Delaware | 33-0885320 | |
(State of Incorporation) | (I.R.S. Employer Identification No.) |
Common Stock, par value $0.01 per share | The Nasdaq Stock Market, LLC | |
(Title of Each Class) | (Name of Exchange on Which Registered) |
þ Large accelerated filer | o Accelerated filer | |
o Non-accelerated filer | o Smaller reporting company | |
o Emerging growth company | ||
o If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. |
PART I | ||
Forward‑Looking Information | ||
Available Information | ||
Glossary of Acronyms, Abbreviations, and Terms | ||
Item 1. | Business | |
Item 1A. | Risk Factors | |
Item 1B. | Unresolved Staff Comments | |
Item 2. | Properties | |
Item 3. | Legal Proceedings | |
Item 4. | Mine Safety Disclosure | |
PART II | ||
ITEM 5. | Market For Registrant’s Common Equity, Related Shareholder Matters and Issuer Purchases of Equity Securities | |
ITEM 6. | Selected Financial Data | |
ITEM 7. | Management’s Discussion and Analysis of Financial Condition and Results of Operations | |
ITEM 7A. | Quantitative and Qualitative Disclosures About Market Risk | |
ITEM 8. | Financial Statements and Supplementary Data | |
ITEM 9. | Changes in and Disagreements with Accountants on Accounting and Financial Disclosure | |
ITEM 9A. | Controls and Procedures | |
ITEM 9B. | Other Information | |
PART III | ||
ITEM 10. | Directors, Executive Officers and Corporate Governance | |
ITEM 11. | Executive Compensation | |
ITEM 12. | Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters | |
ITEM 13. | Certain Relationships and Related Transactions, and Director Independence | |
ITEM 14. | Principal Accountant Fees and Services | |
PART IV | ||
ITEM 15. | Exhibits and Financial Statement Schedules | |
ITEM 16. | Form 10-K Summary | |
SIGNATURES |
• | our ability to compete effectively against other financial service providers in our markets; |
• | the effect of the current interest rate environment or impact of changes in interest rates or levels of market activity, especially on the fair value of our loan and investment portfolios; |
• | economic deterioration or a recession that may affect the ability of borrowers to make contractual payments on loans and may affect the value of real property or other property held as collateral for such loans; |
• | changes in credit quality and the effect of credit quality on our provision for credit losses and allowance for loan and lease losses; |
• | our ability to attract and retain deposits and other sources of funding or liquidity; |
• | the need to retain capital for strategic or regulatory reasons; |
• | compression of the net interest margin due to changes in the interest rate environment, forward yield curves, loan products offered, spreads on newly originated loans and leases, and/or changes in our asset or liability mix; |
• | reduced demand for our services due to strategic or regulatory reasons; |
• | our ability to successfully execute on initiatives relating to enhancements of our technology infrastructure, including client-facing systems and applications; |
• | our ability to complete future acquisitions and to successfully integrate such acquired entities or achieve expected benefits, synergies and/or operating efficiencies within expected time frames or at all; |
• | legislative or regulatory requirements or changes, including an increase to capital requirements, and increased political and regulatory uncertainty; |
• | the impact of the Dodd-Frank Act on our business, business strategies and cost of operations; |
• | the impact on our reputation and business from our interactions with business partners, counterparties, service providers and other third parties; |
• | higher than anticipated increases in operating expenses; |
• | lower than expected dividends paid from the Bank to the holding company; |
• | a deterioration in the overall macroeconomic conditions or the state of the banking industry that could warrant further analysis of the carrying value of goodwill and could result in an adjustment to its carrying value resulting in a non-cash charge; |
• | the effectiveness of our risk management framework and quantitative models; |
• | the costs and effects of failure, interruption or breach of security of our systems or the systems of our contracted vendors; |
• | the costs and effects of legal, compliance, and regulatory actions, changes and developments, including the impact of adverse judgments or settlements in litigation, the initiation and resolution of regulatory or other governmental inquiries or investigations, and/or the results of regulatory examinations or reviews; |
• | the impact of the Tax Cuts and Jobs Act on our business and business strategies, or if other changes are made to tax laws or regulations affecting our business, including the disallowance of tax benefits by tax authorities and/or changes in tax filing jurisdictions or entity classifications; and |
• | our success at managing risks involved in the foregoing items and all other risk factors described in our audited consolidated financial statements, and other risk factors described in this Form 10-K and other documents filed or furnished by PacWest with the SEC. |
AFX | American Financial Exchange | FRB | Board of Governors of the Federal Reserve System | |
ALLL | Allowance for Loan and Lease Losses | FRBSF | Federal Reserve Bank of San Francisco | |
ALM | Asset Liability Management | FSOC | Financial Stability Oversight Council | |
ASC | Accounting Standards Codification | GLBA | Gramm-Leach-Bliley Act of 1999 | |
ASU | Accounting Standards Update | IPO | Initial Public Offering | |
ATM | Automated Teller Machine | IRR | Interest Rate Risk | |
Basel III | A comprehensive capital framework and rules for U.S. banking organizations approved by the FRB and the FDIC in 2013. | LIHTC | Low Income Housing Tax Credit | |
BHCA | Bank Holding Company Act of 1956, as amended | MBS | Mortgage-Backed Securities | |
BOLI | Bank Owned Life Insurance | MVE | Market Value of Equity | |
Brexit | Britain Exit (from the European Union) | NII | Net Interest Income | |
California Privacy Act | California Consumer Privacy Act of 2018 | NIM | Net Interest Margin | |
CDI | Core Deposit Intangible Assets | Non-PCI | Non-Purchased Credit Impaired | |
CECL | Current Expected Credit Loss | OCC | Office of the Comptroller of the Currency | |
CET1 | Common Equity Tier 1 | OFAC | U.S Treasury Department of Office of Foreign Assets Control | |
CFPB | Consumer Financial Protection Bureau | OREO | Other Real Estate Owned | |
CMOs | Collateralized Mortgage Obligations | PD/LGD | Probability of Default/Loss Given Default | |
CRA | Community Reinvestment Act | PWEF | Pacific Western Equipment Finance | |
CRI | Customer Relationship Intangible Assets | PATRIOT Act | Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 | |
CUB | CU Bancorp (a company acquired on October 20, 2017) | PCI | Purchased Credit Impaired | |
CU Bank | California United Bank (a wholly-owned subsidiary of CUB) | PRSUs | Performance-Based Restricted Stock Units | |
DBO | California Department of Business Oversight | S1AM | Square 1 Asset Management, Inc. | |
DGCL | Delaware General Corporation Law | SBA | Small Business Administration | |
Dodd-Frank Act | Dodd-Frank Wall Street Reform and Consumer Protection Act | SEC | Securities and Exchange Commission | |
DTAs | Deferred Tax Assets | SNCs | Shared National Credits | |
EGRRCPA | Economic Growth, Regulatory Relief, and Consumer Protection Act | Square 1 | Square 1 Financial, Inc. (a company acquired on October 6, 2015) | |
Efficiency Ratio | Noninterest expense (less intangible asset amortization, net foreclosed assets income/expense, and acquisition, integration and reorganization costs) divided by net revenues (the sum of tax equivalent net interest income plus noninterest income, less gain/loss on sale of securities and gain/loss on sales of assets other than loans and leases) | Tax Equivalent Net Interest Income | Net interest income adjusted for tax equivalent adjustments related to tax-exempt interest on certain loans and municipal securities | |
FASB | Financial Accounting Standards Board | Tax Equivalent NIM | NIM adjusted for tax equivalent adjustments related to tax-exempt interest on certain loans and municipal securities | |
FDIA | Federal Deposit Insurance Act | TCJA | Tax Cuts and Jobs Act | |
FDIC | Federal Deposit Insurance Corporation | TDRs | Troubled Debt Restructurings | |
FDICIA | Federal Deposit Insurance Corporation Improvement Act | TRSAs | Time-Based Restricted Stock Awards | |
FHLB | Federal Home Loan Bank of San Francisco | TruPS | Trust Preferred Securities | |
FinCEN | Financial Crimes Enforcement Network | U.S. GAAP | U.S. Generally Accepted Accounting Principles | |
VIE | Variable Interest Entity |
• | Commercial real estate mortgage. Our commercial real estate mortgage loans generally are collateralized by first deeds of trust on specific commercial properties. The most prevalent types of properties securing our commercial real estate loans are office properties, hotels, retail properties, industrial properties, and various healthcare properties such as skilled nursing facilities and assisted living facilities. The properties are typically located in central business districts across the United States with a significant concentration of collateral properties located in California within our branch footprint. Our commercial real estate loans typically either have interest and principal payments due on an amortization schedule ranging from 25 to 30 years with a lump sum balloon payment due in one to ten years or may have an initial interest-only period followed by an amortization schedule with a lump sum balloon payment due in one to ten years. We also provide commercial real estate secured loans under the SBA's 7(a) Program and 504 Program. Compliant SBA 7(a) loans have an SBA guaranty for 75% of the principal balance. SBA 504 loans are 50% loan-to-value first deed of trust mortgage loans on owner occupied commercial real estate where a second deed of trust is also provided by a nonprofit certified development company. The SBA 7(a) and 504 mortgage loans repay on a twenty-five year amortization schedule. |
• | Income producing and other residential real estate mortgage. Our income producing and other residential real estate mortgage loans generally are collateralized by first deeds of trust on specific multi-family and other residential properties. The most prevalent types of properties securing our income producing and other residential real estate loans are multi-family, condominium, pooled single-family rental properties, and individual single-family properties. We also purchase multi-family secured real estate mortgage loans from other banks due primarily to the favorable credit risk profile of multi-family loans. When we purchase multi-family loans from other banks, we re-underwrite the loans at time of purchase. Multi-family loans typically repay on a 30-year amortization schedule. We do not typically originate single-family mortgage loans, although we do purchase this type of loan from a third-party lender. |
• | Real estate construction and land. Our real estate construction and land loans generally are collateralized by first deeds of trust on specific residential and commercial properties. The most prevalent types of properties securing our construction and land loans are multi-family, condominium, and hotel properties. Construction loans typically finance from 50% to 70% of the costs to construct residential and commercial properties. The terms are generally one to three years with short-term, performance-based extension options. We do not currently originate single-family construction loans, although we do purchase this type of loan from a third-party lender. |
• | increased competition in pricing and loan structure; |
• | the economic conditions of the United States; |
• | interest rate increases; |
• | decreased real estate values in the markets where we lend; |
• | the borrower's inability to repay our loan due to decreased cash flow or operating losses; |
• | the borrower’s inability to refinance or payoff our loan upon maturity; |
• | loss of our loan principal stemming from a collateral foreclosure; and |
• | various environmental risks, including natural disasters. |
• | construction costs being more than anticipated; |
• | construction taking longer than anticipated; |
• | failure by developers and contractors to meet project specifications or timelines; |
• | disagreement between contractors, subcontractors and developers; |
• | demand for completed projects being less than anticipated; and |
• | buyers of the completed projects not being able to secure permanent financing. |
• | requiring borrowers to invest and maintain a meaningful cash equity interest in the properties securing our loans; |
• | reviewing each loan request and renewal individually; |
• | using a credit committee approval process for the approval of each loan request (or aggregated credit exposures) over a certain dollar amount; |
• | adhering to written loan acceptance standards, including among other factors, maximum loan to acquisition or construction cost ratios, maximum loan to as-is or stabilized value ratios, and minimum operating cash flow requirements; |
• | considering market rental rates relative to our underwritten or projected rental rates; |
• | considering the experience of our borrowers and our borrowers’ abilities to operate and manage the properties securing our loans; |
• | evaluating the supply of comparable real estate and new supply under construction in the collateral's market area; |
• | obtaining independent third-party appraisals that are reviewed by our appraisal department; |
• | obtaining environmental risk assessments; and |
• | obtaining seismic studies where appropriate. |
• | considering the experience of our borrowers and our borrowers’ abilities to manage the properties during construction and into the stabilization periods; |
• | obtaining project completion guaranties from our borrowers; |
• | including covenants in our construction loan agreements that require the borrowers to fund costs that exceed the initial construction budgets; |
• | implementing a controlled disbursement process for loan proceeds in accordance with an agreed upon schedule, which usually results in the borrowers' equity being invested before loan advances commence and which ensures the costs to complete the projects are in balance with our remaining unfunded loan commitments; |
• | conducting project site visits and using construction consultants who review the progress of the project; and |
• | monitoring the construction costs compared to the budgeted costs and the remaining costs to complete. |
• | Lender finance & timeshare. These are loans to companies used to purchase finance receivables or extend finance receivables to the underlying obligors and are secured primarily by the finance receivables owed to our borrowers. The borrowers include commercial lenders, consumer lenders, and timeshare operators. The primary sources of repayment are the operating incomes of the borrowers and the collection of the finance receivables securing the loans. The loans are typically revolving lines of credit with terms of one to three years with contractual borrowing availability as a percentage of eligible collateral. |
• | Equipment finance. These are loans and leases used to purchase equipment essential to the operations of our borrower or lessee and are secured by the specific equipment financed. The primary source of repayment is the operating income of the borrower or lessee. The loan and lease terms are two to ten years and generally amortize to either a full repayment or residual balance or investment that is expected to be collected through a sale of the equipment to the lessee or a third party. |
• | Other asset-based. These are loans used for working capital and are secured by trade accounts receivable and/or inventories. The primary sources of repayment are the operating incomes of the borrowers, the collection of the receivables securing the loans, and/or the sale of the inventories securing the loans. The loans are typically revolving lines of credit with terms of one to three years with contractual borrowing availability as a percentage of eligible collateral. In conjunction with our healthcare real estate loans, we may provide healthcare operators with asset-based loans secured by healthcare accounts receivable to support working capital needs. |
• | Premium finance. These are loans used to finance annual life insurance premiums and are fully secured by the corresponding cash surrender value of life insurance contracts and other liquid collateral with one year terms that, generally, renew annually. The primary sources of repayment are the cash flow of the borrowers and guarantors, repayment from our loans being refinanced by other lenders, or the application of cash surrender value proceeds to the loans. |
• | Venture capital. These are loans to venture-backed companies or loans directly to venture capital firms. Loans to venture-backed companies support the borrowers’ operations, including operating losses, working capital requirements, and fixed asset acquisitions. The borrowers are at various stages in their development (early, expansion, or late), and are, generally, reporting operating losses. The primary sources of repayment are future additional venture capital equity investments or the sale of the company or its assets. The loan terms are generally one to four years, and the loans are typically secured by a first priority, secured blanket lien on all corporate assets and/or a lien on intellectual property. This loan segment also includes equity fund loans which are loans made directly to venture capital firms, venture capital funds, and venture capital management companies to provide a bridge to the receipt of capital calls and to support the borrowers’ working capital needs, such as the cost of raising a new venture fund or leasehold improvements for new office space. The primary sources of repayment are receipt of capital calls, proceeds from sales of portfolio company investments, and management fees. The loan terms are generally one to four years, and the loans are typically secured by a first position lien on the assets of the business, an assignment of capital call rights and/or an assignment of management fees. |
• | Secured business. These are secured business loans originated through the Community Banking group. The primary source of repayment is the cash flow of the borrowers. The loans can be up to five years and are secured by a specific asset or assets of the borrower. |
• | Security monitoring. These are loans to security monitoring companies used to support the operations of companies that provide business and residential security systems and the accompanying alarm monitoring services. Loans to security monitoring companies are secured primarily by the monitoring contracts between the borrowers and their customers. The primary sources of repayment are the operating incomes of the borrowers, proceeds from the sales of security monitoring contracts to other monitoring companies, and proceeds from the sale of the borrowers themselves. The loans are typically revolving lines of credit with terms of one to three years with contractual borrowing availability as a ratio of the total recurring monthly billing amount from eligible monitoring contracts (collateral). Loans to security monitoring borrowers are usually considered leveraged loans. According to regulatory guidance, leveraged loans are typically loans where the proceeds are used for buyouts or acquisitions and where the resulting total debt levels are four or more times the annual adjusted earnings of the borrower. |
• | Other lending. Loans aggregated into the category of “Other lending” are various commercial loan types including Community Banking group business loans secured by a blanket lien on the borrowers’ businesses, loans to homeowner associations, loans to municipalities and non-profit borrowers, and SBA 7(a) loans for small business expansion. The primary sources of repayments for the Community Banking group business loans, non-profit borrowers, and SBA 7(a) business expansion loans are the operations of the borrowers. The primary sources of repayment for loans to municipalities are tax collections from their tax jurisdictions. |
• | Cash flow. Until December 2017, we actively originated cash flow loans to finance business acquisitions and recapitalizations to various types of borrowers, with greater emphasis on borrowers operating in the healthcare and technology industries. In December 2017, we exited most cash flow lending business lines, and agreed to sell $1.5 billion of cash flow loans (of which $481.1 million were held for sale at December 31, 2017 and were subsequently sold in the first quarter of 2018). At December 31, 2018, we held $114.1 million of cash flow loans, including $92.5 million from the lending businesses that we exited in December 2017. |
• | the economic conditions of the United States; |
• | interest rate increases; |
• | deterioration of the value of the underlying collateral; |
• | increased competition in pricing and loan structure; |
• | the deterioration of a borrower’s or guarantor’s financial capabilities; and |
• | various environmental risks, including natural disasters, which can negatively affect a borrower’s business. |
• | considering the prospects for the borrower's industry and competition; |
• | considering our past experience with the borrower and with the collateral type; |
• | considering our current loan and lease portfolio concentration by loan type and collateral type; |
• | reviewing each loan request and renewal individually; |
• | using our credit committee approval process for the approval of each loan request (or aggregate credit exposure) over a certain dollar amount; and |
• | adhering to written loan underwriting policies and procedures including, among other factors, loan structures and covenants. |
• | monitoring the economic conditions in the regions or areas in which our borrowers are operating; |
• | measuring operating performance of our borrower or collateral and comparing it to our underwriting expectations; |
• | assessing compliance with financial and operating covenants as set forth in our loan agreements and considering the effects of incidences of noncompliance and taking corrective actions; |
• | assigning a credit risk rating to each loan and ensuring the accuracy of our credit risk ratings by using an independent credit review function to assess the appropriateness of the credit risk ratings assigned to loans; |
• | conducting loan portfolio review meetings where senior management and members of credit administration discuss the credit status and related action plans on loans with unfavorable credit risk ratings; and |
• | subjecting loan modifications and loan renewal requests to underwriting and assessment standards similar to the underwriting and assessment standards applied before closing the loans. |
• | the economic conditions of the United States and the levels of unemployment; |
• | the amount of credit offered to consumers in the market; |
• | interest rate increases; |
• | consumer bankruptcy laws which allow consumers to discharge certain debts (excluding student loans); |
• | compliance with consumer lending regulations; |
• | additional regulations and oversight by the CFPB; and |
• | the ability of the sub-servicers of the Bank’s student loans to service the loans in accordance with the terms of the loan purchase agreements. |
December 31, 2018 | December 31, 2017 | December 31, 2016 | ||||||||||||||||||
% of | % of | % of | ||||||||||||||||||
Amount | Total | Amount | Total | Amount | Total | |||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
Real estate mortgage: | ||||||||||||||||||||
Commercial | $ | 4,824,298 | 27 | % | $ | 5,385,740 | 32 | % | $ | 4,396,696 | 28 | % | ||||||||
Income producing and other residential | 3,093,843 | 17 | % | 2,466,894 | 14 | % | 1,314,036 | 9 | % | |||||||||||
Total real estate mortgage | 7,918,141 | 44 | % | 7,852,634 | 46 | % | 5,710,732 | 37 | % | |||||||||||
Real estate construction and land: | ||||||||||||||||||||
Commercial | 912,583 | 5 | % | 769,075 | 5 | % | 581,246 | 4 | % | |||||||||||
Residential | 1,321,073 | 8 | % | 822,154 | 5 | % | 384,001 | 2 | % | |||||||||||
Total real estate construction and land | 2,233,656 | 13 | % | 1,591,229 | 10 | % | 965,247 | 6 | % | |||||||||||
Total real estate | 10,151,797 | 57 | % | 9,443,863 | 56 | % | 6,675,979 | 43 | % | |||||||||||
Commercial: | ||||||||||||||||||||
Asset-based | 3,305,421 | 18 | % | 2,924,950 | 17 | % | 2,948,941 | 19 | % | |||||||||||
Venture capital | 2,038,748 | 11 | % | 2,122,735 | 13 | % | 1,987,900 | 13 | % | |||||||||||
Other commercial (1) | 2,060,426 | 12 | % | 2,071,394 | 12 | % | 3,467,712 | 22 | % | |||||||||||
Total commercial | 7,404,595 | 41 | % | 7,119,079 | 42 | % | 8,404,553 | 54 | % | |||||||||||
Consumer | 401,321 | 2 | % | 409,801 | 2 | % | 375,422 | 3 | % | |||||||||||
Total loans and leases held for | ||||||||||||||||||||
investment, net of deferred fees | $ | 17,957,713 | 100 | % | $ | 16,972,743 | 100 | % | $ | 15,455,954 | 100 | % |
(1) | At December 31, 2018, the remaining balances of the technology, healthcare, and general cash flow loans held for investment of the lending businesses that we exited in December 2017 totaled $92.5 million. At December 31, 2017 and 2016, the balances of these loans totaled $249.3 million and $2.3 billion. Such cash flow loans are included in the "Other commercial" loan portfolio class in the table. |
• | 4.5% CET1 to risk‑weighted assets; |
• | 6.0% Tier 1 capital (that is, CET1 plus Additional Tier 1 capital) to risk‑weighted assets; |
• | 8.0% Total capital (that is, Tier 1 capital plus Tier 2 capital) to risk‑weighted assets; and |
• | 4% Tier 1 capital to average consolidated assets as reported on regulatory financial statements (known as the “leverage ratio”). |
• | a decrease in the demand for our loans and leases and other products and services offered by us; |
• | a decrease in our deposit balances due to overall reductions in the accounts of customers; |
• | a decrease in the value of our loans and leases; |
• | an increase in the level of nonperforming and classified loans and leases: |
• | an increase in provisions for credit losses and loan and lease charge-offs; |
• | a decrease in net interest income derived from our lending and deposit gathering activities; |
• | a decrease in the Company's stock price; or |
• | an increase in our operating expenses associated with attending to the effects of certain circumstances listed above. |
ITEM 5. | MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED SHAREHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES |
Number of Securities | ||||||||||||||
Remaining Available | ||||||||||||||
Number of Securities | for Future Issuance | |||||||||||||
to be Issued | Weighted Average | Under Equity | ||||||||||||
Upon Exercise of | Exercise Price of | Compensation Plans | ||||||||||||
Outstanding | Outstanding | (Excluding Securities | ||||||||||||
Options, Warrants | Options, Warrants | Reflected in | ||||||||||||
and Rights | and Rights | Column (a)) | ||||||||||||
Plan Category | Plan Name | (a) | (b) | (c) | ||||||||||
Equity compensation plans | PacWest Bancorp 2017 | |||||||||||||
approved by security holders | Stock Incentive Plan (1) | 86,716 | (2) | $ | — | 3,078,304 | (3) | |||||||
PacWest Bancorp 2003 | ||||||||||||||
Stock Incentive Plan (1) | 227,361 | (4) | — | — | (5) | |||||||||
Equity compensation plans | ||||||||||||||
not approved by security holders | None | — | — | — | ||||||||||
Total | 314,077 | $ | — | 3,078,304 |
(1) | The PacWest Bancorp 2017 Stock Incentive Plan (the “2017 Incentive Plan”) was approved by our stockholders at our May 15, 2017 Annual Meeting of Stockholders, authorizing for issuance 4,000,000 shares. Upon approval of the 2017 Incentive Plan by our stockholders, the PacWest 2003 Stock Incentive Plan (the "2003 Incentive Plan") was frozen and no new awards can be granted under the 2003 Incentive Plan. |
(2) | Amount includes PRSUs granted in 2018 that may be issued at the end of their three-year performance period if certain financial metrics are met. The number of units shown represents a target amount and the number of units that will ultimately vest is unknown. Amount does not include 772,081 shares of unvested time-based restricted stock outstanding under the 2017 Incentive Plan with a zero exercise price as of December 31, 2018. |
(3) | The 2017 Incentive Plan permits these remaining shares to be issued in the form of options, restricted stock, or stock appreciation rights. |
Total Number of | Maximum Dollar | ||||||||||||
Shares Purchased | Value of Shares | ||||||||||||
as Part of | That May Yet | ||||||||||||
Average | Publicly | Be Purchased | |||||||||||
Total Number of | Price Paid | Announced | Under the | ||||||||||
Purchase Dates | Shares Purchased (1) | Per Share | Program (2) | Program (2) | |||||||||
(In thousands) | |||||||||||||
October 1 – October 31, 2018 | 7,779 | $ | 48.40 | — | $ | 110,126 | |||||||
November 1 – November 30, 2018 | 33,306 | $ | 41.12 | — | $ | 110,126 | |||||||
December 1 – December 31, 2018 | — | $ | — | — | $ | 110,126 | |||||||
Total | 41,085 | $ | 42.50 | — |
(1) | Includes shares repurchased pursuant to net settlement by employees in satisfaction of income tax withholding obligations incurred through the vesting of Company stock awards. |
Year Ended December 31, | |||||||||||||||||||||||
Index | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | |||||||||||||||||
PacWest Bancorp | $ | 100.00 | $ | 110.92 | $ | 109.87 | $ | 146.23 | $ | 141.15 | $ | 97.69 | |||||||||||
NASDAQ Composite Index | 100.00 | 114.62 | 122.81 | 133.19 | 172.11 | 165.84 | |||||||||||||||||
KBW Regional Banking Index | 100.00 | 113.21 | 113.82 | 140.51 | 170.84 | 142.33 |
At or For the Year Ended December 31, | |||||||||||||||||||
2018 | 2017 | 2016 | 2015 | 2014 | |||||||||||||||
(In thousands, except per share amounts and percentages) | |||||||||||||||||||
Results of Operations (1): | |||||||||||||||||||
Interest income | $ | 1,161,670 | $ | 1,052,516 | $ | 1,015,912 | $ | 883,938 | $ | 704,775 | |||||||||
Interest expense | (120,756 | ) | (72,945 | ) | (54,621 | ) | (60,592 | ) | (42,398 | ) | |||||||||
Net interest income | 1,040,914 | 979,571 | 961,291 | 823,346 | 662,377 | ||||||||||||||
Provision for credit losses | (45,000 | ) | (57,752 | ) | (65,729 | ) | (45,481 | ) | (11,499 | ) | |||||||||
Net interest income after provision for credit losses | 995,914 | 921,819 | 895,562 | 777,865 | 650,878 | ||||||||||||||
Gain (loss) on sale of securities | 8,176 | (541 | ) | 9,485 | 3,744 | 4,841 | |||||||||||||
FDIC loss sharing expense, net | — | — | (8,917 | ) | (18,246 | ) | (31,730 | ) | |||||||||||
Other noninterest income | 140,459 | 129,114 | 111,907 | 98,812 | 69,076 | ||||||||||||||
Total noninterest income | 148,635 | 128,573 | 112,475 | 84,310 | 42,187 | ||||||||||||||
Foreclosed assets income (expense), net | 751 | (1,702 | ) | (1,881 | ) | 668 | (5,401 | ) | |||||||||||
Acquisition, integration and reorganization costs | (1,770 | ) | (19,735 | ) | (200 | ) | (21,247 | ) | (101,016 | ) | |||||||||
Other noninterest expense | (510,213 | ) | (474,224 | ) | (448,020 | ) | (361,460 | ) | (299,175 | ) | |||||||||
Total noninterest expense | (511,232 | ) | (495,661 | ) | (450,101 | ) | (382,039 | ) | (405,592 | ) | |||||||||
Earnings from continuing operations before | |||||||||||||||||||
income tax expense | 633,317 | 554,731 | 557,936 | 480,136 | 287,473 | ||||||||||||||
Income tax expense | (167,978 | ) | (196,913 | ) | (205,770 | ) | (180,517 | ) | (117,005 | ) | |||||||||
Net earnings from continuing operations | 465,339 | 357,818 | 352,166 | 299,619 | 170,468 | ||||||||||||||
Loss from discontinued operations before | |||||||||||||||||||
income tax benefit | — | — | — | — | (2,677 | ) | |||||||||||||
Income tax benefit | — | — | — | — | 1,114 | ||||||||||||||
Net loss from discontinued operations | — | — | — | — | (1,563 | ) | |||||||||||||
Net earnings | $ | 465,339 | $ | 357,818 | $ | 352,166 | $ | 299,619 | $ | 168,905 | |||||||||
Per Common Share Data: | |||||||||||||||||||
Basic and diluted earnings per share (EPS): | |||||||||||||||||||
Net earnings from continuing operations | $ | 3.72 | $ | 2.91 | $ | 2.90 | $ | 2.79 | $ | 1.94 | |||||||||
Net earnings | $ | 3.72 | $ | 2.91 | $ | 2.90 | $ | 2.79 | $ | 1.92 | |||||||||
Cash dividends declared per share | $ | 2.30 | $ | 2.00 | $ | 2.00 | $ | 2.00 | $ | 1.25 | |||||||||
Book value per share (2)(3) | $ | 39.17 | $ | 38.65 | $ | 36.93 | $ | 36.22 | $ | 34.03 | |||||||||
Tangible book value per share (2)(3) | $ | 18.02 | $ | 18.24 | $ | 18.71 | $ | 17.86 | $ | 17.17 | |||||||||
Shares outstanding at year-end (3) | 123,190 | 128,783 | 121,284 | 121,414 | 103,022 | ||||||||||||||
Average shares outstanding for basic and diluted EPS | 123,640 | 121,613 | 120,239 | 106,327 | 86,853 |
(1) | Operating results of acquired companies are included from the respective acquisition dates. See Note 3. Acquisitions of the Notes to Consolidated Financial Statements contained in “Item 8. Financial Statements and Supplementary Data.” |
(2) | For information regarding this calculation, see “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations -Non‑GAAP Measurements.” |
(3) | Includes 1,344,656 shares, 1,436,120 shares, 1,476,132 shares, 1,211,951 shares, and 1,108,505 shares of unvested restricted stock outstanding at December 31, 2018, 2017, 2016, 2015, and 2014. |
At or For the Year Ended December 31, | |||||||||||||||||||
2018 | 2017 | 2016 | 2015 | 2014 | |||||||||||||||
(In thousands, except per share amounts and percentages) | |||||||||||||||||||
Balance Sheet Data: | |||||||||||||||||||
Total assets | $ | 25,731,354 | $ | 24,994,876 | $ | 21,869,767 | $ | 21,288,490 | $ | 16,234,605 | |||||||||
Cash and cash equivalents | 385,767 | 398,437 | 419,670 | 396,486 | 313,226 | ||||||||||||||
Investment securities | 4,041,534 | 3,795,221 | 3,245,700 | 3,579,147 | 1,607,786 | ||||||||||||||
Loans and leases held for investment (4) | 17,957,713 | 16,914,707 | 15,347,530 | 14,289,209 | 11,591,641 | ||||||||||||||
Goodwill | 2,548,670 | 2,548,670 | 2,173,949 | 2,176,291 | 1,720,479 | ||||||||||||||
Core deposit and customer relationship intangibles | 57,120 | 79,626 | 36,366 | 53,220 | 17,204 | ||||||||||||||
Deposits | 18,870,501 | 18,865,536 | 15,870,611 | 15,666,182 | 11,755,128 | ||||||||||||||
Borrowings | 1,371,114 | 467,342 | 905,812 | 621,914 | 383,402 | ||||||||||||||
Subordinated debentures | 453,846 | 462,437 | 440,744 | 436,000 | 433,583 | ||||||||||||||
Stockholders’ equity | 4,825,588 | 4,977,598 | 4,479,055 | 4,397,691 | 3,506,230 | ||||||||||||||
Performance Ratios: | |||||||||||||||||||
Return on average assets | 1.91 | % | 1.58 | % | 1.66 | % | 1.70 | % | 1.27 | % | |||||||||
Return on average equity | 9.68 | % | 7.71 | % | 7.85 | % | 7.99 | % | 6.11 | % | |||||||||
Return on average tangible equity (2) | 21.22 | % | 15.15 | % | 15.52 | % | 15.76 | % | 11.88 | % | |||||||||
Net interest margin | 5.05 | % | 5.10 | % | 5.40 | % | 5.60 | % | 6.01 | % | |||||||||
Yield on average loans and leases | 6.22 | % | 5.97 | % | 6.32 | % | 6.51 | % | 6.97 | % | |||||||||
Cost of average total deposits | 0.44 | % | 0.27 | % | 0.20 | % | 0.32 | % | 0.28 | % | |||||||||
Efficiency ratio | 41.0 | % | 40.8 | % | 39.8 | % | 38.5 | % | 41.6 | % | |||||||||
Equity to assets ratio (2) | 18.8 | % | 19.9 | % | 20.5 | % | 20.7 | % | 21.6 | % | |||||||||
Tangible common equity ratio (2) | 9.6 | % | 10.5 | % | 11.5 | % | 11.4 | % | 12.2 | % | |||||||||
Average equity to average assets ratio | 19.8 | % | 20.5 | % | 21.2 | % | 21.3 | % | 20.7 | % | |||||||||
Dividend payout ratio | 61.9 | % | 69.1 | % | 69.1 | % | 71.8 | % | 67.7 | % | |||||||||
Capital Ratios (consolidated): | |||||||||||||||||||
Tier 1 leverage ratio | 10.13 | % | 10.66 | % | 11.91 | % | 11.67 | % | 12.34 | % | |||||||||
Tier 1 capital ratio | 10.01 | % | 10.91 | % | 12.31 | % | 12.60 | % | 13.16 | % | |||||||||
Total capital ratio | 12.72 | % | 13.75 | % | 15.56 | % | 15.65 | % | 16.07 | % | |||||||||
Allowance for Credit Losses Data (4): | |||||||||||||||||||
Allowance for credit losses | $ | 169,333 | $ | 161,647 | $ | 161,278 | $ | 122,268 | $ | 76,767 | |||||||||
Allowance for credit losses to loans and leases | 0.94 | % | 0.96 | % | 1.05 | % | 0.86 | % | 0.66 | % | |||||||||
Allowance for credit losses to nonaccrual loans and leases | 213.5 | % | 103.8 | % | 94.5 | % | 94.8 | % | 91.8 | % | |||||||||
Net charge-offs to average loans and leases | 0.26 | % | 0.40 | % | 0.15 | % | 0.06 | % | 0.02 | % | |||||||||
Nonperforming Assets Data (5): | |||||||||||||||||||
Nonaccrual loans and leases | $ | 79,333 | $ | 157,545 | $ | 173,527 | $ | 133,615 | $ | 108,885 | |||||||||
Accruing loan past due 90 days or more | — | — | — | 700 | — | ||||||||||||||
Foreclosed assets, net | 5,299 | 1,329 | 12,976 | 22,120 | 43,721 | ||||||||||||||
Total nonperforming assets | $ | 84,632 | $ | 158,874 | $ | 186,503 | $ | 156,435 | $ | 152,606 | |||||||||
Nonaccrual loans and leases to loans and leases | 0.44 | % | 0.93 | % | 1.12 | % | 0.92 | % | 0.92 | % | |||||||||
Nonperforming assets to loans and leases and | |||||||||||||||||||
foreclosed assets | 0.47 | % | 0.94 | % | 1.21 | % | 1.08 | % | 1.28 | % |
(4) | Amounts and ratios related to 2018 are for total loans and leases held for investment, net of deferred fees. Amounts and ratios related to 2017 and prior years are for Non-PCI loans and leases held for investment, net of deferred fees. |
(5) | Amounts and ratios are for total loans and leases held for investment, net of deferred fees. |
Year Ended December 31, | ||||||||||||
Efficiency Ratio | 2018 | 2017 | 2016 | |||||||||
(Dollars in thousands) | ||||||||||||
Noninterest expense | $ | 511,232 | $ | 495,661 | $ | 450,101 | ||||||
Less: | Intangible asset amortization | 22,506 | 14,240 | 16,517 | ||||||||
Foreclosed assets (income) expense, net | (751 | ) | 1,702 | 1,881 | ||||||||
Acquisition, integration and reorganization costs | 1,770 | 19,735 | 200 | |||||||||
Noninterest expense used for efficiency ratio | $ | 487,707 | $ | 459,984 | $ | 431,503 | ||||||
Net interest income (tax equivalent) | $ | 1,048,915 | $ | 999,362 | $ | 980,811 | ||||||
Noninterest income | 148,635 | 128,573 | 112,475 | |||||||||
Net revenues | 1,197,550 | 1,127,935 | 1,093,286 | |||||||||
Less: | Gain (loss) on sale of securities | 8,176 | (541 | ) | 9,485 | |||||||
Net revenues used for efficiency ratio | $ | 1,189,374 | $ | 1,128,476 | $ | 1,083,801 | ||||||
Efficiency ratio | 41.0 | % | 40.8 | % | 39.8 | % |
• | current economic trends and forecasts; |
• | current collateral values, performance trends, and overall outlook in the markets where we lend; |
• | legal and regulatory matters that could impact our borrowers’ ability to repay our loans and leases; |
• | loan and lease portfolio composition and any loan concentrations; |
• | current lending policies and the effects of any new policies or policy amendments; |
• | loan and lease production volume and mix; |
• | loan and lease portfolio credit performance trends; |
• | results of our independent credit review; and |
• | changes in management related to credit administration functions. |
• | Pass: Loans and leases rated as "pass" are not adversely classified and collection and repayment in full are expected. |
• | Special Mention: Loans and leases rated as "special mention" have a potential weakness that requires management's attention. If not addressed, these potential weaknesses may result in further deterioration in the borrower's ability to repay the loan or lease. |
• | Substandard: Loans and leases rated as "substandard" have a well-defined weakness or weaknesses that jeopardize the collection of the debt. They are characterized by the possibility that we will sustain some loss if the weaknesses are not corrected. |
• | Doubtful: Loans and leases rated as "doubtful" have all the weaknesses of those rated as "substandard," with the additional trait that the weaknesses make collection or repayment in full highly questionable and improbable. |
• | Return on average tangible equity, tangible common equity ratio, and tangible book value per share: Given that the use of these measures is prevalent among banking regulators, investors and analysts, we disclose them in addition to the related GAAP measures of return on average equity, equity to assets ratio, and book value per share, respectively. The reconciliations of these non-GAAP measurements to the GAAP measurements are presented in the following tables for and as of the periods presented. |
Year Ended December 31, | ||||||||||||
Return on Average Tangible Equity | 2018 | 2017 | 2016 | |||||||||
(Dollars in thousands) | ||||||||||||
Net earnings | $ | 465,339 | $ | 357,818 | $ | 352,166 | ||||||
Average stockholders' equity | $ | 4,809,667 | $ | 4,641,495 | $ | 4,488,862 | ||||||
Less: | Average intangible assets | 2,616,820 | 2,279,010 | 2,219,756 | ||||||||
Average tangible common equity | $ | 2,192,847 | $ | 2,362,485 | $ | 2,269,106 | ||||||
Return on average equity (1) | 9.68 | % | 7.71 | % | 7.85 | % | ||||||
Return on average tangible equity (2) | 21.22 | % | 15.15 | % | 15.52 | % |
(1) | Net earnings divided by average stockholders' equity. |
(2) | Net earnings divided by average tangible common equity. |
Tangible Common Equity Ratio/ | December 31, | ||||||||||
Tangible Book Value Per Share | 2018 | 2017 | 2016 | ||||||||
(Dollars in thousands, except per share data) | |||||||||||
Stockholders’ equity | $ | 4,825,588 | $ | 4,977,598 | $ | 4,479,055 | |||||
Less: Intangible assets | 2,605,790 | 2,628,296 | 2,210,315 | ||||||||
Tangible common equity | $ | 2,219,798 | $ | 2,349,302 | $ | 2,268,740 | |||||
Total assets | $ | 25,731,354 | $ | 24,994,876 | $ | 21,869,767 | |||||
Less: Intangible assets | 2,605,790 | 2,628,296 | 2,210,315 | ||||||||
Tangible assets | $ | 23,125,564 | $ | 22,366,580 | $ | 19,659,452 | |||||
Equity to assets ratio | 18.75 | % | 19.91 | % | 20.48 | % | |||||
Tangible common equity ratio (1) | 9.60 | % | 10.50 | % | 11.54 | % | |||||
Book value per share | $ | 39.17 | $ | 38.65 | $ | 36.93 | |||||
Tangible book value per share (2) | $ | 18.02 | $ | 18.24 | $ | 18.71 | |||||
Shares outstanding | 123,189,833 | 128,782,878 | 121,283,669 |
(1) | Tangible common equity divided by tangible assets. |
(2) | Tangible common equity divided by shares outstanding. |
Year Ended December 31, | ||||||||||||||||||||||||||||||||
2018 | 2017 | 2016 | ||||||||||||||||||||||||||||||
Interest | Yields | Interest | Yields | Interest | Yields | |||||||||||||||||||||||||||
Average | Income/ | and | Average | Income/ | and | Average | Income/ | and | ||||||||||||||||||||||||
Balance | Expense | Rates | Balance | Expense | Rates | Balance | Expense | Rates | ||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||
ASSETS: | ||||||||||||||||||||||||||||||||
Loans and leases (1)(2) | $ | 16,863,673 | $ | 1,048,984 | 6.22 | % | $ | 15,954,026 | $ | 953,200 | 5.97 | % | $ | 14,621,568 | $ | 924,294 | 6.32 | % | ||||||||||||||
Investment securities (3)(4) | 3,809,383 | 118,605 | 3.11 | % | 3,504,808 | 117,564 | 3.35 | % | 3,344,920 | 110,077 | 3.29 | % | ||||||||||||||||||||
Deposits in financial institutions | 116,282 | 2,082 | 1.79 | % | 137,228 | 1,543 | 1.12 | % | 206,404 | 1,061 | 0.51 | % | ||||||||||||||||||||
Total interest‑earning assets (4) | 20,789,338 | 1,169,671 | 5.63 | % | 19,596,062 | 1,072,307 | 5.47 | % | 18,172,892 | 1,035,432 | 5.70 | % | ||||||||||||||||||||
Other assets | 3,516,020 | 3,038,673 | 3,002,178 | |||||||||||||||||||||||||||||
Total assets | $ | 24,305,358 | $ | 22,634,735 | $ | 21,175,070 | ||||||||||||||||||||||||||
LIABILITIES AND | ||||||||||||||||||||||||||||||||
STOCKHOLDERS’ EQUITY: | ||||||||||||||||||||||||||||||||
Interest checking deposits | $ | 2,445,094 | 20,049 | 0.82 | % | $ | 1,928,249 | 8,715 | 0.45 | % | $ | 1,141,476 | 2,439 | 0.21 | % | |||||||||||||||||
Money market deposits | 5,107,888 | 39,194 | 0.77 | % | 5,027,453 | 22,924 | 0.46 | % | 4,357,921 | 12,276 | 0.28 | % | ||||||||||||||||||||
Savings deposits | 641,720 | 1,009 | 0.16 | % | 707,301 | 1,162 | 0.16 | % | 758,973 | 1,528 | 0.20 | % | ||||||||||||||||||||
Time deposits | 1,856,126 | 19,888 | 1.07 | % | 2,247,168 | 12,893 | 0.57 | % | 2,996,953 | 15,269 | 0.51 | % | ||||||||||||||||||||
Total interest-bearing deposits | 10,050,828 | 80,140 | 0.80 | % | 9,910,171 | 45,694 | 0.46 | % | 9,255,323 | 31,512 | 0.34 | % | ||||||||||||||||||||
Borrowings | 570,216 | 11,985 | 2.10 | % | 388,896 | 3,638 | 0.94 | % | 471,578 | 2,259 | 0.48 | % | ||||||||||||||||||||
Subordinated debentures | 454,702 | 28,631 | 6.30 | % | 447,684 | 23,613 | 5.27 | % | 439,130 | 20,850 | 4.75 | % | ||||||||||||||||||||
Total interest‑bearing liabilities | 11,075,746 | 120,756 | 1.09 | % | 10,746,751 | 72,945 | 0.68 | % | 10,166,031 | 54,621 | 0.54 | % | ||||||||||||||||||||
Noninterest‑bearing demand | ||||||||||||||||||||||||||||||||
deposits | 8,211,475 | 7,076,445 | 6,370,452 | |||||||||||||||||||||||||||||
Other liabilities | 208,470 | 170,044 | 149,725 | |||||||||||||||||||||||||||||
Total liabilities | 19,495,691 | 17,993,240 | 16,686,208 | |||||||||||||||||||||||||||||
Stockholders’ equity | 4,809,667 | 4,641,495 | 4,488,862 | |||||||||||||||||||||||||||||
Total liabilities and | ||||||||||||||||||||||||||||||||
stockholders' equity | $ | 24,305,358 | $ | 22,634,735 | $ | 21,175,070 | ||||||||||||||||||||||||||
Net interest income (4) | $ | 1,048,915 | $ | 999,362 | $ | 980,811 | ||||||||||||||||||||||||||
Net interest rate spread (4) | 4.54 | % | 4.79 | % | 5.16 | % | ||||||||||||||||||||||||||
Net interest margin (4) | 5.05 | % | 5.10 | % | 5.40 | % | ||||||||||||||||||||||||||
Total deposits (5) | $ | 18,262,303 | $ | 80,140 | 0.44 | % | $ | 16,986,616 | $ | 45,694 | 0.27 | % | $ | 15,625,775 | $ | 31,512 | 0.20 | % |
(1) | Includes nonaccrual loans and leases and loan fees. Starting with the third quarter of 2017, includes tax-equivalent adjustments related to tax-exempt interest on loans. |
(2) | Includes discount accretion on acquired loans of $29.3 million, $26.1 million, and $79.5 million for 2018, 2017, and 2016, respectively. |
(3) | Includes tax-equivalent adjustments of $6.5 million, $19.4 million, and $19.5 million for 2018, 2017, and 2016, respectively, related to tax-exempt interest on municipal securities. The federal statutory rate utilized was 21% for 2018 and 35% for 2017 and 2016. |
(4) | Tax equivalent. |
(5) | Total deposits is the sum of interest-bearing deposits and noninterest-bearing demand deposits. The cost of total deposits is calculated as annualized interest expense on total deposits divided by average total deposits. |
2018 Compared to 2017 | 2017 Compared to 2016 | ||||||||||||||||||||||
Total | Increase (Decrease) | Total | Increase (Decrease) | ||||||||||||||||||||
Increase | Due to | Increase | Due to | ||||||||||||||||||||
(Decrease) | Volume | Rate | (Decrease) | Volume | Rate | ||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Interest Income: | |||||||||||||||||||||||
Loans and leases (1) | $ | 95,784 | $ | 55,647 | $ | 40,137 | $ | 28,906 | $ | 81,346 | $ | (52,440 | ) | ||||||||||
Investment securities (2) | 1,041 | 9,815 | (8,774 | ) | 7,487 | 5,334 | 2,153 | ||||||||||||||||
Deposits in financial institutions | 539 | (264 | ) | 803 | 482 | (449 | ) | 931 | |||||||||||||||
Total interest income (2) | 97,364 | 65,198 | 32,166 | 36,875 | 86,231 | (49,356 | ) | ||||||||||||||||
Interest Expense: | |||||||||||||||||||||||
Interest checking deposits | 11,334 | 2,807 | 8,527 | 6,276 | 2,397 | 3,879 | |||||||||||||||||
Money market deposits | 16,270 | 373 | 15,897 | 10,648 | 2,118 | 8,530 | |||||||||||||||||
Savings deposits | (153 | ) | (105 | ) | (48 | ) | (366 | ) | (99 | ) | (267 | ) | |||||||||||
Time deposits | 6,995 | (2,569 | ) | 9,564 | (2,376 | ) | (4,141 | ) | 1,765 | ||||||||||||||
Total interest-bearing deposits | 34,446 | 506 | 33,940 | 14,182 | 275 | 13,907 | |||||||||||||||||
Borrowings | 8,347 | 2,272 | 6,075 | 1,379 | (455 | ) | 1,834 | ||||||||||||||||
Subordinated debentures | 5,018 | 375 | 4,643 | 2,763 | 413 | 2,350 | |||||||||||||||||
Total interest expense | 47,811 | 3,153 | 44,658 | 18,324 | 233 | 18,091 | |||||||||||||||||
Net interest income (2) | $ | 49,553 | $ | 62,045 | $ | (12,492 | ) | $ | 18,551 | $ | 85,998 | $ | (67,447 | ) |
(1) | Starting with the third quarter of 2017, includes tax-equivalent adjustments related to tax-exempt interest on loans. |
(2) | Tax equivalent. |
Year Ended December 31, | |||||||||||||||||||
Increase | Increase | ||||||||||||||||||
2018 | (Decrease) | 2017 | (Decrease) | 2016 | |||||||||||||||
(Dollars in thousands) | |||||||||||||||||||
Provision For Credit Losses: | |||||||||||||||||||
Addition to allowance for loan and lease losses | $ | 36,774 | $ | (14,192 | ) | $ | 50,966 | $ | (13,974 | ) | $ | 64,940 | |||||||
Addition to reserve for unfunded loan commitments | 8,226 | 1,440 | 6,786 | 5,997 | 789 | ||||||||||||||
Total provision for credit losses | 45,000 | (12,752 | ) | 57,752 | (7,977 | ) | 65,729 | ||||||||||||
Credit Quality Metrics (1): | |||||||||||||||||||
Net charge‑offs on loans and leases held for | |||||||||||||||||||
investment (2) | $ | 43,758 | $ | (19,199 | ) | $ | 62,957 | $ | 40,967 | $ | 21,990 | ||||||||
Net charge‑offs to average loans and leases | 0.26 | % | 0.40 | % | 0.15 | % | |||||||||||||
At Year End: | |||||||||||||||||||
Allowance for credit losses | $ | 169,333 | $ | 7,686 | $ | 161,647 | $ | 369 | $ | 161,278 | |||||||||
Allowance for credit losses to loans and leases | |||||||||||||||||||
held for investment | 0.94 | % | 0.96 | % | 1.05 | % | |||||||||||||
Allowance for credit losses to nonaccrual loans | |||||||||||||||||||
and leases held for investment | 213.5 | % | 103.8 | % | 94.5 | % | |||||||||||||
Nonaccrual loans and leases held for investment | $ | 79,333 | (76,451 | ) | $ | 155,784 | $ | (14,815 | ) | $ | 170,599 | ||||||||
Performing TDRs held for investment | 17,701 | (39,137 | ) | 56,838 | (8,114 | ) | 64,952 | ||||||||||||
Total impaired loans and leases | $ | 97,034 | (115,588 | ) | $ | 212,622 | $ | (22,929 | ) | $ | 235,551 | ||||||||
Classified loans and leases held for investment | $ | 237,110 | $ | (41,295 | ) | $ | 278,405 | $ | (131,240 | ) | $ | 409,645 |
(1) | Amounts and ratios related to 2018 are for total loans and leases held for investment, net of deferred fees. Amounts and ratios related to 2017 and 2016 are for Non-PCI loans and leases held for investment, net of deferred fees. |
(2) | See "- Balance Sheet Analysis - Allowance for Credit Losses on Loans and Leases Held for Investment" for detail of charge-offs and recoveries by loan portfolio segment, class, and subclass for the periods presented. |
Year Ended December 31, | |||||||||||||||||||
Increase | Increase | ||||||||||||||||||
Noninterest Income | 2018 | (Decrease) | 2017 | (Decrease) | 2016 | ||||||||||||||
(In thousands) | |||||||||||||||||||
Service charges on deposit accounts | $ | 16,509 | $ | 1,202 | $ | 15,307 | $ | 773 | $ | 14,534 | |||||||||
Other commissions and fees | 45,543 | 4,121 | 41,422 | (5,704 | ) | 47,126 | |||||||||||||
Leased equipment income | 37,881 | 181 | 37,700 | 3,781 | 33,919 | ||||||||||||||
Gain on sale of loans and leases | 4,675 | (1,522 | ) | 6,197 | 5,288 | 909 | |||||||||||||
Gain (loss) on sale of securities | 8,176 | 8,717 | (541 | ) | (10,026 | ) | 9,485 | ||||||||||||
FDIC loss sharing expense, net | — | — | — | 8,917 | (8,917 | ) | |||||||||||||
Other income: | |||||||||||||||||||
Dividends and gains on equity investments | 3,807 | (1,312 | ) | 5,119 | 858 | 4,261 | |||||||||||||
Warrant income | 7,478 | 4,946 | 2,532 | 1,130 | 1,402 | ||||||||||||||
Other | 24,566 | 3,729 | 20,837 | 11,081 | 9,756 | ||||||||||||||
Total noninterest income | $ | 148,635 | $ | 20,062 | $ | 128,573 | $ | 16,098 | $ | 112,475 |
Year Ended December 31, | |||||||||||||||||||
Increase | Increase | ||||||||||||||||||
Noninterest Expense | 2018 | (Decrease) | 2017 | (Decrease) | 2016 | ||||||||||||||
(In thousands) | |||||||||||||||||||
Compensation | $ | 282,568 | $ | 16,001 | $ | 266,567 | $ | 14,654 | $ | 251,913 | |||||||||
Occupancy | 53,223 | 4,360 | 48,863 | (48 | ) | 48,911 | |||||||||||||
Data processing | 27,225 | 650 | 26,575 | 2,219 | 24,356 | ||||||||||||||
Other professional services | 21,952 | 4,599 | 17,353 | 875 | 16,478 | ||||||||||||||
Insurance and assessments | 20,705 | 972 | 19,733 | 1,369 | 18,364 | ||||||||||||||
Intangible asset amortization | 22,506 | 8,266 | 14,240 | (2,277 | ) | 16,517 | |||||||||||||
Leased equipment depreciation | 21,371 | 604 | 20,767 | (132 | ) | 20,899 | |||||||||||||
Foreclosed assets (income) expense, net | (751 | ) | (2,453 | ) | 1,702 | (179 | ) | 1,881 | |||||||||||
Acquisition, integration and reorganization costs | 1,770 | (17,965 | ) | 19,735 | 19,535 | 200 | |||||||||||||
Loan expense | 10,569 | (3,263 | ) | 13,832 | 4,461 | 9,371 | |||||||||||||
Other | 50,094 | 3,800 | 46,294 | 5,083 | 41,211 | ||||||||||||||
Total noninterest expense | $ | 511,232 | $ | 15,571 | $ | 495,661 | $ | 45,560 | $ | 450,101 |
Three Months Ended | |||||||
December 31, | September 30, | ||||||
2018 | 2018 | ||||||
(Dollars in thousands, except per share data) | |||||||
Earnings Summary: | |||||||
Interest income | $ | 302,739 | $ | 292,642 | |||
Interest expense | (40,974 | ) | (32,325 | ) | |||
Net interest income | 261,765 | 260,317 | |||||
Provision for credit losses | (12,000 | ) | (11,500 | ) | |||
Net interest income after provision for credit losses | 249,765 | 248,817 | |||||
Gain on sale of securities | 786 | 826 | |||||
Other noninterest income | 32,740 | 36,086 | |||||
Total noninterest income | 33,526 | 36,912 | |||||
Foreclosed assets income, net | 311 | 257 | |||||
Acquisition, integration and reorganization costs | (970 | ) | (800 | ) | |||
Other noninterest expense | (128,576 | ) | (127,610 | ) | |||
Total noninterest expense | (129,235 | ) | (128,153 | ) | |||
Earnings before income taxes | 154,056 | 157,576 | |||||
Income tax expense | (39,015 | ) | (41,289 | ) | |||
Net earnings | $ | 115,041 | $ | 116,287 | |||
Performance Measures: | |||||||
Diluted earnings per share | $ | 0.93 | $ | 0.94 | |||
Annualized return on: | |||||||
Average assets | 1.84 | % | 1.89 | % | |||
Average tangible equity (1)(2) | 21.23 | % | 21.61 | % | |||
Net interest margin (tax equivalent) | 4.91 | % | 4.99 | % | |||
Yield on average loans and leases (tax equivalent) | 6.27 | % | 6.20 | % | |||
Cost of average total deposits | 0.62 | % | 0.46 | % | |||
Efficiency ratio | 41.7 | % | 40.9 | % |
(1) | Calculation reduces average equity by average intangible assets. |
(2) | See "Non-GAAP Measurements." |
December 31, 2018 | December 31, 2017 | December 31, 2016 | |||||||||||||||||||||||||||
Fair | % of | Duration | Fair | % of | Duration | Fair | % of | Duration | |||||||||||||||||||||
Security Type | Value | Total | (in years) | Value | Total | (in years) | Value | Total | (in years) | ||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||
Residential MBS and CMOs: | |||||||||||||||||||||||||||||
Agency MBS | $ | 281,088 | 7 | % | 3.7 | $ | 246,274 | 7 | % | 3.0 | $ | 502,443 | 16 | % | 3.4 | ||||||||||||||
Agency CMOs | 632,850 | 16 | % | 4.3 | 275,709 | 7 | % | 6.8 | 146,289 | 4 | % | 3.0 | |||||||||||||||||
Private label CMOs | 101,205 | 2 | % | 4.2 | 125,987 | 3 | % | 5.1 | 125,469 | 4 | % | 3.5 | |||||||||||||||||
Municipal securities | 1,312,194 | 33 | % | 7.3 | 1,680,068 | 45 | % | 7.3 | 1,456,459 | 45 | % | 6.3 | |||||||||||||||||
Agency commercial MBS | 1,112,704 | 28 | % | 4.9 | 1,163,969 | 31 | % | 5.4 | 547,692 | 17 | % | 4.9 | |||||||||||||||||
U.S. Treasury securities | 403,405 | 10 | % | 3.0 | — | — | % | — | — | — | % | — | |||||||||||||||||
Asset-backed securities | 81,385 | 2 | % | 2.4 | 88,710 | 2 | % | 3.0 | 59,375 | 2 | % | 3.5 | |||||||||||||||||
SBA securities | 67,047 | 2 | % | 3.5 | 160,334 | 4 | % | 2.0 | 178,845 | 6 | % | 3.8 | |||||||||||||||||
Corporate debt securities | 17,553 | — | % | 11.0 | 19,295 | 1 | % | 11.8 | 47,509 | 1 | % | 4.9 | |||||||||||||||||
Collateralized loan obligations | — | — | % | — | 7,015 | — | % | 0.3 | 156,887 | 5 | % | 0.1 | |||||||||||||||||
Equity investments (1) | — | — | % | — | 7,070 | — | % | — | 2,862 | — | % | — | |||||||||||||||||
Total securities available- | |||||||||||||||||||||||||||||
for-sale | $ | 4,009,431 | 100 | % | 5.2 | $ | 3,774,431 | 100 | % | 6.0 | $ | 3,223,830 | 100 | % | 4.8 |
(1) | In connection with our adoption of ASU 2016-01 and ASU 2018-03 on January 1, 2018, we reclassified $7.1 million of equity investments from securities available-for-sale to other assets in the first quarter of 2018. The reclassification was applied prospectively without prior period amounts being restated. |
December 31, 2018 | ||||||
Fair | % of | |||||
Municipal Securities by State | Value | Total | ||||
(Dollars in thousands) | ||||||
California | $ | 298,196 | 23 | % | ||
Washington | 145,706 | 11 | % | |||
New York | 141,212 | 11 | % | |||
Texas | 71,718 | 6 | % | |||
Utah | 67,759 | 5 | % | |||
Ohio | 57,375 | 4 | % | |||
Oregon | 57,055 | 4 | % | |||
Florida | 50,056 | 4 | % | |||
Massachusetts | 48,202 | 4 | % | |||
District of Columbia | 42,331 | 3 | % | |||
Total of ten largest states | 979,610 | 75 | % | |||
All other states | 332,584 | 25 | % | |||
Total municipal securities | $ | 1,312,194 | 100 | % |
Due After | Due After | |||||||||||||||||||||||||||||||||
Due | One Year | Five Years | ||||||||||||||||||||||||||||||||
Within | Through | Through | Due After | |||||||||||||||||||||||||||||||
One Year | Five Years | Ten Years | Ten Years | Total | ||||||||||||||||||||||||||||||
Fair | Fair | Fair | Fair | Fair | ||||||||||||||||||||||||||||||
December 31, 2018 | Value | Rate | Value | Rate | Value | Rate | Value | Rate | Value | Rate | ||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||||
Residential MBS and CMOs: | ||||||||||||||||||||||||||||||||||
Agency MBS | $ | 131 | 4.20 | % | $ | 1,777 | 4.29 | % | $ | 31,910 | 3.86 | % | $ | 247,270 | 4.15 | % | $ | 281,088 | 4.12 | % | ||||||||||||||
Agency CMOs | — | —% | — | — | % | 72,766 | 3.49 | % | 560,084 | 3.07 | % | 632,850 | 3.12 | % | ||||||||||||||||||||
Private label CMOs | 2 | 4.85 | % | 822 | 3.65 | % | — | —% | 100,381 | 3.65 | % | 101,205 | 3.65 | % | ||||||||||||||||||||
Municipal securities(1) | 27,451 | 4.63 | % | 36,805 | 4.54 | % | 70,534 | 2.77 | % | 1,177,404 | 4.09 | % | 1,312,194 | 4.04 | % | |||||||||||||||||||
Agency commercial MBS | 9,322 | 4.43 | % | 274,246 | 3.11 | % | 772,240 | 2.97 | % | 56,896 | 3.15 | % | 1,112,704 | 3.02 | % | |||||||||||||||||||
US Treasury securities | — | —% | 403,405 | 2.19 | % | — | —% | — | —% | 403,405 | 2.19 | % | ||||||||||||||||||||||
Asset-backed securities | — | —% | 15,767 | 4.08 | % | 12,219 | 3.05 | % | 53,399 | 4.27 | % | 81,385 | 4.05 | % | ||||||||||||||||||||
SBA securities | 249 | 5.60 | % | 17,048 | 3.07 | % | 15,884 | 2.88 | % | 33,866 | 3.00 | % | 67,047 | 3.00 | % | |||||||||||||||||||
Corporate debt securities | — | —% | — | —% | — | —% | 17,553 | 5.76 | % | 17,553 | 5.76 | % | ||||||||||||||||||||||
Total securities | ||||||||||||||||||||||||||||||||||
available-for-sale (1) | $ | 37,155 | 4.59 | % | $ | 749,870 | 2.71 | % | $ | 975,553 | 3.02 | % | $ | 2,246,853 | 3.80 | % | $ | 4,009,431 | 3.41 | % |
(1) | Rates on tax-exempt securities are contractual rates and are not presented on a tax-equivalent basis. |
December 31, | |||||||||||||||||||
2018 | 2017 | 2016 | 2015 | 2014 (1) | |||||||||||||||
(In thousands) | |||||||||||||||||||
Real estate mortgage: | |||||||||||||||||||
Healthcare real estate | $ | 451,776 | $ | 843,653 | $ | 955,477 | $ | 1,230,787 | $ | — | |||||||||
Hospitality | 575,516 | 695,043 | 689,158 | 656,750 | — | ||||||||||||||
SBA program | 559,113 | 551,606 | 454,196 | 473,960 | — | ||||||||||||||
Other commercial real estate | 3,237,893 | 3,295,438 | 2,297,865 | 2,284,036 | — | ||||||||||||||
Total commercial real estate mortgage | 4,824,298 | 5,385,740 | 4,396,696 | 4,645,533 | — | ||||||||||||||
Income producing residential | 2,971,213 | 2,245,058 | 1,169,267 | 1,035,164 | — | ||||||||||||||
Other residential real estate | 122,630 | 221,836 | 144,769 | 176,045 | — | ||||||||||||||
Total income producing and other residential | |||||||||||||||||||
real estate mortgage | 3,093,843 | 2,466,894 | 1,314,036 | 1,211,209 | — | ||||||||||||||
Total real estate mortgage | 7,918,141 | 7,852,634 | 5,710,732 | 5,856,742 | 5,593,372 | ||||||||||||||
Real estate construction and land: | |||||||||||||||||||
Commercial | 912,583 | 769,075 | 581,246 | 345,991 | — | ||||||||||||||
Residential | 1,321,073 | 822,154 | 384,001 | 184,382 | — | ||||||||||||||
Total real estate construction and land | 2,233,656 | 1,591,229 | 965,247 | 530,373 | 317,676 | ||||||||||||||
Total real estate | 10,151,797 | 9,443,863 | 6,675,979 | 6,387,115 | 5,911,048 | ||||||||||||||
Commercial: | |||||||||||||||||||
Lender finance & timeshare | 1,780,731 | 1,609,937 | 1,666,855 | 1,587,577 | — | ||||||||||||||
Equipment finance | 734,331 | 656,995 | 691,967 | 890,349 | — | ||||||||||||||
Other asset-based | 434,005 | 425,354 | 428,284 | 498,671 | — | ||||||||||||||
Premium finance | 356,354 | 232,664 | 161,835 | 108,738 | — | ||||||||||||||
Total asset-based | 3,305,421 | 2,924,950 | 2,948,941 | 3,085,335 | — | ||||||||||||||
Expansion stage | 908,047 | 953,199 | 920,006 | 600,541 | — | ||||||||||||||
Equity fund loans | 797,500 | 471,163 | 325,047 | 228,863 | — | ||||||||||||||
Early stage | 225,566 | 443,370 | 448,458 | 347,298 | — | ||||||||||||||
Late stage | 107,635 | 255,003 | 294,389 | 281,311 | — | ||||||||||||||
Total venture capital | 2,038,748 | 2,122,735 | 1,987,900 | 1,458,013 | — | ||||||||||||||
Secured business loans | 788,012 | 743,824 | 354,822 | 352,679 | — | ||||||||||||||
Security monitoring | 643,369 | 573,066 | 428,759 | 438,113 | — | ||||||||||||||
Other lending | 514,947 | 475,584 | 310,896 | 300,383 | — | ||||||||||||||
Cash flow | 114,098 | 278,920 | 2,373,235 | 2,335,469 | — | ||||||||||||||
Total other commercial | 2,060,426 | 2,071,394 | 3,467,712 | 3,426,644 | — | ||||||||||||||
Total commercial | 7,404,595 | 7,119,079 | 8,404,553 | 7,969,992 | 5,869,617 | ||||||||||||||
Consumer | 401,321 | 409,801 | 375,422 | 121,147 | 101,767 | ||||||||||||||
Total loans and leases held for investment, | |||||||||||||||||||
net of deferred fees | $ | 17,957,713 | $ | 16,972,743 | $ | 15,455,954 | $ | 14,478,254 | $ | 11,882,432 |
(1) | Loans and leases by portfolio class and subclass not available. |
• | Commercial real estate mortgage loans decreased by 10% to $4.8 billion or 27% of total loans and leases held for investment at December 31, 2018 from $5.4 billion or 32% at December 31, 2017. The lower balance and composition ratio was attributable primarily to the balance of healthcare real estate loans declining to $451.8 million at December 31, 2018 from $843.7 million at December 31, 2017. This decline in new healthcare real estate lending was the result of fewer loan opportunities meeting our credit standards. |
• | Income producing and other residential real estate mortgage loans increased by 25% to $3.1 billion or 17% of total loans and leases held for investment at December 31, 2018 from $2.5 billion or 14% at December 31, 2017. The higher balance and composition ratio was attributable to our continued emphasis on originating and purchasing multi-family secured real estate mortgage loans during 2018 due primarily to the favorable credit risk profile of those loans. |
• | Commercial real estate construction and land loans increased by 19% to $912.6 million or 5% of total loans and leases held for investment at December 31, 2018 from $769.1 million or 5% at December 31, 2017. The higher balance and comparable composition ratio was attributable to our continued emphasis on these types of loans and balances on existing loans increasing as disbursements occur during the construction phase. |
• | Residential real estate construction and land loans increased by 61% to $1.3 billion or 8% of total loans and leases held for investment at December 31, 2018 from $822.2 million or 5% at December 31, 2017. The higher balance and composition ratio was attributable to our continued emphasis on originating multi-family secured real estate construction loans in markets with strong demand for new multi-family housing. |
• | Asset-based loans and leases increased by 13% to $3.3 billion or 18% of total loans and leases held for investment at December 31, 2018 from $2.9 billion or 17% at December 31, 2017. The higher balance and composition ratio was due primarily to net loan growth in lender finance & timeshare loans and premium finance loans attributable to continued emphasis on originations for these loan types because of their favorable historical credit performance. Lender finance & timeshare loans increased to $1.8 billion at December 31, 2018 from $1.6 billion at December 31, 2017, and premium finance loans increased to $356.4 million at December 31, 2018 from $232.7 million at December 31, 2017. |
• | Venture capital loans decreased by 4% to $2.0 billion or 11% of total loans and leases held for investment at December 31, 2018 from $2.1 billion or 13% at December 31, 2017. The lower balance and composition ratio was attributable primarily to lower early stage and late stage loans to venture-backed companies, offset partially by higher equity fund loans. The increase in equity fund loans was due to continued emphasis on originations because of favorable historical credit performance. Early stage loans and late stage loans decreased to $225.6 million and $107.6 million at December 31, 2018 from $443.4 million and $255.0 million at December 31, 2017. Equity fund loans increased to $797.5 million at December 31, 2018 from $471.2 million at December 31, 2017. |
• | Other commercial loans decreased by 1% to $2.06 billion or 12% of total loans and leases held for investment at December 31, 2018 from $2.07 billion or 12% at December 31, 2017. The lower balance was attributable primarily to lower cash flow loans, which decreased to $114.1 million at December 31, 2018 from $278.9 million at December 31, 2017. Cash flow loans include the declining balances of certain cash flow lending businesses that we exited in December 2017. At December 31, 2018 and 2017, the remaining balances of these loans were $92.5 million and $249.3 million, respectively. |
December 31, 2018 | December 31, 2017 | ||||||||||||
% of | % of | ||||||||||||
Real Estate Loans by State | Amount | Total | Amount | Total | |||||||||
(Dollars in thousands) | |||||||||||||
California | $ | 5,798,045 | 57 | % | $ | 5,206,633 | 55 | % | |||||
New York | 855,644 | 8 | % | 697,012 | 7 | % | |||||||
Florida | 547,054 | 5 | % | 505,043 | 5 | % | |||||||
Texas | 378,834 | 4 | % | 343,799 | 4 | % | |||||||
Washington | 253,545 | 3 | % | 208,358 | 2 | % | |||||||
Arizona | 235,425 | 2 | % | 263,621 | 3 | % | |||||||
Oregon | 227,067 | 2 | % | 152,849 | 2 | % | |||||||
Virginia | 206,920 | 2 | % | 233,654 | 3 | % | |||||||
New Jersey | 179,045 | 2 | % | 140,150 | 1 | % | |||||||
Illinois | 154,808 | 2 | % | 163,662 | 2 | % | |||||||
Total of 10 largest states | 8,836,387 | 87 | % | 7,914,781 | 84 | % | |||||||
All other states | 1,315,410 | 13 | % | 1,529,082 | 16 | % | |||||||
Total real estate loans held for investment, net of deferred fees | $ | 10,151,797 | 100 | % | $ | 9,443,863 | 100 | % |
Year Ended | Year Ended | ||||||
Roll Forward of Loans and Leases Held for Investment, Net of Deferred Fees (1) | December 31, 2018 | December 31, 2017 | |||||
(Dollars in thousands) | |||||||
Balance, beginning of year | $ | 16,972,743 | $ | 15,455,954 | |||
Additions: | |||||||
Production | 4,888,614 | 4,685,763 | |||||
Disbursements | 4,104,335 | 3,204,272 | |||||
Total production and disbursements | 8,992,949 | 7,890,035 | |||||
Reductions: | |||||||
Payoffs | (4,289,297 | ) | (3,801,592 | ) | |||
Paydowns | (3,480,997 | ) | (2,769,309 | ) | |||
Total payoffs and paydowns | (7,770,294 | ) | (6,570,901 | ) | |||
