in dollars per share) | 1.13 | 1.33 | 3.73 | 3.5 |
Cash dividends paid per common share (in dollars per share) | $ 0.34 | $ 0.34 | $ 1.02 | $ 1.02 |
Average Common Shares Outstanding: | ||||
Basic (in shares) | 72,568,518 | 73,956,052 | 72,546,149 | 74,743,941 |
Diluted (in shares) | 72,890,414 | 74,242,052 | 72,847,907 | 75,068,232 |
Deposit Account [Member] | ||||
Non-Interest Income | ||||
Non-Interest Income | $ 1,536 | $ 1,690 | $ 5,009 | $ 4,993 |
Asset Management [Member] | ||||
Non-Interest Income | ||||
Non-Interest Income | $ 5,150 | $ 4,184 | $ 12,686 | $ 12,494 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($) $ in Thousands | Common Stock Outstanding [Member] | Additional Paid-in Capital [Member] | AOCI Attributable to Parent [Member] | Retained Earnings [Member] | Treasury Stock, Common [Member] | Total |
Balance (in shares) at Dec. 31, 2021 | 75,750,862 | |||||
Beginning balance, loss, net of tax at Dec. 31, 2021 | $ 909 | $ 972,474 | $ (3,065) | $ 1,985,168 | $ (509,235) | $ 2,446,251 |
Dividend Reinvestment Plan (in shares) | 65,142 | |||||
Dividend Reinvestment Plan | $ 1 | 2,791 | 0 | 0 | 0 | 2,792 |
Restricted stock units vested (in shares) | 110,641 | |||||
Restricted stock units vested | $ 1 | 0 | 0 | 0 | 0 | 1 |
Shares withheld related to net share settlement of RSUs | 0 | (2,864) | 0 | 0 | 0 | (2,864) |
Purchases of treasury stock | 0 | 0 | 0 | 0 | (109,774) | (109,774) |
Stock-based compensation | 0 | 5,183 | 0 | 0 | 0 | 5,183 |
Cash dividends | 0 | 0 | 0 | (76,111) | 0 | (76,111) |
Other comprehensive income/(loss) | 0 | 0 | (109,809) | 0 | 0 | (109,809) |
Net income | $ 0 | 0 | 0 | 263,041 | 0 | 263,041 |
Purchases of treasury stock (in shares) | (2,534,465) | |||||
Stock issued to directors (in shares) | 19,780 | |||||
Stock issued to directors | $ 0 | 849 | 0 | 0 | 0 | 849 |
Other comprehensive loss | $ 0 | 0 | (109,809) | 0 | 0 | (109,809) |
Balance (in shares) at Sep. 30, 2022 | 73,411,960 | |||||
Ending balance, loss, net of tax at Sep. 30, 2022 | $ 911 | 978,433 | (112,874) | 2,172,098 | (619,009) | 2,419,559 |
Balance (in shares) at Dec. 31, 2021 | 75,750,862 | |||||
Beginning balance, loss, net of tax at Dec. 31, 2021 | $ 909 | 972,474 | (3,065) | 1,985,168 | (509,235) | 2,446,251 |
Shares withheld related to net share settlement of RSUs | (3,500) | |||||
Purchases of treasury stock | (16,700) | |||||
Balance (in shares) at Sep. 30, 2023 | 72,586,992 | |||||
Ending balance, loss, net of tax at Sep. 30, 2023 | $ 913 | 986,074 | (123,533) | 2,442,516 | (667,234) | 2,638,736 |
Balance (in shares) at Jun. 30, 2022 | 74,421,884 | |||||
Beginning balance, loss, net of tax at Jun. 30, 2022 | $ 910 | 976,547 | (71,328) | 2,098,122 | (572,719) | 2,431,532 |
Dividend Reinvestment Plan (in shares) | 21,880 | |||||
Dividend Reinvestment Plan | $ 1 | 919 | 0 | 0 | 0 | 920 |
Restricted stock units vested (in shares) | 47,736 | |||||
Restricted stock units vested | $ 0 | 0 | 0 | 0 | 0 | 0 |
Shares withheld related to net share settlement of RSUs | 0 | (849) | 0 | 0 | 0 | (849) |
Purchases of treasury stock | 0 | 0 | 0 | 0 | (46,290) | (46,290) |
Stock-based compensation | 0 | 1,816 | 0 | 0 | 0 | 1,816 |
Cash dividends | 0 | 0 | 0 | (25,059) | 0 | (25,059) |
Other comprehensive income/(loss) | 0 | 0 | (41,546) | 0 | 0 | (41,546) |
Net income | $ 0 | 0 | 0 | 99,035 | 0 | 99,035 |
Purchases of treasury stock (in shares) | (1,079,540) | |||||
Other comprehensive loss | $ 0 | 0 | (41,546) | 0 | 0 | (41,546) |
Balance (in shares) at Sep. 30, 2022 | 73,411,960 | |||||
Ending balance, loss, net of tax at Sep. 30, 2022 | $ 911 | 978,433 | (112,874) | 2,172,098 | (619,009) | 2,419,559 |
Balance (in shares) at Dec. 31, 2022 | 72,742,151 | |||||
Beginning balance, loss, net of tax at Dec. 31, 2022 | $ 911 | 981,119 | (102,295) | 2,244,856 | (650,551) | 2,474,040 |
Dividend Reinvestment Plan (in shares) | 73,269 | |||||
Dividend Reinvestment Plan | $ 1 | 2,698 | 0 | 0 | 0 | 2,699 |
Restricted stock units vested (in shares) | 121,302 | |||||
Restricted stock units vested | $ 1 | 0 | 0 | 0 | 0 | 1 |
Shares withheld related to net share settlement of RSUs | 0 | (3,538) | 0 | 0 | 0 | (3,538) |
Purchases of treasury stock | 0 | 0 | 0 | 0 | (16,683) | (16,683) |
Stock-based compensation | 0 | 4,945 | 0 | 0 | 0 | 4,945 |
Cash dividends | 0 | 0 | 0 | (73,938) | 0 | (73,938) |
Other comprehensive income/(loss) | 0 | 0 | (21,238) | 0 | 0 | (21,238) |
Net income | $ 0 | 0 | 0 | 271,598 | 0 | 271,598 |
Purchases of treasury stock (in shares) | (375,090) | |||||
Stock issued to directors (in shares) | 25,360 | |||||
Stock issued to directors | $ 0 | 850 | 0 | 0 | 0 | 850 |
Other comprehensive loss | $ 0 | 0 | (21,238) | 0 | 0 | (21,238) |
Balance (in shares) at Sep. 30, 2023 | 72,586,992 | |||||
Ending balance, loss, net of tax at Sep. 30, 2023 | $ 913 | 986,074 | (123,533) | 2,442,516 | (667,234) | 2,638,736 |
Balance (in shares) at Jun. 30, 2023 | 72,563,169 | |||||
Beginning balance, loss, net of tax at Jun. 30, 2023 | $ 913 | 983,233 | (99,049) | 2,384,817 | (667,243) | 2,602,671 |
Dividend Reinvestment Plan (in shares) | 23,397 | |||||
Dividend Reinvestment Plan | $ 0 | 865 | 0 | 0 | 0 | 865 |
Restricted stock units vested (in shares) | 426 | |||||
Restricted stock units vested | $ 0 | 0 | 0 | 0 | 0 | 0 |
Shares withheld related to net share settlement of RSUs | 0 | (11) | 0 | 0 | 0 | (11) |
Purchases of treasury stock | 0 | 0 | 0 | 0 | (9) | (9) |
Stock-based compensation | 0 | 1,987 | 0 | 0 | 0 | 1,987 |
Cash dividends | 0 | 0 | 0 | (24,672) | 0 | (24,672) |
Other comprehensive income/(loss) | 0 | 0 | (24,484) | 0 | 0 | (24,484) |
Net income | 0 | 0 | 0 | 82,371 | 0 | 82,371 |
Other comprehensive loss | $ 0 | 0 | (24,484) | 0 | 0 | (24,484) |
Balance (in shares) at Sep. 30, 2023 | 72,586,992 | |||||
Ending balance, loss, net of tax at Sep. 30, 2023 | $ 913 | $ 986,074 | $ (123,533) | $ 2,442,516 | $ (667,234) | $ 2,638,736 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Stockholders' Equity (Unaudited) (Parentheticals) - $ / shares | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Retained Earnings [Member] | |||
Cash dividends (in dollars per share) | $ 0.34 | $ 1.02 | $ 1.02 |
Cash dividends (in dollars per share) | $ 0.34 | $ 1.02 | $ 1.02 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Cash Flows from Operating Activities | ||
Net income | $ 271,598 | $ 263,041 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Provision for credit losses | 24,255 | 13,143 |
Deferred tax benefit | (12,079) | (713) |
Depreciation and amortization | 6,402 | 6,847 |
Amortization of right-of-use asset | 7,258 | 7,446 |
Change in operating lease liabilities | 444 | (3,216) |
Net gains on sale and transfer of other real estate owned | 0 | (6) |
Net gains on sale of loans | 0 | (1) |
Proceeds from sales of loans | 0 | 33 |
Loss on sales or disposal of fixed assets | 6 | 46 |
Amortization on alternative energy partnerships, venture capital and other investments | 60,497 | 27,471 |
Net gain on sales of equity securities | (14) | (101) |
Amortization/accretion of security premiums/discounts, net | (5,729) | 2,875 |
Unrealized gain on equity securities | (9,298) | (1,257) |
Write-off of AFS debt securities | 3,000 | 0 |
Stock-based compensation and stock issued to officers as compensation | 5,795 | 6,032 |
Net change in accrued interest receivable and other assets | (61,019) | (81,025) |
Net change in other liabilities | 27,813 | 125,345 |
Net cash provided by operating activities | 318,929 | 365,960 |
Cash Flows from Investing Activities | ||
Purchase of investment securities available-for-sale | (472,303) | (583,992) |
Proceeds from repayments, maturities and calls of investment securities available-for-sale | 412,268 | 130,673 |
Proceeds from sale of equity securities | 0 | 553 |
Benefits received from bank owned life insurance policies | 0 | 4,013 |
Purchase of Federal Home Loan Bank stock | (21,550) | (9,776) |
Redemption of Federal Home Loan Bank stock | 21,550 | 9,776 |
Net increase in loans | (789,465) | (1,122,519) |
Purchase of premises and equipment | (1,633) | (3,093) |
Proceeds from sales of other real estate owned | 0 | 307 |
Net increase in investment in affordable housing and alternative energy partnerships | (36,076) | (107) |
Acquisition, net of cash acquired | 0 | (73,882) |
Net cash used for investing activities | (887,209) | (1,648,047) |
Cash Flows from Financing Activities | ||
Increase/(decrease) in deposits | 1,130,271 | (58,316) |
Net Advances from Federal Home Loan Bank | (470,000) | 340,000 |
Cash dividends paid | (73,938) | (76,111) |
Purchases of treasury stock | (16,683) | (109,774) |
Proceeds from shares issued under Dividend Reinvestment Plan | 2,700 | 2,793 |
Taxes paid related to net share settlement of RSUs | (3,538) | (2,864) |
Net cash provided by financing activities | 568,812 | 95,728 |
Increase/(decrease) in cash, cash equivalents, and restricted cash | 532 | (1,186,359) |
Cash, cash equivalents, and restricted cash, beginning of the period | 1,162,402 | 2,449,704 |
Cash, cash equivalents, and restricted cash, end of the period | 1,162,934 | 1,263,345 |
Supplemental disclosure of cash flow information | ||
Interest | 336,722 | 52,147 |
Income taxes paid | 60,332 | 59,981 |
Non-cash investing and financing activities: | ||
Net change in unrealized holding loss on securities available-for-sale, net of tax | (19,915) | (115,612) |
Net change in unrealized holding (loss)/gain on cash flow hedge derivatives | (1,323) | 5,803 |
Loans transferred from held-for-investment to held-for-sale | 0 | 32 |
Transfers to other real estate owned from loans held-for-investment | $ 6,264 | $ 0 |
Note 1 - Business
Note 1 - Business | 9 Months Ended |
Sep. 30, 2023 | |
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 limited partnerships investing in affordable housing investments in which the Bank is the sole limited partner, and GBC Venture Capital, Inc. Bancorp also owns 100% of the common stock of five 1962 September 30, 2023 not |
Note 2 - Business Combinations
Note 2 - Business Combinations | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | 2. The Company’s subsidiary bank, Cathay Bank completed the purchase of HSBC Bank USA, National Association’s West Coast mass retail market consumer banking business and retail business banking business on February 7, 2022. The assets and liabilities, both tangible and intangible, were recorded at their estimated fair values as of the February 7, 2022 The fair value of the assets and the liabilities acquired as of February 7, 2022 Balance Sheet (In thousands) Assets: Cash and cash equivalents $ 473 Loans 641,839 Right-of-use assets - operating leases 6,453 Core deposit intangible 3,138 Other 561 Total assets $ 652,464 Liabilities assumed: Deposits $ 575,163 Lease liabilities 6,453 Total liabilities assumed $ 581,616 Net assets acquired $ 70,848 Total cash paid at closing $ 74,355 Goodwill $ 3,507 |
Note 3 - Basis of Presentation
Note 3 - Basis of Presentation and Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 3. The accompanying unaudited 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, 2023. 10 December 31, 2022 February 28, 2023 ( “2022 10 The preparation of the 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 Consolidated Financial Statements. Actual results could differ from those estimates. The Company expects that the most significant estimate subject to change is the allowance for loan losses. Net income per common share previously reported for the third 2022 Significant Accounting Policies Update Loan Modifications to Borrowers Experiencing Financial Difficulties Certain loans are modified in the normal course of business for competitive reasons or in conjunction with the Company’s loss mitigation activities. Upon the adoption of ASU 2022 02, two 1 2 not may may ote 9 Loans, 10Q. |
Note 4 - Recent Accounting Pron
Note 4 - Recent Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Accounting Standards Update and Change in Accounting Principle [Text Block] | 4. Accounting Standards Adopted in 2023 In March 2022, 2022 02, 326 2022 02 310 40, 2022 02 326 20, 2022 02 January 1, 2023. 9. In March 2022, 2022 01, 815 not 2022 01 one 2022 01 2022 01 January 1, 2023. 2022 01 not Other Accounting Standards Pending Adoption In March 2023, 2023 02, 323 2023 02 2023 02 December 15, 2023. 2023 02 not In June 2022, 2022 03, 820 2022 03 not not 2022 03 2022 03 January 1, 2024 2022 03 not |
Note 5 - Cash, Cash Equivalents
Note 5 - Cash, Cash Equivalents and Restricted Cash | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Cash and Cash Equivalents Disclosure [Text Block] | 5. The Company manages its cash and cash equivalents based upon the Company’s operating, investment, and financing activities. Cash and cash equivalents, for the purposes of reporting cash flows, consist of cash and due from banks, short-term investments, and interest-bearing deposits. Cash and due from banks include cash on hand, cash items in transit, cash due from the Federal Reserve Bank of San Francisco (“FRBSF”) and other financial institutions. Short-term investments and interest-bearing deposits include cash placed with other banks with original maturity of three The Company had average excess balance with FRBSF of $1.10 billion as of September 30, 2023 December 31, 2022 September 30, 2023 December 31, 2022 September 30, 2023 December 31, 2022 |
Note 6 - Earnings Per Share
Note 6 - Earnings Per Share | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 6. 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 common 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, 2023 2022 2023 2022 (In thousands, except share and per share data) Net income $ 82,371 $ 99,035 $ 271,598 $ 263,041 Weighted-average shares: Basic weighted-average number of common shares outstanding 72,568,518 73,956,052 72,546,149 74,743,941 Dilutive effect of weighted-average outstanding common share equivalents: RSUs 321,896 286,000 301,758 324,291 Diluted weighted-average number of common shares outstanding 72,890,414 74,242,052 72,847,907 75,068,232 Average restricted stock units with anti-dilutive effect — 13,534 2,098 48,073 Earnings per common share: Basic $ 1.14 $ 1.34 $ 3.74 $ 3.52 Diluted $ 1.13 $ 1.33 $ 3.73 $ 3.50 |
Note 7 - Stock-based Compensati
Note 7 - Stock-based Compensation | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Share-Based Payment Arrangement [Text Block] | 7. 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 and to a maximum of 150% of the target. The amount of performance-based RSUs that are eligible to vest is determined at the end of each performance period and is then added together to determine the total number of performance shares that are eligible to vest. Performance-based RSUs generally cliff vest 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, 2023 Time-Based RSUs Performance-Based RSUs Weighted-Average Weighted-Average Grant Date Grant Date Shares Fair Value Shares Fair Value Balance at December 31, 2022 202,059 $ 33.29 362,965 $ 31.56 Granted 85,120 37.97 123,504 38.41 Vested (2,381 ) 35.19 (136,808 ) 34.21 Forfeited (1,774 ) 42.52 — — Balance at September 30, 2023 283,024 $ 34.62 349,661 $ 32.94 The compensation expense recorded for RSUs was $2.0 million and $1.8 million for the three September 30, 2023 2022 nine September 30, 2023 2022 September 30, 2023 2022 September 30, 2023 As of September 30, 2023 2005 |
Note 8 - Investment Securities
Note 8 - Investment Securities | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | 8. 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, 2023 December 31, 2022 September 30, 2023 Gross Gross Amortized Unrealized Unrealized Cost Gains Losses Fair Value (In thousands) Securities Available-for-Sale U.S. treasury securities $ 392,956 $ 41 $ 155 $ 392,842 U.S. government agency entities 51,018 144 161 51,001 U.S. government sponsored entities 33,709 — 89 33,620 Mortgage-backed securities 916,719 42 154,958 761,803 Collateralized mortgage obligations 32,015 — 4,317 27,698 Corporate debt securities 248,534 — 16,662 231,872 Foreign debt securities 10,000 — 38 9,962 Total $ 1,684,951 $ 227 $ 176,380 $ 1,508,798 December 31, 2022 Gross Gross Amortized Unrealized Unrealized Cost Gains Losses Fair Value (In thousands) Securities Available-for-Sale U.S. treasury securities $ 241,611 $ — $ 1,111 $ 240,500 U.S. government agency entities 63,347 384 121 63,610 U.S. government sponsored entities 30,000 — — 30,000 Mortgage-backed securities 993,883 194 126,983 867,094 Collateralized mortgage obligations 34,552 — 3,491 31,061 Corporate debt securities 258,780 112 17,809 241,083 Total $ 1,622,173 $ 690 $ 149,515 $ 1,473,348 As of September 30, 2023 see Note 1 Summary of Significant Accounting Policies Securities Available for Sale Allowance for Credit Losses on Available for Sale Securities 2022 10 The amortized cost and fair value of securities available-for-sale as of September 30, 2023 may may September 30, 2023 Securities Available-For-Sale Amortized Cost Fair Value (In thousands) Due in one year or less $ 442,957 $ 442,208 Due after one year through five years 241,407 225,644 Due after five years through ten years 154,327 142,157 Due after ten years 846,260 698,789 Total $ 1,684,951 $ 1,508,798 Equity Securities three September 30, 2023 three September 30, 2022 nine September 30, 2023 nine September 30, 2022 September 30, 2023 December 31, 2022 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, 2023 December 31, 2022 September 30, 2023 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. treasury securities $ 49,153 $ 126 $ 49,804 $ 29 $ 98,957 $ 155 U.S. government agency entities 17,698 39 1,487 122 19,185 161 U.S. government sponsored entities 33,621 89 — — 33,621 89 Mortgage-backed securities 17,695 642 743,568 154,316 761,263 154,958 Collateralized mortgage obligations — — 27,698 4,317 27,698 4,317 Corporate debt securities 68,285 1,715 163,586 14,947 231,871 16,662 Foreign debt securities 9,962 38 — — 9,962 38 Total $ 196,414 $ 2,649 $ 986,143 $ 173,731 $ 1,182,557 $ 176,380 December 31, 2022 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. treasury securities $ 240,500 $ 1,111 $ — $ — $ 240,500 $ 1,111 U.S. government agency entities — — 1,806 121 1,806 121 Mortgage-backed securities 394,123 33,042 452,739 93,941 846,862 126,983 Collateralized mortgage obligations 24,427 1,614 6,634 1,877 31,061 3,491 Corporate debt securities 109,995 3,256 100,977 14,553 210,972 17,809 Total $ 769,045 $ 39,023 $ 562,156 $ 110,492 $ 1,331,201 $ 149,515 As of September 30, 2023 no December 31, 2022 no In March 2023, Allowance for Credit Losses The securities that were in an unrealized loss position at September 30, 2023 see Note 1 Summary of Significant Accounting Policies - Allowance for Credit Losses on Available for Sale Securities 2022 10 The Company concluded the unrealized losses were primarily attributed to yield curve movement, together with widened liquidity spreads and credit spreads. The issuers have not, no not September 30, 2023 three nine September 30, 2023 Securities available-for-sale having a carrying value of $132.2 million and $145.7 million as of September 30, 2023 December 31, 2022 |
Note 9 - Loans
