EAST WEST BANCORP INC, 10-K filed on 2/27/2023
Annual Report
v3.22.4
Cover Page - USD ($)
 12 Months Ended
Dec. 31, 2022
Jan. 31, 2023
Jun. 30, 2022
Cover [Abstract]      
Document Type 10-K    
Document Annual Report true    
Document Period End Date Dec. 31, 2022    
Current Fiscal Year End Date --12-31    
Document Transition Report false    
Entity File Number 000-24939    
Entity Registrant Name EAST WEST BANCORP, INC.    
Entity Incorporation, State or Country Code DE    
Entity Tax Identification Number 95-4703316    
Entity Address, Address Line One 135 North Los Robles Ave.    
Entity Address, Address Line Two 7th Floor    
Entity Address, City or Town Pasadena    
Entity Address, State or Province CA    
Entity Address, Postal Zip Code 91101    
City Area Code 626    
Local Phone Number 768-6000    
Title of 12(b) Security Common stock, par value $0.001 per share    
Trading Symbol EWBC    
Security Exchange Name NASDAQ    
Entity Well-known Seasoned Issuer Yes    
Entity Voluntary Filers No    
Entity Current Reporting Status Yes    
Entity Interactive Data Current Yes    
Entity Filer Category Large Accelerated Filer    
Entity Small Business false    
Entity Emerging Growth Company false    
ICFR Auditor Attestation Flag true    
Entity Shell Company false    
Entity Public Float     $ 9,058,196,758
Entity Common Stock, Shares Outstanding   141,003,685  
Documents Incorporated by Reference Portions of the registrant’s definitive proxy statement to be filed with the Securities and Exchange Commission pursuant to Regulation 14A relating to its 2022 Annual Meeting of Stockholders are incorporated by reference into Part III of this Form 10-K.    
Entity Central Index Key 0001069157    
Document Fiscal Year Focus 2022    
Document Fiscal Period Focus FY    
Amendment Flag false    
v3.22.4
Audit Information
 12 Months Ended
Dec. 31, 2022
Auditor Information [Abstract]  
Auditor Name KPMG LLP
Auditor Location Los Angeles, CA
Auditor Firm ID 185
v3.22.4
CONSOLIDATED BALANCE SHEET - USD ($)
$ in Thousands
Dec. 31, 2022
Dec. 31, 2021
ASSETS    
Cash and due from banks $ 534,980 $ 527,317
Interest-bearing cash with banks 2,946,804 3,385,618
Cash and cash equivalents 3,481,784 3,912,935
Interest-bearing deposits with banks 139,021 736,492
Assets purchased under resale agreements (“resale agreements”) 792,192 2,353,503
Securities:    
Available-for-sale ("AFS") debt securities, at fair value (amortized cost of $6,879,225 and $10,087,179) 6,034,993 9,965,353
Held-to-maturity (“HTM”) debt securities, at amortized cost (fair value of $2,455,171) 3,001,868 0
Loans held-for-sale 25,644 635
Loans held-for-investment (net of allowance for loan losses of $595,645 and $541,579) 47,606,785 41,152,202
Investments in qualified affordable housing partnerships, tax credit and other investments, net 763,256 628,263
Premises and equipment (net of accumulated depreciation of $148,126 and $139,358) 89,191 97,302
Goodwill 465,697 465,697
Operating lease right-of-use assets 103,681 98,632
Other assets 1,608,038 1,459,687
TOTAL 64,112,150 60,870,701
Deposits:    
Noninterest-bearing 21,051,090 22,845,464
Interest-bearing 34,916,759 30,505,068
Total deposits 55,967,849 53,350,532
Federal Home Loan Bank (“FHLB”) advances 0 249,331
Assets sold under repurchase agreements (“repurchase agreements”) 300,000 300,000
Long-term debt and finance lease liabilities 152,400 151,997
Operating lease liabilities 111,931 105,534
Accrued expenses and other liabilities 1,595,358 876,089
Total liabilities 58,127,538 55,033,483
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS’ EQUITY    
Common stock, $0.001 par value, 200,000,000 shares authorized; 168,459,045 and 167,790,645 shares issued 168 168
Additional paid-in capital 1,936,389 1,893,557
Retained earnings 5,582,546 4,683,659
Treasury stock, at cost 27,511,199 and 25,882,691 shares (768,862) (649,785)
Accumulated other comprehensive loss (“AOCI”), net of tax (765,629) (90,381)
Total stockholders’ equity 5,984,612 5,837,218
TOTAL $ 64,112,150 $ 60,870,701
v3.22.4
CONSOLIDATED BALANCE SHEET (Parenthetical) - USD ($)
$ in Thousands
Dec. 31, 2022
Dec. 31, 2021
ASSETS    
ASF debt securities, amortized cost $ 6,879,225 $ 10,087,179
HTM debt securities, fair value 2,455,171  
Allowance for loan losses 595,645 541,579
Premises and equipment, accumulated depreciation $ 148,126 $ 139,358
STOCKHOLDERS’ EQUITY    
Common stock, par value (in dollars per share) $ 0.001 $ 0.001
Common stock, shares authorized (in shares) 200,000,000 200,000,000
Common stock, shares issued (in shares) 168,459,045 167,790,645
Treasury stock, shares (in shares) 27,511,199 25,882,691
v3.22.4
CONSOLIDATED STATEMENT OF INCOME - USD ($)
shares in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
INTEREST AND DIVIDEND INCOME      
Loans receivable, including fees $ 2,048,301,000 $ 1,424,900,000 $ 1,464,382,000
Debt Securities 198,906,000 143,983,000 82,553,000
Resale agreements 29,767,000 32,239,000 21,389,000
Restricted equity securities 3,144,000 2,081,000 1,543,000
Interest-bearing cash and deposits with banks 41,113,000 15,531,000 25,175,000
Total interest and dividend income 2,321,231,000 1,618,734,000 1,595,042,000
INTEREST EXPENSE      
Deposits 251,838,000 69,159,000 184,742,000
Federal funds purchased and other short-term borrowings 1,801,000 42,000 1,504,000
FHLB advances 1,754,000 6,881,000 13,792,000
Repurchase agreements 14,362,000 7,999,000 11,766,000
Long-term debt and finance lease liabilities 5,595,000 3,082,000 6,045,000
Total interest expense 275,350,000 87,163,000 217,849,000
Net interest income before provision for (reversal of) credit losses 2,045,881,000 1,531,571,000 1,377,193,000
Provision for (reversal of) credit losses 73,500,000 (35,000,000) 210,653,000
Net interest income after provision for (reversal of) credit losses 1,972,381,000 1,566,571,000 1,166,540,000
NONINTEREST INCOME      
Lending fees 79,208,000 77,704,000 74,842,000
Deposit account fees 88,435,000 71,261,000 48,148,000
Interest rate contracts and other derivative income 29,057,000 22,913,000 31,685,000
Foreign exchange income 48,158,000 48,977,000 22,370,000
Wealth management fees 27,565,000 25,751,000 17,494,000
Net gains on sales of loans 6,411,000 8,909,000 4,501,000
Gains on sales of AFS debt securities 1,306,000 1,568,000 12,299,000
Other investment income 7,037,000 16,852,000 10,641,000
Other income 11,489,000 11,960,000 13,567,000
Total noninterest income 298,666,000 285,895,000 235,547,000
NONINTEREST EXPENSE      
Compensation and employee benefits 477,635,000 433,728,000 404,071,000
Occupancy and equipment expense 62,501,000 62,996,000 66,489,000
Deposit insurance premiums and regulatory assessments 19,449,000 17,563,000 15,128,000
Deposit account expense 25,508,000 16,152,000 13,530,000
Data processing 14,517,000 16,263,000 16,603,000
Computer software expense 28,259,000 30,600,000 29,033,000
Other operating expense 118,166,000 96,330,000 92,646,000
Amortization of Tax Credit and Other Investments 113,358,000 122,457,000 70,082,000
Repurchase agreements’ extinguishment cost 0 0 8,740,000
Total noninterest expense 859,393,000 796,089,000 716,322,000
INCOME BEFORE INCOME TAXES 1,411,654,000 1,056,377,000 685,765,000
INCOME TAX EXPENSE 283,571,000 183,396,000 117,968,000
NET INCOME $ 1,128,083,000 $ 872,981,000 $ 567,797,000
EARNINGS PER SHARE (“EPS”)      
BASIC (in dollars per share) $ 7.98 $ 6.16 $ 3.99
DILUTED (in dollars per share) $ 7.92 $ 6.10 $ 3.97
WEIGHTED-AVERAGE NUMBER OF SHARES OUTSTANDING      
BASIC (in shares) 141,326 141,826 142,336
DILUTED (in shares) 142,492 143,140 142,991
v3.22.4
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Statement of Comprehensive Income [Abstract]      
Net income $ 1,128,083 $ 872,981 $ 567,797
Other comprehensive (loss) income, net of tax:      
Net changes in unrealized (losses) gains on AFS debt securities (508,799) (137,950) 54,666
Net changes in unrealized losses on securities transferred from AFS to HTM (100,313) 0 0
Net changes in unrealized (losses) gains on cash flow hedges (49,788) 1,487 (1,230)
Foreign currency translation adjustments (16,348) 1,757 9,297
Other comprehensive (loss) income (675,248) (134,706) 62,733
COMPREHENSIVE INCOME $ 452,835 $ 738,275 $ 630,530
v3.22.4
CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS’ EQUITY - USD ($)
$ in Thousands
Total
Stock Compensation Plans And Agreements, Various Plans and Agreements
Stock Repurchase Plan
Cumulative Effect, Period of Adoption, Adjustment
Common Stock
Common Stock
Stock Compensation Plans And Agreements, Various Plans and Agreements
Common Stock
Stock Repurchase Plan
Common Stock and Additional Paid-In Capital
Retained Earnings
Retained Earnings
Cumulative Effect, Period of Adoption, Adjustment
Treasury Stock
AOCI, net of Tax
Treasury Stock, Common
Stock Compensation Plans And Agreements, Various Plans and Agreements
Treasury Stock, Common
Stock Repurchase Plan
Beginning balance (in shares) at Dec. 31, 2019         145,625,385                  
Beginning balance at Dec. 31, 2019 $ 5,017,617             $ 1,826,512 $ 3,689,377   $ (479,864) $ (18,408)    
Beginning balance (Accounting Standards Update 2016-13) at Dec. 31, 2019 [1]       $ (97,967)           $ (97,967)        
Increase (Decrease) in Stockholders' Equity                            
Net income 567,797               567,797          
Other comprehensive income (loss) 62,733                     62,733    
Issuance of common stock pursuant to various stock compensation plans and agreements (in shares)         618,641                  
Issuance of common stock pursuant to various stock compensation plans and agreements 32,007             32,007            
Repurchase of common stock pursuant to the Stock Repurchase Program/various stock compensation plans and agreements (in shares)           (207,115) (4,471,682)              
Repurchase of common stock pursuant to the Stock Repurchase Program/various stock compensation plans and agreements   $ (8,253) $ (145,966)                   $ (8,253) $ (145,966)
Cash dividends on common stock (158,793)               (158,793)          
Ending balance (in shares) at Dec. 31, 2020         141,565,229                  
Ending balance at Dec. 31, 2020 5,269,175             1,858,519 4,000,414   (634,083) 44,325    
Increase (Decrease) in Stockholders' Equity                            
Net income 872,981               872,981          
Other comprehensive income (loss) (134,706)                     (134,706)    
Issuance of common stock pursuant to various stock compensation plans and agreements (in shares)         550,045                  
Issuance of common stock pursuant to various stock compensation plans and agreements 35,206             35,206            
Repurchase of common stock pursuant to the Stock Repurchase Program/various stock compensation plans and agreements (in shares)           (207,320)                
Repurchase of common stock pursuant to the Stock Repurchase Program/various stock compensation plans and agreements   (15,702)                     (15,702)  
Cash dividends on common stock (189,736)               (189,736)          
Ending balance (in shares) at Dec. 31, 2021         141,907,954                  
Ending balance at Dec. 31, 2021 5,837,218             1,893,725 4,683,659   (649,785) (90,381)    
Increase (Decrease) in Stockholders' Equity                            
Net income 1,128,083               1,128,083          
Other comprehensive income (loss) (675,248)                     (675,248)    
Issuance of common stock pursuant to various stock compensation plans and agreements (in shares)         671,871                  
Issuance of common stock pursuant to various stock compensation plans and agreements 42,832             42,832            
Repurchase of common stock pursuant to the Stock Repurchase Program/various stock compensation plans and agreements (in shares)           (246,462) (1,385,517)              
Repurchase of common stock pursuant to the Stock Repurchase Program/various stock compensation plans and agreements   $ (19,087) $ (99,990)                   $ (19,087) $ (99,990)
Cash dividends on common stock (229,196)               (229,196)          
Ending balance (in shares) at Dec. 31, 2022         140,947,846                  
Ending balance at Dec. 31, 2022 $ 5,984,612             $ 1,936,557 $ 5,582,546   $ (768,862) $ (765,629)    
[1] Represents the impact of the adoption of Accounting Standards Update (“ASU”) 2016-13, Financial Instruments — Credit Losses (Topic 326) on January 1, 2020.
v3.22.4
CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS’ EQUITY (Parenthetical) - $ / shares
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Statement of Stockholders' Equity [Abstract]      
Dividends declared per common share (in dollars per share) $ 1.60 $ 1.32 $ 1.10
v3.22.4
CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
CASH FLOWS FROM OPERATING ACTIVITIES      
Net income $ 1,128,083 $ 872,981 $ 567,797
Adjustments to reconcile net income to net cash provided by operating activities:      
Provision for (reversal of) credit losses 73,500 (35,000) 210,653
Depreciation and amortization 159,851 156,792 119,908
Accretion of discount and (amortization of premiums), net 56,703 67,415 17,704
Stock compensation costs 37,601 32,567 29,237
Deferred income (benefit) tax expense (43,988) 4,762 (41,515)
Net gains on sales of loans (6,411) (8,909) (4,501)
Gains on sales of AFS debt securities (1,306) (1,568) (12,299)
Net gains on sales of other real estate owned ("OREO") and other foreclosed assets (3,042) (1,977) (207)
Impairment on OREO and other foreclosed assets 6,861 5,151 3,717
Loans held-for-sale:      
Originations and purchases (447) (11,155) (81,662)
Proceeds from sales and paydowns/payoffs of loans originally classified as held-for-sale 461 12,552 80,659
Proceeds from distributions received from equity method investees 7,586 13,117 8,786
Net change in accrued interest receivable and other assets 187,512 124,496 (340,566)
Net change in accrued expenses and other liabilities 461,385 (63,360) 136,260
Other net operating activities 1,673 558 (1,327)
Total adjustments 937,939 295,441 124,847
Net cash provided by operating activities 2,066,022 1,168,422 692,644
Net (increase) decrease in:      
Investments in qualified affordable housing partnerships, tax credit and other investments (167,303) (189,836) (154,887)
Interest-bearing deposits with banks 596,994 73,263 (613,400)
Resale agreements:      
Proceeds from paydowns and maturities 1,951,388 982,694 450,000
Purchases (390,077) (1,876,197) (800,000)
AFS debt securities:      
Proceeds from sales 129,181 308,812 525,433
Proceeds from repayments, maturities and redemptions 896,726 1,766,184 2,070,131
Purchases (1,070,608) (6,779,655) (4,758,254)
HTM debt securities:      
Proceeds from repayments, maturities and redemptions 75,635 0 0
Purchases (50,000) 0 0
Loans held-for-investment:      
Proceeds from sales of loans originally classified as held-for-investment 602,725 606,410 331,864
Purchases (657,620) (1,045,456) (389,863)
Other changes in loans held-for-investment, net (6,516,182) (2,877,438) (3,546,596)
Proceeds from sales of OREO and other foreclosed assets 6,482 54,338 295
Purchase of bank-owned life insurance (734) (150,000) 0
Distributions received from equity method investees 18,221 14,440 15,901
Other net investing activities (7,720) (4,763) (4,360)
Net cash (used in) provided by investing activities (4,582,892) (9,117,204) (6,873,736)
CASH FLOWS FROM FINANCING ACTIVITIES      
Net increase in deposits 2,709,427 8,464,285 7,482,845
Net (decrease) increase in short-term borrowings 6 (21,143) (9,016)
FHLB advances:      
Proceeds 4,950,200 400 10,300
Repayments (5,200,200) (405,400) (105,300)
Repurchase agreements:      
Proceeds 0 0 48,063
Repayment 0 0 (198,063)
Extinguishment cost 0 0 (8,740)
Long-term debt and lease liabilities:      
Proceeds from long-term debt 0 0 1,437,269
Repayments of long-term debt and lease liabilities (943) (1,206) (1,438,335)
Common stock:      
Proceeds from issuance pursuant to various stock compensation plans and agreements 3,178 2,573 2,326
Stocks tendered for payment of withholding taxes (19,087) (15,702) (8,253)
Repurchase of common stocks pursuant to the Stock Repurchase Program (99,990) 0 (145,966)
Cash dividends paid (228,381) (188,762) (158,222)
Net cash provided by financing activities 2,114,210 7,835,045 6,908,908
Effect of exchange rate changes on cash and cash equivalents (28,491) 8,701 29,006
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS (431,151) (105,036) 756,822
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR 3,912,935 4,017,971 3,261,149
CASH AND CASH EQUIVALENTS, END OF YEAR 3,481,784 3,912,935 4,017,971
Cash paid during the year for:      
Interest 249,587 87,684 233,139
Income taxes, net 281,269 139,460 116,416
Noncash investing and financing activities:      
Loans transferred from held-for-investment to held-for-sale 623,777 599,610 329,069
Securities transferred from AFS to HTM debt securities 3,010,003 0 0
Loans transferred to OREO $ 270 $ 49,485 $ 19,504
v3.22.4
Summary of Significant Accounting Policies
 12 Months Ended
Dec. 31, 2022
Accounting Policies [Abstract]  
Summary of Significant Accounting Policies Summary of Significant Accounting Policies
Organization

East West Bancorp, Inc. (referred to herein on an unconsolidated basis as “East West” and on a consolidated basis as the “Company”) is a registered bank holding company that offers a full range of banking services to individuals and businesses through its subsidiary bank, East West Bank and its subsidiaries (“East West Bank” or the “Bank”). The Bank is the Company’s principal asset. As of December 31, 2022, the Company operated in over 120 locations in the United States (“U.S.”) and China. In the U.S., the Bank’s corporate headquarters and main administrative offices were located in California, and its branches and offices are located in California, Texas, New York, Washington, Georgia, Massachusetts, Illinois, and Nevada. In China, East West’s presence included full-service branches in Hong Kong, Shanghai, Shantou and Shenzhen, and representative offices in Beijing, Chongqing, Guangzhou and Xiamen. The Bank has a banking subsidiary based in China — East West Bank (China) Limited.

Significant Accounting Policies

Basis of Presentation — The accounting and reporting policies of the Company conform with the U.S. Generally Accepted Accounting Principles (“GAAP”), applicable guidelines prescribed by regulatory authorities and general practices in the banking industry. The preparation of the Consolidated Financial Statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the Consolidated Financial Statements, income and expenses during the reporting period, and the related disclosures. Actual results could differ materially from those estimates. Certain items on the Consolidated Financial Statements and notes for the prior years have been reclassified to conform to the 2022 presentation.

Principles of Consolidation — The Consolidated Financial Statements in this Annual Report on Form 10-K (“this Form 10-K”) include the accounts of East West and its subsidiaries. Intercompany transactions and accounts have been eliminated in consolidation. East West also has six wholly-owned subsidiaries that are statutory business trusts (the “Trusts”). In accordance with Financial Accounting Standards Board Accounting Standards Codification (“ASC”) Topic 810, Consolidation, the Trusts are not included in the Consolidated Financial Statements.

Cash and Cash Equivalents — Cash and cash equivalents include cash on hand, cash items in transit, cash due from the Federal Reserve Bank of San Francisco (“FRBSF”) and other financial institutions, and federal funds sold with original maturities up to three months.

Interest-Bearing Deposits with Banks — Interest-bearing deposits with banks include cash placed with other banks with original maturities greater than three months and less than one year.

Assets Purchased under Resale Agreements and Assets Sold under Repurchase Agreements — Resale agreements are recorded as receivables based on the values at which the securities or loans are acquired. Repurchase agreements are accounted for as collateralized financing transactions and recorded as liabilities based on the values at which the securities are sold. The Company monitors the values of the underlying assets collateralizing the resale and repurchase agreements, including accrued interest, and obtains or posts additional collateral in order to maintain the appropriate collateral requirements for the transactions. For allowance for credit losses on resale agreements, refer to the Allowance for Collateral-Dependent Financial Assets section of this note for details.

Securities — The Company’s securities include various debt securities, marketable and non-marketable equity securities. Debt securities are recorded on the Consolidated Balance Sheet as of their trade dates. The Company classifies its debt securities as trading securities, AFS or HTM debt securities based on management’s intention on the date of the purchase. Debt securities are purchased for liquidity and investment purposes, as part of asset/liability management and other strategic activities.
Debt securities for which the Company has the positive intention and ability to hold until maturity are classified as HTM and are carried at amortized cost, net of allowance for credit losses. Debt securities not classified as trading securities or HTM securities are classified as AFS. AFS debt securities are reported at fair value, net of the allowance for credit losses, with unrealized gains and losses recorded in AOCI, net of applicable income taxes. For details of the allowance for credit losses on debt securities, refer to the Allowance for Credit Losses on Available-for-Sale and Held-to-Maturity Debt Securities sections of this note. Interest income, including any amortization of premium or accretion of discount, is included in net income. The Company recognizes realized gains and losses on the sale of AFS debt securities in earnings, using the specific identification method.

Upon transfer of a debt security from the AFS to HTM category, the security’s new amortized cost is reset to fair value, reduced by any previous write-offs but excluding any allowance for credit losses. Unrealized gains or losses at the date of transfer of these securities continue to be reported in AOCI and are amortized into interest income over the remaining life of the securities as effective yield adjustments, in a manner consistent with the amortization or accretion of the original purchase premium or discount on the associated security. For transfers of securities from the AFS to HTM category, any allowance for credit losses that was previously recorded under the AFS model is reversed and an allowance for credit losses is subsequently recorded under the HTM debt security model. The reversal and re-establishment of the allowance for credit losses are recorded in the provision for credit losses.

Marketable equity securities with readily determinable fair values are recorded at fair value with unrealized gains and losses due to changes in fair value; and are included in Other investment income on the Consolidated Statement of Income. Marketable equity securities include mutual fund investments, which are included in Investments in qualified affordable housing partnership, tax credit and other investments, net on the Consolidated Balance Sheet.

Non-marketable equity securities including tax credit investments, and other equity investments that do not have readily determinable fair values are recorded in Investments in qualified affordable housing partnership, tax credit and other investments, net, and Other assets on the Consolidated Balance Sheet and are accounted for under one of the following accounting methods:
•Equity Method — When the Company has the ability to exert significant influence over the investee.
•Cost Method — The cost method is applied to restricted equity securities held for membership and regulatory purposes, such as FRBSF and FHLB stock. These investments are held at their cost minus impairment. If impaired, the carrying value is written down to the fair value of the security.
•Measurement Alternative — This method is applied to all remaining non-marketable equity securities. These securities are carried at cost adjusted for impairment, if any, plus or minus observable price changes in orderly transactions of an identical or similar security of the same issuer.

Our impairment review for equity method, cost method and measurement alternative securities typically includes an analysis of the facts and circumstances of each security, the intent or requirement to sell the security, the expectations of cash flows, capital needs and the viability of its business model. For equity method and cost method investments, the Company reduces the asset’s carrying value when the Company considers declines in value to be other-than-temporary impairment (“OTTI”). For securities accounted for under the measurement alternative, the Company reduces the asset value when the fair value is less than the carrying value, without the consideration of recovery.

Loans Held-for-Sale — Loans are initially classified as loans held-for-sale when they are individually identified as being available for immediate sale and management has committed to a formal plan to sell them. Loans held-for-sale are carried at lower of cost or fair value. Subject to periodic review under the Company’s evaluation process, including asset/liability and credit risk management, the Company may transfer certain loans from held-for-investment to held-for-sale measured at lower of cost or fair value. Any write-downs in the carrying amount of the loan at the date of transfer are recorded as charge-offs to allowance for loan losses. Loan origination fees on loans held-for-sale, net of certain costs in processing and closing the loans, are deferred until the time of sale and are included in the periodic determination of the lower of cost or fair value adjustments and/or the gain or loss recognized at the time of sale. A valuation allowance is established if the fair value of such loans is lower than their cost, with a corresponding charge to noninterest income. If the loan or a portion of the loan cannot be sold, it is subsequently transferred back to the loans held-for-investment portfolio from the loans held-for-sale portfolio at the lower of cost or fair value on the transfer date.
Loans Held-for-Investment — At the time of commitment to originate or purchase a loan, the loan is determined to be held-for-investment if it is the Company’s intent to hold the loan to maturity or for the foreseeable future. Loans held-for-investment are stated at their outstanding principal, reduced by an allowance for loan losses and net of deferred loan fees or costs, or unearned fees on originated loans, net of unamortized premiums or unaccreted discounts on purchased loans. Nonrefundable fees and direct costs associated with the origination or purchase of loans are deferred and netted against outstanding loan balances. The deferred net loan fees and costs are recognized in interest income as an adjustment to yield over the loan term using the effective interest method or straight-line method. Discounts/premiums on purchased loans are accreted/amortized to interest income using the effective interest method or straight-line method over the remaining period to the contractual maturity. Interest on loans is calculated using the simple-interest method on daily balances of the principal amounts outstanding. Generally, loans are placed on nonaccrual status when they become 90 days past due or more. Loans are considered past due when contractually required principal or interest payments have not been made on the due dates. Loans are also placed on nonaccrual status when management believes, after considering economic and business conditions and collection efforts, that the borrower’s financial condition is such that full collection of principal or interest becomes uncertain, regardless of the length of past due status. Once a loan is placed on nonaccrual status, interest accrual is discontinued and all unpaid accrued interest is reversed against interest income. Interest payments received on nonaccrual loans are reflected as a reduction of principal and not as interest income. A loan is returned to accrual status when the borrower has demonstrated a satisfactory payment trend subject to management’s assessment of the borrower’s ability to repay the loan.

Troubled Debt Restructurings — A loan is generally classified as a troubled debt restructuring (“TDR”) when the Company, for economic or legal reasons related to the borrower’s financial difficulties, grants a concession to the borrower that the Company would not otherwise consider. The concessions may be granted in various forms, including a below-market change in the stated interest rate, a reduction in the loan balance or accrued interest, a term extension, a payment forbearance and other actions. Loans with contractual terms that have been modified as a TDR and are current at the time of restructuring may remain on accrual status if there is demonstrated performance prior to the restructuring and payment in full under the restructured terms is expected. Otherwise, these loans are placed on nonaccrual status and are reported as nonperforming, until the borrower demonstrates a sustained period of performance, generally six months, and the ability to repay the loan according to the contractual terms. If accruing TDRs cease to perform in accordance with their modified contractual terms, they are placed on nonaccrual status and reported as nonperforming TDRs. TDRs are included in the quarterly allowance for credit losses valuation process. Refer to Allowance for Loan Losses below for a complete discussion.

Allowance for Loan Losses — The allowance for loan losses is established as management’s estimate of expected credit losses inherent in the Company’s lending activities; it is increased by the provision for credit losses and decreased by net charge-offs. The allowance for loan losses is evaluated quarterly by management based on regular reviews of the collectability of the Company’s loans, and more often if deemed necessary. The Company develops and documents the allowance for loan losses methodology at the portfolio segment level. The commercial loan portfolio is comprised of commercial and industrial (“C&I”), commercial real estate (“CRE”), multifamily residential, and construction and land loans; and the consumer loan portfolio is comprised of single-family residential, home equity lines of credit (“HELOCs”), and other consumer loans.

The allowance for loan losses represents the portion of a loan’s amortized cost basis that the Company does not expect to collect due to anticipated credit losses over the loan’s contractual life, adjusted for prepayments. The Company measures the expected loan losses on a collective pool basis when similar risk characteristics exist. Models consisting of quantitative and qualitative components are designed for each pool to develop the expected credit loss estimates. Reasonable and supportable forecast periods vary by loan portfolio. The Company has adopted lifetime loss rate models for the portfolios, which use historical loss rates and forecast economic variables to calculate the expected credit losses for each loan pool. When loans do not share similar risk characteristics, the Company evaluates the loan for expected credit losses on an individual basis. Individually assessed loans include nonaccrual and TDR loans. The Company evaluates loans for expected credit losses on an individual basis if, based on current information and events, it is probable that the Company will be unable to collect all amounts due according to the original contractual terms of the loan agreement. When the loan is deemed uncollectible, it is the Company’s policy to charge off the uncollectible amount against the allowance for credit losses.

The amortized cost of loans held-for-investment excludes accrued interest, which is included in Other assets on the Consolidated Balance Sheet. The Company has made an accounting policy election to not recognize an allowance for credit losses for accrued interest receivables as the Company reverses accrued interest if a loan is on nonaccrual status.

The allowance for loan losses is reported separately on the Consolidated Balance Sheet and the Provision for credit losses is reported on the Consolidated Statement of Income.
Allowance for Unfunded Credit Commitments — The allowance for unfunded credit commitments includes reserves provided for unfunded loan commitments, letters of credit, standby letters of credit (“SBLCs”) and recourse obligations for loans sold. The Company estimates the allowance for unfunded credit commitments over the contractual period in which the entity is exposed to credit risk via a present contractual obligation to extend credit. Within the period of credit exposure, the Company considers both the likelihood that funding will occur, and the expected credit losses on the commitments that are expected to fund over their estimated lives.

The allowance for unfunded credit commitments is maintained at a level believed by management to be sufficient to absorb expected credit losses related to unfunded credit facilities. The determination of the adequacy of the allowance is based on periodic evaluations of the unfunded credit facilities. For all off-balance sheet instruments and commitments, the unfunded credit exposure is calculated using assumptions based on the Company's historical utilization experience in related portfolio segments. Loss rates are applied to the calculated exposure balances to estimate the allowance for unfunded credit commitments. Other elements such as credit risk factors for loans outstanding, terms and expiration dates of the unfunded credit facilities, and other pertinent information are considered to determine the adequacy of the allowance.

The allowance for unfunded credit commitments is included in the Accrued expenses and other liabilities on the Consolidated Balance Sheet. Changes to the allowance for unfunded credit commitments are included in Provision for credit losses on the Consolidated Income Statements.

Allowance for Credit Losses on Available-for-Sale Debt Securities — For each reporting period, each AFS debt security that is in an unrealized loss position is individually analyzed as part of the Company’s ongoing assessments to determine whether a fair value below the amortized cost basis has resulted from a credit loss or other factors. The initial indicator of impairment is a decline in fair value below the amortized cost of the AFS debt security, excluding accrued interest. The Company first considers whether there is a plan to sell the AFS debt security or it is more-likely-than-not that it will be required to sell the debt security before recovery of the amortized cost. In determining whether an impairment is due to credit related factors, the Company considers the severity of the decline in fair value, nature of the security, the underlying collateral, the financial condition of the issuer, changes in the AFS debt security’s ratings and other qualitative factors. For AFS debt securities that are guaranteed or issued by the U.S. government, or government-sponsored enterprises of high credit quality, the Company applies a zero credit loss assumption.

When the Company does not intend to sell the impaired AFS debt security and it is more-likely-than-not that the Company will not be required to sell the impaired debt security prior to recovery of its amortized cost basis, the credit component of the unrealized loss of the impaired AFS debt security is recognized as an allowance for credit losses, with a corresponding Provision for credit losses on the Consolidated Statement of Income and the non-credit component is recognized in Other comprehensive income (loss) on the Consolidated Statement of Comprehensive Income, net of applicable taxes. At each reporting period, the Company increases or decreases the allowance for credit losses as appropriate, while limiting reversals of the allowance for credit losses to the extent of the amounts previously recorded. If the Company intends to sell the impaired debt security or it is more-likely-than-not that the Company will be required to sell the impaired debt security prior to recovering its amortized cost basis, the entire impairment amount is recognized as an adjustment to the debt security’s amortized cost basis, with a corresponding Provision for credit losses on the Consolidated Statement of Income.

The amortized cost of the Company’s AFS debt securities excludes accrued interest, which is included in Other assets on the Consolidated Balance Sheet. The Company has made an accounting policy election to not recognize an allowance for credit losses for accrued interest receivables on AFS debt securities as the Company reverses any accrued interest if a debt security is impaired. As each AFS debt security has a unique security structure, where the accrual status is clearly determined when certain criteria listed in the terms are met, the Company assesses the default status of each security as defined by the debt security’s specific security structure.

Allowance for Credit Losses on Held-to-Maturity Debt Securities — For each major HTM debt security type, the allowance for credit losses is estimated collectively for groups of securities with similar risk characteristics. For securities that do not share similar risk characteristics, the losses are estimated individually. The Company applies a zero credit loss assumption to certain HTM debt securities, including debt securities that are either guaranteed or issued by the U.S. government or government-sponsored enterprises, are highly rated by nationally recognized statistical rating organizations (“NRSROs”), and have a long history of no credit losses. Any expected credit loss is recorded through the allowance for credit losses on HTM debt securities and deducted from the amortized cost basis of the security, reflecting the net amount the Company expects to collect.
The amortized cost of the Company’s HTM debt securities excludes accrued interest, which is included in Other assets on the Consolidated Balance Sheet. The Company has made an accounting policy election not to recognize an allowance for credit losses for accrued interest receivables on HTM debt securities, as the Company reverses any accrued interest against interest income if a debt security is placed on nonaccrual status. The criteria used to place HTM debt securities on nonaccrual are largely similar to those described for loans. Any cash collected on nonaccrual HTM securities is applied to reduce the security’s amortized cost basis and not as interest income. Generally, the Company returns an HTM security to accrual status when all delinquent interest and principal become current under the contractual terms of the security, and the collectability of remaining principal and interest is no longer doubtful.

Allowance for Collateral-Dependent Financial Assets — A financial asset is considered collateral-dependent if repayment is expected to be provided substantially through the operation or sale of the collateral. The allowance for credit losses is measured on an individual basis for collateral-dependent financial assets and determined by comparing the fair value of the collateral, minus the cost to sell, to the amortized cost basis of the related financial asset at the reporting date. Other than loans, collateral-dependent financial assets could also include resale agreements. In arrangements which the borrower must continually adjust the collateral securing the asset to reflect changes in the collateral’s fair value (e.g., resale agreements), the Company estimates the expected credit losses on the basis of the unsecured portion of the amortized cost as of the balance sheet date. If the fair value of the collateral is equal to or greater than the amortized cost of the resale agreement, the expected losses would be zero. If the fair value of the collateral is less than the amortized cost of the asset, the expected losses are limited to the difference between the fair value of the collateral and the amortized cost basis of the resale agreement.

Allowance for Purchased Credit Deteriorated Assets — Purchased assets that have experienced a more-than-insignificant deterioration in credit quality since origination are deemed Purchased Credit Deteriorated (“PCD”) assets. For PCD HTM debt securities and PCD loans, the company records the allowance for credit losses by grossing up the initial amortized cost, which includes the purchase price and the allowance for credit losses. The expected credit losses of PCD debt securities are measured at the individual security level. The expected credit losses for PCD loans are measured based on the loan’s unpaid principal balance. Under this approach, there is no income statement impact from the acquisition. Subsequent changes in the allowance for credit losses on PCD assets will be recognized in Provision for credit losses on the Consolidated Statement of Income. The non-credit discount or premium will be accreted to interest income based on the effective interest rate on the PCD assets determined after the gross-up for the allowance for credit losses.

Variable Interest and Voting Interest Entities — The Company determines whether it has a controlling financial interest in an entity by first evaluating whether the entity is a voting interest entity or a variable interest entity (“VIE”). The Company first determines whether or not it has variable interests in the entity, which are investments or other interests that absorb portions of an entity’s expected losses or receive portions of the entity’s expected returns. If it is determined that the Company do not have a variable interest in the entity, no further analysis is required and the entity is not consolidated. A VIE is an entity that lacks equity investors or whose equity investors do not have a controlling financial interest in the entity through their equity investments. The Company consolidates a VIE if it has both the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and an obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE. For entities that do not meet the definition of a VIE, the entity is considered a voting interest entity. The Company consolidates these entities if it can exert control over the financial and operating policies of an investee, which can occur if the Company has a more than 50% voting interest in the entity.

Investments in Qualified Affordable Housing Partnerships, Tax Credit and Other Investments, Net — The Company records the investments in qualified affordable housing partnerships, net, using primarily the proportional amortization method. Under the proportional amortization method, the Company amortizes the initial cost of the investment in proportion to the tax credits and other tax benefits received, and recognizes the amortization in Income tax expense on the Consolidated Statement of Income.

The Company records investments in tax credit and other investments, net, using either the equity method or the measurement alternative method of accounting. The tax credits are recognized on the Consolidated Financial Statements to the extent they are utilized on the Company’s income tax returns in the year the credit arises under the flow-through method of accounting. The investments are evaluated for possible OTTI on an annual basis or on an interim basis, if an event occurs that would trigger potential impairment. OTTI charges and impairment recoveries are recorded within Amortization of tax credit and other investments on the Consolidated Statement of Income. See Note 2 — Fair Value Measurement and Fair Value of Financial Instruments to the Consolidated Financial Statements in this Form 10-K for a discussion on the Company’s impairment evaluation and monitoring process of tax credit investments.
Premises and Equipment, Net — The Company’s premises and equipment are stated at cost less accumulated depreciation and amortization. Depreciation and amortization are computed based on the straight-line method over the estimated useful lives of the various classes of assets. The ranges of estimated useful lives for the principal classes of assets are as follows:
Premises and EquipmentUseful Lives
Buildings 25 years
Furniture, fixtures and equipment, and building improvements
3 to 7 years
Leasehold improvementsTerm of lease or useful life, whichever is shorter

The Company reviews its long-lived assets for impairment annually, or when events or changes in circumstances indicate that the carrying amounts of these assets may not be recoverable. An asset is considered impaired when the fair value, which is the expected undiscounted cash flows over the remaining useful life, is less than the net book value. The excess of the net book value over its fair value is charged as impairment loss to noninterest expense.

Goodwill — Goodwill represents the excess of the purchase price over the fair value of net assets acquired in an acquisition. Goodwill is tested for impairment on an annual basis as of December 31, or more frequently as events occur or circumstances change that indicate a potential impairment at the reporting unit level. The Company assesses goodwill for impairment at each operating segment level. The Company organizes its operations into three reporting segments: (1) Consumer and Business Banking; (2) Commercial Banking; and (3) Other. For information on how the reporting units are identified and the components are aggregated, see Note 17 — Business Segments to the Consolidated Financial Statements in this Form 10-K. The Company has the option to perform a qualitative assessment of goodwill or elect to bypass the qualitative test and proceed directly to a quantitative test. If the Company performs a qualitative assessment of goodwill to test for impairment and concludes it is more likely than not that a reporting unit’s fair value is greater than its carrying value, quantitative tests are not required. If the qualitative analysis indicates that it is more likely than not that a reporting unit’s fair value is less than its carrying value, the Company is required to perform a quantitative assessment to determine if there is goodwill impairment. Factors considered in the qualitative assessments include but are not limited to macroeconomic conditions, industry and market considerations, financial performance of the respective operating segment and other reporting unit specific considerations. The Company uses a combined income and market approach in its quantitative valuation methodologies. A quantitative valuation involves determining the fair value of each reporting unit and comparing the fair value to its corresponding carrying value. Goodwill impairment loss is recorded as a charge to noninterest expense and an adjustment to the carrying value of goodwill. Subsequent reversals of goodwill impairment are not allowed.

Derivatives — As part of its asset/liability management strategy, the Company uses derivative financial instruments to mitigate exposure to interest rate and foreign currency risks, and to assist customers with their risk management objectives. Derivatives utilized by the Company include primarily swaps, forwards and option contracts. Derivative instruments are included in Other assets or Accrued expenses and other liabilities on the Consolidated Balance Sheet at fair value. The related cash flows are recognized on the Cash flows from operating activities section on the Consolidated Statement of Cash Flows. The Company uses its accounting hedges based on the exposure being hedged as either fair value hedges, cash flow hedges or hedges of the net investments in certain foreign operations. For fair value hedges of interest rate risk, changes in fair value of derivatives are reported within Interest expense on the Consolidated Statement of Income. Changes in fair value of derivatives designated as hedges of the net investments in foreign operations are recorded as a component of AOCI. For cash flow hedges of floating-rate interest payments, the change in the fair value of hedges is recognized in AOCI on the Consolidated Balance Sheet and reclassified to earnings in the same period when the hedged cash flows impact earnings. Reclassified gains and losses of cash flow hedges are recorded in the same line item as the hedged interest payment within Interest expense or as interest receipts within Interest and dividend income on the Consolidated Statements of Income.

All derivatives designated as fair value hedges and hedges of the net investments in certain foreign operations are linked to specific hedged items or to groups of specific assets and liabilities on the Consolidated Balance Sheet. Cash flow hedges are linked to the forecasted transactions related to a recognized asset or liability. To qualify as an accounting hedge under the hedge accounting rules (versus an economic hedge where hedge accounting is not sought), a derivative must be highly effective in offsetting the risk designated as being hedged. The Company formally documents its hedging relationships at inception, including the identification of the hedging instruments and the hedged items, as well as its risk management objectives and strategies for undertaking the hedge transaction at the time the derivative contract is executed. Subsequent to inception, on a quarterly basis, the Company assesses whether the derivatives used in hedging transactions are highly effective in offsetting changes in the fair value of the hedged items or the cash flows of attributable hedged risks. Retrospective effectiveness is also assessed, as well as the continued expectation that the hedge will remain effective prospectively.
The Company discontinues hedge accounting prospectively when (i) a derivative is no longer highly effective in offsetting changes in fair value; (ii) a derivative expires, or is sold, terminated or exercised, or (iii) the Company determines that designation of a derivative as a hedge is no longer appropriate. If a fair value hedge is discontinued, the derivative will continue to be recorded on the Consolidated Balance Sheet at fair value with changes in fair value recognized on the Consolidated Statement of Income. When the hedged net investment is either sold or substantially liquidated, changes in the fair value of the derivatives are reclassified out of AOCI into Foreign exchange income on the Consolidated Statement of Income. If a cash flow hedge is discontinued but the hedged forecasted cash flow is still expected to happen, the derivative net gain or loss will remain in AOCI and be reclassified into earnings in the periods in which the hedged forecasted cash flow affects earnings. If a cash flow hedge is discontinued and the forecasted cash flow is not expected to happen, the derivative net gain or loss will be reclassified into earnings immediately.

The Company also offers various interest rate, foreign currency, and energy commodity derivative products to customers. These transactions are not linked to specific assets or liabilities on the Consolidated Balance Sheet or to forecasted transactions in a hedging relationship and, therefore, do not qualify for hedge accounting. These contracts are recorded at fair value with changes in fair value recorded in Interest rate contracts and other derivative income and Foreign exchange income on the Consolidated Statement of Income.

As part of the Company’s loan origination process, from time to time, the Company obtains equity warrants to purchase preferred and/or common stock of public or private companies it provides loans to. These equity warrants are accounted for as derivatives and recorded at fair value in Other assets on the Consolidated Balance Sheet with changes in fair value recorded in Lending fees on the Consolidated Statement of Income.

The Company is exposed to counterparty credit risk, which is the risk that counterparties to the derivative contracts do not perform as expected. Valuation of derivative assets and liabilities reflect the value of the instrument inclusive of the nonperformance risk. The Company uses master netting arrangements to mitigate counterparty credit risk in derivative transactions. To the extent the derivatives are subject to master netting arrangements, the Company takes into account the impact of master netting arrangements that allow the Company to settle all derivative contracts executed with the same counterparty on a net basis, and to offset the net derivative position with the related cash and securities collateral. The Company elects to offset derivative transactions with the same counterparty on the Consolidated Balance Sheet when a derivative transaction has a legally enforceable master netting arrangement and when it is eligible for netting under ASC 210-20-45-1, Balance Sheet Offsetting: Netting Derivative Positions on Balance Sheet. Derivative balances and related cash collateral are presented net on the Consolidated Balance Sheet. In addition, the Company applied the Settlement to Market treatment for the cash collateralizing our interest rate and commodity contracts with certain centrally cleared counterparties. As a result, derivative balances with these counterparties are considered settled by the collateral.

Fair Value — The Company records or discloses certain assets and liabilities at fair value. Fair value is defined as the price that would be received to sell an asset or the price that would be paid to transfer a liability in an orderly transaction between market participants at the measurement date. In determining the fair value of financial instruments, the Company uses various methods including market and income approaches. Based on these approaches, the Company utilizes certain assumptions that market participants would use in pricing an asset or a liability. These inputs can be readily observable, market corroborated or generally unobservable. Fair value measurements are based on the exit price notion that maximizes the use of observable inputs and minimizes the use of unobservable inputs. All inputs, whether observable or unobservable, are ranked in accordance with a prescribed fair value hierarchy that assigns the highest priority to quoted prices in active markets and the lowest priority to prices derived from data lacking transparency. The Company’s assets and liabilities are classified in their entirety based on the lowest level of input that is significant to their fair value measurements. The fair value of the Company’s assets and liabilities is classified and disclosed in one of the following three categories:
•Level 1 — Valuation is based on quoted prices for identical instruments traded in active markets.
•Level 2 — Valuation is based on quoted prices for similar instruments traded in active markets; quoted prices for identical or similar instruments traded in markets that are not active; and model-derived valuations whose inputs are observable and can be corroborated by market data.
•Level 3 — Valuation is based on significant unobservable inputs for determining the fair value of assets or liabilities. These significant unobservable inputs reflect assumptions that market participants may use in pricing the assets or liabilities.

For additional information on fair value, see Note 2 — Fair Value Measurement and Fair Value of Financial Instruments to the Consolidated Financial Statements in this Form 10-K.
Stock-Based Compensation — The Company grants time-based restricted stock units (“RSUs”), which include service conditions for vesting. Compensation cost for these time-based awards is based on the quoted market price of the Company’s common stock at the grant date. Compensation costs for certain time-based RSUs that will be settled in cash are adjusted to fair value based on changes in the Company’s stock price up to the settlement date. In addition, the Company grants performance-based RSUs, which contain performance goals and market conditions that are required to be met in order for the awards to vest. Compensation expense for these performance-based RSUs is based on the grant-date fair value considers both performance and market conditions. Subsequently, the Company evaluates the probable outcome of the performance conditions quarterly and makes cumulative adjustments for current and prior periods in compensation expense in the period of change. Market conditions subsequent to the grant date have no impact on the amount of compensation expense the Company will recognize over the life of the award. Compensation cost is amortized on a straight-line basis over the requisite service period for the entire award, which is generally the maximum vesting period of the award. Excess tax benefits and deficiencies on share-based payment awards are recognized within Income tax expense on the Consolidated Statement of Income. As stock-based compensation expense is estimated based on awards ultimately expected to vest, it is reduced by the expense related to awards expected to be forfeited. Forfeitures are estimated at the time of grant and are updated quarterly. If the estimated forfeitures are revised, a cumulative effect of changes in estimated forfeitures for the current and prior periods is recognized in compensation expense in the period of change. Refer to Note 13 — Stock Compensation Plans on the Consolidated Financial Statements in this Form 10-K for additional information.

Revenue from Contracts with Customers — The Company recognizes two primary types of revenue on its Consolidated Statement of Income: Net interest income and Noninterest income. The Company’s revenue from contracts with customers consists of service charges and fees related to deposit accounts, card income and wealth management fees. These revenue streams as described below comprised 39%, 35% and 29% of total noninterest income for the years ended December 31, 2022, 2021 and 2020, respectively.

•Deposit Service Charges and Related Fee Income — The Company offers a range of deposit products to individuals and businesses, which includes savings, money market, checking and time deposit accounts. The deposit account services include ongoing account maintenance, as well as certain optional services such as various in-branch services, automated teller machine/debit card usage, wire transfer services or check orders. In addition, treasury management and business account analysis services are offered to commercial deposit customers. The monthly account fees may vary with the amount of average monthly deposit balances maintained, or the Company may charge a fixed monthly account maintenance fee if certain average balances are not maintained. In addition, each time a deposit customer selects an optional service, the Company may earn transaction fees, generally recognized by the Company at the point when the transaction occurs. For business analysis accounts, commercial deposit customers receive an earnings credit based on their account balance, which can be used to offset the cost of banking and treasury management services. Business analysis accounts that are assessed fees in excess of earnings credits received are typically charged at the end of each month, after all transactions are known and the credits are calculated. Deposit service charge and related fee income are recognized in all operating segments.

•Card Income — Card income consists of merchant referral fees and interchange income. For merchant referral fees, the Company provides marketing and referral services to acquiring banks for merchant card processing services and earns variable referral fees based on transaction activities. The Company satisfies its performance obligation over time as the Company identifies, solicits, and refers business customers who are provided such services. The Company receives monthly fees net of consideration it pays to the acquiring bank performing the merchant card processing services. The Company recognizes revenue on a monthly basis when the uncertainty associated with the variable referral fees is resolved after the Company receives monthly statements from the acquiring bank. For interchange income, the Company, as a card issuer, has a stand ready performance obligation to authorize, clear, and settle card transactions. The Company earns or pays interchange fees, which are percentage-based on each transaction, and based on rates published by the corresponding payment network for transactions processed using their network. The Company measures its progress toward the satisfaction of its performance obligation over time as services are rendered, and the Company provides continuous access to this service and settles transactions as its customer or the payment network requires. Interchange income is presented net of direct costs paid to the customer and entities in their distribution chain, which are transaction-based expenses such as rewards program expenses and certain network costs. Revenue is recognized when the net profit is determined by the payment networks at the end of each day. Card income is recognized in consumer and business banking, and commercial banking segments.
•Wealth Management Fees — The Company provides investment planning services for customers including wealth management services, asset allocation strategies, portfolio analysis and monitoring, investment strategies and risk management strategies. The fees the Company earns are variable and are generally received monthly. The Company recognizes revenue for the services performed at quarter-end based on actual transaction details received from the broker-dealer with whom the Company engages. Wealth management fees are recognized in both consumer and business banking, and commercial banking segments.

Income Taxes — The Company files consolidated federal income tax returns, foreign tax returns, and various combined and separate company state tax returns. The calculation of the Company’s income tax provision and related tax accruals requires the use of estimates and judgments. Income tax expense consists of two components: current and deferred. Current tax expense represents taxes to be paid or refunded for the current period and includes income tax expense related to our uncertain tax positions. Income tax liabilities (receivables) represent the estimated amounts due to (due from) the various taxing jurisdictions where the Company has established a tax presence and are reported in Accrued expenses and other liabilities or Other assets on the Consolidated Balance Sheets. Deferred tax expense results from changes in deferred tax assets and liabilities between period, and is determined using the balance sheet method. Under the balance sheet method, the net deferred tax asset or liability is based on the tax effects of the differences between the book and tax basis of assets and liabilities. Deferred tax assets are also recognized for tax attributes such as net operating loss carryforwards and tax credit carryforwards. Management regularly reviews the Company’s tax positions and deferred tax balances. In concluding whether a valuation allowance is required, the Company considers all available evidence, both positive and negative, based on the more-likely-than-not criteria that such assets will be realized. Factors considered in this analysis include the Company’s ability to generate future taxable income, implement tax-planning strategies (as defined in ASC 740, Income Taxes) and utilize taxable income from prior carryback years (if such carryback is permitted under the applicable tax law), as well as future reversals of existing taxable temporary differences. To the extent a deferred tax asset is no longer expected more-likely-than-not to be realized, a valuation allowance is established. Deferred tax assets net of deferred tax liabilities are included in Other assets on the Consolidated Balance Sheet.

The Company reports a liability for unrecognized tax benefits resulting from uncertain tax positions taken, or expected to be taken, in an income tax return. Uncertain tax positions that meet the more-likely-than-not recognition threshold are measured to determine the amount of benefit to recognize. An uncertain tax position is measured at the largest amount of benefit that management believes has a greater than 50% likelihood of realization upon settlement. Tax benefits not meeting our realization criteria represent unrecognized tax benefits. The Company establishes a liability for potential taxes, interest and penalties related to uncertain tax positions based on facts and circumstances, including the interpretation of existing law, new judicial or regulatory guidance, and the status of tax audits.

Earnings Per Share — Basic EPS is computed by dividing net income available to common stockholders by the weighted-average number of common shares outstanding during each period. Diluted EPS is computed by dividing net income available to common stockholders by the weighted-average number of common shares outstanding during each period, plus any incremental dilutive common share equivalents calculated for outstanding RSUs using the treasury stock method.

Foreign Currency Translation — The Company’s foreign subsidiary in China, East West Bank (China) Limited’s functional currency is in Chinese Renminbi (“RMB”). As a result, assets and liabilities of East West Bank (China) Limited are translated, for the consolidation purpose, from its functional currency into U.S. dollar (“USD”) using period-end spot foreign exchange rates. Revenues and expenses of East West Bank (China) Limited are translated, for the purpose of consolidation, from its functional currency into USD at the transaction date foreign exchange rates. The effects of those translation adjustments are reported in the Foreign currency translation adjustments account within Other comprehensive income (loss) on the Consolidated Statement of Comprehensive Income, net of any related hedged effects. For transactions that are denominated in a currency other than the functional currency, including transactions denominated in the local currencies of foreign operations that use the USD as their functional currency, the effects of changes in exchange rates are reported in Foreign exchange income on the Consolidated Statement of Income.
Accounting Pronouncements Adopted in 2022
StandardRequired Date of AdoptionDescriptionEffect on Financial Statements
ASU 2020-06, Debt — Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging — Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity
Effective for fiscal years beginning after December 15, 2021.ASU 2020-06 simplifies the accounting for convertible instruments and its application of the derivatives scope exception for contracts in its own equity by (1) eliminating accounting models for convertible financial instruments with cash conversion and beneficial conversion features, (2) removing certain required settlement conditions for a contract in an entity’s own equity to qualify for the derivative scope exception, and (3) simplifying the method used for computing EPS.The Company adopted this standard on January 1, 2022. The adoption of this guidance did not have an impact on the Company’s Consolidated Financial Statements.
ASU 2021-04, Earnings Per Share (Topic 260), Debt — Modification and Extinguishments (Subtopic 470-50), Compensation — Stock Compensation (Topic 718), and Derivatives and Hedging — Contracts in Entity’s Own Equity (Subtopic 815-40): Issuer’s Accounting for Certain Modification or Exchange of Freestanding Equity-Classified Written Call Options
Effective for fiscal years beginning after December 15, 2021.ASU 2021-04 provides clarification and reduces diversity in an issuer’s accounting for modifications or exchanges of freestanding equity-classified written call options (for example, warrants) that remain equity classified after modification or exchange. The Company adopted this standard on January 1, 2022. The adoption of this guidance did not have an impact on the Company’s Consolidated Financial Statements.
ASU 2021-05, Lessors — Certain Leases with Variable Lease Payments
Effective for fiscal years beginning after December 15, 2021.ASU 2021-05 requires lessors to classify leases as operating leases if they have variable lease payments that do not depend on an index or rate and would have selling losses if they were classified as sales-type or direct financing leases.The Company adopted this standard on January 1, 2022. The adoption of this guidance did not have an impact on the Company’s Consolidated Financial Statements.
ASU 2021-10, Government Assistance (Topic 832) — Disclosures by Business Entities about Government Assistance
Effective for fiscal years beginning after December 15, 2021.ASU 2021-10 increases the transparency of government assistance including the disclosure of (1) the types of assistance, (2) an entity’s accounting for the assistance, and (3) the effect of the assistance on an entity’s financial statements.The Company adopted this standard on January 1, 2022. The adoption of this guidance did not have an impact on the Company’s Consolidated Financial Statements.
ASU 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848
Effective for all entities from the date of issuance on December 21, 2022.ASU 2022-06 extends the sunset date of ASC Topic 848, “Reference Rate Reform” from December 31, 2022 to December 31, 2024, after which entities will no longer be permitted to apply the relief in Topic 848.The Company adopted this guidance upon issuance of the ASU 2022-06. The adoption of this guidance has not and is currently not expected to have a material impact on the Company’s Financial Statements. The Company continues to evaluate transactions or contract modifications occurring as a result of reference rate reform and determine whether to apply the optional guidance on an ongoing basis.
v3.22.4
Fair Value Measurement and Fair Value of Financial Instruments
 12 Months Ended
Dec. 31, 2022
Fair Value Disclosures [Abstract]  
Fair Value Measurement and Fair Value of Financial Instruments Fair Value Measurement and Fair Value of Financial Instruments
Under applicable accounting standards, the Company measures a portion of its assets and liabilities at fair value. These assets and liabilities are predominantly recorded at fair value on a recurring basis. From time to time, certain assets and liabilities are measured at fair value on a nonrecurring basis; that is, they are not measured at fair value on an ongoing basis but are subject to fair value adjustments only as required through the application of an accounting method such as lower of cost or fair value or write-down of individual assets. The Company categorizes its assets and liabilities into three levels based on the established fair value hierarchy and conducts a review of fair value hierarchy classifications on a quarterly basis. For more information regarding the fair value hierarchy and how the Company measures fair value, see Note 1 — Summary of Significant Accounting Policies — Significant Accounting Policies — Fair Value to the Consolidated Financial Statements in this Form 10-K.

Assets and Liabilities Measured at Fair Value on a Recurring Basis

The following section describes the valuation methodologies used by the Company to measure financial assets and liabilities on a recurring basis, as well as the general classification of these instruments within the fair value hierarchy.

Available-for-Sale Debt Securities — The fair value of AFS debt securities is generally determined by independent external pricing service providers who have experience in valuing these securities or by taking the average quoted market prices obtained from independent external brokers. The valuations provided by the third-party pricing service providers are based on observable market inputs, which include benchmark yields, reported trades, issuer spreads, benchmark securities, bids, offers, prepayment expectations and reference data obtained from market research publications. Inputs used by the third-party pricing service providers in valuing collateralized mortgage obligations and other securitization structures also include new issue data, monthly payment information, whole loan collateral performance, tranche evaluation and “To Be Announced” prices. In valuing securities issued by state and political subdivisions, inputs used by third-party pricing service providers also include material event notices.

On a monthly basis, the Company validates the valuations provided by third-party pricing service providers to ensure that the fair value determination is consistent with the applicable accounting guidance and the financial instruments are properly classified in the fair value hierarchy. To perform this validation, the Company evaluates the fair values of securities by comparing the fair values provided by the third-party pricing service providers to prices from other available independent sources for the same securities. When significant variances in prices are identified, the Company further compares inputs used by different sources to ascertain the reliability of these sources. On a quarterly basis, the Company reviews the valuation inputs and methodology for each security category furnished by third-party pricing service providers.
When a quoted price in an active market exists for the identical security, this price is used to determine the fair value and the AFS debt security is classified as Level 1. Level 1 AFS debt securities consist of U.S. Treasury securities. When pricing is unavailable from third-party pricing service providers for certain securities, the Company requests market quotes from various independent external brokers and utilizes the average quoted market prices. In addition, the Company obtains market quotes from other official published sources. As these valuations are based on observable inputs in the current marketplace, they are classified as Level 2. The Company periodically communicates with the independent external brokers to validate their pricing methodology. Information such as pricing sources, pricing assumptions, data inputs and valuation techniques are reviewed periodically.

Equity Securities — Equity securities consisted of mutual funds as of both December 31, 2022 and 2021. The Company invested in these mutual funds for Community Reinvestment Act (“CRA”) purposes. The Company uses net asset value (“NAV”) information to determine the fair value of these equity securities. When NAV is available periodically and the equity securities can be put back to the transfer agents at the publicly available NAV, the fair value of the equity securities is classified as Level 1. When NAV is available periodically, but the equity securities may not be readily marketable at its periodic NAV in the secondary market, the fair value of these equity securities is classified as Level 2.

Interest Rate Contracts — The Company enters into interest rate swap and option contracts that are not designated as hedging instruments with its borrowers to lock in attractive intermediate and long-term interest rates, resulting in the customer obtaining a synthetic fixed-rate loan. To economically hedge against the interest rate risks in the products offered to its customers, the Company enters into mirrored offsetting interest rate contracts with third-party financial institutions. The Company also enters into interest rate swap or interest rate collar contracts with institutional counterparties to hedge against certain variable interest rate borrowings and variable interest rate loans. These interest rate contracts with institutional counterparties are designated as cash flow hedges. The fair value of the interest rate swaps is determined using the market standard methodology of netting the discounted future fixed cash payments (or receipts) and the discounted expected variable cash receipts (or payments). The fair value of the interest rate options, which consist of floors and caps, is determined using the market standard methodology of discounting the future expected cash receipts that would occur if variable interest rates fall below (rise above) the strike rate of the floors (caps). In addition, to comply with the provisions of ASC 820, Fair Value Measurement, the Company incorporates credit valuation adjustments to appropriately reflect both its own and the respective counterparty’s nonperformance risk in the fair value measurements of its derivatives. The credit valuation adjustments associated with the Company’s derivatives utilize model-derived credit spreads, which are Level 3 inputs. Considering the observable nature of all other significant inputs utilized, the Company classifies these derivative instruments as Level 2.

Foreign Exchange Contracts — The Company enters into foreign exchange contracts to accommodate the business needs of its customers. For a majority of the foreign exchange contracts entered with its customers, the Company entered into offsetting foreign exchange contracts with third-party financial institutions to manage its exposure. The Company also utilizes foreign exchange contracts that are not designated as hedging instruments to mitigate the economic effect of fluctuations in certain foreign currency on-balance sheet assets and liabilities, primarily foreign currency denominated deposits that it offers to its customers. The fair value of foreign exchange contracts is determined at each reporting period based on changes in the foreign exchange rates. These are over-the-counter contracts where quoted market prices are not readily available. Valuation is measured using conventional valuation methodologies with observable market data. Due to the short-term nature of the majority of these contracts, the counterparties’ credit risks are considered nominal and result in no adjustments to the valuation of the foreign exchange contracts. Due to the observable nature of the inputs used in deriving the fair value of these contracts, the valuation of foreign exchange contracts is classified as Level 2. As of both December 31, 2022 and 2021, the Bank held foreign currency non-deliverable forward contracts to hedge its net investment in its China subsidiary, East West Bank (China) Limited, a non-U.S. dollar (“USD”) functional currency subsidiary in China. These foreign currency non-deliverable forward contracts were designated as net investment hedges. The fair value of foreign currency non-deliverable forward contracts is determined by comparing the contracted foreign exchange rate to the current market foreign exchange rate. Key inputs of the current market exchange rate include spot rates and forward rates of the contractual currencies. Foreign exchange forward curves are used to determine which forward rate pertains to a specific maturity. Due to the observable nature of the inputs used in deriving the estimated fair value, these instruments are classified as Level 2.

Credit Contracts — The Company may periodically enter into credit risk participation agreements (“RPAs”) to manage the credit exposure on interest rate contracts associated with the syndicated loans. The Company may enter into protection sold or protection purchased RPAs with institutional counterparties. The fair value of RPAs is calculated by determining the total expected asset or liability exposure of the derivatives to the borrowers and applying the borrowers’ credit spread to that exposure. Total expected exposure incorporates both the current and potential future exposure of the derivatives, derived from using observable inputs, such as yield curves and volatilities. Since the majority of the inputs used to value the RPAs are observable, RPAs are classified as Level 2.
Equity Contracts — As part of the loan origination process, the Company may obtain warrants to purchase preferred and/or common stock of the borrowers, which are mainly in the technology and life sciences sectors. As of both December 31, 2022 and 2021, the warrants included on the Consolidated Financial Statements were from public and private companies. The Company values these warrants based on the Black-Scholes option pricing model. For warrants from public companies, the model uses the underlying stock price, stated strike price, warrant expiration date, risk-free interest rate based on a duration-matched U.S. Treasury rate, and market-observable company-specific option volatility as inputs to value the warrants. Due to the observable nature of the inputs used in deriving the estimated fair value, warrants from public companies are classified as Level 2. For warrants from private companies, the model uses inputs such as the offering price observed in the most recent round of funding, stated strike price, warrant expiration date, risk-free interest rate based on duration-matched U.S. Treasury rate and option volatility. The Company applies proxy volatilities based on the industry sectors of the private companies. The model values are then adjusted for a general lack of liquidity due to the private nature of the underlying companies. Since both option volatility and liquidity discount assumptions are subject to management’s judgment, measurement uncertainty is inherent in the valuation of private company warrants. Due to the unobservable nature of the option volatility and liquidity discount assumptions used in deriving the estimated fair value, warrants from private companies are classified as Level 3. On a quarterly basis, the changes in the fair value of warrants from private companies are reviewed for reasonableness, and a measurement of uncertainty analysis on the option volatility and liquidity discount assumptions is performed.

