x | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
¨ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Delaware | 95-4788120 | |
(State or Other Jurisdiction of Incorporation or Organization) | (I.R.S. Employer Identification No.) | |
3660 Wilshire Boulevard, Penthouse Suite A Los Angeles, California | 90010 | |
(Address of Principal Executive Offices) | (Zip Code) |
Large Accelerated Filer | x | Accelerated Filer | ¨ | |
Non-Accelerated Filer | ¨ | Smaller Reporting Company | ¨ | |
Emerging Growth Company | ¨ |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||
Common Stock, $0.001 par value | HAFC | Nasdaq Global Select Market |
Item 1. | ||
Item 2. | ||
Item 3. | ||
Item 4. | ||
Item 1. | ||
Item 1A. | ||
Item 2. | ||
Item 3. | ||
Item 4. | ||
Item 5. | ||
Item 6. | ||
(Unaudited) March 31, 2019 | December 31, 2018 | |||||||
Assets | ||||||||
Cash and due from banks | $ | 169,830 | $ | 155,376 | ||||
Securities available for sale, at fair value (amortized cost of $624,112 as of March 31, 2019 and $583,444 as of December 31, 2018) | 621,470 | 574,908 | ||||||
Loans held for sale, at the lower of cost or fair value | 7,140 | 9,390 | ||||||
Loans and leases receivable, net of allowance for loan and lease losses of $32,896 as of March 31, 2019 and $31,974 as of December 31, 2018 | 4,542,724 | 4,568,566 | ||||||
Accrued interest receivable | 13,397 | 13,331 | ||||||
Premises and equipment, net | 28,426 | 27,752 | ||||||
Customers’ liability on acceptances | 750 | 173 | ||||||
Servicing assets | 7,978 | 8,520 | ||||||
Goodwill and other intangible assets, net | 12,105 | 12,182 | ||||||
Federal Home Loan Bank (“FHLB”) stock, at cost | 16,385 | 16,385 | ||||||
Bank-owned life insurance | 51,941 | 51,661 | ||||||
Prepaid expenses and other assets | 98,922 | 63,975 | ||||||
Total assets | $ | 5,571,068 | $ | 5,502,219 | ||||
Liabilities and stockholders’ equity | ||||||||
Liabilities: | ||||||||
Deposits: | ||||||||
Noninterest-bearing | $ | 1,316,114 | $ | 1,284,530 | ||||
Interest-bearing | 3,504,061 | 3,462,705 | ||||||
Total deposits | 4,820,175 | 4,747,235 | ||||||
Accrued interest payable | 14,437 | 11,379 | ||||||
Bank’s liability on acceptances | 750 | 173 | ||||||
Borrowings | — | 55,000 | ||||||
Subordinated debentures | 117,947 | 117,808 | ||||||
Accrued expenses and other liabilities | 53,467 | 18,056 | ||||||
Total liabilities | 5,006,776 | 4,949,651 | ||||||
Stockholders’ equity: | ||||||||
Common stock, $0.001 par value; authorized 62,500,000 shares; issued 33,153,888 shares (30,860,533 shares outstanding) as of March 31, 2019 and issued 33,202,369 shares (30,928,437 shares outstanding) as of December 31, 2018 | 33 | 33 | ||||||
Additional paid-in capital | 570,432 | 569,712 | ||||||
Accumulated other comprehensive loss, net of tax benefit of $760 as of March 31, 2019 and $2,457 as of December 31, 2018 | (1,882 | ) | (6,079 | ) | ||||
Retained earnings | 104,771 | 97,539 | ||||||
Less: treasury stock, at cost; 2,293,355 shares as of March 31, 2019 and 2,273,932 shares as of December 31, 2018 | (109,062 | ) | (108,637 | ) | ||||
Total stockholders’ equity | 564,292 | 552,568 | ||||||
Total liabilities and stockholders’ equity | $ | 5,571,068 | $ | 5,502,219 |
Three Months Ended March 31, | |||||||
2019 | 2018 | ||||||
Interest and dividend income: | |||||||
Interest and fees on loans and leases | $ | 58,334 | $ | 51,574 | |||
Interest on securities | 3,456 | 3,105 | |||||
Dividends on FHLB stock | 289 | 289 | |||||
Interest on deposits in other banks | 335 | 114 | |||||