Sales | (161,729 | ) | (1,316,259 | ) | |||
Transfers to foreclosed assets | (16,914 | ) | (580 | ) | |||
Charge-offs | (59,042 | ) | (80,296 | ) | |||
Transfers to loans held for sale | — | (481,100 | ) | ||||
Total reductions | (8,007,979 | ) | (8,449,136 | ) | |||
Loans acquired through CUB acquisition | — | 2,075,890 | |||||
Balance, end of year | $ | 17,957,713 | $ | 16,972,743 | |||
Weighted average rate on production (2) | 5.23 | % | 4.98 | % |
(1) | Includes direct financing leases but excludes equipment leased to others under operating leases. |
(2) | The weighted average rate on production presents contractual rates on a tax equivalent basis and does not include amortized fees. Amortized fees added approximately 31 basis points to loan yields in 2018 and 30 basis points to loan yields in 2017. |
Due After | |||||||||||||||
Due | One Year | ||||||||||||||
Within | Through | Due After | |||||||||||||
December 31, 2018 | One Year | Five Years | Five Years | Total | |||||||||||
(In thousands) | |||||||||||||||
Real estate mortgage | $ | 1,142,033 | $ | 2,521,468 | $ | 4,254,640 | $ | 7,918,141 | |||||||
Real estate construction and land | 1,164,705 | 1,018,941 | 50,010 | 2,233,656 | |||||||||||
Commercial | 2,391,454 | 3,915,520 | 1,097,621 | 7,404,595 | |||||||||||
Consumer | 20,302 | 76,303 | 304,716 | 401,321 | |||||||||||
Total loans and leases held for investment, | |||||||||||||||
net of deferred fees | $ | 4,718,494 | $ | 7,532,232 | $ | 5,706,987 | $ | 17,957,713 |
Due After One Year | |||||||||||
Fixed | Variable | ||||||||||
December 31, 2018 | Rate | Rate | Total | ||||||||
(In thousands) | |||||||||||
Real estate mortgage | $ | 1,193,255 | $ | 5,582,853 | $ | 6,776,108 | |||||
Real estate construction and land | 157,399 | 911,552 | 1,068,951 | ||||||||
Commercial | 1,459,971 | 3,553,170 | 5,013,141 | ||||||||
Consumer | 330,827 | 50,192 | 381,019 | ||||||||
Total loans and leases held for investment, | |||||||||||
net of deferred fees | $ | 3,141,452 | $ | 10,097,767 | $ | 13,239,219 |
December 31, | |||||||||||||||||||
Allowance for Credit Losses Data (1) | 2018 | 2017 | 2016 | 2015 | 2014 | ||||||||||||||
(Dollars in thousands) | |||||||||||||||||||
Allowance for loan and lease losses | $ | 132,472 | $ | 133,012 | $ | 143,755 | $ | 105,534 | $ | 70,456 | |||||||||
Reserve for unfunded loan commitments | 36,861 | 28,635 | 17,523 | 16,734 | 6,311 | ||||||||||||||
Total allowance for credit losses | $ | 169,333 | $ | 161,647 | $ | 161,278 | $ | 122,268 | $ | 76,767 | |||||||||
Allowance for credit losses to loans and leases | |||||||||||||||||||
held for investment | 0.94 | % | 0.96 | % | 1.05 | % | 0.86 | % | 0.66 | % | |||||||||
Allowance for credit losses to nonaccrual loans and leases | |||||||||||||||||||
held for investment | 213.5 | % | 103.8 | % | 94.5 | % | 94.8 | % | 91.8 | % |
(1) | Amounts and ratios related to 2018 are for total loans and leases. Amounts and ratios related to 2017 and prior years are for Non-PCI loans and leases. |
Year Ended December 31, | |||||||||||||||||||
Allowance for Credit Losses Roll Forward (1) | 2018 | 2017 | 2016 | 2015 | 2014 | ||||||||||||||
(Dollars in thousands) | |||||||||||||||||||
Balance, beginning of year (2) | $ | 168,091 | $ | 161,278 | $ | 122,268 | $ | 76,767 | $ | 67,816 | |||||||||
Provision for credit losses: | |||||||||||||||||||
Addition to allowance for loan and lease losses | 36,774 | 52,214 | 60,211 | 42,604 | 11,746 | ||||||||||||||
Addition to (reduction in) reserve for unfunded loan | |||||||||||||||||||
commitments | 8,226 | 6,786 | 789 | 5,677 | (1,264 | ) | |||||||||||||
Total provision for credit losses | 45,000 | 59,000 | 61,000 | 48,281 | 10,482 | ||||||||||||||
Loans and leases charged off: | |||||||||||||||||||
Real estate mortgage | (8,190 | ) | (2,410 | ) | (2,059 | ) | (2,489 | ) | (2,080 | ) | |||||||||
Real estate construction and land | — | — | — | — | — | ||||||||||||||
Commercial | (50,481 | ) | (70,709 | ) | (32,210 | ) | (13,354 | ) | (9,463 | ) | |||||||||
Consumer | (371 | ) | (1,023 | ) | (823 | ) | (156 | ) | (332 | ) | |||||||||
Total loans and leases charged off | (59,042 | ) | (74,142 | ) | (35,092 | ) | (15,999 | ) | (11,875 | ) | |||||||||
Recoveries on loans charged off: | |||||||||||||||||||
Real estate mortgage | 2,350 | 1,209 | 4,519 | 3,582 | 2,640 | ||||||||||||||
Real estate construction and land | 195 | 429 | 673 | 1,082 | 156 | ||||||||||||||
Commercial | 12,566 | 9,415 | 7,794 | 3,399 | 6,265 | ||||||||||||||
Consumer | 173 | 132 | 116 | 410 | 1,283 | ||||||||||||||
Total recoveries on loans charged off | 15,284 | 11,185 | 13,102 | 8,473 | 10,344 | ||||||||||||||
Net charge-offs | (43,758 | ) | (62,957 | ) | (21,990 | ) | (7,526 | ) | (1,531 | ) | |||||||||
Fair value of acquired reserve for unfunded loan | |||||||||||||||||||
commitments | — | 4,326 | — | 4,746 | — | ||||||||||||||
Balance, end of year | $ | 169,333 | $ | 161,647 | $ | 161,278 | $ | 122,268 | $ | 76,767 | |||||||||
Net charge-offs to average loans and leases | 0.26 | % | 0.40 | % | 0.15 | % | 0.06 | % | 0.02 | % |
(1) | Amounts and ratios related to 2018 are for total loans and leases. Amounts and ratios related to 2017 and prior years are for Non-PCI loans and leases. |
(2) | The allowance for loan losses related to PCI loans of $6.4 million as of December 31, 2017 is reflected in the beginning balance for 2018. |
Year Ended December 31, | |||||||||||||||||||
Allowance for Credit Losses Charge-offs (1) | 2018 | 2017 | 2016 | 2015 | 2014 (2) | ||||||||||||||
(In thousands) | |||||||||||||||||||
Real estate mortgage: | |||||||||||||||||||
Healthcare real estate | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||
Hospitality | — | 692 | 163 | 615 | — | ||||||||||||||
SBA program | 2,679 | 1,237 | 227 | 1,436 | — | ||||||||||||||
Other commercial real estate | 5,305 | 65 | 885 | 281 | — | ||||||||||||||
Total commercial real estate mortgage | 7,984 | 1,994 | 1,275 | 2,332 | — | ||||||||||||||
Income producing residential | 145 | — | 231 | 30 | — | ||||||||||||||
Other residential real estate | 61 | 416 | 553 | 127 | — | ||||||||||||||
Total income producing and other residential | |||||||||||||||||||
real estate mortgage | 206 | 416 | 784 | 157 | — | ||||||||||||||
Total real estate mortgage | 8,190 | 2,410 | 2,059 | 2,489 | 2,080 | ||||||||||||||
Real estate construction and land: | |||||||||||||||||||
Commercial | — | — | — | — | — | ||||||||||||||
Residential | — | — | — | — | — | ||||||||||||||
Total real estate construction and land | — | — | — | — | — | ||||||||||||||
Commercial: | |||||||||||||||||||
Lender finance & timeshare | 8 | 202 | 904 | — | — | ||||||||||||||
Equipment finance | 2,934 | 19 | 24,911 | 8,088 | — | ||||||||||||||
Other asset-based | 1,033 | 400 | — | — | — | ||||||||||||||
Premium finance | — | — | — | — | — | ||||||||||||||
Total asset-based | 3,975 | 621 | 25,815 | 8,088 | — | ||||||||||||||
Expansion stage | 17,907 | 17,014 | 2,262 | — | — | ||||||||||||||
Equity fund loans | — | — | — | — | — | ||||||||||||||
Early stage | 15,070 | 20,317 | 927 | — | — | ||||||||||||||
Late stage | — | 2,970 | — | — | — | ||||||||||||||
Total venture capital | 32,977 | 40,301 | 3,189 | — | — | ||||||||||||||
Secured business loans | 1,984 | 948 | 684 | 2,260 | — | ||||||||||||||
Security monitoring | — | — | — | — | — | ||||||||||||||
Other lending | 1,606 | 1,301 | 1,674 | 339 | — | ||||||||||||||
Cash flow | 9,939 | 27,538 | 848 | 2,667 | — | ||||||||||||||
Total other commercial | 13,529 | 29,787 | 3,206 | 5,266 | — | ||||||||||||||
Total commercial | 50,481 | 70,709 | 32,210 | 13,354 | 9,463 | ||||||||||||||
Consumer | 371 | 1,023 | 823 | 156 | 332 | ||||||||||||||
Total charge-offs | $ | 59,042 | $ | 74,142 | $ | 35,092 | $ | 15,999 | $ | 11,875 |
Year Ended December 31, | |||||||||||||||||||
Allowance for Credit Losses Recoveries (1) | 2018 | 2017 | 2016 | 2015 | 2014 (2) | ||||||||||||||
(In thousands) | |||||||||||||||||||
Real estate mortgage: | |||||||||||||||||||
Healthcare real estate | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||
Hospitality | — | — | 12 | 269 | — | ||||||||||||||
SBA program | 452 | 413 | 181 | 198 | — | ||||||||||||||
Other commercial real estate | 477 | 567 | 3,836 | 2,712 | — | ||||||||||||||
Total commercial real estate mortgage | 929 | 980 | 4,029 | 3,179 | — | ||||||||||||||
Income producing residential | 1,208 | — | 115 | 103 | — | ||||||||||||||
Other residential real estate | 213 | 229 | 375 | 300 | — | ||||||||||||||
Total income producing and other residential | |||||||||||||||||||
real estate mortgage | 1,421 | 229 | 490 | 403 | — | ||||||||||||||
Total real estate mortgage | 2,350 | 1,209 | 4,519 | 3,582 | 2,640 | ||||||||||||||
Real estate construction and land: | |||||||||||||||||||
Commercial | 61 | 90 | 381 | 29 | — | ||||||||||||||
Residential | 134 | 339 | 292 | 1,053 | — | ||||||||||||||
Total real estate construction and land | 195 | 429 | 673 | 1,082 | 156 | ||||||||||||||
Commercial: | |||||||||||||||||||
Lender finance & timeshare | 23 | — | — | — | — | ||||||||||||||
Equipment finance | 90 | 3,377 | 1,854 | 77 | — | ||||||||||||||
Other asset-based | 255 | — | — | 1 | — | ||||||||||||||
Premium finance | — | — | — | — | — | ||||||||||||||
Total asset-based | 368 | 3,377 | 1,854 | 78 | — | ||||||||||||||
Expansion stage | 6,131 | 503 | 91 | — | — | ||||||||||||||
Equity fund loans | — | — | — | — | — | ||||||||||||||
Early stage | 2,664 | 3,827 | — | — | — | ||||||||||||||
Late stage | — | — | — | — | — | ||||||||||||||
Total venture capital | 8,795 | 4,330 | 91 | — | — | ||||||||||||||
Secured business loans | 895 | 934 | 801 | 2,946 | — | ||||||||||||||
Security monitoring | — | — | — | — | — | ||||||||||||||
Other lending | 1,620 | 774 | 2,522 | 375 | — | ||||||||||||||
Cash flow | 888 | — | 2,526 | — | — | ||||||||||||||
Total other commercial | 3,403 | 1,708 | 5,849 | 3,321 | — | ||||||||||||||
Total commercial | 12,566 | 9,415 | 7,794 | 3,399 | 6,265 | ||||||||||||||
Consumer | 173 | 132 | 116 | 410 | 1,283 | ||||||||||||||
Total recoveries | $ | 15,284 | $ | 11,185 | $ | 13,102 | $ | 8,473 | $ | 10,344 |
Allowance for Loan and Lease Losses by Portfolio Segment (1) | |||||||||||||||||||
Real Estate | |||||||||||||||||||
Real Estate | Construction | ||||||||||||||||||
Mortgage | and Land | Commercial | Consumer | Total | |||||||||||||||
(Dollars in thousands) | |||||||||||||||||||
December 31, 2018 | |||||||||||||||||||
Allowance for loan and lease losses | $ | 46,021 | $ | 28,209 | $ | 56,360 | $ | 1,882 | $ | 132,472 | |||||||||
% of loans to total loans | 44 | % | 13 | % | 41 | % | 2 | % | 100 | % | |||||||||
December 31, 2017 | |||||||||||||||||||
Allowance for loan and lease losses | $ | 34,981 | $ | 13,055 | $ | 82,726 | $ | 2,250 | $ | 133,012 | |||||||||
% of loans to total loans | 46 | % | 10 | % | 42 | % | 2 | % | 100 | % | |||||||||
December 31, 2016 | |||||||||||||||||||
Allowance for loan and lease losses | $ | 37,765 | $ | 10,045 | $ | 93,853 | $ | 2,092 | $ | 143,755 | |||||||||
% of loans to total loans | 37 | % | 6 | % | 55 | % | 2 | % | 100 | % | |||||||||
December 31, 2015 | |||||||||||||||||||
Allowance for loan and lease losses | $ | 36,654 | $ | 7,137 | $ | 61,082 | $ | 661 | $ | 105,534 | |||||||||
% of loans to total loans | 40 | % | 4 | % | 55 | % | 1 | % | 100 | % | |||||||||
December 31, 2014 | |||||||||||||||||||
Allowance for loan losses | $ | 25,097 | $ | 4,248 | $ | 39,858 | $ | 1,253 | $ | 70,456 | |||||||||
% of loans to total loans | 46 | % | 3 | % | 50 | % | 1 | % | 100 | % |
• | The real estate mortgage allowance increased due to a higher amount of unamortized purchase discount at December 31, 2017 related to real estate mortgage loans purchased in connection with the acquisition of CUB on October 20, 2017. Such purchase discount offsets the allowance for loan and lease losses related to these purchased loans. |
• | The real estate construction and land allowance increased due to net loan growth in this portfolio segment and a higher balance of special mention rated loans at December 31, 2018. Special mention loans have a higher allowance for loans and lease losses. |
• | The commercial allowance decreased due to a lower amount of specific reserves on impaired commercial loans at December 31, 2018. |
Year Ended December 31, | ||||||||||||||||||||
2018 | 2017 | 2016 | ||||||||||||||||||
Weighted | Weighted | Weighted | ||||||||||||||||||
Average | Average | Average | Average | Average | Average | |||||||||||||||
Deposit Category | Amount | Rate | Amount | Rate | Amount | Rate | ||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
Interest checking deposits | $ | 2,445,094 | 0.82 | % | $ | 1,928,249 | 0.45 | % | $ | 1,141,476 | 0.21 | % | ||||||||
Money market deposits | 5,107,888 | 0.77 | % | 5,027,453 | 0.46 | % | 4,357,921 | 0.28 | % | |||||||||||
Savings deposits | 641,720 | 0.16 | % | 707,301 | 0.16 | % | 758,973 | 0.20 | % | |||||||||||
Time deposits | 1,856,126 | 1.07 | % | 2,247,168 | 0.57 | % | 2,996,953 | 0.51 | % | |||||||||||
Total interest-bearing deposits | 10,050,828 | 0.80 | % | 9,910,171 | 0.46 | % | 9,255,323 | 0.34 | % | |||||||||||
Noninterest-bearing deposits | 8,211,475 | — | 7,076,445 | — | 6,370,452 | — | ||||||||||||||
Total deposits | $ | 18,262,303 | 0.44 | % | $ | 16,986,616 | 0.27 | % | $ | 15,625,775 | 0.20 | % |
December 31, | ||||||||||||||||||||
2018 | 2017 | 2016 | ||||||||||||||||||
% of | % of | % of | ||||||||||||||||||
Deposit Category | Amount | Total | Amount | Total | Amount | Total | ||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
Noninterest-bearing deposits | $ | 7,888,915 | 42 | % | $ | 8,508,044 | 45 | % | $ | 6,659,016 | 42 | % | ||||||||
Interest checking deposits | 2,842,463 | 15 | % | 2,226,885 | 12 | % | 1,448,394 | 9 | % | |||||||||||
Money market deposits | 5,043,871 | 27 | % | 4,511,730 | 24 | % | 3,705,385 | 23 | % | |||||||||||
Savings deposits | 571,422 | 3 | % | 690,353 | 4 | % | 711,039 | 5 | % | |||||||||||
Total core deposits | 16,346,671 | 87 | % | 15,937,012 | 85 | % | 12,523,834 | 79 | % | |||||||||||
Non-core non-maturity deposits | 518,192 | 3 | % | 863,202 | 4 | % | 1,174,487 | 7 | % | |||||||||||
Total non-maturity deposits | 16,864,863 | 90 | % | 16,800,214 | 89 | % | 13,698,321 | 86 | % | |||||||||||
Time deposits $250,000 and under | 1,593,453 | 8 | % | 1,709,980 | 9 | % | 1,758,434 | 11 | % | |||||||||||
Time deposits over $250,000 | 412,185 | 2 | % | 355,342 | 2 | % | 413,856 | 3 | % | |||||||||||
Total time deposits | 2,005,638 | 10 | % | 2,065,322 | 11 | % | 2,172,290 | 14 | % | |||||||||||
Total deposits | $ | 18,870,501 | 100 | % | $ | 18,865,536 | 100 | % | $ | 15,870,611 | 100 | % |
Time Deposits | |||||||||||
$250,000 | Over | ||||||||||
December 31, 2018 | and Under | $250,000 | Total | ||||||||
(In thousands) | |||||||||||
Maturities: | |||||||||||
Due in three months or less | $ | 642,105 | $ | 170,890 | $ | 812,995 | |||||
Due in over three months through six months | 394,637 | 87,135 | 481,772 | ||||||||
Due in over six months through twelve months | 465,358 | 135,085 | 600,443 | ||||||||
Total due within twelve months | 1,502,100 | 393,110 | 1,895,210 | ||||||||
Due in over 12 months through 24 months | 67,885 | 16,630 | 84,515 | ||||||||
Due in over 24 months | 23,468 | 2,445 | 25,913 | ||||||||
Total | $ | 1,593,453 | $ | 412,185 | $ | 2,005,638 |
December 31, | ||||||||||||||||||||
2018 | 2017 | 2016 | ||||||||||||||||||
Weighted | Weighted | Weighted | ||||||||||||||||||
Average | Average | Average | ||||||||||||||||||
Borrowings | Amount | Rate | Amount | Rate | Amount | Rate | ||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
FHLB secured short-term advances | $ | 1,040,000 | 2.56 | % | $ | 332,000 | 1.41 | % | $ | 735,000 | 0.59 | % | ||||||||
FHLB unsecured overnight advance | 141,000 | 2.53 | % | 135,000 | 1.34 | % | 130,000 | 0.55 | % | |||||||||||
AFX short-term borrowings | 190,000 | 2.56 | % | — | — | % | 40,000 | 0.81 | % | |||||||||||
Non‑recourse debt | 114 | 7.50 | % | 342 | 6.87 | % | 812 | 6.41 | % | |||||||||||
Total borrowings | $ | 1,371,114 | 2.56 | % | $ | 467,342 | 1.39 | % | $ | 905,812 | 0.60 | % | ||||||||
Averages for the year: | ||||||||||||||||||||
Total borrowings | $ | 570,216 | 2.10 | % | $ | 388,896 | 0.94 | % | $ | 471,578 | 0.48 | % |
December 31, | ||||||||||||||||||||
2018 | 2017 | 2016 | ||||||||||||||||||
Weighted | Weighted | Weighted | ||||||||||||||||||
Average | Average | Average | ||||||||||||||||||
Subordinated Debentures | Amount | Rate | Amount | Rate | Amount | Rate | ||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
Gross subordinated debentures: | ||||||||||||||||||||
With no unamortized discount | $ | 135,055 | 5.08 | % | $ | 120,622 | 4.03 | % | $ | 108,250 | 3.54 | % | ||||||||
With unamortized discount | 406,289 | 4.33 | % | 434,524 | 3.25 | % | 430,723 | 2.77 | % | |||||||||||
Total gross subordinated debentures | 541,344 | 4.51 | % | 555,146 | 3.42 | % | 538,973 | 2.92 | % | |||||||||||
Unamortized discount | (87,498 | ) | (92,709 | ) | (98,229 | ) | ||||||||||||||
Net subordinated debentures | $ | 453,846 | $ | 462,437 | $ | 440,744 | ||||||||||||||
Averages for the year: | ||||||||||||||||||||
Net subordinated debentures | $ | 454,702 | 6.30 | % | $ | 447,684 | 5.27 | % | $ | 439,130 | 4.75 | % |
December 31, | |||||||||||||||||||
2018 | 2017 | 2016 | 2015 | 2014 | |||||||||||||||
(Dollars in thousands) | |||||||||||||||||||
Nonaccrual loans and leases held for investment (1) | $ | 79,333 | $ | 157,545 | $ | 173,527 | $ | 133,615 | $ | 108,885 | |||||||||
Accruing loan contractually past due 90 days or more | — | — | — | 700 | — | ||||||||||||||
Foreclosed assets, net | 5,299 | 1,329 | 12,976 | 22,120 | 43,721 | ||||||||||||||
Total nonperforming assets | $ | 84,632 | $ | 158,874 | $ | 186,503 | $ | 156,435 | $ | 152,606 | |||||||||
Performing TDRs held for investment (2) | $ | 17,701 | $ | 56,838 | $ | 64,952 | $ | 40,182 | $ | 35,244 | |||||||||
Nonaccrual loans and leases held for investment to | |||||||||||||||||||
loans and leases held for investment (1) | 0.44 | % | 0.93 | % | 1.12 | % | 0.92 | % | 0.92 | % | |||||||||
Nonperforming assets to loans and leases | |||||||||||||||||||
held for investment and foreclosed assets, net (1) | 0.47 | % | 0.94 | % | 1.21 | % | 1.08 | % | 1.28 | % |
(1) | Amounts and ratios are for total loans and leases held for investment, net of deferred fees. |
(2) | Amount related to 2018 is for total loans and leases held for investment, net of deferred fees. Amounts related to 2017 and prior years are for Non-PCI loans and leases held for investment, net of deferred fees. |
Nonaccrual Loans and Leases (1) | Accruing and | ||||||||||||||||||
December 31, 2018 | December 31, 2017 | 30 - 89 Days Past Due (1) | |||||||||||||||||
% of | % of | December 31, | December 31, | ||||||||||||||||
Loan | Loan | 2018 | 2017 | ||||||||||||||||
Amount | Category | Amount | Category | Amount | Amount | ||||||||||||||
(Dollars in thousands) | |||||||||||||||||||
Real estate mortgage: | |||||||||||||||||||
Commercial | $ | 15,321 | 0.3% | $ | 65,563 | 1.2% | $ | 3,276 | $ | 27,234 | |||||||||
Income producing and other residential | 2,524 | 0.1% | 3,350 | 0.1% | 1,557 | 6,629 | |||||||||||||
Total real estate mortgage | 17,845 | 0.2% | 68,913 | 0.9% | 4,833 | 33,863 | |||||||||||||
Real estate construction and land: | |||||||||||||||||||
Commercial | 442 | —% | — | —% | — | — | |||||||||||||
Residential | — | —% | — | —% | 1,527 | 2,081 | |||||||||||||
Total real estate construction and land | 442 | —% | — | —% | 1,527 | 2,081 | |||||||||||||
Commercial: | |||||||||||||||||||
Asset-based | 32,324 | 1.0% | 33,553 | 0.1% | 47 | 344 | |||||||||||||
Venture capital | 20,299 | 1.0% | 29,424 | 1.4% | 1,028 | 5,959 | |||||||||||||
Other commercial | 7,380 | 0.4% | 23,874 | 1.8% | 2,467 | 2,436 | |||||||||||||
Total commercial | 60,003 | 0.8% | 86,851 | 1.2% | 3,542 | 8,739 | |||||||||||||
Consumer | 1,043 | 0.3% | 20 | —% | 581 | 562 | |||||||||||||
Total held for investment | $ | 79,333 | 0.4% | $ | 155,784 | 0.9% | $ | 10,483 | $ | 45,245 |
(1) | Amounts and ratios related to 2018 are for total loans and leases held for investment, net of deferred fees. Amounts and ratios related to 2017 are for Non-PCI loans and leases held for investment, net of deferred fees. |
December 31, | |||||||||||
Property Type | 2018 | 2017 | 2016 | ||||||||
(In thousands) | |||||||||||
Construction and land development | $ | 219 | $ | 219 | $ | 11,224 | |||||
Multi-family | 1,059 | — | 652 | ||||||||
Single-family residence | 953 | 1,019 | — | ||||||||
Commercial real estate | 2,004 | 64 | — | ||||||||
Total OREO, net | 4,235 | 1,302 | 11,876 | ||||||||
Other foreclosed assets | 1,064 | 27 | 1,100 | ||||||||
Total foreclosed assets | $ | 5,299 | $ | 1,329 | $ | 12,976 |
December 31, 2018 | December 31, 2017 | December 31, 2016 | ||||||||||||||||||
Number | Number | Number | ||||||||||||||||||
of | of | of | ||||||||||||||||||
Performing TDRs (1) | Amount | Loans | Amount | Loans | Amount | Loans | ||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
Real estate mortgage | $ | 11,484 | 27 | $ | 47,560 | 23 | $ | 54,750 | 31 | |||||||||||
Real estate construction and land | 5,420 | 2 | 5,690 | 2 | 6,893 | 3 | ||||||||||||||
Commercial | 692 | 6 | 3,488 | 11 | 3,157 | 18 | ||||||||||||||
Consumer | 105 | 3 | 100 | 2 | 152 | 3 | ||||||||||||||
Total performing TDRs held for investment | $ | 17,701 | 38 | $ | 56,838 | 38 | $ | 64,952 | 55 |
(1) | Amounts related to 2018 are for total loans and leases held for investment, net of deferred fees. Amounts related to 2017 and 2016 are for Non-PCI loans and leases held for investment, net of deferred fees. |
December 31, | |||||||||||
Loan and Lease Credit Risk Ratings (1) | 2018 | 2017 | 2016 | ||||||||
(Dollars in thousands) | |||||||||||
Pass | $ | 17,459,205 | $ | 16,334,134 | $ | 14,519,492 | |||||
Special mention | 261,398 | 302,168 | 418,393 | ||||||||
Classified | 237,110 | 278,405 | 409,645 | ||||||||
Total loans and leases held for investment, | |||||||||||
net of deferred fees | $ | 17,957,713 | $ | 16,914,707 | $ | 15,347,530 | |||||
Classified loans and leases held for investment | |||||||||||
to loans and leases held for investment | 1.32 | % | 1.65 | % | 2.67 | % |
(1) | Amounts and ratio related to 2018 are for total loans and leases held for investment, net of deferred fees. Amounts and ratios related to 2017 and 2016 are for Non-PCI loans and leases held for investment, net of deferred fees. |
Minimum Required | |||||||||
Plus Capital | Plus Capital | ||||||||
For Capital | Conservation | For Well | Conservation | ||||||
Adequacy | Buffer | Capitalized | Buffer Fully | ||||||
Actual | Purposes | Phase-In (1) | Requirement | Phased-In | |||||
December 31, 2018 | |||||||||
PacWest Bancorp Consolidated | |||||||||
Tier 1 capital (to average assets) | 10.13% | 4.00% | 4.000% | N/A | 4.00% | ||||
CET1 capital (to risk weighted assets) | 10.01% | 4.50% | 6.375% | N/A | 7.00% | ||||
Tier 1 capital (to risk weighted assets) | 10.01% | 6.00% | 7.875% | N/A | 8.50% | ||||
Total capital (to risk weighted assets) | 12.72% | 8.00% | 9.875% | N/A | 10.50% | ||||
Pacific Western Bank | |||||||||
Tier 1 capital (to average assets) | 10.80% | 4.00% | 4.000% | 5.00% | 4.00% | ||||
CET1 capital (to risk weighted assets) | 10.68% | 4.50% | 6.375% | 6.50% | 7.00% | ||||
Tier 1 capital (to risk weighted assets) | 10.68% | 6.00% | 7.875% | 8.00% | 8.50% | ||||
Total capital (to risk weighted assets) | 11.44% | 8.00% | 9.875% | 10.00% | 10.50% |
Minimum Required | |||||||||
Plus Capital | Plus Capital | ||||||||
For Capital | Conservation | For Well | Conservation | ||||||
Adequacy | Buffer | Capitalized | Buffer Fully | ||||||
Actual | Purposes | Phase-In (1) | Requirement | Phased-In | |||||
December 31, 2017 | |||||||||
PacWest Bancorp Consolidated | |||||||||
Tier 1 capital (to average assets) | 10.66% | 4.00% | 4.000% | N/A | 4.00% | ||||
CET1 capital (to risk weighted assets) | 10.91% | 4.50% | 5.750% | N/A | 7.00% | ||||
Tier 1 capital (to risk weighted assets) | 10.91% | 6.00% | 7.250% | N/A | 8.50% | ||||
Total capital (to risk weighted assets) | 13.75% | 8.00% | 9.250% | N/A | 10.50% | ||||
Pacific Western Bank | |||||||||
Tier 1 capital (to average assets) | 11.75% | 4.00% | 4.000% | 5.00% | 4.00% | ||||
CET1 capital (to risk weighted assets) | 11.91% | 4.50% | 5.750% | 6.50% | 7.00% | ||||
Tier 1 capital (to risk weighted assets) | 11.91% | 6.00% | 7.250% | 8.00% | 8.50% | ||||
Total capital (to risk weighted assets) | 12.69% | 8.00% | 9.250% | 10.00% | 10.50% |
(1) | Ratios for December 31, 2018 reflect the minimum required plus capital conservation buffer phase-in for 2018; ratios for December 31, 2017 reflect the minimum required plus capital conservation buffer phase-in for 2017. The capital conservation buffer increases by 0.625% each year through 2019. |
December 31, | |||||||||||
Primary Liquidity - On-Balance Sheet | 2018 | 2017 | 2016 | ||||||||
(Dollars in thousands) | |||||||||||
Cash and due from banks | $ | 175,830 | $ | 233,215 | $ | 337,965 | |||||
Interest-earning deposits in financial institutions | 209,937 | 165,222 | 81,705 | ||||||||
Securities available-for-sale | 4,009,431 | 3,774,431 | 3,223,830 | ||||||||
Less: pledged securities | (458,143 | ) | (449,187 | ) | (425,511 | ) | |||||
Total primary liquidity | $ | 3,937,055 | $ | 3,723,681 | $ | 3,217,989 | |||||
Ratio of primary liquidity to total deposits | 20.9 | % | 19.7 | % | 20.3 | % |
Secondary Liquidity - Off-Balance Sheet | December 31, | ||||||||||
Available Secured Borrowing Capacity | 2018 | 2017 | 2016 | ||||||||
(In thousands) | |||||||||||
Total secured borrowing capacity with the FHLB | $ | 3,746,970 | $ | 3,789,949 | $ | 2,010,739 | |||||
Less: secured advances outstanding | (1,040,000 | ) | (332,000 | ) | (735,000 | ) | |||||
Available secured borrowing capacity with the FHLB | 2,706,970 | 3,457,949 | 1,275,739 | ||||||||
Available secured borrowing capacity with the FRBSF | 2,003,269 | 1,766,188 | 2,210,692 | ||||||||
Total secondary liquidity | $ | 4,710,239 | $ | 5,224,137 | $ | 3,486,431 |
December 31, 2018 | |||||||||||||||||||
Due After | Due After | ||||||||||||||||||
Due | One Year | Three Years | Due | ||||||||||||||||
Within | Through | Through | After | ||||||||||||||||
One Year | Three Years | Five Years | Five Years | Total | |||||||||||||||
(In thousands) | |||||||||||||||||||
Time deposits (1) | $ | 1,895,210 | $ | 101,616 | $ | 8,812 | $ | — | $ | 2,005,638 | |||||||||
Short-term borrowings | 1,371,000 | — | — | — | 1,371,000 | ||||||||||||||
Long-term debt obligations (1) | 106 | 8 | — | 541,344 | 541,458 | ||||||||||||||
Contractual interest (2) | 12,394 | 1,515 | 233 | — | 14,142 | ||||||||||||||
Operating lease obligations | 32,845 | 57,119 | 38,607 | 29,923 | 158,494 | ||||||||||||||
Other contractual obligations | 53,451 | 58,648 | 11,620 | 28,469 | 152,188 | ||||||||||||||
Total | $ | 3,365,006 | $ | 218,906 | $ | 59,272 | $ | 599,736 | $ | 4,242,920 |
(1) | Excludes purchase accounting fair value adjustments. |
(2) | Excludes interest on subordinated debentures as these instruments are floating rate. |
Forecasted | Forecasted | Forecasted | |||||||
Net Interest | Percentage | Net Interest | Net Interest | ||||||
Income | Change | Margin | Margin Change | ||||||
December 31, 2018 | (Tax Equivalent) | From Base | (Tax Equivalent) | From Base | |||||
(Dollars in millions) | |||||||||
Interest Rate Scenario: | |||||||||
Up 300 basis points | $ | 1,147.6 | 9.4% | 5.13% | 0.45% | ||||
Up 200 basis points | $ | 1,115.9 | 6.4% | 4.98% | 0.30% | ||||
Up 100 basis points | $ | 1,082.4 | 3.2% | 4.83% | 0.15% | ||||
BASE CASE | $ | 1,048.7 | — | 4.68% | — | ||||
Down 100 basis points | $ | 1,011.6 | (3.5)% | 4.52% | (0.16)% | ||||
Down 200 basis points | $ | 976.2 | (6.9)% | 4.36% | (0.32)% | ||||
Down 300 basis points | $ | 961.4 | (8.3)% | 4.29% | (0.39)% |
Ratio of | |||||||||||||
Projected | Dollar | Percentage | Percentage | Projected | |||||||||
Market Value | Change | Change | of Total | Market Value | |||||||||
December 31, 2018 | of Equity | From Base | From Base | Assets | to Book Value | ||||||||
(Dollars in millions) | |||||||||||||
Interest Rate Scenario: | |||||||||||||
Up 300 basis points | $ | 5,447.8 | $ | (58.2 | ) | (1.1)% | 21.2% | 112.9% | |||||
Up 200 basis points | $ | 5,469.4 | $ | (36.6 | ) | (0.7)% | 21.3% | 113.3% | |||||
Up 100 basis points | $ | 5,484.7 | $ | (21.3 | ) | (0.4)% | 21.3% | 113.7% | |||||
BASE CASE | $ | 5,506.0 | $ | — | — | 21.4% | 114.1% | ||||||
Down 100 basis points | $ | 5,521.4 | $ | 15.4 | 0.3% | 21.5% | 114.4% | ||||||
Down 200 basis points | $ | 5,547.4 | $ | 41.4 | 0.8% | 21.6% | 115.0% | ||||||
Down 300 basis points | $ | 5,316.5 | $ | (189.5 | ) | (3.4)% | 20.7% | 110.2% |
Management’s Report on Internal Control Over Financial Reporting | |
Report of Independent Registered Public Accounting Firm | |
Consolidated Balance Sheets as of December 31, 2018 and 2017 | |
Consolidated Statements of Earnings for the Years Ended December 31, 2018, 2017, and 2016 | |
Consolidated Statements of Comprehensive Income for the Years Ended December 31, 2018, 2017, and 2016 | |
Consolidated Statements of Changes in Stockholders’ Equity for the Years Ended December 31, 2018, 2017, and 2016 | |
Consolidated Statements of Cash Flows for the Years Ended December 31, 2018, 2017, and 2016 | |
Notes to Consolidated Financial Statements |
December 31, | |||||||
2018 | 2017 | ||||||
(Dollars in thousands, except par value amounts) | |||||||
ASSETS: | |||||||
Cash and due from banks | $ | 175,830 | $ | 233,215 | |||
Interest-earning deposits in financial institutions | 209,937 | 165,222 | |||||
Total cash and cash equivalents | 385,767 | 398,437 | |||||
Securities available-for-sale, at fair value | 4,009,431 | 3,774,431 | |||||
Federal Home Loan Bank stock, at cost | 32,103 | 20,790 | |||||
Total investment securities | 4,041,534 | 3,795,221 | |||||
Loans held for sale, at lower of cost or fair value | — | 481,100 | |||||
Gross loans and leases held for investment | 18,026,365 | 17,032,221 | |||||
Deferred fees, net | (68,652 | ) | (59,478 | ) | |||
Allowance for loan and lease losses | (132,472 | ) | (139,456 | ) | |||
Total loans and leases held for investment, net | 17,825,241 | 16,833,287 | |||||
Equipment leased to others under operating leases | 292,677 | 284,631 | |||||
Premises and equipment, net | 34,661 | 31,852 | |||||
Foreclosed assets, net | 5,299 | 1,329 | |||||
Deferred tax asset, net | 17,489 | — | |||||
Goodwill | 2,548,670 | 2,548,670 | |||||
Core deposit and customer relationship intangibles, net | 57,120 | 79,626 | |||||
Other assets | 522,896 | 540,723 | |||||
Total assets | $ | 25,731,354 | $ | 24,994,876 | |||
LIABILITIES: | |||||||
Noninterest-bearing deposits | $ | 7,888,915 | $ | 8,508,044 | |||
Interest-bearing deposits | 10,981,586 | 10,357,492 | |||||
Total deposits | 18,870,501 | 18,865,536 | |||||
Borrowings | 1,371,114 | 467,342 | |||||
Subordinated debentures | 453,846 | 462,437 | |||||
Accrued interest payable and other liabilities | 210,305 | 221,963 | |||||
Total liabilities | 20,905,766 | 20,017,278 | |||||
Commitments and contingencies | |||||||
STOCKHOLDERS' EQUITY: | |||||||
Preferred stock ($0.01 par value; 5,000,000 shares authorized; none issued and outstanding) | — | — | |||||
Common stock ($0.01 par value, 200,000,000 shares authorized at December 31, 2018 and 2017; | |||||||
125,079,705 and 130,491,108 shares issued, respectively, includes 1,344,656 and 1,436,120 | |||||||
shares of unvested restricted stock, respectively) | 1,251 | 1,305 | |||||
Additional paid-in capital | 3,722,723 | 4,287,487 | |||||
Retained earnings | 1,182,674 | 723,471 | |||||
Treasury stock, at cost (1,889,872 and 1,708,230 shares at December 31, 2018 and 2017) | (74,985 | ) | (65,836 | ) | |||
Accumulated other comprehensive (loss) income, net | (6,075 | ) | 31,171 | ||||
Total stockholders' equity | 4,825,588 | 4,977,598 | |||||
Total liabilities and stockholders' equity | $ | 25,731,354 | $ | 24,994,876 |
Year Ended December 31, | |||||||||||
2018 | 2017 | 2016 | |||||||||
(Dollars in thousands, except per share amounts) | |||||||||||
Interest income: | |||||||||||
Loans and leases | $ | 1,047,969 | $ | 952,771 | $ | 924,294 | |||||
Investment securities | 111,619 | 98,202 | 90,557 | ||||||||
Deposits in financial institutions | 2,082 | 1,543 | 1,061 | ||||||||
Total interest income | 1,161,670 | 1,052,516 | 1,015,912 | ||||||||
Interest expense: | |||||||||||
Deposits | 80,140 | 45,694 | 31,512 | ||||||||
Borrowings | 11,985 | 3,638 | 2,259 | ||||||||
Subordinated debentures | 28,631 | 23,613 | 20,850 | ||||||||
Total interest expense | 120,756 | 72,945 | 54,621 | ||||||||
Net interest income | 1,040,914 | 979,571 | 961,291 | ||||||||
Provision for credit losses | 45,000 | 57,752 | 65,729 | ||||||||
Net interest income after provision for credit losses | 995,914 | 921,819 | 895,562 | ||||||||
Noninterest income: | |||||||||||
Service charges on deposit accounts | 16,509 | 15,307 | 14,534 | ||||||||
Other commissions and fees | 45,543 | 41,422 | 47,126 | ||||||||
Leased equipment income | 37,881 | 37,700 | 33,919 | ||||||||
Gain on sale of loans and leases | 4,675 | 6,197 | 909 | ||||||||
Gain (loss) on sale of securities | 8,176 | (541 | ) | 9,485 | |||||||
FDIC loss sharing expense, net | — | — | (8,917 | ) | |||||||
Other income | 35,851 | 28,488 | 15,419 | ||||||||
Total noninterest income | 148,635 | 128,573 | 112,475 | ||||||||
Noninterest expense: | |||||||||||
Compensation | 282,568 | 266,567 | 251,913 | ||||||||
Occupancy | 53,223 | 48,863 | 48,911 | ||||||||
Data processing | 27,225 | 26,575 | 24,356 | ||||||||
Other professional services | 21,952 | 17,353 | 16,478 | ||||||||
Insurance and assessments | 20,705 | 19,733 | 18,364 | ||||||||
Intangible asset amortization | 22,506 | 14,240 | 16,517 | ||||||||
Leased equipment depreciation | 21,371 | 20,767 | 20,899 | ||||||||
Foreclosed assets (income) expense, net | (751 | ) | 1,702 | 1,881 | |||||||
Acquisition, integration and reorganization costs | 1,770 | 19,735 | 200 | ||||||||
Loan expense | 10,569 | 13,832 | 9,371 | ||||||||
Other expense | 50,094 | 46,294 | 41,211 | ||||||||
Total noninterest expense | 511,232 | 495,661 | 450,101 | ||||||||
Earnings before income taxes | 633,317 | 554,731 | 557,936 | ||||||||
Income tax expense | (167,978 | ) | (196,913 | ) | (205,770 | ) | |||||
Net earnings | $ | 465,339 | $ | 357,818 | $ | 352,166 | |||||
Earnings per share: | |||||||||||
Basic | $ | 3.72 | $ | 2.91 | $ | 2.90 | |||||
Diluted | $ | 3.72 | $ | 2.91 | $ | 2.90 |
Year Ended December 31, | |||||||||||
2018 | 2017 | 2016 | |||||||||
(In thousands) | |||||||||||
Net earnings | $ | 465,339 | $ | 357,818 | $ | 352,166 | |||||
Other comprehensive income (loss), net of tax: | |||||||||||
Unrealized net holding (losses) gains on securities available-for-sale | |||||||||||
arising during the year | (52,559 | ) | 42,190 | (27,392 | ) | ||||||
Income tax benefit (expense) related to net unrealized holding (losses) gains | |||||||||||
arising during the year | 15,015 | (17,481 | ) | 11,148 | |||||||
Unrealized net holding (losses) gains on securities available-for-sale, net of tax | (37,544 | ) | 24,709 | (16,244 | ) | ||||||
Reclassification adjustment for net (gains) losses included in net earnings (1) | (8,176 | ) | 541 | (9,485 | ) | ||||||
Income tax expense (benefit) related to reclassification adjustment | 2,338 | (61 | ) | 3,883 | |||||||
Reclassification adjustment for net (gains) losses included in net earnings, | |||||||||||
net of tax | (5,838 | ) | 480 | (5,602 | ) | ||||||
Other comprehensive (loss) income, net of tax | (43,382 | ) | 25,189 | (21,846 | ) | ||||||
Comprehensive income | $ | 421,957 | $ | 383,007 | $ | 330,320 |
(1) | Entire amount recognized in "Gain (loss) on sale of securities" on the Consolidated Statements of Earnings. |
Common Stock | Accumulated | |||||||||||||||||||||||||
Additional | Other | |||||||||||||||||||||||||
Par | Paid-in | Retained | Treasury | Comprehensive | ||||||||||||||||||||||
Shares | Value | Capital | Earnings | Stock | Income (Loss) | Total | ||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||
Balance, December 31, 2015 | 121,413,727 | $ | 1,228 | $ | 4,405,775 | $ | 13,907 | $ | (51,047 | ) | $ | 27,828 | $ | 4,397,691 | ||||||||||||
Net earnings | — | — | — | 352,166 | — | — | 352,166 | |||||||||||||||||||
Other comprehensive loss | — | — | — | — | — | (21,846 | ) | (21,846 | ) | |||||||||||||||||
Restricted stock awarded and | ||||||||||||||||||||||||||
earned stock compensation, | ||||||||||||||||||||||||||
net of shares forfeited | 664,135 | 7 | 23,312 | — | — | — | 23,319 | |||||||||||||||||||
Restricted stock surrendered | (141,358 | ) | (5,313 | ) | (5,313 | ) | ||||||||||||||||||||
Common stock repurchased under | ||||||||||||||||||||||||||
Stock Repurchase Program | (652,835 | ) | (7 | ) | (27,924 | ) | — | — | — | (27,931 | ) | |||||||||||||||
Tax effect from vesting of | ||||||||||||||||||||||||||
restricted stock | — | — | 4,406 | — | — | — | 4,406 | |||||||||||||||||||
Cash dividends paid: | ||||||||||||||||||||||||||
Common stock, $2.00/share | — | — | (243,437 | ) | — | — | — | (243,437 | ) | |||||||||||||||||
Balance, December 31, 2016 | 121,283,669 | 1,228 | 4,162,132 | 366,073 | (56,360 | ) | 5,982 | 4,479,055 | ||||||||||||||||||
Cumulative effect of change in | ||||||||||||||||||||||||||
accounting principle (1) | — | — | 711 | (420 | ) | — | — | 291 | ||||||||||||||||||
Net earnings | — | — | — | 357,818 | — | — | 357,818 | |||||||||||||||||||
Other comprehensive income | — | — | — | — | — | 25,189 | 25,189 | |||||||||||||||||||
Issuance of common stock for | ||||||||||||||||||||||||||
acquisition of CU Bancorp | 9,298,451 | 93 | 446,140 | — | — | — | 446,233 | |||||||||||||||||||
Restricted stock awarded and | ||||||||||||||||||||||||||
earned stock compensation, | ||||||||||||||||||||||||||
net of shares forfeited | 470,855 | 5 | 25,563 | — | — | — | 25,568 | |||||||||||||||||||
Restricted stock surrendered | (188,870 | ) | — | — | — | (9,476 | ) | — | (9,476 | ) | ||||||||||||||||
Common stock repurchased under | ||||||||||||||||||||||||||
Stock Repurchase Program | (2,081,227 | ) | (21 | ) | (99,656 | ) | — | — | — | (99,677 | ) | |||||||||||||||
Cash dividends paid: | ||||||||||||||||||||||||||
Common stock, $2.00/share | — | — | (247,403 | ) | — | — | — | (247,403 | ) | |||||||||||||||||
Balance, December 31, 2017 | 128,782,878 | 1,305 | 4,287,487 | 723,471 | (65,836 | ) | 31,171 | 4,977,598 | ||||||||||||||||||
Cumulative effects of changes in | ||||||||||||||||||||||||||
accounting principles (2) | — | — | — | (6,136 | ) | — | 6,136 | — | ||||||||||||||||||
Net earnings | — | — | — | 465,339 | — | — | 465,339 | |||||||||||||||||||
Other comprehensive loss | — | — | — | — | — | (43,382 | ) | (43,382 | ) | |||||||||||||||||
Restricted stock awarded and | ||||||||||||||||||||||||||
earned stock compensation, | ||||||||||||||||||||||||||
net of shares forfeited | 437,831 | 4 | 29,764 | — | — | — | 29,768 | |||||||||||||||||||
Restricted stock surrendered | (181,642 | ) | — | — | — | (9,149 | ) | — | (9,149 | ) | ||||||||||||||||
Common stock repurchased under | ||||||||||||||||||||||||||
Stock Repurchase Program | (5,849,234 | ) | (58 | ) | (306,335 | ) | — | — | — | (306,393 | ) | |||||||||||||||
Cash dividends paid: | ||||||||||||||||||||||||||
Common stock, $2.30/share | — | — | (288,193 | ) | — | — | — | (288,193 | ) | |||||||||||||||||
Balance, December 31, 2018 | 123,189,833 | $ | 1,251 | $ | 3,722,723 | $ | 1,182,674 | $ | (74,985 | ) | $ | (6,075 | ) | $ | 4,825,588 |
(1) | Impact due to adoption on January 1, 2017 of ASU 2016-09, "Improvements to Employee Share-Based Payment Accounting." |
(2) | Impact due to adoption on January 1, 2018 of ASU 2016-01, "Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities" and ASU 2018-02, "Income Statement - Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income." |
Year Ended December 31, | |||||||||||
2018 | 2017 | 2016 | |||||||||
(In thousands) | |||||||||||
Cash flows from operating activities: | |||||||||||
Net earnings | $ | 465,339 | $ | 357,818 | $ | 352,166 | |||||
Adjustments to reconcile net earnings to net cash provided by operating activities: | |||||||||||
Depreciation and amortization | 35,168 | 32,029 | 32,884 | ||||||||
Amortization of net premiums on securities available-for-sale | 23,938 | 41,450 | 39,797 | ||||||||
Amortization of intangible assets | 22,506 | 14,240 | 16,517 | ||||||||
Provision for credit losses | 45,000 | 57,752 | 65,729 | ||||||||
Gain on sale of foreclosed assets, net | (609 | ) | (871 | ) | (837 | ) | |||||
Provision for losses on foreclosed assets | 74 | 2,138 | 2,576 | ||||||||
Gain on sale of loans and leases, net | (4,675 | ) | (6,197 | ) | (909 | ) | |||||
(Gain) loss on sale of premises and equipment | (20 | ) | (386 | ) | 78 | ||||||
(Gain) loss on sale of securities, net | (8,176 | ) | 541 | (9,485 | ) | ||||||
Gain on BOLI death benefits | (1,338 | ) | (1,050 | ) | (539 | ) | |||||
Unrealized gain on derivatives and foreign currencies, net | (325 | ) | (429 | ) | (202 | ) | |||||
Earned stock compensation | 29,768 | 25,568 | 23,319 | ||||||||
Loss on sale of PWEF leasing unit | — | — | 720 | ||||||||
(Increase) decrease in deferred income taxes, net | (136 | ) | 76,860 | 53,556 | |||||||
Tax effect of restricted stock vesting included in stockholders' equity | — | — | (4,406 | ) | |||||||
Decrease (increase) in other assets | 25,117 | (118,477 | ) | 6,441 | |||||||
(Decrease) increase in accrued interest payable and other liabilities | (23,604 | ) | 2,982 | 3,702 | |||||||
Net cash provided by operating activities | 608,027 | 483,968 | 581,107 | ||||||||
Cash flows from investing activities: | |||||||||||
Cash acquired in acquisitions, net of cash consideration paid | — | 160,318 | — | ||||||||
Net cash used in branch sale | — | — | (178,792 | ) | |||||||
Net increase in loans and leases | (1,209,986 | ) | (1,303,752 | ) | (1,257,734 | ) | |||||
Proceeds from sales of loans and leases | 646,587 | 1,322,456 | 121,053 | ||||||||
Proceeds from maturities and paydowns of securities available-for-sale | 290,177 | 435,925 | 250,170 | ||||||||
Proceeds from sales of securities available-for-sale | 571,800 | 759,300 | 393,509 | ||||||||
Purchases of securities available-for-sale | (1,180,545 | ) | (1,298,105 | ) | (375,261 | ) | |||||
Net (purchases) redemptions of Federal Home Loan Bank stock | (11,313 | ) | 12,982 | (2,160 | ) | ||||||
Proceeds from sales of foreclosed assets | 13,479 | 12,345 | 8,186 | ||||||||
Purchases of premises and equipment, net | (12,385 | ) | (7,919 | ) | (8,183 | ) | |||||
Proceeds from sales of premises and equipment | 57 | 10,309 | 24 | ||||||||
Proceeds from sale of leasing unit | — | — | 138,955 | ||||||||
Proceeds from BOLI death benefits | 3,546 | 2,478 | 3,238 | ||||||||
Net increase in equipment leased to others under operating leases | (28,610 | ) | (73,596 | ) | (51,557 | ) | |||||
Net cash (used in) provided by investing activities | (917,193 | ) | 32,741 | (958,552 | ) | ||||||
Cash flows from financing activities: | |||||||||||
Net (decrease) increase in noninterest-bearing deposits | (615,263 | ) | 343,663 | 490,997 | |||||||
Net increase (decrease) in interest-bearing deposits | 624,094 | (63,700 | ) | (104,021 | ) | ||||||
Net increase (decrease) in borrowings | 903,772 | (461,349 | ) | 285,928 | |||||||
Net decrease in subordinated debentures | (12,372 | ) | — | — | |||||||
Common stock repurchased and restricted stock surrendered | (315,542 | ) | (109,153 | ) | (33,244 | ) | |||||
Tax effect of restricted stock vesting included in stockholders' equity | — | — | 4,406 | ||||||||
Cash dividends paid, net | (288,193 | ) | (247,403 | ) | (243,437 | ) | |||||
Net cash provided by (used in) financing activities | 296,496 | (537,942 | ) | 400,629 | |||||||
Net (decrease) increase in cash and cash equivalents | (12,670 | ) | (21,233 | ) | 23,184 | ||||||
Cash and cash equivalents, beginning of year | 398,437 | 419,670 | 396,486 | ||||||||
Cash and cash equivalents, end of year | $ | 385,767 | $ | 398,437 | $ | 419,670 | |||||
Year Ended December 31, | |||||||||||
2018 | 2017 | 2016 | |||||||||
(In thousands) | |||||||||||
Supplemental disclosures of cash flow information: | |||||||||||
Cash paid for interest | $ | 119,042 | $ | 69,477 | $ | 54,389 | |||||
Cash paid for income taxes | 98,575 | 208,066 | 133,897 | ||||||||
Loans transferred to foreclosed assets | 16,914 | 580 | 781 | ||||||||
Transfers from loans held for investment to loans held for sale | — | 481,100 | — | ||||||||
Common stock issued in acquisitions | — | 446,233 | — |
• | current economic trends and forecasts; |
• | current collateral values, performance trends, and overall outlook in the markets where we lend; |
• | legal and regulatory matters that could impact our borrowers’ ability to repay our loans and leases; |
• | loan and lease portfolio composition and any loan concentrations; |
• | current lending policies and the effects of any new policies or policy amendments; |
• | loan and lease production volume and mix; |
• | loan and lease portfolio credit performance trends; |
• | results of our independent credit review; and |
• | changes in management related to credit administration functions. |
• | Pass: Loans and leases rated as "pass" are not adversely classified and collection and repayment in full are expected. |
• | Special Mention: Loans and leases rated as "special mention" have a potential weakness that requires management's attention. If not addressed, these potential weaknesses may result in further deterioration in the borrower's ability to repay the loan or lease. |
• | Substandard: Loans and leases rated as "substandard" have a well-defined weakness or weaknesses that jeopardize the collection of the debt. They are characterized by the possibility that we will sustain some loss if the weaknesses are not corrected. |
• | Doubtful: Loans and leases rated as "doubtful" have all the weaknesses of those rated as "substandard," with the additional trait that the weaknesses make collection or repayment in full highly questionable and improbable. |
October 20, 2017 | |||
(In thousands) | |||
Assets Acquired: | |||
Cash and due from banks | $ | 51,857 | |
Interest‑earning deposits in financial institutions | 332,799 | ||
Total cash and cash equivalents | 384,656 | ||
Securities available‑for‑sale | 446,980 | ||
FHLB stock | 11,902 | ||
Loans and leases | 2,075,890 | ||
Premises and equipment | 2,981 | ||
Goodwill | 374,721 | ||
Core deposit and customer relationship intangibles | 57,500 | ||
Other assets | 103,498 | ||
Total assets acquired | $ | 3,458,128 | |
Liabilities Assumed: | |||
Noninterest‑bearing deposits | $ | 1,510,285 | |
Interest‑bearing deposits | 1,209,597 | ||
Total deposits | 2,719,882 | ||
Borrowings | 22,879 | ||
Subordinated debentures | 12,372 | ||
Accrued interest payable and other liabilities | 32,424 | ||
Total liabilities assumed | $ | 2,787,557 | |
Total consideration paid | $ | 670,571 | |
Summary of consideration: | |||
Cash paid | $ | 224,338 | |
PacWest common stock issued | 446,233 | ||
Total | $ | 670,571 |
Goodwill | |||
(In thousands) | |||
Balance, December 31, 2016 | $ | 2,173,949 | |
Addition from the CUB acquisition | 374,721 | ||
Balance, December 31, 2017 | 2,548,670 | ||
Balance, December 31, 2018 | $ | 2,548,670 |
Year Ended December 31, | |||||||||||
2018 | 2017 | 2016 | |||||||||
(In thousands) | |||||||||||
Gross Amount of CDI and CRI: | |||||||||||
Balance, beginning of year | $ | 119,497 | $ | 64,187 | $ | 95,524 | |||||
Addition from the CUB acquisition | — | 57,500 | — | ||||||||
Fully amortized portion | — | (2,190 | ) | (29,637 | ) | ||||||
Reduction due to sale of PWEF leasing unit | — | — | (1,700 | ) | |||||||
Balance, end of year | 119,497 | 119,497 | 64,187 | ||||||||
Accumulated Amortization: | |||||||||||
Balance, beginning of year | (39,871 | ) | (27,821 | ) | (42,304 | ) | |||||
Amortization | (22,506 | ) | (14,240 | ) | (16,517 | ) | |||||
Fully amortized portion | — | 2,190 | 29,637 | ||||||||
Reduction due to sale of PWEF leasing unit | — | — | 1,363 | ||||||||
Balance, end of year | (62,377 | ) | (39,871 | ) | (27,821 | ) | |||||
Net CDI and CRI, end of year | $ | 57,120 | $ | 79,626 | $ | 36,366 |
December 31, 2018 | December 31, 2017 | ||||||||||||||||||||||||||||||
Gross | Gross | Gross | Gross | ||||||||||||||||||||||||||||
Amortized | Unrealized | Unrealized | Fair | Amortized | Unrealized | Unrealized | Fair | ||||||||||||||||||||||||
Security Type | Cost | Gains | Losses | Value | Cost | Gains | Losses | Value | |||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||
Residential MBS and CMOs: | |||||||||||||||||||||||||||||||
Agency MBS | $ | 281,486 | $ | 1,902 | $ | (2,300 | ) | $ | 281,088 | $ | 243,375 | $ | 3,743 | $ | (844 | ) | $ | 246,274 | |||||||||||||
Agency CMOs | 634,774 | 3,448 | (5,372 | ) | 632,850 | 277,638 | 968 | (2,897 | ) | 275,709 | |||||||||||||||||||||
Private label CMOs | 101,313 | 1,985 | (2,093 | ) | 101,205 | 122,816 | 3,813 | (642 | ) | 125,987 | |||||||||||||||||||||
Municipal securities | 1,298,514 | 21,000 | (7,320 | ) | 1,312,194 | 1,627,707 | 53,700 | (1,339 | ) | 1,680,068 | |||||||||||||||||||||
Agency commercial MBS | 1,133,846 | 383 | (21,525 | ) | 1,112,704 | 1,169,969 | 2,758 | (8,758 | ) | 1,163,969 | |||||||||||||||||||||
U.S. Treasury securities | 401,056 | 2,437 | (88 | ) | 403,405 | — | — | — | — | ||||||||||||||||||||||
Asset-backed securities | 81,762 | 104 | (481 | ) | 81,385 | 89,425 | 159 | (874 | ) | 88,710 | |||||||||||||||||||||
SBA securities | 68,158 | — | (1,111 | ) | 67,047 | 160,214 | 695 | (575 | ) | 160,334 | |||||||||||||||||||||
Corporate debt securities | 17,000 | 553 | — | 17,553 | 17,000 | 2,295 | — | 19,295 | |||||||||||||||||||||||
Collateralized loan obligations | — | — | — | — | 6,960 | 55 | — | 7,015 | |||||||||||||||||||||||
Equity investments (1) | — | — | — | — | 6,421 | 779 | (130 | ) | 7,070 | ||||||||||||||||||||||
Total | $ | 4,017,909 | $ | 31,812 | $ | (40,290 | ) | $ | 4,009,431 | $ | 3,721,525 | $ | 68,965 | $ | (16,059 | ) | $ | 3,774,431 |
(1) | In connection with our adoption of ASU 2016-01 and ASU 2018-03 on January 1, 2018, we reclassified $7.1 million of equity investments from securities available-for-sale to other assets in the first quarter of 2018. The reclassification was applied prospectively without prior period amounts being restated. |
December 31, 2018 | |||||||||||||||||||||||
Less Than 12 Months | 12 Months or More | Total | |||||||||||||||||||||
Gross | Gross | Gross | |||||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | ||||||||||||||||||
Security Type | Value | Losses | Value | Losses | Value | Losses | |||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Residential MBS and CMOs: | |||||||||||||||||||||||
Agency MBS | $ | 60,164 | $ | (169 | ) | $ | 85,245 | $ | (2,131 | ) | $ | 145,409 | $ | (2,300 | ) | ||||||||
Agency CMOs | 69,859 | (326 | ) | 164,097 | (5,046 | ) | 233,956 | (5,372 | ) | ||||||||||||||
Private label CMOs | 32,170 | (831 | ) | 49,237 | (1,262 | ) | 81,407 | (2,093 | ) | ||||||||||||||
Municipal securities | 52,386 | (238 | ) | 284,915 | (7,082 | ) | 337,301 | (7,320 | ) | ||||||||||||||
Agency commercial MBS | 40,641 | (341 | ) | 1,020,684 | (21,184 | ) | 1,061,325 | (21,525 | ) | ||||||||||||||
U.S. Treasury securities | 49,729 | (88 | ) | — | — | 49,729 | (88 | ) | |||||||||||||||
Asset-backed securities | 11,548 | (38 | ) | 35,859 | (443 | ) | 47,407 | (481 | ) | ||||||||||||||
SBA securities | 249 | (1 | ) | 66,798 | (1,110 | ) | 67,047 | (1,111 | ) | ||||||||||||||
Total | $ | 316,746 | $ | (2,032 | ) | $ | 1,706,835 | $ | (38,258 | ) | $ | 2,023,581 | $ | (40,290 | ) |
December 31, 2017 | |||||||||||||||||||||||
Less Than 12 Months | 12 Months or More | Total | |||||||||||||||||||||
Gross | Gross | Gross | |||||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | ||||||||||||||||||
Security Type | Value | Losses | Value | Losses | Value | Losses | |||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Residential MBS and CMOs: | |||||||||||||||||||||||
Agency MBS | $ | 44,795 | $ | (311 | ) | $ | 26,010 | $ | (533 | ) | $ | 70,805 | $ | (844 | ) | ||||||||
Agency CMOs | 163,014 | (2,452 | ) | 20,928 | (445 | ) | 183,942 | (2,897 | ) | ||||||||||||||
Private label CMOs | 50,521 | (500 | ) | 5,035 | (142 | ) | 55,556 | (642 | ) | ||||||||||||||
Municipal securities | 67,936 | (365 | ) | 32,326 | (974 | ) | 100,262 | (1,339 | ) | ||||||||||||||
Agency commercial MBS | 579,373 | (3,777 | ) | 129,060 | (4,981 | ) | 708,433 | (8,758 | ) | ||||||||||||||
Asset-backed securities | 45,198 | (818 | ) | 10,473 | (56 | ) | 55,671 | (874 | ) | ||||||||||||||
SBA securities | 74,904 | (575 | ) | — | — | 74,904 | (575 | ) | |||||||||||||||
Equity investments (1) | 1,039 | (130 | ) | — | — | 1,039 | (130 | ) | |||||||||||||||
Total | $ | 1,026,780 | $ | (8,928 | ) | $ | 223,832 | $ | (7,131 | ) | $ | 1,250,612 | $ | (16,059 | ) |
(1) | In connection with our adoption of ASU 2016-01 and ASU 2018-03 on January 1, 2018, we reclassified $7.1 million of equity investments from securities available-for-sale to other assets in the first quarter of 2018. The reclassification was applied prospectively without prior period amounts being restated. |
December 31, 2018 | |||||||
Amortized | Fair | ||||||
Maturity | Cost | Value | |||||
(In thousands) | |||||||
Due in one year or less | $ | 37,197 | $ | 37,155 | |||
Due after one year through five years | 749,860 | 749,870 | |||||
Due after five years through ten years | 991,138 | 975,553 | |||||
Due after ten years | 2,239,714 | 2,246,853 | |||||
Total securities available-for-sale | $ | 4,017,909 | $ | 4,009,431 |
Year Ended December 31, | |||||||||||
2018 | 2017 | 2016 | |||||||||
(In thousands) | |||||||||||
Taxable interest | $ | 68,504 | $ | 52,981 | $ | 46,097 | |||||
Non-taxable interest | 41,376 | 43,355 | 41,885 | ||||||||
Dividend income | 1,739 | 1,866 | 2,575 | ||||||||
Total interest income on investment securities | $ | 111,619 | $ | 98,202 | $ | 90,557 |
December 31, 2018 | December 31, 2017 | ||||||||||||||
Total | Non-PCI | ||||||||||||||
Loans | Loans | PCI | |||||||||||||
and Leases | and Leases | Loans | Total | ||||||||||||
(In thousands) | |||||||||||||||
Real estate mortgage | $ | 7,933,859 | $ | 7,815,355 | $ | 53,658 | $ | 7,869,013 | |||||||
Real estate construction and land | 2,262,710 | 1,611,287 | — | 1,611,287 | |||||||||||
Commercial | 7,428,500 | 7,137,978 | 4,158 | 7,142,136 | |||||||||||
Consumer | 401,296 | 409,551 | 234 | 409,785 | |||||||||||
Total gross loans and leases held for investment | 18,026,365 | 16,974,171 | 58,050 | 17,032,221 | |||||||||||
Deferred fees, net | (68,652 | ) | (59,464 | ) | (14 | ) | (59,478 | ) | |||||||
Total loans and leases held for investment, | |||||||||||||||
net of deferred fees | 17,957,713 | 16,914,707 | 58,036 | 16,972,743 | |||||||||||
Allowance for loan and lease losses | (132,472 | ) | (133,012 | ) | (6,444 | ) | (139,456 | ) | |||||||
Total loans and leases held for investment, net | $ | 17,825,241 | $ | 16,781,695 | $ | 51,592 | $ | 16,833,287 |
December 31, 2018 | |||||||||||||||||||
30 - 89 | 90 or More | ||||||||||||||||||
Days | Days | Total | |||||||||||||||||
Past Due | Past Due | Past Due | Current | Total | |||||||||||||||
(In thousands) | |||||||||||||||||||
Real estate mortgage: | |||||||||||||||||||
Commercial | $ | 3,487 | $ | 7,541 | $ | 11,028 | $ | 4,813,270 | $ | 4,824,298 | |||||||||
Income producing and other residential | 1,557 | 476 | 2,033 | 3,091,810 | 3,093,843 | ||||||||||||||
Total real estate mortgage | 5,044 | 8,017 | 13,061 | 7,905,080 | 7,918,141 | ||||||||||||||
Real estate construction and land: | |||||||||||||||||||
Commercial | — | 442 | 442 | 912,141 | 912,583 | ||||||||||||||
Residential | 1,527 | — | 1,527 | 1,319,546 | 1,321,073 | ||||||||||||||
Total real estate construction and land | 1,527 | 442 | 1,969 | 2,231,687 | 2,233,656 | ||||||||||||||
Commercial: | |||||||||||||||||||
Asset-based | 47 | 646 | 693 | 3,304,728 | 3,305,421 | ||||||||||||||
Venture capital | 4,705 | — | 4,705 | 2,034,043 | 2,038,748 | ||||||||||||||
Other commercial | 5,181 | 1,285 | 6,466 | 2,053,960 | 2,060,426 | ||||||||||||||
Total commercial | 9,933 | 1,931 | 11,864 | 7,392,731 | 7,404,595 | ||||||||||||||
Consumer | 581 | 333 | 914 | 400,407 | 401,321 | ||||||||||||||
Total | $ | 17,085 | $ | 10,723 | $ | 27,808 | $ | 17,929,905 | $ | 17,957,713 |
December 31, 2017 (1) | |||||||||||||||||||
30 - 89 | 90 or More | ||||||||||||||||||
Days | Days | Total | |||||||||||||||||
Past Due | Past Due | Past Due | Current | Total | |||||||||||||||
(In thousands) | |||||||||||||||||||
Real estate mortgage: | |||||||||||||||||||
Commercial | $ | 29,070 | $ | 9,107 | $ | 38,177 | $ | 5,323,310 | $ | 5,361,487 | |||||||||
Income producing and other residential | 6,999 | 2,022 | 9,021 | 2,428,483 | 2,437,504 | ||||||||||||||
Total real estate mortgage | 36,069 | 11,129 | 47,198 | 7,751,793 | 7,798,991 | ||||||||||||||
Real estate construction and land: | |||||||||||||||||||
Commercial | — | — | — | 769,075 | 769,075 | ||||||||||||||
Residential | 2,081 | — | 2,081 | 820,073 | 822,154 | ||||||||||||||
Total real estate construction and land | 2,081 | — | 2,081 | 1,589,148 | 1,591,229 | ||||||||||||||
Commercial: | |||||||||||||||||||
Asset-based | 344 | 690 | 1,034 | 2,923,837 | 2,924,871 | ||||||||||||||
Venture capital | 6,533 | 760 | 7,293 | 2,115,418 | 2,122,711 | ||||||||||||||
Other commercial | 2,846 | 1,586 | 4,432 | 2,062,906 | 2,067,338 | ||||||||||||||
Total commercial | 9,723 | 3,036 | 12,759 | 7,102,161 | 7,114,920 | ||||||||||||||
Consumer | 562 | — | 562 | 409,005 | 409,567 | ||||||||||||||
Total | $ | 48,435 | $ | 14,165 | $ | 62,600 | $ | 16,852,107 | $ | 16,914,707 |
(1) | Excludes PCI loans. |
December 31, 2018 | December 31, 2017 (1) | ||||||||||||||||||||||
Nonaccrual | Performing | Total | Nonaccrual | Performing | Total | ||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Real estate mortgage: | |||||||||||||||||||||||
Commercial | $ | 15,321 | $ | 4,808,977 | $ | 4,824,298 | $ | 65,563 | $ | 5,295,924 | $ | 5,361,487 | |||||||||||
Income producing and other residential | 2,524 | 3,091,319 | 3,093,843 | 3,350 | 2,434,154 | 2,437,504 | |||||||||||||||||
Total real estate mortgage | 17,845 | 7,900,296 | 7,918,141 | 68,913 | 7,730,078 | 7,798,991 | |||||||||||||||||
Real estate construction and land: | |||||||||||||||||||||||
Commercial | 442 | 912,141 | 912,583 | — | 769,075 | 769,075 | |||||||||||||||||
Residential | — | 1,321,073 | 1,321,073 | — | 822,154 | 822,154 | |||||||||||||||||
Total real estate construction and land | 442 | 2,233,214 | 2,233,656 | — | 1,591,229 | 1,591,229 | |||||||||||||||||
Commercial: | |||||||||||||||||||||||
Asset-based | 32,324 | 3,273,097 | 3,305,421 | 33,553 | 2,891,318 | 2,924,871 | |||||||||||||||||
Venture capital | 20,299 | 2,018,449 | 2,038,748 | 29,424 | 2,093,287 | 2,122,711 | |||||||||||||||||
Other commercial | 7,380 | 2,053,046 | 2,060,426 | 23,874 | 2,043,464 | 2,067,338 | |||||||||||||||||
Total commercial | 60,003 | 7,344,592 | 7,404,595 | 86,851 | 7,028,069 | 7,114,920 | |||||||||||||||||
Consumer | 1,043 | 400,278 | 401,321 | 20 | 409,547 | 409,567 | |||||||||||||||||
Total | $ | 79,333 | $ | 17,878,380 | $ | 17,957,713 | $ | 155,784 | $ | 16,758,923 | $ | 16,914,707 |
(1) | Excludes PCI loans. |
December 31, 2018 | |||||||||||||||
Classified | Special Mention | Pass | Total | ||||||||||||
(In thousands) | |||||||||||||||
Real estate mortgage: | |||||||||||||||
Commercial | $ | 57,734 | $ | 74,785 | $ | 4,691,779 | $ | 4,824,298 | |||||||
Income producing and other residential | 10,521 | 968 | 3,082,354 | 3,093,843 | |||||||||||
Total real estate mortgage | 68,255 | 75,753 | 7,774,133 | 7,918,141 | |||||||||||
Real estate construction and land: | |||||||||||||||
Commercial | 442 | 7,041 | 905,100 | 912,583 | |||||||||||
Residential | — | 1,527 | 1,319,546 | 1,321,073 | |||||||||||
Total real estate construction and land | 442 | 8,568 | 2,224,646 | 2,233,656 | |||||||||||
Commercial: | |||||||||||||||
Asset-based | 45,957 | 48,338 | 3,211,126 | 3,305,421 | |||||||||||
Venture capital | 28,731 | 77,588 | 1,932,429 | 2,038,748 | |||||||||||
Other commercial | 92,526 | 50,136 | 1,917,764 | 2,060,426 | |||||||||||
Total commercial | 167,214 | 176,062 | 7,061,319 | 7,404,595 | |||||||||||
Consumer | 1,199 | 1,015 | 399,107 | 401,321 | |||||||||||
Total | $ | 237,110 | $ | 261,398 | $ | 17,459,205 | $ | 17,957,713 |
December 31, 2017 (1) | |||||||||||||||
Classified | Special Mention | Pass | Total | ||||||||||||
(In thousands) | |||||||||||||||
Real estate mortgage: | |||||||||||||||
Commercial | $ | 93,795 | $ | 122,488 | $ | 5,145,204 | $ | 5,361,487 | |||||||
Income producing and other residential | 8,425 | 4,582 | 2,424,497 | 2,437,504 | |||||||||||
Total real estate mortgage | 102,220 | 127,070 | 7,569,701 | 7,798,991 | |||||||||||
Real estate construction and land: | |||||||||||||||
Commercial | — | — | 769,075 | 769,075 | |||||||||||
Residential | — | 619 | 821,535 | 822,154 | |||||||||||
Total real estate construction and land | — | 619 | 1,590,610 | 1,591,229 | |||||||||||
Commercial: | |||||||||||||||
Asset-based | 51,000 | 37,256 | 2,836,615 | 2,924,871 | |||||||||||
Venture capital | 49,671 | 114,210 | 1,958,830 | 2,122,711 | |||||||||||
Other commercial | 75,251 | 21,883 | 1,970,204 | 2,067,338 | |||||||||||
Total commercial | 175,922 | 173,349 | 6,765,649 | 7,114,920 | |||||||||||
Consumer | 263 | 1,130 | 408,174 | 409,567 | |||||||||||
Total | $ | 278,405 | $ | 302,168 | $ | 16,334,134 | $ | 16,914,707 |
(1) | Excludes PCI loans. |
December 31, 2018 | December 31, 2017 (1) | ||||||||||||||||||||||
Total | Total | ||||||||||||||||||||||
Nonaccrual | Impaired | Nonaccrual | Impaired | ||||||||||||||||||||
Loans | Loans | Loans | Loans | ||||||||||||||||||||
and | Performing | and | and | Performing | and | ||||||||||||||||||
Leases | TDRs | Leases | Leases | TDRs | Leases | ||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Real estate mortgage | $ | 17,845 | $ | 11,484 | $ | 29,329 | $ | 68,913 | $ | 47,560 | $ | 116,473 | |||||||||||
Real estate construction and land | 442 | 5,420 | 5,862 | — | 5,690 | 5,690 | |||||||||||||||||
Commercial | 60,003 | 692 | 60,695 | 86,851 | 3,488 | 90,339 | |||||||||||||||||
Consumer | 1,043 | 105 | 1,148 | 20 | 100 | 120 | |||||||||||||||||
Total | $ | 79,333 | $ | 17,701 | $ | 97,034 | $ | 155,784 | $ | 56,838 | $ | 212,622 |
(1) | Excludes PCI loans. |
December 31, 2018 | December 31, 2017 (1) | ||||||||||||||||||||||
Unpaid | Unpaid | ||||||||||||||||||||||
Recorded | Principal | Related | Recorded | Principal | Related | ||||||||||||||||||
Impaired Loans and Leases | Investment | Balance | Allowance | Investment | Balance | Allowance | |||||||||||||||||
(In thousands) | |||||||||||||||||||||||
With An Allowance Recorded: | |||||||||||||||||||||||
Real estate mortgage: | |||||||||||||||||||||||
Commercial | $ | 1,736 | $ | 1,648 | $ | 170 | $ | 15,750 | $ | 16,548 | $ | 628 | |||||||||||
Income producing and other residential | 2,569 | 2,563 | 247 | 2,787 | 2,957 | 342 | |||||||||||||||||
Commercial: | |||||||||||||||||||||||
Venture capital | 11,621 | 13,255 | 3,141 | 16,565 | 17,203 | 4,267 | |||||||||||||||||
Other commercial | 473 | 482 | 473 | 20,404 | 29,951 | 8,368 | |||||||||||||||||
Consumer | — | — | — | 100 | 100 | 16 | |||||||||||||||||
With No Related Allowance Recorded: | |||||||||||||||||||||||
Real estate mortgage: | |||||||||||||||||||||||
Commercial | $ | 17,783 | $ | 32,035 | $ | — | $ | 93,827 | $ | 105,923 | $ | — | |||||||||||
Income producing and other residential | 7,241 | 9,425 | — | 4,109 | 4,481 | — | |||||||||||||||||
Real estate construction and land: | |||||||||||||||||||||||
Commercial | 5,862 | 5,870 | — | 5,690 | 5,689 | — | |||||||||||||||||
Commercial: | |||||||||||||||||||||||
Asset-based | 32,324 | 38,100 | — | 33,553 | 54,911 | — | |||||||||||||||||
Venture capital | 8,678 | 41,335 | — | 14,534 | 40,029 | — | |||||||||||||||||
Other commercial | 7,599 | 25,740 | — | 5,283 | 9,351 | — | |||||||||||||||||
Consumer | 1,148 | 1,470 | — | 20 | 93 | — | |||||||||||||||||
Total Loans and Leases With and | |||||||||||||||||||||||
Without an Allowance Recorded: | |||||||||||||||||||||||
Real estate mortgage | $ | 29,329 | $ | 45,671 | $ | 417 | $ | 116,473 | $ | 129,909 | $ | 970 | |||||||||||
Real estate construction and land | 5,862 | 5,870 | — | 5,690 | 5,689 | — | |||||||||||||||||
Commercial | 60,695 | 118,912 | 3,614 | 90,339 | 151,445 | 12,635 | |||||||||||||||||
Consumer | 1,148 | 1,470 | — | 120 | 193 | 16 | |||||||||||||||||
Total | $ | 97,034 | $ | 171,923 | $ | 4,031 | $ | 212,622 | $ | 287,236 | $ | 13,621 |
(1) | Excludes PCI loans. |
Year Ended December 31, | |||||||||||||||||||||||
2018 | 2017 (2) | 2016 (2) | |||||||||||||||||||||
Weighted | Interest | Weighted | Interest | Weighted | Interest | ||||||||||||||||||
Average | Income | Average | Income | Average | Income | ||||||||||||||||||
Impaired Loans and Leases | Balance (1) | Recognized | Balance (1) | Recognized | Balance (1) | Recognized | |||||||||||||||||
(In thousands) | |||||||||||||||||||||||
With An Allowance Recorded: | |||||||||||||||||||||||
Real estate mortgage: | |||||||||||||||||||||||
Commercial | $ | 1,736 | $ | 72 | $ | 15,538 | $ | 881 | $ | 26,870 | $ | 898 | |||||||||||
Income producing and other residential | 2,199 | 75 | 2,787 | 55 | 6,521 | 255 | |||||||||||||||||
Real estate construction and land: | |||||||||||||||||||||||
Residential | — | — | — | — | 213 | 14 | |||||||||||||||||
Commercial: | |||||||||||||||||||||||
Asset-based | — | — | — | — | 508 | — | |||||||||||||||||
Venture capital | 9,449 | — | 10,228 | — | 1,227 | — | |||||||||||||||||
Other commercial | 35 | — | 20,329 | 60 | 26,578 | 144 | |||||||||||||||||
Consumer | — | — | 100 | 8 | 233 | — | |||||||||||||||||
With No Related Allowance Recorded: | |||||||||||||||||||||||
Real estate mortgage: | |||||||||||||||||||||||
Commercial | $ | 15,714 | $ | 236 | $ | 89,554 | $ | 2,648 | $ | 41,917 | $ | 1,506 | |||||||||||
Income producing and other residential | 7,191 | 181 | 3,842 | 59 | 7,254 | 144 | |||||||||||||||||
Real estate construction and land: | |||||||||||||||||||||||
Commercial | 5,460 | 383 | 5,690 | 306 | 6,680 | 224 | |||||||||||||||||
Residential | — | — | — | — | 364 | — | |||||||||||||||||
Commercial: | |||||||||||||||||||||||
Asset-based | 32,324 | — | 31,388 | — | 31,000 | — | |||||||||||||||||
Venture capital | 689 | — | 2,860 | — | 2,446 | — | |||||||||||||||||
Other commercial | 6,286 | 98 | 3,404 | 84 | 2,750 | 22 | |||||||||||||||||
Consumer | 844 | 7 | 20 | — | 166 | 9 | |||||||||||||||||
Total Loans and Leases With and | |||||||||||||||||||||||
Without an Allowance Recorded: | |||||||||||||||||||||||
Real estate mortgage | $ | 26,840 | $ | 564 | $ | 111,721 | $ | 3,643 | $ | 82,562 | $ | 2,803 | |||||||||||
Real estate construction and land | 5,460 | 383 | 5,690 | 306 | 7,257 | 238 | |||||||||||||||||
Commercial | 48,783 | 98 | 68,209 | 144 | 64,509 | 166 | |||||||||||||||||
Consumer | 844 | 7 | 120 | 8 | 399 | 9 | |||||||||||||||||
Total | $ | 81,927 | $ | 1,052 | $ | 185,740 | $ | 4,101 | $ | 154,727 | $ | 3,216 |
(1) | For loans and leases reported as impaired at December 31, 2018, 2017, and 2016, amounts were calculated based on the period of time such loans and leases were impaired during the reported period. |
(2) | Excludes PCI loans. |
Troubled Debt Restructurings | ||||||||||||||||||
Troubled Debt Restructurings | That Subsequently Defaulted(1) | |||||||||||||||||
Pre-Modification | Post-Modification | |||||||||||||||||
Number | Outstanding | Outstanding | Number | |||||||||||||||
of | Recorded | Recorded | of | Recorded | ||||||||||||||
Loans | Investment | Investment | Loans | Investment(1) | ||||||||||||||
(Dollars In thousands) | ||||||||||||||||||
Year Ended December 31, 2018 | ||||||||||||||||||
Real estate mortgage: | ||||||||||||||||||
Commercial | 10 | $ | 17,181 | $ | 2,604 | — | $ | — | ||||||||||
Income producing and other residential | 10 | 3,262 | 2,203 | — | — | |||||||||||||
Commercial: | ||||||||||||||||||
Asset-based (2) | 4 | 28,947 | 33,947 | — | — | |||||||||||||
Venture capital | 14 | 37,416 | 36,919 | — | — | |||||||||||||