Commodity Contracts — The Company enters into energy commodity contracts consisting of swaps and options with its oil and gas loan customers, which allow them to hedge against the risk of fluctuation in energy commodity prices. The fair value of the commodity option contracts is determined using the Black-Scholes model and assumptions that include expectations of future commodity price and volatility. The future commodity contract price is derived from observable inputs such as the market price of the commodity. Commodity swaps are structured as an exchange of fixed cash flows for floating cash flows. The fair value of the commodity swaps is determined using the market standard methodology of netting the discounted future fixed cash payments (or receipts) and the discounted expected variable cash receipts (or payments) based on the market prices of the commodity. The fixed cash flows are predetermined based on the known volumes and fixed price as specified in the swap agreement. The floating cash flows are correlated with the change of forward commodity prices, which is derived from market corroborated futures settlement prices. As a result, the Company classifies these derivative instruments as Level 2 due to the observable nature of the significant inputs utilized.
The following tables present financial assets and liabilities that are measured at fair value on a recurring basis as of December 31, 2022 and 2021:
($ in thousands)Assets and Liabilities Measured at Fair Value on a Recurring Basis
as of December 31, 2022
Quoted Prices in
Active Markets
for Identical
Assets
(Level 1)		Significant
Other
Observable
Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)		Total
Fair Value
AFS debt securities:
U.S. Treasury securities$606,203 $— $— $606,203 
U.S. government agency and U.S. government sponsored enterprise debt securities
— 461,607 — 461,607 
U.S. government agency and U.S. government sponsored enterprise mortgage-backed securities:
Commercial mortgage-backed securities— 500,269 — 500,269 
Residential mortgage-backed securities— 1,762,195 — 1,762,195 
Municipal securities— 257,099 — 257,099 
Non-agency mortgage-backed securities:
Commercial mortgage-backed securities— 398,329 — 398,329 
Residential mortgage-backed securities— 649,224 — 649,224 
Corporate debt securities— 526,274 — 526,274 
Foreign government bonds— 227,053 — 227,053 
Asset-backed securities— 49,076 — 49,076 
Collateralized loan obligations (“CLOs”)— 597,664 — 597,664 
Total AFS debt securities$606,203 $5,428,790 $— $6,034,993 
Investments in tax credit and other investments:
Equity securities$19,777 $4,177 $— $23,954 
Total investments in tax credit and other investments
$19,777 $4,177 $— $23,954 
Derivative assets:
Interest rate contracts$— $440,283 $— $440,283 
Foreign exchange contracts— 53,109 — 53,109 
Equity contracts— — 323 323 
Commodity contracts— 261,613 — 261,613 
Gross derivative assets$— $755,005 $323 $755,328 
Netting adjustments (1)
$— $(614,783)$— $(614,783)
Net derivative assets$— $140,222 $323 $140,545 
Derivative liabilities:
Interest rate contracts$— $584,516 $— $584,516 
Foreign exchange contracts— 44,117 — 44,117 
Credit contracts— 23 — 23 
Commodity contracts— 258,608 — 258,608 
Gross derivative liabilities$— $887,264 $— $887,264 
Netting adjustments (1)
$— $(242,745)$— $(242,745)
Net derivative liabilities$— $644,519 $— $644,519 
($ in thousands)Assets and Liabilities Measured at Fair Value on a Recurring Basis
as of December 31, 2021
Quoted Prices in
Active Markets
for Identical
Assets
(Level 1)		Significant
Other
Observable
Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)		Total
Fair Value
AFS debt securities:
U.S. Treasury securities$1,032,681 $— $— $1,032,681 
U.S. government agency and U.S. government sponsored enterprise debt securities
— 1,301,971 — 1,301,971 
U.S. government agency and U.S. government sponsored enterprise mortgage-backed securities:
Commercial mortgage-backed securities— 1,228,980 — 1,228,980 
Residential mortgage-backed securities— 2,928,283 — 2,928,283 
Municipal securities— 523,158 — 523,158 
Non-agency mortgage-backed securities:
Commercial mortgage-backed securities— 496,443 — 496,443 
Residential mortgage-backed securities— 881,931 — 881,931 
Corporate debt securities— 649,665 — 649,665 
Foreign government bonds— 257,733 — 257,733 
Asset-backed securities— 74,558 — 74,558 
CLOs— 589,950 — 589,950 
Total AFS debt securities$1,032,681 $8,932,672 $— $9,965,353 
Investments in tax credit and other investments:
Equity securities$22,130 $4,474 $— $26,604 
Total investments in tax credit and other investments
$22,130 $4,474 $— $26,604 
Derivative assets:
Interest rate contracts$— $240,222 $— $240,222 
Foreign exchange contracts— 21,033 — 21,033 
Equity contracts— 5 215 220 
Commodity contracts— 222,709 — 222,709 
Gross derivative assets$— $483,969 $215 $484,184 
Netting adjustments (1)
$— $(100,953)$— $(100,953)
Net derivative assets$— $383,016 $215 $383,231 
Derivative liabilities:
Interest rate contracts$— $180,130 $— $180,130 
Foreign exchange contracts— 15,333 — 15,333 
Credit contracts— 141 — 141 
Commodity contracts— 194,567 — 194,567 
Gross derivative liabilities$— $390,171 $— $390,171 
Netting adjustments (1)
$— $(232,727)$— $(232,727)
Net derivative liabilities$— $157,444 $— $157,444 
(1)Represents balance sheet netting of derivative assets and liabilities and related cash collateral under master netting agreements or similar agreements. See Note 5 — Derivatives to the Consolidated Financial Statements in this Form 10-K for additional information.
For the years ended December 31, 2022, 2021 and 2020, Level 3 fair value measurements that were measured on a recurring basis consisted of equity contracts issued by private companies. The following table provides a reconciliation of the beginning and ending balances of these equity contracts for the years ended December 31, 2022, 2021 and 2020:
($ in thousands)Year Ended December 31,
202220212020
Equity contracts
Beginning balance$215 $273 $421 
Total gains included in earnings (1)
17 32 8,225 
Issuances91 12 — 
Settlements— (96)— 
Transfers out of Level 3 (2)
— (6)(8,373)
Ending balance$323 $215 $273 
(1)Includes both realized and unrealized gain (losses) recorded in Lending fees on the Consolidated Statement of Income. The unrealized gains (losses) were $17 thousand, $(44) thousand, and $8.2 million for the years ended December 31, 2022, 2021 and 2020, respectively.
(2)During the years ended December 31, 2021 and 2020, the Company transferred $6 thousand and $8.4 million, respectively, of equity contracts measured on a recurring basis out of Level 3 into Level 2 after the corresponding issuer of the equity warrant, which was previously a private company, completed its initial public offering and became a public company.

The following table presents quantitative information about the significant unobservable inputs used in the valuation of Level 3 fair value measurements as of December 31, 2022 and 2021. The significant unobservable inputs presented in the table below are those that the Company considers significant to the fair value of the Level 3 assets. The Company considers unobservable inputs to be significant if, by their exclusion, the fair value of the Level 3 assets would be impacted by a predetermined percentage change.
($ in thousands)Fair Value
Measurements
(Level 3)		Valuation
Technique		Unobservable
Inputs		Range of
Inputs
Weighted-
 Average of Inputs (1)
December 31, 2022
Derivative assets:
Equity contracts$323 
Black-Scholes option pricing model
Equity volatility
42% — 60%
54%
Liquidity discount47%47%
December 31, 2021
Derivative assets:
Equity contracts$215 
Black-Scholes option pricing model
Equity volatility
44% — 54%
49%
Liquidity discount47%47%
(1)Weighted-average of inputs is calculated based on the fair value of equity contracts as of December 31, 2022 and 2021.

Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis

Assets measured at fair value on a nonrecurring basis include certain individually evaluated loans held-for-investment, investments in qualified affordable housing partnerships, tax credit and other investments, OREO, loans held-for-sale, and other nonperforming assets. Nonrecurring fair value adjustments result from the impairment on certain individually evaluated loans held-for-investment and investments in qualified affordable housing partnerships, tax credit and other investments, from write-downs of OREO and other nonperforming assets, or from the application of lower of cost or fair value on loans held-for-sale.

Individually Evaluated Loans Held-for-Investment — Individually evaluated loans held-for-investment are classified as Level 3 assets. The following two methods are used to derive the fair value of individually evaluated loans held-for-investment:
•Discounted cash flow valuation techniques that consist of developing an expected stream of cash flows over the life of the loans, and then calculating the present value of the loans by discounting the expected cash flows at a designated discount rate.
•When the repayment of an individually evaluated loan is dependent on the sale of the collateral, the fair value of the loan is determined based on the fair value of the underlying collateral, which may take the form of real estate, inventory, equipment, contracts or guarantees. The fair value of the underlying collateral is generally based on third-party appraisals, or an internal valuation if a third-party appraisal is not required by regulations, or is unavailable. An internal valuation utilizes one or more valuation techniques such as the income, market and/or cost approaches.

Investments in Qualified Affordable Housing Partnerships, Tax Credit and Other Investments, Net — The Company conducts due diligence on its investments in qualified affordable housing partnerships, tax credit and other investments prior to the initial investment date and through the placed-in-service date. After these investments are either acquired or placed into service, the Company continues its periodic monitoring process to ensure book values are realizable and that there is no significant tax credit recapture risk. This monitoring process includes reviewing the quarterly financial statements, the annual tax returns of the investment entity, the annual financial statements of the guarantor (if any) and a comparison of the actual performance of the investment against the financial projections prepared at the time when the investment was made. The Company assesses its tax credit and other investments for possible OTTI on an annual basis or when events or circumstances suggest that the carrying amount of the investments may not be realizable. These circumstances can include, but are not limited to the following factors:
•expected future cash flows that are less than the carrying amount of the investment;
•changes in the economic, market or technological environment that could adversely affect the investee’s operations; and
•other factors that raise doubt about the investee’s ability to continue as a going concern, such as negative cash flows from operations and the continuing prospects of the underlying operations of the investment.

All available information is considered in assessing whether a decline in value is other-than-temporary. Generally, none of the aforementioned factors are individually conclusive and the relative importance placed on individual facts may vary depending on the situation. In accordance with ASC 323-10-35-32, Investments — Equity Method and Joint Ventures, an impairment charge would only be recognized in earnings for a decline in value that is determined to be other-than-temporary.

Other Real Estate Owned — The Company’s OREO represents properties acquired through foreclosure, or through full or partial satisfaction of loans held-for-investment. These OREO properties are recorded at estimated fair value less the costs to sell at the time of foreclosure and at the lower of cost or estimated fair value less the costs to sell subsequent to acquisition. On a monthly basis, the current fair market value of each OREO property is reviewed to ensure that the current carrying value is appropriate. OREO properties are classified as Level 3.

Loans Held-for-Sale — Loans held-for-investment subsequently transferred to held-for-sale are recorded at the lower of cost or fair value upon transfer. Loans held-for-sale may be measured at fair value on a nonrecurring basis when fair value is less than cost. Fair value is generally determined based on available market data for similar loans and therefore, are classified as Level 2.

Other Nonperforming Assets — Other nonperforming assets are recorded at fair value upon transfer from loans to foreclosed assets. Subsequently, foreclosed assets are recorded at the lower of carrying value or fair value. Fair value is based on independent market prices, appraised values of the collateral or management’s estimated recovery of the foreclosed asset. The Company records an impairment when the foreclosed asset’s fair value declines below its carrying value. The fair value measurement of other nonperforming assets is classified within one of the three levels in a valuation hierarchy based upon the observability of inputs to the valuation as of the measurement date.
The following tables present the carrying amounts of assets that were still held and had fair value adjustments measured on a nonrecurring basis as of December 31, 2022 and 2021:
($ in thousands)Assets Measured at Fair Value on a Nonrecurring Basis
as of December 31, 2022
Quoted Prices in
Active Markets
for Identical
Assets
(Level 1)		Significant
Other
Observable
Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)		Fair Value Measurements
Loans held-for-investment:
Commercial:
C&I$— $— $40,011 $40,011 
CRE:
CRE— — 31,380 31,380 
Total commercial— — 71,391 71,391 
Consumer:
Residential mortgage:
HELOCs— — 1,223 1,223 
Total consumer— — 1,223 1,223 
Total loans held-for-investment$— $— $72,614 $72,614 
($ in thousands)Assets Measured at Fair Value on a Nonrecurring Basis
as of December 31, 2021
Quoted Prices in
Active Markets
for Identical
Assets
(Level 1)		Significant
Other
Observable
Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)		Fair Value Measurements
Loans held-for-investment:
Commercial:
C&I$— $— $102,349 $102,349 
CRE:
CRE— — 21,891 21,891 
Total commercial— — 124,240 124,240 
Consumer:
Residential mortgage:
HELOCs— — 2,744 2,744 
Total consumer— — 2,744 2,744 
Total loans held-for-investment$— $— $126,984 $126,984 
Other nonperforming assets$391 $— $— $391 
The following table presents the increase (decrease) in the fair value of certain assets held at the end of the respective reporting periods, for which a nonrecurring fair value adjustment was recognized for the years ended December 31, 2022, 2021 and 2020:
($ in thousands)Year Ended December 31,
202220212020
Loans held-for-investment:
Commercial:
C&I$(25,996)$(9,580)$(48,154)
CRE:
CRE(7,098)(10,231)(11,289)
Total commercial(33,094)(19,811)(59,443)
Consumer:
Residential mortgage:
HELOCs166 (4)(175)
Other consumer— — 2,491 
Total consumer$166 $(4)$2,316 
Total loans held-for-investment$(32,928)$(19,815)$(57,127)
Investments in tax credit and other investments, net$469 $877 $(3,868)
OREO$— $— $(3,680)
Other nonperforming assets$(6,861)$(4,241)$— 

The following table presents the quantitative information about the significant unobservable inputs used in the valuation of Level 3 fair value measurements that are measured on a nonrecurring basis as of December 31, 2022 and 2021:
($ in thousands)Fair Value
Measurements
(Level 3)		Valuation
Techniques		Unobservable
Inputs		Range of
Inputs
Weighted-
Average of Inputs (1)
December 31, 2022
Loans held-for-investment$23,322 Discounted cash flowsDiscount
4% — 6%
4%
$17,912 Fair value of collateralDiscount
15% — 75%
37%
$31,380 Fair value of propertySelling cost
8%
8%
December 31, 2021
Loans held-for-investment$64,919 Discounted cash flowsDiscount
4% — 15%
7%
$38,537 Fair value of collateralDiscount
15% — 75%
41%
$23,528 Fair value of propertySelling cost
8%
8%
(1)Weighted-average of inputs is based on the relative fair value of the respective assets as of December 31, 2022 and 2021.
Disclosures about the Fair Value of Financial Instruments

The following tables present the fair value estimates for financial instruments as of December 31, 2022 and 2021, excluding financial instruments recorded at fair value on a recurring basis as they are included in the tables presented elsewhere in this Note. The carrying amounts in the following tables are recorded on the Consolidated Balance Sheet under the indicated captions, except for accrued interest receivable, restricted equity securities, at cost, and mortgage servicing rights that are included in Other assets, and accrued interest payable which is included in Accrued expenses and other liabilities. These financial assets and liabilities are measured on an amortized cost basis on the Company’s Consolidated Balance Sheet.
($ in thousands)December 31, 2022
Carrying
Amount		Level 1Level 2Level 3Estimated
Fair Value
Financial assets:
Cash and cash equivalents$3,481,784 $3,481,784 $— $— $3,481,784 
Interest-bearing deposits with banks$139,021 $— $139,021 $— $139,021 
Resale agreements$792,192 $— $693,656 $— $693,656 
HTM debt securities$3,001,868 $471,469 $1,983,702 $— $2,455,171 
Restricted equity securities, at cost$78,624 $— $78,624 $— $78,624 
Loans held-for-sale$25,644 $— $25,644 $— $25,644 
Loans held-for-investment, net$47,606,785 $— $— $46,670,690 $46,670,690 
Mortgage servicing rights$6,235 $— $— $10,917 $10,917 
Accrued interest receivable$263,430 $— $263,430 $263,430 
Financial liabilities:
Demand, checking, savings and money market deposits
$42,637,316 $— $42,637,316 $— $42,637,316 
Time deposits$13,330,533 $— $13,228,777 $— $13,228,777 
Repurchase agreements$300,000 $— $304,097 $— $304,097 
Long-term debt$147,950 $— $143,483 $— $143,483 
Accrued interest payable$37,198 $— $37,198 $— $37,198 
($ in thousands)December 31, 2021
Carrying
Amount		Level 1Level 2Level 3Estimated
Fair Value
Financial assets:
Cash and cash equivalents$3,912,935 $3,912,935 $— $— $3,912,935 
Interest-bearing deposits with banks$736,492 $— $736,492 $— $736,492 
Resale agreements$2,353,503 $— $2,335,901 $— $2,335,901 
Restricted equity securities, at cost$77,434 $— $77,434 $— $77,434 
Loans held-for-sale$635 $— $635 $— $635 
Loans held-for-investment, net$41,152,202 $— $— $41,199,599 $41,199,599 
Mortgage servicing rights$5,706 $— $— $9,104 $9,104 
Accrued interest receivable$159,833 $— $159,833 $— $159,833 
Financial liabilities:
Demand, checking, savings and money market deposits
$45,388,550 $— $45,388,550 $— $45,388,550 
Time deposits$7,961,982 $— $7,966,116 $— $7,966,116 
FHLB advances$249,331 $— $250,372 $— $250,372 
Repurchase agreements$300,000 $— $310,525 $— $310,525 
Long-term debt$147,658 $— $151,020 $— $151,020 
Accrued interest payable$11,435 $— $11,435 $— $11,435 
v3.22.4
Assets Purchased under Resale Agreements and Sold under Repurchase Agreements
 12 Months Ended
Dec. 31, 2022
RESALE AND REPURCHASE AGREEMENTS  
Assets Purchased under Resale Agreements and Sold under Repurchase Agreements Assets Purchased under Resale Agreements and Sold under Repurchase Agreements
Assets Purchased under Resale Agreements

With resale agreements, the Company is exposed to credit risk for both the counterparties and the underlying collateral. The Company manages credit exposure from certain transactions by entering into master netting agreements and collateral arrangements with the counterparties. The relevant agreements allow for the efficient closeout of the transaction, liquidation and set-off of collateral against the net amount owed by the counterparty following a default. It is also the Company’s policy to take possession, where possible, of the assets underlying resale agreements. As a result of the Company’s credit risk mitigation practices with respect to resale agreements as described above, the Company did not hold any reserves for credit impairment with respect to these agreements as of both December 31, 2022 and 2021.

Securities Purchased under Resale Agreements — Total securities purchased under resale agreements were $760.0 million and $1.33 billion as of December 31, 2022 and 2021, respectively. The weighted-average yields were 2.12%, 1.53% and 1.94% for the years ended December 31, 2022, 2021 and 2020, respectively.

Loans Purchased under Resale Agreements — Total loans purchased under resale agreements were $32.2 million and $1.02 billion as of December 31, 2022 and 2021, respectively. The weighted-average yields were 2.16%, 1.53% and 2.27% for the years ended December 31, 2022, 2021 and 2020, respectively.

Assets Sold under Repurchase Agreements — As of December 31, 2022, securities sold under the repurchase agreements consisted of U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities, and U.S. Treasury securities. Gross repurchase agreements were $300.0 million as of both December 31, 2022 and 2021. The weighted-average interest rates were 3.07%, 2.61% and 3.25% for the years ended December 31, 2022, 2021 and 2020, respectively. There were no extinguishment charges recorded in both 2022 and 2021. In comparison, for the year ended December 31, 2020, the Company recorded $8.7 million of charges related to the extinguishment of $150.0 million of repurchase agreements. As of December 31, 2022, all repurchase agreements will mature in 2023.

Balance Sheet Offsetting

The Company’s resale and repurchase agreements are transacted under legally enforceable master repurchase agreements that, in the event of default by the counterparty, provide the Company the right to liquidate securities held and to offset receivables and payables with the same counterparty. The Company nets resale and repurchase transactions with the same counterparty on the Consolidated Balance Sheet when it has a legally enforceable master netting agreement and the transactions are eligible for netting under ASC 210-20-45-11, Balance Sheet Offsetting: Repurchase and Reverse Repurchase Agreements. Collateral received includes securities and loans that are not recognized on the Consolidated Balance Sheet. Collateral pledged consists of securities that are not netted on the Consolidated Balance Sheet against the related collateralized liability. Securities received or pledged as collateral in resale and repurchase agreements with other financial institutions may also be sold or re-pledged by the secured party, and are usually delivered to and held by the third-party trustees.

The following tables present the resale and repurchase agreements included on the Consolidated Balance Sheet as of December 31, 2022 and 2021:
($ in thousands)December 31, 2022
AssetsGross Amounts
of Recognized
Assets		Gross Amounts
Offset on the
Consolidated
Balance Sheet		Net Amounts of
Assets Presented
on the Consolidated
Balance Sheet		Gross Amounts 
Not Offset on the
Consolidated 
Balance Sheet		Net
Amount
Collateral Received
Resale agreements$792,192 $— $792,192 $(701,790)
(1)
$90,402 
LiabilitiesGross Amounts
of Recognized
Liabilities		Gross Amounts
Offset on the
Consolidated
Balance Sheet		Net Amounts of
Liabilities Presented on the Consolidated
Balance Sheet		Gross Amounts Not Offset on the
Consolidated Balance Sheet		Net
Amount
Collateral Pledged
Repurchase agreements$300,000 $— $300,000 $(300,000)
(2)
$— 
($ in thousands)December 31, 2021
AssetsGross Amounts
of Recognized
Assets		Gross Amounts
Offset on the
Consolidated
Balance Sheet		Net Amounts of
Assets Presented
on the Consolidated
Balance Sheet		Gross Amounts 
Not Offset on the
Consolidated 
Balance Sheet		Net
Amount
Collateral Received
Resale agreements$2,353,503 $— $2,353,503 $(2,327,687)
(1)
$25,816 
LiabilitiesGross Amounts
of Recognized
Liabilities		Gross Amounts
Offset on the
Consolidated
Balance Sheet		Net Amounts of
Liabilities Presented on the Consolidated
Balance Sheet		Gross Amounts 
Not Offset on the
Consolidated 
Balance Sheet		Net
Amount
Collateral  Pledged
Repurchase agreements$300,000 $— $300,000 $(300,000)
(2)
$— 
(1)Represents the fair value of assets the Company has received under resale agreements, limited for table presentation purposes to the amount of the recognized asset due from each counterparty. The application of collateral cannot reduce the net position below zero. Therefore, excess collateral, if any, is not reflected above.
(2)Represents the fair value of assets the Company has pledged under repurchase agreements, limited for table presentation purposes to the amount of the recognized liability due to each counterparty. The application of collateral cannot reduce the net position below zero. Therefore, excess collateral, if any, is not reflected above.

In addition to the amounts included in the tables above, the Company also has balance sheet netting related to derivatives. Refer to Note 5 — Derivatives to the Consolidated Financial Statements in this Form 10-K for additional information.
v3.22.4
Securities
 12 Months Ended
Dec. 31, 2022
Investments, Debt and Equity Securities [Abstract]  
Securities Securities
The following tables present the amortized cost, gross unrealized gains and losses, and fair value by major categories of AFS and HTM debt securities as of December 31, 2022 and 2021:
($ in thousands)December 31, 2022
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair
Value
AFS debt securities:
U.S. Treasury securities$676,306 $— $(70,103)$606,203 
U.S. government agency and U.S. government-sponsored enterprise debt securities517,806 67 (56,266)461,607 
U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities:
Commercial mortgage-backed securities577,392 — (77,123)500,269 
Residential mortgage-backed securities2,011,054 41 (248,900)1,762,195 
Municipal securities:303,884 3 (46,788)257,099 
Non-agency mortgage-backed securities:
Commercial mortgage-backed securities447,512 213 (49,396)398,329 
Residential mortgage-backed securities762,202 — (112,978)649,224 
Corporate debt securities673,502 — (147,228)526,274 
Foreign government bonds241,165 174 (14,286)227,053 
Asset-backed securities51,152 — (2,076)49,076 
CLOs617,250 — (19,586)597,664 
Total AFS debt securities6,879,225 498 (844,730)6,034,993 
HTM debt securities
U.S. Treasury securities524,081 — (52,612)471,469 
U.S. government agency and U.S. government-sponsored enterprise debt securities998,972 — (209,560)789,412 
U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities:
Commercial mortgage-backed securities506,965 — (98,566)408,399 
Residential mortgage-backed securities782,141 — (148,230)633,911 
Municipal securities189,709 — (37,729)151,980 
Total HTM debt securities3,001,868 — (546,697)2,455,171 
Total debt securities$9,881,093 $498 $(1,391,427)$8,490,164 
($ in thousands)December 31, 2021
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair
Value
AFS debt securities:
U.S. Treasury securities$1,049,238 $130 $(16,687)$1,032,681 
U.S. government agency and U.S. government-sponsored enterprise debt securities1,333,984 2,697 (34,710)1,301,971 
U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities:
Commercial mortgage-backed securities1,242,043 15,791 (28,854)1,228,980 
Residential mortgage-backed securities2,968,789 8,629 (49,135)2,928,283 
Municipal securities519,381 10,065 (6,288)523,158 
Non-agency mortgage-backed securities:
Commercial mortgage-backed securities498,920 3,000 (5,477)496,443 
Residential mortgage-backed securities889,937 971 (8,977)881,931 
Corporate debt securities657,516 8,738 (16,589)649,665 
Foreign government bonds260,447 767 (3,481)257,733 
Asset-backed securities74,674 185 (301)74,558 
CLOs592,250 52 (2,352)589,950 
Total AFS debt securities$10,087,179 $51,025 $(172,851)$9,965,353 

During the first quarter of 2022, the Company transferred $3.01 billion in fair value of debt securities from AFS to HTM. At the time of the transfer, $113.0 million of unrealized losses, net of tax, was retained in AOCI.

As of December 31, 2022 and 2021, the amortized cost of debt securities excluded accrued interest receivable of $41.8 million and $33.1 million, respectively, which are included in Other assets on the Consolidated Balance Sheet. For the Company’s accounting policy related to debt securities’ accrued interest receivable, see Note 1 — Summary of Significant Accounting Policies — Allowance for Credit Losses on Available-for-Sale Debt Securities and Allowance for Credit Losses on Held-to-Maturity Debt Securities to the Consolidated Financial Statements in this Form 10-K.
Unrealized Losses of Available-for-Sale Debt Securities

The following tables present the fair value and the associated gross unrealized losses of the Company’s AFS debt securities, aggregated by investment category and the length of time that the securities have been in a continuous unrealized loss position, as of December 31, 2022 and 2021:
($ in thousands)December 31, 2022
Less Than 12 Months12 Months or MoreTotal
Fair
Value		Gross
Unrealized
Losses		Fair
Value		Gross
Unrealized
Losses		Fair
Value		Gross
Unrealized
Losses
AFS debt securities:
U.S. Treasury securities$131,843 $(8,761)$474,360 $(61,342)$606,203 $(70,103)
U.S. government agency and U.S. government-sponsored enterprise debt securities97,403 (6,902)214,136 (49,364)311,539 (56,266)
U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities:
Commercial mortgage-backed securities252,144 (30,029)248,125 (47,094)500,269 (77,123)
Residential mortgage-backed securities307,536 (20,346)1,448,658 (228,554)1,756,194 (248,900)
Municipal securities95,655 (10,194)159,439 (36,594)255,094 (46,788)
Non-agency mortgage-backed securities:
Commercial mortgage-backed securities106,184 (3,309)282,301 (46,087)388,485 (49,396)
Residential mortgage-backed securities22,715 (1,546)626,509 (111,432)649,224 (112,978)
Corporate debt securities173,595 (17,907)352,679 (129,321)526,274 (147,228)
Foreign government bonds107,576 (429)36,143 (13,857)143,719 (14,286)
Asset-backed securities12,450 (524)36,626 (1,552)49,076 (2,076)
CLOs144,365 (4,735)453,299 (14,851)597,664 (19,586)
Total AFS debt securities$1,451,466 $(104,682)$4,332,275 $(740,048)$5,783,741 $(844,730)
($ in thousands)December 31, 2021
Less Than 12 Months12 Months or MoreTotal
Fair
Value		Gross
Unrealized
Losses		Fair
Value		Gross
Unrealized
Losses		Fair
Value		Gross
Unrealized
Losses
AFS debt securities:
U.S. Treasury securities$935,776 $(14,689)$47,881 $(1,998)$983,657 $(16,687)
U.S. government agency and U.S. government-sponsored enterprise debt securities773,647 (18,000)402,907 (16,710)1,176,554 (34,710)
U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities:
Commercial mortgage-backed securities440,734 (13,589)257,745 (15,265)698,479 (28,854)
Residential mortgage-backed securities2,138,542 (37,691)330,522 (11,444)2,469,064 (49,135)
Municipal securities177,065 (5,682)17,003 (606)194,068 (6,288)
Non-agency mortgage-backed securities:
Commercial mortgage-backed securities301,925 (4,158)40,013 (1,319)341,938 (5,477)
Residential mortgage-backed securities707,792 (8,966)6,431 (11)714,223 (8,977)
Corporate debt securities183,916 (3,084)251,494 (13,505)435,410 (16,589)
Foreign government bonds27,097 (5)133,279 (3,476)160,376 (3,481)
Asset-backed securities24,885 (301)— — 24,885 (301)
CLOs221,586 (64)291,712 (2,288)513,298 (2,352)
Total AFS debt securities$5,932,965 $(106,229)$1,778,987 $(66,622)$7,711,952 $(172,851)
As of December 31, 2022, the Company had 559 AFS debt securities in a gross unrealized loss position with no credit impairment, primarily consisting of 263 U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities, 100 non-agency mortgage-backed securities, 68 corporate debt securities, and 15 U.S. Treasury securities. In comparison, as of December 31, 2021, the Company had 431 AFS debt securities in a gross unrealized loss position with no credit impairment, primarily consisting of 180 U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities, 50 U.S. government agency and U.S. government-sponsored agency debt securities, 21 U.S. Treasury securities, and 30 corporate debt securities.

Allowance for Credit Losses on Available-for-Sale Debt Securities

The Company evaluates each AFS debt security where the fair value has declined below amortized cost. For a discussion of the factors and criteria the Company uses in analyzing securities for impairment related to credit losses, see Note 1 — Summary of Significant Accounting Policies — Significant Accounting Policies — Allowance for Credit Losses on Available-for-Sale Debt Securities to the Consolidated Financial Statements in this Form 10-K.

The gross unrealized losses presented in the preceding tables were primarily attributable to interest rate movement and the widening of liquidity and/or credit spreads. U.S. Treasury, U.S. government agency, U.S. government-sponsored agency, and U.S. government-sponsored enterprise mortgage-backed securities are issued, guaranteed, or otherwise supported by the U.S. government and have a zero credit loss assumption. The other securities that were in an unrealized loss position as of December 31, 2022 were mainly comprised of the following:
•Non-agency mortgage-backed securities — The market value decline as of December 31, 2022, was primarily due to interest rate movement and spread widening. Since these securities are rated investment grade by NRSROs, or have high priority in the cash flow waterfall within the securitization structure, and the contractual payments have historically been on time, the Company believes the risk of credit losses on these securities is low.
•Corporate debt securities — The market value decline as of December 31, 2022 was primarily due to interest rate movement and spread widening. Since these securities are nearly all rated investment grade by NRSROs or, if not, the issuer is a well-capitalized financial institution with strong profitability, and the contractual payments from these bonds have been, and are expected to be, received on time, the Company believes the risk of credit losses on these securities is low.

As of both December 31, 2022 and 2021, the Company had the intent to hold the AFS debt securities with unrealized losses through the anticipated recovery period and it was more-likely-than-not that the Company will not have to sell these securities before the recovery of their amortized cost. The issuers of these securities have not, to the Company’s knowledge, established any cause for default on these securities. As a result, the Company expects to recover the entire amortized cost basis of these securities. Accordingly, there was no allowance for credit losses as of both December 31, 2022 and 2021 against these securities. In addition, there was no provision for credit losses recognized for the years ended December 31, 2022, 2021 and 2020.

Allowance for Credit Losses on Held-to-Maturity Debt Securities

The Company separately evaluates its HTM debt securities for any credit losses using an expected loss model, similar to the methodology used for loans. For additional information on the Company’s credit loss methodology, refer to Note 1 — Summary of Significant Accounting Policies — Significant Accounting Policies — Allowance for Credit Losses on Held-to-Maturity Debt Securities to the Consolidated Financial Statements in this Form 10-K.

The Company monitors the credit quality of the HTM debt securities using external credit ratings. As of December 31, 2022, all HTM securities were rated investment grade by NRSROs and issued, guaranteed, or supported by U.S. government entities and agencies. Accordingly, the Company applied a zero credit loss assumption and no allowance for credit losses was recorded as of December 31, 2022. Overall, the Company believes that the credit support levels of the debt securities are strong and, based on current assessments and macroeconomic forecasts, expects that full contractual cash flows will be received.
Realized Gains and Losses

The following table presents gross realized gains and tax expense related to the sales of AFS debt securities for the years ended December 31, 2022, 2021 and 2020:
($ in thousands)Year Ended December 31,
202220212020
Gross realized gains$1,306 $1,568 $12,299 
Related tax expense$386 $464 $3,636 

Interest Income

The following table presents the composition of interest income on debt securities for the years ended December 31, 2022, 2021 and 2020:
($ in thousands)Year Ended December 31,
202220212020
Taxable interest$179,720 $131,985 $75,590 
Nontaxable interest19,186 11,998 6,963 
Total interest income on debt securities$198,906 $143,983 $82,553 
Contractual Maturities of Available-for-Sale and Held-to-Maturity Debt Securities

The following tables present the contractual maturities, amortized cost, fair value and weighted average yields of AFS and HTM debt securities as of December 31, 2022. Expected maturities will differ from contractual maturities on certain securities as the issuers and borrowers of the underlying collateral may have the right to call or prepay obligations with or without prepayment penalties.
($ in thousands)Within One Year
After One Year through Five Years
After Five Years through Ten Years After Ten Years Total
AFS debt securities:
U.S. Treasury securities
Amortized cost$— $576,585 $99,721 $— $676,306 
Fair value— 521,174 85,029 — 606,203 
Weighted-average yield (1)
— %1.28 %0.74 %— %1.20 %
U.S. government agency and U.S. government-sponsored enterprise debt securities
Amortized cost100,000 149,772 100,000 168,034 517,806 
Fair value99,939 144,796 81,973 134,899 461,607 
Weighted-average yield (1)
4.97 %3.71 %1.26 %2.10 %2.96 %
U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities
Amortized cost— 31,165 161,960 2,395,321 2,588,446 
Fair value— 29,643 146,737 2,086,084 2,262,464 
Weighted-average yield (1)
— %3.20 %2.69 %3.22 %3.19 %
Municipal securities
Amortized cost2,307 34,865 6,847 259,865 303,884 
Fair value2,283 32,160 5,780 216,876 257,099 
Weighted-average yield (1) (2)
2.21 %2.40 %1.85 %2.25 %2.26 %
Non-agency mortgage-backed securities
Amortized cost57,190 158,574 22,788 971,162 1,209,714 
Fair value56,222 151,239 22,000 818,092 1,047,553 
Weighted-average yield (1)
4.93 %3.78 %0.84 %2.45 %2.72 %
Corporate debt securities
Amortized cost10,000 — 334,502 329,000 673,502 
Fair value9,856 — 292,049 224,369 526,274 
Weighted average yield (1)
3.77 %— %3.59 %1.98 %2.81 %
Foreign government bonds
Amortized cost133,999 7,166 50,000 50,000 241,165 
Fair value134,112 7,128 49,670 36,143 227,053 
Weighted-average yield (1)
2.15 %2.24 %4.18 %1.50 %2.44 %
Asset-backed securities
Amortized cost— — — 51,152 51,152 
Fair value— — — 49,076 49,076 
Weighted-average yield (1)
— %— %— %5.16 %5.16 %
CLOs
Amortized cost— — 25,000 592,250 617,250 
Fair value— — 24,301 573,363 597,664 
Weighted average yield (1)
— %— %5.23 %5.40 %5.40 %
Total AFS debt securities
Amortized cost$303,496 $958,127 $800,818 $4,816,784 $6,879,225 
Fair value$302,412 $886,140 $707,539 $4,138,902 $6,034,993 
Weighted-average yield (1)
3.66 %2.18 %2.76 %3.16 %3.00 %
($ in thousands)Within One Year
After One Year through Five Years
After Five Years through Ten YearsAfter Ten YearsTotal
HTM debt securities:
U.S. Treasury securities
Amortized cost$—$404,252$119,829$—$524,081
Fair value—364,360107,109—471,469
Weighted-average yield (1)
— %1.01 %1.18 %— %1.05 %
U.S. government agency and U.S. government-sponsored enterprise debt securities
Amortized cost——255,967743,005998,972
Fair value——216,340573,072789,412
Weighted-average yield (1)
— %— %1.94 %1.88 %1.90 %
U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities
Amortized cost——96,0961,193,0101,289,106
Fair value——80,706961,6041,042,310
Weighted-average yield (1)
— %— %1.56 %1.68 %1.67 %
Municipal securities
Amortized cost———189,709189,709
Fair value———151,980151,980
Weighted-average yield (1) (2)
— %— %— %1.98 %1.98 %
Total HTM debt securities
Amortized cost$—$404,252$471,892$2,125,724$3,001,868
Fair value$—$364,360$404,155$1,686,656$2,455,171
Weighted-average yield (1)
— %1.01 %1.67 %1.78 %1.66 %
(1)Weighted-average yields are computed based on amortized cost balances.
(2)Yields on tax-exempt securities are not presented on a tax-equivalent basis.

As of December 31, 2022 and 2021, AFS and HTM debt securities with carrying values of $794.2 million and $803.9 million, respectively, were pledged to secure public deposits, repurchase agreements and for other purposes required or permitted by law.

Restricted Equity Securities

The following table presents the restricted equity securities included in Other assets on the Consolidated Balance Sheet as of December 31, 2022 and 2021:
($ in thousands)December 31,
20222021
FRBSF stock
$61,374 $60,184 
FHLB stock17,250 17,250 
Total restricted equity securities$78,624 $77,434 
v3.22.4
Derivatives
 12 Months Ended
Dec. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivatives DerivativesThe Company uses derivative instruments to manage exposure to market risk, primarily interest rate and foreign currency risk, as well as to assist customers with their risk management objectives. The Company’s goal is to manage interest rate sensitivity and volatility to mitigate the effect of interest rate changes on earnings or capital. The Company also uses foreign exchange contracts to manage the foreign exchange rate risk associated with certain foreign currency-denominated assets and liabilities, as well as the Bank’s investment in East West Bank (China) Limited. The Company recognizes all derivatives on the Consolidated Balance Sheet at fair value. While the Company designates certain derivatives as hedging instruments in a qualifying hedge accounting relationship, other derivatives serve as economic hedges. For additional information on the Company’s derivatives and hedging activities, see Note 1 — Summary of Significant Accounting Policies — Significant Accounting Policies — Derivatives to the Consolidated Financial Statements in this Form 10-K.
The following table presents the notional amounts and fair values of the Company’s derivatives as of December 31, 2022 and 2021. The fair values are presented on a gross basis prior to the application of bilateral collateral and master netting agreements, but after the application of variation margin payments as settlement to fair values of contracts cleared through central clearing organizations. Total derivative asset and liability fair values are adjusted to reflect the effects of legally enforceable master netting agreements and cash collateral received or paid. The resulting net derivative asset and liability fair values are included in Other assets and Accrued expenses and other liabilities, respectively, on the Consolidated Balance Sheet.
($ in thousands)December 31, 2022December 31, 2021
Notional
Amount		Fair ValueNotional
Amount		Fair Value
Derivative
Assets		Derivative
Liabilities		Derivative
Assets		Derivative
Liabilities
Derivatives designated as hedging instruments:
Cash flow hedges:
Interest rate contracts
$3,450,000 $13,455 $19,687 $275,000 $— $57 
Net investment hedges:
Foreign exchange contracts
84,832 5,590 — 86,531 — 225 
Total derivatives designated as hedging instruments
$3,534,832 $19,045 $19,687 $361,531 $— $282 
Derivatives not designated as hedging instruments:
Interest rate contracts
$16,932,414 $426,828 $564,829 $17,575,420 $240,222 $179,905 
Commodity contracts— (1)261,613 258,608 — (1)222,709 194,567 
Foreign exchange contracts2,982,891 47,519 44,117 1,874,681 21,033 15,276 
Credit contracts140,950 (2)— 23 72,560 (2)— 141 
Equity contracts— (3)323 — — (3)220 — 
Total derivatives not designated as hedging instruments
$20,056,255 $736,283 $867,577 $19,522,661 $484,184 $389,889 
Gross derivative assets/liabilities$755,328 $887,264 $484,184 $390,171 
Less: Master netting agreements(242,745)(242,745)(58,679)(58,679)
Less: Cash collateral received/paid(372,038)— (42,274)(174,048)
Net derivative assets/liabilities$140,545 $644,519 $383,231 $157,444 
(1)The notional amount of the Company’s commodity contracts totaled 12,005 thousand barrels of crude oil and 247,704 thousand units of natural gas, measured in million British thermal units (“MMBTUs”) as of December 31, 2022. In comparison, the notional amount of the Company’s commodity contracts totaled 17,924 thousand barrels of crude oil and 218,770 thousand MMBTUs of natural gas as of December 31, 2021.
(2)Notional amount for credit contracts reflects the Company’s pro-rata share of the derivative instruments in RPAs.
(3)The Company held equity contracts in one public company and 13 private companies as of December 31, 2022, and one public company and 12 private companies as of December 31, 2021.

Derivatives Designated as Hedging Instruments

Fair Value Hedges — The Company entered into interest rate swaps to hedge changes in the fair value of certain certificates of deposit due to changes in the designated benchmark interest rate. The interest rate swaps converted the certificates of deposit from fixed-rate payments to floating-rate payments. Changes in the fair values of the interest rate swaps and certificates of deposit were recorded in Interest Expense on the Consolidated Statement of Income. During 2020, both the hedging interest rate swaps and hedged certificates of deposit were called. Net gains of $3.1 million were recognized on the interest rate swaps, while net losses of $1.6 million were recognized on hedged certificates of deposit for the year ended December 31, 2020. The Company did not have any fair value hedges during both 2022 and 2021.

Cash Flow Hedges — The Company uses interest rate swaps to hedge the variability in interest payments received on certain floating-rate commercial loans, or paid on certain floating-rate borrowings due to changes in contractually specified interest rates. As of December 31, 2022, $3.25 billion and $200.0 million in notional amounts of interest rate contracts were designated as cash flow hedges to convert certain variable-rate loans and borrowings, respectively. Gains and losses on the hedging derivative instruments are recognized in AOCI and reclassified to earnings in the same period the hedged cash flows impact earnings and within the same income statement line as the hedged cash flows. Considering the interest rates, yield curve and notional amounts as of December 31, 2022, the Company expects to reclassify an estimated $41.0 million of after-tax net losses on derivative instruments designated as cash flow hedges from AOCI into earnings during the next 12 months.
The following table presents the pre-tax changes in AOCI from cash flow hedges for the years ended December 31, 2022, 2021 and 2020. The after-tax impact of cash flow hedges on AOCI is shown in Note 15 — Accumulated Other Comprehensive Income (Loss) to the Consolidated Financial Statements in this Form-10-K.
($ in thousands)Year Ended December 31,
202220212020
(Losses) gains recognized in AOCI:
Interest rate contracts
$(74,069)$1,210 $(1,604)
Realized (losses) gains reclassified from AOCI into earnings:
Interest expense (for cash flow hedges on borrowings)$3,200 $(868)$113 
Interest and dividend income (for cash flow hedges on loans)(7,204)— — 
Total$(4,004)$(868)$113 

Net Investment Hedges — The Company enters into foreign currency forward contracts to hedge a portion of the Bank’s investment in East West Bank (China) Limited, a non-USD functional currency subsidiary in China. The hedging instruments designated as net investment hedges were used to hedge against the risk of adverse changes in the foreign currency exchange rate of the RMB. The following table presents the pre-tax gains (losses) recognized in AOCI on net investment hedges for the years ended December 31, 2022, 2021 and 2020:
($ in thousands)Year Ended December 31,
202220212020
Gains (losses) recognized in AOCI $4,509 $(4,558)$(6,700)

Derivatives Not Designated as Hedging Instruments

Customer-Related Positions and other Economic Hedge Derivatives — The Company enters into interest rate, commodity, and foreign exchange derivatives at the request of its customers and generally enters into offsetting derivative contracts with third-party financial institutions to mitigate the inherent market risk. Income primarily results from the spread between the customer derivative and the offsetting dealer position. Certain offsetting derivative contracts entered by the Company are cleared though the central clearing organizations where variation margin is applied daily as settlement to the fair values of the contracts. Applying variation margin payments as settlement to the fair values of derivative contracts cleared through London Clearing House (“LCH”) and Chicago Mercantile Exchange (“CME”) resulted in reductions in the derivative asset and liability fair values of $163.4 million and $12.1 million, respectively, as of December 31, 2022. In comparison, applying variation margin payments as settlement to LCH and CME-cleared derivative transactions resulted in reductions in the derivative asset and liability fair values of $20.4 million and $105.7 million, respectively, as of December 31, 2021.

The Company also utilizes foreign exchange contracts to mitigate the effect of currency fluctuations on certain foreign currency-denominated on-balance sheet assets and liabilities. A majority of the foreign exchange contracts had original maturities of one year or less as of both December 31, 2022 and 2021.
The following table presents the notional amounts and the gross fair values of the interest rate and foreign exchange derivatives issued for customer-related positions and other economic hedges as of December 31, 2022 and 2021:
($ in thousands)December 31, 2022December 31, 2021
Notional AmountFair ValueNotional AmountFair Value
AssetsLiabilitiesAssetsLiabilities
Customer-related positions:
Interest rate contracts:
Swaps$6,656,491 $1,438 $521,719 $7,460,836 $211,727 $39,650 
Written options1,548,158 — 30,904 1,118,074 — 2,148 
Collars and corridors215,773 — 8,924 194,181 1,272 642 
Subtotal8,420,422 1,438 561,547 8,773,091 212,999 42,440 
Foreign exchange contracts:
Forwards and spot993,588 17,009 18,090 900,290 13,688 9,446 
Swaps623,143 6,629 12,178 66,474 1,034 17 
Other121,631 2,070 245 20,287 2 — 
Subtotal1,738,362 25,708 30,513 987,051 14,724 9,463 
Total$10,158,784 $27,146 $592,060 $9,760,142 $227,723 $51,903 
Other economic hedges:
Interest rate contracts:
Swaps$6,683,828 $384,201 $2,047 $7,490,074 $24,418 $136,190 
Purchased options1,580,275 32,233 — 1,118,074 2,159 — 
  Written options32,117 — 1,235 — — — 
  Collars and corridors215,772 8,956 — 194,181 646 1,275 
Subtotal8,511,992 425,390 3,282 8,802,329 27,223 137,465 
Foreign exchange contracts:
Forwards and spot77,998 3,050 87 267,689 1,564 2,695 
Swaps1,044,900 18,516 11,447 599,654 4,745 3,116 
Other121,631 245 2,070 20,287 — 2 
Subtotal1,244,529 21,811 13,604 887,630 6,309 5,813 
Total$9,756,521 $447,201 $16,886 $9,689,959 $33,532 $143,278 
The following table presents the notional amounts in units and the gross fair values of the commodity derivatives issued for customer-related positions and other economic hedges as of December 31, 2022 and 2021:
($ and unit in thousands)December 31, 2022December 31, 2021
Notional
Units		Fair ValueNotional
Units		Fair Value
AssetsLiabilitiesAssetsLiabilities
Customer-related positions:
Commodity contracts:
Crude oil:
Swaps2,465 Barrels$39,955 $6,178 4,682 Barrels$71,242 $60 
Collars3,011 Barrels16,038 2,630 2,837 Barrels33,826 106 
   Written options— Barrels558 — — Barrels87— 
Subtotal5,476 Barrels56,551 8,808 7,519 Barrels105,155 166 
Natural gas:
Swaps92,590 MMBTUs112,314 73,208 58,959 MMBTUs49,188 3,775 
Collars32,072 MMBTUs2,217 18,317 24,315 MMBTUs10,903 458 
Subtotal124,662 MMBTUs114,531 91,525 83,274 MMBTUs60,091 4,233 
Total$171,082 $100,333 $165,246 $4,399 
Other economic hedges:
Commodity contracts:
Crude oil:
Swaps2,587 Barrels$6,935 $36,060 7,517 Barrels$27,524 $82,723 
Collars3,942 Barrels1,378 12,856 2,888 Barrels— 33,399 
  Purchased options— Barrels— 516 — Barrels— 81 
Subtotal6,529 Barrels8,313 49,432 10,405 Barrels27,524 116,203 
Natural gas:
Swaps91,900 MMBTUs69,767 106,883 109,567 MMBTUs28,803 63,029 
Collars31,142 MMBTUs12,451 1,960 25,929 MMBTUs1,136 10,936 
Subtotal123,042 MMBTUs82,218 108,843 135,496 MMBTUs29,939 73,965 
Total$90,531 $158,275 $57,463 $190,168 

Credit Contracts — The Company periodically enters into credit RPAs with institutional counterparties to manage the credit exposure of the interest rate contracts associated with syndication loans. Under the RPAs, a portion of the credit exposure is transferred from one party (the purchaser of credit protection) to another party (the seller of credit protection). The seller of credit protection is required to make payments to the purchaser of credit protection if the underlying borrower defaults on the related interest rate contract. The Company may enter into protection sold or protection purchased RPAs. Credit risk on RPAs is managed by monitoring the credit worthiness of the borrowers and the institutional counterparties, which is a part of the normal credit review and monitoring process. The majority of the reference entities of the protection sold RPAs were investment grade and the weighted-average remaining maturity was 2.4 years and 3.2 years, respectively, as of December 31, 2022 and 2021. Assuming that the underlying borrowers referenced in the interest rate contracts defaulted as of December 31, 2022 and 2021, the maximum exposure of protection sold RPAs would be zero and $3.2 million, respectively. The Company did not have any outstanding protection purchased RPAs as of both December 31, 2022 and 2021.

Equity Contracts — From time to time, as part of the Company’s loan origination process, the Company obtains warrants to purchase preferred and/or common stock of technology and life sciences companies to which it provides loans. Warrants grant the Company the right to buy a certain class of the underlying company’s equity at a certain price before expiration.
The following table presents the net gains (losses) recognized on the Company’s Consolidated Statement of Income related to derivatives not designated as hedging instruments for the years ended December 31, 2022, 2021 and 2020:
($ in thousands)Classification on
Consolidated Statement of Income		Year Ended December 31,
202220212020
Derivatives not designated as hedging instruments:
Interest rate contracts
Interest rate contracts and other derivative income
$13,905 $11,493 $(8,637)
Foreign exchange contractsForeign exchange income13,799 45,921 23,215 
Credit contracts
Interest rate contracts and other derivative income
118 139 (5)
Equity contractsLending fees151 382 11,025 
Commodity contracts
Interest rate contracts and other derivative income
48 (58)(35)
Net gains$28,021 $57,877 $25,563 

Credit-Risk-Related Contingent Features — Certain of the Company’s over-the-counter derivative contracts contain early termination provisions that require the Company to settle any outstanding balances upon the occurrence of a specified credit-risk-related event. Such event primarily relates to a downgrade in the credit rating of East West Bank to below investment grade. As of December 31, 2022, the aggregate fair value amounts of all derivative instruments with credit risk-related contingent features that were in a net liability position totaled $2.6 million, in which $1.1 million of collateral was posted to cover these positions. In comparison, as of December 31, 2021, the aggregate fair value amounts of all derivative instruments with credit risk-related contingent features that were in a net liability position totaled $66.8 million, in which $66.6 million of collateral was posted to cover these positions. In the event that the credit rating of East West Bank had been downgraded to below investment grade, minimal additional collateral would have been required to be posted as of December 31, 2022 and 2021.

Offsetting of Derivatives

The following tables present the gross derivative fair values, the balance sheet netting adjustments and the resulting net fair values recorded on the Consolidated Balance Sheet, as well as the cash and noncash collateral associated with master netting arrangements. The gross amounts of derivative assets and liabilities are presented after the application of variation margin payments as settlements to the fair values of contracts cleared through central clearing organizations, where applicable. The collateral amounts in the following tables are limited to the outstanding balances of the related asset or liability. Therefore, instances of overcollateralization are not shown:
($ in thousands)As of December 31, 2022
Gross
Amounts
Recognized (1)
Gross Amounts Offset on the
Consolidated Balance Sheet
Net Amounts
Presented
on the
Consolidated
Balance Sheet		Gross Amounts Not Offset on the
Consolidated Balance Sheet 		Net
Amount
Master Netting Arrangements
Cash Collateral Received (3)
Security Collateral
Received (5)
Derivative assets$755,328 $(242,745)$(372,038)

$140,545 $(60,567)

$79,978 
Gross
Amounts
Recognized (2)
Gross Amounts Offset on the
Consolidated Balance Sheet
Net Amounts
Presented
on the
Consolidated
Balance Sheet		Gross Amounts Not Offset on the
Consolidated Balance Sheet		Net
Amount
Master Netting Arrangements
Cash Collateral Pledged (4)
Security Collateral
Pledged (5)
Derivative liabilities$887,264 $(242,745)$— 

$644,519 $(38,438)

$606,081 
($ in thousands)As of December 31, 2021
Gross
Amounts
Recognized (1)
Gross Amounts Offset on the
Consolidated Balance Sheet
Net Amounts
Presented
on the
Consolidated
Balance Sheet		Gross Amounts Not Offset on the
Consolidated Balance Sheet		Net
Amount
Master Netting Arrangements
Cash Collateral Received (3)
Security Collateral
Received (5)
Derivative assets$484,184 $(58,679)$(42,274)$383,231 $— $383,231 
Gross
Amounts
Recognized (2)
Gross Amounts Offset on the
Consolidated Balance Sheet
Net Amounts
Presented
on the
Consolidated
Balance Sheet
Gross Amounts Not Offset on the
Consolidated Balance Sheet
Net
Amount
Master Netting Arrangements
Cash Collateral Pledged (4)
Security Collateral
Pledged (5)
Derivative liabilities$390,171 $(58,679)$(174,048)$157,444 $(106,598)$50,846 
(1)Includes $2.1 million and $587 thousand of gross fair value assets with counterparties that were not subject to enforceable master netting arrangements or similar agreements as of December 31, 2022 and 2021, respectively.
(2)Includes $566 thousand and $666 thousand of gross fair value liabilities with counterparties that were not subject to enforceable master netting arrangements or similar agreements as of December 31, 2022 and 2021, respectively.
(3)Gross cash collateral received under master netting arrangements or similar agreements were $384.9 million and $47.0 million as of December 31, 2022 and 2021, respectively. Of the gross cash collateral received, $372.0 million and $42.3 million were used to offset against derivative assets as of December 31, 2022 and 2021, respectively.
(4)Gross cash collateral pledged under master netting arrangements or similar agreements were $490 thousand and $176.5 million as of December 31, 2022 and 2021, respectively. Of the gross cash collateral pledged, none and $174.0 million were used to offset against derivative liabilities as of December 31, 2022 and 2021, respectively.
(5)Represents the fair value of security collateral received or pledged limited to derivative assets or liabilities that are subject to enforceable master netting arrangements or similar agreements. U.S. GAAP does not permit the netting of noncash collateral on the Consolidated Balance Sheet but requires disclosure of such amounts.

In addition to the amounts included in the tables above, the Company has balance sheet netting related to the resale and repurchase agreements. Refer to Note 3 — Assets Purchased under Resale Agreements and Sold under Repurchase Agreements to the Consolidated Financial Statements for additional information. Refer to Note 2 — Fair Value Measurement and Fair Value of Financial Instruments to the Consolidated Financial Statements in this Form 10-K for fair value measurement disclosures on derivatives.
v3.22.4
Loans Receivable and Allowance for Credit Losses
 12 Months Ended
Dec. 31, 2022
Loans and Leases Receivable Disclosure [Abstract]  
Loans Receivable and Allowance for Credit Losses Loans Receivable and Allowance for Credit Losses
The following table presents the composition of the Company’s loans held-for-investment outstanding as of December 31, 2022 and 2021:
($ in thousands)December 31, 2022December 31, 2021
Commercial:
C&I (1)
$15,711,095 $14,150,608 
CRE:
CRE13,857,870 12,155,047 
Multifamily residential4,573,068 3,675,605 
Construction and land638,420 346,486 
Total CRE19,069,358 16,177,138 
Total commercial34,780,453 30,327,746 
Consumer:
Residential mortgage:
Single-family residential11,223,027 9,093,702 
HELOCs2,122,655 2,144,821 
Total residential mortgage13,345,682 11,238,523 
Other consumer76,295 127,512 
Total consumer13,421,977 11,366,035 
Total loans held-for-investment (2)
$48,202,430 $41,693,781 
Allowance for loan losses(595,645)(541,579)
Loans held-for-investment, net (2)
$47,606,785 $41,152,202 
(1)Includes Paycheck Protection Program loans of $99.0 million and $534.2 million as of December 31, 2022 and 2021, respectively.
(2)Includes $(70.4) million and $(50.7) million net deferred loan fees and net unamortized premiums as of December 31, 2022 and 2021, respectively.
Loans held-for-investment accrued interest receivable was $208.4 million and $107.4 million as of December 31, 2022 and 2021, respectively, and was included in Other assets on the Consolidated Balance Sheet. The interest income reversed was insignificant for the years ended December 31, 2022, 2021 and 2020. For the Company’s accounting policy on accrued interest receivable related to loans held-for-investment, see Note 1 — Summary of Significant Accounting Policies — Loans Held-for-Investment to the Consolidated Financial Statements in this Form 10-K.

The Company’s FRBSF and FHLB borrowings are primarily secured by loans held-for-investment. Loans held-for-investment totaling $28.30 billion and $27.67 billion, respectively, were pledged to secure borrowings and provide additional borrowing capacity as of December 31, 2022 and 2021.

Credit Quality Indicators

All loans are subject to the Company’s credit review and monitoring process. For the commercial loan portfolio, loans are risk rated based on an analysis of the borrower’s current payment performance or delinquency, repayment sources, financial and liquidity factors, including industry and geographic considerations. For the consumer loan portfolio, payment performance or delinquency is typically the driving indicator for risk ratings.

The Company utilizes internal credit risk ratings to assign each individual loan a risk rating of 1 through 10:

•Pass — loans risk rated 1 through 5 are assigned an internal risk rating category of “Pass.” Loans risk rated 1 are typically loans fully secured by cash. Pass loans have sufficient sources of repayment to repay the loan in full, in accordance with all terms and conditions.
•Special mention — loans assigned a risk rating of 6 have potential weaknesses that warrant closer attention by management; these are assigned an internal risk rating category of “Special Mention.”
•Substandard — loans assigned a risk rating of 7 or 8 have well-defined weaknesses that may jeopardize the full and timely repayment of the loan; these are assigned an internal risk rating category of “Substandard.”
•Doubtful — loans assigned a risk rating of 9 have insufficient sources of repayment and a high probability of loss; these are assigned an internal risk rating category of “Doubtful.”
•Loss — loans assigned a risk rating of 10 are uncollectible and of such little value that they are no longer considered bankable assets; these are assigned an internal risk rating category of “Loss.”

Loan exposures categorized as criticized consist of special mention, substandard, doubtful and loss categories. The Company reviews the internal risk ratings of its loan portfolio on a regular basis, and adjusts the ratings based on changes in the borrowers’ financial status and the collectability of the loans.
The following tables summarize the Company’s loans held-for-investment by loan portfolio segments, internal risk ratings and vintage year as of December 31, 2022 and 2021. The vintage year is the year of origination, renewal or major modification. Revolving loans that are converted to term loans presented in the tables below are excluded from term loans by vintage year columns.
December 31, 2022
Term Loans by Origination YearRevolving Loans
Revolving Loans Converted to Term Loans (1)
Total
($ in thousands)20222021202020192018Prior
Commercial:
C&I:
Pass$2,831,834 $2,053,215 $623,026 $392,013 $143,970 $97,605 $9,177,401 $20,548 $15,339,612 
Criticized (accrual) 72,210 34,296 48,761 34,221 20,646 12,933 97,988 — 321,055 
Criticized (nonaccrual)18,722 4,797 10,733 243 5,618 10,315 — — 50,428 
Total C&I2,922,766 2,092,308 682,520 426,477 170,234 120,853 9,275,389 20,548 15,711,095 
CRE:
Pass4,178,780 2,404,634 1,505,150 1,771,679 1,471,710 1,909,925 165,653 22,009 13,429,540 
Criticized (accrual)3,518 60,573 159,424 40,095 91,132 32,173 1,455 16,716 405,086 
Criticized (nonaccrual)— 19,044 — — — 4,200 — — 23,244 
Subtotal CRE4,182,298 2,484,251 1,664,574 1,811,774 1,562,842 1,946,298 167,108 38,725 13,857,870 
Multifamily residential:
Pass1,500,289 892,598 641,677 519,614 350,044 625,293 11,325 — 4,540,840 
Criticized (accrual)— — — 707 4,276 27,076 — — 32,059 
Criticized (nonaccrual)— — — — — 169 — — 169 
Subtotal multifamily residential1,500,289 892,598 641,677 520,321 354,320 652,538 11,325 — 4,573,068 
Construction and land:
Pass288,394 276,839 31,804 3,104 2,805 231 9,073 — 612,250 
Criticized (accrual)4,504 — — — 21,666 — — — 26,170 
Criticized (nonaccrual)— — — — — — — — — 
Subtotal construction and land292,898 276,839 31,804 3,104 24,471 231 9,073 — 638,420 
Total CRE5,975,485 3,653,688 2,338,055 2,335,199 1,941,633 2,599,067 187,506 38,725 19,069,358 
Total commercial8,898,251 5,745,996 3,020,575 2,761,676 2,111,867 2,719,920 9,462,895 59,273 34,780,453 
Consumer:
Single-family residential:
Pass (2)
3,548,894 2,453,717 1,775,696 1,101,965 817,164 1,500,359 — — 11,197,795 
Criticized (accrual)— 1,275 785 1,463 4,352 3,935 — — 11,810 
Criticized (Nonaccrual) (2)
141 — 204 3,202 1,721 8,154 — — 13,422 
Subtotal single-family residential mortgage3,549,035 2,454,992 1,776,685 1,106,630 823,237 1,512,448 — — 11,223,027 
HELOCs:
Pass520 3,583 7,336 3,203 525 8,960 1,958,692 127,401 2,110,220 
Criticized (accrual)— 6 — — — — 4 1,079 1,089 
Criticized (nonaccrual)— — 483 231 1,017 4,844 1,001 3,770 11,346 
Subtotal HELOCs520 3,589 7,819 3,434 1,542 13,804 1,959,697 132,250 2,122,655 
Total residential mortgage3,549,555 2,458,581 1,784,504 1,110,064 824,779 1,526,252 1,959,697 132,250 13,345,682 
Other consumer:
Pass17,088 137 5,356 — — 15,808 37,804 — 76,193 
Criticized (accrual)3 — — — — — — — 3 
Criticized (nonaccrual)— — — — — — 99 — 99 
Total other consumer17,091 137 5,356 — — 15,808 37,903 — 76,295 
Total consumer3,566,646 2,458,718 1,789,860 1,110,064 824,779 1,542,060 1,997,600 132,250 13,421,977 
Total by risk rating:
Pass12,365,799 8,084,723 4,590,045 3,791,578 2,786,218 4,158,181 11,359,948 169,958 47,306,450 
Criticized (accrual)80,235 96,150 208,970 76,486 142,072 76,117 99,447 17,795 797,272 
Criticized (nonaccrual)18,863 23,841 11,420 3,676 8,356 27,682 1,100 3,770 98,708 
Total$12,464,897 $8,204,714 $4,810,435 $3,871,740 $2,936,646 $4,261,980 $11,460,495 $191,523 $48,202,430 
December 31, 2021
Term Loans by Origination YearRevolving Loans
Revolving Loans Converted to Term Loans (1)
Total
($ in thousands)20212020201920182017Prior
Commercial:
C&I:
Pass$3,911,722 $1,133,085 $629,007 $187,195 $132,392 $225,326 $7,383,485 $28,842 $13,631,054 
Criticized (accrual)85,036 117,357 72,277 51,553 15,136 4,005 115,167 — 460,531 
Criticized (nonaccrual)29,456 2,792 513 517 9,301 16,444 — — 59,023 
Total C&I4,026,214 1,253,234 701,797 239,265 156,829 245,775 7,498,652 28,842 14,150,608 
CRE:
Pass2,792,193 2,090,503 2,230,520 1,863,481 1,120,682 1,727,862 128,668 6,389 11,960,298 
Criticized (accrual)71,055 3,200 9,176 21,077 24,851 55,892 — — 185,251 
Criticized (nonaccrual)4,350 — — — 4,752 396 — — 9,498 
Subtotal CRE2,867,598 2,093,703 2,239,696 1,884,558 1,150,285 1,784,150 128,668 6,389 12,155,047 
Multifamily residential:
Pass1,026,295 726,772 688,453 419,319 308,087 424,947 20,524 — 3,614,397 
Criticized (accrual)— — 721 22,344 7,033 30,666 — — 60,764 
Criticized (nonaccrual)— — — — — 444 — — 444 
Subtotal multifamily residential1,026,295 726,772 689,174 441,663 315,120 456,057 20,524 — 3,675,605 
Construction and land:
Pass122,983 103,743 90,544 3,412 — 391 — — 321,073 
Criticized (accrual)3,355 — — 22,058 — — — — 25,413 
Criticized (nonaccrual)— — — — — — — — — 
Subtotal construction and land126,338 103,743 90,544 25,470 — 391 — — 346,486 
Total CRE4,020,231 2,924,218 3,019,414 2,351,691 1,465,405 2,240,598 149,192 6,389 16,177,138 
Total commercial8,046,445 4,177,452 3,721,211 2,590,956 1,622,234 2,486,373 7,647,844 35,231 30,327,746 
Consumer:
Single-family residential:
Pass (2)
2,616,958 2,108,370 1,375,929 1,079,030 763,351 1,127,516 — — 9,071,154 
Criticized (accrual)— — 458 2,813 1,899 3,212 — — 8,382 
Criticized (nonaccrual) (2)
— — 1,751 3,889 4,295 4,231 — — 14,166 
Subtotal single-family residential mortgage2,616,958 2,108,370 1,378,138 1,085,732 769,545 1,134,959 — — 9,093,702 
HELOCs:
Pass648 3,277 4,644 1,347 3,268 11,215 1,913,478 197,414 2,135,291 
Criticized (accrual)— — — — — 371 7 708 1,086 
Criticized (nonaccrual)— — 52 188 3,543 973 — 3,688 8,444 
Subtotal HELOCs648 3,277 4,696 1,535 6,811 12,559 1,913,485 201,810 2,144,821 
Total residential mortgage2,617,606 2,111,647 1,382,834 1,087,267 776,356 1,147,518 1,913,485 201,810 11,238,523 
Other consumer:
Pass16,831 5,258 — — 1,741 52,147 51,481 — 127,458 
Criticized (accrual)2 — — — — — — — 2 
Criticized (nonaccrual)— — — — — — 52 — 52 
Total other consumer16,833 5,258 — — 1,741 52,147 51,533 — 127,512 
Total consumer2,634,439 2,116,905 1,382,834 1,087,267 778,097 1,199,665 1,965,018 201,810 11,366,035 
Total by risk rating:
Pass10,487,630 6,171,008 5,019,097 3,553,784 2,329,521 3,569,404 9,497,636 232,645 40,860,725 
Criticized (accrual)159,448 120,557 82,632 119,845 48,919 94,146 115,174 708 741,429 
Criticized (nonaccrual)33,806 2,792 2,316 4,594 21,891 22,488 52 3,688 91,627 
Total$10,680,884 $6,294,357 $5,104,045 $3,678,223 $2,400,331 $3,686,038 $9,612,862 $237,041 $41,693,781 
(1)$26.2 million, $6.5 million and $23.9 million of total commercial loans, primarily comprised of CRE and C&I revolving loans, were converted to term loans during the years ended December 31, 2022, 2021 and 2020, respectively. For the year ended December 31, 2022, no consumer loans were converted to term loans. $54.1 million and $145.0 million of total consumer loans, comprised of HELOCs, were converted to term loans during the years ended December 31, 2021 and 2020, respectively.
(2)As of December 31, 2022 and 2021, $818 thousand and $1.6 million, respectively, of nonaccrual loans whose payments are guaranteed by the Federal Housing Administration were classified with a “Pass” rating.
Nonaccrual and Past Due Loans

Loans that are 90 or more days past due are generally placed on nonaccrual status, unless the loan is well-collateralized and in the process of collection. Loans that are less than 90 days past due but have identified deficiencies, such as when the full collection of principal or interest becomes uncertain, are also placed on nonaccrual status. The following tables present the aging analysis of total loans held-for-investment as of December 31, 2022 and 2021:
($ in thousands)December 31, 2022
Current
Accruing
Loans		Accruing
Loans
30-59  Days
Past Due		Accruing
Loans
60-89  Days
Past Due		Total
Accruing
Past Due
Loans		Total
Nonaccrual
Loans		Total
Loans
Commercial:
C&I$15,651,312 $6,482 $2,873 $9,355 $50,428 $15,711,095 
CRE:
CRE13,820,441 14,185 — 14,185 23,244 13,857,870 
Multifamily residential4,571,899 678 322 1,000 169 4,573,068 
Construction and land638,420 — — — — 638,420 
Total CRE19,030,760 14,863 322 15,185 23,413 19,069,358 
Total commercial34,682,072 21,345 3,195 24,540 73,841 34,780,453 
Consumer:
Residential mortgage:
Single-family residential11,183,134 13,523 12,130 25,653 14,240 11,223,027 
HELOCs2,102,523 7,700 1,086 8,786 11,346 2,122,655 
Total residential mortgage13,285,657 21,223 13,216 34,439 25,586 13,345,682 
Other consumer73,004 109 3,083 3,192 99 76,295 
Total consumer13,358,661 21,332 16,299 37,631 25,685 13,421,977 
Total$48,040,733 $42,677 $19,494 $62,171 $99,526 $48,202,430 
($ in thousands)December 31, 2021
Current
Accruing
Loans		Accruing
Loans
30-59 Days
Past Due		Accruing
Loans
60-89 Days
Past Due		Total
Accruing
Past Due
Loans		Total
Nonaccrual
Loans		Total
Loans
Commercial:
C&I$14,080,516 $6,983 $4,086 $11,069 $59,023 $14,150,608 
CRE:
CRE12,141,827 3,722 — 3,722 9,498 12,155,047 
Multifamily residential3,669,819 5,320 22 5,342 444 3,675,605 
Construction and land346,486 — — — — 346,486 
Total CRE16,158,132 9,042 22 9,064 9,942 16,177,138 
Total commercial30,238,648 16,025 4,108 20,133 68,965 30,327,746 
Consumer:
Residential mortgage:
Single-family residential9,059,222 10,191 8,569 18,760 15,720 9,093,702 
HELOCs2,130,523 4,776 1,078 5,854 8,444 2,144,821 
Total residential mortgage
11,189,745 14,967 9,647 24,614 24,164 11,238,523 
Other consumer127,352 99 9 108 52 127,512 
Total consumer11,317,097 15,066 9,656 24,722 24,216 11,366,035 
Total$41,555,745 $31,091 $13,764 $44,855 $93,181 $41,693,781 
The following table presents the amortized cost of loans on nonaccrual status for which there was no related allowance for loan losses as of both December 31, 2022 and 2021. Nonaccrual loans may not have an allowance for credit losses if the loan balances are well secured by the collateral value and there is no loss expectation.
($ in thousands)December 31, 2022December 31, 2021
Commercial:
C&I$11,398 $22,967 
CRE22,944 9,102 
Total commercial34,342 32,069 
Consumer:
Single-family residential2,998 5,785 
HELOCs7,245 5,033 
Total consumer10,243 10,818 
Total nonaccrual loans with no related allowance for loan losses$44,585 $42,887 

Foreclosed Assets

The Company acquires assets from borrowers through loan restructurings, workouts, and foreclosures. Assets acquired may include real properties (e.g., residential real estate, land, and buildings) and commercial and personal properties. The Company recognizes foreclosed assets upon receiving assets in satisfaction of a loan (e.g., taking legal title or physical possession).