Total interest and dividend income | 62,414 | 55,082 | |||||
Interest expense: | |||||||
Interest on deposits | 15,683 | 7,785 | |||||
Interest on borrowings | 71 | 679 | |||||
Interest on subordinated debentures | 1,772 | 1,694 | |||||
Total interest expense | 17,526 | 10,158 | |||||
Net interest income before provision for loan and lease losses | 44,888 | 44,924 | |||||
Loan and lease loss provision | 1,117 | 649 | |||||
Net interest income after provision for loan and lease losses | 43,771 | 44,275 | |||||
Noninterest income: | |||||||
Service charges on deposit accounts | 2,358 | 2,511 | |||||
Trade finance and other service charges and fees | 1,124 | 1,173 | |||||
Gain on sales of Small Business Administration (“SBA”) loans | 926 | 1,448 | |||||
Net gain (loss) on sales of securities | 725 | (428 | ) | ||||
Other operating income | 1,121 | 1,357 | |||||
Total noninterest income | 6,254 | 6,061 | |||||
Noninterest expense: | |||||||
Salaries and employee benefits | 15,738 | 18,702 | |||||
Occupancy and equipment | 4,521 | 4,072 | |||||
Data processing | 2,083 | 1,678 | |||||
Professional fees | 1,649 | 1,369 | |||||
Supplies and communications | 844 | 708 | |||||
Advertising and promotion | 760 | 876 | |||||
Other operating expenses | 3,470 | 2,352 | |||||
Total noninterest expense | 29,065 | 29,757 | |||||
Income before income tax expense | 20,960 | 20,579 | |||||
Income tax expense | 6,288 | 5,724 | |||||
Net income | $ | 14,672 | $ | 14,855 | |||
Basic earnings per share | $ | 0.48 | $ | 0.46 | |||
Diluted earnings per share | $ | 0.48 | $ | 0.46 | |||
Weighted-average shares outstanding: | |||||||
Basic | 30,667,378 | 32,145,214 | |||||
Diluted | 30,720,772 | 32,301,095 |
Three Months Ended March 31, | |||||||
2019 | 2018 | ||||||
Net income | $ | 14,672 | $ | 14,855 | |||
Other comprehensive income (loss), net of tax: | |||||||
Unrealized gain (loss) on securities: | |||||||
Unrealized holding gain (loss) arising during period | 6,619 | (8,864 | ) | ||||
Less: reclassification adjustment for net gain included in net income | (725 | ) | — | ||||
Income tax (expense) benefit related to items of other comprehensive income | (1,697 | ) | 2,543 | ||||
Other comprehensive income (loss), net of tax | 4,197 | (6,321 | ) | ||||
Comprehensive income | $ | 18,869 | $ | 8,534 |
Common Stock - Number of Shares | Stockholders’ Equity | |||||||||||||||||||||||||||||||
Shares Issued | Treasury Shares | Shares Outstanding | Common Stock | Additional Paid-in Capital | Accumulated Other Comprehensive Income (Loss) | Retained Earnings | Treasury Stock, at Cost | Total Stockholders’ Equity | ||||||||||||||||||||||||
Balance at January 1, 2018 | 33,083,133 | (651,506 | ) | 32,431,627 | $ | 33 | $ | 565,627 | $ | (1,869 | ) | $ | 70,575 | $ | (71,889 | ) | $ | 562,477 | ||||||||||||||
Adjustments related to adoption of new accounting standards: | ||||||||||||||||||||||||||||||||
ASU 2016-01 (See Notes 1 and 2) | — | — | — | — | — | 382 | (382 | ) | — | — | ||||||||||||||||||||||
ASU 2018-02 (See Notes 1 and 5) | — | — | — | — | — | (399 | ) | 399 | — | — | ||||||||||||||||||||||
Adjusted balance at January 1, 2018 | 33,083,133 | (651,506 | ) | 32,431,627 | $ | 33 | $ | 565,627 | $ | (1,886 | ) | $ | 70,592 | $ | (71,889 | ) | $ | 562,477 | ||||||||||||||
Stock options exercised | 25,750 | — | 25,750 | — | 570 | — | — | — | 570 | |||||||||||||||||||||||
Restricted stock awards, net of forfeitures | 58,885 | — | 58,885 | — | — | — | — | — | — | |||||||||||||||||||||||