Other commercial | 19 | 14,399 | 14,027 | — | — | |||||||||||||
Consumer | 3 | 673 | 673 | — | — | |||||||||||||
Total | 60 | $ | 101,878 | $ | 90,373 | — | $ | — | (3) | |||||||||
Year Ended December 31, 2017 | ||||||||||||||||||
Real estate mortgage: | ||||||||||||||||||
Commercial | 5 | $ | 2,527 | $ | 2,463 | — | $ | — | ||||||||||
Income producing and other residential | 8 | 1,328 | 489 | — | — | |||||||||||||
Real estate construction and land: | ||||||||||||||||||
Residential | 1 | 362 | — | — | — | |||||||||||||
Commercial: | ||||||||||||||||||
Asset-based | 5 | 4,219 | 4,219 | — | — | |||||||||||||
Venture capital | 11 | 29,733 | 29,733 | — | — | |||||||||||||
Other commercial | 19 | 31,471 | 22,236 | 1 | 1 | |||||||||||||
Consumer | 1 | 97 | 97 | — | — | |||||||||||||
Total | 50 | $ | 69,737 | $ | 59,237 | 1 | $ | 1 | (4) | |||||||||
Year Ended December 31, 2016 | ||||||||||||||||||
Real estate mortgage: | ||||||||||||||||||
Commercial | 12 | $ | 13,833 | $ | 6,099 | — | $ | — | ||||||||||
Income producing and other residential | 10 | 7,091 | 6,439 | 2 | 5,000 | |||||||||||||
Real estate construction and land: | ||||||||||||||||||
Commercial | 1 | 1,245 | 1,245 | — | — | |||||||||||||
Commercial: | ||||||||||||||||||
Asset-based | 7 | 44,196 | 42,572 | 2 | 1,502 | |||||||||||||
Other commercial | 19 | 32,946 | 32,946 | — | — | |||||||||||||
Consumer | 5 | 850 | 142 | — | — | |||||||||||||
Total | 54 | $ | 100,161 | $ | 89,443 | 4 | $ | 6,502 | (5) |
(1) | The population of defaulted TDRs for the period indicated includes only those loans restructured during the preceding 12-month period. For example, for the year ended December 31, 2018, the population of defaulted TDRs includes only those loans restructured after December 31, 2017. The table excludes defaulted TDRs in those classes for which the recorded investment was zero at the end of the period. |
(2) | One commercial asset-based loan with a pre-modification balance of $27.3 million and a post-modification balance of $32.3 million was previously restructured in December 2017. |
(3) | Represents the balance at December 31, 2018, and there were no charge-offs. |
(4) | Represents the balance at December 31, 2017, and is net of charge-offs of $68,000. |
(5) | Represents the balance at December 31, 2016, and there were no charge-offs. |
Year Ended December 31, 2018 | |||||||||||||||||||
Real Estate | |||||||||||||||||||
Real Estate | Construction | ||||||||||||||||||
Mortgage | and Land | Commercial | Consumer | Total | |||||||||||||||
(In thousands) | |||||||||||||||||||
Allowance for Loan and lease losses: | |||||||||||||||||||
Balance, beginning of year (1) | $ | 40,051 | $ | 13,055 | $ | 84,022 | $ | 2,328 | $ | 139,456 | |||||||||
Charge-offs | (8,190 | ) | — | (50,481 | ) | (371 | ) | (59,042 | ) | ||||||||||
Recoveries | 2,350 | 195 | 12,566 | 173 | 15,284 | ||||||||||||||
Net (charge-offs) recoveries | (5,840 | ) | 195 | (37,915 | ) | (198 | ) | (43,758 | ) | ||||||||||
Provision (negative provision) | 11,810 | 14,959 | 10,253 | (248 | ) | 36,774 | |||||||||||||
Balance, end of year | $ | 46,021 | $ | 28,209 | $ | 56,360 | $ | 1,882 | $ | 132,472 | |||||||||
Ending Allowance by Impairment Methodology: | |||||||||||||||||||
Individually evaluated for impairment | $ | 417 | $ | — | $ | 3,614 | $ | — | $ | 4,031 | |||||||||
Collectively evaluated for impairment | $ | 45,604 | $ | 28,209 | $ | 52,746 | $ | 1,882 | $ | 128,441 | |||||||||
Ending Loans and Leases by Impairment Methodology: | |||||||||||||||||||
Individually evaluated for impairment | $ | 26,473 | $ | 5,862 | $ | 59,288 | $ | 444 | $ | 92,067 | |||||||||
Collectively evaluated for impairment | 7,891,668 | 2,227,794 | 7,345,307 | 400,877 | 17,865,646 | ||||||||||||||
Ending balance | $ | 7,918,141 | $ | 2,233,656 | $ | 7,404,595 | $ | 401,321 | $ | 17,957,713 |
(1) | The allowance for loan losses related to PCI loans of $6.4 million as of December 31, 2017 is reflected in the beginning balance of the allowance for loan and lease losses for the year ended December 31, 2018. |
Year Ended December 31, 2017 | |||||||||||||||||||||||||||
Real Estate | |||||||||||||||||||||||||||
Real Estate | Construction | Total | Total | ||||||||||||||||||||||||
Mortgage | and Land | Commercial | Consumer | Non-PCI | PCI | Total | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||
Allowance for Loan | |||||||||||||||||||||||||||
and Lease Losses: | |||||||||||||||||||||||||||
Balance, beginning of year | $ | 37,765 | $ | 10,045 | $ | 93,853 | $ | 2,092 | $ | 143,755 | $ | 13,483 | $ | 157,238 | |||||||||||||
Charge-offs | (2,410 | ) | — | (70,709 | ) | (1,023 | ) | (74,142 | ) | (6,154 | ) | (80,296 | ) | ||||||||||||||
Recoveries | 1,209 | 429 | 9,415 | 132 | 11,185 | 363 | 11,548 | ||||||||||||||||||||
Net (charge-offs) recoveries | (1,201 | ) | 429 | (61,294 | ) | (891 | ) | (62,957 | ) | (5,791 | ) | (68,748 | ) | ||||||||||||||
Provision (negative provision) | (1,583 | ) | 2,581 | 50,167 | 1,049 | 52,214 | (1,248 | ) | 50,966 | ||||||||||||||||||
Balance, end of year | $ | 34,981 | $ | 13,055 | $ | 82,726 | $ | 2,250 | $ | 133,012 | $ | 6,444 | $ | 139,456 | |||||||||||||
Ending Allowance by | |||||||||||||||||||||||||||
Impairment Methodology: | |||||||||||||||||||||||||||
Individually evaluated for | |||||||||||||||||||||||||||
impairment | $ | 970 | $ | — | $ | 12,635 | $ | 16 | $ | 13,621 | |||||||||||||||||
Collectively evaluated for | |||||||||||||||||||||||||||
impairment | $ | 34,011 | $ | 13,055 | $ | 70,091 | $ | 2,234 | $ | 119,391 | |||||||||||||||||
Acquired loans with | |||||||||||||||||||||||||||
deteriorated credit quality | $ | 6,444 | |||||||||||||||||||||||||
Ending Loans and Leases by | |||||||||||||||||||||||||||
Impairment Methodology: | |||||||||||||||||||||||||||
Individually evaluated for | |||||||||||||||||||||||||||
impairment | $ | 115,319 | $ | 5,690 | $ | 89,626 | $ | 100 | $ | 210,735 | |||||||||||||||||
Collectively evaluated for | |||||||||||||||||||||||||||
impairment | 7,683,672 | 1,585,539 | 7,025,294 | 409,467 | 16,703,972 | ||||||||||||||||||||||
Acquired loans with | |||||||||||||||||||||||||||
deteriorated credit quality | $ | 58,036 | |||||||||||||||||||||||||
Ending balance | $ | 7,798,991 | $ | 1,591,229 | $ | 7,114,920 | $ | 409,567 | $ | 16,914,707 | $ | 58,036 | $ | 16,972,743 |
Year Ended December 31, 2018 | |||||||||||
Allowance for | Reserve for | Total | |||||||||
Loan and | Unfunded Loan | Allowance for | |||||||||
Lease Losses | Commitments | Credit Losses | |||||||||
(In thousands) | |||||||||||
Balance, beginning of period (1) | $ | 139,456 | $ | 28,635 | $ | 168,091 | |||||
Charge-offs | (59,042 | ) | — | (59,042 | ) | ||||||
Recoveries | 15,284 | — | 15,284 | ||||||||
Net charge-offs | (43,758 | ) | — | (43,758 | ) | ||||||
Provision | 36,774 | 8,226 | 45,000 | ||||||||
Balance, end of period | $ | 132,472 | $ | 36,861 | $ | 169,333 |
(1) | The allowance for loan losses related to PCI loans of $6.4 million as of December 31, 2017 is reflected in the beginning balance of the allowance for loan and lease losses for the year ended December 31, 2018. |
Year Ended December 31, 2017 | |||||||||||||||||||
Non-PCI | |||||||||||||||||||
Allowance for | Reserve for | PCI | Total | ||||||||||||||||
Loan and | Unfunded Loan | Allowance for | Allowance for | Allowance for | |||||||||||||||
Lease Losses | Commitments | Credit Losses | Loan Losses | Credit Losses | |||||||||||||||
(In thousands) | |||||||||||||||||||
Balance, beginning of period | $ | 143,755 | $ | 17,523 | $ | 161,278 | $ | 13,483 | $ | 174,761 | |||||||||
Charge-offs | (74,142 | ) | — | (74,142 | ) | (6,154 | ) | (80,296 | ) | ||||||||||
Recoveries | 11,185 | — | 11,185 | 363 | 11,548 | ||||||||||||||
Net charge-offs | (62,957 | ) | — | (62,957 | ) | (5,791 | ) | (68,748 | ) | ||||||||||
Provision (negative provision) | 52,214 | 6,786 | 59,000 | (1,248 | ) | 57,752 | |||||||||||||
Fair value of acquired reserve for | |||||||||||||||||||
unfunded loan commitments | — | 4,326 | 4,326 | — | 4,326 | ||||||||||||||
Balance, end of period | $ | 133,012 | $ | 28,635 | $ | 161,647 | $ | 6,444 | $ | 168,091 |
December 31, | |||||||
Property Type | 2018 | 2017 | |||||
(In thousands) | |||||||
Construction and land development | $ | 219 | $ | 219 | |||
Multi‑family | 1,059 | — | |||||
Single-family residence | 953 | 1,019 | |||||
Commercial real estate | 2,004 | 64 | |||||
Total other real estate owned, net | 4,235 | 1,302 | |||||
Other foreclosed assets | 1,064 | 27 | |||||
Total foreclosed assets, net | $ | 5,299 | $ | 1,329 |
Year Ended December 31, | |||||||||||
Foreclosed Assets | 2018 | 2017 | 2016 | ||||||||
(In thousands) | |||||||||||
Balance, beginning of year | $ | 1,329 | $ | 12,976 | $ | 22,120 | |||||
Transfers to foreclosed assets from loans | 16,914 | 580 | 781 | ||||||||
Other additions | — | 1,385 | — | ||||||||
Provision for losses | (74 | ) | (2,138 | ) | (2,576 | ) | |||||
Reductions related to sales | (12,870 | ) | (11,474 | ) | (7,349 | ) | |||||
Balance, end of year | $ | 5,299 | $ | 1,329 | $ | 12,976 |
Year Ended December 31, | |||||||||||
Foreclosed Assets Valuation Allowance | 2018 | 2017 | 2016 | ||||||||
(In thousands) | |||||||||||
Balance, beginning of year | $ | 14 | $ | 12,696 | $ | 10,246 | |||||
Provision for losses | 74 | 2,138 | 2,576 | ||||||||
Reductions related to sales | — | (14,820 | ) | (126 | ) | ||||||
Balance, end of year | $ | 88 | $ | 14 | $ | 12,696 |
December 31, | |||||||
2018 | 2017 | ||||||
(In thousands) | |||||||
Land | $ | 1,243 | $ | 1,243 | |||
Buildings | 8,309 | 8,154 | |||||
Furniture, fixtures and equipment | 45,204 | 43,250 | |||||
Leasehold improvements | 50,214 | 42,521 | |||||
Premises and equipment, gross | 104,970 | 95,168 | |||||
Less: accumulated depreciation and amortization | (70,309 | ) | (63,316 | ) | |||
Premises and equipment, net | $ | 34,661 | $ | 31,852 |
December 31, 2018 | |||
(In thousands) | |||
Estimated Lease Payments for Year Ending December 31, | |||
2019 | $ | 32,845 | |
2020 | 30,267 | ||
2021 | 26,852 | ||
2022 | 20,862 | ||
2023 | 17,745 | ||
2024 and thereafter | 29,923 | ||
Total | $ | 158,494 |
December 31, | |||||||
Other Assets | 2018 | 2017 | |||||
(In thousands) | |||||||
Cash surrender value of BOLI | $ | 194,897 | $ | 193,917 | |||
Interest receivable | 88,754 | 82,935 | |||||
LIHTC investments | 59,507 | 39,235 | |||||
CRA investments (1) | 59,062 | 49,432 | |||||
Taxes receivable | 39,096 | 98,998 | |||||
Prepaid expenses | 18,006 | 17,800 | |||||
Equity investments without readily determinable fair values | 14,758 | 14,856 | |||||
Equity investments with readily determinable fair values | 4,891 | — | |||||
Equity warrants | 4,793 | 5,161 | |||||
Other receivables/assets | 39,132 | 38,389 | |||||
Total other assets | $ | 522,896 | $ | 540,723 |
(1) | Includes equity investments without readily determinable fair values of $12.5 million and $8.2 million at December 31, 2018 and 2017. |
December 31, | |||||||
Deposit Category | 2018 | 2017 | |||||
(In thousands) | |||||||
Interest checking deposits | $ | 2,972,357 | $ | 2,711,250 | |||
Money market deposits | 5,432,169 | 4,890,567 | |||||
Savings deposits | 571,422 | 690,353 | |||||
Time deposits $250,000 and under | 1,593,453 | 1,709,980 | |||||
Time deposits over $250,000 | 412,185 | 355,342 | |||||
Total interest-bearing deposits | $ | 10,981,586 | $ | 10,357,492 |
Time Deposits | |||||||||||
$250,000 | Over | ||||||||||
December 31, 2018 | and Under | $250,000 | Total | ||||||||
(In thousands) | |||||||||||
Year of Maturity: | |||||||||||
2019 | $ | 1,502,100 | $ | 393,110 | $ | 1,895,210 | |||||
2020 | 67,885 | 16,630 | 84,515 | ||||||||
2021 | 15,450 | 1,651 | 17,101 | ||||||||
2022 | 5,931 | 794 | 6,725 | ||||||||
2023 | 2,087 | — | 2,087 | ||||||||
Total | $ | 1,593,453 | $ | 412,185 | $ | 2,005,638 |
December 31, 2018 | December 31, 2017 | ||||||||||||
Weighted | Weighted | ||||||||||||
Average | Average | ||||||||||||
Borrowing Type | Amount | Rate | Amount | Rate | |||||||||
(Dollars in thousands) | |||||||||||||
Non‑recourse debt | $ | 114 | 7.50 | % | $ | 342 | 6.87 | % | |||||
FHLB secured advances | 1,040,000 | 2.56 | % | 332,000 | 1.41 | % | |||||||
FHLB unsecured overnight advance | 141,000 | 2.53 | % | 135,000 | 1.34 | % | |||||||
AFX borrowings | 190,000 | 2.56 | % | — | — | % | |||||||
Total borrowings | $ | 1,371,114 | 2.56 | % | $ | 467,342 | 1.39 | % |
December 31, 2018 | December 31, 2017 | ||||||||||||||||||
Issue | Maturity | Rate Index | |||||||||||||||||
Series | Amount | Rate | Amount | Rate | Date | Date | (Quarterly Reset) | ||||||||||||
(Dollars in thousands) | |||||||||||||||||||
Trust V | $ | 10,310 | 5.89 | % | $ | 10,310 | 4.70 | % | 8/15/2003 | 9/17/2033 | 3-month LIBOR + 3.10 | ||||||||
Trust VI | 10,310 | 5.84 | % | 10,310 | 4.64 | % | 9/3/2003 | 9/15/2033 | 3-month LIBOR + 3.05 | ||||||||||
Trust CII | 5,155 | 5.74 | % | 5,155 | 4.55 | % | 9/17/2003 | 9/17/2033 | 3-month LIBOR + 2.95 | ||||||||||
Trust VII | 61,856 | 5.27 | % | 61,856 | 4.13 | % | 2/5/2004 | 4/23/2034 | 3-month LIBOR + 2.75 | ||||||||||
Trust CIII | 20,619 | 4.48 | % | 20,619 | 3.28 | % | 8/15/2005 | 9/15/2035 | 3-month LIBOR + 1.69 | ||||||||||
Trust FCCI | 16,495 | 4.39 | % | 16,495 | 3.19 | % | 1/25/2007 | 3/15/2037 | 3-month LIBOR + 1.60 | ||||||||||
Trust FCBI | 10,310 | 4.34 | % | 10,310 | 3.14 | % | 9/30/2005 | 12/15/2035 | 3-month LIBOR + 1.55 | ||||||||||
Trust CS 2005-1 | 82,475 | 4.74 | % | 82,475 | 3.54 | % | 11/21/2005 | 12/15/2035 | 3-month LIBOR + 1.95 | ||||||||||
Trust CS 2005-2 | 128,866 | 4.47 | % | 128,866 | 3.33 | % | 12/14/2005 | 1/30/2036 | 3-month LIBOR + 1.95 | ||||||||||
Trust CS 2006-1 | 51,545 | 4.47 | % | 51,545 | 3.33 | % | 2/22/2006 | 4/30/2036 | 3-month LIBOR + 1.95 | ||||||||||
Trust CS 2006-2 | 51,550 | 4.47 | % | 51,550 | 3.33 | % | 9/27/2006 | 10/30/2036 | 3-month LIBOR + 1.95 | ||||||||||
Trust CS 2006-3 (1) | 29,556 | 1.73 | % | 30,986 | 1.72 | % | 9/29/2006 | 10/30/2036 | 3-month EURIBOR + 2.05 | ||||||||||
Trust CS 2006-4 | 16,470 | 4.47 | % | 16,470 | 3.33 | % | 12/5/2006 | 1/30/2037 | 3-month LIBOR + 1.95 | ||||||||||
Trust CS 2006-5 | 6,650 | 4.47 | % | 6,650 | 3.33 | % | 12/19/2006 | 1/30/2037 | 3-month LIBOR + 1.95 | ||||||||||
Trust CS 2007-2 | 39,177 | 4.47 | % | 39,177 | 3.33 | % | 6/13/2007 | 7/30/2037 | 3-month LIBOR + 1.95 | ||||||||||
Trust I (2) | — | — | % | 6,186 | 3.64 | % | 12/10/2004 | 3/15/2035 | 3-month LIBOR + 2.05 | ||||||||||
Trust II (2) | — | — | % | 3,093 | 3.34 | % | 12/23/2005 | 3/15/2036 | 3-month LIBOR + 1.75 | ||||||||||
Trust III (2) | — | — | % | 3,093 | 3.44 | % | 6/30/2006 | 9/18/2036 | 3-month LIBOR + 1.85 | ||||||||||
Gross subordinated debentures | 541,344 | 4.51 | % | 555,146 | 3.42 | % | |||||||||||||
Unamortized discount (3) | (87,498 | ) | (92,709 | ) | |||||||||||||||
Net subordinated debentures | $ | 453,846 | $ | 462,437 |
(1) | Denomination is in Euros with a value of €25.8 million. |
(2) | Acquired in the CUB acquisition on October 20, 2017 and redeemed in the first quarter of 2018. |
(3) | Amount represents the fair value adjustment on trust preferred securities assumed in acquisitions. |
December 31, | |||||||
2018 | 2017 | ||||||
(In thousands) | |||||||
Loan commitments to extend credit | $ | 7,528,248 | $ | 6,234,061 | |||
Standby letters of credit | 364,210 | 320,063 | |||||
Commitments to contribute capital to low income housing project partnerships | |||||||
and small business investment companies | 101,991 | 62,553 | |||||
Commitments to contribute capital to private equity funds | 50 | 2,541 | |||||
Total | $ | 7,994,499 | $ | 6,619,218 |
• | Level 1: Quoted prices (unadjusted) for identical assets or liabilities in active markets. |
• | Level 2: Observable inputs other than Level 1, including quoted prices for similar assets and liabilities in active markets, quoted prices in less active markets, or other observable inputs that can be corroborated by observable market data, either directly or indirectly, for substantially the full term of the financial instrument. This category generally includes municipal securities, agency residential and commercial MBS, collateralized loan obligations, registered publicly rated private label CMOs, corporate debt securities, SBA securities, and asset-backed securitizations. |
• | Level 3: Inputs to a valuation methodology that are unobservable, supported by little or no market activity, and significant to the fair value measurement. These valuation methodologies generally include pricing models, discounted cash flow models, or a determination of fair value that requires significant management judgment or estimation. This category also includes observable inputs from a pricing service not corroborated by observable market data, and includes our non-rated private label CMOs, non-rated private label asset-backed securities, and equity warrants. |
Fair Value Measurements as of | |||||||||||||||
December 31, 2018 | |||||||||||||||
Measured on a Recurring Basis | Total | Level 1 | Level 2 | Level 3 | |||||||||||
(In thousands) | |||||||||||||||
Securities available‑for‑sale: | |||||||||||||||
Residential MBS and CMOs: | |||||||||||||||
Agency MBS | $ | 281,088 | $ | — | $ | 281,088 | $ | — | |||||||
Agency CMOs | 632,850 | — | 632,850 | — | |||||||||||
Private label CMOs | 101,205 | — | 93,917 | 7,288 | |||||||||||
Municipal securities | 1,312,194 | — | 1,312,194 | — | |||||||||||
Agency commercial MBS | 1,112,704 | — | 1,112,704 | — | |||||||||||
U.S. Treasury securities | 403,405 | 403,405 | — | — | |||||||||||
Asset-backed securities | 81,385 | — | 41,440 | 39,945 | |||||||||||
SBA securities | 67,047 | — | 67,047 | — | |||||||||||
Corporate debt securities | 17,553 | — | 17,553 | — | |||||||||||
Total securities available-for-sale | 4,009,431 | 403,405 | 3,558,793 | 47,233 | |||||||||||
Equity warrants | 4,793 | — | — | 4,793 | |||||||||||
Other derivative assets | 3,292 | — | 3,292 | — | |||||||||||
Equity investments with readily determinable fair values | 4,891 | 4,891 | — | — | |||||||||||
Total recurring assets | $ | 4,022,407 | $ | 408,296 | $ | 3,562,085 | $ | 52,026 | |||||||
Derivative liabilities | $ | 142 | $ | — | $ | 142 | $ | — |
Fair Value Measurements as of | |||||||||||||||
December 31, 2017 | |||||||||||||||
Measured on a Recurring Basis | Total | Level 1 | Level 2 | Level 3 | |||||||||||
(In thousands) | |||||||||||||||
Securities available‑for‑sale: | |||||||||||||||
Residential MBS and CMOs: | |||||||||||||||
Agency MBS | $ | 246,274 | $ | — | $ | 246,274 | $ | — | |||||||
Agency CMOs | 275,709 | — | 275,709 | — | |||||||||||
Private label CMOs | 125,987 | — | 103,113 | 22,874 | |||||||||||
Municipal securities | 1,680,068 | — | 1,680,068 | — | |||||||||||
Agency commercial MBS | 1,163,969 | — | 1,163,969 | — | |||||||||||
SBA securities | 160,334 | — | 160,334 | — | |||||||||||
Asset-backed securities | 88,710 | — | 46,601 | 42,109 | |||||||||||
Corporate debt securities | 19,295 | — | 19,295 | — | |||||||||||
Collateralized loan obligations | 7,015 | — | 7,015 | — | |||||||||||
Equity investments (1) | 7,070 | 5,922 | 1,148 | — | |||||||||||
Total securities available-for-sale | 3,774,431 | 5,922 | 3,703,526 | 64,983 | |||||||||||
Equity warrants | 5,161 | — | — | 5,161 | |||||||||||
Other derivative assets | 1,873 | — | 1,873 | — | |||||||||||
Total recurring assets | $ | 3,781,465 | $ | 5,922 | $ | 3,705,399 | $ | 70,144 | |||||||
Derivative liabilities | $ | 1,379 | $ | — | $ | 1,379 | $ | — |
December 31, 2018 | |||||||
Private Label CMOs | Asset-Backed Securities | ||||||
Weighted | Input or | Weighted | |||||
Range of | Average | Range of | Average | ||||
Unobservable Inputs | Inputs | Input | Inputs | Input | |||
Voluntary annual prepayment speeds | 6.1% - 31.1% | 10.2% | 12% - 15% | 6.9% | |||
Annual default rates (1) | 0.6% - 82.0% | 1.9% | 2% | 2.0% | |||
Loss severity rates (1) | 5.3% - 135.2% | 53.0% | 60% | 60.0% | |||
Discount rates | 2.4% - 9.7% | 6.4% | 3.2% - 5.2% | 2.1% |
(1) | The annual default rates and loss severity rates were the same for all of the asset-backed securities. |
December 31, 2018 | |
Equity Warrants | |
Weighted | |
Average | |
Unobservable Inputs | Input |
Volatility | 16.6% |
Risk-free interest rate | 2.5% |
Remaining life assumption (in years) | 3.5 |
Year Ended December 31, | |||||||||||
Level 3 Private Label CMOs | 2018 | 2017 | 2016 | ||||||||
(In thousands) | |||||||||||
Balance, beginning of year | $ | 22,874 | $ | 56,902 | $ | 81,241 | |||||
Total included in earnings | 1,737 | 2,256 | 1,636 | ||||||||
Total unrealized loss in comprehensive income | (1,146 | ) | (742 | ) | (1,648 | ) | |||||
Sales | (4,880 | ) | (4,732 | ) | — | ||||||
Transfer from Level 2 | — | 574 | — | ||||||||
Transfers to Level 2 | — | (21,165 | ) | — | |||||||
Net settlements | (11,297 | ) | (10,219 | ) | (24,327 | ) | |||||
Balance, end of year | $ | 7,288 | $ | 22,874 | $ | 56,902 |
Year Ended December 31, | |||||||||||
Level 3 Asset-Backed Securities | 2018 | 2017 | 2016 | ||||||||
(In thousands) | |||||||||||
Balance, beginning of year | $ | 42,109 | $ | 8,373 | $ | 18,200 | |||||
Total included in earnings | (32 | ) | 367 | 96 | |||||||
Total unrealized gain (loss) in comprehensive income | 495 | (937 | ) | 94 | |||||||
Purchases | 15,158 | 42,910 | — | ||||||||
Net settlements | (17,785 | ) | (8,604 | ) | (10,017 | ) | |||||
Balance, end of year | $ | 39,945 | $ | 42,109 | $ | 8,373 |
Year Ended December 31, | |||||||||||
Level 3 Equity Warrants | 2018 | 2017 | 2016 | ||||||||
(In thousands) | |||||||||||
Balance, beginning of year | $ | 5,161 | $ | 5,497 | $ | 4,914 | |||||
Total included in earnings | 7,478 | 2,532 | 1,402 | ||||||||
Exercises (1) | (8,589 | ) | (3,093 | ) | (1,894 | ) | |||||
Issuances | 821 | 1,407 | 1,911 | ||||||||
Transfers to Level 1 (equity investments with readily | |||||||||||
determinable fair values) | (78 | ) | (1,182 | ) | (836 | ) | |||||
Balance, end of year | $ | 4,793 | $ | 5,161 | $ | 5,497 |
(1) | Upon exercise, warrants become equity securities in public companies. These are often subject to lock-up restrictions that must be met before the equity security can be sold, during which time they are reported as equity investments with readily determinable fair values. |
Fair Value Measurement as of | |||||||||||||||
December 31, 2018 | |||||||||||||||
Measured on a Non‑Recurring Basis | Total | Level 1 | Level 2 | Level 3 | |||||||||||
(In thousands) | |||||||||||||||
Impaired loans | $ | 24,432 | $ | — | $ | 1,800 | $ | 22,632 | |||||||
OREO | 1,136 | — | 1,136 | — | |||||||||||
Total non-recurring | $ | 25,568 | $ | — | $ | 2,936 | $ | 22,632 |
Fair Value Measurement as of | |||||||||||||||
December 31, 2017 | |||||||||||||||
Measured on a Non‑Recurring Basis | Total | Level 1 | Level 2 | Level 3 | |||||||||||
(In thousands) | |||||||||||||||
Impaired Non‑PCI loans | $ | 61,095 | $ | — | $ | 5,143 | $ | 55,952 | |||||||
Loans held for sale | 483,563 | — | 483,563 | — | |||||||||||
Total non-recurring | $ | 544,658 | $ | — | $ | 488,706 | $ | 55,952 |
Year Ended December 31, | |||||||||||
Loss on Assets Measured on a Non‑Recurring Basis | 2018 | 2017 | 2016 | ||||||||
(In thousands) | |||||||||||
Impaired loans | $ | 9,198 | $ | 20,422 | $ | 43,240 | |||||
Loans held for sale | — | 957 | — | ||||||||
OREO | 74 | 14 | 2,576 | ||||||||
Total net loss | $ | 9,272 | $ | 21,393 | $ | 45,816 |
December 31, 2018 | |||||||||||
Valuation | Unobservable | Weighted | |||||||||
Asset | Fair Value | Technique | Inputs | Range | Average | ||||||
(In thousands) | |||||||||||
Impaired loans | $ | 11,931 | Discounted cash flows | Discount rates | 3.75% - 8.00% | 6.92% | |||||
Impaired loans | 5,000 | Negotiated discounted payoff from investors | |||||||||
Impaired loans | 5,701 | Third party appraisals | No discounts | ||||||||
Total non-recurring Level 3 | $ | 22,632 |
December 31, 2018 | |||||||||||||||||||
Carrying | Estimated Fair Value | ||||||||||||||||||
Amount | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||
(In thousands) | |||||||||||||||||||
Financial Assets: | |||||||||||||||||||
Cash and due from banks | $ | 175,830 | $ | 175,830 | $ | 175,830 | $ | — | $ | — | |||||||||
Interest‑earning deposits in financial institutions | 209,937 | 209,937 | 209,937 | — | — | ||||||||||||||
Securities available‑for‑sale | 4,009,431 | 4,009,431 | 403,405 | 3,558,793 | 47,233 | ||||||||||||||
Investment in FHLB stock | 32,103 | 32,103 | — | 32,103 | — | ||||||||||||||
Loans and leases held for investment, net | 17,825,241 | 17,013,860 | — | 1,800 | 17,012,060 | ||||||||||||||
Equity warrants | 4,793 | 4,793 | — | — | 4,793 | ||||||||||||||
Other derivative assets | 3,292 | 3,292 | — | 3,292 | — | ||||||||||||||
Equity investments with readily determinable fair values | 4,891 | 4,891 | 4,891 | — | — | ||||||||||||||
Financial Liabilities: | |||||||||||||||||||
Core deposits | 16,346,671 | 16,346,671 | — | 16,346,671 | — | ||||||||||||||
Non-core non-maturity deposits | 518,192 | 518,192 | — | 518,192 | — | ||||||||||||||
Time deposits | 2,005,638 | 2,017,137 | — | 2,017,137 | — | ||||||||||||||
Borrowings | 1,371,114 | 1,371,114 | 1,371,000 | 114 | — | ||||||||||||||
Subordinated debentures | 453,846 | 435,251 | — | 435,251 | — | ||||||||||||||
Derivative liabilities | 142 | 142 | — | 142 | — |
December 31, 2017 | |||||||||||||||||||
Carrying | Estimated Fair Value | ||||||||||||||||||
Amount | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||
(In thousands) | |||||||||||||||||||
Financial Assets: | |||||||||||||||||||
Cash and due from banks | $ | 233,215 | $ | 233,215 | $ | 233,215 | $ | — | $ | — | |||||||||
Interest‑earning deposits in financial institutions | 165,222 | 165,222 | 165,222 | — | — | ||||||||||||||
Securities available‑for‑sale | 3,774,431 | 3,774,431 | 5,922 | 3,703,526 | 64,983 | ||||||||||||||
Investment in FHLB stock | 20,790 | 20,790 | — | 20,790 | — | ||||||||||||||
Loans held for sale | 481,100 | 483,563 | — | 483,563 | — | ||||||||||||||
Loans and leases held for investment, net | 16,833,287 | 17,023,098 | — | 5,143 | 17,017,955 | ||||||||||||||
Equity warrants | 5,161 | 5,161 | — | — | 5,161 | ||||||||||||||
Other derivative assets | 1,873 | 1,873 | — | 1,873 | — | ||||||||||||||
Financial Liabilities: | |||||||||||||||||||
Core deposits | 15,937,012 | 15,937,012 | — | 15,937,012 | — | ||||||||||||||
Non-core non-maturity deposits | 863,202 | 863,202 | — | 863,202 | — | ||||||||||||||
Time deposits | 2,065,322 | 2,055,104 | — | 2,055,104 | — | ||||||||||||||
Borrowings | 467,342 | 467,342 | 467,000 | 342 | — | ||||||||||||||
Subordinated debentures | 462,437 | 444,383 | — | 444,383 | — | ||||||||||||||
Derivative liabilities | 1,379 | 1,379 | — | 1,379 | — |
Year Ended December 31, | |||||||||||
2018 | 2017 | 2016 | |||||||||
(In thousands) | |||||||||||
Current Income Tax Expense: | |||||||||||
Federal | $ | 100,466 | $ | 74,769 | $ | 101,530 | |||||
State | 69,909 | 38,933 | 52,551 | ||||||||
Total current income tax expense | 170,375 | 113,702 | 154,081 | ||||||||
Deferred Income Tax Expense: | |||||||||||
Federal | 4,746 | 63,463 | 55,857 | ||||||||
State | (7,143 | ) | 19,748 | (4,168 | ) | ||||||
Total deferred income tax expense | (2,397 | ) | 83,211 | 51,689 | |||||||
Total income tax expense | $ | 167,978 | $ | 196,913 | $ | 205,770 |
Year Ended December 31, | |||||||||||
2018 | 2017 | 2016 | |||||||||
(In thousands) | |||||||||||
Computed expected income tax expense at federal statutory rate | $ | 132,997 | $ | 194,156 | $ | 195,278 | |||||
State tax expense, net of federal tax benefit | 45,945 | 33,729 | 32,896 | ||||||||
Tax‑exempt interest benefit | (9,810 | ) | (15,510 | ) | (13,992 | ) | |||||
Increase in cash surrender value of life insurance | (1,742 | ) | (1,853 | ) | (1,544 | ) | |||||
Low income housing tax credits, net of amortization | (2,025 | ) | (2,054 | ) | (1,439 | ) | |||||
Nondeductible employee compensation | 2,552 | 1,781 | 1,257 | ||||||||
Nondeductible acquisition‑related expense | 71 | 1,608 | — | ||||||||
Nondeductible FDIC premiums | 1,664 | — | — | ||||||||
Change in unrecognized tax benefits | (169 | ) | 1,157 | (2,268 | ) | ||||||
Valuation allowance change | (15,721 | ) | (13,071 | ) | (8,689 | ) | |||||
Expired capital loss carryforward | 8,097 | — | — | ||||||||
Federal rate change | 1,859 | (1,156 | ) | — | |||||||
Other, net | 4,260 | (1,874 | ) | 4,271 | |||||||
Recorded income tax expense | $ | 167,978 | $ | 196,913 | $ | 205,770 |
December 31, | |||||||
2018 | 2017 | ||||||
(In thousands) | |||||||
Deferred Tax Assets: | |||||||
Book allowance for loan losses in excess of tax specific charge-offs | $ | 58,375 | $ | 60,349 | |||
Interest on nonaccrual loans | 4,389 | 8,519 | |||||
Deferred compensation | 6,015 | 6,174 | |||||
Premises and equipment, principally due to differences in depreciation | 4,506 | 3,789 | |||||
Foreclosed assets valuation allowance | 263 | 248 | |||||
State tax benefit | 6,570 | 3,781 | |||||
Net operating losses | 68,026 | 70,269 | |||||
Capital loss carryforwards | 4,212 | 14,264 | |||||
Accrued liabilities | 35,750 | 25,986 | |||||
Unrealized loss from FDIC‑assisted acquisitions | 3,559 | 4,654 | |||||
Unrealized loss on securities available-for-sale | 2,435 | — | |||||
Tax mark-to-market | — | 9,207 | |||||
Equity investments | 4,896 | 7,549 | |||||
Goodwill | 10,418 | 15,641 | |||||
Tax credits | 5,237 | 5,651 | |||||
Other | 4,887 | — | |||||
Gross deferred tax assets | 219,538 | 236,081 | |||||
Valuation allowance | (78,407 | ) | (94,120 | ) | |||
Deferred tax assets, net of valuation allowance | 141,131 | 141,961 | |||||
Deferred Tax Liabilities: | |||||||
Core deposit and customer relationship intangibles | 15,159 | 21,529 | |||||
Deferred loan fees and costs | 7,275 | 9,735 | |||||
Unrealized gain on securities available‑for‑sale | — | 15,107 | |||||
FHLB stock | 658 | 744 | |||||
Tax mark-to-market | 1,636 | — | |||||
Subordinated debentures | 23,164 | 24,518 | |||||
Operating leases | 75,750 | 65,286 | |||||
Other | — | 7,303 | |||||
Gross deferred tax liabilities | 123,642 | 144,222 | |||||
Total net deferred tax asset (liability) | $ | 17,489 | $ | (2,261 | ) |
Year Ended December 31, | |||||||
Unrecognized Tax Benefits | 2018 | 2017 | |||||
(In thousands) | |||||||
Balance, beginning of year | $ | 10,209 | $ | 9,985 | |||
Increase based on tax positions related to prior years | 1,278 | 5,725 | |||||
Reductions for tax positions related to prior years | — | (767 | ) | ||||
Reductions related to settlements | (684 | ) | (3,795 | ) | |||
Reductions for tax positions as a result of a lapse of the applicable statute of limitations | (1,231 | ) | (939 | ) | |||
Balance, end of year | $ | 9,572 | $ | 10,209 | |||
Unrecognized tax benefits that would have impacted the effective tax rate if recognized | $ | 5,806 | $ | 6,443 |
Year Ended December 31, | |||||||||||
2018 | 2017 | 2016 | |||||||||
(Dollars in thousands, except per share data) | |||||||||||
Basic Earnings Per Share: | |||||||||||
Net earnings | $ | 465,339 | $ | 357,818 | $ | 352,166 | |||||
Less: earnings allocated to unvested restricted stock(1) | (5,119 | ) | (4,184 | ) | (3,988 | ) | |||||
Net earnings allocated to common shares | $ | 460,220 | $ | 353,634 | $ | 348,178 | |||||
Weighted-average basic shares and unvested restricted stock outstanding | 125,100 | 123,060 | 121,670 | ||||||||
Less: weighted-average unvested restricted stock outstanding | (1,460 | ) | (1,447 | ) | (1,431 | ) | |||||
Weighted-average basic shares outstanding | 123,640 | 121,613 | 120,239 | ||||||||
Basic earnings per share | $ | 3.72 | $ | 2.91 | $ | 2.90 | |||||
Diluted Earnings Per Share: | |||||||||||
Net earnings allocated to common shares | $ | 460,220 | $ | 353,634 | $ | 348,178 | |||||
Weighted-average basic shares outstanding | 123,640 | 121,613 | 120,239 | ||||||||
Diluted earnings per share | $ | 3.72 | $ | 2.91 | $ | 2.90 |
(1) | Represents cash dividends paid to holders of unvested restricted stock, net of forfeitures, plus undistributed earnings amounts available to holders of unvested restricted stock, if any. |
• | Revenue earned at a point in time. Examples of revenue earned at a point in time are ATM transaction fees, wire transfer fees, NSF fees, and credit and debit card interchange fees. Revenue is generally derived from transactional information accumulated by our systems and is recognized as revenue immediately as the transactions occur or upon providing the service to complete the customer's transaction. The Company is the principal in each of these contracts with the exception of credit and debit card interchange fees, in which case the Company is acting as the agent and records revenue net of expenses paid to the principal. |
• | Revenue earned over time. The Company earns certain revenue from contracts with customers monthly. Examples of this type of revenue are deposit account service fees, investment management fees, merchant referral services, MasterCard marketing incentives and safe deposit box fees. Account service charges, management fees and referral fees are recognized on a monthly basis while any transaction-based revenue is recorded as the activity occurs. Revenue is primarily based on the number and type of transactions and is generally derived from transactional information accumulated by our systems. Revenue is recorded in the same period as the related transactions occur or services are rendered to the customer. |
Year Ended December 31, 2018 | |||||||
Total | Revenue from | ||||||
Recorded | Contracts with | ||||||
Revenue | Customers | ||||||
Total interest income | $ | 1,161,670 | $ | — | |||
Noninterest income: | |||||||
Service charges on deposit accounts | 16,509 | 16,509 | |||||
Other commissions and fees | 45,543 | 19,080 | |||||
Leased equipment income | 37,881 | — | |||||
Gain on sale of loans | 4,675 | — | |||||
Gain on sale of securities | 8,176 | — | |||||
Other income | 35,851 | 1,791 | |||||
Total noninterest income | 148,635 | 37,380 | |||||
Total revenue | $ | 1,310,305 | $ | 37,380 |
Year Ended | |||
December 31, 2018 | |||
(In thousands) | |||
Products and services transferred at a point in time | $ | 18,681 | |
Products and services transferred over time | 18,699 | ||
Total revenue from contracts with customers | $ | 37,380 |
December 31, 2018 | |||
(In thousands) | |||
Receivables, which are included in "Other assets" | $ | 1,334 | |
Contract assets, which are included in "Other assets" | $ | — | |
Contract liabilities, which are included in "Interest payable and other liabilities" | $ | 621 |
TRSAs | PRSUs | ||||||||
Weighted | Weighted | ||||||||
Average | Average | ||||||||
Number | Grant Date | Number | Grant Date | ||||||
of | Fair Value | of | Fair Value | ||||||
Year Ended December 31, 2018 | Shares | (Per Share) | Units | (Per Unit) | |||||
Unvested restricted stock, beginning of year | 1,436,120 | $43.47 | 239,025 | $38.20 | |||||
Granted | 509,265 | $53.69 | 86,716 | $57.52 | |||||
Vested | (517,547 | ) | $42.86 | — | $— | ||||
Forfeited | (83,182 | ) | $45.96 | — | $— | ||||
Unvested restricted stock, end of year | 1,344,656 | $47.43 | 325,741 | $43.34 |
Well Capitalized | |||||||||||||||
Minimum | Excess | ||||||||||||||
Actual | Requirement | Capital | |||||||||||||
Amount | Ratio | Amount | Ratio | Amount | |||||||||||
(Dollars in thousands) | |||||||||||||||
December 31, 2018 | |||||||||||||||
Tier I leverage: | |||||||||||||||
PacWest Bancorp Consolidated | $ | 2,255,588 | 10.13% | $ | 1,113,341 | 5.00% | $ | 1,142,247 | |||||||
Pacific Western Bank | $ | 2,403,244 | 10.80% | $ | 1,112,356 | 5.00% | $ | 1,290,888 | |||||||
Common equity Tier I capital: | |||||||||||||||
PacWest Bancorp Consolidated | $ | 2,255,588 | 10.01% | $ | 1,464,131 | 6.50% | $ | 791,457 | |||||||
Pacific Western Bank | $ | 2,403,244 | 10.68% | $ | 1,462,083 | 6.50% | $ | 941,161 | |||||||
Tier I capital: | |||||||||||||||
PacWest Bancorp Consolidated | $ | 2,255,588 | 10.01% | $ | 1,802,008 | 8.00% | $ | 453,580 | |||||||
Pacific Western Bank | $ | 2,403,244 | 10.68% | $ | 1,799,487 | 8.00% | $ | 603,757 | |||||||
Total capital: | |||||||||||||||
PacWest Bancorp Consolidated | $ | 2,865,152 | 12.72% | $ | 2,252,510 | 10.00% | $ | 612,642 | |||||||
Pacific Western Bank | $ | 2,572,586 | 11.44% | $ | 2,249,359 | 10.00% | $ | 323,227 |
Well Capitalized | |||||||||||||||
Minimum | Excess | ||||||||||||||
Actual | Requirement | Capital | |||||||||||||
Amount | Ratio | Amount | Ratio | Amount | |||||||||||
(Dollars in thousands) | |||||||||||||||
December 31, 2017 | |||||||||||||||
Tier I leverage: | |||||||||||||||
PacWest Bancorp Consolidated | $ | 2,361,800 | 10.66% | $ | 1,107,900 | 5.00% | $ | 1,253,900 | |||||||
Pacific Western Bank | $ | 2,574,561 | 11.75% | $ | 1,095,656 | 5.00% | $ | 1,478,905 | |||||||
Common equity Tier I capital: | |||||||||||||||
PacWest Bancorp Consolidated | $ | 2,361,800 | 10.91% | $ | 1,407,743 | 6.50% | $ | 954,057 | |||||||
Pacific Western Bank | $ | 2,574,561 | 11.91% | $ | 1,405,299 | 6.50% | $ | 1,169,262 | |||||||
Tier I capital: | |||||||||||||||
PacWest Bancorp Consolidated | $ | 2,361,800 | 10.91% | $ | 1,732,607 | 8.00% | $ | 629,193 | |||||||
Pacific Western Bank | $ | 2,574,561 | 11.91% | $ | 1,729,599 | 8.00% | $ | 844,962 | |||||||
Total capital: | |||||||||||||||
PacWest Bancorp Consolidated | $ | 2,978,643 | 13.75% | $ | 2,165,759 | 10.00% | $ | 812,884 | |||||||
Pacific Western Bank | $ | 2,742,624 | 12.69% | $ | 2,161,999 | 10.00% | $ | 580,625 |
Parent Company Only | December 31, | ||||||
Condensed Balance Sheets | 2018 | 2017 | |||||
(In thousands) | |||||||
Assets: | |||||||
Cash and cash equivalents | $ | 244,859 | $ | 185,511 | |||
Investments in subsidiaries | 4,641,649 | 4,869,391 | |||||
Other assets | 79,516 | 76,458 | |||||
Total assets | $ | 4,966,024 | $ | 5,131,360 | |||
Liabilities: | |||||||
Subordinated debentures | $ | 135,055 | $ | 147,233 | |||
Other liabilities | 5,381 | 6,529 | |||||
Total liabilities | 140,436 | 153,762 | |||||
Stockholders’ equity | 4,825,588 | 4,977,598 | |||||
Total liabilities and stockholders’ equity | $ | 4,966,024 | $ | 5,131,360 |
Parent Company Only | Year Ended December 31, | ||||||||||
Condensed Statements of Earnings | 2018 | 2017 | 2016 | ||||||||
(In thousands) | |||||||||||
Miscellaneous income | $ | 8,358 | $ | 3,393 | $ | 2,146 | |||||
Dividends from Bank subsidiary | 684,000 | 265,000 | 259,000 | ||||||||
Total income | 692,358 | 268,393 | 261,146 | ||||||||
Interest expense | 6,550 | 5,519 | 4,816 | ||||||||
Operating expenses | 10,068 | 8,273 | 7,732 | ||||||||
Total expenses | 16,618 | 13,792 | 12,548 | ||||||||
Earnings before income taxes and equity in undistributed earnings of | |||||||||||
subsidiaries | 675,740 | 254,601 | 248,598 | ||||||||
Income tax benefit | 7,262 | 19,957 | 2,612 | ||||||||
Earnings before equity in undistributed earnings of subsidiaries | 683,002 | 274,558 | 251,210 | ||||||||
Equity in undistributed earnings of subsidiaries | (217,663 | ) | 83,260 | 100,956 | |||||||
Net earnings | $ | 465,339 | $ | 357,818 | $ | 352,166 |
Parent Company Only | Year Ended December 31, | ||||||||||
Condensed Statements of Cash Flows | 2018 | 2017 | 2016 | ||||||||
(In thousands) | |||||||||||
Cash flows from operating activities: | |||||||||||
Net earnings | $ | 465,339 | $ | 357,818 | $ | 352,166 | |||||
Adjustments to reconcile net earnings to net cash provided by | |||||||||||
operating activities: | |||||||||||
Change in other assets | (36,362 | ) | (34,274 | ) | 96,668 | ||||||
Change in liabilities | (953 | ) | 4,857 | (17,311 | ) | ||||||
Gain on sale of securities, net | — | (15 | ) | (405 | ) | ||||||
Earned stock compensation | 29,768 | 25,568 | 23,319 | ||||||||
Tax effect of restricted stock vesting included in stockholders’ equity | — | — | 4,406 | ||||||||
Equity in undistributed earnings of subsidiaries | 217,663 | (83,260 | ) | (100,956 | ) | ||||||
Net cash provided by operating activities | 675,455 | 270,694 | 357,887 | ||||||||
Cash flows from investing activities: | |||||||||||
Proceeds from sales of securities available-for-sale | — | 426 | 995 | ||||||||
Net cash and cash equivalents (paid in) acquired in acquisitions | — | (223,818 | ) | — | |||||||
Net cash (used in) provided by investing activities | — | (223,392 | ) | 995 | |||||||
Cash flows from financing activities: | |||||||||||
Common stock repurchased and restricted stock surrendered | (315,542 | ) | (109,153 | ) | (33,244 | ) | |||||
Tax effect of restricted stock vesting included in stockholders’ equity | — | — | (4,406 | ) | |||||||
Net decrease in subordinated debentures | (12,372 | ) | — | — | |||||||
Cash dividends paid, net | (288,193 | ) | (247,403 | ) | (243,437 | ) | |||||
Net cash used in financing activities | (616,107 | ) | (356,556 | ) | (281,087 | ) | |||||
Net increase (decrease) in cash and cash equivalents | 59,348 | (309,254 | ) | 77,795 | |||||||
Cash and cash equivalents, beginning of year | 185,511 | 494,765 | 416,970 | ||||||||
Cash and cash equivalents, end of year | $ | 244,859 | $ | 185,511 | $ | 494,765 | |||||
Supplemental disclosure of noncash investing and financing activities: | |||||||||||
Common stock issued for acquisitions | $ | — | $ | 446,233 | $ | — |
Three Months Ended | |||||||||||||||
December 31, | September 30, | June 30, | March 31, | ||||||||||||
2018 | 2018 | 2018 | 2018 | ||||||||||||
(Dollars in thousands, except per share data) | |||||||||||||||
Interest income | $ | 302,739 | $ | 292,642 | $ | 288,514 | $ | 277,775 | |||||||
Interest expense | (40,974 | ) | (32,325 | ) | (26,182 | ) | (21,275 | ) | |||||||
Net interest income | 261,765 | 260,317 | 262,332 | 256,500 | |||||||||||
Provision for credit losses | (12,000 | ) | (11,500 | ) | (17,500 | ) | (4,000 | ) | |||||||
Net interest income after provision for credit losses | 249,765 | 248,817 | 244,832 | 252,500 | |||||||||||
Gain on sale of securities | 786 | 826 | 253 | 6,311 | |||||||||||
Other noninterest income | 32,740 | 36,086 | 39,385 | 32,248 | |||||||||||
Total noninterest income | 33,526 | 36,912 | 39,638 | 38,559 | |||||||||||
Foreclosed assets income, net | 311 | 257 | 61 | 122 | |||||||||||
Acquisition, integration and reorganization costs | (970 | ) | (800 | ) | — | — | |||||||||
Other noninterest expense | (128,576 | ) | (127,610 | ) | (126,510 | ) | (127,517 | ) | |||||||
Total noninterest expense | (129,235 | ) | (128,153 | ) | (126,449 | ) | (127,395 | ) | |||||||
Earnings before income taxes | 154,056 | 157,576 | 158,021 | 163,664 | |||||||||||
Income tax expense | (39,015 | ) | (41,289 | ) | (42,286 | ) | (45,388 | ) | |||||||
Net earnings | $ | 115,041 | $ | 116,287 | $ | 115,735 | $ | 118,276 | |||||||
Basic and diluted earnings per share | $ | 0.93 | $ | 0.94 | $ | 0.92 | $ | 0.93 | |||||||
Cash dividends declared per share | $ | 0.60 | $ | 0.60 | $ | 0.60 | $ | 0.50 |
Three Months Ended | |||||||||||||||
December 31, | September 30, | June 30, | March 31, | ||||||||||||
2017 | 2017 | 2017 | 2017 | ||||||||||||
(Dollars in thousands, except per share data) | |||||||||||||||
Interest income | $ | 284,597 | $ | 260,966 | $ | 259,544 | $ | 247,409 | |||||||
Interest expense | (21,641 | ) | (19,276 | ) | (17,071 | ) | (14,957 | ) | |||||||
Net interest income | 262,956 | 241,690 | 242,473 | 232,452 | |||||||||||
Provision for credit losses | (6,406 | ) | (15,119 | ) | (11,499 | ) | (24,728 | ) | |||||||
Net interest income after provision for credit losses | 256,550 | 226,571 | 230,974 | 207,724 | |||||||||||
(Loss) gain on sale of securities | (3,329 | ) | 1,236 | 1,651 | (99 | ) | |||||||||
Other noninterest income | 30,124 | 30,146 | 33,631 | 35,213 | |||||||||||
Total noninterest income | 26,795 | 31,382 | 35,282 | 35,114 | |||||||||||
Foreclosed assets income (expense), net | 475 | (2,191 | ) | 157 | (143 | ) | |||||||||
Acquisition, integration and reorganization costs | (16,085 | ) | (1,450 | ) | (1,700 | ) | (500 | ) | |||||||
Other noninterest expense | (127,258 | ) | (114,901 | ) | (116,164 | ) | (115,901 | ) | |||||||
Total noninterest expense | (142,868 | ) | (118,542 | ) | (117,707 | ) | (116,544 | ) | |||||||
Earnings before income taxes | 140,477 | 139,411 | 148,549 | 126,294 | |||||||||||
Income tax expense | (56,440 | ) | (37,945 | ) | (54,902 | ) | (47,626 | ) | |||||||
Net earnings | $ | 84,037 | $ | 101,466 | $ | 93,647 | $ | 78,668 | |||||||
Basic and diluted earnings per share | $ | 0.66 | $ | 0.84 | $ | 0.77 | $ | 0.65 | |||||||
Cash dividends declared per share | $ | 0.50 | $ | 0.50 | $ | 0.50 | $ | 0.50 |
ITEM 9. | CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE |
(a) | 1. Financial Statements |
2. | Financial Statement Schedules |
3. | Exhibits |
3.1 | ||
3.2 | ||
3.5 | ||
4.1 | Other long‑term borrowing instruments are omitted pursuant to Item 601(b)(4)(iii) of Regulation S‑K. The Company undertakes to furnish copies of such instruments to the Commission upon request. | |
10.1* | ||
10.2* | ||
10.3* | ||
10.4* | ||
10.5* | ||
10.6* | ||
10.7* | ||
10.8* | ||
10.9* |
10.10* | ||
10.11* | ||
10.12* | ||
21.1 | ||
23.1 | ||
24.1 | ||
31.1 | ||
31.2 | ||
32.1 | ||
32.2 | ||
101 | Interactive data files pursuant to Rule 405 of Regulation S‑T: (i) the Consolidated Balance Sheets as of December 31, 2018 and 2017, (ii) the Consolidated Statements of Earnings for the years ended December 31, 2018, 2017, and 2016, (iii) the Consolidated Statements of Comprehensive Income for the years ended December 31, 2018, 2017 and 2016, (iv) the Consolidated Statement of Changes in Stockholders’ Equity for the years ended December 31, 2018, 2017 and 2016, (v) the Consolidated Statements of Cash Flows for the years ended December 31, 2018, 2017 and 2016, and (vi) the Notes to Consolidated Financial Statements. (Pursuant to Rule 406T of Regulation S‑T, this information is deemed furnished and not filed for purposes of Sections 11 and 12 of the Securities Act of 1933 and Section 18 of the Securities Exchange Act of 1934.) (Filed herewith). |
(b) | Exhibits |
(c) | Excluded Financial Statements |
PACWEST BANCORP | |||
Dated: | February 27, 2019 | By: | /s/ Matthew P. Wagner Matthew P. Wagner (Chief Executive Officer) |
Signature | Title | Date |
/s/ JOHN M. EGGEMEYER John M. Eggemeyer | Chairman of the Board of Directors | February 27, 2019 |
/s/ MATTHEW P. WAGNER Matthew P. Wagner | Chief Executive Officer and Director (Principal Executive Officer) | February 27, 2019 |
/s/ PATRICK J. RUSNAK Patrick J. Rusnak | Executive Vice President and Chief Financial Officer (Principal Financial Officer) | February 27, 2019 |
/s/ BART R. OLSON Bart R. Olson | Executive Vice President and Chief Accounting Officer (Principal Accounting Officer) | February 27, 2019 |
/s/ TANYA M. ACKER Tanya M. Acker | Director | February 27, 2019 |
/s/ PAUL R. BURKE Paul R. Burke | Director | February 27, 2019 |
/s/ CRAIG A. CARLSON Craig A. Carlson | Director | February 27, 2019 |
/s/ C. WILLIAM HOSLER C. William Hosler | Director | February 27, 2019 |
/s/ SUSAN E. LESTER Susan E. Lester | Director | February 27, 2019 |
/s/ ROGER H. MOLVAR Roger H. Molvar | Director | February 27, 2019 |
/s/ JAMES J. PIECZYNSKI James J. Pieczynski | Director | February 27, 2019 |
/s/ DANIEL B. PLATT Daniel B. Platt | Director | February 27, 2019 |
/s/ ROBERT A. STINE Robert A. Stine | Director | February 27, 2019 |
/s/ MARK T. YUNG Mark T. Yung | Director | February 27, 2019 |
PACWEST BANCORP |
LIST OF SUBSIDIARIES |
December 31, 2018 |
Subsidiaries of PacWest Bancorp: | State: |
Pacific Western Bank | California |
10700 West Jefferson Avenue SBL LLC | Delaware |
10790 Civic Center Drive CRE LLC | Delaware |
1127 East Gore Boulevard LLC | Delaware |
12148 Sky Lane SBL LLC | Delaware |
1238 Green Lane CRE LLC | Delaware |
1246 East Turin Avenue CRE LLC | Delaware |
1602 East Central Boulevard SBL LLC | Delaware |
1602 Medical Parkway SBL LLC | Delaware |
2005 South Oneida Street SBL LLC | Delaware |
2015 East Marshall Avenue SBL LLC | Delaware |
2030 Main Street SBL LLC | Delaware |
22106 East Country Vista SBL LLC | Delaware |
2425 West Fifth Street CRE LLC | Delaware |
2723 Zinfandel Drive CRE LLC | Delaware |
2921 New Highway 51 SBL LLC | Delaware |
3040 SE McLoughlin Boulevard SBL LLC | Delaware |
309 1st Street SBL LLC | Delaware |
3889 Highway 69 North SBL LLC | Delaware |
460 West 9th Street SBL LLC | Delaware |
4635 North Black Canyon Highway SBL LLC | Delaware |
5081 Bolivar Road SBL LLC | Delaware |
600 North Arrowhead Avenue CRE LLC | Delaware |
6401 Sunrise Boulevard LLC | Delaware |
6824 Oak Crest Drive West SBL LLC | Delaware |
7120 West McNichols Avenue SBL LLC | Delaware |
749 West Main Street SBL LLC | Delaware |
75 North Main Street SBL LLC | Delaware |
7530 Highway 65 SBL LLC | Delaware |
808 West Bartlett Road SBL LLC | Delaware |
8805 South McClintock Drive SBL LLC | Delaware |
ALTEC Capital Trust | Delaware |
BFI Business Finance | California |
CapitalSource CF LLC | Delaware |
CapitalSource Finance LLC | Delaware |
CapitalSource Funding LLC | Delaware |
CapitalSource International LLC | Delaware |
CapitalSource Real Estate Loan LLC, 2006-A | Delaware |
CapitalSource TRS LLC | Delaware |
CapitalSource Trust Preferred Securities 2005-1 | Delaware |
CapitalSource Trust Preferred Securities 2005-2 | Delaware |
PACWEST BANCORP |
LIST OF SUBSIDIARIES |
December 31, 2018 |
CapitalSource Trust Preferred Securities 2006-1 | Delaware |
CapitalSource Trust Preferred Securities 2006-2 | Delaware |
CapitalSource Trust Preferred Securities 2006-3 | Delaware |
CapitalSource Trust Preferred Securities 2006-4 | Delaware |
CapitalSource Trust Preferred Securities 2006-5 | Delaware |
CapitalSource Trust Preferred Securities 2007-2 | Delaware |
Cheron Holdings LLC | Delaware |
Chestnut Assets, LLC | California |
CIMC Master Trust | Delaware |
Coastline Golf Holdings Corp. | California |
Coastline JX Holdings LLC | Delaware |
Coastline Michigan LLC | Michigan |
Coastline Ohio LLC | Ohio |
Coastline RE Holdings Corp. | California |
Coastline RE Holdings Moorpark Corp. | California |
Coastline RE Holdings NV Corp. | Nevada |
Community (CA) Capital Statutory Trust II | Connecticut |
Community (CA) Capital Statutory Trust III | Delaware |
CRE Assets, LLC | California |
CS CF Equity I LLC | Delaware |
CS Equity II LLC | Delaware |
CS Equity III LLC | Delaware |
CS Equity Investments LLC | Delaware |
CS Linton Oaks Holdings LLC | Delaware |
CS SBA Servicing LLC | Delaware |
CSE Equity Holdings LLC | Delaware |
CSE Mortgage LLC | Delaware |
CSE Owned LLC | Delaware |
FCB Statutory Trust I | Delaware |
First California Capital Trust I | Delaware |
First Community Bancorp | California |
FIRST COMMUNITY BANCORP/CA STATUTORY TRUST VII | Delaware |
First Community/CA Statutory Trust V | Connecticut |
First Community/CA Statutory Trust VI | Delaware |
Hudson Housing Tax Credit Fund LXXXIV LP | Delaware |
Hudson Kings Canyon LP | Delaware |
Hudson Vista del Puente LP | Delaware |
Kings Canyon Affordable Housing, L.P. | California |
Oak Park 3, LP | California |
PACWEST BANCORP |
LIST OF SUBSIDIARIES |
December 31, 2018 |
Palace and Jetty CRE LLC | Delaware |
PWB OPTICAL LLC | Delaware |
R4 OPCA Acquisition LLC | Delaware |
SC Financial | California |
Square 1 Asset Management, Inc. | North Carolina |
Square 1 Ventures, LLC | Delaware |
Stone Eagle Golf Holdings Corp. | California |
Valley Oaks Financial Corporation | California |
Vista del Puente, L.P. | California |
Wendy Road Office Development, LLC | California |
1. | I have reviewed this report on Form 10-K for the year ended December 31, 2018 of PacWest Bancorp; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
(a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
(b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. |
(c) | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
(d) | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. | The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
(a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
(b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
Date: | February 27, 2019 | /s/ Matthew P. Wagner |
Matthew P. Wagner Chief Executive Officer |
1. | I have reviewed this report on Form 10-K for the year ended December 31, 2018 of PacWest Bancorp; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
(a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
(b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. |
(c) | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
(d) | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. | The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
(a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
(b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
Date: | February 27, 2019 | /s/ Patrick J. Rusnak |
Patrick J. Rusnak Executive Vice President and Chief Financial Officer |
Date: | February 27, 2019 | /s/ Matthew P. Wagner |
Matthew P. Wagner Chief Executive Officer |
Date: | February 27, 2019 | /s/ Patrick J. Rusnak |
Patrick J. Rusnak Executive Vice President and Chief Financial Officer |
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Document and Entity Information - USD ($) |
12 Months Ended | |
---|---|---|
Dec. 31, 2018 |
Feb. 21, 2019 |
|
Document and Entity Information [Abstract] | ||
Entity Registrant Name | PACWEST BANCORP | |
Entity Central Index Key | 0001102112 | |
Document Period End Date | Dec. 31, 2018 | |
Entity Filer Category | Large Accelerated Filer | |
Document Type | 10-K | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2018 | |
Document Fiscal Period Focus | FY | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 120,800,873 | |
Entity Well-known Seasoned Issuer | Yes | |
Entity Voluntary Filers | No | |
Entity Current Reporting Status | Yes | |
Entity Public Float | $ 6,123,110,231 |
Consolidated Balance Sheets (Parenthetical) - $ / shares |
Dec. 31, 2018 |
Dec. 31, 2017 |
---|---|---|
Statement of Financial Position [Abstract] | ||
Preferred Stock, Shares Authorized | $ 0.01 | $ 0.01 |
Preferred Stock, Value, Outstanding | 5,000,000 | 5,000,000 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 200,000,000 | 200,000,000 |
Common Stock, Shares, Issued, Acquisitions | 125,079,705 | 130,491,108 |
Equity Instruments Other than Options, Nonvested, Number | 1,344,656 | 1,436,120 |
Treasury Stock, Shares | 1,889,872 | 1,708,230 |
Consolidated Statements of Earnings - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Interest income: | |||
Loans and leases | $ 1,047,969 | $ 952,771 | $ 924,294 |
Investment securities | 111,619 | 98,202 | 90,557 |
Deposits in financial institutions | 2,082 | 1,543 | 1,061 |
Total interest income | 1,161,670 | 1,052,516 | 1,015,912 |
Interest expense: | |||
Deposits | 80,140 | 45,694 | 31,512 |
Borrowings | 11,985 | 3,638 | 2,259 |
Subordinated debentures | 28,631 | 23,613 | 20,850 |
Total interest expense | 120,756 | 72,945 | 54,621 |
Net interest income | 1,040,914 | 979,571 | 961,291 |
Provision for credit losses | 45,000 | 57,752 | 65,729 |
Net interest income after provision for credit losses | 995,914 | 921,819 | 895,562 |
Noninterest income: | |||
Service charges on deposit accounts | 16,509 | 15,307 | 14,534 |
Other commissions and fees | 45,543 | 41,422 | 47,126 |
Leased equipment income | 37,881 | 37,700 | 33,919 |
Gain on sale of loans and leases | 4,675 | 6,197 | 909 |
Gain (loss) on sale of securities | 8,176 | (541) | 9,485 |
FDIC loss sharing expense, net | 0 | 0 | (8,917) |
Other income | 35,851 | 28,488 | 15,419 |
Total noninterest income | 148,635 | 128,573 | 112,475 |
Noninterest expense: | |||
Compensation | 282,568 | 266,567 | 251,913 |
Occupancy | 53,223 | 48,863 | 48,911 |
Data processing | 27,225 | 26,575 | 24,356 |
Other professional services | 21,952 | 17,353 | 16,478 |
Insurance and assessments | 20,705 | 19,733 | 18,364 |
Intangible asset amortization | 22,506 | 14,240 | 16,517 |
Leased equipment depreciation | 21,371 | 20,767 | 20,899 |
Foreclosed assets (income) expense, net | (751) | 1,702 | 1,881 |
Acquisition, integration and reorganization costs | 1,770 | 19,735 | 200 |
Loan expense | 10,569 | 13,832 | 9,371 |
Other expense | 50,094 | 46,294 | 41,211 |
Total noninterest expense | 511,232 | 495,661 | 450,101 |
Earnings before income taxes | 633,317 | 554,731 | 557,936 |
Income tax expense | (167,978) | (196,913) | (205,770) |
Net earnings | $ 465,339 | $ 357,818 | $ 352,166 |
Earnings Per Share, Basic (usd per share) | $ 3.72 | $ 2.91 | $ 2.90 |
Diluted income per share (usd per share) | 3.72 | 2.91 | 2.90 |
Dividends declared per share (usd per share) | $ 2.30 | $ 2.00 | $ 2.00 |
Consolidated Statement of Comprehensive Income - USD ($) $ in Thousands |
12 Months Ended | ||||
---|---|---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|||
Statement of Comprehensive Income [Abstract] | |||||
Net earnings | $ 465,339 | $ 357,818 | $ 352,166 | ||
arising during the year | (52,559) | 42,190 | (27,392) | ||
arising during the year | 15,015 | (17,481) | 11,148 | ||
Unrealized net holding (losses) gains on securities available-for-sale, net of tax | (37,544) | 24,709 | (16,244) | ||
Reclassification adjustment for net (gains) losses included in net earnings (1) | [1] | (8,176) | 541 | (9,485) | |
Income tax expense (benefit) related to reclassification adjustment | 2,338 | (61) | 3,883 | ||
net of tax | (5,838) | 480 | (5,602) | ||
Other comprehensive (loss) income, net of tax | (43,382) | 25,189 | (21,846) | ||
Comprehensive income | $ 421,957 | $ 383,007 | $ 330,320 | ||
|
Consolidated Statement of Stockholders' Equity - USD ($) |
Total |
Common Stock [Member] |
Shares Of Common Stock [Member] |
Additional Paid-in Capital [Member] |
Retained Earnings [Member] |
Treasury Stock [Member] |
Accumulated Other Comprehensive Income (Loss) [Member] |
||
---|---|---|---|---|---|---|---|---|---|
Dividends declared per share (usd per share) | $ 2.00 | ||||||||
Shares, Outstanding at Dec. 31, 2015 | 121,413,727 | ||||||||
Total stockholders' equity at Dec. 31, 2015 | $ 4,397,691,000 | $ 1,228,000 | $ 4,405,775,000 | $ 13,907,000 | $ (51,047,000) | $ 27,828,000 | |||
Net Income | 352,166,000 | 352,166,000 | |||||||
Other comprehensive loss | (21,846,000) | (21,846,000) | |||||||
Restricted stock awarded and earned stock compensation, net of shares forfeited, shares | 664,135 | ||||||||
net of shares forfeited | 23,319,000 | $ 7,000 | 23,312,000 | ||||||
Restricted stock surrendered, shares | (141,358) | ||||||||
Stock Repurchase Program | (5,313,000) | (5,313,000) | |||||||
Dividend reinvestment, shares | (652,835) | ||||||||
Dividend reinvestment | (27,931,000) | 27,924,000 | |||||||
restricted stock | 4,406,000 | 4,406,000 | |||||||
Common stock, $2.30/share | (243,437,000) | (243,437,000) | |||||||
Total stockholders' equity at Dec. 31, 2016 | $ 4,479,055,000 | $ 1,228,000 | 4,162,132,000 | 366,073,000 | (56,360,000) | 5,982,000 | |||
Shares, Outstanding at Dec. 31, 2016 | 121,283,669 | ||||||||
Dividends declared per share (usd per share) | $ 2.00 | ||||||||
Net Income | $ 357,818,000 | 357,818,000 | |||||||
Other comprehensive loss | 25,189,000 | 25,189,000 | |||||||
Restricted stock awarded and earned stock compensation, net of shares forfeited, shares | 470,855 | ||||||||
net of shares forfeited | 25,568,000 | $ 5,000 | 25,563,000 | ||||||
Restricted stock surrendered, shares | (188,870) | 2,081,227 | |||||||
Stock Repurchase Program, Number of Shares Authorized to be Repurchased | 21,000 | ||||||||
Stock Repurchase Program | (9,476,000) | (9,476,000) | |||||||
Common Stock Repurchased Under Stock Repurchase Program, Amount Repurchased | 99,677,000 | 99,656,000 | 0 | ||||||
Common stock, $2.30/share | (247,403,000) | (247,403,000) | |||||||
Total stockholders' equity at Dec. 31, 2017 | $ 4,977,598,000 | $ 1,305,000 | 4,287,487,000 | (65,836,000) | 31,171,000 | ||||
Shares, Outstanding at Dec. 31, 2017 | 128,782,878 | ||||||||
Dividends declared per share (usd per share) | $ 2.30 | ||||||||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Change on Net Income | [1] | $ 0 | 0 | (6,136,000) | |||||
Net Income | 465,339,000 | 465,339,000 | |||||||
Other comprehensive loss | (43,382,000) | $ (43,382,000) | |||||||
Restricted stock awarded and earned stock compensation, net of shares forfeited, shares | 437,831 | ||||||||
net of shares forfeited | 29,768,000 | $ 4,000 | 29,764,000 | ||||||
Restricted stock surrendered, shares | (181,642) | (5,849,234) | |||||||
Stock Repurchase Program, Number of Shares Authorized to be Repurchased | (58,000) | ||||||||
Stock Repurchase Program | (9,149,000) | ||||||||
Common Stock Repurchased Under Stock Repurchase Program, Amount Repurchased | (306,393,000) | ||||||||
Common stock, $2.30/share | (288,193,000) | $ (288,193,000) | |||||||
Total stockholders' equity at Dec. 31, 2018 | $ 4,825,588,000 | $ 1,251,000 | 1,182,674,000 | $ (74,985,000) | |||||
Shares, Outstanding at Dec. 31, 2018 | 123,189,833 | ||||||||
Cumulative Effect of New Accounting Principle in Period of Adoption | $ (529,000) | ||||||||
|
Consolidated Statements of Cash Flows - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Cash flows from operating activities: | |||
Net earnings | $ 465,339 | $ 357,818 | $ 352,166 |
Depreciation and amortization | 35,168 | 32,029 | 32,884 |
Accretion (Amortization) of Discounts and Premiums, Investments | 23,938 | 41,450 | 39,797 |
Intangible asset amortization | 22,506 | 14,240 | 16,517 |
Provision for credit losses | 45,000 | 57,752 | 65,729 |
Gain on sale of foreclosed assets, net | (609) | (871) | (837) |
Provision for losses on foreclosed assets | 74 | 2,138 | 2,576 |
Gain on sale of loans and leases, net | (4,675) | (6,197) | (909) |
(Gain) loss on sale of premises and equipment | (20) | (386) | 78 |
(Gain) loss on sale of securities, net | (8,176) | 541 | (9,485) |
Gain (Loss) on Sale of Insurance Block | (1,338) | (1,050) | (539) |
Unrealized gain on derivatives and foreign currencies, net | (325) | (429) | (202) |
Earned stock compensation | 29,768 | 25,568 | 23,319 |
Gain (Loss) on Sale of Capital Leases, Net | 0 | 0 | 720 |
(Increase) decrease in deferred income taxes, net | (136) | 76,860 | 53,556 |
Tax effect included in stockholders' equity of restricted stock vesting | 0 | 0 | (4,406) |
Decrease (increase) in other assets | 25,117 | (118,477) | 6,441 |
(Decrease) increase in accrued interest payable and other liabilities | (23,604) | 2,982 | 3,702 |
Net cash provided by operating activities | 608,027 | 483,968 | 581,107 |
Cash flows from investing activities: | |||
Cash acquired in acquisitions, net of cash consideration paid | 0 | 160,318 | 0 |
Proceeds (Net Cash Used) From Branch Sale | 0 | 0 | (178,792) |
Net increase in loans and leases | (1,209,986) | (1,303,752) | (1,257,734) |
Proceeds from sales of loans and leases | 646,587 | 1,322,456 | 121,053 |
Proceeds from maturities and paydowns of securities available-for-sale | 290,177 | 435,925 | 250,170 |
Proceeds from sales of securities available-for-sale | 571,800 | 759,300 | 393,509 |
Purchases of securities available-for-sale | (1,180,545) | (1,298,105) | (375,261) |
Net (purchases) redemptions of Federal Home Loan Bank stock | (11,313) | 12,982 | (2,160) |
Proceeds from sales of foreclosed assets | 13,479 | 12,345 | 8,186 |
Purchases of premises and equipment, net | (12,385) | (7,919) | (8,183) |
Proceeds from sales of premises and equipment | 57 | 10,309 | 24 |
Proceeds from Sale and Collection of Lease Receivables | 0 | 0 | 138,955 |
Proceeds from Life Insurance Policy | 3,546 | 2,478 | 3,238 |
Net increase in equipment leased to others under operating leases | (28,610) | (73,596) | (51,557) |
Net cash (used in) provided by investing activities | (917,193) | 32,741 | (958,552) |
Cash flows from financing activities: | |||
Net (decrease) increase in noninterest-bearing deposits | (615,263) | 343,663 | 490,997 |
Net increase (decrease) in interest-bearing deposits | 624,094 | (63,700) | (104,021) |
Net increase (decrease) in borrowings | 903,772 | (461,349) | 285,928 |
Early Repayment of Subordinated Debt | (12,372) | 0 | 0 |
Common stock repurchased and restricted stock surrendered | (315,542) | (109,153) | (33,244) |
Tax effect of restricted stock vesting included in stockholders' equity | 0 | 0 | 4,406 |
Cash dividends paid, net | (288,193) | (247,403) | (243,437) |
Net cash provided by (used in) financing activities | 296,496 | (537,942) | 400,629 |
Net (decrease) increase in cash and cash equivalents | (12,670) | (21,233) | 23,184 |
Cash and cash equivalents, beginning of year | 398,437 | 419,670 | 396,486 |
Cash and cash equivalents, end of year | 385,767 | 398,437 | 419,670 |
Supplemental disclosures of cash flow information: | |||
Cash paid for interest | 119,042 | 69,477 | 54,389 |
Cash paid for income taxes | 98,575 | 208,066 | 133,897 |
Real Estate Owned, Transfer to Real Estate Owned | 16,914 | 580 | |
Loans transferred to foreclosed assets | 580 | 781 | |
Transfer of Portfolio Loans and Leases to Held-for-sale | 0 | 481,100 | 0 |
Common stock issued in acquisitions | $ 0 | $ 446,233 | $ 0 |