Foreclosed assets, consisting of OREO and other nonperforming assets, are included in Other assets on the Consolidated Balance Sheet. The Company had $270 thousand in foreclosed assets as of December 31, 2022, compared with $10.3 million as of December 31, 2021. The Company commences the foreclosure process on consumer mortgage loans after a borrower becomes more than 120 days delinquent in accordance with the Consumer Financial Protection Bureau guidelines. The carrying value of consumer real estate loans that were in an active or suspended foreclosure process was $7.5 million and $7.3 million as of December 31, 2022 and 2021, respectively.
Troubled Debt Restructurings

TDRs are individually evaluated, and the type of restructuring is selected based on the loan type and the circumstances of the borrower’s financial difficulties. A TDR is a modification of the terms of a loan when the Company, for economic or legal reasons related to the borrower’s financial difficulties, grants a concession to the borrower that it would not have otherwise considered. The COVID-related modifications that occurred between March 1, 2020 and January 1, 2022, were generally not classified as TDRs due to the relief under the Coronavirus Aid, Relief, and Economic Security Act, as amended by the Consolidated Appropriations Act, 2021 and the Interagency Statement on Loan Modifications and Reporting for Financial Institutions Working with Customers Affected by the Coronavirus (Revised), and therefore are not included in the discussion below. See Note 1 — Summary of Significant Accounting Policies — Troubled Debt Restructurings to the Consolidated Financial Statements in this Form 10-K for additional information on TDR relief.

The following tables present the additions to TDRs for the years ended December 31, 2022, 2021 and 2020:
($ in thousands)
Loans Modified as TDRs During the Year Ended December 31, 2022
Number
of
Loans		Pre-Modification
Outstanding
Recorded
Investment
Post-Modification
Outstanding
Recorded
Investment (1)
Financial
Impact (2)
Commercial:
C&I7 $69,050 $38,415 $12,638 
Total commercial7 69,050 38,415 12,638 
Consumer:
Residential mortgage:
HELOCs2 662 697 2 
Total residential mortgage2 662 697 2 
Total consumer2 662 697 2 
Total9 $69,712 $39,112 $12,640 
($ in thousands)
Loans Modified as TDRs During the Year Ended December 31, 2021
Number
of
Loans		Pre-Modification
Outstanding
Recorded
Investment
Post-Modification
Outstanding
Recorded
Investment (1)
Financial
Impact (2)
Commercial:
C&I5 $24,155 $20,263 $1,108 
CRE:
Multifamily residential1 1,101 1,066 — 
Total CRE1 1,101 1,066 — 
Total commercial6 25,256 21,329 1,108 
Total6 $25,256 $21,329 $1,108 
($ in thousands)
Loans Modified as TDRs During the Year Ended December 31, 2020
Number
of
Loans		Pre-Modification
Outstanding
Recorded
Investment
Post-Modification
Outstanding
Recorded
Investment (1)
Financial
Impact (2)
Commercial:
C&I14 $152,249 $134,467 $19,555 
CRE:
CRE2 21,429 21,221 18 
Multifamily residential1 1,220 1,226 — 
Total CRE3 22,649 22,447 18 
Total commercial17 174,898 156,914 19,573 
Total17 $174,898 $156,914 $19,573 
(1)Includes subsequent payments after modification and reflects the balance as of December 31, 2022, 2021 and 2020.
(2)Includes charge-offs and specific reserves recorded since the modification date. Loans modified more than once are reported in the period they were first modified.

The following tables present the TDR post-modification outstanding balances by the primary modification type for the years ended December 31, 2022, 2021 and 2020:
($ in thousands)
Modification Type During the Year Ended December 31, 2022
Principal (1)
Principal
and
Interest (2)
Interest
Rate
Reduction		Interest
Deferments
Other (3)
Total
Commercial:
C&I$24,238 $— $— $— $14,177 $38,415 
Total commercial24,238 — — — 14,177 38,415 
Consumer:
Residential mortgage:
HELOCs697 — — — — 697 
Total residential mortgage697 — — — — 697 
Total consumer697 — — — — 697 
Total$24,935 $— $— $— $14,177 $39,112 
($ in thousands)
Modification Type During the Year Ended December 31, 2021
Principal (1)
Principal
and
Interest (2)
Interest
Rate
Reduction		Interest
Deferments
Other (3)
Total
Commercial:
C&I$4,679 $— $15,584 $— $— $20,263 
CRE:
Multifamily residential1,066 — — — — 1,066 
Total CRE1,066 — — — — 1,066 
Total commercial5,745 — 15,584 — — 21,329 
Total$5,745 $— $15,584 $— $— $21,329 
($ in thousands)
Modification Type During the Year Ended December 31, 2020
Principal (1)
Principal
and
Interest (2)
Interest
Rate
Reduction		Interest
Deferments
Other (3)
Total
Commercial:
C&I$59,134 $10,863 $31,913 $32,557 $— $134,467 
CRE:
CRE21,221 — — — — 21,221 
Multifamily residential1,226 — — — — 1,226 
Total CRE22,447 — — — — 22,447 
Total commercial81,581 10,863 31,913 32,557 — 156,914 
Total$81,581 $10,863 $31,913 $32,557 $— $156,914 
(1)Includes forbearance payments, term extensions and principal deferments that modify the terms of the loan from principal and interest payments to interest payments only.
(2)Includes principal and interest deferments or reductions.
(3)Includes primarily funding to secure additional collateral and provide liquidity to collateral-dependent and term extension to C&I loans.

After a loan is modified as a TDR, the Company continues to monitor its performance under its most recent restructured terms. A TDR may become delinquent and result in payment default (generally 90 days past due) subsequent to restructuring. The following table presents information on loans that entered into default during the years ended December 31, 2022, 2021 and 2020 that were modified as TDRs during the 12 months preceding payment default:
($ in thousands)Loans Modified as TDRs that Subsequently Defaulted
During the Year Ended December 31,
202220212020
Number of
Loans		Recorded
Investment		Number of
Loans		Recorded
Investment		Number of
Loans		Recorded
Investment
Commercial:
C&I2 $10,296 1 $11,431 1 $15,852 
Total commercial2 10,296 1 11,431 1 15,852 
Total2 $10,296 1 $11,431 1 $15,852 

As of December 31, 2022 and 2021, the remaining commitments to lend to borrowers whose terms of their outstanding owed balances were modified as TDRs were $16.2 million and $5.0 million, respectively.
Allowance for Credit Losses

The Company has a current expected credit losses (“CECL”) framework for all financial assets measured at amortized cost and certain off-balance sheet credit exposures. The Company’s allowance for credit losses, which includes both the allowance for loan losses and the allowance for unfunded credit commitments, is calculated with the objective of maintaining a reserve sufficient to absorb losses inherent in our credit portfolios. The measurement of the allowance for credit losses is based on management’s best estimate of lifetime expected credit losses, and periodic evaluation of the loan portfolio, lending-related commitments and other relevant factors.
The allowance for credit losses is deducted from the amortized cost basis of a financial asset or a group of financial assets so that the balance sheet reflects the net amount the Company expects to collect. Amortized cost is the principal balance outstanding, net of purchase premiums and discounts, deferred fees and costs, and escrow advances. Subsequent changes in expected credit losses are recognized in net income as a provision for, or a reversal of, credit loss expense.

The allowance for credit losses estimation involves procedures to consider the unique risk characteristics of the portfolio segments. The majority of the Company’s credit exposures that share risk characteristics with other similar exposures are collectively evaluated. The collectively evaluated loans include performing loans and unfunded credit commitments. If an exposure does not share risk characteristics with other exposures, the Company generally estimates expected credit losses on an individual basis.

Allowance for Collectively Evaluated Loans

The allowance for collectively evaluated loans consists of a quantitative component that assesses the different risk factors considered in our models and a qualitative component that considers risk factors external to the models. Each of these components are described below.

Quantitative Component — The Company applies quantitative methods to estimate loan losses by considering a variety of factors such as historical loss experience, the current credit quality of the portfolio, and an economic outlook over the life of the loan. The Company incorporates forward-looking information using macroeconomic scenarios which include variables that are considered key drivers of increases and decreases in credit losses. The Company utilizes a probability-weighted, multiple-scenario forecast approach. These scenarios may consist of a base forecast representing management's view of the most likely outcome, combined with downside or upside scenarios reflecting possible worsening or improving economic conditions. The quantitative models incorporate a probability-weighted calculation of these macroeconomic scenarios over a reasonable and supportable forecast period. If the life of loans extends beyond the reasonable and supportable forecast period, the Company will consider historical experience or long-run macroeconomic trends over the remaining lives of the loans to estimate the allowance for loan losses.

There were no changes to the overall model methodology in 2022 and 2021 and no changes to the reasonable and supportable forecast period, and reversion to the historical loss experience method in 2022. In 2021, the reasonable and supportable forecast period, key credit risk characteristics and macroeconomic variables to estimate the expected credit losses of the C&I segment were modified due to model enhancement.

The following table provides key credit risk characteristics and macroeconomic variables that the Company uses to estimate the expected credit losses by portfolio segment:
Portfolio SegmentRisk CharacteristicsMacroeconomic Variables
C&I
Age (1), size and spread at origination, and risk rating
Volatility Index (“VIX”) and BBB yield to 10-year U.S. Treasury spread (“BBB spread”) (1)
CRE, Multifamily residential, and Construction and landDelinquency status, maturity date, collateral value, property type, and geographic locationUnemployment rate, Gross Domestic Product (“GDP”), and U.S. Treasury rates
Single-family residential and HELOCsFICO score, delinquency status, maturity date, collateral value, and geographic locationUnemployment rate, GDP, and home price index
Other consumerHistorical loss experience
Immaterial (2)
(1)Due to the model enhancements during the third quarter of 2021, the risk characteristic related to “time-to-maturity” was changed to “age”; while macroeconomic variables related to “unemployment rate and two- and ten-year U.S. Treasury spread” were changed to “VIX and BBB spread”.
(2)Macroeconomic variables are included in the qualitative estimate.

Allowance for Loan Losses for the Commercial Loan Portfolio

The Company’s C&I lifetime loss rate model estimates the loss rate expected over the life of a loan. This loss rate is applied to the amortized cost basis, excluding accrued interest receivable, to determine expected credit losses. The lifetime loss rate model’s reasonable and supportable period spans 11 quarters, thereafter immediately reverting to the historical average loss rate, expressed through the loan-level lifetime loss rate.
To generate estimates of expected loss at the loan level for CRE, multifamily residential, and construction and land loans, projected probabilities of default (“PDs”) and loss given defaults (“LGDs”) are applied to the estimated exposure at default, considering the term and payment structure of the loan. The forecast of future economic conditions returns to long-run historical economic trends within the reasonable and supportable period.

In order to estimate the life of a loan under both models, the contractual term of the loan is adjusted for estimated prepayments based on historical prepayment experience.

Allowance for Loan Losses for the Consumer Loan Portfolio

For single-family residential and HELOC loans, projected PDs and LGDs are applied to the estimated exposure at default, considering the term and payment structure of the loan, to generate estimates of expected loss at the loan level. The forecast of future economic conditions returns to long-run historical economic trends after the reasonable and supportable period. To estimate the life of a loan for the single-family residential and HELOC portfolios, the contractual term of the loan is adjusted for estimated prepayments based on historical prepayment experience. For other consumer loans, the Company uses a loss rate approach.

Qualitative Component — The Company also considers the following qualitative factors in the determination of the collectively evaluated allowance if these factors have not already been captured by the quantitative model. Such qualitative factors may include, but are not limited to:
–loan growth trends;
–the volume and severity of past due financial assets, and the volume and severity of adversely classified financial assets;
–the Company’s lending policies and procedures, including changes in lending strategies, underwriting standards, collection, write-off and recovery practices;
–knowledge of a borrower’s operations;
–the quality of the Company’s credit review system;
–the experience, ability and depth of the Company’s management and associates;
–the effect of other external factors such as the regulatory and legal environments, or changes in technology;
–actual and expected changes in international, national, regional, and local economic and business conditions in which the Company operates; and
–risk factors in certain industry sectors not captured by the quantitative models.

The magnitude of the impact of these factors on the Company’s qualitative assessment of the allowance for credit losses changes from period to period according to changes made by management in its assessment of these factors. The extent to which these factors change may be dependent on whether they are already reflected in quantitative loss estimates during the current period and the extent to which changes in these factors diverge from period to period.

While the Company’s allowance methodologies strive to reflect all relevant credit risk factors, there continues to be uncertainty associated with, but not limited to, potential imprecision in the estimation process due to the inherent time lag of obtaining information and normal variations between expected and actual outcomes. The Company may hold additional qualitative reserves that are designed to provide coverage for losses attributable to such risk.
Allowance for Individually Evaluated Loans

When a loan no longer shares similar risk characteristics with other loans, such as in the case of certain nonaccrual or TDR loans, the Company estimates the allowance for loan losses on an individual loan basis. The allowance for loan losses for individually evaluated loans is measured as the difference between the recorded value of the loans and their fair value. For loans evaluated individually, the Company uses one of three different asset valuation measurement methods: (1) the fair value of collateral less costs to sell; (2) the present value of expected future cash flows; and (3) the loan's observable market price. If an individually evaluated loan is determined to be collateral dependent, the Company applies the fair value of the collateral less costs to sell method. If an individually evaluated loan is determined not to be collateral dependent, the Company uses the present value of future cash flows or the observable market value of the loan.

•Collateral-Dependent Loans — The allowance of a collateral-dependent loan is limited to the difference between the recorded value and fair value of the collateral less cost of disposal or sale. As of December 31, 2022, collateral-dependent commercial and consumer loans totaled $47.4 million and $13.4 million, respectively. In comparison, collateral-dependent commercial and consumer loans totaled $37.0 million and $14.0 million, respectively, as of December 31, 2021. The Company's collateral-dependent loans were secured by real estate. As of both December 31, 2022 and 2021, the collateral value of the properties securing the collateral-dependent loans, net of selling costs, exceeded the recorded value of the loans.

The following tables summarize the activity in the allowance for loan losses by portfolio segments for the years ended December 31, 2022, 2021 and 2020:
($ in thousands)Year Ended December 31, 2022
CommercialConsumerTotal
C&ICREResidential MortgageOther
Consumer
CREMultifamily
Residential		Construction
and Land		Single-
Family
Residential		HELOCs
Allowance for loan losses, beginning of period$338,252 $150,940 $14,400 $15,468 $17,160 $3,435 $1,924 $541,579 
Provision for (reversal of) credit losses on loans(a)37,604 8,212 15,651 (6,433)18,867 1,124 (258)74,767 
Gross charge-offs(18,738)(10,871)(7,237)— (775)(193)(106)(37,920)
Gross recoveries16,824 1,583 559 74 312 109 — 19,461 
Total net (charge-offs) recoveries(1,914)(9,288)(6,678)74 (463)(84)(106)(18,459)
Foreign currency translation adjustment(2,242)— — — — — — (2,242)
Allowance for loan losses, end of period$371,700 $149,864 $23,373 $9,109 $35,564 $4,475 $1,560 $595,645 
($ in thousands)Year Ended December 31, 2021
CommercialConsumerTotal
C&ICREResidential MortgageOther
Consumer
CREMultifamily
Residential		Construction
and Land		Single-
Family
Residential		HELOCs
Allowance for loan losses, beginning of period
$398,040 $163,791 $27,573 $10,239 $15,520 $2,690 $2,130 $619,983 
(Reversal of) provision for credit losses on loans(a)(39,732)14,282 (15,076)7,576 1,965 745 1,286 (28,954)
Gross charge-offs
(32,490)(28,430)(130)(2,954)(1,046)(45)(1,497)(66,592)
Gross recoveries
11,906 1,297 2,033 607 721 45 5 16,614 
Total net (charge-offs) recoveries
(20,584)(27,133)1,903 (2,347)(325)— (1,492)(49,978)
Foreign currency translation adjustment528 — — — — — — 528 
Allowance for loan losses, end of period$338,252 $150,940 $14,400 $15,468 $17,160 $3,435 $1,924 $541,579 
($ in thousands)Year Ended December 31, 2020
CommercialConsumerTotal
C&ICREResidential MortgageOther
Consumer
CREMultifamily
Residential		Construction
and Land		Single-
Family
Residential		HELOCs
Allowance for loan losses, beginning of period$238,376 $40,509 $22,826 $19,404 $28,527 $5,265 $3,380 $358,287 
Impact of ASU 2016-13 adoption74,237 72,169 (8,112)(9,889)(3,670)(1,798)2,221 125,158 
Provision for (reversal of) credit losses on loans(a)145,212 55,864 10,879 644 (9,922)(605)(3,381)198,691 
Gross charge-offs(66,225)(15,206)— — — (221)(185)(81,837)
Gross recoveries5,428 10,455 1,980 80 585 49 95 18,672 
Total net (charge-offs) recoveries(60,797)(4,751)1,980 80 585 (172)(90)(63,165)
Foreign currency translation adjustment1,012 — — — — — — 1,012 
Allowance for loan losses, end of period$398,040 $163,791 $27,573 $10,239 $15,520 $2,690 $2,130 $619,983 

The allowance for unfunded credit commitments is maintained at a level that management believes to be sufficient to absorb expected credit losses related to unfunded credit facilities. See Note 12 — Commitments and Contingencies to the Consolidated Financial Statements in this Form 10-K for additional information related to unfunded credit commitments. The following table summarizes the activities in the allowance for unfunded credit commitments for the years ended December 31, 2022, 2021 and 2020:
($ in thousands)Year Ended December 31,
202220212020
Unfunded credit facilities
Allowance for unfunded credit commitments, beginning of period$27,514 $33,577 $11,158 
Impact of ASU 2016-13 adoption— — 10,457 
(Reversal of) provision for credit losses on unfunded credit commitments(b)(1,267)(6,046)11,962 
Foreign currency translation adjustments17 (17)— 
Allowance for unfunded credit commitments, end of period26,264 27,514 33,577 
Provision for (reversal of) credit losses(a) + (b)$73,500 $(35,000)$210,653 

The allowance for credit losses was $621.9 million as of December 31, 2022, an increase of $52.8 million, compared with $569.1 million as of December 31, 2021. The increase in the allowance for credit losses was primarily driven by the current economic outlook, which reflected ongoing concerns with inflation, global supply chain disruptions and rising interest rates, as well as loan growth.

The Company considers multiple economic scenarios to develop the estimate of the allowance for loan losses. The scenarios may consist of a baseline forecast representing management's view of the most likely outcome, and downside or upside scenarios that reflect possible worsening or improving economic conditions. As of December 31, 2022, the Company assigned a lower weighting to its downside scenario and higher weightings to the baseline and upside scenarios, compared with the weightings assigned as of December 31, 2021. This was because the current baseline economic forecast better reflected, compared with a year ago, the impact of high inflation, lower than previously anticipated annual GDP growth, rising interest rates, and continued global oil and supply chain issues. Macroeconomic assumptions underlying the baseline forecast included a lower annual GDP growth from 1.9% for 2022 to 0.9% for 2023 and an increase in the average unemployment rate from 3.7% in 2022 to 4.0% for 2023. The downside scenario assumed that worsening supply chain issues and rising inflation would cause a broad economic recession in 2023 with the annual GDP growth rate dropping to an average decline of 1.3% and the average unemployment rate rising to 6.8% in 2023. The upside scenario assumed a more optimistic economic outlook for 2023, including higher GDP growth of 2.6%, the unemployment rate improving to 3.5%, and no recession concerns.
Loans Held-for-Sale

Loans held-for-sale consisted of $25.6 million of C&I loans and $635 thousand of single-family residential loans as of December 31, 2022 and 2021, respectively. Refer to Note 1 — Summary of Significant Accounting Policies — Significant Accounting Policies — Loans Held-for-Sale to the Consolidated Financial Statements in this Form 10-K for additional details.

Loan Transfers, Sales and Purchases

The Company’s primary business focus is on directly originated loans. The Company also purchases loans and participates in loans with other banks. In the normal course of doing business, the Company also provides other financial institutions with the ability to participate in commercial loans that it originates, by selling loans to such institutions. Purchased loans may be transferred from held-for-investment to held-for-sale, and write-downs to allowance for loan losses are recorded, when appropriate. The following tables provide information on the carrying value of loans transferred, loans sold and purchased for the held-for-investment portfolio, during the years ended December 31, 2022, 2021 and 2020:
Year Ended December 31, 2022
CommercialConsumer
CREResidential Mortgage
($ in thousands)C&ICREMultifamily
Residential		Construction
and Land		Single-Family
Residential		Total
Loans transferred from held-for-investment to held-for-sale (1)
$530,524 $88,075 $— $— $5,178 $623,777 
Loans transferred from held-for-sale to held-for-investment$— $— $— $— $631 $631 
Sales (2)(3)(4)
$501,289 $88,075 $— $— $6,403 $595,767 
Purchases (5)
$363,549 $— $— $— $293,721 $657,270 
Year Ended December 31, 2021
Commercial Consumer
CREResidential Mortgage
($ in thousands)C&ICREMultifamily
Residential		Construction
and Land		Single-Family
Residential		Total
Loans transferred from held-for-investment to held-for-sale (1)
$496,655 $78,834 $— $18,883 $5,238 $599,610 
Sales (2)(3)(4)
$502,694 $78,834 $— $21,557 $18,458 $621,543 
Purchases (5)
$479,690 $— $370 $— $564,651 $1,044,711 
Year Ended December 31, 2020
CommercialConsumer
CREResidential Mortgage
($ in thousands)C&ICREMultifamily
Residential		Construction
and Land		Single-Family
Residential		Total
Loans transferred from held-for-investment to held-for-sale (1)
$300,677 $26,994 $1,398 $— $— $329,069 
Sales (2)(3)(4)
$303,520 $26,994 $1,398 $— $80,309 $412,221 
Purchases (5)
$154,154 $— $2,358 $— $233,068 $389,580 
(1)Includes write-downs of $3.1 million, $12.2 million and $2.8 million to the allowance for loan losses related to loans transferred from held-for-investment to held-for-sale for the years ended December 31, 2022, 2021 and 2020, respectively.
(2)Includes originated loans sold of $387.5 million, $413.1 million and $400.4 million for the years ended December 31, 2022, 2021 and 2020, respectively. Originated loans sold consisted primarily of C&I and CRE loans for all periods.
(3)Includes $208.2 million, $208.4 million and $11.8 million of purchased loans sold in the secondary market for the years ended December 31, 2022, 2021 and 2020, respectively.
(4)Net gains on sales of loans were $6.4 million, $8.9 million and $4.5 million for the years ended December 31, 2022, 2021 and 2020, respectively.
(5)C&I loan purchases were comprised primarily of syndicated C&I term loans.
v3.22.4
Investments in Qualified Affordable Housing Partnerships, Tax Credit and Other Investments, Net and Variable Interest Entities
 12 Months Ended
Dec. 31, 2022
Investments in Qualified Affordable Housing Partnerships, Net [Abstract]  
Investments in Qualified Affordable Housing Partnerships, Tax Credit and Other Investments, Net and Variable Interest Entities Investments in Qualified Affordable Housing Partnerships, Tax Credit and Other Investments, Net and Variable Interest Entities
The CRA encourages banks to meet the credit needs of their communities, particularly low- and moderate-income individuals and neighborhoods. The Company invests in certain affordable housing projects in the form of ownership interests in limited partnerships or limited liability companies that qualify for CRA consideration and tax credits. These entities are formed to develop and operate apartment complexes designed as high-quality affordable housing for lower income tenants throughout the U.S. To fully utilize the available tax credits, each of these entities must meet the regulatory affordable housing requirements for a minimum 15-year compliance period. In addition to affordable housing projects, the Company invests in small business investment companies and new market tax credit projects that qualify for CRA consideration, as well as eligible projects that qualify for renewable energy and historic tax credits. Investments in renewable energy tax credits help promote the development of renewable energy sources, and investments in historic tax credits promote the rehabilitation of historic buildings and economic revitalization of the surrounding areas. For the Company’s accounting policies and impairment evaluation and monitoring process of tax credit investments, see Note 1 — Summary of Significant Accounting Policies — Significant Accounting Policies — Securities and Investments in Qualified Affordable Housing Partnerships, Tax Credit and Other Investments, Net and Note 2 — Fair Value Measurement and Fair Value of Financial Instruments to the Consolidated Financial Statements in this Form 10-K.

The following table presents investments and unfunded commitments of the Company’s qualified affordable housing partnerships, tax credit, and other investments as of December 31, 2022 and 2021:
December 31,
20222021
($ in thousands)Assets
Liabilities - Unfunded Commitments (1)
Assets
Liabilities - Unfunded Commitments (1)
Investments in qualified affordable housing partnerships, net$413,253 $266,654 $289,741 $146,152 
Investments in tax credit and other investments, net350,003 185,797 338,522 163,464 
Total$763,256 $452,451 $628,263 $309,616 
(1)Included in Accrued expenses and other liabilities on the Consolidated Balance Sheet.

Investments in tax credit and other investments, net presented in the table above include equity securities that are mutual funds with readily determinable fair values of $24.0 million and $26.6 million, as of December 31, 2022 and 2021, respectively. The Company invests in these mutual funds for CRA purposes. The Company also held equity securities without readily determinable fair values totaling $36.5 million and $33.1 million as of December 31, 2022 and 2021, respectively.

The following table presents additional information related to the investments in qualified affordable housing partnerships, tax credit and other investments for the years ended December 31, 2022, 2021 and 2020:
($ in thousands)Year Ended December 31,
202220212020
Investments in qualified housing partnerships, net
Tax credits and other tax benefits recognized$52,132 $50,643 $45,971 
Amortization expense included in income tax expense$38,759 $33,248 $37,132 
Investments in tax credit and other investments, net
Amortization of tax credit and other investments$113,358 $122,457 $70,082 
Unrealized (losses) gains on equity securities with readily determinable values$(2,928)$(746)$732 
Impairment recoveries (losses), net (1)
$469 $1,250 $(3,699)
(1)For the year ended December 31, 2022, impairment recoveries of $3.4 million were related to three energy tax credits and one historic tax credit, respectively, offset by impairment losses of $2.9 million related to two historic tax credits. For the year ended December 31, 2021, impairment recoveries were related to one historic tax credit and two energy tax credits. For the year ended December 31, 2020, impairment losses of $4.8 million and $360 thousand related to three historic tax credits and one non-marketable equity security, respectively, offset by impairment recoveries of $1.5 million related to one energy tax credit and three historic tax credits.
As of December 31, 2022, the Company’s unfunded commitments related to investments in qualified affordable housing partnerships, tax credit and other investments are estimated to be funded as follows:
($ in thousands)Amount
2023$312,795 
202464,576 
202564,617 
20263,936 
20271,413 
Thereafter5,114 
Total$452,451 

Variable Interest Entities

The majority of both the investments in affordable housing partnerships and tax credit and other investments discussed above are VIEs where the Company is a limited partner in these partnerships, and an unrelated third party is typically the general partner or managing member who has control over the significant activities of these investments. While the Company’s interest in some of the investments may exceed 50% of the outstanding equity interests, the Company does not consolidate these structures due to the general partner’s or managing member’s ability to manage the entity, which is indicative of the general partner’s or managing member’s power over the entity. The Company’s maximum exposure to loss in connection with these partnerships consists of the unamortized investment balance and any tax credits claimed that may become subject to recapture.

Special purpose entities formed in connection with securitization transactions are generally considered VIEs. A CLO is a VIE that purchases a pool of assets consisting primarily of non-investment grade corporate loans, and issues multiple tranches of notes to investors to fund the asset purchases and pay upfront expenses associated with forming the CLO. The Company served as the collateral manager of a CLO that closed in 2019 and subsequently reassigned its portfolio manager responsibilities in 2020. The Company retained the top three investment grade-rated tranches issued by the CLO, for which the total carrying amount was $284.3 million and $291.7 million as of December 31, 2022 and 2021, respectively.
v3.22.4
Goodwill
 12 Months Ended
Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Other Intangible Assets GoodwillTotal goodwill was $465.7 million as of both December 31, 2022 and 2021. The Company’s goodwill impairment test is performed annually as of December 31, or more frequently as events occur or circumstances change that would more-likely-than-not reduce the fair value of a reporting unit below its carrying value. The Company completed its annual goodwill impairment test as of December 31, 2022 by using a quantitative assessment, and concluded goodwill was not impaired. Additional information pertaining to the Company’s accounting policy for goodwill is summarized in Note 1 — Summary of Significant Accounting Policies — Significant Accounting Policies — Goodwill to the Consolidated Financial Statements in this Form 10-K.
v3.22.4
Deposits
 12 Months Ended
Dec. 31, 2022
DEPOSIT ACCOUNTS  
Deposits Deposits
The following table presents the composition of the Company’s deposits as of December 31, 2022 and 2021:
($ in thousands)December 31,
20222021
Deposits:
Noninterest-bearing demand$21,051,090 $22,845,464 
Interest-bearing checking6,672,165 6,524,721 
Money market12,265,024 13,130,300 
Savings2,649,037 2,888,065 
Time deposits (1):
Domestic office11,878,734 6,940,013 
Foreign office1,451,799 1,021,969 
Total deposits$55,967,849 $53,350,532 
(1)The aggregate amount of time deposits that met or exceeded the deposit insurance limit was $10.56 billion and $5.95 billion as of December 31, 2022 and 2021, respectively.

The following table presents the scheduled maturities of time deposits for the five years succeeding December 31, 2022:
($ in thousands)Amount
2023$13,102,192 
2024201,014 
202516,009 
20264,795 
20276,523 
Total$13,330,533 
v3.22.4
Federal Home Loan Bank Advances and Long-Term Debt
 12 Months Ended
Dec. 31, 2022
FEDERAL HOME LOAN BANK ADVANCES AND LONG-TERM DEBT  
Federal Home Loan Bank Advances and Long-Term Debt Federal Home Loan Bank Advances and Long-Term Debt
The following table presents the balance of the Company’s junior subordinated debt and FHLB advances as of December 31, 2022 and 2021, and the related contractual rates and maturity dates as of December 31, 2022:
($ in thousands)
Interest Rate		 Maturity DatesDecember 31,
20222021
AmountAmount
Parent company
Junior subordinated debt (1 ) — floating (2)
6.12% — 6.67%
2034 — 2037$147,950 $147,658 
Bank
FHLB advances (3 )— floating (2)
—%2022$— $249,331 
(1)The weighted-average contractual interest rates for junior subordinated debt were 3.49% and 1.74% as of December 31, 2022 and 2021, respectively.
(2)Floating interest rates reset monthly or quarterly based on London Interbank Offered Rate (“LIBOR”).
(3)The weighted-average contractual interest rates for FHLB advances were 1.89% and 1.17% as of December 31, 2022 and 2021, respectively.

FHLB Advances

The Bank’s available borrowing capacity from FHLB advances totaled $12.77 billion and $11.93 billion as of December 31, 2022 and 2021, respectively. The Bank’s available borrowing capacity from the FHLB is derived from its portfolio of loans that are pledged to the FHLB, reduced by any outstanding FHLB advances. There were no FHLB advances as of December 31, 2022. As of December 31, 2021, all advances were secured by real estate loans.
Long-Term Debt — Junior Subordinated Debt

As of December 31, 2022, East West had six statutory business trusts for the purpose of issuing junior subordinated debt to third party investors. The junior subordinated debt was issued in connection with the East West’s various pooled trust preferred securities offerings. The Trusts issued both fixed and variable rate capital securities, representing undivided preferred beneficial interests in the assets of the Trusts, to third party investors. East West is the owner of all the beneficial interests represented by the common securities of the Trusts. The junior subordinated debt is recorded as a component of long-term debt and includes the value of the common stock issued by six of East West’s wholly-owned subsidiaries in conjunction with these transactions. The common stock is recorded in Other assets on the Consolidated Balance Sheet for the amount issued in connection with these junior subordinated debt issuances. The proceeds from these issuances represent liabilities of East West to the Trusts and are reported as a component of Long-term debt on the Consolidated Balance Sheet. Interest payments on these securities are made quarterly and are deductible for tax purposes.

The following table presents the outstanding junior subordinated debt issued by each trust as of December 31, 2022, and 2021:
Issuer
Stated
Maturity (1)
Stated
Interest Rate		Current RateDecember 31, 2022December 31, 2021
Aggregate
Principal
Amount of
Trust
Securities		Aggregate
Principal
Amount of
the Junior
Subordinated
Debt		Aggregate
Principal
Amount of
Trust
Securities		Aggregate
Principal
Amount of
the Junior
Subordinated
Debt
($ in thousands)
East West Capital Trust VNovember 2034
3-month LIBOR + 1.80%
6.49%$464 $15,000 $464 $15,000 
East West Capital Trust VISeptember 2035
3-month LIBOR + 1.50%
6.27%619 20,000 619 20,000 
East West Capital Trust VIIJune 2036
3-month LIBOR + 1.35%
6.12%928 30,000 928 30,000 
East West Capital Trust VIIIJune 2037
3-month LIBOR + 1.40%
6.13%619 18,000 619 18,000 
East West Capital Trust IXSeptember 2037
3-month LIBOR + 1.90%
6.67%928 30,000 928 30,000 
MCBI Statutory Trust IDecember 2035
3-month LIBOR + 1.55%
6.32%1,083 35,000 1,083 35,000 
Total$4,641 $148,000 $4,641 $148,000 
(1)The debt instruments above mature in more than five years after December 31, 2022 and are subject to call options where early redemption requires appropriate notice.
v3.22.4
Income Taxes
 12 Months Ended
Dec. 31, 2022
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
The following table presents the components of income tax expense (benefit) for the years ended December 31, 2022, 2021 and 2020:
($ in thousands)Year Ended December 31,
202220212020
Current income tax expense (benefit):
Federal$163,797 $84,249 $84,560 
State160,629 95,939 74,252 
Foreign3,133 (1,554)671 
Total current income tax expense327,559 178,634 159,483 
Deferred income (benefit) tax expense:
Federal(23,484)1,528 (28,093)
State(21,835)3,259 (11,671)
Foreign1,331 (25)(1,751)
Total deferred income (benefit) tax expense(43,988)4,762 (41,515)
Income tax expense$283,571 $183,396 $117,968 
The following table presents the reconciliation of the federal statutory rate to the Company’s effective tax rate for the years ended December 31, 2022, 2021 and 2020:
Year Ended December 31,
202220212020
Statutory U.S. federal tax rate21.0 %21.0 %21.0 %
U.S. state income taxes, net of U.S. federal income tax effect7.8 7.4 7.2 
Tax credits and benefits, net of related expenses
(8.9)(11.3)(12.4)
Other, net0.2 0.3 1.4 
Effective tax rate20.1 %17.4 %17.2 %

The following table summarizes the tax effects of temporary differences that give rise to a significant portion of deferred tax assets and liabilities as of December 31, 2022 and 2021:
($ in thousands)December 31,
20222021
Deferred tax assets:
Allowance for credit losses and nonperforming assets valuation allowance$191,187 $166,398 
Investments in qualified affordable housing partnerships, tax credit and other investments, net21,011 14,977 
Stock compensation and other accrued compensation25,857 23,954 
Interest income on nonaccrual loans5,185 4,192 
State taxes13,259 5,237 
Net unrealized losses on debt securities and derivatives309,837 37,423 
Tax credit carryforwards— 8,692 
Premises and equipment3,827 1,434 
Lease liabilities34,859 31,324 
Other6,169 1,018 
Total deferred tax assets$611,191 $294,649 
Deferred tax liabilities:
Equipment lease financing$27,237 $26,607 
Investments in qualified affordable housing partnerships, tax credit and other investments, net
7,709 12,187 
FHLB stock dividends1,926 1,886 
Mortgage servicing assets1,963 1,759 
Acquired debts1,477 1,536 
Prepaid expenses2,478 1,525 
Operating lease right-of-use assets32,606 29,472 
Other6,270 1,547 
Total deferred tax liabilities$81,666 $76,519 
Net deferred tax assets$529,525 $218,130 

As of both December 31, 2022 and 2021, the Company concluded that no valuation allowance was necessary to reduce the deferred tax assets since estimated future taxable income will be sufficient to utilize these assets. For further information on the Company’s valuation policy on deferred taxes, see Note 1 — Summary of Significant Accounting Policies — Significant Accounting Policies — Income Taxes to the Consolidated Financial Statements in this Form 10-K.
The following table presents a reconciliation of the beginning and ending balances of unrecognized tax benefits for the years ended December 31, 2022, 2021 and 2020:
Year Ended December 31,
($ in thousands)202220212020
Beginning balance$5,045 $5,045 $— 
Additions for tax positions related to prior years— — 5,045 
Settlements with taxing authorities(4,568)— — 
Ending balance$477 $5,045 $5,045 

The Company recognizes interest and penalties, as applicable, related to the underpayment of income taxes as a component of Income tax expense on the Consolidated Statement of Income. In 2022, the Company resolved an issue regarding previously claimed tax credits related to DC Solar and affiliates with the Internal Revenue Service (“IRS”) and remitted the taxes and interest owed on the 2018 tax year. The total amount paid under this settlement was $5.2 million, including $4.6 million of taxes and interest of $599 thousand. The amount of net interest and penalties related to unrecognized tax benefits was immaterial for all periods presented.

The Company files federal income tax returns, as well as returns in various state and foreign jurisdictions. Beginning in the 2012 tax year, the Company has executed a Memorandum of Understanding with the IRS to voluntarily participate in the IRS Compliance Assurance Process (“CAP”). Under the CAP, the IRS audits the tax position of the Company to identify and resolve any tax issues that may arise throughout the tax year. The objective of the CAP is to resolve issues in a timely and contemporaneous manner and eliminate the need for a lengthy post-filing examination. The Company’s 2022 tax year is under the CAP audit. The Company is subject to income tax examination by the IRS for the tax years 2019 and forward. The Company is also subject to tax examination in various state jurisdictions for the tax years 2017 and forward. The Company is currently under examination by certain state and local jurisdictions for tax years 2017 through 2019 in New York, New York City and California. The Company does not believe that the outcome of unresolved issues or claims in any of the tax jurisdictions is likely to be material on the Company’s Consolidated Financial Statements. The Company believes that adequate provisions have been recorded for all income tax uncertainties consistent with ASC 740, Income Taxes as of December 31, 2022.
v3.22.4
Commitments and Contingencies
 12 Months Ended
Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and Contingencies
Commitments to Extend Credit — In the normal course of doing business, the Company provides loan commitments to customers on predetermined terms. These outstanding commitments to extend credit are not reflected in the accompanying Consolidated Financial Statements. While the Company does not anticipate losses from these transactions, commitments to extend credit are included in determining the appropriate level of the allowance for unfunded credit commitments, and outstanding commercial letters of credit and SBLCs.

The following table presents the Company’s credit-related commitments as of December 31, 2022 and 2021:
December 31,
20222021
($ in thousands)Expire in One Year or LessExpire After One Year Through
Three Years		Expire After Three Years Through
Five Years		Expire After Five YearsTotalTotal
Loan commitments$3,680,606 $3,469,265 $971,534 $90,166 $8,211,571 $6,911,398 
Commercial letters of credit and SBLCs677,255 462,367 69,815 1,082,529 2,291,966 2,221,699 
Total$4,357,861 $3,931,632 $1,041,349 $1,172,695 $10,503,537 $9,133,097 

Loan commitments are agreements to lend to customers provided there are no violations of any conditions established in the agreement. Commitments generally have fixed expiration dates or other termination clauses and may require maintenance of compensatory balances. Since many of the commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future funding requirements.
Commercial letters of credit are issued to facilitate domestic and foreign trade transactions, while SBLCs are generally contingent upon the failure of the customers to perform according to the terms of the underlying contract with the third party. As a result, the total contractual amounts do not necessarily represent future funding requirements. The Company’s historical experience is that SBLCs typically expire without being funded. Additionally, in many cases, the Company holds collateral in various forms against these SBLCs. As part of its risk management activities, the Company monitors the creditworthiness of customers in conjunction with its SBLC exposure. Customers are obligated to reimburse the Company for any payment made on the customers’ behalf. If the customers fail to pay, the Company would, as applicable, liquidate the collateral and/or offset existing accounts. As of December 31, 2022, total letters of credit of $2.29 billion consisted of SBLCs of $2.27 billion and commercial letters of credit of $21.6 million. As of December 31, 2021, total letters of credit of $2.22 billion consisted of SBLCs of $2.14 billion and commercial letters of credit of $78.9 million. As of both December 31, 2022 and 2021, substantially all SBLCs were rated as “Pass” by the Bank’s internal credit risk rating system.

The Company applies the same credit underwriting criteria to extend loans, commitments and conditional obligations to customers. Each customer’s creditworthiness is evaluated on a case-by-case basis. Collateral and financial guarantees may be obtained based on management’s assessment of a customer’s credit. Collateral may include cash, accounts receivable, inventory, property, plant and equipment, and real estate property.

Estimated exposure to loss from these commitments is included in the allowance for unfunded credit commitments, and amounted to $26.2 million and $27.5 million as of December 31, 2022 and 2021, respectively.

Guarantees — From time to time, the Company sells or securitizes single-family and multifamily residential loans with recourse in the ordinary course of business. The Company is obligated to repurchase up to the recourse component of the loans if the loans default. The following table presents the carrying amounts of loans sold or securitized with recourse and the maximum potential future payments as of December 31, 2022 and 2021:
Maximum Potential Future PaymentsCarrying Value
December 31,December 31,
2022202120222021
($ in thousands)Expire in One Year or LessExpire After One Year Through Three YearsExpire After Three Years Through
Five Years		Expire After Five YearsTotalTotalTotalTotal
Single-family residential loans sold or securitized with recourse$36 $111 $— $6,634 $6,781 $7,926 $6,781 $7,926 
Multifamily residential loans sold or securitized with recourse— — — 14,996 14,996 14,996 21,320 23,169 
Total $36 $111 $— $21,630 $21,777 $22,922 $28,101 $31,095 

The Company’s recourse reserve related to these guarantees is included in the allowance for unfunded credit commitments and totaled $37 thousand and $29 thousand as of December 31, 2022 and 2021, respectively. The allowance for unfunded credit commitments is included in Accrued expenses and other liabilities on the Consolidated Balance Sheet. The Company continues to experience minimal losses from the single-family and multifamily residential loan portfolios sold or securitized with recourse.

Litigation — The Company is a party to various legal actions arising in the normal course of doing business. In accordance with ASC 450, Contingencies, the Company accrues reserves for outstanding lawsuits, claims and proceedings when a loss contingency is probable and can be reasonably estimated. The Company estimates the amount of loss contingencies using current available information from legal proceedings, advice from legal counsel and available insurance coverage. Due to the inherent subjectivity of the assessments and unpredictability of the outcomes of the legal proceedings, any amounts accrued or included in this aggregate amount may not represent the ultimate loss to the Company from the legal proceedings in question. Thus, the Company’s exposure and ultimate losses may be higher, and possibly significantly more than the amounts accrued.

Other Commitments — The Company has commitments to invest in qualified affordable housing partnerships, tax credit and other investments as discussed in Note 7 — Investments in Qualified Affordable Housing Partnerships, Tax Credit and Other Investments, Net and Variable Interest Entities to the Consolidated Financial Statements in this Form 10-K. As of December 31, 2022 and 2021, these commitments totaled $452.5 million and $309.6 million, respectively. These commitments are included in Accrued expenses and other liabilities on the Consolidated Balance Sheet.
v3.22.4
Stock Compensation Plans
 12 Months Ended
Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]  
Stock Compensation Plans Stock Compensation Plans
Pursuant to the Company’s 2021 Stock Incentive Plan, as amended, the Company may issue stocks, stock options, restricted stock, RSUs including performance-based RSUs, stock purchase warrants, stock appreciation rights, phantom stock and dividend equivalents to eligible employees, non-employee directors, consultants, and other service providers of the Company and its subsidiaries. The Company has granted RSUs as its primary incentive awards. There were no outstanding awards other than RSUs as of December 31, 2022, 2021 and 2020. An aggregate of 17.1 million shares of common stock were authorized under the 2021 Stock Incentive Plan, and the total number of shares available for grant was approximately 4.9 million as of December 31, 2022.

The following table presents a summary of the total share-based compensation expense and the related net tax benefits (deficiencies) associated with the Company’s various employee share-based compensation plans for the years ended December 31, 2022, 2021 and 2020:
($ in thousands)Year Ended December 31,
202220212020
Stock compensation costs$37,601 $32,567 $29,237 
Related net tax benefits (deficiencies) for stock compensation plans$5,293 $1,760 $(1,839)

Restricted Stock Units — RSUs are granted under the Company’s long-term incentive plan at no cost to the recipient. RSUs generally cliff vest after three years of continued employment from the date of the grant, and are authorized to settle predominantly in shares of the Company’s common stock. Certain RSUs are settled in cash. Dividends are accrued during the vesting period and are paid at the time of vesting. While a portion of RSUs are time-based vesting awards, others vest subject to the attainment of specified performance goals, referred to as “performance-based RSUs.” Performance-based RSUs are granted annually upon approval by the Company’s Compensation Committee based on the performance in the year prior to the grant date of the award. The number of awards that vests can range from zero to a maximum of 200% of the granted number of awards based on the Company’s achievement of specified performance criteria over a performance period of three years. For accounting on stock-based compensation plans, see Note 1 — Summary of Significant Accounting Policies — Significant Accounting Policies — Stock-Based Compensation to the Consolidated Financial Statements in this Form 10-K for additional information.

During the year ended December 31, 2022, the Company modified 31,523 time-based RSUs held by 119 foreign employees from vesting in cash to vesting in shares without changing any of the other terms. There was no incremental compensation expense recognized as a result of the modification as of December 31, 2022.

The following table presents a summary of the activities for the Company’s time-based and performance-based RSUs that will be settled in shares for the year ended December 31, 2022. The number of outstanding performance-based RSUs stated below reflects the number of awards granted on the grant date.
Time-Based RSUsPerformance-Based RSUs
SharesWeighted-
Average
Grant Date
Fair Value		SharesWeighted-
Average
Grant Date
Fair Value
Outstanding, January 1, 2022
1,329,946 $52.65 369,731 $54.28 
Modified from cash-settled RSUs31,523 77.28 — — 
Granted444,359 78.15 91,874 77.91 
Vested(373,363)53.07 (125,213)54.64 
Forfeited(135,599)63.15 (3,882)77.91 
Outstanding, December 31, 2022
1,296,866 $60.77 332,510 $60.40 
The following table presents a summary of the activities for the Company’s time-based RSUs that are cash-settled for the year ended December 31, 2022. During 2022, the amount of cash paid to settle the vested RSUs was $318 thousand.
Shares
Outstanding, January 1, 2022
32,647 
Modified to share-settled RSUs(31,523)
Granted2,668 
Vested(3,471)
Forfeited(321)
Outstanding, December 31, 2022
— 

The weighted-average grant date fair value of the time-based RSUs granted during the years ended December 31, 2022, 2021, and 2020 was $78.15, $71.88, and $40.61, respectively. The weighted-average grant date fair value of the performance-based RSUs granted during the years ended December 31, 2022, 2021 and 2020 was $77.91, $77.67 and $39.79, respectively. The total fair value of time-based RSUs that vested during the years ended December 31, 2022, 2021 and 2020 was $30.0 million, $22.7 million and $11.5 million, respectively. The total fair value of performance-based RSUs that vested during the years ended December 31, 2022, 2021, and 2020 was $17.6 million, $15.4 million and $8.9 million, respectively.

As of December 31, 2022, there were $24.3 million of unrecognized compensation costs related to unvested time-based RSUs expected to be recognized over a weighted-average period of 1.79 years, and $13.8 million of unrecognized compensation costs related to unvested performance-based RSUs expected to be recognized over a weighted-average period of 1.76 years.

Employee Stock Purchase Plan — The 1998 Employee Stock Purchase Plan (the “Purchase Plan”) provides eligible employees of the Company the right to purchase shares of its common stock at a discount. Employees could purchase shares at 90% of the fair market price subject to an annual purchase limitation of $22,500 per employee. As of December 31, 2022, the Purchase Plan qualifies as a non-compensatory plan under Section 423 of the Internal Revenue Code and, accordingly, no compensation expense has been recognized. 2,000,000 shares of the Company’s common stock were authorized for sale under the Purchase Plan. During the years ended December 31, 2022 and 2021, 48,990 shares totaling $3.2 million and 37,725 shares totaling $2.6 million, respectively, were sold to employees under the Purchase Plan. As of December 31, 2022, there were 217,785 shares available under the Purchase Plan.
v3.22.4
Stockholders’ Equity and Earnings Per Share
 12 Months Ended
Dec. 31, 2022
Equity [Abstract]  
Stockholders’ Equity and Earnings Per Share Stockholders’ Equity and Earnings Per Share
The following table presents the basic and diluted EPS calculations for the years ended December 31, 2022, 2021 and 2020. For more information on the calculation of EPS, see Note 1 — Summary of Significant Accounting Policies — Significant Accounting Policies — Earnings Per Share to the Consolidated Financial Statements in this Form 10-K.
($ and shares in thousands, except per share data)Year Ended December 31,
202220212020
Basic:
Net income$1,128,083 $872,981 $567,797 
Weighted-average number of shares outstanding141,326 141,826 142,336 
Basic EPS$7.98 $6.16 $3.99 
Diluted:
Net income$1,128,083 $872,981 $567,797 
Weighted-average number of shares outstanding141,326 141,826 142,336 
Add: Diluted impact of unvested RSUs1,166 1,314 655 
Diluted weighted-average number of shares outstanding142,492 143,140 142,991 
Diluted EPS$7.92 $6.10 $3.97 

For the years ended December 31, 2022, 2021 and 2020, approximately 3 thousand, 6 thousand and 134 thousand weighted-average shares of anti-dilutive RSUs, respectively, were excluded from the diluted EPS computation.
Stock Repurchase Program — In 2020, the Company’s Board of Directors authorized a stock repurchase program to buy back up to $500.0 million of the Company’s common stock; the Company repurchased 4,471,682 shares at an average price of $32.64 per share, for a total cost of $146.0 million. In 2022, the Company repurchased 1,385,517 shares at an average price of $72.17 per share at a total cost of $100.0 million. The Company did not repurchase any shares during 2021.
v3.22.4
Accumulated Other Comprehensive Income (Loss)
 12 Months Ended
Dec. 31, 2022
Equity [Abstract]  
Accumulated Other Comprehensive Income (Loss) Accumulated Other Comprehensive Income (Loss)
The following table presents the changes in the components of AOCI balances for the years ended December 31, 2022, 2021 and 2020:
($ in thousands)Debt
Securities		Cash
Flow
Hedges
Foreign
Currency
Translation
Adjustments (1)
Total
Balance, December 31, 2019$(2,419)$— $(15,989)$(18,408)
Net unrealized gains (losses) arising during the period63,329 (1,149)9,297 71,477 
Amounts reclassified from AOCI
(8,663)(81)— (8,744)
Changes, net of tax
54,666 (1,230)9,297 62,733 
Balance, December 31, 2020$52,247 $(1,230)$(6,692)$44,325 
Net unrealized (losses) gains arising during the period(136,846)866 1,757 (134,223)
Amounts reclassified from AOCI
(1,104)621 — (483)
Changes, net of tax
(137,950)1,487 1,757 (134,706)
Balance, December 31, 2021$(85,703)$257 $(4,935)$(90,381)
Net unrealized losses arising during the period(620,870)(52,623)(16,348)(689,841)
Amounts reclassified from AOCI
11,758 2,835 — 14,593 
Changes, net of tax
(609,112)(49,788)(16,348)(675,248)
Balance, December 31, 2022$(694,815)
(2)
$(49,531)$(21,283)$(765,629)
(1)Represents foreign currency translation adjustments related to the Company’s net investment in non-U.S. operations, including related hedges. The functional currency and reporting currency of the Company’s foreign subsidiary was RMB and USD, respectively.
(2)Includes after-tax unamortized losses of $113.0 million related to AFS debt securities that were transferred to HTM. For further information, refer to Note 4 — Securities to the Consolidated Financial Statements in this Form 10-K.
The following table presents the components of other comprehensive income (loss), reclassifications to net income and the related tax effects for the years ended December 31, 2022, 2021 and 2020:
($ in thousands)Year Ended December 31,
202220212020
Before -
Tax		Tax
Effect 		Net-of-
Tax		Before -
Tax		Tax
Effect 		Net-of-
Tax		Before -
Tax		Tax
Effect 		Net-of-
Tax
Debt securities:
Net unrealized (losses) gains arising during the period$(881,516)$260,646 $(620,870)$(194,393)$57,547 $(136,846)$89,868 $(26,539)$63,329 
Reclassification adjustments:
Net realized gains reclassified into net income (1)
(1,306)386 (920)(1,568)464 (1,104)(12,299)3,636 (8,663)
Amortization of unrealized losses on transferred securities (2)
18,000 (5,322)12,678 — — — — — — 
Net change(864,822)255,710 (609,112)(195,961)58,011 (137,950)77,569 (22,903)54,666 
Cash flow hedges:
Net unrealized (losses) gains arising during the period(74,069)21,446 (52,623)1,210 (344)866 (1,604)455 (1,149)
Net realized losses (gains) reclassified into net income (3)
4,004 (1,169)2,835 868 (247)621 (113)32 (81)
Net change(70,065)20,277 (49,788)2,078 (591)1,487 (1,717)487 (1,230)
Foreign currency translation adjustments, net of hedges:
Net unrealized (losses) gains arising during the period(15,059)(1,289)(16,348)463 1,294 1,757 7,398 1,899 9,297 
Net change(15,059)(1,289)(16,348)463 1,294 1,757 7,398 1,899 9,297 
Other comprehensive (loss) income$(949,946)$274,698 $(675,248)$(193,420)$58,714 $(134,706)$83,250 $(20,517)$62,733 
(1)Pre-tax amounts were reported in Gains on sales of AFS debt securities on the Consolidated Statement of Income.
(2)Represents unrealized losses amortized over the remaining lives of securities that were transferred from the AFS to HTM portfolio.
(3)Pre-tax amounts related to cash flow hedges on CRE loans and long-term borrowings were reported in Interest and dividend income and in Interest expense, respectively, on the Consolidated Statement of Income.
v3.22.4
Regulatory Requirements and Matters
 12 Months Ended
Dec. 31, 2022
Banking and Thrift, Interest [Abstract]  
Regulatory Requirements and Matters Regulatory Requirements and Matters
The Company and the Bank are subject to regulatory capital adequacy requirements administered by the federal banking agencies. The Bank is a member bank of the Federal Reserve System and is primarily regulated by the Federal Reserve and the California Department of Financial Protection and Innovation. The Company and the Bank are required to comply with the Basel III Capital Rules adopted by the federal banking agencies. As standardized approaches institutions, the Basel III Capital Rules require that banking organizations, such as the Company and the Bank, to maintain a minimum Common Equity Tier 1 (“CET1”) capital ratio of at least 4.5%, a Tier 1 capital ratio of at least 6.0%, a total capital ratio of at least 8.0%, and a Tier 1 leverage ratio of a least 4.0% to be considered adequately capitalized. Failure to meet the minimum capital requirements can result in certain mandatory actions and possibly additional discretionary actions by the regulators that, if undertaken, could have a direct material effect on the Company’s Consolidated Financial Statements. The Company and the Bank are also subject to maintain a capital conservation buffer of 2.5% above the minimum risk-based capital ratios under the Basel III Capital Rules. Banking institutions with a ratio of CET1 to risk-weighted assets above the minimum but which does not exceed the capital conservation buffer will face constraints on dividends, share repurchases and executive compensation based on the amount of the shortfall.

The Federal Deposit Insurance Corporation Improvement Act of 1991 requires that the federal regulatory agencies adopt regulations defining capital categories for banks: well capitalized, adequately capitalized, undercapitalized, significantly undercapitalized and critically undercapitalized. Under the agencies’ Prompt Corrective Action regulations, failure of a bank to be well capitalized results in an escalating series of adverse regulatory consequences.

Effective January 1, 2020, the Company adopted the ASU 2016-13 Financial Instruments — Credit Losses (Topic 326) Measurement of Credit Losses on Financial instrument that introduced the CECL methodology. In March 2020, the federal banking agencies issued the Interim Final Rule that provided banking organizations that adopted the CECL with the phase-in option to delay the estimated impact of CECL on regulatory capital. The Bank and the Company have elected the CECL phase-in option in 2020 and delayed the impact of CECL on regulatory capital through 2021, after which the effects are being phased in over a three-year period from January 1, 2022 through December 31, 2024.
As of both December 31, 2022 and 2021, the Company and the Bank were both categorized as well capitalized based on applicable U.S. regulatory capital ratio requirements in accordance with Basel III standardized approaches, as set forth in the table below. The Company believes that no changes in conditions or events have occurred since December 31, 2022, which would result in changes that would cause the Company or the Bank to fall below the well capitalized level. The following table presents the regulatory capital information of the Company and the Bank as of December 31, 2022 and 2021:
($ in thousands)Basel III
December 31, 2022December 31, 2021Minimum
Capital
 Ratios
Fully
Phased-in
Minimum
Capital
 Ratios (2)
Well-
Capitalized
Requirement
AmountRatioAmountRatio
Total capital (to risk-weighted assets)
Company$7,003,299 14.0 %$6,124,827 14.1 %8.0 %10.5 %10.0 %
East West Bank$6,760,612 13.5 %$5,766,734 13.2 %8.0 %10.5 %10.0 %
Tier 1 capital (to risk-weighted assets)
Company$6,347,108 12.7 %$5,559,357 12.8 %6.0 %8.5 %6.0 %
East West Bank$6,252,421 12.5 %$5,349,264 12.3 %6.0 %8.5 %8.0 %
CET1 capital (to risk-weighted assets)
Company$6,347,108 12.7 %$5,559,357 12.8 %4.5 %7.0 %6.5 %
East West Bank$6,252,421 12.5 %$5,349,264 12.3 %4.5 %7.0 %6.5 %
Tier 1 leverage capital (to adjusted average assets)
Company (1)
$6,347,108 9.8 %$5,559,357 9.0 %4.0 %4.0 %N/A
East West Bank$6,252,421 9.7 %$5,349,264 8.6 %4.0 %4.0 %5.0 %
Risk-weighted assets
Company$50,036,719 N/A$43,585,105 N/AN/AN/AN/A
East West Bank$50,024,772 N/A$43,572,086 N/AN/AN/AN/A
Adjusted quarterly average total assets
Company$65,221,597 N/A$62,387,003 N/AN/AN/AN/A
East West Bank$65,198,267 N/A$62,366,514 N/AN/AN/AN/A
N/A — Not applicable.
(1)The Tier 1 leverage capital well-capitalized requirement applies only to the Bank since there is no Tier 1 leverage ratio component in the definition of a well-capitalized bank holding company.
(2)Includes a 2.5% capital conservation buffer requirement above the minimum risk-based capital ratios.
v3.22.4
Business Segments
 12 Months Ended
Dec. 31, 2022
Segment Reporting [Abstract]  
Business Segments Business Segments
The Company organizes its operations into three reportable operating segments: (1) Consumer and Business Banking; (2) Commercial Banking; and (3) Other. These segments are defined by the type of customers served, and the related products and services provided. The segments reflect how financial information is currently evaluated by management. Operating segment results are based on the Company’s internal management reporting process, which reflects assignments and allocations of certain balance sheet and income statement items. The information presented is not indicative of how the segments would perform if they operated as independent entities due to the interrelationships among the segments.

The Consumer and Business Banking segment primarily provides financial products and services to consumer and commercial customers through the Company’s domestic branch network and digital banking platform. This segment offers consumer and commercial deposits, mortgage and home equity loans, and other products and services. It also originates commercial loans for small- and medium-sized enterprises through the Company’s branch network. Other products and services provided by this segment include wealth management, treasury management, interest rate risk hedging and foreign exchange services.

The Commercial Banking segment primarily generates commercial loan and deposit products. Commercial loan products include CRE lending, construction finance, commercial business lending, working capital lines of credit, trade finance, letters of credit, affordable housing lending, asset-based lending, asset-backed finance, project finance and equipment financing. Commercial deposit products and other financial services include treasury management, foreign exchange services and interest rate and commodity risk hedging.

The remaining centralized functions, including the corporate treasury activities of the Company and eliminations of inter-segment amounts, have been aggregated and included in the Other segment, which provides broad administrative support to the two core segments, namely the Consumer and Business Banking and the Commercial Banking segments.
The Company utilizes an internal reporting process to measure the performance of the three operating segments within the Company. The internal reporting process derives operating segment results by utilizing allocation methodologies for revenues and expenses. Net interest income of each segment represents the difference between actual interest earned on assets and interest incurred on liabilities of the segment, adjusted for funding charges or credits through the Company’s internal funds transfer pricing (“FTP”) process. Noninterest income and noninterest expense directly attributable to a business segment are assigned to that segment. Indirect costs, including technology-related costs and corporate overhead, are allocated based on a segment’s estimated usage using factors including but not limited to, full-time equivalent employees, net interest income, and loan and deposit volume. Charge-offs are recorded to the segment directly associated with the respective loans charged off, and provision for credit losses is recorded to the segments based on the related loans for which allowances are evaluated. The Company’s internal reporting process utilizes a full-allocation methodology. Under this methodology, corporate and indirect expenses incurred by the Other segment are allocated to the Consumer and Business Banking and the Commercial Banking segments, except certain corporate treasury-related expenses and insignificant unallocated expenses.