Note 9 - Loans | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | 9. Most of the Company’s business activities are with clients 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 clients in Hong Kong. The Company has no The types of loans in the Company’s Consolidated Balance Sheets as of September 30, 2023 December 31, 2022 September 30, 2023 December 31, 2022 (In thousands) Commercial loans $ 3,090,609 $ 3,318,778 Real estate construction loans 474,294 559,372 Commercial mortgage loans 9,511,805 8,793,685 Residential mortgage loans 5,685,844 5,252,952 Equity lines 253,826 324,548 Installment and other loans 7,444 4,689 Gross loans $ 19,023,822 $ 18,254,024 Allowance for loan losses (154,619 ) (146,485 ) Unamortized deferred loan fees, net (9,521 ) (6,641 ) Total loans, net $ 18,859,682 $ 18,100,898 As of September 30, 2023 December 31, 2022 September 30, 2023 December 31, 2022 The following tables present the average recorded investment and interest income recognized on non-accrual loans for the period indicated: Three Months Ended Nine Months Ended September 30, 2023 September 30, 2023 Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized (In thousands) Commercial loans $ 13,147 $ 5 $ 18,982 $ 10 Real estate construction loans 11,266 — 3,797 — Commercial mortgage loans 37,046 74 37,446 244 Residential mortgage loans and equity lines 13,214 — 11,652 — Installment and other loans — — 1 — Total non-accrual loans $ 74,673 $ 79 $ 71,878 $ 254 Three Months Ended Nine Months Ended September 30, 2022 September 30, 2022 Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized (In thousands) Commercial loans $ 26,809 $ — $ 28,691 $ — Commercial mortgage loans 18,861 191 28,878 508 Residential mortgage loans and equity lines 16,743 7 14,838 20 Installment and other loans 61 — 35 — Total non-accrual loans $ 62,474 $ 198 $ 72,442 $ 528 The following table presents non-accrual loans and the related allowance as of September 30, 2023 December 31, 2022 September 30, 2023 Unpaid Principal Balance Recorded Investment Allowance (In thousands) With no allocated allowance: Commercial loans $ 26,116 $ 14,661 $ — Real estate construction loans 7,737 7,737 — Commercial mortgage loans 42,020 32,539 — Residential mortgage loans and equity lines 13,582 13,138 — Subtotal $ 89,455 $ 68,075 $ — With allocated allowance: Real estate construction loans $ 9,255 $ 9,255 $ 4,221 Total non-accrual loans $ 98,710 $ 77,330 $ 4,221 December 31, 2022 Unpaid Principal Balance Recorded Investment Allowance (In thousands) With no allocated allowance: Commercial loans $ 27,341 $ 12,949 $ — Commercial mortgage loans 37,697 32,205 — Residential mortgage loans and equity lines 9,626 8,978 — Installment and other loans 9 8 — Subtotal $ 74,673 $ 54,140 $ — With allocated allowance: Commercial loans $ 14,643 $ 12,823 $ 3,734 Commercial mortgage loans 1,896 1,891 207 Subtotal $ 16,539 $ 14,714 $ 3,941 Total non-accrual loans $ 91,212 $ 68,854 $ 3,941 The following tables present the aging of the loan portfolio by type as of September 30, 2023 December 31, 2022 September 30, 2023 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) Type of Loans: Commercial loans $ 6,835 $ 3,634 $ 1,204 $ 14,661 $ 26,334 $ 3,064,275 $ 3,090,609 Real estate construction loans — — — 16,992 16,992 457,302 474,294 Commercial mortgage loans 3,246 6,357 720 32,539 42,862 9,468,943 9,511,805 Residential mortgage loans and equity lines 4,663 10,681 — 13,138 28,482 5,911,188 5,939,670 Installment and other loans 6 — — — 6 7,438 7,444 Total loans $ 14,750 $ 20,672 $ 1,924 $ 77,330 $ 114,676 $ 18,909,146 $ 19,023,822 December 31, 2022 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) Type of Loans: Commercial loans $ 8,192 $ 3,235 $ 10,208 $ 25,772 $ 47,407 $ 3,271,371 $ 3,318,778 Real estate construction loans — — — — — 559,372 559,372 Commercial mortgage loans 25,772 — 1,372 34,096 61,240 8,732,445 8,793,685 Residential mortgage loans and equity lines 47,043 5,685 — 8,978 61,706 5,515,794 5,577,500 Installment and other loans 5 1 — 8 14 4,675 4,689 Total loans $ 81,012 $ 8,921 $ 11,580 $ 68,854 $ 170,367 $ 18,083,657 $ 18,254,024 The Company has adopted ASU 2022 02, January 1, 2023. Under the new guidance on loan modifications made to borrowers experiencing financial difficulty, when a loan held for investment is modified and is considered to be a continuation of the original loan, the Company uses the post-modification contractual rate to derive the effective interest rate when using a discounted cash flow method to determine the allowance for credit loss. The amendments in this new guidance eliminate the previous TDR recognition and measurement guidance and, instead, require that an entity evaluate whether the modification represents a new loan or a continuation of an existing loan. Under the prior TDR guidance, 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 six The allowance for credit loss on a TDR was measured using the same method as all other loans held for investment, except when the value of a concession could not Upon adoption of ASU 2022 02, not 2022 02 If economic conditions or other factors worsen relative to the assumptions the Company utilized, the expected loan losses will increase accordingly in future periods. As of December 31, 2022 December 31, 2022 The following tables set forth TDRs that were modified during the three nine September 30, 2022 Three Months Ended September 30, 2022 September 30, 2022 No. of Contracts Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment Charge-offs Specific Reserve (In thousands) Commercial loans 2 $ 2,572 $ 2,572 $ — $ — Residential mortgage loans and equity lines 4 1,466 1,442 — 3 Total 6 $ 4,038 $ 4,014 $ — $ 3 Nine Months Ended September 30, 2022 September 30, 2022 No. of Contracts Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment Charge-offs Specific Reserve (In thousands) Commercial loans 4 $ 6,115 $ 6,115 $ — $ 2,566 Commercial Mortgage loans 2 $ 2,572 $ 2,572 $ — $ — Residential mortgage loans and equity lines 8 2,190 2,162 — 4 Total 14 $ 10,877 $ 10,849 $ — $ 2,570 Modifications of the loan terms in the three nine September 30, 2023 The following table presents the amortized cost of loans modified to borrowers experiencing financial difficulty disaggregated by class of financing receivable and type of concession granted and the financial effects of the modifications for the three nine September 30, 2023 Three Months Ended September 30, 2023 Financial Effects of Loan Modifications Term Extension Combo-Rate Reduction/Term Extension/Payment Delay Total Modification as a % of Loan Class Weighted-Average Rate Reduction Weighted-Average Term Extension (in Years) Weighted-Average Payment Deferral (in Years) (In thousands) Loan Type Commercial loans $ 1,489 $ 1,164 $ 2,653 0.09 % 0.94 0.80 0.40 Total $ 1,489 $ 1,164 $ 2,653 Nine Months Ended September 30, 2023 Financial Effects of Loan Modifications Term Extension Combo-Rate Reduction/Term Extension/Payment Delay Total Modification as a % of Loan Class Weighted-Average Rate Reduction Weighted-Average Term Extension (in Years) Weighted-Average Payment Deferral (in Years) (In thousands) Loan Type Commercial loans $ 1,489 $ 1,199 $ 2,688 0.09 % 1.27 0.80 0.39 Total $ 1,489 $ 1,199 $ 2,688 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 tracks the performance of modified loans. A modified loan may may three nine September 30, 2023 The following table presents the performance of loans that were modified during the three nine September 30, 2023 Three Months Ended September 30, 2023 Current 30–89 Days Past Due 90+ Days Past Due Total (In thousands) Loan Type Commercial loans $ 2,653 $ — $ — $ 2,653 Total $ 2,653 $ — $ — $ 2,653 Nine Months Ended September 30, 2023 Current 30–89 Days Past Due 90+ Days Past Due Total (In thousands) Loan Type Commercial loans $ 2,688 $ — $ — $ 2,688 Total $ 2,688 $ — $ — $ 2,688 A summary of TDRs by type of concession and by type of loan, as of December 31, 2022 December 31, 2022 Payment Deferral Rate Reduction Rate Reduction and Payment Deferral Total (In thousands) Accruing TDRs: Commercial loans $ 2,588 $ — $ — $ 2,588 Commercial mortgage loans 2,791 — 5,855 8,646 Residential mortgage loans 2,181 445 1,285 3,911 Total accruing TDRs $ 7,560 $ 445 $ 7,140 $ 15,145 December 31, 2022 Payment Deferral Rate Reduction Rate Reduction and Payment Deferral Total (In thousands) Non-accrual TDRs: Commercial loans $ 3,629 $ — $ — $ 3,629 Commercial mortgage loans 1,098 — — 1,098 Residential mortgage loans 1,621 — — 1,621 Total non-accrual TDRs $ 6,348 $ — $ — $ 6,348 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, 2023 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. Loans are risk rated based on analysis of the current state of the borrower’s credit quality. The analysis of credit quality includes a review of sources of repayment, the borrower’s current financial and liquidity status and other relevant information. 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 table summarizes the Company’s loans held for investment as of September 30, 2023 December 31, 2022 Loans Amortized Cost Basis by Origination Year September 30, 2023 2023 2022 2021 2020 2019 Prior Revolving Loans Revolving Converted to Term Loans Total (In thousands) Commercial loans Pass/Watch $ 259,326 $ 387,990 $ 357,365 $ 113,463 $ 90,879 $ 155,766 $ 1,568,766 $ 7,175 $ 2,940,730 Special Mention 4,188 2,083 8,582 29,311 915 773 53,164 — 99,016 Substandard 166 524 11,450 165 768 5,753 29,709 222 48,757 Total $ 263,680 $ 390,597 $ 377,397 $ 142,939 $ 92,562 $ 162,292 $ 1,651,639 $ 7,397 $ 3,088,503 YTD gross write-offs $ — $ 276 $ 760 $ 245 $ 3,672 $ 6,043 $ 1,521 $ — $ 12,517 Real estate construction loans Pass/Watch $ 22,304 $ 118,205 $ 218,002 $ 44,627 $ 16,533 $ 3,132 $ — $ — $ 422,803 Special Mention 1,482 — 8,248 — — 22,998 — — 32,728 Substandard — — — — 7,736 9,255 — — 16,991 Total $ 23,786 $ 118,205 $ 226,250 $ 44,627 $ 24,269 $ 35,385 $ — $ — $ 472,522 YTD gross write-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — Commercial mortgage loans Pass/Watch $ 1,626,562 $ 2,005,931 $ 1,617,398 $ 923,929 $ 1,032,298 $ 1,855,014 $ 186,502 $ — $ 9,247,634 Special Mention 34,868 19,097 34,891 3,330 16,198 34,985 1,399 — 144,768 Substandard — 11,937 12,247 5,526 17,376 62,260 2,671 — 112,017 Total $ 1,661,430 $ 2,036,965 $ 1,664,536 $ 932,785 $ 1,065,872 $ 1,952,259 $ 190,572 $ — $ 9,504,419 YTD gross write-offs $ — $ — $ 207 $ — $ 969 $ 4,165 $ — $ — $ 5,341 Residential mortgage loans Pass/Watch $ 847,550 $ 1,147,491 $ 920,385 $ 538,989 $ 557,098 $ 1,652,948 $ — $ — $ 5,664,461 Special Mention — — — 33 — 1,632 — — 1,665 Substandard — 951 433 3,446 2,555 13,150 — — 20,535 Total $ 847,550 $ 1,148,442 $ 920,818 $ 542,468 $ 559,653 $ 1,667,730 $ — $ — $ 5,686,661 YTD gross write-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — Equity lines Pass/Watch $ — $ 108 $ — $ — $ — $ — $ 233,892 $ 17,322 $ 251,322 Special Mention — — — — — — — — — Substandard — — — — — — 3,362 175 3,537 Total $ — $ 108 $ — $ — $ — $ — $ 237,254 $ 17,497 $ 254,859 YTD gross write-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — Installment and other loans Pass/Watch $ 4,591 $ 2,735 $ 5 $ — $ — $ — $ — $ — $ 7,331 Special Mention — 6 — — — — — — 6 Substandard — — — — — — — — — Total $ 4,591 $ 2,741 $ 5 $ — $ — $ — $ — $ — $ 7,337 YTD gross write-offs $ — $ 15 $ — $ — $ — $ — $ — $ — $ 15 Total loans $ 2,801,037 $ 3,697,058 $ 3,189,006 $ 1,662,819 $ 1,742,356 $ 3,817,666 $ 2,079,465 $ 24,894 $ 19,014,301 Total YTD gross write-offs $ — $ 291 $ 967 $ 245 $ 4,641 $ 10,208 $ 1,521 $ — $ 17,873 Loans Amortized Cost Basis by Origination Year December 31, 2022 2023 2022 2021 2020 2019 Prior Revolving Loans Revolving Converted to Term Loans Total (In thousands) Commercial loans Pass/Watch $ 488,748 $ 446,647 $ 180,226 $ 119,355 $ 107,896 $ 106,649 $ 1,753,509 $ 6,560 $ 3,209,590 Special Mention 1,212 4,696 2,818 68 308 4,354 41,110 — 54,566 Substandard 25 12,750 342 4,859 2,766 6,985 22,084 133 49,944 Doubtful — — — 1,504 2,185 — 234 — 3,923 Total $ 489,985 $ 464,093 $ 183,386 $ 125,786 $ 113,155 $ 117,988 $ 1,816,937 $ 6,693 $ 3,318,023 YTD gross write-offs $ 96 $ 587 $ 120 $ 71 $ 1,786 $ 360 $ 202 $ — $ 3,222 Real estate construction loans Pass/Watch $ 99,798 $ 264,197 $ 113,312 $ 20,479 $ 3,067 $ — $ — $ — $ 500,853 Special Mention — 360 9,449 11,643 22,945 — — — 44,397 Substandard — — — 1,736 9,309 — — — 11,045 Total $ 99,798 $ 264,557 $ 122,761 $ 33,858 $ 35,321 $ — $ — $ — $ 556,295 YTD gross write-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — Commercial mortgage loans Pass/Watch $ 2,087,650 $ 1,728,607 $ 975,953 $ 1,094,505 $ 908,748 $ 1,420,982 $ 178,116 $ — $ 8,394,561 Special Mention 22,150 57,015 25,593 32,119 17,999 63,782 1,600 — 220,258 Substandard 12,320 7,861 14,392 19,972 34,899 81,844 2,631 — 173,919 Total $ 2,122,120 $ 1,793,483 $ 1,015,938 $ 1,146,596 $ 961,646 $ 1,566,608 $ 182,347 $ — $ 8,788,738 YTD gross write-offs $ — $ — $ — $ — $ 2,091 $ — $ — $ — $ 2,091 Residential mortgage loans Pass/Watch $ 1,228,391 $ 964,799 $ 580,990 $ 600,786 $ 417,565 $ 1,444,320 $ — $ — $ 5,236,851 Special Mention — — 33 — 752 905 — — 1,690 Substandard 206 762 2,028 1,966 1,799 8,785 — — 15,546 Total $ 1,228,597 $ 965,561 $ 583,051 $ 602,752 $ 420,116 $ 1,454,010 $ — $ — $ 5,254,087 YTD gross write-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — Equity lines Pass/Watch $ 731 $ — $ — $ — $ — $ — $ 302,825 $ 21,460 $ 325,016 Special Mention 5 — — — — — — — 5 Substandard 12 — — — — — 1,043 220 1,275 Total $ 748 $ — $ — $ — $ — $ — $ 303,868 $ 21,680 $ 326,296 YTD gross write-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — Installment and other loans Pass/Watch $ 1,792 $ 2,152 $ — $ — $ — $ — $ — $ — $ 3,944 Total $ 1,792 $ 2,152 $ — $ — $ — $ — $ — $ — $ 3,944 YTD gross write-offs $ 115 $ — $ — $ — $ — $ — $ 62 $ — $ 177 Total loans $ 3,943,040 $ 3,489,846 $ 1,905,136 $ 1,908,992 $ 1,530,238 $ 3,138,606 $ 2,303,152 $ 28,373 $ 18,247,383 Total YTD gross write-offs $ 211 $ 587 $ 120 $ 71 $ 3,877 $ 360 $ 264 $ — $ 5,490 Revolving loans that are converted to term loans presented in the table above are excluded from the term loans by vintage year columns. Allowance for Credit Losses The Company has an allowance framework under ASC Topic 326 The ACL is the combination of the allowance for loan losses and the reserve for unfunded loan commitments. The allowance for loan losses is reported as a reduction of the amortized cost basis of loans, while the reserve for unfunded loan commitments is included within "other liabilities" on the Consolidated Balance Sheets (Unaudited). The amortized cost basis of loans does not Under the Company’s CECL approach, management estimates the ACL using relevant available information from internal and external sources, relating to past events, current conditions, and reasonable and supportable economic forecasts that vary by loan portfolio. We use economic forecasts from Moody’s Analytics in this process. The economic forecast is updated monthly; therefore, the one one not one Under the CECL methodology, quantitative and qualitative loss factors are applied to our population of loans on a collective pool basis when similar risk characteristics exist. The Company evaluates loans for expected credit losses on an individual basis if, based on current information and events, the loan does not may one 1 2 not Quantitative Factors Under the Company’s CECL methodology, nine three six six fourth 2007 fourth 2022. fourth 2007 fourth 2022. The Company’s CECL methodology utilizes an eight four 1 10th 3 90th four six The Company’s CECL methodology estimates expected credit losses over the contractual term of the loans, adjusted for expected prepayments when appropriate. The contractual term excludes expected extensions, renewals, and modifications unless the extension or renewal options are included in the original or modified contract at the reporting date and are not The simplified approach portfolios include Small Business Administration (“SBA”) loans, Home Equity Lines of Credit (“HELOCs”) and cash-secured loans, which are not three first eight four Qualitative Factors Under the Company’s CECL methodology, the qualitative portion of the reserve on pooled loans represents management’s judgment of additional considerations to account for internal and external risk factors that are not may not The Company’s CECL methodology requires a significant amount of management judgment in determining the appropriate allowance for credit losses. Several of the steps in the methodology involve judgment and are subjective in nature including, among other things: ● Segmenting the loan portfolio ● Determining the amount of loss history to consider ● Selecting predictive econometric regression models that use appropriate macroeconomic variables ● Determining the methodology to forecast prepayments ● Selecting the most appropriate economic forecast scenario ● Determining the length of the R&S forecast and reversion periods ● Estimating expected utilization rates on unfunded loan commitments ● Assessing relevant and appropriate qualitative factors. In addition, the CECL methodology is dependent on economic forecasts that are inherently imprecise and will change from period to period. Although the allowance for credit losses is considered by management to be appropriate, there can be no Management believes the allowance for credit losses is appropriate for the CECL in our loan portfolio and associated unfunded commitments, and the credit risk ratings and inherent loss rates currently assigned are reasonable and appropriate as of the reporting date. Individually Evaluated Loans When a loan no one two 1 2 not Unfunded Loan Commitments Unfunded loan commitments are generally related to providing credit facilities to clients of the Bank and are not 10 The Company estimates expected credit losses over the contractual period in which the Company is exposed to credit risk via a contractual obligation to extend credit, unless that obligation is unconditionally cancellable by the Company, using the same loss factors as used for the allowance for loan losses. The reserve for unfunded loan commitments uses a one The following tables set forth activity in the allowance for loan losses by portfolio segment for the three nine September 30, 2023 June 30, 2022. Three months ended September 30, 2023 2022 Residential Real Estate Commercial Mortgage Loans Installment Commercial Construction Mortgage and and Other Loans Loans Loans Equity Lines Loans Total (In thousands) Allowance for Loan Losses: June 30, 2023 Ending Balance $ 50,579 $ 12,751 $ 73,547 $ 18,214 $ 18 $ 155,109 (Reversal)/provision for expected credit losses (178 ) 2,360 3,307 586 46 6,121 Charge-offs (6,254 ) — (1,221 ) — (8 ) (7,483 ) Recoveries 611 — 252 9 — 872 Net charge-offs (5,643 ) — (969 ) 9 (8 ) (6,611 ) September 30, 2023 Ending Balance $ 44,758 $ 15,111 $ 75,885 $ 18,809 $ 56 $ 154,619 Allowance for unfunded credit commitments: June 30, 2023 Ending Balance $ 6,984 $ 3,541 $ — $ — $ — $ 10,525 Provision/(reversal) for expected credit losses 1,570 (691 ) — — — 879 September 30, 2023 Ending Balance $ 8,554 $ 2,850 $ — $ — $ — $ 11,404 Residential Real Estate Commercial Mortgage Loans Installment Commercial Construction Mortgage and and Other Loans Loans Loans Equity Lines Loans Total (In thousands) Allowance for Loan Losses: June 30, 2022 Ending Balance $ 49,069 $ 7,276 $ 68,600 $ 23,692 $ 135 $ 148,772 Provision/(reversal) for expected credit losses 1,845 (1,065 ) 1,362 (1,612 ) 72 602 Charge-offs (2,091 ) — — (58 ) (79 ) (2,228 ) Recoveries 1,576 — 88 7 — 1,671 Net (charge-offs)/recoveries (515 ) — 88 (51 ) (79 ) (557 ) September 30, 2022 Ending Balance $ 50,399 $ 6,211 $ 70,050 $ 22,029 $ 128 $ 148,817 Allowance for unfunded credit commitments: June 30, 2022 Ending Balance $ 2,804 $ 3,306 $ 26 $ — $ — $ 6,136 Provision/(reversal) for expected credit losses 1,576 (152 ) (26 ) — — 1,398 September 30, 2022 Ending Balance $ 4,380 $ 3,154 $ — $ — $ — $ 7,534 Nine months ended September 30, 2023 2022 Residential Real Estate Commercial Mortgage Loans Installment Commercial Construction Mortgage and and Other Loans Loans Loans Equity Lines Loans Total (In thousands) Allowance for Loan Losses: December 31, 2022 Ending Balance $ 49,435 $ 10,417 $ 68,366 $ 18,232 $ 35 $ 146,485 Provision for expected credit losses 6,276 4,694 10,027 548 36 21,581 Charge-offs (12,517 ) — (5,341 ) — (15 ) (17,873 ) Recoveries 1,564 — 2,833 29 — 4,426 Net (charge-offs)/recoveries (10,953 ) — (2,508 ) 29 (15 ) (13,447 ) September 30, 2023 Ending Balance $ 44,758 $ 15,111 $ 75,885 $ 18,809 $ 56 $ 154,619 Allowance for unfunded credit commitments: December 31, 2022 Ending Balance $ 4,840 $ 3,890 $ — $ — $ — $ 8,730 Provision/(reversal) for expected credit losses 3,714 (1,040 ) — — — 2,674 September 30, 2023 Ending Balance $ 8,554 $ 2,850 $ — $ — $ — $ 11,404 Residential Real Estate Commercial Mortgage Loans Installment Commercial Construction Mortgage and and Other Loans Loans Loans Equity Lines Loans Total (In thousands) Allowance for Loan Losses: December 31, 2021 Ending Balance $ 43,394 $ 6,302 $ 61,081 $ 25,379 $ 1 $ 136,157 Provision/(reversal) for expected credit losses 7,258 (97 ) 8,699 (3,357 ) 206 12,709 Charge-offs (2,362 ) — — (58 ) (80 ) (2,500 ) Recoveries 2,109 6 270 65 1 2,451 Net (charge-offs)/recoveries (253 ) 6 270 7 (79 ) (49 ) September 30, 2022 Ending Balance $ 50,399 $ 6,211 $ 70,050 $ 22,029 $ 128 $ 148,817 Allowance for unfunded credit commitments: December 31, 2021 Ending Balance $ 3,725 $ 3,375 $ — $ — $ — $ 7,100 Provision/(reversal) for expected credit losses 655 (221 ) — — — 434 September 30, 2022 Ending Balance $ 4,380 $ 3,154 $ — $ — $ — $ 7,534 |
Note 10 - Commitments and Conti
Note 10 - Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 10. 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 clients. 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 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 $144.7 million and $133.5 million as of September 30, 2023 December 31, 2022 |
Note 11 - Borrowed Funds
Note 11 - Borrowed Funds | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 11. Borrowings from the Federal Home Loan Bank ( FHLB ) September 30, 2023 December 31, 2022 September 30, 2023 December 31, 2022 September 30, 2023 September 2024. September 30, 2023 September 30, 2023 Junior Subordinated Notes three 2003 two 2007 twenty may not, At September 30, 2023 December 31, 2022 |
Note 12 - Income Taxes