Organization |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Nature of Operations and Summary of Significant Accounting Policies | NOTE 1. NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES PacWest Bancorp, a Delaware corporation, is a bank holding company registered under the BHCA, with our corporate headquarters located in Beverly Hills, California. Our principal business is to serve as the holding company for our wholly-owned subsidiary, Pacific Western Bank. References to "Pacific Western" or the "Bank" refer to Pacific Western Bank together with its wholly-owned subsidiaries. References to "we," "us," or the "Company" refer to PacWest Bancorp together with its subsidiaries on a consolidated basis. When we refer to "PacWest" or to the "holding company," we are referring to PacWest Bancorp, the parent company, on a stand-alone basis. The Bank is focused on relationship-based business banking to small, middle-market, and venture-backed businesses nationwide. The Bank offers a broad range of loan and lease and deposit products and services through 74 full-service branches located throughout the State of California, one branch located in Durham, North Carolina, and numerous loan production offices across the country through our Community Banking, National Lending and Venture Banking groups. Community Banking provides real estate loans, commercial loans, and comprehensive deposit and treasury management services to small and medium-sized businesses conducted primarily through our California-based branch offices. National Lending provides asset-based, equipment, real estate, and security cash flow loans and treasury management services to established middle-market businesses on a national basis. Venture Banking offers a comprehensive suite of financial services focused on entrepreneurial businesses and their venture capital and private equity investors, with offices located in key innovation hubs across the United States. In addition, we provide investment advisory and asset management services to select clients through Square 1 Asset Management, Inc., a wholly-owned subsidiary of the Bank and a SEC-registered investment adviser. We generate our revenue primarily from interest received on loans and leases and, to a lesser extent, from interest received on investment securities, and fees received in connection with deposit services, extending credit and other services offered, including treasury management and investment management services. Our major operating expenses are the interest paid by the Bank on deposits and borrowings, compensation, occupancy, and general operating expenses. (a) Accounting Standards Adopted in 2018 Effective January 1, 2018, the Company adopted ASU 2016-01, "Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities" and ASU 2018-03, “Technical Corrections and Improvements to Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities.” ASU 2016-01 contained a number of changes which are applicable to the Company including the following: (1) requires equity investments to be measured at fair value with changes in fair value recognized in net income; (2) allows equity investments without readily determinable fair values to be measured at cost less impairment, if any, plus or minus changes in observable prices (referred to as the "measurement alternative"); and (3) changes certain presentation and disclosure requirements for financial instruments, including using the exit price notion when measuring the fair value of financial instruments (see Note 13. Fair Value Measurements). ASU 2018-03 also clarified certain aspects of the guidance issued in ASU 2016-01, including requiring a prospective transition approach for equity investments without readily determinable fair value in which the measurement alternative is applied. ASU 2016-01 does not apply to investments accounted for using the equity method, investments in consolidated subsidiaries, FHLB stock, and investments in low income housing tax credit projects accounted for under Topic 323, "Investments - Equity Method and Joint Ventures." Upon adoption of ASU 2016-01, the Company recorded a transition adjustment to reclassify $529,000 in net unrealized gains from accumulated other comprehensive income ("AOCI") to retained earnings. The ASU also eliminated the requirement to classify equity investments into different categories such as “Available-for-sale.” The adoption of this ASU may result in more earnings volatility as changes in fair value of certain equity investments are recorded in the statement of earnings as opposed to AOCI. Effective January 1, 2018, the Company early-adopted ASU 2018-02, "Income Statement - Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income." The TCJA required deferred tax assets and liabilities to be re-measured at its enactment date for the effect of the change in the federal corporate tax rate. This process resulted in "stranded tax effects" in AOCI for deferred tax asset or liabilities which were established with an offsetting amount in AOCI. ASU 2018-02 allows for a reclassification of the stranded tax effects resulting from the enactment of the TCJA from AOCI to retained earnings. The Company elected to reclassify all of its stranded tax effects of $6.665 million from AOCI to retained earnings effective January 1, 2018, while no other income tax effects related to the application of the TCJA were reclassified. Effective January 1, 2018, the Company adopted ASU 2014-09, "Revenue Recognition (Topic 606): Revenue from Contracts with Customers." ASU 2014-09 supersedes Topic 605, "Revenue Recognition" and requires an entity to recognize revenue at an amount that reflects the consideration to which it expects to be entitled to in exchange for the transfer of promised goods or services to customers. Substantially all of the Company's revenue is interest income on loans, investment securities, and deposits at other financial institutions which are specifically outside the scope of ASU 2014-09. ASU 2014-09 applies primarily to certain noninterest income items in the Company's consolidated statement of earnings. Upon adoption, the Company applied the cumulative effect transition method, which resulted in no adjustment to retained earnings and no material impact on the Company's consolidated financial position, results of operations, or cash flows. The Company did make minor changes to accounting operations and internal controls as part of adopting this new standard. See Note 16. Revenue From Contracts With Customers for further details. Effective January 1, 2018, the Company adopted ASU 2016-15, "Classification of Certain Cash Receipts and Cash Payments." Upon adoption, the Company applied the retrospective transition method to each period presented. ASU 2016-15 addressed eight issues related to the statement of cash flows, the most relevant to the Company being the classification of proceeds from the settlement of BOLI policies. As the Company classified proceeds from the settlement of BOLI policies in the manner required by ASU 2016-15 in the prior periods presented, there was no change to the Company's consolidated financial position, results of operations, or cash flows for both current and prior periods upon adoption. Effective January 1, 2018, the Company adopted ASU 2016-18, "Statement of Cash Flows (Topic 230): Restricted Cash." Upon adoption, the Company applied the retrospective transition method to each period presented. As the Company does not present restricted cash as a separate line in the statement of financial position, there is no change to the presentation of cash on the statement of cash flows. The nature and amount of our restricted cash is shown in Note 2. Restricted Cash Balances. Effective January 1, 2018, the Company adopted ASU 2017-01, "Business Combinations (Topic 805): Clarifying the Definition of a Business." ASU 2017-01 provides a new framework for determining whether transactions should be accounted for as acquisitions of assets or businesses. The Company had no acquisitions or purchases of components of a business in 2018, thus, the impact of adopting the new standard had no impact on the Company's consolidated financial position, results of operations, or cash flows. Effective January 1, 2018, the Company adopted ASU 2017-09, "Compensation - Stock Compensation (Topic 718): Scope of Modification Accounting." ASU 2017-09 provided clarification of what constitutes a modification of a share-based payment award. The Company did not modify any share-based payment awards in 2018, thus, the impact of adopting the new standard had no impact on the Company's consolidated financial position, results of operations, or cash flows. (b) Basis of Presentation The accounting and reporting policies of the Company are in accordance with U.S. generally accepted accounting principles, which we may refer to as U.S. GAAP. In the opinion of management, all significant intercompany accounts and transactions have been eliminated and adjustments, consisting solely of normal recurring accruals and considered necessary for the fair presentation of financial statements have been included. (c) Use of Estimates We have made a number of estimates and assumptions relating to the reporting of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting period to prepare these consolidated financial statements in conformity with U.S. GAAP. Actual results could differ from those estimates. Material estimates subject to change in the near term include, among other items, the allowance for credit losses, the carrying value of intangible assets, the fair value estimates of assets acquired and liabilities assumed in acquisitions and the realization of deferred tax assets/liabilities. These estimates may be adjusted as more current information becomes available, and any adjustment may be significant. The allowance for loan and lease losses (“ALLL”) represents management’s estimate of probable credit losses inherent in the loan portfolio as of the balance sheet date. During the second quarter of 2018, the Company changed its ALLL methodology due to the growth and increased complexity of the loan portfolio. The new ALLL methodology included three primary changes: the quantitative component now employs a probability of default/loss given default ("PD/LGD") methodology; the loan segmentation groups our loan portfolio into 21 loan pools with similar risk characteristics (as opposed to 34 loan pools used under the previous methodology); and the historical range of loan performance history (often referred to as the look-back period) was lengthened by one year to ten years. The methodology for assessing individually impaired loans did not change under the new ALLL methodology. The ALLL methodology used to derive qualitative adjustments based on other internal or external factors was updated to align with the new PD/LGD methodology being applied to estimate the quantitative general allowance for unimpaired loans. As a result, the composition of the ALLL changed as the quantitative component increased and the qualitative component decreased as the new quantitative methodology now encompasses more information, such as the longer look-back period, that previously required a qualitative adjustment as part of determining the total ALLL estimate. These changes in the ALLL methodology did not result in material changes to management's overall estimate of the ALLL at June 30, 2018. As described in Note 3. Acquisitions below, we completed the CUB acquisition on October 20, 2017. The acquired assets and liabilities in this acquisition were measured at their estimated fair values. Management made significant estimates and exercised significant judgment in estimating such fair values and accounting for the acquired assets and assumed liabilities in this transaction. (d) Reclassifications Certain prior period amounts have been reclassified to conform to the current period’s presentation format. In our loan and allowance tables, we realigned our commercial loan portfolio classes and subclasses to better reflect and report our lending, especially in light of the fourth quarter of 2017 cash flow loan sale and the exiting of the origination operations related to general, technology, and healthcare cash flow loans. Prior to the realignment, our commercial loan portfolio classes were: (1) asset-based, (2) venture capital, (3) cash flow, and (4) equipment finance. After the realignment, our commercial loan portfolio classes are (1) asset-based (which includes equipment finance), (2) venture capital, and (3) other commercial (which includes retained cash flow). All of the loan and allowance tables, both current period and prior periods, reflect this realignment. Prior to January 1, 2018, our credit quality disclosures were only for Non-PCI loans and leases. As our gross PCI loan portfolio reduced to less than 0.4% of total loans and leases as of the end of 2017, beginning in 2018 the credit quality disclosures reflect our entire loan and lease portfolio. Accordingly, for the credit quality tables in Note 6. Loans and Leases, amounts related to 2018 are for total loans and leases, while amounts related to 2017 and 2016 are for Non-PCI loans and leases. (e) Cash and Cash Equivalents For purposes of the consolidated statements of cash flows, cash and cash equivalents consist of: (1) cash and due from banks, and (2) interest‑earning deposits in financial institutions. Interest‑earning deposits in financial institutions represent mostly cash held at the FRBSF, the majority of which is immediately available. (f) Investment Securities We determine the classification of securities at the time of purchase. If we have the intent and the ability at the time of purchase to hold securities until maturity, they are classified as held‑to‑maturity. Securities held‑to‑maturity are stated at amortized cost. We do not classify any securities as held-to-maturity. Securities to be held for indefinite periods of time, but not necessarily to be held‑to‑maturity or on a long‑term basis, are classified as available‑for‑sale and carried at estimated fair value, with unrealized gains or losses reported as a separate component of stockholders’ equity in accumulated other comprehensive income, net of applicable income taxes. Securities available‑for‑sale include securities that management intends to use as part of its asset/liability management strategy and that may be sold in response to changes in interest rates, prepayment risk, and other related factors. Securities are individually evaluated for appropriate classification when acquired. As a result, similar types of securities may be classified differently depending on factors existing at the time of purchase. The carrying values of all securities are adjusted for amortization of premiums and accretion of discounts using the interest method. Premiums on callable securities are amortized to the earliest call date. Realized gains or losses on the sale of securities, if any, are determined using the amortized cost of the specific securities sold. Declines in the fair value of debt securities classified as available-for-sale are reviewed to determine whether the impairment is other-than-temporary. This review considers a number of factors, including the severity of the decline in fair value, current market conditions, historical performance of the security, risk ratings and the length of time the security has been in an unrealized loss position. If we do not expect to recover the entire amortized cost basis of the security, then an other-than-temporary impairment is considered to have occurred. The cost basis of the security is written down to its estimated fair value and the amount of the write‑down is recognized through a charge to earnings. Investments in FHLB stock are carried at cost and evaluated regularly for impairment. FHLB stock is expected to be redeemed at par and is a required investment based on measurements of the Bank’s assets and/or borrowing levels. Our accounting policy for investment securities applied to both debt and equity securities in prior periods. Effective January 1, 2018, upon the adoption of ASUs 2016-01 and 2018-03, our accounting policy for investment securities applies only to debt securities. Our accounting policy for equity investments is described in (o) below. (g) Loans and Leases Originated loans. Loans are originated by the Company with the intent to hold them for investment and are stated at the principal amount outstanding, net of unearned income. Unearned income includes deferred unamortized nonrefundable loan fees and direct loan origination costs. Net deferred fees or costs are recognized as an adjustment to interest income over the contractual life of the loans using the effective interest method or taken into income when the related loans are paid off or sold. The amortization of loan fees or costs is discontinued when a loan is placed on nonaccrual status. Interest income is recorded on an accrual basis in accordance with the terms of the respective loan. Purchased loans. Purchased loans are stated at the principal amount outstanding, net of unearned discounts or unamortized premiums. All loans acquired in our acquisitions are initially measured and recorded at their fair value on the acquisition date. A component of the initial fair value measurement is an estimate of the credit losses over the life of the purchased loans. Purchased loans are also evaluated for impairment as of the acquisition date and are accounted for as “acquired non‑impaired” or “purchased credit impaired” loans. Acquired non‑impaired loans. Acquired non‑impaired loans are those loans for which there was no evidence of credit deterioration at their acquisition date and it was probable that we would be able to collect all contractually required payments. Acquired non‑impaired loans, together with originated loans, are referred to as Non‑PCI loans. Purchase discounts or premiums on acquired non‑impaired loans are recognized as an adjustment to interest income over the contractual life of such loans using the effective interest method or taken into income when the related loans are paid off or sold. Purchased credit impaired loans. Purchased credit impaired loans are referred to as PCI loans and are accounted for in accordance with ASC Subtopic 310‑30, “Loans and Debt Securities Acquired with Deteriorated Credit Quality.” A purchased loan is deemed to be credit impaired when there is evidence of credit deterioration since its origination and it is probable at the acquisition date that collection of all contractually required payments is unlikely. We apply PCI loan accounting when we acquire loans deemed to be impaired, and as a general policy election when we acquire a portfolio of loans in a distressed bank acquisition. As our gross PCI loan portfolio represented less than 0.4% of total loans as of the end of 2017, beginning in 2018 the PCI loans were accounted for as Non-PCI loans. Leases. We provide equipment financing to our customers through a variety of lease arrangements. For direct financing leases, lease receivables are recorded on the balance sheet but the leased property is not, although we generally retain legal title to the leased property until the end of each lease. Direct financing leases are stated at the net amount of minimum lease payments receivable, plus any unguaranteed residual value, less the amount of unearned income and net acquisition discount at the reporting date. Direct lease origination costs are amortized using the effective interest method over the life of the leases. Leases acquired in an acquisition are initially measured and recorded at their fair value on the acquisition date. Purchase discount or premium on acquired leases is recognized as an adjustment to interest income over the contractual life of the leases using the effective interest method or taken into income when the related leases are paid off. Direct financing leases are subject to our allowance for loans and leases. We also have operating leases where we purchase equipment which is then leased to our customers. We receive periodic rental income payments, which are recorded as "Noninterest income" in the consolidated statements of earnings, and the equipment remains on our balance sheet and is depreciated according to our fixed asset accounting policy. Loans and leases held for sale. As part of our management of the loans and leases held in our portfolio, on occasion we will transfer loans from held for investment to held for sale. Upon transfer, any associated allowance for loan and lease loss is charged off and the carrying value of the loan is adjusted to the lower of cost or estimated fair value. The unamortized balance of net deferred fees and costs associated with loans held for sale are not accreted or amortized to interest income until the related loans are sold. Gains or losses on the sale of these loans are recorded as "Noninterest income" in the consolidated statements of earnings. Delinquent or past due loans and leases. Loans and leases are considered delinquent when principal or interest payments are past due 30 days or more. Delinquent loans may remain on accrual status between 30 days and 89 days past due. Nonaccrual loans and leases. When we discontinue the accrual of interest on a loan or lease it is designated as nonaccrual. We discontinue the accrual of interest on a loan or lease generally when a borrower's principal or interest payments or a lessee's payments are past due 90 days or when, in the opinion of management, there is a reasonable doubt as to collectability in the normal course of business. Loans with interest or principal payments past due 90 days or leases with payments past due 90 days may be accruing if the loans or leases are concluded to be well-secured and in the process of collection; however, these loans or leases are still reported as nonperforming. When loans or leases are placed on nonaccrual status, all interest previously accrued but not collected is reversed against current period interest income. Interest on nonaccrual loans or leases is subsequently recognized only to the extent that cash is received and the loan principal balance or lease balance is deemed collectable. Loans or leases are restored to accrual status when the loans or leases become both well‑secured and are in the process of collection. Impaired loans and leases. A loan or lease is considered impaired when it is probable that we will be unable to collect all amounts due according to the contractual terms of the loan or lease agreement. Impaired loans and leases include loans and leases on nonaccrual status and performing troubled debt restructured loans. Income from impaired loans is recognized on an accrual basis unless the loan is on nonaccrual status. Income from loans on nonaccrual status is recognized to the extent cash is received and when the loan’s principal balance is deemed collectable. We measure impairment of a loan or lease by using the estimated fair value of the collateral, less estimated costs to sell and other applicable costs, if the loan or lease is collateral‑dependent and the present value of the expected future cash flows discounted at the loan’s or lease’s effective interest rate if the loan or lease is not collateral‑dependent. The impairment amount on a collateral‑dependent loan or lease is charged‑off, and the impairment amount on a loan that is not collateral‑dependent is generally recorded as a specific reserve. Troubled debt restructurings. A loan is classified as a troubled debt restructuring when we grant a concession to a borrower experiencing financial difficulties that we otherwise would not consider under our normal lending policies. These concessions may include a reduction of the interest rate, principal or accrued interest, extension of the maturity date or other actions intended to minimize potential losses. All modifications of criticized loans are evaluated to determine whether such modifications are troubled debt restructurings as outlined under ASC Subtopic 310‑40, “Troubled Debt Restructurings by Creditors.” Loans restructured with an interest rate equal to or greater than that of a new loan with comparable market risk at the time the loan is modified may be excluded from certain restructured loan disclosures in years subsequent to the restructuring if the loans are in compliance with their modified terms. A loan that has been placed on nonaccrual status that is subsequently restructured will usually remain on nonaccrual status until the borrower is able to demonstrate repayment performance in compliance with the restructured terms for a sustained period of time, typically for six months. A restructured loan may return to accrual status sooner based on other significant events or circumstances. A loan that has not been placed on nonaccrual status may be restructured and such loan may remain on accrual status after such restructuring. In these circumstances, the borrower has made payments before and after the restructuring. Generally, this restructuring involves maturity extensions, a reduction in the loan interest rate and/or a change to interest‑only payments for a period of time. The restructured loan is considered impaired despite the accrual status and a specific reserve is calculated based on the present value of expected cash flows discounted at the loan’s original effective interest rate or based on the fair value of the collateral if the loan is collateral-dependent. (h) Allowance for Credit Losses on Loans and Leases Held for Investment The allowance for credit losses on loans and leases held for investment is the combination of the allowance for loan and lease losses and the reserve for unfunded loan commitments. The allowance for loan and lease losses is reported as a reduction of outstanding loan and lease balances and the reserve for unfunded loan commitments is included within "Accrued interest payable and other liabilities" on the consolidated balance sheets. For loans and leases acquired and measured at fair value and deemed non-impaired on the acquisition date, our allowance methodology measures deterioration in credit quality or other inherent risks related to these acquired assets that may occur after the acquisition date. The allowance for credit losses is maintained at a level deemed appropriate by management to adequately provide for known and inherent risks in the loan and lease portfolio and other extensions of credit at the balance sheet date. The allowance is based upon our review of the credit quality of the loan and lease portfolio, which includes payment trends, borrowers' compliance with loan agreements, borrowers' current and budgeted financial performance, collateral valuation trends, and current economic factors and external conditions that may affect our borrowers' ability to make payments to us in accordance with contractual terms. Loans and leases that are deemed to be uncollectable are charged off and deducted from the allowance. The provision for loan and lease losses and recoveries on loans and leases previously charged off are added to the allowance. The allowance for loan and lease losses has a general reserve component for unimpaired loans and leases and a specific reserve component for impaired loans and leases. A loan or lease is considered impaired when it is probable that we will be unable to collect all amounts due according to the original contractual terms of the agreement. We assess our loans and leases for impairment on an ongoing basis using certain criteria such as payment performance, borrower reported financial results and budgets, and other external factors when appropriate. We measure impairment of a loan or lease based upon the fair value of the underlying collateral if the loan or lease is collateral-dependent or the present value of cash flows, discounted at the effective interest rate, if the loan or lease is not collateral-dependent. To the extent a loan or lease balance exceeds the estimated collectable value, a specific reserve or charge-off is recorded depending upon either the certainty of the estimate of loss or the fair value of the loan’s collateral if the loan is collateral-dependent. Impaired loans and leases with outstanding balances less than or equal to $250,000 may not be individually assessed for impairment but are assessed with reserves based on the average loss severity on historical impaired loans with similar risk characteristics. Our allowance methodology for the general reserve component includes both quantitative and qualitative loss factors which are applied to our population of unimpaired loans and leases to estimate our general reserves. The quantitative loss factors consider the likelihood of loans defaulting based on the historical degree that similar loans defaulted and the degree of credit losses based on the historical average degree of loss experienced for these similar loans and leases pooled both by loan or lease type and credit risk rating; loans with more adverse credit risk ratings have higher quantitative loss factors. The qualitative loss factors consider, among other things, current economic trends and forecasts, current collateral values and performance trends, credit performance trends, and the loan portfolio's current composition. As noted below in " Allowance for Loan and Lease Losses - Change in Methodology," we changed our methodology for calculating the ALLL in the second quarter of 2018. See that section for details regarding this change. The quantitative estimation of the allowance for credit losses at December 31, 2018 considered actual historical loan and lease charge-off experience over a 40-quarter look-back period starting with the first quarter of 2009. This look-back period is inclusive of the average timeframe over which charge-offs typically occur following loan or lease origination. The estimation of the allowance for credit losses at December 31, 2017 considered actual historical loan and lease charge-off experience over a 31-quarter look-back period starting with the first quarter of 2010. The increase in the historical look-back period to a 40-quarter look-back period at December 31, 2018 from 31 quarters at December 31, 2017 was done as part of our ALLL methodology change in the second quarter of 2018 and allows the look-back period to capture sufficient loss observations that is relevant to the current portfolio. In a good economic cycle with less frequent loss events, management believes a longer look-back period is more appropriate to reflect the level of incurred losses over an entire economic cycle. When estimating the general reserve component for the various pools of similar loan types, the loss factors applied to the loan pools consider the current credit risk ratings, giving greater weight to loans with more adverse credit risk ratings. We recognize that the determination of the allowance for credit losses is sensitive to the assigned credit risk ratings and inherent loss rates at any given point in time. To ensure the accuracy of our credit risk ratings, an independent credit review function assesses the appropriateness of the credit risk ratings assigned to loans on a regular basis. The qualitative criteria we consider when establishing the loss factors include the following:
We estimate the reserve for unfunded loan commitments using the same loss factors as used for the allowance for loan and lease losses. The reserve for unfunded loan commitments is computed using expected future usage of the unfunded commitments based on historical usage of unfunded commitments for the various loan types. The allowance for credit losses is directly correlated to the credit risk ratings of our loans. To ensure the accuracy of our credit risk ratings, an independent credit review function assesses the appropriateness of the credit risk ratings assigned to loans on a regular basis. The credit risk ratings assigned to every loan and lease are either “pass,” “special mention,” “substandard,” or “doubtful” and defined as follows:
In addition, we may refer to the loans and leases with assigned credit risk ratings of "substandard" and "doubtful" together as "classified" loans and leases. For further information on classified loans and leases, see Note 6. Loans and Leases. Management believes the allowance for credit losses is appropriate for the known and inherent risks in our loan and lease portfolio and the credit risk ratings and inherent loss rates currently assigned are appropriate. It is possible that others, given the same information, may at any point in time reach different conclusions that could result in a significant impact to the Company's financial statements. In addition, current credit risk ratings are subject to change as we continue to monitor our loans and leases. To the extent we experience, for example, increased levels of borrower loan defaults, borrowers' noncompliance with our loan agreements, adverse changes in collateral values, or negative changes in economic and business conditions that adversely affect our borrowers, our classified loans and leases may increase. Higher levels of classified loans and leases generally result in increased provisions for credit losses and an increased allowance for credit losses. Although we have established an allowance for credit losses that we consider appropriate, there can be no assurance that the established allowance will be sufficient to absorb future losses. Allowance for loan and lease losses - change in methodology. The ALLL represents management’s estimate of probable credit losses inherent in the loan portfolio as of the balance sheet date. Our methodology to estimate the ALLL has three basic elements that include specific reserves for individually evaluated impaired loans, a quantitative general allowance for all other loans (including individually evaluated loans determined not to be impaired), and qualitative adjustments based on other factors which may be internal or external to the Company. During the second quarter of 2018, we changed our methodology used to estimate the quantitative general allowance due to the growth and increased complexity of the loan portfolio. The new ALLL methodology included three primary changes: the quantitative component now employs a PD/LGD methodology; the loan segmentation groups our loan portfolio into 21 loan pools with similar risk characteristics (as opposed to 34 loan pools used under the previous methodology); and the historical range of loan performance history, or look-back period, was lengthened by one year to ten years. The new PD/LGD methodology estimates the likelihood of loans defaulting based on the historical degree that similar loans defaulted, and it estimates the degree of credit loss based on the historical average degree of loss experienced for these similar loans. The reduced number of loan pools provides greater statistical validity by having more default and loss histories within each pool for the quantitative general allowance estimation. The look-back period was extended to capture loan performance back to January 1, 2009, one year longer than under the historical loss migration methodology. Extending this look-back period includes more historical loan performance information. The loss emergence period was unchanged as we continue to use seven quarters. The methodology to estimate specific reserves for individually evaluated impaired loans did not change. The methodology to derive qualitative adjustments based on other internal or external factors was updated to align with the new PD/LGD methodology being applied to estimate the quantitative general allowance for unimpaired loans. As a result, the composition of the ALLL changed as the quantitative component increased and the qualitative component decreased as the new quantitative methodology now encompasses more information, such as the longer look-back period, that previously required a qualitative adjustment as part of determining the total ALLL estimate. These changes in the ALLL methodology did not result in material changes to management's overall ALLL estimate at June 30, 2018. (i) Land, Premises and Equipment Premises and equipment are stated at cost less accumulated depreciation and amortization. Land is not depreciated. Depreciation and amortization is charged to "Noninterest expense" in the consolidated statements of earnings using the straight‑line method over the estimated useful lives of the assets. The estimated useful lives of furniture, fixtures and equipment range from 3 to 7 years and for buildings up to 30 years. Leasehold improvements are amortized over their estimated useful lives, or the life of the lease, whichever is shorter. (j) Foreclosed Assets Foreclosed assets include OREO and repossessed non-real estate assets. Foreclosed assets are initially recorded at the estimated fair value of the property, based on current independent appraisals obtained at the time of acquisition, less estimated costs to sell, including senior obligations such as delinquent property taxes. The excess of the recorded loan balance over the estimated fair value of the property at the time of acquisition less estimated costs to sell is charged to the allowance for loan and lease losses. Any subsequent write‑downs are charged to "Noninterest expense" in the consolidated statements of earnings and recognized through a foreclosed assets valuation allowance. Subsequent increases in the fair value of the asset less selling costs reduce the foreclosed assets valuation allowance, but not below zero, and are credited to "Noninterest expense." Gains and losses on the sale of foreclosed assets and operating expenses of such assets are included in "Noninterest expense." (k) Income Taxes Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in earnings in the period that includes the enactment date. Any interest or penalties assessed by the taxing authorities is classified in the financial statements as income tax expense. Deferred tax assets and liabilities, net of valuation allowances, are grouped together and reported net on the consolidated balance sheets. On a quarterly basis, the Company evaluates its deferred tax assets to assess whether they are expected to be realized in the future. This determination is based on currently available facts and circumstances, including our current and projected future tax positions, the historical level of our taxable income, and estimates of our future taxable income. In most cases, the realization of deferred tax assets is based on our future profitability. To the extent our deferred tax assets are not considered more likely than not to be realized, we are required to record a valuation allowance on our deferred tax assets by charging earnings. The Company also evaluates existing valuation allowances periodically to determine if sufficient evidence exists to support an increase or reduction in the allowance. (l) Goodwill and Other Intangible Assets Goodwill and other intangible assets arise from the acquisition method of accounting for business combinations. Goodwill and other intangible assets generated from business combinations and deemed to have indefinite lives are not subject to amortization and instead are tested for impairment at least annually unless certain events occur or circumstances change. Goodwill represents the excess of the purchase price over the fair value of the net assets and other identifiable intangible assets acquired. We test for goodwill impairment annually or earlier if events or changes in circumstances indicate goodwill might possibly be impaired. Impairment exists when the carrying value of the goodwill exceeds its implied fair value. An impairment loss would be recognized in an amount equal to that excess as a charge to "Noninterest expense" in the consolidated statements of earnings. Intangible assets with estimable useful lives are amortized over such useful lives to their estimated residual values. CDI and CRI are recognized apart from goodwill at the time of acquisition based on market valuations. In preparing such valuations, variables considered included deposit servicing costs, attrition rates, and market discount rates. CDI assets are amortized to expense over their useful lives, which we have estimated to range from 7 to 10 years. CRI assets are amortized to expense over their useful lives, which we have estimated to range from 4 to 7 years. The amortization expense represents the estimated decline in the value of the underlying deposits or customer relationships acquired. Both CDI and CRI are reviewed for impairment quarterly or earlier if events or changes in circumstances indicate that their carrying values may not be recoverable. If the recoverable amount of either CDI or CRI is determined to be less than its carrying value, we would then measure the amount of impairment based on an estimate of the intangible asset’s fair value at that time. If the fair value is below the carrying value, then the intangible asset is reduced to such fair value; an impairment loss for such amount would be recognized as a charge to "Noninterest expense" in the consolidated statements of earnings. (m) Stock-Based Compensation The Company issues stock-based compensation instruments consisting of TRSAs and PRSUs. Compensation expense related to TRSAs is based on the fair value of the underlying stock on the award date and is recognized over the vesting period using the straight‑line method. Forfeitures of stock-based awards are recognized when they occur. Compensation expense related to PRSUs is based on the fair value of the underlying stock on the award date and is amortized over the vesting period using the straight-line method unless it is determined that: (1) attainment of the financial metrics is less than probable, in which case a portion of the amortization is suspended, or (2) attainment of the financial metrics is improbable, in which case a portion of the previously recognized amortization is reversed and also suspended. If it is determined that attainment of a financial measure higher than target is probable, the amortization will increase up to 150% or 200% of the target amortization amount. Annual PRSU expense may vary during the three-year performance period based upon changes in management's estimate of the number of shares that may ultimately vest. In the case where the performance target for the PRSU’s is based on a market condition (such as total shareholder return), the amortization is neither reversed nor suspended if it is subsequently determined that the attainment of the performance target is less than probable or improbable. Unvested TRSAs participate with common stock in any dividends declared and paid. Dividends are paid on unvested TRSAs and are charged to equity and the related tax impact is recorded to income tax expense. Dividends paid on forfeited TRSAs are charged to compensation expense. Unvested PRSUs participate with common stock in any dividends declared, but are paid only on the shares which ultimately vest, if any, at the end of the three-year performance period. At the time of vesting, the vested shares are entitled to receive cumulative dividends declared and paid during the three-year performance period. Such dividends are accrued during the three-year performance period at the estimated level of shares to be received by the award holder. (n) Derivative Instruments Our derivative contracts primarily manage the foreign currency risk associated with certain assets and liabilities. As of December 31, 2018, all of our derivatives were held for risk management purposes and none were designated as accounting hedges. The objective is to manage the uncertainty of future foreign exchange rate fluctuations. These derivatives provide for a fixed exchange rate which has the effect of reducing or eliminating changes to anticipated cash flows to be received on assets and liabilities denominated in foreign currencies as the result of changes to exchange rates. Our derivatives are recorded in other assets or other liabilities, as appropriate. The changes in fair value of our derivatives and the related interest are recognized in "Noninterest income - other" in the consolidated statements of earnings. At December 31, 2018, our derivative contracts had a notional value of $80.5 million. Derivative instruments expose us to credit risk in the event of nonperformance by counterparties. This risk exposure consists primarily of the termination value of agreements where we are in a favorable position. We manage the credit risk associated with various derivative agreements through counterparty credit review and monitoring procedures. (o) Equity Investments Investments in common or preferred stock that are not publicly traded and certain investments in limited partnerships are considered equity investments that do not have a readily determinable fair value. If we have the ability to significantly influence the operating and financial policies of the investee, the investment is accounted for pursuant to the equity method of accounting. This is generally presumed to exist when we own between 20% and 50% of a corporation, or when we own greater than 5% of a limited partnership or similarly structured entity. Our equity investment carrying values are included in other assets and our share of earnings and losses in equity method investees is included in "Noninterest income - other" on the consolidated statements of earnings. Prior to January 1, 2018, if we did not have significant influence over the investee, the cost method was used to account for the equity interest. Effective January 1, 2018 with the adoption of ASU 2016-01, our accounting treatment for equity investments differs for those with and without readily determinable fair values. Equity investments with readily determinable fair values are recorded at fair value with changes in fair value recorded in “Noninterest income - other.” For equity investments without readily determinable fair values we have elected the “measurement alternative,” and therefore carry these investments at cost, less impairment (if any), plus or minus changes in observable prices. On a quarterly basis, we review our equity investments without readily determinable fair values for impairment. We consider a number of qualitative factors such as whether there is a significant deterioration in earnings performance, credit rating, asset quality, or business prospects of the investee in determining if impairment exists. If the investment is considered impaired, an impairment loss equal to the amount by which the carrying value exceeds its fair value is recorded through a charge to earnings. The impairment loss may be reversed in a subsequent period if there are observable transactions for the identical or similar investment of the same issuer at a higher amount than the carrying amount that was established when the impairment was recognized. Impairment as well as upward or downward adjustments resulting from observable price changes in orderly transactions for identical or similar investments are included in “Noninterest income - other.” Realized gains or losses resulting from the sale of equity investments are calculated using the specific identification method and are included in "Noninterest income - other." (p) Comprehensive Income Comprehensive income consists of net earnings and net unrealized gains (losses) on debt securities available‑for‑sale, net, and is presented in the consolidated statements of comprehensive income. (q) Earnings Per Share In accordance with ASC Topic 260, “Earnings Per Share,” all outstanding unvested share‑based payment awards that contain rights to nonforfeitable dividends are considered participating securities and are included in the two‑class method of determining basic and diluted earnings per share. All of our unvested restricted stock participates with our common stockholders in dividends. Accordingly, earnings allocated to unvested restricted stock are deducted from net earnings to determine that amount of earnings available to common stockholders. In the two‑class method, the amount of our earnings available to common stockholders is divided by the weighted average shares outstanding, excluding any unvested restricted stock, for both the basic and diluted earnings per share. (r) Business Combinations Business combinations are accounted for under the acquisition method of accounting in accordance with ASC Topic 805, “Business Combinations.” Under the acquisition method, the acquiring entity in a business combination recognizes 100 percent of the acquired assets and assumed liabilities, regardless of the percentage owned, at their estimated fair values as of the date of acquisition. Any excess of the purchase price over the fair value of net assets and other identifiable intangible assets acquired is recorded as goodwill. To the extent the fair value of net assets acquired, including other identifiable assets, exceeds the purchase price, a bargain purchase gain is recognized. Assets acquired and liabilities assumed from contingencies must also be recognized at fair value, if the fair value can be determined during the measurement period. Results of operations of an acquired business are included in the statement of earnings from the date of acquisition. Acquisition‑related costs, including conversion and restructuring charges, are expensed as incurred. (s) Business Segments We regularly assess our strategic plans, operations and reporting structures to identify our reportable segments. Changes to our reportable segments are expected to be infrequent. As of December 31, 2018 and since December 31, 2015, we have operated as one reportable segment. The factors considered in making this determination include the nature of products and offered services, geographic regions in which we operate, the applicable regulatory environment, and the discrete financial information reviewed by our key decision makers. Through our network of banking offices nationwide, our entire operations provide relationship-based banking products, services and solutions for small to mid-sized companies, entrepreneurial businesses, venture capital and private equity investors, real estate investors, professionals and other individuals. Our products and services include commercial real estate, multi-family, commercial business, construction and land, consumer and government-guaranteed small business loans, business and personal deposit products, and treasury cash management services. (t) Recently Issued Accounting Standards In February 2016, the FASB issued ASU 2016-02, "Leases (Topic 842)," which, among other things, requires lessees to recognize most leases on-balance sheet, which will result in an increase in their reported assets and liabilities. Lessor accounting remains substantially similar to current U.S. GAAP. ASU 2016-02 supersedes Topic 840, Leases, and is effective for annual and interim periods in fiscal years beginning after December 15, 2018. There have been further amendments issued in 2018, including practical expedients, with the issuance of ASU 2018-01, “Leases (Topic 842): Land Easement Practical Expedient for Transition to Topic 842,” ASU 2018-10, “Codification Improvements to Topic 842, Leases,” ASU 2018-11, "Leases (Topic 842): Targeted Improvements," and ASU 2018-20, “Leases (Topic 842): Narrow-Scope Improvements for Lessors.” The Company will adopt the standard effective January 1, 2019 and apply the guidance to all leases within the scope of Topic 842 as of that date using the optional transition method to not adjust comparative period financial information. We have elected the following practical expedients: (1) as a lessee we will not separate lease and non-lease components when determining the amount of right of use assets; (2) we have elected the package of transition practical expedients including (a) not to reassess whether any expired or existing contracts are or contains leases, (b) maintain existing lease classification, and (c) we will not reassess initial direct costs for leases existing at January 1, 2019; (3) we will not record short term leases on the balance sheet; and (4) we have elected to present sales tax on a “net” basis for those transactions in which we are the lessor. The primary impact of the new standard to the Company relates to leased branches and office space which are accounted for as operating leases. Adoption of the new standard on January 1, 2019 resulted in the recording of lease right-of-use assets of approximately $131 million and lease right-of-use liabilities of approximately $146 million with the difference due to the offset of previously accrued deferred rent and vacant space accruals based on the lease population as of January 1, 2019. The standard will not materially impact our consolidated statements of earnings and has no impact on cash flows. Effective January 1, 2019, the Company implemented: (1) a new lease accounting and administrative system, (2) new processes and procedures, and (3) new internal controls. As a lessor, we expect to recognize more sales-type leases that are currently accounted for as direct financing leases. The change in the definition of initial direct costs to include only incremental direct costs will also result in an acceleration of certain operating costs. Given the limited changes to lessor accounting, we have determined that the adoption of the new standard will not have a material impact on our consolidated financial statements. In June 2016, the FASB issued ASU 2016-13, "Measurement of Credit Losses on Financial Instruments," which significantly changes the way entities recognize credit losses and impairment of financial assets recorded at amortized cost. Currently, the credit loss and impairment model for loans and leases is based on incurred losses, and investments are recognized as impaired when there is no longer an assumption that future cash flows will be collected in full under the originally contracted terms. Under the new current expected credit loss ("CECL") model, the standard requires immediate recognition of estimated credit losses expected to occur over the remaining life of the asset. The forward-looking concept of CECL to estimate future credit losses will broaden the range of data to consider including past and current events and conditions along with reasonable and supportable forecasts that may affect expected collectability. ASU 2016-13 also amends the accounting for credit losses on available-for-sale debt securities and purchased financial assets with credit deterioration. The standard will add new disclosure requirements and impact the Company’s processes and internal controls over financial reporting. The issuance of ASU 2018-19, “Codification Improvements to Topic 326, Financial Instruments - Credit Losses,” in November 2018 clarified that receivables arising from operating leases are not within the scope of the new credit losses standard. The FASB has also issued an exposure draft in November 2018 which contains matters related to the CECL guidance and the FASB's Transition Resource Group continues to field questions on issues requiring further interpretation and guidance. We expect discussions on these and other interpretation matters to continue throughout 2019 and beyond the effective date of January 1, 2020. The Company has established a multidisciplinary project team and implementation plan, selected a software solution, reached preliminary accounting decisions on various matters, developed a conceptual framework, developed initial regression models for the reasonable and supportable forecast period, and is engaged in the implementation phase of the project. The Company, with the assistance of a third party adviser, continues to work on: (1) developing and documenting a new expected loss model with supportable assumptions, (2) addressing data and reporting requirements, (3) assessing updates to accounting policies, and (4) documenting new processes and controls. The Company expects to begin parallel calculations, testing, and sensitivity analysis on its initial modeling assumptions and results in the first quarter of 2019. ASU 2016-13 is effective for interim and annual periods in fiscal years beginning after December 15, 2019, with earlier adoption permitted. The Company plans to adopt this standard on January 1, 2020. Entities are required to use a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is adopted (modified-retrospective approach). A prospective transition approach is required for available-for-sale debt securities for which an other-than-temporary impairment had been recognized before the adoption date. The new standard will be significant to the policies, processes, and methodology used to determine credit losses; however, the Company has not yet determined the quantitative effect on its consolidated financial position and results of operations. In January 2017, the FASB issued ASU 2017-04, "Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment," which intends to simplify goodwill impairment testing by eliminating the second step of the analysis under which the implied fair value of goodwill is determined as if the reporting unit were being acquired in a business combination. ASU 2017-04 instead requires entities to compare the fair value of a reporting unit with its carrying amount and recognize an impairment charge for any amount by which the carrying amount exceeds the reporting unit's fair value, to the extent that the loss recognized does not exceed the amount of goodwill allocated to that reporting unit. ASU 2017-04 must be applied prospectively and is effective for the Company on January 1, 2020. While early adoption is permitted, the Company has no intention of doing so at this time and does not expect the adoption to have a material impact on its consolidated financial position or results of operations. In August 2018, the FASB issued ASU 2018-13, “Fair Value Measurement (Topic 820): Disclosure Framework - Changes to Disclosure Requirements for Fair Value Measurements,” which changes the fair value measurement disclosure requirements of ASC 820. ASU 2018-13 must be applied prospectively and is effective for the Company on January 1, 2020. Early adoption is permitted. The Company will early adopt any removed or modified disclosures effective January 1, 2019 but will defer adoption of the additional disclosures until the effective date as permitted in the transition guidance in ASU 2018-13. The Company does not expect ASU 2018-13 to have a material impact on its consolidated financial position or results of operations. In August 2018, the FASB issued ASU 2018-15, “Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That is a Service Contract (a consensus of the FASB Emerging Issues Task Force)," which aligns the requirements for capitalizing implementation costs in a cloud computing arrangement service contract with the requirements for capitalizing implementation costs incurred for an internal-use software license. The new guidance also prescribes the balance sheet, income statement, and cash flow classification of the capitalized implementation costs and related amortization expense, and requires additional quantitative and qualitative disclosures. ASU 2018-15 is effective for the Company on January 1, 2020 and the Company has the option to adopt the new standard either prospectively to eligible costs incurred on or after the date this guidance is first applied or retrospectively. Early adoption is permitted. The Company will early adopt this standard prospectively effective January 1, 2019, and we have determined that the adoption of ASU 2018-15 will not have a material impact on its consolidated financial position or results of operations. |
Restricted Cash Balances |
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Restricted Cash Balances [Abstract] | |
Restricted Cash Balances | NOTE 2. RESTRICTED CASH BALANCES The Company is required to maintain reserve balances with the FRBSF. Such reserve requirements are based on a percentage of deposit liabilities and may be satisfied by cash on hand. The average reserves required to be held at the FRBSF for the years ended December 31, 2018 and 2017 were $77.0 million and $77.6 million. As of December 31, 2018 and 2017, we pledged cash collateral for our derivative contracts of $2.6 million and $2.7 million. |
Acquisitions |
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Acquisitions | NOTE 3. ACQUISITIONS The following assets acquired and liabilities assumed of CUB are presented at estimated fair value as of the acquisition date:
CUB Acquisition We acquired CUB on October 20, 2017. As part of the acquisition, CU Bank, a wholly-owned subsidiary of CUB, was merged with and into PacWest's wholly-owned banking subsidiary, Pacific Western Bank. We completed the acquisition to, among other things, enhance our Southern California community bank franchise by adding a $2.1 billion loan portfolio and $2.7 billion of core deposits. The CUB acquisition has been accounted for under the acquisition method of accounting. We acquired $3.5 billion of assets and assumed $2.8 billion of liabilities upon closing of the acquisition. The assets and liabilities, both tangible and intangible, were recorded at their estimated fair values as of the acquisition date. We made significant estimates and exercised significant judgment in estimating fair values and accounting for such acquired assets and liabilities. The application of the acquisition method of accounting resulted in goodwill of $374.7 million. All of the recognized goodwill is non-deductible for tax purposes. |
Goodwill and Other Intangible Assets |
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Goodwill and Other Intangible Assets | NOTE 4. GOODWILL AND OTHER INTANGIBLE ASSETS The following table presents the changes in the carrying amount of goodwill for the years indicated:
We perform our annual goodwill impairment testing with an as of date of December 31. We evaluated the carrying value of our goodwill and determined that it was not impaired. Our other intangible assets with definite lives are CDI and CRI. CDI and CRI are amortized over their respective estimated useful lives and reviewed for impairment at least quarterly. The amortization expense represents the estimated decline in the value of the underlying deposits or loan and lease customers acquired. The estimated aggregate amortization expense related to our current intangible assets for each of the next five years is $18.7 million for 2019, $14.6 million for 2020, $10.8 million for 2021, $7.5 million for 2022 and $3.8 million for 2023. The following table presents the changes in CDI and CRI and the related accumulated amortization for the years indicated:
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Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment | NOTE 5. INVESTMENT SECURITIES Securities Available-for-Sale The following table presents amortized cost, gross unrealized gains and losses, and fair values of securities available-for-sale as of the dates indicated:
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See Note 13. Fair Value Measurements for information on fair value measurements and methodology. As of December 31, 2018, securities available‑for‑sale with a fair value of $458.1 million were pledged as collateral for borrowings, public deposits and other purposes as required by various statutes and agreements. Realized Gains and Losses on Securities Available-for-Sale Realized gains or losses in the consolidated statements of earnings resulting from the sale of securities are calculated using the specific identification method and included in gain (loss) on sale of securities. During the year ended December 31, 2018, we sold $563.6 million of securities available-for-sale for a gross realized gain of $9.2 million and a gross realized loss of $1.0 million. During the year ended December 31, 2017, we sold $355.4 million of securities available-for-sale for a gross realized gain of $3.3 million and a gross realized loss of $3.8 million. We also sold $404.5 million of the $447.0 million of securities obtained in the CUB acquisition for no gain or loss as they were marked to fair value at the time of acquisition. During the year ended December 31, 2016, we sold $384.0 million of securities available-for-sale for a gross realized gain of $11.1 million and a gross realized loss of $1.6 million. Unrealized Losses on Securities Available-for-Sale The following tables present the gross unrealized losses and fair values of securities available-for-sale that were in unrealized loss positions, for which other-than-temporary impairments have not been recognized in earnings, as of the dates indicated:
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We reviewed the securities that were in an unrealized loss position at December 31, 2018 and 2017, and concluded their unrealized losses were a result of the level of market interest rates relative to the types of securities and pricing changes caused by shifting supply and demand dynamics and not a result of downgraded credit ratings or other indicators of deterioration of the underlying issuers' ability to repay. Accordingly, we determined the securities were temporarily impaired and we did not recognize such impairment in the consolidated statements of earnings. Although we periodically sell securities for portfolio management purposes, we do not foresee having to sell any temporarily impaired securities strictly for liquidity needs and believe that it is more likely than not we would not be required to sell any temporarily impaired securities before recovery of their amortized cost. Contractual Maturities of Securities Available-for-Sale The following table presents the contractual maturities of our available-for-sale securities portfolio based on amortized cost and carrying value as of the date indicated.
Mortgage-backed securities have contractual terms to maturity, but require periodic payments to reduce principal. In addition, expected maturities may differ from contractual maturities because obligors and/or issuers may have the right to call or prepay obligations with or without call or prepayment penalties. FHLB Stock In connection with outstanding FHLB advances, the Bank owned FHLB stock carried at cost of $32.1 million and $20.8 million at December 31, 2018 and 2017. At December 31, 2018 and 2017, the Bank was required to own FHLB stock at least equal to 2.7% of outstanding FHLB advances. During the year ended December 31, 2018, FHLB stock increased by $11.3 million due to $55.6 million in purchases, offset partially by $44.3 million in redemptions. We evaluated the carrying value of our FHLB stock investment at December 31, 2018, and determined that it was not impaired. Our evaluation considered the long-term nature of the investment, the current financial and liquidity position of the FHLB, repurchase activity of excess stock by the FHLB at its carrying value, the return on the investment from recurring dividends, and our intent and ability to hold this investment for a period of time sufficient to recover our recorded investment. Interest Income on Investment Securities The following table presents the composition of our interest income on investment securities for the years indicated:
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Loans and Credit Quality |
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Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans and Leases | NOTE 6. LOANS AND LEASES Our loans are carried at the principal amount outstanding, net of deferred fees and costs, and in the case of acquired loans, net of purchase discounts and premiums. Deferred fees and costs and purchase discounts and premiums on acquired non-impaired loans are recognized as an adjustment to interest income over the contractual life of the loans primarily using the effective interest method or taken into income when the related loans are paid off or included in the carrying amount of loans that are sold. Prior to January 1, 2018, our loan and lease portfolio consisted of Non-PCI loans and leases and PCI loans. Non-PCI loans and leases were those we originated or those we acquired that were not credit impaired at the dates of acquisition. PCI loans were purchased loans for which there was, at the acquisition date, evidence of credit deterioration since their origination and for which it was probable that collection of all contractually required payments was unlikely. As our gross PCI loan portfolio represented less than 0.4% of total loans as of the end of 2017, beginning in 2018 the PCI loans were accounted for as Non-PCI loans. Accordingly, in the credit quality tables below under "Loans and leases held for investment," amounts related to 2018 are for total loans and leases, and amounts related to 2017 and 2016 are for Non-PCI loans and leases. Loans Held for Sale In the fourth quarter of 2017, we entered into an agreement to sell $1.5 billion of cash flow loans and exited our National Lending origination operations related to general, technology, and healthcare cash flow loans. As of December 31, 2017, $1.0 billion of the loans sold had settled, while $481.1 million were classified as held for sale. The loans held for sale at December 31, 2017 settled in the first quarter of 2018. In connection with the loan sale and transfer of loans to held for sale, we recognized $2.2 million in charge-offs during the fourth quarter of 2017 to record the loans at the lower of cost or fair value. Loans and Leases Held for Investment The following table summarizes the composition of our loans and leases held for investment as of the dates indicated:
The following tables present an aging analysis of our loans and leases held for investment, net of deferred fees, by loan portfolio segment and class as of the dates indicated:
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It is our policy to discontinue accruing interest when principal or interest payments are past due 90 days or more unless the loan is both well secured and in the process of collection or when, in the opinion of management, there is a reasonable doubt as to the collectability of a loan or lease in the normal course of business. Interest income on nonaccrual loans is recognized only to the extent cash is received and the principal balance of the loan is deemed collectable. The amount of interest income that would have been recorded on nonaccrual loans and leases at December 31, 2018 and 2017 had such loans and leases been current in accordance with their original terms was $9.3 million and $10.8 million for 2018 and 2017. The following table presents our nonaccrual and performing loans and leases held for investment, net of deferred fees, by loan portfolio segment and class as of the dates indicated:
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At December 31, 2018, nonaccrual loans and leases totaled $79.3 million. Nonaccrual loans and leases included $10.7 million of loans and leases 90 or more days past due, $6.6 million of loans 30 to 89 days past due and $62.0 million of current loans that were placed on nonaccrual status based on management’s judgment regarding their collectability. Nonaccrual loans and leases totaled $155.8 million at December 31, 2017, including $14.2 million of loans and leases 90 or more days past due, $3.2 million of loans 30 to 89 days past due and $138.4 million of current loans that were placed on nonaccrual status based on management’s judgment regarding their collectability. As of December 31, 2018, our three largest loan relationships on nonaccrual status had an aggregate carrying value of $42.0 million and represented 53% of total nonaccrual loans and leases. The following table presents the credit risk rating categories for loans and leases held for investment by loan portfolio segment and class as of the dates indicated. Classified loans and leases are those with a credit risk rating of either substandard or doubtful.