The corporate treasury function within the Other segment is responsible for the Company’s liquidity and interest rate management. The Company’s internal FTP process is also managed by the corporate treasury function included within the Other segment. The process is formulated with the goal of encouraging loan and deposit growth that is consistent with the Company’s overall profitability objectives, as well as to provide a reasonable and consistent basis for the measurement of its business segments’ net interest margins and profitability. The FTP process charges a cost to fund loans (“FTP charges for loans”) and allocates credits for funds provided from deposits (“FTP credits for deposits”) using internal FTP rates. FTP charges for loans are determined based on a matched cost of funds, which is tied to the pricing and term characteristics of the loans. FTP credits for deposits are based on matched funding credit rates, which are tied to the implied or stated maturity of the deposits. FTP credits for deposits reflect the long-term value generated by the deposits. The net spread between the total internal FTP charges and credits is recorded as part of net interest income in the Other segment. The FTP process transfers the corporate interest rate risk exposure to the treasury function within the Other segment, where such exposures are centrally managed. The Company’s internal FTP assumptions and methodologies are reviewed at least annually to ensure that the process is reflective of current market conditions.

The following tables present the operating results and other key financial measures for the individual operating segments as of and for the years ended December 31, 2022, 2021 and 2020:
($ in thousands)Consumer and
Business
Banking		Commercial
Banking		OtherTotal
Year Ended December 31, 2022
Net interest income (loss) before provision for credit losses$1,170,850 $892,386 $(17,355)$2,045,881 
Provision for credit losses27,197 46,303 — 73,500 
Noninterest income110,139 179,248 9,279 298,666 
Noninterest expense397,882 314,185 147,326 859,393 
Segment income (loss) before income taxes855,910 711,146 (155,402)1,411,654 
Segment net income$608,120 $507,467 $12,496 $1,128,083 
As of December 31, 2022
Segment assets$17,385,804 $33,042,785 $13,683,561 $64,112,150 
($ in thousands)Consumer and
Business
Banking		Commercial
Banking		OtherTotal
Year Ended December 31, 2021
Net interest income before reversal of provision for credit losses$697,101 $766,202 $68,268 $1,531,571 
Reversal of provision for credit losses(4,998)(30,002)— (35,000)
Noninterest income94,125 163,768 28,002 285,895 
Noninterest expense364,635 275,649 155,805 796,089 
Segment income (loss) before income taxes431,589 684,323 (59,535)1,056,377 
Segment net income$308,630 $489,233 $75,118 $872,981 
As of December 31, 2021
Segment assets$14,961,809 $28,556,706 $17,352,186 $60,870,701 
($ in thousands)Consumer and
Business
Banking		Commercial
Banking		OtherTotal
Year Ended December 31, 2020
Net interest income before provision for credit losses
$530,829 $706,286 $140,078 $1,377,193 
Provision for credit losses3,885 206,768 — 210,653 
Noninterest income64,115 142,337 29,095 235,547 
Noninterest expense331,750 266,923 117,649 716,322 
Segment income before income taxes259,309 374,932 51,524 685,765 
Segment net income$185,782 $268,476 $113,539 $567,797 
As of December 31, 2020
Segment assets$13,351,060 $26,958,766 $11,847,087 $52,156,913 
v3.22.4
Parent Company Condensed Financial Statements
 12 Months Ended
Dec. 31, 2022
Condensed Financial Information Disclosure [Abstract]  
Parent Company Condensed Financial Statements Parent Company Condensed Financial Statements
The following tables present the Parent Company-only condensed financial statements:

CONDENSED BALANCE SHEET
($ in thousands)December 31,
20222021
ASSETS
Cash and cash equivalents due from subsidiary bank$228,531 $345,018 
Investments in subsidiaries:
Bank5,889,775 5,626,975 
Nonbank13,846 9,136 
Investments in tax credit investments, net1,925 4,082 
Other assets8,516 9,407 
TOTAL $6,142,593 $5,994,618 
LIABILITIES AND STOCKHOLDERS’ EQUITY  
Long-term debt$147,950 $147,658 
Other liabilities10,031 9,742 
Stockholders’ equity5,984,612 5,837,218 
TOTAL $6,142,593 $5,994,618 

CONDENSED STATEMENT OF INCOME
($ in thousands)Year Ended December 31,
202220212020
Dividends from subsidiaries:
Bank$240,000 $200,000 $511,000 
Nonbank157 82 109 
Other income— 11 3 
Total income240,157 200,093 511,112 
Interest expense on long-term debt5,450 2,974 3,877 
Compensation and employee benefits6,708 6,370 6,210 
(Impairment recoveries) amortization of tax credit and other investments(786)425 1,248 
Other expense2,040 1,306 1,184 
Total expense13,412 11,075 12,519 
Income before income tax benefit and equity in undistributed income of subsidiaries226,745 189,018 498,593 
Income tax benefit4,269 3,005 4,158 
Undistributed earnings of subsidiaries, primarily bank897,069 680,958 65,046 
Net income$1,128,083 $872,981 $567,797 
CONDENSED STATEMENT OF CASH FLOWS
($ in thousands)Year Ended December 31,
202220212020
CASH FLOWS FROM OPERATING ACTIVITIES
Net income$1,128,083 $872,981 $567,797 
Adjustments to reconcile net income to net cash provided by operating activities:
Undistributed earnings of subsidiaries, principally bank(897,069)(680,958)(65,046)
Amortization expense1,333 1,877 1,523 
Deferred income (benefit) tax expense(2,193)2,721 491 
Net change in other assets4,250 (5,685)40 
Net change in other liabilities779 (81,706)77,052 
Net cash provided by operating activities235,183 109,230 581,857 
CASH FLOWS FROM INVESTING ACTIVITIES
Net increase in investments in tax credit investments(1,612)(346)(172)
Distributions received from equity method investees410 436 4,096 
Net increase in investments in and advances to nonbank subsidiaries(6,188)(1,476)(2,732)
Net cash (used in) provided by investing activities(7,390)(1,386)1,192 
CASH FLOWS FROM FINANCING ACTIVITIES
Common stock:
Proceeds from issuance pursuant to various stock compensation plans and agreements
3,178 2,573 2,326 
Stock tendered for payment of withholding taxes(19,087)(15,702)(8,253)
Repurchased of common stock pursuant to the Stock Repurchase Program(99,990)— (145,966)
Cash dividends paid(228,381)(188,762)(158,222)
Net cash used in financing activities(344,280)(201,891)(310,115)
Net (decrease) increase in cash and cash equivalents(116,487)(94,047)272,934 
Cash and cash equivalents, beginning of year345,018 439,065 166,131 
Cash and cash equivalents, end of year$228,531 $345,018 $439,065 
v3.22.4
Subsequent Events
 12 Months Ended
Dec. 31, 2022
Subsequent Events [Abstract]  
Subsequent Events Subsequent EventsOn January 26, 2023, the Company’s Board of Directors declared first quarter 2023 cash dividends for the Company’s common stock. The common stock cash dividend of $0.48 per share was paid on February 21, 2023 to stockholders of record as of February 6, 2023.
v3.22.4
Summary of Significant Accounting Policies (Policies)
 12 Months Ended
Dec. 31, 2022
Accounting Policies [Abstract]  
Basis of Presentation Basis of Presentation — The accounting and reporting policies of the Company conform with the U.S. Generally Accepted Accounting Principles (“GAAP”), applicable guidelines prescribed by regulatory authorities and general practices in the banking industry. The preparation of the Consolidated Financial Statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the Consolidated Financial Statements, income and expenses during the reporting period, and the related disclosures. Actual results could differ materially from those estimates. Certain items on the Consolidated Financial Statements and notes for the prior years have been reclassified to conform to the 2022 presentation.
Principles of Consolidation Principles of Consolidation — The Consolidated Financial Statements in this Annual Report on Form 10-K (“this Form 10-K”) include the accounts of East West and its subsidiaries. Intercompany transactions and accounts have been eliminated in consolidation. East West also has six wholly-owned subsidiaries that are statutory business trusts (the “Trusts”). In accordance with Financial Accounting Standards Board Accounting Standards Codification (“ASC”) Topic 810, Consolidation, the Trusts are not included in the Consolidated Financial Statements.
Cash and Cash Equivalents Cash and Cash Equivalents — Cash and cash equivalents include cash on hand, cash items in transit, cash due from the Federal Reserve Bank of San Francisco (“FRBSF”) and other financial institutions, and federal funds sold with original maturities up to three months.
Interest-Bearing Deposits with Banks Interest-Bearing Deposits with Banks — Interest-bearing deposits with banks include cash placed with other banks with original maturities greater than three months and less than one year.
Assets Purchased under Resale Agreements and Assets Sold under Repurchase Agreements Assets Purchased under Resale Agreements and Assets Sold under Repurchase Agreements — Resale agreements are recorded as receivables based on the values at which the securities or loans are acquired. Repurchase agreements are accounted for as collateralized financing transactions and recorded as liabilities based on the values at which the securities are sold. The Company monitors the values of the underlying assets collateralizing the resale and repurchase agreements, including accrued interest, and obtains or posts additional collateral in order to maintain the appropriate collateral requirements for the transactions.
Securities Securities — The Company’s securities include various debt securities, marketable and non-marketable equity securities. Debt securities are recorded on the Consolidated Balance Sheet as of their trade dates. The Company classifies its debt securities as trading securities, AFS or HTM debt securities based on management’s intention on the date of the purchase. Debt securities are purchased for liquidity and investment purposes, as part of asset/liability management and other strategic activities.
Debt securities for which the Company has the positive intention and ability to hold until maturity are classified as HTM and are carried at amortized cost, net of allowance for credit losses. Debt securities not classified as trading securities or HTM securities are classified as AFS. AFS debt securities are reported at fair value, net of the allowance for credit losses, with unrealized gains and losses recorded in AOCI, net of applicable income taxes. For details of the allowance for credit losses on debt securities, refer to the Allowance for Credit Losses on Available-for-Sale and Held-to-Maturity Debt Securities sections of this note. Interest income, including any amortization of premium or accretion of discount, is included in net income. The Company recognizes realized gains and losses on the sale of AFS debt securities in earnings, using the specific identification method.

Upon transfer of a debt security from the AFS to HTM category, the security’s new amortized cost is reset to fair value, reduced by any previous write-offs but excluding any allowance for credit losses. Unrealized gains or losses at the date of transfer of these securities continue to be reported in AOCI and are amortized into interest income over the remaining life of the securities as effective yield adjustments, in a manner consistent with the amortization or accretion of the original purchase premium or discount on the associated security. For transfers of securities from the AFS to HTM category, any allowance for credit losses that was previously recorded under the AFS model is reversed and an allowance for credit losses is subsequently recorded under the HTM debt security model. The reversal and re-establishment of the allowance for credit losses are recorded in the provision for credit losses.

Marketable equity securities with readily determinable fair values are recorded at fair value with unrealized gains and losses due to changes in fair value; and are included in Other investment income on the Consolidated Statement of Income. Marketable equity securities include mutual fund investments, which are included in Investments in qualified affordable housing partnership, tax credit and other investments, net on the Consolidated Balance Sheet.

Non-marketable equity securities including tax credit investments, and other equity investments that do not have readily determinable fair values are recorded in Investments in qualified affordable housing partnership, tax credit and other investments, net, and Other assets on the Consolidated Balance Sheet and are accounted for under one of the following accounting methods:
•Equity Method — When the Company has the ability to exert significant influence over the investee.
•Cost Method — The cost method is applied to restricted equity securities held for membership and regulatory purposes, such as FRBSF and FHLB stock. These investments are held at their cost minus impairment. If impaired, the carrying value is written down to the fair value of the security.
•Measurement Alternative — This method is applied to all remaining non-marketable equity securities. These securities are carried at cost adjusted for impairment, if any, plus or minus observable price changes in orderly transactions of an identical or similar security of the same issuer.

Our impairment review for equity method, cost method and measurement alternative securities typically includes an analysis of the facts and circumstances of each security, the intent or requirement to sell the security, the expectations of cash flows, capital needs and the viability of its business model. For equity method and cost method investments, the Company reduces the asset’s carrying value when the Company considers declines in value to be other-than-temporary impairment (“OTTI”). For securities accounted for under the measurement alternative, the Company reduces the asset value when the fair value is less than the carrying value, without the consideration of recovery.
Loans Held-for-Sale Loans Held-for-Sale — Loans are initially classified as loans held-for-sale when they are individually identified as being available for immediate sale and management has committed to a formal plan to sell them. Loans held-for-sale are carried at lower of cost or fair value. Subject to periodic review under the Company’s evaluation process, including asset/liability and credit risk management, the Company may transfer certain loans from held-for-investment to held-for-sale measured at lower of cost or fair value. Any write-downs in the carrying amount of the loan at the date of transfer are recorded as charge-offs to allowance for loan losses. Loan origination fees on loans held-for-sale, net of certain costs in processing and closing the loans, are deferred until the time of sale and are included in the periodic determination of the lower of cost or fair value adjustments and/or the gain or loss recognized at the time of sale. A valuation allowance is established if the fair value of such loans is lower than their cost, with a corresponding charge to noninterest income. If the loan or a portion of the loan cannot be sold, it is subsequently transferred back to the loans held-for-investment portfolio from the loans held-for-sale portfolio at the lower of cost or fair value on the transfer date.
Loans Held-for-Investment Loans Held-for-Investment — At the time of commitment to originate or purchase a loan, the loan is determined to be held-for-investment if it is the Company’s intent to hold the loan to maturity or for the foreseeable future. Loans held-for-investment are stated at their outstanding principal, reduced by an allowance for loan losses and net of deferred loan fees or costs, or unearned fees on originated loans, net of unamortized premiums or unaccreted discounts on purchased loans. Nonrefundable fees and direct costs associated with the origination or purchase of loans are deferred and netted against outstanding loan balances. The deferred net loan fees and costs are recognized in interest income as an adjustment to yield over the loan term using the effective interest method or straight-line method. Discounts/premiums on purchased loans are accreted/amortized to interest income using the effective interest method or straight-line method over the remaining period to the contractual maturity. Interest on loans is calculated using the simple-interest method on daily balances of the principal amounts outstanding. Generally, loans are placed on nonaccrual status when they become 90 days past due or more. Loans are considered past due when contractually required principal or interest payments have not been made on the due dates. Loans are also placed on nonaccrual status when management believes, after considering economic and business conditions and collection efforts, that the borrower’s financial condition is such that full collection of principal or interest becomes uncertain, regardless of the length of past due status. Once a loan is placed on nonaccrual status, interest accrual is discontinued and all unpaid accrued interest is reversed against interest income. Interest payments received on nonaccrual loans are reflected as a reduction of principal and not as interest income. A loan is returned to accrual status when the borrower has demonstrated a satisfactory payment trend subject to management’s assessment of the borrower’s ability to repay the loan.
Troubled Debt Restructurings Troubled Debt Restructurings — A loan is generally classified as a troubled debt restructuring (“TDR”) when the Company, for economic or legal reasons related to the borrower’s financial difficulties, grants a concession to the borrower that the Company would not otherwise consider. The concessions may be granted in various forms, including a below-market change in the stated interest rate, a reduction in the loan balance or accrued interest, a term extension, a payment forbearance and other actions. Loans with contractual terms that have been modified as a TDR and are current at the time of restructuring may remain on accrual status if there is demonstrated performance prior to the restructuring and payment in full under the restructured terms is expected. Otherwise, these loans are placed on nonaccrual status and are reported as nonperforming, until the borrower demonstrates a sustained period of performance, generally six months, and the ability to repay the loan according to the contractual terms. If accruing TDRs cease to perform in accordance with their modified contractual terms, they are placed on nonaccrual status and reported as nonperforming TDRs. TDRs are included in the quarterly allowance for credit losses valuation process. Refer to Allowance for Loan Losses below for a complete discussion.
Allowance for Credit Losses
Allowance for Loan Losses — The allowance for loan losses is established as management’s estimate of expected credit losses inherent in the Company’s lending activities; it is increased by the provision for credit losses and decreased by net charge-offs. The allowance for loan losses is evaluated quarterly by management based on regular reviews of the collectability of the Company’s loans, and more often if deemed necessary. The Company develops and documents the allowance for loan losses methodology at the portfolio segment level. The commercial loan portfolio is comprised of commercial and industrial (“C&I”), commercial real estate (“CRE”), multifamily residential, and construction and land loans; and the consumer loan portfolio is comprised of single-family residential, home equity lines of credit (“HELOCs”), and other consumer loans.

The allowance for loan losses represents the portion of a loan’s amortized cost basis that the Company does not expect to collect due to anticipated credit losses over the loan’s contractual life, adjusted for prepayments. The Company measures the expected loan losses on a collective pool basis when similar risk characteristics exist. Models consisting of quantitative and qualitative components are designed for each pool to develop the expected credit loss estimates. Reasonable and supportable forecast periods vary by loan portfolio. The Company has adopted lifetime loss rate models for the portfolios, which use historical loss rates and forecast economic variables to calculate the expected credit losses for each loan pool. When loans do not share similar risk characteristics, the Company evaluates the loan for expected credit losses on an individual basis. Individually assessed loans include nonaccrual and TDR loans. The Company evaluates loans for expected credit losses on an individual basis if, based on current information and events, it is probable that the Company will be unable to collect all amounts due according to the original contractual terms of the loan agreement. When the loan is deemed uncollectible, it is the Company’s policy to charge off the uncollectible amount against the allowance for credit losses.

The amortized cost of loans held-for-investment excludes accrued interest, which is included in Other assets on the Consolidated Balance Sheet. The Company has made an accounting policy election to not recognize an allowance for credit losses for accrued interest receivables as the Company reverses accrued interest if a loan is on nonaccrual status.

The allowance for loan losses is reported separately on the Consolidated Balance Sheet and the Provision for credit losses is reported on the Consolidated Statement of Income.
Allowance for Unfunded Credit Commitments — The allowance for unfunded credit commitments includes reserves provided for unfunded loan commitments, letters of credit, standby letters of credit (“SBLCs”) and recourse obligations for loans sold. The Company estimates the allowance for unfunded credit commitments over the contractual period in which the entity is exposed to credit risk via a present contractual obligation to extend credit. Within the period of credit exposure, the Company considers both the likelihood that funding will occur, and the expected credit losses on the commitments that are expected to fund over their estimated lives.

The allowance for unfunded credit commitments is maintained at a level believed by management to be sufficient to absorb expected credit losses related to unfunded credit facilities. The determination of the adequacy of the allowance is based on periodic evaluations of the unfunded credit facilities. For all off-balance sheet instruments and commitments, the unfunded credit exposure is calculated using assumptions based on the Company's historical utilization experience in related portfolio segments. Loss rates are applied to the calculated exposure balances to estimate the allowance for unfunded credit commitments. Other elements such as credit risk factors for loans outstanding, terms and expiration dates of the unfunded credit facilities, and other pertinent information are considered to determine the adequacy of the allowance.

The allowance for unfunded credit commitments is included in the Accrued expenses and other liabilities on the Consolidated Balance Sheet. Changes to the allowance for unfunded credit commitments are included in Provision for credit losses on the Consolidated Income Statements.

Allowance for Credit Losses on Available-for-Sale Debt Securities — For each reporting period, each AFS debt security that is in an unrealized loss position is individually analyzed as part of the Company’s ongoing assessments to determine whether a fair value below the amortized cost basis has resulted from a credit loss or other factors. The initial indicator of impairment is a decline in fair value below the amortized cost of the AFS debt security, excluding accrued interest. The Company first considers whether there is a plan to sell the AFS debt security or it is more-likely-than-not that it will be required to sell the debt security before recovery of the amortized cost. In determining whether an impairment is due to credit related factors, the Company considers the severity of the decline in fair value, nature of the security, the underlying collateral, the financial condition of the issuer, changes in the AFS debt security’s ratings and other qualitative factors. For AFS debt securities that are guaranteed or issued by the U.S. government, or government-sponsored enterprises of high credit quality, the Company applies a zero credit loss assumption.

When the Company does not intend to sell the impaired AFS debt security and it is more-likely-than-not that the Company will not be required to sell the impaired debt security prior to recovery of its amortized cost basis, the credit component of the unrealized loss of the impaired AFS debt security is recognized as an allowance for credit losses, with a corresponding Provision for credit losses on the Consolidated Statement of Income and the non-credit component is recognized in Other comprehensive income (loss) on the Consolidated Statement of Comprehensive Income, net of applicable taxes. At each reporting period, the Company increases or decreases the allowance for credit losses as appropriate, while limiting reversals of the allowance for credit losses to the extent of the amounts previously recorded. If the Company intends to sell the impaired debt security or it is more-likely-than-not that the Company will be required to sell the impaired debt security prior to recovering its amortized cost basis, the entire impairment amount is recognized as an adjustment to the debt security’s amortized cost basis, with a corresponding Provision for credit losses on the Consolidated Statement of Income.

The amortized cost of the Company’s AFS debt securities excludes accrued interest, which is included in Other assets on the Consolidated Balance Sheet. The Company has made an accounting policy election to not recognize an allowance for credit losses for accrued interest receivables on AFS debt securities as the Company reverses any accrued interest if a debt security is impaired. As each AFS debt security has a unique security structure, where the accrual status is clearly determined when certain criteria listed in the terms are met, the Company assesses the default status of each security as defined by the debt security’s specific security structure.

Allowance for Credit Losses on Held-to-Maturity Debt Securities — For each major HTM debt security type, the allowance for credit losses is estimated collectively for groups of securities with similar risk characteristics. For securities that do not share similar risk characteristics, the losses are estimated individually. The Company applies a zero credit loss assumption to certain HTM debt securities, including debt securities that are either guaranteed or issued by the U.S. government or government-sponsored enterprises, are highly rated by nationally recognized statistical rating organizations (“NRSROs”), and have a long history of no credit losses. Any expected credit loss is recorded through the allowance for credit losses on HTM debt securities and deducted from the amortized cost basis of the security, reflecting the net amount the Company expects to collect.
The amortized cost of the Company’s HTM debt securities excludes accrued interest, which is included in Other assets on the Consolidated Balance Sheet. The Company has made an accounting policy election not to recognize an allowance for credit losses for accrued interest receivables on HTM debt securities, as the Company reverses any accrued interest against interest income if a debt security is placed on nonaccrual status. The criteria used to place HTM debt securities on nonaccrual are largely similar to those described for loans. Any cash collected on nonaccrual HTM securities is applied to reduce the security’s amortized cost basis and not as interest income. Generally, the Company returns an HTM security to accrual status when all delinquent interest and principal become current under the contractual terms of the security, and the collectability of remaining principal and interest is no longer doubtful.

Allowance for Collateral-Dependent Financial Assets — A financial asset is considered collateral-dependent if repayment is expected to be provided substantially through the operation or sale of the collateral. The allowance for credit losses is measured on an individual basis for collateral-dependent financial assets and determined by comparing the fair value of the collateral, minus the cost to sell, to the amortized cost basis of the related financial asset at the reporting date. Other than loans, collateral-dependent financial assets could also include resale agreements. In arrangements which the borrower must continually adjust the collateral securing the asset to reflect changes in the collateral’s fair value (e.g., resale agreements), the Company estimates the expected credit losses on the basis of the unsecured portion of the amortized cost as of the balance sheet date. If the fair value of the collateral is equal to or greater than the amortized cost of the resale agreement, the expected losses would be zero. If the fair value of the collateral is less than the amortized cost of the asset, the expected losses are limited to the difference between the fair value of the collateral and the amortized cost basis of the resale agreement.

Allowance for Purchased Credit Deteriorated Assets — Purchased assets that have experienced a more-than-insignificant deterioration in credit quality since origination are deemed Purchased Credit Deteriorated (“PCD”) assets. For PCD HTM debt securities and PCD loans, the company records the allowance for credit losses by grossing up the initial amortized cost, which includes the purchase price and the allowance for credit losses. The expected credit losses of PCD debt securities are measured at the individual security level. The expected credit losses for PCD loans are measured based on the loan’s unpaid principal balance. Under this approach, there is no income statement impact from the acquisition. Subsequent changes in the allowance for credit losses on PCD assets will be recognized in Provision for credit losses on the Consolidated Statement of Income. The non-credit discount or premium will be accreted to interest income based on the effective interest rate on the PCD assets determined after the gross-up for the allowance for credit losses.
Allowance for Credit Losses

The Company has a current expected credit losses (“CECL”) framework for all financial assets measured at amortized cost and certain off-balance sheet credit exposures. The Company’s allowance for credit losses, which includes both the allowance for loan losses and the allowance for unfunded credit commitments, is calculated with the objective of maintaining a reserve sufficient to absorb losses inherent in our credit portfolios. The measurement of the allowance for credit losses is based on management’s best estimate of lifetime expected credit losses, and periodic evaluation of the loan portfolio, lending-related commitments and other relevant factors.
The allowance for credit losses is deducted from the amortized cost basis of a financial asset or a group of financial assets so that the balance sheet reflects the net amount the Company expects to collect. Amortized cost is the principal balance outstanding, net of purchase premiums and discounts, deferred fees and costs, and escrow advances. Subsequent changes in expected credit losses are recognized in net income as a provision for, or a reversal of, credit loss expense.

The allowance for credit losses estimation involves procedures to consider the unique risk characteristics of the portfolio segments. The majority of the Company’s credit exposures that share risk characteristics with other similar exposures are collectively evaluated. The collectively evaluated loans include performing loans and unfunded credit commitments. If an exposure does not share risk characteristics with other exposures, the Company generally estimates expected credit losses on an individual basis.

Allowance for Collectively Evaluated Loans

The allowance for collectively evaluated loans consists of a quantitative component that assesses the different risk factors considered in our models and a qualitative component that considers risk factors external to the models. Each of these components are described below.

Quantitative Component — The Company applies quantitative methods to estimate loan losses by considering a variety of factors such as historical loss experience, the current credit quality of the portfolio, and an economic outlook over the life of the loan. The Company incorporates forward-looking information using macroeconomic scenarios which include variables that are considered key drivers of increases and decreases in credit losses. The Company utilizes a probability-weighted, multiple-scenario forecast approach. These scenarios may consist of a base forecast representing management's view of the most likely outcome, combined with downside or upside scenarios reflecting possible worsening or improving economic conditions. The quantitative models incorporate a probability-weighted calculation of these macroeconomic scenarios over a reasonable and supportable forecast period. If the life of loans extends beyond the reasonable and supportable forecast period, the Company will consider historical experience or long-run macroeconomic trends over the remaining lives of the loans to estimate the allowance for loan losses.

There were no changes to the overall model methodology in 2022 and 2021 and no changes to the reasonable and supportable forecast period, and reversion to the historical loss experience method in 2022. In 2021, the reasonable and supportable forecast period, key credit risk characteristics and macroeconomic variables to estimate the expected credit losses of the C&I segment were modified due to model enhancement.

The following table provides key credit risk characteristics and macroeconomic variables that the Company uses to estimate the expected credit losses by portfolio segment:
Portfolio SegmentRisk CharacteristicsMacroeconomic Variables
C&I
Age (1), size and spread at origination, and risk rating
Volatility Index (“VIX”) and BBB yield to 10-year U.S. Treasury spread (“BBB spread”) (1)
CRE, Multifamily residential, and Construction and landDelinquency status, maturity date, collateral value, property type, and geographic locationUnemployment rate, Gross Domestic Product (“GDP”), and U.S. Treasury rates
Single-family residential and HELOCsFICO score, delinquency status, maturity date, collateral value, and geographic locationUnemployment rate, GDP, and home price index
Other consumerHistorical loss experience
Immaterial (2)
(1)Due to the model enhancements during the third quarter of 2021, the risk characteristic related to “time-to-maturity” was changed to “age”; while macroeconomic variables related to “unemployment rate and two- and ten-year U.S. Treasury spread” were changed to “VIX and BBB spread”.
(2)Macroeconomic variables are included in the qualitative estimate.

Allowance for Loan Losses for the Commercial Loan Portfolio

The Company’s C&I lifetime loss rate model estimates the loss rate expected over the life of a loan. This loss rate is applied to the amortized cost basis, excluding accrued interest receivable, to determine expected credit losses. The lifetime loss rate model’s reasonable and supportable period spans 11 quarters, thereafter immediately reverting to the historical average loss rate, expressed through the loan-level lifetime loss rate.
To generate estimates of expected loss at the loan level for CRE, multifamily residential, and construction and land loans, projected probabilities of default (“PDs”) and loss given defaults (“LGDs”) are applied to the estimated exposure at default, considering the term and payment structure of the loan. The forecast of future economic conditions returns to long-run historical economic trends within the reasonable and supportable period.

In order to estimate the life of a loan under both models, the contractual term of the loan is adjusted for estimated prepayments based on historical prepayment experience.

Allowance for Loan Losses for the Consumer Loan Portfolio

For single-family residential and HELOC loans, projected PDs and LGDs are applied to the estimated exposure at default, considering the term and payment structure of the loan, to generate estimates of expected loss at the loan level. The forecast of future economic conditions returns to long-run historical economic trends after the reasonable and supportable period. To estimate the life of a loan for the single-family residential and HELOC portfolios, the contractual term of the loan is adjusted for estimated prepayments based on historical prepayment experience. For other consumer loans, the Company uses a loss rate approach.

Qualitative Component — The Company also considers the following qualitative factors in the determination of the collectively evaluated allowance if these factors have not already been captured by the quantitative model. Such qualitative factors may include, but are not limited to:
–loan growth trends;
–the volume and severity of past due financial assets, and the volume and severity of adversely classified financial assets;
–the Company’s lending policies and procedures, including changes in lending strategies, underwriting standards, collection, write-off and recovery practices;
–knowledge of a borrower’s operations;
–the quality of the Company’s credit review system;
–the experience, ability and depth of the Company’s management and associates;
–the effect of other external factors such as the regulatory and legal environments, or changes in technology;
–actual and expected changes in international, national, regional, and local economic and business conditions in which the Company operates; and
–risk factors in certain industry sectors not captured by the quantitative models.

The magnitude of the impact of these factors on the Company’s qualitative assessment of the allowance for credit losses changes from period to period according to changes made by management in its assessment of these factors. The extent to which these factors change may be dependent on whether they are already reflected in quantitative loss estimates during the current period and the extent to which changes in these factors diverge from period to period.

While the Company’s allowance methodologies strive to reflect all relevant credit risk factors, there continues to be uncertainty associated with, but not limited to, potential imprecision in the estimation process due to the inherent time lag of obtaining information and normal variations between expected and actual outcomes. The Company may hold additional qualitative reserves that are designed to provide coverage for losses attributable to such risk.
Allowance for Individually Evaluated Loans

When a loan no longer shares similar risk characteristics with other loans, such as in the case of certain nonaccrual or TDR loans, the Company estimates the allowance for loan losses on an individual loan basis. The allowance for loan losses for individually evaluated loans is measured as the difference between the recorded value of the loans and their fair value. For loans evaluated individually, the Company uses one of three different asset valuation measurement methods: (1) the fair value of collateral less costs to sell; (2) the present value of expected future cash flows; and (3) the loan's observable market price. If an individually evaluated loan is determined to be collateral dependent, the Company applies the fair value of the collateral less costs to sell method. If an individually evaluated loan is determined not to be collateral dependent, the Company uses the present value of future cash flows or the observable market value of the loan.
•Collateral-Dependent Loans — The allowance of a collateral-dependent loan is limited to the difference between the recorded value and fair value of the collateral less cost of disposal or sale.
Variable Interest and Voting Interest Entities Variable Interest and Voting Interest Entities — The Company determines whether it has a controlling financial interest in an entity by first evaluating whether the entity is a voting interest entity or a variable interest entity (“VIE”). The Company first determines whether or not it has variable interests in the entity, which are investments or other interests that absorb portions of an entity’s expected losses or receive portions of the entity’s expected returns. If it is determined that the Company do not have a variable interest in the entity, no further analysis is required and the entity is not consolidated. A VIE is an entity that lacks equity investors or whose equity investors do not have a controlling financial interest in the entity through their equity investments. The Company consolidates a VIE if it has both the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and an obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE. For entities that do not meet the definition of a VIE, the entity is considered a voting interest entity. The Company consolidates these entities if it can exert control over the financial and operating policies of an investee, which can occur if the Company has a more than 50% voting interest in the entity.
Investments in Qualified Affordable Housing Partnerships And Investments in Tax Credit and Other Investments, Net
Investments in Qualified Affordable Housing Partnerships, Tax Credit and Other Investments, Net — The Company records the investments in qualified affordable housing partnerships, net, using primarily the proportional amortization method. Under the proportional amortization method, the Company amortizes the initial cost of the investment in proportion to the tax credits and other tax benefits received, and recognizes the amortization in Income tax expense on the Consolidated Statement of Income.

The Company records investments in tax credit and other investments, net, using either the equity method or the measurement alternative method of accounting. The tax credits are recognized on the Consolidated Financial Statements to the extent they are utilized on the Company’s income tax returns in the year the credit arises under the flow-through method of accounting. The investments are evaluated for possible OTTI on an annual basis or on an interim basis, if an event occurs that would trigger potential impairment. OTTI charges and impairment recoveries are recorded within Amortization of tax credit and other investments on the Consolidated Statement of Income. See Note 2 — Fair Value Measurement and Fair Value of Financial Instruments to the Consolidated Financial Statements in this Form 10-K for a discussion on the Company’s impairment evaluation and monitoring process of tax credit investments.
Premises and Equipment, Net
Premises and Equipment, Net — The Company’s premises and equipment are stated at cost less accumulated depreciation and amortization. Depreciation and amortization are computed based on the straight-line method over the estimated useful lives of the various classes of assets. The ranges of estimated useful lives for the principal classes of assets are as follows:
Premises and EquipmentUseful Lives
Buildings 25 years
Furniture, fixtures and equipment, and building improvements
3 to 7 years
Leasehold improvementsTerm of lease or useful life, whichever is shorter

The Company reviews its long-lived assets for impairment annually, or when events or changes in circumstances indicate that the carrying amounts of these assets may not be recoverable. An asset is considered impaired when the fair value, which is the expected undiscounted cash flows over the remaining useful life, is less than the net book value. The excess of the net book value over its fair value is charged as impairment loss to noninterest expense.
Goodwill and Other Intangible Assets Goodwill — Goodwill represents the excess of the purchase price over the fair value of net assets acquired in an acquisition. Goodwill is tested for impairment on an annual basis as of December 31, or more frequently as events occur or circumstances change that indicate a potential impairment at the reporting unit level. The Company assesses goodwill for impairment at each operating segment level. The Company organizes its operations into three reporting segments: (1) Consumer and Business Banking; (2) Commercial Banking; and (3) Other. For information on how the reporting units are identified and the components are aggregated, see Note 17 — Business Segments to the Consolidated Financial Statements in this Form 10-K. The Company has the option to perform a qualitative assessment of goodwill or elect to bypass the qualitative test and proceed directly to a quantitative test. If the Company performs a qualitative assessment of goodwill to test for impairment and concludes it is more likely than not that a reporting unit’s fair value is greater than its carrying value, quantitative tests are not required. If the qualitative analysis indicates that it is more likely than not that a reporting unit’s fair value is less than its carrying value, the Company is required to perform a quantitative assessment to determine if there is goodwill impairment. Factors considered in the qualitative assessments include but are not limited to macroeconomic conditions, industry and market considerations, financial performance of the respective operating segment and other reporting unit specific considerations. The Company uses a combined income and market approach in its quantitative valuation methodologies. A quantitative valuation involves determining the fair value of each reporting unit and comparing the fair value to its corresponding carrying value. Goodwill impairment loss is recorded as a charge to noninterest expense and an adjustment to the carrying value of goodwill. Subsequent reversals of goodwill impairment are not allowed.The Company’s goodwill impairment test is performed annually as of December 31, or more frequently as events occur or circumstances change that would more-likely-than-not reduce the fair value of a reporting unit below its carrying value.
Fair Value
Fair Value — The Company records or discloses certain assets and liabilities at fair value. Fair value is defined as the price that would be received to sell an asset or the price that would be paid to transfer a liability in an orderly transaction between market participants at the measurement date. In determining the fair value of financial instruments, the Company uses various methods including market and income approaches. Based on these approaches, the Company utilizes certain assumptions that market participants would use in pricing an asset or a liability. These inputs can be readily observable, market corroborated or generally unobservable. Fair value measurements are based on the exit price notion that maximizes the use of observable inputs and minimizes the use of unobservable inputs. All inputs, whether observable or unobservable, are ranked in accordance with a prescribed fair value hierarchy that assigns the highest priority to quoted prices in active markets and the lowest priority to prices derived from data lacking transparency. The Company’s assets and liabilities are classified in their entirety based on the lowest level of input that is significant to their fair value measurements. The fair value of the Company’s assets and liabilities is classified and disclosed in one of the following three categories:
•Level 1 — Valuation is based on quoted prices for identical instruments traded in active markets.
•Level 2 — Valuation is based on quoted prices for similar instruments traded in active markets; quoted prices for identical or similar instruments traded in markets that are not active; and model-derived valuations whose inputs are observable and can be corroborated by market data.
•Level 3 — Valuation is based on significant unobservable inputs for determining the fair value of assets or liabilities. These significant unobservable inputs reflect assumptions that market participants may use in pricing the assets or liabilities.

For additional information on fair value, see Note 2 — Fair Value Measurement and Fair Value of Financial Instruments to the Consolidated Financial Statements in this Form 10-K.
Derivatives
Derivatives — As part of its asset/liability management strategy, the Company uses derivative financial instruments to mitigate exposure to interest rate and foreign currency risks, and to assist customers with their risk management objectives. Derivatives utilized by the Company include primarily swaps, forwards and option contracts. Derivative instruments are included in Other assets or Accrued expenses and other liabilities on the Consolidated Balance Sheet at fair value. The related cash flows are recognized on the Cash flows from operating activities section on the Consolidated Statement of Cash Flows. The Company uses its accounting hedges based on the exposure being hedged as either fair value hedges, cash flow hedges or hedges of the net investments in certain foreign operations. For fair value hedges of interest rate risk, changes in fair value of derivatives are reported within Interest expense on the Consolidated Statement of Income. Changes in fair value of derivatives designated as hedges of the net investments in foreign operations are recorded as a component of AOCI. For cash flow hedges of floating-rate interest payments, the change in the fair value of hedges is recognized in AOCI on the Consolidated Balance Sheet and reclassified to earnings in the same period when the hedged cash flows impact earnings. Reclassified gains and losses of cash flow hedges are recorded in the same line item as the hedged interest payment within Interest expense or as interest receipts within Interest and dividend income on the Consolidated Statements of Income.

All derivatives designated as fair value hedges and hedges of the net investments in certain foreign operations are linked to specific hedged items or to groups of specific assets and liabilities on the Consolidated Balance Sheet. Cash flow hedges are linked to the forecasted transactions related to a recognized asset or liability. To qualify as an accounting hedge under the hedge accounting rules (versus an economic hedge where hedge accounting is not sought), a derivative must be highly effective in offsetting the risk designated as being hedged. The Company formally documents its hedging relationships at inception, including the identification of the hedging instruments and the hedged items, as well as its risk management objectives and strategies for undertaking the hedge transaction at the time the derivative contract is executed. Subsequent to inception, on a quarterly basis, the Company assesses whether the derivatives used in hedging transactions are highly effective in offsetting changes in the fair value of the hedged items or the cash flows of attributable hedged risks. Retrospective effectiveness is also assessed, as well as the continued expectation that the hedge will remain effective prospectively.
The Company discontinues hedge accounting prospectively when (i) a derivative is no longer highly effective in offsetting changes in fair value; (ii) a derivative expires, or is sold, terminated or exercised, or (iii) the Company determines that designation of a derivative as a hedge is no longer appropriate. If a fair value hedge is discontinued, the derivative will continue to be recorded on the Consolidated Balance Sheet at fair value with changes in fair value recognized on the Consolidated Statement of Income. When the hedged net investment is either sold or substantially liquidated, changes in the fair value of the derivatives are reclassified out of AOCI into Foreign exchange income on the Consolidated Statement of Income. If a cash flow hedge is discontinued but the hedged forecasted cash flow is still expected to happen, the derivative net gain or loss will remain in AOCI and be reclassified into earnings in the periods in which the hedged forecasted cash flow affects earnings. If a cash flow hedge is discontinued and the forecasted cash flow is not expected to happen, the derivative net gain or loss will be reclassified into earnings immediately.

The Company also offers various interest rate, foreign currency, and energy commodity derivative products to customers. These transactions are not linked to specific assets or liabilities on the Consolidated Balance Sheet or to forecasted transactions in a hedging relationship and, therefore, do not qualify for hedge accounting. These contracts are recorded at fair value with changes in fair value recorded in Interest rate contracts and other derivative income and Foreign exchange income on the Consolidated Statement of Income.

As part of the Company’s loan origination process, from time to time, the Company obtains equity warrants to purchase preferred and/or common stock of public or private companies it provides loans to. These equity warrants are accounted for as derivatives and recorded at fair value in Other assets on the Consolidated Balance Sheet with changes in fair value recorded in Lending fees on the Consolidated Statement of Income.

The Company is exposed to counterparty credit risk, which is the risk that counterparties to the derivative contracts do not perform as expected. Valuation of derivative assets and liabilities reflect the value of the instrument inclusive of the nonperformance risk. The Company uses master netting arrangements to mitigate counterparty credit risk in derivative transactions. To the extent the derivatives are subject to master netting arrangements, the Company takes into account the impact of master netting arrangements that allow the Company to settle all derivative contracts executed with the same counterparty on a net basis, and to offset the net derivative position with the related cash and securities collateral. The Company elects to offset derivative transactions with the same counterparty on the Consolidated Balance Sheet when a derivative transaction has a legally enforceable master netting arrangement and when it is eligible for netting under ASC 210-20-45-1, Balance Sheet Offsetting: Netting Derivative Positions on Balance Sheet. Derivative balances and related cash collateral are presented net on the Consolidated Balance Sheet. In addition, the Company applied the Settlement to Market treatment for the cash collateralizing our interest rate and commodity contracts with certain centrally cleared counterparties. As a result, derivative balances with these counterparties are considered settled by the collateral.
Stock-Based Compensation Stock-Based Compensation — The Company grants time-based restricted stock units (“RSUs”), which include service conditions for vesting. Compensation cost for these time-based awards is based on the quoted market price of the Company’s common stock at the grant date. Compensation costs for certain time-based RSUs that will be settled in cash are adjusted to fair value based on changes in the Company’s stock price up to the settlement date. In addition, the Company grants performance-based RSUs, which contain performance goals and market conditions that are required to be met in order for the awards to vest. Compensation expense for these performance-based RSUs is based on the grant-date fair value considers both performance and market conditions. Subsequently, the Company evaluates the probable outcome of the performance conditions quarterly and makes cumulative adjustments for current and prior periods in compensation expense in the period of change. Market conditions subsequent to the grant date have no impact on the amount of compensation expense the Company will recognize over the life of the award. Compensation cost is amortized on a straight-line basis over the requisite service period for the entire award, which is generally the maximum vesting period of the award. Excess tax benefits and deficiencies on share-based payment awards are recognized within Income tax expense on the Consolidated Statement of Income. As stock-based compensation expense is estimated based on awards ultimately expected to vest, it is reduced by the expense related to awards expected to be forfeited. Forfeitures are estimated at the time of grant and are updated quarterly. If the estimated forfeitures are revised, a cumulative effect of changes in estimated forfeitures for the current and prior periods is recognized in compensation expense in the period of change. Refer to Note 13 — Stock Compensation Plans on the Consolidated Financial Statements in this Form 10-K for additional information.For accounting on stock-based compensation plans, see Note 1 — Summary of Significant Accounting Policies — Significant Accounting Policies — Stock-Based Compensation to the Consolidated Financial Statements in this Form 10-K for additional information.
Revenue from Contracts with Customers
Revenue from Contracts with Customers — The Company recognizes two primary types of revenue on its Consolidated Statement of Income: Net interest income and Noninterest income. The Company’s revenue from contracts with customers consists of service charges and fees related to deposit accounts, card income and wealth management fees. These revenue streams as described below comprised 39%, 35% and 29% of total noninterest income for the years ended December 31, 2022, 2021 and 2020, respectively.

•Deposit Service Charges and Related Fee Income — The Company offers a range of deposit products to individuals and businesses, which includes savings, money market, checking and time deposit accounts. The deposit account services include ongoing account maintenance, as well as certain optional services such as various in-branch services, automated teller machine/debit card usage, wire transfer services or check orders. In addition, treasury management and business account analysis services are offered to commercial deposit customers. The monthly account fees may vary with the amount of average monthly deposit balances maintained, or the Company may charge a fixed monthly account maintenance fee if certain average balances are not maintained. In addition, each time a deposit customer selects an optional service, the Company may earn transaction fees, generally recognized by the Company at the point when the transaction occurs. For business analysis accounts, commercial deposit customers receive an earnings credit based on their account balance, which can be used to offset the cost of banking and treasury management services. Business analysis accounts that are assessed fees in excess of earnings credits received are typically charged at the end of each month, after all transactions are known and the credits are calculated. Deposit service charge and related fee income are recognized in all operating segments.

•Card Income — Card income consists of merchant referral fees and interchange income. For merchant referral fees, the Company provides marketing and referral services to acquiring banks for merchant card processing services and earns variable referral fees based on transaction activities. The Company satisfies its performance obligation over time as the Company identifies, solicits, and refers business customers who are provided such services. The Company receives monthly fees net of consideration it pays to the acquiring bank performing the merchant card processing services. The Company recognizes revenue on a monthly basis when the uncertainty associated with the variable referral fees is resolved after the Company receives monthly statements from the acquiring bank. For interchange income, the Company, as a card issuer, has a stand ready performance obligation to authorize, clear, and settle card transactions. The Company earns or pays interchange fees, which are percentage-based on each transaction, and based on rates published by the corresponding payment network for transactions processed using their network. The Company measures its progress toward the satisfaction of its performance obligation over time as services are rendered, and the Company provides continuous access to this service and settles transactions as its customer or the payment network requires. Interchange income is presented net of direct costs paid to the customer and entities in their distribution chain, which are transaction-based expenses such as rewards program expenses and certain network costs. Revenue is recognized when the net profit is determined by the payment networks at the end of each day. Card income is recognized in consumer and business banking, and commercial banking segments.
•Wealth Management Fees — The Company provides investment planning services for customers including wealth management services, asset allocation strategies, portfolio analysis and monitoring, investment strategies and risk management strategies. The fees the Company earns are variable and are generally received monthly. The Company recognizes revenue for the services performed at quarter-end based on actual transaction details received from the broker-dealer with whom the Company engages. Wealth management fees are recognized in both consumer and business banking, and commercial banking segments.
Income Taxes
Income Taxes — The Company files consolidated federal income tax returns, foreign tax returns, and various combined and separate company state tax returns. The calculation of the Company’s income tax provision and related tax accruals requires the use of estimates and judgments. Income tax expense consists of two components: current and deferred. Current tax expense represents taxes to be paid or refunded for the current period and includes income tax expense related to our uncertain tax positions. Income tax liabilities (receivables) represent the estimated amounts due to (due from) the various taxing jurisdictions where the Company has established a tax presence and are reported in Accrued expenses and other liabilities or Other assets on the Consolidated Balance Sheets. Deferred tax expense results from changes in deferred tax assets and liabilities between period, and is determined using the balance sheet method. Under the balance sheet method, the net deferred tax asset or liability is based on the tax effects of the differences between the book and tax basis of assets and liabilities. Deferred tax assets are also recognized for tax attributes such as net operating loss carryforwards and tax credit carryforwards. Management regularly reviews the Company’s tax positions and deferred tax balances. In concluding whether a valuation allowance is required, the Company considers all available evidence, both positive and negative, based on the more-likely-than-not criteria that such assets will be realized. Factors considered in this analysis include the Company’s ability to generate future taxable income, implement tax-planning strategies (as defined in ASC 740, Income Taxes) and utilize taxable income from prior carryback years (if such carryback is permitted under the applicable tax law), as well as future reversals of existing taxable temporary differences. To the extent a deferred tax asset is no longer expected more-likely-than-not to be realized, a valuation allowance is established. Deferred tax assets net of deferred tax liabilities are included in Other assets on the Consolidated Balance Sheet.

The Company reports a liability for unrecognized tax benefits resulting from uncertain tax positions taken, or expected to be taken, in an income tax return. Uncertain tax positions that meet the more-likely-than-not recognition threshold are measured to determine the amount of benefit to recognize. An uncertain tax position is measured at the largest amount of benefit that management believes has a greater than 50% likelihood of realization upon settlement. Tax benefits not meeting our realization criteria represent unrecognized tax benefits. The Company establishes a liability for potential taxes, interest and penalties related to uncertain tax positions based on facts and circumstances, including the interpretation of existing law, new judicial or regulatory guidance, and the status of tax audits.
Earnings Per Share Earnings Per Share — Basic EPS is computed by dividing net income available to common stockholders by the weighted-average number of common shares outstanding during each period. Diluted EPS is computed by dividing net income available to common stockholders by the weighted-average number of common shares outstanding during each period, plus any incremental dilutive common share equivalents calculated for outstanding RSUs using the treasury stock method.
Foreign Currency Translation Foreign Currency Translation — The Company’s foreign subsidiary in China, East West Bank (China) Limited’s functional currency is in Chinese Renminbi (“RMB”). As a result, assets and liabilities of East West Bank (China) Limited are translated, for the consolidation purpose, from its functional currency into U.S. dollar (“USD”) using period-end spot foreign exchange rates. Revenues and expenses of East West Bank (China) Limited are translated, for the purpose of consolidation, from its functional currency into USD at the transaction date foreign exchange rates. The effects of those translation adjustments are reported in the Foreign currency translation adjustments account within Other comprehensive income (loss) on the Consolidated Statement of Comprehensive Income, net of any related hedged effects. For transactions that are denominated in a currency other than the functional currency, including transactions denominated in the local currencies of foreign operations that use the USD as their functional currency, the effects of changes in exchange rates are reported in Foreign exchange income on the Consolidated Statement of Income.
Accounting Pronouncements Adopted in 2022 and 2023
Accounting Pronouncements Adopted in 2022
StandardRequired Date of AdoptionDescriptionEffect on Financial Statements
ASU 2020-06, Debt — Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging — Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity
Effective for fiscal years beginning after December 15, 2021.ASU 2020-06 simplifies the accounting for convertible instruments and its application of the derivatives scope exception for contracts in its own equity by (1) eliminating accounting models for convertible financial instruments with cash conversion and beneficial conversion features, (2) removing certain required settlement conditions for a contract in an entity’s own equity to qualify for the derivative scope exception, and (3) simplifying the method used for computing EPS.The Company adopted this standard on January 1, 2022. The adoption of this guidance did not have an impact on the Company’s Consolidated Financial Statements.
ASU 2021-04, Earnings Per Share (Topic 260), Debt — Modification and Extinguishments (Subtopic 470-50), Compensation — Stock Compensation (Topic 718), and Derivatives and Hedging — Contracts in Entity’s Own Equity (Subtopic 815-40): Issuer’s Accounting for Certain Modification or Exchange of Freestanding Equity-Classified Written Call Options
Effective for fiscal years beginning after December 15, 2021.ASU 2021-04 provides clarification and reduces diversity in an issuer’s accounting for modifications or exchanges of freestanding equity-classified written call options (for example, warrants) that remain equity classified after modification or exchange. The Company adopted this standard on January 1, 2022. The adoption of this guidance did not have an impact on the Company’s Consolidated Financial Statements.
ASU 2021-05, Lessors — Certain Leases with Variable Lease Payments
Effective for fiscal years beginning after December 15, 2021.ASU 2021-05 requires lessors to classify leases as operating leases if they have variable lease payments that do not depend on an index or rate and would have selling losses if they were classified as sales-type or direct financing leases.The Company adopted this standard on January 1, 2022. The adoption of this guidance did not have an impact on the Company’s Consolidated Financial Statements.
ASU 2021-10, Government Assistance (Topic 832) — Disclosures by Business Entities about Government Assistance
Effective for fiscal years beginning after December 15, 2021.ASU 2021-10 increases the transparency of government assistance including the disclosure of (1) the types of assistance, (2) an entity’s accounting for the assistance, and (3) the effect of the assistance on an entity’s financial statements.The Company adopted this standard on January 1, 2022. The adoption of this guidance did not have an impact on the Company’s Consolidated Financial Statements.
ASU 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848
Effective for all entities from the date of issuance on December 21, 2022.ASU 2022-06 extends the sunset date of ASC Topic 848, “Reference Rate Reform” from December 31, 2022 to December 31, 2024, after which entities will no longer be permitted to apply the relief in Topic 848.The Company adopted this guidance upon issuance of the ASU 2022-06. The adoption of this guidance has not and is currently not expected to have a material impact on the Company’s Financial Statements. The Company continues to evaluate transactions or contract modifications occurring as a result of reference rate reform and determine whether to apply the optional guidance on an ongoing basis.
Accounting Pronouncements Adopted in 2023
StandardRequired Date of AdoptionDescriptionEffect on Financial Statements
ASU 2022-02, Financial Instruments - Credit Losses (Topic 326): Troubled Debt Restructurings and the Vintage Disclosures

January 1, 2023ASU 2022-02 eliminates the troubled debt restructuring (“TDRs”) accounting model for creditors and instead requires companies to apply the loan refinancing and restructuring guidance to determine whether a modification made to a borrower results in a new loan or a continuation of an existing loan. In addition, companies are no longer required to use a discounted cash flow method to measure the allowance for credit losses for certain TDRs and instead allows for the use of an expected loss approach for all loans. The guidance also introduces new disclosure requirements related to restructuring of financing receivables made to borrowers experiencing financial difficulty, and amends vintage disclosures to require current-period gross write-off by year of origination.

The guidance should be applied on a prospective basis except for amendments related to recognition and measurement of TDRs, where a modified retrospective transition method is optional.		The Company adopted ASU 2022-02 using a prospective basis except for the guidance related to the recognition and measurement of TDRs, where it was adopted on a modified retrospective transition method.

The adoption of this guidance did not have a material impact on the Company’s Consolidated Financial Statements.
Balance Sheet Offsetting The Company’s resale and repurchase agreements are transacted under legally enforceable master repurchase agreements that, in the event of default by the counterparty, provide the Company the right to liquidate securities held and to offset receivables and payables with the same counterparty. The Company nets resale and repurchase transactions with the same counterparty on the Consolidated Balance Sheet when it has a legally enforceable master netting agreement and the transactions are eligible for netting under ASC 210-20-45-11, Balance Sheet Offsetting: Repurchase and Reverse Repurchase Agreements. Collateral received includes securities and loans that are not recognized on the Consolidated Balance Sheet. Collateral pledged consists of securities that are not netted on the Consolidated Balance Sheet against the related collateralized liability.
Credit Quality Indicators
Credit Quality Indicators

All loans are subject to the Company’s credit review and monitoring process. For the commercial loan portfolio, loans are risk rated based on an analysis of the borrower’s current payment performance or delinquency, repayment sources, financial and liquidity factors, including industry and geographic considerations. For the consumer loan portfolio, payment performance or delinquency is typically the driving indicator for risk ratings.

The Company utilizes internal credit risk ratings to assign each individual loan a risk rating of 1 through 10:

•Pass — loans risk rated 1 through 5 are assigned an internal risk rating category of “Pass.” Loans risk rated 1 are typically loans fully secured by cash. Pass loans have sufficient sources of repayment to repay the loan in full, in accordance with all terms and conditions.
•Special mention — loans assigned a risk rating of 6 have potential weaknesses that warrant closer attention by management; these are assigned an internal risk rating category of “Special Mention.”
•Substandard — loans assigned a risk rating of 7 or 8 have well-defined weaknesses that may jeopardize the full and timely repayment of the loan; these are assigned an internal risk rating category of “Substandard.”
•Doubtful — loans assigned a risk rating of 9 have insufficient sources of repayment and a high probability of loss; these are assigned an internal risk rating category of “Doubtful.”
•Loss — loans assigned a risk rating of 10 are uncollectible and of such little value that they are no longer considered bankable assets; these are assigned an internal risk rating category of “Loss.”

Loan exposures categorized as criticized consist of special mention, substandard, doubtful and loss categories. The Company reviews the internal risk ratings of its loan portfolio on a regular basis, and adjusts the ratings based on changes in the borrowers’ financial status and the collectability of the loans.
Variable Interest Entity (VIEs)
Variable Interest Entities

The majority of both the investments in affordable housing partnerships and tax credit and other investments discussed above are VIEs where the Company is a limited partner in these partnerships, and an unrelated third party is typically the general partner or managing member who has control over the significant activities of these investments. While the Company’s interest in some of the investments may exceed 50% of the outstanding equity interests, the Company does not consolidate these structures due to the general partner’s or managing member’s ability to manage the entity, which is indicative of the general partner’s or managing member’s power over the entity. The Company’s maximum exposure to loss in connection with these partnerships consists of the unamortized investment balance and any tax credits claimed that may become subject to recapture.

Special purpose entities formed in connection with securitization transactions are generally considered VIEs. A CLO is a VIE that purchases a pool of assets consisting primarily of non-investment grade corporate loans, and issues multiple tranches of notes to investors to fund the asset purchases and pay upfront expenses associated with forming the CLO. The Company served as the collateral manager of a CLO that closed in 2019 and subsequently reassigned its portfolio manager responsibilities in 2020. The Company retained the top three investment grade-rated tranches issued by the CLO, for which the total carrying amount was $284.3 million and $291.7 million as of December 31, 2022 and 2021, respectively.
Litigation Litigation — The Company is a party to various legal actions arising in the normal course of doing business. In accordance with ASC 450, Contingencies, the Company accrues reserves for outstanding lawsuits, claims and proceedings when a loss contingency is probable and can be reasonably estimated. The Company estimates the amount of loss contingencies using current available information from legal proceedings, advice from legal counsel and available insurance coverage. Due to the inherent subjectivity of the assessments and unpredictability of the outcomes of the legal proceedings, any amounts accrued or included in this aggregate amount may not represent the ultimate loss to the Company from the legal proceedings in question. Thus, the Company’s exposure and ultimate losses may be higher, and possibly significantly more than the amounts accrued.
v3.22.4
Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2022
Accounting Policies [Abstract]  
Schedule of Useful Lives for Premises and Equipment The ranges of estimated useful lives for the principal classes of assets are as follows:
Premises and EquipmentUseful Lives
Buildings 25 years
Furniture, fixtures and equipment, and building improvements
3 to 7 years
Leasehold improvementsTerm of lease or useful life, whichever is shorter
Schedule of New Accounting Pronouncements Adopted and Recent Accounting Pronouncements
Accounting Pronouncements Adopted in 2022
StandardRequired Date of AdoptionDescriptionEffect on Financial Statements
ASU 2020-06, Debt — Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging — Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity
Effective for fiscal years beginning after December 15, 2021.ASU 2020-06 simplifies the accounting for convertible instruments and its application of the derivatives scope exception for contracts in its own equity by (1) eliminating accounting models for convertible financial instruments with cash conversion and beneficial conversion features, (2) removing certain required settlement conditions for a contract in an entity’s own equity to qualify for the derivative scope exception, and (3) simplifying the method used for computing EPS.The Company adopted this standard on January 1, 2022. The adoption of this guidance did not have an impact on the Company’s Consolidated Financial Statements.
ASU 2021-04, Earnings Per Share (Topic 260), Debt — Modification and Extinguishments (Subtopic 470-50), Compensation — Stock Compensation (Topic 718), and Derivatives and Hedging — Contracts in Entity’s Own Equity (Subtopic 815-40): Issuer’s Accounting for Certain Modification or Exchange of Freestanding Equity-Classified Written Call Options
Effective for fiscal years beginning after December 15, 2021.ASU 2021-04 provides clarification and reduces diversity in an issuer’s accounting for modifications or exchanges of freestanding equity-classified written call options (for example, warrants) that remain equity classified after modification or exchange. The Company adopted this standard on January 1, 2022. The adoption of this guidance did not have an impact on the Company’s Consolidated Financial Statements.
ASU 2021-05, Lessors — Certain Leases with Variable Lease Payments
Effective for fiscal years beginning after December 15, 2021.ASU 2021-05 requires lessors to classify leases as operating leases if they have variable lease payments that do not depend on an index or rate and would have selling losses if they were classified as sales-type or direct financing leases.The Company adopted this standard on January 1, 2022. The adoption of this guidance did not have an impact on the Company’s Consolidated Financial Statements.
ASU 2021-10, Government Assistance (Topic 832) — Disclosures by Business Entities about Government Assistance
Effective for fiscal years beginning after December 15, 2021.ASU 2021-10 increases the transparency of government assistance including the disclosure of (1) the types of assistance, (2) an entity’s accounting for the assistance, and (3) the effect of the assistance on an entity’s financial statements.The Company adopted this standard on January 1, 2022. The adoption of this guidance did not have an impact on the Company’s Consolidated Financial Statements.
ASU 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848
Effective for all entities from the date of issuance on December 21, 2022.ASU 2022-06 extends the sunset date of ASC Topic 848, “Reference Rate Reform” from December 31, 2022 to December 31, 2024, after which entities will no longer be permitted to apply the relief in Topic 848.The Company adopted this guidance upon issuance of the ASU 2022-06. The adoption of this guidance has not and is currently not expected to have a material impact on the Company’s Financial Statements. The Company continues to evaluate transactions or contract modifications occurring as a result of reference rate reform and determine whether to apply the optional guidance on an ongoing basis.
Accounting Pronouncements Adopted in 2023
StandardRequired Date of AdoptionDescriptionEffect on Financial Statements
ASU 2022-02, Financial Instruments - Credit Losses (Topic 326): Troubled Debt Restructurings and the Vintage Disclosures

January 1, 2023ASU 2022-02 eliminates the troubled debt restructuring (“TDRs”) accounting model for creditors and instead requires companies to apply the loan refinancing and restructuring guidance to determine whether a modification made to a borrower results in a new loan or a continuation of an existing loan. In addition, companies are no longer required to use a discounted cash flow method to measure the allowance for credit losses for certain TDRs and instead allows for the use of an expected loss approach for all loans. The guidance also introduces new disclosure requirements related to restructuring of financing receivables made to borrowers experiencing financial difficulty, and amends vintage disclosures to require current-period gross write-off by year of origination.

The guidance should be applied on a prospective basis except for amendments related to recognition and measurement of TDRs, where a modified retrospective transition method is optional.		The Company adopted ASU 2022-02 using a prospective basis except for the guidance related to the recognition and measurement of TDRs, where it was adopted on a modified retrospective transition method.