Share-based compensation expense | — | — | — | — | 884 | — | — | — | 884 | |||||||||||||||||||||||
Restricted stock surrendered due to employee tax liability | — | (13,604 | ) | (13,604 | ) | — | — | — | — | (431 | ) | (431 | ) | |||||||||||||||||||
Cash dividends declared | — | — | — | — | — | — | (7,756 | ) | — | (7,756 | ) | |||||||||||||||||||||
Net income | — | — | — | — | — | — | 14,855 | — | 14,855 | |||||||||||||||||||||||
Change in unrealized loss on securities available for sale, net of income taxes | — | — | — | — | — | (6,321 | ) | — | — | (6,321 | ) | |||||||||||||||||||||
Balance at March 31, 2018 | 33,167,768 | (665,110 | ) | 32,502,658 | $ | 33 | $ | 567,081 | $ | (8,207 | ) | $ | 77,691 | $ | (72,320 | ) | $ | 564,278 | ||||||||||||||
Balance at January 1, 2019 | 33,202,369 | (2,273,932 | ) | 30,928,437 | $ | 33 | $ | 569,712 | $ | (6,079 | ) | $ | 97,539 | $ | (108,637 | ) | $ | 552,568 | ||||||||||||||
Stock options exercised | 650 | — | 650 | — | 8 | — | — | — | 8 | |||||||||||||||||||||||
Restricted stock awards, net of forfeitures | (49,131 | ) | — | (49,131 | ) | — | — | — | — | — | — | |||||||||||||||||||||
Share-based compensation expense | — | — | — | — | 712 | — | — | — | 712 | |||||||||||||||||||||||
Restricted stock surrendered due to employee tax liability | — | (19,423 | ) | (19,423 | ) | — | — | — | — | (425 | ) | (425 | ) | |||||||||||||||||||
Cash dividends declared | — | — | — | — | — | — | (7,440 | ) | — | (7,440 | ) | |||||||||||||||||||||
Net income | — | — | — | — | — | — | 14,672 | — | 14,672 | |||||||||||||||||||||||
Change in unrealized gain on securities available for sale, net of income taxes | — | — | — | — | — | 4,197 | — | — | 4,197 | |||||||||||||||||||||||
Balance at March 31, 2019 | 33,153,888 | (2,293,355 | ) | 30,860,533 | $ | 33 | $ | 570,432 | $ | (1,882 | ) | $ | 104,771 | $ | (109,062 | ) | $ | 564,292 |
Three Months Ended March 31, | |||||||
2019 | 2018 | ||||||
Cash flows from operating activities: | |||||||
Net income | $ | 14,672 | $ | 14,855 | |||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||
Depreciation and amortization | 2,622 | 1,757 | |||||
Share-based compensation expense | 712 | 884 | |||||
Loan and lease loss provision | 1,117 | 649 | |||||
(Gain) loss on sales of securities | (725 | ) | 428 | ||||
Gain on sales of SBA loans | (926 | ) | (1,448 | ) | |||
Origination of SBA loans held for sale | (13,223 | ) | (18,805 | ) | |||
Proceeds from sales of SBA loans | 16,608 | 20,981 | |||||
Change in accrued interest receivable | (66 | ) | 19 | ||||
Change in bank-owned life insurance | (280 | ) | (277 | ) | |||
Change in prepaid expenses and other assets | 1,737 | 5,192 | |||||
Change in accrued interest payable | 3,058 | 622 | |||||
Change in accrued expenses and other liabilities | (2,873 | ) | (6,357 | ) | |||
Net cash provided by operating activities | 22,433 | 18,500 | |||||
Cash flows from investing activities: | |||||||
Proceeds from matured, called and repayment of securities | 20,544 | 22,495 | |||||
Proceeds from sales of securities available for sale | 69,187 | 21,958 | |||||
Change in loans and leases receivable, excluding purchases | 24,201 | (70,971 | ) | ||||
Purchases of securities available for sale | (130,550 | ) | (46,641 | ) | |||
Purchases of premises and equipment | (1,444 | ) | (481 | ) | |||
Purchases of loans and leases receivable | — | (38,905 | ) | ||||
Net cash used in investing activities | (18,062 | ) | (112,545 | ) | |||
Cash flows from financing activities: | |||||||
Change in deposits | 72,940 | 29,447 | |||||
