EAST WEST BANCORP INC, 10-Q filed on 5/9/2023
Quarterly Report
v3.23.1
Cover Page - shares
 3 Months Ended
Mar. 31, 2023
Apr. 30, 2023
Cover [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Mar. 31, 2023  
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 each class Common Stock, par value $0.001 per share  
Trading Symbol EWBC  
Security Exchange Name NASDAQ  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   141,460,241
Entity Central Index Key 0001069157  
Current Fiscal Year End Date --12-31  
Document Fiscal Year Focus 2023  
Document Fiscal Period Focus Q1  
Amendment Flag false  
v3.23.1
CONSOLIDATED BALANCE SHEET - USD ($)
$ in Thousands
Mar. 31, 2023
Dec. 31, 2022
ASSETS    
Cash and due from banks $ 760,317 $ 534,980
Interest-bearing cash with banks 5,173,877 2,946,804
Cash and cash equivalents 5,934,194 3,481,784
Interest-bearing deposits with banks 10,249 139,021
Assets purchased under resale agreements (“resale agreements”) 654,288 792,192
Securities:    
Available-for-sale (“AFS”) debt securities, at fair value (amortized cost of $7,072,240 and $6,879,225) 6,300,868 6,034,993
Held-to-maturity (“HTM”) debt securities, at amortized cost (fair value of $2,502,674 and $2,455,171) 2,993,421 3,001,868
Loans held-for-sale 6,861 25,644
Loans held-for-investment (net of allowance for loan losses of $619,893 and $595,645) 48,298,155 47,606,785
Investments in qualified affordable housing partnerships, tax credit and other investments, net 741,354 763,256
Premises and equipment (net of accumulated depreciation of $150,767 and $148,126) 90,212 89,191
Goodwill 465,697 465,697
Operating lease right-of-use assets 103,114 103,681
Other assets 1,646,485 1,608,038
TOTAL 67,244,898 64,112,150
Deposits:    
Noninterest-bearing 18,327,320 21,051,090
Interest-bearing 36,410,082 34,916,759
Total deposits 54,737,402 55,967,849
Short-term borrowings 4,500,000 0
Assets sold under repurchase agreements (“repurchase agreements”) 0 300,000
Long-term debt and finance lease liabilities 152,467 152,400
Operating lease liabilities 112,676 111,931
Accrued expenses and other liabilities 1,433,022 1,595,358
Total liabilities 60,935,567 58,127,538
COMMITMENTS AND CONTINGENCIES (Note 10)
STOCKHOLDERS’ EQUITY    
Common stock, $0.001 par value, 200,000,000 shares authorized; 169,199,767 and 168,459,045 shares issued 169 168
Additional paid-in capital 1,947,518 1,936,389
Retained earnings 5,832,291 5,582,546
Treasury stock, at cost 27,803,967 and 27,511,199 shares (790,653) (768,862)
Accumulated other comprehensive loss (“AOCI”), net of tax (679,994) (765,629)
Total stockholders’ equity 6,309,331 5,984,612
TOTAL $ 67,244,898 $ 64,112,150
v3.23.1
CONSOLIDATED BALANCE SHEET (Parenthetical) - USD ($)
$ in Thousands
Mar. 31, 2023
Dec. 31, 2022
ASSETS    
AFS debt securities, amortized cost $ 7,072,240 $ 6,879,225
HTM debt securities, fair value 2,502,674 2,455,171
Allowance for loan losses 619,893 595,645
Premises and equipment, accumulated depreciation $ 150,767 $ 148,126
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) 169,199,767 168,459,045
Treasury stock, shares (in shares) 27,803,967 27,511,199
v3.23.1
CONSOLIDATED STATEMENT OF INCOME - USD ($)
shares in Thousands
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
INTEREST AND DIVIDEND INCOME    
Loans receivable, including fees $ 728,386,000 $ 377,110,000
Debt securities 65,931,000 42,667,000
Resale agreements 4,503,000 8,383,000
Restricted equity securities 1,039,000 609,000
Interest-bearing cash and deposits with banks 35,647,000 3,260,000
Total interest and dividend income 835,506,000 432,029,000
INTEREST EXPENSE    
Deposits 216,794,000 12,989,000
Short-term borrowings 8,825,000 9,000
Federal Home Loan Bank (“FHLB”) advances 6,430,000 578,000
Repurchase agreements 1,052,000 2,016,000
Long-term debt and finance lease liabilities 2,544,000 824,000
Total interest expense 235,645,000 16,416,000
Net interest income before provision for credit losses 599,861,000 415,613,000
Provision for credit losses 20,000,000 8,000,000
Net interest income after provision for credit losses 579,861,000 407,613,000
NONINTEREST INCOME    
Lending fees 20,586,000 19,438,000
Deposit account fees 21,703,000 20,315,000
Interest rate contracts and other derivative income 2,564,000 11,133,000
Foreign exchange income 12,660,000 12,699,000
Wealth management fees 6,304,000 6,052,000
Net (losses) gains on sales of loans (22,000) 2,922,000
Net realized (losses) gains on AFS debt securities (10,000,000) 1,278,000
Other investment income 1,921,000 1,627,000
Other income 4,262,000 4,279,000
Total noninterest income 59,978,000 79,743,000