The adoption of this guidance did not have a material impact on the Company’s Consolidated Financial Statements.
v3.22.4
Fair Value Measurement and Fair Value of Financial Instruments (Tables)
 12 Months Ended
Dec. 31, 2022
Fair Value Disclosures [Abstract]  
Schedule of Increase (Decrease) in Fair Value of Assets for which a Nonrecurring Fair Value Adjustment Has Been Recognized
The following table presents the increase (decrease) in the fair value of certain assets held at the end of the respective reporting periods, for which a nonrecurring fair value adjustment was recognized for the years ended December 31, 2022, 2021 and 2020:
($ in thousands)Year Ended December 31,
202220212020
Loans held-for-investment:
Commercial:
C&I$(25,996)$(9,580)$(48,154)
CRE:
CRE(7,098)(10,231)(11,289)
Total commercial(33,094)(19,811)(59,443)
Consumer:
Residential mortgage:
HELOCs166 (4)(175)
Other consumer— — 2,491 
Total consumer$166 $(4)$2,316 
Total loans held-for-investment$(32,928)$(19,815)$(57,127)
Investments in tax credit and other investments, net$469 $877 $(3,868)
OREO$— $— $(3,680)
Other nonperforming assets$(6,861)$(4,241)$— 
Schedule of the Carrying and Fair Value Estimates Per the Fair Value Hierarchy of Financial Instruments Measured on a Nonrecurring Basis
The following tables present the fair value estimates for financial instruments as of December 31, 2022 and 2021, excluding financial instruments recorded at fair value on a recurring basis as they are included in the tables presented elsewhere in this Note. The carrying amounts in the following tables are recorded on the Consolidated Balance Sheet under the indicated captions, except for accrued interest receivable, restricted equity securities, at cost, and mortgage servicing rights that are included in Other assets, and accrued interest payable which is included in Accrued expenses and other liabilities. These financial assets and liabilities are measured on an amortized cost basis on the Company’s Consolidated Balance Sheet.
($ in thousands)December 31, 2022
Carrying
Amount		Level 1Level 2Level 3Estimated
Fair Value
Financial assets:
Cash and cash equivalents$3,481,784 $3,481,784 $— $— $3,481,784 
Interest-bearing deposits with banks$139,021 $— $139,021 $— $139,021 
Resale agreements$792,192 $— $693,656 $— $693,656 
HTM debt securities$3,001,868 $471,469 $1,983,702 $— $2,455,171 
Restricted equity securities, at cost$78,624 $— $78,624 $— $78,624 
Loans held-for-sale$25,644 $— $25,644 $— $25,644 
Loans held-for-investment, net$47,606,785 $— $— $46,670,690 $46,670,690 
Mortgage servicing rights$6,235 $— $— $10,917 $10,917 
Accrued interest receivable$263,430 $— $263,430 $263,430 
Financial liabilities:
Demand, checking, savings and money market deposits
$42,637,316 $— $42,637,316 $— $42,637,316 
Time deposits$13,330,533 $— $13,228,777 $— $13,228,777 
Repurchase agreements$300,000 $— $304,097 $— $304,097 
Long-term debt$147,950 $— $143,483 $— $143,483 
Accrued interest payable$37,198 $— $37,198 $— $37,198 
($ in thousands)December 31, 2021
Carrying
Amount		Level 1Level 2Level 3Estimated
Fair Value
Financial assets:
Cash and cash equivalents$3,912,935 $3,912,935 $— $— $3,912,935 
Interest-bearing deposits with banks$736,492 $— $736,492 $— $736,492 
Resale agreements$2,353,503 $— $2,335,901 $— $2,335,901 
Restricted equity securities, at cost$77,434 $— $77,434 $— $77,434 
Loans held-for-sale$635 $— $635 $— $635 
Loans held-for-investment, net$41,152,202 $— $— $41,199,599 $41,199,599 
Mortgage servicing rights$5,706 $— $— $9,104 $9,104 
Accrued interest receivable$159,833 $— $159,833 $— $159,833 
Financial liabilities:
Demand, checking, savings and money market deposits
$45,388,550 $— $45,388,550 $— $45,388,550 
Time deposits$7,961,982 $— $7,966,116 $— $7,966,116 
FHLB advances$249,331 $— $250,372 $— $250,372 
Repurchase agreements$300,000 $— $310,525 $— $310,525 
Long-term debt$147,658 $— $151,020 $— $151,020 
Accrued interest payable$11,435 $— $11,435 $— $11,435 
Schedule of Financial Assets (Liabilities) Measured at Fair Value on a Recurring Basis
The following tables present financial assets and liabilities that are measured at fair value on a recurring basis as of December 31, 2022 and 2021:
($ in thousands)Assets and Liabilities Measured at Fair Value on a Recurring Basis
as of December 31, 2022
Quoted Prices in
Active Markets
for Identical
Assets
(Level 1)		Significant
Other
Observable
Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)		Total
Fair Value
AFS debt securities:
U.S. Treasury securities$606,203 $— $— $606,203 
U.S. government agency and U.S. government sponsored enterprise debt securities
— 461,607 — 461,607 
U.S. government agency and U.S. government sponsored enterprise mortgage-backed securities:
Commercial mortgage-backed securities— 500,269 — 500,269 
Residential mortgage-backed securities— 1,762,195 — 1,762,195 
Municipal securities— 257,099 — 257,099 
Non-agency mortgage-backed securities:
Commercial mortgage-backed securities— 398,329 — 398,329 
Residential mortgage-backed securities— 649,224 — 649,224 
Corporate debt securities— 526,274 — 526,274 
Foreign government bonds— 227,053 — 227,053 
Asset-backed securities— 49,076 — 49,076 
Collateralized loan obligations (“CLOs”)— 597,664 — 597,664 
Total AFS debt securities$606,203 $5,428,790 $— $6,034,993 
Investments in tax credit and other investments:
Equity securities$19,777 $4,177 $— $23,954 
Total investments in tax credit and other investments
$19,777 $4,177 $— $23,954 
Derivative assets:
Interest rate contracts$— $440,283 $— $440,283 
Foreign exchange contracts— 53,109 — 53,109 
Equity contracts— — 323 323 
Commodity contracts— 261,613 — 261,613 
Gross derivative assets$— $755,005 $323 $755,328 
Netting adjustments (1)
$— $(614,783)$— $(614,783)
Net derivative assets$— $140,222 $323 $140,545 
Derivative liabilities:
Interest rate contracts$— $584,516 $— $584,516 
Foreign exchange contracts— 44,117 — 44,117 
Credit contracts— 23 — 23 
Commodity contracts— 258,608 — 258,608 
Gross derivative liabilities$— $887,264 $— $887,264 
Netting adjustments (1)
$— $(242,745)$— $(242,745)
Net derivative liabilities$— $644,519 $— $644,519 
($ in thousands)Assets and Liabilities Measured at Fair Value on a Recurring Basis
as of December 31, 2021
Quoted Prices in
Active Markets
for Identical
Assets
(Level 1)		Significant
Other
Observable
Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)		Total
Fair Value
AFS debt securities:
U.S. Treasury securities$1,032,681 $— $— $1,032,681 
U.S. government agency and U.S. government sponsored enterprise debt securities
— 1,301,971 — 1,301,971 
U.S. government agency and U.S. government sponsored enterprise mortgage-backed securities:
Commercial mortgage-backed securities— 1,228,980 — 1,228,980 
Residential mortgage-backed securities— 2,928,283 — 2,928,283 
Municipal securities— 523,158 — 523,158 
Non-agency mortgage-backed securities:
Commercial mortgage-backed securities— 496,443 — 496,443 
Residential mortgage-backed securities— 881,931 — 881,931 
Corporate debt securities— 649,665 — 649,665 
Foreign government bonds— 257,733 — 257,733 
Asset-backed securities— 74,558 — 74,558 
CLOs— 589,950 — 589,950 
Total AFS debt securities$1,032,681 $8,932,672 $— $9,965,353 
Investments in tax credit and other investments:
Equity securities$22,130 $4,474 $— $26,604 
Total investments in tax credit and other investments
$22,130 $4,474 $— $26,604 
Derivative assets:
Interest rate contracts$— $240,222 $— $240,222 
Foreign exchange contracts— 21,033 — 21,033 
Equity contracts— 5 215 220 
Commodity contracts— 222,709 — 222,709 
Gross derivative assets$— $483,969 $215 $484,184 
Netting adjustments (1)
$— $(100,953)$— $(100,953)
Net derivative assets$— $383,016 $215 $383,231 
Derivative liabilities:
Interest rate contracts$— $180,130 $— $180,130 
Foreign exchange contracts— 15,333 — 15,333 
Credit contracts— 141 — 141 
Commodity contracts— 194,567 — 194,567 
Gross derivative liabilities$— $390,171 $— $390,171 
Netting adjustments (1)
$— $(232,727)$— $(232,727)
Net derivative liabilities$— $157,444 $— $157,444 
(1)Represents balance sheet netting of derivative assets and liabilities and related cash collateral under master netting agreements or similar agreements. See Note 5 — Derivatives to the Consolidated Financial Statements in this Form 10-K for additional information.
Reconciliation of the Beginning and Ending Balances of Equity Contracts Measured at Fair Value on a Recurring Basis using Significant Unobservable Inputs (Level 3) The following table provides a reconciliation of the beginning and ending balances of these equity contracts for the years ended December 31, 2022, 2021 and 2020:
($ in thousands)Year Ended December 31,
202220212020
Equity contracts
Beginning balance$215 $273 $421 
Total gains included in earnings (1)
17 32 8,225 
Issuances91 12 — 
Settlements— (96)— 
Transfers out of Level 3 (2)
— (6)(8,373)
Ending balance$323 $215 $273 
(1)Includes both realized and unrealized gain (losses) recorded in Lending fees on the Consolidated Statement of Income. The unrealized gains (losses) were $17 thousand, $(44) thousand, and $8.2 million for the years ended December 31, 2022, 2021 and 2020, respectively.
(2)During the years ended December 31, 2021 and 2020, the Company transferred $6 thousand and $8.4 million, respectively, of equity contracts measured on a recurring basis out of Level 3 into Level 2 after the corresponding issuer of the equity warrant, which was previously a private company, completed its initial public offering and became a public company.
Schedule of Quantitative Information About Significant Unobservable Inputs Used in the Valuation of level 3 Fair Value Measurements
The following table presents quantitative information about the significant unobservable inputs used in the valuation of Level 3 fair value measurements as of December 31, 2022 and 2021. The significant unobservable inputs presented in the table below are those that the Company considers significant to the fair value of the Level 3 assets. The Company considers unobservable inputs to be significant if, by their exclusion, the fair value of the Level 3 assets would be impacted by a predetermined percentage change.
($ in thousands)Fair Value
Measurements
(Level 3)		Valuation
Technique		Unobservable
Inputs		Range of
Inputs
Weighted-
 Average of Inputs (1)
December 31, 2022
Derivative assets:
Equity contracts$323 
Black-Scholes option pricing model
Equity volatility
42% — 60%
54%
Liquidity discount47%47%
December 31, 2021
Derivative assets:
Equity contracts$215 
Black-Scholes option pricing model
Equity volatility
44% — 54%
49%
Liquidity discount47%47%
(1)Weighted-average of inputs is calculated based on the fair value of equity contracts as of December 31, 2022 and 2021.
The following table presents the quantitative information about the significant unobservable inputs used in the valuation of Level 3 fair value measurements that are measured on a nonrecurring basis as of December 31, 2022 and 2021:
($ in thousands)Fair Value
Measurements
(Level 3)		Valuation
Techniques		Unobservable
Inputs		Range of
Inputs
Weighted-
Average of Inputs (1)
December 31, 2022
Loans held-for-investment$23,322 Discounted cash flowsDiscount
4% — 6%
4%
$17,912 Fair value of collateralDiscount
15% — 75%
37%
$31,380 Fair value of propertySelling cost
8%
8%
December 31, 2021
Loans held-for-investment$64,919 Discounted cash flowsDiscount
4% — 15%
7%
$38,537 Fair value of collateralDiscount
15% — 75%
41%
$23,528 Fair value of propertySelling cost
8%
8%
(1)Weighted-average of inputs is based on the relative fair value of the respective assets as of December 31, 2022 and 2021.
Schedule of Carrying Amounts of Assets That Were Still Held and Had Fair Value Changes Measured on a Nonrecurring Basis
The following tables present the carrying amounts of assets that were still held and had fair value adjustments measured on a nonrecurring basis as of December 31, 2022 and 2021:
($ in thousands)Assets Measured at Fair Value on a Nonrecurring Basis
as of December 31, 2022
Quoted Prices in
Active Markets
for Identical
Assets
(Level 1)		Significant
Other
Observable
Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)		Fair Value Measurements
Loans held-for-investment:
Commercial:
C&I$— $— $40,011 $40,011 
CRE:
CRE— — 31,380 31,380 
Total commercial— — 71,391 71,391 
Consumer:
Residential mortgage:
HELOCs— — 1,223 1,223 
Total consumer— — 1,223 1,223 
Total loans held-for-investment$— $— $72,614 $72,614 
($ in thousands)Assets Measured at Fair Value on a Nonrecurring Basis
as of December 31, 2021
Quoted Prices in
Active Markets
for Identical
Assets
(Level 1)		Significant
Other
Observable
Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)		Fair Value Measurements
Loans held-for-investment:
Commercial:
C&I$— $— $102,349 $102,349 
CRE:
CRE— — 21,891 21,891 
Total commercial— — 124,240 124,240 
Consumer:
Residential mortgage:
HELOCs— — 2,744 2,744 
Total consumer— — 2,744 2,744 
Total loans held-for-investment$— $— $126,984 $126,984 
Other nonperforming assets$391 $— $— $391 
v3.22.4
Assets Purchased under Resale Agreements and Sold under Repurchase Agreements (Tables)
 12 Months Ended
Dec. 31, 2022
RESALE AND REPURCHASE AGREEMENTS  
Schedule of Balance Sheet Offsetting for Resale Agreements and Repurchase Agreements
The following tables present the resale and repurchase agreements included on the Consolidated Balance Sheet as of December 31, 2022 and 2021:
($ in thousands)December 31, 2022
AssetsGross Amounts
of Recognized
Assets		Gross Amounts
Offset on the
Consolidated
Balance Sheet		Net Amounts of
Assets Presented
on the Consolidated
Balance Sheet		Gross Amounts 
Not Offset on the
Consolidated 
Balance Sheet		Net
Amount
Collateral Received
Resale agreements$792,192 $— $792,192 $(701,790)
(1)
$90,402 
LiabilitiesGross Amounts
of Recognized
Liabilities		Gross Amounts
Offset on the
Consolidated
Balance Sheet		Net Amounts of
Liabilities Presented on the Consolidated
Balance Sheet		Gross Amounts Not Offset on the
Consolidated Balance Sheet		Net
Amount
Collateral Pledged
Repurchase agreements$300,000 $— $300,000 $(300,000)
(2)
$— 
($ in thousands)December 31, 2021
AssetsGross Amounts
of Recognized
Assets		Gross Amounts
Offset on the
Consolidated
Balance Sheet		Net Amounts of
Assets Presented
on the Consolidated
Balance Sheet		Gross Amounts 
Not Offset on the
Consolidated 
Balance Sheet		Net
Amount
Collateral Received
Resale agreements$2,353,503 $— $2,353,503 $(2,327,687)
(1)
$25,816 
LiabilitiesGross Amounts
of Recognized
Liabilities		Gross Amounts
Offset on the
Consolidated
Balance Sheet		Net Amounts of
Liabilities Presented on the Consolidated
Balance Sheet		Gross Amounts 
Not Offset on the
Consolidated 
Balance Sheet		Net
Amount
Collateral  Pledged
Repurchase agreements$300,000 $— $300,000 $(300,000)
(2)
$— 
(1)Represents the fair value of assets the Company has received under resale agreements, limited for table presentation purposes to the amount of the recognized asset due from each counterparty. The application of collateral cannot reduce the net position below zero. Therefore, excess collateral, if any, is not reflected above.
(2)Represents the fair value of assets the Company has pledged under repurchase agreements, limited for table presentation purposes to the amount of the recognized liability due to each counterparty. The application of collateral cannot reduce the net position below zero. Therefore, excess collateral, if any, is not reflected above.
v3.22.4
Securities (Tables)
 12 Months Ended
Dec. 31, 2022
Investments, Debt and Equity Securities [Abstract]  
Debt Securities, Available-for-Sale
The following tables present the amortized cost, gross unrealized gains and losses, and fair value by major categories of AFS and HTM debt securities as of December 31, 2022 and 2021:
($ in thousands)December 31, 2022
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair
Value
AFS debt securities:
U.S. Treasury securities$676,306 $— $(70,103)$606,203 
U.S. government agency and U.S. government-sponsored enterprise debt securities517,806 67 (56,266)461,607 
U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities:
Commercial mortgage-backed securities577,392 — (77,123)500,269 
Residential mortgage-backed securities2,011,054 41 (248,900)1,762,195 
Municipal securities:303,884 3 (46,788)257,099 
Non-agency mortgage-backed securities:
Commercial mortgage-backed securities447,512 213 (49,396)398,329 
Residential mortgage-backed securities762,202 — (112,978)649,224 
Corporate debt securities673,502 — (147,228)526,274 
Foreign government bonds241,165 174 (14,286)227,053 
Asset-backed securities51,152 — (2,076)49,076 
CLOs617,250 — (19,586)597,664 
Total AFS debt securities6,879,225 498 (844,730)6,034,993 
HTM debt securities
U.S. Treasury securities524,081 — (52,612)471,469 
U.S. government agency and U.S. government-sponsored enterprise debt securities998,972 — (209,560)789,412 
U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities:
Commercial mortgage-backed securities506,965 — (98,566)408,399 
Residential mortgage-backed securities782,141 — (148,230)633,911 
Municipal securities189,709 — (37,729)151,980 
Total HTM debt securities3,001,868 — (546,697)2,455,171 
Total debt securities$9,881,093 $498 $(1,391,427)$8,490,164 
($ in thousands)December 31, 2021
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair
Value
AFS debt securities:
U.S. Treasury securities$1,049,238 $130 $(16,687)$1,032,681 
U.S. government agency and U.S. government-sponsored enterprise debt securities1,333,984 2,697 (34,710)1,301,971 
U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities:
Commercial mortgage-backed securities1,242,043 15,791 (28,854)1,228,980 
Residential mortgage-backed securities2,968,789 8,629 (49,135)2,928,283 
Municipal securities519,381 10,065 (6,288)523,158 
Non-agency mortgage-backed securities:
Commercial mortgage-backed securities498,920 3,000 (5,477)496,443 
Residential mortgage-backed securities889,937 971 (8,977)881,931 
Corporate debt securities657,516 8,738 (16,589)649,665 
Foreign government bonds260,447 767 (3,481)257,733 
Asset-backed securities74,674 185 (301)74,558 
CLOs592,250 52 (2,352)589,950 
Total AFS debt securities$10,087,179 $51,025 $(172,851)$9,965,353 
Debt Securities, Held-to-Maturity
The following tables present the amortized cost, gross unrealized gains and losses, and fair value by major categories of AFS and HTM debt securities as of December 31, 2022 and 2021:
($ in thousands)December 31, 2022
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair
Value
AFS debt securities:
U.S. Treasury securities$676,306 $— $(70,103)$606,203 
U.S. government agency and U.S. government-sponsored enterprise debt securities517,806 67 (56,266)461,607 
U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities:
Commercial mortgage-backed securities577,392 — (77,123)500,269 
Residential mortgage-backed securities2,011,054 41 (248,900)1,762,195 
Municipal securities:303,884 3 (46,788)257,099 
Non-agency mortgage-backed securities:
Commercial mortgage-backed securities447,512 213 (49,396)398,329 
Residential mortgage-backed securities762,202 — (112,978)649,224 
Corporate debt securities673,502 — (147,228)526,274 
Foreign government bonds241,165 174 (14,286)227,053 
Asset-backed securities51,152 — (2,076)49,076 
CLOs617,250 — (19,586)597,664 
Total AFS debt securities6,879,225 498 (844,730)6,034,993 
HTM debt securities
U.S. Treasury securities524,081 — (52,612)471,469 
U.S. government agency and U.S. government-sponsored enterprise debt securities998,972 — (209,560)789,412 
U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities:
Commercial mortgage-backed securities506,965 — (98,566)408,399 
Residential mortgage-backed securities782,141 — (148,230)633,911 
Municipal securities189,709 — (37,729)151,980 
Total HTM debt securities3,001,868 — (546,697)2,455,171 
Total debt securities$9,881,093 $498 $(1,391,427)$8,490,164 
($ in thousands)December 31, 2021
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair
Value
AFS debt securities:
U.S. Treasury securities$1,049,238 $130 $(16,687)$1,032,681 
U.S. government agency and U.S. government-sponsored enterprise debt securities1,333,984 2,697 (34,710)1,301,971 
U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities:
Commercial mortgage-backed securities1,242,043 15,791 (28,854)1,228,980 
Residential mortgage-backed securities2,968,789 8,629 (49,135)2,928,283 
Municipal securities519,381 10,065 (6,288)523,158 
Non-agency mortgage-backed securities:
Commercial mortgage-backed securities498,920 3,000 (5,477)496,443 
Residential mortgage-backed securities889,937 971 (8,977)881,931 
Corporate debt securities657,516 8,738 (16,589)649,665 
Foreign government bonds260,447 767 (3,481)257,733 
Asset-backed securities74,674 185 (301)74,558 
CLOs592,250 52 (2,352)589,950 
Total AFS debt securities$10,087,179 $51,025 $(172,851)$9,965,353 
Debt Securities, Available-for-Sale, Unrealized Loss Position, Fair Value
The following tables present the fair value and the associated gross unrealized losses of the Company’s AFS debt securities, aggregated by investment category and the length of time that the securities have been in a continuous unrealized loss position, as of December 31, 2022 and 2021:
($ in thousands)December 31, 2022
Less Than 12 Months12 Months or MoreTotal
Fair
Value		Gross
Unrealized
Losses		Fair
Value		Gross
Unrealized
Losses		Fair
Value		Gross
Unrealized
Losses
AFS debt securities:
U.S. Treasury securities$131,843 $(8,761)$474,360 $(61,342)$606,203 $(70,103)
U.S. government agency and U.S. government-sponsored enterprise debt securities97,403 (6,902)214,136 (49,364)311,539 (56,266)
U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities:
Commercial mortgage-backed securities252,144 (30,029)248,125 (47,094)500,269 (77,123)
Residential mortgage-backed securities307,536 (20,346)1,448,658 (228,554)1,756,194 (248,900)
Municipal securities95,655 (10,194)159,439 (36,594)255,094 (46,788)
Non-agency mortgage-backed securities:
Commercial mortgage-backed securities106,184 (3,309)282,301 (46,087)388,485 (49,396)
Residential mortgage-backed securities22,715 (1,546)626,509 (111,432)649,224 (112,978)
Corporate debt securities173,595 (17,907)352,679 (129,321)526,274 (147,228)
Foreign government bonds107,576 (429)36,143 (13,857)143,719 (14,286)
Asset-backed securities12,450 (524)36,626 (1,552)49,076 (2,076)
CLOs144,365 (4,735)453,299 (14,851)597,664 (19,586)
Total AFS debt securities$1,451,466 $(104,682)$4,332,275 $(740,048)$5,783,741 $(844,730)
($ in thousands)December 31, 2021
Less Than 12 Months12 Months or MoreTotal
Fair
Value		Gross
Unrealized
Losses		Fair
Value		Gross
Unrealized
Losses		Fair
Value		Gross
Unrealized
Losses
AFS debt securities:
U.S. Treasury securities$935,776 $(14,689)$47,881 $(1,998)$983,657 $(16,687)
U.S. government agency and U.S. government-sponsored enterprise debt securities773,647 (18,000)402,907 (16,710)1,176,554 (34,710)
U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities:
Commercial mortgage-backed securities440,734 (13,589)257,745 (15,265)698,479 (28,854)
Residential mortgage-backed securities2,138,542 (37,691)330,522 (11,444)2,469,064 (49,135)
Municipal securities177,065 (5,682)17,003 (606)194,068 (6,288)
Non-agency mortgage-backed securities:
Commercial mortgage-backed securities301,925 (4,158)40,013 (1,319)341,938 (5,477)
Residential mortgage-backed securities707,792 (8,966)6,431 (11)714,223 (8,977)
Corporate debt securities183,916 (3,084)251,494 (13,505)435,410 (16,589)
Foreign government bonds27,097 (5)133,279 (3,476)160,376 (3,481)
Asset-backed securities24,885 (301)— — 24,885 (301)
CLOs221,586 (64)291,712 (2,288)513,298 (2,352)
Total AFS debt securities$5,932,965 $(106,229)$1,778,987 $(66,622)$7,711,952 $(172,851)
Schedule of the Gross Realized Gains and Tax Expense Related to the Sales of AFS Debt Securities
The following table presents gross realized gains and tax expense related to the sales of AFS debt securities for the years ended December 31, 2022, 2021 and 2020:
($ in thousands)Year Ended December 31,
202220212020
Gross realized gains$1,306 $1,568 $12,299 
Related tax expense$386 $464 $3,636 
Schedule of Composition of Interest Income on Debt Securities
The following table presents the composition of interest income on debt securities for the years ended December 31, 2022, 2021 and 2020:
($ in thousands)Year Ended December 31,
202220212020
Taxable interest$179,720 $131,985 $75,590 
Nontaxable interest19,186 11,998 6,963 
Total interest income on debt securities$198,906 $143,983 $82,553 
Schedule of Contractual Maturities of AFS and HTM Debt Securities
The following tables present the contractual maturities, amortized cost, fair value and weighted average yields of AFS and HTM debt securities as of December 31, 2022. Expected maturities will differ from contractual maturities on certain securities as the issuers and borrowers of the underlying collateral may have the right to call or prepay obligations with or without prepayment penalties.
($ in thousands)Within One Year
After One Year through Five Years
After Five Years through Ten Years After Ten Years Total
AFS debt securities:
U.S. Treasury securities
Amortized cost$— $576,585 $99,721 $— $676,306 
Fair value— 521,174 85,029 — 606,203 
Weighted-average yield (1)
— %1.28 %0.74 %— %1.20 %
U.S. government agency and U.S. government-sponsored enterprise debt securities
Amortized cost100,000 149,772 100,000 168,034 517,806 
Fair value99,939 144,796 81,973 134,899 461,607 
Weighted-average yield (1)
4.97 %3.71 %1.26 %2.10 %2.96 %
U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities
Amortized cost— 31,165 161,960 2,395,321 2,588,446 
Fair value— 29,643 146,737 2,086,084 2,262,464 
Weighted-average yield (1)
— %3.20 %2.69 %3.22 %3.19 %
Municipal securities
Amortized cost2,307 34,865 6,847 259,865 303,884 
Fair value2,283 32,160 5,780 216,876 257,099 
Weighted-average yield (1) (2)
2.21 %2.40 %1.85 %2.25 %2.26 %
Non-agency mortgage-backed securities
Amortized cost57,190 158,574 22,788 971,162 1,209,714 
Fair value56,222 151,239 22,000 818,092 1,047,553 
Weighted-average yield (1)
4.93 %3.78 %0.84 %2.45 %2.72 %
Corporate debt securities
Amortized cost10,000 — 334,502 329,000 673,502 
Fair value9,856 — 292,049 224,369 526,274 
Weighted average yield (1)
3.77 %— %3.59 %1.98 %2.81 %
Foreign government bonds
Amortized cost133,999 7,166 50,000 50,000 241,165 
Fair value134,112 7,128 49,670 36,143 227,053 
Weighted-average yield (1)
2.15 %2.24 %4.18 %1.50 %2.44 %
Asset-backed securities
Amortized cost— — — 51,152 51,152 
Fair value— — — 49,076 49,076 
Weighted-average yield (1)
— %— %— %5.16 %5.16 %
CLOs
Amortized cost— — 25,000 592,250 617,250 
Fair value— — 24,301 573,363 597,664 
Weighted average yield (1)
— %— %5.23 %5.40 %5.40 %
Total AFS debt securities
Amortized cost$303,496 $958,127 $800,818 $4,816,784 $6,879,225 
Fair value$302,412 $886,140 $707,539 $4,138,902 $6,034,993 
Weighted-average yield (1)
3.66 %2.18 %2.76 %3.16 %3.00 %
($ in thousands)Within One Year
After One Year through Five Years
After Five Years through Ten YearsAfter Ten YearsTotal
HTM debt securities:
U.S. Treasury securities
Amortized cost$—$404,252$119,829$—$524,081
Fair value—364,360107,109—471,469
Weighted-average yield (1)
— %1.01 %1.18 %— %1.05 %
U.S. government agency and U.S. government-sponsored enterprise debt securities
Amortized cost——255,967743,005998,972
Fair value——216,340573,072789,412
Weighted-average yield (1)
— %— %1.94 %1.88 %1.90 %
U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities
Amortized cost——96,0961,193,0101,289,106
Fair value——80,706961,6041,042,310
Weighted-average yield (1)
— %— %1.56 %1.68 %1.67 %
Municipal securities
Amortized cost———189,709189,709
Fair value———151,980151,980
Weighted-average yield (1) (2)
— %— %— %1.98 %1.98 %
Total HTM debt securities
Amortized cost$—$404,252$471,892$2,125,724$3,001,868
Fair value$—$364,360$404,155$1,686,656$2,455,171
Weighted-average yield (1)
— %1.01 %1.67 %1.78 %1.66 %
(1)Weighted-average yields are computed based on amortized cost balances.
(2)Yields on tax-exempt securities are not presented on a tax-equivalent basis.
Schedule of Restricted Equity Securities
The following table presents the restricted equity securities included in Other assets on the Consolidated Balance Sheet as of December 31, 2022 and 2021:
($ in thousands)December 31,
20222021
FRBSF stock
$61,374 $60,184 
FHLB stock17,250 17,250 
Total restricted equity securities$78,624 $77,434 
v3.22.4
Derivatives (Tables)
 12 Months Ended
Dec. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Notional and Fair Values of Derivatives
The following table presents the notional amounts and fair values of the Company’s derivatives as of December 31, 2022 and 2021. The fair values are presented on a gross basis prior to the application of bilateral collateral and master netting agreements, but after the application of variation margin payments as settlement to fair values of contracts cleared through central clearing organizations. Total derivative asset and liability fair values are adjusted to reflect the effects of legally enforceable master netting agreements and cash collateral received or paid. The resulting net derivative asset and liability fair values are included in Other assets and Accrued expenses and other liabilities, respectively, on the Consolidated Balance Sheet.
($ in thousands)December 31, 2022December 31, 2021
Notional
Amount		Fair ValueNotional
Amount		Fair Value
Derivative
Assets		Derivative
Liabilities		Derivative
Assets		Derivative
Liabilities
Derivatives designated as hedging instruments:
Cash flow hedges:
Interest rate contracts
$3,450,000 $13,455 $19,687 $275,000 $— $57 
Net investment hedges:
Foreign exchange contracts
84,832 5,590 — 86,531 — 225 
Total derivatives designated as hedging instruments
$3,534,832 $19,045 $19,687 $361,531 $— $282 
Derivatives not designated as hedging instruments:
Interest rate contracts
$16,932,414 $426,828 $564,829 $17,575,420 $240,222 $179,905 
Commodity contracts— (1)261,613 258,608 — (1)222,709 194,567 
Foreign exchange contracts2,982,891 47,519 44,117 1,874,681 21,033 15,276 
Credit contracts140,950 (2)— 23 72,560 (2)— 141 
Equity contracts— (3)323 — — (3)220 — 
Total derivatives not designated as hedging instruments
$20,056,255 $736,283 $867,577 $19,522,661 $484,184 $389,889 
Gross derivative assets/liabilities$755,328 $887,264 $484,184 $390,171 
Less: Master netting agreements(242,745)(242,745)(58,679)(58,679)
Less: Cash collateral received/paid(372,038)— (42,274)(174,048)
Net derivative assets/liabilities$140,545 $644,519 $383,231 $157,444 
(1)The notional amount of the Company’s commodity contracts totaled 12,005 thousand barrels of crude oil and 247,704 thousand units of natural gas, measured in million British thermal units (“MMBTUs”) as of December 31, 2022. In comparison, the notional amount of the Company’s commodity contracts totaled 17,924 thousand barrels of crude oil and 218,770 thousand MMBTUs of natural gas as of December 31, 2021.
(2)Notional amount for credit contracts reflects the Company’s pro-rata share of the derivative instruments in RPAs.
(3)The Company held equity contracts in one public company and 13 private companies as of December 31, 2022, and one public company and 12 private companies as of December 31, 2021.
The following table presents the notional amounts and the gross fair values of the interest rate and foreign exchange derivatives issued for customer-related positions and other economic hedges as of December 31, 2022 and 2021:
($ in thousands)December 31, 2022December 31, 2021
Notional AmountFair ValueNotional AmountFair Value
AssetsLiabilitiesAssetsLiabilities
Customer-related positions:
Interest rate contracts:
Swaps$6,656,491 $1,438 $521,719 $7,460,836 $211,727 $39,650 
Written options1,548,158 — 30,904 1,118,074 — 2,148 
Collars and corridors215,773 — 8,924 194,181 1,272 642 
Subtotal8,420,422 1,438 561,547 8,773,091 212,999 42,440 
Foreign exchange contracts:
Forwards and spot993,588 17,009 18,090 900,290 13,688 9,446 
Swaps623,143 6,629 12,178 66,474 1,034 17 
Other121,631 2,070 245 20,287 2 — 
Subtotal1,738,362 25,708 30,513 987,051 14,724 9,463 
Total$10,158,784 $27,146 $592,060 $9,760,142 $227,723 $51,903 
Other economic hedges:
Interest rate contracts:
Swaps$6,683,828 $384,201 $2,047 $7,490,074 $24,418 $136,190 
Purchased options1,580,275 32,233 — 1,118,074 2,159 — 
  Written options32,117 — 1,235 — — — 
  Collars and corridors215,772 8,956 — 194,181 646 1,275 
Subtotal8,511,992 425,390 3,282 8,802,329 27,223 137,465 
Foreign exchange contracts:
Forwards and spot77,998 3,050 87 267,689 1,564 2,695 
Swaps1,044,900 18,516 11,447 599,654 4,745 3,116 
Other121,631 245 2,070 20,287 — 2 
Subtotal1,244,529 21,811 13,604 887,630 6,309 5,813 
Total$9,756,521 $447,201 $16,886 $9,689,959 $33,532 $143,278 
The following table presents the notional amounts in units and the gross fair values of the commodity derivatives issued for customer-related positions and other economic hedges as of December 31, 2022 and 2021:
($ and unit in thousands)December 31, 2022December 31, 2021
Notional
Units		Fair ValueNotional
Units		Fair Value
AssetsLiabilitiesAssetsLiabilities
Customer-related positions:
Commodity contracts:
Crude oil:
Swaps2,465 Barrels$39,955 $6,178 4,682 Barrels$71,242 $60 
Collars3,011 Barrels16,038 2,630 2,837 Barrels33,826 106 
   Written options— Barrels558 — — Barrels87— 
Subtotal5,476 Barrels56,551 8,808 7,519 Barrels105,155 166 
Natural gas:
Swaps92,590 MMBTUs112,314 73,208 58,959 MMBTUs49,188 3,775 
Collars32,072 MMBTUs2,217 18,317 24,315 MMBTUs10,903 458 
Subtotal124,662 MMBTUs114,531 91,525 83,274 MMBTUs60,091 4,233 
Total$171,082 $100,333 $165,246 $4,399 
Other economic hedges:
Commodity contracts:
Crude oil:
Swaps2,587 Barrels$6,935 $36,060 7,517 Barrels$27,524 $82,723 
Collars3,942 Barrels1,378 12,856 2,888 Barrels— 33,399 
  Purchased options— Barrels— 516 — Barrels— 81 
Subtotal6,529 Barrels8,313 49,432 10,405 Barrels27,524 116,203 
Natural gas:
Swaps91,900 MMBTUs69,767 106,883 109,567 MMBTUs28,803 63,029 
Collars31,142 MMBTUs12,451 1,960 25,929 MMBTUs1,136 10,936 
Subtotal123,042 MMBTUs82,218 108,843 135,496 MMBTUs29,939 73,965 
Total$90,531 $158,275 $57,463 $190,168 
Schedule of Pre-Tax Changes in AOCI from Cash Flows Hedges
The following table presents the pre-tax changes in AOCI from cash flow hedges for the years ended December 31, 2022, 2021 and 2020. The after-tax impact of cash flow hedges on AOCI is shown in Note 15 — Accumulated Other Comprehensive Income (Loss) to the Consolidated Financial Statements in this Form-10-K.
($ in thousands)Year Ended December 31,
202220212020
(Losses) gains recognized in AOCI:
Interest rate contracts
$(74,069)$1,210 $(1,604)
Realized (losses) gains reclassified from AOCI into earnings:
Interest expense (for cash flow hedges on borrowings)$3,200 $(868)$113 
Interest and dividend income (for cash flow hedges on loans)(7,204)— — 
Total$(4,004)$(868)$113 
Schedule of Net Investment Hedges in Accumulated Other Comprehensive Income (Loss) The following table presents the pre-tax gains (losses) recognized in AOCI on net investment hedges for the years ended December 31, 2022, 2021 and 2020:
($ in thousands)Year Ended December 31,
202220212020
Gains (losses) recognized in AOCI $4,509 $(4,558)$(6,700)
Schedule of Net Gains (Losses) Recognized on the Consolidated Statements of Income Related to Derivatives not Designated as Hedging Instruments
The following table presents the net gains (losses) recognized on the Company’s Consolidated Statement of Income related to derivatives not designated as hedging instruments for the years ended December 31, 2022, 2021 and 2020:
($ in thousands)Classification on
Consolidated Statement of Income		Year Ended December 31,
202220212020
Derivatives not designated as hedging instruments:
Interest rate contracts
Interest rate contracts and other derivative income
$13,905 $11,493 $(8,637)
Foreign exchange contractsForeign exchange income13,799 45,921 23,215 
Credit contracts
Interest rate contracts and other derivative income
118 139 (5)
Equity contractsLending fees151 382 11,025 
Commodity contracts
Interest rate contracts and other derivative income
48 (58)(35)
Net gains$28,021 $57,877 $25,563 
Schedule of Gross Derivative Fair Values, the Balance Sheet Netting Adjustments and Net Fair Values on the Consolidated Balance Sheets, As Well As the Cash and Non-Cash Collateral
The following tables present the gross derivative fair values, the balance sheet netting adjustments and the resulting net fair values recorded on the Consolidated Balance Sheet, as well as the cash and noncash collateral associated with master netting arrangements. The gross amounts of derivative assets and liabilities are presented after the application of variation margin payments as settlements to the fair values of contracts cleared through central clearing organizations, where applicable. The collateral amounts in the following tables are limited to the outstanding balances of the related asset or liability. Therefore, instances of overcollateralization are not shown:
($ in thousands)As of December 31, 2022
Gross
Amounts
Recognized (1)
Gross Amounts Offset on the
Consolidated Balance Sheet
Net Amounts
Presented
on the
Consolidated
Balance Sheet		Gross Amounts Not Offset on the
Consolidated Balance Sheet 		Net
Amount
Master Netting Arrangements
Cash Collateral Received (3)
Security Collateral
Received (5)
Derivative assets$755,328 $(242,745)$(372,038)

$140,545 $(60,567)

$79,978 
Gross
Amounts
Recognized (2)
Gross Amounts Offset on the
Consolidated Balance Sheet
Net Amounts
Presented
on the
Consolidated
Balance Sheet		Gross Amounts Not Offset on the
Consolidated Balance Sheet		Net
Amount
Master Netting Arrangements
Cash Collateral Pledged (4)
Security Collateral
Pledged (5)
Derivative liabilities$887,264 $(242,745)$— 

$644,519 $(38,438)

$606,081 
($ in thousands)As of December 31, 2021
Gross
Amounts
Recognized (1)
Gross Amounts Offset on the
Consolidated Balance Sheet
Net Amounts
Presented
on the
Consolidated
Balance Sheet		Gross Amounts Not Offset on the
Consolidated Balance Sheet		Net
Amount
Master Netting Arrangements
Cash Collateral Received (3)
Security Collateral
Received (5)
Derivative assets$484,184 $(58,679)$(42,274)$383,231 $— $383,231 
Gross
Amounts
Recognized (2)
Gross Amounts Offset on the
Consolidated Balance Sheet
Net Amounts
Presented
on the
Consolidated
Balance Sheet
Gross Amounts Not Offset on the
Consolidated Balance Sheet
Net
Amount
Master Netting Arrangements
Cash Collateral Pledged (4)
Security Collateral
Pledged (5)
Derivative liabilities$390,171 $(58,679)$(174,048)$157,444 $(106,598)$50,846 
(1)Includes $2.1 million and $587 thousand of gross fair value assets with counterparties that were not subject to enforceable master netting arrangements or similar agreements as of December 31, 2022 and 2021, respectively.
(2)Includes $566 thousand and $666 thousand of gross fair value liabilities with counterparties that were not subject to enforceable master netting arrangements or similar agreements as of December 31, 2022 and 2021, respectively.
(3)Gross cash collateral received under master netting arrangements or similar agreements were $384.9 million and $47.0 million as of December 31, 2022 and 2021, respectively. Of the gross cash collateral received, $372.0 million and $42.3 million were used to offset against derivative assets as of December 31, 2022 and 2021, respectively.
(4)Gross cash collateral pledged under master netting arrangements or similar agreements were $490 thousand and $176.5 million as of December 31, 2022 and 2021, respectively. Of the gross cash collateral pledged, none and $174.0 million were used to offset against derivative liabilities as of December 31, 2022 and 2021, respectively.
(5)Represents the fair value of security collateral received or pledged limited to derivative assets or liabilities that are subject to enforceable master netting arrangements or similar agreements. U.S. GAAP does not permit the netting of noncash collateral on the Consolidated Balance Sheet but requires disclosure of such amounts.
v3.22.4
Loans Receivable and Allowance for Credit Losses (Tables)
 12 Months Ended
Dec. 31, 2022
Loans and Leases Receivable Disclosure [Abstract]  
Schedule of the Composition of Loan Held-For-Investment
The following table presents the composition of the Company’s loans held-for-investment outstanding as of December 31, 2022 and 2021:
($ in thousands)December 31, 2022December 31, 2021
Commercial:
C&I (1)
$15,711,095 $14,150,608 
CRE:
CRE13,857,870 12,155,047 
Multifamily residential4,573,068 3,675,605 
Construction and land638,420 346,486 
Total CRE19,069,358 16,177,138 
Total commercial34,780,453 30,327,746 
Consumer:
Residential mortgage:
Single-family residential11,223,027 9,093,702 
HELOCs2,122,655 2,144,821 
Total residential mortgage13,345,682 11,238,523 
Other consumer76,295 127,512 
Total consumer13,421,977 11,366,035 
Total loans held-for-investment (2)
$48,202,430 $41,693,781 
Allowance for loan losses(595,645)(541,579)
Loans held-for-investment, net (2)
$47,606,785 $41,152,202 
(1)Includes Paycheck Protection Program loans of $99.0 million and $534.2 million as of December 31, 2022 and 2021, respectively.
(2)Includes $(70.4) million and $(50.7) million net deferred loan fees and net unamortized premiums as of December 31, 2022 and 2021, respectively.
Schedule of Loans Held-for-Investment by Loan Portfolio Segment, Internal Risk Ratings and Vintage Year
The following tables summarize the Company’s loans held-for-investment by loan portfolio segments, internal risk ratings and vintage year as of December 31, 2022 and 2021. The vintage year is the year of origination, renewal or major modification. Revolving loans that are converted to term loans presented in the tables below are excluded from term loans by vintage year columns.
December 31, 2022
Term Loans by Origination YearRevolving Loans
Revolving Loans Converted to Term Loans (1)
Total
($ in thousands)20222021202020192018Prior
Commercial:
C&I:
Pass$2,831,834 $2,053,215 $623,026 $392,013 $143,970 $97,605 $9,177,401 $20,548 $15,339,612 
Criticized (accrual) 72,210 34,296 48,761 34,221 20,646 12,933 97,988 — 321,055 
Criticized (nonaccrual)18,722 4,797 10,733 243 5,618 10,315 — — 50,428 
Total C&I2,922,766 2,092,308 682,520 426,477 170,234 120,853 9,275,389 20,548 15,711,095 
CRE:
Pass4,178,780 2,404,634 1,505,150 1,771,679 1,471,710 1,909,925 165,653 22,009 13,429,540 
Criticized (accrual)3,518 60,573 159,424 40,095 91,132 32,173 1,455 16,716 405,086 
Criticized (nonaccrual)— 19,044 — — — 4,200 — — 23,244 
Subtotal CRE4,182,298 2,484,251 1,664,574 1,811,774 1,562,842 1,946,298 167,108 38,725 13,857,870 
Multifamily residential:
Pass1,500,289 892,598 641,677 519,614 350,044 625,293 11,325 — 4,540,840 
Criticized (accrual)— — — 707 4,276 27,076 — — 32,059 
Criticized (nonaccrual)— — — — — 169 — — 169 
Subtotal multifamily residential1,500,289 892,598 641,677 520,321 354,320 652,538 11,325 — 4,573,068 
Construction and land:
Pass288,394 276,839 31,804 3,104 2,805 231 9,073 — 612,250 
Criticized (accrual)4,504 — — — 21,666 — — — 26,170 
Criticized (nonaccrual)— — — — — — — — — 
Subtotal construction and land292,898 276,839 31,804 3,104 24,471 231 9,073 — 638,420 
Total CRE5,975,485 3,653,688 2,338,055 2,335,199 1,941,633 2,599,067 187,506 38,725 19,069,358 
Total commercial8,898,251 5,745,996 3,020,575 2,761,676 2,111,867 2,719,920 9,462,895 59,273 34,780,453 
Consumer:
Single-family residential:
Pass (2)
3,548,894 2,453,717 1,775,696 1,101,965 817,164 1,500,359 — — 11,197,795 
Criticized (accrual)— 1,275 785 1,463 4,352 3,935 — — 11,810 
Criticized (Nonaccrual) (2)
141 — 204 3,202 1,721 8,154 — — 13,422 
Subtotal single-family residential mortgage3,549,035 2,454,992 1,776,685 1,106,630 823,237 1,512,448 — — 11,223,027 
HELOCs:
Pass520 3,583 7,336 3,203 525 8,960 1,958,692 127,401 2,110,220 
Criticized (accrual)— 6 — — — — 4 1,079 1,089 
Criticized (nonaccrual)— — 483 231 1,017 4,844 1,001 3,770 11,346 
Subtotal HELOCs520 3,589 7,819 3,434 1,542 13,804 1,959,697 132,250 2,122,655 
Total residential mortgage3,549,555 2,458,581 1,784,504 1,110,064 824,779 1,526,252 1,959,697 132,250 13,345,682 
Other consumer:
Pass17,088 137 5,356 — — 15,808 37,804 — 76,193 
Criticized (accrual)3 — — — — — — — 3 
Criticized (nonaccrual)— — — — — — 99 — 99 
Total other consumer17,091 137 5,356 — — 15,808 37,903 — 76,295 
Total consumer3,566,646 2,458,718 1,789,860 1,110,064 824,779 1,542,060 1,997,600 132,250 13,421,977 
Total by risk rating:
Pass12,365,799 8,084,723 4,590,045 3,791,578 2,786,218 4,158,181 11,359,948 169,958 47,306,450 
Criticized (accrual)80,235 96,150 208,970 76,486 142,072 76,117 99,447 17,795 797,272 
Criticized (nonaccrual)18,863 23,841 11,420 3,676 8,356 27,682 1,100 3,770 98,708 
Total$12,464,897 $8,204,714 $4,810,435 $3,871,740 $2,936,646 $4,261,980 $11,460,495 $191,523 $48,202,430 
December 31, 2021
Term Loans by Origination YearRevolving Loans
Revolving Loans Converted to Term Loans (1)
Total
($ in thousands)20212020201920182017Prior
Commercial:
C&I:
Pass$3,911,722 $1,133,085 $629,007 $187,195 $132,392 $225,326 $7,383,485 $28,842 $13,631,054 
Criticized (accrual)85,036 117,357 72,277 51,553 15,136 4,005 115,167 — 460,531 
Criticized (nonaccrual)29,456 2,792 513 517 9,301 16,444 — — 59,023 
Total C&I4,026,214 1,253,234 701,797 239,265 156,829 245,775 7,498,652 28,842 14,150,608 
CRE:
Pass2,792,193 2,090,503 2,230,520 1,863,481 1,120,682 1,727,862 128,668 6,389 11,960,298 
Criticized (accrual)71,055 3,200 9,176 21,077 24,851 55,892 — — 185,251 
Criticized (nonaccrual)4,350 — — — 4,752 396 — — 9,498 
Subtotal CRE2,867,598 2,093,703 2,239,696 1,884,558 1,150,285 1,784,150 128,668 6,389 12,155,047 
Multifamily residential:
Pass1,026,295 726,772 688,453 419,319 308,087 424,947 20,524 — 3,614,397 
Criticized (accrual)— — 721 22,344 7,033 30,666 — — 60,764 
Criticized (nonaccrual)— — — — — 444 — — 444 
Subtotal multifamily residential1,026,295 726,772 689,174 441,663 315,120 456,057 20,524 — 3,675,605 
Construction and land:
Pass122,983 103,743 90,544 3,412 — 391 — — 321,073 
Criticized (accrual)3,355 — — 22,058 — — — — 25,413 
Criticized (nonaccrual)— — — — — — — — — 
Subtotal construction and land126,338 103,743 90,544 25,470 — 391 — — 346,486 
Total CRE4,020,231 2,924,218 3,019,414 2,351,691 1,465,405 2,240,598 149,192 6,389 16,177,138 
Total commercial8,046,445 4,177,452 3,721,211 2,590,956 1,622,234 2,486,373 7,647,844 35,231 30,327,746 
Consumer:
Single-family residential:
Pass (2)
2,616,958 2,108,370 1,375,929 1,079,030 763,351 1,127,516 — — 9,071,154 
Criticized (accrual)— — 458 2,813 1,899 3,212 — — 8,382 
Criticized (nonaccrual) (2)
— — 1,751 3,889 4,295 4,231 — — 14,166 
Subtotal single-family residential mortgage2,616,958 2,108,370 1,378,138 1,085,732 769,545 1,134,959 — — 9,093,702 
HELOCs:
Pass648 3,277 4,644 1,347 3,268 11,215 1,913,478 197,414 2,135,291 
Criticized (accrual)— — — — — 371 7 708 1,086 
Criticized (nonaccrual)— — 52 188 3,543 973 — 3,688 8,444 
Subtotal HELOCs648 3,277 4,696 1,535 6,811 12,559 1,913,485 201,810 2,144,821 
Total residential mortgage2,617,606 2,111,647 1,382,834 1,087,267 776,356 1,147,518 1,913,485 201,810 11,238,523 
Other consumer:
Pass16,831 5,258 — — 1,741 52,147 51,481 — 127,458 
Criticized (accrual)2 — — — — — — — 2 
Criticized (nonaccrual)— — — — — — 52 — 52 
Total other consumer16,833 5,258 — — 1,741 52,147 51,533 — 127,512 
Total consumer2,634,439 2,116,905 1,382,834 1,087,267 778,097 1,199,665 1,965,018 201,810 11,366,035 
Total by risk rating:
Pass10,487,630 6,171,008 5,019,097 3,553,784 2,329,521 3,569,404 9,497,636 232,645 40,860,725 
Criticized (accrual)159,448 120,557 82,632 119,845 48,919 94,146 115,174 708 741,429 
Criticized (nonaccrual)33,806 2,792 2,316 4,594 21,891 22,488 52 3,688 91,627 
Total$10,680,884 $6,294,357 $5,104,045 $3,678,223 $2,400,331 $3,686,038 $9,612,862 $237,041 $41,693,781 
(1)$26.2 million, $6.5 million and $23.9 million of total commercial loans, primarily comprised of CRE and C&I revolving loans, were converted to term loans during the years ended December 31, 2022, 2021 and 2020, respectively. For the year ended December 31, 2022, no consumer loans were converted to term loans. $54.1 million and $145.0 million of total consumer loans, comprised of HELOCs, were converted to term loans during the years ended December 31, 2021 and 2020, respectively.
(2)As of December 31, 2022 and 2021, $818 thousand and $1.6 million, respectively, of nonaccrual loans whose payments are guaranteed by the Federal Housing Administration were classified with a “Pass” rating.
Schedule of Aging Analysis of Loans The following tables present the aging analysis of total loans held-for-investment as of December 31, 2022 and 2021:
($ in thousands)December 31, 2022
Current
Accruing
Loans		Accruing
Loans
30-59  Days
Past Due		Accruing
Loans
60-89  Days
Past Due		Total
Accruing
Past Due
Loans		Total
Nonaccrual
Loans		Total
Loans
Commercial:
C&I$15,651,312 $6,482 $2,873 $9,355 $50,428 $15,711,095 
CRE:
CRE13,820,441 14,185 — 14,185 23,244 13,857,870 
Multifamily residential4,571,899 678 322 1,000 169 4,573,068 
Construction and land638,420 — — — — 638,420 
Total CRE19,030,760 14,863 322 15,185 23,413 19,069,358 
Total commercial34,682,072 21,345 3,195 24,540 73,841 34,780,453 
Consumer:
Residential mortgage:
Single-family residential11,183,134 13,523 12,130 25,653 14,240 11,223,027 
HELOCs2,102,523 7,700 1,086 8,786 11,346 2,122,655 
Total residential mortgage13,285,657 21,223 13,216 34,439 25,586 13,345,682 
Other consumer73,004 109 3,083 3,192 99 76,295 
Total consumer13,358,661 21,332 16,299 37,631 25,685 13,421,977 
Total$48,040,733 $42,677 $19,494 $62,171 $99,526 $48,202,430 
($ in thousands)December 31, 2021
Current
Accruing
Loans		Accruing
Loans
30-59 Days
Past Due		Accruing
Loans
60-89 Days
Past Due		Total
Accruing
Past Due
Loans		Total
Nonaccrual
Loans		Total
Loans
Commercial:
C&I$14,080,516 $6,983 $4,086 $11,069 $59,023 $14,150,608 
CRE:
CRE12,141,827 3,722 — 3,722 9,498 12,155,047 
Multifamily residential3,669,819 5,320 22 5,342 444 3,675,605 
Construction and land346,486 — — — — 346,486 
Total CRE16,158,132 9,042 22 9,064 9,942 16,177,138 
Total commercial30,238,648 16,025 4,108 20,133 68,965 30,327,746 
Consumer:
Residential mortgage:
Single-family residential9,059,222 10,191 8,569 18,760 15,720 9,093,702 
HELOCs2,130,523 4,776 1,078 5,854 8,444 2,144,821 
Total residential mortgage
11,189,745 14,967 9,647 24,614 24,164 11,238,523 
Other consumer127,352 99 9 108 52 127,512 
Total consumer11,317,097 15,066 9,656 24,722 24,216 11,366,035 
Total$41,555,745 $31,091 $13,764 $44,855 $93,181 $41,693,781 
Schedule of Amortized Cost of Loans on Nonaccrual Status with No Related Allowance for Loan Losses
The following table presents the amortized cost of loans on nonaccrual status for which there was no related allowance for loan losses as of both December 31, 2022 and 2021. Nonaccrual loans may not have an allowance for credit losses if the loan balances are well secured by the collateral value and there is no loss expectation.
($ in thousands)December 31, 2022December 31, 2021
Commercial:
C&I$11,398 $22,967 
CRE22,944 9,102 
Total commercial34,342 32,069 
Consumer:
Single-family residential2,998 5,785 
HELOCs7,245 5,033 
Total consumer10,243 10,818 
Total nonaccrual loans with no related allowance for loan losses$44,585 $42,887 
Summary of Additions and Post-Modifications to Troubled Debt Restructurings
The following tables present the additions to TDRs for the years ended December 31, 2022, 2021 and 2020:
($ in thousands)
Loans Modified as TDRs During the Year Ended December 31, 2022
Number
of
Loans		Pre-Modification
Outstanding
Recorded
Investment
Post-Modification
Outstanding
Recorded
Investment (1)
Financial
Impact (2)
Commercial:
C&I7 $69,050 $38,415 $12,638 
Total commercial7 69,050 38,415 12,638 
Consumer:
Residential mortgage:
HELOCs2 662 697 2 
Total residential mortgage2 662 697 2 
Total consumer2 662 697 2 
Total9 $69,712 $39,112 $12,640 
($ in thousands)
Loans Modified as TDRs During the Year Ended December 31, 2021
Number
of
Loans		Pre-Modification
Outstanding
Recorded
Investment
Post-Modification
Outstanding
Recorded
Investment (1)
Financial
Impact (2)
Commercial:
C&I5 $24,155 $20,263 $1,108 
CRE:
Multifamily residential1 1,101 1,066 — 
Total CRE1 1,101 1,066 — 
Total commercial6 25,256 21,329 1,108 
Total6 $25,256 $21,329 $1,108 
($ in thousands)
Loans Modified as TDRs During the Year Ended December 31, 2020
Number
of
Loans		Pre-Modification
Outstanding
Recorded
Investment
Post-Modification
Outstanding
Recorded
Investment (1)
Financial
Impact (2)
Commercial:
C&I14 $152,249 $134,467 $19,555 
CRE:
CRE2 21,429 21,221 18 
Multifamily residential1 1,220 1,226 — 
Total CRE3 22,649 22,447 18 
Total commercial17 174,898 156,914 19,573 
Total17 $174,898 $156,914 $19,573 
(1)Includes subsequent payments after modification and reflects the balance as of December 31, 2022, 2021 and 2020.
(2)Includes charge-offs and specific reserves recorded since the modification date. Loans modified more than once are reported in the period they were first modified.

