Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 | ||||||||
For the quarterly period ended |
Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 | ||||||||
For the transition period from to . |
(State or other jurisdiction of incorporation or organization) | (IRS Employer Identification No.) |
Title of Each Class | Trading Symbols | Name of Each Exchange on which Registered | ||||||||||||
Preferred Stock, Series E, par value $1.00 per share | ||||||||||||||
Preferred Stock, Series F, par value $1.00 per share | ||||||||||||||
x | Accelerated Filer | ☐ | ||||||||||||||||||
Non-accelerated filer | o | Smaller Reporting Company | ||||||||||||||||||
Emerging Growth Company | ||||||||||||||||||||
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. | o |
Item 1. | ||||||||
Item 2. | ||||||||
Item 3. | ||||||||
Item 4. | ||||||||
Item 1. | ||||||||
Item 1A. | ||||||||
Item 2. | ||||||||
Item 3. | ||||||||
Item 4. | ||||||||
Item 5. | ||||||||
Item 6. | ||||||||
ACL | Allowance for credit losses | ||||
AFS | Available for sale | ||||
AOCI | Accumulated other comprehensive income (loss) | ||||
ASC | Accounting Standards Codification | ||||
ASU | Accounting Standards Update | ||||
B2B | Business-to-business | ||||
Bancorp | Customers Bancorp, Inc. | ||||
Bank | Customers Bank | ||||
BBB spread | BBB rated corporate bond spreads to U.S. Treasury securities | ||||
BMT | BankMobile Technologies, Inc. | ||||
BM Technologies | BM Technologies, Inc. | ||||
BOLI | Bank-owned life insurance | ||||
BTFP | Bank Term Funding Program | ||||
CAA | Consolidated Appropriations Act, 2021 | ||||
CARES Act | Coronavirus Aid, Relief and Economic Security Act | ||||
CBITTM | Customers Bank Instant Token | ||||
CCF | Customers Commercial Finance, LLC | ||||
CECL | Current expected credit losses | ||||
Commission | U.S. Securities and Exchange Commission | ||||
Company | Customers Bancorp, Inc. and subsidiaries | ||||
COVID-19 | Coronavirus Disease 2019 | ||||
CPI | Consumer Price Index | ||||
CRA | Community Reinvestment Act | ||||
CUBI | Symbol for Customers Bancorp, Inc. common stock traded on the NYSE | ||||
Customers | Customers Bancorp, Inc. and Customers Bank, collectively | ||||
Customers Bancorp | Customers Bancorp, Inc. | ||||
DCF | Discounted cash flow | ||||
EPS | Earnings per share | ||||
EVE | Economic value of equity | ||||
Exchange Act | Securities Exchange Act of 1934 | ||||
FASB | Financial Accounting Standards Board | ||||
FDIC | Federal Deposit Insurance Corporation | ||||
Fed Funds | Federal Reserve Board's Effective Federal Funds Rate | ||||
Federal Reserve, Federal Reserve Board | Board of Governors of the Federal Reserve System | ||||
FHLB | Federal Home Loan Bank | ||||
FICO | Fair, Isaac and Company | ||||
Fintech | Third-Party Financial Technology | ||||
FMV | Fair Market Value | ||||
FRB | Federal Reserve Bank of Philadelphia | ||||
GDP | Gross domestic product | ||||
HTM | Held to maturity | ||||
LIBOR | London Interbank Offered Rate | ||||
LPO | Limited Purpose Office | ||||
MFAC | Megalith Financial Acquisition Corp. | ||||
MMDA | Money market deposit accounts | ||||
NIM | Net interest margin, tax equivalent | ||||
NM | Not meaningful | ||||
NPA | Non-performing asset | ||||
NPL | Non-performing loan | ||||
NYSE | New York Stock Exchange | ||||
OCI | Other comprehensive income (loss) | ||||
OREO | Other real estate owned | ||||
PCD | Purchased Credit-Deteriorated | ||||
PPP | Paycheck Protection Program | ||||
PPPLF | FRB Paycheck Protection Program Liquidity Facility | ||||
PUT | Purchase Upon Termination | ||||
Rate Shocks | Interest rates rising or falling immediately | ||||
ROU | Right-of-use | ||||
SAB | SEC Staff Accounting Bulletin | ||||
SBA | U.S. Small Business Administration | ||||
SBA loans | Loans originated pursuant to the rules and regulations of the SBA | ||||
SEC | U.S. Securities and Exchange Commission | ||||
Securities Act | Securities Act of 1933, as amended | ||||
Series E Preferred Stock | Fixed-to-floating rate non-cumulative perpetual preferred stock, series E | ||||
Series F Preferred Stock | Fixed-to-floating rate non-cumulative perpetual preferred stock, series F | ||||
SERP | Supplemental Executive Retirement Plan | ||||
Share Repurchase Program | Share repurchase program authorized by the Board of Directors of Customers Bancorp in 2021 | ||||
SOFR | Secured Overnight Financing Rate | ||||
TDR | Troubled debt restructuring | ||||
TRAC | Terminal Rental Adjustment Clause | ||||
U.S. GAAP | Accounting principles generally accepted in the United States of America | ||||
VIE | Variable interest entity | ||||
VOE | Voting interest entity | ||||
March 31, 2023 | December 31, 2022 | ||||||||||
ASSETS | |||||||||||
Cash and due from banks | $ | $ | |||||||||
Interest earning deposits | |||||||||||
Cash and cash equivalents | |||||||||||
Investment securities, at fair value (includes allowance for credit losses of $ | |||||||||||
Investment securities held to maturity | |||||||||||
Loans held for sale (includes $ | |||||||||||
Loans receivable, mortgage warehouse, at fair value | |||||||||||
Loans receivable, PPP | |||||||||||
Loans and leases receivable | |||||||||||
Allowance for credit losses on loans and leases | ( | ( | |||||||||
Total loans and leases receivable, net of allowance for credit losses on loans and leases | |||||||||||
FHLB, Federal Reserve Bank, and other restricted stock | |||||||||||
Accrued interest receivable | |||||||||||
Bank premises and equipment, net | |||||||||||
Bank-owned life insurance | |||||||||||
Goodwill and other intangibles | |||||||||||
Other assets | |||||||||||
Total assets | $ | $ | |||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||
Liabilities: | |||||||||||
Deposits: | |||||||||||
Demand, non-interest bearing | $ | $ | |||||||||
Interest bearing | |||||||||||
Total deposits | |||||||||||
FHLB advances | |||||||||||
Other borrowings | |||||||||||
Subordinated debt | |||||||||||
Accrued interest payable and other liabilities | |||||||||||
Total liabilities | |||||||||||
Commitments and contingencies (NOTE 15) | |||||||||||
Shareholders’ equity: | |||||||||||
Preferred stock, par value $ | |||||||||||
Common stock, par value $ | |||||||||||
Additional paid in capital | |||||||||||
Retained earnings | |||||||||||
Accumulated other comprehensive income (loss), net | ( | ( | |||||||||
Treasury stock, at cost ( | ( | ( | |||||||||
Total shareholders’ equity | |||||||||||
Total liabilities and shareholders’ equity | $ | $ |
Three Months Ended March 31, | |||||||||||
2023 | 2022 | ||||||||||
Interest income: | |||||||||||
Loans and leases | $ | $ | |||||||||
Investment securities | |||||||||||
Loans held for sale | |||||||||||
Interest earning deposits | |||||||||||
Other | |||||||||||
Total interest income | |||||||||||
Interest expense: | |||||||||||
Deposits | |||||||||||
FHLB advances | |||||||||||
FRB advances | |||||||||||
Subordinated debt | |||||||||||
Other borrowings | |||||||||||
Total interest expense | |||||||||||
Net interest income | |||||||||||
Provision for credit losses | |||||||||||
Net interest income after provision for credit losses | |||||||||||
Non-interest income: | |||||||||||
Commercial lease income | |||||||||||
Loan fees | |||||||||||
Bank-owned life insurance | |||||||||||
Mortgage warehouse transactional fees | |||||||||||
Gain (loss) on sale of SBA and other loans | |||||||||||
Net gain (loss) on sale of investment securities | ( | ||||||||||
Other | |||||||||||
Total non-interest income | |||||||||||
Non-interest expense: | |||||||||||
Salaries and employee benefits | |||||||||||
Technology, communication and bank operations | |||||||||||
Commercial lease depreciation | |||||||||||
Professional services | |||||||||||
Loan servicing | |||||||||||
Occupancy | |||||||||||
FDIC assessments, non-income taxes and regulatory fees | |||||||||||
Advertising and promotion | |||||||||||
Other | |||||||||||
Total non-interest expense | |||||||||||
Income before income tax expense | |||||||||||
Income tax expense | |||||||||||
Net income | |||||||||||
Preferred stock dividends | |||||||||||
Net income available to common shareholders | $ | $ | |||||||||
Basic earnings per common share | $ | $ | |||||||||
Diluted earnings per common share |
Three Months Ended March 31, | |||||||||||
2023 | 2022 | ||||||||||
Net income | $ | $ | |||||||||
Unrealized gains (losses) on available for sale debt securities: | |||||||||||
Unrealized gains (losses) arising during the period | ( | ||||||||||
Income tax effect | ( | ||||||||||
Reclassification adjustments for (gains) losses included in net income | |||||||||||
Income tax effect | ( | ||||||||||
Amortization of unrealized loss on securities transferred from available-for-sale to held-to-maturity | |||||||||||
Income tax effect | ( | ||||||||||
Net unrealized gains (losses) on available for sale debt securities | ( | ||||||||||
Other comprehensive income (loss), net of income tax effect | ( | ||||||||||
Comprehensive income (loss) | $ | $ |
Three Months Ended March 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred Stock | Common Stock | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares of Preferred Stock Outstanding | Preferred Stock | Shares of Common Stock Outstanding | Common Stock | Additional Paid in Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Treasury Stock | Total | |||||||||||||||||||||||||||||||||||||||||||||
Balance, December 31, 2022 | $ | $ | $ | $ | $ | ( | $ | ( | $ | ||||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Preferred stock dividends (1) | — | — | — | — | — | ( | — | — | ( | ||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation expense | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock under share-based compensation arrangements | — | — | ( | — | — | — | ( | ||||||||||||||||||||||||||||||||||||||||||||||
Repurchase of common shares | — | — | ( | — | — | — | — | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||
Balance, March 31, 2023 | $ | $ | $ | $ | $ | ( | $ | ( | $ | ||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended March 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred Stock | Common Stock | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares of Preferred Stock Outstanding | Preferred Stock | Shares of Common Stock Outstanding | Common Stock | Additional Paid in Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Treasury Stock | Total | |||||||||||||||||||||||||||||||||||||||||||||
Balance, December 31, 2021 | $ | $ | $ | $ | $ | ( | $ | ( | $ | ||||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) | — | — | — | — | — | — | ( | — | ( | ||||||||||||||||||||||||||||||||||||||||||||
Preferred stock dividends (1) | — | — | — | — | — | ( | — | — | ( | ||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation expense | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock under share-based compensation arrangements | — | — | ( | — | — | — | ( | ||||||||||||||||||||||||||||||||||||||||||||||
Repurchase of common shares | — | — | ( | — | — | — | — | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||
Balance, March 31, 2022 | $ | $ | $ | $ | $ | ( | $ | ( | $ |
Three Months Ended March 31, | |||||||||||
2023 | 2022 | ||||||||||
Cash Flows from Operating Activities | |||||||||||
Net income from continuing operations | $ | $ | |||||||||
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | |||||||||||
Provision (benefit) for credit losses | |||||||||||
Depreciation and amortization | |||||||||||
Share-based compensation expense | |||||||||||
Deferred taxes | ( | ||||||||||
Net amortization (accretion) of investment securities premiums and discounts | ( | ||||||||||
Unrealized (gain) loss on investment securities | ( | ||||||||||
Net (gain) loss on sale of investment securities | |||||||||||
Impairment loss on fixed assets and leases | |||||||||||
Unrealized (gain) loss on derivatives | ( | ||||||||||
Settlement of terminated fair value hedge derivatives | |||||||||||
(Gain) loss on sale of loans | ( | ||||||||||
Origination and purchases of loans held for sale | ( | ( | |||||||||
Proceeds from the sales and repayments of loans held for sale | |||||||||||
Amortization (accretion) of loan net deferred fees, discounts and premiums | ( | ( | |||||||||
Earnings on investment in bank-owned life insurance | ( | ( | |||||||||
(Increase) decrease in accrued interest receivable and other assets | ( | ||||||||||
Increase (decrease) in accrued interest payable and other liabilities | ( | ||||||||||
Net Cash Provided By (Used In) Operating Activities | |||||||||||
Cash Flows from Investing Activities | |||||||||||
Proceeds from maturities, calls and principal repayments of investment securities available for sale | |||||||||||
Proceeds from maturities, calls and principal repayments of investment securities held to maturity | |||||||||||
Proceeds from sales of investment securities available for sale | |||||||||||
Purchases of investment securities available for sale | ( | ||||||||||
Purchases of investment securities held to maturity | ( | ||||||||||
Origination of mortgage warehouse loans | ( | ( | |||||||||
Proceeds from repayments of mortgage warehouse loans | |||||||||||
Net (increase) decrease in loans and leases, excluding mortgage warehouse loans | |||||||||||
Proceeds from sales of loans and leases | |||||||||||
Purchases of loans | ( | ( | |||||||||
Proceeds from bank-owned life insurance | |||||||||||
Net (purchases of) proceeds from sale of FHLB, Federal Reserve Bank, and other restricted stock | ( | ||||||||||
Purchases of bank premises and equipment | ( | ( | |||||||||
Proceeds from sales of leased assets under lessor operating leases | |||||||||||
Purchases of leased assets under lessor operating leases | ( | ( | |||||||||
Net Cash Provided By (Used In) Investing Activities | |||||||||||
Cash Flows from Financing Activities | |||||||||||
Net increase (decrease) in deposits | ( | ( | |||||||||
Net increase (decrease) in short-term borrowed funds from FHLB | ( | ( | |||||||||
Net increase (decrease) in federal funds purchased | |||||||||||
Proceeds from long-term borrowed funds from FHLB and FRB | |||||||||||
Repayments of long-term borrowed funds from FHLB and FRB | ( | ||||||||||
Preferred stock dividends paid | ( | ( | |||||||||
Purchase of treasury stock | ( | ( | |||||||||
Payments of employee taxes withheld from share-based awards | ( | ( | |||||||||
Proceeds from issuance of common stock | |||||||||||
Net Cash Provided By (Used In) Financing Activities | ( | ||||||||||
Net Increase (Decrease) in Cash and Cash Equivalents | ( | ||||||||||
Cash and Cash Equivalents – Beginning | |||||||||||
Cash and Cash Equivalents – Ending | $ | $ | |||||||||
(continued) | |||||||||||
Three Months Ended March 31, | |||||||||||
2023 | 2022 | ||||||||||
Non-cash Investing and Financing Activities: | |||||||||||
Transfer of loans held for investment to held for sale | $ | $ | |||||||||
Standard | Summary of Guidance | Effects on Financial Statements | ||||||||||||
ASU 2022-06, Reference Rate Reform (Topic 848) - Deferral of the Sunset Date of Topic 848 and Amendments to the Definition of the Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate Issued December 2022 | • Defers the sunset date of ASC 848 that provides optional guidance for a limited period of time to ease the potential burden in accounting for (or derecognizing the effects of) reference rate reform on financial reporting. Specifically, ASC 848 provides optional expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. These relate only to those contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. Certain optional expedients and exceptions in ASC 848 for contract modifications and hedge accounting apply to derivatives that are affected by the discounting transition, including derivative instruments that use an interest rate for margining, discounting, or contract price alignment that is modified as a result of reference rate reform. • Amends the definition of the SOFR Overnight Index Swap Rate to any rate based on SOFR qualifies as a benchmark interest rate for purposes of applying fair value hedge accounting. • Effective as of December 21, 2022 and ASC 848 can be adopted anytime during the period of January 1, 2020 through December 31, 2024. | • Customers adopted the guidance in ASC 848 during the adoption period for certain optional expedients. • The adoption of ASC 848 did not have a material impact on Customers' financial condition, results of operations and consolidated financial statements. • As of March 31, 2023, Customers has not yet elected to apply optional expedients for certain contract modifications. We plan to elect additional optional expedients in the future, which are not expected to have a material impact on Customers' financial condition, results of operations and consolidated financial statements. | ||||||||||||
Standard | Summary of Guidance | Effects on Financial Statements | ||||||||||||
ASU 2022-02, Financial Instruments - Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures Issued March 2022 | • Eliminates the accounting guidance for TDRs by creditors, and applies the loan refinancing and restructuring guidance when a borrower is experiencing financial difficulty to determine whether a modification results in a new loan or a continuation of an existing loan. • Provides enhanced disclosure requirements for certain loan refinancing and restructurings and disclosure of current-period gross write-offs by year of origination for financing receivables and net investments in leases within the scope of ASC 326. • Effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. Early adoption is permitted, including adoption in any interim period, provided the amendments are adopted as of the beginning of the fiscal year that includes the interim period of adoption. Early adoption is permitted separately for the amendments to TDRs and vintage disclosures. • TDR and vintage disclosures are to be adopted prospectively. An entity may adopt TDR recognition and measurement guidance prospectively or elect to use a modified retrospective transition method, with a cumulative effect adjustment to retained earnings at the beginning of the period of adoption. | • Customers adopted this guidance on January 1, 2023 using a modified retrospective transition method for TDR recognition and measurement. • This guidance did not have a material impact on Customers' financial condition, results of operations and consolidated financial statements. • Additional disclosures related to gross write-offs by year of origination and certain loan modifications to borrowers experiencing financial difficulty are presented in NOTE 7 – LOANS AND LEASES RECEIVABLE AND ALLOWANCE FOR CREDIT LOSSES ON LOANS AND LEASES. | ||||||||||||
Standard | Summary of Guidance | Effects on Financial Statements | ||||||||||||
ASU 2022-03, Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions Issued June 2022 | • Clarifies that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and not considered in measuring fair value. • Prohibits recognition and measurement of a contractual sale restriction on the sale of an equity security as a separate unit of account. • Provides disclosure requirements for the equity securities subject to contractual sale restrictions. • Effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. Early adoption is permitted for both interim and annual financial statements that have not yet been issued or made available for issuance. | • Customers will adopt this guidance on January 1, 2024. This guidance is not expected to have a material impact on Customers' financial condition, results of operations and consolidated financial statements. | ||||||||||||
ASU 2023-02, Investments - Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method Issued March 2023 | • Provides an election to account for tax equity investments, regardless of the tax credit program, using the proportional amortization method provided that certain conditions are met. • Effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. Early adoption is permitted for any interim period, as of the beginning of the fiscal year that includes that interim period. | • Customers will adopt this guidance on January 1, 2024. This guidance is not expected to have a material impact on Customers' financial condition, results of operations and consolidated financial statements. | ||||||||||||
Three Months Ended March 31, | |||||||||||
(amounts in thousands, except share and per share data) | 2023 | 2022 | |||||||||
Net income available to common shareholders | $ | $ | |||||||||
Weighted-average number of common shares outstanding – basic | |||||||||||
Share-based compensation plans | |||||||||||
Weighted-average number of common shares – diluted | |||||||||||
Basic earnings per common share | $ | $ | |||||||||
Diluted earnings per common share |
Three Months Ended March 31, | |||||||||||
2023 | 2022 | ||||||||||
Anti-dilutive securities: | |||||||||||
Share-based compensation awards | |||||||||||
Three Months Ended March 31, 2023 | |||||
(amounts in thousands) | Unrealized Gains (Losses) on Available for Sale Securities (1) | ||||
Balance - December 31, 2022 | $ | ( | |||
Unrealized gains (losses) arising during period, before tax | |||||
Income tax effect | ( | ||||
Other comprehensive income (loss) before reclassifications | |||||
Reclassification adjustments for (gains) losses included in net income, before tax | |||||
Income tax effect | |||||
Amounts reclassified from accumulated other comprehensive income (loss) to net income | |||||
Amortization of unrealized loss on securities transferred from available for sale to held to maturity | |||||
Income tax effect | ( | ||||
Amortization of unrealized loss on securities transferred from available for sale to held to maturity | |||||
Net current-period other comprehensive income (loss) | |||||
Balance - March 31, 2023 | $ | ( |
Three Months Ended March 31, 2022 | ||||||||
(amounts in thousands) | Unrealized Gains (Losses) on Available for Sale Securities (1) | |||||||
Balance - December 31, 2021 | $ | ( | ||||||
Unrealized gains (losses) arising during period, before tax | ( | |||||||
Income tax effect | ||||||||
Other comprehensive income (loss) before reclassifications | ( | |||||||
Reclassification adjustments for (gains) losses included in net income, before tax | ||||||||
Income tax effect | ( | |||||||
Amounts reclassified from accumulated other comprehensive income (loss) to net income | ||||||||
Amortization of unrealized loss on securities transferred from available for sale to held to maturity | ||||||||
Income tax effect | ||||||||
Amortization of unrealized loss on securities transferred from available for sale to held to maturity | ||||||||
Net current-period other comprehensive income (loss) | ( | |||||||
Balance - March 31, 2022 | $ | ( |
March 31, 2023 (1) | |||||||||||||||||||||||||||||
(amounts in thousands) | Amortized Cost | Allowance for Credit Losses | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | ||||||||||||||||||||||||
Available for sale debt securities: | |||||||||||||||||||||||||||||
Asset-backed securities | $ | $ | ( | $ | $ | ( | $ | ||||||||||||||||||||||
Agency-guaranteed residential collateralized mortgage obligations | ( | ||||||||||||||||||||||||||||
Collateralized loan obligations | ( | ||||||||||||||||||||||||||||
Commercial mortgage-backed securities | ( | ||||||||||||||||||||||||||||
Corporate notes | ( | ( | |||||||||||||||||||||||||||
Private label collateralized mortgage obligations | ( | ||||||||||||||||||||||||||||
Available for sale debt securities | $ | $ | ( | $ | $ | ( | |||||||||||||||||||||||
Equity securities (2) | |||||||||||||||||||||||||||||
Total investment securities, at fair value | $ |
December 31, 2022 (1) | |||||||||||||||||||||||||||||
(amounts in thousands) | Amortized Cost | Allowance for Credit Losses | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | ||||||||||||||||||||||||
Available for sale debt securities: | |||||||||||||||||||||||||||||
Asset-backed securities | $ | $ | ( | $ | $ | ( | $ | ||||||||||||||||||||||
Agency-guaranteed residential collateralized mortgage obligations | ( | ||||||||||||||||||||||||||||
Collateralized loan obligations | ( | ||||||||||||||||||||||||||||
Commercial mortgage-backed securities | ( | ||||||||||||||||||||||||||||
Corporate notes | ( | ||||||||||||||||||||||||||||
Private label collateralized mortgage obligations | ( | ||||||||||||||||||||||||||||
Available for sale debt securities | $ | $ | ( | $ | $ | ( | |||||||||||||||||||||||
Equity securities (2) | |||||||||||||||||||||||||||||
Total investment securities, at fair value | $ |
Three Months Ended March 31, | |||||||||||
(amounts in thousands) | 2023 | 2022 | |||||||||
Gross realized gains | $ | $ | |||||||||
Gross realized losses | ( | ||||||||||
Net realized gains (losses) on sale of available for sale debt securities | $ | $ | ( |
March 31, 2023 | |||||||||||
(amounts in thousands) | Amortized Cost | Fair Value | |||||||||
Due in one year or less | $ | $ | |||||||||
Due after one year through five years | |||||||||||
Due after five years through ten years | |||||||||||
Asset-backed securities | |||||||||||
Agency-guaranteed residential collateralized mortgage obligations | |||||||||||
Collateralized loan obligations | |||||||||||
Commercial mortgage-backed securities | |||||||||||
Private label collateralized mortgage obligations | |||||||||||
Total available for sale debt securities | $ | $ |
March 31, 2023 | |||||||||||||||||||||||||||||||||||
Less Than 12 Months | 12 Months or More | Total | |||||||||||||||||||||||||||||||||
(amounts in thousands) | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | |||||||||||||||||||||||||||||
Available for sale debt securities: | |||||||||||||||||||||||||||||||||||
Asset-backed securities | $ | $ | ( | $ | $ | ( | $ | $ | ( | ||||||||||||||||||||||||||
Agency-guaranteed residential collateralized mortgage obligations | ( | ( | |||||||||||||||||||||||||||||||||
Collateralized loan obligations | ( | ( | ( | ||||||||||||||||||||||||||||||||
Commercial mortgage-backed securities | ( | ( | ( | ||||||||||||||||||||||||||||||||
Corporate notes | ( | ( | ( | ||||||||||||||||||||||||||||||||
Private label collateralized mortgage obligations | ( | ( | ( | ||||||||||||||||||||||||||||||||
Total | $ | $ | ( | $ | $ | ( | $ | $ | ( |
December 31, 2022 | |||||||||||||||||||||||||||||||||||
Less Than 12 Months | 12 Months or More | Total | |||||||||||||||||||||||||||||||||
(amounts in thousands) | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | |||||||||||||||||||||||||||||
Available for sale debt securities: | |||||||||||||||||||||||||||||||||||
Asset-backed securities | $ | $ | ( | $ | $ | $ | $ | ( | |||||||||||||||||||||||||||
Agency-guaranteed residential collateralized mortgage obligations | ( | ( | |||||||||||||||||||||||||||||||||
Collateralized loan obligations | ( | ( | ( | ||||||||||||||||||||||||||||||||
Commercial mortgage-backed securities | ( | ( | ( | ||||||||||||||||||||||||||||||||
Corporate notes | ( | ( | ( | ||||||||||||||||||||||||||||||||
Private label collateralized mortgage obligations | ( | ( | ( | ||||||||||||||||||||||||||||||||
Total | $ | $ | ( | $ | $ | ( | $ | $ | ( |
Three Months Ended March 31, 2023 | Three Months Ended March 31, 2022 | ||||||||||||||||||||||||||||||||||
(amounts in thousands) | Asset-backed securities | Corporate notes | Total | Asset-backed securities | Corporate notes | Total | |||||||||||||||||||||||||||||
Balance at January 1, | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Credit losses on securities for which credit losses were not previously recorded | |||||||||||||||||||||||||||||||||||
Credit losses on previously impaired securities | |||||||||||||||||||||||||||||||||||
Decrease in allowance for credit losses on previously impaired securities | ( | ( | |||||||||||||||||||||||||||||||||
Balance at March 31, | $ | $ | $ | $ | $ | $ |
March 31, 2023 (1) | |||||||||||||||||||||||||||||||||||
(amounts in thousands) | Amortized Cost | Allowance for Credit Losses | Net Carrying Value | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | |||||||||||||||||||||||||||||
Held to maturity debt securities: | |||||||||||||||||||||||||||||||||||
Asset-backed securities | $ | $ | $ | $ | $ | ( | $ | ||||||||||||||||||||||||||||
Agency-guaranteed residential mortgage-backed securities | ( | ||||||||||||||||||||||||||||||||||
Agency-guaranteed commercial mortgage-backed securities | ( | ||||||||||||||||||||||||||||||||||
Agency-guaranteed residential collateralized mortgage obligations | ( | ||||||||||||||||||||||||||||||||||
Agency-guaranteed commercial collateralized mortgage obligations | ( | ||||||||||||||||||||||||||||||||||
Private label collateralized mortgage obligations | ( | ||||||||||||||||||||||||||||||||||
Total held to maturity debt securities | $ | $ | $ | $ | $ | ( | $ | ||||||||||||||||||||||||||||
December 31, 2022 (1) | |||||||||||||||||||||||||||||||||||
(amounts in thousands) | Amortized Cost | Allowance for Credit Losses | Net Carrying Value | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | |||||||||||||||||||||||||||||
Held to maturity debt securities: | |||||||||||||||||||||||||||||||||||
Asset-backed securities | $ | $ | $ | $ | $ | ( | $ | ||||||||||||||||||||||||||||
Agency-guaranteed residential mortgage-backed securities | ( | ||||||||||||||||||||||||||||||||||
Agency-guaranteed commercial mortgage-backed securities | ( | ||||||||||||||||||||||||||||||||||
Agency-guaranteed residential collateralized mortgage obligations | ( | ||||||||||||||||||||||||||||||||||
Agency-guaranteed commercial collateralized mortgage obligations | ( | ||||||||||||||||||||||||||||||||||
Private label collateralized mortgage obligations | ( | ||||||||||||||||||||||||||||||||||
Total held to maturity debt securities | $ | $ | $ | $ | $ | ( | $ | ||||||||||||||||||||||||||||
March 31, 2023 | |||||||||||
(amounts in thousands) | Amortized Cost | Fair Value | |||||||||
Asset-backed securities | $ | $ | |||||||||
Agency-guaranteed residential mortgage-backed securities | |||||||||||
Agency-guaranteed commercial mortgage-backed securities | |||||||||||
Agency-guaranteed residential collateralized mortgage obligations | |||||||||||
Agency-guaranteed commercial collateralized mortgage obligations | |||||||||||
Private label collateralized mortgage obligations | |||||||||||
Total held to maturity debt securities | $ | $ |
March 31, 2023 | |||||||||||||||||||||||||||||||||||
(amounts in thousands) | AAA | AA | A | BBB | Not Rated | Total | |||||||||||||||||||||||||||||
Held to maturity debt securities: | |||||||||||||||||||||||||||||||||||
Asset-backed securities | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Agency-guaranteed residential mortgage-backed securities | |||||||||||||||||||||||||||||||||||
Agency-guaranteed commercial mortgage-backed securities | |||||||||||||||||||||||||||||||||||
Agency-guaranteed residential collateralized mortgage obligations | |||||||||||||||||||||||||||||||||||
Agency-guaranteed commercial collateralized mortgage obligations | |||||||||||||||||||||||||||||||||||
Private label collateralized mortgage obligations | |||||||||||||||||||||||||||||||||||
Total held to maturity debt securities | $ | $ | $ | $ | $ | $ |
(amounts in thousands) | March 31, 2023 | December 31, 2022 | |||||||||
Commercial loans: | |||||||||||
Multifamily loans, at lower of cost or fair value | $ | $ | |||||||||
Commercial real estate non-owner occupied loans, at lower of cost or fair value | |||||||||||
Total commercial loans held for sale | |||||||||||
Consumer loans: | |||||||||||
Home equity conversion mortgages, at lower of cost or fair value | |||||||||||
Residential mortgage loans, at fair value | |||||||||||
Personal installment loans, at lower of cost or fair value | |||||||||||
Other installment loans, at lower of cost or fair value | |||||||||||
Total consumer loans held for sale | |||||||||||
Loans held for sale | $ | $ |
(amounts in thousands) | March 31, 2023 | December 31, 2022 | |||||||||
Loans and leases receivable, mortgage warehouse, at fair value | $ | $ | |||||||||
Loans receivable, PPP | |||||||||||
Loans and leases receivable: | |||||||||||
Commercial: | |||||||||||
Commercial and industrial: | |||||||||||
Specialty lending (1) | |||||||||||
Other commercial and industrial | |||||||||||
Multifamily | |||||||||||
Commercial real estate owner occupied | |||||||||||
Commercial real estate non-owner occupied | |||||||||||
Construction | |||||||||||
Total commercial loans and leases receivable | |||||||||||
Consumer: | |||||||||||
Residential real estate | |||||||||||
Manufactured housing | |||||||||||
Installment: | |||||||||||
Personal | |||||||||||
Other | |||||||||||
Total consumer loans receivable | |||||||||||
Loans and leases receivable | |||||||||||
Allowance for credit losses on loans and leases | ( | ( | |||||||||
Total loans and leases receivable, net of allowance for credit losses on loans and leases (2) | $ | $ |
March 31, 2023 | |||||||||||||||||||||||||||||||||||
(amounts in thousands) | 30-59 Days past due (1) | 60-89 Days past due (1) | 90 Days or more past due (2) | Total past due | Loans and leases not past due (3) | Total loans and leases (4) | |||||||||||||||||||||||||||||
Commercial and industrial, including specialty lending | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Multifamily | |||||||||||||||||||||||||||||||||||
Commercial real estate owner occupied | |||||||||||||||||||||||||||||||||||
Commercial real estate non-owner occupied | |||||||||||||||||||||||||||||||||||
Construction | |||||||||||||||||||||||||||||||||||
Residential real estate | |||||||||||||||||||||||||||||||||||
Manufactured housing | |||||||||||||||||||||||||||||||||||
Installment | |||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ |
December 31, 2022 | |||||||||||||||||||||||||||||||||||
(amounts in thousands) | 30-59 Days past due (1) | 60-89 Days past due (1) | 90 Days or more past due (2) | Total past due | Loans and leases not past due (3) | Total loans and leases (4) | |||||||||||||||||||||||||||||
Commercial and industrial, including specialty lending | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Multifamily | |||||||||||||||||||||||||||||||||||
Commercial real estate owner occupied | |||||||||||||||||||||||||||||||||||
Commercial real estate non-owner occupied | |||||||||||||||||||||||||||||||||||
Construction | |||||||||||||||||||||||||||||||||||
Residential real estate | |||||||||||||||||||||||||||||||||||
Manufactured housing | |||||||||||||||||||||||||||||||||||
Installment | |||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ |
March 31, 2023 (1) | December 31, 2022 (1) | ||||||||||||||||||||||||||||||||||
(amounts in thousands) | Nonaccrual loans with no related allowance | Nonaccrual loans with related allowance | Total nonaccrual loans | Nonaccrual loans with no related allowance | Nonaccrual loans with related allowance | Total nonaccrual loans | |||||||||||||||||||||||||||||
Commercial and industrial, including specialty lending | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Multifamily | |||||||||||||||||||||||||||||||||||
Commercial real estate owner occupied | |||||||||||||||||||||||||||||||||||
Residential real estate | |||||||||||||||||||||||||||||||||||
Manufactured housing | |||||||||||||||||||||||||||||||||||
Installment | |||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ |
(amounts in thousands) | Commercial and industrial (1) | Multifamily | Commercial real estate owner occupied | Commercial real estate non-owner occupied | Construction | Residential real estate | Manufactured housing | Installment | Total | ||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended March 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Ending Balance, December 31, 2022 | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||
Charge-offs | ( | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||||
Recoveries | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Provision (benefit) for credit losses on loans and leases | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Ending Balance, March 31, 2023 | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||
(amounts in thousands) | Commercial and industrial (1) | Multifamily | Commercial real estate owner occupied | Commercial real estate non-owner occupied | Construction | Residential real estate | Manufactured housing | Installment | Total | ||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended March 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Ending Balance, December 31, 2021 | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||
Charge-offs | ( | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||||
Recoveries | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Provision (benefit) for credit losses on loans and leases | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||