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Nonaccrual loans and leases and performing TDRs are considered impaired for reporting purposes. TDRs are a result of rate reductions, term extensions, fee concessions and debt forgiveness or a combination thereof. At December 31, 2018 and 2017, we had unfunded commitments related to TDRs of $1.3 million and $4.5 million. The following table presents the composition of our impaired loans and leases held for investment, net of deferred fees, by loan portfolio segment as of the dates indicated:
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The following tables present information regarding our impaired loans and leases held for investment, net of deferred fees, by loan portfolio segment and class as of and for the years indicated:
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The following table presents our troubled debt restructurings of loans held for investment and defaulted troubled debt restructurings of loans held for investment by loan portfolio segment and class for the years indicated:
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Allowance for Loan and Lease Losses The following tables present a summary of the activity in the allowance for loan and lease losses on loans and leases held for investment by loan portfolio segment for the years indicated:
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Allowance for Credit Losses The allowance for credit losses is the combination of the allowance for loan and lease losses and the reserve for unfunded loan commitments. The reserve for unfunded loan commitments is included within "Accrued interest payable and other liabilities" on the consolidated balance sheets. The following tables present a summary of the activity in the allowance for loan and lease losses and reserve for unfunded loan commitments for the years indicated:
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Foreclosed Assets |
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Foreclosed Assets | NOTE 7. FORECLOSED ASSETS The following table summarizes foreclosed assets as of the dates indicated:
The following table presents the changes in foreclosed assets, net of the valuation allowance, for the years indicated:
The following table presents the changes in the foreclosed assets valuation allowance for the years indicated:
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Premises and Equipment, Net |
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Premises and Equipment, Net | NOTE 8. PREMISES AND EQUIPMENT, NET The following table presents the components of premises and equipment as of the dates indicated:
Depreciation and amortization expense was $9.4 million, $7.6 million, and $8.2 million for the years ended December 31, 2018, 2017, and 2016. We have obligations under a number of noncancelable operating leases for premises and equipment. The following table presents future minimum rental payments under noncancelable operating leases as of the date indicated:
Total gross rental expense for the years ended December 31, 2018, 2017, and 2016, was $34.3 million, $31.7 million, and $30.0 million. Most of the leases provide that the Company pays maintenance, insurance and certain other operating expenses applicable to the leased premises in addition to the monthly rental payments. Total rental income for the years ended December 31, 2018, 2017, and 2016, was $553,000, $481,000, and $500,000. As of December 31, 2018, the future minimum rental payments to be received under noncancelable subleases were $17.4 million through September 2025. |
Other Assets Other Assets (Notes) |
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Other Assets [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Assets Disclosure [Text Block] | The following table presents the detail of our other assets as of the dates indicated:
OTHER ASSETS The following table presents the detail of our other assets as of the dates indicated:
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The Company has purchased life insurance policies on certain employees and has also acquired life insurance policies through acquisitions. BOLI is recorded at the amount that can be realized under the insurance contract, which is the cash surrender value. The increase in the cash surrender value each period and the receipt of death benefit proceeds are recorded to "Noninterest income - other." The Company makes various investments for CRA investment purposes including, but not limited to, CRA-related loan pool investments, CRA-related equity investments and investments in LIHTC partnerships. The loan pool and other CRA equity investments primarily consist of investments in partnerships which provide affordable housing and participations in loan pools which provide low-cost loans to low and moderate income applicants. The Company invests as a limited partner in LIHTC partnerships that operate qualified affordable housing projects and generate tax benefits for investors, including federal low income housing tax credits. The partnerships are deemed to be VIEs because they do not have sufficient equity investment at risk and are structured with non-substantive voting rights; however, we are not the primary beneficiary of the VIEs and do not consolidate them. We amortize the investment in proportion to the allocated tax benefits using the proportional amortization method of accounting and record such benefits net of investment amortization in income tax expense. The Company's equity investments without readily determinable fair values include investments in privately held companies and limited partnerships as well as investments in entities from which we issued trust preferred securities. On January 1, 2018, we adopted ASU 2016-01 and ASU 2018-03 which changed the way we account for equity investments without readily determinable fair values previously accounted for using the cost method. Upon adoption, we have elected to measure our equity investments without readily determinable fair values using the measurement alternative. The Company reclassified $1.2 million of equity securities without readily determinable fair values previously included in securities available-for-sale to other assets on our condensed consolidated balance sheet in the first quarter of 2018. The reclassification was applied prospectively without prior period amounts being restated. Carrying values of these investments are adjusted to fair value upon observable transactions for identical or similar investments of the same issuer. During the year ended December 31, 2018, we sold a portion of one of our equity investments without a readily determinable fair value for an amount in excess of its basis, and consequently increased by $286,000 the remaining carrying value of this investment at December 31, 2018. During the year ended December 31, 2018, we recorded impairment of $278,000 in the aggregate on five of our CRA equity investments without readily determinable fair values. Beginning January 1, 2018, unrealized and realized gains and losses on equity investments without readily determinable fair values are recorded in "Noninterest income - other." The Company's equity investments with readily determinable fair values include investments in public companies, often from the exercise of warrants, and publicly-traded mutual funds. The Company reclassified $5.9 million of equity securities with readily determinable fair values previously included in securities available-for-sale to other assets on the condensed consolidated balance sheet in the first quarter of 2018. The reclassification was applied prospectively without prior period amounts being restated. Beginning January 1, 2018, unrealized and realized gains and losses on equity investments with readily determinable fair values are recorded in "Noninterest income - other." |
Deposits |
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Deposits | NOTE 10. DEPOSITS The following table presents the components of interest‑bearing deposits as of the dates indicated:
Brokered time deposits totaled $729.4 million and $732.2 million at December 31, 2018 and 2017. Brokered non-maturity deposits totaled $518.2 million and $835.6 million at December 31, 2018 and 2017. The following table summarizes the maturities of time deposits as of the date indicated:
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Borrowings and Subordinated Debentures | NOTE 11. BORROWINGS AND SUBORDINATED DEBENTURES Borrowings The following table summarizes our borrowings as of the dates indicated:
The non‑recourse debt represents the payment stream of certain equipment leases sold to third parties. The debt is secured by the equipment in the leases and all interest rates are fixed. As of December 31, 2018, this debt had a weighted average remaining maturity of 1.0 year. The Bank has established secured and unsecured lines of credit under which it may borrow funds from time to time on a term or overnight basis from the FHLB, the FRBSF, and other financial institutions. FHLB Secured Line of Credit. The Bank had secured borrowing capacity with the FHLB of $3.7 billion as of December 31, 2018, collateralized by a blanket lien on $5.4 billion of qualifying loans. As of December 31, 2018, the balance outstanding was a $1.0 billion overnight advance. As of December 31, 2017, the balance outstanding was a $332.0 million overnight advance. FRBSF Secured Line of Credit. The Bank had secured borrowing capacity with the FRBSF of $2.0 billion as of December 31, 2018, collateralized by liens on $2.7 billion of qualifying loans. As of December 31, 2018 and 2017, there were no balances outstanding. FHLB Unsecured Line of Credit. As of December 31, 2018, the Bank had a $141.0 million unsecured line of credit with the FHLB for the borrowing of overnight funds, of which $141.0 million was outstanding. As of December 31, 2017, the balance outstanding was $135.0 million. Federal Funds Arrangements with Commercial Banks. As of December 31, 2018, the Bank had unsecured lines of credit of $180.0 million in the aggregate with several correspondent banks for the borrowing of overnight funds, subject to availability of funds. These lines are renewable annually and have no unused commitment fees. As of December 31, 2018 and 2017, there were no balances outstanding. The Bank is a member of the AFX, through which it may either borrow or lend funds on an overnight or short-term basis with a group of pre-approved commercial banks. The availability of funds changes daily. As of December 31, 2018, the balance outstanding was $190.0 million, which consisted of a $190.0 million overnight borrowing. As of December 31, 2017, there was no balance outstanding. Subordinated Debentures The following table summarizes the terms of each issuance of subordinated debentures outstanding as of the dates indicated:
Interest payments made by the Company on subordinated debentures are considered dividend payments under FRB regulations. Bank holding companies, such as PacWest, are required to notify the FRB prior to declaring and paying a dividend to stockholders during any period in which quarterly and/or cumulative twelve‑month net earnings are insufficient to fund the dividend amount, among other requirements. |
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Commitments and Contingencies | NOTE 12. COMMITMENTS AND CONTINGENCIES The following table presents a summary of commitments described below as of the dates indicated:
The Company is a party to financial instruments with off‑balance sheet risk in the normal course of business to meet the financing needs of its customers. These financial instruments include commitments to extend credit and standby letters of credit. Those instruments involve, to varying degrees, elements of credit risk in excess of the amount recognized in the consolidated balance sheets. The contract or notional amounts of those instruments reflect the extent of involvement that the Company has in particular classes of financial instruments. Commitments to extend credit are contractual agreements to lend to our customers when customers are in compliance with their contractual credit agreements and when customers have contractual availability to borrow under such agreements. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Since many of the commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. Standby letters of credit are conditional commitments issued by the Company to guarantee the performance of a customer to a third party. We provide standby letters of credit in conjunction with some of our lending arrangements and property lease obligations. Most guarantees expire within one year from the date of issuance. If a borrower defaults on its commitments subject to any letter of credit issued under these arrangements, we would be required to meet the borrower's financial obligation but would seek repayment of that financial obligation from the borrower. In some cases, borrowers have pledged cash and investment securities as collateral with us under these arrangements. In addition, we invest in low income housing project partnerships, which provide income tax credits, and in small business investment companies that call for capital contributions up to an amount specified in the partnership agreements. As of December 31, 2018 and 2017, we had commitments to contribute capital to these entities totaling $102.0 million and $62.6 million. We also had commitments to contribute up to an additional $50,000 and $2.5 million to private equity funds at December 31, 2018 and 2017. Legal Matters In the ordinary course of our business, we are party to various legal actions, which we believe are incidental to the operation of our business. The outcome of such legal actions and the timing of ultimate resolution are inherently difficult to predict. In the opinion of management, based upon information currently available to us, any resulting liability, in addition to amounts already accrued, and taking into consideration insurance which may be applicable, would not have a material adverse effect on the Company’s financial statements or operations. |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements | NOTE 13. FAIR VALUE MEASUREMENTS ASC Topic 820, “Fair Value Measurement,” defines fair value, establishes a framework for measuring fair value including a three‑level valuation hierarchy, and expands disclosures about fair value measurements. Fair value is defined as the exchange price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date reflecting assumptions that a market participant would use when pricing an asset or liability. The hierarchy uses three levels of inputs to measure the fair value of assets and liabilities as follows:
We use 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 or may not be met during a reporting period and such measurements are therefore considered “nonrecurring” for purposes of disclosing our fair value measurements. Fair value is used on a nonrecurring basis to adjust carrying values for impaired loans and other real estate owned and also to record impairment on certain assets, such as goodwill, CDI, and other long‑lived assets. The following tables present information on the assets measured and recorded at fair value on a recurring basis as of the dates indicated:
__________________________________________________________ (1) In connection with our adoption of ASU 2016-01 and ASU 2018-03 on January 1, 2018, we reclassified $7.1 million of equity investments from securities available-for-sale to other assets in the first quarter of 2018. The reclassification was applied prospectively without prior period amounts being restated. During the year ended December 31, 2018, there was a $0.1 million transfer from Level 3 equity warrants to Level 1 equity investments with readily determinable fair values measured on a recurring basis. During the year ended December 31, 2017, there was a $0.6 million transfer of private label CMOs from Level 2 to Level 3, a $21.2 million transfer private label CMOs from Level 3 to Level 2, and a $1.2 million transfer from Level 3 equity warrants to Level 1 securities available-for sale for assets measured on a recurring basis. The following table presents information about the quantitative inputs and assumptions used to determine the fair values provided by our third party pricing service for our Level 3 private label CMOs and asset-backed securities available-for-sale measured at fair value on a recurring basis as of the date indicated:
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The following table presents information about the quantitative inputs and assumptions used in the modified Black-Scholes option pricing model to determine the fair value for our Level 3 equity warrants measured at fair value on a recurring basis as of the date indicated:
The following table summarizes activity for our Level 3 private label CMOs measured at fair value on a recurring basis for the years indicated:
The following table summarizes activity for our Level 3 asset-backed securities measured at fair value on a recurring basis for the years indicated:
The following table summarizes activity for our Level 3 equity warrants measured at fair value on a recurring basis for the years indicated:
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The following tables present assets measured at fair value on a non‑recurring basis as of the dates indicated:
The following table presents losses recognized on assets measured on a nonrecurring basis for the years indicated:
The following table presents the valuation methodology and unobservable inputs for Level 3 assets measured at fair value on a nonrecurring basis as of the date indicated:
ASC Topic 825, “Financial Instruments,” requires disclosure of the estimated fair value of certain financial instruments and the methods and significant assumptions used to estimate such fair values. Additionally, certain financial instruments and all nonfinancial instruments are excluded from the applicable disclosure requirements. On January 1, 2018, we adopted ASU 2016-01 and ASU 2018-03 which requires the use of the exit price notion when measuring the fair values of financial instruments for disclosure purposes. Starting in the first quarter of 2018, we updated our methodology used to estimate the fair value for our loan portfolio to conform to the new requirements. The following tables present carrying amounts and estimated fair values of certain financial instruments as of the dates indicated:
The following is a description of the valuation methodologies used to measure our assets recorded at fair value (under ASC Topic 820, “Fair Value Measurement”) and for estimating fair value for financial instruments not recorded at fair value (under ASC Topic 825). Cash and due from banks. The carrying amount is assumed to be the fair value because of the liquidity of these instruments. Interest‑earning deposits in financial institutions. The carrying amount is assumed to be the fair value given the short‑term nature of these deposits. Securities available‑for‑sale. Securities available‑for‑sale are measured and carried at fair value on a recurring basis. Unrealized gains and losses on available‑for‑sale securities are reported as a component of “Accumulated other comprehensive income” in the consolidated balance sheets. See Note 5. Investment Securities for further information on unrealized gains and losses on securities available‑for‑sale. Fair value for securities categorized as Level 1, which are publicly traded securities, are based on readily available quoted prices. In determining the fair value of the securities categorized as Level 2, we obtain a report from a nationally recognized broker‑dealer detailing the fair value of each investment security we hold as of each reporting date. The broker‑dealer uses observable market information to value our securities, with the primary source being a nationally recognized pricing service. We review the market prices provided by the broker‑dealer for our securities for reasonableness based on our understanding of the marketplace and we consider any credit issues related to the securities. As we have not made any adjustments to the market quotes provided to us and they are based on observable market data, they have been categorized as Level 2 within the fair value hierarchy. Our non-rated private label CMOs and non-rated private label asset-backed securities (collectively, “the Level 3 AFS Securities”) were categorized as Level 3 due in part to the inactive market for such securities. There is a wide range of prices quoted for our Level 3 AFS Securities among independent third party pricing services, and this range reflects the significant judgment being exercised over the assumptions and variables that determine the pricing of such securities. We consider this subjectivity relating to our Level 3 AFS Securities to be a significant unobservable input. Our fair value estimate was based on either 1) prices provided to us by a nationally recognized pricing service which we also use to determine the fair value of the majority of our securities portfolio, or 2) pricing estimates we obtained from brokers. We determined the reasonableness of the fair values by reviewing assumptions at the individual security level about prepayment, default expectations, estimated loss severity factors, and discount rates, all of which are not directly observable in the market. Significant changes in default expectations, loss severity factors, or discount rates, which occur all together or in isolation, would result in different fair value measurements. FHLB stock. Investments in FHLB stock are recorded at cost and measured for impairment quarterly. Ownership of FHLB stock is restricted to member banks and the securities do not have a readily determinable market value. Purchases and sales of these securities are at par value with the issuer. The fair value of investments in FHLB stock is equal to the carrying amount. Loans and leases. As loans and leases are not measured at fair value, the following discussion relates to estimating the fair value disclosures under ASC Topic 825. Fair values are estimated for portfolios of loans and leases with similar characteristics. Loans are segregated by type and further segmented into fixed and adjustable rate interest buckets by credit risk categories and by maturity dates. To determine the exit price of a loan or lease, the cash flows are estimated using a model which utilizes credit spreads and illiquidity premiums. The credit spread for a loan is determined by mapping loans' credit risk ratings to an equivalent corporate bond rating. Once the corporate bond rating is assigned, the credit spread is determined using corporate credit curves for corporate bonds that have a similar corporate bond rating and remaining term as the loan being valued. Illiquidity premiums are assigned to individual loans in a similar manner as an illiquidity premium amount is determined for each corporate bond rating. The credit spread above the appropriate rate curve and the illiquidity premium are considered to arrive at the discount rate curve applied to loan cash flows. Impaired loans and leases. Nonaccrual loans and leases and performing troubled debt restructured loans are considered impaired for reporting purposes and are measured and recorded at fair value on a non‑recurring basis. Impaired loans and leases with outstanding balances over $250,000 are reviewed individually for the amount of impairment, if any. Impaired loans and leases with outstanding balances less than or equal to $250,000 may not be individually assessed for impairment but are assessed with reserves based on the average loss severity on historical impaired loans with similar risk characteristics. To the extent a loan is collateral dependent, we measure such impaired loan based on the estimated fair value of the underlying collateral. The fair value of each loan’s collateral is generally based on estimated market prices from an independently prepared appraisal, which is then adjusted for the cost related to liquidating such collateral; such valuation inputs result in a nonrecurring fair value measurement that is categorized as a Level 2 measurement. The Level 2 measurement is based on appraisals obtained within the last 12 months and for which a charge‑off was recognized or a change in the specific valuation allowance was made during the year ended December 31, 2018. When adjustments are made to an appraised value to reflect various factors such as the age of the appraisal or known changes in the market or the collateral, such valuation inputs are considered unobservable and the fair value measurement is categorized as a Level 3 measurement. The impaired loans categorized as Level 3 also include unsecured loans and other secured loans whose fair values are based significantly on unobservable inputs such as the strength of a guarantor, including an SBA government guarantee, cash flows discounted at the effective loan rate, and management’s judgment. The impaired loan and lease balances shown above as measured on a non-recurring basis represent those nonaccrual and restructured loans for which impairment was recognized during the year ended December 31, 2018. The amounts shown as net losses include the impairment recognized during the year ended December 31, 2018, for the loan and lease balances shown. Loans held for sale. Loans held for sale are carried at the lower of cost or fair value, with fair value adjustments recorded on a nonrecurring basis. The loans held for sale at December 31, 2017 consisted of cash flow loans, and the fair value of these loans was based on sale agreements which we entered into during the fourth quarter of 2017. Loans held for sale which are under contract for sale are considered Level 2 in the fair value hierarchy. OREO. The fair value of OREO is generally based on the lower of estimated market prices from independently prepared current appraisals or negotiated sales prices with potential buyers, less estimated costs to sell; such valuation inputs result in a fair value measurement that is categorized as a Level 2 measurement on a nonrecurring basis. As a matter of policy, appraisals are required annually and may be updated more frequently as circumstances require in the opinion of management. The Level 2 measurement for OREO is based on appraisals obtained within the last 12 months and for which a write‑down was recognized during the year ended December 31, 2018. When a current appraised value is not available or management determines the fair value of the collateral is further impaired below the appraised value as a result of known changes in the market or the collateral and there is no observable market price, such valuation inputs result in a fair value measurement that is categorized as a Level 3 measurement. To the extent a negotiated sales price or reduced listing price represents a significant discount to an observable market price, such valuation input would result in a fair value measurement that is also considered a Level 3 measurement. The OREO losses disclosed are write‑downs based on either a recent appraisal obtained after foreclosure or an accepted purchase offer by an independent third party received after foreclosure. Equity warrants. Equity warrants with net settlement terms are received in connection with extending loan commitments to certain of our customers. We estimate the fair value of equity warrants using a Black-Scholes option pricing model to approximate fair market value. For warrants of private companies, the model estimates market value for each warrant based on the most recent equity offering at the time of issuance, the warrant's exercise price, the warrant's expected life, a risk-free interest rate based on a duration-matched U.S. Treasury rate and volatility factors derived from the iShares Russell Microcap index (IWC). For warrants of publicly-traded companies, the model estimates market value for each warrant based on the underlying share price as of the evaluation date, the warrant's exercise price, the warrant's expected life, a risk-free interest rate based on a duration-matched U.S. Treasury rate and uses a company-specific volatility factor. We typically classify our equity warrant derivatives in Level 3 of the fair value hierarchy. Equity investments with readily determinable fair values. Our equity investments with readily determinable fair values include investments in public companies and publicly-traded mutual funds. Equity investments with readily determinable fair values are recorded at fair value with changes in fair value recorded in “Noninterest income - other.” During the first quarter of 2018, the Company reclassified $5.9 million of equity securities with readily determinable fair values previously included in securities available-for-sale to other assets on our consolidated balance sheet. The reclassification was applied prospectively without prior period amounts being restated. Fair value measurements related to these investments are typically classified within Level 1 of the fair value hierarchy. Deposits. Deposits are carried at historical cost. The fair values of deposits with no stated maturity, such as core deposits (defined as noninterest‑bearing demand, interest checking, money market, and savings accounts) and non-core non-maturity deposits, are equal to the amount payable on demand as of the balance sheet date and considered Level 2. The fair value of time deposits is based on the discounted value of contractual cash flows and considered Level 2. The discount rate is estimated using the rates currently offered for deposits of similar remaining maturities. No value has been separately assigned to the Company’s long‑term relationships with its deposit customers, such as a core deposit intangible. Borrowings. Borrowings include overnight FHLB advances and other fixed‑rate term borrowings. Borrowings are carried at amortized cost. The fair value of overnight FHLB advances is equal to the carrying value and considered Level 1. The fair value of fixed‑rate borrowings is calculated by discounting scheduled cash flows through the maturity dates or call dates, if applicable, using estimated market discount rates that reflect current rates offered for borrowings with similar remaining maturities and characteristics and are considered Level 2. Subordinated debentures. Subordinated debentures are carried at amortized cost. The fair value of subordinated debentures with variable rates is determined using a market discount rate on the expected cash flows and are considered Level 2. Derivative assets and liabilities. Derivatives are carried at fair value on a recurring basis and primarily relate to forward exchange contracts which we enter into to manage foreign exchange risk. Our derivatives are principally traded in over-the-counter markets where quoted market prices are not readily available. Instead, the fair value of derivatives is estimated using market observable inputs such as foreign exchange forward rates, interest rate yield curves, volatilities and basis spreads. We also consider counter-party credit risk in valuing our derivatives. We typically classify our foreign exchange derivatives in Level 2 of the fair value hierarchy. Commitments to extend credit. The majority of our commitments to extend credit carry current market interest rates if converted to loans. Because these commitments are generally not assignable by either the borrower or us, they only have value to the borrower and us. The estimated fair value approximates the recorded deferred fee amounts and is excluded from the table above because it is not material. Limitations Fair value estimates are made at a specific point in time and are based on relevant market information and information about the financial instrument. These estimates do not reflect income taxes or any premium or discount that could result from offering for sale at one time the Company’s entire holdings of a particular financial instrument. Because no market exists for a portion of the Company’s financial instruments, fair value estimates are based on what management believes to be conservative judgments regarding expected future cash flows, current economic conditions, risk characteristics of various financial instruments, and other factors. These estimated fair values are subjective in nature and involve uncertainties and matters of significant judgment and therefore cannot be determined with precision. Changes in assumptions could significantly affect the estimates. Since the fair values have been estimated as of December 31, 2018, the amounts that will actually be realized or paid at settlement or maturity of the instruments could be significantly different. |
Income Taxes |
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Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Taxes | NOTE 14. INCOME TAXES The following table presents the components of income tax expense for the years indicated:
The following table presents a reconciliation of the recorded income tax expense to the amount of taxes computed by applying the applicable federal statutory income tax rates of 21% for 2018 and 35% for 2017 and 2016 to earnings before income taxes:
The Company recognized $14.0 million and $8.4 million of tax credits and other tax benefits associated with its investments in LIHTC partnerships for the years ended December 31, 2018 and 2017. The amount of amortization of such investments reported in income tax expense under the proportional amortization method of accounting was $11.9 million for 2018 and $6.3 million for 2017. We have net operating loss carryforwards for state income tax purposes and federal tax credit carryforwards that can be utilized to offset future taxable income. We acquired Square 1 on October 6, 2015. As merger consideration, we issued approximately 18.1 million shares of common stock to the Square 1 stockholders. The issuance of these shares caused us to experience an ownership change under Section 382 of the Code. Consequently, the utilization of our net operating loss carryforwards, tax credits, and other tax attributes are subject to an annual limitation. While an annual limitation on the ability to utilize tax attributes resulted from the Square 1 transaction, our ability to utilize these tax attributes over time is not expected to be any less than that prior to the Square 1 transaction. At December 31, 2018, we had no federal net operating loss carryforwards and approximately $1.1 billion of unused state net operating loss carryforwards available to be applied against future taxable income. A majority of the state net operating loss carryforwards will expire in varying amounts beginning in 2019 through 2038. A portion of the state net operating loss carryforwards generated after December 31, 2017 will carry forward indefinitely due to the state conformity to the federal net operating loss carryforward provisions as modified by the TCJA. As of December 31, 2018, for federal tax purposes, we had capital loss carryforwards of $0.1 million. If not used, these carryforwards will fully expire in 2021. As of December 31, 2018, for federal tax purposes, we had foreign tax credit carryforwards of $5.2 million. The foreign tax credit carryforwards are available to offset federal taxes on future foreign source income. If not used, these carryforwards will fully expire in 2021. The following table presents the tax effects of temporary differences that give rise to significant portions of deferred tax assets and deferred tax liabilities as of the dates indicated:
Based upon our taxpaying history and estimates of taxable income over the years in which the items giving rise to the deferred tax assets are deductible, management believes it is more likely than not the Company will realize the benefits of these deferred tax assets. The Company had net income taxes receivable of $38.9 million and $98.8 million at December 31, 2018 and December 31, 2017. As of December 31, 2018 and 2017, the Company had a valuation allowance of $78.4 million and $94.1 million against DTAs. Periodic reviews of the carrying amount of DTAs are made to determine if a valuation allowance is necessary. A valuation allowance is required, based on available evidence, when it is more likely than not that all or a portion of a DTA will not be realized due to the inability to generate sufficient taxable income in the period and/or of the character necessary to utilize the benefit of the DTA. All available evidence, both positive and negative, that may affect the realizability of the DTA is identified and considered in determining the appropriate amount of the valuation allowance. It is more likely than not that these deferred tax assets subject to a valuation allowance will not be realized primarily due to their character and/or the expiration of the carryforward periods. The net reduction in the total valuation allowance during the year ended December 31, 2018 was $15.7 million. Of this amount, $11.6 million consisted principally of adjustments to DTAs for tax attributes that expired in 2018. The DTAs had been subjected to a full valuation allowance because the Company had previously determined that they were more likely than not to not be utilized. As a result, the expiration of the tax attributes supporting the $11.6 million of deferred tax assets had no impact on the Company's effective tax rate for the year ended December 31, 2018. The remaining $4.1 million reduction in the valuation allowance was primarily due to an increase in the amount of foreign tax credit and capital loss carryforwards that were determined to be more likely than not to be utilized prior to expiration. The following table summarizes the activity related to the Company's unrecognized tax benefits for the years indicated:
Due to the potential for the resolution of federal and state examinations and the expiration of various statutes of limitations, it is reasonably possible that our gross unrecognized tax benefits may decrease within the next twelve months by as much as $5.3 million. We recognize interest and penalties related to unrecognized tax benefits as a component of income tax expense. For the year ended December 31, 2018, we recognized $0.2 million in expense for interest expense and penalties. For the year ended December 31, 2017, we recognized $0.2 million in expense related to these items. For the year ended December 31, 2016, we reduced our accrual for interest expense and penalties and recognized $0.6 million in income related to these items. We had $0.8 million and $0.5 million accrued for the payment of interest and penalties as of December 31, 2018 and 2017. We file federal and state income tax returns with the Internal Revenue Service ("IRS") and various state and local jurisdictions and generally remain subject to examinations by these tax jurisdictions for tax years 2011 through 2017. We are currently under examination by the IRS for tax years 2011 through 2012 and certain state jurisdictions for tax years 2012 through 2016. |
Earnings per Share |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share | NOTE 15. EARNINGS PER SHARE The following table presents the computation of basic and diluted net earnings per share for the years indicated:
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Revenue From Contracts With Customers Revenue From Contracts With Customers (Notes) |
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Revenue From Contracts With Customers [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contract with Customer [Text Block] | REVENUE FROM CONTRACTS WITH CUSTOMERS The Company adopted Topic 606 Revenue from Contracts with Customers effective as of January 1, 2018 and has applied the guidance to all contracts within the scope of Topic 606 as of that date. Revenue from contracts with customers in the scope of Topic 606 is measured based on the consideration specified in the contract with a customer, and excludes amounts collected on behalf of third parties. The Company recognizes revenue from contracts with customers when it satisfies its performance obligations. The Company's performance obligations are typically satisfied as services are rendered and payment is generally collected at the time services are rendered, or on a monthly, quarterly or annual basis. The Company had no material unsatisfied performance obligations as of December 31, 2018. In certain cases, other parties are involved with providing products and services to our customers. If the Company is a principal in the transaction (providing goods or services itself), revenues are reported based on the gross consideration received from the customer and any related expenses are reported gross in noninterest expense. If the Company is an agent in the transaction (arranging for another party to provide goods or services), the Company reports its net fee or commission retained as revenue. Rebates, waivers, and reversals are recorded as a reduction of revenue either when the revenue is recognized by the Company or at the time the rebate, waiver, or reversal is earned by the customer. The Company has elected the following practical expedients: (1) we do not disclose information about remaining performance obligations that have original expected durations of one year or less; and (2) we do not adjust the consideration from customers for the effects of a significant financing component if at contract inception the period between when the Company transfers the goods or services and when the customer pays for that good or service will be one year or less. Nature of Goods and Services Substantially all of the Company's revenue, such as interest income on loans, investment securities, and interest-earning deposits in financial institutions, is specifically out-of-scope of Topic 606. For the revenue that is in-scope, the following is a description of principal activities, separated by the timing of revenue recognition, from which the Company generates its revenue from contracts with customers:
Disaggregation of Revenue The following table presents interest income and noninterest income, the components of total revenue, as disclosed in the consolidated statements of earnings and the related amounts which are from contracts with customers within the scope of Topic 606. As illustrated here, substantially all of our revenue is specifically excluded from the scope of Topic 606.
The following table presents revenue from contracts with customers based on the timing of revenue recognition for the period indicated:
Contract Balances The following table provides information about receivables, contract assets and contract liabilities from contracts with customers:
Contract liabilities relate to advance consideration received from customers for which revenue is recognized over the life of the contract. The change in contract liabilities for the year ended December 31, 2018 due to revenue recognized that was included in the contract liability balance at the beginning of the year was $131,000. |
Stock Based Compensation Plan |
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Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | NOTE 17. STOCK-BASED COMPENSATION The Company’s 2017 Stock Incentive Plan, or the 2017 Plan, permits stock-based compensation awards to officers, directors, key employees, and consultants. The 2017 Plan authorized grants of stock‑based compensation instruments to issue up to 4,000,000 shares of Company common stock. As of December 31, 2018, there were 3,165,020 shares available for grant under the 2017 Plan. Though frozen for new issuances, certain awards issued under the 2003 Stock Incentive Plan, or the 2003 Plan, remain outstanding. Restricted Stock Restricted stock amortization totaled $29.1 million, $24.9 million, and $22.7 million for the years ended December 31, 2018, 2017, and 2016. Such amounts are included in compensation expense on the accompanying consolidated statements of earnings. The income tax benefit recognized in the consolidated statements of earnings related to this expense was $7.7 million, $8.9 million, and $8.4 million for the years ended December 31, 2018, 2017, and 2016. The amount of unrecognized compensation expense related to all unvested TRSAs and PRSUs as of December 31, 2018 totaled $50.0 million. Such expense is expected to be recognized over a weighted average period of 1.3 years. The following table presents a summary of restricted stock transactions during the year ended December 31, 2018:
Time-Based Restricted Stock Awards At December 31, 2018, there were 1,344,656 shares of unvested TRSAs outstanding pursuant to the Company's 2003 and 2017 Stock Incentive Plans (the "Plans"). The TRSAs generally vest over a service period of three to four years from the date of the grant or immediately upon death of an employee. TRSA grants are subject to "double-trigger" vesting, meaning that, in the event of a change in control of the Company, as defined in the Plans, and in the event an employee's employment is terminated within 24 months after the change in control by the Company without Cause or by the employee for Good Reason, as defined in the Plans, such awards will vest. Compensation expense related to TRSAs is based on the fair value of the underlying stock on the award date and is recognized over the vesting period using the straight‑line method. The weighted average grant date fair value per share of TRSAs granted during 2018, 2017, and 2016 were $53.69, $50.08, and $36.05. The vesting date fair value of TRSAs that vested during 2018, 2017, and 2016 were $25.9 million, $24.9 million, and $14.4 million. Performance-Based Restricted Stock Units At December 31, 2018, there were 325,741 units of unvested PRSUs that have been granted. The PRSUs will vest only if performance goals with respect to certain financial metrics are met over a three-year performance period. The PRSUs are not considered issued and outstanding until they vest. PRSUs are granted and initially expensed based on a target number. The number of shares that will ultimately vest based on actual performance will range from zero to a maximum of either 150% or 200% of target. Compensation expense related to PRSUs is based on the fair value of the underlying stock on the award date and is amortized over the vesting period using the straight-line method unless it is determined that: (1) attainment of the financial metrics is less than probable, in which case a portion of the amortization is suspended, or (2) attainment of the financial metrics is improbable, in which case a portion of the previously recognized amortization is reversed and also suspended. If it is determined that attainment of a financial measure higher than target is probable, the amortization will increase up to 150% or 200% of the target amortization amount. Annual PRSU expense may vary during the three-year performance period based upon changes in management's estimate of the number of shares that may ultimately vest. In the case where the performance target for the PRSU’s is based on a market condition (such as total shareholder return), the amortization is neither reversed nor suspended if it is subsequently determined that the attainment of the performance target is less than probable or improbable. Upon a change in control, each PRSU will (i) be deemed earned at the target level with respect to all open performance periods if the change in control occurs within six months after the grant date, and (ii) be deemed earned at the actual performance level as of the date of the change in control if a change in control occurs more than six months after the grant date, and in both cases, the PRSU will cease to be subject to any further performance conditions, but will be subject to time-based service vesting following the change in control in accordance with the original performance period. The weighted average grant date fair value per share of PRSUs granted during 2018, 2017, and 2016 was $57.52, $57.80 and $27.32. There were no PRSUs that vested during 2018, 2017, and 2016. |
Benefit Plans |
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Benefit Plans [Abstract] | |
Benefits Plans | NOTE 18. BENEFIT PLANS 401(K) Plans The Company sponsors a defined contribution plan for the benefit of its employees. Participants are eligible to participate immediately as long as they are scheduled to work a minimum of 1,000 hours and are at least 18 years of age. Eligible participants may contribute up to 60% of their annual compensation, not to exceed the dollar limit imposed by the Internal Revenue Code. Employer contributions are determined annually by the Board of Directors in accordance with plan requirements and applicable tax code. Expense related to 401(k) employer matching contributions was $4.3 million, $4.0 million and $3.7 million for the years ended December 31, 2018, 2017, and 2016. |
Stockholders' Equity |
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Stockholders' Equity Disclosure [Abstract] | |
Stockholders' Equity | NOTE 19. STOCKHOLDERS' EQUITY Common Stock Repurchased The Company's common stock repurchased consisted of: (1) restricted stock surrendered as treasury shares and (2) stock purchased under the Company's Stock Repurchase Program and retired. Treasury Shares As a Delaware corporation, the Company records treasury shares for shares surrendered to the Company resulting from statutory payroll tax obligations arising from the vesting of restricted stock. During the years ended December 31, 2018, 2017, and 2016, the Company purchased 181,642 treasury shares at a weighted average price of $50.37 per share, 188,870 treasury shares at a weighted average price of $50.17 per share, and 141,358 treasury shares at a weighted average price of $37.59 per share. Stock Repurchase Program The Stock Repurchase Program was initially authorized by PacWest's Board of Directors on October 17, 2016, pursuant to which the Company could, until December 31, 2017, purchase shares of its common stock for an aggregate purchase price not to exceed $400 million. On November 15, 2017, PacWest's Board of Directors amended the Stock Repurchase Program to reduce the authorized purchase amount to $150 million and extend the maturity date to December 31, 2018. On February 14, 2018, PacWest's Board of Directors amended the Stock Repurchase Program to increase the authorized purchase amount to $350 million and extend the maturity date to February 28, 2019. The common stock repurchases may be effected through open market purchases or in privately negotiated transactions and may utilize any derivative or similar instrument to effect share repurchase transactions (including, without limitation, accelerated share repurchase contracts, equity forward transactions, equity option transactions, equity swap transactions, cap transactions, collar transactions, floor transactions or other similar transactions or any combination of the foregoing transactions). The amount and exact timing of any repurchases will depend upon market conditions and other factors. The Stock Repurchase Program may be suspended or discontinued at any time. During the year ended December 31, 2018, the Company repurchased 5,849,234 shares for $306.4 million at a weighted average price of $52.38 per share. During the year ended December 31, 2017, the Company repurchased 2,081,227 shares for $99.7 million at a weighted average price of $47.89 per share. During the year ended December 31, 2016, the Company repurchased 652,835 shares for $27.9 million at a weighted average price of $42.78 per share. All shares repurchased under the Stock Repurchase Program were retired upon settlement. At December 31, 2018, the remaining amount that could be used to repurchase shares under the Stock Repurchase Program was $110.1 million. |
Dividend Availability and Regulatory Matters |
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Dividend Availability and Regulatory Matters | NOTE 20. DIVIDEND AVAILABILITY AND REGULATORY MATTERS Holders of Company common stock may receive dividends declared by the Board of Directors out of funds legally available under DGCL and certain federal laws and regulations governing the banking and financial services business. Our ability to pay dividends to our stockholders is subject to the restrictions set forth in DGCL and certain covenants contained in our subordinated debentures and borrowing agreements. Notification to the FRB is also required prior to our declaring and paying dividends during any period in which our quarterly and/or cumulative twelve‑month net earnings are insufficient to fund the dividend amount, among other requirements. Should the FRB object to payment of dividends, we would not be able to make the payment until approval is received or we no longer need to provide notice under applicable regulations. It is possible, depending upon the financial condition of the Bank and other factors, that the FRB, the FDIC, or the DBO, could assert that payment of dividends or other payments is an unsafe or unsound practice. The Bank is subject to restrictions under certain federal and state laws and regulations governing banks which limit its ability to transfer funds to the holding company through intercompany loans, advances or cash dividends. Dividends paid by California state-chartered banks such as Pacific Western are regulated by the DBO and FDIC under their general supervisory authority as it relates to a bank’s capital requirements. The Bank may declare a dividend without the approval of the DBO and FDIC as long as the total dividends declared in a calendar year do not exceed either the retained earnings or the total of net earnings for the three previous fiscal years less any dividend paid during such period. Dividends paid by the Bank during the previous three fiscal years exceeded the Bank's net earnings during that same period by $28.5 million. During 2018, PacWest received $684.0 million in dividends from the Bank. Since the Bank had an accumulated deficit of $643.9 million at December 31, 2018, for the foreseeable future, dividends from the Bank to PacWest will continue to require DBO and FDIC approval. PacWest, as a bank holding company, is subject to regulation by the FRB under the BHCA. The FDICIA required that the federal regulatory agencies adopt regulations defining capital tiers for banks: well capitalized, adequately capitalized, undercapitalized, significantly undercapitalized and critically undercapitalized. Failure to meet minimum capital requirements can initiate certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the Company’s consolidated financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Company and the Bank must meet specific capital guidelines that involve quantitative measures of the Company’s and the Bank’s assets, liabilities and certain off‑balance sheet items as calculated under regulatory accounting practices. The capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings and other factors. Quantitative measures established by regulation to ensure capital adequacy require the Company and the Bank to maintain minimum amounts and ratios of common equity Tier 1, Tier 1, and total capital to risk‑weighted assets ("total capital ratio"), and of Tier I capital to average assets, adjusted for goodwill and other non-qualifying intangible assets and other assets (“leverage ratio”). Common equity Tier 1 capital includes common stockholders’ equity less goodwill and certain other deductions (including a portion of servicing assets and the after‑tax unrealized net gains and losses on securities available‑for‑sale). Tier 1 capital includes common equity Tier 1 plus additional Tier 1 capital instruments meeting certain requirements. Total capital includes Tier 1 capital and other items such as subordinated debt and the allowance for credit losses. All three measures are stated as a percentage of risk‑weighted assets, which are measured based on their perceived credit risk and include certain off‑balance sheet exposures, such as unfunded loan commitments and letters of credit. Regulatory capital requirements limit the amount of deferred tax assets that may be included when determining the amount of regulatory capital. Deferred tax asset amounts in excess of the calculated limit are disallowed from regulatory capital. At December 31, 2018, such disallowed amounts were $489,000 for the Company and $39,000 for the Bank. No assurance can be given that the regulatory capital deferred tax asset limitation will not increase in the future or that the Company or Bank will not have increased deferred tax assets that are disallowed. Banks considered to be “adequately capitalized” are required to maintain a minimum total capital ratio of 8.0%, a minimum Tier 1 capital ratio of 6.0%, a minimum common equity Tier 1 capital ratio of 4.5%, and a minimum leverage ratio of 4.0%. Banks considered to be “well capitalized” must maintain a minimum total capital ratio of 10.0%, a minimum Tier 1 capital ratio of 8.0%, a minimum common equity Tier 1 capital ratio of 6.5%, and a minimum leverage ratio of 5.0%. As of December 31, 2018, the most recent notification date to the regulatory agencies, the Company and the Bank are each “well capitalized” under the regulatory framework for prompt corrective action. There are no conditions or events since that notification that management believes have changed the Company’s or any of the Bank’s categories. Management believes, as of December 31, 2018, that the Company and the Bank met all capital adequacy requirements to which we are subject. Basel III, the comprehensive regulatory capital rules for U.S. banking organizations, requires all banking organizations to maintain a capital conservation buffer above the minimum risk-based capital requirements in order to avoid certain limitations on capital distributions, stock repurchases and discretionary bonus payments to executive officers. The capital conservation buffer is exclusively comprised of common equity tier 1 capital, and it applies to each of the three risk-based capital ratios but not to the leverage ratio. At December 31, 2018, the Company and Bank were in compliance with the capital conservation buffer requirement. Effective January 1, 2019, the capital conservation buffer increased by 0.625% to its fully phased-in 2.5%, such that the common equity tier 1, tier 1 and total capital ratio minimums inclusive of the capital conservation buffer were 7.0%, 8.5%, and 10.5%. The following tables present actual capital amounts and ratios for the Company and the Bank as of the dates indicated:
We issued or assumed through mergers subordinated debentures to trusts that were established by us or entities that we previously acquired, which, in turn, issued trust preferred securities. The carrying value of subordinated debentures totaled $453.8 million at December 31, 2018. At December 31, 2018, none of the trust preferred securities were included in the Company's Tier I capital under the phase-out limitations of Basel III, and $440.2 million was included in Tier II capital. Interest payments on subordinated debentures are considered dividend payments under the FRB regulations and subject to the same notification requirements for declaring and paying dividends on common stock. |
Condensed Financial Information Of Parent Company |
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Condensed Financial Information Of Parent Company [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Condensed Financial Information of Parent Company Only Disclosure | NOTE 21. CONDENSED FINANCIAL INFORMATION OF PARENT COMPANY The following tables present the parent company only condensed balance sheets and the related condensed statements of earnings and condensed statements of cash flows as of and for the years indicated:
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Subsequent Events |
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Subsequent Events [Abstract] | |
Subsequent Events | NOTE 23. SUBSEQUENT EVENTS Stock Repurchase Program On February 24, 2019, effective upon the maturity of the current Stock Repurchase Program on February 28, 2019, PacWest's Board of Directors authorized a new Stock Repurchase Program to purchase shares of its common stock for an aggregate purchase price not to exceed $225 million until February 29, 2020. After the authorization of the new Stock Repurchase Program on February 24, 2019, the amount that could be used to repurchase shares will be $225 million as of March 1, 2019. Common Stock Dividends On February 1, 2019, the Company announced that the Board of Directors had declared a quarterly cash dividend of $0.60 per common share. The cash dividend is payable on February 28, 2019 to stockholders of record at the close of business on February 20, 2019. We have evaluated events that have occurred subsequent to December 31, 2018 and have concluded there are no subsequent events that would require recognition in the accompanying consolidated financial statements. |
Accounting Policies (Policies) |
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Business Combinations and Other Purchase of Business Transactions | focused on relationship-based business banking to small, middle-market, and venture-backed businesses nationwide. The Bank offers a broad range of loan and lease and deposit products and services through 74 full-service branches located throughout the State of California, one branch located in Durham, North Carolina, and numerous loan production offices across the country through our Community Banking, National Lending and Venture Banking groups. Community Banking provides real estate loans, commercial loans, and comprehensive deposit and treasury management services to small and medium-sized businesses conducted primarily through our California-based branch offices. National Lending provides asset-based, equipment, real estate, and security cash flow loans and treasury management services to established middle-market businesses on a national basis. Venture Banking offers a comprehensive suite of financial services focused on entrepreneurial businesses and their venture capital and private equity investors, with offices located in key innovation hubs across the United States. In addition, we provide investment advisory and asset management services to select clients through Square 1 Asset Management, Inc., a wholly-owned subsidiary of the Bank and a SEC-registered investment adviser. We generate our revenue primarily from interest received on loans and leases and, to a lesser extent, from interest received on investment securities, and fees received in connection with deposit services, extending credit and other services offered, including treasury management and investment management services. Our major operating expenses are the interest paid by the Bank on deposits and borrowings, compensation, occupancy, and general operating expenses. |
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Basis of Presentation | (b) Basis of Presentation |
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Use of Estimates | Use of Estimates We have made a number of estimates and assumptions relating to the reporting of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting period to prepare these consolidated financial statements in conformity with U.S. GAAP. Actual results could differ from those estimates. Material estimates subject to change in the near term include, among other items, the allowance for credit losses, the carrying value of intangible assets, the fair value estimates of assets acquired and liabilities assumed in acquisitions and the realization of deferred tax assets/liabilities. These estimates may be adjusted as more current information becomes available, and any adjustment may be significant. The allowance for loan and lease losses (“ALLL”) represents management’s estimate of probable credit losses inherent in the loan portfolio as of the balance sheet date. During the second quarter of 2018, the Company changed its ALLL methodology due to the growth and increased complexity of the loan portfolio. The new ALLL methodology included three primary changes: the quantitative component now employs a probability of default/loss given default ("PD/LGD") methodology; the loan segmentation groups our loan portfolio into 21 loan pools with similar risk characteristics (as opposed to 34 loan pools used under the previous methodology); and the historical range of loan performance history (often referred to as the look-back period) was lengthened by one year to ten years. The methodology for assessing individually impaired loans did not change under the new ALLL methodology. The ALLL methodology used to derive qualitative adjustments based on other internal or external factors was updated to align with the new PD/LGD methodology being applied to estimate the quantitative general allowance for unimpaired loans. As a result, the composition of the ALLL changed as the quantitative component increased and the qualitative component decreased as the new quantitative methodology now encompasses more information, such as the longer look-back period, that previously required a qualitative adjustment as part of determining the total ALLL estimate. These changes in the ALLL methodology did not result in material changes to management's overall estimate of the ALLL at June 30, 2018. As described in Note 3. Acquisitions below, we completed the CUB acquisition on October 20, 2017. The acquired assets and liabilities in this acquisition were measured at their estimated fair values. Management made significant estimates and exercised significant judgment in estimating such fair values and accounting for the acquired assets and assumed liabilities in this transaction. |
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Cash and Cash Equivalents | Cash and Cash Equivalents For purposes of the consolidated statements of cash flows, cash and cash equivalents consist of: (1) cash and due from banks, and (2) interest‑earning deposits in financial institutions. Interest‑earning deposits in financial institutions represent mostly cash held at the FRBSF, the majority of which is immediately available. |
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Investment Securities | Investment Securities We determine the classification of securities at the time of purchase. If we have the intent and the ability at the time of purchase to hold securities until maturity, they are classified as held‑to‑maturity. Securities held‑to‑maturity are stated at amortized cost. We do not classify any securities as held-to-maturity. Securities to be held for indefinite periods of time, but not necessarily to be held‑to‑maturity or on a long‑term basis, are classified as available‑for‑sale and carried at estimated fair value, with unrealized gains or losses reported as a separate component of stockholders’ equity in accumulated other comprehensive income, net of applicable income taxes. Securities available‑for‑sale include securities that management intends to use as part of its asset/liability management strategy and that may be sold in response to changes in interest rates, prepayment risk, and other related factors. Securities are individually evaluated for appropriate classification when acquired. As a result, similar types of securities may be classified differently depending on factors existing at the time of purchase. The carrying values of all securities are adjusted for amortization of premiums and accretion of discounts using the interest method. Premiums on callable securities are amortized to the earliest call date. Realized gains or losses on the sale of securities, if any, are determined using the amortized cost of the specific securities sold. Declines in the fair value of debt securities classified as available-for-sale are reviewed to determine whether the impairment is other-than-temporary. This review considers a number of factors, including the severity of the decline in fair value, current market conditions, historical performance of the security, risk ratings and the length of time the security has been in an unrealized loss position. If we do not expect to recover the entire amortized cost basis of the security, then an other-than-temporary impairment is considered to have occurred. The cost basis of the security is written down to its estimated fair value and the amount of the write‑down is recognized through a charge to earnings. Investments in FHLB stock are carried at cost and evaluated regularly for impairment. FHLB stock is expected to be redeemed at par and is a required investment based on measurements of the Bank’s assets and/or borrowing levels. |
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Loans and Leases | Loans and Leases Originated loans. Loans are originated by the Company with the intent to hold them for investment and are stated at the principal amount outstanding, net of unearned income. Unearned income includes deferred unamortized nonrefundable loan fees and direct loan origination costs. Net deferred fees or costs are recognized as an adjustment to interest income over the contractual life of the loans using the effective interest method or taken into income when the related loans are paid off or sold. The amortization of loan fees or costs is discontinued when a loan is placed on nonaccrual status. Interest income is recorded on an accrual basis in accordance with the terms of the respective loan. Purchased loans. Purchased loans are stated at the principal amount outstanding, net of unearned discounts or unamortized premiums. All loans acquired in our acquisitions are initially measured and recorded at their fair value on the acquisition date. A component of the initial fair value measurement is an estimate of the credit losses over the life of the purchased loans. Purchased loans are also evaluated for impairment as of the acquisition date and are accounted for as “acquired non‑impaired” or “purchased credit impaired” loans. Acquired non‑impaired loans. Acquired non‑impaired loans are those loans for which there was no evidence of credit deterioration at their acquisition date and it was probable that we would be able to collect all contractually required payments. Acquired non‑impaired loans, together with originated loans, are referred to as Non‑PCI loans. Purchase discounts or premiums on acquired non‑impaired loans are recognized as an adjustment to interest income over the contractual life of such loans using the effective interest method or taken into income when the related loans are paid off or sold. Purchased credit impaired loans. Purchased credit impaired loans are referred to as PCI loans and are accounted for in accordance with ASC Subtopic 310‑30, “Loans and Debt Securities Acquired with Deteriorated Credit Quality.” A purchased loan is deemed to be credit impaired when there is evidence of credit deterioration since its origination and it is probable at the acquisition date that collection of all contractually required payments is unlikely. We apply PCI loan accounting when we acquire loans deemed to be impaired, and as a general policy election when we acquire a portfolio of loans in a distressed bank acquisition. As our gross PCI loan portfolio represented less than 0.4% of total loans as of the end of 2017, beginning in 2018 the PCI loans were accounted for as Non-PCI loans. Leases. We provide equipment financing to our customers through a variety of lease arrangements. For direct financing leases, lease receivables are recorded on the balance sheet but the leased property is not, although we generally retain legal title to the leased property until the end of each lease. Direct financing leases are stated at the net amount of minimum lease payments receivable, plus any unguaranteed residual value, less the amount of unearned income and net acquisition discount at the reporting date. Direct lease origination costs are amortized using the effective interest method over the life of the leases. Leases acquired in an acquisition are initially measured and recorded at their fair value on the acquisition date. Purchase discount or premium on acquired leases is recognized as an adjustment to interest income over the contractual life of the leases using the effective interest method or taken into income when the related leases are paid off. Direct financing leases are subject to our allowance for loans and leases. We also have operating leases where we purchase equipment which is then leased to our customers. We receive periodic rental income payments, which are recorded as "Noninterest income" in the consolidated statements of earnings, and the equipment remains on our balance sheet and is depreciated according to our fixed asset accounting policy. Loans and leases held for sale. As part of our management of the loans and leases held in our portfolio, on occasion we will transfer loans from held for investment to held for sale. Upon transfer, any associated allowance for loan and lease loss is charged off and the carrying value of the loan is adjusted to the lower of cost or estimated fair value. The unamortized balance of net deferred fees and costs associated with loans held for sale are not accreted or amortized to interest income until the related loans are sold. Gains or losses on the sale of these loans are recorded as "Noninterest income" in the consolidated statements of earnings. Delinquent or past due loans and leases. Loans and leases are considered delinquent when principal or interest payments are past due 30 days or more. Delinquent loans may remain on accrual status between 30 days and 89 days past due. Nonaccrual loans and leases. When we discontinue the accrual of interest on a loan or lease it is designated as nonaccrual. We discontinue the accrual of interest on a loan or lease generally when a borrower's principal or interest payments or a lessee's payments are past due 90 days or when, in the opinion of management, there is a reasonable doubt as to collectability in the normal course of business. Loans with interest or principal payments past due 90 days or leases with payments past due 90 days may be accruing if the loans or leases are concluded to be well-secured and in the process of collection; however, these loans or leases are still reported as nonperforming. When loans or leases are placed on nonaccrual status, all interest previously accrued but not collected is reversed against current period interest income. Interest on nonaccrual loans or leases is subsequently recognized only to the extent that cash is received and the loan principal balance or lease balance is deemed collectable. Loans or leases are restored to accrual status when the loans or leases become both well‑secured and are in the process of collection. Impaired loans and leases. A loan or lease is considered impaired when it is probable that we will be unable to collect all amounts due according to the contractual terms of the loan or lease agreement. Impaired loans and leases include loans and leases on nonaccrual status and performing troubled debt restructured loans. Income from impaired loans is recognized on an accrual basis unless the loan is on nonaccrual status. Income from loans on nonaccrual status is recognized to the extent cash is received and when the loan’s principal balance is deemed collectable. We measure impairment of a loan or lease by using the estimated fair value of the collateral, less estimated costs to sell and other applicable costs, if the loan or lease is collateral‑dependent and the present value of the expected future cash flows discounted at the loan’s or lease’s effective interest rate if the loan or lease is not collateral‑dependent. The impairment amount on a collateral‑dependent loan or lease is charged‑off, and the impairment amount on a loan that is not collateral‑dependent is generally recorded as a specific reserve. Troubled debt restructurings. A loan is classified as a troubled debt restructuring when we grant a concession to a borrower experiencing financial difficulties that we otherwise would not consider under our normal lending policies. These concessions may include a reduction of the interest rate, principal or accrued interest, extension of the maturity date or other actions intended to minimize potential losses. All modifications of criticized loans are evaluated to determine whether such modifications are troubled debt restructurings as outlined under ASC Subtopic 310‑40, “Troubled Debt Restructurings by Creditors.” Loans restructured with an interest rate equal to or greater than that of a new loan with comparable market risk at the time the loan is modified may be excluded from certain restructured loan disclosures in years subsequent to the restructuring if the loans are in compliance with their modified terms. A loan that has been placed on nonaccrual status that is subsequently restructured will usually remain on nonaccrual status until the borrower is able to demonstrate repayment performance in compliance with the restructured terms for a sustained period of time, typically for six months. A restructured loan may return to accrual status sooner based on other significant events or circumstances. A loan that has not been placed on nonaccrual status may be restructured and such loan may remain on accrual status after such restructuring. In these circumstances, the borrower has made payments before and after the restructuring. Generally, this restructuring involves maturity extensions, a reduction in the loan interest rate and/or a change to interest‑only payments for a period of time. The restructured loan is considered impaired despite the accrual status and a specific reserve is calculated based on the present value of expected cash flows discounted at the loan’s original effective interest rate or based on the fair value of the collateral if the loan is collateral-dependent. |
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Allowance for Credit Losses | Allowance for Credit Losses on Loans and Leases Held for Investment The allowance for credit losses on loans and leases held for investment is the combination of the allowance for loan and lease losses and the reserve for unfunded loan commitments. The allowance for loan and lease losses is reported as a reduction of outstanding loan and lease balances and the reserve for unfunded loan commitments is included within "Accrued interest payable and other liabilities" on the consolidated balance sheets. For loans and leases acquired and measured at fair value and deemed non-impaired on the acquisition date, our allowance methodology measures deterioration in credit quality or other inherent risks related to these acquired assets that may occur after the acquisition date. The allowance for credit losses is maintained at a level deemed appropriate by management to adequately provide for known and inherent risks in the loan and lease portfolio and other extensions of credit at the balance sheet date. The allowance is based upon our review of the credit quality of the loan and lease portfolio, which includes payment trends, borrowers' compliance with loan agreements, borrowers' current and budgeted financial performance, collateral valuation trends, and current economic factors and external conditions that may affect our borrowers' ability to make payments to us in accordance with contractual terms. Loans and leases that are deemed to be uncollectable are charged off and deducted from the allowance. The provision for loan and lease losses and recoveries on loans and leases previously charged off are added to the allowance. The allowance for loan and lease losses has a general reserve component for unimpaired loans and leases and a specific reserve component for impaired loans and leases. A loan or lease is considered impaired when it is probable that we will be unable to collect all amounts due according to the original contractual terms of the agreement. We assess our loans and leases for impairment on an ongoing basis using certain criteria such as payment performance, borrower reported financial results and budgets, and other external factors when appropriate. We measure impairment of a loan or lease based upon the fair value of the underlying collateral if the loan or lease is collateral-dependent or the present value of cash flows, discounted at the effective interest rate, if the loan or lease is not collateral-dependent. To the extent a loan or lease balance exceeds the estimated collectable value, a specific reserve or charge-off is recorded depending upon either the certainty of the estimate of loss or the fair value of the loan’s collateral if the loan is collateral-dependent. Impaired loans and leases with outstanding balances less than or equal to $250,000 may not be individually assessed for impairment but are assessed with reserves based on the average loss severity on historical impaired loans with similar risk characteristics. Our allowance methodology for the general reserve component includes both quantitative and qualitative loss factors which are applied to our population of unimpaired loans and leases to estimate our general reserves. The quantitative loss factors consider the likelihood of loans defaulting based on the historical degree that similar loans defaulted and the degree of credit losses based on the historical average degree of loss experienced for these similar loans and leases pooled both by loan or lease type and credit risk rating; loans with more adverse credit risk ratings have higher quantitative loss factors. The qualitative loss factors consider, among other things, current economic trends and forecasts, current collateral values and performance trends, credit performance trends, and the loan portfolio's current composition. As noted below in " Allowance for Loan and Lease Losses - Change in Methodology," we changed our methodology for calculating the ALLL in the second quarter of 2018. See that section for details regarding this change. The quantitative estimation of the allowance for credit losses at December 31, 2018 considered actual historical loan and lease charge-off experience over a 40-quarter look-back period starting with the first quarter of 2009. This look-back period is inclusive of the average timeframe over which charge-offs typically occur following loan or lease origination. The estimation of the allowance for credit losses at December 31, 2017 considered actual historical loan and lease charge-off experience over a 31-quarter look-back period starting with the first quarter of 2010. The increase in the historical look-back period to a 40-quarter look-back period at December 31, 2018 from 31 quarters at December 31, 2017 was done as part of our ALLL methodology change in the second quarter of 2018 and allows the look-back period to capture sufficient loss observations that is relevant to the current portfolio. In a good economic cycle with less frequent loss events, management believes a longer look-back period is more appropriate to reflect the level of incurred losses over an entire economic cycle. When estimating the general reserve component for the various pools of similar loan types, the loss factors applied to the loan pools consider the current credit risk ratings, giving greater weight to loans with more adverse credit risk ratings. We recognize that the determination of the allowance for credit losses is sensitive to the assigned credit risk ratings and inherent loss rates at any given point in time. To ensure the accuracy of our credit risk ratings, an independent credit review function assesses the appropriateness of the credit risk ratings assigned to loans on a regular basis. The qualitative criteria we consider when establishing the loss factors include the following:
We estimate the reserve for unfunded loan commitments using the same loss factors as used for the allowance for loan and lease losses. The reserve for unfunded loan commitments is computed using expected future usage of the unfunded commitments based on historical usage of unfunded commitments for the various loan types. The allowance for credit losses is directly correlated to the credit risk ratings of our loans. To ensure the accuracy of our credit risk ratings, an independent credit review function assesses the appropriateness of the credit risk ratings assigned to loans on a regular basis. The credit risk ratings assigned to every loan and lease are either “pass,” “special mention,” “substandard,” or “doubtful” and defined as follows:
In addition, we may refer to the loans and leases with assigned credit risk ratings of "substandard" and "doubtful" together as "classified" loans and leases. For further information on classified loans and leases, see Note 6. Loans and Leases. Management believes the allowance for credit losses is appropriate for the known and inherent risks in our loan and lease portfolio and the credit risk ratings and inherent loss rates currently assigned are appropriate. It is possible that others, given the same information, may at any point in time reach different conclusions that could result in a significant impact to the Company's financial statements. In addition, current credit risk ratings are subject to change as we continue to monitor our loans and leases. To the extent we experience, for example, increased levels of borrower loan defaults, borrowers' noncompliance with our loan agreements, adverse changes in collateral values, or negative changes in economic and business conditions that adversely affect our borrowers, our classified loans and leases may increase. Higher levels of classified loans and leases generally result in increased provisions for credit losses and an increased allowance for credit losses. Although we have established an allowance for credit losses that we consider appropriate, there can be no assurance that the established allowance will be sufficient to absorb future losses. Allowance for loan and lease losses - change in methodology. The ALLL represents management’s estimate of probable credit losses inherent in the loan portfolio as of the balance sheet date. Our methodology to estimate the ALLL has three basic elements that include specific reserves for individually evaluated impaired loans, a quantitative general allowance for all other loans (including individually evaluated loans determined not to be impaired), and qualitative adjustments based on other factors which may be internal or external to the Company. During the second quarter of 2018, we changed our methodology used to estimate the quantitative general allowance due to the growth and increased complexity of the loan portfolio. The new ALLL methodology included three primary changes: the quantitative component now employs a PD/LGD methodology; the loan segmentation groups our loan portfolio into 21 loan pools with similar risk characteristics (as opposed to 34 loan pools used under the previous methodology); and the historical range of loan performance history, or look-back period, was lengthened by one year to ten years. The new PD/LGD methodology estimates the likelihood of loans defaulting based on the historical degree that similar loans defaulted, and it estimates the degree of credit loss based on the historical average degree of loss experienced for these similar loans. The reduced number of loan pools provides greater statistical validity by having more default and loss histories within each pool for the quantitative general allowance estimation. The look-back period was extended to capture loan performance back to January 1, 2009, one year longer than under the historical loss migration methodology. Extending this look-back period includes more historical loan performance information. The loss emergence period was unchanged as we continue to use seven quarters. The methodology to estimate specific reserves for individually evaluated impaired loans did not change. The methodology to derive qualitative adjustments based on other internal or external factors was updated to align with the new PD/LGD methodology being applied to estimate the quantitative general allowance for unimpaired loans. As a result, the composition of the ALLL changed as the quantitative component increased and the qualitative component decreased as the new quantitative methodology now encompasses more information, such as the longer look-back period, that previously required a qualitative adjustment as part of determining the total ALLL estimate. These changes in the ALLL methodology did not result in material changes to management's overall ALLL estimate at June 30, 2018. |
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Land, Premises and Equipment | Land, Premises and Equipment Premises and equipment are stated at cost less accumulated depreciation and amortization. Land is not depreciated. Depreciation and amortization is charged to "Noninterest expense" in the consolidated statements of earnings using the straight‑line method over the estimated useful lives of the assets. The estimated useful lives of furniture, fixtures and equipment range from 3 to 7 years and for buildings up to 30 years. Leasehold improvements are amortized over their estimated useful lives, or the life of the lease, whichever is shorter. |
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Foreclosed Assets | Foreclosed Assets Foreclosed assets include OREO and repossessed non-real estate assets. Foreclosed assets are initially recorded at the estimated fair value of the property, based on current independent appraisals obtained at the time of acquisition, less estimated costs to sell, including senior obligations such as delinquent property taxes. The excess of the recorded loan balance over the estimated fair value of the property at the time of acquisition less estimated costs to sell is charged to the allowance for loan and lease losses. Any subsequent write‑downs are charged to "Noninterest expense" in the consolidated statements of earnings and recognized through a foreclosed assets valuation allowance. Subsequent increases in the fair value of the asset less selling costs reduce the foreclosed assets valuation allowance, but not below zero, and are credited to "Noninterest expense." Gains and losses on the sale of foreclosed assets and operating expenses of such assets are included in "Noninterest expense." |
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Income Taxes | Income Taxes Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in earnings in the period that includes the enactment date. Any interest or penalties assessed by the taxing authorities is classified in the financial statements as income tax expense. Deferred tax assets and liabilities, net of valuation allowances, are grouped together and reported net on the consolidated balance sheets. On a quarterly basis, the Company evaluates its deferred tax assets to assess whether they are expected to be realized in the future. This determination is based on currently available facts and circumstances, including our current and projected future tax positions, the historical level of our taxable income, and estimates of our future taxable income. In most cases, the realization of deferred tax assets is based on our future profitability. To the extent our deferred tax assets are not considered more likely than not to be realized, we are required to record a valuation allowance on our deferred tax assets by charging earnings. The Company also evaluates existing valuation allowances periodically to determine if sufficient evidence exists to support an increase or reduction in the allowance. |
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Goodwill and Intangible Assets | Goodwill and Other Intangible Assets Goodwill and other intangible assets arise from the acquisition method of accounting for business combinations. Goodwill and other intangible assets generated from business combinations and deemed to have indefinite lives are not subject to amortization and instead are tested for impairment at least annually unless certain events occur or circumstances change. Goodwill represents the excess of the purchase price over the fair value of the net assets and other identifiable intangible assets acquired. We test for goodwill impairment annually or earlier if events or changes in circumstances indicate goodwill might possibly be impaired. Impairment exists when the carrying value of the goodwill exceeds its implied fair value. An impairment loss would be recognized in an amount equal to that excess as a charge to "Noninterest expense" in the consolidated statements of earnings. Intangible assets with estimable useful lives are amortized over such useful lives to their estimated residual values. CDI and CRI are recognized apart from goodwill at the time of acquisition based on market valuations. In preparing such valuations, variables considered included deposit servicing costs, attrition rates, and market discount rates. CDI assets are amortized to expense over their useful lives, which we have estimated to range from 7 to 10 years. CRI assets are amortized to expense over their useful lives, which we have estimated to range from 4 to 7 years. The amortization expense represents the estimated decline in the value of the underlying deposits or customer relationships acquired. Both CDI and CRI are reviewed for impairment quarterly or earlier if events or changes in circumstances indicate that their carrying values may not be recoverable. If the recoverable amount of either CDI or CRI is determined to be less than its carrying value, we would then measure the amount of impairment based on an estimate of the intangible asset’s fair value at that time. If the fair value is below the carrying value, then the intangible asset is reduced to such fair value; an impairment loss for such amount would be recognized as a charge to "Noninterest expense" in the consolidated statements of earnings. |
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Stock-based Compensation | Stock-Based Compensation The Company issues stock-based compensation instruments consisting of TRSAs and PRSUs. Compensation expense related to TRSAs is based on the fair value of the underlying stock on the award date and is recognized over the vesting period using the straight‑line method. Forfeitures of stock-based awards are recognized when they occur. Compensation expense related to PRSUs is based on the fair value of the underlying stock on the award date and is amortized over the vesting period using the straight-line method unless it is determined that: (1) attainment of the financial metrics is less than probable, in which case a portion of the amortization is suspended, or (2) attainment of the financial metrics is improbable, in which case a portion of the previously recognized amortization is reversed and also suspended. If it is determined that attainment of a financial measure higher than target is probable, the amortization will increase up to 150% or 200% of the target amortization amount. Annual PRSU expense may vary during the three-year performance period based upon changes in management's estimate of the number of shares that may ultimately vest. In the case where the performance target for the PRSU’s is based on a market condition (such as total shareholder return), the amortization is neither reversed nor suspended if it is subsequently determined that the attainment of the performance target is less than probable or improbable. Unvested TRSAs participate with common stock in any dividends declared and paid. Dividends are paid on unvested TRSAs and are charged to equity and the related tax impact is recorded to income tax expense. Dividends paid on forfeited TRSAs are charged to compensation expense. |
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Derivative Instruments | (n) Derivative Instruments Our derivative contracts primarily manage the foreign currency risk associated with certain assets and liabilities. As of December 31, 2018, all of our derivatives were held for risk management purposes and none were designated as accounting hedges. The objective is to manage the uncertainty of future foreign exchange rate fluctuations. These derivatives provide for a fixed exchange rate which has the effect of reducing or eliminating changes to anticipated cash flows to be received on assets and liabilities denominated in foreign currencies as the result of changes to exchange rates. Our derivatives are recorded in other assets or other liabilities, as appropriate. The changes in fair value of our derivatives and the related interest are recognized in "Noninterest income - other" in the consolidated statements of earnings. At December 31, 2018, our derivative contracts had a notional value of $80.5 million. Derivative instruments expose us to credit risk in the event of nonperformance by counterparties. This risk exposure consists primarily of the termination value of agreements where we are in a favorable position. We manage the credit risk associated with various derivative agreements through counterparty credit review and monitoring procedures. |
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Investments That Do Not Have Readily Determinable Fair Value | Investments in common or preferred stock that are not publicly traded and certain investments in limited partnerships are considered equity investments that do not have a readily determinable fair value. If we have the ability to significantly influence the operating and financial policies of the investee, the investment is accounted for pursuant to the equity method of accounting. This is generally presumed to exist when we own between 20% and 50% of a corporation, or when we own greater than 5% of a limited partnership or similarly structured entity. Our equity investment carrying values are included in other assets and our share of earnings and losses in equity method investees is included in "Noninterest income - other" on the consolidated statements of earnings. Prior to January 1, 2018, if we did not have significant influence over the investee, the cost method was used to account for the equity interest. Effective January 1, 2018 with the adoption of ASU 2016-01, our accounting treatment for equity investments differs for those with and without readily determinable fair values. Equity investments with readily determinable fair values are recorded at fair value with changes in fair value recorded in “Noninterest income - other.” For equity investments without readily determinable fair values we have elected the “measurement alternative,” and therefore carry these investments at cost, less impairment (if any), plus or minus changes in observable prices. On a quarterly basis, we review our equity investments without readily determinable fair values for impairment. We consider a number of qualitative factors such as whether there is a significant deterioration in earnings performance, credit rating, asset quality, or business prospects of the investee in determining if impairment exists. If the investment is considered impaired, an impairment loss equal to the amount by which the carrying value exceeds its fair value is recorded through a charge to earnings. The impairment loss may be reversed in a subsequent period if there are observable transactions for the identical or similar investment of the same issuer at a higher amount than the carrying amount that was established when the impairment was recognized. Impairment as well as upward or downward adjustments resulting from observable price changes in orderly transactions for identical or similar investments are included in “Noninterest income - other.” Realized gains or losses resulting from the sale of equity investments are calculated using the specific identification method and are included in "Noninterest income - other." |
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Comprehensive Income | Comprehensive Income Comprehensive income consists of net earnings and net unrealized gains (losses) on debt securities available‑for‑sale, net, and is presented in the consolidated statements of comprehensive income. |
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Earnings Per Share | Earnings Per Share In accordance with ASC Topic 260, “Earnings Per Share,” all outstanding unvested share‑based payment awards that contain rights to nonforfeitable dividends are considered participating securities and are included in the two‑class method of determining basic and diluted earnings per share. All of our unvested restricted stock participates with our common stockholders in dividends. Accordingly, earnings allocated to unvested restricted stock are deducted from net earnings to determine that amount of earnings available to common stockholders. In the two‑class method, the amount of our earnings available to common stockholders is divided by the weighted average shares outstanding, excluding any unvested restricted stock, for both the basic and diluted earnings per share. |
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Business Combinations | Business Combinations Business combinations are accounted for under the acquisition method of accounting in accordance with ASC Topic 805, “Business Combinations.” Under the acquisition method, the acquiring entity in a business combination recognizes 100 percent of the acquired assets and assumed liabilities, regardless of the percentage owned, at their estimated fair values as of the date of acquisition. Any excess of the purchase price over the fair value of net assets and other identifiable intangible assets acquired is recorded as goodwill. To the extent the fair value of net assets acquired, including other identifiable assets, exceeds the purchase price, a bargain purchase gain is recognized. Assets acquired and liabilities assumed from contingencies must also be recognized at fair value, if the fair value can be determined during the measurement period. Results of operations of an acquired business are included in the statement of earnings from the date of acquisition. Acquisition‑related costs, including conversion and restructuring charges, are expensed as incurred. |
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Business Segments | (s) Business Segments We regularly assess our strategic plans, operations and reporting structures to identify our reportable segments. Changes to our reportable segments are expected to be infrequent. As of December 31, 2018 and since December 31, 2015, we have operated as one reportable segment. The factors considered in making this determination include the nature of products and offered services, geographic regions in which we operate, the applicable regulatory environment, and the discrete financial information reviewed by our key decision makers. Through our network of banking offices nationwide, our entire operations provide relationship-based banking products, services and solutions for small to mid-sized companies, entrepreneurial businesses, venture capital and private equity investors, real estate investors, professionals and other individuals. Our products and services include commercial real estate, multi-family, commercial business, construction and land, consumer and government-guaranteed small business loans, business and personal deposit products, and treasury cash management services. |
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Recently issued Accounting Standards | Accounting Standards Adopted in 2018 Effective January 1, 2018, the Company adopted ASU 2016-01, "Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities" and ASU 2018-03, “Technical Corrections and Improvements to Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities.” ASU 2016-01 contained a number of changes which are applicable to the Company including the following: (1) requires equity investments to be measured at fair value with changes in fair value recognized in net income; (2) allows equity investments without readily determinable fair values to be measured at cost less impairment, if any, plus or minus changes in observable prices (referred to as the "measurement alternative"); and (3) changes certain presentation and disclosure requirements for financial instruments, including using the exit price notion when measuring the fair value of financial instruments (see Note 13. Fair Value Measurements). ASU 2018-03 also clarified certain aspects of the guidance issued in ASU 2016-01, including requiring a prospective transition approach for equity investments without readily determinable fair value in which the measurement alternative is applied. ASU 2016-01 does not apply to investments accounted for using the equity method, investments in consolidated subsidiaries, FHLB stock, and investments in low income housing tax credit projects accounted for under Topic 323, "Investments - Equity Method and Joint Ventures." Upon adoption of ASU 2016-01, the Company recorded a transition adjustment to reclassify $529,000 in net unrealized gains from accumulated other comprehensive income ("AOCI") to retained earnings. The ASU also eliminated the requirement to classify equity investments into different categories such as “Available-for-sale.” The adoption of this ASU may result in more earnings volatility as changes in fair value of certain equity investments are recorded in the statement of earnings as opposed to AOCI. Effective January 1, 2018, the Company early-adopted ASU 2018-02, "Income Statement - Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income." The TCJA required deferred tax assets and liabilities to be re-measured at its enactment date for the effect of the change in the federal corporate tax rate. This process resulted in "stranded tax effects" in AOCI for deferred tax asset or liabilities which were established with an offsetting amount in AOCI. ASU 2018-02 allows for a reclassification of the stranded tax effects resulting from the enactment of the TCJA from AOCI to retained earnings. The Company elected to reclassify all of its stranded tax effects of $6.665 million from AOCI to retained earnings effective January 1, 2018, while no other income tax effects related to the application of the TCJA were reclassified. Effective January 1, 2018, the Company adopted ASU 2014-09, "Revenue Recognition (Topic 606): Revenue from Contracts with Customers." ASU 2014-09 supersedes Topic 605, "Revenue Recognition" and requires an entity to recognize revenue at an amount that reflects the consideration to which it expects to be entitled to in exchange for the transfer of promised goods or services to customers. Substantially all of the Company's revenue is interest income on loans, investment securities, and deposits at other financial institutions which are specifically outside the scope of ASU 2014-09. ASU 2014-09 applies primarily to certain noninterest income items in the Company's consolidated statement of earnings. Upon adoption, the Company applied the cumulative effect transition method, which resulted in no adjustment to retained earnings and no material impact on the Company's consolidated financial position, results of operations, or cash flows. The Company did make minor changes to accounting operations and internal controls as part of adopting this new standard. See Note 16. Revenue From Contracts With Customers for further details. Effective January 1, 2018, the Company adopted ASU 2016-15, "Classification of Certain Cash Receipts and Cash Payments." Upon adoption, the Company applied the retrospective transition method to each period presented. ASU 2016-15 addressed eight issues related to the statement of cash flows, the most relevant to the Company being the classification of proceeds from the settlement of BOLI policies. As the Company classified proceeds from the settlement of BOLI policies in the manner required by ASU 2016-15 in the prior periods presented, there was no change to the Company's consolidated financial position, results of operations, or cash flows for both current and prior periods upon adoption. Effective January 1, 2018, the Company adopted ASU 2016-18, "Statement of Cash Flows (Topic 230): Restricted Cash." Upon adoption, the Company applied the retrospective transition method to each period presented. As the Company does not present restricted cash as a separate line in the statement of financial position, there is no change to the presentation of cash on the statement of cash flows. The nature and amount of our restricted cash is shown in Note 2. Restricted Cash Balances. Effective January 1, 2018, the Company adopted ASU 2017-01, "Business Combinations (Topic 805): Clarifying the Definition of a Business." ASU 2017-01 provides a new framework for determining whether transactions should be accounted for as acquisitions of assets or businesses. The Company had no acquisitions or purchases of components of a business in 2018, thus, the impact of adopting the new standard had no impact on the Company's consolidated financial position, results of operations, or cash flows. Effective January 1, 2018, the Company adopted ASU 2017-09, "Compensation - Stock Compensation (Topic 718): Scope of Modification Accounting." ASU 2017-09 provided clarification of what constitutes a modification of a share-based payment award. The Company did not modify any share-based payment awards in 2018, thus, the impact of adopting the new standard had no impact on the Company's consolidated financial position, results of operations, or cash flows. Recently Issued Accounting Standards |
Other Assets Other Assets (Policies) |
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Other Assets [Abstract] | |
Life Settlement Contracts, Disclosure [Text Block] | The Company has purchased life insurance policies on certain employees and has also acquired life insurance policies through acquisitions. BOLI is recorded at the amount that can be realized under the insurance contract, which is the cash surrender value. The increase in the cash surrender value each period and the receipt of death benefit proceeds are recorded to "Noninterest income - other." |
Acquisitions (Tables) |
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Schedule of Business Acquisitions, by Acquisition | The following assets acquired and liabilities assumed of CUB are presented at estimated fair value as of the acquisition date:
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Goodwill and Other Intangible Assets (Tables) |
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Goodwill Disclosure | The following table presents the changes in the carrying amount of goodwill for the years indicated:
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Intangible Assets Disclosure | The following table presents the changes in CDI and CRI and the related accumulated amortization for the years indicated:
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Investment Securities (Tables) |
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Dec. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Available-for-sale Securities Reconciliation | The following table presents amortized cost, gross unrealized gains and losses, and fair values of securities available-for-sale as of the dates indicated:
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Unrealized losses on investment securities | Unrealized Losses on Securities Available-for-Sale The following tables present the gross unrealized losses and fair values of securities available-for-sale that were in unrealized loss positions, for which other-than-temporary impairments have not been recognized in earnings, as of the dates indicated:
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Investments Classified by Contractual Maturity Date | The following table presents the contractual maturities of our available-for-sale securities portfolio based on amortized cost and carrying value as of the date indicated.