Change in borrowings | (55,000 | ) | 70,000 | ||||
Proceeds from exercise of stock options | 8 | 570 | |||||
Cash paid for surrender of vested shares due to employee tax liability | (425 | ) | (431 | ) | |||
Cash dividends paid | (7,440 | ) | (7,756 | ) | |||
Net cash provided by financing activities | 10,083 | 91,830 | |||||
Net increase (decrease) in cash and cash equivalents | 14,454 | (2,215 | ) | ||||
Cash and cash equivalents at beginning of year | 155,376 | 153,826 | |||||
Cash and cash equivalents at end of period | $ | 169,830 | $ | 151,611 | |||
Supplemental disclosures of cash flow information: | |||||||
Cash paid during the period for: | |||||||
Interest | $ | 14,468 | $ | 9,536 | |||
Income taxes | $ | 88 | $ | 39 | |||
Non-cash activities: | |||||||
Income tax (expense) benefit related to items in other comprehensive income | $ | (1,697 | ) | $ | 2,543 | ||
Change in unrealized loss in accumulated other comprehensive income | $ | (5,894 | ) | $ | 8,864 | ||
Cash dividends declared | $ | (7,440 | ) | $ | (7,756 | ) | |
Right-of-use asset obtained in exchange for lease liability | $ | (40,909 | ) | $ | — |
• | We did not reassess whether any expired or existing contracts are, or contain, leases. Additionally, we did not reassess for lease classifications of expired or existing leases, or initial direct costs for any existing leases. |
• | We applied incremental borrowing rates as of adoption date of January 1, 2019. |
• | We elected to not separate non-lease components from lease components and, instead, to account for each separate lease component and the non-lease components associated with it as a single lease component recognized on the balance sheet. This election has been made for all classes of leases. |
• | We elected the short-term lease exception, which allows us to account for leases with a lease term of twelve months or less to be accounted for similar to existing operating leases. The cost of these leases is disclosed, but is not recognized in the right-of-use asset and lease liability balances. Consistent with ASC 842 requirements, leases that are one month or less are not included in the disclosures. |
• | We have elected to account for the leases under the portfolio approach applying them prospectively for this accounting change. The portfolio approach allows us to present multiple similar leased assets in a pool and prospectively allows us to commence the calculation of the portfolio of leases using the remaining commitments from adoption date forward. |
Amortized Cost | Gross Unrealized Gain | Gross Unrealized Loss | Estimated Fair Value | ||||||||||||
(in thousands) | |||||||||||||||
March 31, 2019 | |||||||||||||||
U.S. Treasury securities | $ | 54,584 | $ | 148 | $ | 4 | $ | 54,728 | |||||||
U.S. government agency and sponsored agency obligations: | |||||||||||||||
Mortgage-backed securities | 356,973 | 566 | 2,938 | 354,601 | |||||||||||
Collateralized mortgage obligations | 153,286 | 298 | 1,557 | 152,027 | |||||||||||
Debt securities | 17,472 | 74 | 53 | 17,493 | |||||||||||
Total U.S. government agency and sponsored agency obligations | 527,731 | 938 | 4,548 | 524,121 | |||||||||||
Municipal bonds-tax exempt | 41,797 | 839 | 15 | 42,621 | |||||||||||
Total securities available for sale | $ | 624,112 | $ | 1,925 | $ | 4,567 | $ | 621,470 | |||||||
December 31, 2018 | |||||||||||||||
U.S. Treasury securities | $ | 39,768 | $ | 69 | $ | 7 | $ | 39,830 | |||||||
U.S. government agency and sponsored agency obligations: | |||||||||||||||