Ending Balance, March 31, 2022 | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended March 31, 2023 | |||||||||||||||||||||||||||||||||||
(dollars in thousands) | Term Extension | Payment Deferral | Debt Forgiveness | Interest Rate Reduction and Term Extension | Total | Percentage of Total by Financing Class | |||||||||||||||||||||||||||||
Commercial and industrial, including specialty lending | $ | $ | $ | $ | $ | % | |||||||||||||||||||||||||||||
Commercial real estate owner occupied | % | ||||||||||||||||||||||||||||||||||
Manufactured housing | % | ||||||||||||||||||||||||||||||||||
Personal installment | % | ||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ |
Three Months Ended March 31, 2023 | |||||||||||||||||||||||
Weighted Average | |||||||||||||||||||||||
(dollars in thousands) | Interest Rate Reduction (%) | Term Extension (in months) | Payment Deferral (in months) | Debt Forgiven | |||||||||||||||||||
Commercial and industrial, including specialty lending | $ | ||||||||||||||||||||||
Commercial real estate owner occupied | |||||||||||||||||||||||
Manufactured housing | |||||||||||||||||||||||
Personal installment | |||||||||||||||||||||||
March 31, 2023 | |||||||||||||||||||||||||||||
(dollars in thousands) | 30-59 Days past due | 60-89 Days past due | 90 Days or more past due | Current | Total | ||||||||||||||||||||||||
Commercial and industrial, including specialty lending | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Commercial real estate owner occupied | |||||||||||||||||||||||||||||
Manufactured housing | |||||||||||||||||||||||||||||
Personal installment | |||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ |
Three Months Ended March 31, 2022 | |||||||||||
(dollars in thousands) | Number of loans | Recorded investment | |||||||||
Interest-rate reductions | $ | ||||||||||
Other (1) | |||||||||||
Total | $ |
March 31, 2022 | |||||||||||
(dollars in thousands) | Number of loans | Recorded investment | |||||||||
Manufactured housing | $ | ||||||||||
Installment | |||||||||||
Total loans | $ |
Term Loans Amortized Cost Basis by Origination Year as of March 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
(amounts in thousands) | 2023 | 2022 | 2021 | 2020 | 2019 | Prior | Revolving loans amortized cost basis | Revolving loans converted to term | Total | ||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial loans and leases, including specialty lending: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||
Special mention | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Doubtful | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Total commercial and industrial loans and leases | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial loans and leases charge-offs: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended March 31, 2023 | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||
Multifamily loans: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||
Special mention | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Doubtful | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Total multifamily loans | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||
Multifamily loans charge-offs: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended March 31, 2023 | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate owner occupied loans: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||
Special mention | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Doubtful | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Total commercial real estate owner occupied loans | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate owner occupied loans charge-offs: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended March 31, 2023 | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate non-owner occupied: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||
Special mention | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Doubtful | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Total commercial real estate non-owner occupied loans | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate non-owner occupied loans charge-offs: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended March 31, 2023 | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||
Construction: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||
Special mention | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Doubtful | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Total construction loans | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||
Construction loans charge-offs: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended March 31, 2023 | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||
Total commercial loans and leases receivable | $ | $ | $ | $ | $ | $ | $ | $ | $ |
Term Loans Amortized Cost Basis by Origination Year as of March 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
(amounts in thousands) | 2023 | 2022 | 2021 | 2020 | 2019 | Prior | Revolving loans amortized cost basis | Revolving loans converted to term | Total | ||||||||||||||||||||||||||||||||||||||||||||
Commercial loans and leases receivable charge-offs: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended March 31, 2023 | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||
Residential real estate loans: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Performing | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||
Non-performing | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Total residential real estate loans | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||
Residential real estate loans charge-offs: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended March 31, 2023 | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||
Manufactured housing loans: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Performing | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||
Non-performing | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Total manufactured housing loans | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||
Manufactured housing loans charge-offs: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended March 31, 2023 | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||
Installment loans: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Performing | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||
Non-performing | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Total installment loans | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||
Installment loans charge-offs: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended March 31, 2023 | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||
Total consumer loans | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||
Consumer loans charge-offs: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended March 31, 2023 | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||
Loans and leases receivable | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||
Loans and leases receivable charge-offs: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended March 31, 2023 | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||
Term Loans Amortized Cost Basis by Origination Year as of December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
(amounts in thousands) | 2022 | 2021 | 2020 | 2019 | 2018 | Prior | Revolving loans amortized cost basis | Revolving loans converted to term | Total | ||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial loans and leases, including specialty lending: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||
Special mention | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Doubtful | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Total commercial and industrial loans and leases | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||
Multifamily loans: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||
Special mention | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Doubtful | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Total multifamily loans | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate owner occupied loans: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||
Special mention | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Doubtful | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Total commercial real estate owner occupied loans | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate non-owner occupied: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||
Special mention | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Doubtful | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Total commercial real estate non-owner occupied loans | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||
Construction: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||
Special mention | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Doubtful | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Total construction loans | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||
Total commercial loans and leases receivable | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||
Residential real estate loans: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Performing | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||
Non-performing | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Total residential real estate loans | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||
Manufactured housing loans: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Performing | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||
Non-performing | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Total manufactured housing loans | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||
Installment loans: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Performing | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||
Non-performing | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Total installment loans | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||
Total consumer loans | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||
Loans and leases receivable | $ | $ | $ | $ | $ | $ | $ | $ | $ |
Three Months Ended March 31, | |||||||||||
(amounts in thousands) | 2023 | 2022 | |||||||||
Purchases (1) | |||||||||||
Other commercial and industrial | $ | $ | |||||||||
Commercial real estate owner occupied | |||||||||||
Residential real estate | |||||||||||
Personal installment (2) | |||||||||||
Total | $ | $ | |||||||||
Sales (3) | |||||||||||
Other commercial and industrial (4) | $ | $ | |||||||||
Commercial real estate owner occupied (4) | |||||||||||
Total | $ | $ |
(amounts in thousands) | Classification | March 31, 2023 | December 31, 2022 | ||||||||||||||
ASSETS | |||||||||||||||||
Operating lease ROU assets | $ | $ | |||||||||||||||
LIABILITIES | |||||||||||||||||
Operating lease liabilities | $ | $ |
Three Months Ended March 31, | |||||||||||||||||
(amounts in thousands) | Classification | 2023 | 2022 | ||||||||||||||
Operating lease cost (1) | Occupancy expenses | $ | $ | ||||||||||||||
(amounts in thousands) | March 31, 2023 | ||||
2023 | $ | ||||
2024 | |||||
2025 | |||||
2026 | |||||
2027 | |||||
Thereafter | |||||
Total minimum payments | |||||
Less: interest | |||||
Present value of lease liabilities | $ |
March 31, 2023 | December 31, 2022 | ||||||||||
Weighted average remaining lease term (years) | |||||||||||
Operating leases | |||||||||||
Weighted average discount rate | |||||||||||
Operating leases | % | % |
(amounts in thousands) | Classification | March 31, 2023 | December 31, 2022 | ||||||||||||||
ASSETS | |||||||||||||||||
Direct financing leases | |||||||||||||||||
Lease receivables | Loans and leases receivable | $ | $ | ||||||||||||||
Guaranteed residual assets | Loans and leases receivable | ||||||||||||||||
Unguaranteed residual assets | Loans and leases receivable | ||||||||||||||||
Deferred initial direct costs | Loans and leases receivable | ||||||||||||||||
Unearned income | Loans and leases receivable | ( | ( | ||||||||||||||
Net investment in direct financing leases | $ | $ | |||||||||||||||
Operating leases | |||||||||||||||||
Investment in operating leases | Other assets | $ | $ | ||||||||||||||
Accumulated depreciation | Other assets | ( | ( | ||||||||||||||
Deferred initial direct costs | Other assets | ||||||||||||||||
Net investment in operating leases | |||||||||||||||||
Total lease assets | $ | $ | |||||||||||||||
(amounts in thousands) | Operating leases | Direct financing leases | |||||||||
2023 | $ | $ | |||||||||
2024 | |||||||||||
2025 | |||||||||||
2026 | |||||||||||
2027 | |||||||||||
Thereafter | |||||||||||
Total minimum payments | $ | ||||||||||
Less: interest | |||||||||||
Present value of lease receivables | $ |
March 31, 2023 | December 31, 2022 | ||||||||||
(amounts in thousands) | |||||||||||
Demand, non-interest bearing | $ | $ | |||||||||
Demand, interest bearing | |||||||||||
Savings, including money market deposit accounts | |||||||||||
Time | |||||||||||
Total deposits | $ | $ |
(amounts in thousands) | March 31, 2023 | ||||
2023 | $ | ||||
2024 | |||||
2025 | |||||
2026 | |||||
2027 | |||||
Thereafter | |||||
Total time deposits | $ |
March 31, 2023 | December 31, 2022 | ||||||||||||||||||||||
(dollars in thousands) | Amount | Rate | Amount | Rate | |||||||||||||||||||
FHLB advances | % | % | |||||||||||||||||||||
Total short-term debt | $ | $ |
(dollars in thousands) | March 31, 2023 (1) | December 31, 2022 (2) | |||||||||
FRB advances (3) | |||||||||||
Maximum outstanding at any month end | $ | $ | |||||||||
Average balance during the period | |||||||||||
Weighted-average interest rate during the period | % | % | |||||||||
FHLB advances | |||||||||||
Maximum outstanding at any month end | |||||||||||
Average balance during the period | |||||||||||
Weighted-average interest rate during the period | % | % | |||||||||
Federal funds purchased | |||||||||||
Maximum outstanding at any month end | |||||||||||
Average balance during the period | |||||||||||
Weighted-average interest rate during the period | % | % |
March 31, 2023 | December 31, 2022 | ||||||||||||||||||||||
(dollars in thousands) | Amount | Rate | Amount | Rate | |||||||||||||||||||
FHLB advances (1)(2) | $ | % | $ | % | |||||||||||||||||||
Total long-term FHLB and FRB advances | $ | $ |
March 31, 2023 | |||||||||||
(dollars in thousands) | Amount (1) | Rate | |||||||||
2024 | $ | % | |||||||||
2025 | % | ||||||||||
2026 | % | ||||||||||
2027 | % | ||||||||||
Thereafter | % | ||||||||||
Total long-term FHLB advances | $ |
(amounts in thousands) | March 31, 2023 | December 31, 2022 | |||||||||
Total maximum borrowing capacity with the FHLB | $ | $ | |||||||||
Total maximum borrowing capacity with the FRB (1) | |||||||||||
Qualifying loans and securities (1) serving as collateral against FHLB and FRB advances | |||||||||||
March 31, 2023 | December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Issued by | Ranking | Carrying Amount | Carrying Amount | Rate | Issued Amount | Date Issued | Maturity | Price | ||||||||||||||||||||||||||||||||||||||||||
Customers Bancorp | Senior (1) | $ | $ | % | $ | August 2021 | August 2031 | % | ||||||||||||||||||||||||||||||||||||||||||
Customers Bancorp | Senior | % | September 2019 | September 2024 | % | |||||||||||||||||||||||||||||||||||||||||||||
Total other borrowings | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||||||
Customers Bancorp | Subordinated (2)(3) | $ | $ | % | $ | December 2019 | December 2034 | % | ||||||||||||||||||||||||||||||||||||||||||
Customers Bank | Subordinated (2)(4) | % | June 2014 | June 2029 | % | |||||||||||||||||||||||||||||||||||||||||||||
Total subordinated debt | $ | $ |
(amounts in thousands except share and per share data) | Shares at | Carrying value at | Initial Fixed Rate | Date at which dividend rate becomes floating and earliest redemption date | Floating rate of Three-Month LIBOR Plus: | Dividend Paid Per Share in 2023 (1) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Fixed-to-floating rate: | Issue Date | March 31, 2023 | December 31, 2022 | March 31, 2023 | December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Series E | April 28, 2016 | $ | $ | % | June 15, 2021 | % | $ | |||||||||||||||||||||||||||||||||||||||||||||||||
Series F | September 16, 2016 | % | December 15, 2021 | % | $ | |||||||||||||||||||||||||||||||||||||||||||||||||||
Totals | $ | $ |
Minimum Capital Levels to be Classified as: | |||||||||||||||||||||||||||||||||||||||||||||||
Actual | Adequately Capitalized | Well Capitalized | Basel III Compliant | ||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | Amount | Ratio | Amount | Ratio | Amount | Ratio | Amount | Ratio | |||||||||||||||||||||||||||||||||||||||
As of March 31, 2023: | |||||||||||||||||||||||||||||||||||||||||||||||
Common equity Tier 1 capital (to risk-weighted assets) | |||||||||||||||||||||||||||||||||||||||||||||||
Customers Bancorp, Inc. | $ | % | $ | % | N/A | N/A | $ | % | |||||||||||||||||||||||||||||||||||||||
Customers Bank | $ | % | $ | % | $ | % | $ | % | |||||||||||||||||||||||||||||||||||||||
Tier 1 capital (to risk-weighted assets) | |||||||||||||||||||||||||||||||||||||||||||||||
Customers Bancorp, Inc. | $ | % | $ | % | N/A | N/A | $ | % | |||||||||||||||||||||||||||||||||||||||
Customers Bank | $ | % | $ | % | $ | % | $ | % | |||||||||||||||||||||||||||||||||||||||
Total capital (to risk-weighted assets) | |||||||||||||||||||||||||||||||||||||||||||||||
Customers Bancorp, Inc. | $ | % | $ | % | N/A | N/A | $ | % | |||||||||||||||||||||||||||||||||||||||
Customers Bank | $ | % | $ | % | $ | % | $ | % | |||||||||||||||||||||||||||||||||||||||
Tier 1 capital (to average assets) | |||||||||||||||||||||||||||||||||||||||||||||||
Customers Bancorp, Inc. | $ | % | $ | % | N/A | N/A | $ | % | |||||||||||||||||||||||||||||||||||||||
Customers Bank | $ | % | $ | % | $ | % | $ | % | |||||||||||||||||||||||||||||||||||||||
As of December 31, 2022: | |||||||||||||||||||||||||||||||||||||||||||||||
Common equity Tier 1 capital (to risk-weighted assets) | |||||||||||||||||||||||||||||||||||||||||||||||
Customers Bancorp, Inc. | $ | % | $ | % | N/A | N/A | $ | % | |||||||||||||||||||||||||||||||||||||||
Customers Bank | $ | % | $ | % | $ | % | $ | % | |||||||||||||||||||||||||||||||||||||||
Tier 1 capital (to risk-weighted assets) | |||||||||||||||||||||||||||||||||||||||||||||||
Customers Bancorp, Inc. | $ | % | $ | % | N/A | N/A | $ | % | |||||||||||||||||||||||||||||||||||||||
Customers Bank | $ | % | $ | % | $ | % | $ | % | |||||||||||||||||||||||||||||||||||||||
Total capital (to risk-weighted assets) | |||||||||||||||||||||||||||||||||||||||||||||||
Customers Bancorp, Inc. | $ | % | $ | % | N/A | N/A | $ | % | |||||||||||||||||||||||||||||||||||||||
Customers Bank | $ | % | $ | % | $ | % | $ | % | |||||||||||||||||||||||||||||||||||||||
Tier 1 capital (to average assets) | |||||||||||||||||||||||||||||||||||||||||||||||
Customers Bancorp, Inc. | $ | % | $ | % | N/A | N/A | $ | % | |||||||||||||||||||||||||||||||||||||||
Customers Bank | $ | % | $ | % | $ | % | $ | % |
Fair Value Measurements at March 31, 2023 | |||||||||||||||||||||||||||||
(amounts in thousands) | Carrying Amount | Estimated Fair Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||
Cash and cash equivalents | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Debt securities, available for sale | |||||||||||||||||||||||||||||
Debt securities, held to maturity | |||||||||||||||||||||||||||||
Loans held for sale | |||||||||||||||||||||||||||||
Total loans and leases receivable, net of allowance for credit losses on loans and leases | |||||||||||||||||||||||||||||
FHLB, Federal Reserve Bank, and other restricted stock | |||||||||||||||||||||||||||||
Derivatives | |||||||||||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||
Deposits | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
FHLB advances | |||||||||||||||||||||||||||||
Other borrowings | |||||||||||||||||||||||||||||
Subordinated debt | |||||||||||||||||||||||||||||
Derivatives |
Fair Value Measurements at December 31, 2022 | |||||||||||||||||||||||||||||
(amounts in thousands) | Carrying Amount | Estimated Fair Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||
Cash and cash equivalents | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Debt securities, available for sale | |||||||||||||||||||||||||||||
Debt securities, held to maturity | |||||||||||||||||||||||||||||
Loans held for sale | |||||||||||||||||||||||||||||
Total loans and leases receivable, net of allowance for credit losses on loans and leases | |||||||||||||||||||||||||||||
FHLB, Federal Reserve Bank, and other restricted stock | |||||||||||||||||||||||||||||
Derivatives | |||||||||||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||
Deposits | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
FHLB advances | |||||||||||||||||||||||||||||
Other borrowings | |||||||||||||||||||||||||||||
Subordinated debt | |||||||||||||||||||||||||||||
Derivatives |
March 31, 2023 | |||||||||||||||||||||||
Fair Value Measurements at the End of the Reporting Period Using | |||||||||||||||||||||||
(amounts in thousands) | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | |||||||||||||||||||
Measured at Fair Value on a Recurring Basis: | |||||||||||||||||||||||
Assets | |||||||||||||||||||||||
Available for sale debt securities: | |||||||||||||||||||||||
Asset-backed securities | $ | $ | $ | $ | |||||||||||||||||||
Agency-guaranteed residential collateralized mortgage obligations | |||||||||||||||||||||||
Collateralized loan obligations | |||||||||||||||||||||||
Commercial mortgage-backed securities | |||||||||||||||||||||||
Corporate notes | |||||||||||||||||||||||
Private label collateralized mortgage obligations | |||||||||||||||||||||||
Derivatives | |||||||||||||||||||||||
Loans held for sale – fair value option | |||||||||||||||||||||||
Loans receivable, mortgage warehouse – fair value option | |||||||||||||||||||||||
Total assets – recurring fair value measurements | $ | $ | $ | $ | |||||||||||||||||||
Liabilities | |||||||||||||||||||||||
Derivatives | $ | $ | $ | $ | |||||||||||||||||||
Measured at Fair Value on a Nonrecurring Basis: | |||||||||||||||||||||||
Assets | |||||||||||||||||||||||
Collateral-dependent loans | $ | $ | $ | $ | |||||||||||||||||||
Total assets – nonrecurring fair value measurements | $ | $ | $ | $ |
December 31, 2022 | |||||||||||||||||||||||
Fair Value Measurements at the End of the Reporting Period Using | |||||||||||||||||||||||
(amounts in thousands) | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | |||||||||||||||||||
Measured at Fair Value on a Recurring Basis: | |||||||||||||||||||||||
Assets | |||||||||||||||||||||||
Available for sale debt securities: | |||||||||||||||||||||||
Asset-backed securities | $ | $ | $ | $ | |||||||||||||||||||
Agency-guaranteed residential collateralized mortgage obligations | |||||||||||||||||||||||
Collateralized loan obligations | |||||||||||||||||||||||
Commercial mortgage-backed securities | |||||||||||||||||||||||
Corporate notes | |||||||||||||||||||||||
Private label collateralized mortgage obligations | |||||||||||||||||||||||
Derivatives | |||||||||||||||||||||||
Loans held for sale – fair value option | |||||||||||||||||||||||
Loans receivable, mortgage warehouse – fair value option | |||||||||||||||||||||||
Total assets – recurring fair value measurements | $ | $ | $ | $ | |||||||||||||||||||
Liabilities | |||||||||||||||||||||||
Derivatives | $ | $ | $ | $ | |||||||||||||||||||
Measured at Fair Value on a Nonrecurring Basis: | |||||||||||||||||||||||
Assets | |||||||||||||||||||||||
Collateral-dependent loans | $ | $ | $ | $ | |||||||||||||||||||
Total assets – nonrecurring fair value measurements | $ | $ | $ | $ |
Asset-backed securities | |||||||||||
(amounts in thousands) | Three Months Ended March 31, | ||||||||||
2023 | 2022 | ||||||||||
Balance at January 1, | $ | $ | |||||||||
Principal payments and premium amortization | ( | ( | |||||||||
Increase in allowance for credit losses | ( | ( | |||||||||
Decrease in allowance for credit losses | |||||||||||
Change in fair value recognized in OCI | ( | ||||||||||
Balance at March 31, | $ | $ |
Quantitative Information about Level 3 Fair Value Measurements | |||||||||||||||||||||||
(dollars in thousands) | Fair Value Estimate | Valuation Technique | Unobservable Input | Range (Weighted Average) | |||||||||||||||||||
March 31, 2023 | |||||||||||||||||||||||
Asset-backed securities | $ | Discounted cash flow | Discount rate Annualized loss rate Constant prepayment rate | ( ( ( | |||||||||||||||||||
Quantitative Information about Level 3 Fair Value Measurements | |||||||||||||||||||||||
(dollars in thousands) | Fair Value Estimate | Valuation Technique | Unobservable Input | Range (Weighted Average) | |||||||||||||||||||
December 31, 2022 | |||||||||||||||||||||||
Asset-backed securities | $ | Discounted cash flow | Discount rate Annualized loss rate Constant prepayment rate | ( ( ( | |||||||||||||||||||
Amortized Cost | Cumulative Amount of Fair Value Hedging Adjustment to Hedged Items | |||||||||||||||||||||||||
(amounts in thousands) | March 31, 2023 | December 31, 2022 | March 31, 2023 | December 31, 2022 | ||||||||||||||||||||||
AFS debt securities | $ | $ | $ | $ | ||||||||||||||||||||||
Deposits | ||||||||||||||||||||||||||
FHLB advances |
March 31, 2023 | ||||||||||||||||||||||||||
Derivative Assets | Derivative Liabilities | |||||||||||||||||||||||||
(amounts in thousands) | Balance Sheet Location | Fair Value | Balance Sheet Location | Fair Value | ||||||||||||||||||||||
Derivatives designated as fair value hedges: | ||||||||||||||||||||||||||
Interest rate swaps | Other assets | $ | Other liabilities | $ | ||||||||||||||||||||||
Total | $ | $ | ||||||||||||||||||||||||
Derivatives not designated as hedging instruments: | ||||||||||||||||||||||||||
Interest rate swaps and caps | Other assets | $ | Other liabilities | $ | ||||||||||||||||||||||
Credit contracts | Other assets | Other liabilities | ||||||||||||||||||||||||
Residential mortgage loan commitments | Other assets | Other liabilities | ||||||||||||||||||||||||
Total | $ | $ |
December 31, 2022 | ||||||||||||||||||||||||||
Derivative Assets | Derivative Liabilities | |||||||||||||||||||||||||
(amounts in thousands) | Balance Sheet Location | Fair Value | Balance Sheet Location | Fair Value | ||||||||||||||||||||||
Derivatives designated as fair value hedges: | ||||||||||||||||||||||||||
Interest rate swaps | Other assets | $ | Other liabilities | $ | ||||||||||||||||||||||
Total | $ | $ | ||||||||||||||||||||||||
Derivatives not designated as hedging instruments: | ||||||||||||||||||||||||||
Interest rate swaps and caps | Other assets | $ | Other liabilities | $ | ||||||||||||||||||||||
Credit contracts | Other assets | Other liabilities | ||||||||||||||||||||||||
Residential mortgage loan commitments | Other assets | Other liabilities | ||||||||||||||||||||||||
Total | $ | $ |
Amount of Income (Loss) Recognized in Earnings | |||||||||||||||||
Three Months Ended March 31, | |||||||||||||||||
(amounts in thousands) | Income Statement Location | 2023 | 2022 | ||||||||||||||
Derivatives designated as fair value hedges: | |||||||||||||||||
Recognized on interest rate swaps | Net interest income | $ | ( | $ | |||||||||||||
Recognized on hedged AFS debt securities | Net interest income | ( | |||||||||||||||
Total | $ | $ | |||||||||||||||
Derivatives not designated as hedging instruments: | |||||||||||||||||
Interest rate swaps and caps | Other non-interest income | $ | ( | $ | |||||||||||||
Credit contracts | Other non-interest income | ( | |||||||||||||||
Residential mortgage loan commitments | Other non-interest income | ( | |||||||||||||||
Total | $ | ( | $ |
Gross Amounts Recognized on the Consolidated Balance Sheet | Gross Amounts Not Offset in the Consolidated Balance Sheet | Net Amount | |||||||||||||||||||||
(amounts in thousands) | Financial Instruments | Cash Collateral Received/Posted | |||||||||||||||||||||
March 31, 2023 | |||||||||||||||||||||||
Interest rate derivative assets with institutional counterparties | $ | $ | ( | $ | ( | $ | |||||||||||||||||
Interest rate derivative liabilities with institutional counterparties | $ | $ | ( | $ | $ |
Gross Amounts Recognized on the Consolidated Balance Sheet | Gross Amounts Not Offset in the Consolidated Balance Sheet | Net Amount | |||||||||||||||||||||
(amounts in thousands) | Financial Instruments | Cash Collateral Received/Posted | |||||||||||||||||||||
December 31, 2022 | |||||||||||||||||||||||
Interest rate derivative assets with institutional counterparties | $ | $ | ( | $ | ( | $ | |||||||||||||||||
Interest rate derivative liabilities with institutional counterparties | $ | $ | ( | $ | $ |
Three Months Ended March 31, | |||||||||||||||||||||||
(dollars in thousands) | 2023 | 2022 | Change | % Change | |||||||||||||||||||
Net interest income | $ | 149,899 | $ | 164,699 | $ | (14,800) | (9.0) | % | |||||||||||||||
Provision for credit losses | 19,603 | 15,997 | 3,606 | 22.5 | % | ||||||||||||||||||
Total non-interest income | 18,121 | 21,198 | (3,077) | (14.5) | % | ||||||||||||||||||
Total non-interest expense | 80,133 | 73,807 | 6,326 | 8.6 | % | ||||||||||||||||||
Income before income tax expense | 68,284 | 96,093 | (27,809) | (28.9) | % | ||||||||||||||||||
Income tax expense | 14,563 | 19,332 | (4,769) | (24.7) | % | ||||||||||||||||||
Net income | 53,721 | 76,761 | (23,040) | (30.0) | % | ||||||||||||||||||
Preferred stock dividends | 3,456 | 1,865 | 1,591 | 85.3 | % | ||||||||||||||||||
Net income available to common shareholders | $ | 50,265 | $ | 74,896 | $ | (24,631) | (32.9) | % |
Three Months Ended March 31, | Three Months Ended March 31, | ||||||||||||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 vs. 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | Average Balance | Interest Income or Expense | Average Yield or Cost (%) | Average Balance | Interest Income or Expense | Average Yield or Cost (%) | Due to rate | Due to volume | Total | ||||||||||||||||||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest-earning deposits | $ | 914,149 | $ | 10,395 | 4.61 | % | $ | 826,240 | $ | 329 | 0.16 | % | $ | 10,027 | $ | 39 | $ | 10,066 | |||||||||||||||||||||||||||||||||||
Investment securities (1) | 4,031,247 | 47,316 | 4.69 | % | 4,036,966 | 20,295 | 2.01 | % | 27,049 | (28) | 27,021 | ||||||||||||||||||||||||||||||||||||||||||
Loans and leases: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Specialty lending loans and leases (2) | 5,694,168 | 103,688 | 7.38 | % | 2,730,990 | 23,391 | 3.47 | % | 40,907 | 39,390 | 80,297 | ||||||||||||||||||||||||||||||||||||||||||
Other commercial and industrial loans (2) | 1,705,205 | 25,570 | 6.08 | % | 1,393,418 | 13,268 | 3.86 | % | 8,856 | 3,446 | 12,302 | ||||||||||||||||||||||||||||||||||||||||||
Commercial loans to mortgage companies | 1,262,139 | 17,412 | 5.59 | % | 1,836,647 | 14,006 | 3.09 | % | 8,770 | (5,364) | 3,406 | ||||||||||||||||||||||||||||||||||||||||||
Multifamily loans | 2,206,600 | 20,470 | 3.76 | % | 1,531,846 | 13,766 | 3.64 | % | 467 | 6,237 | 6,704 | ||||||||||||||||||||||||||||||||||||||||||
PPP loans | 889,235 | 23,551 | 10.74 | % | 2,641,318 | 36,894 | 5.66 | % | 20,448 | (33,791) | (13,343) | ||||||||||||||||||||||||||||||||||||||||||
Non-owner occupied commercial real estate loans | 1,449,722 | 20,199 | 5.65 | % | 1,312,210 | 12,207 | 3.77 | % | 6,604 | 1,388 | 7,992 | ||||||||||||||||||||||||||||||||||||||||||
Residential mortgages | 542,909 | 5,598 | 4.18 | % | 416,417 | 3,680 | 3.58 | % | 682 | 1,236 | 1,918 | ||||||||||||||||||||||||||||||||||||||||||
Installment loans | 1,727,995 | 39,425 | 9.25 | % | 1,794,145 | 39,963 | 9.03 | % | 958 | (1,496) | (538) | ||||||||||||||||||||||||||||||||||||||||||
Total loans and leases (3) | 15,477,973 | 255,913 | 6.70 | % | 13,656,991 | 157,175 | 4.67 | % | 75,560 | 23,178 | 98,738 | ||||||||||||||||||||||||||||||||||||||||||
Other interest-earning assets | 91,308 | 1,321 | 5.87 | % | 52,111 | 5,677 | NM(6) | (6,906) | 2,550 | (4,356) | |||||||||||||||||||||||||||||||||||||||||||
Total interest-earning assets | 20,514,677 | 314,945 | 6.21 | % | 18,572,308 | 183,476 | 4.00 | % | 110,543 | 20,926 | 131,469 | ||||||||||||||||||||||||||||||||||||||||||
Non-interest-earning assets | 538,243 | 557,022 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Total assets | $ | 21,052,920 | $ | 19,129,330 | |||||||||||||||||||||||||||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest checking accounts | $ | 7,494,379 | 70,485 | 3.81 | % | $ | 5,769,372 | 7,730 | 0.54 | % | 59,802 | 2,953 | 62,755 | ||||||||||||||||||||||||||||||||||||||||
Money market deposit accounts | 2,470,004 | 20,783 | 3.41 | % | 4,880,051 | 4,674 | 0.39 | % | 19,501 | (3,392) | 16,109 | ||||||||||||||||||||||||||||||||||||||||||
Other savings accounts | 822,312 | 6,286 | 3.10 | % | 880,113 | 784 | 0.36 | % | 5,556 | (54) | 5,502 | ||||||||||||||||||||||||||||||||||||||||||
Certificates of deposit | 4,504,333 | 46,376 | 4.18 | % | 450,644 | 524 | 0.47 | % | 21,429 | 24,423 | 45,852 | ||||||||||||||||||||||||||||||||||||||||||
Total interest-bearing deposits (4) | 15,291,028 | 143,930 | 3.82 | % | 11,980,180 | 13,712 | 0.46 | % | 125,471 | 4,747 | 130,218 | ||||||||||||||||||||||||||||||||||||||||||
Federal funds purchased | 15,333 | 188 | 4.97 | % | 88,611 | 73 | 0.33 | % | 222 | (107) | 115 | ||||||||||||||||||||||||||||||||||||||||||
Borrowings | 1,788,116 | 20,928 | 4.75 | % | 532,610 | 4,992 | 3.80 | % | 1,528 | 14,408 | 15,936 | ||||||||||||||||||||||||||||||||||||||||||
Total interest-bearing liabilities | 17,094,477 | 165,046 | 3.91 | % | 12,601,401 | 18,777 | 0.60 | % | 137,390 | 8,879 | 146,269 | ||||||||||||||||||||||||||||||||||||||||||
Non-interest-bearing deposits (4) | 2,299,295 | 4,900,983 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Total deposits and borrowings | 19,393,772 | 3.45 | % | 17,502,384 | 0.43 | % | |||||||||||||||||||||||||||||||||||||||||||||||
Other non-interest-bearing liabilities | 247,575 | 237,131 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities | 19,641,347 | 17,739,515 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Shareholders' equity | 1,411,573 | 1,389,815 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities and shareholders' equity | $ | 21,052,920 | $ | 19,129,330 | |||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income | 149,899 | 164,699 | $ | (26,847) | $ | 12,047 | $ | (14,800) | |||||||||||||||||||||||||||||||||||||||||||||
Tax-equivalent adjustment | 375 | 239 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest earnings | $ | 150,274 | $ | 164,938 | |||||||||||||||||||||||||||||||||||||||||||||||||
Interest spread | 2.76 | % | 3.57 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
Net interest margin | 2.95 | % | 3.59 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
Net interest margin tax equivalent | 2.96 | % | 3.60 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
Net interest margin tax equivalent, excluding PPP loans (5) | 2.80 | % | 3.32 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended March 31, | |||||||||||
(dollars in thousands) | 2023 | 2022 | |||||||||
Net interest income (GAAP) | $ | 149,899 | $ | 164,699 | |||||||
Tax-equivalent adjustment | 375 | 239 | |||||||||
Net interest income tax equivalent (GAAP) | 150,274 | 164,938 | |||||||||
Loans receivable, PPP net interest income | (14,106) | (34,615) | |||||||||
Net interest income tax equivalent, excluding PPP loans (Non-GAAP) | $ | 136,168 | $ | 130,323 | |||||||
Average total interest-earning assets (GAAP) | $ | 20,514,677 | $ | 18,572,308 | |||||||
Average PPP loans | (889,235) | (2,641,318) | |||||||||
Adjusted average total interest-earning assets (Non-GAAP) | $ | 19,625,442 | $ | 15,930,990 | |||||||
Net interest margin (GAAP) | 2.95 | % | 3.59 | % | |||||||
Net interest margin tax equivalent (GAAP) | 2.96 | % | 3.60 | % | |||||||
Net interest margin tax equivalent, excluding PPP loans (Non-GAAP) | 2.80 | % | 3.32 | % |
Three Months Ended March 31, | |||||||||||||||||||||||
(dollars in thousands) | 2023 | 2022 | Change | % Change | |||||||||||||||||||
Commercial lease income | $ | 9,326 | $ | 5,895 | $ | 3,431 | 58.2 | % | |||||||||||||||
Loan fees | 3,990 | 2,545 | 1,445 | 56.8 | % | ||||||||||||||||||
Bank-owned life insurance | 2,647 | 8,326 | (5,679) | (68.2) | % | ||||||||||||||||||
Mortgage warehouse transactional fees | 1,074 | 2,015 | (941) | (46.7) | % | ||||||||||||||||||
Gain (loss) on sale of SBA and other loans | — | 1,507 | (1,507) | (100.0) | % | ||||||||||||||||||
Net gain (loss) on sale of investment securities | — | (1,063) | 1,063 | (100.0) | % | ||||||||||||||||||
Other | 1,084 | 1,973 | (889) | (45.1) | % | ||||||||||||||||||
Total non-interest income | $ | 18,121 | $ | 21,198 | $ | (3,077) | (14.5) | % |
Three Months Ended March 31, | |||||||||||||||||||||||
