QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Large accelerated filer | ☐ | ☒ | ||||||||||||||||||
Non-accelerated filer | ☐ | Smaller reporting company | ||||||||||||||||||
Emerging growth company |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
Page | ||||||||
Item 1 – | ||||||||
Item 2 – | ||||||||
Item 3 – | ||||||||
Item 4 – | ||||||||
Item 1 – | ||||||||
Item 1A – | ||||||||
Item 2 – | ||||||||
Item 3 – | ||||||||
Item 4 – | ||||||||
Item 5 – | ||||||||
Item 6 – | ||||||||
March 31, 2021 | December 31, 2020 | ||||||||||
ASSETS | |||||||||||
Cash and due from banks | $ | $ | |||||||||
Interest-earning deposits in financial institutions | |||||||||||
Total cash and cash equivalents | |||||||||||
Securities available-for-sale, at fair value | |||||||||||
Loans held-for-sale, carried at fair value | |||||||||||
Loans receivable | |||||||||||
Allowance for loan losses | ( | ( | |||||||||
Loans receivable, net | |||||||||||
Federal Home Loan Bank and other bank stock, at cost | |||||||||||
Premises and equipment, net | |||||||||||
Bank owned life insurance | |||||||||||
Operating lease right-of-use assets | |||||||||||
Investments in alternative energy partnerships, net | |||||||||||
Deferred income taxes, net | |||||||||||
Goodwill | |||||||||||
Other intangible assets, net | |||||||||||
Other assets | |||||||||||
Total assets | $ | $ | |||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||
Noninterest-bearing deposits | $ | $ | |||||||||
Interest-bearing deposits | |||||||||||
Total deposits | |||||||||||
Federal Home Loan Bank advances, net | |||||||||||
Long-term debt, net | |||||||||||
Reserve for loss on repurchased loans | |||||||||||
Operating lease liabilities | |||||||||||
Accrued expenses and other liabilities | |||||||||||
Total liabilities | |||||||||||
Commitments and contingent liabilities | |||||||||||
Preferred stock | |||||||||||
Common stock, $ | |||||||||||
Class B non-voting non-convertible common stock, $ | |||||||||||
Additional paid-in capital | |||||||||||
Retained earnings | |||||||||||
Treasury stock, at cost ( | ( | ( | |||||||||
Accumulated other comprehensive income, net | |||||||||||
Total stockholders’ equity | |||||||||||
Total liabilities and stockholders’ equity | $ | $ |
Three Months Ended | |||||||||||||||||
March 31, 2021 | December 31, 2020 | March 31, 2020 | |||||||||||||||
Interest and dividend income | |||||||||||||||||
Loans, including fees | $ | $ | $ | ||||||||||||||
Securities | |||||||||||||||||
Other interest-earning assets | |||||||||||||||||
Total interest and dividend income | |||||||||||||||||
Interest expense | |||||||||||||||||
Deposits | |||||||||||||||||
Federal Home Loan Bank advances | |||||||||||||||||
Long-term debt and other interest-bearing liabilities | |||||||||||||||||
Total interest expense | |||||||||||||||||
Net interest income | |||||||||||||||||
(Reversal of) provision for credit losses | ( | ||||||||||||||||
Net interest income after (reversal of) provision for credit losses | |||||||||||||||||
Noninterest income | |||||||||||||||||
Customer service fees | |||||||||||||||||
Loan servicing income | |||||||||||||||||
Income from bank owned life insurance | |||||||||||||||||
Fair value adjustment for loans held-for-sale | ( | ||||||||||||||||
Net loss on sale of loans | ( | ||||||||||||||||
Other income | |||||||||||||||||
Total noninterest income | |||||||||||||||||
Noninterest expense | |||||||||||||||||
Salaries and employee benefits | |||||||||||||||||
Occupancy and equipment | |||||||||||||||||
Professional fees | |||||||||||||||||
Data processing | |||||||||||||||||
Advertising and promotion | |||||||||||||||||
Regulatory assessments | |||||||||||||||||
Loss (gain) on investments in alternative energy partnerships | ( | ||||||||||||||||
(Reversal of) provision for loan repurchases | ( | ( | |||||||||||||||
Amortization of intangible assets | |||||||||||||||||
Merger-related costs | |||||||||||||||||
All other expense | |||||||||||||||||
Total noninterest expense | |||||||||||||||||
Income (loss) from operations before income taxes | ( | ||||||||||||||||
Income tax expense (benefit) | ( | ||||||||||||||||
Net income (loss) | ( | ||||||||||||||||
Preferred stock dividends | |||||||||||||||||
Income allocated to participating securities | |||||||||||||||||
Participating securities dividends | |||||||||||||||||
Impact of preferred stock redemption | ( | ||||||||||||||||
Net income (loss) available to common stockholders | $ | $ | $ | ( | |||||||||||||
Earnings (loss) per common share: | |||||||||||||||||
Basic | $ | $ | $ | ( | |||||||||||||
Diluted | $ | $ | $ | ( | |||||||||||||
Earnings (loss) per class B common share: | |||||||||||||||||
Basic | $ | $ | $ | ( | |||||||||||||
Diluted | $ | $ | $ | ( |
Three Months Ended | |||||||||||||||||
March 31, 2021 | December 31, 2020 | March 31, 2020 | |||||||||||||||
Net income (loss) | $ | $ | $ | ( | |||||||||||||
Other comprehensive (loss) income, net of tax: | |||||||||||||||||
Unrealized (loss) gain on available-for-sale securities: | |||||||||||||||||
Unrealized (loss) gain arising during the period | ( | ( | |||||||||||||||
Total change in unrealized (loss) gain on available-for-sale securities | ( | ( | |||||||||||||||
Total other comprehensive (loss) income | ( | ( | |||||||||||||||
Comprehensive income (loss) | $ | $ | $ | ( |
Preferred Stock | Common Stock | Additional Paid-in Capital | Retained Earnings | Treasury Stock | Accumulated Other Comprehensive Income (Loss) | Total Stockholders' Equity | |||||||||||||||||||||||||||||||||||||||||
Voting | Class B Non-Voting | ||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended March 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2020 | $ | $ | $ | $ | $ | $ | ( | $ | $ | ||||||||||||||||||||||||||||||||||||||
Comprehensive income: | |||||||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||
Other comprehensive income, net | — | — | — | — | — | — | ( | ( | |||||||||||||||||||||||||||||||||||||||
Issuance of common stock | — | — | ( | — | — | — | |||||||||||||||||||||||||||||||||||||||||
Redemption of preferred stock | ( | — | — | — | ( | — | — | ( | |||||||||||||||||||||||||||||||||||||||
Exercise of stock options | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||
Exercise of stock appreciation rights | — | — | ( | — | — | — | ( | ||||||||||||||||||||||||||||||||||||||||
Share-based compensation expense | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||
Restricted stock surrendered due to employee tax liability | — | — | — | ( | — | — | — | ( | |||||||||||||||||||||||||||||||||||||||
Shares purchased under the Dividend Reinvestment Plan | — | — | — | — | ( | — | — | ( | |||||||||||||||||||||||||||||||||||||||
Dividends declared ($ | — | — | — | — | ( | — | — | ( | |||||||||||||||||||||||||||||||||||||||
Preferred stock dividends | — | — | — | — | ( | — | — | ( | |||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2021 | $ | $ | $ | $ | $ | $ | ( | $ | $ | ||||||||||||||||||||||||||||||||||||||
Three Months Ended March 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2019 | $ | $ | $ | $ | $ | $ | ( | $ | ( | $ | |||||||||||||||||||||||||||||||||||||
Adoption of ASU No. 2016-13 | — | — | — | — | ( | — | — | ( | |||||||||||||||||||||||||||||||||||||||
Comprehensive loss: | |||||||||||||||||||||||||||||||||||||||||||||||
Net loss | — | — | — | — | ( | — | — | ( | |||||||||||||||||||||||||||||||||||||||
Other comprehensive income, net | — | — | — | — | — | — | ( | ( | |||||||||||||||||||||||||||||||||||||||
Redemption of preferred stock | ( | — | — | — | — | — | ( | ||||||||||||||||||||||||||||||||||||||||
Repurchase of | — | — | — | — | ( | — | ( | ||||||||||||||||||||||||||||||||||||||||
Share-based compensation expense | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||
Restricted stock surrendered due to employee tax liability | — | — | — | ( | — | — | — | ( | |||||||||||||||||||||||||||||||||||||||
Shares purchased under the Dividend Reinvestment Plan | — | — | — | — | ( | — | — | ( | |||||||||||||||||||||||||||||||||||||||
Stock appreciation right dividend equivalents | — | — | — | — | ( | — | — | ( | |||||||||||||||||||||||||||||||||||||||
Dividends declared ($ | — | — | — | — | ( | — | — | ( | |||||||||||||||||||||||||||||||||||||||
Preferred stock dividends | — | — | — | — | ( | — | — | ( | |||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2020 | $ | $ | $ | $ | $ | $ | ( | $ | ( | $ | |||||||||||||||||||||||||||||||||||||
Three Months Ended March 31, | |||||||||||
2021 | 2020 | ||||||||||
Cash flows from operating activities: | |||||||||||
Net income (loss) | $ | $ | ( | ||||||||
Adjustments to reconcile net income (loss) to net cash provided by operating activities | |||||||||||
(Reversal of) provision for credit losses | ( | ||||||||||
Reversal of provision for loan repurchases | ( | ( | |||||||||
Depreciation on premises and equipment | |||||||||||
Amortization of intangible assets | |||||||||||
Amortization of debt issuance costs | |||||||||||
Net amortization of premium on securities | |||||||||||
Net (accretion) amortization of deferred loan costs and fees | ( | ||||||||||
Accretion of discounts on purchased loans | ( | ||||||||||
Deferred income tax (benefit) expense | ( | ||||||||||
Bank owned life insurance income | ( | ( | |||||||||
Share-based compensation expense | |||||||||||
(Income) loss on interest rate swaps | ( | ||||||||||
Loss on investments in alternative energy partnerships and affordable housing investments | |||||||||||
Impairment on capitalized software projects | |||||||||||
Fair value adjustment for loans held-for-sale | |||||||||||
Net gain on sale of loans | |||||||||||
Loss on sale or disposal of property and equipment | |||||||||||
Proceeds from sales of and principal collected on loans held-for-sale | |||||||||||
Change in accrued interest receivable and other assets | ( | ||||||||||
Change in accrued interest payable and other liabilities | ( | ( | |||||||||
Net cash provided by operating activities | |||||||||||
Cash flows from investing activities: | |||||||||||
Proceeds from maturities and calls of securities available-for-sale | |||||||||||
Proceeds from principal repayments of securities available-for-sale | |||||||||||
Purchases of securities available-for-sale | ( | ( | |||||||||
Loan originations and principal collections, net | |||||||||||
Purchase of loans | ( | ||||||||||
Redemption of Federal Home Loan Bank stock | |||||||||||
Purchase of Federal Home Loan Bank and other bank stock | ( | ( | |||||||||
Purchases of premises and equipment | ( | ( | |||||||||
Payments of capital lease obligations | ( | ( | |||||||||
Funding of equity investment | ( | ( | |||||||||
(Increase) decrease in investments in alternative energy partnerships | ( | ||||||||||
Net cash provided by investing activities | |||||||||||
Cash flows from financing activities: | |||||||||||
Net increase in deposits | |||||||||||
Net increase (decrease) in short-term Federal Home Loan Bank advances | ( | ||||||||||
Repayment of long-term Federal Home Loan Bank advances | ( | ||||||||||
Redemption of preferred stock | ( | ( | |||||||||
Purchase of treasury stock | ( | ||||||||||
Proceeds from exercise of stock options | |||||||||||
Purchase of stock surrendered due to employee tax liability | ( | ( | |||||||||
Dividend equivalents paid on participating securities | ( | ||||||||||
Dividends paid on preferred stock | ( | ( | |||||||||
Dividends paid on common stock | ( | ( | |||||||||
Net cash provided by (used in) financing activities | ( | ||||||||||
Net change in cash and cash equivalents | |||||||||||
Cash and cash equivalents at beginning of period | |||||||||||
Cash and cash equivalents at end of period | $ | $ | |||||||||
Supplemental cash flow information | |||||||||||
Interest paid on deposits and borrowed funds | |||||||||||
Income taxes paid | |||||||||||
Supplemental disclosure of non-cash activities | |||||||||||
Equipment acquired under capital leases | |||||||||||
Operating lease right-of-use assets recognized | |||||||||||
Operating lease liabilities recognized | |||||||||||
Impact of adoption of ASU 2016-13 on retained earnings | — | ( | |||||||||
Fair Value Measurement Level | ||||||||||||||||||||||||||
($ in thousands) | Carrying Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||||||||||||||||||
March 31, 2021 | ||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||
Securities available-for-sale: | ||||||||||||||||||||||||||
SBA loan pools securities | $ | $ | $ | $ | ||||||||||||||||||||||
U.S. government agency and U.S. government sponsored enterprise residential mortgage-backed securities | ||||||||||||||||||||||||||
U.S. government agency and U.S. government sponsored enterprise collateralized mortgage obligations | ||||||||||||||||||||||||||
Municipal securities | ||||||||||||||||||||||||||
Non-agency residential mortgage-backed securities | ||||||||||||||||||||||||||
Collateralized loan obligations | ||||||||||||||||||||||||||
Corporate debt securities | ||||||||||||||||||||||||||
Loans held-for-sale, carried at fair value | ||||||||||||||||||||||||||
Derivative assets: | ||||||||||||||||||||||||||
Interest rate swaps and caps (1) | ||||||||||||||||||||||||||
Foreign exchange contracts (1) | ||||||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||
Derivative liabilities: | ||||||||||||||||||||||||||
Interest rate swaps and caps (2) | ||||||||||||||||||||||||||
Foreign exchange contracts (2) | ||||||||||||||||||||||||||
December 31, 2020 | ||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||
Securities available-for-sale: | ||||||||||||||||||||||||||
SBA loan pools securities | $ | $ | $ | $ | ||||||||||||||||||||||
U.S. government agency and U.S. government sponsored enterprise residential mortgage-backed securities | ||||||||||||||||||||||||||
U.S. government agency and U.S. government sponsored enterprise collateralized mortgage obligations | ||||||||||||||||||||||||||
Municipal securities | ||||||||||||||||||||||||||
Non-agency residential mortgage-backed securities | ||||||||||||||||||||||||||
Collateralized loan obligations | ||||||||||||||||||||||||||
Corporate debt securities | ||||||||||||||||||||||||||
Loans held-for-sale, carried at fair value | ||||||||||||||||||||||||||
Derivative assets: | ||||||||||||||||||||||||||
Interest rate swaps and caps (1) | ||||||||||||||||||||||||||
Foreign exchange contracts (1) | ||||||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||
Derivative liabilities: | ||||||||||||||||||||||||||
Interest rate swaps and caps (2) | ||||||||||||||||||||||||||
Foreign exchange contracts (2) |
Three Months Ended March 31, | ||||||||||||||
($ in thousands) | 2021 | 2020 | ||||||||||||
Loans repurchased from GNMA Loan Pools | ||||||||||||||
Balance at beginning of period | $ | $ | ||||||||||||
Total gains (losses) (realized/unrealized): | ||||||||||||||
Included in earnings—fair value adjustment | ( | |||||||||||||
Sales, settlements, and other | ( | ( | ||||||||||||
Balance at end of period | $ | $ |
March 31, 2021 | December 31, 2020 | |||||||||||||||||||||||||||||||||||||
($ in thousands) | Fair Value | Unpaid Principal Balance | Difference | Fair Value | Unpaid Principal Balance | Difference | ||||||||||||||||||||||||||||||||
Loans held-for-sale, carried at fair value: | ||||||||||||||||||||||||||||||||||||||
Total loans | $ | $ | $ | ( | $ | $ | $ | ( | ||||||||||||||||||||||||||||||
Nonaccrual loans (1) | ( | ( | ||||||||||||||||||||||||||||||||||||
Three Months Ended March 31, | ||||||||||||||
($ in thousands) | 2021 | 2020 | ||||||||||||
Net gains (losses) from fair value changes: | ||||||||||||||
Fair value adjustment for loans held-for-sale | $ | $ | ( | |||||||||||
Fair Value Measurement Level | ||||||||||||||||||||||||||
($ in thousands) | Carrying Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||||||||||||||||||
March 31, 2021 | ||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||
Collateral dependent loans: | ||||||||||||||||||||||||||
SBA | $ | $ | $ | $ | ||||||||||||||||||||||
December 31, 2020 | ||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||
Collateral dependent loans: | ||||||||||||||||||||||||||
SBA | $ | $ | $ | $ | ||||||||||||||||||||||
Three Months Ended March 31, | ||||||||||||||
($ in thousands) | 2021 | 2020 | ||||||||||||
Collateral dependent loans: | ||||||||||||||
Single family residential mortgage | $ | $ | ||||||||||||
Commercial and industrial | ( | |||||||||||||
SBA | ( | ( | ||||||||||||
Carrying Amount | Fair Value Measurement Level | |||||||||||||||||||||||||||||||
($ in thousands) | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||||||||
March 31, 2021 | ||||||||||||||||||||||||||||||||
Financial assets | ||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
Securities available-for-sale | ||||||||||||||||||||||||||||||||
Federal Home Loan Bank and other bank stock | ||||||||||||||||||||||||||||||||
Loans held-for-sale, carried at fair value | ||||||||||||||||||||||||||||||||
Loans receivable, net of allowance for credit losses | ||||||||||||||||||||||||||||||||
Accrued interest receivable | ||||||||||||||||||||||||||||||||
Derivative assets | ||||||||||||||||||||||||||||||||
Financial liabilities | ||||||||||||||||||||||||||||||||
Deposits | ||||||||||||||||||||||||||||||||
Advances from Federal Home Loan Bank | ||||||||||||||||||||||||||||||||
Long-term debt | ||||||||||||||||||||||||||||||||
Derivative liabilities | ||||||||||||||||||||||||||||||||
Accrued interest payable | ||||||||||||||||||||||||||||||||
December 31, 2020 | ||||||||||||||||||||||||||||||||
Financial assets | ||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
Securities available-for-sale | ||||||||||||||||||||||||||||||||
Federal Home Loan Bank and other bank stock | ||||||||||||||||||||||||||||||||
Loans held-for-sale | ||||||||||||||||||||||||||||||||
Loans receivable, net of allowance for credit losses | ||||||||||||||||||||||||||||||||
Accrued interest receivable | ||||||||||||||||||||||||||||||||
Derivative assets | ||||||||||||||||||||||||||||||||
Financial liabilities | ||||||||||||||||||||||||||||||||
Deposits | ||||||||||||||||||||||||||||||||
Advances from Federal Home Loan Bank | ||||||||||||||||||||||||||||||||
Long-term debt | ||||||||||||||||||||||||||||||||
Derivative liabilities | ||||||||||||||||||||||||||||||||
Accrued interest payable |
($ in thousands) | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | ||||||||||||||||||||||
March 31, 2021 | ||||||||||||||||||||||||||
Securities available-for-sale: | ||||||||||||||||||||||||||
SBA loan pool securities | $ | $ | $ | ( | $ | |||||||||||||||||||||
U.S. government agency and U.S. government sponsored enterprise residential mortgage-backed securities | ( | |||||||||||||||||||||||||
U.S. government agency and U.S. government sponsored enterprise collateralized mortgage obligations | ( | |||||||||||||||||||||||||
Municipal securities | ( | |||||||||||||||||||||||||
Non-agency residential mortgage-backed securities | ||||||||||||||||||||||||||
Collateralized loan obligations | ( | |||||||||||||||||||||||||
Corporate debt securities | ( | |||||||||||||||||||||||||
Total securities available-for-sale | $ | $ | $ | ( | $ | |||||||||||||||||||||
December 31, 2020 | ||||||||||||||||||||||||||
Securities available-for-sale: | ||||||||||||||||||||||||||
SBA loan pool securities | $ | $ | $ | ( | $ | |||||||||||||||||||||
U.S. government agency and U.S. government sponsored enterprise residential mortgage-backed securities | ||||||||||||||||||||||||||
U.S. government agency and U.S. government sponsored enterprise collateralized mortgage obligations | ( | |||||||||||||||||||||||||
Municipal securities | ( | |||||||||||||||||||||||||
Non-agency residential mortgage-backed securities | ||||||||||||||||||||||||||
Collateralized loan obligations | ( | |||||||||||||||||||||||||
Corporate debt securities | ||||||||||||||||||||||||||
Total securities available-for-sale | $ | $ | $ | ( | $ |
Three Months Ended March 31, | ||||||||||||||
($ in thousands) | 2021 | 2020 | ||||||||||||
Gross realized gains on sales and calls of securities available-for-sale | $ | $ | ||||||||||||
Gross realized losses on sales and calls of securities available-for-sale | ||||||||||||||
Net realized (losses) gains on sales and calls of securities available-for-sale | $ | $ | ||||||||||||
Proceeds from sales and calls of securities available-for-sale | $ | $ | ||||||||||||
Less Than 12 Months | 12 Months or Longer | Total | ||||||||||||||||||||||||||||||||||||
($ in thousands) | Fair Value | Gross Unrealized Losses | Fair Value | Gross Unrealized Losses | Fair Value | Gross Unrealized Losses | ||||||||||||||||||||||||||||||||
March 31, 2021 | ||||||||||||||||||||||||||||||||||||||
Securities available-for-sale: | ||||||||||||||||||||||||||||||||||||||
SBA loan pool securities | $ | $ | ( | $ | $ | $ | $ | ( | ||||||||||||||||||||||||||||||
U.S. government agency and U.S. government sponsored enterprise collateralized mortgage-backed securities | ( | ( | ||||||||||||||||||||||||||||||||||||
U.S. government agency and U.S. government sponsored enterprise collateralized mortgage obligations | ( | ( | ||||||||||||||||||||||||||||||||||||
Municipal securities | ( | ( | ||||||||||||||||||||||||||||||||||||
Collateralized loan obligations | ( | ( | ( | |||||||||||||||||||||||||||||||||||
Corporate debt securities | ( | ( | ||||||||||||||||||||||||||||||||||||
Total securities available-for-sale | $ | $ | ( | $ | $ | ( | $ | $ | ( | |||||||||||||||||||||||||||||
December 31, 2020 | ||||||||||||||||||||||||||||||||||||||
SBA loan pool securities | $ | $ | ( | $ | $ | $ | $ | ( | ||||||||||||||||||||||||||||||
U.S. government agency and U.S. government sponsored enterprise collateralized mortgage obligations | ( | ( | ||||||||||||||||||||||||||||||||||||
Municipal securities | ( | ( | ||||||||||||||||||||||||||||||||||||
Collateralized loan obligations | ( | ( | ( | |||||||||||||||||||||||||||||||||||
Total securities available-for-sale | $ | $ | ( | $ | $ | ( | $ | $ | ( |
One year or less | More than One Year through Five Years | More than Five Years through Ten Years | More than Ten Years | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
($ in thousands) | Fair Value | Weighted-Average Yield | Fair Value | Weighted-Average Yield | Fair Value | Weighted-Average Yield | Fair Value | Weighted-Average Yield | Fair Value | Weighted-Average Yield | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Securities available-for-sale: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SBA loan pool securities | $ | % | $ | % | $ | % | $ | % | $ | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. government agency and U.S. government sponsored enterprise residential mortgage-backed securities | % | % | % | % | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. government agency and U.S. government sponsored enterprise collateralized mortgage obligations | % | % | % | % | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Municipal securities | % | % | % | % | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-agency residential mortgage-backed securities | % | % | % | % | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Collateralized loan obligations | % | % | % | % | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Corporate debt securities | % | % | % | % | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total securities available-for-sale | $ | % | $ | % | $ | % | $ | % | $ | % |
($ in thousands) | March 31, 2021 | December 31, 2020 | ||||||||||||
Commercial: | ||||||||||||||
Commercial and industrial | $ | $ | ||||||||||||
Commercial real estate | ||||||||||||||
Multifamily | ||||||||||||||
SBA(1) | ||||||||||||||
Construction | ||||||||||||||
Consumer: | ||||||||||||||
Single family residential mortgage | ||||||||||||||
Other consumer | ||||||||||||||
Total loans(2) | $ | $ | ||||||||||||
Allowance for loan losses | ( | ( | ||||||||||||
Loans receivable, net | $ | $ | ||||||||||||
Term Loans Amortized Cost Basis by Origination Year | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
($ in thousands) | 2021 | 2020 | 2019 | 2018 | 2017 | Prior | Revolving Loans Amortized Cost Basis | Revolving Loans Amortized Cost Basis Converted to Term | Total | |||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||