Mortgage-backed securities | 300,957 | 61 | 5,984 | 295,034 | |||||||||||
Collateralized mortgage obligations | 124,550 | 74 | 2,332 | 122,292 | |||||||||||
Debt securities | 7,499 | — | 97 | 7,402 | |||||||||||
Total U.S. government agency and sponsored agency obligations | 433,006 | 135 | 8,413 | 424,728 | |||||||||||
Municipal bonds-tax exempt | 110,670 | 197 | 517 | 110,350 | |||||||||||
Total securities available for sale | $ | 583,444 | $ | 401 | $ | 8,937 | $ | 574,908 |
Available for Sale | |||||||
Amortized Cost | Estimated Fair Value | ||||||
(in thousands) | |||||||
Within one year | $ | 32,693 | $ | 32,694 | |||
Over one year through five years | 146,323 | 145,744 | |||||
Over five years through ten years | 232,279 | 231,518 | |||||
Over ten years | 212,817 | 211,514 | |||||
Total | $ | 624,112 | $ | 621,470 |
Holding Period | ||||||||||||||||||||||||||||||||
Less Than 12 Months | 12 Months or More | Total | ||||||||||||||||||||||||||||||
Gross Unrealized Loss | Estimated Fair Value | Number of Securities | Gross Unrealized Loss | Estimated Fair Value | Number of Securities | Gross Unrealized Loss | Estimated Fair Value | Number of Securities | ||||||||||||||||||||||||
(in thousands, except number of securities) | ||||||||||||||||||||||||||||||||
March 31, 2019 | ||||||||||||||||||||||||||||||||
U.S. Treasury securities | $ | 4 | $ | 19,773 | 3 | $ | — | $ | — | — | $ | 4 | $ | 19,773 | 3 | |||||||||||||||||
U.S. government agency and sponsored agency obligations | ||||||||||||||||||||||||||||||||
Mortgage-backed securities | 19 | 13,442 | 2 | 2,919 | 214,791 | 101 | 2,938 | 228,233 | 103 | |||||||||||||||||||||||
Collateralized mortgage obligations | 17 | 17,874 | 5 | 1,540 | 92,822 | 50 | 1,557 | 110,696 | 55 | |||||||||||||||||||||||
Debt securities | — | — | — | 53 | 7,447 | 3 | 53 | 7,447 | 3 | |||||||||||||||||||||||
Total U.S. government agency and sponsored agency obligations | 36 | 31,316 | 7 | 4,512 | 315,060 | 154 | 4,548 | 346,376 | 161 | |||||||||||||||||||||||
Municipal bonds-tax exempt | — | — | — | 15 | 3,993 | 3 | 15 | 3,993 | 3 | |||||||||||||||||||||||
Total | $ | 40 | $ | 51,089 | 10 | $ | 4,527 | $ | 319,053 | 157 | $ | 4,567 | $ | 370,142 | 167 | |||||||||||||||||
December 31, 2018 | ||||||||||||||||||||||||||||||||
U.S. Treasury securities | $ | 7 | $ | 14,797 | 2 | $ | — | $ | — | — | $ | 7 | $ | 14,797 | 2 | |||||||||||||||||
U.S. government agency and sponsored agency obligations | ||||||||||||||||||||||||||||||||
Mortgage-backed securities | 226 | 41,527 | 10 | 5,758 | 244,550 | 106 | 5,984 | 286,077 | 116 | |||||||||||||||||||||||
Collateralized mortgage obligations | 59 | 13,732 | 3 | 2,273 | 92,532 | 49 | 2,332 | 106,264 | 52 | |||||||||||||||||||||||
Debt securities | — | — | — | 97 | 7,402 | 3 | 97 | 7,402 | 3 | |||||||||||||||||||||||
Total U.S. government agency and sponsored agency obligations | 285 | 55,259 | 13 | 8,128 | 344,484 | 158 | 8,413 | 399,743 | 171 | |||||||||||||||||||||||
Municipal bonds-tax exempt | 29 | 8,196 | 5 | 488 | 65,644 | 30 | 517 | 73,840 | 35 | |||||||||||||||||||||||
Total | $ | 321 | $ | 78,252 | 20 | $ | 8,616 | $ | 410,128 | 188 | $ | 8,937 | $ | 488,380 | 208 |
Three Months Ended March 31, | |||||||
2019 | 2018 | ||||||
(in thousands) | |||||||
Gross realized gains on sales of securities | $ | 725 | $ | — | |||
Gross realized losses on sales of securities | — | (957 | ) | ||||
Net realized gains (losses) on sales of securities | $ | 725 | $ | (957 | ) | ||
Proceeds from sales of securities | $ | 69,187 | $ | 21,958 |