(dollars in thousands) | 2023 | 2022 | Change | % Change | |||||||||||||||||||
Salaries and employee benefits | $ | 32,345 | $ | 26,607 | $ | 5,738 | 21.6 | % | |||||||||||||||
Technology, communication and bank operations | 16,589 | 24,068 | (7,479) | (31.1) | % | ||||||||||||||||||
Commercial lease depreciation | 7,875 | 4,942 | 2,933 | 59.3 | % | ||||||||||||||||||
Professional services | 7,596 | 6,956 | 640 | 9.2 | % | ||||||||||||||||||
Loan servicing | 4,661 | 2,371 | 2,290 | 96.6 | % | ||||||||||||||||||
Occupancy | 2,760 | 3,050 | (290) | (9.5) | % | ||||||||||||||||||
FDIC assessments, non-income taxes and regulatory fees | 2,728 | 2,383 | 345 | 14.5 | % | ||||||||||||||||||
Advertising and promotion | 1,049 | 315 | 734 | 233.0 | % | ||||||||||||||||||
Other | 4,530 | 3,115 | 1,415 | 45.4 | % | ||||||||||||||||||
Total non-interest expense | $ | 80,133 | $ | 73,807 | $ | 6,326 | 8.6 | % |
Three Months Ended March 31, | |||||||||||||||||||||||
(dollars in thousands) | 2023 | 2022 | Change | % Change | |||||||||||||||||||
Income before income tax expense | $ | 68,284 | $ | 96,093 | $ | (27,809) | (28.9) | % | |||||||||||||||
Income tax expense | 14,563 | 19,332 | (4,769) | (24.7) | % | ||||||||||||||||||
Effective tax rate | 21.33 | % | 20.12 | % |
(dollars in thousands) | March 31, 2023 | December 31, 2022 | Change | % Change | |||||||||||||||||||
Cash and cash equivalents | $ | 2,046,685 | $ | 455,806 | $ | 1,590,879 | 349.0 | % | |||||||||||||||
Investment securities, at fair value | 2,926,969 | 2,987,500 | (60,531) | (2.0) | % | ||||||||||||||||||
Investment securities held to maturity | 870,294 | 840,259 | 30,035 | 3.6 | % | ||||||||||||||||||
Loans held for sale | 424,057 | 328,312 | 95,745 | 29.2 | % | ||||||||||||||||||
Loans receivable, mortgage warehouse, at fair value | 1,247,367 | 1,323,312 | (75,945) | (5.7) | % | ||||||||||||||||||
Loans receivable, PPP | 246,258 | 998,153 | (751,895) | (75.3) | % | ||||||||||||||||||
Loans and leases receivable | 13,145,352 | 13,144,894 | 458 | 0.0 | % | ||||||||||||||||||
Allowance for credit losses on loans and leases | (130,281) | (130,924) | 643 | (0.5) | % | ||||||||||||||||||
Bank-owned life insurance | 339,607 | 338,441 | 1,166 | 0.3 | % | ||||||||||||||||||
Other assets | 374,609 | 400,135 | (25,526) | (6.4) | % | ||||||||||||||||||
Total assets | 21,751,614 | 20,896,112 | 855,502 | 4.1 | % | ||||||||||||||||||
Total deposits | 17,723,617 | 18,156,953 | (433,336) | (2.4) | % | ||||||||||||||||||
FHLB advances | 2,052,143 | 800,000 | 1,252,143 | 156.5 | % | ||||||||||||||||||
Other borrowings | 123,645 | 123,580 | 65 | 0.1 | % | ||||||||||||||||||
Subordinated debt | 182,021 | 181,952 | 69 | 0.0 | % | ||||||||||||||||||
Accrued interest payable and other liabilities | 249,168 | 230,666 | 18,502 | 8.0 | % | ||||||||||||||||||
Total liabilities | 20,330,594 | 19,493,151 | 837,443 | 4.3 | % | ||||||||||||||||||
Total shareholders’ equity | 1,421,020 | 1,402,961 | 18,059 | 1.3 | % | ||||||||||||||||||
Total liabilities and shareholders’ equity | $ | 21,751,614 | $ | 20,896,112 | $ | 855,502 | 4.1 | % |
March 31, 2023 | |||||||||||||||||||||||||||||
Within one year | After one but within five years | After five but within ten years | No specific maturity | Total | |||||||||||||||||||||||||
Asset-backed securities | — | % | — | % | — | % | 3.44 | % | 3.44 | % | |||||||||||||||||||
Agency-guaranteed residential collateralized mortgage obligations | — | — | — | 2.43 | 2.43 | ||||||||||||||||||||||||
Collateralized loan obligations | — | — | — | 6.56 | 6.56 | ||||||||||||||||||||||||
Commercial mortgage-backed securities | — | — | — | 6.19 | 6.19 | ||||||||||||||||||||||||
Corporate notes | 6.75 | 6.76 | 4.77 | — | 6.36 | ||||||||||||||||||||||||
Private label collateralized mortgage obligations | — | — | — | 3.04 | 3.04 | ||||||||||||||||||||||||
Weighted-average yield | 6.75 | % | 6.76 | % | 4.77 | % | 4.48 | % | 4.86 | % |
March 31, 2023 | |||||||||||||||||||||||||||||
Within one year | After one but within five years | After five but within ten years | No specific maturity | Total | |||||||||||||||||||||||||
Asset-backed securities | — | % | — | % | — | % | 5.50 | % | 5.50 | % | |||||||||||||||||||
Agency-guaranteed residential mortgage-backed securities | — | — | — | 1.80 | 1.80 | ||||||||||||||||||||||||
Agency-guaranteed commercial mortgage-backed securities | — | — | — | 1.77 | 1.77 | ||||||||||||||||||||||||
Agency-guaranteed residential collateralized mortgage obligations | — | — | — | 1.90 | 1.90 | ||||||||||||||||||||||||
Agency-guaranteed commercial collateralized mortgage obligations | — | — | — | 2.15 | 2.15 | ||||||||||||||||||||||||
Private label collateralized mortgage obligations | — | — | — | 4.58 | 4.58 | ||||||||||||||||||||||||
Weighted-average yield | — | % | — | % | — | % | 3.81 | % | 3.81 | % |
Three Months Ended March 31, | |||||||||||
(amounts in thousands) | 2023 | 2022 | |||||||||
Purchases (1) | |||||||||||
Other commercial and industrial | $ | 5,445 | $ | — | |||||||
Commercial real estate owner occupied | 2,867 | — | |||||||||
Residential real estate | 4,238 | 146,874 | |||||||||
Personal installment (2) | — | 59,456 | |||||||||
Total | $ | 12,550 | $ | 206,330 | |||||||
Sales (3) | |||||||||||
Other commercial and industrial (4) | $ | — | $ | 8,840 | |||||||
Commercial real estate owner occupied (4) | — | 5,441 | |||||||||
Total | $ | — | $ | 14,281 |
(amounts in thousands) | March 31, 2023 | December 31, 2022 | |||||||||
Commercial loans: | |||||||||||
Multifamily loans, at lower of cost or fair value | $ | 4,051 | $ | 4,079 | |||||||
Commercial real estate non-owner occupied loans, at lower of cost or fair value | 16,000 | — | |||||||||
Total commercial loans held for sale | 20,051 | 4,079 | |||||||||
Consumer loans: | |||||||||||
Home equity conversion mortgages, at lower of cost or fair value | 507 | 507 | |||||||||
Residential mortgage loans, at fair value | 314 | 322 | |||||||||
Personal installment loans, at lower of cost or fair value | 307,336 | 133,801 | |||||||||
Other installment loans, at lower of cost or fair value | 95,849 | 189,603 | |||||||||
Total consumer loans held for sale | 404,006 | 324,233 | |||||||||
Loans held for sale | $ | 424,057 | $ | 328,312 |
(amounts in thousands) | March 31, 2023 | December 31, 2022 | |||||||||
Loans and leases receivable, mortgage warehouse, at fair value | $ | 1,247,367 | $ | 1,323,312 | |||||||
Loans receivable, PPP | 246,258 | 998,153 | |||||||||
Loans and leases receivable: | |||||||||||
Commercial: | |||||||||||
Commercial and industrial: | |||||||||||
Specialty lending (1) | 5,519,176 | 5,412,887 | |||||||||
Other commercial and industrial | 1,295,688 | 1,259,943 | |||||||||
Multifamily | 2,195,211 | 2,213,019 | |||||||||
Commercial real estate owner occupied | 895,314 | 885,339 | |||||||||
Commercial real estate non-owner occupied | 1,245,248 | 1,290,730 | |||||||||
Construction | 188,123 | 162,009 | |||||||||
Total commercial loans and leases receivable | 11,338,760 | 11,223,927 | |||||||||
Consumer: | |||||||||||
Residential real estate | 494,815 | 497,952 | |||||||||
Manufactured housing | 43,272 | 45,076 | |||||||||
Installment: | |||||||||||
Personal | 849,420 | 964,641 | |||||||||
Other | 419,085 | 413,298 | |||||||||
Total consumer loans receivable | 1,806,592 | 1,920,967 | |||||||||
Loans and leases receivable | 13,145,352 | 13,144,894 | |||||||||
Allowance for credit losses on loans and leases | (130,281) | (130,924) | |||||||||
Total loans and leases receivable, net of allowance for credit losses on loans and leases (2) | $ | 14,508,696 | $ | 15,335,435 |
(dollars in thousands) | March 31, 2023 | December 31, 2022 | |||||||||
Loans and leases receivable (GAAP) | $ | 13,391,610 | $ | 14,143,047 | |||||||
Less: Loans receivable, PPP | 246,258 | 998,153 | |||||||||
Loans and leases held for investment, excluding PPP (Non-GAAP) | $ | 13,145,352 | $ | 13,144,894 | |||||||
ACL for loans and leases (GAAP) | $ | 130,281 | $ | 130,924 | |||||||
Coverage of ACL for loans and leases held for investment (GAAP) | 0.97 | % | 0.93 | % | |||||||
Coverage of ACL for loans and leases held for investment, excluding PPP (Non-GAAP) | 0.99 | % | 1.00 | % |
(amounts in thousands) | Commercial and industrial (2) | Multifamily | Commercial real estate owner occupied | Commercial real estate non-owner occupied | Construction | Residential real estate | Manufactured housing | Installment | Total | ||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended March 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Ending Balance, December 31, 2022 | $ | 17,582 | $ | 14,541 | $ | 6,454 | $ | 11,219 | $ | 1,913 | $ | 6,094 | $ | 4,430 | $ | 68,691 | $ | 130,924 | |||||||||||||||||||||||||||||||||||
Charge-offs (1) | (160) | — | — | (4,239) | — | — | — | (16,715) | (21,114) | ||||||||||||||||||||||||||||||||||||||||||||
Recoveries (1) | 231 | — | — | 5 | 116 | 2 | — | 2,109 | 2,463 | ||||||||||||||||||||||||||||||||||||||||||||
Provision (benefit) for credit losses on loans and leases | 2,397 | 543 | 2,018 | 4,047 | 307 | 757 | (91) | 8,030 | 18,008 | ||||||||||||||||||||||||||||||||||||||||||||
Ending Balance, March 31, 2023 | $ | 20,050 | $ | 15,084 | $ | 8,472 | $ | 11,032 | $ | 2,336 | $ | 6,853 | $ | 4,339 | $ | 62,115 | $ | 130,281 | |||||||||||||||||||||||||||||||||||
Annualized Net Charge-offs to Average Loans and Leases | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended March 31, 2023 | 0.00 | % | — | % | — | % | (1.34) | % | 0.27 | % | 0.00 | % | — | % | (4.35) | % | (0.58) | % | |||||||||||||||||||||||||||||||||||
(amounts in thousands) | Commercial and industrial (2) | Multifamily | Commercial real estate owner occupied | Commercial real estate non-owner occupied | Construction | Residential real estate | Manufactured housing | Installment | Total | ||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended March 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Ending Balance, December 31, 2021 | $ | 12,702 | $ | 4,477 | $ | 3,213 | $ | 6,210 | $ | 692 | $ | 2,383 | $ | 4,278 | $ | 103,849 | $ | 137,804 | |||||||||||||||||||||||||||||||||||
Charge-offs (1) | (301) | — | — | — | — | (4) | — | (8,865) | (9,170) | ||||||||||||||||||||||||||||||||||||||||||||
Recoveries (1) | 360 | 337 | 7 | 8 | 113 | 6 | — | 1,113 | 1,944 | ||||||||||||||||||||||||||||||||||||||||||||
Provision (benefit) for credit losses on loans and leases | (1,996) | 2,623 | 621 | (263) | 134 | 2,300 | 64 | 11,786 | 15,269 | ||||||||||||||||||||||||||||||||||||||||||||
Ending Balance, March 31, 2022 | $ | 10,765 | $ | 7,437 | $ | 3,841 | $ | 5,955 | $ | 939 | $ | 4,685 | $ | 4,342 | $ | 107,883 | $ | 145,847 | |||||||||||||||||||||||||||||||||||
Annualized Net Charge-offs to Average Loans and Leases | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended March 31, 2022 | 0.01 | % | 0.09 | % | 0.00 | % | 0.00 | % | 0.24 | % | 0.00 | % | — | % | (1.75) | % | (0.32) | % | |||||||||||||||||||||||||||||||||||
(dollars in thousands) | Total Loans and Leases | Current | 30-89 Days Past Due | 90 Days or More Past Due and Accruing | Non-accrual/NPL (a) | OREO and Repossessed Assets (b) | NPA (a)+(b) | NPL to Loan and Lease Type (%) | NPA to Loans and Leases + OREO and Repossessed Assets (%) | ||||||||||||||||||||||||||||||||||||||||||||
Loan and Lease Type | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial, including specialty lending | $ | 6,814,864 | $ | 6,808,780 | $ | 1,252 | $ | 946 | $ | 3,886 | $ | — | $ | 3,886 | 0.06 | % | 0.06 | % | |||||||||||||||||||||||||||||||||||
Multifamily | 2,195,211 | 2,189,141 | 5,189 | — | 881 | — | 881 | 0.04 | % | 0.04 | % | ||||||||||||||||||||||||||||||||||||||||||
Commercial real estate owner occupied | 895,314 | 889,281 | 2,412 | — | 3,621 | — | 3,621 | 0.40 | % | 0.40 | % | ||||||||||||||||||||||||||||||||||||||||||
Commercial real estate non-owner occupied | 1,245,248 | 1,245,248 | — | — | — | 37 | 37 | — | % | 0.00 | % | ||||||||||||||||||||||||||||||||||||||||||
Construction | 188,123 | 188,123 | — | — | — | — | — | — | % | — | % | ||||||||||||||||||||||||||||||||||||||||||
Total commercial loans and leases receivable | 11,338,760 | 11,320,573 | 8,853 | 946 | 8,388 | 37 | 8,425 | 0.07 | % | 0.07 | % | ||||||||||||||||||||||||||||||||||||||||||
Residential | 494,815 | 482,250 | 6,092 | — | 6,473 | 35 | 6,508 | 1.31 | % | 1.32 | % | ||||||||||||||||||||||||||||||||||||||||||
Manufactured housing | 43,272 | 38,348 | 1,590 | 766 | 2,568 | 64 | 2,632 | 5.93 | % | 6.07 | % | ||||||||||||||||||||||||||||||||||||||||||
Installment | 1,268,505 | 1,240,135 | 19,650 | — | 8,720 | — | 8,720 | 0.69 | % | 0.69 | % | ||||||||||||||||||||||||||||||||||||||||||
Total consumer loans receivable | 1,806,592 | 1,760,733 | 27,332 | 766 | 17,761 | 99 | 17,860 | 0.98 | % | 0.99 | % | ||||||||||||||||||||||||||||||||||||||||||
Loans and leases receivable (1) | 13,145,352 | 13,081,306 | 36,185 | 1,712 | 26,149 | 136 | 26,285 | 0.20 | % | 0.20 | % | ||||||||||||||||||||||||||||||||||||||||||
Loans receivable, PPP (2) | 246,258 | 246,258 | — | — | — | — | — | — | % | — | % | ||||||||||||||||||||||||||||||||||||||||||
Loans receivable, mortgage warehouse, at fair value | 1,247,367 | 1,247,367 | — | — | — | — | — | — | % | — | % | ||||||||||||||||||||||||||||||||||||||||||
Total loans held for sale | 424,057 | 399,170 | 18,912 | — | 5,975 | — | 5,975 | 1.41 | % | 1.41 | % | ||||||||||||||||||||||||||||||||||||||||||
Total portfolio | $ | 15,063,034 | $ | 14,974,101 | $ | 55,097 | $ | 1,712 | $ | 32,124 | $ | 136 | $ | 32,260 | 0.21 | % | 0.21 | % |
(dollars in thousands) | Total Loans and Leases | Non-accrual / NPL | ACL | Reserves to Loans and Leases (%) | Reserves to NPLs (%) | ||||||||||||||||||||||||
Loan and Lease Type | |||||||||||||||||||||||||||||
Commercial and industrial, including specialty lending | $ | 6,814,864 | $ | 3,886 | $ | 20,050 | 0.29 | % | 515.95 | % | |||||||||||||||||||
Multifamily | 2,195,211 | 881 | 15,084 | 0.69 | % | 1,712.15 | % | ||||||||||||||||||||||
Commercial real estate owner occupied | 895,314 | 3,621 | 8,472 | 0.95 | % | 233.97 | % | ||||||||||||||||||||||
Commercial real estate non-owner occupied | 1,245,248 | — | 11,032 | 0.89 | % | — | % | ||||||||||||||||||||||
Construction | 188,123 | — | 2,336 | 1.24 | % | — | % | ||||||||||||||||||||||
Total commercial loans and leases receivable | 11,338,760 | 8,388 | 56,974 | 0.50 | % | 679.23 | % | ||||||||||||||||||||||
Residential | 494,815 | 6,473 | 6,853 | 1.38 | % | 105.87 | % | ||||||||||||||||||||||
Manufactured housing | 43,272 | 2,568 | 4,339 | 10.03 | % | 168.96 | % | ||||||||||||||||||||||
Installment | 1,268,505 | 8,720 | 62,115 | 4.90 | % | 712.33 | % | ||||||||||||||||||||||
Total consumer loans receivable | 1,806,592 | 17,761 | 73,307 | 4.06 | % | 412.74 | % | ||||||||||||||||||||||
Loans and leases receivable (1) | 13,145,352 | 26,149 | 130,281 | 0.99 | % | 498.23 | % | ||||||||||||||||||||||
Loans receivable, PPP (2) | 246,258 | — | — | — | % | — | % | ||||||||||||||||||||||
Loans receivable, mortgage warehouse, at fair value | 1,247,367 | — | — | — | % | — | % | ||||||||||||||||||||||
Total loans held for sale | 424,057 | 5,975 | — | — | % | — | % | ||||||||||||||||||||||
Total portfolio | $ | 15,063,034 | $ | 32,124 | $ | 130,281 | 0.86 | % | 405.56 | % |
(dollars in thousands) | Total Loans and Leases | Current | 30-89 Days Past Due | 90 Days or More Past Due and Accruing | Non-accrual/NPL (a) | OREO and Repossessed Assets (b) | NPA (a)+(b) | NPL to Loan and Lease Type (%) | NPA to Loans and Leases + OREO and Repossessed Assets (%) | ||||||||||||||||||||||||||||||||||||||||||||
Total loans and leases portfolio (GAAP) | $ | 15,063,034 | $ | 14,974,101 | $ | 55,097 | $ | 1,712 | $ | 32,124 | $ | 136 | $ | 32,260 | 0.21 | % | 0.21 | % | |||||||||||||||||||||||||||||||||||
Less: Loans receivable, PPP (1) | 246,258 | 246,258 | — | — | — | — | — | — | % | — | % | ||||||||||||||||||||||||||||||||||||||||||
Total loans and leases portfolio, excluding loans receivable, PPP (Non-GAAP) | 14,816,776 | 14,727,843 | 55,097 | 1,712 | 32,124 | 136 | 32,260 | 0.22 | % | 0.22 | % | ||||||||||||||||||||||||||||||||||||||||||
Less: Loans held for sale | 424,057 | 399,170 | 18,912 | — | 5,975 | — | 5,975 | 1.41 | % | 1.41 | % | ||||||||||||||||||||||||||||||||||||||||||
Less: Loans receivable, mortgage warehouse, at fair value | 1,247,367 | 1,247,367 | — | — | — | — | — | — | % | — | % | ||||||||||||||||||||||||||||||||||||||||||
Loans and leases receivable, excluding loans receivable, PPP (Non-GAAP) | $ | 13,145,352 | $ | 13,081,306 | $ | 36,185 | $ | 1,712 | $ | 26,149 | $ | 136 | $ | 26,285 | 0.20 | % | 0.20 | % | |||||||||||||||||||||||||||||||||||
(dollars in thousands) | Total Loans and Leases | Non-accrual / NPL | ACL | Reserves to Loans and Leases (%) | Reserves to NPLs (%) | ||||||||||||||||||||||||
Total loans and leases portfolio (GAAP) | $ | 15,063,034 | $ | 32,124 | $ | 130,281 | 0.86 | % | 405.56 | % | |||||||||||||||||||
Less: Loans receivable, PPP (1) | 246,258 | — | — | — | % | — | % | ||||||||||||||||||||||
Total loans and leases portfolio, excluding loans receivable, PPP (Non-GAAP) | 14,816,776 | 32,124 | 130,281 | 0.88 | % | 405.56 | % | ||||||||||||||||||||||
Less: Loans held for sale | 424,057 | 5,975 | — | — | % | — | % | ||||||||||||||||||||||
Less: Loans receivable, mortgage warehouse, at fair value | 1,247,367 | — | — | — | % | — | % | ||||||||||||||||||||||
Loans and leases receivable, excluding loans receivable, PPP (Non-GAAP) | $ | 13,145,352 | $ | 26,149 | $ | 130,281 | 0.99 | % | 498.23 | % |
(dollars in thousands) | March 31, 2023 | December 31, 2022 | Change | % Change | |||||||||||||||||||
Demand, non-interest bearing | $ | 3,487,517 | $ | 1,885,045 | $ | 1,602,472 | 85.0 | % | |||||||||||||||
Demand, interest bearing | 5,791,302 | 8,476,027 | (2,684,725) | (31.7) | % | ||||||||||||||||||
Savings, including MMDA | 2,943,992 | 3,546,015 | (602,023) | (17.0) | % | ||||||||||||||||||
Non-time deposits | 12,222,811 | 13,907,087 | (1,684,276) | (12.1) | % | ||||||||||||||||||
Time deposits | 5,500,806 | 4,249,866 | 1,250,940 | 29.4 | % | ||||||||||||||||||
Total deposits | $ | 17,723,617 | $ | 18,156,953 | $ | (433,336) | (2.4) | % |
March 31, 2023 | December 31, 2022 | ||||||||||||||||||||||
(dollars in thousands) | Amount | Rate | Amount | Rate | |||||||||||||||||||
FHLB advances | — | — | % | 300,000 | 4.54 | % | |||||||||||||||||
Total short-term debt | $ | — | $ | 300,000 |
March 31, 2023 | December 31, 2022 | ||||||||||||||||||||||
(dollars in thousands) | Amount | Rate | Amount | Rate | |||||||||||||||||||
FHLB advances (1)(2) | $ | 2,052,143 | 4.64 | % | $ | 500,000 | 3.37 | % | |||||||||||||||
Total long-term FHLB and FRB advances | $ | 2,052,143 | $ | 500,000 |
(dollars in thousands) | March 31, 2023 | December 31, 2022 | |||||||||
Total maximum borrowing capacity with the FHLB | $ | 3,307,772 | $ | 3,241,120 | |||||||
Total maximum borrowing capacity with the FRB (1) | 6,516,922 | 2,510,189 | |||||||||
Qualifying loans and securities (1) serving as collateral against FHLB and FRB advances | 12,079,694 | 7,142,865 |
March 31, 2023 | December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Issued by | Ranking | Carrying Amount | Carrying Amount | Rate | Issued Amount | Date Issued | Maturity | Price | ||||||||||||||||||||||||||||||||||||||||||
Customers Bancorp | Senior (1) | $ | 98,823 | $ | 98,788 | 2.875 | % | $ | 100,000 | August 2021 | August 2031 | 100.000 | % | |||||||||||||||||||||||||||||||||||||
Customers Bancorp | Senior | 24,822 | 24,792 | 4.500 | % | 25,000 | September 2019 | September 2024 | 100.000 | % | ||||||||||||||||||||||||||||||||||||||||
Total other borrowings | $ | 123,645 | $ | 123,580 | ||||||||||||||||||||||||||||||||||||||||||||||
Customers Bancorp | Subordinated (2)(3) | $ | 72,630 | $ | 72,585 | 5.375 | % | $ | 74,750 | December 2019 | December 2034 | 100.000 | % | |||||||||||||||||||||||||||||||||||||
Customers Bank | Subordinated (2)(4) | 109,391 | 109,367 | 6.125 | % | 110,000 | June 2014 | June 2029 | 100.000 | % | ||||||||||||||||||||||||||||||||||||||||
Total subordinated debt | $ | 182,021 | $ | 181,952 |
(dollars in thousands) | March 31, 2023 | December 31, 2022 | Change | % Change | |||||||||||||||||||
Preferred stock | $ | 137,794 | $ | 137,794 | $ | — | — | % | |||||||||||||||
Common stock | 35,258 | 35,012 | 246 | 0.7 | % | ||||||||||||||||||
Additional paid in capital | 552,255 | 551,721 | 534 | 0.1 | % | ||||||||||||||||||
Retained earnings | 974,399 | 924,134 | 50,265 | 5.4 | % | ||||||||||||||||||
Accumulated other comprehensive income (loss), net | (156,276) | (163,096) | 6,820 | (4.2) | % | ||||||||||||||||||
Treasury stock | (122,410) | (82,604) | (39,806) | 48.2 | % | ||||||||||||||||||
Total shareholders' equity | $ | 1,421,020 | $ | 1,402,961 | $ | 18,059 | 1.3 | % |
Three Months Ended March 31, | |||||||||||||||||||||||
(dollars in thousands) | 2023 | 2022 | Change | % Change | |||||||||||||||||||
Net cash provided by (used in) operating activities | $ | 17,538 | $ | 116,940 | $ | (99,402) | (85.0) | % | |||||||||||||||
Net cash provided by (used in) investing activities | 804,645 | 88,672 | 715,973 | 807.4 | % | ||||||||||||||||||
Net cash provided by (used in) financing activities | 768,696 | (449,044) | 1,217,740 | (271.2) | % | ||||||||||||||||||
Net increase (decrease) in cash and cash equivalents | $ | 1,590,879 | $ | (243,432) | $ | 1,834,311 | (753.5) | % |
Minimum Capital Levels to be Classified as: | |||||||||||||||||||||||||||||||||||||||||||||||
Actual | Adequately Capitalized | Well Capitalized | Basel III Compliant | ||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | Amount | Ratio | Amount | Ratio | Amount | Ratio | Amount | Ratio | |||||||||||||||||||||||||||||||||||||||
As of March 31, 2023: | |||||||||||||||||||||||||||||||||||||||||||||||
Common equity Tier 1 capital (to risk-weighted assets) | |||||||||||||||||||||||||||||||||||||||||||||||
Customers Bancorp, Inc. | $ | 1,466,676 | 9.624 | % | $ | 685,809 | 4.500 | % | N/A | N/A | $ | 1,066,814 | 7.000 | % | |||||||||||||||||||||||||||||||||
Customers Bank | $ | 1,721,118 | 11.313 | % | $ | 684,636 | 4.500 | % | $ | 988,919 | 6.500 | % | $ | 1,064,990 | 7.000 | % | |||||||||||||||||||||||||||||||
Tier 1 capital (to risk-weighted assets) | |||||||||||||||||||||||||||||||||||||||||||||||
Customers Bancorp, Inc. | $ | 1,604,469 | 10.528 | % | $ | 914,412 | 6.000 | % | N/A | N/A | $ | 1,295,417 | 8.500 | % | |||||||||||||||||||||||||||||||||
Customers Bank | $ | 1,721,118 | 11.313 | % | $ | 912,848 | 6.000 | % | $ | 1,217,131 | 8.000 | % | $ | 1,293,202 | 8.500 | % | |||||||||||||||||||||||||||||||
Total capital (to risk-weighted assets) | |||||||||||||||||||||||||||||||||||||||||||||||
Customers Bancorp, Inc. | $ | 1,878,449 | 12.326 | % | $ | 1,219,216 | 8.000 | % | N/A | N/A | $ | 1,600,221 | 10.500 | % | |||||||||||||||||||||||||||||||||
Customers Bank | $ | 1,922,468 | 12.636 | % | $ | 1,217,131 | 8.000 | % | $ | 1,521,414 | 10.000 | % | $ | 1,597,485 | 10.500 | % | |||||||||||||||||||||||||||||||
Tier 1 capital (to average assets) | |||||||||||||||||||||||||||||||||||||||||||||||
Customers Bancorp, Inc. | $ | 1,604,469 | 7.534 | % | $ | 851,851 | 4.000 | % | N/A | N/A | $ | 851,851 | 4.000 | % | |||||||||||||||||||||||||||||||||
Customers Bank | $ | 1,721,118 | 8.092 | % | $ | 850,809 | 4.000 | % | $ | 1,063,511 | 5.000 | % | $ | 850,809 | 4.000 | % | |||||||||||||||||||||||||||||||
As of December 31, 2022: | |||||||||||||||||||||||||||||||||||||||||||||||
Common equity Tier 1 capital (to risk-weighted assets) | |||||||||||||||||||||||||||||||||||||||||||||||
Customers Bancorp, Inc. | $ | 1,470,837 | 9.637 | % | $ | 686,838 | 4.500 | % | N/A | N/A | $ | 1,068,415 | 7.000 | % | |||||||||||||||||||||||||||||||||
Customers Bank | $ | 1,708,598 | 11.213 | % | $ | 685,694 | 4.500 | % | $ | 990,447 | 6.500 | % | $ | 1,066,636 | 7.000 | % | |||||||||||||||||||||||||||||||
Tier 1 capital (to risk-weighted assets) | |||||||||||||||||||||||||||||||||||||||||||||||
Customers Bancorp, Inc. | $ | 1,608,630 | 10.539 | % | $ | 915,784 | 6.000 | % | N/A | N/A | $ | 1,297,361 | 8.500 | % | |||||||||||||||||||||||||||||||||
Customers Bank | $ | 1,708,598 | 11.213 | % | $ | 914,259 | 6.000 | % | $ | 1,219,012 | 8.000 | % | $ | 1,295,201 | 8.500 | % | |||||||||||||||||||||||||||||||
Total capital (to risk-weighted assets) | |||||||||||||||||||||||||||||||||||||||||||||||
Customers Bancorp, Inc. | $ | 1,862,089 | 12.200 | % | $ | 1,221,045 | 8.000 | % | N/A | N/A | $ | 1,602,622 | 10.500 | % | |||||||||||||||||||||||||||||||||
Customers Bank | $ | 1,889,472 | 12.400 | % | $ | 1,219,012 | 8.000 | % | $ | 1,523,765 | 10.000 | % | $ | 1,599,954 | 10.500 | % | |||||||||||||||||||||||||||||||
Tier 1 capital (to average assets) | |||||||||||||||||||||||||||||||||||||||||||||||
Customers Bancorp, Inc. | $ | 1,608,630 | 7.664 | % | $ | 839,547 | 4.000 | % | N/A | N/A | $ | 839,547 | 4.000 | % | |||||||||||||||||||||||||||||||||
Customers Bank | $ | 1,708,598 | 8.150 | % | $ | 838,611 | 4.000 | % | $ | 1,048,264 | 5.000 | % | $ | 838,611 | 4.000 | % |
% Change | |||||||||||
Rate Shocks | March 31, 2023 | December 31, 2022 | |||||||||
Up 3% | 14.2% | 0.4% | |||||||||
Up 2% | 9.5% | 0.4% | |||||||||
Up 1% | 5.1% | 0.3% | |||||||||
Down 1% | (5.4)% | (0.9)% | |||||||||
Down 2% | (11.1)% | (2.0)% | |||||||||
Down 3% | (16.8)% | (4.8)% |
From Base | |||||||||||
Rate Shocks | March 31, 2023 | December 31, 2022 | |||||||||
Up 3% | (2.2)% | (27.8)% | |||||||||
Up 2% | (0.4)% | (16.9)% | |||||||||
Up 1% | 1.9% | (6.6)% | |||||||||
Down 1% | (6.6)% | 0.0% | |||||||||
Down 2% | (37.2)% | (31.3)% | |||||||||
Down 3% | (64.1)% | (57.2)% |
Period | Total Number of Shares Purchased | Average Price Paid per Share | Total Number of Shares purchased as part of publicly announced plans or programs | Maximum Number of Shares that may yet be purchased under the plans or programs | ||||||||||||||||||||||
January 1 - January 31, 2023 | — | $ | — | — | 1,877,392 | |||||||||||||||||||||
February 1 - February 28, 2023 | 1,013,283 | 31.48 | 1,013,283 | 864,109 | ||||||||||||||||||||||
March 1 - March 31, 2023 | 366,600 | 20.57 | 366,600 | 497,509 | ||||||||||||||||||||||
Total | 1,379,883 | $ | 28.58 | 1,379,883 | 497,509 |
Exhibit No. | Description | |||||||
* | ||||||||
3.6 | ||||||||
3.7 | ||||||||
101 | The following financial statements from the Customers’ Quarterly Report on Form 10-Q as of and for the quarterly period ended March 31, 2023, formatted in Inline XBRL: (i) Consolidated Balance Sheets, (ii) Consolidated Statements of Income, (iii) Consolidated Statements of Comprehensive Income, (iv) Consolidated Statements of Changes in Shareholders' Equity, (v) Consolidated Statements of Cash Flows, and (vi) the Notes to the Consolidated Financial Statements. | |||||||
104 | Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document | |||||||
101.SCH | XBRL Taxonomy Extension Schema Document. | |||||||
101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document. | |||||||
101.DEF | XBRL Taxonomy Extension Definitions Linkbase Document. | |||||||
101.LAB | XBRL Taxonomy Extension Label Linkbase Document. | |||||||
101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document. | |||||||
Customers Bancorp, Inc. | |||||||||||
May 9, 2023 | By: | /s/ Jay S. Sidhu | |||||||||
Name: | Jay S. Sidhu | ||||||||||
Title: | Chairman and Chief Executive Officer (Principal Executive Officer) | ||||||||||
May 9, 2023 | By: | /s/ Carla A. Leibold | |||||||||
Name: | Carla A. Leibold | ||||||||||
Title: | Chief Financial Officer (Principal Financial Officer) |
/s/ Jay S. Sidhu | ||
Jay S. Sidhu Chairman and Chief Executive Officer (Principal Executive Officer) | ||
Date: May 9, 2023 |
/s/ Carla A. Leibold | ||
Carla A. Leibold Chief Financial Officer (Principal Financial Officer) | ||
Date: May 9, 2023 |
Date: May 9, 2023 | /s/ Jay S. Sidhu | |||||||
Jay S. Sidhu, Chairman and Chief Executive Officer (Principal Executive Officer) |
Date: May 9, 2023 | /s/ Carla A. Leibold | |||||||
Carla A. Leibold, Chief Financial Officer (Principal Financial Officer) |
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Consolidated Balance Sheet - Unaudited (Parenthetical) - USD ($) $ in Thousands |
Mar. 31, 2023 |
Dec. 31, 2022 |
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Statement of Financial Position [Abstract] | ||
Allowance for credit losses, available for sale securities | $ 2,173 | $ 578 |
Loans held for sale at fair value | $ 314 | $ 322 |
Preferred stock, par value (usd per share) | $ 1.00 | $ 1.00 |
Preferred stock, liquidation preference (usd per share) | $ 25.00 | $ 25.00 |
Preferred stock, shares authorized (shares) | 100,000,000 | 100,000,000 |
Preferred stock, shares issued (shares) | 5,700,000 | 5,700,000 |
Preferred stock, shares outstanding (shares) | 5,700,000 | 5,700,000 |
Common stock, par value (usd per share) | $ 1.00 | $ 1.00 |
Common stock, shares authorized (shares) | 200,000,000 | 200,000,000 |
Common stock, shares issued (shares) | 35,258,186 | 35,012,250 |
Common stock, shares outstanding (shares) | 31,239,750 | 32,373,697 |
Treasury stock, shares (shares) | 4,018,436 | 2,638,553 |
Consolidated Statements of Comprehensive Income (Loss) - Unaudited - USD ($) $ in Thousands |
3 Months Ended | |
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Mar. 31, 2023 |
Mar. 31, 2022 |
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Statement of Comprehensive Income [Abstract] | ||
Net income | $ 53,721 | $ 76,761 |
Unrealized gains (losses) on available for sale debt securities: | ||
Unrealized gains (losses) arising during the period | 8,270 | (78,858) |
Income tax effect | (2,101) | 20,503 |
Reclassification adjustments for (gains) losses included in net income | 0 | 1,063 |
Income tax effect | 0 | (276) |
Amortization of unrealized loss on securities transferred from available-for-sale to held-to-maturity | 872 | 0 |
Income tax effect | (221) | 0 |
Net unrealized gains (losses) on available for sale debt securities | 6,820 | (57,568) |
Other comprehensive income (loss), net of income tax effect | 6,820 | (57,568) |
Comprehensive income (loss) | $ 60,541 | $ 19,193 |
Consolidated Statements of Changes in Shareholders' Equity - Unaudited (Parenthetical) - $ / shares |
3 Months Ended | |
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Mar. 31, 2023 |
Mar. 31, 2022 |
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Series E Preferred Stock | ||
Preferred stock, dividends, per share, cash paid (usd per share) | $ 0.619313 | $ 0.333922 |
Series F Preferred Stock | ||
Preferred stock, dividends, per share, cash paid (usd per share) | $ 0.595688 | $ 0.310297 |
Consolidated Statements of Cash Flows - Unaudited - USD ($) |
3 Months Ended | |
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Mar. 31, 2023 |
Mar. 31, 2022 |
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Cash Flows from Operating Activities | ||
Net income from continuing operations | $ 53,721,000 | $ 76,761,000 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||
Provision (benefit) for credit losses | 19,603,000 | 15,997,000 |
Depreciation and amortization | 8,833,000 | 6,055,000 |
Share-based compensation expense | 3,005,000 | 3,718,000 |
Deferred taxes | 18,656,000 | (22,810,000) |
Net amortization (accretion) of investment securities premiums and discounts | (2,682,000) | 918,000 |
Unrealized (gain) loss on investment securities | (62,000) | 276,000 |
Net (gain) loss on sale of investment securities | 0 | 1,063,000 |
Impairment loss on fixed assets and leases | 109,000 | 0 |
Unrealized gain (loss) on derivatives | 52,000 | (964,000) |
Settlement of terminated fair value hedge derivatives | 4,630,000 | 0 |
(Gain) loss on sale of loans | 0 | (2,070,000) |
Origination and purchases of loans held for sale | (185,919,000) | (10,999,000) |
Proceeds from the sales and repayments of loans held for sale | 106,146,000 | 24,813,000 |
Amortization (accretion) of loan net deferred fees, discounts and premiums | (23,039,000) | (27,907,000) |
Earnings on investment in bank-owned life insurance | (2,647,000) | (8,326,000) |
(Increase) decrease in accrued interest receivable and other assets | (932,000) | 66,855,000 |
Increase (decrease) in accrued interest payable and other liabilities | 18,064,000 | (6,440,000) |
Net Cash Provided By (Used In) Operating Activities | 17,538,000 | 116,940,000 |
Cash Flows from Investing Activities | ||
Proceeds from maturities, calls and principal repayments of investment securities available for sale | 69,648,000 | 224,809,000 |
Proceeds from maturities, calls and principal repayments of investment securities held to maturity | 44,213,000 | 0 |
Proceeds from sales of investment securities available for sale | 0 | 155,954,000 |
Purchases of investment securities available for sale | 0 | (814,246,000) |
Purchases of investment securities held to maturity | (73,074,000) | 0 |
Origination of mortgage warehouse loans | (4,702,988,000) | (7,938,526,000) |
Proceeds from repayments of mortgage warehouse loans | 4,794,683,000 | 8,475,173,000 |
Net (increase) decrease in loans and leases, excluding mortgage warehouse loans | 736,616,000 | 159,706,000 |
Proceeds from sales of loans and leases | 0 | 14,281,000 |
Purchases of loans | (12,550,000) | (206,330,000) |
Proceeds from bank-owned life insurance | 727,000 | 5,850,000 |
Net purchases of FHLB, Federal Reserve Bank, and other restricted stock | (50,537,000) | |
Net proceeds from sale of FHLB, Federal Reserve Bank, and other restricted stock | 15,205,000 | |
Purchases of bank premises and equipment | (130,000) | (274,000) |
Proceeds from sales of leased assets under lessor operating leases | 113,000 | 0 |
Purchases of leased assets under lessor operating leases | (2,076,000) | (2,930,000) |
Net Cash Provided By (Used In) Investing Activities | 804,645,000 | 88,672,000 |
Cash Flows from Financing Activities | ||
Net increase (decrease) in deposits | (435,823,000) | (362,364,000) |
Net increase (decrease) in short-term borrowed funds from FHLB | (300,000,000) | (700,000,000) |
Net increase (decrease) in federal funds purchased | 0 | 625,000,000 |
Proceeds from long-term borrowed funds from FHLB and FRB | 2,565,000,000 | 0 |
Repayments of long-term borrowed funds from FHLB and FRB | (1,015,000,000) | 0 |
Preferred stock dividends paid | (3,450,000) | (1,823,000) |
Purchase of treasury stock | (39,806,000) | (6,310,000) |
Payments of employee taxes withheld from share-based awards | (2,280,000) | (3,755,000) |
Proceeds from issuance of common stock | 55,000 | 208,000 |
Net Cash Provided By (Used In) Financing Activities | 768,696,000 | (449,044,000) |
Net Increase (Decrease) in Cash and Cash Equivalents | 1,590,879,000 | (243,432,000) |
Cash and Cash Equivalents – Beginning | 455,806,000 | 518,032,000 |
Cash and Cash Equivalents – Ending | 2,046,685,000 | 274,600,000 |
Non-cash Investing and Financing Activities: | ||
Transfer of loans held for investment to held for sale | $ 16,000,000 | $ 0 |
Description of the Business |
3 Months Ended |
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Mar. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Description of the Business | DESCRIPTION OF THE BUSINESS Customers Bancorp, Inc. (“Customers Bancorp”) is a bank holding company engaged in banking activities through its wholly owned subsidiary, Customers Bank ("the Bank”), collectively referred to as “Customers” herein. Customers Bancorp and its wholly owned subsidiaries, the Bank, and non-bank subsidiaries, serve residents and businesses in Southeastern Pennsylvania (Bucks, Berks, Chester, Philadelphia and Delaware Counties); Harrisburg, Pennsylvania (Dauphin County); Rye Brook, New York (Westchester County); Hamilton, New Jersey (Mercer County); Boston, Massachusetts; Providence, Rhode Island; Portsmouth, New Hampshire (Rockingham County); Manhattan and Melville, New York; Washington, D.C.; Chicago, Illinois; Dallas, Texas; Orlando and Jacksonville, Florida; Wilmington, North Carolina; and nationally for certain loan and deposit products. The Bank has seven full-service branches and provides commercial banking products, primarily loans and deposits. In addition, the Bank also administratively supports loan and other financial products, including equipment finance leases, to customers through its limited-purpose offices in Boston, Massachusetts; Providence, Rhode Island; Portsmouth, New Hampshire; Manhattan and Melville, New York; Philadelphia and Lancaster, Pennsylvania; Chicago, Illinois; Dallas, Texas; Wilmington, North Carolina; and other locations. The Bank also serves specialty niche businesses nationwide, including its commercial loans to mortgage companies, commercial equipment financing, SBA lending, specialty lending and consumer loans through relationships with fintech companies. The Bank is subject to regulation of the Pennsylvania Department of Banking and Securities and the Federal Reserve Bank and is periodically examined by those regulatory authorities.