Note 12 - Income Taxes | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 12. The effective tax rate for the first nine 2023 first nine 2022 The Company’s tax returns are open for audit by the Internal Revenue Service back to 2019 2018. 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 and Fair Value of Financial Instruments | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 13. The Company uses fair value to measure certain assets and liabilities on a recurring basis, primarily securities available-for-sale and derivatives. For assets measured at the lower of cost or fair value, the fair value measurement criteria may may not The Company used valuation methodologies to measure assets at fair value under ASC Topic 820 825, 2016 01 2018 03, not one three ● Level 1 ● Level 2 not not ● Level 3 The classification of assets and liabilities within the hierarchy is based on whether inputs to the valuation methodology used are observable or unobservable, and the significance of those inputs in the fair value measurement. The Company’s assets and liabilities are classified in their entirety based on the lowest level of input that is significant to their fair value measurements. Financial assets and liabilities measured at fair value on a recurring basis: 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 and Equity Securities 1 2 Warrants 3 Interest Rate Swaps third 2 Currency Option Contracts and Foreign Exchange Contracts 2 The following tables present financial assets and liabilities that are measured at fair value on a recurring basis as of September 30, 2023 December 31, 2022 September 30, 2023 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 $ 392,842 $ — $ — $ 392,842 U.S. government agency entities — 51,001 — 51,001 U.S. government sponsored entities — 33,620 — 33,620 Mortgage-backed securities — 761,803 — 761,803 Collateralized mortgage obligations — 27,698 — 27,698 Corporate debt securities — 231,872 — 231,872 Foreign debt securities — 9,962 — 9,962 Total securities available-for-sale 392,842 1,115,956 — 1,508,798 Equity securities Mutual funds 5,337 — — 5,337 Preferred stock of government sponsored entities 1,378 — — 1,378 Other equity securities 24,741 — — 24,741 Total equity securities 31,456 — — 31,456 Warrants — — 42 42 Interest rate swaps — 83,434 — 83,434 Foreign exchange contracts — 858 — 858 Total assets $ 424,298 $ 1,200,248 $ 42 $ 1,624,588 Liabilities Interest rate swaps $ — $ 56,058 $ — $ 56,058 Foreign exchange contracts — 939 — 939 Total liabilities $ — $ 56,997 $ — $ 56,997 December 31, 2022 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 $ 240,500 $ — $ — $ 240,500 U.S. government agency entities — 63,610 — 63,610 U.S. government sponsored entities — 30,000 — 30,000 Mortgage-backed securities — 867,094 — 867,094 Collateralized mortgage obligations — 31,061 — 31,061 Corporate debt securities — 241,083 — 241,083 Total securities available-for-sale 240,500 1,232,848 — 1,473,348 Equity securities Mutual funds 5,509 — — 5,509 Preferred stock of government sponsored entities 1,289 — — 1,289 Other equity securities 15,360 — — 15,360 Total equity securities 22,158 — — 22,158 Warrants — — 50 50 Interest rate swaps — 44,443 — 44,443 Foreign exchange contracts — 448 — 448 Total assets $ 262,658 $ 1,277,739 $ 50 $ 1,540,447 Liabilities Interest rate swaps $ — $ 51,864 $ — $ 51,864 Foreign exchange contracts — 942 — 942 Total liabilities $ — $ 52,806 $ — $ 52,806 Financial assets and liabilities 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, 2023 December 31, 2022 no For financial assets measured at fair value on a nonrecurring basis that were still reflected in the Consolidated Balance Sheets as of September 30, 2023 September 30, 2023 December 31, 2022 As of September 30, 2023 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, 2023 September 30, 2022 September 30, 2023 September 30, 2022 (In thousands) Assets Non accrual loans by type: Commercial loans $ — $ — $ — $ — $ — $ 1,786 $ — $ 1,786 Commercial mortgage loans — — 7,051 7,051 252 — 4,069 — Real estate construction loans — — 5,034 5,034 — — — — Total non accrual loans — — 12,085 12,085 252 1,786 4,069 1,786 Other real estate owned (1) — — 15,328 15,328 — — — — Investments in venture capital — — 447 447 — — — — Total assets $ — $ — $ 27,860 $ 27,860 $ 252 $ 1,786 $ 4,069 $ 1,786 ( 1 As of December 31, 2022 Total Losses Fair Value Measurements Using Total Fair Value For the Twelve Months Ended Level 1 Level 2 Level 3 Measurements December 31, 2022 December 31, 2021 (In thousands) Assets Non accrual loans by type: Commercial loans $ — $ — $ 12,950 $ 12,950 $ 1,786 $ 1,012 Commercial mortgage loans — — 32,205 32,205 2,091 — Residential mortgage loans and equity lines — — 8,978 8,978 — — Installment and other loans — — 8 8 — — Total non accrual loans — — 54,141 54,141 3,877 1,012 Other real estate owned (1) — — 4,328 4,328 — 17 Investments in venture capital — — 689 689 268 143 Total assets $ — $ — $ 59,158 $ 59,158 $ 4,145 $ 1,172 ( 1 The significant unobservable (Level 3 twelve The fair value of individually evaluated 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 The significant unobservable inputs (Level 3 The significant unobservable inputs in the Black-Scholes option pricing model for the fair value of warrants are their expected life ranging from one six September 30, 2023 December 31, 2022 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, 2023 December 31, 2022 September 30, 2023 December 31, 2022 Carrying Carrying Amount Fair Value Amount Fair Value (In thousands) Financial Assets Cash and due from banks $ 145,580 $ 145,580 $ 195,440 $ 195,440 Short-term investments 1,017,354 1,017,354 966,962 966,962 Securities available-for-sale 1,508,798 1,508,798 1,473,348 1,473,348 Loans, net 18,859,682 18,838,004 18,100,898 17,944,588 Equity securities 31,456 31,456 22,158 22,158 Investment in Federal Home Loan Bank stock 17,250 17,250 17,250 17,250 Warrants 42 42 50 50 Notional Notional Amount Fair Value Amount Fair Value Foreign exchange contracts $ 220,784 $ 858 $ 72,996 $ 448 Interest rate swaps 1,502,403 83,434 817,615 44,443 Carrying Carrying Amount Fair Value Amount Fair Value Financial Liabilities Deposits $ 19,635,588 $ 19,746,224 $ 18,505,279 $ 18,572,387 Advances from Federal Home Loan Bank 15,000 14,186 485,000 482,737 Other borrowings 22,374 18,282 22,600 18,385 Long-term debt 119,136 68,536 119,136 68,231 Notional Notional Amount Fair Value Amount Fair Value Foreign exchange contracts $ 64,971 $ 939 $ 170,213 $ 942 Interest rate swaps 642,054 56,058 595,426 51,864 Notional Notional Amount Fair Value Amount Fair Value Off-Balance Sheet Financial Instruments Commitments to extend credit $ 3,989,855 $ (15,038 ) $ 3,630,304 $ (14,797 ) Standby letters of credit 329,789 (2,308 ) 315,821 (2,738 ) Other letters of credit 10,214 (10 ) 29,416 (33 ) Bill of lading guarantees — — — — The following tables set forth the level in the fair value hierarchy for the estimated fair values of financial instruments as of September 30, 2023 December 31, 2022 As of September 30, 2023 Estimated Fair Value Measurements Level 1 Level 2 Level 3 (In thousands) Financial Assets Cash and due from banks $ 145,580 $ 145,580 $ — $ — Short-term investments 1,017,354 1,017,354 — — Loans, net 18,838,004 — — 18,838,004 Investment in Federal Home Loan Bank stock 17,250 — 17,250 — Financial Liabilities Deposits 19,746,224 — — 19,746,224 Advances from Federal Home Loan Bank 14,186 — 14,186 — Other borrowings 18,282 — — 18,282 Long-term debt 68,536 — 68,536 — As of December 31, 2022 Estimated Fair Value Measurements Level 1 Level 2 Level 3 (In thousands) Financial Assets Cash and due from banks $ 195,440 $ 195,440 $ — $ — Short-term investments 966,962 966,962 — — Loans, net 17,944,588 — — 17,944,588 Investment in Federal Home Loan Bank stock 17,250 — 17,250 — Warrants 50 — — 50 Financial Liabilities Deposits 18,572,387 — — 18,572,387 Advances from Federal Home Loan Bank 482,737 — 482,737 — Other borrowings 18,385 — — 18,385 Long-term debt 68,231 — 68,231 — |
Note 14 - Goodwill and Other In
Note 14 - Goodwill and Other Intangible Assets | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | 14. Goodwill. September 30, 2023 December 31, 2022 not December 31, 2022 first nine 2023 not September 30, 2023 Core Deposit Intangibles. 2022. The following table presents the gross carrying amount and accumulated amortization of core deposits intangible assets as of September 30, 2023 December 31, 2022 September 30, 2023 December 31, 2022 (In thousands) Gross balance $ 10,562 $ 10,562 Accumulated amortization (5,041 ) (4,291 ) Impairment (1,227 ) (918 ) Net carrying balance $ 4,294 $ 5,353 There were no impairment write-downs on core deposit intangibles for the three September 30, 2023 2022 nine September 30, 2023 December 31, 2022 The Company amortizes the core deposit intangibles based on the projected useful lives of the related deposits. The amortization expense related to the core deposit intangible assets was $250 thousand for each of the three September 30, 2023 2022 Amount (In thousands) 2023 $ 250 2024 1,001 2025 946 2026 870 2027 870 Thereafter 357 Total $ 4,294 |
Note 15 - Financial Derivatives
Note 15 - Financial Derivatives | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | 15. The Company does not may may may The Company follows ASC Topic 815 not third not The Company offers various interest rate derivative contracts to its clients. When derivative transactions are executed with its clients, the derivative contracts are offset by paired trades with third not not third September 30, 2023 December 31, 2022 third third December 31, 2022 In May 2014, ten five ten June 2014 June 2024, three 2022 December 31, 2022 December 31, 2022 not three September 30, 2022 nine September 30, 2022 As of September 30, 2023 three ten September 30, 2023 2022 not The Company has designated as a partial-term hedging election of $768.1 million notional with a fair value of $21.1 million as last-of-layer hedge on pools of loans with a notational value of $1.30 billion as of September 30, 2023 not 1 September 30, 2023 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 The notional amount and net unrealized loss of the Company’s fair value derivative financial instruments as of September 30, 2023 December 31, 2022 September 30, 2023 December 31, 2022 (In thousands) Fair value swap hedges: Notional $ 857,341 $ 874,034 Weighted average fixed rate-pay 1.80 % 2.12 % Weighted average variable rate spread 0.27 % 0.68 % Weighted average variable rate-receive 5.33 % 2.61 % Unrealized gain $ 27,378 $ 38,589 Three Months Ended Nine Months Ended September 30, 2023 September 30, 2022 September 30, 2023 September 30, 2022 Periodic net settlement of swaps (1) $ 7,659 $ 1,461 $ 21,065 $ (1,628 ) ( 1 Included in the total notional amount of $857.3 million of the fair value interest rate contracts entered into with financial counterparties as of September 30, 2023 September 30, 2023 The Company 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 The notional amount and fair value of the Company’s derivative financial instruments not September 30, 2023 December 31, 2022 not Derivative financial instruments not designated as hedging instruments: September 30, 2023 December 31, 2022 (In thousands) Notional amounts: Forward, and swap contracts with positive fair value $ 862,838 $ 72,996 Forward, and swap contracts with negative fair value $ 707,025 $ 170,213 Fair value: Forward, and swap contracts with positive fair value $ 56,858 $ 448 Forward, and swap contracts with negative fair value $ (56,939 ) $ (942 ) |
Note 16 - Balance Sheet Offsett
Note 16 - Balance Sheet Offsetting | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Supplemental Balance Sheet Disclosures [Text Block] | 16. 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 Consolidated Balance Sheets, as of September 30, 2023 December 31, 2022 Gross Amounts Not Offset in the Balance Sheet Gross Amounts Recognized Gross Amounts Offset in the Balance Sheet Net Amounts Presented in the Balance Sheet Financial Instruments Collateral Posted Net Amount (In thousands) September 30, 2023 Assets: Derivatives $ 83,434 $ 9,820 $ 73,614 $ — $ 70,745 $ 2,869 Liabilities: Derivatives $ 56,058 $ — $ 56,058 $ — $ — $ 56,058 December 31, 2022 Assets: Derivatives $ 90,451 $ 46,008 $ 44,443 $ — $ 42,930 $ 1,513 Liabilities: Derivatives $ 51,864 $ — $ 51,864 $ — $ — $ 51,864 |
Note 17 - Revenue From Contract
Note 17 - Revenue From Contracts With Clients | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | 17. The following is a summary of revenue from contracts with clients that are in-scope and not 606: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 (In thousands) Non-interest income, in-scope: Fees and service charges on deposit accounts $ 2,218 $ 2,398 $ 7,073 $ 7,156 Wealth management fees 5,150 4,184 12,686 12,494 Other service fees (1) 4,424 4,451 12,559 12,723 Total noninterest income 11,792 11,033 32,318 32,373 Noninterest income, not in-scope (2) (3,955 ) (1,157 ) 12,873 12,353 Total noninterest income $ 7,837 $ 9,876 $ 45,191 $ 44,726 ( 1 ( 2 606. The major revenue streams by fee type that are within the scope of ASC Topic 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 clients 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 18 - Stockholders' Equity
Note 18 - Stockholders' Equity | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Equity [Text Block] | 18. ’ Equity Total equity was $2.64 billion as of September 30, 2023 December 31, 2022 Activity in accumulated other comprehensive income/(loss), net of tax, and reclassification out of accumulated other comprehensive income/(loss) for the three nine September 30, 2023 June 30, 2022, Three Months Ended September 30, 2023 Three Months Ended September 30, 2022 Pre-tax Tax expense/ (benefit) Net-of-tax Pre-tax Tax expense/ (benefit) Net-of-tax (In thousands) Beginning balance, gain/(loss), net of tax Securities available-for-sale $ (100,704 ) $ (72,210 ) Cash flow hedge derivatives 1,655 882 Total $ (99,049 ) $ (71,328 ) Net unrealized gains/(losses) arising during the period Securities available-for-sale $ (34,133 ) $ (10,090 ) $ (24,043 ) $ (61,316 ) $ (18,125 ) $ (43,191 ) Cash flow hedge derivatives (626 ) (185 ) (441 ) 2,677 791 1,886 Total $ (34,759 ) $ (10,275 ) $ (24,484 ) $ (58,639 ) $ (17,334 ) $ (41,305 ) Reclassification adjustment for net losses in net income Cash flow hedge derivatives — — — (342 ) (101 ) (241 ) Total — — — (342 ) (101 ) (241 ) Total other comprehensive income/(loss) Securities available-for-sale $ (34,133 ) $ (10,090 ) $ (24,043 ) $ (61,316 ) $ (18,125 ) $ (43,191 ) Cash flow hedge derivatives (626 ) (185 ) (441 ) 2,335 690 1,645 Total $ (34,759 ) $ (10,275 ) $ (24,484 ) $ (58,981 ) $ (17,435 ) $ (41,546 ) Ending balance, gain/(loss), net of tax Securities available-for-sale $ (124,747 ) $ (115,401 ) Cash flow hedge derivatives 1,214 2,527 Total $ (123,533 ) $ (112,874 ) Nine Months Ended September 30, 2023 Nine Months Ended September 30, 2022 Pre-tax Tax expense/ (benefit) Net-of-tax Pre-tax Tax expense/ (benefit) Net-of-tax (In thousands) Beginning balance, gain/(loss), net of tax Securities available-for-sale $ (104,832 ) $ 211 Cash flow hedge derivatives 2,537 (3,276 ) Total $ (102,295 ) $ (3,065 ) Net unrealized gains/(losses) arising during the period Securities available-for-sale $ (28,272 ) $ (8,357 ) $ (19,915 ) $ (164,128 ) $ (48,516 ) $ (115,612 ) Cash flow hedge derivatives (1,878 ) (555 ) (1,323 ) 11,060 3,269 7,791 Total $ (30,150 ) $ (8,912 ) $ (21,238 ) $ (153,068 ) $ (45,247 ) $ (107,821 ) Reclassification adjustment for net losses in net income Cash flow hedge derivatives — — — (2,822 ) (834 ) (1,988 ) Total — — — (2,822 ) (834 ) (1,988 ) Total other comprehensive income/(loss) Securities available-for-sale $ (28,272 ) $ (8,357 ) $ (19,915 ) $ (164,128 ) $ (48,516 ) $ (115,612 ) Cash flow hedge derivatives (1,878 ) (555 ) (1,323 ) 8,238 2,435 5,803 Total $ (30,150 ) $ (8,912 ) $ (21,238 ) $ (155,890 ) $ (46,081 ) $ (109,809 ) Ending balance, gain/(loss), net of tax Securities available-for-sale $ (124,747 ) $ (115,401 ) Cash flow hedge derivatives 1,214 2,527 Total $ (123,533 ) $ (112,874 ) |
Note 19 - Stock Repurchase Prog
Note 19 - Stock Repurchase Program | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Treasury Stock [Text Block] | 19. On February 21, 2023, May 2022 first 2023, |
Note 20 - Subsequent Events
Note 20 - Subsequent Events | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 20. The Company has evaluated the effect of events that have occurred subsequent to September 30, 2023 no |
Insider Trading Arrangements
Insider Trading Arrangements | 9 Months Ended |
Sep. 30, 2023 | |
Insider Trading Arr Line Items | |
Material Terms of Trading Arrangement [Text Block] | 5. OTHER INFORMATION. None |
Rule 10b5-1 Arrangement Adopted [Flag] | false |
Non-Rule 10b5-1 Arrangement Adopted [Flag] | false |
Rule 10b5-1 Arrangement Terminated [Flag] | false |
Non-Rule 10b5-1 Arrangement Terminated [Flag] | false |
Note 2 - Business Combinations
Note 2 - Business Combinations (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | Balance Sheet (In thousands) Assets: Cash and cash equivalents $ 473 Loans 641,839 Right-of-use assets - operating leases 6,453 Core deposit intangible 3,138 Other 561 Total assets $ 652,464 Liabilities assumed: Deposits $ 575,163 Lease liabilities 6,453 Total liabilities assumed $ 581,616 Net assets acquired $ 70,848 Total cash paid at closing $ 74,355 Goodwill $ 3,507 |
Note 6 - Earnings Per Share (Ta
Note 6 - Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 (In thousands, except share and per share data) Net income $ 82,371 $ 99,035 $ 271,598 $ 263,041 Weighted-average shares: Basic weighted-average number of common shares outstanding 72,568,518 73,956,052 72,546,149 74,743,941 Dilutive effect of weighted-average outstanding common share equivalents: RSUs 321,896 286,000 301,758 324,291 Diluted weighted-average number of common shares outstanding 72,890,414 74,242,052 72,847,907 75,068,232 Average restricted stock units with anti-dilutive effect — 13,534 2,098 48,073 Earnings per common share: Basic $ 1.14 $ 1.34 $ 3.74 $ 3.52 Diluted $ 1.13 $ 1.33 $ 3.73 $ 3.50 |
Note 7 - Stock-based Compensa_2
Note 7 - Stock-based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
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, 2022 202,059 $ 33.29 362,965 $ 31.56 Granted 85,120 37.97 123,504 38.41 Vested (2,381 ) 35.19 (136,808 ) 34.21 Forfeited (1,774 ) 42.52 — — Balance at September 30, 2023 283,024 $ 34.62 349,661 $ 32.94 |
Note 8 - Investment Securities
Note 8 - Investment Securities (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Schedule of Available-for-Sale Securities Reconciliation [Table Text Block] | September 30, 2023 Gross Gross Amortized Unrealized Unrealized Cost Gains Losses Fair Value (In thousands) Securities Available-for-Sale U.S. treasury securities $ 392,956 $ 41 $ 155 $ 392,842 U.S. government agency entities 51,018 144 161 51,001 U.S. government sponsored entities 33,709 — 89 33,620 Mortgage-backed securities 916,719 42 154,958 761,803 Collateralized mortgage obligations 32,015 — 4,317 27,698 Corporate debt securities 248,534 — 16,662 231,872 Foreign debt securities 10,000 — 38 9,962 Total $ 1,684,951 $ 227 $ 176,380 $ 1,508,798 December 31, 2022 Gross Gross Amortized Unrealized Unrealized Cost Gains Losses Fair Value (In thousands) Securities Available-for-Sale U.S. treasury securities $ 241,611 $ — $ 1,111 $ 240,500 U.S. government agency entities 63,347 384 121 63,610 U.S. government sponsored entities 30,000 — — 30,000 Mortgage-backed securities 993,883 194 126,983 867,094 Collateralized mortgage obligations 34,552 — 3,491 31,061 Corporate debt securities 258,780 112 17,809 241,083 Total $ 1,622,173 $ 690 $ 149,515 $ 1,473,348 |
Investments Classified by Contractual Maturity Date [Table Text Block] | September 30, 2023 Securities Available-For-Sale Amortized Cost Fair Value (In thousands) Due in one year or less $ 442,957 $ 442,208 Due after one year through five years 241,407 225,644 Due after five years through ten years 154,327 142,157 Due after ten years 846,260 698,789 Total $ 1,684,951 $ 1,508,798 |
Schedule of Unrealized Loss on Investments [Table Text Block] | September 30, 2023 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. treasury securities $ 49,153 $ 126 $ 49,804 $ 29 $ 98,957 $ 155 U.S. government agency entities 17,698 39 1,487 122 19,185 161 U.S. government sponsored entities 33,621 89 — — 33,621 89 Mortgage-backed securities 17,695 642 743,568 154,316 761,263 154,958 Collateralized mortgage obligations — — 27,698 4,317 27,698 4,317 Corporate debt securities 68,285 1,715 163,586 14,947 231,871 16,662 Foreign debt securities 9,962 38 — — 9,962 38 Total $ 196,414 $ 2,649 $ 986,143 $ 173,731 $ 1,182,557 $ 176,380 December 31, 2022 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. treasury securities $ 240,500 $ 1,111 $ — $ — $ 240,500 $ 1,111 U.S. government agency entities — — 1,806 121 1,806 121 Mortgage-backed securities 394,123 33,042 452,739 93,941 846,862 126,983 Collateralized mortgage obligations 24,427 1,614 6,634 1,877 31,061 3,491 Corporate debt securities 109,995 3,256 100,977 14,553 210,972 17,809 Total $ 769,045 $ 39,023 $ 562,156 $ 110,492 $ 1,331,201 $ 149,515 |
Note 9 - Loans (Tables)
Note 9 - Loans (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | September 30, 2023 December 31, 2022 (In thousands) Commercial loans $ 3,090,609 $ 3,318,778 Real estate construction loans 474,294 559,372 Commercial mortgage loans 9,511,805 8,793,685 Residential mortgage loans 5,685,844 5,252,952 Equity lines 253,826 324,548 Installment and other loans 7,444 4,689 Gross loans $ 19,023,822 $ 18,254,024 Allowance for loan losses (154,619 ) (146,485 ) Unamortized deferred loan fees, net (9,521 ) (6,641 ) Total loans, net $ 18,859,682 $ 18,100,898 |
Financing Receivable, Nonaccrual [Table Text Block] | Three Months Ended Nine Months Ended September 30, 2023 September 30, 2023 Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized (In thousands) Commercial loans $ 13,147 $ 5 $ 18,982 $ 10 Real estate construction loans 11,266 — 3,797 — Commercial mortgage loans 37,046 74 37,446 244 Residential mortgage loans and equity lines 13,214 — 11,652 — Installment and other loans — — 1 — Total non-accrual loans $ 74,673 $ 79 $ 71,878 $ 254 Three Months Ended Nine Months Ended September 30, 2022 September 30, 2022 Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized (In thousands) Commercial loans $ 26,809 $ — $ 28,691 $ — Commercial mortgage loans 18,861 191 28,878 508 Residential mortgage loans and equity lines 16,743 7 14,838 20 Installment and other loans 61 — 35 — Total non-accrual loans $ 62,474 $ 198 $ 72,442 $ 528 |
Schedule of Nonaccrual Loans and Related Allowance and Charge Off [Table Text Block] | September 30, 2023 Unpaid Principal Balance Recorded Investment Allowance (In thousands) With no allocated allowance: Commercial loans $ 26,116 $ 14,661 $ — Real estate construction loans 7,737 7,737 — Commercial mortgage loans 42,020 32,539 — Residential mortgage loans and equity lines 13,582 13,138 — Subtotal $ 89,455 $ 68,075 $ — With allocated allowance: Real estate construction loans $ 9,255 $ 9,255 $ 4,221 Total non-accrual loans $ 98,710 $ 77,330 $ 4,221 December 31, 2022 Unpaid Principal Balance Recorded Investment Allowance (In thousands) With no allocated allowance: Commercial loans $ 27,341 $ 12,949 $ — Commercial mortgage loans 37,697 32,205 — Residential mortgage loans and equity lines 9,626 8,978 — Installment and other loans 9 8 — Subtotal $ 74,673 $ 54,140 $ — With allocated allowance: Commercial loans $ 14,643 $ 12,823 $ 3,734 Commercial mortgage loans 1,896 1,891 207 Subtotal $ 16,539 $ 14,714 $ 3,941 Total non-accrual loans $ 91,212 $ 68,854 $ 3,941 |
Financing Receivable, Past Due [Table Text Block] | September 30, 2023 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) Type of Loans: Commercial loans $ 6,835 $ 3,634 $ 1,204 $ 14,661 $ 26,334 $ 3,064,275 $ 3,090,609 Real estate construction loans — — — 16,992 16,992 457,302 474,294 Commercial mortgage loans 3,246 6,357 720 32,539 42,862 9,468,943 9,511,805 Residential mortgage loans and equity lines 4,663 10,681 — 13,138 28,482 5,911,188 5,939,670 Installment and other loans 6 — — — 6 7,438 7,444 Total loans $ 14,750 $ 20,672 $ 1,924 $ 77,330 $ 114,676 $ 18,909,146 $ 19,023,822 December 31, 2022 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) Type of Loans: Commercial loans $ 8,192 $ 3,235 $ 10,208 $ 25,772 $ 47,407 $ 3,271,371 $ 3,318,778 Real estate construction loans — — — — — 559,372 559,372 Commercial mortgage loans 25,772 — 1,372 34,096 61,240 8,732,445 8,793,685 Residential mortgage loans and equity lines 47,043 5,685 — 8,978 61,706 5,515,794 5,577,500 Installment and other loans 5 1 — 8 14 4,675 4,689 Total loans $ 81,012 $ 8,921 $ 11,580 $ 68,854 $ 170,367 $ 18,083,657 $ 18,254,024 |