March 31, 2019 | December 31, 2018 | ||||||
(in thousands) | |||||||
Real estate loans: | |||||||
Commercial property | |||||||
Retail | $ | 898,632 | $ | 906,260 | |||
Hospitality | 812,592 | 830,679 | |||||
Other (1) | 1,436,593 | 1,449,270 | |||||
Total commercial property loans | 3,147,817 | 3,186,209 | |||||
Construction | 82,709 | 71,583 | |||||
Residential property | 483,830 | 500,563 | |||||
Total real estate loans | 3,714,356 | 3,758,355 | |||||
Commercial and industrial loans: | |||||||
Commercial term | 186,471 | 206,691 | |||||
Commercial lines of credit | 196,213 | 194,032 | |||||
International loans | 39,818 | 29,180 | |||||
Total commercial and industrial loans | 422,502 | 429,903 | |||||
Leases receivable | 425,530 | 398,858 | |||||
Consumer loans (2) | 13,232 | 13,424 | |||||
Loans and leases receivable | 4,575,620 | 4,600,540 | |||||
Allowance for loan and lease losses | (32,896 | ) | (31,974 | ) | |||
Loans and leases receivable, net | $ | 4,542,724 | $ | 4,568,566 |
(1) | Includes, among other types, mixed-use, apartment, office, industrial, gas stations, faith-based facilities and warehouse; all other property types represent less than one percent of total loans and leases receivable. |
(2) | Consumer loans include home equity lines of credit of $9.9 million and $10.3 million as of March 31, 2019 and December 31, 2018, respectively. |
SBA Loans Held for Sale | |||||||||||
Real Estate | Commercial and Industrial | Total | |||||||||
(in thousands) | |||||||||||
March 31, 2019 | |||||||||||
Balance at beginning of period | $ | 5,194 | $ | 4,196 | $ | 9,390 | |||||
Originations | 9,064 | 4,159 | 13,223 | ||||||||
Sales | (7,756 | ) | (7,703 | ) | (15,459 | ) | |||||
Principal payoffs and amortization | (2 | ) | (12 | ) | (14 | ) | |||||
Balance at end of period | $ | 6,500 | $ | 640 | $ | 7,140 | |||||
March 31, 2018 | |||||||||||
Balance at beginning of period | $ | 3,746 | $ | 2,648 | $ | 6,394 | |||||
Originations | 10,433 | 8,372 | 18,805 | ||||||||
Sales | (12,028 | ) | (7,159 | ) | (19,187 | ) | |||||
Principal payoffs and amortization | — | (4 | ) | (4 | ) | ||||||
Balance at end of period | $ | 2,151 | $ | 3,857 | $ | 6,008 |
As of and for the Three Months Ended March 31, | |||||||
2019 | 2018 | ||||||
(in thousands) | |||||||
Balance at beginning of period | $ | 31,974 | $ | 31,043 | |||
Loans and leases charged off | (1,107 | ) | (1,632 | ) | |||
Recoveries on loans and leases previously charged off | 912 | 1,717 | |||||
Net (charge-offs) recoveries | (195 | ) | 85 | ||||
Loan and lease loss provision | 1,117 | 649 | |||||
Balance at end of period | $ | 32,896 | $ | 31,777 |
Real Estate | Commercial and Industrial | Leases Receivable | Consumer | Unallocated | Total | ||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
As of and for the Three Months Ended March 31, 2019 | |||||||||||||||||||||||
Allowance for loan and lease losses on loans and leases: | |||||||||||||||||||||||
Beginning balance | $ | 18,384 | $ | 7,162 | 6,303 | $ | 98 | $ | 27 | $ | 31,974 | ||||||||||||
Less loans and leases charged off | (122 | ) | (133 | ) | (852 | ) | — | — | (1,107 | ) | |||||||||||||
Recoveries on loans and leases previously charged off | 440 | 382 | 90 | — | — | 912 | |||||||||||||||||
Loan and lease loss provision (income) | (396 | ) | 1,300 | 39 | (9 | ) | 183 | 1,117 | |||||||||||||||
Ending balance | $ | 18,306 | $ | 8,711 | $ | 5,580 | $ | 89 | $ | 210 | $ | 32,896 | |||||||||||
Individually evaluated for impairment | $ | — | $ | 3,269 | $ | 1,099 | $ | — | $ | — | $ | 4,368 | |||||||||||