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Significant Accounting Policies and Basis of Presentation |
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Accounting Policies [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Significant Accounting Policies and Basis of Presentation | SIGNIFICANT ACCOUNTING POLICIES AND BASIS OF PRESENTATION Basis of Presentation The interim unaudited consolidated financial statements have been prepared in conformity with U.S. GAAP and pursuant to the rules and regulations of the SEC. These interim unaudited consolidated financial statements reflect all normal and recurring adjustments that are, in the opinion of management, necessary to present a fair statement of the financial position and the results of operations and cash flows of Customers Bancorp and subsidiaries for the interim periods presented. Certain information and footnote disclosures normally included in the annual consolidated financial statements have been omitted from these interim unaudited consolidated financial statements as permitted by SEC rules and regulations. The December 31, 2022 consolidated balance sheet presented in this report has been derived from Customers Bancorp’s audited 2022 consolidated financial statements. Management believes that the disclosures are adequate to present fairly the consolidated financial statements as of the dates and for the periods presented. These interim unaudited consolidated financial statements should be read in conjunction with the 2022 consolidated financial statements of Customers Bancorp and subsidiaries included in Customers' Annual Report on Form 10-K for the year ended December 31, 2022 filed with the SEC on February 28, 2023 (the "2022 Form 10-K"). The 2022 Form 10-K describes Customers Bancorp’s significant accounting policies. There have been no material changes to Customers Bancorp's significant accounting policies noted above for the three months ended March 31, 2023. Recently Issued Accounting Standards Presented below are recently issued accounting standards that Customers has adopted as well as those that the FASB has issued but are not yet effective. Accounting Standards Adopted in 2022
Accounting Standards Adopted in 2023
Accounting Standards Issued But Not Yet Adopted
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Earnings (Loss) Per Share |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings (Loss) Per Share | EARNINGS (LOSS) PER SHARE The following are the components and results of Customers' earnings per common share calculations for the periods presented.
The following are securities that could potentially dilute basic earnings per common share in future periods that were not included in the computation of diluted earnings per common share because either the performance conditions for certain of the share-based compensation awards have not been met or to do so would have been anti-dilutive for the periods presented.
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Changes in Accumulated Other Comprehensive Income (Loss) By Component |
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Equity [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Changes in Accumulated Other Comprehensive Income (Loss) By Component | CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) BY COMPONENT The following tables present the changes in accumulated other comprehensive income (loss) by component for the three months ended March 31, 2023 and 2022. Amounts in parentheses indicate reductions to AOCI.
(1)Reclassification amounts for AFS debt securities are reported as gain (loss) on sale of investment securities and amortization of unrealized losses on debt securities transferred from available-for-sale to held-to-maturity is reported within interest income on the consolidated statements of income.
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Investment Securities |
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Mar. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment Securities | INVESTMENT SECURITIES Investment securities at fair value The amortized cost, approximate fair value and allowance for credit losses of investment securities at fair value as of March 31, 2023 and December 31, 2022 are summarized as follows:
(1)Accrued interest on AFS debt securities totaled $19.6 million and $16.7 million at March 31, 2023 and December 31, 2022, respectively, and is included in accrued interest receivable on the consolidated balance sheet. (2)Includes perpetual preferred stock issued by domestic banks and domestic bank holding companies and equity securities issued by fintech companies, without a readily determinable fair value, and CRA-qualified mutual fund shares at March 31, 2023 and December 31, 2022. No impairments or measurement adjustments have been recorded on the equity securities without a readily determinable fair value since acquisition. Customers' transactions with unconsolidated VIEs include sales of consumer installment loans and investments in the securities issued by the VIEs. Customers is not the primary beneficiary of the VIEs because Customers has no right to make decisions that will most significantly affect the economic performance of the VIEs. Customers' continuing involvement with the unconsolidated VIEs is not significant. Customers' continuing involvement is not considered to be significant where Customers only invests in securities issued by the VIE and was not involved in the design of the VIE or where Customers has transferred financial assets to the VIE for only cash consideration. Customers' investments in the securities issued by the VIEs are classified as AFS or HTM debt securities on the consolidated balance sheets, and represent Customers' maximum exposure to loss. There were no sales of AFS debt securities for the three months ended March 31, 2023. Proceeds from the sale of AFS debt securities were $156.0 million for the three months ended March 31, 2022. The following table presents gross realized gains and realized losses from the sale of AFS debt securities for the three months ended March 31, 2023 and 2022:
These gains (losses) were determined using the specific identification method and were reported as net gain (loss) on sale of investment securities within non-interest income on the consolidated statements of income. The following table presents AFS debt securities by stated maturity. Debt securities backed by mortgages and other assets have expected maturities that differ from contractual maturities because borrowers have the right to call or prepay and, therefore, these debt securities are classified separately with no specific maturity date:
Gross unrealized losses and fair value of Customers' AFS debt securities for which an allowance for credit losses has not been recorded, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at March 31, 2023 and December 31, 2022 were as follows:
At March 31, 2023, there were 50 AFS debt securities with unrealized losses in the less-than-twelve-months category and 112 AFS debt securities with unrealized losses in the twelve-months-or-more category. Except for the four asset-backed securities and six corporate notes where there was a deterioration in future estimated cash flows as further discussed below, the unrealized losses were principally due to changes in market interest rates that resulted in a negative impact on the respective securities' fair value and are expected to be recovered when market prices recover or at maturity. Customers does not intend to sell any of the 162 securities, and it is not more likely than not that Customers will be required to sell any of the 162 securities before recovery of the amortized cost basis. At December 31, 2022, there were 156 AFS debt securities in an unrealized loss position. Customers recorded an allowance for credit losses on four asset-backed securities and six corporate notes where there was a deterioration in future estimated cash flows during the three months ended March 31, 2023 and on four asset-backed securities during the three months ended March 31, 2022. A discounted cash flow approach is used to determine the amount of the allowance. The cash flows expected to be collected, after considering expected prepayments, are discounted at the original effective interest rate. The amount of the allowance is limited to the difference between the amortized cost basis of the security and its estimated fair value. The following tables present the activity in the allowance for credit losses on AFS debt securities, by major security type, for the periods presented:
At March 31, 2023 and December 31, 2022, no securities holding of any one issuer, other than the U.S. government and its agencies, amounted to greater than 10% of shareholders' equity. At March 31, 2023, Customers Bank had pledged AFS investment securities aggregating $1.6 billion in fair value as collateral for immediate available liquidity from FRB, including the BTFP. The counterparty does not have the ability to sell or repledge these securities. Investment securities held to maturity The amortized cost, approximate fair value and allowance for credit losses of investment securities held to maturity as of March 31, 2023 and December 31, 2022 are summarized as follows:
(1)Accrued interest on HTM debt securities totaled $1.5 million and $1.0 million at March 31, 2023 and December 31, 2022, respectively, and is included in accrued interest receivable on the consolidated balance sheet. The following table presents HTM debt securities by stated maturity. Debt securities backed by mortgages and other assets have expected maturities that differ from contractual maturities because borrowers have the right to call or prepay and, therefore, these debt securities are classified separately with no specific maturity date:
Customers recorded no allowance for credit losses on investment securities classified as held to maturity at March 31, 2023 and December 31, 2022. The U.S. government agency securities represent obligations issued by a U.S. government-sponsored enterprise or other federal government agency that are explicitly or implicitly guaranteed by the U.S. federal government and therefore, assumed to have zero credit losses. Most of the private label collateralized mortgage obligations are highly rated and with sufficient overcollateralization, therefore have zero expected credit losses. Customers recorded no allowance for its investment in the asset-backed securities. Customers considered the seniority of its beneficial interest, which includes its overcollateralization of these asset-backed securities in the estimate of the ACL at March 31, 2023 and December 31, 2022. The unrealized losses on HTM debt securities with no ACL were due to changes in market interest rates that resulted in a negative impact on the respective securities' fair value and are expected to be recovered when market prices recover or at maturity. Credit Quality Indicators Customers monitors the credit quality of HTM debt securities primarily through credit ratings provided by rating agencies. Investment grade debt securities are rated BBB- or higher by S&P Global Ratings, Baa3 or higher by Moody's Investors Service or equivalent ratings by other rating agencies, and are generally considered to be of low credit risk. Except for the asset-backed securities and a private label collateralized mortgage obligation, all of the HTM debt securities held by Customers were investment grade or U.S. government agency guaranteed securities that were not rated at March 31, 2023 and December 31, 2022. The asset-backed securities and a private label collateralized mortgage obligation are not rated by rating agencies. Customers monitors the credit quality of these asset-backed securities and a private label collateralized mortgage obligation by evaluating the performance of the sold consumer installment loans and other underlying loans against the overcollateralization available for these securities. The following table presents the amortized cost of HTM debt securities based on their lowest credit rating available:
Customers has elected to not estimate an ACL on accrued interest receivable on HTM debt securities, as it already has a policy in place to reverse or write-off accrued interest, through interest income, for debt securities in nonaccrual status in a timely manner. At March 31, 2023 and December 31, 2022, there were no HTM debt securities past due under the terms of their agreements or in nonaccrual status. At March 31, 2023 and December 31, 2022, Customers Bank had pledged HTM investment securities aggregating $443.8 million and $16.7 million in fair value, respectively, as collateral primarily for immediate available liquidity from FRB, including the BTFP and unused lines of credit with another financial institution. The counterparties do not have the ability to sell or repledge these securities.
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Loans Held for Sale |
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Receivables Held-for-sale [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans Held for Sale | LOANS HELD FOR SALE The composition of loans held for sale as of March 31, 2023 and December 31, 2022 was as follows:
Total loans held for sale as of March 31, 2023 and December 31, 2022 included NPLs of $6.0 million and $6.2 million, respectively.
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Loans and Leases Receivable and Allowance for Credit Losses on Loans and Leases |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans and Leases Receivable and Allowance for Credit Losses on Loans and Leases | LOANS AND LEASES RECEIVABLE AND ALLOWANCE FOR CREDIT LOSSES ON LOANS AND LEASES The following table presents loans and leases receivable as of March 31, 2023 and December 31, 2022.
(1)Includes direct finance equipment leases of $168.8 million and $157.4 million at March 31, 2023 and December 31, 2022, respectively. (2)Includes deferred (fees) costs and unamortized (discounts) premiums, net of $(0.7) million and $(21.5) million at March 31, 2023 and December 31, 2022, respectively. Customers' total loans and leases receivable includes loans receivable which are reported at fair value based on an election made to account for these loans at fair value and loans and leases receivable which are predominately reported at their outstanding unpaid principal balance, net of charge-offs, deferred costs and fees and unamortized premiums and discounts, and are evaluated for impairment. The total amount of accrued interest recorded for total loans was $100.9 million and $105.5 million at March 31, 2023 and December 31, 2022, respectively, and is presented in accrued interest receivable in the consolidated balance sheet. At March 31, 2023 and December 31, 2022, there were $13.8 million and $11.5 million of individually evaluated loans that were collateral-dependent, respectively. Substantially all individually evaluated loans are collateral-dependent and consisted primarily of commercial and industrial, commercial real estate, and residential real estate loans. Collateral-dependent commercial and industrial loans were secured by accounts receivable, inventory and equipment; collateral-dependent commercial real estate loans were secured by commercial real estate assets; and residential real estate loans were secured by residential real estate assets. Loans receivable, mortgage warehouse, at fair value Mortgage warehouse loans consist of commercial loans to mortgage companies. These mortgage warehouse lending transactions are subject to master repurchase agreements. As a result of the contractual provisions, for accounting purposes, control of the underlying mortgage loan has not transferred and the rewards and risks of the mortgage loans are not assumed by Customers. The mortgage warehouse loans are designated as loans held for investment and reported at fair value based on an election made to account for the loans at fair value. Pursuant to the agreements, Customers funds the pipelines for these mortgage lenders by sending payments directly to the closing agents for funded mortgage loans and receives proceeds directly from third party investors when the underlying mortgage loans are sold into the secondary market. The fair value of the mortgage warehouse loans is estimated as the amount of cash initially advanced to fund the mortgage, plus accrued interest and fees, as specified in the respective agreements. The interest rates on these loans are variable, and the lending transactions are short-term, with an average life under 30 days from purchase to sale. The primary goal of these lending transactions is to provide liquidity to mortgage companies. At March 31, 2023 and December 31, 2022, all of Customers' commercial mortgage warehouse loans were current in terms of payment. As these loans are reported at their fair value, they do not have an ACL and are therefore excluded from ACL-related disclosures. Loans receivable, PPP Customers had $246.3 million and $998.2 million of PPP loans outstanding as of March 31, 2023 and December 31, 2022, respectively, which are fully guaranteed by the SBA, provided that the SBA's eligibility criteria are met and earn a fixed interest rate of 1.00%. Customers recognized interest income, including net origination fees, of $23.6 million and $36.9 million for the three months ended March 31, 2023 and 2022, respectively. PPP loans include an embedded credit enhancement from the SBA, which guarantees 100% of the principal and interest owed by the borrower provided that the SBA's eligibility criteria are met. As a result, the eligible PPP loans do not have an ACL and are therefore excluded from ACL-related disclosures. Loans and leases receivable The following tables summarize loans and leases receivable by loan and lease type and performance status as of March 31, 2023 and December 31, 2022:
(1)Includes past due loans and leases that are accruing interest because collection is considered probable. (2)Includes loans amounting to $1.7 million and $1.9 million as of March 31, 2023 and December 31, 2022, respectively, that are still accruing interest because collection is considered probable. (3)Loans and leases where next payment due is less than 30 days from the report date. The tables exclude PPP loans of $246.3 million, of which $0.8 million were 30-59 days past due and $117.9 million were 60 days or more past due as of March 31, 2023, and PPP loans of $998.2 million, of which $0.6 million were 30-59 days past due and $36.0 million were 60 days or more past due as of December 31, 2022. Claims for guarantee payments are submitted to the SBA for eligible PPP loans more than 60 days past due. (4)Includes PCD loans of $7.9 million and $8.3 million at March 31, 2023 and December 31, 2022, respectively. Nonaccrual Loans and Leases The following table presents the amortized cost of loans and leases held for investment on nonaccrual status.
(1) Presented at amortized cost basis. Interest income recognized on nonaccrual loans was insignificant for the three months ended March 31, 2023 and 2022. Accrued interest reversed when the loans went to nonaccrual status was insignificant for the three months ended March 31, 2023 and 2022. Allowance for credit losses on loans and leases The changes in the ACL on loans and leases by loan and lease type for the three months ended March 31, 2023 and 2022 are presented in the tables below.
(1) Includes specialty lending. Loan Modifications for Borrowers Experiencing Financial Difficulty Customers adopted ASU 2022-02, Financial Instruments - Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures ("ASU 2022-02") effective January 1, 2023. The amendments in ASU 2022-02 eliminated the recognition and measurement of TDRs and enhanced the disclosures for loan modifications to borrowers experiencing financial difficulty. Refer to NOTE 2 – SIGNIFICANT ACCOUNTING POLICIES AND BASIS OF PRESENTATION for additional information on the adoption. A borrower is considered to be experiencing financial difficulty when there is a significant doubt about the borrower's ability to make the required principal and interest payments on the loan or to get an equivalent financing from another creditor at a market rate for a similar loan. When borrowers are experiencing financial difficulty, Customers may make certain loan modifications as part of loss mitigation strategies to maximize expected payment. To be classified as a modification made to a borrower experiencing financial difficulty the modification must be in the form of an interest rate reduction, principal forgiveness, or an other-than-insignificant payment delay (payment deferral), term extension, or combinations thereof. Customers will generally try other forms of relief before principal forgiveness but would define any contractual reduction in the amount of principal due without receiving payment or assets as forgiveness. For the purpose of this disclosure, Customers considers any contractual change in interest rate that results in a reduction in interest rate relative to the current stated interest rate as an interest rate reduction. Generally, Customers would consider any delay in payment of greater than 90 days in the last 12 months to be significant. Term extensions extend the original contractual maturity of the loan. For the purpose of this disclosure, modification of contingent payment features or covenants that would have accelerated payment are not considered term extensions. The following table presents the amortized cost of loans that were modified to borrowers experiencing financial difficulty for the three months ended March 31, 2023, disaggregated by class of financing receivable and type of modification granted.
As of March 31, 2023, there were no commitments to lend additional funds to debtors experiencing financial difficulty whose loans have been modified during the three months ended March 31, 2023. The following table summarizes the impacts of loan modifications made to borrowers experiencing financial difficulty for the three months ended March 31, 2023.
The performance of loans made to borrowers experiencing financial difficulty in which modifications were made is closely monitored to understand the effectiveness of modification efforts. Loans are considered to be in payment default at 90 days or more past due. The following table presents an aging analysis of loan modifications made to borrowers experiencing financial difficulty during the three months ended March 31, 2023.
As of March 31, 2023, Customers did not have any loans that were made to borrowers experiencing financial difficulty during the three months ended March 31, 2023 that subsequently defaulted. Customers' ACL is influenced by loan level characteristics that inform the assessed propensity to default. As such, the provision for credit losses is impacted by changes in such loan level characteristics, such as payment performance. Loans made to borrowers experiencing financial difficulty can be classified as either accrual or nonaccrual. Troubled Debt Restructuring At December 31, 2022, there were $16.8 million in loans reported as TDRs. The following table presents loans modified by type of concession for the three months ended March 31, 2022. There were no modifications that involved forgiveness of debt for the three months ended March 31, 2022.
(1) Other includes covenant modifications, forbearance, loans discharged under Chapter 7 bankruptcy, or other concessions. As of December 31, 2022, there were no commitments to lend additional funds to debtors whose loans have been modified in TDRs. The following table presents, by loan type, the number of loans modified in TDRs and the related recorded investment, for which there was a payment default within twelve months following the modification.
Loans modified in TDRs are evaluated for impairment. The nature and extent of impairment of TDRs, including those which have experienced a subsequent default, is considered in the determination of an appropriate level of ACL. Credit Quality Indicators The ACL represents management's estimate of expected losses in Customers' loans and leases receivable portfolio, excluding commercial mortgage warehouse loans reported at fair value pursuant to a fair value option election and PPP loans receivable. Commercial and industrial including specialty lending, multifamily, owner occupied commercial real estate, non-owner occupied commercial real estate, and construction loans are rated based on an internally assigned risk rating system which is assigned at the time of loan origination and reviewed on a periodic, or on an “as needed” basis. Residential real estate, manufactured housing and installment loans are evaluated based on the payment activity of the loan. To facilitate the monitoring of credit quality within the commercial and industrial including specialty lending, multifamily, owner occupied commercial real estate, non-owner occupied commercial real estate, and construction loan portfolios, and as an input in the ACL lifetime loss rate model for the commercial and industrial loan portfolio, the Bank utilizes the following categories of risk ratings: pass/satisfactory (includes risk rating 1 through 6), special mention, substandard, doubtful, and loss. The risk rating categories, which are derived from standard regulatory rating definitions, are assigned upon initial approval of credit to borrowers and updated periodically thereafter. Pass ratings, which are assigned to those borrowers who do not have identified potential or well-defined weaknesses and for whom there is a high likelihood of orderly repayment, are updated periodically based on the size and credit characteristics of the borrower. All other categories are updated on a quarterly basis during the month preceding the end of the calendar quarter. While assigning risk ratings involves judgment, the risk-rating process allows management to identify riskier credits in a timely manner and allocate the appropriate resources to manage those loans and leases. The 2022 Form 10-K describes Customers Bancorp’s risk rating grades. Risk ratings are not established for certain consumer loans, including residential real estate, home equity, manufactured housing, and installment loans, mainly because these portfolios consist of a larger number of homogeneous loans with smaller balances. Instead, these portfolios are evaluated for risk mainly based upon aggregate payment history through the monitoring of delinquency levels and trends and are classified as performing and non-performing. The following tables present the credit ratings of loans and leases receivable and current period gross write-offs as of March 31, 2023 and December 31, 2022.
Loan Purchases and Sales Purchases and sales of loans were as follows for the three months ended March 31, 2023 and 2022:
(1)Amounts reported in the above table are the unpaid principal balance at time of purchase. The purchase price was 101.9% and 98.1% of the loans' unpaid principal balance for the three months ended March 31, 2023 and 2022, respectively. (2)Installment loan purchases for the three months ended March 31, 2023 and 2022 consist of third-party originated unsecured consumer loans. None of the loans held for investment are considered sub-prime at the time of origination. Customers considers sub-prime borrowers to be those with FICO scores below 660. (3)There were no sales of loans held for investment for the three months ended March 31, 2023. Gains of $1.5 million from the sales of loans held for investment for the three months ended March 31, 2022 are included in gain (loss) on sale of SBA and other loans in the consolidated statement of income. (4)Primarily sales of SBA loans. Loans Pledged as Collateral Customers has pledged eligible real estate, commercial and industrial, mortgage warehouse, PPP and consumer installment loans as collateral for borrowings outstanding or available immediately from the FHLB and FRB in the amount of $9.9 billion and $7.1 billion at March 31, 2023 and December 31, 2022, respectively.
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Leases | LEASES Lessee Customers has operating leases for its branches, certain LPOs, and administrative offices, with remaining lease terms ranging between one month and ten years. These operating leases comprise substantially all of Customers' obligations in which Customers is the lessee. These lease agreements typically consist of initial lease terms ranging between and ten years, with options to renew the leases or extend the term up to ten years at Customers' sole discretion. Some operating leases include variable lease payments that are based on an index or rate, such as the CPI. Variable lease payments are not included in the liability or ROU asset and are recognized in the period in which the obligation for those payments are incurred. Customers' operating lease agreements do not contain any material residual value guarantees or material restrictive covenants. Pursuant to these agreements, Customers does not have any commitments that would meet the definition of a finance lease. As most of Customers' operating leases do not provide an implicit rate, Customers utilized its incremental borrowing rate when determining the present value of lease payments. The following table summarizes operating lease ROU assets and operating lease liabilities and their corresponding balance sheet location:
The following table summarizes operating lease cost and its corresponding income statement location for the periods presented:
(1) There were no variable lease costs for the three months ended March 31, 2023 and 2022, and sublease income for operating leases was immaterial. Maturities of non-cancelable operating lease liabilities were as follows at March 31, 2023:
Customers does not have leases where it is involved with the construction or design of an underlying asset. Cash paid pursuant to the operating lease liabilities was $1.7 million and $1.2 million for the three months ended March 31, 2023 and 2022, respectively. These payments were reported as cash flows used in operating activities in the statement of cash flows. The following table summarizes the weighted average remaining lease term and discount rate for Customers' operating leases at March 31, 2023 and December 31, 2022:
Equipment Lessor CCF is a wholly-owned subsidiary of Customers Bank and is referred to as the Equipment Finance Group. The Equipment Finance Group goes to market through the following origination platforms: vendors, intermediaries, direct and capital markets. The Equipment Finance Group is primarily focused on serving the following segments: transportation, construction (includes crane and utility), marine, franchise, general manufacturing (includes machine tool), helicopter/fixed wing, solar, packaging, plastics and food processing. Lease terms typically range from 24 months to 120 months. The Equipment Finance Group offers the following products: Loans, Capital Lease, PUT, TRAC, Split-TRAC, and FMV. Direct finance equipment leases are included in commercial and industrial loans and leases receivable. The estimated residual values for direct finance and operating leases are established by utilizing internally developed analyses, external studies, and/or third-party appraisals to establish a residual position. For the direct finance leases, only Customers' Split-TRAC leases have residual risk and the unguaranteed portions are typically nominal. Expected credit losses on direct financing leases and the related estimated residual values are included in the ACL on loans and leases. Leased assets under operating leases are carried at amortized cost net of accumulated depreciation, and any impairment charges and are presented in other assets. The depreciation expense of the leased assets is recognized on a straight-line basis over the contractual term of the leases up to the expected residual value. The expected residual value and, accordingly, the monthly depreciation expense, may change throughout the term of the lease. Operating lease rental income for leased assets is recognized in commercial lease income on a straight-line basis over the lease term. Customers periodically reviews its operating leased assets for impairment. An impairment loss is recognized if the carrying amount of the operating leased asset exceeds its fair value and is not recoverable. The carrying amount of operating leased assets is not recoverable if it exceeds the sum of the undiscounted cash flows expected to result from the lease payments and the estimated residual value upon the eventual disposition of the equipment. The following table summarizes lease receivables and investment in operating leases and their corresponding balance sheet location at March 31, 2023 and December 31, 2022:
Maturities of operating and direct financing lease receivables were as follows at March 31, 2023:
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Leases | LEASES Lessee Customers has operating leases for its branches, certain LPOs, and administrative offices, with remaining lease terms ranging between one month and ten years. These operating leases comprise substantially all of Customers' obligations in which Customers is the lessee. These lease agreements typically consist of initial lease terms ranging between and ten years, with options to renew the leases or extend the term up to ten years at Customers' sole discretion. Some operating leases include variable lease payments that are based on an index or rate, such as the CPI. Variable lease payments are not included in the liability or ROU asset and are recognized in the period in which the obligation for those payments are incurred. Customers' operating lease agreements do not contain any material residual value guarantees or material restrictive covenants. Pursuant to these agreements, Customers does not have any commitments that would meet the definition of a finance lease. As most of Customers' operating leases do not provide an implicit rate, Customers utilized its incremental borrowing rate when determining the present value of lease payments. The following table summarizes operating lease ROU assets and operating lease liabilities and their corresponding balance sheet location:
The following table summarizes operating lease cost and its corresponding income statement location for the periods presented:
(1) There were no variable lease costs for the three months ended March 31, 2023 and 2022, and sublease income for operating leases was immaterial. Maturities of non-cancelable operating lease liabilities were as follows at March 31, 2023:
Customers does not have leases where it is involved with the construction or design of an underlying asset. Cash paid pursuant to the operating lease liabilities was $1.7 million and $1.2 million for the three months ended March 31, 2023 and 2022, respectively. These payments were reported as cash flows used in operating activities in the statement of cash flows. The following table summarizes the weighted average remaining lease term and discount rate for Customers' operating leases at March 31, 2023 and December 31, 2022:
Equipment Lessor CCF is a wholly-owned subsidiary of Customers Bank and is referred to as the Equipment Finance Group. The Equipment Finance Group goes to market through the following origination platforms: vendors, intermediaries, direct and capital markets. The Equipment Finance Group is primarily focused on serving the following segments: transportation, construction (includes crane and utility), marine, franchise, general manufacturing (includes machine tool), helicopter/fixed wing, solar, packaging, plastics and food processing. Lease terms typically range from 24 months to 120 months. The Equipment Finance Group offers the following products: Loans, Capital Lease, PUT, TRAC, Split-TRAC, and FMV. Direct finance equipment leases are included in commercial and industrial loans and leases receivable. The estimated residual values for direct finance and operating leases are established by utilizing internally developed analyses, external studies, and/or third-party appraisals to establish a residual position. For the direct finance leases, only Customers' Split-TRAC leases have residual risk and the unguaranteed portions are typically nominal. Expected credit losses on direct financing leases and the related estimated residual values are included in the ACL on loans and leases. Leased assets under operating leases are carried at amortized cost net of accumulated depreciation, and any impairment charges and are presented in other assets. The depreciation expense of the leased assets is recognized on a straight-line basis over the contractual term of the leases up to the expected residual value. The expected residual value and, accordingly, the monthly depreciation expense, may change throughout the term of the lease. Operating lease rental income for leased assets is recognized in commercial lease income on a straight-line basis over the lease term. Customers periodically reviews its operating leased assets for impairment. An impairment loss is recognized if the carrying amount of the operating leased asset exceeds its fair value and is not recoverable. The carrying amount of operating leased assets is not recoverable if it exceeds the sum of the undiscounted cash flows expected to result from the lease payments and the estimated residual value upon the eventual disposition of the equipment. The following table summarizes lease receivables and investment in operating leases and their corresponding balance sheet location at March 31, 2023 and December 31, 2022:
Maturities of operating and direct financing lease receivables were as follows at March 31, 2023:
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Leases | LEASES Lessee Customers has operating leases for its branches, certain LPOs, and administrative offices, with remaining lease terms ranging between one month and ten years. These operating leases comprise substantially all of Customers' obligations in which Customers is the lessee. These lease agreements typically consist of initial lease terms ranging between and ten years, with options to renew the leases or extend the term up to ten years at Customers' sole discretion. Some operating leases include variable lease payments that are based on an index or rate, such as the CPI. Variable lease payments are not included in the liability or ROU asset and are recognized in the period in which the obligation for those payments are incurred. Customers' operating lease agreements do not contain any material residual value guarantees or material restrictive covenants. Pursuant to these agreements, Customers does not have any commitments that would meet the definition of a finance lease. As most of Customers' operating leases do not provide an implicit rate, Customers utilized its incremental borrowing rate when determining the present value of lease payments. The following table summarizes operating lease ROU assets and operating lease liabilities and their corresponding balance sheet location:
The following table summarizes operating lease cost and its corresponding income statement location for the periods presented:
(1) There were no variable lease costs for the three months ended March 31, 2023 and 2022, and sublease income for operating leases was immaterial. Maturities of non-cancelable operating lease liabilities were as follows at March 31, 2023:
Customers does not have leases where it is involved with the construction or design of an underlying asset. Cash paid pursuant to the operating lease liabilities was $1.7 million and $1.2 million for the three months ended March 31, 2023 and 2022, respectively. These payments were reported as cash flows used in operating activities in the statement of cash flows. The following table summarizes the weighted average remaining lease term and discount rate for Customers' operating leases at March 31, 2023 and December 31, 2022:
Equipment Lessor CCF is a wholly-owned subsidiary of Customers Bank and is referred to as the Equipment Finance Group. The Equipment Finance Group goes to market through the following origination platforms: vendors, intermediaries, direct and capital markets. The Equipment Finance Group is primarily focused on serving the following segments: transportation, construction (includes crane and utility), marine, franchise, general manufacturing (includes machine tool), helicopter/fixed wing, solar, packaging, plastics and food processing. Lease terms typically range from 24 months to 120 months. The Equipment Finance Group offers the following products: Loans, Capital Lease, PUT, TRAC, Split-TRAC, and FMV. Direct finance equipment leases are included in commercial and industrial loans and leases receivable. The estimated residual values for direct finance and operating leases are established by utilizing internally developed analyses, external studies, and/or third-party appraisals to establish a residual position. For the direct finance leases, only Customers' Split-TRAC leases have residual risk and the unguaranteed portions are typically nominal. Expected credit losses on direct financing leases and the related estimated residual values are included in the ACL on loans and leases. Leased assets under operating leases are carried at amortized cost net of accumulated depreciation, and any impairment charges and are presented in other assets. The depreciation expense of the leased assets is recognized on a straight-line basis over the contractual term of the leases up to the expected residual value. The expected residual value and, accordingly, the monthly depreciation expense, may change throughout the term of the lease. Operating lease rental income for leased assets is recognized in commercial lease income on a straight-line basis over the lease term. Customers periodically reviews its operating leased assets for impairment. An impairment loss is recognized if the carrying amount of the operating leased asset exceeds its fair value and is not recoverable. The carrying amount of operating leased assets is not recoverable if it exceeds the sum of the undiscounted cash flows expected to result from the lease payments and the estimated residual value upon the eventual disposition of the equipment. The following table summarizes lease receivables and investment in operating leases and their corresponding balance sheet location at March 31, 2023 and December 31, 2022:
Maturities of operating and direct financing lease receivables were as follows at March 31, 2023:
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Deposits |
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Deposits | DEPOSITS The components of deposits at March 31, 2023 and December 31, 2022 were as follows:
The scheduled maturities for time deposits at March 31, 2023 were as follows:
Time deposits greater than the FDIC limit of $250,000 totaled $61.1 million and $85.5 million at March 31, 2023 and December 31, 2022, respectively. Included in the demand, interest bearing balances above were $755.4 million and $553.2 million of brokered demand deposits at March 31, 2023 and December 31, 2022, respectively. Included in the savings and money market deposit account balances above were $10.4 million and $415.7 million of brokered money market deposits at March 31, 2023 and December 31, 2022, respectively. Included in time deposits above were $5.3 billion and $4.0 billion of brokered time deposits at March 31, 2023 and December 31, 2022, respectively. Demand deposit overdrafts reclassified as loans were $2.4 million and $3.7 million at March 31, 2023 and December 31, 2022, respectively. In 2021, Customers Bancorp completed the divestiture of BMT, the technology arm of its BankMobile segment, to MFAC Merger Sub Inc., an indirect wholly-owned subsidiary of MFAC. In connection with the closing of the divestiture, MFAC changed its name to “BM Technologies, Inc.” In connection with the divestiture, Customers entered into various agreements with BM Technologies, including a deposit servicing agreement. Customers incurred expenses of $7.6 million and $17.8 million to BM Technologies under the deposit servicing agreement, included within the technology, communication and bank operations expense in non-interest expense during the three months ended March 31, 2023 and 2022, respectively. Customers held $1.1 billion of deposits serviced by BM Technologies as of March 31, 2023 and December 31, 2022. On March 22, 2023, Customers agreed to extend the deposit servicing agreement to the earlier of BM Technologies' successful completion of the transfer of the serviced deposits in connection with BM Technologies' Higher Education business to a new sponsor bank or June 30, 2024. Also on March 22, 2023, Customers agreed to amend and extend an existing white label relationship with a third party and BM Technologies, whereby Customers will continue to pay deposit servicing fees to BM Technologies.
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Borrowings |
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Borrowings | BORROWINGS Short-term debt Short-term debt at March 31, 2023 and December 31, 2022 was as follows:
The following is a summary of additional information relating to Customers' short-term debt:
(1) For the three months ended March 31, 2023. (2) For the year ended December 31, 2022. (3) Includes advances under the BTFP. The BTFP offers loans of up to one year to eligible depository institutions pledging any collateral valued at par, that are eligible for purchase by the Federal Reserve Banks in open market operations, such as U.S. Treasuries, U.S. agency securities, and U.S. agency mortgage-backed securities. At March 31, 2023 and December 31, 2022, Customers Bank had aggregate availability under federal funds lines totaling $1.7 billion. Long-term debt FHLB and FRB advances Long-term FHLB and FRB advances at March 31, 2023 and December 31, 2022 were as follows:
(1) Amounts reported in the above table include variable and fixed rate long-term advances from FHLB of $1.1 billion with maturities ranging from June 2024 to September 2026 with a returnable option that can be repaid without penalty on certain predetermined dates at Customers Bank's option, and fixed rate long-term advances of $950.0 million with maturities ranging from March 2025 to March 2028, at March 31, 2023. (2) Includes $2.1 million of unamortized basis adjustments from a terminated interest rate swap designated as a fair value hedge of a long-term advance from FHLB of $250 million with a fixed rate of 3.30% and maturity of June 2027, at March 31, 2023. Maturities of long-term FHLB advances were as follows at March 31, 2023:
(1) Amounts reported in the above table include variable and fixed rate long-term advances from FHLB of $1.1 billion with maturities ranging from June 2024 to September 2026 with a returnable option that can be repaid without penalty on certain predetermined dates at Customers Bank's option. The maximum borrowing capacity with the FHLB and FRB at March 31, 2023 and December 31, 2022 was as follows:
(1) Includes $508.2 million of borrowing capacity available under the BTFP, which offers loans of up to one year to eligible depository institutions pledging any collateral valued at par, that are eligible for purchase by the Federal Reserve Banks in open market operations, such as U.S. Treasuries, U.S. agency securities, and U.S. agency mortgage-backed securities. Senior and Subordinated Debt Long-term senior notes and subordinated debt at March 31, 2023 and December 31, 2022 were as follows:
(1)The senior notes will bear an annual fixed rate of 2.875% until August 15, 2026. From August 15, 2026 until maturity, the notes will bear an annual interest rate equal to a benchmark rate, which is expected to be the three-month term SOFR after June 30, 2023, plus 235 basis points. Customers Bancorp has the ability to call the senior notes, in whole, or in part, at a redemption price equal to 100% of the principal balance at certain times on or after August 15, 2026. (2)The subordinated notes qualify as Tier 2 capital for regulatory capital purposes. (3)Customers Bancorp has the ability to call the subordinated notes, in whole, or in part, at a redemption price equal to 100% of the principal balance at certain times on or after December 30, 2029. (4)The subordinated notes will bear an annual fixed rate of 6.125% until June 26, 2024. From June 26, 2024 until maturity, the notes will bear an annual interest rate equal to the three-month LIBOR plus 344.3 basis points. Customers Bank has the ability to call the subordinated notes, in whole, or in part, at a redemption price equal to 100% of the principal balance at certain times on or after June 26, 2024.
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Shareholders' Equity |
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Shareholders' Equity | SHAREHOLDERS’ EQUITY Common Stock On August 25, 2021, the Board of Directors of Customers Bancorp authorized the Share Repurchase Program to repurchase up to 3,235,326 shares of the Company's common stock (representing 10% of the Company’s outstanding shares of common stock on June 30, 2021). The term of the Share Repurchase Program was extended to September 27, 2023, unless earlier terminated. Purchases of shares under the Share Repurchase Program may be executed through open market purchases, privately negotiated transactions, through the use of Rule 10b5-1 plans, or otherwise. The exact number of shares, timing for such purchases, and the price and terms at and on which such purchases are to be made will be at the discretion of the Company and will comply with all applicable regulatory limitations. Customers Bancorp purchased 1,379,883 shares of its common stock for $39.8 million and 115,324 shares for $6.3 million under the Share Repurchase Program during the three months ended March 31, 2023 and 2022, respectively. Preferred Stock As of March 31, 2023 and December 31, 2022, Customers Bancorp has two series of preferred stock outstanding. The table below summarizes Customers' issuances of preferred stock that remain outstanding at March 31, 2023 and December 31, 2022 and the dividends paid per share.
(1) For the three months ended March 31, 2023.