NONINTEREST EXPENSE    
Compensation and employee benefits 129,654,000 116,269,000
Occupancy and equipment expense 15,587,000 15,464,000
Deposit insurance premiums and regulatory assessments 7,910,000 4,717,000
Deposit account expense 9,609,000 4,693,000
Data processing 3,347,000 3,665,000
Computer software expense 7,360,000 7,294,000
Other operating expense 30,998,000 23,448,000
Amortization of tax credit and other investments 10,110,000 13,900,000
Repurchase agreements’ extinguishment cost 3,872,000 0
Noninterest expense 218,447,000 189,450,000
INCOME BEFORE INCOME TAXES 421,392,000 297,906,000
INCOME TAX EXPENSE 98,953,000 60,254,000
NET INCOME $ 322,439,000 $ 237,652,000
EARNINGS PER SHARE (“EPS”)    
BASIC (in dollars per share) $ 2.28 $ 1.67
DILUTED (in dollars per share) $ 2.27 $ 1.66
WEIGHTED-AVERAGE NUMBER OF SHARES OUTSTANDING    
BASIC (in shares) 141,112 142,025
DILUTED (in shares) 141,913 143,223
v3.23.1
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (LOSS) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Statement of Comprehensive Income [Abstract]    
Net income $ 322,439 $ 237,652
Other comprehensive income (loss), net of tax:    
Net changes in unrealized gains (losses) on AFS debt securities 51,319 (169,270)
Net changes in unrealized gains (losses) on securities transferred from AFS to HTM 2,762 (110,680)
Net changes in unrealized gains (losses) on cash flow hedges 28,613 (24,723)
Foreign currency translation adjustments 2,941 129
Other comprehensive income (loss) 85,635 (304,544)
COMPREHENSIVE INCOME (LOSS) $ 408,074 $ (66,892)
v3.23.1
CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS’ EQUITY - USD ($)
$ in Thousands
Total
Cumulative Effect, Period Of Adoption, Adjustment
Various Stock Compensation Plans And Agreements
Common Stock
Common Stock
Various Stock Compensation Plans And Agreements
Common Stock and Additional Paid-in Capital
Retained Earnings
Retained Earnings
Cumulative Effect, Period Of Adoption, Adjustment
Treasury Stock
Treasury Stock
Various Stock Compensation Plans And Agreements
AOCI, Net of Tax
Beginning balance (in shares) at Dec. 31, 2021       141,907,954              
Beginning 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 237,652           237,652        
Other comprehensive loss (304,544)                   (304,544)
Issuance of common stock pursuant to various stock compensation plans and agreements (in shares)       588,114              
Issuance of common stock pursuant to various stock compensation plans and agreements 9,317         9,317          
Repurchase of common stock pursuant to various stock compensation plans (in shares)         (239,548)            
Repurchase of common stock pursuant to various stock compensation plans and agreements     $ (18,597)             $ (18,597)  
Cash dividends on common stock (57,590)           (57,590)        
Ending balance (in shares) at Mar. 31, 2022       142,256,520              
Ending balance at Mar. 31, 2022 5,703,456         1,903,042 4,863,721   (668,382)   (394,925)
Beginning balance (in shares) at Dec. 31, 2022       140,947,846              
Beginning balance at Dec. 31, 2022 5,984,612         1,936,557 5,582,546   (768,862)   (765,629)
Beginning balance (Accounting Standards Update 2022-02) at Dec. 31, 2022 [1]   $ (4,262)           $ (4,262)      
Increase (Decrease) in Stockholders' Equity                      
Net income 322,439           322,439        
Other comprehensive loss 85,635                   85,635
Issuance of common stock pursuant to various stock compensation plans and agreements (in shares)       740,722              
Issuance of common stock pursuant to various stock compensation plans and agreements 11,130         11,130          
Repurchase of common stock pursuant to various stock compensation plans (in shares)         (292,768)            
Repurchase of common stock pursuant to various stock compensation plans and agreements     $ (21,791)             $ (21,791)  
Cash dividends on common stock (68,432)           (68,432)        
Ending balance (in shares) at Mar. 31, 2023       141,395,800              
Ending balance at Mar. 31, 2023 $ 6,309,331         $ 1,947,687 $ 5,832,291   $ (790,653)   $ (679,994)
[1] Represents the change in the Company’s allowance for loan losses as a result of the adoption of Accounting Standards Update (“ASU”) 2022-02, Financial Instruments - Credit Losses (Topic 326): Troubled Debt Restructurings and the Vintage Disclosures on January 1, 2023. Refer to Note 2 — Current Accounting Developments and Summary of Significant Accounting Policies in this Form 10-Q for additional information.