Special mention | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Doubtful | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Special mention | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Doubtful | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Multifamily | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Special mention | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Doubtful | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Multifamily | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SBA | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Special mention | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Doubtful | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SBA | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Construction | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Special mention | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard |
Doubtful | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Construction | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Single family residential mortgage | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Special mention | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Doubtful | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Single family residential mortgage | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other consumer | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Special mention | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Doubtful | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other consumer | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total loans | $ | $ | $ | $ | $ | $ | $ | $ | $ |
Term Loans Amortized Cost Basis by Origination Year | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
($ in thousands) | 2020 | 2019 | 2018 | 2017 | 2016 | Prior | Revolving Loans Amortized Cost Basis | Revolving Loans Amortized Cost Basis Converted to Term | Total | |||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||
Special mention | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Doubtful | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Special mention | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Doubtful | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Multifamily | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Special mention | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Doubtful | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Multifamily | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SBA | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Special mention | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Doubtful | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SBA | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Construction | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Special mention | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard |
Doubtful | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Construction | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Single family residential mortgage | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Special mention | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Doubtful | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Single family residential mortgage | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other consumer | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Special mention | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Doubtful | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other consumer | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total loans | $ | $ | $ | $ | $ | $ | $ | $ | $ |
($ in thousands) | 30 - 59 Days Past Due | 60 - 89 Days Past Due | Greater than 89 Days Past due | Total Past Due | Current | Total | ||||||||||||||||||||||||||||||||
March 31, 2021 | ||||||||||||||||||||||||||||||||||||||
Non-Traditional Mortgage (NTM) loans: | ||||||||||||||||||||||||||||||||||||||
Single family residential mortgage | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||
Other consumer | ||||||||||||||||||||||||||||||||||||||
Total NTM loans | ||||||||||||||||||||||||||||||||||||||
Traditional loans: | ||||||||||||||||||||||||||||||||||||||
Commercial: | ||||||||||||||||||||||||||||||||||||||
Commercial and industrial | ||||||||||||||||||||||||||||||||||||||
Commercial real estate | ||||||||||||||||||||||||||||||||||||||
Multifamily | ||||||||||||||||||||||||||||||||||||||
SBA | ||||||||||||||||||||||||||||||||||||||
Construction | ||||||||||||||||||||||||||||||||||||||
Consumer: | ||||||||||||||||||||||||||||||||||||||
Single family residential mortgage | ||||||||||||||||||||||||||||||||||||||
Other consumer | ||||||||||||||||||||||||||||||||||||||
Total traditional loans | ||||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||
December 31, 2020 | ||||||||||||||||||||||||||||||||||||||
NTM loans: | ||||||||||||||||||||||||||||||||||||||
Single family residential mortgage | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||
Other consumer | ||||||||||||||||||||||||||||||||||||||
Total NTM loans | ||||||||||||||||||||||||||||||||||||||
Traditional loans: | ||||||||||||||||||||||||||||||||||||||
Commercial: | ||||||||||||||||||||||||||||||||||||||
Commercial and industrial | ||||||||||||||||||||||||||||||||||||||
Commercial real estate | ||||||||||||||||||||||||||||||||||||||
Multifamily | ||||||||||||||||||||||||||||||||||||||
SBA | ||||||||||||||||||||||||||||||||||||||
Construction | ||||||||||||||||||||||||||||||||||||||
Consumer: | ||||||||||||||||||||||||||||||||||||||
Single family residential mortgage | ||||||||||||||||||||||||||||||||||||||
Other consumer | ||||||||||||||||||||||||||||||||||||||
Total traditional loans | ||||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ |
March 31, 2021 | December 31, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||
($ in thousands) | NTM Loans | Traditional Loans | Total Nonaccrual Loans | Nonaccrual Loans with no ACL | NTM Loans | Traditional Loans | Total Nonaccrual Loans | Nonaccrual Loans with no ACL | |||||||||||||||||||||||||||||||||||||||
Nonaccrual loans | |||||||||||||||||||||||||||||||||||||||||||||||
Commercial: | |||||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
Commercial real estate | |||||||||||||||||||||||||||||||||||||||||||||||
SBA | |||||||||||||||||||||||||||||||||||||||||||||||
Construction | |||||||||||||||||||||||||||||||||||||||||||||||
Consumer: | |||||||||||||||||||||||||||||||||||||||||||||||
Single family residential mortgage | |||||||||||||||||||||||||||||||||||||||||||||||
Other consumer | |||||||||||||||||||||||||||||||||||||||||||||||
Total nonaccrual loans | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
Three Months Ended March 31, | ||||||||||||||||||||||||||||||||||||||
($ in thousands) | 2021 | 2020 | ||||||||||||||||||||||||||||||||||||
Allowance for Loan Losses | Reserve for Unfunded Loan Commitments | Allowance for Credit Losses | Allowance for Loan Losses | Reserve for Unfunded Loan Commitments | Allowance for Credit Losses | |||||||||||||||||||||||||||||||||
Balance at beginning of period | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||
Impact of adopting ASU 2016-13 | ( | |||||||||||||||||||||||||||||||||||||
Loans charged off | ( | ( | ( | ( | ||||||||||||||||||||||||||||||||||
Recoveries of loans previously charged off | ||||||||||||||||||||||||||||||||||||||
Net charge-offs | ( | ( | ( | ( | ||||||||||||||||||||||||||||||||||
Provision for (reversal of) credit losses | ( | ( | ||||||||||||||||||||||||||||||||||||
Balance at end of period | $ | $ | $ | $ | $ | $ |
($ in thousands) | Commercial and Industrial | Commercial Real Estate | Multifamily | SBA | Construction | Single Family Residential Mortgage | Other Consumer | Total | ||||||||||||||||||||||||||||||||||||||||||
ALL: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2020 | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||
Charge-offs | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||
Recoveries | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net (charge-offs) recoveries | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||
(Reversal of) provision for credit losses | ( | ( | ( | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2021 | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||
($ in thousands) | Commercial and Industrial | Commercial Real Estate | Multifamily | SBA | Construction | Single Family Residential Mortgage | Other Consumer | Total | ||||||||||||||||||||||||||||||||||||||||||
ALL: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2019 | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||
Adoption of ASU N. 2016-13 | ( | |||||||||||||||||||||||||||||||||||||||||||||||||
Charge-offs | ( | ( | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||
Recoveries | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net (charge-offs) recoveries | ( | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||
Provision for (reversal of ) credit losses | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2020 | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||
March 31, 2021 | ||||||||||||||||||||||||||
Real Estate | ||||||||||||||||||||||||||
($ in thousands) | Commercial | Residential | Business Assets | Total | ||||||||||||||||||||||
Commercial: | ||||||||||||||||||||||||||
Commercial and industrial | ||||||||||||||||||||||||||
Commercial real estate | ||||||||||||||||||||||||||
SBA | ||||||||||||||||||||||||||
Consumer: | ||||||||||||||||||||||||||
Single family residential mortgage | ||||||||||||||||||||||||||
Total loans | $ | $ | $ | $ |
December 31, 2020 | ||||||||||||||||||||||||||
Real Estate | ||||||||||||||||||||||||||
($ in thousands) | Commercial | Residential | Business Assets | Total | ||||||||||||||||||||||
Commercial: | ||||||||||||||||||||||||||
Commercial and industrial | ||||||||||||||||||||||||||
Commercial real estate | ||||||||||||||||||||||||||
SBA | ||||||||||||||||||||||||||
Consumer: | ||||||||||||||||||||||||||
Single family residential mortgage | ||||||||||||||||||||||||||
Other consumer | ||||||||||||||||||||||||||
Total loans | $ | $ | $ | $ |
March 31, 2021 | December 31, 2020 | |||||||||||||||||||||||||||||||||||||
($ in thousands) | NTM Loans | Traditional Loans | Total | NTM Loans | Traditional Loans | Total | ||||||||||||||||||||||||||||||||
Commercial: | ||||||||||||||||||||||||||||||||||||||
Commercial and industrial | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||
SBA | ||||||||||||||||||||||||||||||||||||||
Consumer: | ||||||||||||||||||||||||||||||||||||||
Single family residential mortgage | ||||||||||||||||||||||||||||||||||||||
Other consumer | ||||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ |
Three Months Ended | ||||||||||||||||||||
($ in thousands) | Number of Loans | Pre-Modification Outstanding Recorded Investment | Post-Modification Outstanding Recorded Investment | |||||||||||||||||
March 31, 2021 | ||||||||||||||||||||
Consumer: | ||||||||||||||||||||
Single family residential mortgage | $ | $ | ||||||||||||||||||
Total | ||||||||||||||||||||
March 31, 2020 | ||||||||||||||||||||
Commercial: | ||||||||||||||||||||
Commercial and industrial | $ | $ | ||||||||||||||||||
Total | $ | $ |
Three Months Ended | ||||||||||||||||||||||||||
Modification Type | ||||||||||||||||||||||||||
Extension of Maturity | Total | |||||||||||||||||||||||||
($ in thousands) | Count | Amount | Count | Amount | ||||||||||||||||||||||
March 31, 2021 | ||||||||||||||||||||||||||
Consumer: | ||||||||||||||||||||||||||
Single family residential mortgage | ||||||||||||||||||||||||||
Total | $ | |||||||||||||||||||||||||
March 31, 2020 | ||||||||||||||||||||||||||
Commercial: | ||||||||||||||||||||||||||
Commercial and industrial | $ | |||||||||||||||||||||||||
Total | $ |
March 31, 2021 | December 31, 2020 | |||||||||||||||||||||||||||||||||||||
($ in thousands) | Count | Amount | Percent | Count | Amount | Percent | ||||||||||||||||||||||||||||||||
Consumer: | ||||||||||||||||||||||||||||||||||||||
Single family residential mortgage: | ||||||||||||||||||||||||||||||||||||||
Green Loans (HELOC) - first liens | $ | % | $ | % | ||||||||||||||||||||||||||||||||||
Interest Only - first liens | % | % | ||||||||||||||||||||||||||||||||||||
Negative amortization | % | % | ||||||||||||||||||||||||||||||||||||
Total NTM - first liens | % | % | ||||||||||||||||||||||||||||||||||||
Other consumer: | ||||||||||||||||||||||||||||||||||||||
Green Loans (HELOC) - second liens | % | % | ||||||||||||||||||||||||||||||||||||
Total NTM - second liens | % | % | ||||||||||||||||||||||||||||||||||||
Total NTM loans | $ | % | $ | % | ||||||||||||||||||||||||||||||||||
Total loans receivable | $ | $ | ||||||||||||||||||||||||||||||||||||
% of total NTM loans to total loans receivable | % | % |
($ in thousands) | Gross Carrying Value | Accumulated Amortization | Net Carrying Value | |||||||||||||||||
March 31, 2021 | ||||||||||||||||||||
Core deposit intangibles | $ | $ | $ | |||||||||||||||||
December 31, 2020 | ||||||||||||||||||||
Core deposit intangibles | $ | $ | $ | |||||||||||||||||
($ in thousands) | Remainder of 2021 | 2022 | 2023 | 2024 | 2025 | Total | ||||||||||||||||||||||||||||||||
Estimated future amortization expense | $ | $ | $ | $ | $ | $ |
($ in thousands) | March 31, 2021 | December 31, 2020 | ||||||||||||
Fixed rate: | ||||||||||||||
Outstanding balance (1)(2) | $ | $ | ||||||||||||
Interest rates ranging from (2) | % | % | ||||||||||||
Interest rates ranging to | % | % | ||||||||||||
Weighted average interest rate | % | % | ||||||||||||
Variable rate: | ||||||||||||||
Outstanding balance | $ | $ | ||||||||||||
Weighted average interest rate | % | % |
March 31, 2021 | December 31, 2020 | |||||||||||||||||||||||||
($ in thousands) | Par Value | Unamortized Debt Issuance Cost and Discount | Par Value | Unamortized Debt Issuance Cost and Discount | ||||||||||||||||||||||
$ | $ | ( | $ | $ | ( | |||||||||||||||||||||
( | ( | |||||||||||||||||||||||||
Total | $ | $ | ( | $ | $ | ( |
March 31, 2021 | December 31, 2020 | |||||||||||||||||||||||||
($ in thousands) | Notional Amount | Fair Value(1) | Notional Amount | Fair Value(1) | ||||||||||||||||||||||
Derivative assets: | ||||||||||||||||||||||||||
Interest rate swaps and caps on loans | $ | $ | $ | $ | ||||||||||||||||||||||
Foreign exchange contracts | ||||||||||||||||||||||||||
Total | $ | $ | $ | $ | ||||||||||||||||||||||
Derivative liabilities: | ||||||||||||||||||||||||||
Interest rate swaps and caps on loans | $ | $ | $ | |||||||||||||||||||||||
Foreign exchange contracts | ||||||||||||||||||||||||||
Total | $ | $ | $ | $ |
Three Months Ended March 31, | ||||||||||||||
($ in thousands) | 2021 | 2020 | ||||||||||||
Stock options | $ | $ | ||||||||||||
Restricted stock awards and units | ||||||||||||||
Total share-based compensation expense | $ | $ | ||||||||||||
Related tax benefits | $ | $ |
($ in thousands) | Unrecognized Expense | Weighted-Average Remaining Expected Recognition Period | ||||||||||||
Restricted stock awards and restricted stock units | $ | |||||||||||||
Total | $ |
Three Months Ended March 31, 2021 | ||||||||||||||||||||||||||
($ in thousands except per share data) | Number of Shares | Weighted-Average Exercise Price Per Share | Weighted-Average Remaining Contract Term | Aggregated Intrinsic Value | ||||||||||||||||||||||
Outstanding at beginning of period | $ | |||||||||||||||||||||||||
Exercised | ( | $ | ||||||||||||||||||||||||
Outstanding at end of period | $ | $ | ||||||||||||||||||||||||
Exercisable at end of period | $ | $ |
Three Months Ended March 31, 2021 | ||||||||||||||
Number of Shares | Weighted Average Grant Date Fair Value Per Share | |||||||||||||
Outstanding at beginning of period | $ | |||||||||||||
Granted (1) | $ | |||||||||||||
Vested (2) | ( | $ | ||||||||||||
Forfeited (3) | ( | $ | ||||||||||||
Outstanding at end of period | $ |
Three Months Ended March 31, 2021 | ||||||||||||||
($ in thousands except per share data) | Number of Shares | Weighted-Average Exercise Price Per Share | ||||||||||||
Outstanding at beginning of period | $ | |||||||||||||
Exercised | ( | $ | ||||||||||||
Outstanding at end of period | $ | |||||||||||||
Exercisable at end of period | $ |
March 31, 2021 | December 31, 2020 | |||||||||||||||||||||||||||||||||||||
($ in thousands) | Shares Outstanding | Liquidation Preference | Carrying Value | Shares Outstanding | Liquidation Preference | Carrying Value | ||||||||||||||||||||||||||||||||
Series D | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||
Series E | ||||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ |
Three Months Ended March 31, | ||||||||||||||
($ in thousands) | 2021 | 2020 | ||||||||||||
Series D Preferred Stock: | ||||||||||||||
Depositary shares repurchased | ||||||||||||||
Preferred Stock retired (shares) | ||||||||||||||
Consideration paid | $ | $ | ||||||||||||
Carrying value | ||||||||||||||
Impact of preferred stock redemption | $ | $ | ( | |||||||||||
Series E Preferred Stock: | ||||||||||||||
Depositary shares repurchased | ||||||||||||||
Preferred Stock retired (shares) | ||||||||||||||
Consideration paid | $ | — | $ | |||||||||||
Carrying value | — | |||||||||||||
Impact of preferred stock redemption | $ | $ | ( |
Three Months Ended March 31, | ||||||||||||||
($ in thousands) | 2021 | 2020 | ||||||||||||
Unrealized gain (loss) on securities available-for-sale | ||||||||||||||
Balance at beginning of period | $ | $ | ( | |||||||||||
Unrealized loss arising during the period | ( | ( | ||||||||||||
Tax effect of current period changes | ||||||||||||||
Total changes, net of taxes | ( | ( | ||||||||||||
Balance at end of period | $ | $ | ( |
Three Months Ended March 31, | ||||||||||||||
($ in thousands) | 2021 | 2020 | ||||||||||||
Fundings | $ | $ | ||||||||||||
Cash distribution from investment | ||||||||||||||
Loss on investments in alternative energy partnerships | ( | ( | ||||||||||||
Income tax credits recognized | ||||||||||||||
Tax expense (benefit) recognized from HLBV application | ( | ( |
($ in thousands) | March 31, 2021 | December 31, 2020 | ||||||||||||
Cash | $ | $ | ||||||||||||
Equipment, net of depreciation | ||||||||||||||
Other assets | ||||||||||||||
Total unconsolidated assets | $ | $ | ||||||||||||
Total unconsolidated liabilities | $ | $ | ||||||||||||
Maximum loss exposure | $ | $ |
($ in thousands) | March 31, 2021 | December 31, 2020 | ||||||||||||
Ending balance(1) | $ | $ | ||||||||||||
Aggregate funding commitment | ||||||||||||||
Total amount funded | ||||||||||||||
Unfunded commitment | ||||||||||||||
Maximum loss exposure |
Three Months Ended March 31, | ||||||||||||||
($ in thousands) | 2020 | 2019 | ||||||||||||
Fundings | $ | $ | ||||||||||||
Proportional amortization recognized | ||||||||||||||
Income tax credits recognized |
Three Months Ended March 31, 2021 | ||||||||||||||
($ in thousands except per share data) | Common Stock | Class B Common Stock | ||||||||||||
Net income | $ | $ | ||||||||||||
Less: Income allocated to participating securities | ( | ( | ||||||||||||
Less: preferred stock dividends | ( | ( | ||||||||||||
Less: preferred stock redemption | ( | ( | ||||||||||||
Net income allocated to common stockholders | $ | $ | ||||||||||||
Weighted average common shares outstanding | ||||||||||||||
Dilutive effects of restricted shares/units | ||||||||||||||
Dilutive effects of stock options | ||||||||||||||
Average shares and dilutive common shares | ||||||||||||||
Basic earnings per common share | $ | $ | ||||||||||||
Diluted earnings per common share | $ | $ |
Three Months Ended March 31, 2020 | ||||||||||||||
($ in thousands except per share data) | Common Stock | Class B Common Stock | ||||||||||||
Net loss | $ | ( | $ | ( | ||||||||||
Less: participating securities dividends | ( | ( | ||||||||||||
Less: preferred stock dividends | ( | ( | ||||||||||||
Less: preferred stock redemption | ||||||||||||||
Net loss allocated to common stockholders | $ | ( | $ | ( | ||||||||||
Weighted average common shares outstanding | ||||||||||||||
Dilutive effects of stock units | ||||||||||||||
Dilutive effects of stock options | ||||||||||||||
Average shares and dilutive common shares | ||||||||||||||
Basic loss per common share | $ | ( | $ | ( | ||||||||||
Diluted loss per common share | $ | ( | $ | ( |
March 31, 2021 | December 31, 2020 | |||||||||||||||||||||||||
($ in thousands) | Fixed Rate | Variable Rate | Fixed Rate | Variable Rate | ||||||||||||||||||||||
Commitments to extend credit | $ | $ | $ | $ | ||||||||||||||||||||||
Unused lines of credit | ||||||||||||||||||||||||||
Letters of credit |
Three Months Ended March 31, | ||||||||||||||
($ in thousands) | 2021 | 2020 | ||||||||||||
Noninterest income | ||||||||||||||
In scope of Topic 606 | ||||||||||||||
Deposit service fees | $ | $ | ||||||||||||
Debit card fees | ||||||||||||||
Other | ||||||||||||||
Noninterest income (in-scope of Topic 606) | ||||||||||||||
Noninterest income (out-of-scope of Topic 606) | ||||||||||||||
Total noninterest income | $ | $ |
Deferment & Forbearances(1)(2) | ||||||||||||||||||||||||||||||||||||||
March 31, 2021 | December 31, 2020 | |||||||||||||||||||||||||||||||||||||
($ in thousands) | Number of Loans | Amount(1)(2) | % of Loan Category | Number of Loans | Amount(1)(2) | % of Loan Category | ||||||||||||||||||||||||||||||||
Commercial: | ||||||||||||||||||||||||||||||||||||||
Commercial and industrial | 5 | $ | 25,427 | 1.4 | % | 8 | $ | 39,240 | 1.9 | % | ||||||||||||||||||||||||||||
Commercial real estate | 3 | 3,765 | 0.4 | % | 12 | 57,159 | 7.1 | % | ||||||||||||||||||||||||||||||
Multifamily | 2 | 17,000 | 1.4 | % | 1 | 803 | 0.1 | % | ||||||||||||||||||||||||||||||
SBA | 3 | 13,238 | 3.9 | % | 10 | 15,302 | 5.6 | % | ||||||||||||||||||||||||||||||
Construction | — | — | — | % | — | — | — | % | ||||||||||||||||||||||||||||||
Total commercial | 13 | 59,430 | 1.3 | % | 31 | 112,504 | 2.4 | % | ||||||||||||||||||||||||||||||
Consumer: | ||||||||||||||||||||||||||||||||||||||
Single family residential mortgage | 47 | 48,831 | 3.9 | % | 123 | 138,771 | 11.3 | % | ||||||||||||||||||||||||||||||
Other consumer | 2 | 428 | 1.6 | % | 2 | 659 | 2.0 | % | ||||||||||||||||||||||||||||||
Total consumer | 49 | 49,259 | 3.8 | % | 125 | 139,430 | 11.0 | % | ||||||||||||||||||||||||||||||
Total | 62 | $ | 108,689 | 1.9 | % | 156 | $ | 251,934 | 4.3 | % | ||||||||||||||||||||||||||||
(Dollars in thousands, except per share data) (Unaudited) | March 31, 2021 | December 31, 2020 | |||||||||
Tangible common equity, and tangible common equity to tangible assets ratio | |||||||||||
Total assets | $ | 7,933,459 | $ | 7,877,334 | |||||||
Less goodwill | (37,144) | (37,144) | |||||||||
Less other intangible assets | (2,351) | (2,633) | |||||||||
Tangible assets(1) | $ | 7,893,964 | $ | 7,837,557 | |||||||
Total stockholders' equity | $ | 804,693 | $ | 897,207 | |||||||
Less goodwill | (37,144) | (37,144) | |||||||||
Less other intangible assets | (2,351) | (2,633) | |||||||||
Tangible equity(1) | 765,198 | 857,430 | |||||||||
Less preferred stock | (94,956) | (184,878) | |||||||||
Tangible common equity(1) | $ | 670,242 | $ | 672,552 | |||||||
Total stockholders' equity to total assets | 10.14 | % | 11.39 | % | |||||||
Tangible equity to tangible assets(1) | 9.69 | % | 10.94 | % | |||||||
Tangible common equity to tangible assets(1) | 8.49 | % | 8.58 | % | |||||||
Common shares outstanding | 50,150,447 | 49,767,489 | |||||||||
Class B non-voting non-convertible common shares outstanding | 477,321 | 477,321 | |||||||||
Total common shares outstanding | 50,627,768 | 50,244,810 | |||||||||
Tangible common equity per common share(1) | $ | 13.24 | $ | 13.39 | |||||||
Book value per common share | $ | 14.02 | $ | 14.18 |
Three Months Ended | |||||||||||||||||
(Dollars in thousands) (Unaudited) | March 31, 2021 | December 31, 2020 | March 31, 2020 | ||||||||||||||
Return on tangible common equity | |||||||||||||||||
Average total stockholders' equity | $ | 888,174 | $ | 892,565 | $ | 916,047 | |||||||||||
Less average preferred stock | (164,895) | (184,878) | (189,607) | ||||||||||||||
Less average goodwill | (37,144) | (37,144) | (37,144) | ||||||||||||||
Less average other intangible assets | (2,517) | (2,826) | (4,003) | ||||||||||||||
Average tangible common equity(1) | $ | 683,618 | $ | 667,717 | $ | 685,293 | |||||||||||
Net income (loss) | $ | 14,375 | $ | 21,703 | $ | (6,593) | |||||||||||
Less preferred stock dividends and impact of preferred stock redemption | (6,488) | (3,447) | (3,007) | ||||||||||||||
Add amortization of intangible assets | 282 | 306 | 429 | ||||||||||||||
Less tax effect on amortization of intangible assets | (59) | (64) | (90) | ||||||||||||||
Net income (loss) available to common stockholders(1) | $ | 8,110 | $ | 18,498 | $ | (9,261) | |||||||||||
Return on average equity | 6.56 | % | 9.67 | % | (2.89) | % | |||||||||||
Return on average tangible common equity(1) | 4.81 | % | 11.02 | % | (5.44) | % | |||||||||||
Statutory Federal tax rate utilized for calculating tax effect on amortization of intangible assets | 21.00 | % | 21.00 | % | 21.00 | % |
Three Months Ended | |||||||||||||||||