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Regulatory Capital |
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Regulatory Capital [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Regulatory Capital | REGULATORY CAPITAL The Bank and the Bancorp are subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet the minimum capital requirements can result in certain mandatory, and possibly additional discretionary, actions by regulators that, if undertaken, could have a direct material effect on Customers' financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Bank and the Bancorp must meet specific capital guidelines that involve quantitative measures of their assets, liabilities and certain off-balance sheet items, as calculated under the regulatory accounting practices. The capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings and other factors. Prompt corrective action provisions are not applicable to bank holding companies. In first quarter 2020, the U.S federal banking regulatory agencies permitted banking organizations to phase-in, for regulatory capital purposes, the day-one impact of the new CECL accounting rule on retained earnings over a period of three years. As part of its response to the impact of COVID-19, on March 31, 2020, the U.S. federal banking regulatory agencies issued an interim final rule that provided the option to temporarily delay certain effects of CECL on regulatory capital for two years, followed by a three-year transition period. The interim final rule allows banking organizations to delay for two years 100% of the day-one impact of adopting CECL and 25% of the cumulative change in the reported allowance for credit losses since adopting CECL. Customers has elected to adopt the interim final rule, which is reflected in the regulatory capital data presented below. The cumulative CECL capital transition impact as of December 31, 2021 which amounted to $61.6 million will be phased in at 25% per year beginning on January 1, 2022 through December 31, 2024. As of March 31, 2023, our regulatory capital ratios reflected 50%, or $30.8 million, benefit associated with the CECL transition provisions. In April 2020, the U.S. federal banking regulatory agencies issued an interim final rule that permits banks to exclude the impact of participating in the SBA PPP program in their regulatory capital ratios. Specifically, PPP loans are zero percent risk weighted and a bank can exclude all PPP loans pledged as collateral to the PPPLF from its average total consolidated assets for purposes of calculating the Tier 1 capital to average assets ratio (i.e. a leverage ratio). Customers applied this regulatory guidance in the calculation of its regulatory capital ratios presented below. Quantitative measures established by regulation to ensure capital adequacy require the Bank and the Bancorp to maintain minimum amounts and ratios (set forth in the following table) of common equity Tier 1, Tier 1, and total capital to risk-weighted assets, and Tier 1 capital to average assets (as defined in the regulations). At March 31, 2023 and December 31, 2022, the Bank and the Bancorp satisfied all capital requirements to which they were subject. Generally, to comply with the regulatory definition of adequately capitalized, or well capitalized, respectively, or to comply with the Basel III capital requirements, an institution must at least maintain the common equity Tier 1, Tier 1 and total risk-based capital ratios and the Tier 1 leverage ratio in excess of the related minimum ratios as set forth in the following table:
The Basel III Capital Rules require that we maintain a 2.500% capital conservation buffer with respect to each of common equity Tier 1, Tier 1 and total capital to risk-weighted assets, which provides for capital levels that exceed the minimum risk-based capital adequacy requirements. A financial institution with a conservation buffer of less than the required amount is subject to limitations on capital distributions, including dividend payments and stock repurchases, and certain discretionary bonus payments to executive officers.
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Disclosures About Fair Value of Financial Instruments |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosures About Fair Value of Financial Instruments | DISCLOSURES ABOUT FAIR VALUE OF FINANCIAL INSTRUMENTSCustomers uses fair value measurements to record fair value adjustments to certain assets and liabilities and to disclose the fair value of its financial instruments. ASC 825, Financial Instruments, requires disclosure of the estimated fair value of an entity’s assets and liabilities considered to be financial instruments. For Customers, as for most financial institutions, the majority of its assets and liabilities are considered to be financial instruments. Many of these instruments lack an available trading market as characterized by a willing buyer and a willing seller engaging in an exchange transaction. For fair value disclosure purposes, Customers utilized certain fair value measurement criteria under ASC 820, Fair Value Measurements and Disclosures ("ASC 820"), as explained below. In accordance with ASC 820, the fair value of a financial instrument is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value is best determined based upon quoted market prices. However, in many instances, there are no quoted market prices for Customers' various financial instruments. In cases where quoted market prices are not available, fair values are based on estimates using present value or other valuation techniques. Those techniques are significantly affected by the assumptions used, including the discount rate and estimates of future cash flows. Accordingly, the fair value estimates may not be realized in an immediate settlement of the instrument. The fair value guidance provides a consistent definition of fair value, focusing on an exit price in an orderly transaction (that is, not a forced liquidation or distressed sale) between market participants at the measurement date under current market conditions. If there has been a significant decrease in the volume and level of activity for the asset or liability, a change in valuation technique or the use of multiple valuation techniques may be appropriate. In such instances, determining the price at which willing market participants would transact at the measurement date under current market conditions depends on the facts and circumstances and requires the use of significant judgment. The fair value is a reasonable point within the range that is most representative of fair value under current market conditions. The fair value guidance also establishes a fair value hierarchy and describes the following three levels used to classify fair value measurements. Level 1: Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. Level 2: Quoted prices in markets that are not active, or inputs that are observable either directly or indirectly, for substantially the full term of the asset or liability. Level 3: Prices or valuation techniques that require adjustments to inputs that are both significant to the fair value measurement and unobservable (i.e., supported with little or no market activity). A financial instrument’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The following methods and assumptions were used to estimate the fair values of Customers' financial instruments as of March 31, 2023 and December 31, 2022: Financial Instruments Recorded at Fair Value on a Recurring Basis Investment securities: The fair values of equity securities with a readily determinable fair value, AFS debt securities and debt securities reported at fair value based on a fair value option election are determined by obtaining quoted market prices on nationally recognized and foreign securities exchanges (Level 1), quoted prices in markets that are not active (Level 2), matrix pricing (Level 2), which is a mathematical technique used widely in the industry to value debt securities without relying exclusively on quoted market prices for the specific securities but rather by relying on the securities’ relationship to other benchmark quoted prices, or internally and externally developed models that use unobservable inputs due to limited or no market activity of the instrument (Level 3). When quoted market prices are not available, Customers employs an independent pricing service that utilizes matrix pricing 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 prepayments speeds, credit information, and respective terms and conditions for debt instruments. Management maintains procedures to monitor the pricing service's results and has an established process to challenge their valuations, or methodologies, that appear unusual or unexpected. Customers also utilizes internally and externally developed models that use unobservable inputs due to limited or no market activity of the instrument. These models use unobservable inputs that are inherently judgmental and reflect our best estimates of the assumptions a market participant would use to calculate fair value. Certain unobservable inputs in isolation may have either a directionally consistent or opposite impact on the fair value of the instrument for a given change in that input. When multiple inputs are used within the valuation techniques, a change in one input in a certain direction may be offset by an opposite change from another input. These assets are classified as Level 1, 2 or 3 fair values, based upon the lowest level of input that is significant to the fair value measurements. Loans held for sale - Residential mortgage loans (fair value option): Customers generally estimates the fair values of residential mortgage loans held for sale based on commitments on hand from investors within the secondary market for loans with similar characteristics. These assets are classified as Level 2 fair values, based upon the lowest level of input that is significant to the fair value measurements. Loans receivable - Commercial mortgage warehouse loans (fair value option): The fair value of commercial mortgage warehouse loans is the amount of cash initially advanced to fund the mortgage, plus accrued interest and fees, as specified in the respective agreements. The loan is used by mortgage companies as short-term bridge financing between the funding of the mortgage loans and the finalization of the sale of the loans to an investor. Changes in fair value are not generally expected to be recognized because at inception of the transaction the underlying mortgage loans have already been sold to an approved investor. Additionally, the interest rate is variable, and the transaction is short-term, with an average life of under 30 days from purchase to sale. These assets are classified as Level 2 fair values, based upon the lowest level of input that is significant to the fair value measurements. Derivatives (assets and liabilities): The fair values of interest rate swaps, interest rate caps and credit derivatives are determined using models that incorporate readily observable market data into a market standard methodology. This methodology nets the discounted future cash receipts and the discounted expected cash payments. The discounted variable cash receipts and payments are based on expectations of future interest rates derived from observable market interest rate curves. In addition, fair value is adjusted for the effect of nonperformance risk by incorporating credit valuation adjustments for Customers and its counterparties. These assets and liabilities are classified as Level 2 fair values, based upon the lowest level of input that is significant to the fair value measurements. The fair values of the residential mortgage loan commitments are derived from the estimated fair values that can be generated when the underlying mortgage loan is sold in the secondary market. Customers generally uses commitments on hand from third party investors to estimate an exit price and adjusts for the probability of the commitment being exercised based on Customers' internal experience (i.e., pull-through rate). These assets and liabilities are classified as Level 3 fair values, based upon the lowest level of input that is significant to the fair value measurements. Derivative assets and liabilities are presented in other assets and accrued interest payable and other liabilities on the consolidated balance sheet. Financial Instruments Recorded at Fair Value on a Nonrecurring Basis Collateral-dependent loans: Collateral-dependent loans are those loans that are accounted for under ASC 326, Financial Instruments - Credit Losses ("ASC 326"), in which the Bank has measured impairment generally based on the fair value of the loan’s collateral or DCF analysis. Fair value is generally determined based upon independent third-party appraisals of the properties that collateralize the loans, DCF based upon the expected proceeds, sales agreements or letters of intent with third parties. These assets are generally classified as Level 3 fair values, based upon the lowest level of input that is significant to the fair value measurements. The following information should not be interpreted as an estimate of Customers' fair value in its entirety because fair value calculations are only provided for a limited portion of Customers' assets and liabilities. Due to a wide range of valuation techniques and the degree of subjectivity used in making these estimates, comparisons between Customers' disclosures and those of other companies may not be meaningful. The estimated fair values of Customers' financial instruments at March 31, 2023 and December 31, 2022 were as follows:
The changes in asset-backed securities (Level 3 assets) measured at fair value on a recurring basis for the three months ended March 31, 2023 and 2022 are summarized in the table below.
There were no transfers between levels during the three months ended March 31, 2023 and 2022. The following tables summarize financial assets and financial liabilities measured at fair value as of March 31, 2023 and December 31, 2022 on a recurring and nonrecurring basis for which Customers utilized Level 3 inputs to measure fair value. The unobservable Level 3 inputs noted below contain a level of uncertainty that may differ from what is realized in an immediate settlement of the assets. Therefore, Customers may realize a value higher or lower than the current estimated fair value of the assets.
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Derivative Instruments and Hedging Activities |
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities | DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES Risk Management Objectives of Using Derivatives Customers is exposed to certain risks arising from both its business operations and economic conditions. Customers manages economic risks, including interest rate, liquidity and credit risk, primarily by managing the amount, sources, and durations of its assets and liabilities. Specifically, Customers enters into derivative financial instruments to manage exposures that arise from business activities that result in the receipt or payment of future known and uncertain cash amounts, the values of which are determined by interest rates. Customers’ derivative financial instruments are used to manage differences in the amount, timing, and duration of Customers’ known or expected cash receipts and its known or expected cash payments principally related to certain borrowings and deposits. Customers also has interest-rate derivatives resulting from an accommodation provided to certain qualifying customers, and therefore, they are not used to manage Customers’ interest-rate risk in assets or liabilities. Customers manages a matched book with respect to its derivative instruments used in this customer service in order to minimize its net risk exposure resulting from such transactions. Fair Value Hedges of Benchmark Interest-Rate Risk Customers is exposed to changes in the fair value of certain of its fixed rate AFS debt securities, deposits and FHLB advances due to changes in the benchmark interest rate. Customers uses interest rate swaps to manage its exposure to changes in fair value on these instruments attributable to changes in the designated benchmark interest rate such as the Fed Funds Effective Swap Rate. Interest rate swaps designated as fair value hedges of certain of its fixed rate AFS debt securities involve the payment of fixed-rate amounts to a counterparty in exchange for Customers receiving variable-rate payments over the life of the agreements without the exchange of the underlying notional amount. Interest rate swaps designated as fair value hedges of certain deposits and FHLB advances involve the payment of variable-rate amounts to a counterparty in exchange for Customers receiving fixed-rate payments over the life of the agreements without the exchange of the underlying notional amount. For derivatives designated and that qualify as fair value hedges, the gain or loss on the derivative as well as the offsetting loss or gain on the hedged item attributable to the hedged risk are recognized in net interest income. At March 31, 2023, Customers had three outstanding interest rate derivatives with notional amounts totaling $22.5 million that were designated as fair value hedges of certain AFS debt securities. During the three months ended March 31, 2023, Customers entered into, and terminated two interest rate derivatives with notional amounts totaling $550.0 million that were designated as fair value hedges of certain deposits and FHLB advances resulting in $4.6 million of basis adjustments which will be amortized over the remaining terms of the hedged items as a reduction in interest expense. During the three months ended March 31, 2022, Customers terminated two interest rate derivatives with notional amounts totaling $16.5 million that were designated as fair value hedges together with the sale of hedged AFS debt securities. At December 31, 2022, Customers had three outstanding interest rate derivatives with notional amounts totaling $22.5 million designated as fair value hedges of certain AFS debt securities. As of March 31, 2023 and December 31, 2022, the following amounts were recorded on the consolidated balance sheet related to cumulative basis adjustments for fair value hedges.
Derivatives Not Designated as Hedging Instruments Customers executes interest rate swaps (typically the loan customers will swap a floating-rate loan for a fixed-rate loan) and interest rate caps with commercial banking customers to facilitate their respective risk management strategies. The customer interest rate swaps and interest rate caps are simultaneously offset by interest rate swaps and interest rate caps that Customers executes with a third party in order to minimize interest-rate risk exposure resulting from such transactions. As the interest rate swaps and interest rate caps associated with this program do not meet the hedge accounting requirements, changes in the fair value of both the customer swaps and caps and the offsetting third-party market swaps and caps are recognized directly in earnings. At March 31, 2023, Customers had 139 interest rate swaps with an aggregate notional amount of $1.3 billion and 12 interest rate caps with an aggregated notional amount of $244.6 million related to this program. At December 31, 2022, Customers had 141 interest rate swaps with an aggregate notional amount of $1.3 billion and 12 interest rate caps with an aggregate notional amount of $245.8 million related to this program. Customers enters into residential mortgage loan commitments in connection with its consumer mortgage banking activities to fund mortgage loans at specified rates and times in the future. These commitments are short-term in nature and generally expire in 30 to 60 days. The residential mortgage loan commitments that relate to the origination of mortgage loans that will be held for sale are considered derivative instruments under applicable accounting guidance and are reported at fair value, with changes in fair value recorded directly in earnings. At March 31, 2023 and December 31, 2022, Customers had an aggregate notional amount of residential mortgage loan commitments of $3.3 million and $1.5 million, respectively. Customers has also purchased and sold credit derivatives to either hedge or participate in the performance risk associated with some of its counterparties. These derivatives are not designated as hedging instruments and are reported at fair value, with changes in fair value recorded directly in earnings. At March 31, 2023 and December 31, 2022, Customers had an aggregate notional amount of credit derivatives of $123.5 million and $142.0 million, respectively. Fair Value of Derivative Instruments on the Balance Sheet The following tables present the fair value of Customers' derivative financial instruments as well as their presentation on the consolidated balance sheets as of March 31, 2023 and December 31, 2022.
Effect of Derivative Instruments on Net Income The following table presents amounts included in the consolidated statements of income related to derivatives designated as fair value hedges and derivatives not designated as hedges for the three months ended March 31, 2023 and 2022.
Credit-risk-related Contingent Features By entering into derivative contracts, Customers is exposed to credit risk. The credit risk associated with derivatives executed with customers is the same as that involved in extending the related loans and is subject to the same standard credit policies. To mitigate the credit-risk exposure to major derivative dealer counterparties, Customers only enters into agreements with those counterparties that maintain credit ratings of high quality or with central clearing parties. Agreements with major derivative dealer counterparties contain provisions whereby default on any of Customers' indebtedness would be considered a default on its derivative obligations. Customers also has entered into agreements that contain provisions under which the counterparty could require Customers to settle its obligations if Customers fails to maintain its status as a well/adequately capitalized institution. As of March 31, 2023, the fair value of derivatives in a net asset position (which includes accrued interest but excludes any adjustment for nonperformance-risk) related to these agreements was $21.0 million. In addition, Customers, which has collateral posting thresholds with certain of these counterparties, had received $23.0 million of cash as collateral at March 31, 2023. Customers records cash posted or received as collateral with these counterparties, except with a central clearing entity, as a reduction or an increase in the outstanding balance of cash and cash equivalents and an increase in the balance of other assets or other liabilities. Disclosures about Offsetting Assets and Liabilities The following tables present derivative instruments that are subject to enforceable master netting arrangements. Customers' interest rate swaps and interest rate caps with institutional counterparties are subject to master netting arrangements and are included in the tables below. Interest rate swaps and interest rate caps with commercial banking customers and residential mortgage loan commitments are not subject to master netting arrangements and are excluded from the tables below. Customers has not made a policy election to offset its derivative positions.
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Loss Contingencies |
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Mar. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Loss Contingencies | LOSS CONTINGENCIESLoss contingencies, including claims and legal actions arising in the ordinary course of business, are recorded as liabilities when the likelihood of loss is probable and an amount or range of loss can be reasonably estimated. Management does not believe there are any such matters that will have a material effect on the consolidated financial statements that are not currently accrued for. However, in light of the uncertainties inherent in these matters, it is possible that the ultimate resolution may have a material adverse effect on Customers’ results of operations for a particular period, and future changes in circumstances or additional information could result in accruals or resolution in excess of established accruals, which could adversely affect Customers’ results of operations, potentially materially. |
Significant Accounting Policies and Basis of Presentation (Policies) |
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Accounting Policies [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Basis of Presentation | Basis of Presentation The interim unaudited consolidated financial statements have been prepared in conformity with U.S. GAAP and pursuant to the rules and regulations of the SEC. These interim unaudited consolidated financial statements reflect all normal and recurring adjustments that are, in the opinion of management, necessary to present a fair statement of the financial position and the results of operations and cash flows of Customers Bancorp and subsidiaries for the interim periods presented. Certain information and footnote disclosures normally included in the annual consolidated financial statements have been omitted from these interim unaudited consolidated financial statements as permitted by SEC rules and regulations. The December 31, 2022 consolidated balance sheet presented in this report has been derived from Customers Bancorp’s audited 2022 consolidated financial statements. Management believes that the disclosures are adequate to present fairly the consolidated financial statements as of the dates and for the periods presented. These interim unaudited consolidated financial statements should be read in conjunction with the 2022 consolidated financial statements of Customers Bancorp and subsidiaries included in Customers' Annual Report on Form 10-K for the year ended December 31, 2022 filed with the SEC on February 28, 2023 (the "2022 Form 10-K"). The 2022 Form 10-K describes Customers Bancorp’s significant accounting policies. There have been no material changes to Customers Bancorp's significant accounting policies noted above for the three months ended March 31, 2023.
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Recently Issued Accounting Standards and Accounting Standards Issued But Not Yet Adopted | Recently Issued Accounting Standards Presented below are recently issued accounting standards that Customers has adopted as well as those that the FASB has issued but are not yet effective. Accounting Standards Adopted in 2022
Accounting Standards Adopted in 2023
Accounting Standards Issued But Not Yet Adopted
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Variable Interest Entity | Customers' transactions with unconsolidated VIEs include sales of consumer installment loans and investments in the securities issued by the VIEs. Customers is not the primary beneficiary of the VIEs because Customers has no right to make decisions that will most significantly affect the economic performance of the VIEs. Customers' continuing involvement with the unconsolidated VIEs is not significant. Customers' continuing involvement is not considered to be significant where Customers only invests in securities issued by the VIE and was not involved in the design of the VIE or where Customers has transferred financial assets to the VIE for only cash consideration. Customers' investments in the securities issued by the VIEs are classified as AFS or HTM debt securities on the consolidated balance sheets, and represent Customers' maximum exposure to loss. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurement | Customers uses fair value measurements to record fair value adjustments to certain assets and liabilities and to disclose the fair value of its financial instruments. ASC 825, Financial Instruments, requires disclosure of the estimated fair value of an entity’s assets and liabilities considered to be financial instruments. For Customers, as for most financial institutions, the majority of its assets and liabilities are considered to be financial instruments. Many of these instruments lack an available trading market as characterized by a willing buyer and a willing seller engaging in an exchange transaction. For fair value disclosure purposes, Customers utilized certain fair value measurement criteria under ASC 820, Fair Value Measurements and Disclosures ("ASC 820"), as explained below. In accordance with ASC 820, the fair value of a financial instrument is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value is best determined based upon quoted market prices. However, in many instances, there are no quoted market prices for Customers' various financial instruments. In cases where quoted market prices are not available, fair values are based on estimates using present value or other valuation techniques. Those techniques are significantly affected by the assumptions used, including the discount rate and estimates of future cash flows. Accordingly, the fair value estimates may not be realized in an immediate settlement of the instrument. The fair value guidance provides a consistent definition of fair value, focusing on an exit price in an orderly transaction (that is, not a forced liquidation or distressed sale) between market participants at the measurement date under current market conditions. If there has been a significant decrease in the volume and level of activity for the asset or liability, a change in valuation technique or the use of multiple valuation techniques may be appropriate. In such instances, determining the price at which willing market participants would transact at the measurement date under current market conditions depends on the facts and circumstances and requires the use of significant judgment. The fair value is a reasonable point within the range that is most representative of fair value under current market conditions. The fair value guidance also establishes a fair value hierarchy and describes the following three levels used to classify fair value measurements. Level 1: Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. Level 2: Quoted prices in markets that are not active, or inputs that are observable either directly or indirectly, for substantially the full term of the asset or liability. Level 3: Prices or valuation techniques that require adjustments to inputs that are both significant to the fair value measurement and unobservable (i.e., supported with little or no market activity). A financial instrument’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement.
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Derivatives | Risk Management Objectives of Using Derivatives Customers is exposed to certain risks arising from both its business operations and economic conditions. Customers manages economic risks, including interest rate, liquidity and credit risk, primarily by managing the amount, sources, and durations of its assets and liabilities. Specifically, Customers enters into derivative financial instruments to manage exposures that arise from business activities that result in the receipt or payment of future known and uncertain cash amounts, the values of which are determined by interest rates. Customers’ derivative financial instruments are used to manage differences in the amount, timing, and duration of Customers’ known or expected cash receipts and its known or expected cash payments principally related to certain borrowings and deposits. Customers also has interest-rate derivatives resulting from an accommodation provided to certain qualifying customers, and therefore, they are not used to manage Customers’ interest-rate risk in assets or liabilities. Customers manages a matched book with respect to its derivative instruments used in this customer service in order to minimize its net risk exposure resulting from such transactions.
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Significant Accounting Policies and Basis of Presentation (Tables) |
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Accounting Policies [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of New Accounting Pronouncements and Changes in Accounting Principles | Presented below are recently issued accounting standards that Customers has adopted as well as those that the FASB has issued but are not yet effective. Accounting Standards Adopted in 2022
Accounting Standards Adopted in 2023
Accounting Standards Issued But Not Yet Adopted
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Earnings (Loss) Per Share (Tables) |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of Earnings (Loss) Per Share | The following are the components and results of Customers' earnings per common share calculations for the periods presented.
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Anti-dilutive Securities Excluded from Computation of Earnings Per Share | The following are securities that could potentially dilute basic earnings per common share in future periods that were not included in the computation of diluted earnings per common share because either the performance conditions for certain of the share-based compensation awards have not been met or to do so would have been anti-dilutive for the periods presented.
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Changes in Accumulated Other Comprehensive Income (Loss) By Component (Tables) |
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Mar. 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Changes in Accumulated Other Comprehensive Income (Loss) | The following tables present the changes in accumulated other comprehensive income (loss) by component for the three months ended March 31, 2023 and 2022. Amounts in parentheses indicate reductions to AOCI.
(1)Reclassification amounts for AFS debt securities are reported as gain (loss) on sale of investment securities and amortization of unrealized losses on debt securities transferred from available-for-sale to held-to-maturity is reported within interest income on the consolidated statements of income.
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Investment Securities (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Amortized Cost and Approximate Fair Value of Investment Securities and Held to Maturity Securities | The amortized cost, approximate fair value and allowance for credit losses of investment securities at fair value as of March 31, 2023 and December 31, 2022 are summarized as follows:
(1)Accrued interest on AFS debt securities totaled $19.6 million and $16.7 million at March 31, 2023 and December 31, 2022, respectively, and is included in accrued interest receivable on the consolidated balance sheet. (2)Includes perpetual preferred stock issued by domestic banks and domestic bank holding companies and equity securities issued by fintech companies, without a readily determinable fair value, and CRA-qualified mutual fund shares at March 31, 2023 and December 31, 2022. No impairments or measurement adjustments have been recorded on the equity securities without a readily determinable fair value since acquisition. The amortized cost, approximate fair value and allowance for credit losses of investment securities held to maturity as of March 31, 2023 and December 31, 2022 are summarized as follows:
(1)Accrued interest on HTM debt securities totaled $1.5 million and $1.0 million at March 31, 2023 and December 31, 2022, respectively, and is included in accrued interest receivable on the consolidated balance sheet.
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Gain (Loss) on Securities | The following table presents gross realized gains and realized losses from the sale of AFS debt securities for the three months ended March 31, 2023 and 2022:
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Summary of Available-for-Sale and Held to Maturity Debt Securities by Stated Maturity | The following table presents AFS debt securities by stated maturity. Debt securities backed by mortgages and other assets have expected maturities that differ from contractual maturities because borrowers have the right to call or prepay and, therefore, these debt securities are classified separately with no specific maturity date:
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Debt Securities, Available-for-sale, Unrealized Loss Position, Fair Value | Gross unrealized losses and fair value of Customers' AFS debt securities for which an allowance for credit losses has not been recorded, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at March 31, 2023 and December 31, 2022 were as follows:
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Debt Securities, Available-for-sale, Allowance for Credit Loss | The following tables present the activity in the allowance for credit losses on AFS debt securities, by major security type, for the periods presented:
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Debt Securities, Held-to-Maturity, Credit Quality Indicator | The following table presents the amortized cost of HTM debt securities based on their lowest credit rating available:
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Loans Held for Sale (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Receivables Held-for-sale [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Composition of Loans Held for Sale | The composition of loans held for sale as of March 31, 2023 and December 31, 2022 was as follows:
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Loans and Leases Receivable and Allowance for Credit Losses on Loans and Leases (Tables) |
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Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Loans and Leases Receivable | The following table presents loans and leases receivable as of March 31, 2023 and December 31, 2022.
(1)Includes direct finance equipment leases of $168.8 million and $157.4 million at March 31, 2023 and December 31, 2022, respectively. (2)Includes deferred (fees) costs and unamortized (discounts) premiums, net of $(0.7) million and $(21.5) million at March 31, 2023 and December 31, 2022, respectively.
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Loans and Leases Receivable by Loan Type and Performance Status | The following tables summarize loans and leases receivable by loan and lease type and performance status as of March 31, 2023 and December 31, 2022:
(1)Includes past due loans and leases that are accruing interest because collection is considered probable. (2)Includes loans amounting to $1.7 million and $1.9 million as of March 31, 2023 and December 31, 2022, respectively, that are still accruing interest because collection is considered probable. (3)Loans and leases where next payment due is less than 30 days from the report date. The tables exclude PPP loans of $246.3 million, of which $0.8 million were 30-59 days past due and $117.9 million were 60 days or more past due as of March 31, 2023, and PPP loans of $998.2 million, of which $0.6 million were 30-59 days past due and $36.0 million were 60 days or more past due as of December 31, 2022. Claims for guarantee payments are submitted to the SBA for eligible PPP loans more than 60 days past due. (4)Includes PCD loans of $7.9 million and $8.3 million at March 31, 2023 and December 31, 2022, respectively.
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Amortized cost of Loans and Leases on Nonaccrual Status | The following table presents the amortized cost of loans and leases held for investment on nonaccrual status.
(1) Presented at amortized cost basis.
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Schedule of Allowance for Credit Losses on Loans and Leases | The changes in the ACL on loans and leases by loan and lease type for the three months ended March 31, 2023 and 2022 are presented in the tables below.
(1) Includes specialty lending.
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Summary of Loans Modified in Troubled Debt Restructurings and Related Recorded Investment | The following table presents the amortized cost of loans that were modified to borrowers experiencing financial difficulty for the three months ended March 31, 2023, disaggregated by class of financing receivable and type of modification granted.
The following table summarizes the impacts of loan modifications made to borrowers experiencing financial difficulty for the three months ended March 31, 2023.
The performance of loans made to borrowers experiencing financial difficulty in which modifications were made is closely monitored to understand the effectiveness of modification efforts. Loans are considered to be in payment default at 90 days or more past due. The following table presents an aging analysis of loan modifications made to borrowers experiencing financial difficulty during the three months ended March 31, 2023. The following table presents loans modified by type of concession for the three months ended March 31, 2022. There were no modifications that involved forgiveness of debt for the three months ended March 31, 2022.
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Financing Receivable, Modified, Subsequent Default | The following table presents, by loan type, the number of loans modified in TDRs and the related recorded investment, for which there was a payment default within twelve months following the modification.
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Credit Ratings of Covered and Non-Covered Loan Portfolio | The following tables present the credit ratings of loans and leases receivable and current period gross write-offs as of March 31, 2023 and December 31, 2022.
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Schedule of Loan Purchases and Sales | Purchases and sales of loans were as follows for the three months ended March 31, 2023 and 2022:
(1)Amounts reported in the above table are the unpaid principal balance at time of purchase. The purchase price was 101.9% and 98.1% of the loans' unpaid principal balance for the three months ended March 31, 2023 and 2022, respectively. (2)Installment loan purchases for the three months ended March 31, 2023 and 2022 consist of third-party originated unsecured consumer loans. None of the loans held for investment are considered sub-prime at the time of origination. Customers considers sub-prime borrowers to be those with FICO scores below 660. (3)There were no sales of loans held for investment for the three months ended March 31, 2023. Gains of $1.5 million from the sales of loans held for investment for the three months ended March 31, 2022 are included in gain (loss) on sale of SBA and other loans in the consolidated statement of income. (4)Primarily sales of SBA loans.
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Leases (Tables) |
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Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lessee, Summary of Right-of-Use Assets and Lease Liabilities | The following table summarizes operating lease ROU assets and operating lease liabilities and their corresponding balance sheet location:
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Lease, Cost | The following table summarizes operating lease cost and its corresponding income statement location for the periods presented:
(1) There were no variable lease costs for the three months ended March 31, 2023 and 2022, and sublease income for operating leases was immaterial.
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Maturities of Non-cancelable Operating Lease Liabilities | Maturities of non-cancelable operating lease liabilities were as follows at March 31, 2023:
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Summary of Lease Term and Discount Rate for Operating Leases | The following table summarizes the weighted average remaining lease term and discount rate for Customers' operating leases at March 31, 2023 and December 31, 2022:
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Lessor, Lease Receivables and Investment in Operating Leases and their Corresponding Balance Sheet Location | The following table summarizes lease receivables and investment in operating leases and their corresponding balance sheet location at March 31, 2023 and December 31, 2022:
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Sales-type and Direct Financing Leases, Lease Receivable, Maturity | Maturities of operating and direct financing lease receivables were as follows at March 31, 2023:
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Lessor, Operating Lease, Payment to be Received, Fiscal Year Maturity | Maturities of operating and direct financing lease receivables were as follows at March 31, 2023:
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Deposits (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deposit [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of Deposits | The components of deposits at March 31, 2023 and December 31, 2022 were as follows:
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Schedule of Time Deposit Maturities | The scheduled maturities for time deposits at March 31, 2023 were as follows:
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Borrowings (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Short Term Borrowings | Short-term debt at March 31, 2023 and December 31, 2022 was as follows:
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Summary of Bancorp's Short Term Borrowings | The following is a summary of additional information relating to Customers' short-term debt:
(1) For the three months ended March 31, 2023. (2) For the year ended December 31, 2022. (3) Includes advances under the BTFP. The BTFP offers loans of up to one year to eligible depository institutions pledging any collateral valued at par, that are eligible for purchase by the Federal Reserve Banks in open market operations, such as U.S. Treasuries, U.S. agency securities, and U.S. agency mortgage-backed securities.
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Schedule of Long-term Debt | Long-term FHLB and FRB advances at March 31, 2023 and December 31, 2022 were as follows:
(1) Amounts reported in the above table include variable and fixed rate long-term advances from FHLB of $1.1 billion with maturities ranging from June 2024 to September 2026 with a returnable option that can be repaid without penalty on certain predetermined dates at Customers Bank's option, and fixed rate long-term advances of $950.0 million with maturities ranging from March 2025 to March 2028, at March 31, 2023. (2) Includes $2.1 million of unamortized basis adjustments from a terminated interest rate swap designated as a fair value hedge of a long-term advance from FHLB of $250 million with a fixed rate of 3.30% and maturity of June 2027, at March 31, 2023. Maturities of long-term FHLB advances were as follows at March 31, 2023:
(1) Amounts reported in the above table include variable and fixed rate long-term advances from FHLB of $1.1 billion with maturities ranging from June 2024 to September 2026 with a returnable option that can be repaid without penalty on certain predetermined dates at Customers Bank's option. The maximum borrowing capacity with the FHLB and FRB at March 31, 2023 and December 31, 2022 was as follows:
(1) Includes $508.2 million of borrowing capacity available under the BTFP, which offers loans of up to one year to eligible depository institutions pledging any collateral valued at par, that are eligible for purchase by the Federal Reserve Banks in open market operations, such as U.S. Treasuries, U.S. agency securities, and U.S. agency mortgage-backed securities. Senior and Subordinated Debt Long-term senior notes and subordinated debt at March 31, 2023 and December 31, 2022 were as follows:
(1)The senior notes will bear an annual fixed rate of 2.875% until August 15, 2026. From August 15, 2026 until maturity, the notes will bear an annual interest rate equal to a benchmark rate, which is expected to be the three-month term SOFR after June 30, 2023, plus 235 basis points. Customers Bancorp has the ability to call the senior notes, in whole, or in part, at a redemption price equal to 100% of the principal balance at certain times on or after August 15, 2026. (2)The subordinated notes qualify as Tier 2 capital for regulatory capital purposes. (3)Customers Bancorp has the ability to call the subordinated notes, in whole, or in part, at a redemption price equal to 100% of the principal balance at certain times on or after December 30, 2029. (4)The subordinated notes will bear an annual fixed rate of 6.125% until June 26, 2024. From June 26, 2024 until maturity, the notes will bear an annual interest rate equal to the three-month LIBOR plus 344.3 basis points. Customers Bank has the ability to call the subordinated notes, in whole, or in part, at a redemption price equal to 100% of the principal balance at certain times on or after June 26, 2024
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Shareholders' Equity (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Stock by Class | The table below summarizes Customers' issuances of preferred stock that remain outstanding at March 31, 2023 and December 31, 2022 and the dividends paid per share.
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Regulatory Capital (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Regulatory Capital [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Capital Amounts, Tier 1 Risk Based and Tier 1 Leveraged Ratios | Generally, to comply with the regulatory definition of adequately capitalized, or well capitalized, respectively, or to comply with the Basel III capital requirements, an institution must at least maintain the common equity Tier 1, Tier 1 and total risk-based capital ratios and the Tier 1 leverage ratio in excess of the related minimum ratios as set forth in the following table:
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Disclosures About Fair Value of Financial Instruments (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Estimated Fair Values of Financial Instruments | The estimated fair values of Customers' financial instruments at March 31, 2023 and December 31, 2022 were as follows:
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Summary of Financial Assets and Liabilities Measured at Fair Value on a Recurring and Nonrecurring Basis | For financial assets and liabilities measured at fair value on a recurring and nonrecurring basis, the fair value measurements by level within the fair value hierarchy used at March 31, 2023 and December 31, 2022 were as follows:
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Statement of Changes in Level 3 Assets Measured at Fair Value on a Recurring Basis | The changes in asset-backed securities (Level 3 assets) measured at fair value on a recurring basis for the three months ended March 31, 2023 and 2022 are summarized in the table below.
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Summary of Financial Assets and Financial Liabilities Measured at Fair Value on Recurring and Nonrecurring Basis | The following tables summarize financial assets and financial liabilities measured at fair value as of March 31, 2023 and December 31, 2022 on a recurring and nonrecurring basis for which Customers utilized Level 3 inputs to measure fair value. The unobservable Level 3 inputs noted below contain a level of uncertainty that may differ from what is realized in an immediate settlement of the assets. Therefore, Customers may realize a value higher or lower than the current estimated fair value of the assets.
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Derivative Instruments and Hedging Activities (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Derivative Assets at Fair Value | As of March 31, 2023 and December 31, 2022, the following amounts were recorded on the consolidated balance sheet related to cumulative basis adjustments for fair value hedges.
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Fair Value of Derivative Financial Instruments | The following tables present the fair value of Customers' derivative financial instruments as well as their presentation on the consolidated balance sheets as of March 31, 2023 and December 31, 2022.
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Effect of Derivative Financial Instruments on Net Income and Comprehensive Income | The following table presents amounts included in the consolidated statements of income related to derivatives designated as fair value hedges and derivatives not designated as hedges for the three months ended March 31, 2023 and 2022.
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Summary of Offsetting of Financial Assets and Derivative Assets | The following tables present derivative instruments that are subject to enforceable master netting arrangements. Customers' interest rate swaps and interest rate caps with institutional counterparties are subject to master netting arrangements and are included in the tables below. Interest rate swaps and interest rate caps with commercial banking customers and residential mortgage loan commitments are not subject to master netting arrangements and are excluded from the tables below. Customers has not made a policy election to offset its derivative positions.
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Summary of Offsetting of Financial Liabilities and Derivative Liabilities | The following tables present derivative instruments that are subject to enforceable master netting arrangements. Customers' interest rate swaps and interest rate caps with institutional counterparties are subject to master netting arrangements and are included in the tables below. Interest rate swaps and interest rate caps with commercial banking customers and residential mortgage loan commitments are not subject to master netting arrangements and are excluded from the tables below. Customers has not made a policy election to offset its derivative positions.