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Investment Income | The following table presents the composition of our interest income on investment securities for the years indicated:
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Loans and Leases (Tables) |
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Dec. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Composition of Loans Portfolio | The following table summarizes the composition of our loans and leases held for investment as of the dates indicated:
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CV of Loans Held for Investment by Class by Classified and Nonclassiified | As of December 31, 2018, our three largest loan relationships on nonaccrual status had an aggregate carrying value of $42.0 million and represented 53% of total nonaccrual loans and leases. The following table presents the credit risk rating categories for loans and leases held for investment by loan portfolio segment and class as of the dates indicated. |
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Troubled Debt Restructurings on Financing Receivables | The following table presents our troubled debt restructurings of loans held for investment and defaulted troubled debt restructurings of loans held for investment by loan portfolio segment and class for the years indicated:
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Allowance for Loan Losses | The following tables present a summary of the activity in the allowance for loan and lease losses on loans and leases held for investment by loan portfolio segment for the years indicated:
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Non Purchased Credit Impaired Loans and Leases [Domain] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Delinquent loans in loan portfolio | The following tables present an aging analysis of our loans and leases held for investment, net of deferred fees, by loan portfolio segment and class as of the dates indicated:
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Financing Receivable Non Accrual And Performing | The following table presents our nonaccrual and performing loans and leases held for investment, net of deferred fees, by loan portfolio segment and class as of the dates indicated:
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Schedule Of Non Accrual and Performing Restructured Impaired Financing Receivables | Nonaccrual loans and leases and performing TDRs are considered impaired for reporting purposes. TDRs are a result of rate reductions, term extensions, fee concessions and debt forgiveness or a combination thereof. At December 31, 2018 and 2017, we had unfunded commitments related to TDRs of $1.3 million and $4.5 million. The following table presents the composition of our impaired loans and leases held for investment, net of deferred fees, by loan portfolio segment as of the dates indicated:
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Impaired Financing Receivables, Average Balances And Interest Income Recognized | The following tables present information regarding our impaired loans and leases held for investment, net of deferred fees, by loan portfolio segment and class as of and for the years indicated:
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Foreclosed Assets Foreclosed Assets (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Real Estate, Foreclosed Assets, and Repossessed Assets [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Real Estate and Foreclosed Assets | The following table summarizes foreclosed assets as of the dates indicated:
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Other Foreclosed Assets Rollforward | The following table presents the changes in foreclosed assets, net of the valuation allowance, for the years indicated:
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Foreclosed Assets Valuation Allowance Rollforward | The following table presents the changes in the foreclosed assets valuation allowance for the years indicated:
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Premises and Equipment, Net Premises and Equipment, Net (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Premises and Equipment, Net [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment | The following table presents the components of premises and equipment as of the dates indicated:
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Schedule of Future Minimum Rental Payments for Operating Leases | We have obligations under a number of noncancelable operating leases for premises and equipment. The following table presents future minimum rental payments under noncancelable operating leases as of the date indicated:
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Other Assets Other Assets (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Assets [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Assets Disclosure [Text Block] | The following table presents the detail of our other assets as of the dates indicated:
OTHER ASSETS The following table presents the detail of our other assets as of the dates indicated:
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The Company has purchased life insurance policies on certain employees and has also acquired life insurance policies through acquisitions. BOLI is recorded at the amount that can be realized under the insurance contract, which is the cash surrender value. The increase in the cash surrender value each period and the receipt of death benefit proceeds are recorded to "Noninterest income - other." The Company makes various investments for CRA investment purposes including, but not limited to, CRA-related loan pool investments, CRA-related equity investments and investments in LIHTC partnerships. The loan pool and other CRA equity investments primarily consist of investments in partnerships which provide affordable housing and participations in loan pools which provide low-cost loans to low and moderate income applicants. The Company invests as a limited partner in LIHTC partnerships that operate qualified affordable housing projects and generate tax benefits for investors, including federal low income housing tax credits. The partnerships are deemed to be VIEs because they do not have sufficient equity investment at risk and are structured with non-substantive voting rights; however, we are not the primary beneficiary of the VIEs and do not consolidate them. We amortize the investment in proportion to the allocated tax benefits using the proportional amortization method of accounting and record such benefits net of investment amortization in income tax expense. The Company's equity investments without readily determinable fair values include investments in privately held companies and limited partnerships as well as investments in entities from which we issued trust preferred securities. On January 1, 2018, we adopted ASU 2016-01 and ASU 2018-03 which changed the way we account for equity investments without readily determinable fair values previously accounted for using the cost method. Upon adoption, we have elected to measure our equity investments without readily determinable fair values using the measurement alternative. The Company reclassified $1.2 million of equity securities without readily determinable fair values previously included in securities available-for-sale to other assets on our condensed consolidated balance sheet in the first quarter of 2018. The reclassification was applied prospectively without prior period amounts being restated. Carrying values of these investments are adjusted to fair value upon observable transactions for identical or similar investments of the same issuer. During the year ended December 31, 2018, we sold a portion of one of our equity investments without a readily determinable fair value for an amount in excess of its basis, and consequently increased by $286,000 the remaining carrying value of this investment at December 31, 2018. During the year ended December 31, 2018, we recorded impairment of $278,000 in the aggregate on five of our CRA equity investments without readily determinable fair values. Beginning January 1, 2018, unrealized and realized gains and losses on equity investments without readily determinable fair values are recorded in "Noninterest income - other." The Company's equity investments with readily determinable fair values include investments in public companies, often from the exercise of warrants, and publicly-traded mutual funds. The Company reclassified $5.9 million of equity securities with readily determinable fair values previously included in securities available-for-sale to other assets on the condensed consolidated balance sheet in the first quarter of 2018. The reclassification was applied prospectively without prior period amounts being restated. Beginning January 1, 2018, unrealized and realized gains and losses on equity investments with readily determinable fair values are recorded in "Noninterest income - other." |
Deposits Deposits (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deposits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Interest Bearing Deposits | The following table presents the components of interest‑bearing deposits as of the dates indicated:
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Schedule of Maturities Of Time Deposits | The following table summarizes the maturities of time deposits as of the date indicated:
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Borrowings and Subordinated Debentures (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Debt | The following table summarizes our borrowings as of the dates indicated:
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Borrowings Subordinated Debentures And Brokered Deposits Disclosure | The following table summarizes the terms of each issuance of subordinated debentures outstanding as of the dates indicated:
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Fair Value Measurements (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets and Liabilities Carried at Fair Value on Recurring Basis | The following tables present information on the assets measured and recorded at fair value on a recurring basis as of the dates indicated:
__________________________________________________________ (1) In connection with our adoption of ASU 2016-01 and ASU 2018-03 on January 1, 2018, we reclassified $7.1 million of equity investments from securities available-for-sale to other assets in the first quarter of 2018. The reclassification was applied prospectively without prior period amounts being restated. |
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Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques | The following table presents information about the quantitative inputs and assumptions used to determine the fair values provided by our third party pricing service for our Level 3 private label CMOs and asset-backed securities available-for-sale measured at fair value on a recurring basis as of the date indicated:
The following table presents information about the quantitative inputs and assumptions used in the modified Black-Scholes option pricing model to determine the fair value for our Level 3 equity warrants measured at fair value on a recurring basis as of the date indicated:
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Fair Value, Assets Measured on Recurring Basis, Significant Unobservable Inputs (Level 3) Reconciliation | The following table summarizes activity for our Level 3 private label CMOs measured at fair value on a recurring basis for the years indicated:
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Schedule of Stockholders' Equity Note, Warrants or Rights [Table Text Block] | The following table summarizes activity for our Level 3 equity warrants measured at fair value on a recurring basis for the years indicated:
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Assets carried at fair value on a nonrecurring basis | The following tables present assets measured at fair value on a non‑recurring basis as of the dates indicated:
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Net Losses (Gains) on Nonrecurring Assets [Table Text Block] | The following table presents losses recognized on assets measured on a nonrecurring basis for the years indicated:
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Fair Value Inputs, Assets, Quantitative Information | The following table presents the valuation methodology and unobservable inputs for Level 3 assets measured at fair value on a nonrecurring basis as of the date indicated:
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Fair Value, by Balance Sheet Grouping |
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Income Taxes (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Components of Income Tax Expense (Benefit) | The following table presents the components of income tax expense for the years indicated:
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Schedule of Effective Income Tax Rate Reconciliation | The following table presents a reconciliation of the recorded income tax expense to the amount of taxes computed by applying the applicable federal statutory income tax rates of 21% for 2018 and 35% for 2017 and 2016 to earnings before income taxes:
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Schedule of Deferred Tax Assets and Liabilities | The following table presents the tax effects of temporary differences that give rise to significant portions of deferred tax assets and deferred tax liabilities as of the dates indicated:
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Schedule of Unrecognized Tax Benefits Roll Forward | The following table summarizes the activity related to the Company's unrecognized tax benefits for the years indicated:
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Earnings Per Share (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Income Per Share | The following table presents the computation of basic and diluted net earnings per share for the years indicated:
|
Revenue From Contracts With Customers Revenue From Contracts With Customers (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue From Contracts With Customers [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue From Contracts With Customers [Table Text Block] | As illustrated here, substantially all of our revenue is specifically excluded from the scope of Topic 606.
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Revenue Recognition of Contracts With Customers [Table Text Block] |
The following table presents revenue from contracts with customers based on the timing of revenue recognition for the period indicated:
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Contract with Customer, Asset and Liability [Table Text Block] | The following table provides information about receivables, contract assets and contract liabilities from contracts with customers:
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Stock Based Compensation Plan Stock-based Compensation Plan (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block] | The following table presents a summary of restricted stock transactions during the year ended December 31, 2018:
|
Dividend Availability and Regulatory Matters Dividend Availability and Regulatory Matters (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividend Availability and Regulatory Matters [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations | The following tables present actual capital amounts and ratios for the Company and the Bank as of the dates indicated:
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Condensed Financial Information Of Parent Company Parent Company Information (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Condensed Financial Information Of Parent Company [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Condensed Balance Sheet |
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Condensed Income Statement |
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Condensed Cash Flow Statement |
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Selected Quarterly Financial Data Selected Quarterly Financial Data (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Quarterly Financial Information | The following tables set forth our unaudited quarterly results for the periods indicated:
|
Organization (Details Textual) |
12 Months Ended | ||
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Dec. 31, 2018
USD ($)
reportable_segment
bank_branch
|
Dec. 31, 2017
USD ($)
reportable_segment
|
Dec. 31, 2016
USD ($)
|
|
Business Acquisition [Line Items] | |||
Loans Receivable Held-for-sale, Amount | $ 0 | $ 1,500,000,000 | |
Transfer of Portfolio Loans and Leases to Held-for-sale | 0 | 481,100,000 | $ 0 |
Loans held for sale, at lower of cost or fair value | 481,100,000 | ||
Proceeds from Sale and Collection of Lease Receivables | 0 | $ 0 | $ 138,955,000 |
Financing Receivable, Collectively Evaluated for Impairment | $ 17,865,646,000 | ||
Allowance For Credit Losses, Look-back Period for Estimation | 40 | 31 | |
Fair Value Hedges, Net | $ 0 | ||
Derivative, Notional Amount | $ 80,500,000 | ||
Number of Reportable Segments | reportable_segment | 1 | ||
Core Deposits [Member] | Minimum [Member] | |||
Business Acquisition [Line Items] | |||
Finite-Lived Intangible Asset, Useful Life | 7 years | ||
Core Deposits [Member] | Maximum [Member] | |||
Business Acquisition [Line Items] | |||
Finite-Lived Intangible Asset, Useful Life | 10 years | ||
Customer Relationships [Member] | Minimum [Member] | |||
Business Acquisition [Line Items] | |||
Finite-Lived Intangible Asset, Useful Life | 4 years | ||
Customer Relationships [Member] | Maximum [Member] | |||
Business Acquisition [Line Items] | |||
Finite-Lived Intangible Asset, Useful Life | 7 years | ||
Furniture and Fixtures [Member] | Minimum [Member] | |||
Business Acquisition [Line Items] | |||
Property, Plant and Equipment, Useful Life | 3 years | ||
Furniture and Fixtures [Member] | Maximum [Member] | |||
Business Acquisition [Line Items] | |||
Property, Plant and Equipment, Useful Life | 7 years | ||
Building [Member] | |||
Business Acquisition [Line Items] | |||
Property, Plant and Equipment, Useful Life | 30 years | ||
Equity Securities [Member] | Minimum [Member] | |||
Business Acquisition [Line Items] | |||
Equity Method Investment, Ownership Percentage | 20.00% | ||
Equity Securities [Member] | Maximum [Member] | |||
Business Acquisition [Line Items] | |||
Equity Method Investment, Ownership Percentage | 50.00% | ||
Loans Under $250,000 | |||
Business Acquisition [Line Items] | |||
Financing Receivable, Collectively Evaluated for Impairment | $ 250,000 | ||
CALIFORNIA | |||
Business Acquisition [Line Items] | |||
Retail Branch Locations | bank_branch | 74 | ||
NORTH CAROLINA | |||
Business Acquisition [Line Items] | |||
Retail Branch Locations | bank_branch | 1 | ||
Retained Earnings [Member] | |||
Business Acquisition [Line Items] | |||
Cumulative Effect of New Accounting Principle in Period of Adoption | $ (529,000) | ||
Cash Flow [Member] | |||
Business Acquisition [Line Items] | |||
Proceeds from Sale of Loans Held-for-sale | $ 1,000,000,000 | ||
New ALLL Methodology (2018) [Member] | Twenty-one (21) [Member] | |||
Business Acquisition [Line Items] | |||
Allowance for Credit Losses, Change in Method of Calculating Probable Credit Loss | reportable_segment | 21 | ||
Pre- 2018 ALLL Methodology (2018) [Member] | Thirty-four (34) [Member] | |||
Business Acquisition [Line Items] | |||
Allowance for Credit Losses, Change in Method of Calculating Probable Credit Loss | reportable_segment | 34 | ||
Limited Partnership [Member] | Minimum [Member] | |||
Business Acquisition [Line Items] | |||
Equity Method Investment, Ownership Percentage | 5.00% | ||
Accounting Standards Update 2018-02 [Member] | |||
Business Acquisition [Line Items] | |||
Cumulative Effect of New Accounting Principle in Period of Adoption | $ 6,665,000 |
Restricted Cash (Details) - USD ($) $ in Millions |
Dec. 31, 2018 |
Dec. 31, 2017 |
---|---|---|
Restricted Cash Balances [Abstract] | ||
Restricted Cash and Cash Equivalents | $ 77.0 | $ 77.6 |
Pledged Cash for Derivative Contracts | $ 2.6 | $ 2.7 |
Acquisition (Details) - USD ($) $ in Thousands |
Oct. 20, 2017 |
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
---|---|---|---|---|
Business Acquisition [Line Items] | ||||
Equipment leased to others under operating leases | $ 292,677 | $ 284,631 | ||
Goodwill | $ 2,548,670 | $ 2,548,670 | $ 2,173,949 | |
CU Bancorp [Member] | ||||
Business Acquisition [Line Items] | ||||
Business Combinations, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash And Due From Banks | $ 51,857 | |||
Cash and due from banks | 384,656 | |||
Interest‑earning deposits in financial institutions | 332,799 | |||
Securities available‑for‑sale | 446,980 | |||
FHLB stock | 11,902 | |||
Loans and leases | 2,075,900 | |||
Premises and equipment | 2,981 | |||
Goodwill | 374,721 | |||
Core deposit and customer relationship intangibles | 57,500 | |||
Other assets | 103,498 | |||
Total assets acquired | 3,500,000 | |||
Noninterest‑bearing deposits | 1,510,285 | |||
Interest‑bearing deposits | 1,209,597 | |||
Business Combination Recognized Identifiable Assets And Liabilities Assumed, Total Deposits | 2,719,882 | |||
Borrowings | 22,879 | |||
Subordinated debentures | 12,372 | |||
Accrued interest payable and other liabilities | 32,424 | |||
Total liabilities assumed | 2,800,000 | |||
Cash paid | 224,338 | |||
PacWest common stock issued | 446,233 | |||
Total consideration paid | $ 670,571 |
Acquisitions (Details Textual) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 12 Months Ended | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
Oct. 20, 2017 |
Dec. 31, 2018 |
Sep. 30, 2018 |
Jun. 30, 2018 |
Mar. 31, 2018 |
Dec. 31, 2017 |
Sep. 30, 2017 |
Jun. 30, 2017 |
Mar. 31, 2017 |
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Business Acquisition [Line Items] | ||||||||||||
Common Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | ||||||||
Goodwill | $ 2,548,670 | $ 2,548,670 | $ 2,548,670 | $ 2,548,670 | $ 2,173,949 | |||||||
Acquisition, integration and reorganization costs | $ 128,576 | $ 127,610 | $ 126,510 | $ 127,517 | $ 127,258 | $ 114,901 | $ 116,164 | $ 115,901 | $ 1,770 | $ 19,735 | $ 200 | |
CU Bancorp [Member] | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Cash paid | $ 224,338 | |||||||||||
Assets acquired | 3,500,000 | |||||||||||
Liabilities assumed | 2,800,000 | |||||||||||
Goodwill | 374,721 | |||||||||||
Business Combination, Consideration Transferred | 670,571 | |||||||||||
Loans and leases | 2,075,900 | |||||||||||
Core Deposits [Member] | CU Bancorp [Member] | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Liabilities assumed | $ 2,700,000 |
Goodwill and Other Intangible Assets (Details) - USD ($) $ in Thousands |
Dec. 31, 2018 |
Dec. 31, 2017 |
Oct. 20, 2017 |
---|---|---|---|
Goodwill [Roll Forward] | |||
Goodwill | $ 2,548,670 | $ 2,173,949 | |
Goodwill | $ 2,548,670 | $ 2,548,670 | |
CU Bancorp [Member] | |||
Goodwill [Roll Forward] | |||
Goodwill | $ 374,721 | ||
Goodwill | $ 374,721 |
Goodwill and Other Intangible Assets (Details 1) - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2018 |
Sep. 30, 2018 |
Jun. 30, 2018 |
Mar. 31, 2018 |
Dec. 31, 2017 |
Sep. 30, 2017 |
Jun. 30, 2017 |
Mar. 31, 2017 |
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Finite-lived Intangible Assets [Roll Forward] | |||||||||||
Balance, beginning of year | $ 119,497 | $ 64,187 | $ 119,497 | $ 64,187 | $ 95,524 | ||||||
Balance, beginning of year | (39,871) | (27,821) | (39,871) | (27,821) | (42,304) | ||||||
Addition from the CUB acquisition | 0 | 57,500 | 0 | ||||||||
Amortization | $ (970) | $ (800) | $ 0 | $ 0 | $ (16,085) | $ (1,450) | $ (1,700) | $ (500) | (22,506) | (14,240) | (16,517) |
Fully amortized portion | 0 | (2,190) | (29,637) | ||||||||
Write-off due to the asset financing reorganization | 0 | 0 | 1,363 | ||||||||
Balance, end of year | 119,497 | 119,497 | 119,497 | 119,497 | 64,187 | ||||||
Net CDI and CRI, end of year | (62,377) | (39,871) | (62,377) | (39,871) | (27,821) | ||||||
Net CDI and CRI, end of year | $ 57,120 | $ 79,626 | 57,120 | 79,626 | 36,366 | ||||||
CDI and CRI [Member] | |||||||||||
Finite-lived Intangible Assets [Roll Forward] | |||||||||||
Fully amortized portion | 0 | (2,190) | (29,637) | ||||||||
Write-off due to the asset financing reorganization | $ 0 | ||||||||||
CDI and CRI [Member] | Pacific Western Equipment Finance [Member] | |||||||||||
Finite-lived Intangible Assets [Roll Forward] | |||||||||||
Indefinite-lived Intangible Assets, Written off Related to Sale of Business Unit | $ 0 | $ (1,700) |
Goodwill and Other Intangible Assets (Details Textual) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Gain (Loss) on Sale of Capital Leases, Net | $ 0 | $ 0 | $ (720) |
Aggregate Amortization Expense 2019 | 18,700 | ||
Aggregate Amortization Expense 2020 | 14,600 | ||
Aggregate Amortization Expense 2021 | 10,800 | ||
Aggregate Amortization Expense 2022 | 7,500 | ||
Aggregate Amortization Expense 2023 | $ 3,800 |
Investment Securities (Details) - USD ($) $ in Thousands |
12 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
|||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||||
Available-for-sale Securities, Amortized Cost Basis | $ 4,017,909 | $ 3,721,525 | ||||||
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 31,812 | 68,965 | ||||||
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | (40,290) | (16,059) | ||||||
Securities available-for-sale, at fair value | 4,009,431 | 3,774,431 | ||||||
Government agency and government-sponsored enterprise pass through securities [Member] | ||||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||||
Available-for-sale Securities, Amortized Cost Basis | 281,486 | 243,375 | ||||||
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 1,902 | 3,743 | ||||||
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | (2,300) | (844) | ||||||
Securities available-for-sale, at fair value | 281,088 | 246,274 | ||||||
Government agency and government-sponsored enterprise collateralized mortgage obligations [Member] | ||||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||||
Available-for-sale Securities, Amortized Cost Basis | 634,774 | 277,638 | ||||||
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 3,448 | 968 | ||||||
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | (5,372) | (2,897) | ||||||
Securities available-for-sale, at fair value | 632,850 | 275,709 | ||||||
Private Label Collateralized Mortgage Obligations [Member] | ||||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||||
Available-for-sale Securities, Amortized Cost Basis | 101,313 | 122,816 | ||||||
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 1,985 | 3,813 | ||||||
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | (2,093) | (642) | ||||||
Securities available-for-sale, at fair value | 101,205 | 125,987 | ||||||
Municipal Securities [Member] | ||||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||||
Available-for-sale Securities, Amortized Cost Basis | 1,298,514 | 1,627,707 | ||||||
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 21,000 | 53,700 | ||||||
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | (7,320) | (1,339) | ||||||
Securities available-for-sale, at fair value | 1,312,194 | 1,680,068 | ||||||
Commercial Mortgage Backed Securities [Member] | ||||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||||
Available-for-sale Securities, Amortized Cost Basis | 1,133,846 | 1,169,969 | ||||||
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 383 | 2,758 | ||||||
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | (21,525) | (8,758) | ||||||
Securities available-for-sale, at fair value | 1,112,704 | 1,163,969 | ||||||
US Treasury Securities [Member] | ||||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||||
Available-for-sale Securities, Amortized Cost Basis | 401,056 | 0 | ||||||
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 2,437 | 0 | ||||||
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | (88) | 0 | ||||||
Securities available-for-sale, at fair value | 403,405 | 0 | ||||||
Corporate Debt Securities [Member] | ||||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||||
Available-for-sale Securities, Amortized Cost Basis | 17,000 | 17,000 | ||||||
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 553 | 2,295 | ||||||
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | 0 | 0 | ||||||
Securities available-for-sale, at fair value | 17,553 | 19,295 | ||||||
Collateralized Loan Obligations [Member] | ||||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||||
Available-for-sale Securities, Amortized Cost Basis | 0 | 6,960 | ||||||
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 0 | 55 | ||||||
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | 0 | 0 | ||||||
Securities available-for-sale, at fair value | 0 | 7,015 | ||||||
SBA asset-backed securities [Member] | ||||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||||
Available-for-sale Securities, Amortized Cost Basis | 68,158 | 160,214 | ||||||
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 0 | 695 | ||||||
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | (1,111) | (575) | ||||||
Securities available-for-sale, at fair value | 67,047 | 160,334 | ||||||
Asset-backed Securities [Member] | ||||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||||
Available-for-sale Securities, Amortized Cost Basis | 81,762 | 89,425 | ||||||
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 104 | 159 | ||||||
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | (481) | (874) | ||||||
Securities available-for-sale, at fair value | 81,385 | 88,710 | ||||||
Equity Securities [Member] | ||||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||||
Available-for-sale Securities, Amortized Cost Basis | [1] | 0 | 6,421 | |||||
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | [1] | 0 | 779 | |||||
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | [1] | 0 | (130) | |||||
Securities available-for-sale, at fair value | [1] | 0 | $ 7,070 | [2] | ||||
Equity Securities [Member] | ||||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | $ 7,100 | |||||||
|
Investment Securities (Details 1) - USD ($) $ in Thousands |
Dec. 31, 2018 |
Dec. 31, 2017 |
|||
---|---|---|---|---|---|
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | $ (316,746) | $ (1,026,780) | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | (1,706,835) | (223,832) | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | (2,023,581) | (1,250,612) | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (2,032) | (8,928) | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (38,258) | (7,131) | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | (40,290) | (16,059) | |||
Government agency and government-sponsored enterprise pass through securities [Member] | |||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | (60,164) | (44,795) | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | (85,245) | (26,010) | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | (145,409) | (70,805) | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (169) | (311) | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (2,131) | (533) | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | (2,300) | (844) | |||
Government agency and government-sponsored enterprise collateralized mortgage obligations [Member] | |||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | (69,859) | (163,014) | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | (164,097) | (20,928) | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | (233,956) | (183,942) | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (326) | (2,452) | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (5,046) | (445) | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | (5,372) | (2,897) | |||
Private Label Collateralized Mortgage Obligations [Member] | |||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | (32,170) | (50,521) | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | (49,237) | (5,035) | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | (81,407) | (55,556) | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (831) | (500) | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (1,262) | (142) | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | (2,093) | (642) | |||
US States and Political Subdivisions Debt Securities [Member] | |||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | (52,386) | (67,936) | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | (284,915) | (32,326) | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | (337,301) | (100,262) | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (238) | (365) | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (7,082) | (974) | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | (7,320) | (1,339) | |||
Commercial Mortgage Backed Securities [Member] | |||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | (40,641) | (579,373) | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | (1,020,684) | (129,060) | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | (1,061,325) | (708,433) | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (341) | (3,777) | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (21,184) | (4,981) | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | (21,525) | (8,758) | |||
US Treasury Securities [Member] | |||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | (49,729) | ||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 0 | ||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | (49,729) | ||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (88) | ||||
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | ||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | (88) | ||||
SBA asset-backed securities [Member] | |||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | (249) | (74,904) | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | (66,798) | 0 | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | (67,047) | (74,904) | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (1) | (575) | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (1,110) | 0 | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | (1,111) | (575) | |||
Asset-backed Securities [Member] | |||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | (11,548) | (45,198) | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | (35,859) | (10,473) | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | (47,407) | (55,671) | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (38) | (818) | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (443) | (56) | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | $ (481) | (874) | |||
Equity Securities [Member] | |||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | [1] | (1,039) | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | [1] | 0 | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | [1] | (1,039) | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | [1] | (130) | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | [1] | 0 | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | [1] | $ (130) | |||
|
Investment Securities (Details 2) - USD ($) $ in Thousands |
Dec. 31, 2018 |
Dec. 31, 2017 |
---|---|---|
Investment Securities, Available-for-Sale, Amortized Cost | ||
Due in one year or less | $ 37,197 | |
Due after one year through five years | 749,860 | |
Due after five years through ten years | 991,138 | |
Due after ten years | 2,239,714 | |
Total | 4,017,909 | $ 3,721,525 |
Investment Securities, Available-for-Sale, Estimated Fair Value | ||
Due in one year or less | 37,155 | |
Due after one year through five years | 749,870 | |
Due after five years through ten years | 975,553 | |
Due after ten years | 2,246,853 | |
Securities available‑for‑sale | $ 4,009,431 | $ 3,774,431 |
Investment Securities (Details 3) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Investments, Debt and Equity Securities [Abstract] | |||
Interest Income, Securities, Operating, Taxable | $ 68,504 | $ 52,981 | $ 46,097 |
Interest Income, Securities, Operating, Tax Exempt | 41,376 | 43,355 | 41,885 |
Investment Income, Dividend | 1,739 | 1,866 | 2,575 |
Investment Income, Interest and Dividend | $ 111,619 | $ 98,202 | $ 90,557 |
Investment Securities (Details Textual) - USD ($) $ in Thousands |
12 Months Ended | |||
---|---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
Oct. 20, 2017 |
|
Schedule of Available-for-sale Securities [Line Items] | ||||
Available For Sale Securities Pledged As Collateral Amortized Cost | $ 458,100 | |||
Proceeds from sales of securities available-for-sale | 571,800 | $ 759,300 | $ 393,509 | |
Available-for-sale Securities, Gross Realized Gains | 9,200 | 3,300 | 11,100 | |
Available-for-sale Securities, Gross Realized Losses | 1,000 | 3,800 | 1,600 | |
Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, before Reclassification Adjustments, Net of Tax | (37,544) | 24,709 | (16,244) | |
Federal Home Loan Bank stock, at cost | $ 32,103 | $ 20,790 | ||
Federal Home Loan Bank Minimum Stock Ownership As Percent Of Outstanding Advances | 0.00% | 2.70% | ||
Purchases of FHLB Stock | $ 55,600 | |||
Redemptions of FHLB stock | (44,300) | |||
Federal Home Loan Bank of San Francisco [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Increase (Decrease) in Marketable Securities, Restricted | 11,300 | |||
Available-for-sale Securities [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Proceeds from sales of securities available-for-sale | 563,600 | $ 355,400 | $ 384,000 | |
CU Bancorp [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Marketable Securities | $ 446,980 | |||
FHLB stock | $ 11,902 | |||
CU Bancorp [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Available-for-sale Securities, Gross Realized Gains | $ 0 | |||
CU Bancorp [Member] | Available-for-sale Securities [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Proceeds from sales of securities available-for-sale | $ 404,500 |
Loans and Leases (Details) - USD ($) $ in Thousands |
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Financing Receivable, Recorded Investment [Line Items] | |||||||||||||||
Loans and Leases Receivable, Gross | $ 18,026,365 | $ 17,032,221 | |||||||||||||
Loans and Leases Receivable, Deferred Income | (68,652) | (59,478) | |||||||||||||
Loans held for investment, net | 17,957,713 | 16,972,743 | |||||||||||||
Loans and Leases Receivable, Allowance | (132,472) | (139,456) | [1],[2] | ||||||||||||
Loans and leases, net | 17,825,241 | 16,833,287 | |||||||||||||
Non Purchased Credit Impaired Loans and Leases [Member] | |||||||||||||||
Financing Receivable, Recorded Investment [Line Items] | |||||||||||||||
Loans and Leases Receivable, Gross | 16,974,171 | ||||||||||||||
Loans and Leases Receivable, Deferred Income | (59,464) | ||||||||||||||
Loans held for investment, net | [3],[4] | 16,914,707 | |||||||||||||
Loans and Leases Receivable, Allowance | (133,012) | $ (143,755) | |||||||||||||
Loans and leases, net | 16,781,695 | ||||||||||||||
Purchased Credit Impaired Loans and Leases [Member] | |||||||||||||||
Financing Receivable, Recorded Investment [Line Items] | |||||||||||||||
Loans and Leases Receivable, Gross | 58,050 | ||||||||||||||
Loans and Leases Receivable, Deferred Income | (14) | ||||||||||||||
Loans held for investment, net | 58,036 | ||||||||||||||
Loans and Leases Receivable, Allowance | (6,444) | ||||||||||||||
Loans and leases, net | 51,592 | ||||||||||||||
NonPCI and PCI Loans [Member] | |||||||||||||||
Financing Receivable, Recorded Investment [Line Items] | |||||||||||||||
Loans and leases, net | 16,833,287 | ||||||||||||||
Mortgages [Member] | |||||||||||||||
Financing Receivable, Recorded Investment [Line Items] | |||||||||||||||
Loans and Leases Receivable, Gross | 7,933,859 | ||||||||||||||
Loans held for investment, net | 7,918,141 | 7,798,991 | [5] | ||||||||||||
Loans and Leases Receivable, Allowance | (46,021) | (40,051) | [1] | ||||||||||||
Mortgages [Member] | Non Purchased Credit Impaired Loans and Leases [Member] | |||||||||||||||
Financing Receivable, Recorded Investment [Line Items] | |||||||||||||||
Loans and Leases Receivable, Gross | 7,815,355 | ||||||||||||||
Loans held for investment, net | [3],[4] | 7,798,991 | |||||||||||||
Loans and Leases Receivable, Allowance | (34,981) | (37,765) | |||||||||||||
Mortgages [Member] | Purchased Credit Impaired Loans and Leases [Member] | |||||||||||||||
Financing Receivable, Recorded Investment [Line Items] | |||||||||||||||
Loans and Leases Receivable, Gross | 53,658 | ||||||||||||||
Mortgages [Member] | NonPCI and PCI Loans [Member] | |||||||||||||||
Financing Receivable, Recorded Investment [Line Items] | |||||||||||||||
Loans and Leases Receivable, Gross | 7,869,013 | ||||||||||||||
Real Estate Construction [Member] | |||||||||||||||
Financing Receivable, Recorded Investment [Line Items] | |||||||||||||||
Loans and Leases Receivable, Gross | 2,262,710 | ||||||||||||||
Loans held for investment, net | 2,233,656 | 1,591,229 | [5] | ||||||||||||
Loans and Leases Receivable, Allowance | (28,209) | (13,055) | [1] | ||||||||||||
Real Estate Construction [Member] | Non Purchased Credit Impaired Loans and Leases [Member] | |||||||||||||||
Financing Receivable, Recorded Investment [Line Items] | |||||||||||||||
Loans and Leases Receivable, Gross | 1,611,287 | ||||||||||||||
Loans held for investment, net | [3],[4] | 1,591,229 | |||||||||||||
Loans and Leases Receivable, Allowance | (13,055) | (10,045) | |||||||||||||
Real Estate Construction [Member] | Purchased Credit Impaired Loans and Leases [Member] | |||||||||||||||
Financing Receivable, Recorded Investment [Line Items] | |||||||||||||||
Loans and Leases Receivable, Gross | 0 | ||||||||||||||
Real Estate Construction [Member] | NonPCI and PCI Loans [Member] | |||||||||||||||
Financing Receivable, Recorded Investment [Line Items] | |||||||||||||||
Loans and Leases Receivable, Gross | 1,611,287 | ||||||||||||||
Commercial Portfolio Segment [Member] | |||||||||||||||
Financing Receivable, Recorded Investment [Line Items] | |||||||||||||||
Loans and Leases Receivable, Gross | 7,428,500 | ||||||||||||||
Loans held for investment, net | 7,404,595 | 7,114,920 | [5] | ||||||||||||
Loans and Leases Receivable, Allowance | (56,360) | (84,022) | [1] | ||||||||||||
Commercial Portfolio Segment [Member] | Non Purchased Credit Impaired Loans and Leases [Member] | |||||||||||||||
Financing Receivable, Recorded Investment [Line Items] | |||||||||||||||
Loans and Leases Receivable, Gross | 7,137,978 | ||||||||||||||
Loans held for investment, net | [3],[4] | 7,114,920 | |||||||||||||
Loans and Leases Receivable, Allowance | (82,726) | (93,853) | |||||||||||||
Commercial Portfolio Segment [Member] | Purchased Credit Impaired Loans and Leases [Member] | |||||||||||||||
Financing Receivable, Recorded Investment [Line Items] | |||||||||||||||
Loans and Leases Receivable, Gross | 4,158 | ||||||||||||||
Commercial Portfolio Segment [Member] | NonPCI and PCI Loans [Member] | |||||||||||||||
Financing Receivable, Recorded Investment [Line Items] | |||||||||||||||
Loans and Leases Receivable, Gross | 7,142,136 | ||||||||||||||
Consumer Portfolio Segment [Member] | |||||||||||||||
Financing Receivable, Recorded Investment [Line Items] | |||||||||||||||
Loans and Leases Receivable, Gross | 401,296 | ||||||||||||||
Loans held for investment, net | 401,321 | 409,567 | [5] | ||||||||||||
Loans and Leases Receivable, Allowance | $ (1,882) | (2,328) | [1] | ||||||||||||
Consumer Portfolio Segment [Member] | Non Purchased Credit Impaired Loans and Leases [Member] | |||||||||||||||
Financing Receivable, Recorded Investment [Line Items] | |||||||||||||||
Loans and Leases Receivable, Gross | 409,551 | ||||||||||||||
Loans held for investment, net | [3],[4] | 409,567 | |||||||||||||
Loans and Leases Receivable, Allowance | (2,250) | $ (2,092) | |||||||||||||
Consumer Portfolio Segment [Member] | Purchased Credit Impaired Loans and Leases [Member] | |||||||||||||||
Financing Receivable, Recorded Investment [Line Items] | |||||||||||||||
Loans and Leases Receivable, Gross | 234 | ||||||||||||||
Consumer Portfolio Segment [Member] | NonPCI and PCI Loans [Member] | |||||||||||||||
Financing Receivable, Recorded Investment [Line Items] | |||||||||||||||
Loans and Leases Receivable, Gross | $ 409,785 | ||||||||||||||
|
Loans and Leases (Details 1) - USD ($) $ in Thousands |
Dec. 31, 2018 |
Dec. 31, 2017 |
||||||||
---|---|---|---|---|---|---|---|---|---|---|
Delinquent loans in loan portfolio | ||||||||||
30-89 Days Past Due | $ 17,085 | $ 3,200 | ||||||||
Loan Receivable, Recorded Investment, Equal to Greater than 90 Days Past Due | 10,723 | 14,200 | ||||||||
Financing Receivable, Recorded Investment, Past Due | 27,808 | |||||||||
Current | 17,929,905 | |||||||||
Loans held for investment, net | 17,957,713 | 16,972,743 | ||||||||
Mortgages [Member] | ||||||||||
Delinquent loans in loan portfolio | ||||||||||
30-89 Days Past Due | 5,044 | |||||||||
Loan Receivable, Recorded Investment, Equal to Greater than 90 Days Past Due | 8,017 | |||||||||
Financing Receivable, Recorded Investment, Past Due | 13,061 | |||||||||
Current | 7,905,080 | |||||||||
Loans held for investment, net | 7,918,141 | 7,798,991 | [1] | |||||||
Mortgages [Member] | Commercial Real Estate [Member] | ||||||||||
Delinquent loans in loan portfolio | ||||||||||
30-89 Days Past Due | 3,487 | |||||||||
Loan Receivable, Recorded Investment, Equal to Greater than 90 Days Past Due | 7,541 | |||||||||
Financing Receivable, Recorded Investment, Past Due | 11,028 | |||||||||
Current | 4,813,270 | |||||||||
Loans held for investment, net | 4,824,298 | 5,361,487 | [1] | |||||||
Mortgages [Member] | Residential Real Estate [Member] | ||||||||||
Delinquent loans in loan portfolio | ||||||||||
30-89 Days Past Due | 1,557 | |||||||||
Loan Receivable, Recorded Investment, Equal to Greater than 90 Days Past Due | 476 | |||||||||
Financing Receivable, Recorded Investment, Past Due | 2,033 | |||||||||
Current | 3,091,810 | |||||||||
Loans held for investment, net | 3,093,843 | 2,437,504 | [1] | |||||||
Real Estate Construction [Member] | ||||||||||
Delinquent loans in loan portfolio | ||||||||||
30-89 Days Past Due | 1,527 | |||||||||
Loan Receivable, Recorded Investment, Equal to Greater than 90 Days Past Due | 442 | |||||||||
Financing Receivable, Recorded Investment, Past Due | 1,969 | |||||||||
Current | 2,231,687 | |||||||||
Loans held for investment, net | 2,233,656 | 1,591,229 | [1] | |||||||
Real Estate Construction [Member] | Commercial Real Estate Construction Loan Receivable [Member] | ||||||||||
Delinquent loans in loan portfolio | ||||||||||
30-89 Days Past Due | 0 | |||||||||
Loan Receivable, Recorded Investment, Equal to Greater than 90 Days Past Due | 442 | |||||||||
Financing Receivable, Recorded Investment, Past Due | 442 | |||||||||
Current | 912,141 | |||||||||
Loans held for investment, net | 912,583 | 769,075 | [1] | |||||||
Real Estate Construction [Member] | Residential Real Estate Construction Financing Receivable [Member] | ||||||||||
Delinquent loans in loan portfolio | ||||||||||
30-89 Days Past Due | 1,527 | |||||||||
Loan Receivable, Recorded Investment, Equal to Greater than 90 Days Past Due | 0 | |||||||||
Financing Receivable, Recorded Investment, Past Due | 1,527 | |||||||||
Current | 1,319,546 | |||||||||
Loans held for investment, net | 1,321,073 | 822,154 | [1] | |||||||
Commercial Portfolio Segment [Member] | ||||||||||
Delinquent loans in loan portfolio | ||||||||||
30-89 Days Past Due | 9,933 | |||||||||
Loan Receivable, Recorded Investment, Equal to Greater than 90 Days Past Due | 1,931 | |||||||||
Financing Receivable, Recorded Investment, Past Due | 11,864 | |||||||||
Current | 7,392,731 | |||||||||
Loans held for investment, net | 7,404,595 | 7,114,920 | [1] | |||||||
Consumer Portfolio Segment [Member] | ||||||||||
Delinquent loans in loan portfolio | ||||||||||
30-89 Days Past Due | 581 | |||||||||
Loan Receivable, Recorded Investment, Equal to Greater than 90 Days Past Due | 333 | |||||||||
Financing Receivable, Recorded Investment, Past Due | 914 | |||||||||
Current | 400,407 | |||||||||
Loans held for investment, net | 401,321 | 409,567 | [1] | |||||||
Asset Based [Member] | Commercial Portfolio Segment [Member] | ||||||||||
Delinquent loans in loan portfolio | ||||||||||
30-89 Days Past Due | 47 | |||||||||
Loan Receivable, Recorded Investment, Equal to Greater than 90 Days Past Due | 646 | |||||||||
Financing Receivable, Recorded Investment, Past Due | 693 | |||||||||
Current | 3,304,728 | |||||||||
Loans held for investment, net | 3,305,421 | 2,924,871 | [1] | |||||||
Venture Capital Loans [Member] | Commercial Portfolio Segment [Member] | ||||||||||
Delinquent loans in loan portfolio | ||||||||||
30-89 Days Past Due | 4,705 | |||||||||
Loan Receivable, Recorded Investment, Equal to Greater than 90 Days Past Due | 0 | |||||||||
Financing Receivable, Recorded Investment, Past Due | 4,705 | |||||||||
Current | 2,034,043 | |||||||||
Loans held for investment, net | 2,038,748 | 2,122,711 | [1] | |||||||
Other Commercial [Member] | Commercial Portfolio Segment [Member] | ||||||||||
Delinquent loans in loan portfolio | ||||||||||
30-89 Days Past Due | 5,181 | |||||||||
Loan Receivable, Recorded Investment, Equal to Greater than 90 Days Past Due | 1,285 | |||||||||
Financing Receivable, Recorded Investment, Past Due | 6,466 | |||||||||
Current | 2,053,960 | |||||||||
Loans held for investment, net | $ 2,060,426 | 2,067,338 | [1] | |||||||
Non Purchased Credit Impaired Loans and Leases [Member] | ||||||||||
Delinquent loans in loan portfolio | ||||||||||
30-89 Days Past Due | [2] | 48,435 | ||||||||
Loan Receivable, Recorded Investment, Equal to Greater than 90 Days Past Due | [2] | 14,165 | ||||||||
Financing Receivable, Recorded Investment, Past Due | [2] | 62,600 | ||||||||
Current | [2] | 16,852,107 | ||||||||
Loans held for investment, net | [2],[3] | 16,914,707 | ||||||||
Non Purchased Credit Impaired Loans and Leases [Member] | Mortgages [Member] | ||||||||||
Delinquent loans in loan portfolio | ||||||||||
30-89 Days Past Due | [2] | 36,069 | ||||||||
Loan Receivable, Recorded Investment, Equal to Greater than 90 Days Past Due | [2] | 11,129 | ||||||||
Financing Receivable, Recorded Investment, Past Due | [2] | 47,198 | ||||||||
Current | [2] | 7,751,793 | ||||||||
Loans held for investment, net | [2],[3] | 7,798,991 | ||||||||
Non Purchased Credit Impaired Loans and Leases [Member] | Mortgages [Member] | Commercial Real Estate [Member] | ||||||||||
Delinquent loans in loan portfolio | ||||||||||
30-89 Days Past Due | [2] | 29,070 | ||||||||
Loan Receivable, Recorded Investment, Equal to Greater than 90 Days Past Due | [2] | 9,107 | ||||||||
Financing Receivable, Recorded Investment, Past Due | [2] | 38,177 | ||||||||
Current | [2] | 5,323,310 | ||||||||
Loans held for investment, net | [2],[3] | 5,361,487 | ||||||||
Non Purchased Credit Impaired Loans and Leases [Member] | Mortgages [Member] | Residential Real Estate [Member] | ||||||||||
Delinquent loans in loan portfolio | ||||||||||
30-89 Days Past Due | [2] | 6,999 | ||||||||
Loan Receivable, Recorded Investment, Equal to Greater than 90 Days Past Due | [2] | 2,022 | ||||||||
Financing Receivable, Recorded Investment, Past Due | [2] | 9,021 | ||||||||
Current | [2] | 2,428,483 | ||||||||
Loans held for investment, net | [2],[3] | 2,437,504 | ||||||||
Non Purchased Credit Impaired Loans and Leases [Member] | Real Estate Construction [Member] | ||||||||||
Delinquent loans in loan portfolio | ||||||||||
30-89 Days Past Due | [2] | 2,081 | ||||||||
Loan Receivable, Recorded Investment, Equal to Greater than 90 Days Past Due | [2] | 0 | ||||||||
Financing Receivable, Recorded Investment, Past Due | [2] | 2,081 | ||||||||
Current | [2] | 1,589,148 | ||||||||
Loans held for investment, net | [2],[3] | 1,591,229 | ||||||||
Non Purchased Credit Impaired Loans and Leases [Member] | Real Estate Construction [Member] | Commercial Real Estate Construction Loan Receivable [Member] | ||||||||||
Delinquent loans in loan portfolio | ||||||||||
30-89 Days Past Due | [2] | 0 | ||||||||
Loan Receivable, Recorded Investment, Equal to Greater than 90 Days Past Due | [2] | 0 | ||||||||
Financing Receivable, Recorded Investment, Past Due | [2] | 0 | ||||||||
Current | [2] | 769,075 | ||||||||
Loans held for investment, net | [2],[3] | 769,075 | ||||||||
Non Purchased Credit Impaired Loans and Leases [Member] | Real Estate Construction [Member] | Residential Real Estate Construction Financing Receivable [Member] | ||||||||||
Delinquent loans in loan portfolio | ||||||||||
30-89 Days Past Due | [2] | 2,081 | ||||||||
Loan Receivable, Recorded Investment, Equal to Greater than 90 Days Past Due | [2] | 0 | ||||||||
Financing Receivable, Recorded Investment, Past Due | [2] | 2,081 | ||||||||
Current | [2] | 820,073 | ||||||||
Loans held for investment, net | [2],[3] | 822,154 | ||||||||
Non Purchased Credit Impaired Loans and Leases [Member] | Commercial Portfolio Segment [Member] | ||||||||||
Delinquent loans in loan portfolio | ||||||||||
30-89 Days Past Due | [2] | 9,723 | ||||||||
Loan Receivable, Recorded Investment, Equal to Greater than 90 Days Past Due | [2] | 3,036 | ||||||||
Financing Receivable, Recorded Investment, Past Due | [2] | 12,759 | ||||||||
Current | [2] | 7,102,161 | ||||||||
Loans held for investment, net | [2],[3] | 7,114,920 | ||||||||
Non Purchased Credit Impaired Loans and Leases [Member] | Consumer Portfolio Segment [Member] | ||||||||||
Delinquent loans in loan portfolio | ||||||||||
30-89 Days Past Due | [2] | 562 | ||||||||
Loan Receivable, Recorded Investment, Equal to Greater than 90 Days Past Due | [2] | 0 | ||||||||
Financing Receivable, Recorded Investment, Past Due | [2] | 562 | ||||||||
Current | [2] | 409,005 | ||||||||
Loans held for investment, net | [2],[3] | 409,567 | ||||||||
Non Purchased Credit Impaired Loans and Leases [Member] | Asset Based [Member] | Commercial Portfolio Segment [Member] | ||||||||||
Delinquent loans in loan portfolio | ||||||||||
30-89 Days Past Due | [2] | 344 | ||||||||
Loan Receivable, Recorded Investment, Equal to Greater than 90 Days Past Due | [2] | 690 | ||||||||
Financing Receivable, Recorded Investment, Past Due | [2] | 1,034 | ||||||||
Current | [2] | 2,923,837 | ||||||||
Loans held for investment, net | [2],[3] | 2,924,871 | ||||||||
Non Purchased Credit Impaired Loans and Leases [Member] | Venture Capital Loans [Member] | Commercial Portfolio Segment [Member] | ||||||||||
Delinquent loans in loan portfolio | ||||||||||
30-89 Days Past Due | [2] | 6,533 | ||||||||
Loan Receivable, Recorded Investment, Equal to Greater than 90 Days Past Due | [2] | 760 | ||||||||
Financing Receivable, Recorded Investment, Past Due | [2] | 7,293 | ||||||||
Current | [2] | 2,115,418 | ||||||||
Loans held for investment, net | [2],[3] | 2,122,711 | ||||||||
Non Purchased Credit Impaired Loans and Leases [Member] | Other Commercial [Member] | Commercial Portfolio Segment [Member] | ||||||||||
Delinquent loans in loan portfolio | ||||||||||
30-89 Days Past Due | [2] | 2,846 | ||||||||
Loan Receivable, Recorded Investment, Equal to Greater than 90 Days Past Due | [2] | 1,586 | ||||||||
Financing Receivable, Recorded Investment, Past Due | [2] | 4,432 | ||||||||
Current | [2] | 2,062,906 | ||||||||
Loans held for investment, net | [2],[3] | $ 2,067,338 | ||||||||
|
Loans and Leases (Details 2) - USD ($) $ in Thousands |
Dec. 31, 2018 |
Dec. 31, 2017 |
||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
Financing Receivable, Impaired [Line Items] | ||||||||||||
Financing Receivable, Recorded Investment, Nonaccrual Status | $ 79,333 | $ 155,784 | [1] | |||||||||
Loans held for investment, net | 17,957,713 | 16,972,743 | ||||||||||
Performing Financing Receivable [Member] | ||||||||||||
Financing Receivable, Impaired [Line Items] | ||||||||||||
Loans held for investment, net | 17,878,380 | |||||||||||
Mortgages [Member] | ||||||||||||
Financing Receivable, Impaired [Line Items] | ||||||||||||
Financing Receivable, Recorded Investment, Nonaccrual Status | 17,845 | |||||||||||
Loans held for investment, net | 7,918,141 | 7,798,991 | [2] | |||||||||
Mortgages [Member] | Performing Financing Receivable [Member] | ||||||||||||
Financing Receivable, Impaired [Line Items] | ||||||||||||
Loans held for investment, net | 7,900,296 | |||||||||||
Mortgages [Member] | Commercial Real Estate [Member] | ||||||||||||
Financing Receivable, Impaired [Line Items] | ||||||||||||
Financing Receivable, Recorded Investment, Nonaccrual Status | 15,321 | |||||||||||
Loans held for investment, net | 4,824,298 | 5,361,487 | [2] | |||||||||
Mortgages [Member] | Commercial Real Estate [Member] | Performing Financing Receivable [Member] | ||||||||||||
Financing Receivable, Impaired [Line Items] | ||||||||||||
Loans held for investment, net | 4,808,977 | |||||||||||
Mortgages [Member] | Residential Real Estate [Member] | ||||||||||||
Financing Receivable, Impaired [Line Items] | ||||||||||||
Financing Receivable, Recorded Investment, Nonaccrual Status | 2,524 | |||||||||||
Loans held for investment, net | 3,093,843 | 2,437,504 | [2] | |||||||||
Mortgages [Member] | Residential Real Estate [Member] | Performing Financing Receivable [Member] | ||||||||||||
Financing Receivable, Impaired [Line Items] | ||||||||||||
Loans held for investment, net | 3,091,319 | |||||||||||
Real Estate Construction [Member] | ||||||||||||
Financing Receivable, Impaired [Line Items] | ||||||||||||
Financing Receivable, Recorded Investment, Nonaccrual Status | 442 | |||||||||||
Loans held for investment, net | 2,233,656 | 1,591,229 | [2] | |||||||||
Real Estate Construction [Member] | Performing Financing Receivable [Member] | ||||||||||||
Financing Receivable, Impaired [Line Items] | ||||||||||||
Loans held for investment, net | 2,233,214 | |||||||||||
Real Estate Construction [Member] | Commercial Real Estate Construction Loan Receivable [Member] | ||||||||||||
Financing Receivable, Impaired [Line Items] | ||||||||||||
Financing Receivable, Recorded Investment, Nonaccrual Status | 442 | |||||||||||
Loans held for investment, net | 912,583 | 769,075 | [2] | |||||||||
Real Estate Construction [Member] | Commercial Real Estate Construction Loan Receivable [Member] | Performing Financing Receivable [Member] | ||||||||||||
Financing Receivable, Impaired [Line Items] | ||||||||||||
Loans held for investment, net | 912,141 | |||||||||||
Real Estate Construction [Member] | Residential Real Estate Construction Financing Receivable [Member] | ||||||||||||
Financing Receivable, Impaired [Line Items] | ||||||||||||
Financing Receivable, Recorded Investment, Nonaccrual Status | 0 | |||||||||||
Loans held for investment, net | 1,321,073 | 822,154 | [2] | |||||||||
Real Estate Construction [Member] | Residential Real Estate Construction Financing Receivable [Member] | Performing Financing Receivable [Member] | ||||||||||||
Financing Receivable, Impaired [Line Items] | ||||||||||||
Loans held for investment, net | 1,321,073 | |||||||||||
Commercial Portfolio Segment [Member] | ||||||||||||
Financing Receivable, Impaired [Line Items] | ||||||||||||
Financing Receivable, Recorded Investment, Nonaccrual Status | 60,003 | |||||||||||
Loans held for investment, net | 7,404,595 | 7,114,920 | [2] | |||||||||
Commercial Portfolio Segment [Member] | Performing Financing Receivable [Member] | ||||||||||||
Financing Receivable, Impaired [Line Items] | ||||||||||||
Loans held for investment, net | 7,344,592 | |||||||||||
Commercial Portfolio Segment [Member] | Asset Based [Member] | ||||||||||||
Financing Receivable, Impaired [Line Items] | ||||||||||||
Financing Receivable, Recorded Investment, Nonaccrual Status | 32,324 | |||||||||||
Loans held for investment, net | 3,305,421 | 2,924,871 | [2] | |||||||||
Commercial Portfolio Segment [Member] | Asset Based [Member] | Performing Financing Receivable [Member] | ||||||||||||
Financing Receivable, Impaired [Line Items] | ||||||||||||
Loans held for investment, net | 3,273,097 | |||||||||||
Commercial Portfolio Segment [Member] | Venture Capital Loans [Member] | ||||||||||||
Financing Receivable, Impaired [Line Items] | ||||||||||||
Financing Receivable, Recorded Investment, Nonaccrual Status | 20,299 | |||||||||||
Loans held for investment, net | 2,038,748 | 2,122,711 | [2] | |||||||||
Commercial Portfolio Segment [Member] | Venture Capital Loans [Member] | Performing Financing Receivable [Member] | ||||||||||||
Financing Receivable, Impaired [Line Items] | ||||||||||||
Loans held for investment, net | 2,018,449 | |||||||||||
Commercial Portfolio Segment [Member] | Other Commercial [Member] | ||||||||||||
Financing Receivable, Impaired [Line Items] | ||||||||||||
Financing Receivable, Recorded Investment, Nonaccrual Status | 7,380 | |||||||||||
Loans held for investment, net | 2,060,426 | 2,067,338 | [2] | |||||||||
Commercial Portfolio Segment [Member] | Other Commercial [Member] | Performing Financing Receivable [Member] | ||||||||||||
Financing Receivable, Impaired [Line Items] | ||||||||||||
Loans held for investment, net | 2,053,046 | |||||||||||
Consumer Portfolio Segment [Member] | ||||||||||||
Financing Receivable, Impaired [Line Items] | ||||||||||||
Financing Receivable, Recorded Investment, Nonaccrual Status | 1,043 | |||||||||||
Loans held for investment, net | 401,321 | 409,567 | [2] | |||||||||
Consumer Portfolio Segment [Member] | Performing Financing Receivable [Member] | ||||||||||||
Financing Receivable, Impaired [Line Items] | ||||||||||||
Loans held for investment, net | $ 400,278 | |||||||||||
Non Purchased Credit Impaired Loans and Leases [Member] | ||||||||||||
Financing Receivable, Impaired [Line Items] | ||||||||||||
Financing Receivable, Recorded Investment, Nonaccrual Status | [3] | 155,784 | ||||||||||
Loans held for investment, net | [3],[4] | 16,914,707 | ||||||||||
Non Purchased Credit Impaired Loans and Leases [Member] | Performing Financing Receivable [Member] | ||||||||||||
Financing Receivable, Impaired [Line Items] | ||||||||||||
Loans held for investment, net | [3] | 16,758,923 | ||||||||||
Non Purchased Credit Impaired Loans and Leases [Member] | Mortgages [Member] | ||||||||||||
Financing Receivable, Impaired [Line Items] | ||||||||||||
Financing Receivable, Recorded Investment, Nonaccrual Status | [1],[3] | 68,913 | ||||||||||
Loans held for investment, net | [3],[4] | 7,798,991 | ||||||||||
Non Purchased Credit Impaired Loans and Leases [Member] | Mortgages [Member] | Performing Financing Receivable [Member] | ||||||||||||
Financing Receivable, Impaired [Line Items] | ||||||||||||
Loans held for investment, net | [3] | 7,730,078 | ||||||||||
Non Purchased Credit Impaired Loans and Leases [Member] | Mortgages [Member] | Commercial Real Estate [Member] | ||||||||||||
Financing Receivable, Impaired [Line Items] | ||||||||||||
Financing Receivable, Recorded Investment, Nonaccrual Status | [3] | 65,563 | ||||||||||
Loans held for investment, net | [3],[4] | 5,361,487 | ||||||||||
Non Purchased Credit Impaired Loans and Leases [Member] | Mortgages [Member] | Commercial Real Estate [Member] | Performing Financing Receivable [Member] | ||||||||||||
Financing Receivable, Impaired [Line Items] | ||||||||||||
Loans held for investment, net | [3] | 5,295,924 | ||||||||||
Non Purchased Credit Impaired Loans and Leases [Member] | Mortgages [Member] | Residential Real Estate [Member] | ||||||||||||
Financing Receivable, Impaired [Line Items] | ||||||||||||
Financing Receivable, Recorded Investment, Nonaccrual Status | [3] | 3,350 | ||||||||||
Loans held for investment, net | [3],[4] | 2,437,504 | ||||||||||
Non Purchased Credit Impaired Loans and Leases [Member] | Mortgages [Member] | Residential Real Estate [Member] | Performing Financing Receivable [Member] | ||||||||||||
Financing Receivable, Impaired [Line Items] | ||||||||||||
Loans held for investment, net | [3] | 2,434,154 | ||||||||||
Non Purchased Credit Impaired Loans and Leases [Member] | Real Estate Construction [Member] | ||||||||||||
Financing Receivable, Impaired [Line Items] | ||||||||||||
Financing Receivable, Recorded Investment, Nonaccrual Status | [1],[3] | 0 | ||||||||||
Loans held for investment, net | [3],[4] | 1,591,229 | ||||||||||
Non Purchased Credit Impaired Loans and Leases [Member] | Real Estate Construction [Member] | Performing Financing Receivable [Member] | ||||||||||||
Financing Receivable, Impaired [Line Items] | ||||||||||||
Loans held for investment, net | [3] | 1,591,229 | ||||||||||
Non Purchased Credit Impaired Loans and Leases [Member] | Real Estate Construction [Member] | Commercial Real Estate Construction Loan Receivable [Member] | ||||||||||||
Financing Receivable, Impaired [Line Items] | ||||||||||||
Financing Receivable, Recorded Investment, Nonaccrual Status | [3] | 0 | ||||||||||
Loans held for investment, net | [3],[4] | 769,075 | ||||||||||
Non Purchased Credit Impaired Loans and Leases [Member] | Real Estate Construction [Member] | Commercial Real Estate Construction Loan Receivable [Member] | Performing Financing Receivable [Member] | ||||||||||||
Financing Receivable, Impaired [Line Items] | ||||||||||||
Loans held for investment, net | [3] | 769,075 | ||||||||||
Non Purchased Credit Impaired Loans and Leases [Member] | Real Estate Construction [Member] | Residential Real Estate Construction Financing Receivable [Member] | ||||||||||||
Financing Receivable, Impaired [Line Items] | ||||||||||||
Financing Receivable, Recorded Investment, Nonaccrual Status | [3] | 0 | ||||||||||
Loans held for investment, net | [3],[4] | 822,154 | ||||||||||
Non Purchased Credit Impaired Loans and Leases [Member] | Real Estate Construction [Member] | Residential Real Estate Construction Financing Receivable [Member] | Performing Financing Receivable [Member] | ||||||||||||
Financing Receivable, Impaired [Line Items] | ||||||||||||
Loans held for investment, net | [3] | 822,154 | ||||||||||
Non Purchased Credit Impaired Loans and Leases [Member] | Commercial Portfolio Segment [Member] | ||||||||||||
Financing Receivable, Impaired [Line Items] | ||||||||||||
Financing Receivable, Recorded Investment, Nonaccrual Status | [1],[3] | 86,851 | ||||||||||
Loans held for investment, net | [3],[4] | 7,114,920 | ||||||||||
Non Purchased Credit Impaired Loans and Leases [Member] | Commercial Portfolio Segment [Member] | Performing Financing Receivable [Member] | ||||||||||||
Financing Receivable, Impaired [Line Items] | ||||||||||||
Loans held for investment, net | [3] | 7,028,069 | ||||||||||
Non Purchased Credit Impaired Loans and Leases [Member] | Commercial Portfolio Segment [Member] | Asset Based [Member] | ||||||||||||
Financing Receivable, Impaired [Line Items] | ||||||||||||
Financing Receivable, Recorded Investment, Nonaccrual Status | [3] | 33,553 | ||||||||||
Loans held for investment, net | [3],[4] | 2,924,871 | ||||||||||
Non Purchased Credit Impaired Loans and Leases [Member] | Commercial Portfolio Segment [Member] | Asset Based [Member] | Performing Financing Receivable [Member] | ||||||||||||
Financing Receivable, Impaired [Line Items] | ||||||||||||
Loans held for investment, net | [3] | 2,891,318 | ||||||||||
Non Purchased Credit Impaired Loans and Leases [Member] | Commercial Portfolio Segment [Member] | Venture Capital Loans [Member] | ||||||||||||
Financing Receivable, Impaired [Line Items] | ||||||||||||
Financing Receivable, Recorded Investment, Nonaccrual Status | [3] | 29,424 | ||||||||||
Loans held for investment, net | [3],[4] | 2,122,711 | ||||||||||
Non Purchased Credit Impaired Loans and Leases [Member] | Commercial Portfolio Segment [Member] | Venture Capital Loans [Member] | Performing Financing Receivable [Member] | ||||||||||||
Financing Receivable, Impaired [Line Items] | ||||||||||||
Loans held for investment, net | [3] | 2,093,287 | ||||||||||
Non Purchased Credit Impaired Loans and Leases [Member] | Commercial Portfolio Segment [Member] | Other Commercial [Member] | ||||||||||||
Financing Receivable, Impaired [Line Items] | ||||||||||||
Financing Receivable, Recorded Investment, Nonaccrual Status | [3] | 23,874 | ||||||||||
Loans held for investment, net | [3],[4] | 2,067,338 | ||||||||||
Non Purchased Credit Impaired Loans and Leases [Member] | Commercial Portfolio Segment [Member] | Other Commercial [Member] | Performing Financing Receivable [Member] | ||||||||||||
Financing Receivable, Impaired [Line Items] | ||||||||||||
Loans held for investment, net | [3] | 2,043,464 | ||||||||||
Non Purchased Credit Impaired Loans and Leases [Member] | Consumer Portfolio Segment [Member] | ||||||||||||
Financing Receivable, Impaired [Line Items] | ||||||||||||
Financing Receivable, Recorded Investment, Nonaccrual Status | [1],[3] | 20 | ||||||||||
Loans held for investment, net | [3],[4] | 409,567 | ||||||||||
Non Purchased Credit Impaired Loans and Leases [Member] | Consumer Portfolio Segment [Member] | Performing Financing Receivable [Member] | ||||||||||||
Financing Receivable, Impaired [Line Items] | ||||||||||||
Loans held for investment, net | [3] | $ 409,547 | ||||||||||
|
Loans and Leases (Details 3) - USD ($) $ in Thousands |
Dec. 31, 2018 |
Dec. 31, 2017 |
||||||||
---|---|---|---|---|---|---|---|---|---|---|
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||||||
Loans held for investment, net | $ 17,957,713 | $ 16,972,743 | ||||||||
Classified [Member] | ||||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||||||
Loans held for investment, net | 237,110 | 278,405 | [1] | |||||||
Special Mention [Member] | ||||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||||||
Loans held for investment, net | 261,398 | 302,168 | [1] | |||||||
Pass [Member] | ||||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||||||
Loans held for investment, net | 17,459,205 | 16,334,134 | [1] | |||||||
Mortgages [Member] | ||||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||||||
Loans held for investment, net | 7,918,141 | 7,798,991 | [1] | |||||||
Mortgages [Member] | Classified [Member] | ||||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||||||
Loans held for investment, net | 68,255 | 102,220 | [1] | |||||||
Mortgages [Member] | Special Mention [Member] | ||||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||||||
Loans held for investment, net | 75,753 | 127,070 | [1] | |||||||
Mortgages [Member] | Pass [Member] | ||||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||||||
Loans held for investment, net | 7,774,133 | 7,569,701 | [1] | |||||||
Mortgages [Member] | Commercial Real Estate [Member] | ||||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||||||
Loans held for investment, net | 4,824,298 | 5,361,487 | [1] | |||||||
Mortgages [Member] | Commercial Real Estate [Member] | Classified [Member] | ||||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||||||
Loans held for investment, net | 57,734 | 93,795 | [1] | |||||||
Mortgages [Member] | Commercial Real Estate [Member] | Special Mention [Member] | ||||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||||||
Loans held for investment, net | 74,785 | 122,488 | [1] | |||||||
Mortgages [Member] | Commercial Real Estate [Member] | Pass [Member] | ||||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||||||
Loans held for investment, net | 4,691,779 | 5,145,204 | [1] | |||||||
Mortgages [Member] | Residential Real Estate [Member] | ||||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||||||
Loans held for investment, net | 3,093,843 | 2,437,504 | [1] | |||||||
Mortgages [Member] | Residential Real Estate [Member] | Classified [Member] | ||||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||||||
Loans held for investment, net | 10,521 | 8,425 | [1] | |||||||
Mortgages [Member] | Residential Real Estate [Member] | Special Mention [Member] | ||||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||||||
Loans held for investment, net | 968 | 4,582 | [1] | |||||||
Mortgages [Member] | Residential Real Estate [Member] | Pass [Member] | ||||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||||||
Loans held for investment, net | 3,082,354 | 2,424,497 | [1] | |||||||
Real Estate Construction [Member] | ||||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||||||
Loans held for investment, net | 2,233,656 | 1,591,229 | [1] | |||||||
Real Estate Construction [Member] | Classified [Member] | ||||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||||||
Loans held for investment, net | 442 | 0 | [1] | |||||||
Real Estate Construction [Member] | Special Mention [Member] | ||||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||||||
Loans held for investment, net | 8,568 | 619 | [1] | |||||||
Real Estate Construction [Member] | Pass [Member] | ||||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||||||
Loans held for investment, net | 2,224,646 | 1,590,610 | [1] | |||||||