Schedule Of Troubled Debt Restructurings [Table Text Block] | Three Months Ended September 30, 2022 September 30, 2022 No. of Contracts Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment Charge-offs Specific Reserve (In thousands) Commercial loans 2 $ 2,572 $ 2,572 $ — $ — Residential mortgage loans and equity lines 4 1,466 1,442 — 3 Total 6 $ 4,038 $ 4,014 $ — $ 3 Nine Months Ended September 30, 2022 September 30, 2022 No. of Contracts Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment Charge-offs Specific Reserve (In thousands) Commercial loans 4 $ 6,115 $ 6,115 $ — $ 2,566 Commercial Mortgage loans 2 $ 2,572 $ 2,572 $ — $ — Residential mortgage loans and equity lines 8 2,190 2,162 — 4 Total 14 $ 10,877 $ 10,849 $ — $ 2,570 |
Financing Receivable, Modified, Amortized Cost [Table Text Block] | Three Months Ended September 30, 2023 Financial Effects of Loan Modifications Term Extension Combo-Rate Reduction/Term Extension/Payment Delay Total Modification as a % of Loan Class Weighted-Average Rate Reduction Weighted-Average Term Extension (in Years) Weighted-Average Payment Deferral (in Years) (In thousands) Loan Type Commercial loans $ 1,489 $ 1,164 $ 2,653 0.09 % 0.94 0.80 0.40 Total $ 1,489 $ 1,164 $ 2,653 Nine Months Ended September 30, 2023 Financial Effects of Loan Modifications Term Extension Combo-Rate Reduction/Term Extension/Payment Delay Total Modification as a % of Loan Class Weighted-Average Rate Reduction Weighted-Average Term Extension (in Years) Weighted-Average Payment Deferral (in Years) (In thousands) Loan Type Commercial loans $ 1,489 $ 1,199 $ 2,688 0.09 % 1.27 0.80 0.39 Total $ 1,489 $ 1,199 $ 2,688 |
Financing Receivable, Modified, Performance [Table Text Block] | Three Months Ended September 30, 2023 Current 30–89 Days Past Due 90+ Days Past Due Total (In thousands) Loan Type Commercial loans $ 2,653 $ — $ — $ 2,653 Total $ 2,653 $ — $ — $ 2,653 Nine Months Ended September 30, 2023 Current 30–89 Days Past Due 90+ Days Past Due Total (In thousands) Loan Type Commercial loans $ 2,688 $ — $ — $ 2,688 Total $ 2,688 $ — $ — $ 2,688 |
Financing Receivable, Modified [Table Text Block] | December 31, 2022 Payment Deferral Rate Reduction Rate Reduction and Payment Deferral Total (In thousands) Accruing TDRs: Commercial loans $ 2,588 $ — $ — $ 2,588 Commercial mortgage loans 2,791 — 5,855 8,646 Residential mortgage loans 2,181 445 1,285 3,911 Total accruing TDRs $ 7,560 $ 445 $ 7,140 $ 15,145 December 31, 2022 Payment Deferral Rate Reduction Rate Reduction and Payment Deferral Total (In thousands) Non-accrual TDRs: Commercial loans $ 3,629 $ — $ — $ 3,629 Commercial mortgage loans 1,098 — — 1,098 Residential mortgage loans 1,621 — — 1,621 Total non-accrual TDRs $ 6,348 $ — $ — $ 6,348 |
Loan Held for Investment by Loan Portfolio Segments, Internal Risk Ratings and Vintage Year [Table Text Block] | Loans Amortized Cost Basis by Origination Year September 30, 2023 2023 2022 2021 2020 2019 Prior Revolving Loans Revolving Converted to Term Loans Total (In thousands) Commercial loans Pass/Watch $ 259,326 $ 387,990 $ 357,365 $ 113,463 $ 90,879 $ 155,766 $ 1,568,766 $ 7,175 $ 2,940,730 Special Mention 4,188 2,083 8,582 29,311 915 773 53,164 — 99,016 Substandard 166 524 11,450 165 768 5,753 29,709 222 48,757 Total $ 263,680 $ 390,597 $ 377,397 $ 142,939 $ 92,562 $ 162,292 $ 1,651,639 $ 7,397 $ 3,088,503 YTD gross write-offs $ — $ 276 $ 760 $ 245 $ 3,672 $ 6,043 $ 1,521 $ — $ 12,517 Real estate construction loans Pass/Watch $ 22,304 $ 118,205 $ 218,002 $ 44,627 $ 16,533 $ 3,132 $ — $ — $ 422,803 Special Mention 1,482 — 8,248 — — 22,998 — — 32,728 Substandard — — — — 7,736 9,255 — — 16,991 Total $ 23,786 $ 118,205 $ 226,250 $ 44,627 $ 24,269 $ 35,385 $ — $ — $ 472,522 YTD gross write-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — Commercial mortgage loans Pass/Watch $ 1,626,562 $ 2,005,931 $ 1,617,398 $ 923,929 $ 1,032,298 $ 1,855,014 $ 186,502 $ — $ 9,247,634 Special Mention 34,868 19,097 34,891 3,330 16,198 34,985 1,399 — 144,768 Substandard — 11,937 12,247 5,526 17,376 62,260 2,671 — 112,017 Total $ 1,661,430 $ 2,036,965 $ 1,664,536 $ 932,785 $ 1,065,872 $ 1,952,259 $ 190,572 $ — $ 9,504,419 YTD gross write-offs $ — $ — $ 207 $ — $ 969 $ 4,165 $ — $ — $ 5,341 Residential mortgage loans Pass/Watch $ 847,550 $ 1,147,491 $ 920,385 $ 538,989 $ 557,098 $ 1,652,948 $ — $ — $ 5,664,461 Special Mention — — — 33 — 1,632 — — 1,665 Substandard — 951 433 3,446 2,555 13,150 — — 20,535 Total $ 847,550 $ 1,148,442 $ 920,818 $ 542,468 $ 559,653 $ 1,667,730 $ — $ — $ 5,686,661 YTD gross write-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — Equity lines Pass/Watch $ — $ 108 $ — $ — $ — $ — $ 233,892 $ 17,322 $ 251,322 Special Mention — — — — — — — — — Substandard — — — — — — 3,362 175 3,537 Total $ — $ 108 $ — $ — $ — $ — $ 237,254 $ 17,497 $ 254,859 YTD gross write-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — Installment and other loans Pass/Watch $ 4,591 $ 2,735 $ 5 $ — $ — $ — $ — $ — $ 7,331 Special Mention — 6 — — — — — — 6 Substandard — — — — — — — — — Total $ 4,591 $ 2,741 $ 5 $ — $ — $ — $ — $ — $ 7,337 YTD gross write-offs $ — $ 15 $ — $ — $ — $ — $ — $ — $ 15 Total loans $ 2,801,037 $ 3,697,058 $ 3,189,006 $ 1,662,819 $ 1,742,356 $ 3,817,666 $ 2,079,465 $ 24,894 $ 19,014,301 Total YTD gross write-offs $ — $ 291 $ 967 $ 245 $ 4,641 $ 10,208 $ 1,521 $ — $ 17,873 Loans Amortized Cost Basis by Origination Year December 31, 2022 2023 2022 2021 2020 2019 Prior Revolving Loans Revolving Converted to Term Loans Total (In thousands) Commercial loans Pass/Watch $ 488,748 $ 446,647 $ 180,226 $ 119,355 $ 107,896 $ 106,649 $ 1,753,509 $ 6,560 $ 3,209,590 Special Mention 1,212 4,696 2,818 68 308 4,354 41,110 — 54,566 Substandard 25 12,750 342 4,859 2,766 6,985 22,084 133 49,944 Doubtful — — — 1,504 2,185 — 234 — 3,923 Total $ 489,985 $ 464,093 $ 183,386 $ 125,786 $ 113,155 $ 117,988 $ 1,816,937 $ 6,693 $ 3,318,023 YTD gross write-offs $ 96 $ 587 $ 120 $ 71 $ 1,786 $ 360 $ 202 $ — $ 3,222 Real estate construction loans Pass/Watch $ 99,798 $ 264,197 $ 113,312 $ 20,479 $ 3,067 $ — $ — $ — $ 500,853 Special Mention — 360 9,449 11,643 22,945 — — — 44,397 Substandard — — — 1,736 9,309 — — — 11,045 Total $ 99,798 $ 264,557 $ 122,761 $ 33,858 $ 35,321 $ — $ — $ — $ 556,295 YTD gross write-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — Commercial mortgage loans Pass/Watch $ 2,087,650 $ 1,728,607 $ 975,953 $ 1,094,505 $ 908,748 $ 1,420,982 $ 178,116 $ — $ 8,394,561 Special Mention 22,150 57,015 25,593 32,119 17,999 63,782 1,600 — 220,258 Substandard 12,320 7,861 14,392 19,972 34,899 81,844 2,631 — 173,919 Total $ 2,122,120 $ 1,793,483 $ 1,015,938 $ 1,146,596 $ 961,646 $ 1,566,608 $ 182,347 $ — $ 8,788,738 YTD gross write-offs $ — $ — $ — $ — $ 2,091 $ — $ — $ — $ 2,091 Residential mortgage loans Pass/Watch $ 1,228,391 $ 964,799 $ 580,990 $ 600,786 $ 417,565 $ 1,444,320 $ — $ — $ 5,236,851 Special Mention — — 33 — 752 905 — — 1,690 Substandard 206 762 2,028 1,966 1,799 8,785 — — 15,546 Total $ 1,228,597 $ 965,561 $ 583,051 $ 602,752 $ 420,116 $ 1,454,010 $ — $ — $ 5,254,087 YTD gross write-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — Equity lines Pass/Watch $ 731 $ — $ — $ — $ — $ — $ 302,825 $ 21,460 $ 325,016 Special Mention 5 — — — — — — — 5 Substandard 12 — — — — — 1,043 220 1,275 Total $ 748 $ — $ — $ — $ — $ — $ 303,868 $ 21,680 $ 326,296 YTD gross write-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — Installment and other loans Pass/Watch $ 1,792 $ 2,152 $ — $ — $ — $ — $ — $ — $ 3,944 Total $ 1,792 $ 2,152 $ — $ — $ — $ — $ — $ — $ 3,944 YTD gross write-offs $ 115 $ — $ — $ — $ — $ — $ 62 $ — $ 177 Total loans $ 3,943,040 $ 3,489,846 $ 1,905,136 $ 1,908,992 $ 1,530,238 $ 3,138,606 $ 2,303,152 $ 28,373 $ 18,247,383 Total YTD gross write-offs $ 211 $ 587 $ 120 $ 71 $ 3,877 $ 360 $ 264 $ — $ 5,490 |
Financing Receivable, Allowance for Credit Loss [Table Text Block] | Residential Real Estate Commercial Mortgage Loans Installment Commercial Construction Mortgage and and Other Loans Loans Loans Equity Lines Loans Total (In thousands) Allowance for Loan Losses: June 30, 2023 Ending Balance $ 50,579 $ 12,751 $ 73,547 $ 18,214 $ 18 $ 155,109 (Reversal)/provision for expected credit losses (178 ) 2,360 3,307 586 46 6,121 Charge-offs (6,254 ) — (1,221 ) — (8 ) (7,483 ) Recoveries 611 — 252 9 — 872 Net charge-offs (5,643 ) — (969 ) 9 (8 ) (6,611 ) September 30, 2023 Ending Balance $ 44,758 $ 15,111 $ 75,885 $ 18,809 $ 56 $ 154,619 Allowance for unfunded credit commitments: June 30, 2023 Ending Balance $ 6,984 $ 3,541 $ — $ — $ — $ 10,525 Provision/(reversal) for expected credit losses 1,570 (691 ) — — — 879 September 30, 2023 Ending Balance $ 8,554 $ 2,850 $ — $ — $ — $ 11,404 Residential Real Estate Commercial Mortgage Loans Installment Commercial Construction Mortgage and and Other Loans Loans Loans Equity Lines Loans Total (In thousands) Allowance for Loan Losses: June 30, 2022 Ending Balance $ 49,069 $ 7,276 $ 68,600 $ 23,692 $ 135 $ 148,772 Provision/(reversal) for expected credit losses 1,845 (1,065 ) 1,362 (1,612 ) 72 602 Charge-offs (2,091 ) — — (58 ) (79 ) (2,228 ) Recoveries 1,576 — 88 7 — 1,671 Net (charge-offs)/recoveries (515 ) — 88 (51 ) (79 ) (557 ) September 30, 2022 Ending Balance $ 50,399 $ 6,211 $ 70,050 $ 22,029 $ 128 $ 148,817 Allowance for unfunded credit commitments: June 30, 2022 Ending Balance $ 2,804 $ 3,306 $ 26 $ — $ — $ 6,136 Provision/(reversal) for expected credit losses 1,576 (152 ) (26 ) — — 1,398 September 30, 2022 Ending Balance $ 4,380 $ 3,154 $ — $ — $ — $ 7,534 Residential Real Estate Commercial Mortgage Loans Installment Commercial Construction Mortgage and and Other Loans Loans Loans Equity Lines Loans Total (In thousands) Allowance for Loan Losses: December 31, 2022 Ending Balance $ 49,435 $ 10,417 $ 68,366 $ 18,232 $ 35 $ 146,485 Provision for expected credit losses 6,276 4,694 10,027 548 36 21,581 Charge-offs (12,517 ) — (5,341 ) — (15 ) (17,873 ) Recoveries 1,564 — 2,833 29 — 4,426 Net (charge-offs)/recoveries (10,953 ) — (2,508 ) 29 (15 ) (13,447 ) September 30, 2023 Ending Balance $ 44,758 $ 15,111 $ 75,885 $ 18,809 $ 56 $ 154,619 Allowance for unfunded credit commitments: December 31, 2022 Ending Balance $ 4,840 $ 3,890 $ — $ — $ — $ 8,730 Provision/(reversal) for expected credit losses 3,714 (1,040 ) — — — 2,674 September 30, 2023 Ending Balance $ 8,554 $ 2,850 $ — $ — $ — $ 11,404 Residential Real Estate Commercial Mortgage Loans Installment Commercial Construction Mortgage and and Other Loans Loans Loans Equity Lines Loans Total (In thousands) Allowance for Loan Losses: December 31, 2021 Ending Balance $ 43,394 $ 6,302 $ 61,081 $ 25,379 $ 1 $ 136,157 Provision/(reversal) for expected credit losses 7,258 (97 ) 8,699 (3,357 ) 206 12,709 Charge-offs (2,362 ) — — (58 ) (80 ) (2,500 ) Recoveries 2,109 6 270 65 1 2,451 Net (charge-offs)/recoveries (253 ) 6 270 7 (79 ) (49 ) September 30, 2022 Ending Balance $ 50,399 $ 6,211 $ 70,050 $ 22,029 $ 128 $ 148,817 Allowance for unfunded credit commitments: December 31, 2021 Ending Balance $ 3,725 $ 3,375 $ — $ — $ — $ 7,100 Provision/(reversal) for expected credit losses 655 (221 ) — — — 434 September 30, 2022 Ending Balance $ 4,380 $ 3,154 $ — $ — $ — $ 7,534 |
Note 13 - Fair Value Measurem_2
Note 13 - Fair Value Measurements and Fair Value of Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | September 30, 2023 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 $ 392,842 $ — $ — $ 392,842 U.S. government agency entities — 51,001 — 51,001 U.S. government sponsored entities — 33,620 — 33,620 Mortgage-backed securities — 761,803 — 761,803 Collateralized mortgage obligations — 27,698 — 27,698 Corporate debt securities — 231,872 — 231,872 Foreign debt securities — 9,962 — 9,962 Total securities available-for-sale 392,842 1,115,956 — 1,508,798 Equity securities Mutual funds 5,337 — — 5,337 Preferred stock of government sponsored entities 1,378 — — 1,378 Other equity securities 24,741 — — 24,741 Total equity securities 31,456 — — 31,456 Warrants — — 42 42 Interest rate swaps — 83,434 — 83,434 Foreign exchange contracts — 858 — 858 Total assets $ 424,298 $ 1,200,248 $ 42 $ 1,624,588 Liabilities Interest rate swaps $ — $ 56,058 $ — $ 56,058 Foreign exchange contracts — 939 — 939 Total liabilities $ — $ 56,997 $ — $ 56,997 December 31, 2022 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 $ 240,500 $ — $ — $ 240,500 U.S. government agency entities — 63,610 — 63,610 U.S. government sponsored entities — 30,000 — 30,000 Mortgage-backed securities — 867,094 — 867,094 Collateralized mortgage obligations — 31,061 — 31,061 Corporate debt securities — 241,083 — 241,083 Total securities available-for-sale 240,500 1,232,848 — 1,473,348 Equity securities Mutual funds 5,509 — — 5,509 Preferred stock of government sponsored entities 1,289 — — 1,289 Other equity securities 15,360 — — 15,360 Total equity securities 22,158 — — 22,158 Warrants — — 50 50 Interest rate swaps — 44,443 — 44,443 Foreign exchange contracts — 448 — 448 Total assets $ 262,658 $ 1,277,739 $ 50 $ 1,540,447 Liabilities Interest rate swaps $ — $ 51,864 $ — $ 51,864 Foreign exchange contracts — 942 — 942 Total liabilities $ — $ 52,806 $ — $ 52,806 |
Fair Value Measurements, Nonrecurring [Table Text Block] | As of September 30, 2023 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, 2023 September 30, 2022 September 30, 2023 September 30, 2022 (In thousands) Assets Non accrual loans by type: Commercial loans $ — $ — $ — $ — $ — $ 1,786 $ — $ 1,786 Commercial mortgage loans — — 7,051 7,051 252 — 4,069 — Real estate construction loans — — 5,034 5,034 — — — — Total non accrual loans — — 12,085 12,085 252 1,786 4,069 1,786 Other real estate owned (1) — — 15,328 15,328 — — — — Investments in venture capital — — 447 447 — — — — Total assets $ — $ — $ 27,860 $ 27,860 $ 252 $ 1,786 $ 4,069 $ 1,786 As of December 31, 2022 Total Losses Fair Value Measurements Using Total Fair Value For the Twelve Months Ended Level 1 Level 2 Level 3 Measurements December 31, 2022 December 31, 2021 (In thousands) Assets Non accrual loans by type: Commercial loans $ — $ — $ 12,950 $ 12,950 $ 1,786 $ 1,012 Commercial mortgage loans — — 32,205 32,205 2,091 — Residential mortgage loans and equity lines — — 8,978 8,978 — — Installment and other loans — — 8 8 — — Total non accrual loans — — 54,141 54,141 3,877 1,012 Other real estate owned (1) — — 4,328 4,328 — 17 Investments in venture capital — — 689 689 268 143 Total assets $ — $ — $ 59,158 $ 59,158 $ 4,145 $ 1,172 |
Fair Value, by Balance Sheet Grouping [Table Text Block] | September 30, 2023 December 31, 2022 Carrying Carrying Amount Fair Value Amount Fair Value (In thousands) Financial Assets Cash and due from banks $ 145,580 $ 145,580 $ 195,440 $ 195,440 Short-term investments 1,017,354 1,017,354 966,962 966,962 Securities available-for-sale 1,508,798 1,508,798 1,473,348 1,473,348 Loans, net 18,859,682 18,838,004 18,100,898 17,944,588 Equity securities 31,456 31,456 22,158 22,158 Investment in Federal Home Loan Bank stock 17,250 17,250 17,250 17,250 Warrants 42 42 50 50 Notional Notional Amount Fair Value Amount Fair Value Foreign exchange contracts $ 220,784 $ 858 $ 72,996 $ 448 Interest rate swaps 1,502,403 83,434 817,615 44,443 Carrying Carrying Amount Fair Value Amount Fair Value Financial Liabilities Deposits $ 19,635,588 $ 19,746,224 $ 18,505,279 $ 18,572,387 Advances from Federal Home Loan Bank 15,000 14,186 485,000 482,737 Other borrowings 22,374 18,282 22,600 18,385 Long-term debt 119,136 68,536 119,136 68,231 Notional Notional Amount Fair Value Amount Fair Value Foreign exchange contracts $ 64,971 $ 939 $ 170,213 $ 942 Interest rate swaps 642,054 56,058 595,426 51,864 Notional Notional Amount Fair Value Amount Fair Value Off-Balance Sheet Financial Instruments Commitments to extend credit $ 3,989,855 $ (15,038 ) $ 3,630,304 $ (14,797 ) Standby letters of credit 329,789 (2,308 ) 315,821 (2,738 ) Other letters of credit 10,214 (10 ) 29,416 (33 ) Bill of lading guarantees — — — — |
Schedule Of Fair Value Of Financial Instruments [Table Text Block] | As of September 30, 2023 Estimated Fair Value Measurements Level 1 Level 2 Level 3 (In thousands) Financial Assets Cash and due from banks $ 145,580 $ 145,580 $ — $ — Short-term investments 1,017,354 1,017,354 — — Loans, net 18,838,004 — — 18,838,004 Investment in Federal Home Loan Bank stock 17,250 — 17,250 — Financial Liabilities Deposits 19,746,224 — — 19,746,224 Advances from Federal Home Loan Bank 14,186 — 14,186 — Other borrowings 18,282 — — 18,282 Long-term debt 68,536 — 68,536 — As of December 31, 2022 Estimated Fair Value Measurements Level 1 Level 2 Level 3 (In thousands) Financial Assets Cash and due from banks $ 195,440 $ 195,440 $ — $ — Short-term investments 966,962 966,962 — — Loans, net 17,944,588 — — 17,944,588 Investment in Federal Home Loan Bank stock 17,250 — 17,250 — Warrants 50 — — 50 Financial Liabilities Deposits 18,572,387 — — 18,572,387 Advances from Federal Home Loan Bank 482,737 — 482,737 — Other borrowings 18,385 — — 18,385 Long-term debt 68,231 — 68,231 — |
Note 14 - Goodwill and Other _2
Note 14 - Goodwill and Other Intangible Assets (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | September 30, 2023 December 31, 2022 (In thousands) Gross balance $ 10,562 $ 10,562 Accumulated amortization (5,041 ) (4,291 ) Impairment (1,227 ) (918 ) Net carrying balance $ 4,294 $ 5,353 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | Amount (In thousands) 2023 $ 250 2024 1,001 2025 946 2026 870 2027 870 Thereafter 357 Total $ 4,294 |
Note 15 - Financial Derivativ_2
Note 15 - Financial Derivatives (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Schedule of Cash Flow Hedging Instruments, Statements of Financial Performance and Financial Position, Location [Table Text Block] | September 30, 2023 December 31, 2022 (In thousands) Fair value swap hedges: Notional $ 857,341 $ 874,034 Weighted average fixed rate-pay 1.80 % 2.12 % Weighted average variable rate spread 0.27 % 0.68 % Weighted average variable rate-receive 5.33 % 2.61 % Unrealized gain $ 27,378 $ 38,589 Three Months Ended Nine Months Ended September 30, 2023 September 30, 2022 September 30, 2023 September 30, 2022 Periodic net settlement of swaps (1) $ 7,659 $ 1,461 $ 21,065 $ (1,628 ) |
Derivatives Not Designated as Hedging Instruments [Table Text Block] | Derivative financial instruments not designated as hedging instruments: September 30, 2023 December 31, 2022 (In thousands) Notional amounts: Forward, and swap contracts with positive fair value $ 862,838 $ 72,996 Forward, and swap contracts with negative fair value $ 707,025 $ 170,213 Fair value: Forward, and swap contracts with positive fair value $ 56,858 $ 448 Forward, and swap contracts with negative fair value $ (56,939 ) $ (942 ) |
Note 16 - Balance Sheet Offse_2
Note 16 - Balance Sheet Offsetting (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Schedule of Amounts Recognized in Balance Sheet [Table Text Block] | Gross Amounts Not Offset in the Balance Sheet Gross Amounts Recognized Gross Amounts Offset in the Balance Sheet Net Amounts Presented in the Balance Sheet Financial Instruments Collateral Posted Net Amount (In thousands) September 30, 2023 Assets: Derivatives $ 83,434 $ 9,820 $ 73,614 $ — $ 70,745 $ 2,869 Liabilities: Derivatives $ 56,058 $ — $ 56,058 $ — $ — $ 56,058 December 31, 2022 Assets: Derivatives $ 90,451 $ 46,008 $ 44,443 $ — $ 42,930 $ 1,513 Liabilities: Derivatives $ 51,864 $ — $ 51,864 $ — $ — $ 51,864 |
Note 17 - Revenue From Contra_2
Note 17 - Revenue From Contracts With Clients (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 (In thousands) Non-interest income, in-scope: Fees and service charges on deposit accounts $ 2,218 $ 2,398 $ 7,073 $ 7,156 Wealth management fees 5,150 4,184 12,686 12,494 Other service fees (1) 4,424 4,451 12,559 12,723 Total noninterest income 11,792 11,033 32,318 32,373 Noninterest income, not in-scope (2) (3,955 ) (1,157 ) 12,873 12,353 Total noninterest income $ 7,837 $ 9,876 $ 45,191 $ 44,726 |
Note 18 - Stockholders' Equity
Note 18 - Stockholders' Equity (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Three Months Ended September 30, 2023 Three Months Ended September 30, 2022 Pre-tax Tax expense/ (benefit) Net-of-tax Pre-tax Tax expense/ (benefit) Net-of-tax (In thousands) Beginning balance, gain/(loss), net of tax Securities available-for-sale $ (100,704 ) $ (72,210 ) Cash flow hedge derivatives 1,655 882 Total $ (99,049 ) $ (71,328 ) Net unrealized gains/(losses) arising during the period Securities available-for-sale $ (34,133 ) $ (10,090 ) $ (24,043 ) $ (61,316 ) $ (18,125 ) $ (43,191 ) Cash flow hedge derivatives (626 ) (185 ) (441 ) 2,677 791 1,886 Total $ (34,759 ) $ (10,275 ) $ (24,484 ) $ (58,639 ) $ (17,334 ) $ (41,305 ) Reclassification adjustment for net losses in net income Cash flow hedge derivatives — — — (342 ) (101 ) (241 ) Total — — — (342 ) (101 ) (241 ) Total other comprehensive income/(loss) Securities available-for-sale $ (34,133 ) $ (10,090 ) $ (24,043 ) $ (61,316 ) $ (18,125 ) $ (43,191 ) Cash flow hedge derivatives (626 ) (185 ) (441 ) 2,335 690 1,645 Total $ (34,759 ) $ (10,275 ) $ (24,484 ) $ (58,981 ) $ (17,435 ) $ (41,546 ) Ending balance, gain/(loss), net of tax Securities available-for-sale $ (124,747 ) $ (115,401 ) Cash flow hedge derivatives 1,214 2,527 Total $ (123,533 ) $ (112,874 ) Nine Months Ended September 30, 2023 Nine Months Ended September 30, 2022 Pre-tax Tax expense/ (benefit) Net-of-tax Pre-tax Tax expense/ (benefit) Net-of-tax (In thousands) Beginning balance, gain/(loss), net of tax Securities available-for-sale $ (104,832 ) $ 211 Cash flow hedge derivatives 2,537 (3,276 ) Total $ (102,295 ) $ (3,065 ) Net unrealized gains/(losses) arising during the period Securities available-for-sale $ (28,272 ) $ (8,357 ) $ (19,915 ) $ (164,128 ) $ (48,516 ) $ (115,612 ) Cash flow hedge derivatives (1,878 ) (555 ) (1,323 ) 11,060 3,269 7,791 Total $ (30,150 ) $ (8,912 ) $ (21,238 ) $ (153,068 ) $ (45,247 ) $ (107,821 ) Reclassification adjustment for net losses in net income Cash flow hedge derivatives — — — (2,822 ) (834 ) (1,988 ) Total — — — (2,822 ) (834 ) (1,988 ) Total other comprehensive income/(loss) Securities available-for-sale $ (28,272 ) $ (8,357 ) $ (19,915 ) $ (164,128 ) $ (48,516 ) $ (115,612 ) Cash flow hedge derivatives (1,878 ) (555 ) (1,323 ) 8,238 2,435 5,803 Total $ (30,150 ) $ (8,912 ) $ (21,238 ) $ (155,890 ) $ (46,081 ) $ (109,809 ) Ending balance, gain/(loss), net of tax Securities available-for-sale $ (124,747 ) $ (115,401 ) Cash flow hedge derivatives 1,214 2,527 Total $ (123,533 ) $ (112,874 ) |