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Description of the Business - Additional Information (Detail) |
Mar. 31, 2023
branch
|
---|---|
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of branches (branch) | 7 |
Earnings (Loss) Per Share - Components of Earnings Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
|
Earnings Per Share [Abstract] | ||
Net income available to common shareholders | $ 50,265 | $ 74,896 |
Weighted-average number of common shares outstanding - basic (shares) | 31,819,203 | 32,957,033 |
Share-based compensation plans (shares) | 525,814 | 1,370,032 |
Weighted-average number of common shares - diluted (shares) | 32,345,017 | 34,327,065 |
Basic earnings per common share (usd per share) | $ 1.58 | $ 2.27 |
Diluted earnings per common share (usd per share) | $ 1.55 | $ 2.18 |
Earnings (Loss) Per Share - Anti-Dilutive Securities Excluded from Computation of Earnings (Loss) Per Share (Detail) - shares |
3 Months Ended | |
---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
|
Share-based compensation awards | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Total anti-dilutive securities (shares) | 850,725 | 0 |
Changes in Accumulated Other Comprehensive Income (Loss) By Component (Detail) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
|
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
Beginning balance | $ 1,402,961 | $ 1,366,217 |
Amortization of unrealized loss on securities transferred from available-for-sale to held-to-maturity | 872 | 0 |
Income tax effect | (221) | 0 |
Other comprehensive income (loss), net of income tax effect | 6,820 | (57,568) |
Ending balance | 1,421,020 | 1,377,406 |
Total | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
Beginning balance | (163,096) | (4,980) |
Other comprehensive income (loss), net of income tax effect | 6,820 | (57,568) |
Ending balance | (156,276) | (62,548) |
Unrealized Gains (Losses) on Available for Sale Securities | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
Beginning balance | (163,096) | (4,980) |
Unrealized gains (losses) arising during period, before tax | 8,270 | (78,858) |
Income tax effect | (2,101) | 20,503 |
Other comprehensive income (loss) before reclassifications | 6,169 | (58,355) |
Reclassification adjustments for (gains) losses included in net income, before tax | 0 | 1,063 |
Income tax effect | 0 | (276) |
Amounts reclassified from accumulated other comprehensive income (loss) to net income | 0 | 787 |
Amortization of unrealized loss on securities transferred from available-for-sale to held-to-maturity | 872 | 0 |
Income tax effect | (221) | 0 |
Amortization of unrealized loss on securities transferred from available for sale to held to maturity | 651 | 0 |
Other comprehensive income (loss), net of income tax effect | 6,820 | (57,568) |
Ending balance | $ (156,276) | $ (62,548) |
Investment Securities - Summary of Amortized Cost and Approximate Fair Value of Investment Securities (Detail) - USD ($) $ in Thousands |
Mar. 31, 2023 |
Dec. 31, 2022 |
Mar. 31, 2022 |
Dec. 31, 2021 |
---|---|---|---|---|
Debt Securities, Available-for-sale [Line Items] | ||||
Amortized Cost | $ 3,069,336 | $ 3,138,534 | ||
Allowance for Credit Losses | (2,173) | (578) | $ (728) | $ 0 |
Gross Unrealized Gains | 1,619 | 442 | ||
Gross Unrealized Losses | (168,523) | (177,383) | ||
Fair Value | 2,900,259 | 2,961,015 | ||
Equity securities | 26,710 | 26,485 | ||
Investment securities, at fair value | 2,926,969 | 2,987,500 | ||
Available-for-sale debt securities, accrued interest | 19,600 | 16,700 | ||
Asset-backed securities | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Amortized Cost | 154,151 | 169,170 | ||
Allowance for Credit Losses | (790) | (578) | (728) | 0 |
Gross Unrealized Gains | 0 | 0 | ||
Gross Unrealized Losses | (5,426) | (8,050) | ||
Fair Value | 147,935 | 160,542 | ||
Agency-guaranteed residential collateralized mortgage obligations | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Amortized Cost | 143,717 | 147,481 | ||
Allowance for Credit Losses | 0 | 0 | ||
Gross Unrealized Gains | 0 | 0 | ||
Gross Unrealized Losses | (9,964) | (13,617) | ||
Fair Value | 133,753 | 133,864 | ||
Collateralized loan obligations | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Amortized Cost | 875,303 | 896,992 | ||
Allowance for Credit Losses | 0 | 0 | ||
Gross Unrealized Gains | 285 | 88 | ||
Gross Unrealized Losses | (21,488) | (24,342) | ||
Fair Value | 854,100 | 872,738 | ||
Commercial mortgage-backed securities | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Amortized Cost | 142,050 | 142,222 | ||
Allowance for Credit Losses | 0 | 0 | ||
Gross Unrealized Gains | 4 | 1 | ||
Gross Unrealized Losses | (5,236) | (5,866) | ||
Fair Value | 136,818 | 136,357 | ||
Corporate notes | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Amortized Cost | 642,859 | 657,086 | ||
Allowance for Credit Losses | (1,383) | 0 | $ 0 | $ 0 |
Gross Unrealized Gains | 379 | 45 | ||
Gross Unrealized Losses | (55,060) | (61,878) | ||
Fair Value | 586,795 | 595,253 | ||
Private label collateralized mortgage obligations | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Amortized Cost | 1,111,256 | 1,125,583 | ||
Allowance for Credit Losses | 0 | 0 | ||
Gross Unrealized Gains | 951 | 308 | ||
Gross Unrealized Losses | (71,349) | (63,630) | ||
Fair Value | $ 1,040,858 | $ 1,062,261 |
Investment Securities - Additional Information (Detail) |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2023
USD ($)
security
assetBackedSecurity
corporateNote
|
Mar. 31, 2022
USD ($)
assetBackedSecurity
|
Dec. 31, 2022
USD ($)
security
|
|
Debt Securities, Available-for-sale [Line Items] | |||
Proceeds from sales of investment securities available for sale | $ 0 | $ 155,954,000 | |
Number of available-for-sale investment securities, unrealized loss position, less than twelve month category | security | 50 | ||
Number of available-for-sale investment securities, unrealized loss position, twelve month or more category | security | 112 | ||
Number of asset-backed securities with deterioration in future estimated cash flows | assetBackedSecurity | 4 | 4 | |
Number of corporate notes with deterioration in future estimated cash flows | corporateNote | 6 | ||
Number of available-for-sale investment securities, unrealized loss position | security | 162 | 156 | |
Debt securities, available for sale | $ 2,900,259,000 | $ 2,961,015,000 | |
Debt securities, held-to-maturity, allowance for credit loss, excluding accrued interest | 0 | 0 | |
Asset-backed securities | |||
Debt Securities, Available-for-sale [Line Items] | |||
Debt securities, available for sale | 147,935,000 | 160,542,000 | |
Debt securities, held-to-maturity, allowance for credit loss, excluding accrued interest | 0 | 0 | |
Asset Pledged as Collateral | |||
Debt Securities, Available-for-sale [Line Items] | |||
Debt securities, available for sale | 1,600,000,000 | ||
Debt securities | $ 443,800,000 | $ 16,700,000 |
Investment Securities - Gain (Loss) on Sale of AFS Debt Securities (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
|
Investments, Debt and Equity Securities [Abstract] | ||
Gross realized gains | $ 0 | $ 974 |
Gross realized losses | 0 | (2,037) |
Net realized gains (losses) on sale of available for sale debt securities | $ 0 | $ (1,063) |
Investment Securities - Summary of Available-for-Sale Debt Securities by Stated Maturity (Detail) - USD ($) $ in Thousands |
Mar. 31, 2023 |
Dec. 31, 2022 |
---|---|---|
Debt Securities, Available-for-sale [Line Items] | ||
Due in one year or less, amortized cost | $ 7,500 | |
Due after one year through five years, amortized cost | 506,934 | |
Due after five years through ten years, amortized cost | 128,425 | |
Amortized Cost | 3,069,336 | $ 3,138,534 |
Due in one year or less, fair value | 7,500 | |
Due after one year through five years, fair value | 469,143 | |
Due after five years through ten years, fair value | 110,152 | |
Fair Value | 2,900,259 | 2,961,015 |
Asset-backed securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Debt securities, available-for-sale, without single maturity date, amortized cost | 154,151 | |
Amortized Cost | 154,151 | 169,170 |
Debt securities, available-for-sale, without single maturity date, fair value | 147,935 | |
Fair Value | 147,935 | 160,542 |
Agency-guaranteed residential collateralized mortgage obligations | ||
Debt Securities, Available-for-sale [Line Items] | ||
Debt securities, available-for-sale, without single maturity date, amortized cost | 143,717 | |
Amortized Cost | 143,717 | 147,481 |
Debt securities, available-for-sale, without single maturity date, fair value | 133,753 | |
Fair Value | 133,753 | 133,864 |
Collateralized loan obligations | ||
Debt Securities, Available-for-sale [Line Items] | ||
Debt securities, available-for-sale, without single maturity date, amortized cost | 875,303 | |
Amortized Cost | 875,303 | 896,992 |
Debt securities, available-for-sale, without single maturity date, fair value | 854,100 | |
Fair Value | 854,100 | 872,738 |
Commercial mortgage-backed securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Debt securities, available-for-sale, without single maturity date, amortized cost | 142,050 | |
Amortized Cost | 142,050 | 142,222 |
Debt securities, available-for-sale, without single maturity date, fair value | 136,818 | |
Fair Value | 136,818 | 136,357 |
Private label collateralized mortgage obligations | ||
Debt Securities, Available-for-sale [Line Items] | ||
Debt securities, available-for-sale, without single maturity date, amortized cost | 1,111,256 | |
Amortized Cost | 1,111,256 | 1,125,583 |
Debt securities, available-for-sale, without single maturity date, fair value | 1,040,858 | |
Fair Value | $ 1,040,858 | $ 1,062,261 |
Investment Securities - Gross Unrealized Losses and Fair Value, Aggregated by Investment Category (Detail) - USD ($) $ in Thousands |
Mar. 31, 2023 |
Dec. 31, 2022 |
---|---|---|
Debt Securities, Available-for-sale [Line Items] | ||
Less Than 12 Months, Fair Value | $ 689,933 | $ 1,585,495 |
Less than 12 Months, Unrealized Losses | (27,949) | (102,076) |
12 Months or More, Fair Value | 1,835,862 | 901,562 |
12 Months or More, Unrealized Losses | (134,878) | (75,307) |
Total, Fair Value | 2,525,795 | 2,487,057 |
Total, Unrealized Losses | (162,827) | (177,383) |
Asset-backed securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less Than 12 Months, Fair Value | 21,902 | 160,542 |
Less than 12 Months, Unrealized Losses | (46) | (8,050) |
12 Months or More, Fair Value | 99,525 | 0 |
12 Months or More, Unrealized Losses | (3,968) | 0 |
Total, Fair Value | 121,427 | 160,542 |
Total, Unrealized Losses | (4,014) | (8,050) |
Agency-guaranteed residential collateralized mortgage obligations | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less Than 12 Months, Fair Value | 0 | 133,864 |
Less than 12 Months, Unrealized Losses | 0 | (13,617) |
12 Months or More, Fair Value | 133,753 | 0 |
12 Months or More, Unrealized Losses | (9,964) | 0 |
Total, Fair Value | 133,753 | 133,864 |
Total, Unrealized Losses | (9,964) | (13,617) |
Collateralized loan obligations | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less Than 12 Months, Fair Value | 209,389 | 386,701 |
Less than 12 Months, Unrealized Losses | (3,648) | (13,516) |
12 Months or More, Fair Value | 582,070 | 315,270 |
12 Months or More, Unrealized Losses | (17,840) | (10,826) |
Total, Fair Value | 791,459 | 701,971 |
Total, Unrealized Losses | (21,488) | (24,342) |
Commercial mortgage-backed securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less Than 12 Months, Fair Value | 17,742 | 39,828 |
Less than 12 Months, Unrealized Losses | (520) | (1,410) |
12 Months or More, Fair Value | 115,676 | 93,005 |
12 Months or More, Unrealized Losses | (4,716) | (4,456) |
Total, Fair Value | 133,418 | 132,833 |
Total, Unrealized Losses | (5,236) | (5,866) |
Corporate notes | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less Than 12 Months, Fair Value | 152,391 | 386,464 |
Less than 12 Months, Unrealized Losses | (8,607) | (36,119) |
12 Months or More, Fair Value | 341,401 | 178,955 |
12 Months or More, Unrealized Losses | (42,169) | (25,759) |
Total, Fair Value | 493,792 | 565,419 |
Total, Unrealized Losses | (50,776) | (61,878) |
Private label collateralized mortgage obligations | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less Than 12 Months, Fair Value | 288,509 | 478,096 |
Less than 12 Months, Unrealized Losses | (15,128) | (29,364) |
12 Months or More, Fair Value | 563,437 | 314,332 |
12 Months or More, Unrealized Losses | (56,221) | (34,266) |
Total, Fair Value | 851,946 | 792,428 |
Total, Unrealized Losses | $ (71,349) | $ (63,630) |
Investment Securities - Credit Valuation Allowance for Available For Sale Debt Securities (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
|
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward] | ||
Debt securities, allowance for credit loss, beginning balance | $ 578 | $ 0 |
Credit losses on securities for which credit losses were not previously recorded | 1,383 | 728 |
Credit losses on previously impaired securities | 273 | 0 |
Decrease in allowance for credit losses on previously impaired securities | (61) | 0 |
Debt securities, allowance for credit loss, ending balance | 2,173 | 728 |
Asset-backed securities | ||
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward] | ||
Debt securities, allowance for credit loss, beginning balance | 578 | 0 |
Credit losses on securities for which credit losses were not previously recorded | 0 | 728 |
Credit losses on previously impaired securities | 273 | 0 |
Decrease in allowance for credit losses on previously impaired securities | (61) | 0 |
Debt securities, allowance for credit loss, ending balance | 790 | 728 |
Corporate notes | ||
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward] | ||
Debt securities, allowance for credit loss, beginning balance | 0 | 0 |
Credit losses on securities for which credit losses were not previously recorded | 1,383 | 0 |
Credit losses on previously impaired securities | 0 | 0 |
Decrease in allowance for credit losses on previously impaired securities | 0 | 0 |
Debt securities, allowance for credit loss, ending balance | $ 1,383 | $ 0 |
Investment Securities - Summary of Amortized Cost and Approximate Fair Value of Investment Securities (Detail) - USD ($) |
Mar. 31, 2023 |
Dec. 31, 2022 |
---|---|---|
Schedule of Held-to-Maturity Securities [Line Items] | ||
Amortized Cost | $ 870,294,000 | $ 840,259,000 |
Allowance for Credit Losses | 0 | 0 |
Net Carrying Value | 870,294,000 | 840,259,000 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (33,581,000) | (46,446,000) |
Fair Value | 836,713,000 | 793,813,000 |
Debt securities, held to maturity, accrued interest | 1,500,000 | 1,000,000 |
Asset-backed securities | ||
Schedule of Held-to-Maturity Securities [Line Items] | ||
Amortized Cost | 322,877,000 | 361,107,000 |
Allowance for Credit Losses | 0 | 0 |
Net Carrying Value | 322,877,000 | 361,107,000 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (3,142,000) | (4,974,000) |
Fair Value | 319,735,000 | 356,133,000 |
Agency-guaranteed residential mortgage-backed securities | ||
Schedule of Held-to-Maturity Securities [Line Items] | ||
Amortized Cost | 7,152,000 | 7,189,000 |
Allowance for Credit Losses | 0 | 0 |
Net Carrying Value | 7,152,000 | 7,189,000 |
Gross Unrealized Gains | ||
Gross Unrealized Losses | (513,000) | (563,000) |
Fair Value | 6,639,000 | 6,626,000 |
Agency-guaranteed commercial mortgage-backed securities | ||
Schedule of Held-to-Maturity Securities [Line Items] | ||
Amortized Cost | 1,909,000 | 1,928,000 |
Allowance for Credit Losses | 0 | 0 |
Net Carrying Value | 1,909,000 | 1,928,000 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (61,000) | (104,000) |
Fair Value | 1,848,000 | 1,824,000 |
Agency-guaranteed residential collateralized mortgage obligations | ||
Schedule of Held-to-Maturity Securities [Line Items] | ||
Amortized Cost | 201,097,000 | 204,495,000 |
Allowance for Credit Losses | 0 | 0 |
Net Carrying Value | 201,097,000 | 204,495,000 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (13,136,000) | (18,376,000) |
Fair Value | 187,961,000 | 186,119,000 |
Agency-guaranteed commercial collateralized mortgage obligations | ||
Schedule of Held-to-Maturity Securities [Line Items] | ||
Amortized Cost | 150,852,000 | 151,711,000 |
Allowance for Credit Losses | 0 | 0 |
Net Carrying Value | 150,852,000 | 151,711,000 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (7,239,000) | (9,435,000) |
Fair Value | 143,613,000 | 142,276,000 |
Private label collateralized mortgage obligations | ||
Schedule of Held-to-Maturity Securities [Line Items] | ||
Amortized Cost | 186,407,000 | 113,829,000 |
Allowance for Credit Losses | 0 | 0 |
Net Carrying Value | 186,407,000 | 113,829,000 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (9,490,000) | (12,994,000) |
Fair Value | $ 176,917,000 | $ 100,835,000 |
Investment Securities - Summary of Held to Maturity Debt Securities by Stated Maturity (Detail) $ in Thousands |
Mar. 31, 2023
USD ($)
|
---|---|
Schedule of Held-to-Maturity Securities [Line Items] | |
Amortized Cost | $ 870,294 |
Fair Value | 836,713 |
Asset-backed securities | |
Schedule of Held-to-Maturity Securities [Line Items] | |
Amortized Cost | 322,877 |
Fair Value | 319,735 |
Agency-guaranteed residential mortgage-backed securities | |
Schedule of Held-to-Maturity Securities [Line Items] | |
Amortized Cost | 7,152 |
Fair Value | 6,639 |
Agency-guaranteed commercial mortgage-backed securities | |
Schedule of Held-to-Maturity Securities [Line Items] | |
Amortized Cost | 1,909 |
Fair Value | 1,848 |
Agency-guaranteed residential collateralized mortgage obligations | |
Schedule of Held-to-Maturity Securities [Line Items] | |
Amortized Cost | 201,097 |
Fair Value | 187,961 |
Agency-guaranteed commercial collateralized mortgage obligations | |
Schedule of Held-to-Maturity Securities [Line Items] | |
Amortized Cost | 150,852 |
Fair Value | 143,613 |
Private label collateralized mortgage obligations | |
Schedule of Held-to-Maturity Securities [Line Items] | |
Amortized Cost | 186,407 |
Fair Value | $ 176,917 |
Investment Securities - Debt Securities, Held-to-maturity, Credit Quality Indicator (Details) - USD ($) $ in Thousands |
Mar. 31, 2023 |
Dec. 31, 2022 |
---|---|---|
Schedule of Held-to-Maturity Securities [Line Items] | ||
Investment securities held to maturity | $ 870,294 | $ 840,259 |
Asset-backed securities | ||
Schedule of Held-to-Maturity Securities [Line Items] | ||
Investment securities held to maturity | 322,877 | 361,107 |
Agency-guaranteed residential mortgage-backed securities | ||
Schedule of Held-to-Maturity Securities [Line Items] | ||
Investment securities held to maturity | 7,152 | 7,189 |
Agency-guaranteed commercial mortgage-backed securities | ||
Schedule of Held-to-Maturity Securities [Line Items] | ||
Investment securities held to maturity | 1,909 | 1,928 |
Agency-guaranteed residential collateralized mortgage obligations | ||
Schedule of Held-to-Maturity Securities [Line Items] | ||
Investment securities held to maturity | 201,097 | 204,495 |
Agency-guaranteed commercial collateralized mortgage obligations | ||
Schedule of Held-to-Maturity Securities [Line Items] | ||
Investment securities held to maturity | 150,852 | 151,711 |
Private label collateralized mortgage obligations | ||
Schedule of Held-to-Maturity Securities [Line Items] | ||
Investment securities held to maturity | 186,407 | $ 113,829 |
AAA | ||
Schedule of Held-to-Maturity Securities [Line Items] | ||
Investment securities held to maturity | 62,327 | |
AAA | Asset-backed securities | ||
Schedule of Held-to-Maturity Securities [Line Items] | ||
Investment securities held to maturity | 0 | |
AAA | Agency-guaranteed residential mortgage-backed securities | ||
Schedule of Held-to-Maturity Securities [Line Items] | ||
Investment securities held to maturity | 0 | |
AAA | Agency-guaranteed commercial mortgage-backed securities | ||
Schedule of Held-to-Maturity Securities [Line Items] | ||
Investment securities held to maturity | 0 | |
AAA | Agency-guaranteed residential collateralized mortgage obligations | ||
Schedule of Held-to-Maturity Securities [Line Items] | ||
Investment securities held to maturity | 0 | |
AAA | Agency-guaranteed commercial collateralized mortgage obligations | ||
Schedule of Held-to-Maturity Securities [Line Items] | ||
Investment securities held to maturity | 0 | |
AAA | Private label collateralized mortgage obligations | ||
Schedule of Held-to-Maturity Securities [Line Items] | ||
Investment securities held to maturity | 62,327 | |
AA | ||
Schedule of Held-to-Maturity Securities [Line Items] | ||
Investment securities held to maturity | 7,132 | |
AA | Asset-backed securities | ||
Schedule of Held-to-Maturity Securities [Line Items] | ||
Investment securities held to maturity | 0 | |
AA | Agency-guaranteed residential mortgage-backed securities | ||
Schedule of Held-to-Maturity Securities [Line Items] | ||
Investment securities held to maturity | 0 | |
AA | Agency-guaranteed commercial mortgage-backed securities | ||
Schedule of Held-to-Maturity Securities [Line Items] | ||
Investment securities held to maturity | 0 | |
AA | Agency-guaranteed residential collateralized mortgage obligations | ||
Schedule of Held-to-Maturity Securities [Line Items] | ||
Investment securities held to maturity | 0 | |
AA | Agency-guaranteed commercial collateralized mortgage obligations | ||
Schedule of Held-to-Maturity Securities [Line Items] | ||
Investment securities held to maturity | 0 | |
AA | Private label collateralized mortgage obligations | ||
Schedule of Held-to-Maturity Securities [Line Items] | ||
Investment securities held to maturity | 7,132 | |
A | ||
Schedule of Held-to-Maturity Securities [Line Items] | ||
Investment securities held to maturity | 34,563 | |
A | Asset-backed securities | ||
Schedule of Held-to-Maturity Securities [Line Items] | ||
Investment securities held to maturity | 0 | |
A | Agency-guaranteed residential mortgage-backed securities | ||
Schedule of Held-to-Maturity Securities [Line Items] | ||
Investment securities held to maturity | 0 | |
A | Agency-guaranteed commercial mortgage-backed securities | ||
Schedule of Held-to-Maturity Securities [Line Items] | ||
Investment securities held to maturity | 0 | |
A | Agency-guaranteed residential collateralized mortgage obligations | ||
Schedule of Held-to-Maturity Securities [Line Items] | ||
Investment securities held to maturity | 0 | |
A | Agency-guaranteed commercial collateralized mortgage obligations | ||
Schedule of Held-to-Maturity Securities [Line Items] | ||
Investment securities held to maturity | 0 | |
A | Private label collateralized mortgage obligations | ||
Schedule of Held-to-Maturity Securities [Line Items] | ||
Investment securities held to maturity | 34,563 | |
BBB | ||
Schedule of Held-to-Maturity Securities [Line Items] | ||
Investment securities held to maturity | 9,256 | |
BBB | Asset-backed securities | ||
Schedule of Held-to-Maturity Securities [Line Items] | ||
Investment securities held to maturity | 0 | |
BBB | Agency-guaranteed residential mortgage-backed securities | ||
Schedule of Held-to-Maturity Securities [Line Items] | ||
Investment securities held to maturity | 0 | |
BBB | Agency-guaranteed commercial mortgage-backed securities | ||
Schedule of Held-to-Maturity Securities [Line Items] | ||
Investment securities held to maturity | 0 | |
BBB | Agency-guaranteed residential collateralized mortgage obligations | ||
Schedule of Held-to-Maturity Securities [Line Items] | ||
Investment securities held to maturity | 0 | |
BBB | Agency-guaranteed commercial collateralized mortgage obligations | ||
Schedule of Held-to-Maturity Securities [Line Items] | ||
Investment securities held to maturity | 0 | |
BBB | Private label collateralized mortgage obligations | ||
Schedule of Held-to-Maturity Securities [Line Items] | ||
Investment securities held to maturity | 9,256 | |
Not Rated | ||
Schedule of Held-to-Maturity Securities [Line Items] | ||
Investment securities held to maturity | 757,016 | |
Not Rated | Asset-backed securities | ||
Schedule of Held-to-Maturity Securities [Line Items] | ||
Investment securities held to maturity | 322,877 | |
Not Rated | Agency-guaranteed residential mortgage-backed securities | ||
Schedule of Held-to-Maturity Securities [Line Items] | ||
Investment securities held to maturity | 7,152 | |
Not Rated | Agency-guaranteed commercial mortgage-backed securities | ||
Schedule of Held-to-Maturity Securities [Line Items] | ||
Investment securities held to maturity | 1,909 | |
Not Rated | Agency-guaranteed residential collateralized mortgage obligations | ||
Schedule of Held-to-Maturity Securities [Line Items] | ||
Investment securities held to maturity | 201,097 | |
Not Rated | Agency-guaranteed commercial collateralized mortgage obligations | ||
Schedule of Held-to-Maturity Securities [Line Items] | ||
Investment securities held to maturity | 150,852 | |
Not Rated | Private label collateralized mortgage obligations | ||
Schedule of Held-to-Maturity Securities [Line Items] | ||
Investment securities held to maturity | $ 73,129 |
Loans Held for Sale - Composition of Loans Held for Sale (Detail) - USD ($) $ in Thousands |
Mar. 31, 2023 |
Dec. 31, 2022 |
---|---|---|
Receivables Held-for-sale [Abstract] | ||
Multifamily loans, at lower of cost or fair value | $ 4,051 | $ 4,079 |
Commercial real estate non-owner occupied loans, at lower of cost or fair value | 16,000 | 0 |
Total commercial loans held for sale | 20,051 | 4,079 |
Home equity conversion mortgages, at lower of cost or fair value | 507 | 507 |
Residential mortgage loans, at fair value | 314 | 322 |
Personal installment loans, at lower of cost or fair value | 307,336 | 133,801 |
Other installment loans, at lower of cost or fair value | 95,849 | 189,603 |
Total consumer loans held for sale | 404,006 | 324,233 |
Loans held for sale | $ 424,057 | $ 328,312 |
Loans Held for Sale - Narrative (Details) - USD ($) $ in Millions |
Mar. 31, 2023 |
Dec. 31, 2022 |
---|---|---|
Receivables Held-for-sale [Abstract] | ||
Loans held-for-sale (including nonperforming loans) | $ 6.0 | $ 6.2 |
Loans and Leases Receivable and Allowance for Credit Losses on Loans and Leases - Schedule of Loans and Leases Receivable (Detail) - USD ($) $ in Thousands |
Mar. 31, 2023 |
Dec. 31, 2022 |
Mar. 31, 2022 |
Dec. 31, 2021 |
---|---|---|---|---|
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable, mortgage warehouse, at fair value | $ 1,247,367 | $ 1,323,312 | ||
Loans receivable, PPP | 246,258 | 998,153 | ||
Loans and leases receivable | 13,145,352 | 13,144,894 | ||
Allowance for credit losses on loans and leases | (130,281) | (130,924) | $ (145,847) | $ (137,804) |
Total loans and leases receivable, net of allowance for credit losses on loans and leases | 14,508,696 | 15,335,435 | ||
Deferred (fees) costs and unamortized (discounts) premiums, net | (700) | (21,500) | ||
Multifamily | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans and leases receivable | 2,195,211 | 2,213,019 | ||
Allowance for credit losses on loans and leases | (15,084) | (14,541) | (7,437) | (4,477) |
Construction | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans and leases receivable | 188,123 | 162,009 | ||
Allowance for credit losses on loans and leases | (2,336) | (1,913) | (939) | (692) |
Residential real estate | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans and leases receivable | 494,815 | 497,952 | ||
Allowance for credit losses on loans and leases | (6,853) | (6,094) | (4,685) | (2,383) |
Manufactured housing | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans and leases receivable | 43,272 | 45,076 | ||
Allowance for credit losses on loans and leases | (4,339) | (4,430) | $ (4,342) | $ (4,278) |
Commercial | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans and leases receivable | 11,338,760 | 11,223,927 | ||
Commercial | Specialty lending | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans and leases receivable | 5,519,176 | 5,412,887 | ||
Commercial | Other commercial and industrial | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans and leases receivable | 1,295,688 | 1,259,943 | ||
Commercial | Multifamily | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans and leases receivable | 2,195,211 | 2,213,019 | ||
Commercial | Commercial real estate owner occupied | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans and leases receivable | 895,314 | 885,339 | ||
Commercial | Commercial real estate non-owner occupied | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans and leases receivable | 1,245,248 | 1,290,730 | ||
Commercial | Construction | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans and leases receivable | 188,123 | 162,009 | ||
Commercial | Direct finance equipment leases | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans and leases receivable | 168,800 | 157,400 | ||
Consumer | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans and leases receivable | 1,806,592 | 1,920,967 | ||
Consumer | Residential real estate | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans and leases receivable | 494,815 | 497,952 | ||
Consumer | Manufactured housing | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans and leases receivable | 43,272 | 45,076 | ||
Consumer | Personal | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans and leases receivable | 849,420 | 964,641 | ||
Consumer | Other | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans and leases receivable | $ 419,085 | $ 413,298 |
Loans and Leases Receivable and Allowance for Credit Losses on Loans and Leases - Additional Information (Detail) |
3 Months Ended | |||
---|---|---|---|---|
Mar. 31, 2023
USD ($)
|
Mar. 31, 2022
USD ($)
loan
|
Dec. 31, 2022
USD ($)
|
Dec. 31, 2021
USD ($)
|
|
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Accrued interest | $ 100,900,000 | $ 105,500,000 | ||
Loans receivable, excluding accrued interest | $ 14,508,696,000 | 15,335,435,000 | ||
Loans held for sale, average life from purchase to sale | 30 days | |||
Loans and leases receivable | $ 13,145,352,000 | 13,144,894,000 | ||
Allowance for credit loss, excluding accrued interest | 130,281,000 | $ 145,847,000 | 130,924,000 | $ 137,804,000 |
Allowance for credit loss, period decrease | 600,000 | |||
Loans reported as TDR | 16,800,000 | |||
Number of loans | loan | 42 | |||
Number of commitments to lend additional funds (commitment) | 0 | 0 | ||
Asset Pledged as Collateral | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Loans and leases receivable | 9,900,000,000 | 7,100,000,000 | ||
Forgiveness of debt | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of loans | loan | 0 | |||
Small Business Administration (SBA), CARES Act, Paycheck Protection Program | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Loans and leases receivable | 246,300,000 | 998,200,000 | ||
Interest income | 23,600,000 | $ 36,900,000 | ||
Commercial Real Estate | Other commercial and industrial | Collateral Dependent Loan | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Loans receivable, excluding accrued interest | $ 13,800,000 | $ 11,500,000 |
Loans and Leases Receivable and Allowance for Credit Losses on Loans and Leases - Performance Status (Detail) - USD ($) $ in Thousands |
Mar. 31, 2023 |
Dec. 31, 2022 |
---|---|---|
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable | $ 13,145,352 | $ 13,144,894 |
Loans still accruing interest because collection is considered probable | 1,700 | 1,900 |
Purchased-credit-impaired loans | 7,900 | 8,300 |
Small Business Administration (SBA), CARES Act, Paycheck Protection Program | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable | 246,300 | 998,200 |
Total past due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable | 59,892 | 75,345 |
30-59 Days past due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable | 22,590 | 38,471 |
30-59 Days past due | Small Business Administration (SBA), CARES Act, Paycheck Protection Program | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable | 800 | 600 |
60-89 Days past due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable | 14,809 | 15,570 |
90 Days or more past due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable | 22,493 | 21,304 |
Current | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable | 13,085,460 | 13,069,549 |
60 Days or More Past Due | Small Business Administration (SBA), CARES Act, Paycheck Protection Program | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable | 117,900 | 36,000 |
Commercial and industrial, including specialty lending | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable | 6,814,864 | 6,672,830 |
Commercial and industrial, including specialty lending | Total past due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable | 4,752 | 5,255 |
Commercial and industrial, including specialty lending | 30-59 Days past due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable | 1,158 | 3,123 |
Commercial and industrial, including specialty lending | 60-89 Days past due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable | 172 | 717 |
Commercial and industrial, including specialty lending | 90 Days or more past due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable | 3,422 | 1,415 |
Commercial and industrial, including specialty lending | Current | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable | 6,810,112 | 6,667,575 |
Multifamily | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable | 2,195,211 | 2,213,019 |
Multifamily | Total past due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable | 6,070 | 17,044 |
Multifamily | 30-59 Days past due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable | 0 | 10,684 |
Multifamily | 60-89 Days past due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable | 5,189 | 5,217 |
Multifamily | 90 Days or more past due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable | 881 | 1,143 |
Multifamily | Current | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable | 2,189,141 | 2,195,975 |
Commercial real estate owner occupied | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable | 895,314 | 885,339 |
Commercial real estate owner occupied | Total past due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable | 5,975 | 7,877 |
Commercial real estate owner occupied | 30-59 Days past due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable | 2,412 | 5,173 |
Commercial real estate owner occupied | 60-89 Days past due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable | 0 | 0 |
Commercial real estate owner occupied | 90 Days or more past due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable | 3,563 | 2,704 |
Commercial real estate owner occupied | Current | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable | 889,339 | 877,462 |
Commercial real estate non-owner occupied | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable | 1,245,248 | 1,290,730 |
Commercial real estate non-owner occupied | Total past due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable | 11 | 2,147 |
Commercial real estate non-owner occupied | 30-59 Days past due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable | 0 | 2,136 |
Commercial real estate non-owner occupied | 60-89 Days past due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable | 0 | 0 |
Commercial real estate non-owner occupied | 90 Days or more past due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable | 11 | 11 |
Commercial real estate non-owner occupied | Current | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable | 1,245,237 | 1,288,583 |
Construction | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable | 188,123 | 162,009 |
Construction | Total past due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable | 0 | 0 |
Construction | 30-59 Days past due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable | 0 | 0 |
Construction | 60-89 Days past due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable | 0 | 0 |
Construction | 90 Days or more past due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable | 0 | 0 |
Construction | Current | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable | 188,123 | 162,009 |
Residential real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable | 494,815 | 497,952 |
Residential real estate | Total past due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable | 9,791 | 9,523 |
Residential real estate | 30-59 Days past due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable | 6,808 | 5,208 |
Residential real estate | 60-89 Days past due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable | 420 | 1,157 |
Residential real estate | 90 Days or more past due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable | 2,563 | 3,158 |
Residential real estate | Current | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable | 485,024 | 488,429 |
Manufactured housing | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable | 43,272 | 45,076 |
Manufactured housing | Total past due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable | 4,923 | 4,784 |
Manufactured housing | 30-59 Days past due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable | 819 | 901 |
Manufactured housing | 60-89 Days past due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable | 771 | 537 |
Manufactured housing | 90 Days or more past due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable | 3,333 | 3,346 |
Manufactured housing | Current | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable | 38,349 | 40,292 |
Installment | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable | 1,268,505 | 1,377,939 |
Installment | Total past due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable | 28,370 | 28,715 |
Installment | 30-59 Days past due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable | 11,393 | 11,246 |
Installment | 60-89 Days past due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable | 8,257 | 7,942 |
Installment | 90 Days or more past due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable | 8,720 | 9,527 |
Installment | Current | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases receivable | $ 1,240,135 | $ 1,349,224 |
Loans and Leases Receivable and Allowance for Credit Losses on Loans and Leases - Summary of Amortized Cost of Loans and Leases on Nonaccrual Status (Detail) - USD ($) $ in Thousands |
Mar. 31, 2023 |
Dec. 31, 2022 |
---|---|---|
Financing Receivable, Impaired [Line Items] | ||
Nonaccrual loans with no related allowance | $ 14,717 | $ 12,564 |
Nonaccrual loans with related allowance | 11,432 | 11,967 |
Total nonaccrual loans | 26,149 | 24,531 |
Commercial and industrial, including specialty lending | ||
Financing Receivable, Impaired [Line Items] | ||
Nonaccrual loans with no related allowance | 3,742 | 1,731 |
Nonaccrual loans with related allowance | 144 | 30 |
Total nonaccrual loans | 3,886 | 1,761 |
Multifamily | ||
Financing Receivable, Impaired [Line Items] | ||
Nonaccrual loans with no related allowance | 881 | 1,143 |
Nonaccrual loans with related allowance | 0 | 0 |
Total nonaccrual loans | 881 | 1,143 |
Commercial real estate owner occupied | ||
Financing Receivable, Impaired [Line Items] | ||
Nonaccrual loans with no related allowance | 3,621 | 2,768 |
Nonaccrual loans with related allowance | 0 | 0 |
Total nonaccrual loans | 3,621 | 2,768 |
Residential real estate | ||
Financing Receivable, Impaired [Line Items] | ||
Nonaccrual loans with no related allowance | 6,473 | 6,922 |
Nonaccrual loans with related allowance | 0 | 0 |
Total nonaccrual loans | 6,473 | 6,922 |
Manufactured housing | ||
Financing Receivable, Impaired [Line Items] | ||