The following tables present the TDR post-modification outstanding balances by the primary modification type for the years ended December 31, 2022, 2021 and 2020:
($ in thousands)
Modification Type During the Year Ended December 31, 2022
Principal (1)
Principal
and
Interest (2)
Interest
Rate
Reduction		Interest
Deferments
Other (3)
Total
Commercial:
C&I$24,238 $— $— $— $14,177 $38,415 
Total commercial24,238 — — — 14,177 38,415 
Consumer:
Residential mortgage:
HELOCs697 — — — — 697 
Total residential mortgage697 — — — — 697 
Total consumer697 — — — — 697 
Total$24,935 $— $— $— $14,177 $39,112 
($ in thousands)
Modification Type During the Year Ended December 31, 2021
Principal (1)
Principal
and
Interest (2)
Interest
Rate
Reduction		Interest
Deferments
Other (3)
Total
Commercial:
C&I$4,679 $— $15,584 $— $— $20,263 
CRE:
Multifamily residential1,066 — — — — 1,066 
Total CRE1,066 — — — — 1,066 
Total commercial5,745 — 15,584 — — 21,329 
Total$5,745 $— $15,584 $— $— $21,329 
($ in thousands)
Modification Type During the Year Ended December 31, 2020
Principal (1)
Principal
and
Interest (2)
Interest
Rate
Reduction		Interest
Deferments
Other (3)
Total
Commercial:
C&I$59,134 $10,863 $31,913 $32,557 $— $134,467 
CRE:
CRE21,221 — — — — 21,221 
Multifamily residential1,226 — — — — 1,226 
Total CRE22,447 — — — — 22,447 
Total commercial81,581 10,863 31,913 32,557 — 156,914 
Total$81,581 $10,863 $31,913 $32,557 $— $156,914 
(1)Includes forbearance payments, term extensions and principal deferments that modify the terms of the loan from principal and interest payments to interest payments only.
(2)Includes principal and interest deferments or reductions.
(3)Includes primarily funding to secure additional collateral and provide liquidity to collateral-dependent and term extension to C&I loans.
Summary of TDR Loans Subsequently Defaulted The following table presents information on loans that entered into default during the years ended December 31, 2022, 2021 and 2020 that were modified as TDRs during the 12 months preceding payment default:
($ in thousands)Loans Modified as TDRs that Subsequently Defaulted
During the Year Ended December 31,
202220212020
Number of
Loans		Recorded
Investment		Number of
Loans		Recorded
Investment		Number of
Loans		Recorded
Investment
Commercial:
C&I2 $10,296 1 $11,431 1 $15,852 
Total commercial2 10,296 1 11,431 1 15,852 
Total2 $10,296 1 $11,431 1 $15,852 
Key Credit Risk Characteristics and Macroeconomic Variables
The following table provides key credit risk characteristics and macroeconomic variables that the Company uses to estimate the expected credit losses by portfolio segment:
Portfolio SegmentRisk CharacteristicsMacroeconomic Variables
C&I
Age (1), size and spread at origination, and risk rating
Volatility Index (“VIX”) and BBB yield to 10-year U.S. Treasury spread (“BBB spread”) (1)
CRE, Multifamily residential, and Construction and landDelinquency status, maturity date, collateral value, property type, and geographic locationUnemployment rate, Gross Domestic Product (“GDP”), and U.S. Treasury rates
Single-family residential and HELOCsFICO score, delinquency status, maturity date, collateral value, and geographic locationUnemployment rate, GDP, and home price index
Other consumerHistorical loss experience
Immaterial (2)
(1)Due to the model enhancements during the third quarter of 2021, the risk characteristic related to “time-to-maturity” was changed to “age”; while macroeconomic variables related to “unemployment rate and two- and ten-year U.S. Treasury spread” were changed to “VIX and BBB spread”.
(2)Macroeconomic variables are included in the qualitative estimate.
Summary of the Activity in the Allowance for Credit Losses
The following tables summarize the activity in the allowance for loan losses by portfolio segments for the years ended December 31, 2022, 2021 and 2020:
($ in thousands)Year Ended December 31, 2022
CommercialConsumerTotal
C&ICREResidential MortgageOther
Consumer
CREMultifamily
Residential		Construction
and Land		Single-
Family
Residential		HELOCs
Allowance for loan losses, beginning of period$338,252 $150,940 $14,400 $15,468 $17,160 $3,435 $1,924 $541,579 
Provision for (reversal of) credit losses on loans(a)37,604 8,212 15,651 (6,433)18,867 1,124 (258)74,767 
Gross charge-offs(18,738)(10,871)(7,237)— (775)(193)(106)(37,920)
Gross recoveries16,824 1,583 559 74 312 109 — 19,461 
Total net (charge-offs) recoveries(1,914)(9,288)(6,678)74 (463)(84)(106)(18,459)
Foreign currency translation adjustment(2,242)— — — — — — (2,242)
Allowance for loan losses, end of period$371,700 $149,864 $23,373 $9,109 $35,564 $4,475 $1,560 $595,645 
($ in thousands)Year Ended December 31, 2021
CommercialConsumerTotal
C&ICREResidential MortgageOther
Consumer
CREMultifamily
Residential		Construction
and Land		Single-
Family
Residential		HELOCs
Allowance for loan losses, beginning of period
$398,040 $163,791 $27,573 $10,239 $15,520 $2,690 $2,130 $619,983 
(Reversal of) provision for credit losses on loans(a)(39,732)14,282 (15,076)7,576 1,965 745 1,286 (28,954)
Gross charge-offs
(32,490)(28,430)(130)(2,954)(1,046)(45)(1,497)(66,592)
Gross recoveries
11,906 1,297 2,033 607 721 45 5 16,614 
Total net (charge-offs) recoveries
(20,584)(27,133)1,903 (2,347)(325)— (1,492)(49,978)
Foreign currency translation adjustment528 — — — — — — 528 
Allowance for loan losses, end of period$338,252 $150,940 $14,400 $15,468 $17,160 $3,435 $1,924 $541,579 
($ in thousands)Year Ended December 31, 2020
CommercialConsumerTotal
C&ICREResidential MortgageOther
Consumer
CREMultifamily
Residential		Construction
and Land		Single-
Family
Residential		HELOCs
Allowance for loan losses, beginning of period$238,376 $40,509 $22,826 $19,404 $28,527 $5,265 $3,380 $358,287 
Impact of ASU 2016-13 adoption74,237 72,169 (8,112)(9,889)(3,670)(1,798)2,221 125,158 
Provision for (reversal of) credit losses on loans(a)145,212 55,864 10,879 644 (9,922)(605)(3,381)198,691 
Gross charge-offs(66,225)(15,206)— — — (221)(185)(81,837)
Gross recoveries5,428 10,455 1,980 80 585 49 95 18,672 
Total net (charge-offs) recoveries(60,797)(4,751)1,980 80 585 (172)(90)(63,165)
Foreign currency translation adjustment1,012 — — — — — — 1,012 
Allowance for loan losses, end of period$398,040 $163,791 $27,573 $10,239 $15,520 $2,690 $2,130 $619,983 
The following table summarizes the activities in the allowance for unfunded credit commitments for the years ended December 31, 2022, 2021 and 2020:
($ in thousands)Year Ended December 31,
202220212020
Unfunded credit facilities
Allowance for unfunded credit commitments, beginning of period$27,514 $33,577 $11,158 
Impact of ASU 2016-13 adoption— — 10,457 
(Reversal of) provision for credit losses on unfunded credit commitments(b)(1,267)(6,046)11,962 
Foreign currency translation adjustments17 (17)— 
Allowance for unfunded credit commitments, end of period26,264 27,514 33,577 
Provision for (reversal of) credit losses(a) + (b)$73,500 $(35,000)$210,653 
Schedule of Carrying Value of Loans Transferred, Loans Sold and Purchased for the Held-for-Investment Portfolio The following tables provide information on the carrying value of loans transferred, loans sold and purchased for the held-for-investment portfolio, during the years ended December 31, 2022, 2021 and 2020:
Year Ended December 31, 2022
CommercialConsumer
CREResidential Mortgage
($ in thousands)C&ICREMultifamily
Residential		Construction
and Land		Single-Family
Residential		Total
Loans transferred from held-for-investment to held-for-sale (1)
$530,524 $88,075 $— $— $5,178 $623,777 
Loans transferred from held-for-sale to held-for-investment$— $— $— $— $631 $631 
Sales (2)(3)(4)
$501,289 $88,075 $— $— $6,403 $595,767 
Purchases (5)
$363,549 $— $— $— $293,721 $657,270 
Year Ended December 31, 2021
Commercial Consumer
CREResidential Mortgage
($ in thousands)C&ICREMultifamily
Residential		Construction
and Land		Single-Family
Residential		Total
Loans transferred from held-for-investment to held-for-sale (1)
$496,655 $78,834 $— $18,883 $5,238 $599,610 
Sales (2)(3)(4)
$502,694 $78,834 $— $21,557 $18,458 $621,543 
Purchases (5)
$479,690 $— $370 $— $564,651 $1,044,711 
Year Ended December 31, 2020
CommercialConsumer
CREResidential Mortgage
($ in thousands)C&ICREMultifamily
Residential		Construction
and Land		Single-Family
Residential		Total
Loans transferred from held-for-investment to held-for-sale (1)
$300,677 $26,994 $1,398 $— $— $329,069 
Sales (2)(3)(4)
$303,520 $26,994 $1,398 $— $80,309 $412,221 
Purchases (5)
$154,154 $— $2,358 $— $233,068 $389,580 
(1)Includes write-downs of $3.1 million, $12.2 million and $2.8 million to the allowance for loan losses related to loans transferred from held-for-investment to held-for-sale for the years ended December 31, 2022, 2021 and 2020, respectively.
(2)Includes originated loans sold of $387.5 million, $413.1 million and $400.4 million for the years ended December 31, 2022, 2021 and 2020, respectively. Originated loans sold consisted primarily of C&I and CRE loans for all periods.
(3)Includes $208.2 million, $208.4 million and $11.8 million of purchased loans sold in the secondary market for the years ended December 31, 2022, 2021 and 2020, respectively.
(4)Net gains on sales of loans were $6.4 million, $8.9 million and $4.5 million for the years ended December 31, 2022, 2021 and 2020, respectively.
(5)C&I loan purchases were comprised primarily of syndicated C&I term loans.
v3.22.4
Investments in Qualified Affordable Housing Partnerships, Tax Credit and Other Investments, Net and Variable Interest Entities (Tables)
 12 Months Ended
Dec. 31, 2022
Investments in Qualified Affordable Housing Partnerships, Net [Abstract]  
Schedule of Affordable Housing and Tax Credits and Other Investments and Unfunded Commitments
The following table presents investments and unfunded commitments of the Company’s qualified affordable housing partnerships, tax credit, and other investments as of December 31, 2022 and 2021:
December 31,
20222021
($ in thousands)Assets
Liabilities - Unfunded Commitments (1)
Assets
Liabilities - Unfunded Commitments (1)
Investments in qualified affordable housing partnerships, net$413,253 $266,654 $289,741 $146,152 
Investments in tax credit and other investments, net350,003 185,797 338,522 163,464 
Total$763,256 $452,451 $628,263 $309,616 
(1)Included in Accrued expenses and other liabilities on the Consolidated Balance Sheet.
Schedule of Additional Information related to the Investments in Affordable Housing and Tax Credit and Other Investments
The following table presents additional information related to the investments in qualified affordable housing partnerships, tax credit and other investments for the years ended December 31, 2022, 2021 and 2020:
($ in thousands)Year Ended December 31,
202220212020
Investments in qualified housing partnerships, net
Tax credits and other tax benefits recognized$52,132 $50,643 $45,971 
Amortization expense included in income tax expense$38,759 $33,248 $37,132 
Investments in tax credit and other investments, net
Amortization of tax credit and other investments$113,358 $122,457 $70,082 
Unrealized (losses) gains on equity securities with readily determinable values$(2,928)$(746)$732 
Impairment recoveries (losses), net (1)
$469 $1,250 $(3,699)
(1)For the year ended December 31, 2022, impairment recoveries of $3.4 million were related to three energy tax credits and one historic tax credit, respectively, offset by impairment losses of $2.9 million related to two historic tax credits. For the year ended December 31, 2021, impairment recoveries were related to one historic tax credit and two energy tax credits. For the year ended December 31, 2020, impairment losses of $4.8 million and $360 thousand related to three historic tax credits and one non-marketable equity security, respectively, offset by impairment recoveries of $1.5 million related to one energy tax credit and three historic tax credits.
Schedule of Unfunded Commitments Related to Investments in Qualified Affordable Housing Partnerships, Tax Credit and Other Investments, Estimated to be Funded
As of December 31, 2022, the Company’s unfunded commitments related to investments in qualified affordable housing partnerships, tax credit and other investments are estimated to be funded as follows:
($ in thousands)Amount
2023$312,795 
202464,576 
202564,617 
20263,936 
20271,413 
Thereafter5,114 
Total$452,451 
v3.22.4
Deposits (Tables)
 12 Months Ended
Dec. 31, 2022
DEPOSIT ACCOUNTS  
Schedule of Deposit Liabilities, Type
The following table presents the composition of the Company’s deposits as of December 31, 2022 and 2021:
($ in thousands)December 31,
20222021
Deposits:
Noninterest-bearing demand$21,051,090 $22,845,464 
Interest-bearing checking6,672,165 6,524,721 
Money market12,265,024 13,130,300 
Savings2,649,037 2,888,065 
Time deposits (1):
Domestic office11,878,734 6,940,013 
Foreign office1,451,799 1,021,969 
Total deposits$55,967,849 $53,350,532 
(1)The aggregate amount of time deposits that met or exceeded the deposit insurance limit was $10.56 billion and $5.95 billion as of December 31, 2022 and 2021, respectively.
Schedule of Time Deposit Maturities
The following table presents the scheduled maturities of time deposits for the five years succeeding December 31, 2022:
($ in thousands)Amount
2023$13,102,192 
2024201,014 
202516,009 
20264,795 
20276,523 
Total$13,330,533 
v3.22.4
Federal Home Loan Bank Advances and Long-Term Debt (Tables)
 12 Months Ended
Dec. 31, 2022
FEDERAL HOME LOAN BANK ADVANCES AND LONG-TERM DEBT  
Schedule Of FHLB and Long-Term Debt
The following table presents the balance of the Company’s junior subordinated debt and FHLB advances as of December 31, 2022 and 2021, and the related contractual rates and maturity dates as of December 31, 2022:
($ in thousands)
Interest Rate		 Maturity DatesDecember 31,
20222021
AmountAmount
Parent company
Junior subordinated debt (1 ) — floating (2)
6.12% — 6.67%
2034 — 2037$147,950 $147,658 
Bank
FHLB advances (3 )— floating (2)
—%2022$— $249,331 
(1)The weighted-average contractual interest rates for junior subordinated debt were 3.49% and 1.74% as of December 31, 2022 and 2021, respectively.
(2)Floating interest rates reset monthly or quarterly based on London Interbank Offered Rate (“LIBOR”).
(3)The weighted-average contractual interest rates for FHLB advances were 1.89% and 1.17% as of December 31, 2022 and 2021, respectively.
Schedule of the Components of Long-Term Debt
The following table presents the outstanding junior subordinated debt issued by each trust as of December 31, 2022, and 2021:
Issuer
Stated
Maturity (1)
Stated
Interest Rate		Current RateDecember 31, 2022December 31, 2021
Aggregate
Principal
Amount of
Trust
Securities		Aggregate
Principal
Amount of
the Junior
Subordinated
Debt		Aggregate
Principal
Amount of
Trust
Securities		Aggregate
Principal
Amount of
the Junior
Subordinated
Debt
($ in thousands)
East West Capital Trust VNovember 2034
3-month LIBOR + 1.80%
6.49%$464 $15,000 $464 $15,000 
East West Capital Trust VISeptember 2035
3-month LIBOR + 1.50%
6.27%619 20,000 619 20,000 
East West Capital Trust VIIJune 2036
3-month LIBOR + 1.35%
6.12%928 30,000 928 30,000 
East West Capital Trust VIIIJune 2037
3-month LIBOR + 1.40%
6.13%619 18,000 619 18,000 
East West Capital Trust IXSeptember 2037
3-month LIBOR + 1.90%
6.67%928 30,000 928 30,000 
MCBI Statutory Trust IDecember 2035
3-month LIBOR + 1.55%
6.32%1,083 35,000 1,083 35,000 
Total$4,641 $148,000 $4,641 $148,000 
(1)The debt instruments above mature in more than five years after December 31, 2022 and are subject to call options where early redemption requires appropriate notice.
v3.22.4
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2022
Income Tax Disclosure [Abstract]  
Schedule of Components of Income Tax Expense/Benefit
The following table presents the components of income tax expense (benefit) for the years ended December 31, 2022, 2021 and 2020:
($ in thousands)Year Ended December 31,
202220212020
Current income tax expense (benefit):
Federal$163,797 $84,249 $84,560 
State160,629 95,939 74,252 
Foreign3,133 (1,554)671 
Total current income tax expense327,559 178,634 159,483 
Deferred income (benefit) tax expense:
Federal(23,484)1,528 (28,093)
State(21,835)3,259 (11,671)
Foreign1,331 (25)(1,751)
Total deferred income (benefit) tax expense(43,988)4,762 (41,515)
Income tax expense$283,571 $183,396 $117,968 
Schedule of Reconciliation of the Federal Statutory Rate to the Effective Tax Rate
The following table presents the reconciliation of the federal statutory rate to the Company’s effective tax rate for the years ended December 31, 2022, 2021 and 2020:
Year Ended December 31,
202220212020
Statutory U.S. federal tax rate21.0 %21.0 %21.0 %
U.S. state income taxes, net of U.S. federal income tax effect7.8 7.4 7.2 
Tax credits and benefits, net of related expenses
(8.9)(11.3)(12.4)
Other, net0.2 0.3 1.4 
Effective tax rate20.1 %17.4 %17.2 %
Schedule of Temporary Differences that Give Rise to a Significant Portion of Deferred Tax Assets and Liabilities
The following table summarizes the tax effects of temporary differences that give rise to a significant portion of deferred tax assets and liabilities as of December 31, 2022 and 2021:
($ in thousands)December 31,
20222021
Deferred tax assets:
Allowance for credit losses and nonperforming assets valuation allowance$191,187 $166,398 
Investments in qualified affordable housing partnerships, tax credit and other investments, net21,011 14,977 
Stock compensation and other accrued compensation25,857 23,954 
Interest income on nonaccrual loans5,185 4,192 
State taxes13,259 5,237 
Net unrealized losses on debt securities and derivatives309,837 37,423 
Tax credit carryforwards— 8,692 
Premises and equipment3,827 1,434 
Lease liabilities34,859 31,324 
Other6,169 1,018 
Total deferred tax assets$611,191 $294,649 
Deferred tax liabilities:
Equipment lease financing$27,237 $26,607 
Investments in qualified affordable housing partnerships, tax credit and other investments, net
7,709 12,187 
FHLB stock dividends1,926 1,886 
Mortgage servicing assets1,963 1,759 
Acquired debts1,477 1,536 
Prepaid expenses2,478 1,525 
Operating lease right-of-use assets32,606 29,472 
Other6,270 1,547 
Total deferred tax liabilities$81,666 $76,519 
Net deferred tax assets$529,525 $218,130 
Schedule of Reconciliation of the Beginning and Ending Amounts of Unrecognized Tax Benefits
The following table presents a reconciliation of the beginning and ending balances of unrecognized tax benefits for the years ended December 31, 2022, 2021 and 2020:
Year Ended December 31,
($ in thousands)202220212020
Beginning balance$5,045 $5,045 $— 
Additions for tax positions related to prior years— — 5,045 
Settlements with taxing authorities(4,568)— — 
Ending balance$477 $5,045 $5,045 
v3.22.4
Commitments and Contingencies (Tables)
 12 Months Ended
Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]  
Schedule of Credit-Related Commitments
The following table presents the Company’s credit-related commitments as of December 31, 2022 and 2021:
December 31,
20222021
($ in thousands)Expire in One Year or LessExpire After One Year Through
Three Years		Expire After Three Years Through
Five Years		Expire After Five YearsTotalTotal
Loan commitments$3,680,606 $3,469,265 $971,534 $90,166 $8,211,571 $6,911,398 
Commercial letters of credit and SBLCs677,255 462,367 69,815 1,082,529 2,291,966 2,221,699 
Total$4,357,861 $3,931,632 $1,041,349 $1,172,695 $10,503,537 $9,133,097 
Schedule of Guarantees Outstanding The following table presents the carrying amounts of loans sold or securitized with recourse and the maximum potential future payments as of December 31, 2022 and 2021:
Maximum Potential Future PaymentsCarrying Value
December 31,December 31,
2022202120222021
($ in thousands)Expire in One Year or LessExpire After One Year Through Three YearsExpire After Three Years Through
Five Years		Expire After Five YearsTotalTotalTotalTotal
Single-family residential loans sold or securitized with recourse$36 $111 $— $6,634 $6,781 $7,926 $6,781 $7,926 
Multifamily residential loans sold or securitized with recourse— — — 14,996 14,996 14,996 21,320 23,169 
Total $36 $111 $— $21,630 $21,777 $22,922 $28,101 $31,095 
v3.22.4
Stock Compensation Plans (Tables)
 12 Months Ended
Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]  
Schedule of Stock Compensation Expense and Related Net Tax Benefits
The following table presents a summary of the total share-based compensation expense and the related net tax benefits (deficiencies) associated with the Company’s various employee share-based compensation plans for the years ended December 31, 2022, 2021 and 2020:
($ in thousands)Year Ended December 31,
202220212020
Stock compensation costs$37,601 $32,567 $29,237 
Related net tax benefits (deficiencies) for stock compensation plans$5,293 $1,760 $(1,839)
Summary of Activities for Time-Based and Performance-Based Restricted Stock Units
The following table presents a summary of the activities for the Company’s time-based and performance-based RSUs that will be settled in shares for the year ended December 31, 2022. The number of outstanding performance-based RSUs stated below reflects the number of awards granted on the grant date.
Time-Based RSUsPerformance-Based RSUs
SharesWeighted-
Average
Grant Date
Fair Value		SharesWeighted-
Average
Grant Date
Fair Value
Outstanding, January 1, 2022
1,329,946 $52.65 369,731 $54.28 
Modified from cash-settled RSUs31,523 77.28 — — 
Granted444,359 78.15 91,874 77.91 
Vested(373,363)53.07 (125,213)54.64 
Forfeited(135,599)63.15 (3,882)77.91 
Outstanding, December 31, 2022
1,296,866 $60.77 332,510 $60.40 
Summary of Time-Based RSU's that Will be Settled in Cash
The following table presents a summary of the activities for the Company’s time-based RSUs that are cash-settled for the year ended December 31, 2022. During 2022, the amount of cash paid to settle the vested RSUs was $318 thousand.
Shares
Outstanding, January 1, 2022
32,647 
Modified to share-settled RSUs(31,523)
Granted2,668 
Vested(3,471)
Forfeited(321)
Outstanding, December 31, 2022
— 
v3.22.4
Stockholders’ Equity and Earnings Per Share (Tables)
 12 Months Ended
Dec. 31, 2022
Equity [Abstract]  
Schedule of Earnings Per Share Calculations
The following table presents the basic and diluted EPS calculations for the years ended December 31, 2022, 2021 and 2020. For more information on the calculation of EPS, see Note 1 — Summary of Significant Accounting Policies — Significant Accounting Policies — Earnings Per Share to the Consolidated Financial Statements in this Form 10-K.
($ and shares in thousands, except per share data)Year Ended December 31,
202220212020
Basic:
Net income$1,128,083 $872,981 $567,797 
Weighted-average number of shares outstanding141,326 141,826 142,336 
Basic EPS$7.98 $6.16 $3.99 
Diluted:
Net income$1,128,083 $872,981 $567,797 
Weighted-average number of shares outstanding141,326 141,826 142,336 
Add: Diluted impact of unvested RSUs1,166 1,314 655 
Diluted weighted-average number of shares outstanding142,492 143,140 142,991 
Diluted EPS$7.92 $6.10 $3.97 
v3.22.4
Accumulated Other Comprehensive Income (Loss) (Tables)
 12 Months Ended
Dec. 31, 2022
Equity [Abstract]  
Schedule of the Changes in the Components of Accumulated Other Comprehensive Income (Loss) Balances
The following table presents the changes in the components of AOCI balances for the years ended December 31, 2022, 2021 and 2020:
($ in thousands)Debt
Securities		Cash
Flow
Hedges
Foreign
Currency
Translation
Adjustments (1)
Total
Balance, December 31, 2019$(2,419)$— $(15,989)$(18,408)
Net unrealized gains (losses) arising during the period63,329 (1,149)9,297 71,477 
Amounts reclassified from AOCI
(8,663)(81)— (8,744)
Changes, net of tax
54,666 (1,230)9,297 62,733 
Balance, December 31, 2020$52,247 $(1,230)$(6,692)$44,325 
Net unrealized (losses) gains arising during the period(136,846)866 1,757 (134,223)
Amounts reclassified from AOCI
(1,104)621 — (483)
Changes, net of tax
(137,950)1,487 1,757 (134,706)
Balance, December 31, 2021$(85,703)$257 $(4,935)$(90,381)
Net unrealized losses arising during the period(620,870)(52,623)(16,348)(689,841)
Amounts reclassified from AOCI
11,758 2,835 — 14,593 
Changes, net of tax
(609,112)(49,788)(16,348)(675,248)
Balance, December 31, 2022$(694,815)
(2)
$(49,531)$(21,283)$(765,629)
(1)Represents foreign currency translation adjustments related to the Company’s net investment in non-U.S. operations, including related hedges. The functional currency and reporting currency of the Company’s foreign subsidiary was RMB and USD, respectively.
(2)Includes after-tax unamortized losses of $113.0 million related to AFS debt securities that were transferred to HTM. For further information, refer to Note 4 — Securities to the Consolidated Financial Statements in this Form 10-K.
Schedule of Components of Other Comprehensive Income (loss), Reclassifications to Net income and the Related Tax Effects
The following table presents the components of other comprehensive income (loss), reclassifications to net income and the related tax effects for the years ended December 31, 2022, 2021 and 2020:
($ in thousands)Year Ended December 31,
202220212020
Before -
Tax		Tax
Effect 		Net-of-
Tax		Before -
Tax		Tax
Effect 		Net-of-
Tax		Before -
Tax		Tax
Effect 		Net-of-
Tax
Debt securities:
Net unrealized (losses) gains arising during the period$(881,516)$260,646 $(620,870)$(194,393)$57,547 $(136,846)$89,868 $(26,539)$63,329 
Reclassification adjustments:
Net realized gains reclassified into net income (1)
(1,306)386 (920)(1,568)464 (1,104)(12,299)3,636 (8,663)
Amortization of unrealized losses on transferred securities (2)
18,000 (5,322)12,678 — — — — — — 
Net change(864,822)255,710 (609,112)(195,961)58,011 (137,950)77,569 (22,903)54,666 
Cash flow hedges:
Net unrealized (losses) gains arising during the period(74,069)21,446 (52,623)1,210 (344)866 (1,604)455 (1,149)
Net realized losses (gains) reclassified into net income (3)
4,004 (1,169)2,835 868 (247)621 (113)32 (81)
Net change(70,065)20,277 (49,788)2,078 (591)1,487 (1,717)487 (1,230)
Foreign currency translation adjustments, net of hedges:
Net unrealized (losses) gains arising during the period(15,059)(1,289)(16,348)463 1,294 1,757 7,398 1,899 9,297 
Net change(15,059)(1,289)(16,348)463 1,294 1,757 7,398 1,899 9,297 
Other comprehensive (loss) income$(949,946)$274,698 $(675,248)$(193,420)$58,714 $(134,706)$83,250 $(20,517)$62,733 
(1)Pre-tax amounts were reported in Gains on sales of AFS debt securities on the Consolidated Statement of Income.
(2)Represents unrealized losses amortized over the remaining lives of securities that were transferred from the AFS to HTM portfolio.
(3)Pre-tax amounts related to cash flow hedges on CRE loans and long-term borrowings were reported in Interest and dividend income and in Interest expense, respectively, on the Consolidated Statement of Income.
v3.22.4
Regulatory Requirements and Matters (Tables)
 12 Months Ended
Dec. 31, 2022
Banking and Thrift, Interest [Abstract]  
Schedule of Regulatory Capital Information The following table presents the regulatory capital information of the Company and the Bank as of December 31, 2022 and 2021:
($ in thousands)Basel III
December 31, 2022December 31, 2021Minimum
Capital
 Ratios
Fully
Phased-in
Minimum
Capital
 Ratios (2)
Well-
Capitalized
Requirement
AmountRatioAmountRatio
Total capital (to risk-weighted assets)
Company$7,003,299 14.0 %$6,124,827 14.1 %8.0 %10.5 %10.0 %
East West Bank$6,760,612 13.5 %$5,766,734 13.2 %8.0 %10.5 %10.0 %
Tier 1 capital (to risk-weighted assets)
Company$6,347,108 12.7 %$5,559,357 12.8 %6.0 %8.5 %6.0 %
East West Bank$6,252,421 12.5 %$5,349,264 12.3 %6.0 %8.5 %8.0 %
CET1 capital (to risk-weighted assets)
Company$6,347,108 12.7 %$5,559,357 12.8 %4.5 %7.0 %6.5 %
East West Bank$6,252,421 12.5 %$5,349,264 12.3 %4.5 %7.0 %6.5 %
Tier 1 leverage capital (to adjusted average assets)
Company (1)
$6,347,108 9.8 %$5,559,357 9.0 %4.0 %4.0 %N/A
East West Bank$6,252,421 9.7 %$5,349,264 8.6 %4.0 %4.0 %5.0 %
Risk-weighted assets
Company$50,036,719 N/A$43,585,105 N/AN/AN/AN/A
East West Bank$50,024,772 N/A$43,572,086 N/AN/AN/AN/A
Adjusted quarterly average total assets
Company$65,221,597 N/A$62,387,003 N/AN/AN/AN/A
East West Bank$65,198,267 N/A$62,366,514 N/AN/AN/AN/A
N/A — Not applicable.
(1)The Tier 1 leverage capital well-capitalized requirement applies only to the Bank since there is no Tier 1 leverage ratio component in the definition of a well-capitalized bank holding company.
(2)Includes a 2.5% capital conservation buffer requirement above the minimum risk-based capital ratios.
v3.22.4
Business Segments (Tables)
 12 Months Ended
Dec. 31, 2022
Segment Reporting [Abstract]  
Schedule of Operating Results and Key Financial Measures by Operating Segments
The following tables present the operating results and other key financial measures for the individual operating segments as of and for the years ended December 31, 2022, 2021 and 2020:
($ in thousands)Consumer and
Business
Banking		Commercial
Banking		OtherTotal
Year Ended December 31, 2022
Net interest income (loss) before provision for credit losses$1,170,850 $892,386 $(17,355)$2,045,881 
Provision for credit losses27,197 46,303 — 73,500 
Noninterest income110,139 179,248 9,279 298,666 
Noninterest expense397,882 314,185 147,326 859,393 
Segment income (loss) before income taxes855,910 711,146 (155,402)1,411,654 
Segment net income$608,120 $507,467 $12,496 $1,128,083 
As of December 31, 2022
Segment assets$17,385,804 $33,042,785 $13,683,561 $64,112,150 
($ in thousands)Consumer and
Business
Banking		Commercial
Banking		OtherTotal
Year Ended December 31, 2021
Net interest income before reversal of provision for credit losses$697,101 $766,202 $68,268 $1,531,571 
Reversal of provision for credit losses(4,998)(30,002)— (35,000)
Noninterest income94,125 163,768 28,002 285,895 
Noninterest expense364,635 275,649 155,805 796,089 
Segment income (loss) before income taxes431,589 684,323 (59,535)1,056,377 
Segment net income$308,630 $489,233 $75,118 $872,981 
As of December 31, 2021
Segment assets$14,961,809 $28,556,706 $17,352,186 $60,870,701 
($ in thousands)Consumer and
Business
Banking		Commercial
Banking		OtherTotal
Year Ended December 31, 2020
Net interest income before provision for credit losses
$530,829 $706,286 $140,078 $1,377,193 
Provision for credit losses3,885 206,768 — 210,653 
Noninterest income64,115 142,337 29,095 235,547 
Noninterest expense331,750 266,923 117,649 716,322 
Segment income before income taxes259,309 374,932 51,524 685,765 
Segment net income$185,782 $268,476 $113,539 $567,797 
As of December 31, 2020
Segment assets$13,351,060 $26,958,766 $11,847,087 $52,156,913 
v3.22.4
Parent Company Condensed Financial Statements (Tables)
 12 Months Ended
Dec. 31, 2022
Condensed Financial Information Disclosure [Abstract]  
Condensed Balance Sheet
The following tables present the Parent Company-only condensed financial statements:

CONDENSED BALANCE SHEET
($ in thousands)December 31,
20222021
ASSETS
Cash and cash equivalents due from subsidiary bank$228,531 $345,018 
Investments in subsidiaries:
Bank5,889,775 5,626,975 
Nonbank13,846 9,136 
Investments in tax credit investments, net1,925 4,082 
Other assets8,516 9,407 
TOTAL $6,142,593 $5,994,618 
LIABILITIES AND STOCKHOLDERS’ EQUITY  
Long-term debt$147,950 $147,658 
Other liabilities10,031 9,742 
Stockholders’ equity5,984,612 5,837,218 
TOTAL $6,142,593 $5,994,618 
Condensed Statement of Income
CONDENSED STATEMENT OF INCOME
($ in thousands)Year Ended December 31,
202220212020
Dividends from subsidiaries:
Bank$240,000 $200,000 $511,000 
Nonbank157 82 109 
Other income— 11 3 
Total income240,157 200,093 511,112 
Interest expense on long-term debt5,450 2,974 3,877 
Compensation and employee benefits6,708 6,370 6,210 
(Impairment recoveries) amortization of tax credit and other investments(786)425 1,248 
Other expense2,040 1,306 1,184 
Total expense13,412 11,075 12,519 
Income before income tax benefit and equity in undistributed income of subsidiaries226,745 189,018 498,593 
Income tax benefit4,269 3,005 4,158 
Undistributed earnings of subsidiaries, primarily bank897,069 680,958 65,046 
Net income$1,128,083 $872,981 $567,797 
Condensed Statement of Cash Flows
CONDENSED STATEMENT OF CASH FLOWS
($ in thousands)Year Ended December 31,
202220212020
CASH FLOWS FROM OPERATING ACTIVITIES
Net income$1,128,083 $872,981 $567,797 
Adjustments to reconcile net income to net cash provided by operating activities:
Undistributed earnings of subsidiaries, principally bank(897,069)(680,958)(65,046)
Amortization expense1,333 1,877 1,523 
Deferred income (benefit) tax expense(2,193)2,721 491 
Net change in other assets4,250 (5,685)40 
Net change in other liabilities779 (81,706)77,052 
Net cash provided by operating activities235,183 109,230 581,857 
CASH FLOWS FROM INVESTING ACTIVITIES
Net increase in investments in tax credit investments(1,612)(346)(172)
Distributions received from equity method investees410 436 4,096 
Net increase in investments in and advances to nonbank subsidiaries(6,188)(1,476)(2,732)
Net cash (used in) provided by investing activities(7,390)(1,386)1,192 
CASH FLOWS FROM FINANCING ACTIVITIES
Common stock:
Proceeds from issuance pursuant to various stock compensation plans and agreements
3,178 2,573 2,326 
Stock tendered for payment of withholding taxes(19,087)(15,702)(8,253)
Repurchased of common stock pursuant to the Stock Repurchase Program(99,990)— (145,966)
Cash dividends paid(228,381)(188,762)(158,222)
Net cash used in financing activities(344,280)(201,891)(310,115)
Net (decrease) increase in cash and cash equivalents(116,487)(94,047)272,934 
Cash and cash equivalents, beginning of year345,018 439,065 166,131 
Cash and cash equivalents, end of year$228,531 $345,018 $439,065 
v3.22.4
Summary of Significant Accounting Policies - Nature of Operations and Principles of Consolidation (Details)
 12 Months Ended
Dec. 31, 2022
trust
location
Dec. 31, 2021
Dec. 31, 2020
New Accounting Pronouncements or Change in Accounting Principle [Line Items]      
Number of banking locations (more than) | location 120    
Principles of Consolidation      
Number of wholly owned subsidiaries that are statutory business trusts | trust 6    
Revenue Benchmark | Customer Concentration Risk | Service Charges, Deposit Account Fees, Card Income and Wealth Managment Fees      
Disaggregation of Revenue [Abstract]      
Revenue streams, Percent of total non-interest income 39.00% 35.00% 29.00%
v3.22.4
Summary of Significant Accounting Policies - Premises and Equipment, net (Details)
 12 Months Ended
Dec. 31, 2022
Buildings  
Premises and equipment  
Estimated useful life 25 years
Furniture, fixtures and equipment, and building improvements | Minimum  
Premises and equipment  
Estimated useful life 3 years
Furniture, fixtures and equipment, and building improvements | Maximum  
Premises and equipment  
Estimated useful life 7 years
v3.22.4
Summary of Significant Accounting Policies - Goodwill and Other Intangible Assets (Details)
 12 Months Ended
Dec. 31, 2022
segment
Accounting Policies [Abstract]  
Number of reportable segments 3
v3.22.4
Fair Value Measurement and Fair Value of Financial Instruments - Financial Assets and Liabilities Measurement on Recurring Basis (Details) - USD ($)
$ in Thousands
Dec. 31, 2022
Dec. 31, 2021
Debt securities available-for-sale    
Investments in Tax Credit and Other Investments, Net $ 350,003 $ 338,522
Derivative    
Derivative assets - Fair value 755,328 484,184
Derivative asset, after netting 140,545 383,231
Derivative liabilities - Fair Value 887,264 390,171
Derivative liability, after netting 644,519 157,444
Fair Value, Measurements, Recurring    
Debt securities available-for-sale    
Fair Value 6,034,993 9,965,353
Equity Securities with readily determinable fair value 23,954 26,604
Investments in Tax Credit and Other Investments, Net 23,954 26,604
Derivative    
Derivative assets - Fair value 755,328 484,184
Netting adjustments (614,783) (100,953)
Derivative asset, after netting 140,545 383,231
Derivative liabilities - Fair Value 887,264 390,171
Netting adjustments (242,745) (232,727)
Derivative liability, after netting 644,519 157,444
Fair Value, Measurements, Recurring | Interest rate contracts    
Derivative    
Derivative assets - Fair value 440,283 240,222
Derivative liabilities - Fair Value 584,516 180,130
Fair Value, Measurements, Recurring | Foreign exchange contracts    
Derivative    
Derivative assets - Fair value 53,109 21,033
Derivative liabilities - Fair Value 44,117 15,333
Fair Value, Measurements, Recurring | Credit contracts    
Derivative    
Derivative liabilities - Fair Value 23 141
Fair Value, Measurements, Recurring | Equity contracts    
Derivative    
Derivative assets - Fair value 323 220
Fair Value, Measurements, Recurring | Commodity contracts    
Derivative    
Derivative assets - Fair value 261,613 222,709
Derivative liabilities - Fair Value 258,608 194,567
Fair Value, Measurements, Recurring | U.S. Treasury securities    
Debt securities available-for-sale    
Fair Value 606,203 1,032,681
Fair Value, Measurements, Recurring | U.S. government agency and U.S. government-sponsored enterprise debt securities    
Debt securities available-for-sale    
Fair Value 461,607 1,301,971
Fair Value, Measurements, Recurring | US government agencies And U.S. government-sponsored enterprise mortgage-backed securities - Commercial mortgage-backed securities    
Debt securities available-for-sale    
Fair Value 500,269 1,228,980
Fair Value, Measurements, Recurring | US government agencies And U.S. government-sponsored enterprise mortgage-backed securities - Residential mortgage-backed securities    
Debt securities available-for-sale    
Fair Value 1,762,195 2,928,283
Fair Value, Measurements, Recurring | Municipal securities:    
Debt securities available-for-sale    
Fair Value 257,099 523,158
Fair Value, Measurements, Recurring | Non-agency commercial mortgage-backed Securities    
Debt securities available-for-sale    
Fair Value 398,329 496,443
Fair Value, Measurements, Recurring | Non-agency residential mortgage-backed Securities    
Debt securities available-for-sale    
Fair Value 649,224 881,931
Fair Value, Measurements, Recurring | Corporate debt securities    
Debt securities available-for-sale    
Fair Value 526,274 649,665
Fair Value, Measurements, Recurring | Foreign government bonds    
Debt securities available-for-sale    
Fair Value 227,053 257,733
Fair Value, Measurements, Recurring | Asset-backed securities    
Debt securities available-for-sale    
Fair Value 49,076 74,558
Fair Value, Measurements, Recurring | Collateralized loan obligations (“CLOs”)    
Debt securities available-for-sale    
Fair Value 597,664 589,950
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1)    
Debt securities available-for-sale    
Fair Value 606,203 1,032,681
Equity Securities with readily determinable fair value 19,777 22,130
Investments in Tax Credit and Other Investments, Net 19,777 22,130
Derivative    
Derivative assets - Fair value 0 0
Netting adjustments 0 0
Derivative asset, after netting 0 0
Derivative liabilities - Fair Value 0 0
Netting adjustments 0 0
Derivative liability, after netting 0 0
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Interest rate contracts    
Derivative    
Derivative assets - Fair value 0 0
Derivative liabilities - Fair Value 0 0
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Foreign exchange contracts    
Derivative    
Derivative assets - Fair value 0 0
Derivative liabilities - Fair Value 0 0
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Credit contracts    
Derivative    
Derivative liabilities - Fair Value 0 0
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Equity contracts    
Derivative    
Derivative assets - Fair value 0 0
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Commodity contracts    
Derivative    
Derivative assets - Fair value 0 0
Derivative liabilities - Fair Value 0 0
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | U.S. Treasury securities    
Debt securities available-for-sale    
Fair Value 606,203 1,032,681
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | U.S. government agency and U.S. government-sponsored enterprise debt securities    
Debt securities available-for-sale    
Fair Value 0 0
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | US government agencies And U.S. government-sponsored enterprise mortgage-backed securities - Commercial mortgage-backed securities    
Debt securities available-for-sale    
Fair Value 0 0
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | US government agencies And U.S. government-sponsored enterprise mortgage-backed securities - Residential mortgage-backed securities    
Debt securities available-for-sale    
Fair Value 0 0
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Municipal securities:    
Debt securities available-for-sale    
Fair Value 0 0
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Non-agency commercial mortgage-backed Securities    
Debt securities available-for-sale    
Fair Value 0 0
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Non-agency residential mortgage-backed Securities    
Debt securities available-for-sale    
Fair Value 0 0
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Corporate debt securities    
Debt securities available-for-sale    
Fair Value 0 0
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Foreign government bonds    
Debt securities available-for-sale    
Fair Value 0 0
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Asset-backed securities    
Debt securities available-for-sale    
Fair Value 0 0
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Collateralized loan obligations (“CLOs”)    
Debt securities available-for-sale    
Fair Value 0 0
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2)    
Debt securities available-for-sale    
Fair Value 5,428,790 8,932,672
Equity Securities with readily determinable fair value 4,177 4,474
Investments in Tax Credit and Other Investments, Net 4,177 4,474
Derivative    
Derivative assets - Fair value 755,005 483,969
Netting adjustments (614,783) (100,953)
Derivative asset, after netting 140,222 383,016
Derivative liabilities - Fair Value 887,264 390,171
Netting adjustments (242,745) (232,727)
Derivative liability, after netting 644,519 157,444
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Interest rate contracts    
Derivative    
Derivative assets - Fair value 440,283 240,222
Derivative liabilities - Fair Value 584,516 180,130
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Foreign exchange contracts    
Derivative    
Derivative assets - Fair value 53,109 21,033
Derivative liabilities - Fair Value 44,117 15,333
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Credit contracts    
Derivative    
Derivative liabilities - Fair Value 23 141
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Equity contracts    
Derivative    
Derivative assets - Fair value 0 5
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Commodity contracts    
Derivative    
Derivative assets - Fair value 261,613 222,709
Derivative liabilities - Fair Value 258,608 194,567
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | U.S. Treasury securities    
Debt securities available-for-sale    
Fair Value 0 0
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | U.S. government agency and U.S. government-sponsored enterprise debt securities    
Debt securities available-for-sale    
Fair Value 461,607 1,301,971
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | US government agencies And U.S. government-sponsored enterprise mortgage-backed securities - Commercial mortgage-backed securities    
Debt securities available-for-sale    
Fair Value 500,269 1,228,980
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | US government agencies And U.S. government-sponsored enterprise mortgage-backed securities - Residential mortgage-backed securities    
Debt securities available-for-sale    
Fair Value 1,762,195 2,928,283
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Municipal securities:    
Debt securities available-for-sale    
Fair Value 257,099 523,158
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Non-agency commercial mortgage-backed Securities    
Debt securities available-for-sale    
Fair Value 398,329 496,443
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Non-agency residential mortgage-backed Securities    
Debt securities available-for-sale    
Fair Value 649,224 881,931
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Corporate debt securities    
Debt securities available-for-sale    
Fair Value 526,274 649,665
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Foreign government bonds    
Debt securities available-for-sale    
Fair Value 227,053 257,733
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Asset-backed securities    
Debt securities available-for-sale    
Fair Value 49,076 74,558
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Collateralized loan obligations (“CLOs”)    
Debt securities available-for-sale    
Fair Value 597,664 589,950
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3)    
Debt securities available-for-sale    
Fair Value 0 0
Equity Securities with readily determinable fair value 0 0
Investments in Tax Credit and Other Investments, Net 0 0
Derivative    
Derivative assets - Fair value 323 215
Netting adjustments 0 0
Derivative asset, after netting 323 215
Derivative liabilities - Fair Value 0 0
Netting adjustments 0 0
Derivative liability, after netting 0 0
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | Interest rate contracts    
Derivative    
Derivative assets - Fair value 0 0
Derivative liabilities - Fair Value 0 0
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | Foreign exchange contracts    
Derivative    
Derivative assets - Fair value 0 0
Derivative liabilities - Fair Value 0 0
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | Credit contracts    
Derivative    
Derivative liabilities - Fair Value 0 0
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | Equity contracts    
Derivative    
Derivative assets - Fair value 323 215
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | Commodity contracts    
Derivative    
Derivative assets - Fair value 0 0
Derivative liabilities - Fair Value 0 0
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | U.S. Treasury securities    
Debt securities available-for-sale    
Fair Value 0 0
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | U.S. government agency and U.S. government-sponsored enterprise debt securities    
Debt securities available-for-sale    
Fair Value 0 0
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | US government agencies And U.S. government-sponsored enterprise mortgage-backed securities - Commercial mortgage-backed securities    
Debt securities available-for-sale    
Fair Value 0 0
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | US government agencies And U.S. government-sponsored enterprise mortgage-backed securities - Residential mortgage-backed securities    
Debt securities available-for-sale    
Fair Value 0 0
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | Municipal securities:    
Debt securities available-for-sale    
Fair Value 0 0
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | Non-agency commercial mortgage-backed Securities    
Debt securities available-for-sale    
Fair Value 0 0
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | Non-agency residential mortgage-backed Securities    
Debt securities available-for-sale    
Fair Value 0 0
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | Corporate debt securities    
Debt securities available-for-sale    
Fair Value 0 0
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | Foreign government bonds    
Debt securities available-for-sale    
Fair Value 0 0
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | Asset-backed securities    
Debt securities available-for-sale    
Fair Value 0 0
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | Collateralized loan obligations (“CLOs”)    
Debt securities available-for-sale    
Fair Value $ 0 $ 0
v3.22.4
Fair Value Measurement and Fair Value of Financial Instruments - Reconciliation of Assets and Liabilities Measured on Recurring Basis (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Reconciliation of the beginning and ending balances for major asset categories measured at fair value on a recurring basis using significant unobservable inputs (Level 3)      
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] Lending fees    
Equity contracts      
Reconciliation of the beginning and ending balances for major asset categories measured at fair value on a recurring basis using significant unobservable inputs (Level 3)      
Total unrealized (losses) gains for the period included in earnings $ 17 $ (44) $ 8,200
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | Equity contracts      
Reconciliation of the beginning and ending balances for major asset categories measured at fair value on a recurring basis using significant unobservable inputs (Level 3)      
Beginning balance 215 273 421
Total gains included in earnings 17 32 8,225
Issuances 91 12 0
Settlements 0 (96) 0
Transfers out of Level 3 0 (6) (8,373)
Ending balance $ 323 $ 215 $ 273
v3.22.4
Fair Value Measurement and Fair Value of Financial Instruments - Quantitative Information for Significant Unobservable Inputs (Details) - USD ($)
$ in Thousands
Dec. 31, 2022
Dec. 31, 2021
Quantitative information    
Derivative assets - Fair value $ 755,328 $ 484,184
Fair Value, Measurements, Recurring    
Quantitative information    
Derivative assets - Fair value 755,328 484,184
Fair Value, Measurements, Recurring | Equity contracts    
Quantitative information    
Derivative assets - Fair value 323 220
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3)    
Quantitative information    
Derivative assets - Fair value 323 215
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | Equity contracts    
Quantitative information    
Derivative assets - Fair value 323 215
Fair Value, Measurements, Nonrecurring    
Quantitative information    
Loans held-for-investment, Fair value 72,614 126,984
Fair Value, Measurements, Nonrecurring | Significant Unobservable Inputs (Level 3)    
Quantitative information    
Loans held-for-investment, Fair value 72,614 126,984
Fair Value, Measurements, Nonrecurring | Significant Unobservable Inputs (Level 3) | Discounted cash flows    
Quantitative information    
Loans held-for-investment, Fair value 23,322 64,919
Fair Value, Measurements, Nonrecurring | Significant Unobservable Inputs (Level 3) | Valuation Technique, Fair Value Of Collateral, Discount    
Quantitative information    
Loans held-for-investment, Fair value 17,912 38,537
Fair Value, Measurements, Nonrecurring | Significant Unobservable Inputs (Level 3) | Valuation Technique, Fair Value Of Valuation Technique, Fair Value Of Property, Selling Cost    
Quantitative information    
Loans held-for-investment, Fair value $ 31,380 $ 23,528
Equity volatility | Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | Equity contracts | Black-Scholes option pricing model | Minimum    
Quantitative information    
Equity contracts, measurement input 42.00% 44.00%
Equity volatility | Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | Equity contracts | Black-Scholes option pricing model | Maximum    
Quantitative information    
Equity contracts, measurement input 60.00% 54.00%
Equity volatility | Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | Equity contracts | Black-Scholes option pricing model | Weighted Average    
Quantitative information    
Equity contracts, measurement input 54.00% 49.00%
Liquidity discount | Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | Equity contracts    
Quantitative information    
Equity contracts, measurement input 47.00% 47.00%
Liquidity discount | Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | Equity contracts | Weighted Average    
Quantitative information    
Equity contracts, measurement input 47.00% 47.00%
Discount | Fair Value, Measurements, Nonrecurring | Significant Unobservable Inputs (Level 3) | Discounted cash flows | Minimum    
Quantitative information    
Loans held-for-investment, measurement input 4.00% 4.00%
Discount | Fair Value, Measurements, Nonrecurring | Significant Unobservable Inputs (Level 3) | Discounted cash flows | Maximum    
Quantitative information    
Loans held-for-investment, measurement input 6.00% 15.00%
Discount | Fair Value, Measurements, Nonrecurring | Significant Unobservable Inputs (Level 3) | Discounted cash flows | Weighted Average    
Quantitative information    
Loans held-for-investment, measurement input 4.00% 7.00%
Discount | Fair Value, Measurements, Nonrecurring | Significant Unobservable Inputs (Level 3) | Valuation Technique, Fair Value Of Collateral, Discount | Minimum    
Quantitative information    
Loans held-for-investment, measurement input 15.00% 15.00%
Discount | Fair Value, Measurements, Nonrecurring | Significant Unobservable Inputs (Level 3) | Valuation Technique, Fair Value Of Collateral, Discount | Maximum    
Quantitative information    
Loans held-for-investment, measurement input 75.00% 75.00%
Discount | Fair Value, Measurements, Nonrecurring | Significant Unobservable Inputs (Level 3) | Valuation Technique, Fair Value Of Collateral, Discount | Weighted Average    
Quantitative information    
Loans held-for-investment, measurement input 37.00% 41.00%
Selling cost | Fair Value, Measurements, Nonrecurring | Significant Unobservable Inputs (Level 3) | Valuation Technique, Fair Value Of Valuation Technique, Fair Value Of Property, Selling Cost    
Quantitative information    
Loans held-for-investment, measurement input 8.00% 8.00%
Selling cost | Fair Value, Measurements, Nonrecurring | Significant Unobservable Inputs (Level 3) | Valuation Technique, Fair Value Of Valuation Technique, Fair Value Of Property, Selling Cost | Weighted Average    
Quantitative information    
Loans held-for-investment, measurement input 8.00% 8.00%
v3.22.4
Fair Value Measurement and Fair Value of Financial Instruments - Carrying Amounts of Assets That Were Still Held and Had Fair Value Changes Measured on a Nonrecurring Basis (Details) - Fair Value, Measurements, Nonrecurring - USD ($)
$ in Thousands
Dec. 31, 2022
Dec. 31, 2021
Fair Value, Assets Measured on a Nonrecurring Basis    
Total loans held-for-investment $ 72,614 $ 126,984
Commercial Lending    
Fair Value, Assets Measured on a Nonrecurring Basis    
Total loans held-for-investment 71,391 124,240
Commercial Lending | C&I    
Fair Value, Assets Measured on a Nonrecurring Basis    
Total loans held-for-investment 40,011 102,349
Commercial Lending | CRE    
Fair Value, Assets Measured on a Nonrecurring Basis    
Total loans held-for-investment 31,380 21,891
Consumer Lending    
Fair Value, Assets Measured on a Nonrecurring Basis    
Total loans held-for-investment 1,223 2,744
Consumer Lending | HELOCs    
Fair Value, Assets Measured on a Nonrecurring Basis    
Total loans held-for-investment 1,223 2,744
Other nonperforming assets    
Fair Value, Assets Measured on a Nonrecurring Basis    
Assets, fair value disclosure   391
Quoted Prices in Active Markets for Identical Assets (Level 1)    
Fair Value, Assets Measured on a Nonrecurring Basis    
Total loans held-for-investment 0 0
Quoted Prices in Active Markets for Identical Assets (Level 1) | Commercial Lending    
Fair Value, Assets Measured on a Nonrecurring Basis    
Total loans held-for-investment 0 0
Quoted Prices in Active Markets for Identical Assets (Level 1) | Commercial Lending | C&I    
Fair Value, Assets Measured on a Nonrecurring Basis    
Total loans held-for-investment 0 0
Quoted Prices in Active Markets for Identical Assets (Level 1) | Commercial Lending | CRE    
Fair Value, Assets Measured on a Nonrecurring Basis    
Total loans held-for-investment 0 0
Quoted Prices in Active Markets for Identical Assets (Level 1) | Consumer Lending    
Fair Value, Assets Measured on a Nonrecurring Basis    
Total loans held-for-investment 0 0
Quoted Prices in Active Markets for Identical Assets (Level 1) | Consumer Lending | HELOCs    
Fair Value, Assets Measured on a Nonrecurring Basis    
Total loans held-for-investment 0 0
Quoted Prices in Active Markets for Identical Assets (Level 1) | Other nonperforming assets    
Fair Value, Assets Measured on a Nonrecurring Basis    
Assets, fair value disclosure   391
Significant Other Observable Inputs (Level 2)    
Fair Value, Assets Measured on a Nonrecurring Basis    
Total loans held-for-investment 0 0
Significant Other Observable Inputs (Level 2) | Commercial Lending    
Fair Value, Assets Measured on a Nonrecurring Basis    
Total loans held-for-investment 0 0
Significant Other Observable Inputs (Level 2) | Commercial Lending | C&I    
Fair Value, Assets Measured on a Nonrecurring Basis    
Total loans held-for-investment 0 0
Significant Other Observable Inputs (Level 2) | Commercial Lending | CRE    
Fair Value, Assets Measured on a Nonrecurring Basis    
Total loans held-for-investment 0 0
Significant Other Observable Inputs (Level 2) | Consumer Lending    
Fair Value, Assets Measured on a Nonrecurring Basis    
Total loans held-for-investment 0 0
Significant Other Observable Inputs (Level 2) | Consumer Lending | HELOCs    
Fair Value, Assets Measured on a Nonrecurring Basis    
Total loans held-for-investment 0 0
Significant Other Observable Inputs (Level 2) | Other nonperforming assets    
Fair Value, Assets Measured on a Nonrecurring Basis    
Assets, fair value disclosure   0
Significant Unobservable Inputs (Level 3)    
Fair Value, Assets Measured on a Nonrecurring Basis    
Total loans held-for-investment 72,614 126,984
Significant Unobservable Inputs (Level 3) | Commercial Lending    
Fair Value, Assets Measured on a Nonrecurring Basis    
Total loans held-for-investment 71,391 124,240
Significant Unobservable Inputs (Level 3) | Commercial Lending | C&I    
Fair Value, Assets Measured on a Nonrecurring Basis    
Total loans held-for-investment 40,011 102,349
Significant Unobservable Inputs (Level 3) | Commercial Lending | CRE    
Fair Value, Assets Measured on a Nonrecurring Basis    
Total loans held-for-investment 31,380 21,891
Significant Unobservable Inputs (Level 3) | Consumer Lending    
Fair Value, Assets Measured on a Nonrecurring Basis    
Total loans held-for-investment 1,223 2,744
Significant Unobservable Inputs (Level 3) | Consumer Lending | HELOCs    
Fair Value, Assets Measured on a Nonrecurring Basis    
Total loans held-for-investment $ 1,223 2,744
Significant Unobservable Inputs (Level 3) | Other nonperforming assets    
Fair Value, Assets Measured on a Nonrecurring Basis    
Assets, fair value disclosure   $ 0
v3.22.4
Fair Value Measurement and Fair Value of Financial Instruments - Increase (Decrease) in Value of Assets Measured on a Nonrecurring Basis (Details) - Fair Value, Measurements, Nonrecurring - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Loans held-for-investment      
Fair Value, Assets Measured on a Nonrecurring Basis      
Increase (decrease) in fair value of assets $ (32,928) $ (19,815) $ (57,127)
Loans held-for-investment | Commercial Lending      
Fair Value, Assets Measured on a Nonrecurring Basis      
Increase (decrease) in fair value of assets (33,094) (19,811) (59,443)
Loans held-for-investment | Commercial Lending | C&I      
Fair Value, Assets Measured on a Nonrecurring Basis      
Increase (decrease) in fair value of assets (25,996) (9,580) (48,154)
Loans held-for-investment | Commercial Lending | CRE      
Fair Value, Assets Measured on a Nonrecurring Basis      
Increase (decrease) in fair value of assets (7,098) (10,231) (11,289)
Loans held-for-investment | Consumer Lending      
Fair Value, Assets Measured on a Nonrecurring Basis      
Increase (decrease) in fair value of assets 166 (4) 2,316
Loans held-for-investment | Consumer Lending | HELOCs      
Fair Value, Assets Measured on a Nonrecurring Basis      
Increase (decrease) in fair value of assets 166 (4) (175)
Loans held-for-investment | Consumer Lending | Other consumer      
Fair Value, Assets Measured on a Nonrecurring Basis      
Increase (decrease) in fair value of assets 0 0 2,491
Investments in tax credit and other investments, net      
Fair Value, Assets Measured on a Nonrecurring Basis      
Increase (decrease) in fair value of assets 469 877 (3,868)
OREO      
Fair Value, Assets Measured on a Nonrecurring Basis      
Increase (decrease) in fair value of assets 0 0 (3,680)
Other nonperforming assets      
Fair Value, Assets Measured on a Nonrecurring Basis      
Increase (decrease) in fair value of assets $ (6,861) $ (4,241) $ 0
v3.22.4
Fair Value Measurement and Fair Value of Financial Instruments - Carrying and Fair Values Estimates per the Fair Value Hierarchy of Financial Instruments on a Nonrecurring Basis (Details) - USD ($)
$ in Thousands
Dec. 31, 2022
Dec. 31, 2021
Financial assets:    
Cash and cash equivalents $ 3,481,784 $ 3,912,935
Interest-bearing deposits with banks 139,021 736,492
Resale agreements 792,192 2,353,503
HTM debt securities 3,001,868 0
Restricted equity securities, at cost 78,624 77,434
Loans held-for-investment, net 47,606,785 41,152,202
Financial liabilities:    
Time deposits 13,330,533  
FHLB advances 0 249,331
Repurchase agreements 300,000 300,000
Carrying Amount    
Financial assets:    
Cash and cash equivalents 3,481,784 3,912,935
Interest-bearing deposits with banks 139,021 736,492
Resale agreements 792,192 2,353,503
HTM debt securities 3,001,868  
Restricted equity securities, at cost 78,624 77,434
Loans held-for-sale 25,644 635
Loans held-for-investment, net 47,606,785 41,152,202
Mortgage servicing rights 6,235 5,706
Accrued interest receivable 263,430 159,833
Financial liabilities:    
Demand, checking, savings and money market deposits 42,637,316 45,388,550
Time deposits 13,330,533 7,961,982
FHLB advances   249,331
Repurchase agreements 300,000 300,000
Long-term debt 147,950 147,658
Accrued interest payable 37,198 11,435
Estimated Fair Value    
Financial assets:    
Cash and cash equivalents 3,481,784 3,912,935
Interest-bearing deposits with banks 139,021 736,492
Resale agreements 693,656 2,335,901
HTM debt securities 2,455,171  
Restricted equity securities, at cost 78,624 77,434
Loans held-for-sale 25,644 635
Loans held-for-investment, net 46,670,690 41,199,599
Mortgage servicing rights 10,917 9,104
Accrued interest receivable 263,430 159,833
Financial liabilities:    
Demand, checking, savings and money market deposits 42,637,316 45,388,550
Time deposits 13,228,777 7,966,116
FHLB advances   250,372
Repurchase agreements 304,097 310,525
Long-term debt 143,483 151,020
Accrued interest payable 37,198 11,435
Estimated Fair Value | Quoted Prices in Active Markets for Identical Assets (Level 1)    
Financial assets:    
Cash and cash equivalents 3,481,784 3,912,935
Interest-bearing deposits with banks 0 0
Resale agreements 0 0
HTM debt securities 471,469  
Restricted equity securities, at cost 0 0
Loans held-for-sale 0 0
Loans held-for-investment, net 0 0
Mortgage servicing rights 0 0
Accrued interest receivable 0 0
Financial liabilities:    
Demand, checking, savings and money market deposits 0 0
Time deposits 0 0
FHLB advances   0
Repurchase agreements 0 0
Long-term debt 0 0
Accrued interest payable 0 0
Estimated Fair Value | Significant Other Observable Inputs (Level 2)    
Financial assets:    
Cash and cash equivalents 0 0
Interest-bearing deposits with banks 139,021 736,492
Resale agreements 693,656 2,335,901
HTM debt securities 1,983,702  
Restricted equity securities, at cost 78,624 77,434
Loans held-for-sale 25,644 635
Loans held-for-investment, net 0 0
Mortgage servicing rights 0 0
Accrued interest receivable 263,430 159,833
Financial liabilities:    
Demand, checking, savings and money market deposits 42,637,316 45,388,550
Time deposits 13,228,777 7,966,116
FHLB advances   250,372
Repurchase agreements 304,097 310,525
Long-term debt 143,483 151,020
Accrued interest payable 37,198 11,435
Estimated Fair Value | Significant Unobservable Inputs (Level 3)    
Financial assets:    
Cash and cash equivalents 0 0
Interest-bearing deposits with banks 0 0
Resale agreements 0 0
HTM debt securities 0  
Restricted equity securities, at cost 0 0
Loans held-for-sale 0 0
Loans held-for-investment, net 46,670,690 41,199,599
Mortgage servicing rights 10,917 9,104
Accrued interest receivable 0
Financial liabilities:    
Demand, checking, savings and money market deposits 0 0
Time deposits 0 0
FHLB advances   0
Repurchase agreements 0 0
Long-term debt 0 0
Accrued interest payable $ 0 $ 0
v3.22.4
Assets Purchased under Resale Agreements and Sold under Repurchase Agreements - Resale Agreements (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Offsetting Assets [Line Items]      
Gross resale agreements $ 760.0 $ 1,330.0  
Loans purchased under agreements to resell $ 32.2 $ 1,020.0  
Securities Purchased under Agreements to Resell, Average Yield 2.12% 1.53% 1.94%
Loans Purchased Under Resale Agreements      
Offsetting Assets [Line Items]      
Weighted average yield (as a percent) 2.16% 1.53% 2.27%
v3.22.4
Assets Purchased under Resale Agreements and Sold under Repurchase Agreements - Repurchase Agreements (Details) - USD ($)
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Amount of securities sold under repurchase agreements      
Gross repurchase agreements $ 300,000,000 $ 300,000,000  
Securities sold under agreements to repurchase average rate paid 3.07% 2.61% 3.25%
Repurchase agreements’ extinguishment cost $ 0 $ 0 $ 8,740,000
Extinguishment of repurchase agreements     $ 150,000,000.0
v3.22.4
Assets Purchased under Resale Agreements and Sold under Repurchase Agreements - Balance Sheet Offsetting (Details) - USD ($)
$ in Thousands
Dec. 31, 2022
Dec. 31, 2021
Assets, Resale Agreements    
Gross Amounts of Recognized Assets $ 792,192 $ 2,353,503
Gross Amounts Offset on the Consolidated Balance Sheet 0 0
Net Amounts of Assets Presented on the Consolidated Balance Sheet 792,192 2,353,503
Gross Amounts  Not Offset on the Consolidated  Balance Sheet    
Collateral Received (701,790) (2,327,687)
Net Amount 90,402 25,816
Liabilities, Repurchase Agreements    
Gross Amounts of Recognized Liabilities 300,000 300,000
Gross Amounts Offset on the Consolidated Balance Sheet 0 0
Net Amounts of Liabilities Presented on the Consolidated Balance Sheet 300,000 300,000
Gross Amounts  Not Offset on the Consolidated  Balance Sheet    
Collateral Pledged (300,000) (300,000)
Net Amount $ 0 $ 0
v3.22.4
Securities - Schedule of Available-for-sale and Held-to-maturity Securities (Details) - USD ($)
$ in Thousands
Dec. 31, 2022
Dec. 31, 2021
AFS debt securities:    
Amortized Cost $ 6,879,225 $ 10,087,179
Gross Unrealized Gains   51,025
Gross Unrealized Losses   (172,851)
Fair Value 6,034,993 9,965,353
HTM debt securities    
Amortized Cost 3,001,868 0
Fair Value 2,455,171  
Total debt securities    
Amortized Cost 9,881,093  
Gross Unrealized Gains 498  
Gross Unrealized Losses (1,391,427)  
Fair Value 8,490,164  
Debt securities available for sale    
AFS debt securities:    
Amortized Cost 6,879,225  
Gross Unrealized Gains 498  
Gross Unrealized Losses (844,730)  
Fair Value 6,034,993  
Held-to-Maturity Securities    
HTM debt securities    
Amortized Cost 3,001,868  
Gross Unrealized Gains 0  
Gross Unrealized Losses (546,697)  
Fair Value 2,455,171  
U.S. Treasury securities    
AFS debt securities:    
Amortized Cost 676,306 1,049,238
Gross Unrealized Gains   130
Gross Unrealized Losses   (16,687)
Fair Value   1,032,681
U.S. Treasury securities | Debt securities available for sale    
AFS debt securities:    
Amortized Cost 676,306  
Gross Unrealized Gains 0  
Gross Unrealized Losses (70,103)  
Fair Value 606,203  
U.S. Treasury securities | Held-to-Maturity Securities    
HTM debt securities    
Amortized Cost 524,081  
Gross Unrealized Gains 0  
Gross Unrealized Losses (52,612)  
Fair Value 471,469  
U.S. government agency and U.S. government-sponsored enterprise debt securities    
AFS debt securities:    
Amortized Cost 517,806 1,333,984
Gross Unrealized Gains   2,697
Gross Unrealized Losses   (34,710)
Fair Value   1,301,971
U.S. government agency and U.S. government-sponsored enterprise debt securities | Debt securities available for sale    
AFS debt securities:    
Amortized Cost 517,806  
Gross Unrealized Gains 67  
Gross Unrealized Losses (56,266)  
Fair Value 461,607  
U.S. government agency and U.S. government-sponsored enterprise debt securities | Held-to-Maturity Securities    
HTM debt securities    
Amortized Cost 998,972  
Gross Unrealized Gains 0  
Gross Unrealized Losses (209,560)  
Fair Value 789,412  
US government agencies And U.S. government-sponsored enterprise mortgage-backed securities - Commercial mortgage-backed securities    
AFS debt securities:    
Amortized Cost   1,242,043
Gross Unrealized Gains   15,791
Gross Unrealized Losses   (28,854)
Fair Value   1,228,980
US government agencies And U.S. government-sponsored enterprise mortgage-backed securities - Commercial mortgage-backed securities | Debt securities available for sale    
AFS debt securities:    
Amortized Cost 577,392  
Gross Unrealized Gains 0  
Gross Unrealized Losses (77,123)  
Fair Value 500,269  
US government agencies And U.S. government-sponsored enterprise mortgage-backed securities - Commercial mortgage-backed securities | Held-to-Maturity Securities    
HTM debt securities    
Amortized Cost 506,965  
Gross Unrealized Gains 0  
Gross Unrealized Losses (98,566)  
Fair Value 408,399  
US government agencies And U.S. government-sponsored enterprise mortgage-backed securities - Residential mortgage-backed securities    
AFS debt securities:    
Amortized Cost   2,968,789
Gross Unrealized Gains   8,629
Gross Unrealized Losses   (49,135)
Fair Value   2,928,283
US government agencies And U.S. government-sponsored enterprise mortgage-backed securities - Residential mortgage-backed securities | Debt securities available for sale    
AFS debt securities:    
Amortized Cost 2,011,054  
Gross Unrealized Gains 41  
Gross Unrealized Losses (248,900)  
Fair Value 1,762,195  
US government agencies And U.S. government-sponsored enterprise mortgage-backed securities - Residential mortgage-backed securities | Held-to-Maturity Securities    
HTM debt securities    
Amortized Cost 782,141  
Gross Unrealized Gains 0  
Gross Unrealized Losses (148,230)  
Fair Value 633,911  
Municipal securities:    
AFS debt securities:    
Amortized Cost 303,884 519,381
Gross Unrealized Gains   10,065
Gross Unrealized Losses   (6,288)
Fair Value   523,158
Municipal securities: | Debt securities available for sale    
AFS debt securities:    
Amortized Cost 303,884  
Gross Unrealized Gains 3  
Gross Unrealized Losses (46,788)  
Fair Value 257,099  
Municipal securities: | Held-to-Maturity Securities    
HTM debt securities    
Amortized Cost 189,709  
Gross Unrealized Gains 0  
Gross Unrealized Losses (37,729)  
Fair Value 151,980  
Non-agency commercial mortgage-backed Securities    
AFS debt securities:    
Amortized Cost   498,920
Gross Unrealized Gains   3,000
Gross Unrealized Losses   (5,477)
Fair Value   496,443
Non-agency commercial mortgage-backed Securities | Debt securities available for sale    
AFS debt securities:    
Amortized Cost 447,512  
Gross Unrealized Gains 213  
Gross Unrealized Losses (49,396)  
Fair Value 398,329  
Non-agency residential mortgage-backed Securities    
AFS debt securities:    
Amortized Cost   889,937
Gross Unrealized Gains   971
Gross Unrealized Losses   (8,977)
Fair Value   881,931
Non-agency residential mortgage-backed Securities | Debt securities available for sale    
AFS debt securities:    
Amortized Cost 762,202  
Gross Unrealized Gains 0  
Gross Unrealized Losses (112,978)  
Fair Value 649,224  
Corporate debt securities    
AFS debt securities:    
Amortized Cost 673,502 657,516
Gross Unrealized Gains   8,738
Gross Unrealized Losses   (16,589)
Fair Value   649,665
Corporate debt securities | Debt securities available for sale    
AFS debt securities:    
Amortized Cost 673,502  
Gross Unrealized Gains 0  
Gross Unrealized Losses (147,228)  
Fair Value 526,274  
Foreign government bonds    
AFS debt securities:    
Amortized Cost 241,165 260,447
Gross Unrealized Gains   767
Gross Unrealized Losses   (3,481)
Fair Value   257,733
Foreign government bonds | Debt securities available for sale    
AFS debt securities:    
Amortized Cost 241,165  
Gross Unrealized Gains 174  
Gross Unrealized Losses (14,286)  
Fair Value 227,053  
Asset-backed securities    
AFS debt securities:    
Amortized Cost 51,152 74,674
Gross Unrealized Gains   185
Gross Unrealized Losses   (301)
Fair Value   74,558
Asset-backed securities | Debt securities available for sale    
AFS debt securities:    
Amortized Cost 51,152  
Gross Unrealized Gains 0  
Gross Unrealized Losses (2,076)  
Fair Value 49,076  
CLOs    
AFS debt securities:    
Amortized Cost 617,250 592,250
Gross Unrealized Gains   52
Gross Unrealized Losses   (2,352)
Fair Value   $ 589,950
CLOs | Debt securities available for sale    
AFS debt securities:    
Amortized Cost 617,250  
Gross Unrealized Gains 0  
Gross Unrealized Losses (19,586)  
Fair Value $ 597,664  
v3.22.4
Securities - Narrative (Details)
 3 Months Ended 12 Months Ended
Mar. 31, 2022
USD ($)
Dec. 31, 2022
USD ($)
security
Dec. 31, 2021
USD ($)
security
Dec. 31, 2020
USD ($)
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items]        
Fair value of debt securities from AFS to HTM $ 3,010,000,000.00      
Unrealized losses, net of tax, from transfer of AFS to HTM $ 113,000,000 $ 113,000,000    
AFS and HTM, accrued interest   $ 41,800,000 $ 33,100,000  
Number of available-for-sale debt securities in an unrealized loss position | security   559 431  
Allowance for credit loss   $ 0 $ 0  
Provision for credit losses   0 0 $ 0
HTM securities allowance for credit loss   0    
Amortized Cost   9,881,093,000    
Asset Pledged as Collateral        
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items]        
Amortized Cost   $ 794,200,000 $ 803,900,000  
U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities        
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items]        
Number of available-for-sale debt securities in an unrealized loss position | security   263 180  
U.S. government agency and U.S. government-sponsored enterprise debt securities        
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items]        
Number of available-for-sale debt securities in an unrealized loss position | security     50  
U.S. Treasury securities        
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items]        
Number of available-for-sale debt securities in an unrealized loss position | security   15 21  
Corporate debt securities        
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items]        
Number of available-for-sale debt securities in an unrealized loss position | security   68 30  
Non-agency mortgage-backed securities        
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items]        
Number of available-for-sale debt securities in an unrealized loss position | security   100    
v3.22.4
Securities - Continuous Unrealized Losses (Details) - USD ($)
$ in Thousands
Dec. 31, 2022
Dec. 31, 2021
Debt Securities, Available-for-sale [Line Items]    
Available-for-sale debt securities, Less than 12 Months, Fair Value $ 1,451,466 $ 5,932,965
Available-for-sale debt securities, Gross Unrealized Loss, Less than 12 Months (104,682) (106,229)
Available-for-sale debt securities, More than 12 Months, Fair Value 4,332,275 1,778,987
Available-for-sale debt securities, Gross Unrealized Loss, More than 12 Months (740,048) (66,622)
Available-for-sale debt securities, Fair Value, Total 5,783,741 7,711,952
Available-for-sale debt securities, Gross Unrealized Loss, Total (844,730) (172,851)
U.S. Treasury securities    
Debt Securities, Available-for-sale [Line Items]    
Available-for-sale debt securities, Less than 12 Months, Fair Value 131,843 935,776
Available-for-sale debt securities, Gross Unrealized Loss, Less than 12 Months (8,761) (14,689)
Available-for-sale debt securities, More than 12 Months, Fair Value 474,360 47,881
Available-for-sale debt securities, Gross Unrealized Loss, More than 12 Months (61,342) (1,998)
Available-for-sale debt securities, Fair Value, Total 606,203 983,657
Available-for-sale debt securities, Gross Unrealized Loss, Total (70,103) (16,687)
U.S. government agency and U.S. government-sponsored enterprise debt securities    
Debt Securities, Available-for-sale [Line Items]    
Available-for-sale debt securities, Less than 12 Months, Fair Value 97,403 773,647
Available-for-sale debt securities, Gross Unrealized Loss, Less than 12 Months (6,902) (18,000)
Available-for-sale debt securities, More than 12 Months, Fair Value 214,136 402,907
Available-for-sale debt securities, Gross Unrealized Loss, More than 12 Months (49,364) (16,710)
Available-for-sale debt securities, Fair Value, Total 311,539 1,176,554
Available-for-sale debt securities, Gross Unrealized Loss, Total (56,266) (34,710)
US government agencies And U.S. government-sponsored enterprise mortgage-backed securities - Commercial mortgage-backed securities    
Debt Securities, Available-for-sale [Line Items]    
Available-for-sale debt securities, Less than 12 Months, Fair Value 252,144 440,734
Available-for-sale debt securities, Gross Unrealized Loss, Less than 12 Months (30,029) (13,589)
Available-for-sale debt securities, More than 12 Months, Fair Value 248,125 257,745
Available-for-sale debt securities, Gross Unrealized Loss, More than 12 Months (47,094) (15,265)
Available-for-sale debt securities, Fair Value, Total 500,269 698,479
Available-for-sale debt securities, Gross Unrealized Loss, Total (77,123) (28,854)
US government agencies And U.S. government-sponsored enterprise mortgage-backed securities - Residential mortgage-backed securities    
Debt Securities, Available-for-sale [Line Items]    
Available-for-sale debt securities, Less than 12 Months, Fair Value 307,536 2,138,542
Available-for-sale debt securities, Gross Unrealized Loss, Less than 12 Months (20,346) (37,691)
Available-for-sale debt securities, More than 12 Months, Fair Value 1,448,658 330,522
Available-for-sale debt securities, Gross Unrealized Loss, More than 12 Months (228,554) (11,444)
Available-for-sale debt securities, Fair Value, Total 1,756,194 2,469,064
Available-for-sale debt securities, Gross Unrealized Loss, Total (248,900) (49,135)
Municipal securities:    
Debt Securities, Available-for-sale [Line Items]    
Available-for-sale debt securities, Less than 12 Months, Fair Value 95,655 177,065
Available-for-sale debt securities, Gross Unrealized Loss, Less than 12 Months (10,194) (5,682)
Available-for-sale debt securities, More than 12 Months, Fair Value 159,439 17,003
Available-for-sale debt securities, Gross Unrealized Loss, More than 12 Months (36,594) (606)
Available-for-sale debt securities, Fair Value, Total 255,094 194,068
Available-for-sale debt securities, Gross Unrealized Loss, Total (46,788) (6,288)
Non-agency commercial mortgage-backed Securities    
Debt Securities, Available-for-sale [Line Items]    
Available-for-sale debt securities, Less than 12 Months, Fair Value 106,184 301,925
Available-for-sale debt securities, Gross Unrealized Loss, Less than 12 Months (3,309) (4,158)
Available-for-sale debt securities, More than 12 Months, Fair Value 282,301 40,013
Available-for-sale debt securities, Gross Unrealized Loss, More than 12 Months (46,087) (1,319)
Available-for-sale debt securities, Fair Value, Total 388,485 341,938
Available-for-sale debt securities, Gross Unrealized Loss, Total (49,396) (5,477)
Non-agency residential mortgage-backed Securities    
Debt Securities, Available-for-sale [Line Items]    
Available-for-sale debt securities, Less than 12 Months, Fair Value 22,715 707,792
Available-for-sale debt securities, Gross Unrealized Loss, Less than 12 Months (1,546) (8,966)
Available-for-sale debt securities, More than 12 Months, Fair Value 626,509 6,431
Available-for-sale debt securities, Gross Unrealized Loss, More than 12 Months (111,432) (11)
Available-for-sale debt securities, Fair Value, Total 649,224 714,223
Available-for-sale debt securities, Gross Unrealized Loss, Total (112,978) (8,977)
Corporate debt securities    
Debt Securities, Available-for-sale [Line Items]    
Available-for-sale debt securities, Less than 12 Months, Fair Value 173,595 183,916
Available-for-sale debt securities, Gross Unrealized Loss, Less than 12 Months (17,907) (3,084)
Available-for-sale debt securities, More than 12 Months, Fair Value 352,679 251,494
Available-for-sale debt securities, Gross Unrealized Loss, More than 12 Months (129,321) (13,505)
Available-for-sale debt securities, Fair Value, Total 526,274 435,410
Available-for-sale debt securities, Gross Unrealized Loss, Total (147,228) (16,589)
Foreign government bonds    
Debt Securities, Available-for-sale [Line Items]    
Available-for-sale debt securities, Less than 12 Months, Fair Value 107,576 27,097
Available-for-sale debt securities, Gross Unrealized Loss, Less than 12 Months (429) (5)
Available-for-sale debt securities, More than 12 Months, Fair Value 36,143 133,279
Available-for-sale debt securities, Gross Unrealized Loss, More than 12 Months (13,857) (3,476)
Available-for-sale debt securities, Fair Value, Total 143,719 160,376
Available-for-sale debt securities, Gross Unrealized Loss, Total (14,286) (3,481)
Asset-backed securities    
Debt Securities, Available-for-sale [Line Items]    
Available-for-sale debt securities, Less than 12 Months, Fair Value 12,450 24,885
Available-for-sale debt securities, Gross Unrealized Loss, Less than 12 Months (524) (301)
Available-for-sale debt securities, More than 12 Months, Fair Value 36,626 0
Available-for-sale debt securities, Gross Unrealized Loss, More than 12 Months (1,552) 0
Available-for-sale debt securities, Fair Value, Total 49,076 24,885
Available-for-sale debt securities, Gross Unrealized Loss, Total (2,076) (301)
Collateralized loan obligations (“CLOs”)    
Debt Securities, Available-for-sale [Line Items]    
Available-for-sale debt securities, Less than 12 Months, Fair Value 144,365 221,586
Available-for-sale debt securities, Gross Unrealized Loss, Less than 12 Months (4,735) (64)
Available-for-sale debt securities, More than 12 Months, Fair Value 453,299 291,712
Available-for-sale debt securities, Gross Unrealized Loss, More than 12 Months (14,851) (2,288)
Available-for-sale debt securities, Fair Value, Total 597,664 513,298
Available-for-sale debt securities, Gross Unrealized Loss, Total $ (19,586) $ (2,352)
v3.22.4
Securities - Realized Gains and Tax Expense (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Investments, Debt and Equity Securities [Abstract]      
Gross realized gains $ 1,306 $ 1,568 $ 12,299
Related tax expense $ 386 $ 464 $ 3,636
v3.22.4
Securities - Composition of Interest Income on Debt Securities (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Investments, Debt and Equity Securities [Abstract]      
Taxable interest $ 179,720 $ 131,985 $ 75,590
Nontaxable interest 19,186 11,998 6,963
Total interest income on debt securities $ 198,906 $ 143,983 $ 82,553
v3.22.4
Securities - Scheduled Contractual Maturities of ATM and HTM Debt Securities (Details) - USD ($)
$ in Thousands
Dec. 31, 2022
Dec. 31, 2021
Amortized cost    
Within One Year $ 303,496  
After One Year through Five Years 958,127  
After Five Years through Ten Years 800,818  
After Ten Years 4,816,784  
Amortized Cost 6,879,225 $ 10,087,179
Fair value    
Within One Year 302,412  
After One Year through Five Years 886,140  
After Five Years through Ten Years 707,539  
After Ten Years 4,138,902  
Total $ 6,034,993  
Weighted-Average Yield    
Within One Year 3.66%  
After One Year through Five Years 2.18%  
After Five Years through Ten Years 2.76%  
After Ten Years 3.16%  
Total 3.00%  
Amortized cost    
Within One Year $ 0  
After One Year through Five Years 404,252  
After Five Years through Ten Years 471,892  
After Ten Years 2,125,724  
Total 3,001,868  
Fair value    
Within One Year 0  
After One Year through Five Years 364,360  
After Five Years through Ten Years 404,155  
After Ten Years 1,686,656  
Total $ 2,455,171  
Weighted Average Yield    
Within One Year 0.00%  
After One Year through Five Years 1.01%  
After Five Years through Ten Years 1.67%  
After Ten Years 1.78%  
Total 1.66%  
U.S. Treasury securities    
Amortized cost    
Within One Year $ 0  
After One Year through Five Years 576,585  
After Five Years through Ten Years 99,721  
After Ten Years 0  
Amortized Cost 676,306 1,049,238
Fair value    
Within One Year 0  
After One Year through Five Years 521,174  
After Five Years through Ten Years 85,029  
After Ten Years 0  
Total $ 606,203  
Weighted-Average Yield    
Within One Year 0.00%  
After One Year through Five Years 1.28%  
After Five Years through Ten Years 0.74%  
After Ten Years 0.00%  
Total 1.20%  
Amortized cost    
Within One Year $ 0  
After One Year through Five Years 404,252  
After Five Years through Ten Years 119,829  
After Ten Years 0  
Total 524,081  
Fair value    
Within One Year 0  
After One Year through Five Years 364,360  
After Five Years through Ten Years 107,109  
After Ten Years 0  
Total $ 471,469  
Weighted Average Yield    
Within One Year 0.00%  
After One Year through Five Years 1.01%  
After Five Years through Ten Years 1.18%  
After Ten Years 0.00%  
Total 1.05%  
U.S. government agency and U.S. government-sponsored enterprise debt securities    
Amortized cost    
Within One Year $ 100,000  
After One Year through Five Years 149,772  
After Five Years through Ten Years 100,000  
After Ten Years 168,034  
Amortized Cost 517,806 1,333,984
Fair value    
Within One Year 99,939  
After One Year through Five Years 144,796  
After Five Years through Ten Years 81,973  
After Ten Years 134,899  
Total $ 461,607  
Weighted-Average Yield    
Within One Year 4.97%  
After One Year through Five Years 3.71%  
After Five Years through Ten Years 1.26%  
After Ten Years 2.10%  
Total 2.96%  
Amortized cost    
Within One Year $ 0  
After One Year through Five Years 0  
After Five Years through Ten Years 255,967  
After Ten Years 743,005  
Total 998,972  
Fair value    
Within One Year 0  
After One Year through Five Years 0  
After Five Years through Ten Years 216,340  
After Ten Years 573,072  
Total $ 789,412  
Weighted Average Yield    
Within One Year 0.00%  
After One Year through Five Years 0.00%  
After Five Years through Ten Years 1.94%  
After Ten Years 1.88%  
Total 1.90%  
U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities    
Amortized cost    
Within One Year $ 0  
After One Year through Five Years 31,165  
After Five Years through Ten Years 161,960  
After Ten Years 2,395,321  
Amortized Cost 2,588,446  
Fair value    
Within One Year 0  
After One Year through Five Years 29,643  
After Five Years through Ten Years 146,737  
After Ten Years 2,086,084  
Total $ 2,262,464  
Weighted-Average Yield    
Within One Year 0.00%  
After One Year through Five Years 3.20%  
After Five Years through Ten Years 2.69%  
After Ten Years 3.22%  
Total 3.19%  
Amortized cost    
Within One Year $ 0  
After One Year through Five Years 0  
After Five Years through Ten Years 96,096  
After Ten Years 1,193,010  
Total 1,289,106  
Fair value    
Within One Year 0  
After One Year through Five Years 0  
After Five Years through Ten Years 80,706  
After Ten Years 961,604  
Total $ 1,042,310  
Weighted Average Yield    
Within One Year 0.00%  
After One Year through Five Years 0.00%  
After Five Years through Ten Years 1.56%  
After Ten Years 1.68%  
Total 1.67%  
Municipal securities:    
Amortized cost    
Within One Year $ 2,307  
After One Year through Five Years 34,865  
After Five Years through Ten Years 6,847  
After Ten Years 259,865  
Amortized Cost 303,884 519,381
Fair value    
Within One Year 2,283  
After One Year through Five Years 32,160  
After Five Years through Ten Years 5,780  
After Ten Years 216,876  
Total $ 257,099  
Weighted-Average Yield    
Within One Year 2.21%  
After One Year through Five Years 2.40%  
After Five Years through Ten Years 1.85%  
After Ten Years 2.25%  
Total 2.26%  
Amortized cost    
Within One Year $ 0  
After One Year through Five Years 0  
After Five Years through Ten Years 0  
After Ten Years 189,709  
Total 189,709  
Fair value    
Within One Year 0  
After One Year through Five Years 0  
After Five Years through Ten Years 0  
After Ten Years 151,980  
Total $ 151,980  
Weighted Average Yield    
Within One Year 0.00%  
After One Year through Five Years 0.00%  
After Five Years through Ten Years 0.00%  
After Ten Years 1.98%  
Total 1.98%  
Non-agency mortgage-backed securities    
Amortized cost    
Within One Year $ 57,190  
After One Year through Five Years 158,574  
After Five Years through Ten Years 22,788  
After Ten Years 971,162  
Amortized Cost 1,209,714  
Fair value    
Within One Year 56,222  
After One Year through Five Years 151,239  
After Five Years through Ten Years 22,000  
After Ten Years 818,092  
Total $ 1,047,553  
Weighted-Average Yield    
Within One Year 4.93%  
After One Year through Five Years 3.78%  
After Five Years through Ten Years 0.84%  
After Ten Years 2.45%  
Total 2.72%  
Corporate debt securities    
Amortized cost    
Within One Year $ 10,000  
After One Year through Five Years 0  
After Five Years through Ten Years 334,502  
After Ten Years 329,000  
Amortized Cost 673,502 657,516
Fair value    
Within One Year 9,856  
After One Year through Five Years 0  
After Five Years through Ten Years 292,049  
After Ten Years 224,369  
Total $ 526,274  
Weighted-Average Yield    
Within One Year 3.77%  
After One Year through Five Years 0.00%  
After Five Years through Ten Years 3.59%  
After Ten Years 1.98%  
Total 2.81%  
Foreign government bonds    
Amortized cost    
Within One Year $ 133,999  
After One Year through Five Years 7,166  
After Five Years through Ten Years 50,000  
After Ten Years 50,000  
Amortized Cost 241,165 260,447
Fair value    
Within One Year 134,112  
After One Year through Five Years 7,128  
After Five Years through Ten Years 49,670  
After Ten Years 36,143  
Total $ 227,053  
Weighted-Average Yield    
Within One Year 2.15%  
After One Year through Five Years 2.24%  
After Five Years through Ten Years 4.18%  
After Ten Years 1.50%  
Total 2.44%  
Asset-backed securities    
Amortized cost    
Within One Year $ 0  
After One Year through Five Years 0  
After Five Years through Ten Years 0  
After Ten Years 51,152  
Amortized Cost 51,152 74,674
Fair value    
Within One Year 0  
After One Year through Five Years 0  
After Five Years through Ten Years 0  
After Ten Years 49,076  
Total $ 49,076  
Weighted-Average Yield    
Within One Year 0.00%  
After One Year through Five Years 0.00%  
After Five Years through Ten Years 0.00%  
After Ten Years 5.16%  
Total 5.16%  
Collateralized loan obligations (“CLOs”)    
Amortized cost    
Within One Year $ 0  
After One Year through Five Years 0  
After Five Years through Ten Years 25,000  
After Ten Years 592,250  
Amortized Cost 617,250 $ 592,250
Fair value    
Within One Year 0  
After One Year through Five Years 0  
After Five Years through Ten Years 24,301  
After Ten Years 573,363  
Total $ 597,664  
Weighted-Average Yield    
Within One Year 0.00%  
After One Year through Five Years 0.00%  
After Five Years through Ten Years 5.23%  
After Ten Years 5.40%  
Total 5.40%  
v3.22.4
Securities - Restricted Equity Securities (Details) - USD ($)
$ in Thousands
Dec. 31, 2022
Dec. 31, 2021
Investments, Debt and Equity Securities [Abstract]    
FRBSF stock $ 61,374 $ 60,184
FHLB stock 17,250 17,250
Total restricted equity securities $ 78,624 $ 77,434
v3.22.4
Derivatives - Notional and Fair Values (Details) - USD ($)
$ in Thousands
Dec. 31, 2022
Dec. 31, 2021
Derivative Assets    
Derivative assets - Fair value $ 755,328 $ 484,184
Less: Master Netting Arrangements (242,745) (58,679)
Less: Cash collateral received or paid (372,038) (42,274)
Derivative asset, after netting 140,545 383,231
Derivative Liabilities    
Derivative liabilities - Fair Value 887,264 390,171
Less: Master Netting Arrangements (242,745) (58,679)
Less: Cash collateral received/paid 0 (174,048)
Derivative liability, after netting 644,519 157,444
Derivative instruments designated as hedging instruments    
Derivative Instruments    
Notional Amount 3,534,832 361,531
Derivative Assets    
Derivative assets - Fair value 19,045 0
Derivative Liabilities    
Derivative liabilities - Fair Value 19,687 282
Derivatives not designated as hedging instruments:    
Derivative Instruments    
Notional Amount 20,056,255 19,522,661
Derivative Assets    
Derivative assets - Fair value 736,283 484,184
Derivative Liabilities    
Derivative liabilities - Fair Value 867,577 389,889
Interest rate contracts | Derivatives not designated as hedging instruments:    
Derivative Instruments    
Notional Amount 16,932,414 17,575,420
Derivative Assets    
Derivative assets - Fair value 426,828 240,222
Derivative Liabilities    
Derivative liabilities - Fair Value 564,829 179,905
Interest rate contracts | Cash Flow Hedging | Derivative instruments designated as hedging instruments    
Derivative Instruments    
Notional Amount 3,450,000 275,000
Derivative Assets    
Derivative assets - Fair value 13,455 0
Derivative Liabilities    
Derivative liabilities - Fair Value 19,687 57
Foreign exchange contracts | Derivatives not designated as hedging instruments:    
Derivative Instruments    
Notional Amount 2,982,891 1,874,681
Derivative Assets    
Derivative assets - Fair value 47,519 21,033
Derivative Liabilities    
Derivative liabilities - Fair Value 44,117 15,276
Foreign exchange contracts | Net investment hedges | Derivative instruments designated as hedging instruments    
Derivative Instruments    
Notional Amount 84,832 86,531
Derivative Assets    
Derivative assets - Fair value 5,590 0
Derivative Liabilities    
Derivative liabilities - Fair Value 0 225
Commodity contracts | Derivatives not designated as hedging instruments:    
Derivative Instruments    
Notional Amount 0 0
Derivative Assets    
Derivative assets - Fair value 261,613 222,709
Derivative Liabilities    
Derivative liabilities - Fair Value 258,608 194,567
Credit Risk Contract [Member] | Derivatives not designated as hedging instruments:    
Derivative Instruments    
Notional Amount 140,950 72,560
Derivative Assets    
Derivative assets - Fair value 0 0
Derivative Liabilities    
Derivative liabilities - Fair Value 23 141
Equity contracts | Derivatives not designated as hedging instruments:    
Derivative Instruments    
Notional Amount 0 0
Derivative Assets    
Derivative assets - Fair value 323 220
Derivative Liabilities    
Derivative liabilities - Fair Value $ 0 $ 0
v3.22.4
Derivatives - Net Gains (Losses) on Derivatives Designated as Hedges (Details) - USD ($)
$ in Thousands
Dec. 31, 2022
Dec. 31, 2021
Derivative [Line Items]    
Derivative assets - Fair value $ 755,328 $ 484,184
Derivative instruments designated as hedging instruments    
Derivative [Line Items]    
Derivative assets - Fair value 19,045 0
Interest rate contracts | Fair Value Hedging | Derivative instruments designated as hedging instruments    
Derivative [Line Items]    
Derivative assets - Fair value $ 0 $ 0
v3.22.4
Derivatives - Narrative (Details)
MMBTU in Thousands, Boe in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2022
USD ($)
Boe
MMBTU
company
Dec. 31, 2021
USD ($)
Boe
MMBTU
company
Dec. 31, 2020
USD ($)
Derivative [Line Items]      
Derivative assets - Fair value $ 755,328 $ 484,184  
Derivative liabilities - Fair Value $ 887,264 $ 390,171  
Crude Oil      
Derivative [Line Items]      
Derivative, nonmonetary notional amount, energy measure | Boe 12,005 17,924  
Natural Gas      
Derivative [Line Items]      
Derivative, nonmonetary notional amount, energy measure | MMBTU 247,704 218,770  
Derivatives not designated as hedging instruments:      
Derivative [Line Items]      
Notional amount $ 20,056,255 $ 19,522,661  
Derivative assets - Fair value 736,283 484,184  
Derivative liabilities - Fair Value 867,577 389,889  
Derivative instruments designated as hedging instruments      
Derivative [Line Items]      
Notional amount 3,534,832 361,531  
Derivative assets - Fair value 19,045 0  
Derivative liabilities - Fair Value 19,687 282  
Fair Value Hedging | Derivative instruments designated as hedging instruments | Interest Expense | Certificates of deposits      
Derivative [Line Items]      
Gains (losses) recognized in interest expense     $ (1,600)
Interest Rate Swap [Member] | Fair Value Hedging | Derivative instruments designated as hedging instruments | Interest Expense      
Derivative [Line Items]      
Gains (losses) recognized in interest expense     $ 3,100
Interest rate contracts | Derivatives not designated as hedging instruments:      
Derivative [Line Items]      
Notional amount 16,932,414 17,575,420  
Derivative assets - Fair value 426,828 240,222  
Derivative liabilities - Fair Value 564,829 179,905  
Interest rate contracts | Derivatives not designated as hedging instruments: | London Clearing House      
Derivative [Line Items]      
Derivative assets - Fair value 163,400 20,400  
Derivative liabilities - Fair Value 12,100 105,700  
Interest rate contracts | Cash Flow Hedging | Derivative instruments designated as hedging instruments      
Derivative [Line Items]      
Notional amount 3,450,000 275,000  
Net unrealized losses, net of tax, recorded in AOCI expected to be reclassified into earnings during the next 12 months (41,000)    
Derivative assets - Fair value 13,455 0  
Derivative liabilities - Fair Value 19,687 57  
Interest rate contracts | Fair Value Hedging | Derivative instruments designated as hedging instruments      
Derivative [Line Items]      
Derivative assets - Fair value 0 0  
Credit Risk Contract [Member] | Derivatives not designated as hedging instruments:      
Derivative [Line Items]      
Notional amount $ 140,950 $ 72,560  
Weighted average remaining maturity of outstanding RPAs 2 years 4 months 24 days 3 years 2 months 12 days  
Derivative assets - Fair value $ 0 $ 0  
Derivative liabilities - Fair Value 23 141  
Credit Risk Contract [Member] | Derivatives not designated as hedging instruments: | RPAs - protection sold      
Derivative [Line Items]      
Maximum exposure of RPAs with protection sold $ 0 $ 3,200  
Equity, Public Companies | Derivatives not designated as hedging instruments:      
Derivative [Line Items]      
Number of companies that Issued the equity contracts (Issuers Portion Only) | company 1 1  
Equity, Private Companies | Derivatives not designated as hedging instruments:      
Derivative [Line Items]      
Number of companies that Issued the equity contracts (Issuers Portion Only) | company 13 12  
Credit-Risk-Related Contingent Features      
Derivative [Line Items]      
Aggregate fair value of derivative instruments in net liability position $ 2,600 $ 66,800  
Associated posted collateral 1,100 66,600  
Foreign exchange contracts | Derivatives not designated as hedging instruments:      
Derivative [Line Items]      
Notional amount 2,982,891 1,874,681  
Derivative assets - Fair value 47,519 21,033  
Derivative liabilities - Fair Value $ 44,117 $ 15,276  
Foreign exchange contracts | Derivatives not designated as hedging instruments: | Maximum      
Derivative [Line Items]      
Original maturity (in years) 1 year 1 year  
Commercial Banking | Interest Rate Swap [Member] | Cash Flow Hedging | Derivative instruments designated as hedging instruments      
Derivative [Line Items]      
Notional amount $ 3,250,000    
Borrowings | Interest Rate Swap [Member] | Cash Flow Hedging | Derivative instruments designated as hedging instruments      
Derivative [Line Items]      
Notional amount $ 200,000    
v3.22.4
Derivatives - Gains (Losses) in Cash Flow Hedge and Net Investment Hedge (Details) - Derivative instruments designated as hedging instruments - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Cash Flow Hedging | Interest rate contracts      
Derivative [Line Items]      
(losses) gains recognized in AOCI $ (74,069) $ 1,210 $ (1,604)
(Losses) gains reclassified from AOCI to earnings (4,004) (868) 113
Cash Flow Hedging | Interest rate contracts | Interest and dividend income (for cash flow hedges on loans)      
Derivative [Line Items]      
(Losses) gains reclassified from AOCI to earnings (7,204) 0 0
Cash Flow Hedging | Interest rate contracts | Interest Expense      
Derivative [Line Items]      
(Losses) gains reclassified from AOCI to earnings 3,200 (868) 113
Net investment hedges | Foreign exchange contracts      
Derivative [Line Items]      
Gains (losses) recognized in AOCI $ 4,509 $ (4,558) $ (6,700)
v3.22.4
Derivatives - Derivatives Not Designated as Hedging Instruments (Details)
MMBTU in Thousands, Boe in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2022
USD ($)
Boe
MMBTU
Dec. 31, 2021
USD ($)
Boe
MMBTU
Derivative [Line Items]    
Derivative assets - Fair value $ 755,328 $ 484,184
Derivative liabilities - Fair Value $ 887,264 $ 390,171
Crude Oil    
Derivative [Line Items]    
Derivative, nonmonetary notional amount, energy measure | Boe 12,005 17,924
Natural Gas    
Derivative [Line Items]    
Derivative, nonmonetary notional amount, energy measure | MMBTU 247,704 218,770
Customer-related positions:    
Derivative [Line Items]    
Notional amount $ 10,158,784 $ 9,760,142
Derivative assets - Fair value 27,146 227,723
Derivative liabilities - Fair Value 592,060 51,903
Other economic hedges:    
Derivative [Line Items]    
Notional amount 9,756,521 9,689,959
Derivative assets - Fair value 447,201 33,532
Derivative liabilities - Fair Value 16,886 143,278
Interest rate contracts | Customer-related positions:    
Derivative [Line Items]    
Notional amount 8,420,422 8,773,091
Derivative assets - Fair value 1,438 212,999
Derivative liabilities - Fair Value 561,547 42,440
Interest rate contracts | Other economic hedges:    
Derivative [Line Items]    
Notional amount 8,511,992 8,802,329
Derivative assets - Fair value 425,390 27,223
Derivative liabilities - Fair Value 3,282 137,465
Interest rate contracts | Swaps | Customer-related positions:    
Derivative [Line Items]    
Notional amount 6,656,491 7,460,836
Derivative assets - Fair value 1,438 211,727
Derivative liabilities - Fair Value 521,719 39,650
Interest rate contracts | Swaps | Other economic hedges:    
Derivative [Line Items]    
Notional amount 6,683,828 7,490,074
Derivative assets - Fair value 384,201 24,418
Derivative liabilities - Fair Value 2,047 136,190
Interest rate contracts | Collars and corridors | Customer-related positions:    
Derivative [Line Items]    
Notional amount 215,773 194,181
Derivative assets - Fair value 0 1,272
Derivative liabilities - Fair Value 8,924 642
Interest rate contracts | Collars and corridors | Other economic hedges:    
Derivative [Line Items]    
Notional amount 215,772 194,181
Derivative assets - Fair value 8,956 646
Derivative liabilities - Fair Value 0 1,275
Interest rate contracts | Purchased options | Other economic hedges:    
Derivative [Line Items]    
Notional amount 1,580,275 1,118,074
Derivative assets - Fair value 32,233 2,159
Derivative liabilities - Fair Value 0 0
Interest rate contracts | Written options | Customer-related positions:    
Derivative [Line Items]    
Notional amount 1,548,158 1,118,074
Derivative assets - Fair value 0 0
Derivative liabilities - Fair Value 30,904 2,148
Interest rate contracts | Written options | Other economic hedges:    
Derivative [Line Items]    
Notional amount 32,117 0
Derivative assets - Fair value 0 0
Derivative liabilities - Fair Value 1,235 0
Commodity contracts | Customer-related positions:    
Derivative [Line Items]    
Derivative assets - Fair value 171,082 165,246
Derivative liabilities - Fair Value 100,333 4,399
Commodity contracts | Customer-related positions: | Crude Oil    
Derivative [Line Items]    
Derivative assets - Fair value 56,551 105,155
Derivative liabilities - Fair Value $ 8,808 $ 166
Derivative, nonmonetary notional amount, energy measure | Boe 5,476 7,519
Commodity contracts | Customer-related positions: | Natural Gas    
Derivative [Line Items]    
Derivative assets - Fair value $ 114,531 $ 60,091
Derivative liabilities - Fair Value $ 91,525 $ 4,233
Derivative, nonmonetary notional amount, energy measure | MMBTU 124,662 83,274
Commodity contracts | Other economic hedges:    
Derivative [Line Items]    
Derivative assets - Fair value $ 90,531 $ 57,463
Derivative liabilities - Fair Value 158,275 190,168
Commodity contracts | Other economic hedges: | Crude Oil    
Derivative [Line Items]    
Derivative assets - Fair value 8,313 27,524
Derivative liabilities - Fair Value $ 49,432 $ 116,203
Derivative, nonmonetary notional amount, energy measure | Boe 6,529 10,405
Commodity contracts | Other economic hedges: | Natural Gas    
Derivative [Line Items]    
Derivative assets - Fair value $ 82,218 $ 29,939
Derivative liabilities - Fair Value $ 108,843 $ 73,965
Derivative, nonmonetary notional amount, energy measure | MMBTU 123,042 135,496
Commodity contracts | Swaps | Customer-related positions: | Crude Oil    
Derivative [Line Items]    
Derivative assets - Fair value $ 39,955 $ 71,242
Derivative liabilities - Fair Value $ 6,178 $ 60
Derivative, nonmonetary notional amount, energy measure | Boe 2,465 4,682
Commodity contracts | Swaps | Customer-related positions: | Natural Gas    
Derivative [Line Items]    
Derivative assets - Fair value $ 112,314 $ 49,188
Derivative liabilities - Fair Value $ 73,208 $ 3,775
Derivative, nonmonetary notional amount, energy measure | MMBTU 92,590 58,959
Commodity contracts | Swaps | Other economic hedges: | Crude Oil    
Derivative [Line Items]    
Derivative assets - Fair value $ 6,935 $ 27,524
Derivative liabilities - Fair Value $ 36,060 $ 82,723
Derivative, nonmonetary notional amount, energy measure | Boe 2,587 7,517
Commodity contracts | Swaps | Other economic hedges: | Natural Gas    
Derivative [Line Items]    
Derivative assets - Fair value $ 69,767 $ 28,803
Derivative liabilities - Fair Value $ 106,883 $ 63,029
Derivative, nonmonetary notional amount, energy measure | MMBTU 91,900 109,567
Commodity contracts | Collars | Customer-related positions: | Crude Oil    
Derivative [Line Items]    
Derivative assets - Fair value $ 16,038 $ 33,826
Derivative liabilities - Fair Value $ 2,630 $ 106
Derivative, nonmonetary notional amount, energy measure | Boe 3,011 2,837
Commodity contracts | Collars | Customer-related positions: | Natural Gas    
Derivative [Line Items]    
Derivative assets - Fair value $ 2,217 $ 10,903
Derivative liabilities - Fair Value $ 18,317 $ 458
Derivative, nonmonetary notional amount, energy measure | MMBTU 32,072 24,315
Commodity contracts | Collars | Other economic hedges: | Crude Oil    
Derivative [Line Items]    
Derivative assets - Fair value $ 1,378 $ 0
Derivative liabilities - Fair Value $ 12,856 $ 33,399
Derivative, nonmonetary notional amount, energy measure | Boe 3,942 2,888
Commodity contracts | Collars | Other economic hedges: | Natural Gas    
Derivative [Line Items]    
Derivative assets - Fair value $ 12,451 $ 1,136
Derivative liabilities - Fair Value $ 1,960 $ 10,936
Derivative, nonmonetary notional amount, energy measure | MMBTU 31,142 25,929
Commodity contracts | Written Options | Customer-related positions: | Crude Oil    
Derivative [Line Items]    
Derivative assets - Fair value $ 558 $ 87
Derivative liabilities - Fair Value $ 0 $ 0
Derivative, nonmonetary notional amount, energy measure | Boe 0 0
Commodity contracts | Purchased options | Other economic hedges: | Crude Oil    
Derivative [Line Items]    
Derivative assets - Fair value $ 0 $ 0
Derivative liabilities - Fair Value $ 516 $ 81
Derivative, nonmonetary notional amount, energy measure | Boe 0 0
Foreign exchange contracts | Customer-related positions:    
Derivative [Line Items]    
Notional amount $ 1,738,362 $ 987,051
Derivative assets - Fair value 25,708 14,724
Derivative liabilities - Fair Value 30,513 9,463
Foreign exchange contracts | Other economic hedges:    
Derivative [Line Items]    
Notional amount 1,244,529 887,630
Derivative assets - Fair value 21,811 6,309
Derivative liabilities - Fair Value 13,604 5,813
Foreign exchange contracts | Swaps | Customer-related positions:    
Derivative [Line Items]    
Notional amount 623,143 66,474
Derivative assets - Fair value 6,629 1,034
Derivative liabilities - Fair Value 12,178 17
Foreign exchange contracts | Swaps | Other economic hedges:    
Derivative [Line Items]    
Notional amount 1,044,900 599,654
Derivative assets - Fair value 18,516 4,745
Derivative liabilities - Fair Value 11,447 3,116
Foreign exchange contracts | Forwards and spot | Customer-related positions:    
Derivative [Line Items]    
Notional amount 993,588 900,290
Derivative assets - Fair value 17,009 13,688
Derivative liabilities - Fair Value 18,090 9,446
Foreign exchange contracts | Forwards and spot | Other economic hedges:    
Derivative [Line Items]    
Notional amount 77,998 267,689
Derivative assets - Fair value 3,050 1,564
Derivative liabilities - Fair Value 87 2,695
Foreign exchange contracts | Other | Customer-related positions:    
Derivative [Line Items]    
Notional amount 121,631 20,287
Derivative assets - Fair value 2,070 2
Derivative liabilities - Fair Value 245 0
Foreign exchange contracts | Other | Other economic hedges:    
Derivative [Line Items]    
Notional amount 121,631 20,287
Derivative assets - Fair value 245 0
Derivative liabilities - Fair Value $ 2,070 $ 2
v3.22.4
Derivatives - Net Gains (Losses) on Derivatives Not Designated as Hedging Instrument (Details) - Derivatives not designated as hedging instruments: - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Derivative Instruments, Gain (Loss) [Line Items]      
Net gains (losses) recognized for derivative not designated as hedging instruments $ 28,021 $ 57,877 $ 25,563
Interest rate contracts | Interest rate contracts and other derivative income      
Derivative Instruments, Gain (Loss) [Line Items]      
Net gains (losses) recognized for derivative not designated as hedging instruments 13,905 11,493 (8,637)
Foreign exchange contracts | Foreign exchange income      
Derivative Instruments, Gain (Loss) [Line Items]      
Net gains (losses) recognized for derivative not designated as hedging instruments 13,799 45,921 23,215
Credit contracts | Interest rate contracts and other derivative income      
Derivative Instruments, Gain (Loss) [Line Items]      
Net gains (losses) recognized for derivative not designated as hedging instruments 118 139 (5)
Equity contracts | Lending fees      
Derivative Instruments, Gain (Loss) [Line Items]      
Net gains (losses) recognized for derivative not designated as hedging instruments 151 382 11,025
Commodity contracts | Interest rate contracts and other derivative income      
Derivative Instruments, Gain (Loss) [Line Items]      
Net gains (losses) recognized for derivative not designated as hedging instruments $ 48 $ (58) $ (35)
v3.22.4
Derivatives - Offsetting of Derivatives (Details) - USD ($)
$ in Thousands
Dec. 31, 2022
Dec. 31, 2021
Assets    
Derivative assets - Fair value $ 755,328 $ 484,184
Less: Master Netting Arrangements (242,745) (58,679)
Less: Cash collateral received or paid (372,038) (42,274)
Derivative asset, after netting 140,545 383,231
Less: Security Collateral Received (60,567) 0
Net derivative assets 79,978 383,231
Contracts not subject to master netting arrangements, gross amounts recognized 2,100 587
Derivative, cash collateral received, including amount offset by fair value assets, and excess cash amount (384,900) (47,000)
Liabilities    
Derivative liabilities - Fair Value 887,264 390,171
Less: Master Netting Arrangements (242,745) (58,679)
Less: Cash collateral received/paid 0 (174,048)
Derivative liability, after netting 644,519 157,444
Less: Security Collateral Pledged (38,438) (106,598)
Net derivative liabilities 606,081 50,846
Contracts not subject to master netting arrangements, gross amounts recognized 566 666
Derivative, cash collateral posted against derivative liabilities, including amount offset the derivative fair value liabilities, and excess cash amount $ 490 $ 176,500
Derivative Asset, Statement of Financial Position [Extensible Enumeration] Fair Value Fair Value
Derivative Liability, Statement of Financial Position [Extensible Enumeration] Accrued expenses and other liabilities Accrued expenses and other liabilities
v3.22.4
Loans Receivable and Allowance for Credit Losses - Composition of Loans Held-for-Investment (Details) - USD ($)
$ in Thousands
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES        
Total $ 48,202,430 $ 41,693,781    
Allowance for loan losses (595,645) (541,579) $ (619,983) $ (358,287)
Loans held for investment, net 47,606,785 41,152,202    
Net deferred loan fees and net unamortized premiums (70,400) (50,700)    
C&I | CARES Act, Paycheck Protection Program        
LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES        
Total 99,000 534,200    
Commercial Lending        
LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES        
Total 34,780,453 30,327,746    
Commercial Lending | C&I        
LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES        
Total 15,711,095 14,150,608    
Allowance for loan losses (371,700) (338,252) (398,040) (238,376)
Commercial Lending | CRE        
LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES        
Total 13,857,870 12,155,047    
Allowance for loan losses (149,864) (150,940) (163,791) (40,509)
Commercial Lending | Residential loan | Multifamily        
LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES        
Total 4,573,068 3,675,605    
Allowance for loan losses (23,373) (14,400) (27,573) (22,826)
Commercial Lending | Construction and land        
LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES        
Total 638,420 346,486    
Allowance for loan losses (9,109) (15,468) (10,239) (19,404)
Commercial Lending | Total CRE        
LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES        
Total 19,069,358 16,177,138    
Consumer Lending        
LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES        
Total 13,421,977 11,366,035    
Consumer Lending | Residential loan | Single-family        
LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES        
Total 11,223,027 9,093,702    
Allowance for loan losses (35,564) (17,160) (15,520) (28,527)
Consumer Lending | HELOCs        
LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES        
Total 2,122,655 2,144,821    
Allowance for loan losses (4,475) (3,435) (2,690) (5,265)
Consumer Lending | Total residential mortgage        
LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES        
Total 13,345,682 11,238,523    
Consumer Lending | Other consumer        
LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES        
Total 76,295 127,512    
Allowance for loan losses $ (1,560) $ (1,924) $ (2,130) $ (3,380)
v3.22.4
Loans Receivable and Allowance for Credit Losses - Composition of Loans Held-for-Investment Narrative (Details) - USD ($)
$ in Millions
Dec. 31, 2022
Dec. 31, 2021
LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES    
Accrued interest receivable $ 208.4 $ 107.4
Asset Pledged as Collateral    
LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES    
Loans receivable pledged to secure borrowings and provide additional borrowing capacity from the FRB and FHLB 28,300.0 27,670.0
Commercial Lending    
LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES    
Collateral dependent loans 47.4 37.0
Consumer Lending    
LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES    
Collateral dependent loans $ 13.4 $ 14.0
v3.22.4
Loans Receivable and Allowance for Credit Losses - Credit Risk Ratings and/or Vintage Years for Loans Held-for-Investment by Portfolio Segment (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Financing Receivable, Credit Quality Indicator [Line Items]      
Current Fiscal Year $ 12,464,897 $ 10,680,884  
One Year before Current Fiscal Year 8,204,714 6,294,357  
Two Years before Current Fiscal Year 4,810,435 5,104,045  
Three Years before Current Fiscal Year 3,871,740 3,678,223  
Four Years before Current Fiscal Year 2,936,646 2,400,331  
Prior 4,261,980 3,686,038  
Revolving Loans 11,460,495 9,612,862  
Revolving Loans Converted to Term Loans 191,523 237,041  
Total 48,202,430 41,693,781  
Pass [Member]      
Financing Receivable, Credit Quality Indicator [Line Items]      
Current Fiscal Year 12,365,799 10,487,630  
One Year before Current Fiscal Year 8,084,723 6,171,008  
Two Years before Current Fiscal Year 4,590,045 5,019,097  
Three Years before Current Fiscal Year 3,791,578 3,553,784  
Four Years before Current Fiscal Year 2,786,218 2,329,521  
Prior 4,158,181 3,569,404  
Revolving Loans 11,359,948 9,497,636  
Revolving Loans Converted to Term Loans 169,958 232,645  
Total 47,306,450 40,860,725  
Pass [Member] | Federal Housing Administration Loan      
Financing Receivable, Credit Quality Indicator [Line Items]      
Nonaccrual loans guaranteed by the FHA 818 1,600  
Criticized (accrual)      
Financing Receivable, Credit Quality Indicator [Line Items]      
Current Fiscal Year 80,235 159,448  
One Year before Current Fiscal Year 96,150 120,557  
Two Years before Current Fiscal Year 208,970 82,632  
Three Years before Current Fiscal Year 76,486 119,845  
Four Years before Current Fiscal Year 142,072 48,919  
Prior 76,117 94,146  
Revolving Loans 99,447 115,174  
Revolving Loans Converted to Term Loans 17,795 708  
Total 797,272 741,429  
Criticized (nonaccrual)      
Financing Receivable, Credit Quality Indicator [Line Items]      
Current Fiscal Year 18,863 33,806  
One Year before Current Fiscal Year 23,841 2,792  
Two Years before Current Fiscal Year 11,420 2,316  
Three Years before Current Fiscal Year 3,676 4,594  
Four Years before Current Fiscal Year 8,356 21,891  
Prior 27,682 22,488  
Revolving Loans 1,100 52  
Revolving Loans Converted to Term Loans 3,770 3,688  
Total 98,708 91,627  
HELOCs      
Financing Receivable, Credit Quality Indicator [Line Items]      
Amount converted to loans 0 54,100 $ 145,000
Commercial Lending      
Financing Receivable, Credit Quality Indicator [Line Items]      
Current Fiscal Year 8,898,251 8,046,445  
One Year before Current Fiscal Year 5,745,996 4,177,452  
Two Years before Current Fiscal Year 3,020,575 3,721,211  
Three Years before Current Fiscal Year 2,761,676 2,590,956  
Four Years before Current Fiscal Year 2,111,867 1,622,234  
Prior 2,719,920 2,486,373  
Revolving Loans 9,462,895 7,647,844  
Revolving Loans Converted to Term Loans 59,273 35,231  
Total 34,780,453 30,327,746  
Amount converted to loans 26,200 6,500 $ 23,900
Commercial Lending | C&I      
Financing Receivable, Credit Quality Indicator [Line Items]      
Current Fiscal Year 2,922,766 4,026,214  
One Year before Current Fiscal Year 2,092,308 1,253,234  
Two Years before Current Fiscal Year 682,520 701,797  
Three Years before Current Fiscal Year 426,477 239,265  
Four Years before Current Fiscal Year 170,234 156,829  