Note 1 - Business (Details Text
Note 1 - Business (Details Textual) | Sep. 30, 2023 |
Number Of Limited Partnerships In Housing Investments | 10 |
Percentage of Subsidiaries Common Securities Owned by Parent Company | 100% |
Southern California1 [Member] | |
Number Of Branch Locations | 24 |
Northern California 1 [Member] | |
Number Of Branch Locations | 19 |
NEW YORK | |
Number Of Branch Locations | 9 |
WASHINGTON | |
Number Of Branch Locations | 4 |
ILLINOIS | |
Number Of Branch Locations | 2 |
TEXAS | |
Number Of Branch Locations | 2 |
NEW JERSEY | |
Number Of Branch Locations | 1 |
HONG KONG | |
Number Of Branch Locations | 1 |
Note 2 - Business Combination_2
Note 2 - Business Combinations (Details Textual) $ in Thousands | Feb. 07, 2022 USD ($) |
HSBC Bank USA [Member] | |
Number Of Branch Locations | 10 |
HSBC Bank USA West Coast Mass Market Consumer and Retail Banking Business [Member] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Financing Receivable | $ 646,100 |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deposit Liabilities | $ 575,163 |
Note 2 - Business Combination_3
Note 2 - Business Combinations - Assets and Liabilities Acquired (Details) - USD ($) $ in Thousands | Feb. 07, 2022 | Sep. 30, 2023 | Dec. 31, 2022 |
Goodwill | $ 375,696 | $ 375,696 | |
HSBC Bank USA West Coast Mass Market Consumer and Retail Banking Business [Member] | |||
Cash and cash equivalents | $ 473 | ||
Loans | 641,839 | ||
Right-of-use assets - operating leases | 6,453 | ||
Core deposit intangible | 3,138 | ||
Other | 561 | ||
Total assets | 652,464 | ||
Deposits | 575,163 | ||
Lease liabilities | 6,453 | ||
Total liabilities assumed | 581,616 | ||
Net assets acquired | 70,848 | ||
Total cash paid at closing | 74,355 | ||
Goodwill | $ 3,507 |
Note 3 - Basis of Presentatio_2
Note 3 - Basis of Presentation and Summary of Significant Accounting Policies (Details Textual) - $ / shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Earnings Per Share, Basic (in dollars per share) | $ 1.14 | $ 1.34 | $ 3.74 | $ 3.52 |
Earnings Per Share, Diluted (in dollars per share) | $ 1.13 | 1.33 | $ 3.73 | $ 3.5 |
Revision of Prior Period, Error Correction, Adjustment [Member] | ||||
Earnings Per Share, Basic (in dollars per share) | 0.01 | |||
Earnings Per Share, Diluted (in dollars per share) | $ 0.02 |
Note 5 - Cash, Cash Equivalen_2
Note 5 - Cash, Cash Equivalents and Restricted Cash (Details Textual) - USD ($) $ in Millions | 9 Months Ended | 12 Months Ended |
Sep. 30, 2023 | Dec. 31, 2022 | |
Average Excess Balances Maintained With Federal Reserve Bank | $ 1,100 | $ 1,240 |
Margin Deposit Assets | 84.9 | 88.9 |
Restricted Cash | 24.6 | 25.4 |
Bank [Member] | ||
Restricted Cash | $ 4.4 | $ 8.2 |
Note 6 - Earnings Per Share - E
Note 6 - Earnings Per Share - Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Net income | $ 82,371 | $ 99,035 | $ 271,598 | $ 263,041 |
Basic weighted-average number of common shares outstanding (in shares) | 72,568,518 | 73,956,052 | 72,546,149 | 74,743,941 |
Dilutive effect of weighted-average outstanding common share equivalents RSUs (in shares) | 321,896 | 286,000 | 301,758 | 324,291 |
Diluted weighted-average number of common shares outstanding (in shares) | 72,890,414 | 74,242,052 | 72,847,907 | 75,068,232 |
Average restricted stock units with anti-dilutive effect (in shares) | 0 | 13,534 | 2,098 | 48,073 |
Basic (in dollars per share) | $ 1.14 | $ 1.34 | $ 3.74 | $ 3.52 |
Diluted (in dollars per share) | $ 1.13 | $ 1.33 | $ 3.73 | $ 3.5 |
Note 7 - Stock-based Compensa_3
Note 7 - Stock-based Compensation (Details Textual) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares) | 1,581,507 | 1,581,507 | ||
Restricted Stock Units (RSUs) [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 3 years | |||
Share-Based Payment Arrangement, Expense | $ 2 | $ 1.8 | $ 5 | $ 5.2 |
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ 11.9 | $ 10.7 | $ 11.9 | $ 10.7 |
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 2 years | |||
Performance-based Restricted Stock Units [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 3 years | |||
Performance-based Restricted Stock Units [Member] | Minimum [Member] | Share-Based Payment Arrangement, Tranche One [Member] | ||||
Performance-based Restricted Stock Units, Number of Shares That May Vest, Percentage of Target | 0% | 0% | ||
Performance-based Restricted Stock Units [Member] | Maximum [Member] | Share-Based Payment Arrangement, Tranche One [Member] | ||||
Performance-based Restricted Stock Units, Number of Shares That May Vest, Percentage of Target | 150% | 150% |
Note 7 - Stock-based Compensa_4
Note 7 - Stock-based Compensation - Restricted Stock Units (Details) | 9 Months Ended |
Sep. 30, 2023 $ / shares shares | |
Time-based Restricted Stock Units [Member] | |
Balance (in shares) | shares | 202,059 |
Balance, weighted-average grant date fair value (in dollars per share) | $ / shares | $ 33.29 |
Granted (in shares) | shares | 85,120 |
Granted, weighted-average grant date fair value (in dollars per share) | $ / shares | $ 37.97 |
Vested (in shares) | shares | (2,381) |
Vested, weighted-average grant date fair value (in dollars per share) | $ / shares | $ 35.19 |
Forfeited (in shares) | shares | (1,774) |
Forfeited, weighted-average grant date fair value (in dollars per share) | $ / shares | $ 42.52 |
Balance (in shares) | shares | 283,024 |
Balance, weighted-average grant date fair value (in dollars per share) | $ / shares | $ 34.62 |
Performance-based Restricted Stock Units [Member] | |
Balance (in shares) | shares | 362,965 |
Balance, weighted-average grant date fair value (in dollars per share) | $ / shares | $ 31.56 |
Granted (in shares) | shares | 123,504 |
Granted, weighted-average grant date fair value (in dollars per share) | $ / shares | $ 38.41 |
Vested (in shares) | shares | (136,808) |
Vested, weighted-average grant date fair value (in dollars per share) | $ / shares | $ 34.21 |
Forfeited (in shares) | shares | 0 |
Forfeited, weighted-average grant date fair value (in dollars per share) | $ / shares | $ 0 |
Balance (in shares) | shares | 349,661 |
Balance, weighted-average grant date fair value (in dollars per share) | $ / shares | $ 32.94 |
Note 8 - Investment Securitie_2
Note 8 - Investment Securities (Details Textual) $ in Thousands | 1 Months Ended | 3 Months Ended | 9 Months Ended | |||
Mar. 31, 2023 USD ($) | Sep. 30, 2023 USD ($) | Sep. 30, 2022 USD ($) | Sep. 30, 2023 USD ($) | Sep. 30, 2022 USD ($) | Dec. 31, 2022 USD ($) | |
Debt Securities, Available-for-Sale, Accrued Interest, after Allowance for Credit Loss | $ 5,500 | $ 5,500 | ||||
Equity Securities, FV-NI, Unrealized Gain (Loss) | (6,200) | $ (3,700) | 9,298 | $ 1,257 | ||
Equity Securities, FV-NI, Current | $ 31,456 | $ 31,456 | $ 22,158 | |||
Debt Securities, Available-for-Sale, Unrealized Loss Position, Number of Positions | 202 | 202 | 195 | |||
Debt Securities, Available-for-Sale, Realized Loss | $ 3,000 | |||||
Debt Securities, Available-for-Sale, Allowance for Credit Loss | $ 0 | $ 0 | ||||
Debt Securities, Available-for-Sale, Transfer in, Allowance for Credit Loss, Expense | 0 | 0 | ||||
Pledged Investment Securities | $ 132,200 | $ 132,200 | $ 145,700 | |||
Collateralized Mortgage-Backed Securities [Member] | ||||||
Debt Securities, Available-for-Sale, Unrealized Loss Position, Number of Positions | 161 | 161 | 159 | |||
Corporate Debt Securities [Member] | ||||||
Debt Securities, Available-for-Sale, Unrealized Loss Position, Number of Positions | 24 | 24 | 22 | |||
US Treasury Securities [Member] | ||||||
Debt Securities, Available-for-Sale, Unrealized Loss Position, Number of Positions | 6 | |||||
Collateralized Mortgage Obligations [Member] | ||||||
Debt Securities, Available-for-Sale, Unrealized Loss Position, Number of Positions | 5 | |||||
US Government Corporations and Agencies Securities [Member] | ||||||
Debt Securities, Available-for-Sale, Unrealized Loss Position, Number of Positions | 3 |
Note 8 - Investment Securitie_3
Note 8 - Investment Securities - Investment Securities (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Investment securities available for sale, amortized cost | $ 1,684,951 | $ 1,622,173 |
Investment securities available for sale, gross unrealized gains | 227 | 690 |
Investment securities available for sale, gross unrealized losses | 176,380 | 149,515 |
Securities available-for-sale | 1,508,798 | 1,473,348 |
US Treasury Securities [Member] | ||
Investment securities available for sale, amortized cost | 392,956 | 241,611 |
Investment securities available for sale, gross unrealized gains | 41 | 0 |
Investment securities available for sale, gross unrealized losses | 155 | 1,111 |
Securities available-for-sale | 392,842 | 240,500 |
US Government Corporations and Agencies Securities [Member] | ||
Investment securities available for sale, amortized cost | 51,018 | 63,347 |
Investment securities available for sale, gross unrealized gains | 144 | 384 |
Investment securities available for sale, gross unrealized losses | 161 | 121 |
Securities available-for-sale | 51,001 | 63,610 |
US Government-sponsored Enterprises Debt Securities [Member] | ||
Investment securities available for sale, amortized cost | 33,709 | 30,000 |
Investment securities available for sale, gross unrealized gains | 0 | 0 |
Investment securities available for sale, gross unrealized losses | 89 | 0 |
Securities available-for-sale | 33,620 | 30,000 |
Collateralized Mortgage-Backed Securities [Member] | ||
Investment securities available for sale, amortized cost | 916,719 | 993,883 |
Investment securities available for sale, gross unrealized gains | 42 | 194 |
Investment securities available for sale, gross unrealized losses | 154,958 | 126,983 |
Securities available-for-sale | 761,803 | 867,094 |
Collateralized Mortgage Obligations [Member] | ||
Investment securities available for sale, amortized cost | 32,015 | 34,552 |
Investment securities available for sale, gross unrealized gains | 0 | 0 |
Investment securities available for sale, gross unrealized losses | 4,317 | 3,491 |
Securities available-for-sale | 27,698 | 31,061 |
Corporate Debt Securities [Member] | ||
Investment securities available for sale, amortized cost | 248,534 | 258,780 |
Investment securities available for sale, gross unrealized gains | 0 | 112 |
Investment securities available for sale, gross unrealized losses | 16,662 | 17,809 |
Securities available-for-sale | 231,872 | $ 241,083 |
Debt Security, Corporate, Non-US [Member] | ||
Investment securities available for sale, amortized cost | 10,000 | |
Investment securities available for sale, gross unrealized gains | 0 | |
Investment securities available for sale, gross unrealized losses | 38 | |
Securities available-for-sale | $ 9,962 |
Note 8 - Investment Securitie_4
Note 8 - Investment Securities - Investments by Contractual Maturity Date (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Due in one year or less, Amortized Cost | $ 442,957 | |
Due in one year or less, Fair Value | 442,208 | |
Due after one year through five years, Amortized Cost | 241,407 | |
Due after one year through five years, Fair Value | 225,644 | |
Due after five years through ten years, Amortized Cost | 154,327 | |
Due after five years through ten years, Fair Value | 142,157 | |
Due after ten years, Amortized Cost | 846,260 | |
Due after ten years, Fair Value | 698,789 | |
Total, Amortized Cost | 1,684,951 | $ 1,622,173 |
Total, Fair Value | $ 1,508,798 | $ 1,473,348 |
Note 8 - Investment Securitie_5
Note 8 - Investment Securities - Temporarily Impaired Securities (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Temporarily impaired securities, less than 12 months, fair value | $ 196,414 | $ 769,045 |
Temporarily impaired securities, less than 12 months, unrealized losses | 2,649 | 39,023 |
Temporarily impaired securities, 12 months or longer, fair value | 986,143 | 562,156 |
Temporarily impaired securities, 12 months or longer, unrealized losses | 173,731 | 110,492 |
Temporarily impaired securities, total fair value | 1,182,557 | 1,331,201 |
Temporarily impaired securities, total unrealized losses | 176,380 | 149,515 |
US Treasury Securities [Member] | ||
Temporarily impaired securities, less than 12 months, fair value | 49,153 | 240,500 |
Temporarily impaired securities, less than 12 months, unrealized losses | 126 | 1,111 |
Temporarily impaired securities, 12 months or longer, fair value | 49,804 | 0 |
Temporarily impaired securities, 12 months or longer, unrealized losses | 29 | 0 |
Temporarily impaired securities, total fair value | 98,957 | 240,500 |
Temporarily impaired securities, total unrealized losses | 155 | 1,111 |
US Government Corporations and Agencies Securities [Member] | ||
Temporarily impaired securities, less than 12 months, fair value | 17,698 | 0 |
Temporarily impaired securities, less than 12 months, unrealized losses | 39 | 0 |
Temporarily impaired securities, 12 months or longer, fair value | 1,487 | 1,806 |
Temporarily impaired securities, 12 months or longer, unrealized losses | 122 | 121 |
Temporarily impaired securities, total fair value | 19,185 | 1,806 |
Temporarily impaired securities, total unrealized losses | 161 | 121 |
Collateralized Mortgage-Backed Securities [Member] | ||
Temporarily impaired securities, less than 12 months, fair value | 17,695 | 394,123 |
Temporarily impaired securities, less than 12 months, unrealized losses | 642 | 33,042 |
Temporarily impaired securities, 12 months or longer, fair value | 743,568 | 452,739 |
Temporarily impaired securities, 12 months or longer, unrealized losses | 154,316 | 93,941 |
Temporarily impaired securities, total fair value | 761,263 | 846,862 |
Temporarily impaired securities, total unrealized losses | 154,958 | 126,983 |
Collateralized Mortgage Obligations [Member] | ||
Temporarily impaired securities, less than 12 months, fair value | 0 | 24,427 |
Temporarily impaired securities, less than 12 months, unrealized losses | 0 | 1,614 |
Temporarily impaired securities, 12 months or longer, fair value | 27,698 | 6,634 |
Temporarily impaired securities, 12 months or longer, unrealized losses | 4,317 | 1,877 |
Temporarily impaired securities, total fair value | 27,698 | 31,061 |
Temporarily impaired securities, total unrealized losses | 4,317 | 3,491 |
Corporate Debt Securities [Member] | ||
Temporarily impaired securities, less than 12 months, fair value | 68,285 | 109,995 |
Temporarily impaired securities, less than 12 months, unrealized losses | 1,715 | 3,256 |
Temporarily impaired securities, 12 months or longer, fair value | 163,586 | 100,977 |
Temporarily impaired securities, 12 months or longer, unrealized losses | 14,947 | 14,553 |
Temporarily impaired securities, total fair value | 231,871 | 210,972 |
Temporarily impaired securities, total unrealized losses | 16,662 | $ 17,809 |
US Government-sponsored Enterprises Debt Securities [Member] | ||
Temporarily impaired securities, less than 12 months, fair value | 33,621 | |
Temporarily impaired securities, less than 12 months, unrealized losses | 89 | |
Temporarily impaired securities, 12 months or longer, fair value | 0 | |
Temporarily impaired securities, 12 months or longer, unrealized losses | 0 | |
Temporarily impaired securities, total fair value | 33,621 | |
Temporarily impaired securities, total unrealized losses | 89 | |
Debt Security, Corporate, Non-US [Member] | ||
Temporarily impaired securities, less than 12 months, fair value | 9,962 | |
Temporarily impaired securities, less than 12 months, unrealized losses | 38 | |
Temporarily impaired securities, 12 months or longer, fair value | 0 | |
Temporarily impaired securities, 12 months or longer, unrealized losses | 0 | |
Temporarily impaired securities, total fair value | 9,962 | |
Temporarily impaired securities, total unrealized losses | $ 38 |
Note 9 - Loans (Details Textual
Note 9 - Loans (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Percentage Of Charge Off To Contractual Balances For Impaired Loans | 6.20% | 6.20% | 14.10% | ||
Financing Receivables, Impaired, Troubled Debt Restructuring, Specific Reserve | $ 0 | $ 0 | |||
Financing Receivable, Modified, Subsequent Default | $ 0 | $ 0 | |||
Financing Receivable, Troubled Debt Restructuring, Commitment to Lend | 0 | $ 0 | |||
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 | $ 77,300 | $ 77,300 | $ 68,900 | ||
Accruing Troubled Debt Restructuring [Member] | |||||
Financing Receivable, Troubled Debt Restructuring | 15,100 | ||||
Financing Receivables, Impaired, Troubled Debt Restructuring, Specific Reserve | 0 | ||||
Non-accruing Troubled Debt Restructuring [Member] | |||||
Financing Receivable, Troubled Debt Restructuring | 6,300 | ||||
Financing Receivables, Impaired, Troubled Debt Restructuring, Specific Reserve | $ 427 |
Note 9 - Loans - Components of
Note 9 - Loans - Components of Loans in Consolidated Balance Sheets (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Jun. 30, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Dec. 31, 2021 |
Loans | $ 19,023,822 | $ 18,254,024 | ||||
Less: Allowance for loan losses | (154,619) | $ (155,109) | (146,485) | $ (148,817) | $ (148,772) | $ (136,157) |
Unamortized deferred loan fees, net | (9,521) | (6,641) | ||||
Loans, net | 18,859,682 | 18,100,898 | ||||
Commercial Portfolio Segment [Member] | ||||||
Loans | 3,090,609 | 3,318,778 | ||||
Less: Allowance for loan losses | (44,758) | (50,579) | (49,435) | (50,399) | (49,069) | (43,394) |
Real Estate Construction Portfolio Segment [Member] | ||||||
Loans | 474,294 | 559,372 | ||||
Less: Allowance for loan losses | (15,111) | (12,751) | (10,417) | (6,211) | (7,276) | (6,302) |
Commercial Real Estate Portfolio Segment [Member] | ||||||
Loans | 9,511,805 | 8,793,685 | ||||
Less: Allowance for loan losses | (75,885) | (73,547) | (68,366) | (70,050) | (68,600) | (61,081) |
Residential Portfolio Segment [Member] | ||||||
Loans | 5,685,844 | 5,252,952 | ||||
Equity Lines Portfolio Segment [Member] | ||||||
Loans | 253,826 | 324,548 | ||||
Installment and Other Loans [Member ] | ||||||
Loans | 7,444 | 4,689 | ||||
Less: Allowance for loan losses | $ (56) | $ (18) | $ (35) | $ (128) | $ (135) | $ (1) |
Note 9 - Loans - Average Balanc
Note 9 - Loans - Average Balance and Interest Income Recognized Related to Nonaccrual Loans (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Average Recorded Investment | $ 74,673 | $ 62,474 | $ 71,878 | $ 72,442 |
Interest Income Recognized | 79 | 198 | 254 | 528 |
Commercial Portfolio Segment [Member] | ||||
Average Recorded Investment | 13,147 | 26,809 | 18,982 | 28,691 |
Interest Income Recognized | 5 | 0 | 10 | 0 |
Real Estate Construction Portfolio Segment [Member] | ||||
Average Recorded Investment | 11,266 | 3,797 | ||
Interest Income Recognized | 0 | 0 | ||
Commercial Real Estate Portfolio Segment [Member] | ||||
Average Recorded Investment | 37,046 | 18,861 | 37,446 | |
Interest Income Recognized | 74 | 191 | 244 | |
Residential Mortgage and Equity Lines Portfolio Segment [Member] | ||||
Average Recorded Investment | 13,214 | 16,743 | 11,652 | 14,838 |
Interest Income Recognized | 0 | $ 7 | 0 | $ 61 |
Installment and Other Loans [Member ] | ||||
Average Recorded Investment | 0 | 1 | ||
Interest Income Recognized | $ 0 | $ 0 |
Note 9 - Loans - Nonaccrual Loa
Note 9 - Loans - Nonaccrual Loans and Related Allowance for Credit Losses (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Loans with no related allowance, unpaid principal balance | $ 89,455 | $ 74,673 |
Loans with no related allowance, recorded investment | 68,075 | 54,140 |
Loans with related allowance, unpaid principal balance | 16,539 | |
Loans with related allowance, recorded investment | 14,714 | |
Allowance | 4,221 | 3,941 |
Unpaid principal balance | 98,710 | 91,212 |
Non-accrual loans | 77,330 | 68,854 |
Commercial Portfolio Segment [Member] | ||
Loans with no related allowance, unpaid principal balance | 26,116 | 27,341 |
Loans with no related allowance, recorded investment | 14,661 | 12,949 |
Loans with related allowance, unpaid principal balance | 14,643 | |
Loans with related allowance, recorded investment | 12,823 | |
Allowance | 3,734 | |
Commercial Real Estate Portfolio Segment [Member] | ||
Loans with no related allowance, unpaid principal balance | 42,020 | 37,697 |
Loans with no related allowance, recorded investment | 32,539 | 32,205 |
Loans with related allowance, unpaid principal balance | 1,896 | |
Loans with related allowance, recorded investment | 1,891 | |
Allowance | 207 | |
Residential Mortgage and Equity Lines Portfolio Segment [Member] | ||
Loans with no related allowance, unpaid principal balance | 13,582 | 9,626 |
Loans with no related allowance, recorded investment | 13,138 | 8,978 |
Real Estate Construction Portfolio Segment [Member] | ||
Loans with no related allowance, unpaid principal balance | 7,737 | |
Loans with no related allowance, recorded investment | 7,737 | |
Loans with related allowance, unpaid principal balance | 9,255 | |
Loans with related allowance, recorded investment | 9,255 | |
Allowance | $ 4,221 | |
Installment and Other Loans [Member ] | ||
Loans with no related allowance, unpaid principal balance | 9 | |
Loans with no related allowance, recorded investment | $ 8 |
Note 9 - Loans - Aging of Loan
Note 9 - Loans - Aging of Loan Portfolio (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Loans | $ 19,023,822 | $ 18,254,024 |
Non-accrual loans | 77,330 | 68,854 |
Financial Asset, 30 to 59 Days Past Due [Member] | ||
Loans | 14,750 | 81,012 |
Financial Asset, 60 to 89 Days Past Due [Member] | ||
Loans | 20,672 | 8,921 |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans | 1,924 | 11,580 |
Financial Asset, Past Due [Member] | ||