Nonaccrual loans with no related allowance | 0 | 0 |
Nonaccrual loans with related allowance | 2,568 | 2,410 |
Total nonaccrual loans | 2,568 | 2,410 |
Installment | ||
Financing Receivable, Impaired [Line Items] | ||
Nonaccrual loans with no related allowance | 0 | 0 |
Nonaccrual loans with related allowance | 8,720 | 9,527 |
Total nonaccrual loans | $ 8,720 | $ 9,527 |
Loans and Leases Receivable and Allowance for Credit Losses on Loans and Leases - Schedule of Allowance for Credit Losses (Detail) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
|
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Beginning balance | $ 130,924 | $ 137,804 |
Charge-offs | (21,114) | (9,170) |
Recoveries | 2,463 | 1,944 |
Provision (benefit) for credit losses on loans and leases | 18,008 | 15,269 |
Ending balance | 130,281 | 145,847 |
Commercial and industrial, including specialty lending | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Beginning balance | 17,582 | 12,702 |
Charge-offs | (160) | (301) |
Recoveries | 231 | 360 |
Provision (benefit) for credit losses on loans and leases | 2,397 | (1,996) |
Ending balance | 20,050 | 10,765 |
Multifamily | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Beginning balance | 14,541 | 4,477 |
Charge-offs | 0 | 0 |
Recoveries | 0 | 337 |
Provision (benefit) for credit losses on loans and leases | 543 | 2,623 |
Ending balance | 15,084 | 7,437 |
Commercial real estate owner occupied | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Beginning balance | 6,454 | 3,213 |
Charge-offs | 0 | 0 |
Recoveries | 0 | 7 |
Provision (benefit) for credit losses on loans and leases | 2,018 | 621 |
Ending balance | 8,472 | 3,841 |
Commercial real estate non-owner occupied | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Beginning balance | 11,219 | 6,210 |
Charge-offs | (4,239) | 0 |
Recoveries | 5 | 8 |
Provision (benefit) for credit losses on loans and leases | 4,047 | (263) |
Ending balance | 11,032 | 5,955 |
Construction | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Beginning balance | 1,913 | 692 |
Charge-offs | 0 | 0 |
Recoveries | 116 | 113 |
Provision (benefit) for credit losses on loans and leases | 307 | 134 |
Ending balance | 2,336 | 939 |
Residential real estate | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Beginning balance | 6,094 | 2,383 |
Charge-offs | 0 | (4) |
Recoveries | 2 | 6 |
Provision (benefit) for credit losses on loans and leases | 757 | 2,300 |
Ending balance | 6,853 | 4,685 |
Manufactured housing | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Beginning balance | 4,430 | 4,278 |
Charge-offs | 0 | 0 |
Recoveries | 0 | 0 |
Provision (benefit) for credit losses on loans and leases | (91) | 64 |
Ending balance | 4,339 | 4,342 |
Installment | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Beginning balance | 68,691 | 103,849 |
Charge-offs | (16,715) | (8,865) |
Recoveries | 2,109 | 1,113 |
Provision (benefit) for credit losses on loans and leases | 8,030 | 11,786 |
Ending balance | $ 62,115 | $ 107,883 |
Loans and Leases Receivable and Allowance for Credit Losses on Loans and Leases - Loan Modifications for Borrowers Experiencing Financial Difficulty (Details) $ in Thousands |
3 Months Ended |
---|---|
Mar. 31, 2023
USD ($)
| |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Amortized cost of loans | $ 5,489 |
Loan modifications | 5,489 |
30-59 Days past due | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Loan modifications | 202 |
60-89 Days past due | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Loan modifications | 216 |
90 Days or more past due | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Loan modifications | 190 |
Current | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Loan modifications | 4,881 |
Term Extension | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Amortized cost of loans | 5,181 |
Payment Deferral | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Amortized cost of loans | 131 |
Debt Forgiveness | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Amortized cost of loans | 114 |
Interest Rate Reduction and Term Extension | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Amortized cost of loans | 63 |
Commercial and industrial, including specialty lending | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Amortized cost of loans | $ 172 |
Percentage of Total by Financing Class | 0.0000 |
Interest Rate Reduction (%) | 0 |
Debt Forgiven | $ 0 |
Loan modifications | 172 |
Commercial and industrial, including specialty lending | 30-59 Days past due | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Loan modifications | 0 |
Commercial and industrial, including specialty lending | 60-89 Days past due | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Loan modifications | 172 |
Commercial and industrial, including specialty lending | 90 Days or more past due | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Loan modifications | 0 |
Commercial and industrial, including specialty lending | Current | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Loan modifications | 0 |
Commercial and industrial, including specialty lending | Term Extension | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Amortized cost of loans | $ 172 |
Term Extension and Payment Deferral (in months) | 4 months |
Commercial and industrial, including specialty lending | Payment Deferral | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Amortized cost of loans | $ 0 |
Term Extension and Payment Deferral (in months) | 0 months |
Commercial and industrial, including specialty lending | Debt Forgiveness | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Amortized cost of loans | $ 0 |
Commercial and industrial, including specialty lending | Interest Rate Reduction and Term Extension | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Amortized cost of loans | 0 |
Commercial real estate owner occupied | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Amortized cost of loans | $ 169 |
Percentage of Total by Financing Class | 0.0002 |
Interest Rate Reduction (%) | 0 |
Debt Forgiven | $ 0 |
Loan modifications | 169 |
Commercial real estate owner occupied | 30-59 Days past due | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Loan modifications | 0 |
Commercial real estate owner occupied | 60-89 Days past due | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Loan modifications | 0 |
Commercial real estate owner occupied | 90 Days or more past due | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Loan modifications | 169 |
Commercial real estate owner occupied | Current | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Loan modifications | 0 |
Commercial real estate owner occupied | Term Extension | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Amortized cost of loans | $ 169 |
Term Extension and Payment Deferral (in months) | 4 months |
Commercial real estate owner occupied | Payment Deferral | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Amortized cost of loans | $ 0 |
Term Extension and Payment Deferral (in months) | 0 months |
Commercial real estate owner occupied | Debt Forgiveness | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Amortized cost of loans | $ 0 |
Commercial real estate owner occupied | Interest Rate Reduction and Term Extension | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Amortized cost of loans | 0 |
Manufactured housing | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Amortized cost of loans | $ 70 |
Percentage of Total by Financing Class | 0.0016 |
Interest Rate Reduction (%) | 0.008 |
Debt Forgiven | $ 0 |
Loan modifications | 70 |
Manufactured housing | 30-59 Days past due | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Loan modifications | 0 |
Manufactured housing | 60-89 Days past due | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Loan modifications | 0 |
Manufactured housing | 90 Days or more past due | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Loan modifications | 0 |
Manufactured housing | Current | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Loan modifications | 70 |
Manufactured housing | Term Extension | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Amortized cost of loans | $ 7 |
Term Extension and Payment Deferral (in months) | 55 months |
Manufactured housing | Payment Deferral | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Amortized cost of loans | $ 0 |
Term Extension and Payment Deferral (in months) | 0 months |
Manufactured housing | Debt Forgiveness | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Amortized cost of loans | $ 0 |
Manufactured housing | Interest Rate Reduction and Term Extension | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Amortized cost of loans | 63 |
Personal installment | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Amortized cost of loans | $ 5,078 |
Percentage of Total by Financing Class | 0.0060 |
Interest Rate Reduction (%) | 0 |
Debt Forgiven | $ 66 |
Loan modifications | 5,078 |
Personal installment | 30-59 Days past due | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Loan modifications | 202 |
Personal installment | 60-89 Days past due | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Loan modifications | 44 |
Personal installment | 90 Days or more past due | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Loan modifications | 21 |
Personal installment | Current | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Loan modifications | 4,811 |
Personal installment | Term Extension | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Amortized cost of loans | $ 4,833 |
Term Extension and Payment Deferral (in months) | 5 months |
Personal installment | Payment Deferral | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Amortized cost of loans | $ 131 |
Term Extension and Payment Deferral (in months) | 6 months |
Personal installment | Debt Forgiveness | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Amortized cost of loans | $ 114 |
Personal installment | Interest Rate Reduction and Term Extension | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Amortized cost of loans | $ 0 |
Loans and Leases Receivable and Allowance for Credit Losses on Loans and Leases - Analysis of Loans Modified in Troubled Debt Restructuring by Type of Concession (Detail) $ in Thousands |
3 Months Ended |
---|---|
Mar. 31, 2022
USD ($)
loan
| |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Number of loans | loan | 42 |
Recorded investment | $ | $ 797 |
Interest-rate reductions | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Number of loans | loan | 10 |
Recorded investment | $ | $ 346 |
Other | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Number of loans | loan | 32 |
Recorded investment | $ | $ 451 |
Loans and Leases Receivable and Allowance for Credit Losses on Loans and Leases - Summary of Loans Modified in Troubled Debt Restructurings and Related Recorded Investment (Detail) $ in Thousands |
3 Months Ended |
---|---|
Mar. 31, 2022
USD ($)
loan
| |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Number of loans | loan | 24 |
Recorded Investment | $ | $ 325 |
Manufactured housing | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Number of loans | loan | 1 |
Recorded Investment | $ | $ 49 |
Installment | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Number of loans | loan | 23 |
Recorded Investment | $ | $ 276 |
Loans and Leases Receivable and Allowance for Credit Losses on Loans and Leases - Credit Ratings (Detail) - USD ($) $ in Thousands |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
Dec. 31, 2022 |
|
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Current year | $ 778,190 | $ 6,146,506 | |
Fiscal year before current year | 5,611,661 | 1,911,220 | |
Two years before current year | 1,855,259 | 803,531 | |
Three years before current year | 767,892 | 570,940 | |
Four years before current year | 540,652 | 322,745 | |
Prior | 1,406,195 | 1,176,989 | |
Revolving loans amortized cost basis | 2,105,239 | 2,212,963 | |
Revolving loans converted to term | 80,264 | 0 | |
Loans and leases receivable | 13,145,352 | 13,144,894 | |
Current year, charge-offs | 1,724 | ||
Fiscal year before current year, charge-offs | 4,192 | ||
Two years before current fiscal year, charge-offs | 6,863 | ||
Three years before current fiscal year, charge-offs | 1,655 | ||
Four years before current fiscal year, charge-offs | 1,933 | ||
Prior, charge-offs | 4,747 | ||
Revolving loans amortized cost basis, charge-offs | 0 | ||
Revolving loans converted to term, charge-offs | 0 | ||
Loans and leases receivable, charge-offs | 21,114 | $ 9,170 | |
Commercial | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans and leases receivable | 11,338,760 | 11,223,927 | |
Consumer | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans and leases receivable | 1,806,592 | 1,920,967 | |
Commercial loans and leases receivable | Commercial | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Current year | 736,989 | 5,193,155 | |
Fiscal year before current year | 4,830,942 | 1,452,552 | |
Two years before current year | 1,361,563 | 694,873 | |
Three years before current year | 654,681 | 451,477 | |
Four years before current year | 419,826 | 301,987 | |
Prior | 1,275,017 | 1,050,269 | |
Revolving loans amortized cost basis | 1,979,478 | 2,079,614 | |
Revolving loans converted to term | 80,264 | 0 | |
Loans and leases receivable | 11,338,760 | 11,223,927 | |
Current year, charge-offs | 0 | ||
Fiscal year before current year, charge-offs | 0 | ||
Two years before current fiscal year, charge-offs | 7 | ||
Three years before current fiscal year, charge-offs | 0 | ||
Four years before current fiscal year, charge-offs | 0 | ||
Prior, charge-offs | 4,392 | ||
Revolving loans amortized cost basis, charge-offs | 0 | ||
Revolving loans converted to term, charge-offs | 0 | ||
Loans and leases receivable, charge-offs | 4,399 | ||
Commercial and industrial, including specialty lending | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans and leases receivable | 6,814,864 | 6,672,830 | |
Loans and leases receivable, charge-offs | 160 | 301 | |
Commercial and industrial, including specialty lending | Commercial | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Current year | 712,320 | 3,217,384 | |
Fiscal year before current year | 2,835,373 | 711,072 | |
Two years before current year | 634,217 | 271,263 | |
Three years before current year | 234,193 | 207,297 | |
Four years before current year | 177,838 | 64,786 | |
Prior | 162,849 | 123,143 | |
Revolving loans amortized cost basis | 1,978,910 | 2,077,885 | |
Revolving loans converted to term | 79,164 | 0 | |
Loans and leases receivable | 6,814,864 | 6,672,830 | |
Current year, charge-offs | 0 | ||
Fiscal year before current year, charge-offs | 0 | ||
Two years before current fiscal year, charge-offs | 7 | ||
Three years before current fiscal year, charge-offs | 0 | ||
Four years before current fiscal year, charge-offs | 0 | ||
Prior, charge-offs | 153 | ||
Revolving loans amortized cost basis, charge-offs | 0 | ||
Revolving loans converted to term, charge-offs | 0 | ||
Loans and leases receivable, charge-offs | 160 | ||
Commercial and industrial, including specialty lending | Pass | Commercial | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Current year | 706,320 | 3,206,250 | |
Fiscal year before current year | 2,821,406 | 682,132 | |
Two years before current year | 610,166 | 242,516 | |
Three years before current year | 205,708 | 198,866 | |
Four years before current year | 169,511 | 56,572 | |
Prior | 116,433 | 83,417 | |
Revolving loans amortized cost basis | 1,969,270 | 2,066,349 | |
Revolving loans converted to term | 78,949 | 0 | |
Loans and leases receivable | 6,677,763 | 6,536,102 | |
Commercial and industrial, including specialty lending | Special mention | Commercial | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Current year | 6,000 | 11,134 | |
Fiscal year before current year | 10,967 | 6,023 | |
Two years before current year | 355 | 27,780 | |
Three years before current year | 23,813 | 0 | |
Four years before current year | 0 | 1,501 | |
Prior | 1,637 | 172 | |
Revolving loans amortized cost basis | 1,795 | 2,599 | |
Revolving loans converted to term | 215 | 0 | |
Loans and leases receivable | 44,782 | 49,209 | |
Commercial and industrial, including specialty lending | Substandard | Commercial | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Current year | 0 | 0 | |
Fiscal year before current year | 3,000 | 22,917 | |
Two years before current year | 23,696 | 967 | |
Three years before current year | 4,672 | 8,431 | |
Four years before current year | 8,327 | 6,713 | |
Prior | 44,779 | 39,554 | |
Revolving loans amortized cost basis | 7,845 | 8,937 | |
Revolving loans converted to term | 0 | 0 | |
Loans and leases receivable | 92,319 | 87,519 | |
Commercial and industrial, including specialty lending | Doubtful | Commercial | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Current year | 0 | 0 | |
Fiscal year before current year | 0 | 0 | |
Two years before current year | 0 | 0 | |
Three years before current year | 0 | 0 | |
Four years before current year | 0 | 0 | |
Prior | 0 | 0 | |
Revolving loans amortized cost basis | 0 | 0 | |
Revolving loans converted to term | 0 | 0 | |
Loans and leases receivable | 0 | 0 | |
Multifamily | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans and leases receivable | 2,195,211 | 2,213,019 | |
Loans and leases receivable, charge-offs | 0 | 0 | |
Multifamily | Commercial | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Current year | 0 | 1,260,544 | |
Fiscal year before current year | 1,255,264 | 365,547 | |
Two years before current year | 363,407 | 130,656 | |
Three years before current year | 129,659 | 22,167 | |
Four years before current year | 21,944 | 117,171 | |
Prior | 424,937 | 316,934 | |
Revolving loans amortized cost basis | 0 | 0 | |
Revolving loans converted to term | 0 | 0 | |
Loans and leases receivable | 2,195,211 | 2,213,019 | |
Current year, charge-offs | 0 | ||
Fiscal year before current year, charge-offs | 0 | ||
Two years before current fiscal year, charge-offs | 0 | ||
Three years before current fiscal year, charge-offs | 0 | ||
Four years before current fiscal year, charge-offs | 0 | ||
Prior, charge-offs | 0 | ||
Revolving loans amortized cost basis, charge-offs | 0 | ||
Revolving loans converted to term, charge-offs | 0 | ||
Loans and leases receivable, charge-offs | 0 | ||
Multifamily | Pass | Commercial | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Current year | 0 | 1,260,544 | |
Fiscal year before current year | 1,255,264 | 364,047 | |
Two years before current year | 361,915 | 130,656 | |
Three years before current year | 129,659 | 22,167 | |
Four years before current year | 21,944 | 112,212 | |
Prior | 324,392 | 203,215 | |
Revolving loans amortized cost basis | 0 | 0 | |
Revolving loans converted to term | 0 | 0 | |
Loans and leases receivable | 2,093,174 | 2,092,841 | |
Multifamily | Special mention | Commercial | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Current year | 0 | 0 | |
Fiscal year before current year | 0 | 0 | |
Two years before current year | 0 | 0 | |
Three years before current year | 0 | 0 | |
Four years before current year | 0 | 4,959 | |
Prior | 60,200 | 50,858 | |
Revolving loans amortized cost basis | 0 | 0 | |
Revolving loans converted to term | 0 | 0 | |
Loans and leases receivable | 60,200 | 55,817 | |
Multifamily | Substandard | Commercial | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Current year | 0 | 0 | |
Fiscal year before current year | 0 | 1,500 | |
Two years before current year | 1,492 | 0 | |
Three years before current year | 0 | 0 | |
Four years before current year | 0 | 0 | |
Prior | 40,345 | 62,861 | |
Revolving loans amortized cost basis | 0 | 0 | |
Revolving loans converted to term | 0 | 0 | |
Loans and leases receivable | 41,837 | 64,361 | |
Multifamily | Doubtful | Commercial | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Current year | 0 | 0 | |
Fiscal year before current year | 0 | 0 | |
Two years before current year | 0 | 0 | |
Three years before current year | 0 | 0 | |
Four years before current year | 0 | 0 | |
Prior | 0 | 0 | |
Revolving loans amortized cost basis | 0 | 0 | |
Revolving loans converted to term | 0 | 0 | |
Loans and leases receivable | 0 | 0 | |
Commercial real estate owner occupied | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans and leases receivable | 895,314 | 885,339 | |
Loans and leases receivable, charge-offs | 0 | 0 | |
Commercial real estate owner occupied | Commercial | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Current year | 24,001 | 293,096 | |
Fiscal year before current year | 304,107 | 220,515 | |
Two years before current year | 206,692 | 105,925 | |
Three years before current year | 107,215 | 90,886 | |
Four years before current year | 91,642 | 44,899 | |
Prior | 161,657 | 130,018 | |
Revolving loans amortized cost basis | 0 | 0 | |
Revolving loans converted to term | 0 | 0 | |
Loans and leases receivable | 895,314 | 885,339 | |
Current year, charge-offs | 0 | ||
Fiscal year before current year, charge-offs | 0 | ||
Two years before current fiscal year, charge-offs | 0 | ||
Three years before current fiscal year, charge-offs | 0 | ||
Four years before current fiscal year, charge-offs | 0 | ||
Prior, charge-offs | 0 | ||
Revolving loans amortized cost basis, charge-offs | 0 | ||
Revolving loans converted to term, charge-offs | 0 | ||
Loans and leases receivable, charge-offs | 0 | ||
Commercial real estate owner occupied | Pass | Commercial | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Current year | 24,001 | 293,096 | |
Fiscal year before current year | 304,107 | 220,515 | |
Two years before current year | 206,692 | 105,925 | |
Three years before current year | 107,215 | 90,752 | |
Four years before current year | 91,158 | 34,196 | |
Prior | 142,199 | 121,616 | |
Revolving loans amortized cost basis | 0 | 0 | |
Revolving loans converted to term | 0 | 0 | |
Loans and leases receivable | 875,372 | 866,100 | |
Commercial real estate owner occupied | Special mention | Commercial | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Current year | 0 | 0 | |
Fiscal year before current year | 0 | 0 | |
Two years before current year | 0 | 0 | |
Three years before current year | 0 | 0 | |
Four years before current year | 350 | 134 | |
Prior | 1,962 | 1,841 | |
Revolving loans amortized cost basis | 0 | 0 | |
Revolving loans converted to term | 0 | 0 | |
Loans and leases receivable | 2,312 | 1,975 | |
Commercial real estate owner occupied | Substandard | Commercial | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Current year | 0 | 0 | |
Fiscal year before current year | 0 | 0 | |
Two years before current year | 0 | 0 | |
Three years before current year | 0 | 134 | |
Four years before current year | 134 | 10,569 | |
Prior | 17,496 | 6,561 | |
Revolving loans amortized cost basis | 0 | 0 | |
Revolving loans converted to term | 0 | 0 | |
Loans and leases receivable | 17,630 | 17,264 | |
Commercial real estate owner occupied | Doubtful | Commercial | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Current year | 0 | 0 | |
Fiscal year before current year | 0 | 0 | |
Two years before current year | 0 | 0 | |
Three years before current year | 0 | 0 | |
Four years before current year | 0 | ||
Prior | 0 | 0 | |
Revolving loans amortized cost basis | 0 | 0 | |
Revolving loans converted to term | 0 | 0 | |
Loans and leases receivable | 0 | 0 | |
Commercial real estate non-owner occupied | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans and leases receivable | 1,245,248 | 1,290,730 | |
Loans and leases receivable, charge-offs | 4,239 | 0 | |
Commercial real estate non-owner occupied | Commercial | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Current year | 668 | 349,954 | |
Fiscal year before current year | 343,005 | 119,304 | |
Two years before current year | 116,170 | 177,492 | |
Three years before current year | 173,696 | 102,483 | |
Four years before current year | 99,890 | 70,435 | |
Prior | 511,819 | 471,062 | |
Revolving loans amortized cost basis | 0 | 0 | |
Revolving loans converted to term | 0 | 0 | |
Loans and leases receivable | 1,245,248 | 1,290,730 | |
Current year, charge-offs | 0 | ||
Fiscal year before current year, charge-offs | 0 | ||
Two years before current fiscal year, charge-offs | 0 | ||
Three years before current fiscal year, charge-offs | 0 | ||
Four years before current fiscal year, charge-offs | 0 | ||
Prior, charge-offs | 4,239 | ||
Revolving loans amortized cost basis, charge-offs | 0 | ||
Revolving loans converted to term, charge-offs | 0 | ||
Loans and leases receivable, charge-offs | 4,239 | ||
Commercial real estate non-owner occupied | Pass | Commercial | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Current year | 668 | 339,044 | |
Fiscal year before current year | 332,095 | 119,304 | |
Two years before current year | 116,170 | 156,281 | |
Three years before current year | 152,613 | 73,827 | |
Four years before current year | 71,417 | 62,237 | |
Prior | 421,225 | 386,235 | |
Revolving loans amortized cost basis | 0 | 0 | |
Revolving loans converted to term | 0 | 0 | |
Loans and leases receivable | 1,094,188 | 1,136,928 | |
Commercial real estate non-owner occupied | Special mention | Commercial | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Current year | 0 | 0 | |
Fiscal year before current year | 0 | 0 | |
Two years before current year | 0 | 21,211 | |
Three years before current year | 21,083 | 0 | |
Four years before current year | 0 | 0 | |
Prior | 8,609 | 10,617 | |
Revolving loans amortized cost basis | 0 | 0 | |
Revolving loans converted to term | 0 | 0 | |
Loans and leases receivable | 29,692 | 31,828 | |
Commercial real estate non-owner occupied | Substandard | Commercial | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Current year | 0 | 10,910 | |
Fiscal year before current year | 10,910 | 0 | |
Two years before current year | 0 | 0 | |
Three years before current year | 0 | 28,656 | |
Four years before current year | 28,473 | 8,198 | |
Prior | 81,985 | 74,210 | |
Revolving loans amortized cost basis | 0 | 0 | |
Revolving loans converted to term | 0 | 0 | |
Loans and leases receivable | 121,368 | 121,974 | |
Commercial real estate non-owner occupied | Doubtful | Commercial | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Current year | 0 | 0 | |
Fiscal year before current year | 0 | 0 | |
Two years before current year | 0 | 0 | |
Three years before current year | 0 | 0 | |
Four years before current year | 0 | 0 | |
Prior | 0 | 0 | |
Revolving loans amortized cost basis | 0 | 0 | |
Revolving loans converted to term | 0 | 0 | |
Loans and leases receivable | 0 | 0 | |
Construction | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans and leases receivable | 188,123 | 162,009 | |
Loans and leases receivable, charge-offs | 0 | 0 | |
Construction | Commercial | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Current year | 0 | 72,177 | |
Fiscal year before current year | 93,193 | 36,114 | |
Two years before current year | 41,077 | 9,537 | |
Three years before current year | 9,918 | 28,644 | |
Four years before current year | 28,512 | 4,696 | |
Prior | 13,755 | 9,112 | |
Revolving loans amortized cost basis | 568 | 1,729 | |
Revolving loans converted to term | 1,100 | 0 | |
Loans and leases receivable | 188,123 | 162,009 | |
Current year, charge-offs | 0 | ||
Fiscal year before current year, charge-offs | 0 | ||
Two years before current fiscal year, charge-offs | 0 | ||
Three years before current fiscal year, charge-offs | 0 | ||
Four years before current fiscal year, charge-offs | 0 | ||
Prior, charge-offs | 0 | ||
Revolving loans amortized cost basis, charge-offs | 0 | ||
Revolving loans converted to term, charge-offs | 0 | ||
Loans and leases receivable, charge-offs | 0 | ||
Construction | Pass | Commercial | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Current year | 0 | 72,177 | |
Fiscal year before current year | 93,193 | 36,114 | |
Two years before current year | 41,077 | 9,537 | |
Three years before current year | 9,918 | 28,644 | |
Four years before current year | 28,512 | 4,696 | |
Prior | 13,755 | 9,112 | |
Revolving loans amortized cost basis | 568 | 1,729 | |
Revolving loans converted to term | 1,100 | 0 | |
Loans and leases receivable | 188,123 | 162,009 | |
Construction | Special mention | Commercial | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Current year | 0 | 0 | |
Fiscal year before current year | 0 | 0 | |
Two years before current year | 0 | 0 | |
Three years before current year | 0 | 0 | |
Four years before current year | 0 | 0 | |
Prior | 0 | 0 | |
Revolving loans amortized cost basis | 0 | 0 | |
Revolving loans converted to term | 0 | 0 | |
Loans and leases receivable | 0 | 0 | |
Construction | Substandard | Commercial | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Current year | 0 | 0 | |
Fiscal year before current year | 0 | 0 | |
Two years before current year | 0 | 0 | |
Three years before current year | 0 | 0 | |
Four years before current year | 0 | 0 | |
Prior | 0 | 0 | |
Revolving loans amortized cost basis | 0 | 0 | |
Revolving loans converted to term | 0 | 0 | |
Loans and leases receivable | 0 | 0 | |
Construction | Doubtful | Commercial | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Current year | 0 | 0 | |
Fiscal year before current year | 0 | 0 | |
Two years before current year | 0 | 0 | |
Three years before current year | 0 | 0 | |
Four years before current year | 0 | 0 | |
Prior | 0 | 0 | |
Revolving loans amortized cost basis | 0 | 0 | |
Revolving loans converted to term | 0 | 0 | |
Loans and leases receivable | 0 | 0 | |
Consumer loans | Consumer | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Current year | 41,201 | 953,351 | |
Fiscal year before current year | 780,719 | 458,668 | |
Two years before current year | 493,696 | 108,658 | |
Three years before current year | 113,211 | 119,463 | |
Four years before current year | 120,826 | 20,758 | |
Prior | 131,178 | 126,720 | |
Revolving loans amortized cost basis | 125,761 | 133,349 | |
Revolving loans converted to term | 0 | 0 | |
Loans and leases receivable | 1,806,592 | 1,920,967 | |
Current year, charge-offs | 1,724 | ||
Fiscal year before current year, charge-offs | 4,192 | ||
Two years before current fiscal year, charge-offs | 6,856 | ||
Three years before current fiscal year, charge-offs | 1,655 | ||
Four years before current fiscal year, charge-offs | 1,933 | ||
Prior, charge-offs | 355 | ||
Revolving loans amortized cost basis, charge-offs | 0 | ||
Revolving loans converted to term, charge-offs | 0 | ||
Loans and leases receivable, charge-offs | 16,715 | ||
Residential real estate | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans and leases receivable | 494,815 | 497,952 | |
Loans and leases receivable, charge-offs | 0 | 4 | |
Residential real estate | Consumer | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Current year | 2,825 | 162,488 | |
Fiscal year before current year | 172,735 | 148,583 | |
Two years before current year | 151,709 | 7,462 | |
Three years before current year | 6,924 | 17,569 | |
Four years before current year | 16,290 | 12,164 | |
Prior | 79,027 | 81,119 | |
Revolving loans amortized cost basis | 65,305 | 68,567 | |
Revolving loans converted to term | 0 | 0 | |
Loans and leases receivable | 494,815 | 497,952 | |
Current year, charge-offs | 0 | ||
Fiscal year before current year, charge-offs | 0 | ||
Two years before current fiscal year, charge-offs | 0 | ||
Three years before current fiscal year, charge-offs | 0 | ||
Four years before current fiscal year, charge-offs | 0 | ||
Prior, charge-offs | 0 | ||
Revolving loans amortized cost basis, charge-offs | 0 | ||
Revolving loans converted to term, charge-offs | 0 | ||
Loans and leases receivable, charge-offs | 0 | ||
Residential real estate | Consumer | Performing | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Current year | 2,825 | 162,217 | |
Fiscal year before current year | 172,464 | 148,217 | |
Two years before current year | 151,252 | 7,224 | |
Three years before current year | 6,690 | 17,128 | |
Four years before current year | 15,856 | 10,739 | |
Prior | 74,745 | 77,762 | |
Revolving loans amortized cost basis | 64,870 | 67,782 | |
Revolving loans converted to term | 0 | 0 | |
Loans and leases receivable | 488,702 | 491,069 | |
Residential real estate | Consumer | Non-performing | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Current year | 0 | 271 | |
Fiscal year before current year | 271 | 366 | |
Two years before current year | 457 | 238 | |
Three years before current year | 234 | 441 | |
Four years before current year | 434 | 1,425 | |
Prior | 4,282 | 3,357 | |
Revolving loans amortized cost basis | 435 | 785 | |
Revolving loans converted to term | 0 | 0 | |
Loans and leases receivable | 6,113 | 6,883 | |
Manufactured housing | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans and leases receivable | 43,272 | 45,076 | |
Loans and leases receivable, charge-offs | 0 | 0 | |
Manufactured housing | Consumer | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Current year | 0 | 0 | |
Fiscal year before current year | 0 | 0 | |
Two years before current year | 0 | 0 | |
Three years before current year | 0 | 213 | |
Four years before current year | 211 | 103 | |
Prior | 43,061 | 44,760 | |
Revolving loans amortized cost basis | 0 | 0 | |
Revolving loans converted to term | 0 | 0 | |
Loans and leases receivable | 43,272 | 45,076 | |
Current year, charge-offs | 0 | ||
Fiscal year before current year, charge-offs | 0 | ||
Two years before current fiscal year, charge-offs | 0 | ||
Three years before current fiscal year, charge-offs | 0 | ||
Four years before current fiscal year, charge-offs | 0 | ||
Prior, charge-offs | 0 | ||
Revolving loans amortized cost basis, charge-offs | 0 | ||
Revolving loans converted to term, charge-offs | 0 | ||
Loans and leases receivable, charge-offs | 0 | ||
Manufactured housing | Consumer | Performing | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Current year | 0 | 0 | |
Fiscal year before current year | 0 | 0 | |
Two years before current year | 0 | 0 | |
Three years before current year | 0 | 213 | |
Four years before current year | 0 | 103 | |
Prior | 40,173 | 41,918 | |
Revolving loans amortized cost basis | 0 | 0 | |
Revolving loans converted to term | 0 | 0 | |
Loans and leases receivable | 40,173 | 42,234 | |
Manufactured housing | Consumer | Non-performing | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Current year | 0 | 0 | |
Fiscal year before current year | 0 | 0 | |
Two years before current year | 0 | 0 | |
Three years before current year | 0 | 0 | |
Four years before current year | 211 | 0 | |
Prior | 2,888 | 2,842 | |
Revolving loans amortized cost basis | 0 | 0 | |
Revolving loans converted to term | 0 | 0 | |
Loans and leases receivable | 3,099 | 2,842 | |
Installment | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans and leases receivable | 1,268,505 | 1,377,939 | |
Loans and leases receivable, charge-offs | 16,715 | $ 8,865 | |
Installment | Consumer | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Current year | 38,376 | 790,863 | |
Fiscal year before current year | 607,984 | 310,085 | |
Two years before current year | 341,987 | 101,196 | |
Three years before current year | 106,287 | 101,681 | |
Four years before current year | 104,325 | 8,491 | |
Prior | 9,090 | 841 | |
Revolving loans amortized cost basis | 60,456 | 64,782 | |
Revolving loans converted to term | 0 | 0 | |
Loans and leases receivable | 1,268,505 | 1,377,939 | |
Current year, charge-offs | 1,724 | ||
Fiscal year before current year, charge-offs | 4,192 | ||
Two years before current fiscal year, charge-offs | 6,856 | ||
Three years before current fiscal year, charge-offs | 1,655 | ||
Four years before current fiscal year, charge-offs | 1,933 | ||
Prior, charge-offs | 355 | ||
Revolving loans amortized cost basis, charge-offs | 0 | ||
Revolving loans converted to term, charge-offs | 0 | ||
Loans and leases receivable, charge-offs | 16,715 | ||
Installment | Consumer | Performing | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Current year | 38,376 | 785,699 | |
Fiscal year before current year | 602,558 | 305,729 | |
Two years before current year | 338,980 | 100,173 | |
Three years before current year | 105,550 | 100,570 | |
Four years before current year | 103,290 | 8,430 | |
Prior | 8,934 | 782 | |
Revolving loans amortized cost basis | 60,349 | 64,690 | |
Revolving loans converted to term | 0 | 0 | |
Loans and leases receivable | 1,258,037 | 1,366,073 | |
Installment | Consumer | Non-performing | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Current year | 0 | 5,164 | |
Fiscal year before current year | 5,426 | 4,356 | |
Two years before current year | 3,007 | 1,023 | |
Three years before current year | 737 | 1,111 | |
Four years before current year | 1,035 | 61 | |
Prior | 156 | 59 | |
Revolving loans amortized cost basis | 107 | 92 | |
Revolving loans converted to term | 0 | 0 | |
Loans and leases receivable | $ 10,468 | $ 11,866 |
Loans and Leases Receivable and Allowance for Credit Losses on Loans and Leases - Schedule of Loan Purchases and Sales (Details) - USD ($) |
3 Months Ended | |
---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
|
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Purchases | $ 12,550,000 | $ 206,330,000 |
Sales | $ 0 | $ 14,281,000 |
Purchase price as a percentage of loans outstanding | 101.90% | 98.10% |
Net gain on sale of loans | $ 0 | $ 1,500,000 |
Other commercial and industrial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Purchases | 5,445,000 | 0 |
Sales | 0 | 8,840,000 |
Commercial real estate owner occupied | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Purchases | 2,867,000 | 0 |
Sales | 0 | 5,441,000 |
Residential real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Purchases | 4,238,000 | 146,874,000 |
Personal installment | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Purchases | $ 0 | $ 59,456,000 |
Leases - Lessee Narrative (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
|
Lessee, Lease, Description [Line Items] | ||
Lessee, operating lease, renewal term | 10 years | |
Operating cash flows from operating leases | $ 1.7 | $ 1.2 |
Minimum | ||
Lessee, Lease, Description [Line Items] | ||
Lessee, operating lease, remaining lease term | 1 month | |
Lessee, operating lease, term | 1 year | |
Maximum | ||
Lessee, Lease, Description [Line Items] | ||
Lessee, operating lease, remaining lease term | 10 years | |
Lessee, operating lease, term | 10 years |
Leases - Right-of-Use Assets and Lease Liabilities (Details) - USD ($) $ in Thousands |
Mar. 31, 2023 |
Dec. 31, 2022 |
---|---|---|
ASSETS | ||
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | Other assets | Other assets |
Operating lease ROU assets | $ 18,509 | $ 16,133 |
LIABILITIES | ||
Operating Lease, Liability, Statement of Financial Position [Extensible List] | Other Liabilities | Other Liabilities |
Operating lease liabilities | $ 21,067 | $ 19,046 |
Leases - Lease, Cost (Details) - USD ($) |
3 Months Ended | |
---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
|
Leases [Abstract] | ||
Operating lease cost | $ 1,218,000 | $ 998,000 |
Variable lease cost | $ 0 | $ 0 |
Leases - Maturities of Non-Cancelable Lease Liabilities (Details) - USD ($) $ in Thousands |
Mar. 31, 2023 |
Dec. 31, 2022 |
---|---|---|
Leases [Abstract] | ||
2023 | $ 4,096 | |
2024 | 4,701 | |
2025 | 3,650 | |
2026 | 2,880 | |
2027 | 2,369 | |
Thereafter | 5,524 | |
Total minimum payments | 23,220 | |
Less: interest | 2,153 | |
Present value of lease liabilities | $ 21,067 | $ 19,046 |
Leases - Summary of Lease Term and Discount Rate (Details) |