Prior 120,853 245,775  
Revolving Loans 9,275,389 7,498,652  
Revolving Loans Converted to Term Loans 20,548 28,842  
Total 15,711,095 14,150,608  
Commercial Lending | C&I | Pass [Member]      
Financing Receivable, Credit Quality Indicator [Line Items]      
Current Fiscal Year 2,831,834 3,911,722  
One Year before Current Fiscal Year 2,053,215 1,133,085  
Two Years before Current Fiscal Year 623,026 629,007  
Three Years before Current Fiscal Year 392,013 187,195  
Four Years before Current Fiscal Year 143,970 132,392  
Prior 97,605 225,326  
Revolving Loans 9,177,401 7,383,485  
Revolving Loans Converted to Term Loans 20,548 28,842  
Total 15,339,612 13,631,054  
Commercial Lending | C&I | Criticized (accrual)      
Financing Receivable, Credit Quality Indicator [Line Items]      
Current Fiscal Year 72,210 85,036  
One Year before Current Fiscal Year 34,296 117,357  
Two Years before Current Fiscal Year 48,761 72,277  
Three Years before Current Fiscal Year 34,221 51,553  
Four Years before Current Fiscal Year 20,646 15,136  
Prior 12,933 4,005  
Revolving Loans 97,988 115,167  
Revolving Loans Converted to Term Loans 0 0  
Total 321,055 460,531  
Commercial Lending | C&I | Criticized (nonaccrual)      
Financing Receivable, Credit Quality Indicator [Line Items]      
Current Fiscal Year 18,722 29,456  
One Year before Current Fiscal Year 4,797 2,792  
Two Years before Current Fiscal Year 10,733 513  
Three Years before Current Fiscal Year 243 517  
Four Years before Current Fiscal Year 5,618 9,301  
Prior 10,315 16,444  
Revolving Loans 0 0  
Revolving Loans Converted to Term Loans 0 0  
Total 50,428 59,023  
Commercial Lending | CRE      
Financing Receivable, Credit Quality Indicator [Line Items]      
Current Fiscal Year 4,182,298 2,867,598  
One Year before Current Fiscal Year 2,484,251 2,093,703  
Two Years before Current Fiscal Year 1,664,574 2,239,696  
Three Years before Current Fiscal Year 1,811,774 1,884,558  
Four Years before Current Fiscal Year 1,562,842 1,150,285  
Prior 1,946,298 1,784,150  
Revolving Loans 167,108 128,668  
Revolving Loans Converted to Term Loans 38,725 6,389  
Total 13,857,870 12,155,047  
Commercial Lending | CRE | Pass [Member]      
Financing Receivable, Credit Quality Indicator [Line Items]      
Current Fiscal Year 4,178,780 2,792,193  
One Year before Current Fiscal Year 2,404,634 2,090,503  
Two Years before Current Fiscal Year 1,505,150 2,230,520  
Three Years before Current Fiscal Year 1,771,679 1,863,481  
Four Years before Current Fiscal Year 1,471,710 1,120,682  
Prior 1,909,925 1,727,862  
Revolving Loans 165,653 128,668  
Revolving Loans Converted to Term Loans 22,009 6,389  
Total 13,429,540 11,960,298  
Commercial Lending | CRE | Criticized (accrual)      
Financing Receivable, Credit Quality Indicator [Line Items]      
Current Fiscal Year 3,518 71,055  
One Year before Current Fiscal Year 60,573 3,200  
Two Years before Current Fiscal Year 159,424 9,176  
Three Years before Current Fiscal Year 40,095 21,077  
Four Years before Current Fiscal Year 91,132 24,851  
Prior 32,173 55,892  
Revolving Loans 1,455 0  
Revolving Loans Converted to Term Loans 16,716 0  
Total 405,086 185,251  
Commercial Lending | CRE | Criticized (nonaccrual)      
Financing Receivable, Credit Quality Indicator [Line Items]      
Current Fiscal Year 0 4,350  
One Year before Current Fiscal Year 19,044 0  
Two Years before Current Fiscal Year 0 0  
Three Years before Current Fiscal Year 0 0  
Four Years before Current Fiscal Year 0 4,752  
Prior 4,200 396  
Revolving Loans 0 0  
Revolving Loans Converted to Term Loans 0 0  
Total 23,244 9,498  
Commercial Lending | Real estate loan | Multifamily      
Financing Receivable, Credit Quality Indicator [Line Items]      
Current Fiscal Year 1,500,289 1,026,295  
One Year before Current Fiscal Year 892,598 726,772  
Two Years before Current Fiscal Year 641,677 689,174  
Three Years before Current Fiscal Year 520,321 441,663  
Four Years before Current Fiscal Year 354,320 315,120  
Prior 652,538 456,057  
Revolving Loans 11,325 20,524  
Revolving Loans Converted to Term Loans 0 0  
Total 4,573,068 3,675,605  
Commercial Lending | Real estate loan | Multifamily | Pass [Member]      
Financing Receivable, Credit Quality Indicator [Line Items]      
Current Fiscal Year 1,500,289 1,026,295  
One Year before Current Fiscal Year 892,598 726,772  
Two Years before Current Fiscal Year 641,677 688,453  
Three Years before Current Fiscal Year 519,614 419,319  
Four Years before Current Fiscal Year 350,044 308,087  
Prior 625,293 424,947  
Revolving Loans 11,325 20,524  
Revolving Loans Converted to Term Loans 0 0  
Total 4,540,840 3,614,397  
Commercial Lending | Real estate loan | Multifamily | Criticized (accrual)      
Financing Receivable, Credit Quality Indicator [Line Items]      
Current Fiscal Year 0 0  
One Year before Current Fiscal Year 0 0  
Two Years before Current Fiscal Year 0 721  
Three Years before Current Fiscal Year 707 22,344  
Four Years before Current Fiscal Year 4,276 7,033  
Prior 27,076 30,666  
Revolving Loans 0 0  
Revolving Loans Converted to Term Loans 0 0  
Total 32,059 60,764  
Commercial Lending | Real estate loan | Multifamily | Criticized (nonaccrual)      
Financing Receivable, Credit Quality Indicator [Line Items]      
Current Fiscal Year 0 0  
One Year before Current Fiscal Year 0 0  
Two Years before Current Fiscal Year 0 0  
Three Years before Current Fiscal Year 0 0  
Four Years before Current Fiscal Year 0 0  
Prior 169 444  
Revolving Loans 0 0  
Revolving Loans Converted to Term Loans 0 0  
Total 169 444  
Commercial Lending | Construction and land      
Financing Receivable, Credit Quality Indicator [Line Items]      
Current Fiscal Year 292,898 126,338  
One Year before Current Fiscal Year 276,839 103,743  
Two Years before Current Fiscal Year 31,804 90,544  
Three Years before Current Fiscal Year 3,104 25,470  
Four Years before Current Fiscal Year 24,471 0  
Prior 231 391  
Revolving Loans 9,073 0  
Revolving Loans Converted to Term Loans 0 0  
Total 638,420 346,486  
Commercial Lending | Construction and land | Pass [Member]      
Financing Receivable, Credit Quality Indicator [Line Items]      
Current Fiscal Year 288,394 122,983  
One Year before Current Fiscal Year 276,839 103,743  
Two Years before Current Fiscal Year 31,804 90,544  
Three Years before Current Fiscal Year 3,104 3,412  
Four Years before Current Fiscal Year 2,805 0  
Prior 231 391  
Revolving Loans 9,073 0  
Revolving Loans Converted to Term Loans 0 0  
Total 612,250 321,073  
Commercial Lending | Construction and land | Criticized (accrual)      
Financing Receivable, Credit Quality Indicator [Line Items]      
Current Fiscal Year 4,504 3,355  
One Year before Current Fiscal Year 0 0  
Two Years before Current Fiscal Year 0 0  
Three Years before Current Fiscal Year 0 22,058  
Four Years before Current Fiscal Year 21,666 0  
Prior 0 0  
Revolving Loans 0 0  
Revolving Loans Converted to Term Loans 0 0  
Total 26,170 25,413  
Commercial Lending | Construction and land | Criticized (nonaccrual)      
Financing Receivable, Credit Quality Indicator [Line Items]      
Current Fiscal Year 0 0  
One Year before Current Fiscal Year 0 0  
Two Years before Current Fiscal Year 0 0  
Three Years before Current Fiscal Year 0 0  
Four Years before Current Fiscal Year 0 0  
Prior 0 0  
Revolving Loans 0 0  
Revolving Loans Converted to Term Loans 0 0  
Total 0 0  
Commercial Lending | Total CRE      
Financing Receivable, Credit Quality Indicator [Line Items]      
Current Fiscal Year 5,975,485 4,020,231  
One Year before Current Fiscal Year 3,653,688 2,924,218  
Two Years before Current Fiscal Year 2,338,055 3,019,414  
Three Years before Current Fiscal Year 2,335,199 2,351,691  
Four Years before Current Fiscal Year 1,941,633 1,465,405  
Prior 2,599,067 2,240,598  
Revolving Loans 187,506 149,192  
Revolving Loans Converted to Term Loans 38,725 6,389  
Total 19,069,358 16,177,138  
Consumer Lending      
Financing Receivable, Credit Quality Indicator [Line Items]      
Current Fiscal Year 3,566,646 2,634,439  
One Year before Current Fiscal Year 2,458,718 2,116,905  
Two Years before Current Fiscal Year 1,789,860 1,382,834  
Three Years before Current Fiscal Year 1,110,064 1,087,267  
Four Years before Current Fiscal Year 824,779 778,097  
Prior 1,542,060 1,199,665  
Revolving Loans 1,997,600 1,965,018  
Revolving Loans Converted to Term Loans 132,250 201,810  
Total 13,421,977 11,366,035  
Consumer Lending | Real estate loan | Single-family      
Financing Receivable, Credit Quality Indicator [Line Items]      
Current Fiscal Year 3,549,035 2,616,958  
One Year before Current Fiscal Year 2,454,992 2,108,370  
Two Years before Current Fiscal Year 1,776,685 1,378,138  
Three Years before Current Fiscal Year 1,106,630 1,085,732  
Four Years before Current Fiscal Year 823,237 769,545  
Prior 1,512,448 1,134,959  
Revolving Loans 0 0  
Revolving Loans Converted to Term Loans 0 0  
Total 11,223,027 9,093,702  
Consumer Lending | Real estate loan | Single-family | Pass [Member]      
Financing Receivable, Credit Quality Indicator [Line Items]      
Current Fiscal Year 3,548,894 2,616,958  
One Year before Current Fiscal Year 2,453,717 2,108,370  
Two Years before Current Fiscal Year 1,775,696 1,375,929  
Three Years before Current Fiscal Year 1,101,965 1,079,030  
Four Years before Current Fiscal Year 817,164 763,351  
Prior 1,500,359 1,127,516  
Revolving Loans 0 0  
Revolving Loans Converted to Term Loans 0 0  
Total 11,197,795 9,071,154  
Consumer Lending | Real estate loan | Single-family | Criticized (accrual)      
Financing Receivable, Credit Quality Indicator [Line Items]      
Current Fiscal Year 0 0  
One Year before Current Fiscal Year 1,275 0  
Two Years before Current Fiscal Year 785 458  
Three Years before Current Fiscal Year 1,463 2,813  
Four Years before Current Fiscal Year 4,352 1,899  
Prior 3,935 3,212  
Revolving Loans 0 0  
Revolving Loans Converted to Term Loans 0 0  
Total 11,810 8,382  
Consumer Lending | Real estate loan | Single-family | Criticized (nonaccrual)      
Financing Receivable, Credit Quality Indicator [Line Items]      
Current Fiscal Year 141 0  
One Year before Current Fiscal Year 0 0  
Two Years before Current Fiscal Year 204 1,751  
Three Years before Current Fiscal Year 3,202 3,889  
Four Years before Current Fiscal Year 1,721 4,295  
Prior 8,154 4,231  
Revolving Loans 0 0  
Revolving Loans Converted to Term Loans 0 0  
Total 13,422 14,166  
Consumer Lending | HELOCs      
Financing Receivable, Credit Quality Indicator [Line Items]      
Current Fiscal Year 520 648  
One Year before Current Fiscal Year 3,589 3,277  
Two Years before Current Fiscal Year 7,819 4,696  
Three Years before Current Fiscal Year 3,434 1,535  
Four Years before Current Fiscal Year 1,542 6,811  
Prior 13,804 12,559  
Revolving Loans 1,959,697 1,913,485  
Revolving Loans Converted to Term Loans 132,250 201,810  
Total 2,122,655 2,144,821  
Consumer Lending | HELOCs | Pass [Member]      
Financing Receivable, Credit Quality Indicator [Line Items]      
Current Fiscal Year 520 648  
One Year before Current Fiscal Year 3,583 3,277  
Two Years before Current Fiscal Year 7,336 4,644  
Three Years before Current Fiscal Year 3,203 1,347  
Four Years before Current Fiscal Year 525 3,268  
Prior 8,960 11,215  
Revolving Loans 1,958,692 1,913,478  
Revolving Loans Converted to Term Loans 127,401 197,414  
Total 2,110,220 2,135,291  
Consumer Lending | HELOCs | Criticized (accrual)      
Financing Receivable, Credit Quality Indicator [Line Items]      
Current Fiscal Year 0 0  
One Year before Current Fiscal Year 6 0  
Two Years before Current Fiscal Year 0 0  
Three Years before Current Fiscal Year 0 0  
Four Years before Current Fiscal Year 0 0  
Prior 0 371  
Revolving Loans 4 7  
Revolving Loans Converted to Term Loans 1,079 708  
Total 1,089 1,086  
Consumer Lending | HELOCs | Criticized (nonaccrual)      
Financing Receivable, Credit Quality Indicator [Line Items]      
Current Fiscal Year 0 0  
One Year before Current Fiscal Year 0 0  
Two Years before Current Fiscal Year 483 52  
Three Years before Current Fiscal Year 231 188  
Four Years before Current Fiscal Year 1,017 3,543  
Prior 4,844 973  
Revolving Loans 1,001 0  
Revolving Loans Converted to Term Loans 3,770 3,688  
Total 11,346 8,444  
Consumer Lending | Total residential mortgage      
Financing Receivable, Credit Quality Indicator [Line Items]      
Current Fiscal Year 3,549,555 2,617,606  
One Year before Current Fiscal Year 2,458,581 2,111,647  
Two Years before Current Fiscal Year 1,784,504 1,382,834  
Three Years before Current Fiscal Year 1,110,064 1,087,267  
Four Years before Current Fiscal Year 824,779 776,356  
Prior 1,526,252 1,147,518  
Revolving Loans 1,959,697 1,913,485  
Revolving Loans Converted to Term Loans 132,250 201,810  
Total 13,345,682 11,238,523  
Consumer Lending | Other consumer      
Financing Receivable, Credit Quality Indicator [Line Items]      
Current Fiscal Year 17,091 16,833  
One Year before Current Fiscal Year 137 5,258  
Two Years before Current Fiscal Year 5,356 0  
Three Years before Current Fiscal Year 0 0  
Four Years before Current Fiscal Year 0 1,741  
Prior 15,808 52,147  
Revolving Loans 37,903 51,533  
Revolving Loans Converted to Term Loans 0 0  
Total 76,295 127,512  
Consumer Lending | Other consumer | Pass [Member]      
Financing Receivable, Credit Quality Indicator [Line Items]      
Current Fiscal Year 17,088 16,831  
One Year before Current Fiscal Year 137 5,258  
Two Years before Current Fiscal Year 5,356 0  
Three Years before Current Fiscal Year 0 0  
Four Years before Current Fiscal Year 0 1,741  
Prior 15,808 52,147  
Revolving Loans 37,804 51,481  
Revolving Loans Converted to Term Loans 0 0  
Total 76,193 127,458  
Consumer Lending | Other consumer | Criticized (accrual)      
Financing Receivable, Credit Quality Indicator [Line Items]      
Current Fiscal Year 3 2  
One Year before Current Fiscal Year 0 0  
Two Years before Current Fiscal Year 0 0  
Three Years before Current Fiscal Year 0 0  
Four Years before Current Fiscal Year 0 0  
Prior 0 0  
Revolving Loans 0 0  
Revolving Loans Converted to Term Loans 0 0  
Total 3 2  
Consumer Lending | Other consumer | Criticized (nonaccrual)      
Financing Receivable, Credit Quality Indicator [Line Items]      
Current Fiscal Year 0 0  
One Year before Current Fiscal Year 0 0  
Two Years before Current Fiscal Year 0 0  
Three Years before Current Fiscal Year 0 0  
Four Years before Current Fiscal Year 0 0  
Prior 0 0  
Revolving Loans 99 52  
Revolving Loans Converted to Term Loans 0 0  
Total $ 99 $ 52  
v3.22.4
Loans Receivable and Allowance for Credit Losses - Aging Analysis on Loans Held-for-Investment (Details) - USD ($)
$ in Thousands
Dec. 31, 2022
Dec. 31, 2021
Nonaccrual and Past Due Loans    
Total Nonaccrual Loans $ 99,526 $ 93,181
Loans held-for-investment 48,202,430 41,693,781
Commercial Lending    
Nonaccrual and Past Due Loans    
Total Nonaccrual Loans 73,841 68,965
Loans held-for-investment 34,780,453 30,327,746
Commercial Lending | C&I    
Nonaccrual and Past Due Loans    
Total Nonaccrual Loans 50,428 59,023
Loans held-for-investment 15,711,095 14,150,608
Commercial Lending | CRE    
Nonaccrual and Past Due Loans    
Total Nonaccrual Loans 23,244 9,498
Loans held-for-investment 13,857,870 12,155,047
Commercial Lending | Residential loan | Multifamily    
Nonaccrual and Past Due Loans    
Total Nonaccrual Loans 169 444
Loans held-for-investment 4,573,068 3,675,605
Commercial Lending | Construction and land    
Nonaccrual and Past Due Loans    
Total Nonaccrual Loans 0 0
Loans held-for-investment 638,420 346,486
Commercial Lending | Total CRE    
Nonaccrual and Past Due Loans    
Total Nonaccrual Loans 23,413 9,942
Loans held-for-investment 19,069,358 16,177,138
Consumer Lending    
Nonaccrual and Past Due Loans    
Total Nonaccrual Loans 25,685 24,216
Loans held-for-investment 13,421,977 11,366,035
Consumer Lending | Residential loan | Single-family    
Nonaccrual and Past Due Loans    
Total Nonaccrual Loans 14,240 15,720
Loans held-for-investment 11,223,027 9,093,702
Consumer Lending | HELOCs    
Nonaccrual and Past Due Loans    
Total Nonaccrual Loans 11,346 8,444
Loans held-for-investment 2,122,655 2,144,821
Consumer Lending | Total residential mortgage    
Nonaccrual and Past Due Loans    
Total Nonaccrual Loans 25,586 24,164
Loans held-for-investment 13,345,682 11,238,523
Consumer Lending | Other consumer    
Nonaccrual and Past Due Loans    
Total Nonaccrual Loans 99 52
Loans held-for-investment 76,295 127,512
Current Accruing Loans    
Nonaccrual and Past Due Loans    
Loans held-for-investment 48,040,733 41,555,745
Current Accruing Loans | Commercial Lending    
Nonaccrual and Past Due Loans    
Loans held-for-investment 34,682,072 30,238,648
Current Accruing Loans | Commercial Lending | C&I    
Nonaccrual and Past Due Loans    
Loans held-for-investment 15,651,312 14,080,516
Current Accruing Loans | Commercial Lending | CRE    
Nonaccrual and Past Due Loans    
Loans held-for-investment 13,820,441 12,141,827
Current Accruing Loans | Commercial Lending | Residential loan | Multifamily    
Nonaccrual and Past Due Loans    
Loans held-for-investment 4,571,899 3,669,819
Current Accruing Loans | Commercial Lending | Construction and land    
Nonaccrual and Past Due Loans    
Loans held-for-investment 638,420 346,486
Current Accruing Loans | Commercial Lending | Total CRE    
Nonaccrual and Past Due Loans    
Loans held-for-investment 19,030,760 16,158,132
Current Accruing Loans | Consumer Lending    
Nonaccrual and Past Due Loans    
Loans held-for-investment 13,358,661 11,317,097
Current Accruing Loans | Consumer Lending | Residential loan | Single-family    
Nonaccrual and Past Due Loans    
Loans held-for-investment 11,183,134 9,059,222
Current Accruing Loans | Consumer Lending | HELOCs    
Nonaccrual and Past Due Loans    
Loans held-for-investment 2,102,523 2,130,523
Current Accruing Loans | Consumer Lending | Total residential mortgage    
Nonaccrual and Past Due Loans    
Loans held-for-investment 13,285,657 11,189,745
Current Accruing Loans | Consumer Lending | Other consumer    
Nonaccrual and Past Due Loans    
Loans held-for-investment 73,004 127,352
Accruing Loans 30-59  Days Past Due    
Nonaccrual and Past Due Loans    
Loans held-for-investment 42,677 31,091
Accruing Loans 30-59  Days Past Due | Commercial Lending    
Nonaccrual and Past Due Loans    
Loans held-for-investment 21,345 16,025
Accruing Loans 30-59  Days Past Due | Commercial Lending | C&I    
Nonaccrual and Past Due Loans    
Loans held-for-investment 6,482 6,983
Accruing Loans 30-59  Days Past Due | Commercial Lending | CRE    
Nonaccrual and Past Due Loans    
Loans held-for-investment 14,185 3,722
Accruing Loans 30-59  Days Past Due | Commercial Lending | Residential loan | Multifamily    
Nonaccrual and Past Due Loans    
Loans held-for-investment 678 5,320
Accruing Loans 30-59  Days Past Due | Commercial Lending | Construction and land    
Nonaccrual and Past Due Loans    
Loans held-for-investment 0 0
Accruing Loans 30-59  Days Past Due | Commercial Lending | Total CRE    
Nonaccrual and Past Due Loans    
Loans held-for-investment 14,863 9,042
Accruing Loans 30-59  Days Past Due | Consumer Lending    
Nonaccrual and Past Due Loans    
Loans held-for-investment 21,332 15,066
Accruing Loans 30-59  Days Past Due | Consumer Lending | Residential loan | Single-family    
Nonaccrual and Past Due Loans    
Loans held-for-investment 13,523 10,191
Accruing Loans 30-59  Days Past Due | Consumer Lending | HELOCs    
Nonaccrual and Past Due Loans    
Loans held-for-investment 7,700 4,776
Accruing Loans 30-59  Days Past Due | Consumer Lending | Total residential mortgage    
Nonaccrual and Past Due Loans    
Loans held-for-investment 21,223 14,967
Accruing Loans 30-59  Days Past Due | Consumer Lending | Other consumer    
Nonaccrual and Past Due Loans    
Loans held-for-investment 109 99
Accruing Loans 60-89  Days Past Due    
Nonaccrual and Past Due Loans    
Loans held-for-investment 19,494 13,764
Accruing Loans 60-89  Days Past Due | Commercial Lending    
Nonaccrual and Past Due Loans    
Loans held-for-investment 3,195 4,108
Accruing Loans 60-89  Days Past Due | Commercial Lending | C&I    
Nonaccrual and Past Due Loans    
Loans held-for-investment 2,873 4,086
Accruing Loans 60-89  Days Past Due | Commercial Lending | CRE    
Nonaccrual and Past Due Loans    
Loans held-for-investment 0 0
Accruing Loans 60-89  Days Past Due | Commercial Lending | Residential loan | Multifamily    
Nonaccrual and Past Due Loans    
Loans held-for-investment 322 22
Accruing Loans 60-89  Days Past Due | Commercial Lending | Construction and land    
Nonaccrual and Past Due Loans    
Loans held-for-investment 0 0
Accruing Loans 60-89  Days Past Due | Commercial Lending | Total CRE    
Nonaccrual and Past Due Loans    
Loans held-for-investment 322 22
Accruing Loans 60-89  Days Past Due | Consumer Lending    
Nonaccrual and Past Due Loans    
Loans held-for-investment 16,299 9,656
Accruing Loans 60-89  Days Past Due | Consumer Lending | Residential loan | Single-family    
Nonaccrual and Past Due Loans    
Loans held-for-investment 12,130 8,569
Accruing Loans 60-89  Days Past Due | Consumer Lending | HELOCs    
Nonaccrual and Past Due Loans    
Loans held-for-investment 1,086 1,078
Accruing Loans 60-89  Days Past Due | Consumer Lending | Total residential mortgage    
Nonaccrual and Past Due Loans    
Loans held-for-investment 13,216 9,647
Accruing Loans 60-89  Days Past Due | Consumer Lending | Other consumer    
Nonaccrual and Past Due Loans    
Loans held-for-investment 3,083 9
Total Accruing Past Due Loans    
Nonaccrual and Past Due Loans    
Loans held-for-investment 62,171 44,855
Total Accruing Past Due Loans | Commercial Lending    
Nonaccrual and Past Due Loans    
Loans held-for-investment 24,540 20,133
Total Accruing Past Due Loans | Commercial Lending | C&I    
Nonaccrual and Past Due Loans    
Loans held-for-investment 9,355 11,069
Total Accruing Past Due Loans | Commercial Lending | CRE    
Nonaccrual and Past Due Loans    
Loans held-for-investment 14,185 3,722
Total Accruing Past Due Loans | Commercial Lending | Residential loan | Multifamily    
Nonaccrual and Past Due Loans    
Loans held-for-investment 1,000 5,342
Total Accruing Past Due Loans | Commercial Lending | Construction and land    
Nonaccrual and Past Due Loans    
Loans held-for-investment 0 0
Total Accruing Past Due Loans | Commercial Lending | Total CRE    
Nonaccrual and Past Due Loans    
Loans held-for-investment 15,185 9,064
Total Accruing Past Due Loans | Consumer Lending    
Nonaccrual and Past Due Loans    
Loans held-for-investment 37,631 24,722
Total Accruing Past Due Loans | Consumer Lending | Residential loan | Single-family    
Nonaccrual and Past Due Loans    
Loans held-for-investment 25,653 18,760
Total Accruing Past Due Loans | Consumer Lending | HELOCs    
Nonaccrual and Past Due Loans    
Loans held-for-investment 8,786 5,854
Total Accruing Past Due Loans | Consumer Lending | Total residential mortgage    
Nonaccrual and Past Due Loans    
Loans held-for-investment 34,439 24,614
Total Accruing Past Due Loans | Consumer Lending | Other consumer    
Nonaccrual and Past Due Loans    
Loans held-for-investment $ 3,192 $ 108
v3.22.4
Loans Receivable and Allowance for Credit Losses - Amortized Cost of Loans on Nonaccrual Status (Details) - USD ($)
$ in Thousands
Dec. 31, 2022
Dec. 31, 2021
Financing Receivable, Nonaccrual [Line Items]    
Total nonaccrual loans with no related allowance for loan losses $ 44,585 $ 42,887
Commercial Lending    
Financing Receivable, Nonaccrual [Line Items]    
Total nonaccrual loans with no related allowance for loan losses 34,342 32,069
Commercial Lending | C&I    
Financing Receivable, Nonaccrual [Line Items]    
Total nonaccrual loans with no related allowance for loan losses 11,398 22,967
Commercial Lending | CRE    
Financing Receivable, Nonaccrual [Line Items]    
Total nonaccrual loans with no related allowance for loan losses 22,944 9,102
Consumer Lending    
Financing Receivable, Nonaccrual [Line Items]    
Total nonaccrual loans with no related allowance for loan losses 10,243 10,818
Consumer Lending | Real estate loan | Single-family    
Financing Receivable, Nonaccrual [Line Items]    
Total nonaccrual loans with no related allowance for loan losses 2,998 5,785
Consumer Lending | HELOCs    
Financing Receivable, Nonaccrual [Line Items]    
Total nonaccrual loans with no related allowance for loan losses $ 7,245 $ 5,033
v3.22.4
Loans Receivable and Allowance for Credit Losses - Foreclosed Assets Narrative (Details) - USD ($)
$ in Thousands
Dec. 31, 2022
Dec. 31, 2021
LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES    
Foreclosed assets $ 270 $ 10,300
Residential real estate properties    
LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES    
Recorded investment in consumer mortgage loans secured by residential real estate properties for which formal foreclosure proceedings are in process $ 7,500 $ 7,300
v3.22.4
Loans Receivable and Allowance for Credit Losses - Additions to TDRs (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
USD ($)
loan
Dec. 31, 2021
USD ($)
loan
Dec. 31, 2020
USD ($)
loan
Financing Receivable, Troubled Debt Restructuring [Line Items]      
Number of Loans | loan 9 6 17
Pre-Modification Outstanding Recorded Investment $ 69,712 $ 25,256 $ 174,898
Post-modification outstanding recorded investment 39,112 21,329 156,914
Financial Impact $ 12,640 $ 1,108 $ 19,573
Commercial Portfolio Segment [Member]      
Financing Receivable, Troubled Debt Restructuring [Line Items]      
Number of Loans | loan 7 6 17
Pre-Modification Outstanding Recorded Investment $ 69,050 $ 25,256 $ 174,898
Post-modification outstanding recorded investment 38,415 21,329 156,914
Financial Impact $ 12,638 $ 1,108 $ 19,573
Commercial Portfolio Segment [Member] | C&I      
Financing Receivable, Troubled Debt Restructuring [Line Items]      
Number of Loans | loan 7 5 14
Pre-Modification Outstanding Recorded Investment $ 69,050 $ 24,155 $ 152,249
Post-modification outstanding recorded investment 38,415 20,263 134,467
Financial Impact $ 12,638 $ 1,108 $ 19,555
Commercial Portfolio Segment [Member] | Real estate loan | Multifamily      
Financing Receivable, Troubled Debt Restructuring [Line Items]      
Number of Loans | loan   1 1
Pre-Modification Outstanding Recorded Investment   $ 1,101 $ 1,220
Post-modification outstanding recorded investment   1,066 1,226
Financial Impact   $ 0 $ 0
Commercial Portfolio Segment [Member] | Total CRE      
Financing Receivable, Troubled Debt Restructuring [Line Items]      
Number of Loans | loan   1 3
Pre-Modification Outstanding Recorded Investment   $ 1,101 $ 22,649
Post-modification outstanding recorded investment   1,066 22,447
Financial Impact   $ 0 $ 18
Commercial Portfolio Segment [Member] | CRE      
Financing Receivable, Troubled Debt Restructuring [Line Items]      
Number of Loans | loan     2
Pre-Modification Outstanding Recorded Investment     $ 21,429
Post-modification outstanding recorded investment     21,221
Financial Impact     $ 18
Consumer Lending      
Financing Receivable, Troubled Debt Restructuring [Line Items]      
Number of Loans | loan 2    
Pre-Modification Outstanding Recorded Investment $ 662    
Post-modification outstanding recorded investment 697    
Financial Impact $ 2    
Consumer Lending | HELOCs      
Financing Receivable, Troubled Debt Restructuring [Line Items]      
Number of Loans | loan 2    
Pre-Modification Outstanding Recorded Investment $ 662    
Post-modification outstanding recorded investment 697    
Financial Impact $ 2    
Consumer Lending | Total residential mortgage      
Financing Receivable, Troubled Debt Restructuring [Line Items]      
Number of Loans | loan 2    
Pre-Modification Outstanding Recorded Investment $ 662    
Post-modification outstanding recorded investment 697    
Financial Impact $ 2    
v3.22.4
Loans Receivable and Allowance for Credit Losses - TDR Post-Modifications (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Financing Receivable, Troubled Debt Restructuring [Line Items]      
Post-modification outstanding recorded investment $ 39,112 $ 21,329 $ 156,914
Principal      
Financing Receivable, Troubled Debt Restructuring [Line Items]      
Post-modification outstanding recorded investment 24,935 5,745 81,581
Principal and Interest      
Financing Receivable, Troubled Debt Restructuring [Line Items]      
Post-modification outstanding recorded investment 0 0 10,863
Interest Rate Reduction      
Financing Receivable, Troubled Debt Restructuring [Line Items]      
Post-modification outstanding recorded investment 0 15,584 31,913
Interest Deferments      
Financing Receivable, Troubled Debt Restructuring [Line Items]      
Post-modification outstanding recorded investment 0 0 32,557
Other      
Financing Receivable, Troubled Debt Restructuring [Line Items]      
Post-modification outstanding recorded investment 14,177 0 0
Commercial Portfolio Segment [Member]      
Financing Receivable, Troubled Debt Restructuring [Line Items]      
Post-modification outstanding recorded investment 38,415 21,329 156,914
Commercial Portfolio Segment [Member] | Principal      
Financing Receivable, Troubled Debt Restructuring [Line Items]      
Post-modification outstanding recorded investment 24,238 5,745 81,581
Commercial Portfolio Segment [Member] | Principal and Interest      
Financing Receivable, Troubled Debt Restructuring [Line Items]      
Post-modification outstanding recorded investment 0 0 10,863
Commercial Portfolio Segment [Member] | Interest Rate Reduction      
Financing Receivable, Troubled Debt Restructuring [Line Items]      
Post-modification outstanding recorded investment 0 15,584 31,913
Commercial Portfolio Segment [Member] | Interest Deferments      
Financing Receivable, Troubled Debt Restructuring [Line Items]      
Post-modification outstanding recorded investment 0 0 32,557
Commercial Portfolio Segment [Member] | Other      
Financing Receivable, Troubled Debt Restructuring [Line Items]      
Post-modification outstanding recorded investment 14,177 0 0
Commercial Portfolio Segment [Member] | C&I      
Financing Receivable, Troubled Debt Restructuring [Line Items]      
Post-modification outstanding recorded investment 38,415 20,263 134,467
Commercial Portfolio Segment [Member] | C&I | Principal      
Financing Receivable, Troubled Debt Restructuring [Line Items]      
Post-modification outstanding recorded investment 24,238 4,679 59,134
Commercial Portfolio Segment [Member] | C&I | Principal and Interest      
Financing Receivable, Troubled Debt Restructuring [Line Items]      
Post-modification outstanding recorded investment 0 0 10,863
Commercial Portfolio Segment [Member] | C&I | Interest Rate Reduction      
Financing Receivable, Troubled Debt Restructuring [Line Items]      
Post-modification outstanding recorded investment 0 15,584 31,913
Commercial Portfolio Segment [Member] | C&I | Interest Deferments      
Financing Receivable, Troubled Debt Restructuring [Line Items]      
Post-modification outstanding recorded investment 0 0 32,557
Commercial Portfolio Segment [Member] | C&I | Other      
Financing Receivable, Troubled Debt Restructuring [Line Items]      
Post-modification outstanding recorded investment 14,177 0 0
Commercial Portfolio Segment [Member] | Real estate loan | Multifamily      
Financing Receivable, Troubled Debt Restructuring [Line Items]      
Post-modification outstanding recorded investment   1,066 1,226
Commercial Portfolio Segment [Member] | Real estate loan | Principal | Multifamily      
Financing Receivable, Troubled Debt Restructuring [Line Items]      
Post-modification outstanding recorded investment   1,066 1,226
Commercial Portfolio Segment [Member] | Real estate loan | Principal and Interest | Multifamily      
Financing Receivable, Troubled Debt Restructuring [Line Items]      
Post-modification outstanding recorded investment   0 0
Commercial Portfolio Segment [Member] | Real estate loan | Interest Rate Reduction | Multifamily      
Financing Receivable, Troubled Debt Restructuring [Line Items]      
Post-modification outstanding recorded investment   0 0
Commercial Portfolio Segment [Member] | Real estate loan | Interest Deferments | Multifamily      
Financing Receivable, Troubled Debt Restructuring [Line Items]      
Post-modification outstanding recorded investment   0 0
Commercial Portfolio Segment [Member] | Real estate loan | Other | Multifamily      
Financing Receivable, Troubled Debt Restructuring [Line Items]      
Post-modification outstanding recorded investment   0  
Commercial Portfolio Segment [Member] | Real estate loan | Other Modifications | Multifamily      
Financing Receivable, Troubled Debt Restructuring [Line Items]      
Post-modification outstanding recorded investment     0
Commercial Portfolio Segment [Member] | Total CRE      
Financing Receivable, Troubled Debt Restructuring [Line Items]      
Post-modification outstanding recorded investment   1,066 22,447
Commercial Portfolio Segment [Member] | Total CRE | Principal      
Financing Receivable, Troubled Debt Restructuring [Line Items]      
Post-modification outstanding recorded investment   1,066 22,447
Commercial Portfolio Segment [Member] | Total CRE | Principal and Interest      
Financing Receivable, Troubled Debt Restructuring [Line Items]      
Post-modification outstanding recorded investment   0 0
Commercial Portfolio Segment [Member] | Total CRE | Interest Rate Reduction      
Financing Receivable, Troubled Debt Restructuring [Line Items]      
Post-modification outstanding recorded investment   0 0
Commercial Portfolio Segment [Member] | Total CRE | Interest Deferments      
Financing Receivable, Troubled Debt Restructuring [Line Items]      
Post-modification outstanding recorded investment   0 0
Commercial Portfolio Segment [Member] | Total CRE | Other      
Financing Receivable, Troubled Debt Restructuring [Line Items]      
Post-modification outstanding recorded investment   $ 0 0
Commercial Portfolio Segment [Member] | CRE      
Financing Receivable, Troubled Debt Restructuring [Line Items]      
Post-modification outstanding recorded investment     21,221
Commercial Portfolio Segment [Member] | CRE | Principal      
Financing Receivable, Troubled Debt Restructuring [Line Items]      
Post-modification outstanding recorded investment     21,221
Commercial Portfolio Segment [Member] | CRE | Principal and Interest      
Financing Receivable, Troubled Debt Restructuring [Line Items]      
Post-modification outstanding recorded investment     0
Commercial Portfolio Segment [Member] | CRE | Interest Deferments      
Financing Receivable, Troubled Debt Restructuring [Line Items]      
Post-modification outstanding recorded investment     0
Commercial Portfolio Segment [Member] | CRE | Other      
Financing Receivable, Troubled Debt Restructuring [Line Items]      
Post-modification outstanding recorded investment     0
Commercial Portfolio Segment [Member] | CRE | Interest Rate Reduction      
Financing Receivable, Troubled Debt Restructuring [Line Items]      
Post-modification outstanding recorded investment     $ 0
Consumer Lending      
Financing Receivable, Troubled Debt Restructuring [Line Items]      
Post-modification outstanding recorded investment 697    
Consumer Lending | Principal      
Financing Receivable, Troubled Debt Restructuring [Line Items]      
Post-modification outstanding recorded investment 697    
Consumer Lending | Principal and Interest      
Financing Receivable, Troubled Debt Restructuring [Line Items]      
Post-modification outstanding recorded investment 0    
Consumer Lending | Interest Rate Reduction      
Financing Receivable, Troubled Debt Restructuring [Line Items]      
Post-modification outstanding recorded investment 0    
Consumer Lending | Interest Deferments      
Financing Receivable, Troubled Debt Restructuring [Line Items]      
Post-modification outstanding recorded investment 0    
Consumer Lending | Other      
Financing Receivable, Troubled Debt Restructuring [Line Items]      
Post-modification outstanding recorded investment 0    
Consumer Lending | HELOCs      
Financing Receivable, Troubled Debt Restructuring [Line Items]      
Post-modification outstanding recorded investment 697    
Consumer Lending | HELOCs | Principal      
Financing Receivable, Troubled Debt Restructuring [Line Items]      
Post-modification outstanding recorded investment 697    
Consumer Lending | HELOCs | Principal and Interest      
Financing Receivable, Troubled Debt Restructuring [Line Items]      
Post-modification outstanding recorded investment 0    
Consumer Lending | HELOCs | Interest Deferments      
Financing Receivable, Troubled Debt Restructuring [Line Items]      
Post-modification outstanding recorded investment 0    
Consumer Lending | HELOCs | Other      
Financing Receivable, Troubled Debt Restructuring [Line Items]      
Post-modification outstanding recorded investment 0    
Consumer Lending | HELOCs | Interest Rate Reduction      
Financing Receivable, Troubled Debt Restructuring [Line Items]      
Post-modification outstanding recorded investment 0    
Consumer Lending | Total residential mortgage      
Financing Receivable, Troubled Debt Restructuring [Line Items]      
Post-modification outstanding recorded investment 697    
Consumer Lending | Total residential mortgage | Principal      
Financing Receivable, Troubled Debt Restructuring [Line Items]      
Post-modification outstanding recorded investment 697    
Consumer Lending | Total residential mortgage | Principal and Interest      
Financing Receivable, Troubled Debt Restructuring [Line Items]      
Post-modification outstanding recorded investment 0    
Consumer Lending | Total residential mortgage | Interest Deferments      
Financing Receivable, Troubled Debt Restructuring [Line Items]      
Post-modification outstanding recorded investment 0    
Consumer Lending | Total residential mortgage | Other      
Financing Receivable, Troubled Debt Restructuring [Line Items]      
Post-modification outstanding recorded investment 0    
Consumer Lending | Total residential mortgage | Interest Rate Reduction      
Financing Receivable, Troubled Debt Restructuring [Line Items]      
Post-modification outstanding recorded investment $ 0    
v3.22.4
Loans Receivable and Allowance for Credit Losses - Loans Modified as TDRs that Subsequently Defaulted (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
USD ($)
loan
Dec. 31, 2021
USD ($)
loan
Dec. 31, 2020
USD ($)
loan
Financing Receivable, Troubled Debt Restructuring [Line Items]      
Number of Loans | loan 2 1 1
Recorded Investment $ 10,296 $ 11,431 $ 15,852
Commitment to lend $ 16,200 $ 5,000  
Commercial Portfolio Segment [Member]      
Financing Receivable, Troubled Debt Restructuring [Line Items]      
Number of Loans | loan 2 1 1
Recorded Investment $ 10,296 $ 11,431 $ 15,852
Commercial Portfolio Segment [Member] | C&I      
Financing Receivable, Troubled Debt Restructuring [Line Items]      
Number of Loans | loan 2 1 1
Recorded Investment $ 10,296 $ 11,431 $ 15,852
v3.22.4
Loans Receivable and Allowance for Credit Losses - Summary of Activities in Allowance for Loan Losses (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Allowance for loan losses        
Allowance for loan losses, balance at the beginning of the period $ 541,579 $ 619,983 $ 358,287  
Provision for (reversal of) credit losses 74,767 (28,954) 198,691  
Gross charge-offs (37,920) (66,592) (81,837)  
Gross recoveries 19,461 16,614 18,672  
Total net (charge-offs) recoveries (18,459) (49,978) (63,165)  
Foreign currency translation adjustment (2,242) 528 1,012  
Allowance for loan losses, balance at the end of the period 595,645 541,579 619,983 $ 358,287
Accounting Standards Update [Extensible List]       Accounting Standards Update 2016-13
Cumulative Effect, Period of Adoption, Adjustment | Accounting Standards Update 2016-13        
Allowance for loan losses        
Allowance for loan losses, balance at the beginning of the period     125,158  
Allowance for loan losses, balance at the end of the period       $ 125,158
Commercial Lending | C&I        
Allowance for loan losses        
Allowance for loan losses, balance at the beginning of the period 338,252 398,040 238,376  
Provision for (reversal of) credit losses 37,604 (39,732) 145,212  
Gross charge-offs (18,738) (32,490) (66,225)  
Gross recoveries 16,824 11,906 5,428  
Total net (charge-offs) recoveries (1,914) (20,584) (60,797)  
Foreign currency translation adjustment (2,242) 528 1,012  
Allowance for loan losses, balance at the end of the period 371,700 338,252 398,040 238,376
Commercial Lending | C&I | Cumulative Effect, Period of Adoption, Adjustment | Accounting Standards Update 2016-13        
Allowance for loan losses        
Allowance for loan losses, balance at the beginning of the period     74,237  
Allowance for loan losses, balance at the end of the period       74,237
Commercial Lending | CRE        
Allowance for loan losses        
Allowance for loan losses, balance at the beginning of the period 150,940 163,791 40,509  
Provision for (reversal of) credit losses 8,212 14,282 55,864  
Gross charge-offs (10,871) (28,430) (15,206)  
Gross recoveries 1,583 1,297 10,455  
Total net (charge-offs) recoveries (9,288) (27,133) (4,751)  
Foreign currency translation adjustment 0 0 0  
Allowance for loan losses, balance at the end of the period 149,864 150,940 163,791 40,509
Commercial Lending | CRE | Cumulative Effect, Period of Adoption, Adjustment | Accounting Standards Update 2016-13        
Allowance for loan losses        
Allowance for loan losses, balance at the beginning of the period     72,169  
Allowance for loan losses, balance at the end of the period       72,169
Commercial Lending | Residential loan | Multifamily        
Allowance for loan losses        
Allowance for loan losses, balance at the beginning of the period 14,400 27,573 22,826  
Provision for (reversal of) credit losses 15,651 (15,076) 10,879  
Gross charge-offs (7,237) (130) 0  
Gross recoveries 559 2,033 1,980  
Total net (charge-offs) recoveries (6,678) 1,903 1,980  
Foreign currency translation adjustment 0 0 0  
Allowance for loan losses, balance at the end of the period 23,373 14,400 27,573 22,826
Commercial Lending | Residential loan | Multifamily | Cumulative Effect, Period of Adoption, Adjustment | Accounting Standards Update 2016-13        
Allowance for loan losses        
Allowance for loan losses, balance at the beginning of the period     (8,112)  
Allowance for loan losses, balance at the end of the period       (8,112)
Commercial Lending | Construction and land        
Allowance for loan losses        
Allowance for loan losses, balance at the beginning of the period 15,468 10,239 19,404  
Provision for (reversal of) credit losses (6,433) 7,576 644  
Gross charge-offs 0 (2,954) 0  
Gross recoveries 74 607 80  
Total net (charge-offs) recoveries 74 (2,347) 80  
Foreign currency translation adjustment 0 0 0  
Allowance for loan losses, balance at the end of the period 9,109 15,468 10,239 19,404
Commercial Lending | Construction and land | Cumulative Effect, Period of Adoption, Adjustment | Accounting Standards Update 2016-13        
Allowance for loan losses        
Allowance for loan losses, balance at the beginning of the period     (9,889)  
Allowance for loan losses, balance at the end of the period       (9,889)
Consumer Lending | Residential loan | Single-family        
Allowance for loan losses        
Allowance for loan losses, balance at the beginning of the period 17,160 15,520 28,527  
Provision for (reversal of) credit losses 18,867 1,965 (9,922)  
Gross charge-offs (775) (1,046) 0  
Gross recoveries 312 721 585  
Total net (charge-offs) recoveries (463) (325) 585  
Foreign currency translation adjustment 0 0 0  
Allowance for loan losses, balance at the end of the period 35,564 17,160 15,520 28,527
Consumer Lending | Residential loan | Single-family | Cumulative Effect, Period of Adoption, Adjustment | Accounting Standards Update 2016-13        
Allowance for loan losses        
Allowance for loan losses, balance at the beginning of the period     (3,670)  
Allowance for loan losses, balance at the end of the period       (3,670)
Consumer Lending | HELOCs        
Allowance for loan losses        
Allowance for loan losses, balance at the beginning of the period 3,435 2,690 5,265  
Provision for (reversal of) credit losses 1,124 745 (605)  
Gross charge-offs (193) (45) (221)  
Gross recoveries 109 45 49  
Total net (charge-offs) recoveries (84) 0 (172)  
Foreign currency translation adjustment 0 0 0  
Allowance for loan losses, balance at the end of the period 4,475 3,435 2,690 5,265
Consumer Lending | HELOCs | Cumulative Effect, Period of Adoption, Adjustment | Accounting Standards Update 2016-13        
Allowance for loan losses        
Allowance for loan losses, balance at the beginning of the period     (1,798)  
Allowance for loan losses, balance at the end of the period       (1,798)
Consumer Lending | Other consumer        
Allowance for loan losses        
Allowance for loan losses, balance at the beginning of the period 1,924 2,130 3,380  
Provision for (reversal of) credit losses (258) 1,286 (3,381)  
Gross charge-offs (106) (1,497) (185)  
Gross recoveries 0 5 95  
Total net (charge-offs) recoveries (106) (1,492) (90)  
Foreign currency translation adjustment 0 0 0  
Allowance for loan losses, balance at the end of the period $ 1,560 $ 1,924 2,130 3,380
Consumer Lending | Other consumer | Cumulative Effect, Period of Adoption, Adjustment | Accounting Standards Update 2016-13        
Allowance for loan losses        
Allowance for loan losses, balance at the beginning of the period     $ 2,221  
Allowance for loan losses, balance at the end of the period       $ 2,221
v3.22.4
Loans Receivable and Allowance for Credit Losses - Summary of Activities in Allowance for loan losses by Portfolio Segments and Unfunded Credit Commitments (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Financing Receivable, Allowance for Credit Losses        
Accounting Standards Update [Extensible List]       Accounting Standards Update 2016-13
Provision for (reversal of) credit losses $ 74,767 $ (28,954) $ 198,691  
Allowance for unfunded credit reserves        
Allowance for unfunded credit commitments, beginning of period 27,500      
(Reversal of) provision for credit losses 73,500 (35,000) 210,653  
Allowance for unfunded credit commitments, end of period 26,200 27,500    
Unfunded Loan Commitment        
Allowance for unfunded credit reserves        
Allowance for unfunded credit commitments, beginning of period 27,514 33,577 11,158  
(Reversal of) provision for credit losses (1,267) (6,046) 11,962  
Foreign currency translation adjustments 17 (17) 0  
Allowance for unfunded credit commitments, end of period 26,264 27,514 33,577 $ 11,158
Cumulative Effect, Period of Adoption, Adjustment        
Allowance for unfunded credit reserves        
Allowance for unfunded credit commitments, beginning of period $ 0 0 10,457  
Allowance for unfunded credit commitments, end of period   $ 0 $ 0 $ 10,457
v3.22.4
Loans Receivable and Allowance for Credit Losses - Allowance for Credit Losses Narrative (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
USD ($)
qtr
Dec. 31, 2021
USD ($)
Financing Receivable, Allowance for Credit Losses      
Life time loss rate, period span | qtr   11  
Financing receivable and off balance sheet credit loss allowance   $ 621.9 $ 569.1
Decrease in allowance for credit losses   $ 52.8  
Annual GDP growth rate (in percent)   1.90%  
Average increase in the unemployment rate (in percent)   3.70%  
Credit Derivative, Term   10 years  
Forecast      
Financing Receivable, Allowance for Credit Losses      
Annual GDP growth rate (in percent) 0.90%    
Average increase in the unemployment rate (in percent) 4.00%    
Average decline of annual GDP rate (in percent) 1.30%    
Average rising of unemployment rate (in percent) 6.80%    
Higher GDP growth rate (in percent) 2.60%    
Improving of unemployment rate and no recession (in percent) 3.50%    
v3.22.4
Loans Receivable and Allowance for Credit Losses - Loans Held-for-Sale Narrative (Details) - USD ($)
$ in Thousands
Dec. 31, 2022
Dec. 31, 2021
C&I    
LOANS HELD-FOR-SALE    
Loans held-for-sale $ 25,600  
Single Family Residential    
LOANS HELD-FOR-SALE    
Loans held-for-sale   $ 635
v3.22.4
Loans Receivable and Allowance for Credit Losses - Loans Purchases, Sales and Transfers (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES      
Loans transferred from held-for-investment to held-for-sale $ 623,777 $ 599,610 $ 329,069
Loans transferred from held-for-sale to held-for-investment 631    
Sales 595,767 621,543 412,221
Purchases 657,270 1,044,711 389,580
Writeoff 3,100 12,200 2,800
Net gains on sales of loans 6,411 8,909 4,501
Loans Sold in Secondary Market | Loans receivable, purchased      
LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES      
Sales 208,200 208,400 11,800
Commercial And Industrial Loan And Commercial Real Estate Loan | Loans receivable, originated      
LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES      
Sales 387,500 413,100 400,400
Commercial Lending | C&I      
LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES      
Loans transferred from held-for-investment to held-for-sale 530,524 496,655 300,677
Loans transferred from held-for-sale to held-for-investment 0    
Sales 501,289 502,694 303,520
Purchases 363,549 479,690 154,154
Commercial Lending | CRE      
LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES      
Loans transferred from held-for-investment to held-for-sale 88,075 78,834 26,994
Loans transferred from held-for-sale to held-for-investment 0    
Sales 88,075 78,834 26,994
Purchases 0 0 0
Commercial Lending | Residential loan | Multifamily      
LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES      
Loans transferred from held-for-investment to held-for-sale 0 0 1,398
Loans transferred from held-for-sale to held-for-investment 0    
Sales 0 0 1,398
Purchases 0 370 2,358
Commercial Lending | Construction and land      
LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES      
Loans transferred from held-for-investment to held-for-sale 0 18,883 0
Loans transferred from held-for-sale to held-for-investment 0    
Sales 0 21,557 0
Purchases 0 0 0
Consumer Lending | Residential loan | Single-family      
LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES      
Loans transferred from held-for-investment to held-for-sale 5,178 5,238 0
Loans transferred from held-for-sale to held-for-investment 631    
Sales 6,403 18,458 80,309
Purchases $ 293,721 $ 564,651 $ 233,068
v3.22.4
Investments in Qualified Affordable Housing Partnerships, Tax Credit and Other Investments, Net and Variable Interest Entities - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Investments in Tax Credit and Other Investments, Net [Line Items]    
Minimum compliance period to fully utilize tax credits 15 years  
Investments in tax credit and other investments, net    
Investments in Tax Credit and Other Investments, Net [Line Items]    
Equity securities with readily determinable fair value $ 24.0 $ 26.6
Investments In Tax Credit And Other Investments, Net And Other Assets    
Investments in Tax Credit and Other Investments, Net [Line Items]    
Equity securities without readily determinable fair value, amount $ 36.5 $ 33.1
v3.22.4
Investments in Qualified Affordable Housing Partnerships, Tax Credit and Other Investments, Net and Variable Interest Entities - Investments in Qualified Affordable Housing Partnerships, Net (Details) - USD ($)
$ in Thousands
Dec. 31, 2022
Dec. 31, 2021
Assets    
Investments in qualified affordable housing partnerships, net $ 413,253 $ 289,741
Investments in Tax Credit and Other Investments, Net 350,003 338,522
Total 763,256 628,263
Liabilities - Unfunded Commitments    
Investments in qualified affordable housing partnerships, net 266,654 146,152
Investments in tax credit and other investments, net 185,797 163,464
Total $ 452,451 $ 309,616
v3.22.4
Investments in Qualified Affordable Housing Partnerships, Tax Credit and Other Investments, Net and Variable Interest Entities - Investments in Tax Credit and Other Investments, Net (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
USD ($)
investment
Dec. 31, 2021
USD ($)
investment
Dec. 31, 2020
USD ($)
investment
Investments in qualified housing partnerships, net      
Tax credits and other tax benefits recognized $ 52,132 $ 50,643 $ 45,971
Amortization expense included in income tax expense 38,759 33,248 37,132
Investments in tax credit and other investments, net      
(Impairment recoveries) amortization of tax credit and other investments 113,358 122,457 70,082
Unrealized (losses) gains on equity securities with readily determinable values (2,928) (746) 732
Impairment recoveries (losses) $ 469 $ 1,250 $ (3,699)
Investment in Tax Credit and Other Investments      
Investments in tax credit and other investments, net      
Number of historic tax credits recoveries/losses | investment 1 1 3
Number of energy tax credits recoveries | investment 3 2 1
Number of Impairment Losses of Historic Tax Credit Investments | investment 2    
Historic Tax Credit Investment      
Investments in tax credit and other investments, net      
Number of historic tax credits recoveries/losses | investment     3
Pre-tax impairment charge or recovery $ 2,900   $ 4,800
Energy Tax Credit Investment      
Investments in tax credit and other investments, net      
Pre-tax impairment charge or recovery $ 3,400   1,500
Non-Marketable Equity Security      
Investments in tax credit and other investments, net      
Pre-tax impairment charge or recovery     $ 360
Number of impaired or recovered non-marketable equity securities | investment     1
v3.22.4
Investments in Qualified Affordable Housing Partnerships, Tax Credit and Other Investments, Net and Variable Interest Entities - Estimated Unfunded Commitments (Details)
$ in Thousands
Dec. 31, 2022
USD ($)
Unfunded commitments related to investments in qualified affordable housing partnerships, tax credit and other investments  
2023 $ 312,795
2024 64,576
2025 64,617
2026 3,936
2027 1,413
Thereafter 5,114
Total $ 452,451
v3.22.4
Investments in Qualified Affordable Housing Partnerships, Tax Credit and Other Investments, Net and Variable Interest Entities - Variable Interest Entities (Details) - USD ($)
$ in Millions
Dec. 31, 2022
Dec. 31, 2021
Collateralized loan obligations (“CLOs”) | Debt securities available for sale    
Investments in Tax Credit and Other Investments, Net [Line Items]    
Fair Value $ 284.3 $ 291.7
v3.22.4
Goodwill (Details) - USD ($)
$ in Thousands
Dec. 31, 2022
Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]    
Goodwill $ 465,697 $ 465,697
v3.22.4
Deposits - Balances for Core Deposits and Time Deposits (Details) - USD ($)
$ in Thousands
Dec. 31, 2022
Dec. 31, 2021
Deposits    
Noninterest-bearing demand $ 21,051,090 $ 22,845,464
Interest-bearing checking 6,672,165 6,524,721
Money market 12,265,024 13,130,300
Savings 2,649,037 2,888,065
Time deposits 13,330,533  
Total deposits 55,967,849 53,350,532
Time deposits:    
Time deposits, at or above FDIC insurance limit 10,560,000 5,950,000
Domestic office    
Deposits    
Time deposits 11,878,734 6,940,013
Foreign office    
Deposits    
Time deposits $ 1,451,799 $ 1,021,969
v3.22.4
Deposits - Scheduled Maturities of Time Deposits (Details)
$ in Thousands
Dec. 31, 2022
USD ($)
DEPOSIT ACCOUNTS  
2023 $ 13,102,192
2024 201,014
2025 16,009
2026 4,795
2027 6,523
Time deposits $ 13,330,533
v3.22.4
Federal Home Loan Bank Advances and Long-Term Debt - FHLB Advances and LTD (Details) - USD ($)
$ in Thousands
Dec. 31, 2022
Dec. 31, 2021
Debt Instrument [Line Items]    
Federal Home Loan Bank (“FHLB”) advances $ 0 $ 249,331
FHLB Advances    
Debt Instrument [Line Items]    
Weighted-average rate (as a percent) 1.89% 1.17%
Parent company    
Debt Instrument [Line Items]    
Junior Subordinated Notes $ 147,950 $ 147,658
Weighted-average rate (as a percent) 3.49% 1.74%
Bank | FHLB - Floating    
Debt Instrument [Line Items]    
Federal Home Loan Bank (“FHLB”) advances $ 0 $ 249,331
Minimum | Parent company | Subordinated Debt    
Debt Instrument [Line Items]    
Variable interest rate 6.12%  
Minimum | Bank | FHLB - Floating    
Debt Instrument [Line Items]    
Variable interest rate 0.00%  
Maximum | Parent company | Subordinated Debt    
Debt Instrument [Line Items]    
Variable interest rate 6.67%  
v3.22.4
Federal Home Loan Bank Advances and Long-Term Debt - Narrative (Details)
$ in Millions
Dec. 31, 2022
USD ($)
trust
Dec. 31, 2021
USD ($)
Debt Instrument [Line Items]    
Available borrowing capacity from FHLB advances | $ $ 12,770 $ 11,930
Number of wholly owned subsidiaries that are statutory business trusts 6  
Junior subordinated debt    
Debt Instrument [Line Items]    
Number of statutory business trusts formed for the purpose of issuing junior subordinated debt to third party investors 6  
v3.22.4
Federal Home Loan Bank Advances and Long-Term Debt - Junior Subordinated Debt (Details) - Junior subordinated debt - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Debt Instrument [Line Items]    
Aggregate Principal Amount of Trust Securities $ 4,641 $ 4,641
Aggregate Principal Amount of the Junior Subordinated Debt $ 148,000 148,000
East West Capital Trust V    
Debt Instrument [Line Items]    
Stated Interest Rate, basis spread (as a percent) 1.80%  
Current Rate 6.49%  
Aggregate Principal Amount of Trust Securities $ 464 464
Aggregate Principal Amount of the Junior Subordinated Debt $ 15,000 15,000
East West Capital Trust VI    
Debt Instrument [Line Items]    
Stated Interest Rate, basis spread (as a percent) 1.50%  
Current Rate 6.27%  
Aggregate Principal Amount of Trust Securities $ 619 619
Aggregate Principal Amount of the Junior Subordinated Debt $ 20,000 20,000
East West Capital Trust VII    
Debt Instrument [Line Items]    
Stated Interest Rate, basis spread (as a percent) 1.35%  
Current Rate 6.12%  
Aggregate Principal Amount of Trust Securities $ 928 928
Aggregate Principal Amount of the Junior Subordinated Debt $ 30,000 30,000
East West Capital Trust VIII    
Debt Instrument [Line Items]    
Stated Interest Rate, basis spread (as a percent) 1.40%  
Current Rate 6.13%  
Aggregate Principal Amount of Trust Securities $ 619 619
Aggregate Principal Amount of the Junior Subordinated Debt $ 18,000 18,000
East West Capital Trust IX    
Debt Instrument [Line Items]    
Stated Interest Rate, basis spread (as a percent) 1.90%  
Current Rate 6.67%  
Aggregate Principal Amount of Trust Securities $ 928 928
Aggregate Principal Amount of the Junior Subordinated Debt $ 30,000 30,000
MCBI Statutory Trust I    
Debt Instrument [Line Items]    
Stated Interest Rate, basis spread (as a percent) 1.55%  
Current Rate 6.32%  
Aggregate Principal Amount of Trust Securities $ 1,083 1,083
Aggregate Principal Amount of the Junior Subordinated Debt $ 35,000 $ 35,000
v3.22.4
Income Taxes - Components of Income Tax Expense/Benefit (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Current income tax expense (benefit):      
Federal $ 163,797 $ 84,249 $ 84,560
State 160,629 95,939 74,252
Foreign 3,133 (1,554) 671
Total current income tax expense 327,559 178,634 159,483
Deferred income (benefit) tax expense:      
Federal (23,484) 1,528 (28,093)
State (21,835) 3,259 (11,671)
Foreign 1,331 (25) (1,751)
Total deferred income (benefit) tax expense (43,988) 4,762 (41,515)
Income tax expense $ 283,571 $ 183,396 $ 117,968
v3.22.4
Income Taxes - Reconciliation of Federal Statutory Rate (Details)
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Difference between the effective tax rate implicit in the consolidated financial statements and the statutory federal income tax rate      
Statutory U.S. federal tax rate 21.00% 21.00% 21.00%
U.S. state income taxes, net of U.S. federal income tax effect 7.80% 7.40% 7.20%
Tax credits and benefits, net of related expenses (8.90%) (11.30%) (12.40%)
Other, net 0.20% 0.30% 1.40%
Effective tax rate 20.10% 17.40% 17.20%
v3.22.4
Income Taxes - Deferred Tax Assets and Deferred Tax Liabilities (Details) - USD ($)
$ in Thousands
Dec. 31, 2022
Dec. 31, 2021
Deferred tax assets:    
Allowance for credit losses and nonperforming assets valuation allowance $ 191,187 $ 166,398
Investments in qualified affordable housing partnerships, tax credit and other investments, net 21,011 14,977
Stock compensation and other accrued compensation 25,857 23,954
Interest income on nonaccrual loans 5,185 4,192
State taxes 13,259 5,237
Net Unrealized Losses on Debt Securities and Derivatives 309,837 37,423
Tax credit carryforwards 0 8,692
Premises and equipment 3,827 1,434
Lease liabilities 34,859 31,324
Other 6,169 1,018
Total deferred tax assets 611,191 294,649
Deferred tax liabilities:    
Equipment lease financing 27,237 26,607
Investments in qualified affordable housing partnerships, tax credit and other investments, net 7,709 12,187
FHLB stock dividends 1,926 1,886
Mortgage servicing assets 1,963 1,759
Acquired debts 1,477 1,536
Prepaid expenses 2,478 1,525
Operating lease right-of-use assets 32,606 29,472
Other 6,270 1,547
Total deferred tax liabilities 81,666 76,519
Net deferred tax assets $ 529,525 $ 218,130
v3.22.4
Income Taxes - Narrative (Details) - USD ($)
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Income Tax Disclosure [Abstract]      
Valuation allowance $ 0 $ 0  
Income taxes and interest paid (5,200,000)    
Settlements with taxing authorities (4,568,000) $ 0 $ 0
Interest expense $ (599,000)    
v3.22.4
Income Taxes - Unrecognized Tax Benefits (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Activity related to unrecognized tax benefits      
Beginning balance $ 5,045 $ 5,045 $ 0
Additions for tax positions related to prior years 0 0 5,045
Settlements with taxing authorities (4,568) 0 0
Ending balance $ 477 $ 5,045 $ 5,045
v3.22.4
Commitments and Contingencies - Credit-Related Commitments (Details) - USD ($)
$ in Thousands
Dec. 31, 2022
Dec. 31, 2021
Commitments to Extend Credit    
Expire in One Year or Less $ 312,795  
Expire After Five Years 5,114  
Total 452,451  
Loan commitments    
Commitments to Extend Credit    
Expire in One Year or Less 3,680,606  
Expire After One Year Through Three Years 3,469,265  
Expire After Three Years Through Five Years 971,534  
Expire After Five Years 90,166  
Total 8,211,571 $ 6,911,398
Commercial letters of credit and SBLCs    
Commitments to Extend Credit    
Expire in One Year or Less 677,255  
Expire After One Year Through Three Years 462,367  
Expire After Three Years Through Five Years 69,815  
Expire After Five Years 1,082,529  
Total 2,291,966 2,221,699
Commitments to Extend Credit    
Commitments to Extend Credit    
Expire in One Year or Less 4,357,861  
Expire After One Year Through Three Years 3,931,632  
Expire After Three Years Through Five Years 1,041,349  
Expire After Five Years 1,172,695  
Total $ 10,503,537 $ 9,133,097
v3.22.4
Commitments and Contingencies - Narrative (Details) - USD ($)
$ in Thousands
Dec. 31, 2022
Dec. 31, 2021
Commitments to Extend Credit    
Letters of credit $ 2,290,000 $ 2,220,000
Allowance for Unfunded Credit Commitments 26,200 27,500
Other Commitments    
Total 452,451  
Accrued Expenses And Other Liabilities    
Other Commitments    
Total 452,500 309,600
Standby Letters of Credit    
Commitments to Extend Credit    
Letters of credit 2,270,000 2,140,000
Commercial Letters Of Credit    
Commitments to Extend Credit    
Letters of credit 21,600 78,900
Loans sold or securitized with recourse | Single Family Residential and Multi-Family Residential | Loans Sold or Securitized with Recourse    
Commitments to Extend Credit    
Allowance for Unfunded Credit Commitments $ 37 $ 29
v3.22.4
Commitments and Contingencies - Guarantees Outstanding (Details) - Loans sold or securitized with recourse - Loans Sold or Securitized with Recourse - USD ($)
$ in Thousands
Dec. 31, 2022
Dec. 31, 2021
Guarantor Obligations, Maximum Potential Future Payments [Abstract]    
Expire in One Year or Less $ 36  
Expire After One Year Through Three Years 111  
Expire After Three Years Through Five Years 0  
Expire After Five Years 21,630  
Total 21,777 $ 22,922
Carrying Value 28,101 31,095
Single Family Residential    
Guarantor Obligations, Maximum Potential Future Payments [Abstract]    
Expire in One Year or Less 36  
Expire After One Year Through Three Years 111  
Expire After Three Years Through Five Years 0  
Expire After Five Years 6,634  
Total 6,781 7,926
Carrying Value 6,781 7,926
Multifamily residential    
Guarantor Obligations, Maximum Potential Future Payments [Abstract]    
Expire in One Year or Less 0  
Expire After One Year Through Three Years 0  
Expire After Three Years Through Five Years 0  
Expire After Five Years 14,996  
Total 14,996 14,996
Carrying Value $ 21,320 $ 23,169
v3.22.4
Stock Compensation Plans - Narrative (Details)
 12 Months Ended
Dec. 31, 2022
USD ($)
employee
$ / shares
shares
Dec. 31, 2021
USD ($)
$ / shares
Dec. 31, 2020
USD ($)
$ / shares
RSUs | Cliff      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Vesting period 3 years    
Performance-Based RSUs      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Modified from cash-settled RSUs (in shares) | shares 0    
Weighted-average fair value of awards granted (in dollars per share) | $ / shares $ 77.91 $ 77.67 $ 39.79
Total fair value of awards that vested $ 17,600,000 $ 15,400,000 $ 8,900,000
Total unrecognized stock compensation expense $ 13,800,000    
Weighted average period to recognize unrecognized compensation cost 1 year 9 months 3 days    
Performance-Based RSUs | Minimum      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Percentage of target award available for grant 0.00%    
Performance-Based RSUs | Maximum      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Percentage of target award available for grant 200.00%    
Performance-Based RSUs | Cliff      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Vesting period 3 years    
Time-Based RSUs      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Modified from cash-settled RSUs (in shares) | shares 31,523    
Number of grantees affected | employee 119    
Plan modification, incremental cost $ 0    
Cash used to settle award $ 318,000    
Weighted-average fair value of awards granted (in dollars per share) | $ / shares $ 78.15 $ 71.88 $ 40.61
Total fair value of awards that vested $ 30,000,000 $ 22,700,000 $ 11,500,000
Total unrecognized stock compensation expense $ 24,300,000    
Weighted average period to recognize unrecognized compensation cost 1 year 9 months 14 days    
2021 Stock Incentive Plan      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Common stock, shares authorized (in shares) | shares 17,100,000    
Shares available (in shares) | shares 4,900,000    
v3.22.4
Stock Compensation Plans - Summary of Total Share-Based Compensation Expense and Related Tax Benefit (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Share-Based Payment Arrangement [Abstract]      
Stock compensation costs $ 37,601 $ 32,567 $ 29,237
Related net tax benefits (deficiencies) for stock compensation plans $ 5,293 $ 1,760 $ (1,839)
v3.22.4
Stock Compensation Plans - Summary of Activity for Time-Based and Performance-Based RSUs (Details) - $ / shares
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Time-Based RSUs      
Shares      
Outstanding at beginning of year (in shares) 1,329,946    
Modified from cash-settled RSUs (in shares) 31,523    
Granted (in shares) 444,359    
Vested (in shares) (373,363)    
Forfeited (in shares) (135,599)    
Outstanding at end of year (in shares) 1,296,866 1,329,946  
Weighted- Average Grant Date Fair Value      
Outstanding at end of year (in dollars per share) $ 52.65    
Modified from cash-settled RSUs (in dollars per share) 77.28    
Granted (in dollars per share) 78.15 $ 71.88 $ 40.61
Vested (in dollars per share) 53.07    
Forfeited (in dollars per share) 63.15    
Outstanding at end of year (in dollars per share) $ 60.77 $ 52.65  
Performance-Based RSUs      
Shares      
Outstanding at beginning of year (in shares) 369,731    
Modified from cash-settled RSUs (in shares) 0    
Granted (in shares) 91,874    
Vested (in shares) (125,213)    
Forfeited (in shares) (3,882)    
Outstanding at end of year (in shares) 332,510 369,731  
Weighted- Average Grant Date Fair Value      
Outstanding at end of year (in dollars per share) $ 54.28    
Modified from cash-settled RSUs (in dollars per share) 0    
Granted (in dollars per share) 77.91 $ 77.67 $ 39.79
Vested (in dollars per share) 54.64    
Forfeited (in dollars per share) 77.91    
Outstanding at end of year (in dollars per share) $ 60.40 $ 54.28  
Time Based Restricted Stock Settled in Cash      
Shares      
Outstanding at beginning of year (in shares) 32,647    
Modified from cash-settled RSUs (in shares) 31,523    
Granted (in shares) 2,668    
Vested (in shares) (3,471)    
Forfeited (in shares) (321)    
Outstanding at end of year (in shares) 0 32,647  
v3.22.4
Stock Compensation Plans - Stock Purchase Plan (Details) - Stock Purchase Plan - USD ($)
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Stock purchase plan    
Purchase price of shares in terms compared to market price per share (as a percent) 90.00%  
Annual purchase limitation per employee (in dollars per employee) $ 22,500  
Compensation expense $ 0  
Common stock, shares authorized (in shares) 2,000,000  
Shares sold to employees (in shares) 48,990 37,725
Value of shares sold to employees under purchase plan $ 3,200,000 $ 2,600,000
Shares available (in shares) 217,785  
v3.22.4
Stockholders’ Equity and Earnings Per Share - Earnings Per Share Calculations (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Basic:      
Net income $ 1,128,083 $ 872,981 $ 567,797
Basic weighted average common shares outstanding (in shares) 141,326 141,826 142,336
Basic EPS (in dollars per share) $ 7.98 $ 6.16 $ 3.99
Diluted:      
Net income $ 1,128,083 $ 872,981 $ 567,797
Basic weighted average common shares outstanding (in shares) 141,326 141,826 142,336
Diluted impact of unvested RSUs (in shares) 1,166 1,314 655
Diluted weighted average common shares outstanding (in shares) 142,492 143,140 142,991
Diluted EPS (in dollars per share) $ 7.92 $ 6.10 $ 3.97
v3.22.4
Stockholders’ Equity and Earnings Per Share - Narrative (Details) - USD ($)
$ / shares in Units, $ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Stockholders' Equity and Earnings Per Share [Line Items]      
Amount of stock repurchase authorized by the Board of Directors     $ 500.0
Repurchase of common stock pursuant to the Stock Repurchase Program (in shares) 1,385,517 0 4,471,682
Average price (in dollars per share) $ 72.17   $ 32.64
Repurchase of common stock pursuant to the Stock Repurchase Program $ 100.0   $ 146.0
RSUs      
Stockholders' Equity and Earnings Per Share [Line Items]      
Weighted average shares of anti-dilutive restricted stock units (in shares) 3,000 6,000 134,000
v3.22.4
Accumulated Other Comprehensive Income (Loss) - Components of AOCI (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Beginning balance $ 5,837,218 $ 5,269,175 $ 5,017,617
Other comprehensive (loss) income (675,248) (134,706) 62,733
Ending balance 5,984,612 5,837,218 5,269,175
Debt Securities      
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Beginning balance (85,703) 52,247 (2,419)
Net unrealized gains (losses) arising during the period (620,870) (136,846) 63,329
Amounts reclassified from AOCI 11,758 (1,104) (8,663)
Other comprehensive (loss) income (609,112) (137,950) 54,666
Ending balance (694,815) (85,703) 52,247
Cash Flow Hedges      
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Beginning balance 257 (1,230) 0
Net unrealized gains (losses) arising during the period (52,623) 866 (1,149)
Amounts reclassified from AOCI 2,835 621 (81)
Other comprehensive (loss) income (49,788) 1,487 (1,230)
Ending balance (49,531) 257 (1,230)
Foreign Currency Translation Adjustments      
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Beginning balance (4,935) (6,692) (15,989)
Net unrealized gains (losses) arising during the period (16,348) 1,757 9,297
Amounts reclassified from AOCI 0 0 0
Other comprehensive (loss) income (16,348) 1,757 9,297
Ending balance (21,283) (4,935) (6,692)
Total      
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Beginning balance (90,381) 44,325 (18,408)
Net unrealized gains (losses) arising during the period (689,841) (134,223) 71,477
Amounts reclassified from AOCI 14,593 (483) (8,744)
Other comprehensive (loss) income (675,248) (134,706) 62,733
Ending balance $ (765,629) $ (90,381) $ 44,325
v3.22.4
Accumulated Other Comprehensive Income (Loss) - Components of Other Comprehensive Income (Loss) (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Mar. 31, 2022
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Before - Tax        
Net change   $ (949,946) $ (193,420) $ 83,250
Tax Effect        
Net change   274,698 58,714 (20,517)
Net-of- Tax        
Amortization of unrealized losses on transferred securities $ (113,000) (113,000)    
Other comprehensive (loss) income   (675,248) (134,706) 62,733
Debt Securities        
Before - Tax        
Net unrealized (losses) gains arising during the period   (881,516) (194,393) 89,868
Net realized (gains) losses reclassified into net income   (1,306) (1,568) (12,299)
Amortization of unrealized losses on transferred securities   18,000 0 0
Net change   (864,822) (195,961) 77,569
Tax Effect        
Net unrealized gains (losses) arising during the period   260,646 57,547 (26,539)
Net realized (gains) losses reclassified into net income   386 464 3,636
Amortization of unrealized losses on transferred securities   (5,322) 0 0
Net change   255,710 58,011 (22,903)
Net-of- Tax        
Net unrealized gains (losses) arising during the period   (620,870) (136,846) 63,329
Net realized (gains) losses reclassified into net income   (920) (1,104) (8,663)
Amortization of unrealized losses on transferred securities   12,678 0 0
Net realized gains reclassified into net income   11,758 (1,104) (8,663)
Other comprehensive (loss) income   (609,112) (137,950) 54,666
Cash Flow Hedges        
Net-of- Tax        
Net unrealized gains (losses) arising during the period   (52,623) 866 (1,149)
Net realized gains reclassified into net income   2,835 621 (81)
Other comprehensive (loss) income   (49,788) 1,487 (1,230)
Foreign Currency Translation Adjustments        
Before - Tax        
Net unrealized (losses) gains arising during the period   (15,059) 463 7,398
Net change   (15,059) 463 7,398
Tax Effect        
Net unrealized gains (losses) arising during the period   (1,289) 1,294 1,899
Net change   (1,289) 1,294 1,899
Net-of- Tax        
Net unrealized gains (losses) arising during the period   (16,348) 1,757 9,297
Net realized gains reclassified into net income   0 0 0
Other comprehensive (loss) income   (16,348) 1,757 9,297
Cash Flow Hedges        
Before - Tax        
Net unrealized (losses) gains arising during the period   (74,069) 1,210 (1,604)
Net realized gains reclassified into net income   4,004 868 (113)
Net change   (70,065) 2,078 (1,717)
Tax Effect        
Net unrealized gains (losses) arising during the period   21,446 (344) 455
Net realized gains reclassified into net income   (1,169) (247) 32
Net change   20,277 (591) 487
Net-of- Tax        
Net unrealized gains (losses) arising during the period   (52,623) 866 (1,149)
Net realized gains reclassified into net income   2,835 621 (81)
Other comprehensive (loss) income   $ (49,788) $ 1,487 $ (1,230)
v3.22.4
Regulatory Requirements and Matters - Narrative (Details)
Dec. 31, 2022
Capital adequacy  
Banking regulation, tier one risk-based capital ratio, capital a, minimum 0.060
Banking regulation,total risk-based capital ratio, capital adequacy, minimum 0.080
Banking regulation, tier one leverage capital ratio, capital adequacy, minimum 0.040
Fully phased-in capital conservation buffer 2.50%
Common equity tier 1 capital adequacy to risk weighted assets 0.045
East West Bank  
Capital adequacy  
Banking regulation, tier one risk-based capital ratio, capital a, minimum 0.060
Banking regulation,total risk-based capital ratio, capital adequacy, minimum 0.080
Banking regulation, tier one leverage capital ratio, capital adequacy, minimum 0.040
Tier 1 Common Equity Capital (to risk-weighted assets), Ratio (as a percent) 0.065
Common equity tier 1 capital adequacy to risk weighted assets 0.045
v3.22.4
Regulatory Requirements and Matters - Regulatory Capital Information (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Minimum Capital Ratios    
Total capital ratio required for capital adequacy to risk weighted assets 0.080  
Tier 1 risk based capital ratio required for capital adequacy to risk weighted assets 0.060  
Common equity tier 1 capital adequacy to risk weighted assets 0.045  
Tier 1 leverage capital (to adjusted average assets), Ratio (as a percent) 0.040  
Well- Capitalized Requirement    
Fully phased-in capital conservation buffer 2.50%  
Company    
Actual    
Total capital (to risk-weighted assets), Amount $ 7,003,299 $ 6,124,827
Tier I capital (to risk-weighted assets), Amount 6,347,108 5,559,357
Tier 1 Common Equity capital (to risk-weighted assets), Amount 6,347,108 5,559,357
Tier 1 leverage capital (to adjusted average assets), Amount 6,347,108 5,559,357
Risk-weighted assets 50,036,719 43,585,105
Adjusted quarterly average total assets $ 65,221,597 $ 62,387,003
Total capital (to risk-weighted assets), Ratio (as a percent) 0.140 0.141
Tier I capital (to risk-weighted assets), Ratio (as a percent) 0.127 0.128
Tier 1 Common Equity capital (to risk-weighted assets), Ratio (as a percent) 0.127 0.128
Tier 1 leverage capital (to adjusted average assets), Ratio (as a percent) 0.098 0.090
Minimum Capital Ratios    
Total capital ratio required for capital adequacy to risk weighted assets 0.080  
Tier 1 risk based capital ratio required for capital adequacy to risk weighted assets 0.060  
Common equity tier 1 capital adequacy to risk weighted assets 0.045  
Tier 1 leverage capital (to adjusted average assets), Ratio (as a percent) 0.040  
Fully phased-in minimum capital ratios    
Total capital (to risk-weighted assets), Ratio (as a percent) 10.50%  
Tier I capital (to risk-weighted assets), Ratio (as a percent) 8.50%  
Tier 1 Common Equity Capital (to risk-weighted assets), Ratio (as a percent) 7.00%  
Tier 1 leverage capital (to adjusted average assets), Ratio (as a percent) 4.00%  
Well- Capitalized Requirement    
Total capital (to risk-weighted assets), Ratio (as a percent) 0.100  
Tier I capital (to risk-weighted assets), Ratio (as a percent) 0.060  
Tier 1 Common Equity Capital (to risk-weighted assets), Ratio (as a percent) 0.065  
East West Bank    
Actual    
Total capital (to risk-weighted assets), Amount $ 6,760,612 $ 5,766,734
Tier I capital (to risk-weighted assets), Amount 6,252,421 5,349,264
Tier 1 Common Equity capital (to risk-weighted assets), Amount 6,252,421 5,349,264
Tier 1 leverage capital (to adjusted average assets), Amount 6,252,421 5,349,264
Risk-weighted assets 50,024,772 43,572,086
Adjusted quarterly average total assets $ 65,198,267 $ 62,366,514
Total capital (to risk-weighted assets), Ratio (as a percent) 0.135 0.132
Tier I capital (to risk-weighted assets), Ratio (as a percent) 0.125 0.123
Tier 1 Common Equity capital (to risk-weighted assets), Ratio (as a percent) 0.125 0.123
Tier 1 leverage capital (to adjusted average assets), Ratio (as a percent) 0.097 0.086
Minimum Capital Ratios    
Total capital ratio required for capital adequacy to risk weighted assets 0.080  
Tier 1 risk based capital ratio required for capital adequacy to risk weighted assets 0.060  
Common equity tier 1 capital adequacy to risk weighted assets 0.045  
Tier 1 leverage capital (to adjusted average assets), Ratio (as a percent) 0.040  
Fully phased-in minimum capital ratios    
Total capital (to risk-weighted assets), Ratio (as a percent) 10.50%  
Tier I capital (to risk-weighted assets), Ratio (as a percent) 8.50%  
Tier 1 Common Equity Capital (to risk-weighted assets), Ratio (as a percent) 7.00%  
Tier 1 leverage capital (to adjusted average assets), Ratio (as a percent) 4.00%  
Well- Capitalized Requirement    
Total capital (to risk-weighted assets), Ratio (as a percent) 0.100  
Tier I capital (to risk-weighted assets), Ratio (as a percent) 0.080  
Tier 1 Common Equity Capital (to risk-weighted assets), Ratio (as a percent) 0.065  
Tier 1 leverage capital (to adjusted average assets), Ratio (as a percent) 0.050  
v3.22.4
Business Segments - Narrative (Details)
 12 Months Ended
Dec. 31, 2022
segment
Segment Reporting [Abstract]  
Number of reportable segments 3
Number of Core Segment 2
v3.22.4
Business Segments - Operating Results and Other Key Financial Measures (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Segment Reporting Information      
Net interest income before (reversal of) provision for credit losses $ 2,045,881 $ 1,531,571 $ 1,377,193
(Reversal of) provision for credit losses 73,500 (35,000) 210,653
Noninterest income 298,666 285,895 235,547
Noninterest expense 859,393 796,089 716,322
INCOME BEFORE INCOME TAXES 1,411,654 1,056,377 685,765
Segment net income 1,128,083 872,981 567,797
Segment assets 64,112,150 60,870,701 52,156,913
Consumer and Business Banking      
Segment Reporting Information      
Net interest income before (reversal of) provision for credit losses 1,170,850 697,101 530,829
(Reversal of) provision for credit losses 27,197 (4,998) 3,885
Noninterest income 110,139 94,125 64,115
Noninterest expense 397,882 364,635 331,750
INCOME BEFORE INCOME TAXES 855,910 431,589 259,309
Segment net income 608,120 308,630 185,782
Segment assets 17,385,804 14,961,809 13,351,060
Commercial Banking      
Segment Reporting Information      
Net interest income before (reversal of) provision for credit losses 892,386 766,202 706,286
(Reversal of) provision for credit losses 46,303 (30,002) 206,768
Noninterest income 179,248 163,768 142,337
Noninterest expense 314,185 275,649 266,923
INCOME BEFORE INCOME TAXES 711,146 684,323 374,932
Segment net income 507,467 489,233 268,476
Segment assets 33,042,785 28,556,706 26,958,766
Other      
Segment Reporting Information      
Net interest income before (reversal of) provision for credit losses (17,355) 68,268 140,078
(Reversal of) provision for credit losses 0 0 0
Noninterest income 9,279 28,002 29,095
Noninterest expense 147,326 155,805 117,649
INCOME BEFORE INCOME TAXES (155,402) (59,535) 51,524
Segment net income 12,496 75,118 113,539
Segment assets $ 13,683,561 $ 17,352,186 $ 11,847,087
v3.22.4
Parent Company Condensed Financial Statements - Condensed Balance Sheet (Details) - USD ($)
$ in Thousands
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
ASSETS        
Cash and cash equivalents due from subsidiary bank $ 3,481,784 $ 3,912,935    
Other assets 1,608,038 1,459,687    
TOTAL 64,112,150 60,870,701 $ 52,156,913  
LIABILITIES AND STOCKHOLDERS’ EQUITY        
Total stockholders’ equity 5,984,612 5,837,218 $ 5,269,175 $ 5,017,617
TOTAL 64,112,150 60,870,701    
Parent Company        
ASSETS        
Cash and cash equivalents due from subsidiary bank 228,531 345,018    
Investments in Tax Credit Investments, net 1,925 4,082    
Other assets 8,516 9,407    
TOTAL 6,142,593 5,994,618    
LIABILITIES AND STOCKHOLDERS’ EQUITY        
Long-term debt 147,950 147,658    
Other liabilities 10,031 9,742    
Total stockholders’ equity 5,984,612 5,837,218    
TOTAL 6,142,593 5,994,618    
Parent Company | Bank        
ASSETS        
Investments in Subsidiaries 5,889,775 5,626,975    
Parent Company | Nonbank        
ASSETS        
Investments in Subsidiaries $ 13,846 $ 9,136    
v3.22.4
Parent Company Condensed Financial Statements - Condensed Statement of Income (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Statement of income      
Interest expense on long-term debt $ 275,350 $ 87,163 $ 217,849
Compensation and employee benefits 477,635 433,728 404,071
(Impairment recoveries) amortization of tax credit and other investments 113,358 122,457 70,082
Other expense 118,166 96,330 92,646
Income tax benefit (283,571) (183,396) (117,968)
NET INCOME 1,128,083 872,981 567,797
Parent Company      
Statement of income      
Other income 0 11 3
Total income 240,157 200,093 511,112
Interest expense on long-term debt 5,450 2,974 3,877
Compensation and employee benefits 6,708 6,370 6,210
(Impairment recoveries) amortization of tax credit and other investments (786) 425 1,248
Other expense 2,040 1,306 1,184
Total expense 13,412 11,075 12,519
Income before income tax benefit and equity in undistributed income of subsidiaries 226,745 189,018 498,593
Income tax benefit 4,269 3,005 4,158
Undistributed earnings of subsidiaries, primarily bank 897,069 680,958 65,046
NET INCOME 1,128,083 872,981 567,797
Parent Company | Bank      
Statement of income      
Dividends from subsidiaries 240,000 200,000 511,000
Parent Company | Nonbank      
Statement of income      
Dividends from subsidiaries $ 157 $ 82 $ 109
v3.22.4
Parent Company Condensed Financial Statements - Condensed Statement of Cash Flows (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Statement of cash flows      
Net income $ 1,128,083 $ 872,981 $ 567,797
Adjustments to reconcile net income to net cash provided by operating activities:      
Deferred income (benefit) tax expense (43,988) 4,762 (41,515)
Net change in other assets 187,512 124,496 (340,566)
Net change in other liabilities 461,385 (63,360) 136,260
Net cash provided by operating activities 2,066,022 1,168,422 692,644
CASH FLOWS FROM INVESTING ACTIVITIES      
Net increase in investments in tax credit investments (167,303) (189,836) (154,887)
Distributions received from equity method investees 18,221 14,440 15,901
Net cash (used in) provided by investing activities (4,582,892) (9,117,204) (6,873,736)
Common stock:      
Proceeds from issuance pursuant to various stock compensation plans and agreements 3,178 2,573 2,326
Stocks tendered for payment of withholding taxes (19,087) (15,702) (8,253)
Repurchase of common stocks pursuant to the Stock Repurchase Program (99,990) 0 (145,966)
Cash dividends paid (228,381) (188,762) (158,222)
Net cash provided by financing activities 2,114,210 7,835,045 6,908,908
Net (decrease) increase in cash and cash equivalents (431,151) (105,036) 756,822
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR 3,912,935 4,017,971 3,261,149
CASH AND CASH EQUIVALENTS, END OF YEAR 3,481,784 3,912,935 4,017,971
Parent Company      
Statement of cash flows      
Net income 1,128,083 872,981 567,797
Adjustments to reconcile net income to net cash provided by operating activities:      
Undistributed earnings of subsidiaries, principally bank (897,069) (680,958) (65,046)
Amortization expense 1,333 1,877 1,523
Deferred income (benefit) tax expense (2,193) 2,721 491
Net change in other assets 4,250 (5,685) 40
Net change in other liabilities 779 (81,706) 77,052
Net cash provided by operating activities 235,183 109,230 581,857
CASH FLOWS FROM INVESTING ACTIVITIES      
Net increase in investments in tax credit investments (1,612) (346) (172)
Distributions received from equity method investees 410 436 4,096
Net increase in investments in and advances to nonbank subsidiaries (6,188) (1,476) (2,732)
Net cash (used in) provided by investing activities (7,390) (1,386) 1,192
Common stock:      
Proceeds from issuance pursuant to various stock compensation plans and agreements 3,178 2,573 2,326
Stocks tendered for payment of withholding taxes (19,087) (15,702) (8,253)
Repurchase of common stocks pursuant to the Stock Repurchase Program (99,990) 0 (145,966)
Cash dividends paid (228,381) (188,762) (158,222)
Net cash provided by financing activities (344,280) (201,891) (310,115)
Net (decrease) increase in cash and cash equivalents (116,487) (94,047) 272,934
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR 345,018 439,065 166,131
CASH AND CASH EQUIVALENTS, END OF YEAR $ 228,531 $ 345,018 $ 439,065
v3.22.4
Subsequent Events (Details)
Feb. 21, 2023
$ / shares
Subsequent Event  
Subsequent events  
Dividends paid per common share (in dollars per share) $ 0.48