Loans | 114,676 | 170,367 |
Non-accrual loans | 77,330 | 68,854 |
Financial Asset, Not Past Due [Member] | ||
Loans | 18,909,146 | 18,083,657 |
Commercial Portfolio Segment [Member] | ||
Loans | 3,090,609 | 3,318,778 |
Commercial Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Loans | 6,835 | 8,192 |
Commercial Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Loans | 3,634 | 3,235 |
Commercial Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans | 1,204 | 10,208 |
Commercial Portfolio Segment [Member] | Financial Asset, Past Due [Member] | ||
Loans | 26,334 | 47,407 |
Non-accrual loans | 14,661 | 25,772 |
Commercial Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | ||
Loans | 3,064,275 | 3,271,371 |
Real Estate Construction Portfolio Segment [Member] | ||
Loans | 474,294 | 559,372 |
Real Estate Construction Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Loans | 0 | 0 |
Real Estate Construction Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Loans | 0 | 0 |
Real Estate Construction Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans | 0 | 0 |
Real Estate Construction Portfolio Segment [Member] | Financial Asset, Past Due [Member] | ||
Loans | 16,992 | 0 |
Non-accrual loans | 16,992 | 0 |
Real Estate Construction Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | ||
Loans | 457,302 | 559,372 |
Commercial Real Estate Portfolio Segment [Member] | ||
Loans | 9,511,805 | 8,793,685 |
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Loans | 3,246 | 25,772 |
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Loans | 6,357 | 0 |
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans | 720 | 1,372 |
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, Past Due [Member] | ||
Loans | 42,862 | 61,240 |
Non-accrual loans | 32,539 | 34,096 |
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | ||
Loans | 9,468,943 | 8,732,445 |
Residential Mortgage and Equity Lines Portfolio Segment [Member] | ||
Loans | 5,939,670 | 5,577,500 |
Residential Mortgage and Equity Lines Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Loans | 4,663 | 47,043 |
Residential Mortgage and Equity Lines Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Loans | 10,681 | 5,685 |
Residential Mortgage and Equity Lines Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans | 0 | 0 |
Residential Mortgage and Equity Lines Portfolio Segment [Member] | Financial Asset, Past Due [Member] | ||
Loans | 28,482 | 61,706 |
Non-accrual loans | 13,138 | 8,978 |
Residential Mortgage and Equity Lines Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | ||
Loans | 5,911,188 | 5,515,794 |
Installment and Other Loans [Member ] | ||
Loans | 7,444 | 4,689 |
Installment and Other Loans [Member ] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Loans | 6 | 5 |
Installment and Other Loans [Member ] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Loans | 0 | 1 |
Installment and Other Loans [Member ] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans | 0 | 0 |
Installment and Other Loans [Member ] | Financial Asset, Past Due [Member] | ||
Loans | 6 | 14 |
Non-accrual loans | 0 | 8 |
Installment and Other Loans [Member ] | Financial Asset, Not Past Due [Member] | ||
Loans | $ 7,438 | $ 4,675 |
Note 9 - Loans - Troubled Debt
Note 9 - Loans - Troubled Debt Restructuring (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 USD ($) | Sep. 30, 2022 USD ($) | Sep. 30, 2023 USD ($) | Sep. 30, 2022 USD ($) | |
No. of Contracts | 6 | 14 | ||
Pre-modification | $ 4,038 | $ 10,877 | ||
Post-modification | $ 2,653 | 4,014 | $ 2,688 | 10,849 |
Specific Reserve | 0 | 0 | ||
Charge-offs | $ 3 | $ 2,570 | ||
Commercial Portfolio Segment [Member] | ||||
No. of Contracts | 2 | 4 | ||
Pre-modification | $ 2,572 | $ 6,115 | ||
Post-modification | $ 2,653 | 2,572 | $ 2,688 | 6,115 |
Specific Reserve | 0 | 0 | ||
Charge-offs | $ 0 | $ 2,566 | ||
Residential Mortgage and Equity Lines Portfolio Segment [Member] | ||||
No. of Contracts | 4 | 8 | ||
Pre-modification | $ 1,466 | $ 2,190 | ||
Post-modification | 1,442 | 2,162 | ||
Specific Reserve | 0 | 0 | ||
Charge-offs | $ 3 | $ 4 | ||
Commercial Mortgage Loans [Member] | ||||
No. of Contracts | 2 | |||
Pre-modification | $ 2,572 | |||
Post-modification | 2,572 | |||
Specific Reserve | 0 | |||
Charge-offs | $ 0 |
Note 9 - Loans - Amortized Cost
Note 9 - Loans - Amortized Cost of Modified Loans (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Modified | $ 2,653 | $ 4,014 | $ 2,688 | $ 10,849 |
Extended Maturity [Member] | ||||
Modified | 1,489 | 1,489 | ||
Rate Reduction and Term Extension and Payment Deferral [Member] | ||||
Modified | 1,164 | 1,199 | ||
Commercial Portfolio Segment [Member] | ||||
Modified | $ 2,653 | $ 2,572 | $ 2,688 | $ 6,115 |
% of total loans | 0.09% | 0.09% | ||
Weighted average rate reduction | 0.94% | 1.27% | ||
Weighted average term increase (Year) | 9 months 18 days | 9 months 18 days | ||
Weighted average payment deferral (Year) | 4 months 24 days | 4 months 20 days | ||
Commercial Portfolio Segment [Member] | Extended Maturity [Member] | ||||
Modified | $ 1,489 | $ 1,489 | ||
Commercial Portfolio Segment [Member] | Rate Reduction and Term Extension and Payment Deferral [Member] | ||||
Modified | $ 1,164 | $ 1,199 |
Note 9 - Loans - Performance of
Note 9 - Loans - Performance of Modified Loans (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended |
Sep. 30, 2023 | Sep. 30, 2023 | |
Modified | $ 2,653 | $ 2,688 |
Financial Asset, Not Past Due [Member] | ||
Modified | 2,653 | 2,688 |
Financial Asset, 30 to 89 Days Past Due [Member] | ||
Modified | 0 | 0 |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Modified | 0 | 0 |
Commercial Portfolio Segment [Member] | ||
Modified | 2,653 | 2,688 |
Commercial Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | ||
Modified | 2,653 | 2,688 |
Commercial Portfolio Segment [Member] | Financial Asset, 30 to 89 Days Past Due [Member] | ||
Modified | 0 | 0 |
Commercial Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Modified | $ 0 | $ 0 |
Note 9 - Loans - Accruing Troub
Note 9 - Loans - Accruing Troubled Debt Restructurings (Details) $ in Thousands | Dec. 31, 2022 USD ($) |
Accruing Troubled Debt Restructuring [Member] | |
Accruing TDRs | $ 15,145 |
Accruing Troubled Debt Restructuring [Member] | Payment Deferral [Member] | |
Accruing TDRs | 7,560 |
Accruing Troubled Debt Restructuring [Member] | Contractual Interest Rate Reduction [Member] | |
Accruing TDRs | 445 |
Accruing Troubled Debt Restructuring [Member] | Rate Reduction and Payment Deferral [Member] | |
Accruing TDRs | 7,140 |
Non-accruing Troubled Debt Restructuring [Member] | |
Accruing TDRs | 6,348 |
Non-accruing Troubled Debt Restructuring [Member] | Payment Deferral [Member] | |
Accruing TDRs | 6,348 |
Non-accruing Troubled Debt Restructuring [Member] | Contractual Interest Rate Reduction [Member] | |
Accruing TDRs | 0 |
Non-accruing Troubled Debt Restructuring [Member] | Rate Reduction and Payment Deferral [Member] | |
Accruing TDRs | 0 |
Commercial Portfolio Segment [Member] | Accruing Troubled Debt Restructuring [Member] | |
Accruing TDRs | 2,588 |
Commercial Portfolio Segment [Member] | Accruing Troubled Debt Restructuring [Member] | Payment Deferral [Member] | |
Accruing TDRs | 2,588 |
Commercial Portfolio Segment [Member] | Accruing Troubled Debt Restructuring [Member] | Contractual Interest Rate Reduction [Member] | |
Accruing TDRs | 0 |
Commercial Portfolio Segment [Member] | Accruing Troubled Debt Restructuring [Member] | Rate Reduction and Payment Deferral [Member] | |
Accruing TDRs | 0 |
Commercial Portfolio Segment [Member] | Non-accruing Troubled Debt Restructuring [Member] | |
Accruing TDRs | 3,629 |
Commercial Portfolio Segment [Member] | Non-accruing Troubled Debt Restructuring [Member] | Payment Deferral [Member] | |
Accruing TDRs | 3,629 |
Commercial Portfolio Segment [Member] | Non-accruing Troubled Debt Restructuring [Member] | Contractual Interest Rate Reduction [Member] | |
Accruing TDRs | 0 |
Commercial Portfolio Segment [Member] | Non-accruing Troubled Debt Restructuring [Member] | Rate Reduction and Payment Deferral [Member] | |
Accruing TDRs | 0 |
Commercial Real Estate Portfolio Segment [Member] | Accruing Troubled Debt Restructuring [Member] | |
Accruing TDRs | 8,646 |
Commercial Real Estate Portfolio Segment [Member] | Accruing Troubled Debt Restructuring [Member] | Payment Deferral [Member] | |
Accruing TDRs | 2,791 |
Commercial Real Estate Portfolio Segment [Member] | Accruing Troubled Debt Restructuring [Member] | Contractual Interest Rate Reduction [Member] | |
Accruing TDRs | 0 |
Commercial Real Estate Portfolio Segment [Member] | Accruing Troubled Debt Restructuring [Member] | Rate Reduction and Payment Deferral [Member] | |
Accruing TDRs | 5,855 |
Commercial Real Estate Portfolio Segment [Member] | Non-accruing Troubled Debt Restructuring [Member] | |
Accruing TDRs | 1,098 |
Commercial Real Estate Portfolio Segment [Member] | Non-accruing Troubled Debt Restructuring [Member] | Payment Deferral [Member] | |
Accruing TDRs | 1,098 |
Commercial Real Estate Portfolio Segment [Member] | Non-accruing Troubled Debt Restructuring [Member] | Contractual Interest Rate Reduction [Member] | |
Accruing TDRs | 0 |
Commercial Real Estate Portfolio Segment [Member] | Non-accruing Troubled Debt Restructuring [Member] | Rate Reduction and Payment Deferral [Member] | |
Accruing TDRs | 0 |
Residential Portfolio Segment [Member] | Accruing Troubled Debt Restructuring [Member] | |
Accruing TDRs | 3,911 |
Residential Portfolio Segment [Member] | Accruing Troubled Debt Restructuring [Member] | Payment Deferral [Member] | |
Accruing TDRs | 2,181 |
Residential Portfolio Segment [Member] | Accruing Troubled Debt Restructuring [Member] | Contractual Interest Rate Reduction [Member] | |
Accruing TDRs | 445 |
Residential Portfolio Segment [Member] | Accruing Troubled Debt Restructuring [Member] | Rate Reduction and Payment Deferral [Member] | |
Accruing TDRs | 1,285 |
Residential Portfolio Segment [Member] | Non-accruing Troubled Debt Restructuring [Member] | |
Accruing TDRs | 1,621 |
Residential Portfolio Segment [Member] | Non-accruing Troubled Debt Restructuring [Member] | Payment Deferral [Member] | |
Accruing TDRs | 1,621 |
Residential Portfolio Segment [Member] | Non-accruing Troubled Debt Restructuring [Member] | Contractual Interest Rate Reduction [Member] | |
Accruing TDRs | 0 |
Residential Portfolio Segment [Member] | Non-accruing Troubled Debt Restructuring [Member] | Rate Reduction and Payment Deferral [Member] | |
Accruing TDRs | $ 0 |
Note 9 - Loans - Loan Held for
Note 9 - Loans - Loan Held for Investment by Loan Portfolio Segments, Internal Risk Ratings and Vintage Year (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Loans originated in current year | $ 2,801,037 | $ 2,801,037 | $ 3,943,040 | ||
Loans originated year prior | 3,697,058 | 3,697,058 | 3,489,846 | ||
Loans originated three years prior | 3,189,006 | 3,189,006 | 1,905,136 | ||
Loans originated four years prior | 1,662,819 | 1,662,819 | 1,908,992 | ||
Loans originated five years prior | 1,742,356 | 1,742,356 | 1,530,238 | ||
Total, Loans Amortized Cost Basis by Origination Year Prior | 3,817,666 | 3,817,666 | 3,138,606 | ||
Total, Revolving Loans | 2,079,465 | 2,079,465 | 2,303,152 | ||
Total, Revolving Converted to Term Loans | 24,894 | 24,894 | 28,373 | ||
Total loans | 19,014,301 | 19,014,301 | 18,247,383 | ||
Loans originated in current year, write offs | 0 | 211 | |||
Loans originated year prior, write offs | 291 | 587 | |||
Loans originated three years prior, write offs | 967 | 120 | |||
Loans originated four years prior, write offs | 245 | 71 | |||
Loans originated five years prior, write offs | 4,641 | 3,877 | |||
Total, Loans Amortized Cost Basis by Origination Year Prior, Write Offs | 10,208 | 360 | |||
Total, Revolving Loans Write Offs | 1,521 | 264 | |||
Total, Revolving Converted to Term Loans, Write Offs | 0 | 0 | |||
YTD gross write-offs | 7,483 | $ 2,228 | 17,873 | $ 2,500 | 5,490 |
Total loans | 19,014,301 | 19,014,301 | 18,247,383 | ||
Commercial Portfolio Segment [Member] | |||||
Loans originated in current year | 263,680 | 263,680 | 489,985 | ||
Loans originated year prior | 390,597 | 390,597 | 464,093 | ||
Loans originated three years prior | 377,397 | 377,397 | 183,386 | ||
Loans originated four years prior | 142,939 | 142,939 | 125,786 | ||
Loans originated five years prior | 92,562 | 92,562 | 113,155 | ||
Total, Loans Amortized Cost Basis by Origination Year Prior | 162,292 | 162,292 | 117,988 | ||
Total, Revolving Loans | 1,651,639 | 1,651,639 | 1,816,937 | ||
Total, Revolving Converted to Term Loans | 7,397 | 7,397 | 6,693 | ||
Total loans | 3,088,503 | 3,088,503 | 3,318,023 | ||
Loans originated in current year, write offs | 0 | 96 | |||
Loans originated year prior, write offs | 276 | 587 | |||
Loans originated three years prior, write offs | 760 | 120 | |||
Loans originated four years prior, write offs | 245 | 71 | |||
Loans originated five years prior, write offs | 3,672 | 1,786 | |||
Total, Loans Amortized Cost Basis by Origination Year Prior, Write Offs | 6,043 | 360 | |||
Total, Revolving Loans Write Offs | 1,521 | 202 | |||
Total, Revolving Converted to Term Loans, Write Offs | 0 | 0 | |||
YTD gross write-offs | 6,254 | 2,091 | 12,517 | 2,362 | 3,222 |
Total loans | 3,088,503 | 3,088,503 | 3,318,023 | ||
Commercial Portfolio Segment [Member] | Pass [Member] | |||||
Loans originated in current year | 259,326 | 259,326 | 488,748 | ||
Loans originated year prior | 387,990 | 387,990 | 446,647 | ||
Loans originated three years prior | 357,365 | 357,365 | 180,226 | ||
Loans originated four years prior | 113,463 | 113,463 | 119,355 | ||
Loans originated five years prior | 90,879 | 90,879 | 107,896 | ||
Total, Loans Amortized Cost Basis by Origination Year Prior | 155,766 | 155,766 | 106,649 | ||
Total, Revolving Loans | 1,568,766 | 1,568,766 | 1,753,509 | ||
Total, Revolving Converted to Term Loans | 7,175 | 7,175 | 6,560 | ||
Total loans | 2,940,730 | 2,940,730 | 3,209,590 | ||
Total loans | 2,940,730 | 2,940,730 | 3,209,590 | ||
Commercial Portfolio Segment [Member] | Special Mention [Member] | |||||
Loans originated in current year | 4,188 | 4,188 | 1,212 | ||
Loans originated year prior | 2,083 | 2,083 | 4,696 | ||
Loans originated three years prior | 8,582 | 8,582 | 2,818 | ||
Loans originated four years prior | 29,311 | 29,311 | 68 | ||
Loans originated five years prior | 915 | 915 | 308 | ||
Total, Loans Amortized Cost Basis by Origination Year Prior | 773 | 773 | 4,354 | ||
Total, Revolving Loans | 53,164 | 53,164 | 41,110 | ||
Total, Revolving Converted to Term Loans | 0 | 0 | 0 | ||
Total loans | 99,016 | 99,016 | 54,566 | ||
Total loans | 99,016 | 99,016 | 54,566 | ||
Commercial Portfolio Segment [Member] | Substandard [Member] | |||||
Loans originated in current year | 166 | 166 | 25 | ||
Loans originated year prior | 524 | 524 | 12,750 | ||
Loans originated three years prior | 11,450 | 11,450 | 342 | ||
Loans originated four years prior | 165 | 165 | 4,859 | ||
Loans originated five years prior | 768 | 768 | 2,766 | ||
Total, Loans Amortized Cost Basis by Origination Year Prior | 5,753 | 5,753 | 6,985 | ||
Total, Revolving Loans | 29,709 | 29,709 | 22,084 | ||
Total, Revolving Converted to Term Loans | 222 | 222 | 133 | ||
Total loans | 48,757 | 48,757 | 49,944 | ||
Total loans | 48,757 | 48,757 | 49,944 | ||
Commercial Portfolio Segment [Member] | Doubtful [Member] | |||||
Loans originated in current year | 0 | ||||
Loans originated year prior | 0 | ||||
Loans originated three years prior | 0 | ||||
Loans originated four years prior | 1,504 | ||||
Loans originated five years prior | 2,185 | ||||
Total, Loans Amortized Cost Basis by Origination Year Prior | 0 | ||||
Total, Revolving Loans | 234 | ||||
Total, Revolving Converted to Term Loans | 0 | ||||
Total loans | 3,923 | ||||
Total loans | 3,923 | ||||
Real Estate Construction Portfolio Segment [Member] | |||||
Loans originated in current year | 23,786 | 23,786 | 99,798 | ||
Loans originated year prior | 118,205 | 118,205 | 264,557 | ||
Loans originated three years prior | 226,250 | 226,250 | 122,761 | ||
Loans originated four years prior | 44,627 | 44,627 | 33,858 | ||
Loans originated five years prior | 24,269 | 24,269 | 35,321 | ||
Total, Loans Amortized Cost Basis by Origination Year Prior | 35,385 | 35,385 | 0 | ||
Total, Revolving Loans | 0 | 0 | 0 | ||
Total, Revolving Converted to Term Loans | 0 | 0 | 0 | ||
Total loans | 472,522 | 472,522 | 556,295 | ||
Loans originated in current year, write offs | 0 | 0 | |||
Loans originated year prior, write offs | 0 | 0 | |||
Loans originated three years prior, write offs | 0 | 0 | |||
Loans originated four years prior, write offs | 0 | 0 | |||
Loans originated five years prior, write offs | 0 | 0 | |||
Total, Loans Amortized Cost Basis by Origination Year Prior, Write Offs | 0 | 0 | |||
Total, Revolving Loans Write Offs | 0 | 0 | |||
Total, Revolving Converted to Term Loans, Write Offs | 0 | 0 | |||
YTD gross write-offs | 0 | 0 | 0 | 0 | 0 |
Total loans | 472,522 | 472,522 | 556,295 | ||
Real Estate Construction Portfolio Segment [Member] | Pass [Member] | |||||
Loans originated in current year | 22,304 | 22,304 | 99,798 | ||
Loans originated year prior | 118,205 | 118,205 | 264,197 | ||
Loans originated three years prior | 218,002 | 218,002 | 113,312 | ||
Loans originated four years prior | 44,627 | 44,627 | 20,479 | ||
Loans originated five years prior | 16,533 | 16,533 | 3,067 | ||
Total, Loans Amortized Cost Basis by Origination Year Prior | 3,132 | 3,132 | 0 | ||
Total, Revolving Loans | 0 | 0 | 0 | ||
Total, Revolving Converted to Term Loans | 0 | 0 | 0 | ||
Total loans | 422,803 | 422,803 | 500,853 | ||
Total loans | 422,803 | 422,803 | 500,853 | ||
Real Estate Construction Portfolio Segment [Member] | Special Mention [Member] | |||||
Loans originated in current year | 1,482 | 1,482 | 0 | ||
Loans originated year prior | 0 | 0 | 360 | ||
Loans originated three years prior | 8,248 | 8,248 | 9,449 | ||
Loans originated four years prior | 0 | 0 | 11,643 | ||
Loans originated five years prior | 0 | 0 | 22,945 | ||
Total, Loans Amortized Cost Basis by Origination Year Prior | 22,998 | 22,998 | 0 | ||
Total, Revolving Loans | 0 | 0 | 0 | ||
Total, Revolving Converted to Term Loans | 0 | 0 | 0 | ||
Total loans | 32,728 | 32,728 | 44,397 | ||
Total loans | 32,728 | 32,728 | 44,397 | ||
Real Estate Construction Portfolio Segment [Member] | Substandard [Member] | |||||
Loans originated in current year | 0 | 0 | 0 | ||
Loans originated year prior | 0 | 0 | 0 | ||
Loans originated three years prior | 0 | 0 | 0 | ||
Loans originated four years prior | 0 | 0 | 1,736 | ||
Loans originated five years prior | 7,736 | 7,736 | 9,309 | ||
Total, Loans Amortized Cost Basis by Origination Year Prior | 9,255 | 9,255 | 0 | ||
Total, Revolving Loans | 0 | 0 | 0 | ||
Total, Revolving Converted to Term Loans | 0 | 0 | 0 | ||
Total loans | 16,991 | 16,991 | 11,045 | ||
Total loans | 16,991 | 16,991 | 11,045 | ||
Commercial Real Estate Portfolio Segment [Member] | |||||
Loans originated in current year | 1,661,430 | 1,661,430 | 2,122,120 | ||
Loans originated year prior | 2,036,965 | 2,036,965 | 1,793,483 | ||
Loans originated three years prior | 1,664,536 | 1,664,536 | 1,015,938 | ||
Loans originated four years prior | 932,785 | 932,785 | 1,146,596 | ||
Loans originated five years prior | 1,065,872 | 1,065,872 | 961,646 | ||
Total, Loans Amortized Cost Basis by Origination Year Prior | 1,952,259 | 1,952,259 | 1,566,608 | ||
Total, Revolving Loans | 190,572 | 190,572 | 182,347 | ||
Total, Revolving Converted to Term Loans | 0 | 0 | 0 | ||
Total loans | 9,504,419 | 9,504,419 | 8,788,738 | ||
Loans originated in current year, write offs | 0 | 0 | |||
Loans originated year prior, write offs | 0 | 0 | |||
Loans originated three years prior, write offs | 207 | 0 | |||
Loans originated four years prior, write offs | 0 | 0 | |||
Loans originated five years prior, write offs | 969 | 2,091 | |||
Total, Loans Amortized Cost Basis by Origination Year Prior, Write Offs | 4,165 | 0 | |||
Total, Revolving Loans Write Offs | 0 | 0 | |||
Total, Revolving Converted to Term Loans, Write Offs | 0 | 0 | |||
YTD gross write-offs | 1,221 | 0 | 5,341 | 0 | 2,091 |
Total loans | 9,504,419 | 9,504,419 | 8,788,738 | ||
Commercial Real Estate Portfolio Segment [Member] | Pass [Member] | |||||
Loans originated in current year | 1,626,562 | 1,626,562 | 2,087,650 | ||
Loans originated year prior | 2,005,931 | 2,005,931 | 1,728,607 | ||
Loans originated three years prior | 1,617,398 | 1,617,398 | 975,953 | ||
Loans originated four years prior | 923,929 | 923,929 | 1,094,505 | ||
Loans originated five years prior | 1,032,298 | 1,032,298 | 908,748 | ||
Total, Loans Amortized Cost Basis by Origination Year Prior | 1,855,014 | 1,855,014 | 1,420,982 | ||
Total, Revolving Loans | 186,502 | 186,502 | 178,116 | ||
Total, Revolving Converted to Term Loans | 0 | 0 | 0 | ||
Total loans | 9,247,634 | 9,247,634 | 8,394,561 | ||
Total loans | 9,247,634 | 9,247,634 | 8,394,561 | ||
Commercial Real Estate Portfolio Segment [Member] | Special Mention [Member] | |||||
Loans originated in current year | 34,868 | 34,868 | 22,150 | ||
Loans originated year prior | 19,097 | 19,097 | 57,015 | ||
Loans originated three years prior | 34,891 | 34,891 | 25,593 | ||
Loans originated four years prior | 3,330 | 3,330 | 32,119 | ||
Loans originated five years prior | 16,198 | 16,198 | 17,999 | ||
Total, Loans Amortized Cost Basis by Origination Year Prior | 34,985 | 34,985 | 63,782 | ||
Total, Revolving Loans | 1,399 | 1,399 | 1,600 | ||
Total, Revolving Converted to Term Loans | 0 | 0 | 0 | ||
Total loans | 144,768 | 144,768 | 220,258 | ||
Total loans | 144,768 | 144,768 | 220,258 | ||
Commercial Real Estate Portfolio Segment [Member] | Substandard [Member] | |||||
Loans originated in current year | 0 | 0 | 12,320 | ||
Loans originated year prior | 11,937 | 11,937 | 7,861 | ||
Loans originated three years prior | 12,247 | 12,247 | 14,392 | ||
Loans originated four years prior | 5,526 | 5,526 | 19,972 | ||
Loans originated five years prior | 17,376 | 17,376 | 34,899 | ||