v3.23.1
CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS’ EQUITY (Parenthetical) - $ / shares
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Statement of Stockholders' Equity [Abstract]    
Dividends declared per common share (in dollars per share) $ 0.48 $ 0.40
v3.23.1
CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income $ 322,439 $ 237,652
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 32,567 26,555
Amortization of premiums and accretion of discount, net (4,497) 11,824
Stock compensation costs 11,075 8,433
Deferred income tax expense (benefit) 609 (7,083)
Provision for credit losses 20,000 8,000
Net losses (gains) on sales of loans 22 (2,922)
Net realized losses (gains) on AFS debt securities 10,000 (1,278)
Loans held-for-sale:    
Originations and purchases 0 (447)
Proceeds from sales and paydowns/payoffs of loans originally classified as held-for-sale 0 461
Proceeds from distributions received from equity method investees 1,718 3,227
Net change in accrued interest receivable and other assets (75,163) (81,628)
Net change in accrued expenses and other liabilities (93,948) 83,042
Other operating activities, net (1,921) 49
Total adjustments (99,538) 48,233
Net cash provided by operating activities 222,901 285,885
Net change in:    
Investments in qualified affordable housing partnerships, tax credit and other investments (27,358) (32,853)
Interest-bearing deposits with banks 128,772 (79,633)
Resale agreements:    
Proceeds from paydowns and maturities 150,629 554,932
Purchases (12,725) (158,251)
AFS debt securities:    
Proceeds from sales 0 103,945
Proceeds from repayments, maturities and redemptions 321,913 446,301
Purchases (532,758) (746,855)
HTM debt securities:    
Proceeds from repayments, maturities and redemptions 12,387 15,448
Loans held-for-investment:    
Proceeds from sales of loans originally classified as held-for-investment 179,237 135,517
Purchases (155,016) (225,065)
Other changes in loans held-for-investment, net (695,646) (1,697,590)
Proceeds from sales of other real estate owned (“OREO”) and other foreclosed assets 1,976 760
Proceeds from distributions received from equity method investees 2,244 4,348
Other investing activities, net (6,501) (3,518)
Net cash used in investing activities (632,846) (1,682,514)
CASH FLOWS FROM FINANCING ACTIVITIES    
Net change in deposits (1,246,189) 1,584,344
Net change in short-term borrowings 4,500,017 (31)
FHLB advances:    
Proceeds 6,000,000 100
Repayment (6,000,000) (175,100)
Repurchase agreements:    
Repayment of repurchase agreements 300,000 0
Repurchase agreements’ extinguishment cost 3,872 0
Long-term debt and lease liabilities:    
Repayment of long-term debt and lease liabilities (203) (229)
Common stock:    
Stock tendered for payment of withholding taxes (21,791) (18,597)
Cash dividends paid (70,776) (58,900)
Net cash provided by financing activities 2,857,186 1,331,587
Effect of exchange rate changes on cash and cash equivalents 5,169 807
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 2,452,410 (64,235)
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 3,481,784 3,912,935
CASH AND CASH EQUIVALENTS, END OF PERIOD 5,934,194 3,848,700
Cash paid during the period for:    
Interest 227,504 20,881
Income taxes, net 0 581
Noncash investing and financing activities:    
Securities transferred from AFS to HTM debt securities 0 3,010,003
Loans transferred from held-for-investment to held-for-sale $ 160,476 $ 133,217
v3.23.1
Basis of Presentation
 3 Months Ended
Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis of Presentation Basis of Presentation
East West Bancorp, Inc. 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 unaudited interim Consolidated Financial Statements in this Form 10-Q include the accounts of East West, East West Bank and East West’s subsidiaries. Intercompany transactions and accounts have been eliminated in consolidation. As of March 31, 2023, East West also has six wholly-owned subsidiaries that are statutory business trusts (the “Trusts”). In accordance with FASB Accounting Standards Codification (“ASC”) Topic 810, Consolidation, the Trusts are not included on the Consolidated Financial Statements.