(Dollars in thousands) (Unaudited) | March 31, 2021 | December 31, 2020 | March 31, 2020 | ||||||||||||||
Adjusted noninterest income and expense | |||||||||||||||||
Total noninterest income | $ | 4,381 | $ | 6,975 | $ | 2,061 | |||||||||||
Noninterest income adjustments: | |||||||||||||||||
Fair value adjustment on legacy SFR loans held for sale | — | (36) | 1,586 | ||||||||||||||
Total noninterest income adjustments | — | (36) | 1,586 | ||||||||||||||
Adjusted noninterest income(1) | $ | 4,381 | $ | 6,939 | $ | 3,647 | |||||||||||
Total noninterest expense | $ | 46,735 | $ | 38,950 | $ | 46,919 | |||||||||||
Noninterest expense adjustments: | |||||||||||||||||
Professional (fees) recoveries | (721) | 4,398 | (1,678) | ||||||||||||||
Merger-related costs | (700) | — | — | ||||||||||||||
Adjusted noninterest expense before gain (loss) in alternative energy partnership investments | (1,421) | 4,398 | (1,678) | ||||||||||||||
Gain (loss) in alternative energy partnership investments | (3,630) | 673 | (1,905) | ||||||||||||||
Total noninterest expense adjustments | (5,051) | 5,071 | (3,583) | ||||||||||||||
Adjusted noninterest expense(1) | $ | 41,684 | $ | 44,021 | $ | 43,336 | |||||||||||
Average assets | $ | 7,860,952 | $ | 7,764,997 | $ | 7,562,942 | |||||||||||
Noninterest expense to average total assets | 2.41 | % | 2.00 | % | 2.50 | % | |||||||||||
Adjusted noninterest expense to average total assets(1) | 2.15 | % | 2.26 | % | 2.30 | % |
Three Months Ended | |||||||||||||||||
(Dollars in thousands) (Unaudited) | March 31, 2021 | December 31, 2020 | March 31, 2020 | ||||||||||||||
Adjusted pre-tax pre-provision income | |||||||||||||||||
Net interest income | $ | 57,916 | $ | 61,563 | $ | 51,861 | |||||||||||
Noninterest income | 4,381 | 6,975 | 2,061 | ||||||||||||||
Total revenue | 62,297 | 68,538 | 53,922 | ||||||||||||||
Noninterest expense | 46,735 | 38,950 | 46,919 | ||||||||||||||
Pre-tax pre-provision income (loss)(1) | $ | 15,562 | $ | 29,588 | $ | 7,003 | |||||||||||
Total revenue | $ | 62,297 | $ | 68,538 | $ | 53,922 | |||||||||||
Total noninterest income adjustments | — | (36) | 1,586 | ||||||||||||||
Adjusted total revenue(1) | 62,297 | 68,502 | 55,508 | ||||||||||||||
Noninterest expense | 46,735 | 38,950 | 46,919 | ||||||||||||||
Total noninterest expense adjustments | (5,051) | 5,071 | (3,583) | ||||||||||||||
Adjusted noninterest expense(1) | 41,684 | 44,021 | 43,336 | ||||||||||||||
Adjusted pre-tax pre-provision income(1) | $ | 20,613 | $ | 24,481 | $ | 12,172 | |||||||||||
Average assets | $ | 7,860,952 | $ | 7,764,997 | $ | 7,562,942 | |||||||||||
Pre-tax pre-provision income (loss) ROAA(1) | 0.80 | % | 1.52 | % | 0.37 | % | |||||||||||
Adjusted pre-tax pre-provision income ROAA(1) | 1.06 | % | 1.25 | % | 0.65 | % | |||||||||||
Efficiency ratio(1) | 75.02 | % | 56.83 | % | 87.01 | % | |||||||||||
Adjusted efficiency ratio(1) | 66.91 | % | 64.26 | % | 78.07 | % |
Three Months Ended | |||||||||||||||||
(Dollars in thousands, except per share data) (Unaudited) | March 31, 2021 | December 31, 2020 | March 31, 2020 | ||||||||||||||
Adjusted net income (loss) | |||||||||||||||||
Net income (loss) | $ | 14,375 | $ | 21,703 | $ | (6,593) | |||||||||||
Adjustments, net:(1) | |||||||||||||||||
Noninterest income | — | 27 | (1,190) | ||||||||||||||
Noninterest expense | 3,788 | (3,803) | 2,687 | ||||||||||||||
Adjusted net income (loss) before tax adjustment | 18,163 | 17,927 | (5,096) | ||||||||||||||
Tax adjustment: tax impact from exercise of stock appreciation rights | 2,093 | — | — | ||||||||||||||
Adjusted net income (loss)(2) | $ | 16,070 | $ | 17,927 | $ | (5,096) | |||||||||||
Average assets | $ | 7,860,952 | $ | 7,764,997 | $ | 7,562,942 | |||||||||||
ROAA | 0.74 | % | 1.11 | % | (0.35) | % | |||||||||||
Adjusted ROAA(2) | 0.83 | % | 0.92 | % | (0.27) | % | |||||||||||
Adjusted net income (loss) available to common stockholders | |||||||||||||||||
Net income (loss) available to common stockholders | $ | 7,825 | $ | 17,706 | $ | (9,694) | |||||||||||
Adjustments to net income (loss)(3) | 1,695 | (3,776) | 1,497 | ||||||||||||||
Adjustments for impact of preferred stock redemption | 3,347 | — | (526) | ||||||||||||||
Adjusted net income (loss) available to common stockholders(2) | $ | 12,867 | $ | 13,930 | $ | (8,723) | |||||||||||
Average diluted common shares | 50,750,522 | 50,335,271 | 50,464,777 | ||||||||||||||
Diluted EPS | $ | 0.15 | $ | 0.35 | $ | (0.19) | |||||||||||
Adjusted diluted EPS(2) | $ | 0.25 | $ | 0.28 | $ | (0.17) | |||||||||||
Three Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2021 | December 31, 2020 | March 31, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
($ in thousands) | Average Balance | Interest and Dividends | Yield/Cost | Average Balance | Interest and Dividends | Yield/ Cost | Average Balance | Interest and Dividends | Yield/Cost | |||||||||||||||||||||||||||||||||||||||||||||||
Interest-earning assets: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total loans(1) | $ | 5,784,041 | $ | 61,345 | 4.30 | % | $ | 5,744,919 | $ | 66,105 | 4.58 | % | $ | 5,780,810 | $ | 65,534 | 4.56 | % | ||||||||||||||||||||||||||||||||||||||
Securities | 1,236,138 | 6,501 | 2.13 | % | 1,239,295 | 6,636 | 2.13 | % | 952,966 | 7,820 | 3.30 | % | ||||||||||||||||||||||||||||||||||||||||||||
Other interest-earning assets (2) | 336,443 | 772 | 0.93 | % | 262,363 | 789 | 1.20 | % | 297,444 | 1,360 | 1.84 | % | ||||||||||||||||||||||||||||||||||||||||||||
Total interest-earning assets | 7,356,622 | 68,618 | 3.78 | % | 7,246,577 | 73,530 | 4.04 | % | 7,031,220 | 74,714 | 4.27 | % | ||||||||||||||||||||||||||||||||||||||||||||
ACL | (81,111) | (83,745) | (60,470) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
BOLI and noninterest-earning assets (3) | 585,441 | 602,165 | 592,192 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Total assets | $ | 7,860,952 | $ | 7,764,997 | $ | 7,562,942 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing liabilities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Savings | $ | 928,446 | 2,013 | 0.88 | % | $ | 937,649 | 2,128 | 0.90 | % | $ | 890,830 | 3,296 | 1.49 | % | |||||||||||||||||||||||||||||||||||||||||
Interest-bearing checking | 2,140,314 | 901 | 0.17 | % | 2,086,146 | 1,131 | 0.22 | % | 1,520,922 | 3,728 | 0.99 | % | ||||||||||||||||||||||||||||||||||||||||||||
Money market | 726,079 | 377 | 0.21 | % | 671,949 | 414 | 0.25 | % | 608,926 | 1,760 | 1.16 | % | ||||||||||||||||||||||||||||||||||||||||||||
Certificates of deposit | 720,180 | 995 | 0.56 | % | 860,131 | 1,763 | 0.82 | % | 1,151,518 | 5,827 | 2.04 | % | ||||||||||||||||||||||||||||||||||||||||||||
Total interest-bearing deposits | 4,515,019 | 4,286 | 0.38 | % | 4,555,875 | 5,436 | 0.47 | % | 4,172,196 | 14,611 | 1.41 | % | ||||||||||||||||||||||||||||||||||||||||||||
FHLB advances | 446,618 | 3,112 | 2.83 | % | 534,303 | 3,479 | 2.59 | % | 1,039,055 | 5,883 | 2.28 | % | ||||||||||||||||||||||||||||||||||||||||||||
Securities sold under repurchase agreements | — | — | — | % | — | — | — | % | — | — | — | % | ||||||||||||||||||||||||||||||||||||||||||||
Long-term debt and other interest-bearing liabilities | 260,488 | 3,304 | 5.14 | % | 238,265 | 3,052 | 5.10 | % | 174,056 | 2,359 | 5.45 | % | ||||||||||||||||||||||||||||||||||||||||||||
Total interest-bearing liabilities | 5,222,125 | 10,702 | 0.83 | % | 5,328,443 | 11,967 | 0.89 | % | 5,385,307 | 22,853 | 1.71 | % | ||||||||||||||||||||||||||||||||||||||||||||
Noninterest-bearing deposits | 1,653,517 | 1,448,422 | 1,133,306 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest-bearing liabilities | 97,136 | 95,567 | 128,282 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities | 6,972,778 | 6,872,432 | 6,646,895 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Total stockholders’ equity | 888,174 | 892,565 | 916,047 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities and stockholders’ equity | $ | 7,860,952 | $ | 7,764,997 | $ | 7,562,942 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income/spread | $ | 57,916 | 2.95 | % | $ | 61,563 | 3.15 | % | $ | 51,861 | 2.56 | % | ||||||||||||||||||||||||||||||||||||||||||||
Net interest margin (4) | 3.19 | % | 3.38 | % | 2.97 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Ratio of interest-earning assets to interest-bearing liabilities | 141 | % | 136 | % | 131 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total deposits(5) | 6,168,536 | 4,286 | 0.28 | % | 6,004,297 | 5,436 | 0.36 | % | 5,305,502 | 14,611 | 1.11 | % | ||||||||||||||||||||||||||||||||||||||||||||
Total funding (6) | 6,875,642 | 10,702 | 0.63 | % | 6,776,865 | 11,967 | 0.70 | % | 6,518,613 | 22,853 | 1.41 | % |
Three Months Ended March 31, 2021 vs. 2020 | ||||||||||||||||||||
Increase (Decrease) Due to | Net Increase (Decrease) | |||||||||||||||||||
($ In thousands) | Volume | Rate | ||||||||||||||||||
Interest and dividend income: | ||||||||||||||||||||
Total loans | $ | 31 | $ | (4,220) | $ | (4,189) | ||||||||||||||
Securities | 1,905 | (3,224) | (1,319) | |||||||||||||||||
Other interest-earning assets | 156 | (744) | (588) | |||||||||||||||||
Total interest and dividend income | $ | 2,092 | $ | (8,188) | $ | (6,096) | ||||||||||||||
Interest expense: | ||||||||||||||||||||
Savings | $ | 130 | $ | (1,413) | $ | (1,283) | ||||||||||||||
Interest-bearing checking | 1,095 | (3,922) | (2,827) | |||||||||||||||||
Money market | 279 | (1,662) | (1,383) | |||||||||||||||||
Certificates of deposit | (1,646) | (3,186) | (4,832) | |||||||||||||||||
FHLB advances | (3,927) | 1,156 | (2,771) | |||||||||||||||||
Securities sold under repurchase agreements | — | — | — | |||||||||||||||||
Long-term debt and other interest-bearing liabilities | 1,087 | (142) | 945 | |||||||||||||||||
Total interest expense | (2,982) | (9,169) | (12,151) | |||||||||||||||||
Net interest income | $ | 5,074 | $ | 981 | $ | 6,055 |
Three Months Ended | ||||||||||||||||||||
($ in thousands) | March 31, 2021 | December 31, 2020 | March 31, 2020 | |||||||||||||||||
(Reversal of) provision for loan losses | $ | (1,284) | $ | 1,014 | $ | 14,711 | ||||||||||||||
Provision for (reversal of) credit losses - unfunded loan commitments | 177 | (23) | 1,050 | |||||||||||||||||
Total (reversal of) provision for credit losses | $ | (1,107) | $ | 991 | $ | 15,761 |
Three Months Ended | ||||||||||||||||||||
($ in thousands) | March 31, 2021 | December 31, 2020 | March 31, 2020 | |||||||||||||||||
Customer service fees | $ | 1,758 | $ | 1,953 | $ | 1,096 | ||||||||||||||
Loan servicing income | 268 | 149 | 75 | |||||||||||||||||
Income from bank owned life insurance | 672 | 691 | 578 | |||||||||||||||||
Fair value adjustment on loans held-for-sale | — | 36 | (1,586) | |||||||||||||||||
Net loss on sale of loans | — | — | (27) | |||||||||||||||||
Other income | 1,683 | 4,146 | 1,925 | |||||||||||||||||
Total noninterest income | $ | 4,381 | $ | 6,975 | $ | 2,061 |
Three Months Ended | ||||||||||||||||||||
($ in thousands) | March 31, 2021 | December 31, 2020 | March 31, 2020 | |||||||||||||||||
Salaries and employee benefits | $ | 25,719 | $ | 25,836 | $ | 23,436 | ||||||||||||||
Occupancy and equipment | 7,196 | 7,560 | 7,243 | |||||||||||||||||
Professional fees | 4,022 | 29 | 5,964 | |||||||||||||||||
Data processing | 1,655 | 1,608 | 1,773 | |||||||||||||||||
Advertising | 118 | 171 | 1,756 | |||||||||||||||||
Regulatory assessments | 774 | 748 | 484 | |||||||||||||||||
Reversal of provision for loan repurchases | (132) | 28 | (600) | |||||||||||||||||
Amortization of intangible assets | 282 | 306 | 429 | |||||||||||||||||
Merger-related costs | 700 | — | — | |||||||||||||||||
All other expense | 2,771 | 3,337 | 4,529 | |||||||||||||||||
Noninterest expense before loss (gain) on investments in alternative energy partnerships | 43,105 | 39,623 | 45,014 | |||||||||||||||||
Loss (gain) on investments in alternative energy partnerships | 3,630 | (673) | 1,905 | |||||||||||||||||
Total noninterest expense | $ | 46,735 | $ | 38,950 | $ | 46,919 |
March 31, 2021 | December 31, 2020 | |||||||||||||||||||||||||||||||||||||
($ in thousands) | Amortized Cost | Fair Value | Unrealized Gain (Loss) | Amortized Cost | Fair Value | Unrealized Gain (Loss) | ||||||||||||||||||||||||||||||||
Securities available-for-sale: | ||||||||||||||||||||||||||||||||||||||
SBA loan pool securities | $ | 16,812 | $ | 16,733 | $ | (79) | $ | 17,436 | $ | 17,354 | $ | (82) | ||||||||||||||||||||||||||
U.S. government agency and U.S. government sponsored enterprise residential mortgage-backed securities | 122,300 | 123,300 | 1,000 | 99,591 | 106,384 | 6,793 | ||||||||||||||||||||||||||||||||
U.S. government agency and U.S. government sponsored enterprise collateralized mortgage obligations | 210,343 | 210,956 | 613 | 209,426 | 211,831 | 2,405 | ||||||||||||||||||||||||||||||||
Municipal securities | 84,385 | 85,538 | 1,153 | 64,355 | 68,623 | 4,268 | ||||||||||||||||||||||||||||||||
Non-agency residential mortgage-backed securities | 154 | 158 | 4 | 156 | 160 | 4 | ||||||||||||||||||||||||||||||||
Collateralized loan obligations | 687,505 | 683,873 | (3,632) | 687,505 | 677,785 | (9,720) | ||||||||||||||||||||||||||||||||
Corporate debt securities | 141,982 | 150,272 | 8,290 | 141,975 | 149,294 | 7,319 | ||||||||||||||||||||||||||||||||
Total securities available-for-sale | $ | 1,263,481 | $ | 1,270,830 | $ | 7,349 | $ | 1,220,444 | $ | 1,231,431 | $ | 10,987 |
One Year or Less | More than One Year through Five Years | More than Five Years through Ten Years | More than Ten Years | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
($ in thousands) | Fair Value | Weighted Average Yield | Fair Value | Weighted Average Yield | Fair Value | Weighted Average Yield | Fair Value | Weighted Average Yield | Fair Value | Weighted Average Yield | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Securities available-for-sale: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SBA loan pools securities | $ | 16,733 | 1.34 | % | $ | — | — | % | $ | — | — | % | $ | — | — | % | $ | 16,733 | 1.34 | % | ||||||||||||||||||||||||||||||||||||||||||
U.S. government agency and U.S. government sponsored enterprise residential mortgage-backed securities | — | — | % | — | — | % | 29,238 | 2.20 | % | 94,062 | 2.35 | % | 123,300 | 2.31 | % | |||||||||||||||||||||||||||||||||||||||||||||||
U.S. government agency and U.S. government sponsored enterprise collateralized mortgage obligations | 110,147 | 0.67 | % | 11,193 | 1.99 | % | 42,747 | 1.35 | % | 46,869 | 1.76 | % | 210,956 | 1.12 | % | |||||||||||||||||||||||||||||||||||||||||||||||
Municipal securities | — | — | % | — | — | % | 9,193 | 2.60 | % | 76,345 | 2.49 | % | 85,538 | 2.51 | % | |||||||||||||||||||||||||||||||||||||||||||||||
Non-agency residential mortgage-backed securities | — | — | % | — | — | % | — | — | % | 158 | 6.36 | % | 158 | 6.36 | % | |||||||||||||||||||||||||||||||||||||||||||||||
Collateralized loan obligations | 683,873 | 1.86 | % | — | — | % | — | — | % | — | — | % | 683,873 | 1.86 | % | |||||||||||||||||||||||||||||||||||||||||||||||
Corporate debt securities | — | — | % | 132,244 | 5.01 | % | 18,028 | 5.73 | % | — | — | % | 150,272 | 5.08 | % | |||||||||||||||||||||||||||||||||||||||||||||||
Total securities available-for-sale | $ | 810,753 | 1.69 | % | $ | 143,437 | 4.77 | % | $ | 99,206 | 2.40 | % | $ | 217,434 | 2.28 | % | $ | 1,270,830 | 2.18 | % |
($ in thousands) | March 31, 2021 | December 31, 2020 | Amount Change | Percentage Change | ||||||||||||||||||||||
Commercial: | ||||||||||||||||||||||||||
Commercial and industrial | $ | 1,878,325 | $ | 2,088,308 | $ | (209,983) | (10.1) | % | ||||||||||||||||||
Commercial real estate | 839,965 | 807,195 | 32,770 | 4.1 | % | |||||||||||||||||||||
Multifamily | 1,258,278 | 1,289,820 | (31,542) | (2.4) | % | |||||||||||||||||||||
SBA(1) | 338,903 | 273,444 | 65,459 | 23.9 | % | |||||||||||||||||||||
Construction | 169,122 | 176,016 | (6,894) | (3.9) | % | |||||||||||||||||||||
Consumer: | ||||||||||||||||||||||||||
Single family residential mortgage | 1,253,251 | 1,230,236 | 23,015 | 1.9 | % | |||||||||||||||||||||
Other consumer | 26,557 | 33,386 | (6,829) | (20.5) | % | |||||||||||||||||||||
Total loans(2) | 5,764,401 | 5,898,405 | (134,004) | (2.3) | % | |||||||||||||||||||||
Allowance for loan losses | (79,353) | (81,030) | 1,677 | (2.1) | % | |||||||||||||||||||||
Total loans receivable, net | $ | 5,685,048 | $ | 5,817,375 | $ | (132,327) | (2.3) | % |
($ in thousands) | Pass | Special Mention | Substandard | Doubtful | Total | |||||||||||||||||||||||||||
March 31, 2021 | ||||||||||||||||||||||||||||||||
Commercial: | ||||||||||||||||||||||||||||||||
Commercial and industrial | $ | 1,790,820 | $ | 37,599 | $ | 49,906 | $ | — | $ | 1,878,325 | ||||||||||||||||||||||
Commercial real estate | 793,668 | 30,115 | 14,963 | 1,219 | 839,965 | |||||||||||||||||||||||||||
Multifamily | 1,234,875 | 3,851 | 19,552 | — | 1,258,278 | |||||||||||||||||||||||||||
SBA | 329,749 | 3,231 | 5,442 | 481 | 338,903 | |||||||||||||||||||||||||||
Construction | 157,649 | 11,473 | — | — | 169,122 | |||||||||||||||||||||||||||
Consumer: | ||||||||||||||||||||||||||||||||
Single family residential mortgage | 1,204,698 | 14,186 | 34,367 | — | 1,253,251 | |||||||||||||||||||||||||||
Other consumer | 26,292 | 94 | 171 | — | 26,557 | |||||||||||||||||||||||||||
Total | $ | 5,537,751 | $ | 100,549 | $ | 124,401 | $ | 1,700 | $ | 5,764,401 |
($ in thousands) | Pass | Special Mention | Substandard | Doubtful | Total | |||||||||||||||||||||||||||
December 31, 2020 | ||||||||||||||||||||||||||||||||
Commercial: | ||||||||||||||||||||||||||||||||
Commercial and industrial | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
Commercial real estate | ||||||||||||||||||||||||||||||||
Multifamily | ||||||||||||||||||||||||||||||||
SBA | ||||||||||||||||||||||||||||||||
Construction | ||||||||||||||||||||||||||||||||
Consumer: | ||||||||||||||||||||||||||||||||
Single family residential mortgage | ||||||||||||||||||||||||||||||||
Other consumer | ||||||||||||||||||||||||||||||||
Total | $ | 5,732,225 | $ | 75,444 | $ | 90,255 | $ | 481 | $ | 5,898,405 |
March 31, 2021 | ||||||||||||||
($ in thousands) | Amount | % of Portfolio | ||||||||||||
C&I Portfolio by Industry | ||||||||||||||
Finance and insurance (includes $1.12 billion for Warehouse lending) | $ | 1,220,408 | 65 | % | ||||||||||
Real Estate & Rental Leasing | 230,781 | 12 | % | |||||||||||
Gas Stations | 68,672 | 4 | % | |||||||||||
Healthcare | 68,964 | 4 | % | |||||||||||
Wholesale Trade | 40,803 | 2 | % | |||||||||||
Television / Motion Pictures | 34,067 | 2 | % | |||||||||||
Manufacturing | 25,198 | 1 | % | |||||||||||
Food Services | 31,366 | 2 | % | |||||||||||
Other Retail Trade | 21,167 | 1 | % | |||||||||||
Professional Services | 16,993 | 1 | % | |||||||||||
Transportation | 4,773 | — | % | |||||||||||
Accommodations | 2,427 | — | % | |||||||||||
All other | 112,706 | 6 | % | |||||||||||
Total | $ | 1,878,325 | 100 | % |
By FICO Scores Obtained During the Quarter Ended March 31, 2021 | By FICO Scores Obtained During the Quarter Ended December 31, 2020 | Change | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
($ in thousands) | Count | Amount | Percent | Count | Amount | Percent | Count | Amount | Percent | |||||||||||||||||||||||||||||||||||||||||||||||
FICO Score | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
800+ | 10 | $ | 5,192 | 17.1 | % | 10 | $ | 4,623 | 15.3 | % | — | $ | 569 | 12.3 | % | |||||||||||||||||||||||||||||||||||||||||
700-799 | 23 | 15,671 | 51.8 | % | 23 | 16,356 | 54.0 | % | — | (685) | (4.2) | % | ||||||||||||||||||||||||||||||||||||||||||||
600-699 | 9 | 7,806 | 25.8 | % | 9 | 7,690 | 25.4 | % | — | 116 | 1.5 | % | ||||||||||||||||||||||||||||||||||||||||||||
<600 | 2 | 1,097 | 3.6 | % | 2 | 1,097 | 3.6 | % | — | — | — | % | ||||||||||||||||||||||||||||||||||||||||||||
No FICO | 2 | 527 | 1.7 | % | 2 | 527 | 1.7 | % | — | — | — | % | ||||||||||||||||||||||||||||||||||||||||||||
Totals | 46 | $ | 30,293 | 100.0 | % | 46 | $ | 30,293 | 100.0 | % | — | $ | — | — | % |
($ in thousands) | Green | Interest Only | Negative Amortization | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
LTV ratio range | Count | Amount | Percent | Count | Amount | Percent | Count | Amount | Percent | Count | Amount | Percent | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
< 61% | 41 | $ | 26,276 | 86.7 | % | 190 | $ | 275,446 | 72.9 | % | 6 | $ | 2,149 | 100.0 | % | 237 | $ | 303,871 | 74.0 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
61-80% | 5 | 4,017 | 13.3 | % | 70 | 98,159 | 26.0 | % | — | — | — | % | 75 | 102,176 | 24.9 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
81-100% | — | — | — | % | 2 | 3,183 | 0.8 | % | — | — | — | % | 2 | 3,183 | 0.8 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
> 100% | — | — | — | % | 1 | 1,300 | 0.3 | % | — | — | — | % | 1 | 1,300 | 0.3 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | 46 | $ | 30,293 | 100.0 | % | 263 | $ | 378,088 | 100.0 | % | 6 | $ | 2,149 | 100.0 | % | 315 | $ | 410,530 | 100.0 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
< 61% | 42 | $ | 25,946 | 82.1 | % | 190 | $ | 271,108 | 67.5 | % | 8 | $ | 2,288 | 100.0 | % | 240 | $ | 299,342 | 68.7 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
61-80% | 6 | 5,641 | 17.9 | % | 91 | 126,281 | 31.4 | % | — | — | — | % | 97 | 131,922 | 30.3 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
81-100% | — | — | — | % | 2 | 4,251 | 1.1 | % | — | — | — | % | 2 | 4,251 | 1.0 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
> 100% | — | — | — | % | — | — | — | % | — | — | — | % | — | — | — | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | 48 | $ | 31,587 | 100.0 | % | 283 | $ | 401,640 | 100.0 | % | 8 | $ | 2,288 | 100.0 | % | 339 | $ | 435,515 | 100.0 | % |
($ in thousands) | March 31, 2021 | December 31, 2020 | Amount Change | Percentage Change | ||||||||||||||||||||||
Loans past due 90 days or more still on accrual | $ | — | $ | 728 | $ | (728) | (100.0) | % | ||||||||||||||||||
Nonaccrual loans | 55,920 | 35,900 | 20,020 | 55.8 | % | |||||||||||||||||||||
Total nonperforming loans | 55,920 | 36,628 | 19,292 | 52.7 | % | |||||||||||||||||||||
Other real estate owned | — | — | — | — | % | |||||||||||||||||||||
Total nonperforming assets | $ | 55,920 | $ | 36,628 | $ | 19,292 | 52.7 | % | ||||||||||||||||||
Performing restructured loans (1) | $ | 6,347 | $ | 4,733 | $ | 1,614 | 34.1 | % | ||||||||||||||||||
Total nonperforming loans to total loans | 0.97 | % | 0.62 | % | ||||||||||||||||||||||
Total nonperforming assets to total assets | 0.70 | % | 0.46 | % | ||||||||||||||||||||||
ALL to nonperforming loans | 141.90 | % | 221.22 | % | ||||||||||||||||||||||
ACL to nonperforming loans | 147.91 | % | 229.91 | % |
($ in thousands) | March 31, 2021 | December 31, 2020 | ||||||||||||
Allowance for credit losses: | ||||||||||||||
Allowance for loan losses (ALL) | $ | 79,353 | $ | 81,030 | ||||||||||
Reserve for unfunded loan commitments | 3,360 | 3,183 | ||||||||||||
Total allowance for credit losses (ACL) | $ | 82,713 | $ | 84,213 | ||||||||||
ALL to total loans | 1.38 | % | 1.37 | % | ||||||||||
ACL to total loans | 1.43 | % | 1.43 | % | ||||||||||
ACL to total loans, excluding PPP loans | 1.51 | % | 1.48 | % |
Three Months Ended March 31, | ||||||||||||||||||||||||||||||||||||||
($ in thousands) | 2021 | 2020 | ||||||||||||||||||||||||||||||||||||
Allowance for Loan Losses | Reserve for Unfunded Loan Commitments | Allowance for Credit Losses | Allowance for Loan Losses | Reserve for Unfunded Loan Commitments | Allowance for Credit Losses | |||||||||||||||||||||||||||||||||
Balance at beginning of period | $ | 81,030 | $ | 3,183 | $ | 84,213 | $ | 57,649 | $ | 4,064 | $ | 61,713 | ||||||||||||||||||||||||||
Impact of adopting ASU 2016-13(1) | — | — | — | 7,609 | (1,226) | 6,383 | ||||||||||||||||||||||||||||||||
Loans charged off | (565) | — | (565) | (2,076) | — | (2,076) | ||||||||||||||||||||||||||||||||
Recoveries of loans previously charged off | 172 | — | 172 | 350 | — | 350 | ||||||||||||||||||||||||||||||||
Net charge-offs | (393) | — | (393) | (1,726) | — | (1,726) | ||||||||||||||||||||||||||||||||
Provision for (reversal of) credit losses | (1,284) | 177 | (1,107) | 14,711 | 1,050 | 15,761 | ||||||||||||||||||||||||||||||||
Balance at end of period | $ | 79,353 | $ | 3,360 | $ | 82,713 | $ | 78,243 | $ | 3,888 | $ | 82,131 |
March 31, 2021 | December 31, 2020 | |||||||||||||||||||||||||||||||||||||
($ in thousands) | Allowance for Loan Losses | Loans Receivable | % of Loans in Category to Total Loans | Allowance for Loan Losses | Loans Receivable | % of Loans in Category to Total Loans | ||||||||||||||||||||||||||||||||
Commercial: | ||||||||||||||||||||||||||||||||||||||