Total, Loans Amortized Cost Basis by Origination Year Prior | 62,260 | 62,260 | 81,844 | ||
Total, Revolving Loans | 2,671 | 2,671 | 2,631 | ||
Total, Revolving Converted to Term Loans | 0 | 0 | 0 | ||
Total loans | 112,017 | 112,017 | 173,919 | ||
Total loans | 112,017 | 112,017 | 173,919 | ||
Residential Portfolio Segment [Member] | |||||
Loans originated in current year | 847,550 | 847,550 | 1,228,597 | ||
Loans originated year prior | 1,148,442 | 1,148,442 | 965,561 | ||
Loans originated three years prior | 920,818 | 920,818 | 583,051 | ||
Loans originated four years prior | 542,468 | 542,468 | 602,752 | ||
Loans originated five years prior | 559,653 | 559,653 | 420,116 | ||
Total, Loans Amortized Cost Basis by Origination Year Prior | 1,667,730 | 1,667,730 | 1,454,010 | ||
Total, Revolving Loans | 0 | 0 | 0 | ||
Total, Revolving Converted to Term Loans | 0 | 0 | 0 | ||
Total loans | 5,686,661 | 5,686,661 | 5,254,087 | ||
Loans originated in current year, write offs | 0 | 0 | |||
Loans originated year prior, write offs | 0 | 0 | |||
Loans originated three years prior, write offs | 0 | 0 | |||
Loans originated four years prior, write offs | 0 | 0 | |||
Loans originated five years prior, write offs | 0 | 0 | |||
Total, Loans Amortized Cost Basis by Origination Year Prior, Write Offs | 0 | 0 | |||
Total, Revolving Loans Write Offs | 0 | 0 | |||
Total, Revolving Converted to Term Loans, Write Offs | 0 | 0 | |||
YTD gross write-offs | 0 | 0 | |||
Total loans | 5,686,661 | 5,686,661 | 5,254,087 | ||
Residential Portfolio Segment [Member] | Pass [Member] | |||||
Loans originated in current year | 847,550 | 847,550 | 1,228,391 | ||
Loans originated year prior | 1,147,491 | 1,147,491 | 964,799 | ||
Loans originated three years prior | 920,385 | 920,385 | 580,990 | ||
Loans originated four years prior | 538,989 | 538,989 | 600,786 | ||
Loans originated five years prior | 557,098 | 557,098 | 417,565 | ||
Total, Loans Amortized Cost Basis by Origination Year Prior | 1,652,948 | 1,652,948 | 1,444,320 | ||
Total, Revolving Loans | 0 | 0 | 0 | ||
Total, Revolving Converted to Term Loans | 0 | 0 | 0 | ||
Total loans | 5,664,461 | 5,664,461 | 5,236,851 | ||
Total loans | 5,664,461 | 5,664,461 | 5,236,851 | ||
Residential Portfolio Segment [Member] | Special Mention [Member] | |||||
Loans originated in current year | 0 | 0 | 0 | ||
Loans originated year prior | 0 | 0 | 0 | ||
Loans originated three years prior | 0 | 0 | 33 | ||
Loans originated four years prior | 33 | 33 | 0 | ||
Loans originated five years prior | 0 | 0 | 752 | ||
Total, Loans Amortized Cost Basis by Origination Year Prior | 1,632 | 1,632 | 905 | ||
Total, Revolving Loans | 0 | 0 | 0 | ||
Total, Revolving Converted to Term Loans | 0 | 0 | 0 | ||
Total loans | 1,665 | 1,665 | 1,690 | ||
Total loans | 1,665 | 1,665 | 1,690 | ||
Residential Portfolio Segment [Member] | Substandard [Member] | |||||
Loans originated in current year | 0 | 0 | 206 | ||
Loans originated year prior | 951 | 951 | 762 | ||
Loans originated three years prior | 433 | 433 | 2,028 | ||
Loans originated four years prior | 3,446 | 3,446 | 1,966 | ||
Loans originated five years prior | 2,555 | 2,555 | 1,799 | ||
Total, Loans Amortized Cost Basis by Origination Year Prior | 13,150 | 13,150 | 8,785 | ||
Total, Revolving Loans | 0 | 0 | 0 | ||
Total, Revolving Converted to Term Loans | 0 | 0 | 0 | ||
Total loans | 20,535 | 20,535 | 15,546 | ||
Total loans | 20,535 | 20,535 | 15,546 | ||
Equity Lines Portfolio Segment [Member] | |||||
Loans originated in current year | 0 | 0 | 748 | ||
Loans originated year prior | 108 | 108 | 0 | ||
Loans originated three years prior | 0 | 0 | 0 | ||
Loans originated four years prior | 0 | 0 | 0 | ||
Loans originated five years prior | 0 | 0 | 0 | ||
Total, Loans Amortized Cost Basis by Origination Year Prior | 0 | 0 | 0 | ||
Total, Revolving Loans | 237,254 | 237,254 | 303,868 | ||
Total, Revolving Converted to Term Loans | 17,497 | 17,497 | 21,680 | ||
Total loans | 254,859 | 254,859 | 326,296 | ||
Loans originated in current year, write offs | 0 | 0 | |||
Loans originated year prior, write offs | 0 | 0 | |||
Loans originated three years prior, write offs | 0 | 0 | |||
Loans originated four years prior, write offs | 0 | 0 | |||
Loans originated five years prior, write offs | 0 | 0 | |||
Total, Loans Amortized Cost Basis by Origination Year Prior, Write Offs | 0 | 0 | |||
Total, Revolving Loans Write Offs | 0 | 0 | |||
Total, Revolving Converted to Term Loans, Write Offs | 0 | 0 | |||
YTD gross write-offs | 0 | 0 | |||
Total loans | 254,859 | 254,859 | 326,296 | ||
Equity Lines Portfolio Segment [Member] | Pass [Member] | |||||
Loans originated in current year | 0 | 0 | 731 | ||
Loans originated year prior | 108 | 108 | 0 | ||
Loans originated three years prior | 0 | 0 | 0 | ||
Loans originated four years prior | 0 | 0 | 0 | ||
Loans originated five years prior | 0 | 0 | 0 | ||
Total, Loans Amortized Cost Basis by Origination Year Prior | 0 | 0 | 0 | ||
Total, Revolving Loans | 233,892 | 233,892 | 302,825 | ||
Total, Revolving Converted to Term Loans | 17,322 | 17,322 | 21,460 | ||
Total loans | 251,322 | 251,322 | 325,016 | ||
Total loans | 251,322 | 251,322 | 325,016 | ||
Equity Lines Portfolio Segment [Member] | Special Mention [Member] | |||||
Loans originated in current year | 0 | 0 | 5 | ||
Loans originated year prior | 0 | 0 | 0 | ||
Loans originated three years prior | 0 | 0 | 0 | ||
Loans originated four years prior | 0 | 0 | 0 | ||
Loans originated five years prior | 0 | 0 | 0 | ||
Total, Loans Amortized Cost Basis by Origination Year Prior | 0 | 0 | 0 | ||
Total, Revolving Loans | 0 | 0 | 0 | ||
Total, Revolving Converted to Term Loans | 0 | 0 | 0 | ||
Total loans | 0 | 0 | 5 | ||
Total loans | 0 | 0 | 5 | ||
Equity Lines Portfolio Segment [Member] | Substandard [Member] | |||||
Loans originated in current year | 0 | 0 | 12 | ||
Loans originated year prior | 0 | 0 | 0 | ||
Loans originated three years prior | 0 | 0 | 0 | ||
Loans originated four years prior | 0 | 0 | 0 | ||
Loans originated five years prior | 0 | 0 | 0 | ||
Total, Loans Amortized Cost Basis by Origination Year Prior | 0 | 0 | 0 | ||
Total, Revolving Loans | 3,362 | 3,362 | 1,043 | ||
Total, Revolving Converted to Term Loans | 175 | 175 | 220 | ||
Total loans | 3,537 | 3,537 | 1,275 | ||
Total loans | 3,537 | 3,537 | 1,275 | ||
Installment and Other Loans [Member ] | |||||
Loans originated in current year | 4,591 | 4,591 | 1,792 | ||
Loans originated year prior | 2,741 | 2,741 | 2,152 | ||
Loans originated three years prior | 5 | 5 | 0 | ||
Loans originated four years prior | 0 | 0 | 0 | ||
Loans originated five years prior | 0 | 0 | 0 | ||
Total, Loans Amortized Cost Basis by Origination Year Prior | 0 | 0 | 0 | ||
Total, Revolving Loans | 0 | 0 | 0 | ||
Total, Revolving Converted to Term Loans | 0 | 0 | 0 | ||
Total loans | 7,337 | 7,337 | 3,944 | ||
Loans originated in current year, write offs | 0 | 115 | |||
Loans originated year prior, write offs | 15 | 0 | |||
Loans originated three years prior, write offs | 0 | 0 | |||
Loans originated four years prior, write offs | 0 | 0 | |||
Loans originated five years prior, write offs | 0 | 0 | |||
Total, Loans Amortized Cost Basis by Origination Year Prior, Write Offs | 0 | 0 | |||
Total, Revolving Loans Write Offs | 0 | 62 | |||
Total, Revolving Converted to Term Loans, Write Offs | 0 | 0 | |||
YTD gross write-offs | 8 | $ 79 | 15 | $ 80 | 177 |
Total loans | 7,337 | 7,337 | 3,944 | ||
Installment and Other Loans [Member ] | Pass [Member] | |||||
Loans originated in current year | 4,591 | 4,591 | 1,792 | ||
Loans originated year prior | 2,735 | 2,735 | 2,152 | ||
Loans originated three years prior | 5 | 5 | 0 | ||
Loans originated four years prior | 0 | 0 | 0 | ||
Loans originated five years prior | 0 | 0 | 0 | ||
Total, Loans Amortized Cost Basis by Origination Year Prior | 0 | 0 | 0 | ||
Total, Revolving Loans | 0 | 0 | 0 | ||
Total, Revolving Converted to Term Loans | 0 | 0 | 0 | ||
Total loans | 7,331 | 7,331 | 3,944 | ||
Total loans | 7,331 | 7,331 | $ 3,944 | ||
Installment and Other Loans [Member ] | Special Mention [Member] | |||||
Loans originated in current year | 0 | 0 | |||
Loans originated year prior | 6 | 6 | |||
Loans originated three years prior | 0 | 0 | |||
Loans originated four years prior | 0 | 0 | |||
Loans originated five years prior | 0 | 0 | |||
Total, Loans Amortized Cost Basis by Origination Year Prior | 0 | 0 | |||
Total, Revolving Loans | 0 | 0 | |||
Total, Revolving Converted to Term Loans | 0 | 0 | |||
Total loans | 6 | 6 | |||
Total loans | 6 | 6 | |||
Installment and Other Loans [Member ] | Substandard [Member] | |||||
Loans originated in current year | 0 | 0 | |||
Loans originated year prior | 0 | 0 | |||
Loans originated three years prior | 0 | 0 | |||
Loans originated four years prior | 0 | 0 | |||
Loans originated five years prior | 0 | 0 | |||
Total, Loans Amortized Cost Basis by Origination Year Prior | 0 | 0 | |||
Total, Revolving Loans | 0 | 0 | |||
Total, Revolving Converted to Term Loans | 0 | 0 | |||
Total loans | 0 | 0 | |||
Total loans | $ 0 | $ 0 |
Note 9 - Loans - Allowance for
Note 9 - Loans - Allowance for Loan Losses by Portfolio Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Balance | $ 155,109 | $ 148,772 | $ 146,485 | $ 136,157 | $ 136,157 |
(Reversal)/provision for expected credit losses | 6,121 | 602 | 21,581 | 12,709 | |
Charge-offs | (7,483) | (2,228) | (17,873) | (2,500) | (5,490) |
Recoveries | 872 | 1,671 | 4,426 | 2,451 | |
Net (charge-offs)/recoveries | (6,611) | (557) | (13,447) | (49) | |
Balance | 154,619 | 148,817 | 154,619 | 148,817 | 146,485 |
Commitments to Extend Credit [Member] | |||||
Balance | 10,525 | 6,136 | 8,730 | 7,100 | 7,100 |
(Reversal)/provision for expected credit losses | 879 | 1,398 | 2,674 | 434 | |
Balance | 11,404 | 7,534 | 11,404 | 7,534 | 8,730 |
Commercial Portfolio Segment [Member] | |||||
Balance | 50,579 | 49,069 | 49,435 | 43,394 | 43,394 |
(Reversal)/provision for expected credit losses | (178) | 1,845 | 6,276 | 7,258 | |
Charge-offs | (6,254) | (2,091) | (12,517) | (2,362) | (3,222) |
Recoveries | 611 | 1,576 | 1,564 | 2,109 | |
Net (charge-offs)/recoveries | (5,643) | (515) | (10,953) | (253) | |
Balance | 44,758 | 50,399 | 44,758 | 50,399 | 49,435 |
Commercial Portfolio Segment [Member] | Commitments to Extend Credit [Member] | |||||
Balance | 6,984 | 2,804 | 4,840 | 3,725 | 3,725 |
(Reversal)/provision for expected credit losses | 1,570 | 1,576 | 3,714 | 655 | |
Balance | 8,554 | 4,380 | 8,554 | 4,380 | 4,840 |
Real Estate Construction Portfolio Segment [Member] | |||||
Balance | 12,751 | 7,276 | 10,417 | 6,302 | 6,302 |
(Reversal)/provision for expected credit losses | 2,360 | (1,065) | 4,694 | (97) | |
Charge-offs | 0 | 0 | 0 | 0 | 0 |
Recoveries | 0 | 0 | 0 | 6 | |
Net (charge-offs)/recoveries | 0 | 0 | 0 | 6 | |
Balance | 15,111 | 6,211 | 15,111 | 6,211 | 10,417 |
Real Estate Construction Portfolio Segment [Member] | Commitments to Extend Credit [Member] | |||||
Balance | 3,541 | 3,306 | 3,890 | 3,375 | 3,375 |
(Reversal)/provision for expected credit losses | (691) | (152) | (1,040) | (221) | |
Balance | 2,850 | 3,154 | 2,850 | 3,154 | 3,890 |
Commercial Real Estate Portfolio Segment [Member] | |||||
Balance | 73,547 | 68,600 | 68,366 | 61,081 | 61,081 |
(Reversal)/provision for expected credit losses | 3,307 | 1,362 | 10,027 | 8,699 | |
Charge-offs | (1,221) | 0 | (5,341) | 0 | (2,091) |
Recoveries | 252 | 88 | 2,833 | 270 | |
Net (charge-offs)/recoveries | (969) | 88 | (2,508) | 270 | |
Balance | 75,885 | 70,050 | 75,885 | 70,050 | 68,366 |
Commercial Real Estate Portfolio Segment [Member] | Commitments to Extend Credit [Member] | |||||
Balance | 0 | 26 | 0 | 0 | 0 |
(Reversal)/provision for expected credit losses | 0 | (26) | 0 | 0 | |
Balance | 0 | 0 | 0 | 0 | 0 |
Residential Mortgage and Equity Lines Portfolio Segment [Member] | |||||
Balance | 18,214 | 23,692 | 18,232 | 25,379 | 25,379 |
(Reversal)/provision for expected credit losses | 586 | (1,612) | 548 | (3,357) | |
Charge-offs | 0 | (58) | 0 | (58) | |
Recoveries | 9 | 7 | 29 | 65 | |
Net (charge-offs)/recoveries | 9 | (51) | 29 | 7 | |
Balance | 18,809 | 22,029 | 18,809 | 22,029 | 18,232 |
Residential Mortgage and Equity Lines Portfolio Segment [Member] | Commitments to Extend Credit [Member] | |||||
Balance | 0 | 0 | 0 | 0 | 0 |
(Reversal)/provision for expected credit losses | 0 | 0 | 0 | 0 | |
Balance | 0 | 0 | 0 | 0 | 0 |
Installment and Other Loans [Member ] | |||||
Balance | 18 | 135 | 35 | 1 | 1 |
(Reversal)/provision for expected credit losses | 46 | 72 | 36 | 206 | |
Charge-offs | (8) | (79) | (15) | (80) | (177) |
Recoveries | 0 | 0 | 0 | 1 | |
Net (charge-offs)/recoveries | (8) | (79) | (15) | (79) | |
Balance | 56 | 128 | 56 | 128 | 35 |
Installment and Other Loans [Member ] | Commitments to Extend Credit [Member] | |||||
Balance | 0 | 0 | 0 | 0 | 0 |
(Reversal)/provision for expected credit losses | 0 | 0 | 0 | 0 | |
Balance | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 |
Note 10 - Commitments and Con_2
Note 10 - Commitments and Contingencies (Details Textual) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Qualified Affordable Housing and Alternative Energy Partnerships [Member] | ||
Other Commitment | $ 144.7 | $ 133.5 |
Note 11 - Borrowed Funds (Detai
Note 11 - Borrowed Funds (Details Textual) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2023 | Dec. 31, 2022 | |
Advance from Federal Home Loan Bank | $ 15,000 | $ 485,000 |
Federal Home Loan Bank, Advances, General Debt Obligations, Amount of Available, Unused Funds | 7,300,000 | |
Debt Securities, Available-for-Sale | 1,508,798 | 1,473,348 |
Junior Subordinated Notes, Noncurrent | $ 119,100 | $ 119,100 |
Junior Subordinated Debt [Member] | ||
Debt Instrument, Interest Rate, Effective Percentage | 7.41% | 4.01% |
Debt Instrument, Term (Year) | 30 years | |
Federal Home Loan Bank Securities [Member] | Asset Not Pledged as Collateral [Member] | ||
Debt Securities, Available-for-Sale | $ 1,380,000 | |
Mature in September 2024 [Member] | ||
Advance from Federal Home Loan Bank | 15,000 | |
Over-night Borrowings [Member] | ||
Advance from Federal Home Loan Bank | 0 | $ 150,000 |
Non Overnight Borrowings [Member] | ||
Advance from Federal Home Loan Bank | $ 15,000 | $ 335,000 |
Federal Home Loan Bank, Advances, Branch of FHLB Bank, Interest Rate | 5.54% | 4.54% |
Note 12 - Income Taxes (Details
Note 12 - Income Taxes (Details Textual) | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Effective Income Tax Rate Reconciliation, Percent | 12.60% | 22.90% |
Domestic Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | ||
Open Tax Year | 2019 2020 2021 2022 | |
State and Local Jurisdiction [Member] | California Franchise Tax Board [Member] | ||
Open Tax Year | 2018 2019 2020 2021 2022 |
Note 13 - Fair Value Measurem_3
Note 13 - Fair Value Measurements and Fair Value of Financial Instruments (Details Textual) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 USD ($) | Sep. 30, 2023 USD ($) | |
Other Real Estate, Foreclosed Assets, and Repossessed Assets | $ 4,067 | $ 14,407 |
Minimum [Member] | ||
Estimated Sales Cost Applied To Collateral | 3% | |
Minimum [Member] | Measurement Input, Risk Free Interest Rate [Member] | ||
Warrants and Rights Outstanding, Measurement Input | 0.0425 | |
Minimum [Member] | Measurement Input, Price Volatility [Member] | ||
Warrants and Rights Outstanding, Measurement Input | 0.2014 | |
Minimum [Member] | Warrants Outstanding [Member] | ||
Expected Life Of Warrants (Year) | 1 year | |
Maximum [Member] | ||
Estimated Sales Cost Applied To Collateral | 6% | |
Maximum [Member] | Measurement Input, Risk Free Interest Rate [Member] | ||
Warrants and Rights Outstanding, Measurement Input | 0.0511 | |
Maximum [Member] | Measurement Input, Price Volatility [Member] | ||
Warrants and Rights Outstanding, Measurement Input | 0.2769 | |
Maximum [Member] | Warrants Outstanding [Member] | ||
Expected Life Of Warrants (Year) | 6 years | |
Net of Estimated Disposal Costs [Member] | ||
Other Real Estate, Foreclosed Assets, and Repossessed Assets | $ 4,100 | $ 14,400 |
Note 13 - Fair Value Measurem_4
Note 13 - Fair Value Measurements and Fair Value of Financial Instruments - Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Securities available-for-sale | $ 1,508,798 | $ 1,473,348 |
Equity securities | 31,456 | 22,158 |
Assets, fair value disclosure | 1,624,588 | 1,540,447 |
Liabilities, fair value disclosure | 56,997 | 52,806 |
Mutual Funds [Member] | ||
Equity securities | 5,337 | 5,509 |
Preferred Stock of Government Sponsored Entities [Member] | ||
Equity securities | 1,378 | 1,289 |
Other Equity Securities [Member] | ||
Equity securities | 24,741 | 15,360 |
Warrant [Member] | ||
Assets, fair value disclosure | 42 | 50 |
Interest Rate Swap [Member] | ||
Assets, fair value disclosure | 83,434 | 44,443 |
Liabilities, fair value disclosure | 56,058 | 51,864 |
Foreign Exchange Contract [Member] | ||
Assets, fair value disclosure | 858 | 448 |
Liabilities, fair value disclosure | 939 | 942 |
Fair Value, Inputs, Level 1 [Member] | ||
Securities available-for-sale | 392,842 | 240,500 |
Equity securities | 31,456 | 22,158 |
Assets, fair value disclosure | 424,298 | 262,658 |
Liabilities, fair value disclosure | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Mutual Funds [Member] | ||
Equity securities | 5,337 | 5,509 |
Fair Value, Inputs, Level 1 [Member] | Preferred Stock of Government Sponsored Entities [Member] | ||
Equity securities | 1,378 | 1,289 |
Fair Value, Inputs, Level 1 [Member] | Other Equity Securities [Member] | ||
Equity securities | 24,741 | 15,360 |
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 2 [Member] | ||
Securities available-for-sale | 1,115,956 | 1,232,848 |
Equity securities | 0 | 0 |
Assets, fair value disclosure | 1,200,248 | 1,277,739 |
Liabilities, fair value disclosure | 56,997 | 52,806 |
Fair Value, Inputs, Level 2 [Member] | Mutual Funds [Member] | ||
Equity securities | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | Preferred Stock of Government Sponsored Entities [Member] | ||
Equity securities | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | Other Equity Securities [Member] | ||
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 | 83,434 | 44,443 |
Liabilities, fair value disclosure | 56,058 | 51,864 |
Fair Value, Inputs, Level 2 [Member] | Foreign Exchange Contract [Member] | ||
Assets, fair value disclosure | 858 | 448 |
Liabilities, fair value disclosure | 939 | 942 |
Fair Value, Inputs, Level 3 [Member] | ||
Securities available-for-sale | 0 | 0 |
Equity securities | 0 | 0 |
Assets, fair value disclosure | 42 | 50 |
Liabilities, fair value disclosure | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Mutual Funds [Member] | ||
Equity securities | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Preferred Stock of Government Sponsored Entities [Member] | ||
Equity securities | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Other Equity Securities [Member] | ||
Equity securities | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Warrant [Member] | ||
Assets, fair value disclosure | 42 | 50 |
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 |
US Treasury Securities [Member] | ||
Securities available-for-sale | 392,842 | 240,500 |
US Treasury Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Securities available-for-sale | 392,842 | 240,500 |
US Treasury Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Securities available-for-sale | 0 | 0 |
US Treasury Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Securities available-for-sale | 0 | 0 |
US Government Corporations and Agencies Securities [Member] | ||
Securities available-for-sale | 51,001 | 63,610 |
US Government Corporations and Agencies Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Securities available-for-sale | 0 | 0 |
US Government Corporations and Agencies Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Securities available-for-sale | 51,001 | 63,610 |
US Government Corporations and Agencies Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Securities available-for-sale | 0 | 0 |
US Government-sponsored Enterprises Debt Securities [Member] | ||
Securities available-for-sale | 33,620 | 30,000 |
US Government-sponsored Enterprises Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Securities available-for-sale | 0 | 0 |
US Government-sponsored Enterprises Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Securities available-for-sale | 33,620 | 30,000 |
US Government-sponsored Enterprises Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Securities available-for-sale | 0 | 0 |
Commercial Mortgage-Backed Securities [Member] | ||
Securities available-for-sale | 761,803 | 867,094 |
Commercial Mortgage-Backed Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Securities available-for-sale | 0 | 0 |
Commercial Mortgage-Backed Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Securities available-for-sale | 761,803 | 867,094 |
Commercial Mortgage-Backed Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Securities available-for-sale | 0 | 0 |
Collateralized Mortgage Obligations [Member] | ||
Securities available-for-sale | 27,698 | 31,061 |
Collateralized Mortgage Obligations [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Securities available-for-sale | 0 | 0 |
Collateralized Mortgage Obligations [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Securities available-for-sale | 27,698 | 31,061 |
Collateralized Mortgage Obligations [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Securities available-for-sale | 0 | 0 |
Corporate Debt Securities [Member] | ||
Securities available-for-sale | 231,872 | 241,083 |
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Securities available-for-sale | 0 | 0 |
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Securities available-for-sale | 231,872 | 241,083 |
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Securities available-for-sale | 0 | $ 0 |
Debt Security, Corporate, Non-US [Member] | ||
Securities available-for-sale | 9,962 | |
Debt Security, Corporate, Non-US [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Securities available-for-sale | 0 | |