Collectively evaluated for impairment | $ | 18,306 | $ | 5,442 | $ | 4,481 | $ | 89 | $ | 210 | $ | 28,528 | |||||||||||
Loans and leases receivable: | $ | 3,714,356 | $ | 422,502 | $ | 425,530 | $ | 13,232 | $ | — | $ | 4,575,620 | |||||||||||
Individually evaluated for impairment | $ | 14,015 | $ | 23,114 | $ | 4,783 | $ | 1,370 | $ | — | $ | 43,282 | |||||||||||
Collectively evaluated for impairment | $ | 3,700,341 | $ | 399,388 | $ | 420,747 | $ | 11,862 | $ | — | $ | 4,532,338 |
As of and for the Three Months Ended March 31, 2018 | |||||||||||||||||||||||
Allowance for loan and lease losses on loans and leases: | |||||||||||||||||||||||
Beginning balance | $ | 17,012 | $ | 7,400 | 6,279 | $ | 122 | $ | 230 | $ | 31,043 | ||||||||||||
Less loans and leases charged off | (989 | ) | (279 | ) | (364 | ) | — | — | (1,632 | ) | |||||||||||||
Recoveries on loans and leases previously charged off | 885 | 736 | 95 | 1 | — | 1,717 | |||||||||||||||||
Loan and lease loss provision (income) | 732 | (967 | ) | 1,100 | 2 | (218 | ) | 649 | |||||||||||||||
Ending balance | $ | 17,640 | $ | 6,890 | $ | 7,110 | $ | 125 | $ | 12 | $ | 31,777 | |||||||||||
Individually evaluated for impairment | $ | 1,549 | $ | 357 | $ | 1,110 | $ | — | $ | — | $ | 3,016 | |||||||||||
Collectively evaluated for impairment | $ | 16,091 | $ | 6,533 | $ | 6,000 | $ | 125 | $ | 12 | $ | 28,761 | |||||||||||
Loans and leases receivable: | $ | 3,667,797 | $ | 409,380 | $ | 321,481 | $ | 14,899 | $ | — | $ | 4,413,557 | |||||||||||
Individually evaluated for impairment | $ | 18,513 | $ | 2,843 | $ | 4,200 | $ | 894 | $ | — | $ | 26,450 | |||||||||||
Collectively evaluated for impairment | $ | 3,649,284 | $ | 406,537 | $ | 317,281 | $ | 14,005 | $ | — | $ | 4,387,107 |
Pass/Pass-Watch | Special Mention | Classified | Total | ||||||||||||
(in thousands) | |||||||||||||||
March 31, 2019 | |||||||||||||||
Real estate loans: | |||||||||||||||
Commercial property | |||||||||||||||
Retail | $ | 891,084 | $ | 3,320 | $ | 4,228 | $ | 898,632 | |||||||
Hospitality | 803,895 | 163 | 8,534 | 812,592 | |||||||||||
Other | 1,422,697 | 3,037 | 10,859 | 1,436,593 | |||||||||||
Total commercial property loans | 3,117,676 | 6,520 | 23,621 | 3,147,817 | |||||||||||
Construction | 82,709 | — | — | 82,709 | |||||||||||
Residential property | 482,614 | 808 | 408 | 483,830 | |||||||||||
Total real estate loans | 3,682,999 | 7,328 | 24,029 | 3,714,356 | |||||||||||
Commercial and industrial loans: | |||||||||||||||
Commercial term | 179,424 | 449 | 6,598 | 186,471 | |||||||||||
Commercial lines of credit | 178,558 | 743 | 16,912 | 196,213 | |||||||||||
International loans | 39,818 | — | — | 39,818 | |||||||||||
Total commercial and industrial loans | 397,800 | 1,192 | 23,510 | 422,502 | |||||||||||
Leases receivable | 420,747 | — | 4,783 | 425,530 | |||||||||||
Consumer loans | 11,731 | 737 | 764 | 13,232 | |||||||||||
Total | $ | 4,513,277 | $ | 9,257 | $ | 53,086 | $ | 4,575,620 | |||||||
December 31, 2018 | |||||||||||||||
Real estate loans: | |||||||||||||||
Commercial property | |||||||||||||||
Retail | $ | 901,354 | $ | 16 | $ | 4,890 | $ | 906,260 | |||||||
Hospitality | 821,542 | 168 | 8,969 | 830,679 | |||||||||||
Other | 1,441,219 | 2,723 | 5,328 | 1,449,270 | |||||||||||
Total commercial property loans | 3,164,115 | 2,907 | 19,187 | 3,186,209 | |||||||||||
Construction | 71,583 | — | — | 71,583 | |||||||||||
Residential property | 500,424 | — | 139 | 500,563 | |||||||||||