Commercial and industrial | $ | 19,703 | $ | 1,878,325 | 32.6 | % | $ | 20,608 | $ | 2,088,308 | 35.3 | % | ||||||||||||||||||||||||||
Commercial real estate | 17,100 | 839,965 | 14.6 | % | 19,074 | 807,195 | 13.7 | % | ||||||||||||||||||||||||||||||
Multifamily | 23,884 | 1,258,278 | 21.8 | % | 22,512 | 1,289,820 | 21.9 | % | ||||||||||||||||||||||||||||||
SBA | 3,451 | 338,903 | 5.9 | % | 3,145 | 273,444 | 4.6 | % | ||||||||||||||||||||||||||||||
Construction | 5,552 | 169,122 | 2.9 | % | 5,849 | 176,016 | 3.0 | % | ||||||||||||||||||||||||||||||
Consumer: | ||||||||||||||||||||||||||||||||||||||
Single family residential mortgage | 9,161 | 1,253,251 | 21.7 | % | 9,191 | 1,230,236 | 20.9 | % | ||||||||||||||||||||||||||||||
Other consumer | 502 | 26,557 | 0.5 | % | 651 | 33,386 | 0.6 | % | ||||||||||||||||||||||||||||||
Total | $ | 79,353 | $ | 5,764,401 | 100.0 | % | $ | 81,030 | $ | 5,898,405 | 100.0 | % |
Three Months Ended March 31, | ||||||||||||||
($ in thousands) | 2021 | 2020 | ||||||||||||
ALL at beginning of period | $ | 81,030 | $ | 57,649 | ||||||||||
Impact of adopting ASU 2016-13(1) | — | 7,609 | ||||||||||||
Charge-offs: | ||||||||||||||
Commercial and industrial | (565) | (1,164) | ||||||||||||
SBA | — | (356) | ||||||||||||
Single family residential mortgage | — | (552) | ||||||||||||
Other consumer | — | (4) | ||||||||||||
Total charge-offs | (565) | (2,076) | ||||||||||||
Recoveries: | ||||||||||||||
Commercial and industrial | 45 | 30 | ||||||||||||
SBA | 126 | 121 | ||||||||||||
Single family residential mortgage | — | 151 | ||||||||||||
Other consumer | 1 | 48 | ||||||||||||
Total recoveries | 172 | 350 | ||||||||||||
Net charge-offs | (393) | (1,726) | ||||||||||||
(Reversal of) provision for credit losses - loans | (1,284) | 14,711 | ||||||||||||
ALL at end of period | $ | 79,353 | $ | 78,243 | ||||||||||
Average total loans held-for-investment | $ | 5,782,628 | $ | 5,758,537 | ||||||||||
Total loans held-for-investment at end of period | $ | 5,764,401 | $ | 5,667,464 | ||||||||||
Ratios: | ||||||||||||||
Annualized net charge-offs to average total loans held-for-investment | 0.03 | % | 0.12 | % | ||||||||||
ALL to total loans held-for-investment | 1.38 | % | 1.38 | % |
Three Months Ended March 31, | ||||||||||||||
($ in thousands) | 2021 | 2020 | ||||||||||||
Balance at beginning of period | $ | 27,977 | $ | 29,300 | ||||||||||
New funding | — | 3,631 | ||||||||||||
Change in unfunded commitments | — | (3,225) | ||||||||||||
Cash distribution from investments | (538) | (454) | ||||||||||||
Gain (loss) on investments using HLBV method | (3,630) | (1,905) | ||||||||||||
Balance at end of period | $ | 23,809 | $ | 27,347 | ||||||||||
Unfunded equity commitments at end of period | $ | — | $ | — |
March 31, 2021 | December 31, 2020 | ||||||||||||||||||||||||||||
($ in thousands) | Amount | % of Total Deposits | Amount | % of Total Deposits | Amount Change | ||||||||||||||||||||||||
Noninterest-bearing deposits | $ | 1,700,343 | 27.7 | % | $ | 1,559,248 | 25.6 | % | $ | 141,095 | |||||||||||||||||||
Interest-bearing demand deposits | 2,088,528 | 34.0 | % | 2,107,942 | 34.6 | % | (19,414) | ||||||||||||||||||||||
Money market accounts | 775,072 | 12.6 | % | 714,297 | 11.7 | % | 60,775 | ||||||||||||||||||||||
Savings accounts | 909,631 | 14.8 | % | 932,363 | 15.3 | % | (22,732) | ||||||||||||||||||||||
Certificates of deposit of $250,000 or less | 264,632 | 4.3 | % | 316,585 | 5.2 | % | (51,953) | ||||||||||||||||||||||
Certificates of deposit of more than $250,000 | 403,836 | 6.6 | % | 455,365 | 7.6 | % | (51,529) | ||||||||||||||||||||||
Total deposits | $ | 6,142,042 | 100.0 | % | $ | 6,085,800 | 100.0 | % | $ | 56,242 |
($ in thousands) | Three Months or Less | Over Three Months Through Six Months | Over Six Months Through Twelve Months | Over One Year | Total | |||||||||||||||||||||||||||
Certificates of deposit of $250,000 or less | $ | 80,229 | $ | 60,572 | $ | 82,626 | $ | 41,205 | $ | 264,632 | ||||||||||||||||||||||
Certificates of deposit of more than $250,000 | 208,742 | 124,684 | 30,293 | 40,117 | 403,836 | |||||||||||||||||||||||||||
Total certificates of deposit | $ | 288,971 | $ | 185,256 | $ | 112,919 | $ | 81,322 | $ | 668,468 |
March 31, 2021 | December 31, 2020 | |||||||||||||||||||||||||
($ in thousands) | Par Value | Unamortized Debt Issuance Cost and Discount | Par Value | Unamortized Debt Issuance Cost and Discount | ||||||||||||||||||||||
5.25% senior notes due April 15, 2025 | $ | 175,000 | $ | (1,255) | $ | 175,000 | $ | (1,291) | ||||||||||||||||||
4.375% subordinated notes due October 30, 2030 | 85,000 | (2,304) | 85,000 | (2,394) | ||||||||||||||||||||||
Total | $ | 260,000 | $ | (3,559) | $ | 260,000 | $ | (3,685) |
Commitments and Contractual Obligations | ||||||||||||||||||||||||||||||||
($ in thousands) | Total Amount Committed | Within One Year | More Than One Year Through Three Years | More Than Three Year Through Five Years | Over Five Years | |||||||||||||||||||||||||||
Commitments to extend credit | $ | 50,361 | $ | 18,473 | $ | 24,260 | $ | 5,081 | $ | 2,547 | ||||||||||||||||||||||
Unused lines of credit | 1,627,046 | 1,388,001 | 129,923 | 69,645 | 39,477 | |||||||||||||||||||||||||||
Standby letters of credit | 8,007 | 4,927 | 3,060 | 20 | — | |||||||||||||||||||||||||||
Total commitments | $ | 1,685,414 | $ | 1,411,401 | $ | 157,243 | $ | 74,746 | $ | 42,024 | ||||||||||||||||||||||
FHLB advances | $ | 641,000 | $ | 230,000 | $ | — | $ | 291,000 | $ | 120,000 | ||||||||||||||||||||||
Long-term debt | 260,000 | — | — | 175,000 | 85,000 | |||||||||||||||||||||||||||
Operating and capital lease obligations | 25,704 | 5,491 | 8,174 | 5,541 | 6,498 | |||||||||||||||||||||||||||
Certificates of deposit | 668,468 | 587,146 | 77,999 | 3,323 | — | |||||||||||||||||||||||||||
Total contractual obligations | $ | 1,595,172 | $ | 822,637 | $ | 86,173 | $ | 474,864 | $ | 211,498 |
Minimum Capital Requirements | Minimum Required to Be Well-Capitalized Under Prompt Corrective Action Provisions | |||||||||||||||||||||||||||||||||||||
($ in thousands) | Amount | Ratio | Amount | Ratio | Amount | Ratio | ||||||||||||||||||||||||||||||||
March 31, 2021 | ||||||||||||||||||||||||||||||||||||||
Banc of California, Inc. | ||||||||||||||||||||||||||||||||||||||
Total risk-based capital | $ | 904,630 | 15.87 | % | $ | 455,963 | 8.00 | % | N/A | N/A | ||||||||||||||||||||||||||||
Tier 1 risk-based capital | 750,548 | 13.17 | % | 341,972 | 6.00 | % | N/A | N/A | ||||||||||||||||||||||||||||||
Common equity tier 1 capital | 655,592 | 11.50 | % | 256,479 | 4.50 | % | N/A | N/A | ||||||||||||||||||||||||||||||
Tier 1 leverage | 750,548 | 9.62 | % | 312,012 | 4.00 | % | N/A | N/A | ||||||||||||||||||||||||||||||
Banc of California, NA | ||||||||||||||||||||||||||||||||||||||
Total risk-based capital | $ | 1,015,916 | 17.82 | % | $ | 456,175 | 8.00 | % | $ | 570,218 | 10.00 | % | ||||||||||||||||||||||||||
Tier 1 risk-based capital | 944,622 | 16.57 | % | 342,131 | 6.00 | % | 456,175 | 8.00 | % | |||||||||||||||||||||||||||||
Common equity tier 1 capital | 944,622 | 16.57 | % | 256,598 | 4.50 | % | 370,642 | 6.50 | % | |||||||||||||||||||||||||||||
Tier 1 leverage | 944,622 | 12.13 | % | 311,618 | 4.00 | % | 389,523 | 5.00 | % | |||||||||||||||||||||||||||||
December 31, 2020 | ||||||||||||||||||||||||||||||||||||||
Banc of California, Inc. | ||||||||||||||||||||||||||||||||||||||
Total risk-based capital | $ | 921,892 | 15.90 | % | $ | 463,950 | 8.00 | % | N/A | N/A | ||||||||||||||||||||||||||||
Tier 1 risk-based capital | 860,179 | 14.83 | % | 347,963 | 6.00 | % | N/A | N/A | ||||||||||||||||||||||||||||||
Common equity tier 1 capital | 670,355 | 11.56 | % | 260,972 | 4.50 | % | N/A | N/A | ||||||||||||||||||||||||||||||
Tier 1 leverage | 860,179 | 10.89 | % | 315,825 | 4.00 | % | N/A | N/A | ||||||||||||||||||||||||||||||
Banc of California, NA | ||||||||||||||||||||||||||||||||||||||
Total risk-based capital | $ | 1,007,762 | 17.46 | % | $ | 461,843 | 8.00 | % | $ | 577,304 | 10.00 | % | ||||||||||||||||||||||||||
Tier 1 risk-based capital | 946,049 | 16.39 | % | 346,382 | 6.00 | % | 461,843 | 8.00 | % | |||||||||||||||||||||||||||||
Common equity tier 1 capital | 946,049 | 16.39 | % | 259,787 | 4.50 | % | 375,247 | 6.50 | % | |||||||||||||||||||||||||||||
Tier 1 leverage | 946,049 | 12.02 | % | 314,707 | 4.00 | % | 393,383 | 5.00 | % |
Change in Interest Rates in Basis Points (bps) (1) | ||||||||||||||||||||||||||||||||||||||
($ in thousands) | Economic Value of Equity | Net Interest Income | ||||||||||||||||||||||||||||||||||||
Amount | Amount Change | Percentage Change | Amount | Amount Change | Percentage Change | |||||||||||||||||||||||||||||||||
March 31, 2021 | ||||||||||||||||||||||||||||||||||||||
+200 bps | $ | 1,553,119 | $ | 160,661 | 11.5 | % | $ | 246,144 | $ | 16,209 | 7.0 | % | ||||||||||||||||||||||||||
+100 bps | 1,478,330 | 85,872 | 6.2 | % | 236,982 | 7,047 | 3.1 | % | ||||||||||||||||||||||||||||||
0 bps | 1,392,458 | 229,935 | ||||||||||||||||||||||||||||||||||||
-100 bps | 1,283,959 | (108,499) | (7.8) | % | 223,730 | (6,205) | (2.7) | % |
Purchase of Equity Securities by the Issuer | ||||||||||||||||||||||||||
($ in thousands, except per share data) | Total Number of Shares | Average Price Paid Per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans | Total Number of Shares (or Approximate Dollar Value) That May Yet be Purchased Under the Plan | ||||||||||||||||||||||
Common Stock: | ||||||||||||||||||||||||||
From January 1, 2021 to January 31, 2021 | 387 | $ | 14.71 | — | $ | 33,000 | ||||||||||||||||||||
From February 1, 2021 to February 28, 2021 | 33,261 | $ | 19.32 | — | $ | — | ||||||||||||||||||||
From March 1, 2021 to March 31, 2021 | 34,416 | $ | 19.76 | — | $ | — | ||||||||||||||||||||
Total | 68,064 | $ | 19.52 | — | ||||||||||||||||||||||
Preferred Stock (Depositary Shares): | ||||||||||||||||||||||||||
From January 1, 2021 to January 31, 2021 | — | $ | — | — | — | |||||||||||||||||||||
From February 1, 2021 to February 28, 2021 | — | $ | — | — | — | |||||||||||||||||||||
From March 1, 2021 to March 31, 2021 | 3,730,767 | $ | 25.00 | — | — | |||||||||||||||||||||
Total | 3,730,767 | $ | 25.00 | — | — |
2.1 | |||||
3.1 | |||||
3.2 | |||||
31.1 | |||||
31.2 | |||||
32.0 | |||||
101.0 | The following financial statements and footnotes from the Registrant’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2021 formatted in Extensible Business Reporting Language (XBRL): (i) Consolidated Statements of Financial Condition; (ii) Consolidated Statements of Operations; (iii) Consolidated Statements of Comprehensive Income (Loss); (iv) Consolidated Statements of Stockholders’ Equity; (v) Consolidated Statements of Cash Flows; and (vi) the Notes to Consolidated Financial Statements. The instance document does not appear in the interactive data file because its XBRL tags are embedded within the inline XBRL document. | ||||
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
BANC OF CALIFORNIA, INC. | |||||||||||
Date: | May 10, 2021 | /s/ Jared Wolff | |||||||||
Jared Wolff | |||||||||||
President/Chief Executive Officer (Principal Executive Officer) | |||||||||||
Date: | May 10, 2021 | /s/ Lynn M. Hopkins | |||||||||
Lynn M. Hopkins | |||||||||||
Executive Vice President/Chief Financial Officer (Principal Financial Officer) | |||||||||||
Date: | May 10, 2021 | /s/ Mike Smith | |||||||||
Mike Smith | |||||||||||
Senior Vice President/Chief Accounting Officer (Principal Accounting Officer) |
Date: | May 10, 2021 | /s/ Jared Wolff | |||||||||
Jared Wolff | |||||||||||
President/Chief Executive Officer (Principal Executive Officer) |
Date: | May 10, 2021 | /s/ Lynn M. Hopkins | |||||||||
Lynn M. Hopkins | |||||||||||
Executive Vice President/Chief Financial Officer (Principal Financial Officer) |
Date: | May 10, 2021 | /s/ Jared Wolff | |||||||||
Jared Wolff | |||||||||||
President/Chief Executive Officer (Principal Executive Officer) | |||||||||||
Date: | May 10, 2021 | /s/ Lynn M. Hopkins | |||||||||
Lynn M. Hopkins | |||||||||||
Executive Vice President/Chief Financial Officer (Principal Financial Officer) | |||||||||||
Consolidated Statements of Financial Condition (Parenthetical) - $ / shares |
Mar. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
Treasury stock (in shares) | 2,410,964 | 2,410,964 |
Voting | ||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 446,863,844 | 446,863,844 |
Common stock, shares issued (in shares) | 52,561,411 | 52,178,453 |
Common stock, shares outstanding (in shares) | 50,150,447 | 49,767,489 |
Class B Common Stock | ||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 3,136,156 | 3,136,156 |
Common stock, shares issued (in shares) | 477,321 | 477,321 |
Common stock, shares outstanding (in shares) | 477,321 | 477,321 |
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2021 |
Dec. 31, 2020 |
Mar. 31, 2020 |
|
Statement of Comprehensive Income [Abstract] | |||
Net income (loss) | $ 14,375 | $ 21,703 | $ (6,593) |
Unrealized (loss) gain on available-for-sale securities: | |||
Unrealized (loss) gain arising during the period | (2,561) | 6,480 | (42,248) |
Total change in unrealized (loss) gain on available-for-sale securities | (2,561) | 6,480 | (42,248) |
Total other comprehensive (loss) income | (2,561) | 6,480 | (42,248) |
Comprehensive income (loss) | $ 11,814 | $ 28,183 | $ (48,841) |
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands |
Total |
Preferred Stock |
Common Stock |
Common Stock
Voting
|
Common Stock
Class B Common Stock
|
Additional Paid-in Capital |
Retained Earnings |
Treasury Stock |
Accumulated Other Comprehensive Income (Loss) |
Adoption of ASU No. 2016-13 |
Adoption of ASU No. 2016-13
Retained Earnings
|
---|---|---|---|---|---|---|---|---|---|---|---|
Beginning Balance at Dec. 31, 2019 | $ 907,245 | $ 189,825 | $ 520 | $ 5 | $ 629,848 | $ 127,733 | $ (28,786) | $ (11,900) | $ (4,503) | $ (4,503) | |
Comprehensive income (loss): | |||||||||||
Net income (loss) | (6,593) | (6,593) | |||||||||
Other comprehensive income, net | (42,248) | (42,248) | |||||||||
Redemption of preferred stock | (1,612) | (2,138) | 526 | ||||||||
Redemption of preferred stock | (12,041) | (12,041) | |||||||||
Repurchase of 0 shares of common stock | (12,041) | (12,041) | |||||||||
Share-based compensation expense | 1,576 | 1,576 | |||||||||
Restricted stock surrendered due to employee tax liability | (299) | (299) | |||||||||
Shares purchased under the Dividend Reinvestment Plan | 19 | 19 | |||||||||
Stock appreciation right dividend equivalents | (94) | (94) | |||||||||
Dividends declared | (2,877) | (2,877) | |||||||||
Preferred stock dividends | (3,533) | (3,533) | |||||||||
Ending Balance at Mar. 31, 2020 | 835,002 | 187,687 | 520 | 5 | 631,125 | 110,640 | (40,827) | (54,148) | |||
Beginning Balance at Dec. 31, 2020 | 897,207 | 184,878 | 522 | 5 | 634,704 | 110,179 | (40,827) | 7,746 | |||
Comprehensive income (loss): | |||||||||||
Net income (loss) | 14,375 | 14,375 | |||||||||
Other comprehensive income, net | (2,561) | (2,561) | |||||||||
Issuance of common stock | 0 | 1 | (1) | ||||||||
Redemption of preferred stock | (93,269) | (89,922) | (3,347) | ||||||||
Exercise of stock options | 300 | 300 | |||||||||
Exercise of stock appreciation rights | (5,372) | $ 3 | (5,375) | ||||||||
Share-based compensation expense | 1,544 | 1,544 | |||||||||
Restricted stock surrendered due to employee tax liability | (1,328) | (1,328) | |||||||||
Shares purchased under the Dividend Reinvestment Plan | 29 | 29 | |||||||||
Dividends declared | (3,033) | (3,033) | |||||||||
Preferred stock dividends | (3,141) | (3,141) | |||||||||
Ending Balance at Mar. 31, 2021 | $ 804,693 | $ 94,956 | $ 526 | $ 5 | $ 629,844 | $ 115,004 | $ (40,827) | $ 5,185 |
Consolidated Statements of Stockholders' Equity (Parenthetical) - $ / shares |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Statement of Stockholders' Equity [Abstract] | ||
Dividends declared, per common share (in dollars per share) | $ 0.06 | $ 0.06 |
Shares repurchased (shares) | 0 |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
3 Months Ended |
---|---|
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Nature of Operations: Banc of California, Inc. (collectively, with its consolidated subsidiaries, the Company, we, us, and our) is a financial holding company under the Bank Holding Company Act of 1956, as amended, headquartered in Santa Ana, California and incorporated under the laws of Maryland. Banc of California, Inc. is subject to regulation by the Board of Governors of the Federal Reserve System (“FRB”) and its wholly-owned subsidiary, Banc of California, National Association (the “Bank”), operates under a national bank charter issued by the Office of the Comptroller of the Currency (“OCC”), the Bank's primary regulator. The Bank is a member of the Federal Home Loan Bank (“FHLB”) system, and maintains insurance on deposit accounts with the Federal Deposit Insurance Corporation (“FDIC”). The Bank offers a variety of financial services to meet the banking and financial needs of the communities it serves, with operations conducted through 29 full-service branches located throughout Southern California as of March 31, 2021. Proposed Merger with Pacific Mercantile Bancorp: In March 2021, we entered into an agreement to merge (the “Merger Agreement”) with Pacific Mercantile Bancorp (“PMB”), pursuant to which PMB will merge (the “Merger”) with and into the Company, with the Company as the surviving corporation. Subject to the terms and conditions of the Merger Agreement, upon consummation of the Merger, each outstanding share of PMB common stock, excluding certain specified shares, will be converted into the right to receive 0.50 (the “Exchange Ratio”) of a share of the Company's common stock. In addition, at the effective time of the Merger, the Company will cash out all outstanding share-based awards based on formulas using the average price of the Company's common stock for a 20-day trading period prior to the closing of the Merger. Subject to regulatory and shareholder approval, the transaction is expected to close during the third quarter of 2021. Basis of Presentation: The accompanying unaudited interim consolidated financial statements have been prepared pursuant to Article 10 of SEC Regulation S-X and other SEC rules and regulations for reporting on the Quarterly Report on Form 10-Q. Accordingly, certain disclosures required by U.S. generally accepted accounting principles (“GAAP”) are not included herein. These interim statements should be read in conjunction with the consolidated financial statements and notes included in the Annual Report on Form 10-K for the year ended December 31, 2020 filed by us with the SEC. The December 31, 2020 consolidated statements of financial condition presented herein has been derived from the audited financial statements included in the Annual Report on Form 10-K for the year ended December 31, 2020 filed with the SEC. Certain prior period amounts have been reclassified to conform to current period presentation, including i) reclassification of income taxes receivable to other assets in the consolidated statement of financial condition, and ii) reclassification of outside services expense from "outside services fees" to "all other expense" in the consolidated statements of operations. In the opinion of management of the Company, the accompanying unaudited interim consolidated financial statements reflect all of the adjustments (consisting of normal recurring adjustments) necessary for a fair presentation of the consolidated financial condition and consolidated results of operations as of the dates and for the periods presented. The results of operations for the three months ended March 31, 2021 are not necessarily indicative of the results that may be expected for the year ending December 31, 2021. Principles of Consolidation: The accompanying unaudited consolidated financial statements include the accounts of the Company and its consolidated subsidiaries as of March 31, 2021 and December 31, 2020 and for the three months ended March 31, 2021 and 2020. Significant intercompany accounts and transactions have been eliminated in consolidation. Unless the context requires otherwise, all references to the Company include its then wholly-owned subsidiaries. Adopted Accounting Pronouncements: On January 1, 2021, we adopted Accounting Standards Update (“ASU”) 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes (“ASU 2019-12”) which simplifies the accounting for income taxes by removing certain exceptions for investments, intra-period allocations, and interim calculations, and adding guidance to reduce the complexity of applying Topic 740. The adoption of these amendments did not have a material effect on our consolidated financial statements. Significant Accounting Policies: The accounting and reporting policies of the Company are based upon GAAP and conform to predominant practices within the banking industry. We have not made any significant changes in our critical accounting policies from those disclosed in our Annual Report on Form 10-K for the year ended December 31, 2020 filed with the SEC. Use of Estimates in the Preparation of Financial Statements: The preparation of financial statements, in conformity with GAAP, requires management to make estimates and assumptions based on available information. These estimates and assumptions affect the amounts reported in the consolidated financial statements and disclosures provided, and actual results could differ. The allowance for credit losses (“ACL”) (which includes the allowance for loan losses (“ALL”) and the reserve for unfunded loan commitments), provision for credit losses, loan repurchase reserve, realization of deferred tax assets, the valuation of goodwill and other intangible assets, other derivatives, Hypothetical Liquidation at Book Value (“HLBV”) of investments in alternative energy partnerships, and the fair value measurement of financial instruments are particularly subject to change and such change could have a material effect on the consolidated financial statements. Recent Accounting Guidance: Beginning in June 2023, the London Interbank Offered Rate (“LIBOR”) will be discontinued. To assist entities with the transition away from LIBOR, the Financial Accounting Standards Board (“FASB”) has issued accounting guidance to clarify GAAP and provide practical expedients for entities to utilize during the time of transition. We are in the process of evaluating the potential impact the discontinuation of LIBOR will have on our consolidated financial statements. The optional expedients and exceptions provided through this relief are set forth below and were effective immediately; however, certain provisions from this relief are not yet determined due to the fact that LIBOR has not yet been discontinued. In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848), ("ASU 2020-04") which provided optional guidance, for a limited period of time, to ease the potential burden in accounting for (or recognizing the benefits of) reference rate reform on financial reporting. The amendments in ASU 2020-04 were elective and applied to all entities, subject to meeting certain criteria, that have contracts, hedging relationships, and other transactions that reference London Interbank Offered Rate (“LIBOR”) or another reference rate expected to be discontinued because of reference rate reform. ASU 2020-04 provided optional expedients and exceptions for applying GAAP to contract modifications and hedging relationships, subject to meeting certain criteria. When elected, the optional expedients for contract modifications must be applied consistently for all eligible contracts or eligible transactions within the relevant topic or industry subtopic within the codification that contains the guidance that otherwise would be required to be applied. The amendments in ASU 2020-04 were effective for all entities as of March 12, 2020 through December 31, 2022. In January 2021, the FASB issued ASU 2021-01, Reference Rate Reform (Topic 848)("ASU 2021-01"). The amendments in ASU 2021-01 clarified that certain optional expedients and exceptions in Topic 848 for contract modifications and hedge accounting apply to derivatives that are affected by the discounting transition. Specifically, certain provisions in Topic 848, if elected by an entity, apply to derivative instruments that use an interest rate for margining, discounting, or contract price alignment that is modified as a result of reference rate reform. Amendments in this Update to the expedients and exceptions in Topic 848 capture the incremental consequences of the scope clarification and tailor the existing guidance to derivative instruments affected by the discounting transition. The amendments in ASU 2021-01 are elective and apply to all entities that have derivative instruments that use an interest rate for margining, discounting, or contract price alignment that is modified as a result of reference rate reform. The amendments also optionally apply to all entities that designate receive-variable-rate, pay-variable-rate cross-currency interest rate swaps as hedging instruments in net investment hedges that are modified as a result of reference rate reform. The amendments in ASU 2021-01 were effective immediately for all entities. ASU 2021-01 is not expected to have a material effect on our consolidated financial statements.