Real Estate Construction [Member] | Commercial Real Estate Construction Loan Receivable [Member] | ||||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||||||
Loans held for investment, net | 912,583 | 769,075 | [1] | |||||||
Real Estate Construction [Member] | Commercial Real Estate Construction Loan Receivable [Member] | Classified [Member] | ||||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||||||
Loans held for investment, net | 442 | 0 | [1] | |||||||
Real Estate Construction [Member] | Commercial Real Estate Construction Loan Receivable [Member] | Special Mention [Member] | ||||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||||||
Loans held for investment, net | 7,041 | 0 | [1] | |||||||
Real Estate Construction [Member] | Commercial Real Estate Construction Loan Receivable [Member] | Pass [Member] | ||||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||||||
Loans held for investment, net | 905,100 | 769,075 | [1] | |||||||
Real Estate Construction [Member] | Residential Real Estate Construction Financing Receivable [Member] | ||||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||||||
Loans held for investment, net | 1,321,073 | 822,154 | [1] | |||||||
Real Estate Construction [Member] | Residential Real Estate Construction Financing Receivable [Member] | Classified [Member] | ||||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||||||
Loans held for investment, net | 0 | 0 | [1] | |||||||
Real Estate Construction [Member] | Residential Real Estate Construction Financing Receivable [Member] | Special Mention [Member] | ||||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||||||
Loans held for investment, net | 1,527 | 619 | [1] | |||||||
Real Estate Construction [Member] | Residential Real Estate Construction Financing Receivable [Member] | Pass [Member] | ||||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||||||
Loans held for investment, net | 1,319,546 | 821,535 | [1] | |||||||
Commercial Portfolio Segment [Member] | ||||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||||||
Loans held for investment, net | 7,404,595 | 7,114,920 | [1] | |||||||
Commercial Portfolio Segment [Member] | Classified [Member] | ||||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||||||
Loans held for investment, net | 167,214 | 175,922 | [1] | |||||||
Commercial Portfolio Segment [Member] | Special Mention [Member] | ||||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||||||
Loans held for investment, net | 176,062 | 173,349 | [1] | |||||||
Commercial Portfolio Segment [Member] | Pass [Member] | ||||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||||||
Loans held for investment, net | 7,061,319 | 6,765,649 | [1] | |||||||
Commercial Portfolio Segment [Member] | Asset Based [Member] | ||||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||||||
Loans held for investment, net | 3,305,421 | 2,924,871 | [1] | |||||||
Commercial Portfolio Segment [Member] | Asset Based [Member] | Classified [Member] | ||||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||||||
Loans held for investment, net | 45,957 | 51,000 | [1] | |||||||
Commercial Portfolio Segment [Member] | Asset Based [Member] | Special Mention [Member] | ||||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||||||
Loans held for investment, net | 48,338 | 37,256 | [1] | |||||||
Commercial Portfolio Segment [Member] | Asset Based [Member] | Pass [Member] | ||||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||||||
Loans held for investment, net | 3,211,126 | 2,836,615 | [1] | |||||||
Commercial Portfolio Segment [Member] | Venture Capital Loans [Member] | ||||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||||||
Loans held for investment, net | 2,038,748 | 2,122,711 | [1] | |||||||
Commercial Portfolio Segment [Member] | Venture Capital Loans [Member] | Classified [Member] | ||||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||||||
Loans held for investment, net | 28,731 | 49,671 | [1] | |||||||
Commercial Portfolio Segment [Member] | Venture Capital Loans [Member] | Special Mention [Member] | ||||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||||||
Loans held for investment, net | 77,588 | 114,210 | [1] | |||||||
Commercial Portfolio Segment [Member] | Venture Capital Loans [Member] | Pass [Member] | ||||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||||||
Loans held for investment, net | 1,932,429 | 1,958,830 | [1] | |||||||
Commercial Portfolio Segment [Member] | Other Commercial [Member] | ||||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||||||
Loans held for investment, net | 2,060,426 | 2,067,338 | [1] | |||||||
Commercial Portfolio Segment [Member] | Other Commercial [Member] | Classified [Member] | ||||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||||||
Loans held for investment, net | 92,526 | 75,251 | [1] | |||||||
Commercial Portfolio Segment [Member] | Other Commercial [Member] | Special Mention [Member] | ||||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||||||
Loans held for investment, net | 50,136 | 21,883 | [1] | |||||||
Commercial Portfolio Segment [Member] | Other Commercial [Member] | Pass [Member] | ||||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||||||
Loans held for investment, net | 1,917,764 | 1,970,204 | [1] | |||||||
Consumer Portfolio Segment [Member] | ||||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||||||
Loans held for investment, net | 401,321 | 409,567 | [1] | |||||||
Consumer Portfolio Segment [Member] | Classified [Member] | ||||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||||||
Loans held for investment, net | 1,199 | 263 | [1] | |||||||
Consumer Portfolio Segment [Member] | Special Mention [Member] | ||||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||||||
Loans held for investment, net | 1,015 | 1,130 | [1] | |||||||
Consumer Portfolio Segment [Member] | Pass [Member] | ||||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||||||
Loans held for investment, net | $ 399,107 | 408,174 | [1] | |||||||
Non Purchased Credit Impaired Loans and Leases [Member] | ||||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||||||
Loans held for investment, net | [2],[3] | 16,914,707 | ||||||||
Non Purchased Credit Impaired Loans and Leases [Member] | Mortgages [Member] | ||||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||||||
Loans held for investment, net | [2],[3] | 7,798,991 | ||||||||
Non Purchased Credit Impaired Loans and Leases [Member] | Mortgages [Member] | Commercial Real Estate [Member] | ||||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||||||
Loans held for investment, net | [2],[3] | 5,361,487 | ||||||||
Non Purchased Credit Impaired Loans and Leases [Member] | Mortgages [Member] | Residential Real Estate [Member] | ||||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||||||
Loans held for investment, net | [2],[3] | 2,437,504 | ||||||||
Non Purchased Credit Impaired Loans and Leases [Member] | Real Estate Construction [Member] | ||||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||||||
Loans held for investment, net | [2],[3] | 1,591,229 | ||||||||
Non Purchased Credit Impaired Loans and Leases [Member] | Real Estate Construction [Member] | Commercial Real Estate Construction Loan Receivable [Member] | ||||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||||||
Loans held for investment, net | [2],[3] | 769,075 | ||||||||
Non Purchased Credit Impaired Loans and Leases [Member] | Real Estate Construction [Member] | Residential Real Estate Construction Financing Receivable [Member] | ||||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||||||
Loans held for investment, net | [2],[3] | 822,154 | ||||||||
Non Purchased Credit Impaired Loans and Leases [Member] | Commercial Portfolio Segment [Member] | ||||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||||||
Loans held for investment, net | [2],[3] | 7,114,920 | ||||||||
Non Purchased Credit Impaired Loans and Leases [Member] | Commercial Portfolio Segment [Member] | Asset Based [Member] | ||||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||||||
Loans held for investment, net | [2],[3] | 2,924,871 | ||||||||
Non Purchased Credit Impaired Loans and Leases [Member] | Commercial Portfolio Segment [Member] | Venture Capital Loans [Member] | ||||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||||||
Loans held for investment, net | [2],[3] | 2,122,711 | ||||||||
Non Purchased Credit Impaired Loans and Leases [Member] | Commercial Portfolio Segment [Member] | Other Commercial [Member] | ||||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||||||
Loans held for investment, net | [2],[3] | 2,067,338 | ||||||||
Non Purchased Credit Impaired Loans and Leases [Member] | Consumer Portfolio Segment [Member] | ||||||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||||||||
Loans held for investment, net | [2],[3] | $ 409,567 | ||||||||
|
Loans and Leases (Details 4) - USD ($) $ in Thousands |
Dec. 31, 2018 |
Dec. 31, 2017 |
||||||||
---|---|---|---|---|---|---|---|---|---|---|
Financing Receivable, Recorded Investment, Nonaccrual Status | $ 79,333 | $ 155,784 | [1] | |||||||
Impaired Financing Receivable Performing Restructured Loans | 17,701 | 56,838 | [1] | |||||||
Impaired Financing Receivable, Recorded Investment | 97,034 | 212,622 | [1] | |||||||
Mortgages [Member] | ||||||||||
Financing Receivable, Recorded Investment, Nonaccrual Status | 17,845 | |||||||||
Impaired Financing Receivable Performing Restructured Loans | 11,484 | |||||||||
Impaired Financing Receivable, Recorded Investment | 29,329 | |||||||||
Real Estate Construction [Member] | ||||||||||
Financing Receivable, Recorded Investment, Nonaccrual Status | 442 | |||||||||
Impaired Financing Receivable Performing Restructured Loans | 5,420 | |||||||||
Impaired Financing Receivable, Recorded Investment | 5,862 | |||||||||
Commercial Portfolio Segment [Member] | ||||||||||
Financing Receivable, Recorded Investment, Nonaccrual Status | 60,003 | |||||||||
Impaired Financing Receivable Performing Restructured Loans | 692 | |||||||||
Impaired Financing Receivable, Recorded Investment | 60,695 | |||||||||
Consumer Portfolio Segment [Member] | ||||||||||
Financing Receivable, Recorded Investment, Nonaccrual Status | 1,043 | |||||||||
Impaired Financing Receivable Performing Restructured Loans | 105 | |||||||||
Impaired Financing Receivable, Recorded Investment | $ 1,148 | |||||||||
Non Purchased Credit Impaired Loans and Leases [Member] | ||||||||||
Financing Receivable, Recorded Investment, Nonaccrual Status | [2] | 155,784 | ||||||||
Impaired Financing Receivable, Recorded Investment | [3] | 212,622 | ||||||||
Non Purchased Credit Impaired Loans and Leases [Member] | Mortgages [Member] | ||||||||||
Financing Receivable, Recorded Investment, Nonaccrual Status | [1],[2] | 68,913 | ||||||||
Impaired Financing Receivable Performing Restructured Loans | [1] | 47,560 | ||||||||
Impaired Financing Receivable, Recorded Investment | [1],[3] | 116,473 | ||||||||
Non Purchased Credit Impaired Loans and Leases [Member] | Real Estate Construction [Member] | ||||||||||
Financing Receivable, Recorded Investment, Nonaccrual Status | [1],[2] | 0 | ||||||||
Impaired Financing Receivable Performing Restructured Loans | [1] | 5,690 | ||||||||
Impaired Financing Receivable, Recorded Investment | [1],[3] | 5,690 | ||||||||
Non Purchased Credit Impaired Loans and Leases [Member] | Commercial Portfolio Segment [Member] | ||||||||||
Financing Receivable, Recorded Investment, Nonaccrual Status | [1],[2] | 86,851 | ||||||||
Impaired Financing Receivable Performing Restructured Loans | [1] | 3,488 | ||||||||
Impaired Financing Receivable, Recorded Investment | [1],[3] | 90,339 | ||||||||
Non Purchased Credit Impaired Loans and Leases [Member] | Consumer Portfolio Segment [Member] | ||||||||||
Financing Receivable, Recorded Investment, Nonaccrual Status | [1],[2] | 20 | ||||||||
Impaired Financing Receivable Performing Restructured Loans | [1] | 100 | ||||||||
Impaired Financing Receivable, Recorded Investment | [1],[3] | $ 120 | ||||||||
|
Loans and Leases (Details 5) - USD ($) $ in Thousands |
12 Months Ended | |||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
||||||||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||||||||||
Impaired Financing Receivable, Related Allowance | $ 4,031 | |||||||||||||
Impaired Financing Receivable, Recorded Investment | 97,034 | $ 212,622 | [1] | |||||||||||
Impaired Financing Receivable, Unpaid Principal Balance | 171,923 | |||||||||||||
Impaired Financing Receivable, Average Recorded Investment | [2] | 81,927 | ||||||||||||
Impaired Financing Receivable, Interest Income, Accrual Method | 1,052 | |||||||||||||
Mortgages [Member] | ||||||||||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||||||||||
Impaired Financing Receivable, Related Allowance | 417 | |||||||||||||
Impaired Financing Receivable, Recorded Investment | 29,329 | |||||||||||||
Impaired Financing Receivable, Unpaid Principal Balance | 45,671 | |||||||||||||
Impaired Financing Receivable, Average Recorded Investment | [2] | 26,840 | ||||||||||||
Impaired Financing Receivable, Interest Income, Accrual Method | 564 | |||||||||||||
Mortgages [Member] | Commercial Real Estate [Member] | ||||||||||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||||||||||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 1,736 | |||||||||||||
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 1,648 | |||||||||||||
Impaired Financing Receivable, Related Allowance | 170 | |||||||||||||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 17,783 | |||||||||||||
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 32,035 | |||||||||||||
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | [2] | 1,736 | ||||||||||||
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | 72 | |||||||||||||
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | [2] | 15,714 | ||||||||||||
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | 236 | |||||||||||||
Mortgages [Member] | Residential Real Estate [Member] | ||||||||||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||||||||||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 2,569 | |||||||||||||
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 2,563 | |||||||||||||
Impaired Financing Receivable, Related Allowance | 247 | |||||||||||||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 7,241 | |||||||||||||
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 9,425 | |||||||||||||
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | [2] | 2,199 | ||||||||||||
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | 75 | |||||||||||||
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | [2] | 7,191 | ||||||||||||
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | 181 | |||||||||||||
Real Estate Construction [Member] | ||||||||||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||||||||||
Impaired Financing Receivable, Related Allowance | 0 | |||||||||||||
Impaired Financing Receivable, Recorded Investment | 5,862 | |||||||||||||
Impaired Financing Receivable, Unpaid Principal Balance | 5,870 | |||||||||||||
Impaired Financing Receivable, Average Recorded Investment | [2] | 5,460 | ||||||||||||
Impaired Financing Receivable, Interest Income, Accrual Method | 383 | |||||||||||||
Real Estate Construction [Member] | Commercial Real Estate Construction Loan Receivable [Member] | ||||||||||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||||||||||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 5,862 | |||||||||||||
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 5,870 | |||||||||||||
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | [2] | 5,460 | ||||||||||||
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | 383 | |||||||||||||
Real Estate Construction [Member] | Residential Real Estate Construction Financing Receivable [Member] | ||||||||||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||||||||||
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | [2] | 0 | ||||||||||||
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | 0 | |||||||||||||
Commercial Portfolio Segment [Member] | ||||||||||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||||||||||
Impaired Financing Receivable, Related Allowance | 3,614 | |||||||||||||
Impaired Financing Receivable, Recorded Investment | 60,695 | |||||||||||||
Impaired Financing Receivable, Unpaid Principal Balance | 118,912 | |||||||||||||
Impaired Financing Receivable, Average Recorded Investment | [2] | 48,783 | ||||||||||||
Impaired Financing Receivable, Interest Income, Accrual Method | 98 | |||||||||||||
Commercial Portfolio Segment [Member] | Asset Based [Member] | ||||||||||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||||||||||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 32,324 | |||||||||||||
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 38,100 | |||||||||||||
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | [2],[3] | 0 | ||||||||||||
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | 0 | |||||||||||||
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | [2],[3] | 32,324 | ||||||||||||
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | 0 | |||||||||||||
Commercial Portfolio Segment [Member] | Venture Capital Loans [Member] | ||||||||||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||||||||||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 11,621 | |||||||||||||
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 13,255 | |||||||||||||
Impaired Financing Receivable, Related Allowance | 3,141 | |||||||||||||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 8,678 | |||||||||||||
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 41,335 | |||||||||||||
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | [2],[3] | 9,449 | ||||||||||||
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | 0 | |||||||||||||
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | [2],[3] | 689 | ||||||||||||
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | 0 | |||||||||||||
Commercial Portfolio Segment [Member] | Other Commercial [Member] | ||||||||||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||||||||||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 473 | |||||||||||||
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 482 | |||||||||||||
Impaired Financing Receivable, Related Allowance | 473 | |||||||||||||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 7,599 | |||||||||||||
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 25,740 | |||||||||||||
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | [2],[3] | 35 | ||||||||||||
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | 0 | |||||||||||||
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | [2],[3] | 6,286 | ||||||||||||
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | 98 | |||||||||||||
Consumer Portfolio Segment [Member] | ||||||||||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||||||||||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 0 | |||||||||||||
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 0 | |||||||||||||
Impaired Financing Receivable, Related Allowance | 0 | |||||||||||||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 1,148 | |||||||||||||
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 1,470 | |||||||||||||
Impaired Financing Receivable, Recorded Investment | 1,148 | |||||||||||||
Impaired Financing Receivable, Unpaid Principal Balance | 1,470 | |||||||||||||
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | [2] | 0 | ||||||||||||
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | 0 | |||||||||||||
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | [2] | 844 | ||||||||||||
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | 7 | |||||||||||||
Impaired Financing Receivable, Average Recorded Investment | [2] | 844 | ||||||||||||
Impaired Financing Receivable, Interest Income, Accrual Method | 7 | |||||||||||||
Non Purchased Credit Impaired Loans and Leases [Member] | ||||||||||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||||||||||
Impaired Financing Receivable, Related Allowance | [4] | 13,621 | ||||||||||||
Impaired Financing Receivable, Recorded Investment | [4] | 212,622 | ||||||||||||
Impaired Financing Receivable, Unpaid Principal Balance | [4] | 287,236 | ||||||||||||
Impaired Financing Receivable, Average Recorded Investment | [2],[3] | 185,740 | $ 154,727 | |||||||||||
Impaired Financing Receivable, Interest Income, Accrual Method | 4,101 | 3,216 | ||||||||||||
Non Purchased Credit Impaired Loans and Leases [Member] | Mortgages [Member] | ||||||||||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||||||||||
Impaired Financing Receivable, Related Allowance | [4] | 970 | ||||||||||||
Impaired Financing Receivable, Recorded Investment | [1],[4] | 116,473 | ||||||||||||
Impaired Financing Receivable, Unpaid Principal Balance | [4] | 129,909 | ||||||||||||
Impaired Financing Receivable, Average Recorded Investment | [2],[3] | 111,721 | 82,562 | |||||||||||
Impaired Financing Receivable, Interest Income, Accrual Method | 3,643 | 2,803 | ||||||||||||
Non Purchased Credit Impaired Loans and Leases [Member] | Mortgages [Member] | Commercial Real Estate [Member] | ||||||||||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||||||||||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | [4] | 15,750 | ||||||||||||
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | [4] | 16,548 | ||||||||||||
Impaired Financing Receivable, Related Allowance | [4] | 628 | ||||||||||||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | [4] | 93,827 | ||||||||||||
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | [4] | 105,923 | ||||||||||||
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | [2],[3] | 15,538 | 26,870 | |||||||||||
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | 881 | 898 | ||||||||||||
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | [2],[3] | 89,554 | 41,917 | |||||||||||
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | 2,648 | 1,506 | ||||||||||||
Non Purchased Credit Impaired Loans and Leases [Member] | Mortgages [Member] | Residential Real Estate [Member] | ||||||||||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||||||||||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | [4] | 2,787 | ||||||||||||
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | [4] | 2,957 | ||||||||||||
Impaired Financing Receivable, Related Allowance | [4] | 342 | ||||||||||||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | [4] | 4,109 | ||||||||||||
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | [4] | 4,481 | ||||||||||||
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | [2],[3] | 2,787 | 6,521 | |||||||||||
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | 55 | 255 | ||||||||||||
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | [2],[3] | 3,842 | 7,254 | |||||||||||
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | 59 | 144 | ||||||||||||
Non Purchased Credit Impaired Loans and Leases [Member] | Real Estate Construction [Member] | ||||||||||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||||||||||
Impaired Financing Receivable, Related Allowance | [4] | 0 | ||||||||||||
Impaired Financing Receivable, Recorded Investment | [1],[4] | 5,690 | ||||||||||||
Impaired Financing Receivable, Unpaid Principal Balance | [4] | 5,689 | ||||||||||||
Impaired Financing Receivable, Average Recorded Investment | [2],[3] | 5,690 | 7,257 | |||||||||||
Impaired Financing Receivable, Interest Income, Accrual Method | 306 | 238 | ||||||||||||
Non Purchased Credit Impaired Loans and Leases [Member] | Real Estate Construction [Member] | Commercial Real Estate Construction Loan Receivable [Member] | ||||||||||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||||||||||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | [4] | 5,690 | ||||||||||||
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | [4] | 5,689 | ||||||||||||
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | [2],[3] | 5,690 | 6,680 | |||||||||||
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | 306 | 224 | ||||||||||||
Non Purchased Credit Impaired Loans and Leases [Member] | Real Estate Construction [Member] | Residential Real Estate Construction Financing Receivable [Member] | ||||||||||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||||||||||
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | [2] | 0 | 0 | [3] | 213 | [3] | ||||||||
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | $ 0 | 0 | 14 | |||||||||||
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | [2],[3] | 0 | 364 | |||||||||||
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | 0 | 0 | ||||||||||||
Non Purchased Credit Impaired Loans and Leases [Member] | Commercial Portfolio Segment [Member] | ||||||||||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||||||||||
Impaired Financing Receivable, Related Allowance | [4] | 12,635 | ||||||||||||
Impaired Financing Receivable, Recorded Investment | [1],[4] | 90,339 | ||||||||||||
Impaired Financing Receivable, Unpaid Principal Balance | [4] | 151,445 | ||||||||||||
Impaired Financing Receivable, Average Recorded Investment | [2],[3] | 68,209 | 64,509 | |||||||||||
Impaired Financing Receivable, Interest Income, Accrual Method | 144 | 166 | ||||||||||||
Non Purchased Credit Impaired Loans and Leases [Member] | Commercial Portfolio Segment [Member] | Asset Based [Member] | ||||||||||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||||||||||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | [4] | 33,553 | ||||||||||||
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | [4] | 54,911 | ||||||||||||
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | [2],[3] | 0 | 1,227 | |||||||||||
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | 0 | 0 | ||||||||||||
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | [2],[3] | 31,388 | 2,446 | |||||||||||
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | 0 | 0 | ||||||||||||
Non Purchased Credit Impaired Loans and Leases [Member] | Commercial Portfolio Segment [Member] | Venture Capital Loans [Member] | ||||||||||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||||||||||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | [4] | 16,565 | ||||||||||||
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | [4] | 17,203 | ||||||||||||
Impaired Financing Receivable, Related Allowance | [4] | 4,267 | ||||||||||||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | [4] | 14,534 | ||||||||||||
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | [4] | 40,029 | ||||||||||||
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | [2],[3] | 10,228 | 26,578 | |||||||||||
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | 0 | 144 | ||||||||||||
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | [2],[3] | 2,860 | 2,750 | |||||||||||
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | 0 | 22 | ||||||||||||
Non Purchased Credit Impaired Loans and Leases [Member] | Commercial Portfolio Segment [Member] | Other Commercial [Member] | ||||||||||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||||||||||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | [4] | 20,404 | ||||||||||||
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | [4] | 29,951 | ||||||||||||
Impaired Financing Receivable, Related Allowance | [4] | 8,368 | ||||||||||||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | [4] | 5,283 | ||||||||||||
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | [4] | 9,351 | ||||||||||||
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | [2],[3] | 20,329 | ||||||||||||
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | 60 | |||||||||||||
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | [2],[3] | 3,404 | ||||||||||||
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | 84 | |||||||||||||
Non Purchased Credit Impaired Loans and Leases [Member] | Commercial Portfolio Segment [Member] | Cash Flow [Member] | ||||||||||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||||||||||
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | [2],[3] | 508 | ||||||||||||
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | 0 | |||||||||||||
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | [2],[3] | 31,000 | ||||||||||||
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | 0 | |||||||||||||
Non Purchased Credit Impaired Loans and Leases [Member] | Consumer Portfolio Segment [Member] | ||||||||||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||||||||||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | [4] | 100 | ||||||||||||
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | [4] | 100 | ||||||||||||
Impaired Financing Receivable, Related Allowance | [4] | 16 | ||||||||||||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | [4] | 20 | ||||||||||||
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | [4] | 93 | ||||||||||||
Impaired Financing Receivable, Recorded Investment | [1],[4] | 120 | ||||||||||||
Impaired Financing Receivable, Unpaid Principal Balance | [4] | 193 | ||||||||||||
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | [2],[3] | 100 | 233 | |||||||||||
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | 8 | 0 | ||||||||||||
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | [2],[3] | 20 | 166 | |||||||||||
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | 0 | 9 | ||||||||||||
Impaired Financing Receivable, Average Recorded Investment | [2],[3] | 120 | 399 | |||||||||||
Impaired Financing Receivable, Interest Income, Accrual Method | $ 8 | $ 9 | ||||||||||||
|
Loans and Leases (Details 6) |
12 Months Ended | ||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2018
USD ($)
contract
Contract
|
Dec. 31, 2017
USD ($)
contract
Contract
|
Dec. 31, 2016
USD ($)
contract
Contract
|
|||||||||||||||
Financing Receivable, Modifications [Line Items] | |||||||||||||||||
Financing Receivable, Modifications, Number of Contracts | 60 | [1] | 50 | [2] | 54 | [3] | |||||||||||
Financing Receivable, Modifications, Pre-Modification Recorded Investment | $ 101,878,000 | [1] | $ 69,737,000 | [2] | $ 100,161,000 | [3] | |||||||||||
Financing Receivable, Modifications, Post-Modification Recorded Investment | $ 90,373,000 | [1] | $ 59,237,000 | [2] | $ 89,443,000 | [3] | |||||||||||
Financing Receivable, Modifications, Subsequent Default, Number of Contracts | Contract | 0 | 1 | 4 | [3] | |||||||||||||
Financing Receivable, Modifications, Subsequent Default, Recorded Investment | [4] | $ 0 | [2] | $ 1,000 | [5] | $ 6,502,000 | [5] | ||||||||||
Financing Receivables, Impaired, Troubled Debt Restructuring, Write-down | $ 0 | $ 68,000 | |||||||||||||||
Mortgages [Member] | Commercial Real Estate [Member] | |||||||||||||||||
Financing Receivable, Modifications [Line Items] | |||||||||||||||||
Financing Receivable, Modifications, Number of Contracts | 10 | 5 | 12 | ||||||||||||||
Financing Receivable, Modifications, Pre-Modification Recorded Investment | $ 17,181,000 | $ 2,527,000 | $ 13,833,000 | ||||||||||||||
Financing Receivable, Modifications, Post-Modification Recorded Investment | $ 2,604,000 | $ 2,463,000 | $ 6,099,000 | ||||||||||||||
Financing Receivable, Modifications, Subsequent Default, Number of Contracts | 0 | 0 | 0 | ||||||||||||||
Financing Receivable, Modifications, Subsequent Default, Recorded Investment | [4] | $ 0 | $ 0 | $ 0 | |||||||||||||
Mortgages [Member] | Residential Real Estate [Member] | |||||||||||||||||
Financing Receivable, Modifications [Line Items] | |||||||||||||||||
Financing Receivable, Modifications, Number of Contracts | 10 | 8 | 10 | ||||||||||||||
Financing Receivable, Modifications, Pre-Modification Recorded Investment | $ 3,262,000 | $ 1,328,000 | $ 7,091,000 | ||||||||||||||
Financing Receivable, Modifications, Post-Modification Recorded Investment | $ 2,203,000 | $ 489,000 | $ 6,439,000 | ||||||||||||||
Financing Receivable, Modifications, Subsequent Default, Number of Contracts | 0 | 0 | 2 | ||||||||||||||
Financing Receivable, Modifications, Subsequent Default, Recorded Investment | [4] | $ 0 | $ 0 | $ 5,000,000 | |||||||||||||
Real Estate Construction [Member] | Residential Real Estate Construction Financing Receivable [Member] | |||||||||||||||||
Financing Receivable, Modifications [Line Items] | |||||||||||||||||
Financing Receivable, Modifications, Subsequent Default, Number of Contracts | Contract | 0 | ||||||||||||||||
Financing Receivable, Modifications, Subsequent Default, Recorded Investment | [4] | $ 0 | |||||||||||||||
Real Estate Construction [Member] | Commercial Real Estate Construction Loan Receivable [Member] | |||||||||||||||||
Financing Receivable, Modifications [Line Items] | |||||||||||||||||
Financing Receivable, Modifications, Number of Contracts | Contract | 1 | ||||||||||||||||
Financing Receivable, Modifications, Pre-Modification Recorded Investment | $ 1,245,000 | ||||||||||||||||
Financing Receivable, Modifications, Post-Modification Recorded Investment | $ 1,245,000 | ||||||||||||||||
Financing Receivable, Modifications, Subsequent Default, Number of Contracts | 0 | ||||||||||||||||
Financing Receivable, Modifications, Subsequent Default, Recorded Investment | [4] | $ 0 | |||||||||||||||
Commercial Portfolio Segment [Member] | Cash Flow [Member] | |||||||||||||||||
Financing Receivable, Modifications [Line Items] | |||||||||||||||||
Financing Receivable, Modifications, Number of Contracts | 19 | 19 | |||||||||||||||
Financing Receivable, Modifications, Pre-Modification Recorded Investment | $ 31,471,000 | $ 32,946,000 | |||||||||||||||
Financing Receivable, Modifications, Post-Modification Recorded Investment | $ 22,236,000 | $ 32,946,000 | |||||||||||||||
Commercial Portfolio Segment [Member] | Asset Based [Member] | |||||||||||||||||
Financing Receivable, Modifications [Line Items] | |||||||||||||||||
Financing Receivable, Modifications, Number of Contracts | contract | 4 | 5 | 7 | ||||||||||||||
Financing Receivable, Modifications, Pre-Modification Recorded Investment | $ 28,947,000 | [1] | $ 4,219,000 | $ 44,196,000 | |||||||||||||
Financing Receivable, Modifications, Post-Modification Recorded Investment | $ 33,947,000 | [1] | $ 4,219,000 | $ 42,572,000 | |||||||||||||
Financing Receivable, Modifications, Subsequent Default, Number of Contracts | Contract | 0 | 0 | 2 | ||||||||||||||
Financing Receivable, Modifications, Subsequent Default, Recorded Investment | [4] | $ 0 | $ 0 | $ 1,502,000 | |||||||||||||
Commercial Portfolio Segment [Member] | Venture Capital Loans [Member] | |||||||||||||||||
Financing Receivable, Modifications [Line Items] | |||||||||||||||||
Financing Receivable, Modifications, Number of Contracts | 14 | 11 | |||||||||||||||
Financing Receivable, Modifications, Pre-Modification Recorded Investment | $ 37,416,000 | $ 29,733,000 | |||||||||||||||
Financing Receivable, Modifications, Post-Modification Recorded Investment | $ 36,919,000 | $ 29,733,000 | |||||||||||||||
Commercial Portfolio Segment [Member] | Other Commercial [Member] | |||||||||||||||||
Financing Receivable, Modifications [Line Items] | |||||||||||||||||
Financing Receivable, Modifications, Number of Contracts | 19 | ||||||||||||||||
Financing Receivable, Modifications, Pre-Modification Recorded Investment | $ 14,399,000 | ||||||||||||||||
Financing Receivable, Modifications, Post-Modification Recorded Investment | $ 14,027,000 | ||||||||||||||||
Consumer Portfolio Segment [Member] | |||||||||||||||||
Financing Receivable, Modifications [Line Items] | |||||||||||||||||
Financing Receivable, Modifications, Number of Contracts | 3 | 1 | 5 | ||||||||||||||
Financing Receivable, Modifications, Pre-Modification Recorded Investment | $ 673,000 | $ 97,000 | $ 850,000 | ||||||||||||||
Financing Receivable, Modifications, Post-Modification Recorded Investment | 673,000 | $ 97,000 | $ 142,000 | ||||||||||||||
Equipment Finance Commercial Financing Receivable [Member] | Cash Flow [Member] | |||||||||||||||||
Financing Receivable, Modifications [Line Items] | |||||||||||||||||
Financing Receivable, Modifications, Subsequent Default, Recorded Investment | [4] | $ 0 | |||||||||||||||
Equipment Finance Commercial Financing Receivable [Member] | Venture Capital Loans [Member] | |||||||||||||||||
Financing Receivable, Modifications [Line Items] | |||||||||||||||||
Financing Receivable, Modifications, Subsequent Default, Number of Contracts | Contract | 0 | ||||||||||||||||
Financing Receivable, Modifications, Subsequent Default, Recorded Investment | [4] | $ 0 | |||||||||||||||
Commercial Portfolio Segment [Member] | Commercial Portfolio Segment [Member] | Cash Flow [Member] | |||||||||||||||||
Financing Receivable, Modifications [Line Items] | |||||||||||||||||
Financing Receivable, Modifications, Subsequent Default, Number of Contracts | Contract | 1 | 0 | |||||||||||||||
Financing Receivable, Modifications, Subsequent Default, Recorded Investment | [4] | $ 1,000 | $ 0 | ||||||||||||||
Commercial Real Estate Construction Loan Receivable [Member] | Real Estate Construction [Member] | |||||||||||||||||
Financing Receivable, Modifications [Line Items] | |||||||||||||||||
Financing Receivable, Modifications, Number of Contracts | contract | 1 | ||||||||||||||||
Financing Receivable, Modifications, Pre-Modification Recorded Investment | $ 362,000 | ||||||||||||||||
Financing Receivable, Modifications, Post-Modification Recorded Investment | $ 0 | ||||||||||||||||
Consumer Portfolio Segment [Member] | Consumer Portfolio Segment [Member] | |||||||||||||||||
Financing Receivable, Modifications [Line Items] | |||||||||||||||||
Financing Receivable, Modifications, Subsequent Default, Number of Contracts | Contract | 0 | 0 | 0 | ||||||||||||||
Financing Receivable, Modifications, Subsequent Default, Recorded Investment | [4] | $ 0 | $ 0 | $ 0 | |||||||||||||
Finance Receivable, Modification of Modified Loan [Member] | Commercial Portfolio Segment [Member] | Asset Based [Member] | |||||||||||||||||
Financing Receivable, Modifications [Line Items] | |||||||||||||||||
Financing Receivable, Modifications, Pre-Modification Recorded Investment | [1] | 27,314,000 | |||||||||||||||
Financing Receivable, Modifications, Post-Modification Recorded Investment | [1] | $ 32,314,000 | |||||||||||||||
|
Loans and Leases (Details 7) - USD ($) $ in Thousands |
12 Months Ended | |||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
|||||||||||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||||||||||
Loans and Leases Receivable, Allowance, beginning balance | [1],[2] | $ 139,456 | ||||||||||||
Allowance for Loan and Lease Losses, Write-offs | (59,042) | |||||||||||||
Allowance for Loan and Lease Loss, Recovery of Bad Debts | 15,284 | |||||||||||||
Allowance for Loan and Lease Losses Write-offs, Net | (43,758) | $ (68,748) | ||||||||||||
Provision for Loan and Lease Losses | 36,774 | |||||||||||||
Loans and Leases Receivable, Allowance, ending balance | 132,472 | 139,456 | [1],[2] | |||||||||||
Financing Receivable, Individually Evaluated for Impairment | 4,031 | |||||||||||||
Financing Receivable, Collectively Evaluated for Impairment | 128,441 | |||||||||||||
Financing Receivable, Individually Evaluated for Impairment | 92,067 | |||||||||||||
Financing Receivable, Collectively Evaluated for Impairment | 17,865,646 | |||||||||||||
Loans held for investment, net | 17,957,713 | 16,972,743 | ||||||||||||
Non Purchased Credit Impaired Loans and Leases [Member] | ||||||||||||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||||||||||
Loans and Leases Receivable, Allowance, beginning balance | 133,012 | 143,755 | ||||||||||||
Allowance for Loan and Lease Losses, Write-offs | (74,142) | |||||||||||||
Allowance for Loan and Lease Loss, Recovery of Bad Debts | 11,185 | |||||||||||||
Allowance for Loan and Lease Losses Write-offs, Net | (62,957) | |||||||||||||
Provision for Loan and Lease Losses | 52,214 | |||||||||||||
Loans and Leases Receivable, Allowance, ending balance | 133,012 | |||||||||||||
Financing Receivable, Individually Evaluated for Impairment | 13,621 | |||||||||||||
Financing Receivable, Collectively Evaluated for Impairment | 119,391 | |||||||||||||
Financing Receivable, Individually Evaluated for Impairment | 210,735 | |||||||||||||
Financing Receivable, Collectively Evaluated for Impairment | 16,703,972 | |||||||||||||
Loans held for investment, net | [3],[4] | 16,914,707 | ||||||||||||
Purchased Credit Impaired Loans and Leases [Member] | ||||||||||||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||||||||||
Loans and Leases Receivable, Allowance, beginning balance | 6,444 | |||||||||||||
Loans and Leases Receivable, Allowance, Covered, beginning balance | 6,444 | 13,483 | ||||||||||||
Allowance for Loan and Lease Losses, Write-offs | (6,154) | |||||||||||||
Allowance for Loan and Lease Loss, Recovery of Bad Debts | 363 | |||||||||||||
Allowance for Loan and Lease Losses Write-offs, Net | (5,791) | |||||||||||||
Provision for Loan and Lease Losses | (1,248) | |||||||||||||
Loans and Leases Receivable, Allowance, ending balance | 6,444 | |||||||||||||
Loans and Leases Receivable, Allowance, Covered, ending balance | 6,444 | |||||||||||||
Receivables Acquired With Deteriorated Credit Quality, Allowance For Credit Losses | 6,444 | |||||||||||||
Receivables Acquired with Deteriorated Credit Quality | 58,036 | |||||||||||||
Loans held for investment, net | 58,036 | |||||||||||||
NonPCI and PCI Loans [Member] | ||||||||||||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||||||||||
Loans and Leases Receivable Allowance Covered And Noncovered, beginning balance | 139,456 | 157,238 | ||||||||||||
Allowance for Loan and Lease Losses, Write-offs | (80,296) | |||||||||||||
Allowance for Loan and Lease Loss, Recovery of Bad Debts | 11,548 | |||||||||||||
Provision for Loan and Lease Losses | 50,966 | |||||||||||||
Loans and Leases Receivable Allowance Covered And Noncovered, ending balance | 139,456 | |||||||||||||
Loans and Leases Receivable Net Of Deferred Income Covered And Noncovered | 16,972,743 | |||||||||||||
Mortgages [Member] | ||||||||||||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||||||||||
Loans and Leases Receivable, Allowance, beginning balance | [1] | 40,051 | ||||||||||||
Allowance for Loan and Lease Losses, Write-offs | (8,190) | |||||||||||||
Allowance for Loan and Lease Loss, Recovery of Bad Debts | 2,350 | |||||||||||||
Allowance for Loan and Lease Losses Write-offs, Net | (5,840) | (1,201) | ||||||||||||
Provision for Loan and Lease Losses | 11,810 | |||||||||||||
Loans and Leases Receivable, Allowance, ending balance | 46,021 | 40,051 | [1] | |||||||||||
Financing Receivable, Individually Evaluated for Impairment | 417 | |||||||||||||
Financing Receivable, Collectively Evaluated for Impairment | 45,604 | |||||||||||||
Financing Receivable, Individually Evaluated for Impairment | 26,473 | |||||||||||||
Financing Receivable, Collectively Evaluated for Impairment | 7,891,668 | |||||||||||||
Loans held for investment, net | 7,918,141 | 7,798,991 | [5] | |||||||||||
Mortgages [Member] | Non Purchased Credit Impaired Loans and Leases [Member] | ||||||||||||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||||||||||
Loans and Leases Receivable, Allowance, beginning balance | 34,981 | 37,765 | ||||||||||||
Allowance for Loan and Lease Losses, Write-offs | (2,410) | |||||||||||||
Allowance for Loan and Lease Loss, Recovery of Bad Debts | 1,209 | |||||||||||||
Provision for Loan and Lease Losses | (1,583) | |||||||||||||
Loans and Leases Receivable, Allowance, ending balance | 34,981 | |||||||||||||
Financing Receivable, Individually Evaluated for Impairment | 970 | |||||||||||||
Financing Receivable, Collectively Evaluated for Impairment | 34,011 | |||||||||||||
Financing Receivable, Individually Evaluated for Impairment | 115,319 | |||||||||||||
Financing Receivable, Collectively Evaluated for Impairment | 7,683,672 | |||||||||||||
Loans held for investment, net | [3],[4] | 7,798,991 | ||||||||||||
Real Estate Construction [Member] | ||||||||||||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||||||||||
Loans and Leases Receivable, Allowance, beginning balance | [1] | 13,055 | ||||||||||||
Allowance for Loan and Lease Losses, Write-offs | 0 | |||||||||||||
Allowance for Loan and Lease Loss, Recovery of Bad Debts | 195 | |||||||||||||
Allowance for Loan and Lease Losses Write-offs, Net | 195 | 429 | ||||||||||||
Provision for Loan and Lease Losses | 14,959 | |||||||||||||
Loans and Leases Receivable, Allowance, ending balance | 28,209 | 13,055 | [1] | |||||||||||
Financing Receivable, Individually Evaluated for Impairment | 0 | |||||||||||||
Financing Receivable, Collectively Evaluated for Impairment | 28,209 | |||||||||||||
Financing Receivable, Individually Evaluated for Impairment | 5,862 | |||||||||||||
Financing Receivable, Collectively Evaluated for Impairment | 2,227,794 | |||||||||||||
Loans held for investment, net | 2,233,656 | 1,591,229 | [5] | |||||||||||
Real Estate Construction [Member] | Non Purchased Credit Impaired Loans and Leases [Member] | ||||||||||||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||||||||||
Loans and Leases Receivable, Allowance, beginning balance | 13,055 | 10,045 | ||||||||||||
Allowance for Loan and Lease Losses, Write-offs | 0 | |||||||||||||
Allowance for Loan and Lease Loss, Recovery of Bad Debts | 429 | |||||||||||||
Provision for Loan and Lease Losses | 2,581 | |||||||||||||
Loans and Leases Receivable, Allowance, ending balance | 13,055 | |||||||||||||
Financing Receivable, Individually Evaluated for Impairment | 0 | |||||||||||||
Financing Receivable, Collectively Evaluated for Impairment | 13,055 | |||||||||||||
Financing Receivable, Individually Evaluated for Impairment | 5,690 | |||||||||||||
Financing Receivable, Collectively Evaluated for Impairment | 1,585,539 | |||||||||||||
Loans held for investment, net | [3],[4] | 1,591,229 | ||||||||||||
Commercial Portfolio Segment [Member] | ||||||||||||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||||||||||
Loans and Leases Receivable, Allowance, beginning balance | [1] | 84,022 | ||||||||||||
Allowance for Loan and Lease Losses, Write-offs | (50,481) | |||||||||||||
Allowance for Loan and Lease Loss, Recovery of Bad Debts | 12,566 | |||||||||||||
Allowance for Loan and Lease Losses Write-offs, Net | (37,915) | (61,294) | ||||||||||||
Provision for Loan and Lease Losses | 10,253 | |||||||||||||
Loans and Leases Receivable, Allowance, ending balance | 56,360 | 84,022 | [1] | |||||||||||
Financing Receivable, Individually Evaluated for Impairment | 3,614 | |||||||||||||
Financing Receivable, Collectively Evaluated for Impairment | 52,746 | |||||||||||||
Financing Receivable, Individually Evaluated for Impairment | 59,288 | |||||||||||||
Financing Receivable, Collectively Evaluated for Impairment | 7,345,307 | |||||||||||||
Loans held for investment, net | 7,404,595 | 7,114,920 | [5] | |||||||||||
Commercial Portfolio Segment [Member] | Non Purchased Credit Impaired Loans and Leases [Member] | ||||||||||||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||||||||||
Loans and Leases Receivable, Allowance, beginning balance | 82,726 | 93,853 | ||||||||||||
Allowance for Loan and Lease Losses, Write-offs | (70,709) | |||||||||||||
Allowance for Loan and Lease Loss, Recovery of Bad Debts | 9,415 | |||||||||||||
Provision for Loan and Lease Losses | 50,167 | |||||||||||||
Loans and Leases Receivable, Allowance, ending balance | 82,726 | |||||||||||||
Financing Receivable, Individually Evaluated for Impairment | 12,635 | |||||||||||||
Financing Receivable, Collectively Evaluated for Impairment | 70,091 | |||||||||||||
Financing Receivable, Individually Evaluated for Impairment | 89,626 | |||||||||||||
Financing Receivable, Collectively Evaluated for Impairment | 7,025,294 | |||||||||||||
Loans held for investment, net | [3],[4] | 7,114,920 | ||||||||||||
Consumer Portfolio Segment [Member] | ||||||||||||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||||||||||
Loans and Leases Receivable, Allowance, beginning balance | [1] | 2,328 | ||||||||||||
Allowance for Loan and Lease Losses, Write-offs | (371) | |||||||||||||
Allowance for Loan and Lease Loss, Recovery of Bad Debts | 173 | |||||||||||||
Allowance for Loan and Lease Losses Write-offs, Net | (198) | (891) | ||||||||||||
Provision for Loan and Lease Losses | (248) | |||||||||||||
Loans and Leases Receivable, Allowance, ending balance | 1,882 | 2,328 | [1] | |||||||||||
Financing Receivable, Individually Evaluated for Impairment | 0 | |||||||||||||
Financing Receivable, Collectively Evaluated for Impairment | 1,882 | |||||||||||||
Financing Receivable, Individually Evaluated for Impairment | 444 | |||||||||||||
Financing Receivable, Collectively Evaluated for Impairment | 400,877 | |||||||||||||
Loans held for investment, net | 401,321 | 409,567 | [5] | |||||||||||
Consumer Portfolio Segment [Member] | Non Purchased Credit Impaired Loans and Leases [Member] | ||||||||||||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||||||||||
Loans and Leases Receivable, Allowance, beginning balance | $ 2,250 | 2,092 | ||||||||||||
Allowance for Loan and Lease Losses, Write-offs | (1,023) | |||||||||||||
Allowance for Loan and Lease Loss, Recovery of Bad Debts | 132 | |||||||||||||
Provision for Loan and Lease Losses | 1,049 | |||||||||||||
Loans and Leases Receivable, Allowance, ending balance | 2,250 | |||||||||||||
Financing Receivable, Individually Evaluated for Impairment | 16 | |||||||||||||
Financing Receivable, Collectively Evaluated for Impairment | 2,234 | |||||||||||||
Financing Receivable, Individually Evaluated for Impairment | 100 | |||||||||||||
Financing Receivable, Collectively Evaluated for Impairment | 409,467 | |||||||||||||
Loans held for investment, net | [3],[4] | 409,567 | ||||||||||||
Purchased Credit Impaired Loans and Leases [Member] | ||||||||||||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||||||||||||
Allowance for Loan and Lease Losses Write-offs, Net | $ (5,791) | |||||||||||||
|
Loans and Leases Loans and Leases (Details 8) - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended | |||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2018 |
Sep. 30, 2018 |
Jun. 30, 2018 |
Mar. 31, 2018 |
Dec. 31, 2017 |
Sep. 30, 2017 |
Jun. 30, 2017 |
Mar. 31, 2017 |
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||||||||
Loans and Leases Receivable, Allowance | $ 132,472 | $ 139,456 | [1],[2] | $ 132,472 | $ 139,456 | [1],[2] | |||||||||||
Reserve for Unfunded Loan Commitments | 36,861 | 28,635 | [2] | 36,861 | 28,635 | [2] | $ 17,523 | ||||||||||
Financing Receivable, Allowance for Credit Losses | 169,333 | 168,091 | [2] | 169,333 | 168,091 | [2] | 174,761 | ||||||||||
Allowance for Loan and Lease Losses, Write-offs | 59,042 | ||||||||||||||||
Reserve for Unfunded Loan Commitments, Charge-offs | 0 | 0 | |||||||||||||||
Financing Receivable, Allowance for Credit Losses, Write-downs | 59,042 | 80,296 | |||||||||||||||
Financing Receivable, Allowance for Credit Losses, Recovery | 15,284 | 11,548 | |||||||||||||||
Allowance for Loan and Lease Losses Write-offs, Net | (43,758) | (68,748) | |||||||||||||||
Allowance for Loan and Lease Loss, Recovery of Bad Debts | 15,284 | ||||||||||||||||
Reserve for Unfunded Loan Commitments, Recoveries | 0 | 0 | |||||||||||||||
Reserve for Unfunded Loan Commitments, Net Charge-offs | 0 | 0 | |||||||||||||||
Financing Receivable, Allowance For Credit Losses, Net Charge-offs | (43,758) | (68,748) | |||||||||||||||
Provision for Loan and Lease Losses | 36,774 | ||||||||||||||||
Provision for credit losses | $ 12,000 | $ 11,500 | $ 17,500 | $ 4,000 | 6,406 | $ 15,119 | $ 11,499 | $ (24,728) | 45,000 | 57,752 | 65,729 | ||||||
Reserve for Unfunded Loan Commitments, Fair Value | 4,326 | ||||||||||||||||
Reserve for Unfunded Commitments, Provision | $ 8,226 | 6,786 | |||||||||||||||
Purchased Credit Impaired Loans and Leases [Member] | |||||||||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||||||||
Loans and Leases Receivable, Allowance | 6,444 | 6,444 | |||||||||||||||
Allowance for Loan and Lease Losses, Write-offs | 6,154 | ||||||||||||||||
Allowance for Loan and Lease Losses Write-offs, Net | (5,791) | ||||||||||||||||
Allowance for Loan and Lease Loss, Recovery of Bad Debts | 363 | ||||||||||||||||
Provision for Loan and Lease Losses | (1,248) | ||||||||||||||||
Loans and Leases Receivable, Allowance, Covered | 6,444 | 6,444 | 13,483 | ||||||||||||||
Non Purchased Credit Impaired Loans and Leases [Member] | |||||||||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||||||||
Loans and Leases Receivable, Allowance | 133,012 | 133,012 | 143,755 | ||||||||||||||
Financing Receivable, Allowance for Credit Losses | $ 161,647 | 161,647 | 161,278 | ||||||||||||||
Allowance for Loan and Lease Losses, Write-offs | 74,142 | ||||||||||||||||
Financing Receivable, Allowance for Credit Losses, Write-downs | 74,142 | ||||||||||||||||
Financing Receivable, Allowance for Credit Losses, Recovery | 11,185 | ||||||||||||||||
Allowance for Loan and Lease Losses Write-offs, Net | (62,957) | ||||||||||||||||
Allowance for Loan and Lease Loss, Recovery of Bad Debts | 11,185 | ||||||||||||||||
Financing Receivable, Allowance For Credit Losses, Net Charge-offs | (62,957) | ||||||||||||||||
Provision for Loan and Lease Losses | 52,214 | ||||||||||||||||
Provision for credit losses | 59,000 | ||||||||||||||||
Reserve for Unfunded Commitments, Provision | $ 4,326 | ||||||||||||||||
Non Purchased Credit Impaired Loans and Leases [Member] | |||||||||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||||||||
Allowance for Loan and Lease Losses Write-offs, Net | $ (62,957) | ||||||||||||||||
|
Loans and Leases (Details Textual) - USD ($) $ in Thousands |
12 Months Ended | ||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Financing Receivable, Modifications, Pre-Modification Recorded Investment | $ 101,878 | [1] | $ 69,737 | [2] | $ 100,161 | [3] | |||||||||||||
Loans Receivable Held-for-sale, Amount | 0 | 1,500,000 | |||||||||||||||||
Loans held for sale, at lower of cost or fair value | 481,100 | ||||||||||||||||||
Loan Receivable Held-For-Sale, Charge-offs | 0 | 957 | 0 | ||||||||||||||||
Loans and Leases Receivable, Impaired, Interest Lost on Nonaccrual Loans | 9,300 | 10,800 | |||||||||||||||||
Financing Receivable, Recorded Investment, Nonaccrual Status | 79,333 | 155,784 | [4] | ||||||||||||||||
Loan Receivable, Recorded Investment, Equal to Greater than 90 Days Past Due | 10,723 | 14,200 | |||||||||||||||||
Financing Receivable Recorded Investment Thirty to Eighty Nine Days Past Due | 17,085 | 3,200 | |||||||||||||||||
Financing Receivable Recorded Investment Nonaccrual Status Current | 138,400 | ||||||||||||||||||
Unfunded Commitments For Troubled Debt Restructurings | 1,300 | 4,500 | |||||||||||||||||
Financing Receivable, Modifications, Post-Modification Recorded Investment | $ 90,373 | [1] | 59,237 | [2] | 89,443 | [3] | |||||||||||||
Cash Flow [Member] | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Proceeds from Sale of Loans Held-for-sale | 1,000,000 | ||||||||||||||||||
Cash Flow [Member] | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Loan Receivable Held-For-Sale, Charge-offs | $ 0 | ||||||||||||||||||
Purchased Credit Impaired Loans and Leases [Member] | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Concentration Risk, Percentage | 0.40% | ||||||||||||||||||
Credit Concentration Risk [Member] | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Concentration Risk, Percentage | 52.90% | ||||||||||||||||||
Financing Receivable, Recorded Investment, Nonaccrual Status | $ 42,000 | ||||||||||||||||||
Nonaccrual [Member] | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Loan Receivable, Recorded Investment, Equal to Greater than 90 Days Past Due | 10,700 | ||||||||||||||||||
Financing Receivable Recorded Investment Thirty to Eighty Nine Days Past Due | 6,600 | ||||||||||||||||||
Financing Receivable Recorded Investment Nonaccrual Status Current | 62,000 | ||||||||||||||||||
Non Purchased Credit Impaired Loans and Leases [Member] | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Financing Receivable, Recorded Investment, Nonaccrual Status | [5] | $ 155,784 | |||||||||||||||||
Loan Receivable, Recorded Investment, Equal to Greater than 90 Days Past Due | [6] | 14,165 | |||||||||||||||||
Financing Receivable Recorded Investment Thirty to Eighty Nine Days Past Due | [6] | 48,435 | |||||||||||||||||
Commercial Portfolio Segment [Member] | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Financing Receivable, Recorded Investment, Nonaccrual Status | 60,003 | ||||||||||||||||||
Loan Receivable, Recorded Investment, Equal to Greater than 90 Days Past Due | 1,931 | ||||||||||||||||||
Financing Receivable Recorded Investment Thirty to Eighty Nine Days Past Due | 9,933 | ||||||||||||||||||
Commercial Portfolio Segment [Member] | Asset Based [Member] | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Financing Receivable, Modifications, Pre-Modification Recorded Investment | 28,947 | [1] | 4,219 | 44,196 | |||||||||||||||
Financing Receivable, Recorded Investment, Nonaccrual Status | 32,324 | ||||||||||||||||||
Loan Receivable, Recorded Investment, Equal to Greater than 90 Days Past Due | 646 | ||||||||||||||||||
Financing Receivable Recorded Investment Thirty to Eighty Nine Days Past Due | 47 | ||||||||||||||||||
Financing Receivable, Modifications, Post-Modification Recorded Investment | $ 33,947 | [1] | 4,219 | 42,572 | |||||||||||||||
Commercial Portfolio Segment [Member] | Cash Flow [Member] | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Financing Receivable, Modifications, Pre-Modification Recorded Investment | 31,471 | 32,946 | |||||||||||||||||
Financing Receivable, Modifications, Post-Modification Recorded Investment | 22,236 | $ 32,946 | |||||||||||||||||
Commercial Portfolio Segment [Member] | Non Purchased Credit Impaired Loans and Leases [Member] | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Financing Receivable, Recorded Investment, Nonaccrual Status | [4],[5] | 86,851 | |||||||||||||||||
Loan Receivable, Recorded Investment, Equal to Greater than 90 Days Past Due | [6] | 3,036 | |||||||||||||||||
Financing Receivable Recorded Investment Thirty to Eighty Nine Days Past Due | [6] | 9,723 | |||||||||||||||||
Commercial Portfolio Segment [Member] | Non Purchased Credit Impaired Loans and Leases [Member] | Asset Based [Member] | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Financing Receivable, Recorded Investment, Nonaccrual Status | [5] | 33,553 | |||||||||||||||||
Loan Receivable, Recorded Investment, Equal to Greater than 90 Days Past Due | [6] | 690 | |||||||||||||||||
Financing Receivable Recorded Investment Thirty to Eighty Nine Days Past Due | [6] | $ 344 | |||||||||||||||||
|
Foreclosed Assets Foreclosed Assets (Details) - USD ($) $ in Thousands |
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
---|---|---|---|---|
Other Real Estate Owned Net | $ 4,235 | $ 1,302 | ||
Other Real Estate Owned Net including Foreclosed Assets | 1,329 | $ 12,976 | $ 22,120 | |
Other Repossessed Assets | 1,064 | 27 | ||
Foreclosed assets, net | 5,299 | 1,329 | ||
Construction and Land Development [Member] | ||||
Other Real Estate Owned Net | 219 | 219 | ||
Multi Family [Member] | ||||
Other Real Estate Owned Net | 1,059 | 0 | ||
Residential Mortgage [Member] | ||||
Other Real Estate Owned Net | 953 | 1,019 | ||
Commercial Real Estate [Member] | ||||
Other Real Estate Owned Net | $ 2,004 | $ 64 |
Foreclosed Assets Foreclosed Assets (Details 1) - USD ($) $ in Thousands |
12 Months Ended | |||
---|---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
|
Other Real Estate, Foreclosed Assets, and Repossessed Assets [Abstract] | ||||
Foreclosed assets, net | $ 1,329 | $ 12,976 | $ 22,120 | |
Loans transferred to foreclosed assets | 580 | 781 | ||
Other Real Estate and Foreclosed Assets, Other Additions | $ 0 | (1,385) | 0 | |
Provision for Other Real Estate Owned and Foreclosed Assets | (74) | (2,138) | (2,576) | |
Sales of Other Real Estate Owned Foreclosed Assets CORES | (12,870) | (11,474) | $ (7,349) | |
Foreclosed assets, net | $ 5,299 | $ 1,329 |
Foreclosed Assets Foreclosed Assets (Details 2) - USD ($) $ in Thousands |
12 Months Ended | |||
---|---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
|
Other Real Estate, Foreclosed Assets, and Repossessed Assets [Abstract] | ||||
Foreclosed Assets Valuation Allowance | $ 88 | $ 14 | $ 12,696 | $ 10,246 |
Provision for losses on foreclosed assets | 74 | 2,138 | 2,576 | |
Foreclosed Assets, Valuation Allowance, Reductions Related to Sales | $ 0 | $ (14,820) | $ (126) |
Premises and Equipment, Net (Details) - USD ($) $ in Thousands |
Dec. 31, 2018 |
Dec. 31, 2017 |
---|---|---|
Premises and Equipment, Net [Abstract] | ||
Land | $ 1,243 | $ 1,243 |
Buildings and Improvements | 8,309 | 8,154 |
Furniture and Fixtures | 45,204 | 43,250 |
Leasehold Improvements | 50,214 | 42,521 |
Property, Plant and Equipment, Gross | 104,970 | 95,168 |
Accumulated Depreciation and Amortization | (70,309) | (63,316) |
Property, Plant and Equipment, Net | $ 34,661 | $ 31,852 |
Premises and Equipment, Net (Details 1) $ in Thousands |
Dec. 31, 2018
USD ($)
|
---|---|
Premises and Equipment, Net [Abstract] | |
2019 | $ 32,845 |
2020 | 30,267 |
2021 | 26,852 |
2022 | 20,862 |
2023 | 17,745 |
2024 and Thereafter | 29,923 |
Total | $ 158,494 |
Premises and Equipment, Net (Details Textual) - USD ($) |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Premises and Equipment, Net [Abstract] | |||
Depreciation and Amortization | $ 9,400,000 | $ 7,600,000 | $ 8,200,000 |
Operating Leases, Rent Expense, Gross | 34,300,000 | 31,700,000 | 30,000,000 |
Operating Leases, Income Statement, Lease Revenue | 553,000 | $ 481,000 | $ 500,000 |
Future Minimum Sublease Rental Income | $ 17,400,000 |
Other Assets Other Assets (Details) - USD ($) $ in Thousands |
Dec. 31, 2018 |
Dec. 31, 2017 |
||
---|---|---|---|---|
Cash Surrender Value of Life Insurance | $ 194,897 | $ 193,917 | ||
Interest and fees receivable income | 88,754 | 82,935 | ||
Low Income Housing Tax Credit - LIHTC | 59,507 | 39,235 | ||
Equity Method Investments, Other Asset Investments | [1] | 59,062 | 49,432 | |
Income Taxes Receivable | 39,096 | 98,998 | ||
Prepaid Expense | 18,006 | 17,800 | ||
Equity Investments Without Readily Determinable Fair Value | 14,758 | 14,856 | ||
Equity Investments With Readily Determinable Fair Value | 4,891 | 0 | ||
Warrants and Rights Outstanding | 4,793 | 5,161 | ||
Other Assets, Miscellaneous | 39,132 | 38,389 | ||
Other Assets | 522,896 | 540,723 | ||
Community Reinvestment Act Investments [Member] | ||||
Equity Investments Without Readily Determinable Fair Value | $ 12,548 | $ 8,166 | ||
|
Other Assets Other Assets (Details Textuals) |
12 Months Ended |
---|---|
Dec. 31, 2018
USD ($)
| |
Investment [Line Items] | |
Equity Method Investment, Other than Temporary Impairment | $ 5,900,000 |
Equity Method Investment, Amount Sold | $ 286,000 |
Equity Method Investment, Number Sold | 1 |
Equity Investments Without Readily Determinable Fair Value [Member] | |
Investment [Line Items] | |
Available-for-sale Securities, Equity Securities | $ 1,200,000 |
Community Reinvestment Act Investments [Member] | |
Investment [Line Items] | |
Affordable Housing Project Investment, Write-down, Amount | $ 278,000 |
Deposits Deposits (Details) - USD ($) $ in Thousands |
Dec. 31, 2018 |
Dec. 31, 2017 |
---|---|---|
Deposits [Abstract] | ||
Interest checking deposits | $ 2,972,357 | $ 2,711,250 |
Money market deposits | 5,432,169 | 4,890,567 |
Savings deposits | 571,422 | 690,353 |
Time deposits $250,000 and under | 1,593,453 | 1,709,980 |
Time deposits over $250,000 | 412,185 | 355,342 |
Total interest-bearing deposits | $ 10,981,586 | $ 10,357,492 |
Deposits Deposits (Details 1) - USD ($) $ in Thousands |
Dec. 31, 2018 |
Dec. 31, 2017 |
---|---|---|
Time Deposits Balance [Line Items] | ||
Time Deposit Maturities, Next Twelve Months | $ 1,895,210 | |
Time Deposit Maturities, Year Two | 84,515 | |
Time Deposit Maturities, Year Three | 17,101 | |
Time Deposit Maturities, Year Four | 6,725 | |
Time Deposit Maturities, Year Five | 2,087 | |
Time Deposits | 2,005,638 | $ 2,065,322 |
Deposits Exceeding FDIC Insurance Limit of $250,000 [Member] | ||
Time Deposits Balance [Line Items] | ||
Time Deposit Maturities, Next Twelve Months | 393,110 | |
Time Deposit Maturities, Year Two | 16,630 | |
Time Deposit Maturities, Year Three | 1,651 | |
Time Deposit Maturities, Year Four | 794 | |
Time Deposit Maturities, Year Five | 0 | |
Time Deposits | 412,185 | |
Deposits FDC Insured $250,000 and Under [Member] | ||
Time Deposits Balance [Line Items] | ||
Time Deposit Maturities, Next Twelve Months | 1,502,100 | |
Time Deposit Maturities, Year Two | 67,885 | |
Time Deposit Maturities, Year Three | 15,450 | |
Time Deposit Maturities, Year Four | 5,931 | |
Time Deposit Maturities, Year Five | 2,087 | |
Time Deposits | $ 1,593,453 |
Deposits (Details Textual) - USD ($) $ in Thousands |
Dec. 31, 2018 |
Dec. 31, 2017 |
---|---|---|
Domestic Deposits, Brokered [Line Items] | ||
Interest-bearing Domestic Deposit, Brokered | $ 518,192 | $ 863,202 |
Time deposits over $250,000 | 412,185 | 355,342 |
Time deposits $250,000 and under | 1,593,453 | 1,709,980 |
Time Deposits Balance [Domain] | ||
Domestic Deposits, Brokered [Line Items] | ||
Interest-bearing Domestic Deposit, Brokered | 729,400 | 732,200 |
Non-maturity Deposits [Member] | ||
Domestic Deposits, Brokered [Line Items] | ||
Interest-bearing Domestic Deposit, Brokered | $ 518,200 | $ 835,600 |
Borrowings and Subordinated Debentures (Details) - USD ($) $ in Thousands |
Dec. 31, 2018 |
Dec. 31, 2017 |
---|---|---|
Debt Instrument [Line Items] | ||
Borrowings | $ 1,371,114 | $ 467,342 |
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 2.56% | 1.39% |
Notes Payable, Other Payables [Member] | ||
Debt Instrument [Line Items] | ||
Non-Recourse Debt | $ 114 | $ 342 |
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 7.50% | 6.87% |
Unused lines of Credit [Member] | ||
Debt Instrument [Line Items] | ||
Line of Credit Facility, Amount Outstanding | $ 0 | |
American Financial Exchange [Member] | ||
Debt Instrument [Line Items] | ||
Line of Credit Facility, Amount Outstanding | $ 190,000 | $ 0 |
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 2.56% | 0.00% |
Federal Home Loan Bank of San Francisco [Member] | Secured Debt [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 2.56% | 1.41% |
Line of Credit, Current | $ 1,040,000 | $ 332,000 |
Federal Home Loan Bank of San Francisco [Member] | Unsecured Debt [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 2.53% | 1.34% |
Line of Credit, Current | $ 141,000 | $ 135,000 |
Borrowings and Subordinated Debentures Borrowings and Subordinated Debentures (Details 1) $ in Thousands, € in Millions |
12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2018
USD ($)
|
Dec. 31, 2018
EUR (€)
|
Dec. 31, 2017
USD ($)
|
||||||||
Subordinated Borrowing [Line Items] | ||||||||||
Long-term Debt, Gross | $ 541,344 | $ 555,146 | ||||||||
Debt Instrument, Unamortized Discount | [1] | (87,498) | (92,709) | |||||||
Subordinated debentures | $ 453,846 | $ 462,437 | ||||||||
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 2.56% | 2.56% | 1.39% | |||||||
Debt Instrument Date Issued | Jun. 30, 2006 | |||||||||
Debt Instrument, Maturity Date | Sep. 18, 2036 | |||||||||
Debt Instrument, Basis Spread on Variable Rate | 3-month LIBOR + 1.85 | |||||||||
Subordinated Debt Trust V Due September 2033 [Member] | ||||||||||
Subordinated Borrowing [Line Items] | ||||||||||
Long-term Debt, Gross | $ 10,310 | $ 10,310 | ||||||||
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 5.89% | 5.89% | 4.70% | |||||||
Debt Instrument Date Issued | Aug. 15, 2003 | |||||||||
Debt Instrument, Maturity Date | Sep. 17, 2033 | |||||||||
Debt Instrument, Basis Spread on Variable Rate | 3-month LIBOR + 3.10 | |||||||||
Subordinated Debt Trust VI Due September 2033 [Member] | ||||||||||
Subordinated Borrowing [Line Items] | ||||||||||
Long-term Debt, Gross | $ 10,310 | $ 10,310 | ||||||||
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 5.84% | 5.84% | 4.64% | |||||||
Debt Instrument Date Issued | Sep. 03, 2003 | |||||||||
Debt Instrument, Maturity Date | Sep. 15, 2033 | |||||||||
Debt Instrument, Basis Spread on Variable Rate | 3-month LIBOR + 3.05 | |||||||||
Subordinated Debt Trust CII Due September 2033 [Member] | ||||||||||
Subordinated Borrowing [Line Items] | ||||||||||
Long-term Debt, Gross | $ 5,155 | $ 5,155 | ||||||||
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 5.74% | 5.74% | 4.55% | |||||||
Debt Instrument Date Issued | Sep. 17, 2003 | |||||||||
Debt Instrument, Maturity Date | Sep. 17, 2033 | |||||||||
Debt Instrument, Basis Spread on Variable Rate | 3-month LIBOR + 2.95 | |||||||||
Subordinated Debt Trust VII Due April 2034 [Member] | ||||||||||
Subordinated Borrowing [Line Items] | ||||||||||
Long-term Debt, Gross | $ 61,856 | $ 61,856 | ||||||||
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 5.27% | 5.27% | 4.13% | |||||||
Debt Instrument Date Issued | Feb. 05, 2004 | |||||||||
Debt Instrument, Maturity Date | Apr. 23, 2034 | |||||||||
Debt Instrument, Basis Spread on Variable Rate | 3-month LIBOR + 2.75 | |||||||||
Subordinated Debt Trust CIII Due September 2035 [Member] | ||||||||||
Subordinated Borrowing [Line Items] | ||||||||||
Long-term Debt, Gross | $ 20,619 | $ 20,619 | ||||||||
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 4.48% | 4.48% | 3.28% | |||||||
Debt Instrument Date Issued | Aug. 15, 2005 | |||||||||
Debt Instrument, Maturity Date | Sep. 15, 2035 | |||||||||
Debt Instrument, Basis Spread on Variable Rate | 3-month LIBOR + 1.69 | |||||||||
Subordinated Debt Trust FCCI Due March 2037 [Member] | ||||||||||
Subordinated Borrowing [Line Items] | ||||||||||
Long-term Debt, Gross | $ 16,495 | $ 16,495 | ||||||||
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 4.39% | 4.39% | 3.19% | |||||||
Debt Instrument Date Issued | Jan. 25, 2007 | |||||||||
Debt Instrument, Maturity Date | Mar. 15, 2037 | |||||||||
Debt Instrument, Basis Spread on Variable Rate | 3-month LIBOR + 1.60 | |||||||||
Subordinated Debt Trust FCBI Due December 2035 [Member] | ||||||||||
Subordinated Borrowing [Line Items] | ||||||||||
Long-term Debt, Gross | $ 10,310 | $ 10,310 | ||||||||
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 4.34% | 4.34% | 3.14% | |||||||
Debt Instrument Date Issued | Sep. 30, 2005 | |||||||||
Debt Instrument, Maturity Date | Dec. 15, 2035 | |||||||||
Debt Instrument, Basis Spread on Variable Rate | 3-month LIBOR + 1.55 | |||||||||
Trust Preferred Securities Two Thousand Five Series One [Member] | ||||||||||
Subordinated Borrowing [Line Items] | ||||||||||
Long-term Debt, Gross | $ 82,475 | $ 82,475 | ||||||||
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 4.74% | 4.74% | 3.54% | |||||||
Debt Instrument Date Issued | Nov. 21, 2005 | |||||||||
Debt Instrument, Maturity Date | Dec. 15, 2035 | |||||||||
Debt Instrument, Basis Spread on Variable Rate | 3-month LIBOR + 1.95 | |||||||||
Trust Preferred Securities Two Thousand Five Series Two [Member] | ||||||||||
Subordinated Borrowing [Line Items] | ||||||||||
Long-term Debt, Gross | $ 128,866 | $ 128,866 | ||||||||
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 4.47% | 4.47% | 3.33% | |||||||
Debt Instrument Date Issued | Dec. 14, 2005 | |||||||||
Debt Instrument, Maturity Date | Jan. 30, 2036 | |||||||||
Debt Instrument, Basis Spread on Variable Rate | 3-month LIBOR + 1.95 | |||||||||
Two Thousand Six One Term Debt Securitization [Member] | ||||||||||
Subordinated Borrowing [Line Items] | ||||||||||
Long-term Debt, Gross | $ 51,545 | $ 51,545 | ||||||||
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 4.47% | 4.47% | 3.33% | |||||||
Debt Instrument Date Issued | Feb. 22, 2006 | |||||||||
Debt Instrument, Maturity Date | Apr. 30, 2036 | |||||||||
Debt Instrument, Basis Spread on Variable Rate | 3-month LIBOR + 1.95 | |||||||||
Two Thousand Six Two Term Debt Securitization [Member] | ||||||||||
Subordinated Borrowing [Line Items] | ||||||||||
Long-term Debt, Gross | $ 51,550 | $ 51,550 | ||||||||
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 4.47% | 4.47% | 3.33% | |||||||
Debt Instrument Date Issued | Sep. 27, 2006 | |||||||||
Debt Instrument, Maturity Date | Oct. 30, 2036 | |||||||||
Debt Instrument, Basis Spread on Variable Rate | 3-month LIBOR + 1.95 | |||||||||
Trust Preferred Securities Two Thousand Six Series Three [Member] | ||||||||||
Subordinated Borrowing [Line Items] | ||||||||||
Long-term Debt, Gross | [2] | $ 29,556 | $ 30,986 | |||||||
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 1.73% | 1.73% | 1.72% | |||||||
Debt Instrument Date Issued | Sep. 29, 2006 | |||||||||
Debt Instrument, Maturity Date | Oct. 30, 2036 | |||||||||
Debt Instrument, Basis Spread on Variable Rate | 3-month EURIBOR + 2.05 | |||||||||
Liability, Reporting Currency Denominated, Value | € | € 25.8 | |||||||||
Trust Preferred Securities Two Thousand Six Series Four [Member] | ||||||||||
Subordinated Borrowing [Line Items] | ||||||||||