Mar. 31, 2023 |
Dec. 31, 2022 |
---|---|---|
Leases [Abstract] | ||
Operating lease, weighted average remaining lease term (years) | 5 years 10 months 24 days | 5 years 1 month 6 days |
Operating lease, weighted average discount rate, percent | 3.15% | 2.85% |
Leases - Lessor Narrative (Details) |
Mar. 31, 2023 |
---|---|
Minimum | |
Lessor, Lease, Description [Line Items] | |
Lessor, lease, term of contract (years) | 24 months |
Maximum | |
Lessor, Lease, Description [Line Items] | |
Lessor, lease, term of contract (years) | 120 months |
Leases - Lessor, Lease Receivables and Investment in Operating Leases and their Corresponding Balance Sheet Location (Details) - USD ($) $ in Thousands |
Mar. 31, 2023 |
Dec. 31, 2022 |
---|---|---|
Direct financing leases | ||
Lease receivables | $ 152,650 | $ 140,182 |
Guaranteed residual assets | 12,043 | 12,370 |
Unguaranteed residual assets | 8,419 | 7,555 |
Deferred initial direct costs | 1,056 | 667 |
Unearned income | (5,398) | (3,404) |
Net investment in direct financing leases | 168,770 | 157,370 |
Operating leases | ||
Investment in operating leases | 251,027 | 248,454 |
Accumulated depreciation | (60,350) | (52,585) |
Deferred initial direct costs | 1,385 | 1,461 |
Net investment in operating leases | 192,062 | 197,330 |
Total lease assets | $ 360,832 | $ 354,700 |
Leases - Schedule of Operating Lease and Direct Financing Receivables (Details) $ in Thousands |
Mar. 31, 2023
USD ($)
|
---|---|
Operating leases | |
2023 | $ 37,253 |
2024 | 35,972 |
2025 | 32,256 |
2026 | 37,305 |
2027 | 26,746 |
Thereafter | 59,528 |
Total minimum payments | 229,060 |
Direct financing leases | |
2023 | 30,229 |
2024 | 37,402 |
2025 | 28,074 |
2026 | 22,519 |
2027 | 18,792 |
Thereafter | 17,585 |
Total minimum payments | 154,601 |
Less: interest | 1,951 |
Present value of lease receivables | $ 152,650 |
Deposits - Components of Deposits (Detail) - USD ($) $ in Thousands |
Mar. 31, 2023 |
Dec. 31, 2022 |
---|---|---|
Deposits, by Component, Alternative [Abstract] | ||
Demand, non-interest bearing | $ 3,487,517 | $ 1,885,045 |
Demand, interest bearing | 5,791,302 | 8,476,027 |
Savings, including money market deposit accounts | 2,943,992 | 3,546,015 |
Time | 5,500,806 | 4,249,866 |
Total deposits | $ 17,723,617 | $ 18,156,953 |
Deposits - Schedule of Time Deposit Maturities (Detail) - USD ($) $ in Thousands |
Mar. 31, 2023 |
Dec. 31, 2022 |
---|---|---|
Deposit [Abstract] | ||
2023 | $ 2,846,450 | |
2024 | 2,255,828 | |
2025 | 121,435 | |
2026 | 275,909 | |
2027 | 1,144 | |
Thereafter | 40 | |
Total time deposits | $ 5,500,806 | $ 4,249,866 |
Deposits - Narrative (Detail) - USD ($) $ in Thousands |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
Dec. 31, 2022 |
|
Deposit Liability [Line Items] | |||
Time deposits greater than $250,000 | $ 61,100 | $ 85,500 | |
Brokered demand deposits | 755,400 | 553,200 | |
Brokered money market deposits | 10,400 | 415,700 | |
Brokered certificates of deposit | 5,300,000 | 4,000,000 | |
Demand deposit overdrafts reclassified as loans | 2,400 | 3,700 | |
Total deposits | 17,723,617 | 18,156,953 | |
Discontinued Operations | BankMobile Technologies, Inc. | |||
Deposit Liability [Line Items] | |||
Expenses under the deposit servicing agreement | 7,600 | $ 17,800 | |
Total deposits | $ 1,100,000 | $ 1,100,000 |
Borrowings - Short-term Borrowings (Detail) - USD ($) $ in Thousands |
Mar. 31, 2023 |
Dec. 31, 2022 |
---|---|---|
Short-term Debt [Line Items] | ||
Total short-term debt | $ 0 | $ 300,000 |
FHLB advances | ||
Short-term Debt [Line Items] | ||
Total short-term debt | $ 0 | $ 300,000 |
FHLB advances, rate | 0.00% | 4.54% |
Borrowings - Summary of Bancorp's Short-term Borrowings (Detail) - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended |
---|---|---|
Mar. 31, 2023 |
Dec. 31, 2022 |
|
Federal Reserve Bank Advances | ||
Short-term Debt [Line Items] | ||
Maximum outstanding at any month end | $ 0 | $ 0 |
Average balance during the period | $ 487,067 | $ 0 |
Weighted-average interest rate during the period | 5.23% | 0.00% |
FHLB advances | ||
Short-term Debt [Line Items] | ||
Maximum outstanding at any month end | $ 0 | $ 775,000 |
Average balance during the period | $ 354,482 | $ 144,918 |
Weighted-average interest rate during the period | 5.16% | 1.07% |
Federal Funds Purchased | ||
Short-term Debt [Line Items] | ||
Maximum outstanding at any month end | $ 0 | $ 895,000 |
Average balance during the period | $ 15,333 | $ 349,581 |
Weighted-average interest rate during the period | 4.97% | 1.66% |
Borrowings - Narrative (Detail) - USD ($) $ in Billions |
Mar. 31, 2023 |
Dec. 31, 2022 |
---|---|---|
Federal Funds Purchased | ||
Debt Instrument [Line Items] | ||
Aggregate availability under federal funds line | $ 1.7 | $ 1.7 |
Borrowings - FHLB and FRB Advances (Details) - USD ($) $ in Thousands |
Mar. 31, 2023 |
Dec. 31, 2022 |
---|---|---|
Debt Instrument [Line Items] | ||
FHLB advances | $ 2,050,000 | |
Amount | ||
2024 | 420,000 | |
2025 | 540,000 | |
2026 | 540,000 | |
2027 | 450,000 | |
Thereafter | 100,000 | |
FHLB advances | $ 2,050,000 | |
Rate | ||
2024 | 4.26% | |
2025 | 5.21% | |
2026 | 5.23% | |
2027 | 3.70% | |
Thereafter | 0.0419 | |
Total maximum borrowing capacity with the FHLB | $ 3,307,772 | $ 3,241,120 |
Total maximum borrowing capacity with the FRB | 6,516,922 | 2,510,189 |
Loans and leases receivable | 13,145,352 | 13,144,894 |
FHLB advances | ||
Debt Instrument [Line Items] | ||
Total long-term debt | $ 2,052,143 | $ 500,000 |
FHLB advances, rate | 4.64% | 3.37% |
Rate | ||
Cumulative Amount of Fair Value Hedging Adjustment to Hedged Items | $ 2,100 | |
FHLB Advance Due September 2026 | ||
Debt Instrument [Line Items] | ||
FHLB advances | 1,100,000 | |
Amount | ||
FHLB advances | 1,100,000 | |
FHLB Advance Due March 2028 | ||
Debt Instrument [Line Items] | ||
FHLB advances | 950,000 | |
Amount | ||
FHLB advances | $ 950,000 | |
FHLB Advance Due June 2027 | ||
Debt Instrument [Line Items] | ||
FHLB advances, interest rate | 3.30% | |
FHLB advances | $ 250,000 | |
Amount | ||
FHLB advances | 250,000 | |
Bank Term Funding Program | ||
Rate | ||
Borrowing capacity available under the BTFP | 508,200 | |
Qualifying Assets Pledged As Collateral | ||
Rate | ||
Loans and leases receivable | $ 12,079,694 | $ 7,142,865 |
Borrowings - Long-term Debt (Details) - USD ($) |
3 Months Ended | |
---|---|---|
Mar. 31, 2023 |
Dec. 31, 2022 |
|
Senior Notes | ||
Debt Instrument [Line Items] | ||
Carrying Amount | $ 123,645,000 | $ 123,580,000 |
Senior Subordinated Notes | ||
Debt Instrument [Line Items] | ||
Carrying Amount | 182,021,000 | 181,952,000 |
Maturing August 2031 | Senior Notes | ||
Debt Instrument [Line Items] | ||
Carrying Amount | $ 98,823,000 | 98,788,000 |
Rate | 2.875% | |
Issued Amount | $ 100,000,000 | |
Price | 100.00% | |
Maturing September 2024 | Senior Notes | ||
Debt Instrument [Line Items] | ||
Carrying Amount | $ 24,822,000 | 24,792,000 |
Rate | 4.50% | |
Issued Amount | $ 25,000,000 | |
Price | 100.00% | |
Maturing December 2034 | Senior Subordinated Notes | ||
Debt Instrument [Line Items] | ||
Carrying Amount | $ 72,630,000 | 72,585,000 |
Rate | 5.375% | |
Issued Amount | $ 74,750,000 | |
Price | 100.00% | |
Maturing June 2029 | Senior Subordinated Notes | ||
Debt Instrument [Line Items] | ||
Carrying Amount | $ 109,391,000 | $ 109,367,000 |
Rate | 6.125% | |
Issued Amount | $ 110,000,000 | |
Price | 100.00% | |
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Maturing August 2031 | Senior Notes | ||
Debt Instrument [Line Items] | ||
Spread on variable interest rate | 2.35% | |
London Interbank Offered Rate (LIBOR) | Maturing June 2029 | Senior Subordinated Notes | ||
Debt Instrument [Line Items] | ||
Spread on variable interest rate | 3.443% |
Shareholders' Equity - Narrative (Detail) $ in Thousands |
3 Months Ended | |||
---|---|---|---|---|
Mar. 31, 2023
USD ($)
series
shares
|
Mar. 31, 2022
USD ($)
shares
|
Dec. 31, 2022
series
|
Aug. 25, 2021
shares
|
|
Equity [Abstract] | ||||
Stock repurchase program, number of shares authorized to be repurchased | 3,235,326 | |||
Percentage of company's outstanding shares | 10.00% | |||
Repurchase of common shares (in shares) | 1,379,883 | 115,324 | ||
Repurchase of common shares | $ | $ 39,806 | $ 6,310 | ||
Preferred stock, number of series outstanding | series | 2 | 2 |
Shareholders' Equity - Preferred Stock and Dividends Paid Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
Dec. 31, 2022 |
|
Capital Unit [Line Items] | |||
Preferred stock, shares issued (shares) | 5,700,000 | 5,700,000 | |
Preferred stock, value | $ 137,794 | $ 137,794 | |
Series E Preferred Stock | |||
Capital Unit [Line Items] | |||
Preferred stock, shares issued (shares) | 2,300,000 | 2,300,000 | |
Preferred stock, value | $ 55,593 | $ 55,593 | |
Initial Fixed Rate | 6.45% | ||
Preferred stock, dividends, per share, cash paid (usd per share) | $ 0.619313 | $ 0.333922 | |
Series E Preferred Stock | London Interbank Offered Rate (LIBOR) | |||
Capital Unit [Line Items] | |||
Floating rate of Three-Month LIBOR Plus: | 5.14% | ||
Series F Preferred Stock | |||
Capital Unit [Line Items] | |||
Preferred stock, shares issued (shares) | 3,400,000 | 3,400,000 | |
Preferred stock, value | $ 82,201 | $ 82,201 | |
Initial Fixed Rate | 6.00% | ||
Preferred stock, dividends, per share, cash paid (usd per share) | $ 0.595688 | $ 0.310297 | |
Series F Preferred Stock | London Interbank Offered Rate (LIBOR) | |||
Capital Unit [Line Items] | |||
Floating rate of Three-Month LIBOR Plus: | 4.762% |
Regulatory Capital - Narrative (Details) - USD ($) $ in Millions |
Mar. 31, 2023 |
Dec. 31, 2021 |
---|---|---|
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Capital conservation buffer to risk weighted assets | 2.50% | |
Cumulative Effect, Period of Adoption, Adjustment | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Cumulative capital transition impact | $ 61.6 | |
Capital transition provisions, benefit recognized, excluding amount previously phased in | $ 30.8 |
Regulatory Capital - Summary of Capital Amounts, Tier 1 Risk Based and Tier 1 Leveraged Ratios (Detail) - USD ($) $ in Thousands |
Mar. 31, 2023 |
Dec. 31, 2022 |
---|---|---|
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Common equity Tier 1 capital (to risk weighted assets), Actual Amount | $ 1,466,676 | $ 1,470,837 |
Tier 1 capital (to risk weighted assets), Actual Amount | 1,604,469 | 1,608,630 |
Total capital (to risk weighted assets), Actual Amount | 1,878,449 | 1,862,089 |
Tier 1 capital (to average assets), Actual Amount | $ 1,604,469 | $ 1,608,630 |
Common equity Tier 1 (to risk weighted assets), Actual Ratio | 9.624% | 9.637% |
Tier 1 capital (to risk weighted assets), Actual Ratio | 0.10528 | 0.10539 |
Total capital (to risk weighted assets), Actual Ratio | 0.12326 | 0.12200 |
Tier 1 capital (to average assets), Actual Ratio | 0.07534 | 0.07664 |
Common equity Tier 1 capital (to risk weighted assets), For Capital Adequacy Purposes Amount | $ 685,809 | $ 686,838 |
Tier 1 capital (to risk weighted assets), For Capital Adequacy Purposes Amount | 914,412 | 915,784 |
Total capital (to risk weighted assets), For Capital Adequacy Purposes Amount | 1,219,216 | 1,221,045 |
Tier 1 capital (to average assets), For Capital Adequacy Purposes Amount | $ 851,851 | $ 839,547 |
Common equity Tier 1 (to risk weighted assets), For Capital Adequacy Purposes Ratio | 4.50% | 4.50% |
Tier 1 capital (to risk weighted assets), For Capital Adequacy Purposes Ratio | 0.06000 | 0.06000 |
Total capital (to risk weighted assets), For Capital Adequacy Purposes Ratio | 0.08000 | 0.08000 |
Tier 1 capital (to average assets), For Capital Adequacy Purposes Ratio | 0.04000 | 0.04000 |
Common equity Tier 1 (to risk weighted assets), for Basel III amount | $ 1,066,814 | $ 1,068,415 |
Tier 1 (to risk weighted assets) Required for Basel III amount | 1,295,417 | 1,297,361 |
Total capital (to risk weighted assets), for Basel III amount | 1,600,221 | 1,602,622 |
Tier 1 (to risk average assets), for Basel III amount | $ 851,851 | $ 839,547 |
Common equity Tier 1 (to risk weighted assets), for Basel III ratio | 7.00% | 7.00% |
Tier 1 capital (to risk weighted assets), for Basel III ratio | 8.50% | 8.50% |
Total capital (to risk weighted assets), for Basel III ratio | 10.50% | 10.50% |
Tier 1 capital (to average assets), for Basel III ratio | 4.00% | 4.00% |
Customers Bank | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Common equity Tier 1 capital (to risk weighted assets), Actual Amount | $ 1,721,118 | $ 1,708,598 |
Tier 1 capital (to risk weighted assets), Actual Amount | 1,721,118 | 1,708,598 |
Total capital (to risk weighted assets), Actual Amount | 1,922,468 | 1,889,472 |
Tier 1 capital (to average assets), Actual Amount | $ 1,721,118 | $ 1,708,598 |
Common equity Tier 1 (to risk weighted assets), Actual Ratio | 11.313% | 11.213% |
Tier 1 capital (to risk weighted assets), Actual Ratio | 0.11313 | 0.11213 |
Total capital (to risk weighted assets), Actual Ratio | 0.12636 | 0.12400 |
Tier 1 capital (to average assets), Actual Ratio | 0.08092 | 0.08150 |
Common equity Tier 1 capital (to risk weighted assets), For Capital Adequacy Purposes Amount | $ 684,636 | $ 685,694 |
Tier 1 capital (to risk weighted assets), For Capital Adequacy Purposes Amount | 912,848 | 914,259 |
Total capital (to risk weighted assets), For Capital Adequacy Purposes Amount | 1,217,131 | 1,219,012 |
Tier 1 capital (to average assets), For Capital Adequacy Purposes Amount | $ 850,809 | $ 838,611 |
Common equity Tier 1 (to risk weighted assets), For Capital Adequacy Purposes Ratio | 4.50% | 4.50% |
Tier 1 capital (to risk weighted assets), For Capital Adequacy Purposes Ratio | 0.06000 | 0.06000 |
Total capital (to risk weighted assets), For Capital Adequacy Purposes Ratio | 0.08000 | 0.08000 |
Tier 1 capital (to average assets), For Capital Adequacy Purposes Ratio | 0.04000 | 0.04000 |
Common equity Tier 1 Capital (to risk weighted assets), To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | $ 988,919 | $ 990,447 |
Tier 1 capital (to risk weighted assets), To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | 1,217,131 | 1,219,012 |
Total capital (to risk weighted assets), To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | 1,521,414 | 1,523,765 |
Tier 1 capital (to average assets), To Be Well Capitalized Under Prompt Corrective Action Provisions Amount | $ 1,063,511 | $ 1,048,264 |
Common equity Tier 1 (to risk weighted assets), To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio | 6.50% | 6.50% |
Tier 1 capital (to risk weighted assets), To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio | 0.08000 | 0.08000 |
Total capital (to risk weighted assets), To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio | 0.10000 | 0.10000 |
Tier 1 capital (to average assets), To Be Well Capitalized Under Prompt Corrective Action Provisions Ratio | 0.05000 | 0.05000 |
Common equity Tier 1 (to risk weighted assets), for Basel III amount | $ 1,064,990 | $ 1,066,636 |
Tier 1 (to risk weighted assets) Required for Basel III amount | 1,293,202 | 1,295,201 |
Total capital (to risk weighted assets), for Basel III amount | 1,597,485 | 1,599,954 |
Tier 1 (to risk average assets), for Basel III amount | $ 850,809 | $ 838,611 |
Common equity Tier 1 (to risk weighted assets), for Basel III ratio | 7.00% | 7.00% |
Tier 1 capital (to risk weighted assets), for Basel III ratio | 8.50% | 8.50% |
Total capital (to risk weighted assets), for Basel III ratio | 10.50% | 10.50% |
Tier 1 capital (to average assets), for Basel III ratio | 4.00% | 4.00% |
Disclosures About Fair Value of Financial Instruments - Narrative (Detail) |
3 Months Ended |
---|---|
Mar. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Loans held for sale, average life from purchase to sale | 30 days |
Disclosures About Fair Value of Financial Instruments - Estimated Fair Values of Financial Instruments (Detail) - USD ($) $ in Thousands |
Mar. 31, 2023 |
Dec. 31, 2022 |
---|---|---|
Assets: | ||
Cash and cash equivalents, Carrying Amount | $ 2,046,685 | $ 455,806 |
Cash and cash equivalents, Estimated Fair Value | 2,046,685 | 455,806 |
Debt securities, available for sale | 2,900,259 | 2,961,015 |
Debt securities, held to maturity | 870,294 | 840,259 |
Investment securities held to maturity | 836,713 | 793,813 |
Loans held for sale | 424,057 | 328,312 |
Total loans and leases receivable, net of allowance for credit losses on loans and leases | 14,508,696 | 15,335,435 |
Total loans and leases receivable, net of allowance for credit losses on loans and leases, Estimated Fair Value | 13,973,288 | 14,890,823 |
FHLB, Federal Reserve Bank and other restricted stock, Carrying Amount | 124,733 | 74,196 |
FHLB, Federal Reserve Bank and other restricted stock, Estimated Fair Value | 124,733 | 74,196 |
Derivative assets | 34,751 | 44,435 |
Liabilities: | ||
Deposits held | 17,723,617 | 18,156,953 |
Deposits, Estimated Fair Value | 17,707,705 | 18,127,338 |
FHLB advances, Carrying Amount | 2,052,143 | 800,000 |
FHLB advances, Estimated Fair Value | 2,047,365 | 781,113 |
Other borrowings, Carrying Amount | 123,645 | 123,580 |
Other borrowings, Estimated Fair Value | 108,381 | 108,081 |
Subordinated debt, Carrying Amount | 182,021 | 181,952 |
Subordinated debt, Estimated Fair Value | 152,769 | 168,441 |
Derivative liabilities | 32,999 | 42,106 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Assets: | ||
Cash and cash equivalents, Estimated Fair Value | 2,046,685 | 455,806 |
Debt securities, available for sale | 0 | 0 |
Investment securities held to maturity | 0 | 0 |
Loans held for sale | 0 | 0 |
Total loans and leases receivable, net of allowance for credit losses on loans and leases, Estimated Fair Value | 0 | 0 |
FHLB, Federal Reserve Bank and other restricted stock, Estimated Fair Value | 0 | 0 |
Derivative assets | 0 | 0 |
Liabilities: | ||
Deposits, Estimated Fair Value | 12,222,811 | 13,907,087 |
FHLB advances, Estimated Fair Value | 0 | 0 |
Other borrowings, Estimated Fair Value | 0 | 0 |
Subordinated debt, Estimated Fair Value | 0 | 0 |
Derivative liabilities | 0 | 0 |
Significant Other Observable Inputs (Level 2) | ||
Assets: | ||
Cash and cash equivalents, Estimated Fair Value | 0 | 0 |
Debt securities, available for sale | 2,836,883 | 2,887,749 |
Investment securities held to maturity | 516,978 | 437,680 |
Loans held for sale | 16,314 | 322 |
Total loans and leases receivable, net of allowance for credit losses on loans and leases, Estimated Fair Value | 1,247,367 | 1,323,312 |
FHLB, Federal Reserve Bank and other restricted stock, Estimated Fair Value | 124,733 | 74,196 |
Derivative assets | 34,686 | 44,380 |
Liabilities: | ||
Deposits, Estimated Fair Value | 5,484,894 | 4,220,251 |
FHLB advances, Estimated Fair Value | 2,047,365 | 781,113 |
Other borrowings, Estimated Fair Value | 108,381 | 108,081 |
Subordinated debt, Estimated Fair Value | 152,769 | 168,441 |
Derivative liabilities | 32,999 | 42,106 |
Significant Unobservable Inputs (Level 3) | ||
Assets: | ||
Cash and cash equivalents, Estimated Fair Value | 0 | 0 |
Debt securities, available for sale | 63,376 | 73,266 |
Investment securities held to maturity | 319,735 | 356,133 |
Loans held for sale | 407,743 | 327,990 |
Total loans and leases receivable, net of allowance for credit losses on loans and leases, Estimated Fair Value | 12,725,921 | 13,567,511 |
FHLB, Federal Reserve Bank and other restricted stock, Estimated Fair Value | 0 | 0 |
Derivative assets | 65 | 55 |
Liabilities: | ||
Deposits, Estimated Fair Value | 0 | 0 |
FHLB advances, Estimated Fair Value | 0 | 0 |
Other borrowings, Estimated Fair Value | 0 | 0 |
Subordinated debt, Estimated Fair Value | 0 | 0 |
Derivative liabilities | $ 0 | $ 0 |
Disclosures About Fair Value of Financial Instruments - Summary of Financial Assets and Liabilities Measured at Fair Value on a Recurring and Nonrecurring Basis (Detail) - USD ($) $ in Thousands |
Mar. 31, 2023 |
Dec. 31, 2022 |
---|---|---|
Assets | ||
Fair Value | $ 2,900,259 | $ 2,961,015 |
Fair Value, Measurements, Recurring | ||
Assets | ||
Assets, fair value | 4,182,691 | 4,329,084 |
Fair Value, Measurements, Nonrecurring | ||
Assets | ||
Assets, fair value | 22,569 | 4,819 |
Asset-backed securities | ||
Assets | ||
Fair Value | 147,935 | 160,542 |
Asset-backed securities | Fair Value, Measurements, Recurring | ||
Assets | ||
Fair Value | 147,935 | 160,542 |
Agency-guaranteed residential collateralized mortgage obligations | ||
Assets | ||
Fair Value | 133,753 | 133,864 |
Agency-guaranteed residential collateralized mortgage obligations | Fair Value, Measurements, Recurring | ||
Assets | ||
Fair Value | 133,753 | 133,864 |
Collateralized loan obligations | ||
Assets | ||
Fair Value | 854,100 | 872,738 |
Collateralized loan obligations | Fair Value, Measurements, Recurring | ||
Assets | ||
Fair Value | 854,100 | 872,738 |
Commercial mortgage-backed securities | ||
Assets | ||
Fair Value | 136,818 | 136,357 |
Commercial mortgage-backed securities | Fair Value, Measurements, Recurring | ||
Assets | ||
Fair Value | 136,818 | 136,357 |
Corporate notes | ||
Assets | ||
Fair Value | 586,795 | 595,253 |
Corporate notes | Fair Value, Measurements, Recurring | ||
Assets | ||
Fair Value | 586,795 | 595,253 |
Private label collateralized mortgage obligations | ||
Assets | ||
Fair Value | 1,040,858 | 1,062,261 |
Private label collateralized mortgage obligations | Fair Value, Measurements, Recurring | ||
Assets | ||
Fair Value | 1,040,858 | 1,062,261 |
Derivatives | Fair Value, Measurements, Recurring | ||
Assets | ||
Assets, fair value | 34,751 | 44,435 |
Loans held for sale – fair value option | Fair Value, Measurements, Recurring | ||
Assets | ||
Assets, fair value | 314 | 322 |
Loans receivable, mortgage warehouse – fair value option | Fair Value, Measurements, Recurring | ||
Assets | ||
Assets, fair value | 1,247,367 | 1,323,312 |
Derivatives | Fair Value, Measurements, Recurring | ||
Liabilities | ||
Financial liabilities, fair value | 32,999 | 42,106 |
Collateral-dependent loans | Fair Value, Measurements, Nonrecurring | ||
Assets | ||
Assets, fair value | 22,569 | 4,819 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Assets | ||
Fair Value | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Fair Value, Measurements, Recurring | ||
Assets | ||
Assets, fair value | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Fair Value, Measurements, Nonrecurring | ||
Assets | ||
Assets, fair value | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Asset-backed securities | Fair Value, Measurements, Recurring | ||
Assets | ||
Fair Value | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Agency-guaranteed residential collateralized mortgage obligations | Fair Value, Measurements, Recurring | ||
Assets | ||
Fair Value | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Collateralized loan obligations | Fair Value, Measurements, Recurring | ||
Assets | ||
Fair Value | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Commercial mortgage-backed securities | Fair Value, Measurements, Recurring | ||
Assets | ||
Fair Value | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Corporate notes | Fair Value, Measurements, Recurring | ||
Assets | ||
Fair Value | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Private label collateralized mortgage obligations | Fair Value, Measurements, Recurring | ||
Assets | ||
Fair Value | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Derivatives | Fair Value, Measurements, Recurring | ||
Assets | ||
Assets, fair value | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Loans held for sale – fair value option | Fair Value, Measurements, Recurring | ||
Assets | ||
Assets, fair value | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Loans receivable, mortgage warehouse – fair value option | Fair Value, Measurements, Recurring | ||
Assets | ||
Assets, fair value | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Derivatives | Fair Value, Measurements, Recurring | ||
Liabilities | ||
Financial liabilities, fair value | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Collateral-dependent loans | Fair Value, Measurements, Nonrecurring | ||
Assets | ||
Assets, fair value | 0 | 0 |
Significant Other Observable Inputs (Level 2) | ||
Assets | ||
Fair Value | 2,836,883 | 2,887,749 |
Significant Other Observable Inputs (Level 2) | Fair Value, Measurements, Recurring | ||
Assets | ||
Assets, fair value | 4,119,250 | 4,255,763 |
Significant Other Observable Inputs (Level 2) | Fair Value, Measurements, Nonrecurring | ||
Assets | ||
Assets, fair value | 16,000 | 0 |
Significant Other Observable Inputs (Level 2) | Asset-backed securities | Fair Value, Measurements, Recurring | ||
Assets | ||
Fair Value | 84,559 | 87,276 |
Significant Other Observable Inputs (Level 2) | Agency-guaranteed residential collateralized mortgage obligations | Fair Value, Measurements, Recurring | ||
Assets | ||
Fair Value | 133,753 | 133,864 |
Significant Other Observable Inputs (Level 2) | Collateralized loan obligations | Fair Value, Measurements, Recurring | ||
Assets | ||
Fair Value | 854,100 | 872,738 |
Significant Other Observable Inputs (Level 2) | Commercial mortgage-backed securities | Fair Value, Measurements, Recurring | ||
Assets | ||
Fair Value | 136,818 | 136,357 |
Significant Other Observable Inputs (Level 2) | Corporate notes | Fair Value, Measurements, Recurring | ||
Assets | ||
Fair Value | 586,795 | 595,253 |
Significant Other Observable Inputs (Level 2) | Private label collateralized mortgage obligations | Fair Value, Measurements, Recurring | ||
Assets | ||
Fair Value | 1,040,858 | 1,062,261 |
Significant Other Observable Inputs (Level 2) | Derivatives | Fair Value, Measurements, Recurring | ||
Assets | ||
Assets, fair value | 34,686 | 44,380 |
Significant Other Observable Inputs (Level 2) | Loans held for sale – fair value option | Fair Value, Measurements, Recurring | ||
Assets | ||
Assets, fair value | 314 | 322 |
Significant Other Observable Inputs (Level 2) | Loans receivable, mortgage warehouse – fair value option | Fair Value, Measurements, Recurring | ||
Assets | ||
Assets, fair value | 1,247,367 | 1,323,312 |
Significant Other Observable Inputs (Level 2) | Derivatives | Fair Value, Measurements, Recurring | ||
Liabilities | ||
Financial liabilities, fair value | 32,999 | 42,106 |
Significant Other Observable Inputs (Level 2) | Collateral-dependent loans | Fair Value, Measurements, Nonrecurring | ||
Assets | ||
Assets, fair value | 16,000 | 0 |
Significant Unobservable Inputs (Level 3) | ||
Assets | ||
Fair Value | 63,376 | 73,266 |
Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Recurring | ||
Assets | ||
Assets, fair value | 63,441 | 73,321 |
Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Nonrecurring | ||
Assets | ||
Assets, fair value | 6,569 | 4,819 |
Significant Unobservable Inputs (Level 3) | Asset-backed securities | ||
Assets | ||
Fair Value | 63,376 | 73,266 |
Significant Unobservable Inputs (Level 3) | Asset-backed securities | Fair Value, Measurements, Recurring | ||
Assets | ||
Fair Value | 63,376 | 73,266 |
Significant Unobservable Inputs (Level 3) | Agency-guaranteed residential collateralized mortgage obligations | Fair Value, Measurements, Recurring | ||
Assets | ||
Fair Value | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Collateralized loan obligations | Fair Value, Measurements, Recurring | ||
Assets | ||
Fair Value | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Commercial mortgage-backed securities | Fair Value, Measurements, Recurring | ||
Assets | ||
Fair Value | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Corporate notes | Fair Value, Measurements, Recurring | ||
Assets | ||
Fair Value | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Private label collateralized mortgage obligations | Fair Value, Measurements, Recurring | ||
Assets | ||
Fair Value | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Derivatives | Fair Value, Measurements, Recurring | ||
Assets | ||
Assets, fair value | 65 | 55 |
Significant Unobservable Inputs (Level 3) | Loans held for sale – fair value option | Fair Value, Measurements, Recurring | ||
Assets | ||
Assets, fair value | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Loans receivable, mortgage warehouse – fair value option | Fair Value, Measurements, Recurring | ||
Assets | ||
Assets, fair value | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Derivatives | Fair Value, Measurements, Recurring | ||
Liabilities | ||
Financial liabilities, fair value | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Collateral-dependent loans | Fair Value, Measurements, Nonrecurring | ||
Assets | ||
Assets, fair value | $ 6,569 | $ 4,819 |
Disclosures About Fair Value of Financial Instruments - Statement of Changes in Level 3 Assets Measured at Fair Value on a Recurring Basis (Detail) - Significant Unobservable Inputs (Level 3) - Asset-backed securities - Fair Value, Measurements, Recurring - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
|
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Balance at beginning of period | $ 73,266 | $ 142,885 |
Principal payments and premium amortization | (11,216) | (16,349) |
Increase in allowance for credit losses | (273) | (728) |
Decrease in allowance for credit losses | 61 | 0 |
Change in fair value recognized in OCI | 1,538 | (3,955) |
Balance at end of period | $ 63,376 | $ 121,853 |
Disclosures About Fair Value of Financial Instruments - Summary of Financial Assets and Financial Liabilities Measured at Fair Value on Recurring and Nonrecurring Basis (Detail) $ in Thousands |
Mar. 31, 2023
USD ($)
|
Dec. 31, 2022
USD ($)
|
---|---|---|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | $ 2,900,259 | $ 2,961,015 |
Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 63,376 | 73,266 |
Asset-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 147,935 | 160,542 |
Asset-backed securities | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | $ 63,376 | $ 73,266 |
Minimum | Asset-backed securities | Significant Unobservable Inputs (Level 3) | Discount rate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities, available-for-sale, measurement input | 0.09 | 0.09 |
Minimum | Asset-backed securities | Significant Unobservable Inputs (Level 3) | Annualized loss rate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities, available-for-sale, measurement input | 0.04 | 0.04 |
Minimum | Asset-backed securities | Significant Unobservable Inputs (Level 3) | Constant prepayment rate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities, available-for-sale, measurement input | 0.17 | 0.19 |
Maximum | Asset-backed securities | Significant Unobservable Inputs (Level 3) | Discount rate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities, available-for-sale, measurement input | 0.09 | 0.09 |
Maximum | Asset-backed securities | Significant Unobservable Inputs (Level 3) | Annualized loss rate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities, available-for-sale, measurement input | 0.05 | 0.05 |
Maximum | Asset-backed securities | Significant Unobservable Inputs (Level 3) | Constant prepayment rate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities, available-for-sale, measurement input | 0.27 | 0.25 |
Weighted Average | Asset-backed securities | Significant Unobservable Inputs (Level 3) | Discount rate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities, available-for-sale, measurement input | 0.09 | 0.09 |
Weighted Average | Asset-backed securities | Significant Unobservable Inputs (Level 3) | Annualized loss rate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities, available-for-sale, measurement input | 0.04 | 0.05 |
Weighted Average | Asset-backed securities | Significant Unobservable Inputs (Level 3) | Constant prepayment rate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities, available-for-sale, measurement input | 0.24 | 0.23 |
Derivative Instruments and Hedging Activities - Additional Information (Detail) $ in Thousands |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2023
USD ($)
derivative
|
Mar. 31, 2022
USD ($)
derivative
|
Dec. 31, 2022
USD ($)
derivative
|
|
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, net liability position, aggregate fair value | $ 21,000 | ||
Cash collateral received | $ 23,000 | ||
Minimum | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative expiration period | 30 days | ||
Maximum | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative expiration period | 60 days | ||
Not Designated as Hedging Instrument | Residential mortgage loan commitments | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Aggregate notional amount | $ 3,300 | $ 1,500 | |
Interest Rate Contract | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Cash collateral received | $ 21,012 | $ 29,087 | |
Interest Rate Contract | Derivative Designated as Hedging Instrument | Fair Value Hedging | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Number of outstanding interest rate derivatives | derivative | 3 | 3 | |
Aggregate notional amount | $ 22,500 | $ 22,500 | |
Number of interest rate derivatives entered into during the period | derivative | 2 | ||
Notional amount of derivatives entered into during the period | $ 550,000 | ||
Notional amount of basis adjustments | 4,600 | ||
Number of interest rate derivatives terminated | derivative | 2 | ||
Aggregate notional amount, terminated | $ 16,500 | ||
Interest rate swaps | Not Designated as Hedging Instrument | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Aggregate notional amount | $ 1,300,000 | $ 1,300,000 | |
Number of derivative instruments held | derivative | 139 | 141 | |
Interest rate caps | Not Designated as Hedging Instrument | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Aggregate notional amount | $ 244,600 | $ 245,800 | |
Number of derivative instruments held | derivative | 12 | 12 | |
Credit contracts | Not Designated as Hedging Instrument | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Aggregate notional amount | $ 123,500 | $ 142,000 |
Derivative Instruments and Hedging Activities - Cumulative Basis Adjustment for Fair Value Hedges (Detail) - USD ($) $ in Thousands |
Mar. 31, 2023 |
Dec. 31, 2022 |
---|---|---|
AFS debt securities | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Amortized Cost | $ 22,500 | $ 22,500 |
Cumulative Amount of Fair Value Hedging Adjustment to Hedged Items | 1,476 | 1,777 |
Deposits | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Amortized Cost | 300,000 | 0 |
Cumulative Amount of Fair Value Hedging Adjustment to Hedged Items | 2,487 | 0 |
FHLB advances | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Amortized Cost | 250,000 | 0 |
Cumulative Amount of Fair Value Hedging Adjustment to Hedged Items | $ 2,143 | $ 0 |
Derivative Instruments and Hedging Activities - Fair Value of Derivative Financial Instruments (Detail) - USD ($) $ in Thousands |
Mar. 31, 2023 |
Dec. 31, 2022 |
---|---|---|
Other Assets | Derivative Designated as Hedging Instrument | Fair Value Hedging | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Assets | $ 1,476 | $ 1,777 |
Other Assets | Derivative Designated as Hedging Instrument | Interest rate swaps | Fair Value Hedging | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Assets | 1,476 | 1,777 |
Other Assets | Not Designated as Hedging Instrument | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Assets | 33,275 | 42,658 |
Other Assets | Not Designated as Hedging Instrument | Residential mortgage loan commitments | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Assets | 65 | 55 |
Other Assets | Not Designated as Hedging Instrument | Interest rate swaps and caps | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Assets | 33,210 | 42,589 |
Other Assets | Not Designated as Hedging Instrument | Credit contracts | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Assets | 0 | 14 |
Other Liabilities | Derivative Designated as Hedging Instrument | Fair Value Hedging | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Liabilities | 0 | 0 |
Other Liabilities | Derivative Designated as Hedging Instrument | Interest rate swaps | Fair Value Hedging | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Liabilities | 0 | 0 |
Other Liabilities | Not Designated as Hedging Instrument | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Liabilities | 32,999 | 42,106 |
Other Liabilities | Not Designated as Hedging Instrument | Residential mortgage loan commitments | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Liabilities | 0 | 0 |
Other Liabilities | Not Designated as Hedging Instrument | Interest rate swaps and caps | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Liabilities | 32,956 | 42,076 |
Other Liabilities | Not Designated as Hedging Instrument | Credit contracts | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Liabilities | $ 43 | $ 30 |
Derivative Instruments and Hedging Activities - Effect of Derivative Financial Instruments on Net Income and Comprehensive Income (Detail) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
|
Derivative Designated as Hedging Instrument | Fair Value Hedging | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of Income (Loss) Recognized in Earnings | $ 0 | $ 0 |
Derivative Designated as Hedging Instrument | Interest rate swaps | Fair Value Hedging | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of Income (Loss) Recognized in Earnings | (301) | 2,521 |
Derivative Designated as Hedging Instrument | AFS debt securities | Fair Value Hedging | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of Income (Loss) Recognized in Earnings | 301 | (2,521) |
Not Designated as Hedging Instrument | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of Income (Loss) Recognized in Earnings | (41) | 933 |
Not Designated as Hedging Instrument | Interest rate swaps and caps | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of Income (Loss) Recognized in Earnings | (24) | 961 |
Not Designated as Hedging Instrument | Credit contracts | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of Income (Loss) Recognized in Earnings | (28) | 3 |
Not Designated as Hedging Instrument | Residential mortgage loan commitments | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of Income (Loss) Recognized in Earnings | $ 11 | $ (31) |
Derivative Instruments and Hedging Activities - Summary of Offsetting of Financial Assets and Derivative Assets (Detail) - USD ($) $ in Thousands |
Mar. 31, 2023 |
Dec. 31, 2022 |
---|---|---|
Offsetting Assets [Line Items] | ||
Gross amounts not offset in the consolidated balance sheet, Cash collateral received/posted | $ (23,000) | |
Interest Rate Contract | ||
Offsetting Assets [Line Items] | ||
Gross Amounts Recognized on the Consolidated Balance Sheet | 22,073 | $ 29,706 |
Gross amounts not offset in the consolidated balance sheet, Financial instruments | (1,061) | (619) |
Gross amounts not offset in the consolidated balance sheet, Cash collateral received/posted | (21,012) | (29,087) |
Gross amounts not offset in the consolidated balance sheet, Net amount | $ 0 | $ 0 |
Derivative Instruments and Hedging Activities - Summary of Offsetting of Financial Liabilities and Derivative Liabilities (Detail) - Interest Rate Contract - USD ($) $ in Thousands |
Mar. 31, 2023 |
Dec. 31, 2022 |
---|---|---|
Offsetting Liabilities [Line Items] | ||
Gross Amounts Recognized on the Consolidated Balance Sheet | $ 1,061 | $ 619 |
Gross amounts not offset in the consolidated balance sheet, financial instruments | (1,061) | (619) |
Gross amounts not offset in the consolidated balance sheet, Cash collateral received/posted | 0 | 0 |
Gross amounts not offset in the consolidated balance sheet, Net amount | $ 0 | $ 0 |
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