|
FAIR VALUES OF FINANCIAL INSTRUMENTS |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FAIR VALUES OF FINANCIAL INSTRUMENTS | FAIR VALUES OF FINANCIAL INSTRUMENTS Fair Value Hierarchy ASC 820-10 establishes a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The topic describes three levels of inputs that may be used to measure fair value: •Level 1: Quoted prices (unadjusted) for identical assets or liabilities in active markets that the entity has the ability to access as of the measurement date. •Level 2: Significant observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. •Level 3: Significant unobservable inputs that reflect a reporting entity’s own assumptions about the assumptions that market participants would use in pricing an asset or liability. Categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Assets and Liabilities Measured on a Recurring Basis Securities Available-for-Sale: The fair values of securities available-for-sale are generally determined by quoted market prices in active markets, if available (Level 1). If quoted market prices are not available, we primarily employ independent pricing services that utilize pricing models to calculate fair value. Such fair value measurements consider observable data such as dealer quotes, market spreads, cash flows, yield curves, live trading levels, trade execution data, market consensus prepayment speeds, credit information, and respective terms and conditions for debt instruments. We employ procedures to monitor the pricing service's assumptions and establish processes to challenge the pricing service's valuations that appear unusual or unexpected. Multiple quotes or prices may be obtained in this process and we determine which fair value is most appropriate based on market information and analysis. Quotes obtained through this process are generally non-binding. We follow established procedures to ensure that assets and liabilities are properly classified in the fair value hierarchy. Level 2 securities include SBA loan pool securities, U.S. government agency and U.S. government sponsored enterprise residential mortgage-backed securities, non-agency residential mortgage-backed securities, non-agency commercial mortgage-backed securities, collateralized loan obligations, and corporate debt securities. When a market is illiquid or there is a lack of transparency around the inputs to valuation, including at least one unobservable input, the securities are classified as Level 3 and reliance is placed upon internally developed models and management's judgment and evaluation for valuation. We had no securities available-for-sale classified as Level 3 at March 31, 2021 or December 31, 2020. Loans Held-for-Sale, Carried at Fair Value: The fair value of loans held-for-sale is based on commitments outstanding from investors and current offerings in the secondary market for portfolios with similar characteristics, except for loans that are repurchased out of GNMA loan pools that become severely delinquent which are valued based on an internal model. Loans held-for-sale subject to recurring fair value adjustments are classified as Level 2, or in the case of loans repurchased, Level 3. The fair value includes the servicing value of the loans and any accrued interest. Derivative Assets and Liabilities: Interest Rate Swaps and Caps. We offer interest rate swap and cap products to certain loan clients to allow them to hedge the risk of rising interest rates on their variable rate loans. We originate a variable rate loan and enter into a variable-to-fixed interest rate swap with the client. We also enter into an offsetting swap with a correspondent bank. These back-to-back agreements are intended to offset each other and allow us to originate a variable rate loan while providing a contract for fixed interest payments for the client. The net cash flow for us is equal to the interest income received from a variable rate loan originated with the client plus a fee. The fair value of these derivatives is based on a discounted cash flow approach. Due to the observable nature of the inputs used in deriving the fair value of these derivative contracts, the valuation of interest rate swaps is classified as Level 2. Foreign Exchange Contracts. We offer short-term foreign exchange contracts to customers to purchase and/or sell foreign currencies at set rates in the future. These products allow customers to hedge the foreign exchange rate risk of their deposits and loans denominated in foreign currencies. In conjunction with these products, we also enter into offsetting contracts with institutional counterparties to hedge the Company’s foreign exchange rate risk. These back-to-back contracts allow us to offer our customers foreign exchange products while minimizing exposure to foreign exchange rate fluctuations. The fair value of these instruments is determined at each reporting period based on the change in the foreign exchange rate. Given the short-term nature of the contracts, the counterparties’ credit risks are considered nominal and result in no adjustments to the valuation of the short-term foreign exchange contracts. Due to the observable nature of the inputs used in deriving the fair value of these derivative contracts, the valuation of these contracts is classified as Level 2. The following table presents our financial assets and liabilities measured at fair value on a recurring basis as of the dates indicated:
(1)Included in other assets in the Consolidated Statements of Financial Condition. (2)Included in accrued expenses and other liabilities in the Consolidated Statements of Financial Condition. The following table presents a reconciliation of assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the periods indicated:
Loans repurchased from GNMA loan pools had aggregate unpaid principal balances of $1.1 million and $1.1 million as of March 31, 2021 and December 31, 2020. The significant unobservable inputs used in the fair value measurement of our loans repurchased from GNMA loan pools at March 31, 2021 and December 31, 2020 included an expected loss rate of 1.55% for insured loans and 20.00% for uninsured loans. There may be inherent weaknesses in any calculation technique, and changes in the underlying assumptions used, including discount rates and estimates of future cash flows, could significantly affect the results. Fair Value Option Loans Held-for-Sale, Carried at Fair Value: We elected the fair value option for certain SFR mortgage loans held-for-sale. Electing to measure SFR mortgage loans held-for-sale at fair value reduces certain timing differences and better matches changes in the value of these assets with changes in the value of derivatives used as economic hedges for these assets. We also elected to record loans repurchased from GNMA at fair value, as we intend to sell them after curing any defects and, accordingly, they are classified as held-for-sale. The following table presents the fair value and aggregate principal balance of certain assets under the fair value option:
(1)Includes loans guaranteed by the U.S. government of $181 thousand and $190 thousand at March 31, 2021 and December 31, 2020. There were no loans held-for-sale that were 90 days or more past due and still accruing interest as of March 31, 2021 and December 31, 2020. The assets accounted for under the fair value option are initially measured at fair value. Gains and losses from initial measurement and subsequent changes in fair value are recognized in earnings. The following table presents changes in fair value related to initial measurement and subsequent changes in fair value included in earnings for these assets measured at fair value for the periods indicated:
Interest income on loans held-for-sale under the fair value option is measured based on the contractual interest rate and reported in interest income on loans, including fees in the consolidated statements of operations. Assets and Liabilities Measured on a Non-Recurring Basis Impaired Loans: The fair value of impaired loans with specific allocations of the ACL based on collateral is generally based on recent real estate appraisals and automated valuation models (“AVMs”). These appraisals may utilize a single valuation approach or a combination of approaches including comparable sales and the income approach. Adjustments are routinely made in the appraisal process by the appraisers for differences between the comparable sales and income data available. Such adjustments are typically deemed significant unobservable inputs used for determining fair value and result in a Level 3 classification. The following table presents our financial assets and liabilities measured at fair value on a non-recurring basis as of the dates indicated:
The following table presents the gains (losses) recognized on assets measured at fair value on a non-recurring basis for the periods indicated:
Estimated Fair Values of Financial Instruments The following table presents the carrying amounts and estimated fair values of financial assets and liabilities as of the dates indicated:
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Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
INVESTMENT SECURITIES | INVESTMENT SECURITIES The following table presents the amortized cost and fair value of the investment securities portfolio as of the dates indicated:
At March 31, 2021, our investment securities portfolio consisted of agency securities, municipal securities, mortgage-backed securities, collateralized loan obligations (“CLOs”), and corporate debt securities. The expected maturities of these types of securities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. There was no allowance for credit losses for debt securities as of March 31, 2021 and December 31, 2020. Accrued interest receivable on debt securities available-for-sale totaled $5.8 million and $4.5 million at March 31, 2021 and December 31, 2020, and is included within other assets in the accompanying consolidated statements of financial condition. At March 31, 2021 and December 31, 2020, there were no holdings of any one issuer, other than the U.S. government sponsored enterprises, in an amount greater than 10 percent of our stockholders’ equity. The following table presents proceeds from sales and calls of securities available-for-sale and the associated gross gains and losses realized through earnings upon the sales and calls of securities available-for-sale for the periods indicated:
Investment securities with carrying values of $43.9 million and $43.7 million as of March 31, 2021 and December 31, 2020, were pledged to secure FHLB advances, public deposits and for other purposes as required or permitted by law. The following table summarizes the investment securities with unrealized losses by security type and length of time in a continuous, unrealized loss position as of the dates indicated:
At March 31, 2021, our securities available-for-sale portfolio consisted of 111 securities, of which 47 securities were in an unrealized loss position. At December 31, 2020, our securities available-for-sale portfolio consisted of 103 securities, of which 50 securities were in an unrealized loss position. We monitor our securities portfolio to ensure it has adequate credit support. The majority of unrealized losses are related to our collateralized loan obligations. We consider the lowest credit rating for identification of credit impairment for collateralized loan obligations and other securities. As of March 31, 2021, all of our collateralized loan obligations investment securities in an unrealized loss position received an investment grade credit rating. The decline in fair value was attributable to a combination of changes in interest rates and general volatility in the credit market conditions in response to the economic uncertainty caused by the global pandemic. We do not currently intend to sell any of the securities in an unrealized loss position and further believe, it is more likely than not, that we will not be required to sell these securities before their anticipated recovery. Securities that are in an unrealized gain position or are trading at par are evaluated for continued inclusion in our portfolio based on interest rate, liquidity and yield objectives of the Company. During the three months ended March 31, 2021 and 2020, no allowance for credit losses related to securities available-for-sale was recorded. The following table presents the fair value and yield information of the investment securities portfolio, based on the earlier of maturity dates or next repricing date, as of March 31, 2021:
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LOANS AND ALLOWANCE FOR CREDIT LOSSES |
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Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
LOANS AND ALLOWANCE FOR CREDIT LOSSES | LOANS AND ALLOWANCE FOR CREDIT LOSSES The following table presents the balances in our loan portfolio as of the dates indicated:
(1)Includes 1,228 PPP loans totaling $276.0 million, net of unamortized loan fees totaling $5.1 million at March 31, 2021 and 949 PPP loans totaling $210.0 million, net of unamortized loan fees totaling $1.6 million at December 31, 2020. (2)Includes net deferred loan origination costs/(fees) and premiums/(discounts) of $4.6 million and $6.2 million at March 31, 2021 and December 31, 2020. Credit Quality Indicators We categorize loans into risk categories based on relevant information about the ability of borrowers to repay their debt such as current financial information, historical payment experience, credit documentation, public information, and current economic trends, among other factors. We perform a historical loss analysis that is combined with a comprehensive loan to value analysis to analyze the associated risks in the current loan portfolio. We analyze loans individually and grade each loan for credit risk. This analysis includes all loans delinquent over 60 days and non-homogeneous loans such as commercial and commercial real estate loans. We use the following definitions for credit risk ratings: Pass: Loans risk rated as pass are in compliance in all respects with the Bank’s credit policy and regulatory requirements, and do not exhibit any potential or defined weakness as defined under “Special Mention”, “Substandard” or “Doubtful”. Special Mention: Loans risk rated as special mention have a potential weakness that deserves management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the loan or of our credit position at some future date. Substandard: Loans risk rated as substandard are inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged, if any. Loans so risk rated have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that we will sustain some loss if the deficiencies are not corrected. Doubtful: Loans classified as doubtful have all the weaknesses inherent in those classified as substandard, with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions, and values, highly questionable and improbable. The following table presents the risk categories for total loans by class of loans and origination year as of March 31, 2021:
The following table presents the risk categories for total loans by class of loans and origination year as of December 31, 2020:
Past Due Loans The following table presents the aging of the recorded investment in past due loans, excluding accrued interest receivable (which is not considered to be material), by class of loans as of the dates indicated:
Nonaccrual Loans The following table presents nonaccrual loans as of the dates indicated:
At March 31, 2021 and December 31, 2020, there were zero and $728 thousand of loans that were past due 90 days or more and still accruing. The non-traditional mortgage (“NTM”) loans on nonaccrual status included $4.5 million of Green Loans and $7.1 million of Interest Only loans at March 31, 2021 compared to $4.0 million of Green Loans and $4.7 million of Interest Only loans at December 31, 2020. Loans in Process of Foreclosure At March 31, 2021, there was one consumer mortgage loan secured by residential real estate properties totaling $3.3 million for which formal foreclosure proceedings were in process according to local requirements of the applicable jurisdiction. At December 31, 2020, there were none. Allowance for Credit Losses Our ACL methodology and resulting provision continues to be impacted by the current economic uncertainty and volatility caused by the COVID-19 pandemic. The ACL methodology uses a nationally recognized, third-party model that includes many assumptions based on historical and peer loss data, current loan portfolio risk profile including risk ratings, and economic forecasts including macroeconomic variables (MEVs) released by our model provider during March 2021. In contrast to the December 2020 forecasts, the March forecasts reflect a more favorable view of the economy (i.e. higher GDP growth rates and lower unemployment rates). While the forecasts are improving and the economy is showing signs of recovery with the rollout of the vaccine and additional government stimulus, there remains uncertainty regarding the ultimate impact of the pandemic and the pace of the recovery. Accordingly, our economic assumptions and the resulting ACL level and provision reflect these uncertainties. The ACL also incorporated qualitative factors to account for certain loan portfolio characteristics that are not taken into consideration by the third-party model including underlying strengths and weaknesses in the loan portfolio. As is the case with all estimates, the ACL is expected to be impacted in future periods by economic volatility, changing economic forecasts, underlying model assumptions, and asset quality metrics, all of which may be better than or worse than current estimates. The ACL process involves subjective and complex judgments as well as adjustments for numerous factors including those described in the federal banking agencies' joint interagency policy statement on ALL, which include underwriting experience and collateral value changes, among others. . We have established credit risk management processes that include regular management review of the loan portfolio to identify problem loans. During the ordinary course of business, management may become aware of borrowers who may not be able to fulfill their contractual payment requirements within the loan agreements. Such loans are subject to increased monitoring. Consideration is given to placing these loans on nonaccrual status, assessing the need for additional allowance for loan loss, and partially or fully charging off the principal balance. We maintain the allowance for loan losses at a level that is considered adequate to cover the current expected credit losses in the loan portfolio. The reserve for unfunded loan commitments is established to cover the current expected credit losses for the estimated level of funding of these loan commitments, except for unconditionally cancellable commitments for which no reserve is required under ASC 326. At March 31, 2021 and December 31, 2020, the reserve for unfunded loan commitments was $3.4 million and $3.2 million, respectively, and was included in accrued expenses and other liabilities on the consolidated statements of financial condition. The credit risk monitoring system is designed to identify impaired and potential problem loans, perform periodic evaluation of impairment, and determine the adequacy of the allowance for credit losses in a timely manner. In addition, management has adopted a credit policy that includes a credit review and control system that it believes should be effective in ensuring that we maintain an adequate allowance for credit losses. Further, the Board of Directors provides oversight and guidance for management’s allowance evaluation process. The following table presents a summary of activity in the ACL for the periods indicated:
Accrued interest receivable on loans receivable, net totaled $23.7 million and $24.7 million at March 31, 2021 and December 31, 2020, and is included within other assets in the accompanying consolidated statements of financial condition. Accrued interest receivable is excluded from the estimate of expected credit losses. The following table presents the activity and balance in the ALL and the recorded investment, excluding accrued interest, in loans based on the impairment methodology as of or for the three months ended March 31, 2021:
The following table presents the activity and balance in the ALL and the recorded investment, excluding accrued interest, in loans based on the impairment methodology as of or for the three months ended March 31, 2020:
Collateral Dependent Loans A loan is considered collateral dependent when the borrower is experiencing financial difficulty and repayment of the loan is expected to be provided substantially through the operation or sale of the collateral. Collateral dependent loans are evaluated individually and the ACL is determined based on the amount by which amortized costs exceed the estimated fair value of the collateral, adjusted for estimated selling costs. Collateral dependent loans consisted of the following as of March 31, 2021 and December 31, 2020:
Troubled Debt Restructurings TDR loans consisted of the following as of the dates indicated:
We had commitments to lend to customers with outstanding loans that were classified as TDRs of $63 thousand at both March 31, 2021 and December 31, 2020. Accruing TDRs were $6.3 million and nonaccrual TDRs were $4.1 million at March 31, 2021, compared to accruing TDRs of $4.7 million and nonaccrual TDRs of $4.3 million at December 31, 2020. The increase in TDRs during the three months ended March 31, 2021 was primarily due to one commercial and industrial relationship. The following table summarizes the pre-modification and post-modification balances of the new TDRs for the periods indicated:
We consider a TDR to be in payment default once it becomes 30 days or more past due following a modification. During the three months ended March 31, 2021 and 2020, there were no loans that were modified as a TDR during the past 12 months that had subsequent payment defaults. The following table summarizes TDRs by modification type for the periods indicated:
Purchases, Sales, and Transfers From time to time, we purchase and sell loans in the secondary market. Certain loans are transferred from held-for-investment to held-for-sale at the lower of cost or fair value and any reductions in value on transfer are reflected as write-downs to allowance for credit losses. During the three months ended March 31, 2021 we purchased loans aggregating $132.9 million. There were no purchases of loans during the three months ended March 31, 2020. There were no loans transferred from (to) loans held-for-sale and there were no sales of loans for the three months ended March 31, 2021 and 2020. Non-Traditional Mortgage Loans (“NTM”) Our NTM portfolio is comprised of three interest-only products: Green Loans, Interest Only loans and a small number of loans with the potential for negative amortization. The initial credit guidelines for the NTM portfolio were established based on the borrower's Fair Isaac Corporation (“FICO”) score, LTV ratio, property type, occupancy type, loan amount, and geography. Additionally, from an ongoing credit risk management perspective, we have determined that the most significant performance indicators for NTMs are LTV ratios and FICO scores. We review the NTM loan portfolio periodically by refreshing FICO scores on the Green Loans and HELOCs and ordering third party automated valuation models ("AVMs") to confirm collateral values. We no longer originate NTM loans. The following table presents the composition of the NTM portfolio, which are included in the single family residential mortgage portfolio, as of the dates indicated:
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GOODWILL AND OTHER INTANGIBLE ASSETS, NET |
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Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