Debt Security, Corporate, Non-US [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Securities available-for-sale | 9,962 | |
Debt Security, Corporate, Non-US [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Securities available-for-sale | $ 0 |
Note 13 - Fair Value Measurem_5
Note 13 - Fair Value Measurements and Fair Value of Financial Instruments - 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, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Assets, fair value disclosure | $ 1,624,588 | $ 1,624,588 | $ 1,540,447 | ||||
Total Losses | 252 | $ 1,786 | 4,069 | $ 1,786 | 4,145 | $ 1,172 | |
Fair Value, Nonrecurring [Member] | |||||||
Assets, fair value disclosure | 27,860 | 27,860 | 59,158 | ||||
Fair Value, Inputs, Level 1 [Member] | |||||||
Assets, fair value disclosure | 424,298 | 424,298 | 262,658 | ||||
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 | 1,200,248 | 1,200,248 | 1,277,739 | ||||
Fair Value, Inputs, Level 2 [Member] | Fair Value, Nonrecurring [Member] | |||||||
Assets, fair value disclosure | 0 | 0 | 0 | ||||
Fair Value, Inputs, Level 3 [Member] | |||||||
Assets, fair value disclosure | 42 | 42 | 50 | ||||
Fair Value, Inputs, Level 3 [Member] | Fair Value, Nonrecurring [Member] | |||||||
Assets, fair value disclosure | 27,860 | 27,860 | 59,158 | ||||
Impaired Loans [Member] | |||||||
Total Losses | 252 | 1,786 | 4,069 | 1,786 | 3,877 | 1,012 | |
Impaired Loans [Member] | Fair Value, Nonrecurring [Member] | |||||||
Assets, fair value disclosure | 12,085 | 12,085 | 54,141 | ||||
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 | 12,085 | 12,085 | 54,141 | ||||
Impaired Loans [Member] | Commercial Portfolio Segment [Member] | |||||||
Total Losses | 0 | 1,786 | 0 | 1,786 | 1,786 | 1,012 | |
Impaired Loans [Member] | Commercial Portfolio Segment [Member] | Fair Value, Nonrecurring [Member] | |||||||
Assets, fair value disclosure | 0 | 0 | 12,950 | ||||
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 | 0 | 0 | 12,950 | ||||
Impaired Loans [Member] | Commercial Real Estate Portfolio Segment [Member] | |||||||
Total Losses | 252 | 0 | 4,069 | 0 | 2,091 | 0 | |
Impaired Loans [Member] | Commercial Real Estate Portfolio Segment [Member] | Fair Value, Nonrecurring [Member] | |||||||
Assets, fair value disclosure | 7,051 | 7,051 | 32,205 | ||||
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 | 7,051 | 7,051 | 32,205 | ||||
Impaired Loans [Member] | Residential Mortgage and Equity Lines Portfolio Segment [Member] | |||||||
Assets, fair value disclosure | 8,978 | ||||||
Total Losses | 0 | 0 | |||||
Impaired Loans [Member] | Residential Mortgage and Equity Lines Portfolio Segment [Member] | Fair Value, Inputs, Level 1 [Member] | |||||||
Assets, fair value disclosure | 0 | ||||||
Impaired Loans [Member] | Residential Mortgage and Equity Lines Portfolio Segment [Member] | Fair Value, Inputs, Level 2 [Member] | |||||||
Assets, fair value disclosure | 0 | ||||||
Impaired Loans [Member] | Residential Mortgage and Equity Lines Portfolio Segment [Member] | Fair Value, Inputs, Level 3 [Member] | |||||||
Assets, fair value disclosure | 8,978 | ||||||
Impaired Loans [Member] | Installment and Other Loans [Member ] | |||||||
Assets, fair value disclosure | 8 | ||||||
Total Losses | 0 | 0 | |||||
Impaired Loans [Member] | Installment and Other Loans [Member ] | Fair Value, Inputs, Level 1 [Member] | |||||||
Assets, fair value disclosure | 0 | ||||||
Impaired Loans [Member] | Installment and Other Loans [Member ] | Fair Value, Inputs, Level 2 [Member] | |||||||
Assets, fair value disclosure | 0 | ||||||
Impaired Loans [Member] | Installment and Other Loans [Member ] | Fair Value, Inputs, Level 3 [Member] | |||||||
Assets, fair value disclosure | 8 | ||||||
Impaired Loans [Member] | Real Estate Construction Portfolio Segment [Member] | |||||||
Total Losses | 0 | 0 | 0 | 0 | |||
Impaired Loans [Member] | Real Estate Construction Portfolio Segment [Member] | Fair Value, Nonrecurring [Member] | |||||||
Assets, fair value disclosure | 5,034 | 5,034 | |||||
Impaired Loans [Member] | Real Estate Construction Portfolio Segment [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Nonrecurring [Member] | |||||||
Assets, fair value disclosure | 0 | 0 | |||||
Impaired Loans [Member] | Real Estate Construction Portfolio Segment [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Nonrecurring [Member] | |||||||
Assets, fair value disclosure | 0 | 0 | |||||
Impaired Loans [Member] | Real Estate Construction Portfolio Segment [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Nonrecurring [Member] | |||||||
Assets, fair value disclosure | 5,034 | 5,034 | |||||
Other Real Estate Owned [Member] | |||||||
Total Losses | [1] | 0 | 0 | 0 | 0 | 0 | 17 |
Other Real Estate Owned [Member] | Fair Value, Nonrecurring [Member] | |||||||
Assets, fair value disclosure | [1] | 15,328 | 15,328 | 4,328 | |||
Other Real Estate Owned [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Nonrecurring [Member] | |||||||
Assets, fair value disclosure | [1] | 0 | 0 | 0 | |||
Other Real Estate Owned [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Nonrecurring [Member] | |||||||
Assets, fair value disclosure | [1] | 0 | 0 | 0 | |||
Other Real Estate Owned [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Nonrecurring [Member] | |||||||
Assets, fair value disclosure | [1] | 15,328 | 15,328 | 4,328 | |||
Investments in Venture Capital [Member] | |||||||
Total Losses | 0 | $ 0 | 0 | $ 0 | 268 | $ 143 | |
Investments in Venture Capital [Member] | Fair Value, Nonrecurring [Member] | |||||||
Assets, fair value disclosure | 447 | 447 | 689 | ||||
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 | $ 447 | $ 447 | $ 689 | ||||
[1]Other real estate owned balance of $14.4 million in the Consolidated Balance Sheets is net of estimated disposal costs. |
Note 13 - Fair Value Measurem_6
Note 13 - Fair Value Measurements and Fair Value of Financial Instruments - Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 | |
Securities available-for-sale | $ 1,508,798 | $ 1,473,348 | |
Equity securities | 31,456 | 22,158 | |
Warrants | 83,434 | 90,451 | |
Foreign exchange contracts with gain | 220,784 | 72,996 | |
Foreign exchange contracts with gain, fair value | 858 | 448 | |
Interest rate swaps | 1,502,403 | 817,615 | |
Interest rate swaps, fair value | 83,434 | 44,443 | |
Foreign exchange contracts with loss | 64,971 | 170,213 | |
Foreign exchange contracts with loss, fair value | 939 | 942 | |
Interest rate swaps | 642,054 | 595,426 | |
Interest rate swaps, fair value | 56,058 | 51,864 | |
Commitments to extend credit | 3,989,855 | 3,630,304 | |
Commitments to extend credit, fair value | (15,038) | (14,797) | |
Standby letters of credit | 329,789 | 315,821 | |
Standby letters of credit, fair value | (2,308) | (2,738) | |
Other letters of credit | 10,214 | 29,416 | |
Other letters of credit, fair value | (10) | (33) | |
Reported Value Measurement [Member] | |||
Cash and due from banks | 145,580 | 195,440 | |
Short-term investments | 1,017,354 | 966,962 | |
Securities available-for-sale | 1,508,798 | 1,473,348 | |
Loans, net | 18,859,682 | 18,100,898 | |
Equity securities | 31,456 | 22,158 | |
Investment in Federal Home Loan Bank stock | 17,250 | 17,250 | |
Deposits | 19,635,588 | 18,505,279 | |
Advances from Federal Home Loan Bank | 15,000 | 485,000 | |
Other borrowings | 22,374 | 22,600 | |
Long-term debt | 119,136 | 119,136 | |
Reported Value Measurement [Member] | Warrants [Member] | |||
Warrants | 42 | 50 | |
Estimate of Fair Value Measurement [Member] | |||
Cash and due from banks | 145,580 | 195,440 | |
Short-term investments | 1,017,354 | 966,962 | |
Securities available-for-sale | 1,508,798 | 1,473,348 | |
Loans, net | [1] | 18,838,004 | 17,944,588 |
Equity securities | 31,456 | 22,158 | |
Investment in Federal Home Loan Bank stock | 17,250 | 17,250 | |
Deposits | 19,746,224 | 18,572,387 | |
Advances from Federal Home Loan Bank | 14,186 | 482,737 | |
Other borrowings | 18,282 | 18,385 | |
Long-term debt | 68,536 | 68,231 | |
Estimate of Fair Value Measurement [Member] | Warrants [Member] | |||
Warrants | $ 42 | $ 50 | |
[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 13 - Fair Value Measurem_7
Note 13 - Fair Value Measurements and Fair Value of Financial Instruments - Fair Value Hierarchy of Financial Instruments (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 | |
Warrants | $ 83,434 | $ 90,451 | |
Estimate of Fair Value Measurement [Member] | |||
Cash and due from banks | 145,580 | 195,440 | |
Short-term investments | 1,017,354 | 966,962 | |
Loans, net | [1] | 18,838,004 | 17,944,588 |
Investment in Federal Home Loan Bank stock | 17,250 | 17,250 | |
Deposits | 19,746,224 | 18,572,387 | |
Advances from Federal Home Loan Bank | 14,186 | 482,737 | |
Other borrowings | 18,282 | 18,385 | |
Long-term debt | 68,536 | 68,231 | |
Estimate of Fair Value Measurement [Member] | Warrants [Member] | |||
Warrants | 42 | 50 | |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Cash and due from banks | 145,580 | 195,440 | |
Short-term investments | 1,017,354 | 966,962 | |
Loans, net | [1] | 0 | 0 |
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 | |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | Warrants [Member] | |||
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 | |
Loans, net | [1] | 0 | 0 |
Investment in Federal Home Loan Bank stock | 17,250 | 17,250 | |
Deposits | 0 | 0 | |
Advances from Federal Home Loan Bank | 14,186 | 482,737 | |
Other borrowings | 0 | 0 | |
Long-term debt | 68,536 | 68,231 | |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | Warrants [Member] | |||
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 | |
Loans, net | [1] | 18,838,004 | 17,944,588 |
Investment in Federal Home Loan Bank stock | 0 | 0 | |
Deposits | 19,746,224 | 18,572,387 | |
Advances from Federal Home Loan Bank | 0 | 0 | |
Other borrowings | 18,282 | 18,385 | |
Long-term debt | $ 0 | 0 | |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | Warrants [Member] | |||
Warrants | $ 50 | ||
[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 - Goodwill and Other _3
Note 14 - Goodwill and Other Intangible Assets (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | Feb. 07, 2022 | |
Goodwill, Ending Balance | $ 375,696 | $ 375,696 | $ 375,696 | ||||
Amortization of Intangible Assets | 250 | $ 250 | 1,059 | $ 724 | |||
Core Deposits [Member] | |||||||
Impairment of Intangible Assets, Finite-Lived | 1,227 | 918 | |||||
Amortization of Intangible Assets | $ 250 | ||||||
Core Deposits [Member] | Amortization of Core Deposit Intangibles [Member] | |||||||
Impairment of Intangible Assets, Finite-Lived | $ 0 | $ 0 | $ 309 | 918 | |||
HSBC Bank USA West Coast Mass Market Consumer and Retail Banking Business [Member] | |||||||
Goodwill, Ending Balance | $ 3,507 | ||||||
HSBC Bank USA West Coast Mass Market Consumer and Retail Banking Business [Member] | Core Deposits [Member] | |||||||
Finite-Lived Intangible Assets Acquired | $ 3,100 |
Note 14 - Goodwill and Other _4
Note 14 - Goodwill and Other Intangible Assets - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2023 | Dec. 31, 2022 | |
Net carrying balance | $ 4,294 | |
Core Deposits [Member] | ||
Gross balance | 10,562 | $ 10,562 |
Accumulated amortization | (5,041) | (4,291) |
Impairment | (1,227) | (918) |
Net carrying balance | $ 4,294 | $ 5,353 |
Note 14 - Goodwill and Other _5
Note 14 - Goodwill and Other Intangible Assets - Maturity Schedule of Intangible Assets (Details) $ in Thousands | Sep. 30, 2023 USD ($) |
2023 | $ 250 |
2024 | 1,001 |
2025 | 946 |
2026 | 870 |
2027 | 870 |
Thereafter | 357 |
Total | $ 4,294 |
Note 15 - Financial Derivativ_3
Note 15 - Financial Derivatives (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
May 31, 2014 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Junior Subordinated Notes, Total | $ 119,100 | ||||
Loans Receivable with Partial-term Hedging Designation [Member] | |||||
Derivative, Notional Amount | $ 21,100 | ||||
Hedged Asset, Fair Value Hedge | 768,100 | ||||
Loan, Notational Amount | 1,300,000 | ||||
Hedged Asset, Fair Value Hedge, Portfolio Layer Method, Hedged Layer, Fair Value, Cumulative Increase (Decrease) | 19,900 | ||||
Interest Rate Swap [Member] | Cash Flow Hedging [Member] | Designated as Hedging Instrument [Member] | |||||
Derivative Outstanding, Notional Amount | $ 119,100 | 642,100 | $ 595,400 | ||
Derivative, Notional Amount | 56,000 | 50,000 | |||
Derivative Original Maturity (Year) | 10 years | ||||
Deferred Gain on Early Termination of Derivative | 4,000 | ||||
Derivative, Gain on Derivative | $ 138 | $ 1,300 | |||
Interest Rate Swap [Member] | Cash Flow Hedging [Member] | Designated as Hedging Instrument [Member] | Central Counterparties (CCP) [Member] | |||||
Derivative, Notional Amount | $ 205,600 | ||||
Interest Rate Swap [Member] | Fair Value Hedging [Member] | Designated as Hedging Instrument [Member] | |||||
Derivative, Notional Amount | $ 874,034 | $ 857,341 | $ 874,034 | ||
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 | ||||
Interest Rate Swap [Member] | Fair Value Hedging [Member] | Designated as Hedging Instrument [Member] | Central Counterparties (CCP) [Member] | |||||
Derivative, Notional Amount | $ 547,500 | ||||
Derivative, Gain on Derivative | 13,900 | ||||
Interest Rate Contract [Member] | Fair Value Hedging [Member] | Designated as Hedging Instrument [Member] | |||||
Derivative Outstanding, Notional Amount | 89,300 | ||||
Derivative, Notional Amount | $ 6,300 |
Note 15 - Financial Derivativ_4
Note 15 - Financial Derivatives - Cash Flow Swap Hedges (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | ||
Net change in unrealized holding (loss)/gain on cash flow hedge derivatives | $ (1,323,000) | $ 5,803,000 | ||||
Fair Value Hedging [Member] | Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | ||||||
Notional | $ 857,341,000 | $ 874,034,000 | $ 857,341,000 | $ 874,034,000 | ||
Weighted average fixed rate-pay | 1.80% | 2.12% | 1.80% | 2.12% | ||
Weighted average variable rate spread | 0.27% | 0.68% | 0.27% | 0.68% | ||
Weighted average variable rate-receive | 5.33% | 2.61% | 5.33% | 2.61% | ||
Net change in unrealized holding (loss)/gain on cash flow hedge derivatives | $ 27,378 | $ 38,589 | ||||
Cash Flow Hedging [Member] | Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | ||||||
Notional | $ 56,000,000 | 56,000,000 | $ 50,000,000 | |||
Periodic net settlement of swaps | [1] | $ 7,659,000 | $ 1,461,000 | $ 21,065,000 | $ (1,628,000) | |
[1]the amount of periodic net settlement of interest rate swaps was included in interest expense. |
Note 15 - Financial Derivativ_5
Note 15 - Financial Derivatives - Not Designated as Hedging (Details) - Not Designated as Hedging Instrument [Member] - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Spot, Forward, and Swap Contracts with Negative Fair Value [Member] | ||
Notional | $ 862,838 | $ 72,996 |
Forward, and swap contracts with positive fair value | 56,858 | 448 |
Spot, Forward, and Swap Contracts with Positive Fair Value [Member] | ||
Notional | 707,025 | 170,213 |
Forward, and swap contracts with positive fair value | $ (56,939) | $ (942) |
Note 16 - Balance Sheet Offse_3
Note 16 - Balance Sheet Offsetting - Financial Instruments That Are Eligible for Offset in the Consolidated Balance Sheet (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Jun. 30, 2023 | Dec. 31, 2022 |
Derivative assets, gross | $ 83,434 | $ 90,451 | |
Derivatives, Gross Amounts Offset in the Balance Sheet | 9,820 | 46,008 | |
Derivative assets, net | 73,614 | 44,443 | |
Derivatives, collateral posted | $ 70,745 | 42,930 | |
Derivative assets not offset | 2,869 | 1,513 | |
Derivative liabilities, gross | 56,058 | 51,864 | |
Derivatives, Gross Amounts Offset in the Balance Sheet | 0 | 0 | |
Derivative liabilities, net | 56,058 | 51,864 | |
Derivatives, collateral posted | $ 0 | 0 | |
Derivative liabilities not offset | $ 56,058 | $ 51,864 |
Note 17 - Revenue From Contra_3
Note 17 - Revenue From Contracts With Clients - Summary of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | ||
Revenues | $ 11,792 | $ 11,033 | $ 32,318 | $ 32,373 | |
Noninterest income, not in-scope(2) | [1],[2] | (3,955) | (1,157) | 12,873 | 12,353 |
Total noninterest income | 7,837 | 9,876 | 45,191 | 44,726 | |
Fees and Services Charges on Deposit Account [Member] | |||||
Revenues | 2,218 | 2,398 | 7,073 | 7,156 | |
Wealth Management Fees [Member] | |||||
Revenues | 5,150 | 4,184 | 12,686 | 12,494 | |
Other Service Fees [Member] | |||||
Revenues | [1] | $ 4,424 | $ 4,451 | $ 12,559 | $ 12,723 |
[1]Other service fees comprise of fees related to letters of credit, wire fees, fees on foreign exchange transactions and other immaterial individual revenue streams.[2]These amounts primarily represent revenue from contracts with customers that are out of the scope of ASC Topic 606. |
Note 18 - Stockholders' Equit_2
Note 18 - Stockholders' Equity (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 21 Months Ended | |||||||
Feb. 21, 2023 | Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Jun. 30, 2023 | Dec. 31, 2022 | Jun. 30, 2022 | Dec. 31, 2021 | |
Equity, Attributable to Parent | $ 2,638,736 | $ 2,419,559 | $ 2,638,736 | $ 2,419,559 | $ 2,638,736 | $ 2,602,671 | $ 2,474,040 | $ 2,431,532 | $ 2,446,251 | |
Stockholders' Equity, Period Increase (Decrease) | 164,700 | |||||||||
Net Income (Loss) Attributable to Parent | 82,371 | 99,035 | 271,598 | 263,041 | ||||||
Share-Based Payment Arrangement, Noncash Expense | 4,900 | |||||||||
Proceeds from Issuance of Common Stock, Dividend Reinvestment Plan | 2,700 | 2,793 | ||||||||
Stock Issued During Period, Value, Issued for Services | 850 | 849 | ||||||||
Dividends, Common Stock, Cash | 24,672 | 25,059 | 73,938 | 76,111 | ||||||
Other Comprehensive Income (Loss), Net of Tax | (24,484) | (41,546) | (21,238) | (109,809) | ||||||
Treasury Stock, Value, Acquired, Cost Method | $ 16,600 | 9 | 46,290 | 16,683 | 109,774 | 16,700 | ||||
Share-Based Payment Arrangement, Decrease for Tax Withholding Obligation | $ 11 | $ 849 | $ 3,538 | $ 2,864 | $ 3,500 |
Note 18 - Stockholders' Equit_3
Note 18 - Stockholders' Equity - Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Beginning balance, loss, net of tax | $ 2,602,671 | $ 2,431,532 | $ 2,474,040 | $ 2,446,251 |
Total other comprehensive (loss)/income, net of tax | (24,484) | (41,546) | (21,238) | (109,809) |
Ending balance, loss, net of tax | 2,638,736 | 2,419,559 | 2,638,736 | 2,419,559 |
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-Sale, Parent [Member] | ||||
Beginning balance, loss, net of tax | (100,704) | (72,210) | (104,832) | 211 |
Net unrealized (losses)/gains arising during the period, pre-tax | (34,133) | (61,316) | (28,272) | (164,128) |
Net unrealized (losses)/gains arising during the period, tax | (10,090) | (18,125) | (8,357) | (48,516) |
Net unrealized (losses)/gains arising during the period, net of tax | (24,043) | (43,191) | (19,915) | (115,612) |
Reclassification adjustment for net losses/(gains) included in net income, pre-tax | 34,133 | 61,316 | 28,272 | 164,128 |
Reclassification adjustment for net losses/(gains) included in net income, tax | 10,090 | 18,125 | 8,357 | 48,516 |
Reclassification adjustment for net losses/(gains) included in net income, net of tax | 24,043 | 43,191 | 19,915 | 115,612 |
Total other comprehensive (loss)/income, pre-tax | ||||
Total other comprehensive (loss)/income, tax | ||||
Total other comprehensive (loss)/income, net of tax | (124,747) | (115,401) | (124,747) | (115,401) |
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member] | ||||
Beginning balance, loss, net of tax | 1,655 | 882 | 2,537 | (3,276) |
Net unrealized (losses)/gains arising during the period, pre-tax | (626) | 2,677 | (1,878) | 11,060 |
Net unrealized (losses)/gains arising during the period, tax | (185) | 791 | (555) | 3,269 |
Net unrealized (losses)/gains arising during the period, net of tax | (441) | 1,886 | (1,323) | 7,791 |
Reclassification adjustment for net losses/(gains) included in net income, pre-tax | 0 | 342 | 0 | 2,822 |
Reclassification adjustment for net losses/(gains) included in net income, tax | 0 | 101 | 0 | 834 |
Reclassification adjustment for net losses/(gains) included in net income, net of tax | 0 | 241 | 0 | 1,988 |
Total other comprehensive (loss)/income, pre-tax | (626) | 2,335 | (1,878) | 8,238 |
Total other comprehensive (loss)/income, tax | (185) | 690 | (555) | 2,435 |
Total other comprehensive (loss)/income, net of tax | (441) | 1,645 | (1,323) | 5,803 |
Ending balance, loss, net of tax | 1,214 | 2,527 | 1,214 | 2,527 |
AOCI Attributable to Parent [Member] | ||||
Beginning balance, loss, net of tax | (99,049) | (71,328) | (102,295) | (3,065) |
Net unrealized (losses)/gains arising during the period, pre-tax | (34,759) | (58,639) | (30,150) | (153,068) |
Net unrealized (losses)/gains arising during the period, tax | (10,275) | (17,334) | (8,912) | (45,247) |
Net unrealized (losses)/gains arising during the period, net of tax | (24,484) | (41,305) | (21,238) | (107,821) |
Reclassification adjustment for net losses/(gains) included in net income, pre-tax | 0 | 342 | 0 | 2,822 |
Reclassification adjustment for net losses/(gains) included in net income, tax | 0 | 101 | 0 | 834 |
Reclassification adjustment for net losses/(gains) included in net income, net of tax | 0 | 241 | 0 | 1,988 |
Total other comprehensive (loss)/income, pre-tax | (34,759) | (58,981) | (30,150) | (155,890) |
Total other comprehensive (loss)/income, tax | (10,275) | (17,435) | (8,912) | (46,081) |
Total other comprehensive (loss)/income, net of tax | (24,484) | (41,546) | (21,238) | (109,809) |
Ending balance, loss, net of tax | $ (123,533) | $ (112,874) | $ (123,533) | $ (112,874) |
Note 19 - Stock Repurchase Pr_2
Note 19 - Stock Repurchase Program (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | 21 Months Ended | |||
Feb. 21, 2023 | Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | |
Treasury Stock, Shares, Acquired (in shares) | 375,090 | |||||
Shares Acquired, Average Cost Per Share (in dollars per share) | $ 44.2 | |||||
Treasury Stock, Value, Acquired, Cost Method | $ 16,600 | $ 9 | $ 46,290 | $ 16,683 | $ 109,774 | $ 16,700 |