Total real estate loans | 3,736,122 | 2,907 | 19,326 | 3,758,355 | |||||||||||
Commercial and industrial loans: | |||||||||||||||
Commercial term | 197,992 | 4,977 | 3,722 | 206,691 | |||||||||||
Commercial lines of credit | 172,338 | 21,107 | 587 | 194,032 | |||||||||||
International loans | 29,180 | — | — | 29,180 | |||||||||||
Total commercial and industrial loans | 399,510 | 26,084 | 4,309 | 429,903 | |||||||||||
Leases receivable | 393,729 | — | 5,129 | 398,858 | |||||||||||
Consumer loans | 12,454 | 191 | 779 | 13,424 | |||||||||||
Total | $ | 4,541,815 | $ | 29,182 | $ | 29,543 | $ | 4,600,540 |
30-59 Days Past Due | 60-89 Days Past Due | 90 Days or More Past Due | Total Past Due | Current | Total | ||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
March 31, 2019 | |||||||||||||||||||||||
Real estate loans: | |||||||||||||||||||||||
Commercial property | |||||||||||||||||||||||
Retail | $ | 239 | $ | 161 | $ | 84 | $ | 484 | $ | 898,148 | $ | 898,632 | |||||||||||
Hospitality | 1,099 | — | 2,793 | 3,892 | 808,700 | 812,592 | |||||||||||||||||
Other | 58 | 354 | 1,016 | 1,428 | 1,435,165 | 1,436,593 | |||||||||||||||||
Total commercial property loans | 1,396 | 515 | 3,893 | 5,804 | 3,142,013 | 3,147,817 | |||||||||||||||||
Construction | — | — | — | — | 82,709 | 82,709 | |||||||||||||||||
Residential property | 2,392 | — | 273 | 2,665 | 481,165 | 483,830 | |||||||||||||||||
Total real estate loans | 3,788 | 515 | 4,166 | 8,469 | 3,705,887 | 3,714,356 | |||||||||||||||||
Commercial and industrial loans: | |||||||||||||||||||||||
Commercial term | 710 | — | 108 | 818 | 185,653 | 186,471 | |||||||||||||||||
Commercial lines of credit | 1,310 | — | — | 1,310 | 194,903 | 196,213 | |||||||||||||||||
International loans | 10 | — | — | 10 | 39,808 | 39,818 | |||||||||||||||||
Total commercial and industrial loans | 2,030 | — | 108 | 2,138 | 420,364 | 422,502 | |||||||||||||||||
Leases receivable | 3,130 | 766 | 2,842 | 6,738 | 418,792 | 425,530 | |||||||||||||||||
Consumer loans | — | 102 | — | 102 | 13,130 | 13,232 | |||||||||||||||||
Total | $ | 8,948 | $ | 1,383 | $ | 7,116 | $ | 17,447 | $ | 4,558,173 | $ | 4,575,620 | |||||||||||
December 31, 2018 | |||||||||||||||||||||||
Real estate loans: | |||||||||||||||||||||||
Commercial property | |||||||||||||||||||||||
Retail | $ | 221 | $ | — | $ | 986 | $ | 1,207 | $ | 905,053 | $ | 906,260 | |||||||||||
Hospitality | 65 | 1,203 | 1,893 | 3,161 | 827,518 | 830,679 | |||||||||||||||||
Other | 816 | 206 | 1,205 | 2,227 | 1,447,043 | 1,449,270 | |||||||||||||||||
Total commercial property loans | 1,102 | 1,409 | 4,084 | 6,595 | 3,179,614 | 3,186,209 | |||||||||||||||||
Construction | — | — | — | — | 71,583 | 71,583 | |||||||||||||||||
Residential property | 3,947 | 273 | 44 | 4,264 | 496,299 | 500,563 | |||||||||||||||||
Total real estate loans | 5,049 | 1,682 | 4,128 | 10,859 | 3,747,496 | 3,758,355 | |||||||||||||||||
Commercial and industrial loans: | |||||||||||||||||||||||
Commercial term | 334 | 49 | 1,117 | 1,500 | 205,191 | 206,691 | |||||||||||||||||
Commercial lines of credit | — | — | 587 | 587 | 193,445 | 194,032 | |||||||||||||||||
International loans | — | — | — | — | 29,180 | 29,180 | |||||||||||||||||
Total commercial and industrial loans | 334 | 49 | 1,704 | 2,087 | 427,816 | 429,903 | |||||||||||||||||
Leases receivable | 4,681 | 845 | 3,737 | 9,263 | 389,595 | 398,858 | |||||||||||||||||
Consumer loans | 146 | — | — | 146 | 13,278 | 13,424 | |||||||||||||||||
Total | $ | 10,210 | $ | 2,576 | $ | 9,569 | $ | 22,355 | $ | 4,578,185 | $ | 4,600,540 |