GOODWILL AND OTHER INTANGIBLE ASSETS, NET | GOODWILL AND OTHER INTANGIBLE ASSETS, NET At March 31, 2021 and December 31, 2020, we had goodwill of $37.1 million. We evaluate goodwill impairment as of October 1st each year, and more frequently if events or circumstances indicate that there may be impairment. We completed our most recent annual goodwill impairment test as of October 1, 2020 and determined that no goodwill impairment existed. Core deposit intangibles are amortized over their useful lives ranging from to years. As of March 31, 2021, the weighted average remaining amortization period for core deposit intangibles was approximately 3.6 years.
Aggregate amortization of intangible assets was $282 thousand and $429 thousand for the three months ended March 31, 2021 and 2020. The following table presents estimated future amortization expenses as of March 31, 2021:
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FEDERAL HOME LOAN BANK ADVANCES AND OTHER BORROWINGS |
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Federal Home Loan Banks [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FEDERAL HOME LOAN BANK ADVANCES AND OTHER BORROWINGS | FEDERAL HOME LOAN BANK ADVANCES AND OTHER BORROWINGS The following table presents advances from the FHLB as of the dates indicated:
(1)Excludes $5.9 million and $6.2 million of unamortized debt issuance costs at March 31, 2021 and December 31, 2020. (2)Includes $5.0 million in FHLB recovery advances with an interest rate of 0.00% and a maturity date of May 27, 2021. Each advance is payable at its maturity date. Advances paid early are subject to a prepayment penalty. At the end of the first quarter of 2021, FHLB advances included $225.0 million overnight borrowings, $5.0 million maturing within three months, and $411.0 million maturing beyond three months with a weighted average life of 4.7 years and weighted average interest rate of 2.53%. At March 31, 2021 and December 31, 2020, the Bank’s advances from the FHLB were collateralized by certain real estate loans with an aggregate unpaid principal balance of $2.23 billion and $2.37 billion. Based on this collateral, the Bank was eligible to borrow an additional $584.2 million at March 31, 2021. The Bank’s investment in capital stock of the FHLB of San Francisco totaled $17.7 million and $17.3 million at March 31, 2021 and December 31, 2020. We participate in the Federal Reserve Bank of San Francisco (“Federal Reserve”) Borrower-in-Custody (“BIC”) program. Our borrowing capacity with the Federal Reserve was $384.9 million at March 31, 2021. At March 31, 2021, the Bank has pledged certain qualifying loans with an unpaid principal balance of $745.3 million and securities with a carrying value of $23.9 million as collateral for this line of credit. Borrowings under the BIC program are overnight advances with interest chargeable at the discount window (“primary credit”) borrowing rate. There were no borrowings under this arrangement for the three months ended March 31, 2021 and 2020. The Bank maintained available unsecured federal funds lines with four correspondent banks totaling $175.0 million, with no outstanding borrowings at March 31, 2021. The Bank also has the ability to perform unsecured overnight borrowing from various financial institutions through the American Financial Exchange platform. The availability of such unsecured borrowings fluctuates regularly and are subject to the counterparties discretion and totaled $231.0 million and $196.0 million at March 31, 2021 and December 31, 2020. The Bank also maintained repurchase agreements and had no outstanding securities sold under agreements to repurchase at March 31, 2021 and December 31, 2020. Availabilities and terms on repurchase agreements are subject to the counterparties' discretion and the pledging of additional investment securities.
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LONG-TERM DEBT |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
LONG-TERM DEBT | LONG-TERM DEBT The following table presents our long-term debt as of the dates indicated:
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INCOME TAXES |
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Mar. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | INCOME TAXES For the three months ended March 31, 2021, income tax expense was $2.3 million, resulting in an effective tax rate of 13.8%. For the three months ended March 31, 2020, income tax benefit was $2.2 million and the effective tax rate was 24.7%. For the three months ended March 31, 2021, income tax expense included a benefit resulting from the exercise of all previously issued outstanding stock appreciation rights, including a net benefit of $2.1 million in the first quarter. The effective tax rate is expected to be in the 25% to 27% range for the remaining quarters in 2021. We account for income taxes by recognizing deferred tax assets and liabilities based upon temporary differences between the amounts for financial reporting purposes and tax basis of its assets and liabilities. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion, or all, of the deferred tax asset will not be realized. In assessing the realization of deferred tax assets, management will continue to evaluate both positive and negative evidence on a quarterly basis, including considering the four possible sources of future taxable income, such as future reversal of existing taxable temporary differences, future taxable income exclusive of reversing temporary differences and carryforwards, taxable income in prior carryback year(s), and future tax planning strategies. Based on this analysis, management determined, it was more likely than not, that all of the deferred tax assets would be realized; therefore, no valuation allowance was provided against the net deferred tax assets of $47.9 million and $46.0 million at March 31, 2021 and December 31, 2020, respectively. ASC 740-10-25 relates to the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements. ASC 740-10-25 prescribes a threshold and a measurement process for recognizing in the financial statements a tax position taken or expected to be taken in a tax return and also provides guidance on de-recognition, classification, interest and penalties, accounting in interim periods, disclosure and transition. We had unrecognized tax benefits of $954 thousand and $924 thousand at March 31, 2021 and December 31, 2020, respectively. We do not believe that the unrecognized tax benefits will change materially in the next twelve months. As of March 31, 2021, the total unrecognized tax benefit that, if recognized, would impact the effective tax rate was $727 thousand. At March 31, 2021 and December 31, 2020, we had no accrued interest or penalties. In the event we are assessed interest and/or penalties by federal or state tax authorities, such amounts will be classified in the consolidated financial statements as income tax expense. We are subject to U.S. federal income tax as well as income tax in multiple state jurisdictions. We are no longer subject to examination by U.S. federal taxing authorities for years before 2017. The statute of limitations for the assessment of California franchise taxes has expired for tax years before 2014 (other state income and franchise tax statutes of limitations vary by state).
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DERIVATIVE INSTRUMENTS |
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
DERIVATIVE INSTRUMENTS | DERIVATIVE INSTRUMENTS We use derivative instruments and other risk management techniques to reduce our exposure to adverse fluctuations in interest rates and foreign currency exchange rates in accordance with our risk management policies. During the three months ended March 31, 2021, changes in fair value of interest rate swaps and caps on loans and foreign exchange contracts were a gain of $271 thousand, compared to a loss of $182 thousand for the three months ended March 31, 2020, and were included in other income on the consolidated statements of operations. The following table presents the notional amount and fair value of derivative instruments included in the consolidated statements of financial condition as of the dates indicated.
(1)The fair value of interest rate swaps and caps on loans are included in other assets and accrued expenses and other liabilities, respectively, in the accompanying consolidated statements of financial condition. We have entered into agreements with counterparty financial institutions, which include master netting agreements that provide for the net settlement of all contracts with a single counterparty in the event of default. We elect, however, to account for all derivatives with counterparty institutions on a gross basis.
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EMPLOYEE STOCK COMPENSATION |
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Share-based Payment Arrangement [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
EMPLOYEE STOCK COMPENSATION | EMPLOYEE STOCK COMPENSATION On May 31, 2018, our stockholders approved the Company's 2018 Omnibus Stock Incentive Plan (“2018 Omnibus Plan”). The 2018 Omnibus Plan provides that the maximum number of shares available for awards is 4,417,882. As of March 31, 2021, 3,183,000 shares were available for future awards. Stock-based Compensation Expense The following table presents stock-based compensation expense and the related tax benefits for the periods indicated:
The following table presents unrecognized stock-based compensation expense as of March 31, 2021:
Stock Options We issued stock options to certain employees, officers, and directors. Stock options are issued at the closing market price immediately before the grant date and generally have a to year vesting period and contractual terms of to years. We recognize an income tax deduction upon exercise of a stock option to the extent taxable income is recognized by the option holder. In the case of a non-qualified stock option, the option holder recognizes taxable income based on the fair market value of the shares acquired at the time of exercise less the exercise price. The following table represents stock option activity for the three months ended March 31, 2021:
There were no unvested stock options as of March 31, 2021 and December 31, 2020. Restricted Stock Awards and Restricted Stock Units We also have granted restricted stock awards and restricted stock units to certain employees, officers, and directors. The restricted stock awards and units are valued at the closing price of our stock on the measurement date. The restricted stock awards and units fully vest after a specified period (generally ranging from to five years) of continued service from the date of grant plus, in some cases, the satisfaction of performance conditions. These performance targets include conditions relating to our profitability and regulatory standing. The actual amounts of stock released upon vesting will be determined by the Compensation Committee of our Board of Directors upon the Committee's certification of the satisfaction of the target level of performance. We recognize an income tax deduction in an amount equal to the taxable income reported by the holders of the restricted stock, generally upon vesting or, in the case of restricted stock units, when settled. The following table presents unvested restricted stock awards and restricted stock units activity for the three months ended March 31, 2021:
(1)There were 58,839 performance-based shares/units included in shares granted for the three months ended March 31, 2021. (2)There were 69,109 performance-based shares/units included in vested shares for the three months ended March 31, 2021. (3)The number of forfeited shares includes aggregate performance-based shares/units of 40,160 for the three months ended March 31, 2021. Stock Appreciation Rights On August 21, 2012, we granted to the then, and now former, chief executive officer, a -year stock appreciation right (“SAR”), which were fully exercised during the three months ended March 31, 2021, resulting in the issuance of 305,772 shares of voting common stock. In connection with the exercise of the SARs, we recognized a tax benefit of $2.1 million (refer to Note 8 - Income Taxes). The following table represents SARs activity and the weighted average exercise price per share as of and for the three months ended March 31, 2021:
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STOCKHOLDERS' EQUITY |
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Equity [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
STOCKHOLDERS' EQUITY | STOCKHOLDERS’ EQUITY Preferred Stock We are authorized to issue 50,000,000 shares of preferred stock with par value of $0.01 per share. Preferred shares outstanding rank senior to common shares both as to dividends and liquidation preference but generally have no voting rights. All of our outstanding shares of preferred stock have a $1,000 per share liquidation preference. The following table presents our total outstanding preferred stock as of the dates indicated:
During certain periods, we have repurchased Series D Depositary Shares and Series E Depositary Shares, each representing a 1/40th interest in a share of Series D Preferred Stock and Series E Preferred Stock. When the consideration paid to repurchase shares exceeds the repurchased shares' carrying value, the difference reduces net income allocated to common shareholders. When the consideration paid to repurchase shares is less than the repurchased shares' carrying value, the difference increases net income allocated to common shareholders. The following table summarizes repurchases of these depositary shares for the periods indicated:
During the three months ended March 31, 2021, we repurchased all of our outstanding Series D Depositary Shares, resulting in an impact of preferred stock redemption of $3.3 million in the accompanying consolidated statements of operations. Change in Accumulated Other Comprehensive (Loss) Income ("AOCI") Our AOCI includes unrealized gain (loss) on securities available-for-sale. Changes to AOCI are presented net of the tax effect as a component of stockholders' equity. Reclassifications from AOCI occur when a security is sold, called or matures and are recorded on the consolidated statements of operations either as a gain or loss. The following table presents changes to AOCI for the periods indicated:
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VARIABLE INTEREST ENTITIES |
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Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
VARIABLE INTEREST ENTITIES | VARIABLE INTEREST ENTITIESWe hold ownership interests in alternative energy partnerships and qualified affordable housing partnerships and have a variable interest in a multifamily securitization trust. We evaluate our interests in these entities to determine whether they meet the definition of a variable interest entity ("VIE") and whether we are required to consolidate these entities. A VIE is consolidated by its primary beneficiary, which is the party that has both (i) the power to direct the activities that most significantly impact the economic performance of the VIE and (ii) a variable interest that could potentially be significant to the VIE. To determine whether or not a variable interest we hold could potentially be significant to the VIE, we consider both qualitative and quantitative factors regarding the nature, size, and form of our involvement with the VIE. We have determined that our interests in these entities meet the definition of variable interests. Unconsolidated VIEs Multifamily Securitization During the third quarter of 2019, we transferred $573.5 million of multifamily loans, through a two-step process, to a third-party depositor which placed the multifamily loans into a third-party trust (a VIE) that issued structured pass-through certificates to investors. The transfer of these loans was accounted for as a sale for financial reporting purposes, in accordance with ASC 860. We determined that we are not the primary beneficiary of this VIE as we do not have the power to direct the activities that will have the most significant economic impact on the entity. Our continuing involvement in this securitization is limited to customary obligations associated with the securitization of loans, including the obligation to cure, repurchase, or substitute loans in the event of a material breach in representations. Additionally, we have the obligation to guarantee credit losses up to 12% of the aggregate unpaid principal balances at cut-off date of the securitization. This obligation is supported by a $68.8 million letter of credit between the Freddie Mac and the FHLB. The maximum loss exposure that would be absorbed by us in the event that all of the assets in the securitization trust are deemed worthless is $68.8 million, which represents the aforementioned obligation to guarantee credit losses up to 12%. We believe that the loss exposure on the multifamily securitization is reduced by both loan-to-value ratios of the underlying collateral balances and the overcollateralization that exists within the securitization trust. At March 31, 2021, we have a $3.6 million repurchase reserve related to this VIE. Alternative Energy Partnerships We invest in certain alternative energy partnerships (limited liability companies) formed to provide sustainable energy projects that are designed to generate a return primarily through the realization of federal tax credits (energy tax credits). These entities were formed to invest in newly established residential and commercial solar leases and power purchase agreements. As a result of our investments, we have the right to certain investment tax credits and tax depreciation benefits (recognized on the flow through and income statement method in accordance with ASC 740), and to a lesser extent, cash flows generated from the installed solar systems leased to individual consumers for a fixed period of time. While our interest in the alternative energy partnerships meets the definition of a VIE in accordance with ASC 810, we have determined that we are not the primary beneficiary because we do not have the power to direct the activities that most significantly impact the economic performance of the entities including operational and credit risk management activities. As we are not the primary beneficiary, we did not consolidate the entities. We use the Hypothetical Liquidation at Book Value ("HLBV") method to account for our investments in energy tax credits as an equity investment under ASC 970-323-25-17. Under the HLBV method, an equity method investor determines its share of an investee's earnings by comparing its claim on the investee's book value at the beginning and end of the period, assuming the investee were to liquidate all assets at their U.S. GAAP amounts and distribute the resulting cash to creditors and investors under their respective priorities. The difference between the calculated liquidation distribution amounts at the beginning and the end of the reporting period, after adjusting for capital contributions and distributions, is our share of the earnings or losses from the equity investment for the period. To account for the tax credits earned on investments in alternative energy partnerships, we use the flow-through income statement method. Under this method, the tax credits are recognized as a reduction to income tax expense and the initial book-tax differences in the basis of the investments are recognized as additional tax expense in the year they are earned. Investments in alternative energy partnerships totaled $23.8 million and $28.0 million at March 31, 2021 and December 31, 2020. The following table presents information regarding activity in our alternative energy partnerships for the periods indicated:
The following table represents the carrying value of the associated unconsolidated assets and liabilities and the associated maximum loss exposure for alternative energy partnerships as of the dates indicated:
The maximum loss exposure that would be absorbed by us in the event that all of the assets in alternative energy partnerships are deemed worthless is $23.8 million, which is our recorded investment amount at March 31, 2021. We believe that the loss exposure on our investments is reduced considering our return on our investment is provided not only by the cash flows of the underlying client leases and power purchase agreements, but also through the significant tax benefits, including the federal tax credit carryover that resulted from the investments. In addition, our exposure is further limited as the arrangements include a transition manager to support any transition of the solar company sponsor, whose role includes that of the servicer and operation and maintenance provider, in the event the sponsor would be required to be removed from its responsibilities (e.g., bankruptcy, breach of contract, etc.). Qualified Affordable Housing Partnerships We invest in limited partnerships that operate qualified affordable housing projects. The returns on these investments are generated primarily through allocated Federal tax credits and other tax benefits. In addition, these investments contribute to our compliance with the Community Reinvestment Act. These limited partnerships are considered to be VIEs, because either (i) they do not have sufficient equity investment at risk or (ii) the limited partners with equity at risk do not have substantive kick-out rights through voting rights or substantive participating rights over the general partner. As a limited partner, we are not the primary beneficiary because the general partner has the ability to direct the activities of the VIEs that most significantly impact their economic performance. As a result, we do not consolidate these partnerships. The following table presents information regarding balances in our qualified affordable housing partnerships for the periods indicated:
(1)Included in other assets in the accompanying Consolidated Statements of Financial Condition. The following table presents information regarding activity in our qualified affordable housing partnerships for the periods indicated:
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EARNINGS (LOSS) PER COMMON SHARE |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
EARNINGS (LOSS) PER COMMON SHARE | EARNINGS (LOSS) PER COMMON SHARE The following table presents computations of basic and diluted earnings (loss) per common share ("EPS") for the three months ended March 31, 2021:
For the three months ended March 31, 2021, there were 56,839 of restricted shares/units and zero stock options that were not considered in computing diluted earnings per common share, because they were anti-dilutive. During the three months ended March 31, 2021 all outstanding stock appreciation rights were exercised resulting in the net issuance of 305,772 shares of voting common stock. Prior to this exercise, stock appreciation rights were considered participating securities and income was allocated to the respective holder and not part of income (loss) available to common stockholders. Subsequent to this exercise, there are no longer any participating securities and the net shares issued are included in the computation of average common shares for both basic and diluted earnings per share. The following table presents computations of basic and diluted EPS for the three months ended March 31, 2020:
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LOAN COMMITMENTS AND OTHER RELATED ACTIVITIES |
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Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
LOAN COMMITMENTS AND OTHER RELATED ACTIVITIES | LOAN COMMITMENTS AND OTHER RELATED ACTIVITIES Some financial instruments, such as unfunded loan commitments, credit lines, letters of credit, and overdraft protection, are issued to meet customer financing needs. These are agreements to provide credit or to support the credit of others, as long as conditions established in the contract are met, and usually have expiration dates. Commitments may expire without being used. Risk of credit loss exists up to the face amount of these instruments. The same credit policies are used to make such commitments as are used for originating loans, including obtaining collateral at exercise of the commitment. The following table presents the contractual amount of financial instruments with off-balance-sheet risk as of the periods indicated:
Other Commitments At March 31, 2021, we had unfunded commitments of $17.3 million, $5.6 million, and $2.5 million for qualified affordable housing fund partnerships, Small Business Investment Company ("SBIC") investments, and other investments, respectively.