Long-term Debt, Gross | $ 16,470 | $ 16,470 | ||||||||
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 4.47% | 4.47% | 3.33% | |||||||
Debt Instrument Date Issued | Dec. 05, 2006 | |||||||||
Debt Instrument, Maturity Date | Jan. 30, 2037 | |||||||||
Debt Instrument, Basis Spread on Variable Rate | 3-month LIBOR + 1.95 | |||||||||
Trust Preferred Securities Two Thousand Six Series Five [Member] | ||||||||||
Subordinated Borrowing [Line Items] | ||||||||||
Long-term Debt, Gross | $ 6,650 | $ 6,650 | ||||||||
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 4.47% | 4.47% | 3.33% | |||||||
Debt Instrument Date Issued | Dec. 19, 2006 | |||||||||
Debt Instrument, Maturity Date | Jan. 30, 2037 | |||||||||
Debt Instrument, Basis Spread on Variable Rate | 3-month LIBOR + 1.95 | |||||||||
Two Thousand Seven One Term Debt Securitization [Member] | ||||||||||
Subordinated Borrowing [Line Items] | ||||||||||
Long-term Debt, Gross | $ 39,177 | $ 39,177 | ||||||||
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 4.47% | 4.47% | 3.33% | |||||||
Debt Instrument Date Issued | Jun. 13, 2007 | |||||||||
Debt Instrument, Maturity Date | Jul. 30, 2037 | |||||||||
Debt Instrument, Basis Spread on Variable Rate | 3-month LIBOR + 1.95 | |||||||||
Subordinated Debentures Trust I Due March 2035 [Domain] | ||||||||||
Subordinated Borrowing [Line Items] | ||||||||||
Long-term Debt, Gross | [3] | $ 0 | $ 6,186 | |||||||
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 3.64% | |||||||||
Debt Instrument Date Issued | Dec. 10, 2004 | |||||||||
Debt Instrument, Maturity Date | Mar. 15, 2035 | |||||||||
Debt Instrument, Basis Spread on Variable Rate | 3-month LIBOR + 2.05 | |||||||||
Subordinated Debentures Trust II Due March 2036 [Member] | ||||||||||
Subordinated Borrowing [Line Items] | ||||||||||
Long-term Debt, Gross | [3] | $ 0 | $ 3,093 | |||||||
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 3.34% | |||||||||
Debt Instrument Date Issued | Dec. 23, 2005 | |||||||||
Debt Instrument, Maturity Date | Mar. 15, 2036 | |||||||||
Debt Instrument, Basis Spread on Variable Rate | 3-month LIBOR + 1.75 | |||||||||
Subordinated Debentures Trust III Due September 2036 [Member] | ||||||||||
Subordinated Borrowing [Line Items] | ||||||||||
Long-term Debt, Gross | [3] | $ 0 | $ 3,093 | |||||||
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 3.44% | |||||||||
London Interbank Offered Rate (LIBOR) [Member] | Subordinated Debt Trust V Due September 2033 [Member] | ||||||||||
Subordinated Borrowing [Line Items] | ||||||||||
Debt Instrument, Basis Spread on Variable Rate | 3.10% | |||||||||
London Interbank Offered Rate (LIBOR) [Member] | Subordinated Debt Trust VI Due September 2033 [Member] | ||||||||||
Subordinated Borrowing [Line Items] | ||||||||||
Debt Instrument, Basis Spread on Variable Rate | 3.05% | |||||||||
London Interbank Offered Rate (LIBOR) [Member] | Subordinated Debt Trust CII Due September 2033 [Member] | ||||||||||
Subordinated Borrowing [Line Items] | ||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.95% | |||||||||
London Interbank Offered Rate (LIBOR) [Member] | Subordinated Debt Trust VII Due April 2034 [Member] | ||||||||||
Subordinated Borrowing [Line Items] | ||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.75% | |||||||||
London Interbank Offered Rate (LIBOR) [Member] | Subordinated Debt Trust CIII Due September 2035 [Member] | ||||||||||
Subordinated Borrowing [Line Items] | ||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.69% | |||||||||
London Interbank Offered Rate (LIBOR) [Member] | Subordinated Debt Trust FCCI Due March 2037 [Member] | ||||||||||
Subordinated Borrowing [Line Items] | ||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.60% | |||||||||
London Interbank Offered Rate (LIBOR) [Member] | Subordinated Debt Trust FCBI Due December 2035 [Member] | ||||||||||
Subordinated Borrowing [Line Items] | ||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.55% | |||||||||
London Interbank Offered Rate (LIBOR) [Member] | Trust Preferred Securities Two Thousand Five Series One [Member] | ||||||||||
Subordinated Borrowing [Line Items] | ||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.95% | |||||||||
London Interbank Offered Rate (LIBOR) [Member] | Trust Preferred Securities Two Thousand Five Series Two [Member] | ||||||||||
Subordinated Borrowing [Line Items] | ||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.95% | |||||||||
London Interbank Offered Rate (LIBOR) [Member] | Two Thousand Six One Term Debt Securitization [Member] | ||||||||||
Subordinated Borrowing [Line Items] | ||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.95% | |||||||||
London Interbank Offered Rate (LIBOR) [Member] | Two Thousand Six Two Term Debt Securitization [Member] | ||||||||||
Subordinated Borrowing [Line Items] | ||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.95% | |||||||||
London Interbank Offered Rate (LIBOR) [Member] | Trust Preferred Securities Two Thousand Six Series Four [Member] | ||||||||||
Subordinated Borrowing [Line Items] | ||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.95% | |||||||||
London Interbank Offered Rate (LIBOR) [Member] | Trust Preferred Securities Two Thousand Six Series Five [Member] | ||||||||||
Subordinated Borrowing [Line Items] | ||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.95% | |||||||||
London Interbank Offered Rate (LIBOR) [Member] | Two Thousand Seven One Term Debt Securitization [Member] | ||||||||||
Subordinated Borrowing [Line Items] | ||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.95% | |||||||||
London Interbank Offered Rate (LIBOR) [Member] | Subordinated Debentures Trust I Due March 2035 [Domain] | ||||||||||
Subordinated Borrowing [Line Items] | ||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.05% | |||||||||
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 0.00% | 0.00% | ||||||||
London Interbank Offered Rate (LIBOR) [Member] | Subordinated Debentures Trust II Due March 2036 [Member] | ||||||||||
Subordinated Borrowing [Line Items] | ||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.75% | |||||||||
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 0.00% | 0.00% | ||||||||
London Interbank Offered Rate (LIBOR) [Member] | Subordinated Debentures Trust III Due September 2036 [Member] | ||||||||||
Subordinated Borrowing [Line Items] | ||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.85% | |||||||||
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 0.00% | 0.00% | ||||||||
Euribor Rate [Member] | Trust Preferred Securities Two Thousand Six Series Three [Member] | ||||||||||
Subordinated Borrowing [Line Items] | ||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.05% | |||||||||
|
Borrowings and Subordinated Debentures (Details Textual) - USD ($) |
12 Months Ended | |
---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
|
Notes Payable, Other Payables [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instruments Weighted Average Remaining Maturity Period | 1 year | |
Unused lines of Credit [Member] | ||
Debt Instrument [Line Items] | ||
Line of Credit Facility, Amount Outstanding | $ 0 | |
Line of Credit Facility, Current Borrowing Capacity | 180,000,000 | |
Debt Instrument, Unused Borrowing Capacity, Fee | 0 | |
American Financial Exchange [Member] | ||
Debt Instrument [Line Items] | ||
Line of Credit Facility, Amount Outstanding | 190,000,000 | $ 0 |
Federal Home Loan Bank of San Francisco [Member] | ||
Debt Instrument [Line Items] | ||
Loans Pledged as Collateral | 5,400,000,000 | |
Federal Home Loan Bank of San Francisco [Member] | Secured Debt [Member] | ||
Debt Instrument [Line Items] | ||
Line of Credit Facility, Borrowing Capacity, Description | 3,746,970,000 | |
Line of Credit, Current | 1,040,000,000 | 332,000,000 |
Federal Home Loan Bank of San Francisco [Member] | Unused lines of Credit [Member] | ||
Debt Instrument [Line Items] | ||
Line of Credit Facility, Borrowing Capacity, Description | 141,000,000 | |
Federal Home Loan Bank of San Francisco [Member] | Unsecured Debt [Member] | ||
Debt Instrument [Line Items] | ||
Line of Credit, Current | 141,000,000 | 135,000,000 |
Federal Reserve Bank Advances [Member] | ||
Debt Instrument [Line Items] | ||
Line of Credit Facility, Amount Outstanding | 0 | 0 |
Loans Pledged as Collateral | 2,700,000,000 | |
Federal Reserve Bank Advances [Member] | Secured Debt [Member] | ||
Debt Instrument [Line Items] | ||
Line of Credit Facility, Borrowing Capacity, Description | 2,003,269,000 | |
Maturity Overnight [Member] | Federal Home Loan Bank of San Francisco [Member] | ||
Debt Instrument [Line Items] | ||
Line of Credit, Current | 1,000,000,000 | $ 332,000,000 |
Maturity Overnight [Member] | American Financial Exchange [Member] | ||
Debt Instrument [Line Items] | ||
Line of Credit Facility, Amount Outstanding | $ 190,000,000 |
Commitments and Contingencies (Details) - USD ($) |
Dec. 31, 2018 |
Dec. 31, 2017 |
---|---|---|
Other Commitments [Line Items] | ||
Loan commitments to extend credit | $ 7,528,248,000 | $ 6,234,061,000 |
Standby letters of credit | 364,210,000 | 320,063,000 |
Commitment To Contribute Capital | 101,991,000 | 62,553,000 |
Purchase Commitment, Remaining Minimum Amount Committed | 50,000 | 2,541,000 |
Unused Commitments to Extend Credit | $ 7,994,499,000 | $ 6,619,218,000 |
Commitments and Contingencies (Details Textual) - USD ($) |
Dec. 31, 2018 |
Dec. 31, 2017 |
---|---|---|
Long-term Purchase Commitment [Line Items] | ||
Commitment To Contribute Capital | $ 101,991,000 | $ 62,553,000 |
Purchase Commitment, Remaining Minimum Amount Committed | $ 50,000 | $ 2,541,000 |
Fair Value Measurements (Details) - USD ($) $ in Thousands |
12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
|||||||
Securities available‑for‑sale | $ (4,009,431) | $ (3,774,431) | ||||||||
Fair Value, Estimate Not Practicable, Equity Method Investments | 4,891 | |||||||||
Warrants Not Settleable in Cash, Fair Value Disclosure | 5,161 | |||||||||
Fair Value, Measurements, Recurring [Member] | ||||||||||
Securities available‑for‑sale | (4,009,431) | (3,774,431) | ||||||||
Derivative Asset, Fair Value of Collateral | 3,292 | 1,873 | ||||||||
Warrants Not Settleable in Cash, Fair Value Disclosure | 4,793 | 5,161 | ||||||||
Assets, Fair Value Disclosure, Recurring | 4,022,407 | 3,781,465 | ||||||||
Derivative Liability, Fair Value of Collateral | 142 | 1,379 | ||||||||
Level 1 | ||||||||||
Securities available‑for‑sale | (5,922) | |||||||||
Level 1 | Fair Value, Measurements, Recurring [Member] | ||||||||||
Securities available‑for‑sale | (403,405) | (5,922) | ||||||||
Derivative Asset, Fair Value of Collateral | 0 | 0 | ||||||||
Fair Value, Estimate Not Practicable, Equity Method Investments | 4,891 | |||||||||
Warrants Not Settleable in Cash, Fair Value Disclosure | 0 | 0 | ||||||||
Assets, Fair Value Disclosure, Recurring | 408,296 | 5,922 | ||||||||
Derivative Liability, Fair Value of Collateral | 0 | 0 | ||||||||
Level 2 | ||||||||||
Securities available‑for‑sale | (3,703,526) | |||||||||
Level 2 | Fair Value, Measurements, Recurring [Member] | ||||||||||
Securities available‑for‑sale | (3,558,793) | (3,703,526) | ||||||||
Derivative Asset, Fair Value of Collateral | 3,292 | 1,873 | ||||||||
Fair Value, Estimate Not Practicable, Equity Method Investments | 0 | |||||||||
Warrants Not Settleable in Cash, Fair Value Disclosure | 0 | 0 | ||||||||
Assets, Fair Value Disclosure, Recurring | 3,562,085 | 3,705,399 | ||||||||
Derivative Liability, Fair Value of Collateral | 142 | 1,379 | ||||||||
Level 3 | ||||||||||
Securities available‑for‑sale | (64,983) | |||||||||
Warrants Not Settleable in Cash, Fair Value Disclosure | 5,161 | $ 5,497 | $ 4,914 | |||||||
Level 3 | Fair Value, Measurements, Recurring [Member] | ||||||||||
Securities available‑for‑sale | (47,233) | (64,983) | ||||||||
Derivative Asset, Fair Value of Collateral | 0 | 0 | ||||||||
Fair Value, Estimate Not Practicable, Equity Method Investments | 0 | |||||||||
Warrants Not Settleable in Cash, Fair Value Disclosure | 4,793 | 5,161 | ||||||||
Assets, Fair Value Disclosure, Recurring | 52,026 | 70,144 | ||||||||
Derivative Liability, Fair Value of Collateral | 0 | 0 | ||||||||
Government agency and government-sponsored enterprise pass through securities [Member] | ||||||||||
Securities available‑for‑sale | (281,088) | (246,274) | ||||||||
Government agency and government-sponsored enterprise pass through securities [Member] | Fair Value, Measurements, Recurring [Member] | ||||||||||
Securities available‑for‑sale | (281,088) | (246,274) | ||||||||
Government agency and government-sponsored enterprise pass through securities [Member] | Level 1 | Fair Value, Measurements, Recurring [Member] | ||||||||||
Securities available‑for‑sale | 0 | 0 | ||||||||
Government agency and government-sponsored enterprise pass through securities [Member] | Level 2 | Fair Value, Measurements, Recurring [Member] | ||||||||||
Securities available‑for‑sale | (281,088) | (246,274) | ||||||||
Government agency and government-sponsored enterprise pass through securities [Member] | Level 3 | Fair Value, Measurements, Recurring [Member] | ||||||||||
Securities available‑for‑sale | 0 | 0 | ||||||||
Government agency and government-sponsored enterprise collateralized mortgage obligations [Member] | ||||||||||
Securities available‑for‑sale | (632,850) | (275,709) | ||||||||
Government agency and government-sponsored enterprise collateralized mortgage obligations [Member] | Fair Value, Measurements, Recurring [Member] | ||||||||||
Securities available‑for‑sale | (632,850) | (275,709) | ||||||||
Government agency and government-sponsored enterprise collateralized mortgage obligations [Member] | Level 1 | Fair Value, Measurements, Recurring [Member] | ||||||||||
Securities available‑for‑sale | 0 | 0 | ||||||||
Government agency and government-sponsored enterprise collateralized mortgage obligations [Member] | Level 2 | Fair Value, Measurements, Recurring [Member] | ||||||||||
Securities available‑for‑sale | (632,850) | (275,709) | ||||||||
Government agency and government-sponsored enterprise collateralized mortgage obligations [Member] | Level 3 | Fair Value, Measurements, Recurring [Member] | ||||||||||
Securities available‑for‑sale | 0 | 0 | ||||||||
Private Label Collateralized Mortgage Obligations [Member] | ||||||||||
Securities available‑for‑sale | (101,205) | (125,987) | ||||||||
Collateralized Mortgage Obligations [Member] | Fair Value, Measurements, Recurring [Member] | ||||||||||
Securities available‑for‑sale | (101,205) | (125,987) | ||||||||
Collateralized Mortgage Obligations [Member] | Level 1 | Fair Value, Measurements, Recurring [Member] | ||||||||||
Securities available‑for‑sale | 0 | 0 | ||||||||
Collateralized Mortgage Obligations [Member] | Level 2 | Fair Value, Measurements, Recurring [Member] | ||||||||||
Securities available‑for‑sale | (93,917) | (103,113) | ||||||||
Collateralized Mortgage Obligations [Member] | Level 3 | Fair Value, Measurements, Recurring [Member] | ||||||||||
Securities available‑for‑sale | (7,288) | (22,874) | ||||||||
Municipal Securities [Member] | ||||||||||
Securities available‑for‑sale | (1,312,194) | (1,680,068) | ||||||||
Municipal Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||||||||||
Securities available‑for‑sale | (1,312,194) | (1,680,068) | ||||||||
Municipal Securities [Member] | Level 1 | Fair Value, Measurements, Recurring [Member] | ||||||||||
Securities available‑for‑sale | 0 | 0 | ||||||||
Municipal Securities [Member] | Level 2 | Fair Value, Measurements, Recurring [Member] | ||||||||||
Securities available‑for‑sale | (1,312,194) | (1,680,068) | ||||||||
Municipal Securities [Member] | Level 3 | Fair Value, Measurements, Recurring [Member] | ||||||||||
Securities available‑for‑sale | 0 | 0 | ||||||||
Commercial Mortgage Backed Securities [Member] | ||||||||||
Securities available‑for‑sale | (1,112,704) | (1,163,969) | ||||||||
Commercial Mortgage Backed Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||||||||||
Securities available‑for‑sale | (1,112,704) | (1,163,969) | ||||||||
Commercial Mortgage Backed Securities [Member] | Level 1 | Fair Value, Measurements, Recurring [Member] | ||||||||||
Securities available‑for‑sale | 0 | 0 | ||||||||
Commercial Mortgage Backed Securities [Member] | Level 2 | Fair Value, Measurements, Recurring [Member] | ||||||||||
Securities available‑for‑sale | (1,112,704) | (1,163,969) | ||||||||
Commercial Mortgage Backed Securities [Member] | Level 3 | Fair Value, Measurements, Recurring [Member] | ||||||||||
Securities available‑for‑sale | 0 | 0 | ||||||||
US Treasury Securities [Member] | ||||||||||
Securities available‑for‑sale | (403,405) | 0 | ||||||||
US Treasury Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||||||||||
Securities available‑for‑sale | (403,405) | |||||||||
US Treasury Securities [Member] | Level 1 | Fair Value, Measurements, Recurring [Member] | ||||||||||
Securities available‑for‑sale | (403,405) | |||||||||
US Treasury Securities [Member] | Level 2 | Fair Value, Measurements, Recurring [Member] | ||||||||||
Securities available‑for‑sale | 0 | |||||||||
US Treasury Securities [Member] | Level 3 | Fair Value, Measurements, Recurring [Member] | ||||||||||
Securities available‑for‑sale | 0 | |||||||||
Corporate Debt Securities [Member] | ||||||||||
Securities available‑for‑sale | (17,553) | (19,295) | ||||||||
Corporate Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||||||||||
Securities available‑for‑sale | (17,553) | (19,295) | ||||||||
Corporate Debt Securities [Member] | Level 1 | Fair Value, Measurements, Recurring [Member] | ||||||||||
Securities available‑for‑sale | 0 | 0 | ||||||||
Corporate Debt Securities [Member] | Level 2 | Fair Value, Measurements, Recurring [Member] | ||||||||||
Securities available‑for‑sale | (17,553) | (19,295) | ||||||||
Corporate Debt Securities [Member] | Level 3 | Fair Value, Measurements, Recurring [Member] | ||||||||||
Securities available‑for‑sale | 0 | 0 | ||||||||
Collateralized Loan Obligations [Member] | ||||||||||
Securities available‑for‑sale | 0 | (7,015) | ||||||||
Collateralized Loan Obligations [Member] | Fair Value, Measurements, Recurring [Member] | ||||||||||
Securities available‑for‑sale | (7,015) | |||||||||
Collateralized Loan Obligations [Member] | Level 1 | Fair Value, Measurements, Recurring [Member] | ||||||||||
Securities available‑for‑sale | 0 | |||||||||
Collateralized Loan Obligations [Member] | Level 2 | Fair Value, Measurements, Recurring [Member] | ||||||||||
Securities available‑for‑sale | (7,015) | |||||||||
Collateralized Loan Obligations [Member] | Level 3 | Fair Value, Measurements, Recurring [Member] | ||||||||||
Securities available‑for‑sale | 0 | |||||||||
SBA asset-backed securities [Member] | ||||||||||
Securities available‑for‑sale | (67,047) | (160,334) | ||||||||
SBA asset-backed securities [Member] | Fair Value, Measurements, Recurring [Member] | ||||||||||
Securities available‑for‑sale | (67,047) | (160,334) | ||||||||
SBA asset-backed securities [Member] | Level 1 | Fair Value, Measurements, Recurring [Member] | ||||||||||
Securities available‑for‑sale | 0 | 0 | ||||||||
SBA asset-backed securities [Member] | Level 2 | Fair Value, Measurements, Recurring [Member] | ||||||||||
Securities available‑for‑sale | (67,047) | (160,334) | ||||||||
SBA asset-backed securities [Member] | Level 3 | Fair Value, Measurements, Recurring [Member] | ||||||||||
Securities available‑for‑sale | 0 | 0 | ||||||||
Asset-backed Securities [Member] | ||||||||||
Securities available‑for‑sale | (81,385) | (88,710) | ||||||||
Asset-backed Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||||||||||
Securities available‑for‑sale | (81,385) | (88,710) | ||||||||
Asset-backed Securities [Member] | Level 1 | Fair Value, Measurements, Recurring [Member] | ||||||||||
Securities available‑for‑sale | 0 | 0 | ||||||||
Asset-backed Securities [Member] | Level 2 | Fair Value, Measurements, Recurring [Member] | ||||||||||
Securities available‑for‑sale | (41,440) | (46,601) | ||||||||
Asset-backed Securities [Member] | Level 3 | Fair Value, Measurements, Recurring [Member] | ||||||||||
Securities available‑for‑sale | (39,945) | (42,109) | ||||||||
Equity Securities [Member] | ||||||||||
Securities available‑for‑sale | [1] | 0 | (7,070) | [2] | ||||||
Equity Securities [Member] | Level 1 | Fair Value, Measurements, Recurring [Member] | ||||||||||
Securities available‑for‑sale | [2] | (5,922) | ||||||||
Equity Securities [Member] | Level 2 | Fair Value, Measurements, Recurring [Member] | ||||||||||
Securities available‑for‑sale | [2] | (1,148) | ||||||||
Equity Securities [Member] | Level 3 | Fair Value, Measurements, Recurring [Member] | ||||||||||
Securities available‑for‑sale | [2] | $ 0 | ||||||||
Equity Securities [Member] | ||||||||||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | $ 7,100 | |||||||||
|
Fair Value Measurements (Details 1) - Level 3 - Fair Value, Measurements, Recurring [Member] |
12 Months Ended | |||
---|---|---|---|---|
Dec. 31, 2018 | ||||
Minimum [Member] | Private Label CMOs | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Fair Value Inputs, Prepayment Rate | 6.10% | |||
Fair Value Inputs, Probability of Default | 0.60% | |||
Fair Value Inputs, Loss Severity | 5.30% | |||
Fair Value Inputs, Discount Rate | 2.40% | |||
Minimum [Member] | Asset-backed Securities [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Fair Value Inputs, Prepayment Rate | 12.00% | |||
Fair Value Inputs, Probability of Default | 2.00% | |||
Fair Value Inputs, Loss Severity | 60.00% | |||
Fair Value Inputs, Discount Rate | 3.20% | |||
Maximum [Member] | Private Label CMOs | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Fair Value Inputs, Prepayment Rate | 31.10% | |||
Fair Value Inputs, Probability of Default | 82.00% | |||
Fair Value Inputs, Loss Severity | 135.20% | |||
Fair Value Inputs, Discount Rate | 9.70% | |||
Maximum [Member] | Asset-backed Securities [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Fair Value Inputs, Prepayment Rate | 15.00% | |||
Fair Value Inputs, Probability of Default | 2.00% | |||
Fair Value Inputs, Loss Severity | 60.00% | |||
Fair Value Inputs, Discount Rate | 5.20% | |||
Weighted Average [Member] | Private Label CMOs | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Fair Value Inputs, Prepayment Rate | 10.20% | |||
Fair Value Inputs, Probability of Default | 1.90% | |||
Fair Value Inputs, Loss Severity | 53.00% | |||
Fair Value Inputs, Discount Rate | 6.40% | |||
Weighted Average [Member] | Asset-backed Securities [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Fair Value Inputs, Prepayment Rate | 6.90% | |||
Fair Value Inputs, Probability of Default | 2.00% | [1] | ||
Fair Value Inputs, Loss Severity | 60.00% | [1] | ||
Fair Value Inputs, Discount Rate | 2.10% | |||
Weighted Average [Member] | Warrant [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Volatility | 16.60% | |||
Risk-free interest rate | 2.50% | |||
Remaining life assumption (in years) | 3 years 6 months 14 days | |||
|
Fair Value Measurements (Details 2) - Level 3 - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Covered Private Label Collateralized Mortgage Obligations Member [Domain] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | $ (21,200) | ||
Covered Private Label Collateralized Mortgage Obligations Member [Domain] | Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value, beginning balance | $ 22,874 | 56,902 | $ 81,241 |
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings | 1,737 | 2,256 | 1,636 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | (1,146) | (742) | (1,648) |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | (4,880) | (4,732) | 0 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 0 | 574 | 0 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | 0 | 21,165 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | (11,297) | (10,219) | (24,327) |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value, ending balance | 7,288 | 22,874 | 56,902 |
Other securities [Member] | Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value, beginning balance | 42,109 | 8,373 | 18,200 |
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings | (32) | 367 | 96 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | 495 | (937) | 94 |
Stock and Warrants Purchases During Period | 15,158 | 42,910 | 0 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | (17,785) | (8,604) | (10,017) |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value, ending balance | $ 39,945 | $ 42,109 | $ 8,373 |
Fair Value Measurements (Details 3) - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended | |||||
---|---|---|---|---|---|---|---|
Sep. 30, 2017 |
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
|||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||
Warrants Not Settleable in Cash, Fair Value Disclosure | $ 5,161 | ||||||
Level 3 | |||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||
Gain on Sale of Investments | $ 7,478 | 2,532 | $ 1,402 | ||||
Proceeds from Issuance of Warrants | [1] | (8,589) | (3,093) | (1,894) | |||
Stock and Warrants Issued During Period, Value, Preferred Stock and Warrants | $ 821 | 1,407 | 1,911 | ||||
Equity Warrants Transfers to Available For Sale Securities | $ (1,182) | (1,182) | 836 | ||||
Warrants Not Settleable in Cash, Fair Value Disclosure | $ 5,161 | $ 5,497 | $ 4,914 | ||||
|
Fair Value Measurements (Details 4) - USD ($) $ in Thousands |
Dec. 31, 2018 |
Dec. 31, 2017 |
---|---|---|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans Held-for-sale, Fair Value Disclosure | $ 483,563 | |
Loans Receivable, Fair Value Disclosure | $ 17,013,860 | |
Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans Receivable, Fair Value Disclosure | 17,012,060 | |
Fair Value, Measurements, Nonrecurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Nonrecurring | 25,568 | 544,658 |
Fair Value, Measurements, Nonrecurring [Member] | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Nonrecurring | 0 | 0 |
Fair Value, Measurements, Nonrecurring [Member] | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Nonrecurring | 2,936 | 488,706 |
Fair Value, Measurements, Nonrecurring [Member] | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Nonrecurring | 22,632 | 55,952 |
Non Purchased Credit Impaired Loans and Leases [Member] | Fair Value, Measurements, Nonrecurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Nonrecurring | 24,432 | 61,095 |
Non Purchased Credit Impaired Loans and Leases [Member] | Fair Value, Measurements, Nonrecurring [Member] | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Nonrecurring | 0 | 0 |
Loans Held-for-sale, Fair Value Disclosure | 0 | |
Non Purchased Credit Impaired Loans and Leases [Member] | Fair Value, Measurements, Nonrecurring [Member] | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Nonrecurring | 1,800 | 5,143 |
Loans Held-for-sale, Fair Value Disclosure | 483,563 | |
Non Purchased Credit Impaired Loans and Leases [Member] | Fair Value, Measurements, Nonrecurring [Member] | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Nonrecurring | 22,632 | 55,952 |
Loans Held-for-sale, Fair Value Disclosure | 0 | |
Other real estate and foreclosed assets [Member] | Fair Value, Measurements, Nonrecurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Nonrecurring | 1,136 | 483,563 |
Other real estate and foreclosed assets [Member] | Fair Value, Measurements, Nonrecurring [Member] | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Nonrecurring | 0 | 0 |
Other real estate and foreclosed assets [Member] | Fair Value, Measurements, Nonrecurring [Member] | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Nonrecurring | 1,136 | 483,563 |
Third party appraisals [Domain] | Other real estate and foreclosed assets [Member] | Fair Value, Measurements, Nonrecurring [Member] | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Nonrecurring | $ 0 | $ 0 |
Fair Value Measurements (Details 5) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Loan Receivable Held-For-Sale, Charge-offs | $ 0 | $ 957 | $ 0 |
Fair Value, Measurements, Nonrecurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, Fair Value Disclosure, Nonrecurring | 25,568 | 544,658 | |
Total Net Gain (Loss) from Nonrecurring Assets | 9,272 | 21,393 | 45,816 |
Other real estate and foreclosed assets [Member] | Fair Value, Measurements, Nonrecurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, Fair Value Disclosure, Nonrecurring | 1,136 | 483,563 | |
Total Net Gain (Loss) from Nonrecurring Assets | 74 | 14 | 2,576 |
Non Purchased Credit Impaired Loans and Leases [Member] | Fair Value, Measurements, Nonrecurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, Fair Value Disclosure, Nonrecurring | 24,432 | 61,095 | |
Total Net Gain (Loss) from Nonrecurring Assets | 9,198 | 20,422 | $ 43,240 |
Level 1 | Fair Value, Measurements, Nonrecurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, Fair Value Disclosure, Nonrecurring | 0 | 0 | |
Level 1 | Other real estate and foreclosed assets [Member] | Fair Value, Measurements, Nonrecurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, Fair Value Disclosure, Nonrecurring | 0 | 0 | |
Level 1 | Non Purchased Credit Impaired Loans and Leases [Member] | Fair Value, Measurements, Nonrecurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, Fair Value Disclosure, Nonrecurring | 0 | 0 | |
Level 2 | Fair Value, Measurements, Nonrecurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, Fair Value Disclosure, Nonrecurring | 2,936 | 488,706 | |
Level 2 | Other real estate and foreclosed assets [Member] | Fair Value, Measurements, Nonrecurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, Fair Value Disclosure, Nonrecurring | 1,136 | 483,563 | |
Level 2 | Non Purchased Credit Impaired Loans and Leases [Member] | Fair Value, Measurements, Nonrecurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, Fair Value Disclosure, Nonrecurring | 1,800 | 5,143 | |
Level 3 | Fair Value, Measurements, Nonrecurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, Fair Value Disclosure, Nonrecurring | 22,632 | 55,952 | |
Level 3 | Non Purchased Credit Impaired Loans and Leases [Member] | Fair Value, Measurements, Nonrecurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, Fair Value Disclosure, Nonrecurring | 22,632 | 55,952 | |
Third party appraisals [Domain] | Level 3 | Other real estate and foreclosed assets [Member] | Fair Value, Measurements, Nonrecurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, Fair Value Disclosure, Nonrecurring | $ 0 | $ 0 |
Fair Value Measurements (Details 6) - Fair Value, Measurements, Nonrecurring [Member] - USD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Nonrecurring | $ 25,568 | $ 544,658 |
Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Nonrecurring | 22,632 | 55,952 |
Non Purchased Credit Impaired Loans and Leases [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Nonrecurring | 24,432 | 61,095 |
Non Purchased Credit Impaired Loans and Leases [Member] | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Nonrecurring | 22,632 | $ 55,952 |
Negotiated Discount Payoff From Investors [Member] | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Nonrecurring | 5,000 | |
Discount Rates [Member] | Discounted Cash Flow [Member] | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Nonrecurring | $ 11,931 | |
Discount Rates [Member] | Minimum [Member] | Discounted Cash Flow [Member] | Non Purchased Credit Impaired Loans and Leases [Member] | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value Inputs, Discount Rate | 3.75% | |
Discount Rates [Member] | Maximum [Member] | Discounted Cash Flow [Member] | Non Purchased Credit Impaired Loans and Leases [Member] | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value Inputs, Discount Rate | 8.00% | |
Discount Rates [Member] | Weighted Average [Member] | Discounted Cash Flow [Member] | Non Purchased Credit Impaired Loans and Leases [Member] | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value Inputs, Discount Rate | 6.92% | |
No Discounts [Member] | Third party appraisals [Domain] | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Nonrecurring | $ 5,701 |
Fair Value Measurements (Details 7) - USD ($) $ in Thousands |
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
---|---|---|---|---|
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and due from banks | $ 175,830 | $ 233,215 | ||
Interest-earning deposits in financial institutions | 209,937 | 165,222 | ||
Securities available-for-sale, at fair value | 3,774,431 | |||
Securities available-for-sale, at fair value | 4,009,431 | 3,774,431 | ||
Federal Home Loan Bank stock, at cost | 32,103 | 20,790 | ||
Investment in Federal Home Loan Bank Stock, Fair Value Disclosure | 32,103 | 20,790 | ||
Loans Receivable Held-for-sale, Amount | 0 | 1,500,000 | ||
Loans and leases, net | 17,825,241 | 16,833,287 | ||
Loans Receivable, Fair Value Disclosure | 17,013,860 | |||
Warrants and Rights Outstanding | 5,161 | |||
Derivative Asset | 3,292 | 1,873 | ||
Fair Value, Estimate Not Practicable, Equity Method Investments | 4,891 | |||
Warrants Not Settleable in Cash, Fair Value Disclosure | 5,161 | |||
Deposits, Savings Deposits | 16,346,671 | 15,937,012 | ||
Interest-bearing Domestic Deposit, Brokered | 518,192 | 863,202 | ||
Time Deposits | 2,005,638 | 2,065,322 | ||
Deposits, Fair Value Disclosure | 2,017,137 | 2,055,104 | ||
Borrowings | 1,371,114 | 467,342 | ||
Long-term Debt, Fair Value | 1,371,114 | 467,342 | ||
Subordinated debentures | 453,846 | 462,437 | ||
Subordinated Debt Obligations, Fair Value Disclosure | 435,251 | 444,383 | ||
Derivative Liability | 142 | 1,379 | ||
Loans held for sale, at lower of cost or fair value | 481,100 | |||
Loans Held-for-sale, Fair Value Disclosure | 483,563 | |||
Level 1 | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and due from banks | 175,830 | 233,215 | ||
Interest-earning deposits in financial institutions | 209,937 | 165,222 | ||
Securities available-for-sale, at fair value | 5,922 | |||
Investment in Federal Home Loan Bank Stock, Fair Value Disclosure | 0 | 0 | ||
Deposits, Savings Deposits | 0 | 0 | ||
Interest-bearing Domestic Deposit, Brokered | 0 | 0 | ||
Deposits, Fair Value Disclosure | 0 | 0 | ||
Long-term Debt, Fair Value | 1,371,000 | 467,000 | ||
Subordinated Debt Obligations, Fair Value Disclosure | 0 | 0 | ||
Level 2 | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and due from banks | 0 | 0 | ||
Interest-earning deposits in financial institutions | 0 | 0 | ||
Securities available-for-sale, at fair value | 3,703,526 | |||
Investment in Federal Home Loan Bank Stock, Fair Value Disclosure | 32,103 | 20,790 | ||
Deposits, Savings Deposits | 16,346,671 | 15,937,012 | ||
Interest-bearing Domestic Deposit, Brokered | 518,192 | 863,202 | ||
Deposits, Fair Value Disclosure | 2,017,137 | 2,055,104 | ||
Long-term Debt, Fair Value | 114 | 342 | ||
Subordinated Debt Obligations, Fair Value Disclosure | 435,251 | 444,383 | ||
Level 3 | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and due from banks | 0 | 0 | ||
Interest-earning deposits in financial institutions | 0 | 0 | ||
Securities available-for-sale, at fair value | 64,983 | |||
Investment in Federal Home Loan Bank Stock, Fair Value Disclosure | 0 | 0 | ||
Loans Receivable, Fair Value Disclosure | 17,012,060 | |||
Warrants Not Settleable in Cash, Fair Value Disclosure | 5,161 | $ 5,497 | $ 4,914 | |
Deposits, Savings Deposits | 0 | 0 | ||
Interest-bearing Domestic Deposit, Brokered | 0 | 0 | ||
Deposits, Fair Value Disclosure | 0 | 0 | ||
Long-term Debt, Fair Value | 0 | 0 | ||
Subordinated Debt Obligations, Fair Value Disclosure | 0 | 0 | ||
NonPCI and PCI Loans [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Loans and leases, net | 16,833,287 | |||
Loans Receivable, Fair Value Disclosure | 17,023,098 | |||
NonPCI and PCI Loans [Member] | Level 1 | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Loans Receivable, Fair Value Disclosure | 0 | 0 | ||
NonPCI and PCI Loans [Member] | Level 2 | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Loans Receivable, Fair Value Disclosure | 1,800 | 5,143 | ||
NonPCI and PCI Loans [Member] | Level 3 | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Loans Receivable, Fair Value Disclosure | 17,017,955 | |||
Fair Value, Measurements, Recurring [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Securities available-for-sale, at fair value | 4,009,431 | 3,774,431 | ||
Derivative Asset, Fair Value of Collateral | 3,292 | 1,873 | ||
Warrants Not Settleable in Cash, Fair Value Disclosure | 4,793 | 5,161 | ||
Derivative Liability, Fair Value of Collateral | 142 | 1,379 | ||
Fair Value, Measurements, Recurring [Member] | Level 1 | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Securities available-for-sale, at fair value | 403,405 | 5,922 | ||
Derivative Asset, Fair Value of Collateral | 0 | 0 | ||
Fair Value, Estimate Not Practicable, Equity Method Investments | 4,891 | |||
Warrants Not Settleable in Cash, Fair Value Disclosure | 0 | 0 | ||
Derivative Liability, Fair Value of Collateral | 0 | 0 | ||
Fair Value, Measurements, Recurring [Member] | Level 2 | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Securities available-for-sale, at fair value | 3,558,793 | 3,703,526 | ||
Derivative Asset, Fair Value of Collateral | 3,292 | 1,873 | ||
Fair Value, Estimate Not Practicable, Equity Method Investments | 0 | |||
Warrants Not Settleable in Cash, Fair Value Disclosure | 0 | 0 | ||
Derivative Liability, Fair Value of Collateral | 142 | 1,379 | ||
Fair Value, Measurements, Recurring [Member] | Level 3 | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Securities available-for-sale, at fair value | 47,233 | 64,983 | ||
Derivative Asset, Fair Value of Collateral | 0 | 0 | ||
Fair Value, Estimate Not Practicable, Equity Method Investments | 0 | |||
Warrants Not Settleable in Cash, Fair Value Disclosure | 4,793 | 5,161 | ||
Derivative Liability, Fair Value of Collateral | $ 0 | 0 | ||
Non Purchased Credit Impaired Loans and Leases [Member] | Fair Value, Measurements, Nonrecurring [Member] | Level 1 | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Loans Held-for-sale, Fair Value Disclosure | 0 | |||
Non Purchased Credit Impaired Loans and Leases [Member] | Fair Value, Measurements, Nonrecurring [Member] | Level 2 | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Loans Held-for-sale, Fair Value Disclosure | 483,563 | |||
Non Purchased Credit Impaired Loans and Leases [Member] | Fair Value, Measurements, Nonrecurring [Member] | Level 3 | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Loans Held-for-sale, Fair Value Disclosure | $ 0 |
Fair Value Measurements (Details Textual) - USD ($) |
3 Months Ended | 12 Months Ended | |||
---|---|---|---|---|---|
Sep. 30, 2017 |
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Securities available-for-sale, at fair value | $ 4,009,431,000 | $ 3,774,431,000 | |||
Warrants Not Settleable in Cash, Fair Value Disclosure | 5,161,000 | ||||
Threshold for loans that are considered individually significant for allowance analysis purposes | 250,000 | ||||
Equity Method Investment, Other than Temporary Impairment | 5,900,000 | ||||
Level 3 | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Securities available-for-sale, at fair value | 64,983,000 | ||||
Warrants Not Settleable in Cash, Fair Value Disclosure | 5,161,000 | $ 5,497,000 | $ 4,914,000 | ||
Equity Warrants Transfers to Available For Sale Securities | $ 1,182,000 | 1,182,000 | (836,000) | ||
Fair Value, Measurements, Recurring [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Securities available-for-sale, at fair value | 4,009,431,000 | 3,774,431,000 | |||
Warrants Not Settleable in Cash, Fair Value Disclosure | 4,793,000 | 5,161,000 | |||
Fair Value, Measurements, Recurring [Member] | Level 3 | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Securities available-for-sale, at fair value | 47,233,000 | 64,983,000 | |||
Warrants Not Settleable in Cash, Fair Value Disclosure | 4,793,000 | 5,161,000 | |||
Covered Private Label Collateralized Mortgage Obligations Member [Domain] | Level 3 | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | 21,200,000 | ||||
Covered Private Label Collateralized Mortgage Obligations Member [Domain] | Fair Value, Measurements, Recurring [Member] | Level 3 | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 0 | 574,000 | $ 0 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | 0 | (21,165,000) | |||
Private Label Collateralized Mortgage Obligations [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Securities available-for-sale, at fair value | 101,205,000 | 125,987,000 | |||
Asset-backed Securities [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Securities available-for-sale, at fair value | 81,385,000 | 88,710,000 | |||
Asset-backed Securities [Member] | Fair Value, Measurements, Recurring [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Securities available-for-sale, at fair value | 81,385,000 | 88,710,000 | |||
Asset-backed Securities [Member] | Fair Value, Measurements, Recurring [Member] | Level 3 | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Securities available-for-sale, at fair value | 39,945,000 | $ 42,109,000 | |||
Warrant [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | $ (78,000) |
Income Taxes (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Income Tax Disclosure [Abstract] | |||
Federal | $ 100,466 | $ 74,769 | $ 101,530 |
Current State and Local Tax Expense | 69,909 | 38,933 | 52,551 |
Current Income Tax Expense | 170,375 | 113,702 | 154,081 |
Deferred Federal Income Tax Expense | 4,746 | 63,463 | 55,857 |
Deferred State and Local Income Tax Expense | (7,143) | 19,748 | (4,168) |
Deferred Income Tax Expense (Benefit) | (2,397) | 83,211 | 51,689 |
Income Tax Expense (Benefit), Continuing Operations, Discontinued Operations | $ 167,978 | $ 196,913 | $ 205,770 |
Income Taxes (Details 1) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Income Tax Disclosure [Abstract] | |||
Effective Income Tax Rate Reconciliation at Federal Statutory Income Tax Rate, Amount | $ 132,997 | $ 194,156 | $ 195,278 |
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Amount | 45,945 | 33,729 | 32,896 |
Effective Income Tax Rate Reconciliation, Tax Exempt Income, Amount | (9,810) | (15,510) | (13,992) |
Income Tax Reconciliation Change In Cash Surrender Value Of Life Insurance | (1,742) | (1,853) | (1,544) |
Income Tax Credits and Adjustments | (2,025) | (2,054) | (1,439) |
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Share-based Compensation Cost, Amount | 2,552 | 1,781 | 1,257 |
Nondeductible acquisition-related expense | 71 | 1,608 | 0 |
Nondeductible FDIC Insurance Premiums | 1,664 | 0 | 0 |
Deferred Tax Assets, Tax Deferred Expense | (169) | 1,157 | (2,268) |
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Amount | (15,721) | (13,071) | (8,689) |
Deferred Tax Asset, Capital Loss Carryforward, Expired | 8,097 | 0 | 0 |
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Amount | 1,859 | (1,156) | 0 |
Effective Income Tax Rate Reconciliation, Other Reconciling Items, Amount | 4,260 | (1,874) | 4,271 |
Income Tax Expense (Benefit), Continuing Operations, Discontinued Operations | $ 167,978 | $ 196,913 | $ 205,770 |
Income Taxes (Details 2) - USD ($) $ in Thousands |
Dec. 31, 2018 |
Dec. 31, 2017 |
---|---|---|
Income Tax Disclosure [Abstract] | ||
Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Provision for Loan Losses | $ 58,375 | $ 60,349 |
Interest on nonaccrual loans | 4,389 | 8,519 |
Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Employee Compensation | 6,015 | 6,174 |
Deferred Tax Assets, Property, Plant and Equipment | 4,506 | 3,789 |
Deferred tax assets, unrealized losses on other real estate owned | 263 | 248 |
Deferred Tax Assets, State Taxes | 6,570 | 3,781 |
Deferred Tax Assets, Operating Loss Carryforwards | 68,026 | 70,269 |
Deferred Tax Assets, Capital Loss Carryforwards | 4,212 | 14,264 |
Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Accrued Liabilities | 35,750 | 25,986 |
Deferred Tax Assets, Other | 4,887 | 0 |
Unrealized Loss From FDIC Assisted Acquisitions | 3,559 | 4,654 |
Deferred Tax Assets, Unrealized Losses on Available-for-Sale Securities, Gross | 2,435 | 0 |
Deferred Tax Assets, Equity Method Investments | 4,896 | 7,549 |
Deferred Tax Assets, Goodwill and Intangible Assets | 10,418 | 15,641 |
Tax Credit Carryforward, Deferred Tax Asset | 5,237 | 5,651 |
Deferred Tax Assets, Gross | 219,538 | 236,081 |
Deferred Tax Assets, Valuation Allowance | (78,407) | (94,120) |
Deferred Tax Assets, Net of Valuation Allowance | 141,131 | 141,961 |
Deferred Tax Liabilities, Goodwill and Intangible Assets | 15,159 | 21,529 |
Deferred Tax Liabilities, Tax Deferred Income | 7,275 | 9,735 |
Deferred Tax Liabilities, Other Comprehensive Income | 0 | 15,107 |
Deferred Tax Liabilities, Regulatory Assets | 658 | 744 |
Deferred Tax Liabilities, Subordinated Debt | 23,164 | 24,518 |
Deferred Tax Liabilities, Leasing Arrangements | 75,750 | 65,286 |
Deferred Tax Assets, Investments | 0 | 9,207 |
Deferred Tax Liabilities, Other | 0 | 7,303 |
Deferred Tax Liabilities, Gross | 123,642 | 144,222 |
Deferred Tax Asset (Liability) | (17,489) | 2,261 |
Deferred Tax Assets, Net | $ 17,489 | $ 0 |
Income Taxes (Details 3) - USD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
|
Income Tax Disclosure [Abstract] | ||
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | $ 5,806 | $ 6,443 |
Reconciliation of Unrecognized Tax Benefits [Roll Forward] | ||
Balance, beginning of year | 10,209 | 9,985 |
Increase based on tax positions related to prior years | 1,278 | 5,725 |
Unrecognized Tax Benefits, Decrease Resulting from Prior Period Tax Positions | 0 | (767) |
Reductions related to settlements | (684) | (3,795) |
Reductions for tax positions as a result of a lapse of the applicable statute of limitations | (1,231) | (939) |
Balance, end of year | $ 9,572 | $ 10,209 |
Income Taxes (Details Textual) - USD ($) $ in Thousands, shares in Millions |
12 Months Ended | |||
---|---|---|---|---|
Oct. 06, 2015 |
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Taxes Payable, Current | $ 38,900 | $ 98,800 | ||
Deferred Tax Assets, Valuation Allowance | 78,407 | 94,120 | ||
Unused Federal operating loss carryforwards | 0 | |||
Unused State operating loss carryforwards | 1,100,000 | |||
Unused Federal capital loss carryforwards | 100 | |||
Deferred Tax Assets, Tax Credit Carryforwards, Foreign | 5,200 | |||
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | 5,806 | 6,443 | ||
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Amount of Unrecorded Benefit | 5,300 | |||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense | 200 | (200) | $ (600) | |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | 800 | 500 | ||
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Amount | $ (15,721) | $ (13,071) | $ (8,689) | |
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Percent | 21.00% | 35.00% | 35.00% | |
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | $ 15,700 | |||
Minimum [Member] | ||||
State operating loss carryforwards expiration date | Dec. 31, 2019 | |||
Open Tax Year | 2011 | |||
Maximum [Member] | ||||
State operating loss carryforwards expiration date | Dec. 31, 2038 | |||
Federal capital loss carryforward expiration date | 12/31/2021 | |||
Foreign tax credit carryforward expiration date | Dec. 31, 2021 | |||
Open Tax Year | 2017 | |||
State and Local Jurisdiction [Member] | Minimum [Member] | ||||
Income Tax Examination, Year under Examination | 2012 | |||
State and Local Jurisdiction [Member] | Maximum [Member] | ||||
Income Tax Examination, Year under Examination | 2016 | |||
Internal Revenue Service (IRS) [Member] | Minimum [Member] | ||||
Income Tax Examination, Year under Examination | 2011 | |||
Internal Revenue Service (IRS) [Member] | Maximum [Member] | ||||
Income Tax Examination, Year under Examination | 2012 | |||
Shares Of Common Stock [Member] | Square 1 Financial, Inc. [Member] | ||||
Stock Issued During Period, Shares, New Issues | 18.1 | |||
LIHTC Investments [Member] | ||||
Tax Credit Carryforward, Amount | $ 14,000 | |||
Other Tax Expense (Benefit) | 8,400 | |||
Income Tax Expense [Member] | LIHTC Investments [Member] | ||||
Amortization | 11,900 | $ 6,300 | ||
Foreign Tax Credit [Member] | ||||
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | 4,100 | |||
Expires 2018 [Member] | ||||
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | $ 11,600 |
Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands |
3 Months Ended | 12 Months Ended | ||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2018 |
Sep. 30, 2018 |
Jun. 30, 2018 |
Mar. 31, 2018 |
Dec. 31, 2017 |
Sep. 30, 2017 |
Jun. 30, 2017 |
Mar. 31, 2017 |
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
||||
Earnings Per Share [Abstract] | ||||||||||||||
Net earnings | $ 115,041 | $ 116,287 | $ 115,735 | $ 118,276 | $ 465,339 | $ 357,818 | $ 352,166 | |||||||
Participating Securities, Distributed and Undistributed Earnings (Loss), Basic | [1] | 5,119 | 4,184 | |||||||||||
Net earnings from continuing operations | $ 84,037 | $ 101,466 | $ 93,647 | $ 78,668 | 465,339 | 357,818 | ||||||||
Undistributed Earnings (Loss) Allocated to Participating Securities, Basic | [1] | (3,988) | ||||||||||||
Net Income (Loss) Available to Common Stockholders, Basic | 460,220 | 353,634 | ||||||||||||
Net earnings allocated to common shares | $ 460,220 | $ 353,634 | $ 348,178 | |||||||||||
Weighted-average basic shares and unvested restricted stock outstanding | 125,100 | 123,060 | 121,670 | |||||||||||
Less: weighted-average unvested restricted stock outstanding | (1,460) | (1,447) | (1,431) | |||||||||||
Weighted-average basic shares outstanding | 123,640 | 121,613 | 120,239 | |||||||||||
Earnings Per Share, Basic (usd per share) | $ 3.72 | $ 2.91 | $ 2.90 | |||||||||||
Diluted income per share (usd per share) | $ 0.93 | $ 0.94 | $ 0.92 | $ 0.93 | $ 0.66 | $ 0.84 | $ 0.77 | $ 0.65 | $ 3.72 | $ 2.91 | $ 2.90 | |||
|
Revenue From Contracts With Customers Revenue From Contracts With Customers (Details) - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2018 |
Sep. 30, 2018 |
Jun. 30, 2018 |
Mar. 31, 2018 |
Dec. 31, 2017 |
Sep. 30, 2017 |
Jun. 30, 2017 |
Mar. 31, 2017 |
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Revenue From Contracts With Customers [Line Items] | |||||||||||
Total interest income | $ 302,739 | $ 292,642 | $ 288,514 | $ 277,775 | $ 284,597 | $ 260,966 | $ 259,544 | $ 247,409 | $ 1,161,670 | $ 1,052,516 | $ 1,015,912 |
Service charges on deposit accounts | 16,509 | 15,307 | 14,534 | ||||||||
Other commissions and fees | 45,543 | 41,422 | 47,126 | ||||||||
Gain on sale of loans and leases | 4,675 | 6,197 | 909 | ||||||||
Gain (loss) on sale of securities | 786 | 826 | 253 | 6,311 | (3,329) | 1,236 | 1,651 | (99) | 8,176 | (541) | 9,485 |
Revenue from Contract with Customer, Excluding Assessed Tax | 37,380 | ||||||||||
Operating Leases, Income Statement, Lease Revenue | 37,881 | 37,700 | 33,919 | ||||||||
Other income | 35,851 | 28,488 | 15,419 | ||||||||
Total noninterest income | $ 33,526 | $ 36,912 | $ 39,638 | $ 38,559 | $ 26,795 | $ 31,382 | $ 35,282 | $ 35,114 | 148,635 | $ 128,573 | $ 112,475 |
Total Income | 1,310,305 | ||||||||||
Interest [Member] | |||||||||||
Revenue From Contracts With Customers [Line Items] | |||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | ||||||||||
Service Charges On Deposit Accounts [Member] | |||||||||||
Revenue From Contracts With Customers [Line Items] | |||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 16,509 | ||||||||||
Other Commissions And Fees [Member] | |||||||||||
Revenue From Contracts With Customers [Line Items] | |||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 19,080 | ||||||||||
Lease Equipment Income [Member] | |||||||||||
Revenue From Contracts With Customers [Line Items] | |||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | ||||||||||
Gain On Sale Of Loans [Member] | |||||||||||
Revenue From Contracts With Customers [Line Items] | |||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | ||||||||||
Gain On Sale Of Securities [Member] | |||||||||||
Revenue From Contracts With Customers [Line Items] | |||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | ||||||||||
Other [Member] | |||||||||||
Revenue From Contracts With Customers [Line Items] | |||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 1,791 | ||||||||||
Noninterest Income [Member] | |||||||||||
Revenue From Contracts With Customers [Line Items] | |||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 37,380 |
Revenue From Contracts With Customers Revenue From Contracts With Customers (Details 1) $ in Thousands |
12 Months Ended |
---|---|
Dec. 31, 2018
USD ($)
| |
Revenue From Contracts With Customers [Abstract] | |
Revenue, Performance Obligation Satisfied At Point In Time | $ 18,681 |
Product and Services Transferred Over Time | 18,699 |
Revenue from Contract with Customer, Excluding Assessed Tax | $ 37,380 |
Revenue From Contracts With Customers Revenue From Contracts With Customers (Details 2) $ in Thousands |
12 Months Ended |
---|---|
Dec. 31, 2018
USD ($)
| |
Revenue From Contracts With Customers [Abstract] | |
Contract With Customer, Receivable Reclassified to Other Assets | $ 1,334 |
Contract with Customer, Asset, Reclassified to Receivable | 0 |
Contract With Customer, Liabilities Reclassified to Other Assets | $ 621 |
Revenue From Contracts With Customers Revenue From Contracts With Customers (Details Textuals) |
Dec. 31, 2017
USD ($)
|
---|---|
Revenue From Contracts With Customers [Abstract] | |
Contract with Customer, Liability | $ 131,000 |
Stock Based Compensation Plan Stock-based Compensation Plan (Details) - $ / shares |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Shares | |||
Beginning balance | 1,436,120 | ||
Granted | 509,265 | ||
Shares vesting | (517,547) | ||
Forfeited | (83,182) | ||
Ending balance | 1,344,656 | 1,436,120 | |
(Per Share) | |||
Beginning balance | $ 43.47 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | 53.69 | $ 50.08 | $ 36.05 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested, Weighted Average Grant Date Fair Value | 42.86 | ||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Forfeitures in Period, Weighted Average Exercise Price | 45.96 | ||
Ending balance | $ 47.43 | $ 43.47 | |
Performance Shares [Member] | |||
Shares | |||
Beginning balance | 239,025 | ||
Granted | 86,716 | ||
Shares vesting | 0 | ||
Forfeited | 0 | ||
Ending balance | 325,741 | 239,025 | |
(Per Share) | |||
Beginning balance | $ 38.20 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | 57.52 | $ 57.80 | $ 27.32 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested, Weighted Average Grant Date Fair Value | 0.00 | ||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Forfeitures in Period, Weighted Average Exercise Price | 0.00 | ||
Ending balance | $ 43.34 | $ 38.20 |
Stock Based Compensation Plan Stock-based Compensation Plan (Details Textual) - USD ($) $ / shares in Units, $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Number | 0.0 | 0.0 | 0.0 |
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense | $ 7.7 | $ 8.9 | $ 8.4 |
Equity Instruments Other than Options, Nonvested, Number | 1,344,656 | 1,436,120 | |
Vesting period of time-based restricted stock, lower limit | 3 years | ||
Vesting period of time-based restricted stock, higher limit | 4 years | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 53.69 | $ 50.08 | $ 36.05 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value | $ 25.9 | $ 24.9 | $ 14.4 |
Restricted Stock [Member] | Vesting Based On Service [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Allocated Share-based Compensation Expense | 29.1 | $ 24.9 | $ 22.7 |
Restricted Stock Awards And Performance Based Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 50.0 | ||
Performance Shares [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Equity Instruments Other than Options, Nonvested, Number | 325,741 | 239,025 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 57.52 | $ 57.80 | $ 27.32 |
PacWest 2003 Stock Incentive Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 4,000,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 3,165,020 | ||
PacWest 2003 Stock Incentive Plan [Member] | Time-Based Restricted Stock Awards [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Equity Instruments Other than Options, Nonvested, Number | 1,344,656 | ||
Outstanding at Year-End [Member] | Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Equity Instruments Other than Options, Outstanding, Weighted Average Remaining Contractual Terms | 1 year 3 months 18 days |
Benefit Plans Benefit Plans (Details Textual) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2018
USD ($)
yr
|
Dec. 31, 2017
USD ($)
|
Dec. 31, 2016
USD ($)
|
|
Benefit Plans [Abstract] | |||
Minimum Hours Of Work Required By Participants | 1,000 | ||
Minimum Age Of Work Required By Participants | yr | 18 | ||
Maximum Annual Contributions Per Employee, Percent | 60.00% | ||
Cost Recognized | $ | $ 4.3 | $ 4.0 | $ 3.7 |
Stockholders' Equity (Details Textual) - USD ($) |
12 Months Ended | |||||
---|---|---|---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
Feb. 14, 2018 |
Nov. 15, 2017 |
Oct. 17, 2016 |
|
Treasury Stock, Shares, Acquired | 181,642 | 188,870 | 141,358 | |||
Treasury Stock Acquired, Average Cost Per Share | $ 50.37 | $ 50.17 | $ 37.5854214123 | |||
Stock Repurchase Program, Authorized Amount | $ 350,000,000 | $ 150,000,000 | $ 400,000,000 | |||
Stock Repurchased and Retired During Period, Shares | 5,849,234 | 2,081,227 | 652,835 | |||
Stock Repurchased and Retired During Period, Value | $ 306,400,000 | $ 99,700,000 | $ 27,900,000 | |||
Stock Repurchase and Retired During Period, Weighted Average Price | $ 52.38 | $ 47.89 | $ 42.78 | |||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 110,100,000 |
Dividend Availability and Regulatory Matters Dividend Availability and Regulatory Matters (Details) - USD ($) $ in Thousands |
Dec. 31, 2018 |
Dec. 31, 2017 |
---|---|---|
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Tier One Leverage Capital Required for Capital Adequacy to Average Assets | 6.00% | |
Tier One Leverage Capital | $ 2,255,588 | $ 2,361,800 |
Tier One Leverage Capital to Average Assets | 10.80% | 11.75% |
Tier One Leverage Capital Required to be Well Capitalized | $ 1,113,341 | $ 1,107,900 |
Tier One Leverage Capital Required to be Well Capitalized to Average Assets | 5.00% | 5.00% |
Excess Tier One Leverage Capital | $ 1,142,247 | $ 1,253,900 |
Tier One Risk Based Common Equity | $ 2,255,588 | $ 2,361,800 |
Tier One Risk Based Common Equity to Risk Weighted Assets | 10.68% | 11.91% |
Tier One Risk Based Common Equity Required to be Well Capitalized | $ 1,464,131 | $ 1,407,743 |
Tier One Risk Based Common Equity Required to be Well Capitalized to Risk Weighted Assets | 6.50% | 6.50% |
Excess Common Equity Tier One Capital | $ 791,457 | $ 954,057 |
Tier One Risk Based Capital | $ 2,255,588 | $ 2,361,800 |
Tier One Risk Based Capital to Risk Weighted Assets | 10.68% | 11.91% |
Tier One Risk Based Capital Required to be Well Capitalized | $ 1,802,008 | $ 1,732,607 |
Tier One Risk Based Capital Required to be Well Capitalized to Risk Weighted Assets | 8.00% | 8.00% |
Excess Tier One Risk Based Capital | $ 453,580 | $ 629,193 |
Capital | $ 2,865,152 | $ 2,978,643 |
Capital to Risk Weighted Assets | 11.44% | 12.69% |
Capital Required to be Well Capitalized | $ 2,252,510 | $ 2,165,759 |
Capital Required to be Well Capitalized to Risk Weighted Assets | 10.00% | 10.00% |
Excess Capital | $ 612,642 | $ 812,884 |
Pacific Western Bank [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Tier One Leverage Capital | $ 2,403,244 | $ 2,574,561 |
Tier One Leverage Capital to Average Assets | 10.13% | 10.66% |
Tier One Leverage Capital Required to be Well Capitalized | $ 1,112,356 | $ 1,095,656 |
Excess Tier One Leverage Capital | 1,290,888 | 1,478,905 |
Tier One Risk Based Common Equity | $ 2,403,244 | $ 2,574,561 |
Tier One Risk Based Common Equity to Risk Weighted Assets | 10.01% | 10.91% |
Tier One Risk Based Common Equity Required to be Well Capitalized | $ 1,462,083 | $ 1,405,299 |
Excess Common Equity Tier One Capital | 941,161 | 1,169,262 |
Tier One Risk Based Capital | $ 2,403,244 | $ 2,574,561 |
Tier One Risk Based Capital to Risk Weighted Assets | 10.01% | 10.91% |
Tier One Risk Based Capital Required to be Well Capitalized | $ 1,799,487 | $ 1,729,599 |
Excess Tier One Risk Based Capital | 603,757 | 844,962 |
Capital | $ 2,572,586 | $ 2,742,624 |
Capital to Risk Weighted Assets | 12.72% | 13.75% |
Capital Required to be Well Capitalized | $ 2,249,359 | $ 2,161,999 |
Excess Capital | $ 323,227 | $ 580,625 |
Dividend Availability and Regulatory Matters Dividend Availability and Regulatory Matters (Details Textual) - USD ($) |
12 Months Ended | |
---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
|
Compliance with Regulatory Capital Requirements for Mortgage Companies [Line Items] | ||
Dividends Paid Exceeded Earnings | $ (28,500,000) | |
Proceeds from Dividends Received | 684,000,000 | |
Retained earnings | $ 1,182,674,000 | $ 723,471,000 |
Capital Required for Capital Adequacy to Risk Weighted Assets | 8.00% | |
Tier One Leverage Capital Required for Capital Adequacy to Average Assets | 6.00% | |
Capital Required to be Well Capitalized to Risk Weighted Assets | 10.00% | 10.00% |
Tier One Risk Based Capital Required to be Well Capitalized to Risk Weighted Assets | 8.00% | 8.00% |
Tier One Risk Based Capital Required to be Well Capitalized | 6.50% | 6.50% |
Tier One Leverage Capital Required to be Well Capitalized to Average Assets | 5.00% | 5.00% |
Deferred Tax Assets, Regulatory Assets and Liabilities | $ 489,000 | |
Common Equity Tier One Capital Ratio | 4.50% | |
Supplementary Leverage Ratio | 4.00% | |
Subordinated debentures | $ 453,846,000 | $ 462,437,000 |
Tier One Capital, Trust Preferred Securities Capital Portion | 0 | |
Tier Two Capital, Trust Preferred Securities Capital Portion | 440,200,000 | |
Pacific Western Bank [Member] | ||
Compliance with Regulatory Capital Requirements for Mortgage Companies [Line Items] | ||
Retained earnings | 643,900,000 | |
Deferred Tax Assets, Regulatory Assets and Liabilities | $ 39,000 |
Condensed Financial Information Of Parent Company Parent Company Information (Details) - USD ($) $ in Thousands |
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
---|---|---|---|---|
Condensed Financial Statements, Captions [Line Items] | ||||
Other assets | $ 522,896 | $ 540,723 | ||
Total assets | 25,731,354 | 24,994,876 | ||
Subordinated debentures | 453,846 | 462,437 | ||
Total liabilities | 20,905,766 | 20,017,278 | ||
Stockholders' Equity Attributable to Parent Only | 4,825,588 | 4,977,598 | $ 4,479,055 | $ 4,397,691 |
Total liabilities and stockholders' equity | 25,731,354 | 24,994,876 | ||
Parent [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Cash | 244,859 | 185,511 | ||
Investments In Consolidated Banking Subsidiaries | 4,641,649 | 4,869,391 | ||
Other assets | 79,516 | 76,458 | ||
Total assets | 4,966,024 | 5,131,360 | ||
Subordinated debentures | 135,055 | 147,233 | ||
Other Liabilities | 5,381 | 6,529 | ||
Total liabilities | 140,436 | 153,762 | ||
Stockholders' Equity Attributable to Parent Only | 4,825,588 | 4,977,598 | ||
Total liabilities and stockholders' equity | $ 4,966,024 | $ 5,131,360 |
Condensed Financial Information Of Parent Company Parent Company Information (Details 1) - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2018 |
Sep. 30, 2018 |
Jun. 30, 2018 |
Mar. 31, 2018 |
Dec. 31, 2017 |
Sep. 30, 2017 |
Jun. 30, 2017 |
Mar. 31, 2017 |
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Investment Income, Dividend | $ 1,739 | $ 1,866 | $ 2,575 | ||||||||
Total Income | 1,310,305 | ||||||||||
Interest Expense | $ 40,974 | $ 32,325 | $ 26,182 | $ 21,275 | $ 21,641 | $ 19,276 | $ 17,071 | $ 14,957 | 120,756 | 72,945 | 54,621 |
Income Tax Expense (Benefit) | (39,015) | (41,289) | 42,286 | 45,388 | $ (56,440) | $ (37,945) | $ (54,902) | $ (47,626) | (167,978) | (196,913) | (205,770) |
Net earnings | $ 115,041 | $ 116,287 | $ 115,735 | $ 118,276 | 465,339 | 357,818 | 352,166 | ||||
Parent Only | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Other Income | 8,358 | 3,393 | 2,146 | ||||||||
Investment Income, Dividend | 684,000 | 265,000 | 259,000 | ||||||||
Total Income | 692,358 | 268,393 | 261,146 | ||||||||
Interest Expense | 6,550 | 5,519 | 4,816 | ||||||||
Operating Expenses | 10,068 | 8,273 | 7,732 | ||||||||
Total Expenses | 16,618 | 13,792 | 12,548 | ||||||||
Net earnings from continuing operations | 675,740 | 254,601 | 248,598 | ||||||||
Income Tax Expense (Benefit) | 7,262 | 19,957 | 2,612 | ||||||||
Income Loss From Continuing Operations Before Income Loss From Equity Method Investments | 683,002 | 274,558 | 251,210 | ||||||||
Income (Loss) from Equity Method Investments, Net of Dividends or Distributions | (217,663) | 83,260 | 100,956 | ||||||||
Net earnings | $ 465,339 | $ 357,818 | $ 352,166 |
Condensed Financial Information Of Parent Company Parent Company Information (Details 2) - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|
Dec. 31, 2018 |
Sep. 30, 2018 |
Jun. 30, 2018 |
Mar. 31, 2018 |
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
|
Condensed Financial Statements, Captions [Line Items] | ||||||||
Net earnings | $ 115,041 | $ 116,287 | $ 115,735 | $ 118,276 | $ 465,339 | $ 357,818 | $ 352,166 | |
Net Cash Provided by (Used in) Operating Activities, Continuing Operations [Abstract] | ||||||||
Decrease (increase) in other assets | 25,117 | (118,477) | 6,441 | |||||
(Gain) loss on sale of securities, net | (8,176) | 541 | (9,485) | |||||
Tax effect included in stockholders' equity of restricted stock vesting | 0 | 0 | (4,406) | |||||
Earned stock compensation | 29,768 | 25,568 | 23,319 | |||||
Net cash provided by operating activities | 608,027 | 483,968 | 581,107 | |||||
Net Cash Provided by (Used in) Investing Activities [Abstract] | ||||||||
Cash acquired in acquisitions, net of cash consideration paid | 0 | 160,318 | 0 | |||||
Payments to Acquire Available-for-sale Securities | (1,180,545) | (1,298,105) | (375,261) | |||||
Net Cash Provided by (Used in) Financing Activities [Abstract] | ||||||||
Tax effect of restricted stock vesting included in stockholders' equity | 0 | 0 | 4,406 | |||||
Restricted stock surrendered | 9,476 | 5,313 | ||||||
Cash dividends paid, net | (288,193) | (247,403) | (243,437) | |||||
Net cash provided by (used in) financing activities | 296,496 | (537,942) | 400,629 | |||||
Cash and Cash Equivalents, at Carrying Value | 385,767 | 385,767 | 398,437 | 419,670 | $ 396,486 | |||
Supplemental Cash Flow Information [Abstract] | ||||||||
shares of unvested restricted stock, respectively) | 1,251 | 1,251 | 1,305 | |||||
Parent Only | ||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||
Net earnings | 465,339 | 357,818 | 352,166 | |||||
Net Cash Provided by (Used in) Operating Activities, Continuing Operations [Abstract] | ||||||||
Decrease (increase) in other assets | (36,362) | (34,274) | 96,668 | |||||
Increase (Decrease) in Operating Liabilities | (953) | 4,857 | (17,311) | |||||
(Gain) loss on sale of securities, net | 0 | (15) | (405) | |||||
Tax effect included in stockholders' equity of restricted stock vesting | 0 | 0 | 4,406 | |||||
Earned stock compensation | 29,768 | 25,568 | 23,319 | |||||
Income (Loss) from Equity Method Investments, Net of Dividends or Distributions | 217,663 | (83,260) | (100,956) | |||||
Net cash provided by operating activities | 675,455 | 270,694 | 357,887 | |||||
Net Cash Provided by (Used in) Investing Activities [Abstract] | ||||||||
Cash acquired in acquisitions, net of cash consideration paid | 0 | (223,818) | 0 | |||||
Payments to Acquire Available-for-sale Securities | 0 | 426 | 995 | |||||
Net Cash Provided by (Used in) Investing Activities, Continuing Operations | 0 | (223,392) | 995 | |||||
Net Cash Provided by (Used in) Financing Activities [Abstract] | ||||||||
Tax effect of restricted stock vesting included in stockholders' equity | 0 | 0 | (4,406) | |||||
Restricted stock surrendered | (315,542) | (109,153) | (33,244) | |||||
Increase (Decrease) in Notes Receivables | (12,372) | 0 | 0 | |||||
Cash dividends paid, net | (288,193) | (247,403) | (243,437) | |||||
Net cash provided by (used in) financing activities | (616,107) | (356,556) | (281,087) | |||||
Net Cash Provided by (Used in) Continuing Operations | 59,348 | (309,254) | 77,795 | |||||
Cash and Cash Equivalents, at Carrying Value | 244,859 | 244,859 | 185,511 | 494,765 | $ 416,970 | |||
Supplemental Cash Flow Information [Abstract] | ||||||||
shares of unvested restricted stock, respectively) | $ 0 | $ 0 | $ 446,233 | $ 0 |
Selected Quarterly Financial Data Selected Quarterly Financial Data (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2018 |
Sep. 30, 2018 |
Jun. 30, 2018 |
Mar. 31, 2018 |
Dec. 31, 2017 |
Sep. 30, 2017 |
Jun. 30, 2017 |
Mar. 31, 2017 |
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Interest Income (Expense), Net [Abstract] | |||||||||||
Total interest income | $ 302,739 | $ 292,642 | $ 288,514 | $ 277,775 | $ 284,597 | $ 260,966 | $ 259,544 | $ 247,409 | $ 1,161,670 | $ 1,052,516 | $ 1,015,912 |
Interest expense | (40,974) | (32,325) | (26,182) | (21,275) | (21,641) | (19,276) | (17,071) | (14,957) | (120,756) | (72,945) | (54,621) |
Net interest income | 261,765 | 260,317 | 262,332 | 256,500 | 262,956 | 241,690 | 242,473 | 232,452 | 1,040,914 | 979,571 | 961,291 |
Provision for credit losses | 12,000 | 11,500 | 17,500 | 4,000 | 6,406 | 15,119 | 11,499 | (24,728) | 45,000 | 57,752 | 65,729 |
Interest Income (Expense), after Provision for Loan Loss | 249,765 | 248,817 | 244,832 | 252,500 | 256,550 | 226,571 | 230,974 | 207,724 | 995,914 | 921,819 | 895,562 |
FDIC loss sharing expense, net | 0 | 0 | (8,917) | ||||||||
Noninterest Income [Abstract] | |||||||||||
Gain (loss) on sale of securities | 786 | 826 | 253 | 6,311 | (3,329) | 1,236 | 1,651 | (99) | 8,176 | (541) | 9,485 |
Noninterest Income, Other | 32,740 | 36,086 | 39,385 | 32,248 | 30,124 | 30,146 | 33,631 | 35,213 | |||
Total noninterest income | 33,526 | 36,912 | 39,638 | 38,559 | 26,795 | 31,382 | 35,282 | 35,114 | 148,635 | 128,573 | 112,475 |
Foreclosed Assets (Income) Expense, Net | 311 | 257 | 61 | 122 | 475 | (2,191) | 157 | (143) | |||
Noninterest Expense [Abstract] | |||||||||||
Amortization | (970) | (800) | 0 | 0 | (16,085) | (1,450) | (1,700) | (500) | (22,506) | (14,240) | (16,517) |
Acquisition, integration and reorganization costs | (128,576) | (127,610) | (126,510) | (127,517) | (127,258) | (114,901) | (116,164) | (115,901) | (1,770) | (19,735) | (200) |
Total noninterest expense | (129,235) | (128,153) | (126,449) | (127,395) | (142,868) | (118,542) | (117,707) | (116,544) | (511,232) | (495,661) | (450,101) |
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Parent [Abstract] | |||||||||||
Earnings from continuing operations before taxes | 154,056 | 157,576 | 158,021 | 163,664 | 140,477 | 139,411 | 148,549 | 126,294 | 633,317 | 554,731 | 557,936 |
Income Tax Expense (Benefit) | (39,015) | (41,289) | 42,286 | 45,388 | $ (56,440) | $ (37,945) | $ (54,902) | $ (47,626) | (167,978) | (196,913) | (205,770) |
Net earnings | $ 115,041 | $ 116,287 | $ 115,735 | $ 118,276 | $ 465,339 | $ 357,818 | $ 352,166 | ||||
Earnings Per Share, Diluted | $ 0.93 | $ 0.94 | $ 0.92 | $ 0.93 | $ 0.66 | $ 0.84 | $ 0.77 | $ 0.65 | $ 3.72 | $ 2.91 | $ 2.90 |
Net earnings from continuing operations | $ 84,037 | $ 101,466 | $ 93,647 | $ 78,668 | $ 465,339 | $ 357,818 | |||||
Earnings Per Share, Basic [Abstract] | |||||||||||
Basic and diluted earnings per share (usd per share) | 0.92 | 0.93 | $ 0.66 | $ 0.84 | $ 0.77 | $ 0.65 | |||||
Dividends declared per share (usd per share) | $ 0.60 | $ 0.60 | $ 0.60 | $ 0.50 | $ 0.50 | $ 0.50 | $ 0.50 | $ 0.50 | $ 2.30 | $ 2.00 | $ 2.00 |
Subsequent Events Subsequent Events (Details Textual) - USD ($) |
3 Months Ended | 12 Months Ended | |||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Feb. 01, 2019 |
Dec. 31, 2018 |
Sep. 30, 2018 |
Jun. 30, 2018 |
Mar. 31, 2018 |
Dec. 31, 2017 |
Sep. 30, 2017 |
Jun. 30, 2017 |
Mar. 31, 2017 |
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
Feb. 14, 2018 |
Nov. 15, 2017 |
Oct. 17, 2016 |
|
Subsequent Event [Line Items] | |||||||||||||||
Stock Repurchase Program, Authorized Amount | $ 350,000,000 | $ 150,000,000 | $ 400,000,000 | ||||||||||||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 110,100,000 | $ 110,100,000 | |||||||||||||
Dividends declared per share (usd per share) | $ 0.60 | $ 0.60 | $ 0.60 | $ 0.50 | $ 0.50 | $ 0.50 | $ 0.50 | $ 0.50 | $ 2.30 | $ 2.00 | $ 2.00 | ||||
Dividend Declared [Member] | Subsequent Event [Member] | |||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||
Dividends declared per share (usd per share) | $ 0.60 |
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