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REVENUE RECOGNITION |
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Revenue from Contract with Customer [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
REVENUE RECOGNITION | REVENUE RECOGNITION The following presents noninterest income, segregated by revenue streams, in-scope and out-of-scope of Topic 606 - Revenue From Contracts With Customers, for the periods indicated:
We do not typically enter into long-term revenue contracts with customers. As of March 31, 2021 and December 31, 2020, we did not have any significant contract balances. As of March 31, 2021, we did not capitalize any contract acquisition costs.
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RELATED-PARTY TRANSACTIONS |
3 Months Ended |
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Mar. 31, 2021 | |
Related Party Transactions [Abstract] | |
RELATED-PARTY TRANSACTIONS | RELATED-PARTY TRANSACTIONSCertain of our executive officers and directors, and their related interests, are customers of, or have had transactions with the Bank in the ordinary course of business, including deposits, loans and other financial services related transactions. From time to time, the Bank may make loans to executive officers and directors, and their related interests, in the ordinary course of business and on substantially the same terms and conditions, including interest rates and collateral, as those of comparable transactions with non-insiders prevailing at the time, in accordance with the Bank’s underwriting guidelines, and do not involve more than the normal risk of collectability or present other unfavorable features. As of March 31, 2021, no related party loans were categorized as nonaccrual, past due, restructured or potential problem loans. Transactions with Related Parties The Company and the Bank have engaged in transactions described below with the Company’s current or former directors, executive officers, and beneficial owners of more than 5 percent of the outstanding shares of the Company’s voting common stock and certain persons related to them. As previously disclosed, the Company’s Board of Directors has authorized and directed the Company to provide indemnification, advancement and/or reimbursement for the costs of separate independent counsel retained by any then-current officer or director, in their individual capacity, with respect to matters related to (i) an investigation by the Special Committee of the Company’s Board of Directors, (ii) a formal order of investigation issued by the SEC on January 4, 2017 (since resolved) and (iii) any related civil or administrative proceedings against the Company as well as officers and directors currently or previously associated with the Company. Indemnification costs were paid on behalf of certain former directors and former executive officers in amounts each less than $120 thousand for the three months ended March 31, 2021. Indemnification costs were paid on behalf of certain current and former directors and former executive officers in amounts each less than $120 thousand for the three months ended March 31, 2020.
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LITIGATION |
3 Months Ended |
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Mar. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
LITIGATION | LITIGATION From time to time, we are involved as plaintiff or defendant in various legal actions arising in the normal course of business. In accordance with applicable accounting guidance, we establish an accrued liability when those matters present loss contingencies that are both probable and estimable. We continue to monitor the matters for further developments that could affect the amount of the accrued liability that has been previously established. While the ultimate liability with respect to legal actions cannot be determined at this time, we believe that damages, if any, and other amounts relating to pending matters are not likely to be material to the consolidated financial statements.
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SUBSEQUENT EVENTS |
3 Months Ended |
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Mar. 31, 2021 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | SUBSEQUENT EVENTSWe have evaluated events from the date of the consolidated financial statements on March 31, 2021 through the issuance of these consolidated financial statements included in this Quarterly Report on Form 10-Q. |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) |
3 Months Ended |
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Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation: The accompanying unaudited interim consolidated financial statements have been prepared pursuant to Article 10 of SEC Regulation S-X and other SEC rules and regulations for reporting on the Quarterly Report on Form 10-Q. Accordingly, certain disclosures required by U.S. generally accepted accounting principles (“GAAP”) are not included herein. These interim statements should be read in conjunction with the consolidated financial statements and notes included in the Annual Report on Form 10-K for the year ended December 31, 2020 filed by us with the SEC. The December 31, 2020 consolidated statements of financial condition presented herein has been derived from the audited financial statements included in the Annual Report on Form 10-K for the year ended December 31, 2020 filed with the SEC. |
Reclassification | Certain prior period amounts have been reclassified to conform to current period presentation, including i) reclassification of income taxes receivable to other assets in the consolidated statement of financial condition, and ii) reclassification of outside services expense from "outside services fees" to "all other expense" in the consolidated statements of operations.In the opinion of management of the Company, the accompanying unaudited interim consolidated financial statements reflect all of the adjustments (consisting of normal recurring adjustments) necessary for a fair presentation of the consolidated financial condition and consolidated results of operations as of the dates and for the periods presented. |
Principles of Consolidation | Principles of Consolidation: The accompanying unaudited consolidated financial statements include the accounts of the Company and its consolidated subsidiaries as of March 31, 2021 and December 31, 2020 and for the three months ended March 31, 2021 and 2020. Significant intercompany accounts and transactions have been eliminated in consolidation. Unless the context requires otherwise, all references to the Company include its then wholly-owned subsidiaries. |
Adopted Accounting Pronouncements, Significant Accounting Policies, and Recent Accounting Guidance | Adopted Accounting Pronouncements: On January 1, 2021, we adopted Accounting Standards Update (“ASU”) 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes (“ASU 2019-12”) which simplifies the accounting for income taxes by removing certain exceptions for investments, intra-period allocations, and interim calculations, and adding guidance to reduce the complexity of applying Topic 740. The adoption of these amendments did not have a material effect on our consolidated financial statements. Significant Accounting Policies: The accounting and reporting policies of the Company are based upon GAAP and conform to predominant practices within the banking industry. We have not made any significant changes in our critical accounting policies from those disclosed in our Annual Report on Form 10-K for the year ended December 31, 2020 filed with the SEC. Recent Accounting Guidance: Beginning in June 2023, the London Interbank Offered Rate (“LIBOR”) will be discontinued. To assist entities with the transition away from LIBOR, the Financial Accounting Standards Board (“FASB”) has issued accounting guidance to clarify GAAP and provide practical expedients for entities to utilize during the time of transition. We are in the process of evaluating the potential impact the discontinuation of LIBOR will have on our consolidated financial statements. The optional expedients and exceptions provided through this relief are set forth below and were effective immediately; however, certain provisions from this relief are not yet determined due to the fact that LIBOR has not yet been discontinued. In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848), ("ASU 2020-04") which provided optional guidance, for a limited period of time, to ease the potential burden in accounting for (or recognizing the benefits of) reference rate reform on financial reporting. The amendments in ASU 2020-04 were elective and applied to all entities, subject to meeting certain criteria, that have contracts, hedging relationships, and other transactions that reference London Interbank Offered Rate (“LIBOR”) or another reference rate expected to be discontinued because of reference rate reform. ASU 2020-04 provided optional expedients and exceptions for applying GAAP to contract modifications and hedging relationships, subject to meeting certain criteria. When elected, the optional expedients for contract modifications must be applied consistently for all eligible contracts or eligible transactions within the relevant topic or industry subtopic within the codification that contains the guidance that otherwise would be required to be applied. The amendments in ASU 2020-04 were effective for all entities as of March 12, 2020 through December 31, 2022. In January 2021, the FASB issued ASU 2021-01, Reference Rate Reform (Topic 848)("ASU 2021-01"). The amendments in ASU 2021-01 clarified that certain optional expedients and exceptions in Topic 848 for contract modifications and hedge accounting apply to derivatives that are affected by the discounting transition. Specifically, certain provisions in Topic 848, if elected by an entity, apply to derivative instruments that use an interest rate for margining, discounting, or contract price alignment that is modified as a result of reference rate reform. Amendments in this Update to the expedients and exceptions in Topic 848 capture the incremental consequences of the scope clarification and tailor the existing guidance to derivative instruments affected by the discounting transition. The amendments in ASU 2021-01 are elective and apply to all entities that have derivative instruments that use an interest rate for margining, discounting, or contract price alignment that is modified as a result of reference rate reform. The amendments also optionally apply to all entities that designate receive-variable-rate, pay-variable-rate cross-currency interest rate swaps as hedging instruments in net investment hedges that are modified as a result of reference rate reform. The amendments in ASU 2021-01 were effective immediately for all entities. ASU 2021-01 is not expected to have a material effect on our consolidated financial statements.
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Use of Estimates in the Preparation of Financial Statements | Use of Estimates in the Preparation of Financial Statements: The preparation of financial statements, in conformity with GAAP, requires management to make estimates and assumptions based on available information. These estimates and assumptions affect the amounts reported in the consolidated financial statements and disclosures provided, and actual results could differ. The allowance for credit losses (“ACL”) (which includes the allowance for loan losses (“ALL”) and the reserve for unfunded loan commitments), provision for credit losses, loan repurchase reserve, realization of deferred tax assets, the valuation of goodwill and other intangible assets, other derivatives, Hypothetical Liquidation at Book Value (“HLBV”) of investments in alternative energy partnerships, and the fair value measurement of financial instruments are particularly subject to change and such change could have a material effect on the consolidated financial statements. |
FAIR VALUES OF FINANCIAL INSTRUMENTS (Tables) |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Assets Measured on a Recurring Basis | The following table presents our financial assets and liabilities measured at fair value on a recurring basis as of the dates indicated:
(1)Included in other assets in the Consolidated Statements of Financial Condition. (2)Included in accrued expenses and other liabilities in the Consolidated Statements of Financial Condition.
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Fair Value Liabilities Measured on a Recurring Basis | The following table presents our financial assets and liabilities measured at fair value on a recurring basis as of the dates indicated:
(1)Included in other assets in the Consolidated Statements of Financial Condition. (2)Included in accrued expenses and other liabilities in the Consolidated Statements of Financial Condition.
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Reconciliation of Assets Measured at Fair Value on Recurring Basis | The following table presents a reconciliation of assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the periods indicated:
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Fair value option of certain assets | The following table presents the fair value and aggregate principal balance of certain assets under the fair value option:
(1)Includes loans guaranteed by the U.S. government of $181 thousand and $190 thousand at March 31, 2021 and December 31, 2020. The following table presents changes in fair value related to initial measurement and subsequent changes in fair value included in earnings for these assets measured at fair value for the periods indicated:
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Schedule of Assets and Liabilities Measured on Non-recurring Basis | The following table presents our financial assets and liabilities measured at fair value on a non-recurring basis as of the dates indicated:
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Schedule of Gains and (Losses) Recognized on Assets Measured at Fair Value on Non-recurring Basis | The following table presents the gains (losses) recognized on assets measured at fair value on a non-recurring basis for the periods indicated:
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Carrying Amounts and Estimated Fair Values of Financial Instruments | Estimated Fair Values of Financial Instruments The following table presents the carrying amounts and estimated fair values of financial assets and liabilities as of the dates indicated:
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INVESTMENT SECURITIES (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Amortized Cost and Fair Value of Available-for-Sale Investment Securities | The following table presents the amortized cost and fair value of the investment securities portfolio as of the dates indicated:
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Proceeds from Sales and Calls of Securities and Associated Gross Gains and Losses | The following table presents proceeds from sales and calls of securities available-for-sale and the associated gross gains and losses realized through earnings upon the sales and calls of securities available-for-sale for the periods indicated:
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Summary of Investment Securities with Unrealized Losses | The following table summarizes the investment securities with unrealized losses by security type and length of time in a continuous, unrealized loss position as of the dates indicated:
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Composition, Repricing and Yield Information of Investment Securities Portfolio | The following table presents the fair value and yield information of the investment securities portfolio, based on the earlier of maturity dates or next repricing date, as of March 31, 2021:
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LOANS AND ALLOWANCE FOR CREDIT LOSSES (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans and Leases Receivable | The following table presents the balances in our loan portfolio as of the dates indicated:
(1)Includes 1,228 PPP loans totaling $276.0 million, net of unamortized loan fees totaling $5.1 million at March 31, 2021 and 949 PPP loans totaling $210.0 million, net of unamortized loan fees totaling $1.6 million at December 31, 2020. (2)Includes net deferred loan origination costs/(fees) and premiums/(discounts) of $4.6 million and $6.2 million at March 31, 2021 and December 31, 2020.
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Risk Categories for Loans and Leases | The following table presents the risk categories for total loans by class of loans and origination year as of March 31, 2021:
The following table presents the risk categories for total loans by class of loans and origination year as of December 31, 2020:
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Aging of Recorded Investment in Past Due Loans and Leases | The following table presents the aging of the recorded investment in past due loans, excluding accrued interest receivable (which is not considered to be material), by class of loans as of the dates indicated:
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Composition of Nonaccrual Loans and Leases | The following table presents nonaccrual loans as of the dates indicated:
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Allowance for Loan and Lease Losses and Recorded Investment, Excluding Accrued Interest, in Loans | The following table presents a summary of activity in the ACL for the periods indicated:
The following table presents the activity and balance in the ALL and the recorded investment, excluding accrued interest, in loans based on the impairment methodology as of or for the three months ended March 31, 2021:
The following table presents the activity and balance in the ALL and the recorded investment, excluding accrued interest, in loans based on the impairment methodology as of or for the three months ended March 31, 2020:
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Collateral Dependent Loans | Collateral dependent loans consisted of the following as of March 31, 2021 and December 31, 2020:
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Troubled Debt Restructurings | TDR loans consisted of the following as of the dates indicated:
The following table summarizes the pre-modification and post-modification balances of the new TDRs for the periods indicated:
The following table summarizes TDRs by modification type for the periods indicated:
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Non Traditional Mortgages Portfolio | The following table presents the composition of the NTM portfolio, which are included in the single family residential mortgage portfolio, as of the dates indicated:
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GOODWILL AND OTHER INTANGIBLE ASSETS, NET (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Finite-Lived Intangible Assets | As of March 31, 2021, the weighted average remaining amortization period for core deposit intangibles was approximately 3.6 years.
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Estimated Future Amortization Expense | The following table presents estimated future amortization expenses as of March 31, 2021:
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FEDERAL HOME LOAN BANK ADVANCES AND OTHER BORROWINGS (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Federal Home Loan Banks [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Advances from the FHLB | The following table presents advances from the FHLB as of the dates indicated:
(1)Excludes $5.9 million and $6.2 million of unamortized debt issuance costs at March 31, 2021 and December 31, 2020. (2)Includes $5.0 million in FHLB recovery advances with an interest rate of 0.00% and a maturity date of May 27, 2021.
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LONG-TERM DEBT (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Long-term Debt Instruments | The following table presents our long-term debt as of the dates indicated:
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DERIVATIVE INSTRUMENTS (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amount and Market Value of Mortgage Banking Derivatives | The following table presents the notional amount and fair value of derivative instruments included in the consolidated statements of financial condition as of the dates indicated.
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EMPLOYEE STOCK COMPENSATION (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based Payment Arrangement [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Share-Based Compensation Expense | The following table presents stock-based compensation expense and the related tax benefits for the periods indicated:
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Unrecognized Share-Based Compensation Expense | The following table presents unrecognized stock-based compensation expense as of March 31, 2021:
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Option Activity | The following table represents stock option activity for the three months ended March 31, 2021:
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Restricted Stock and Restricted Stock Units Activity | The following table presents unvested restricted stock awards and restricted stock units activity for the three months ended March 31, 2021:
(1)There were 58,839 performance-based shares/units included in shares granted for the three months ended March 31, 2021. (2)There were 69,109 performance-based shares/units included in vested shares for the three months ended March 31, 2021. (3)The number of forfeited shares includes aggregate performance-based shares/units of 40,160 for the three months ended March 31, 2021.
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Summary of all Outstanding SARs | The following table represents SARs activity and the weighted average exercise price per share as of and for the three months ended March 31, 2021:
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STOCKHOLDERS' EQUITY (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Preferred Stock | The following table presents our total outstanding preferred stock as of the dates indicated:
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Changes to Accumulate Other Comprehensive Income by Components | The following table presents changes to AOCI for the periods indicated:
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VARIABLE INTEREST ENTITIES (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Variable Interest Entity [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Unconsolidated VIEs | The following table represents the carrying value of the associated unconsolidated assets and liabilities and the associated maximum loss exposure for alternative energy partnerships as of the dates indicated:
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Affordable Housing Fund Investment | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Variable Interest Entity [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Unconsolidated VIEs | The following table presents information regarding balances in our qualified affordable housing partnerships for the periods indicated:
(1)Included in other assets in the accompanying Consolidated Statements of Financial Condition. The following table presents information regarding activity in our qualified affordable housing partnerships for the periods indicated:
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Variable Interest Entity, Not Primary Beneficiary | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Variable Interest Entity [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Unconsolidated VIEs | The following table presents information regarding activity in our alternative energy partnerships for the periods indicated:
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EARNINGS (LOSS) PER COMMON SHARE (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Basic and Diluted Earnings Per Common Share | The following table presents computations of basic and diluted earnings (loss) per common share ("EPS") for the three months ended March 31, 2021:
The following table presents computations of basic and diluted EPS for the three months ended March 31, 2020:
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LOAN COMMITMENTS AND OTHER RELATED ACTIVITIES (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Contractual Amount of Financial Instruments with Off-Balance-Sheet Risk | The following table presents the contractual amount of financial instruments with off-balance-sheet risk as of the periods indicated:
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REVENUE RECOGNITION (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contract with Customer [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Noninterest (Loss) Income | The following presents noninterest income, segregated by revenue streams, in-scope and out-of-scope of Topic 606 - Revenue From Contracts With Customers, for the periods indicated:
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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Additional Information (Details) |
3 Months Ended |
---|---|
Mar. 31, 2021
d
banking_office
| |
Accounting Policies [Abstract] | |
Number of banking offices | banking_office | 29 |
Exchange ratio | 0.50 |
Trading period used in the average price calculation | d | 20 |
FAIR VALUES OF FINANCIAL INSTRUMENTS - Additional Information (Detail) - USD ($) |
3 Months Ended | 12 Months Ended |
---|---|---|
Mar. 31, 2021 |
Dec. 31, 2020 |
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Discontinued Operations | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans held-for-sale that were 90 days or more past due and still accruing | $ 0 | $ 0 |
U.S. government agency and U.S. government sponsored enterprise residential mortgage-backed securities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Aggregate unpaid principal balance | $ 1,100,000 | $ 1,100,000 |
Insured Loans | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Expected loss rate | 1.55% | 1.55% |
Uninsured Loans | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Expected loss rate | 20.00% | 20.00% |
FAIR VALUES OF FINANCIAL INSTRUMENTS - Reconciliation of Assets Measured at Fair Value on Recurring Basis (Detail) - Recurring - Significant Unobservable Inputs (Level 3) - U.S. government agency and U.S. government sponsored enterprise residential mortgage-backed securities - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Balance at beginning of period | $ 945 | $ 19,233 |
Total gains (losses) (realized/unrealized): | ||
Included in earnings—fair value adjustment | 0 | (1,391) |
Sales, settlements, and other | (2) | (715) |
Balance at end of period | $ 943 | $ 17,127 |
FAIR VALUES OF FINANCIAL INSTRUMENTS - Fair Value Option Loans Held-for-Sale (Details) - Continuing Operations - USD ($) $ in Thousands |
3 Months Ended | ||
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Mar. 31, 2021 |
Mar. 31, 2020 |
Dec. 31, 2020 |
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Fair Value | |||
Total loans | $ 1,408 | $ 1,413 | |
Non-accrual loans | 654 | 654 | |
Unpaid Principal Balance | |||
Total loans | 1,674 | 1,680 | |
Non-accrual loans | 750 | 750 | |
Difference | |||
Total loans | (266) | (267) | |
Non-accrual loans | (96) | (96) | |
Non-accrual loans, guaranteed by US government | 181 | $ 190 | |
Net gains (losses) from fair value changes: | $ 0 | $ (1,586) |
FAIR VALUES OF FINANCIAL INSTRUMENTS - Nonrecurring Basis (Details) - Nonrecurring - SBA - USD ($) $ in Thousands |
Mar. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Collateral dependent loans: | $ 0 | $ 0 |
Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Collateral dependent loans: | 0 | 0 |
Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Collateral dependent loans: | 794 | 629 |
Carrying Value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Collateral dependent loans: | $ 794 | $ 629 |
FAIR VALUES OF FINANCIAL INSTRUMENTS - Gains and (Losses) on Non-Recurring Assets (Detail) - Nonrecurring - Collateral dependent loans: - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Single family residential mortgage | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Gains (losses) recognized on assets measured at fair value | $ 0 | $ 22 |
Commercial and industrial | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Gains (losses) recognized on assets measured at fair value | 18 | (1,331) |
SBA | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Gains (losses) recognized on assets measured at fair value | $ (133) | $ (519) |
INVESTMENT SECURITIES - Additional Information (Detail) |
3 Months Ended | |
---|---|---|
Mar. 31, 2021
USD ($)
security
|
Dec. 31, 2020
USD ($)
security
|
|
Debt Securities, Available-for-sale [Line Items] | ||
Allowance for credit losses for debt securities | $ 0 | |
OTTI recorded | $ 0 | |
Securities available for sale portfolio | security | 111 | 103 |
Available for sale securities in unrealized loss position | security | 47 | 50 |
Collateral Pledged | ||
Debt Securities, Available-for-sale [Line Items] | ||
Securities pledged | $ 43,900,000 | $ 43,700,000 |
Available-for-sale securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Accrued interest receivable on debt securities available-for-sale | $ 5,800,000 | $ 4,500,000 |
INVESTMENT SECURITIES - Proceeds from Sales and Calls of Securities and Associated Gross Gains and Losses (Detail) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Investments, Debt and Equity Securities [Abstract] | ||
Gross realized gains on sales and calls of securities available-for-sale | $ 0 | $ 0 |
Gross realized losses on sales and calls of securities available-for-sale | 0 | 0 |
Net realized (losses) gains on sales and calls of securities available-for-sale | 0 | 0 |
Proceeds from sales and calls of securities available-for-sale | $ 0 | $ 30,000 |
LOANS AND ALLOWANCE FOR CREDIT LOSSES - Credit Quality Indicators Additional Information (Details) |
3 Months Ended |
---|---|
Mar. 31, 2021 | |
Receivables [Abstract] | |
Loans delinquent | 60 days |
LOANS AND ALLOWANCE FOR CREDIT LOSSES - Allowance for Credit Losses Additional Information (Details) - USD ($) $ in Thousands |
3 Months Ended | |||
---|---|---|---|---|
Mar. 31, 2021 |
Dec. 31, 2020 |
Mar. 31, 2020 |
Dec. 31, 2019 |
|
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Unfunded loan commitments | $ 79,353 | $ 81,030 | ||
(Reversal of) provision for credit losses | (1,107) | 991 | $ 15,761 | |
Unfunded Loan Commitment | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Unfunded loan commitments | 3,400 | 3,200 | ||
Commercial real estate | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Unfunded loan commitments | 82,713 | 84,213 | 82,131 | $ 61,713 |
Net charge-off | 393 | 1,726 | ||
(Reversal of) provision for credit losses | (1,107) | $ 15,761 | ||
Loans receivable | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Accrued interest receivable on loans receivable | $ 23,700 | $ 24,700 |
LOANS AND ALLOWANCE FOR CREDIT LOSSES - Troubled Debt Restructurings Additional Information (Details) $ in Thousands |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2021
USD ($)
loan
|
Mar. 31, 2020
loan
|
Dec. 31, 2020
USD ($)
|
|
Receivables [Abstract] | |||
Commitments to lend to customers with outstanding loans classified as TDRs | $ 63 | $ 63 | |
Accruing TDRs | 6,300 | 4,700 | |
Non-accruing TDRs | $ 4,100 | $ 4,300 | |
Number of loans modified that had payments default during the period | loan | 0 | 0 |
LOANS AND ALLOWANCE FOR CREDIT LOSSES - Loans by Class Modified as Troubled Debt Restructurings (Detail) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2021
USD ($)
loan
|
Mar. 31, 2020
USD ($)
loan
|
|
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of Loans | loan | 1 | 1 |
Pre- Modification Outstanding Recorded Investment | $ 1,800 | $ 5,000 |
Post-Modification Outstanding Recorded Investment | $ 1,800 | $ 5,000 |
Consumer | Single family residential mortgage | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of Loans | loan | 1 | 1 |
Pre- Modification Outstanding Recorded Investment | $ 1,800 | |
Post-Modification Outstanding Recorded Investment | $ 1,800 | $ 1,800 |
Commercial | Commercial and industrial | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of Loans | loan | 1 | |
Pre- Modification Outstanding Recorded Investment | $ 5,000 | |
Post-Modification Outstanding Recorded Investment | $ 5,000 |
LOANS AND ALLOWANCE FOR CREDIT LOSSES - Purchases, Sales, and Transfers (Details) - USD ($) |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Receivables [Abstract] | ||
Purchases of loans (excluding loans held-for-sale) | $ 132,900,000 | $ 0 |
Transfers of loans from held-for-sale | 0 | 0 |
Transfers of loans to held-for-sale | 0 | 0 |
Loans sold | $ 0 | $ 0 |
LOANS AND ALLOWANCE FOR CREDIT LOSSES - Non Traditional Mortgage Loans Additional Information (Details) |
Mar. 31, 2021
portfolio_product
|
---|---|
NTM Loans | Interest-only | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Number of interest-only products | 3 |
GOODWILL AND OTHER INTANGIBLE ASSETS, NET - Additional Information (Detail) - USD ($) |
3 Months Ended | |||
---|---|---|---|---|
Oct. 01, 2020 |
Mar. 31, 2021 |
Dec. 31, 2020 |
Mar. 31, 2020 |
|
Finite-Lived Intangible Assets [Line Items] | ||||
Goodwill | $ 37,144,000 | $ 37,144,000 | ||
Goodwill impairment | $ 0 | |||
Amortization of intangible assets | $ 282,000 | $ 306,000 | $ 429,000 | |
Core deposit intangibles | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Weighted average amortization period | 3 years 7 months 6 days | |||
Core deposit intangibles | Minimum | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Amortization period of other intangible assets | 4 years | |||
Core deposit intangibles | Maximum | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Amortization period of other intangible assets | 10 years |
GOODWILL AND OTHER INTANGIBLE ASSETS, NET - Other Intangible Assets (Detail) - USD ($) $ in Thousands |
Mar. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
Finite-Lived Intangible Assets [Line Items] | ||
Net Carrying Value | $ 2,351 | |
Core deposit intangibles | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Value | 30,904 | $ 30,904 |
Accumulated Amortization | 28,553 | 28,271 |
Net Carrying Value | $ 2,351 | $ 2,633 |
GOODWILL AND OTHER INTANGIBLE ASSETS, NET - Estimated Future Amortization Expense (Detail) $ in Thousands |
Mar. 31, 2021
USD ($)
|
---|---|
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | |
Remainder of 2021 | $ 800 |
2022 | 799 |
2023 | 517 |
2024 | 235 |
2025 | 0 |
Net Carrying Value | $ 2,351 |
FEDERAL HOME LOAN BANK ADVANCES AND OTHER BORROWINGS - Summary of Advances from the FHLB (Details) - USD ($) $ in Thousands |
Mar. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
Fixed rate: | ||
Outstanding balance | $ 416,000 | $ 461,000 |
Variable rate: | ||
Outstanding balance | $ 225,000 | $ 85,000 |
Weighted average interest rate (percent) | 0.09% | 0.17% |
Unamortized debt issuance costs | $ 5,900 | $ 6,200 |
Advances Maturing November 27, 2020 and May 27, 2021 | ||
Fixed rate: | ||
Interest rate (percent) | 0.00% | |
Advance Maturing May 27, 2021 | ||
Fixed rate: | ||
Outstanding balance | $ 5,000 | |
Minimum | ||
Fixed rate: | ||
Interest rate (percent) | 0.00% | 0.00% |
Maximum | ||
Fixed rate: | ||
Interest rate (percent) | 3.32% | 3.32% |
Weighted average (percent) | ||
Fixed rate: | ||
Interest rate (percent) | 2.50% | 2.51% |
LONG-TERM DEBT - Summary of Long-Term Debt (Details) - USD ($) $ in Thousands |
Mar. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
Debt Instrument [Line Items] | ||
Par Value | $ 260,000 | $ 260,000 |
Unamortized Debt Issuance Cost and Discount | $ (3,559) | (3,685) |
Senior Notes | 5.25% Senior Notes Due April 15, 2025 | ||
Debt Instrument [Line Items] | ||
Stated interest rate | 5.25% | |
Par Value | $ 175,000 | 175,000 |
Unamortized Debt Issuance Cost and Discount | $ (1,255) | (1,291) |
Senior Notes | 4.375% subordinated notes due October 30, 2030 | ||
Debt Instrument [Line Items] | ||
Stated interest rate | 4.375% | |
Subordinated notes | 4.375% subordinated notes due October 30, 2030 | ||
Debt Instrument [Line Items] | ||
Par Value | $ 85,000 | 85,000 |
Unamortized Debt Issuance Cost and Discount | $ (2,304) | $ (2,394) |
LONG-TERM DEBT - Additional Information (Detail) |
Mar. 31, 2021 |
---|---|
Senior Notes | 5.25% Senior Notes Due April 15, 2025 | |
Debt Instrument [Line Items] | |
Stated interest rate | 5.25% |
INCOME TAXES - Additional Information (Detail) - USD ($) |
3 Months Ended | 12 Months Ended | ||
---|---|---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
Valuation Allowance [Line Items] | ||||
Income tax expense (benefit) | $ 2,300,000 | $ (2,200,000) | ||
Effective tax rate (percent) | 13.80% | 24.70% | ||
Valuation allowance | $ 0 | $ 0 | ||
Net deferred tax asset | 47,900,000 | 46,000,000.0 | ||
Unrecognized tax benefits | 954,000 | 924,000 | ||
Unrecognized tax benefits that would impact the effective tax rate | 727,000 | |||
Accrued interest or penalties | $ 0 | $ 0 | ||
Expect | Minimum | ||||
Valuation Allowance [Line Items] | ||||
Effective tax rate (percent) | 25.00% | |||
Expect | Maximum | ||||
Valuation Allowance [Line Items] | ||||
Effective tax rate (percent) | 27.00% |
DERIVATIVE INSTRUMENTS - Amount and Market Value of Mortgage Banking Derivatives (Detail) - USD ($) $ in Thousands |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
Dec. 31, 2020 |
|
Derivatives, Fair Value [Line Items] | |||
Gain (loss) on derivatives | $ 271 | $ (182) | |
Notional Amount Assets | 71,558 | $ 74,850 | |
Derivatives asset, fair values | 4,707 | 7,632 | |
Notional Amount Liability | 71,558 | 74,850 | |
Derivatives liability, fair values | 4,906 | 8,102 | |
Interest rate swaps and caps on loans | |||
Derivatives, Fair Value [Line Items] | |||
Gain (loss) on derivatives | 271 | $ (182) | |
Notional Amount Assets | 64,911 | 67,840 | |
Derivatives asset, fair values | 4,452 | 7,304 | |
Notional Amount Liability | 64,911 | 67,840 | |
Derivatives liability, fair values | 4,663 | 7,789 | |
Foreign exchange contracts | |||
Derivatives, Fair Value [Line Items] | |||
Notional Amount Assets | 6,647 | 7,010 | |
Derivatives asset, fair values | 255 | 328 | |
Notional Amount Liability | 6,647 | 7,010 | |
Derivatives liability, fair values | $ 243 | $ 313 |
EMPLOYEE STOCK COMPENSATION - Share Based Compensation Expense (Detail) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total share-based compensation expense | $ 1,544 | $ 1,576 |
Related tax benefits | 455 | 464 |
Unrecognized Expense | $ 8,861 | |
Weighted-Average Remaining Expected Recognition Period | 2 years 6 months | |
Stock option awards | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total share-based compensation expense | $ 0 | 2 |
Restricted stock awards and restricted stock units | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total share-based compensation expense | 1,544 | $ 1,574 |
Unrecognized Expense | $ 8,861 | |
Weighted-Average Remaining Expected Recognition Period | 2 years 6 months |
EMPLOYEE STOCK COMPENSATION - Option Activity (Detail) $ / shares in Units, $ in Thousands |
3 Months Ended |
---|---|
Mar. 31, 2021
USD ($)
$ / shares
shares
| |
Number of Shares | |
Outstanding at beginning of period (in shares) | shares | 55,069 |
Exercised (in shares) | shares | (40,165) |
Outstanding at end of period (in shares) | shares | 14,904 |
Exercisable at end of period (in shares) | shares | 14,904 |
Weighted-Average Exercise Price Per Share | |
Outstanding at beginning of period (in dollars per share) | $ / shares | $ 13.96 |
Exercised (in dollars per share) | $ / shares | 14.30 |
Outstanding at end of period (in dollars per share) | $ / shares | 13.05 |
Exercisable at end of period (in dollars per share) | $ / shares | $ 13.05 |
Weighted-Average Remaining Contract Term | |
Outstanding | 4 years |
Exercisable at end of period | 4 years |
Aggregated Intrinsic Value | |
Outstanding | $ | $ 75 |
Exercisable at end of period | $ | $ 75 |
EMPLOYEE STOCK COMPENSATION - Nonvested Restricted Stock Awards and Restricted Stock Units (Detail) |
3 Months Ended |
---|---|
Mar. 31, 2021
$ / shares
shares
| |
Restricted stock awards and restricted stock units | |
Number of Shares | |
Outstanding at beginning of period (in shares) | 848,302 |
Granted (in shares) | 220,457 |
Vested (in shares) | (152,248) |
Forfeited (in shares) | (50,532) |
Outstanding at end of period (in shares) | 865,979 |
Weighted Average Grant Date Fair Value Per Share | |
Outstanding at beginning of period (in dollars per share) | $ / shares | $ 14.42 |
Granted (in dollars per share) | $ / shares | 20.63 |
Vested (in dollars per share) | $ / shares | 14.82 |
Forfeited (in dollars per share) | $ / shares | 11.17 |
Outstanding at end of period (in dollars per share) | $ / shares | $ 16.12 |
Performance shares | |
Number of Shares | |
Granted (in shares) | 58,839 |
Vested (in shares) | (69,109) |
Forfeited (in shares) | (40,160) |
EMPLOYEE STOCK COMPENSATION - Summary of SARs Activity (Details) - Stock appreciation rights |
3 Months Ended |
---|---|
Mar. 31, 2021
$ / shares
shares
| |
Number of Shares | |
Outstanding at beginning of period (in shares) | shares | 1,559,012 |
Exercised (in shares) | shares | (1,559,012) |
Outstanding at end of period (in shares) | shares | 0 |
Exercisable at end of period (in shares) | shares | 0 |
Weighted-Average Exercise Price Per Share | |
Outstanding at beginning of period (in dollars per share) | $ / shares | $ 11.60 |
Exercised (in dollars per share) | $ / shares | 11.60 |
Outstanding at end of period (in dollars per share) | $ / shares | 0 |
Exercisable at end of period (in dollars per share) | $ / shares | $ 0 |
STOCKHOLDERS' EQUITY - Narrative (Details) - Preferred Stock |
3 Months Ended |
---|---|
Mar. 31, 2021
$ / shares
shares
| |
Class of Stock [Line Items] | |
Preferred stock, authorized (in shares) | shares | 50,000,000 |
Preferred stock, par value (in dollars per share) | $ 0.01 |
Preferred stock, liquidation preference per share (in dollars per share) | $ 1,000 |
Series D Depository Shares | |
Class of Stock [Line Items] | |
Interest in shares (percent) | 2.50% |
Series E Depository Shares | |
Class of Stock [Line Items] | |
Interest in shares (percent) | 2.50% |
STOCKHOLDERS' EQUITY - Summary of Preferred Stock (Details) - USD ($) $ in Thousands |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|
Class of Stock [Line Items] | |||
Carrying Value | $ 94,956 | $ 184,878 | |
Preferred Stock | |||
Class of Stock [Line Items] | |||
Preferred stock, outstanding (in shares) | 98,702 | 191,972 | |
Liquidation Preference | $ 98,702 | $ 191,972 | |
Carrying Value | $ 94,956 | $ 184,878 | |
Preferred Stock | Series D 7.375% non-cumulative perpetual | |||
Class of Stock [Line Items] | |||
Non cumulative preferred stock, dividend rate (percent) | 7.375% | ||
Preferred stock, outstanding (in shares) | 0 | 93,270 | |
Liquidation Preference | $ 0 | $ 93,270 | |
Carrying Value | $ 0 | $ 89,922 | $ 1,959 |
Preferred Stock | Series E 7.00% non-cumulative perpetual | |||
Class of Stock [Line Items] | |||
Non cumulative preferred stock, dividend rate (percent) | 7.00% | ||
Preferred stock, outstanding (in shares) | 98,702 | 98,702 | |
Liquidation Preference | $ 98,702 | $ 98,702 | |
Carrying Value | $ 94,956 | $ 94,956 | $ 178 |
STOCKHOLDERS' EQUITY - Changes to Accumulated Other Comprehensive (Loss) Income by Components (Detail) - Gain (loss) on securities available-for-sale - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
Balance at beginning of period | $ 7,746 | $ (11,900) |
Unrealized loss arising during the period | (3,638) | (59,885) |
Tax effect of current period changes | 1,077 | 17,637 |
Total changes, net of taxes | (2,561) | (42,248) |
Balance at end of period | $ 5,185 | $ (54,148) |
VARIABLE INTEREST ENTITIES - Additional Information (Details) - USD ($) $ in Thousands |
3 Months Ended | |||
---|---|---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
Sep. 30, 2019 |
Dec. 31, 2020 |
|
Variable Interest Entity [Line Items] | ||||
Total assets | $ 7,933,459 | $ 7,877,334 | ||
Variable Interest Entity, Not Primary Beneficiary | ||||
Variable Interest Entity [Line Items] | ||||
Funding transferred | 0 | $ 3,631 | ||
Total assets | 251,220 | 251,713 | ||
Maximum loss exposure | 23,809 | 27,977 | ||
Variable Interest Entity, Not Primary Beneficiary | Other Assets | ||||
Variable Interest Entity [Line Items] | ||||
Total assets | $ 23,800 | $ 28,000 | ||
Variable Interest Entity, Not Primary Beneficiary | Multifamily | ||||
Variable Interest Entity [Line Items] | ||||
Funding transferred | $ 573,500 | |||
Credit losses guaranteed (percent) | 12.00% | |||
Repurchase liability recognized | $ 3,600 | |||
Maximum loss exposure | $ 68,800 |
VARIABLE INTEREST ENTITIES - Information Regarding Activity in Alternative Energy Partnerships (Details) - USD ($) $ in Thousands |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2021 |
Dec. 31, 2020 |
Mar. 31, 2020 |
|
Variable Interest Entity [Line Items] | |||
Loss on investments in alternative energy partnerships | $ (3,630) | $ 673 | $ (1,905) |
Variable Interest Entity, Not Primary Beneficiary | |||
Variable Interest Entity [Line Items] | |||
Funding transferred | 0 | 3,631 | |
Cash distribution from investment | 538 | 454 | |
Loss on investments in alternative energy partnerships | (3,630) | (1,905) | |
Income tax credits recognized | 0 | 0 | |
Tax expense (benefit) recognized from HLBV application | $ (992) | $ (458) |
VARIABLE INTEREST ENTITIES - Summary of Unconsolidated VIEs (Details) - USD ($) $ in Thousands |
Mar. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
Variable Interest Entity [Line Items] | ||
Equipment, net of depreciation | $ 120,071 | $ 121,520 |
Other assets | 185,900 | 195,119 |
Total assets | 7,933,459 | 7,877,334 |
Total unconsolidated liabilities | 7,128,766 | 6,980,127 |
Variable Interest Entity, Not Primary Beneficiary | ||
Variable Interest Entity [Line Items] | ||
Cash | 4,469 | 3,228 |
Equipment, net of depreciation | 239,043 | 241,015 |
Other assets | 7,708 | 7,470 |
Total assets | 251,220 | 251,713 |
Total unconsolidated liabilities | 6,347 | 6,357 |
Maximum loss exposure | $ 23,809 | $ 27,977 |
EARNINGS (LOSS) PER COMMON SHARE - Additional Information (Detail) - shares |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Restricted shares / units | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Stock excluded from computation of earnings per share (in shares) | 56,839 | 962,566 |
Stock Option | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Stock excluded from computation of earnings per share (in shares) | 0 | 55,806 |
LOAN COMMITMENTS AND OTHER RELATED ACTIVITIES - Contractual Amount of Financial Instruments with Off-Balance-Sheet Risk (Detail) - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended |
---|---|---|
Mar. 31, 2021 |
Dec. 31, 2020 |
|
Affordable Housing Fund Investment | ||
Other Commitments [Line Items] | ||
Alternative investments unfunded investment commitments | $ 17,300 | |
Small Business Investment Companies | ||
Other Commitments [Line Items] | ||
Alternative investments unfunded investment commitments | 5,600 | |
Other Investments | ||
Other Commitments [Line Items] | ||
Alternative investments unfunded investment commitments | 2,500 | |
Commitments to extend credit | ||
Other Commitments [Line Items] | ||
Fixed Rate | 18,703 | $ 17,555 |
Variable Rate | 31,658 | 38,141 |
Unused lines of credit | ||
Other Commitments [Line Items] | ||
Fixed Rate | 1,793 | 1,783 |
Variable Rate | 1,625,253 | 1,348,138 |
Letters of credit | ||
Other Commitments [Line Items] | ||
Fixed Rate | 535 | 234 |
Variable Rate | $ 7,472 | $ 8,274 |
REVENUE RECOGNITION - Summary of Noninterest Income (Details) - USD ($) $ in Thousands |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2021 |
Dec. 31, 2020 |
Mar. 31, 2020 |
|
Disaggregation of Revenue [Line Items] | |||
Noninterest income (in-scope of Topic 606) | $ 1,276 | $ 765 | |
Noninterest income (out-of-scope of Topic 606) | 3,105 | 1,296 | |
Total noninterest income | 4,381 | $ 6,975 | 2,061 |
Deposit service fees | |||
Disaggregation of Revenue [Line Items] | |||
Noninterest income (in-scope of Topic 606) | 810 | 539 | |
Debit card fees | |||
Disaggregation of Revenue [Line Items] | |||
Noninterest income (in-scope of Topic 606) | 387 | 177 | |
Other | |||
Disaggregation of Revenue [Line Items] | |||
Noninterest income (in-scope of Topic 606) | $ 79 | $ 49 |
RELATED-PARTY TRANSACTIONS - Narrative (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Executive Officers and Directors | Special Committee Investigation Indemnification | ||
Related Party Transaction [Line Items] | ||
Expenses from transactions with related parties | $ 120 | $ 120 |
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