The unaudited interim Consolidated Financial Statements are presented in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”), applicable guidelines prescribed by regulatory authorities and general practices in the banking industry. While the unaudited interim Consolidated Financial Statements reflect all adjustments that, in the opinion of management, are necessary for fair presentation, they primarily serve to update the most recently filed annual report on Form 10-K, and may not include all the information and notes necessary to constitute a complete set of financial statements. Accordingly, they should be read in conjunction with the audited Consolidated Financial Statements and notes thereto included in the Company’s 2022 Form 10-K.

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 periods, and the related disclosures. Although our current estimates contemplate current conditions and how we expect them to change in the future, it is reasonably possible that actual results could be materially different from those estimates. Hence, the current period’s results of operations are not necessarily indicative of results that may be expected for any future interim period or for the year as a whole. Events subsequent to the Consolidated Balance Sheet date have been evaluated through the date the Consolidated Financial Statements are issued for inclusion in the accompanying Consolidated Financial Statements.

Risk and Uncertainties

The failures of Silicon Valley Bank and Signature Bank in March 2023 and of First Republic Bank in May 2023 have resulted in significant disruption in the financial services industry, adversely impacted the volatility and market prices of the securities of financial institutions and resulted in lower levels of deposits for us and many other financial institutions. These events have adversely impacted, and could continue to, adversely affect our business, results of operations, and financial condition, as well as the market price and volatility of our common stock. In response to these failures, many large depositors have withdrawn deposits in excess of FDIC insurance limits in order to diversify their risk. If a significant portion of our deposits were to be withdrawn within a short period of time such that additional sources of funding would be required to meet withdrawal demands, we may be unable to obtain funding at favorable terms, which may have an adverse effect on our net interest margin. Moreover, obtaining adequate funding to meet our deposit obligations may be more challenging during periods of elevated interest rates and financial industry instability, both of which we are currently experiencing. Our ability to attract depositors during a time of actual or perceived distress or instability in the marketplace may be limited. Further, interest rates paid for borrowing generally exceed the interest rates paid on deposits. This spread may be exacerbated by higher prevailing interest rates. In addition, because our AFS debt securities lose value when interest rates rise, after-tax proceeds resulting from the sale of such assets may not be sufficient to recover the full amount of our exposure. Under these circumstances, we may be required to access funding from sources such as the Federal Reserve’s discount window or additional funding from its recently established Bank Term Funding Program (“BTFP”), from which we borrowed $4.50 billion during the first quarter of 2023, in order to manage our liquidity risk. See Note 10 — Short-Term Borrowings and Long-Term Debt to the Consolidated Financial Statements in this Form 10-Q for additional information related to the Company’s borrowings from the BTFP.
v3.23.1
Current Accounting Developments and Summary of Significant Accounting Policies
 3 Months Ended
Mar. 31, 2023
Accounting Policies [Abstract]  
Current Accounting Developments and Summary of Significant Accounting Policies Current Accounting Developments and Summary of Significant Accounting Policies
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, 2023

Early adoption is permitted
ASU 2022-02 eliminates the
•accounting guidance for troubled debt restructurings (“TDR”), and requires the Company to apply the loan refinancing and restructuring guidance to determine whether a modification made to a loan results in a new loan or a continuation of an existing loan and
•requirement to use a discounted cash flow method to measure receivables.

The guidance also requires
•enhanced disclosures for certain loan refinancings and restructurings by creditors when the borrower is experiencing financial difficulty and
•disclosures of current period gross charge-offs by year of loan origination (vintage) for financing receivables and net investments in leases within the scope of ASC 326-20: Financial Instruments — Credit Losses — Measured at Amortized Cost.
The Company adopted ASU 2022-02 on January 1, 2023 on a prospective basis, except for the guidance related to the elimination of TDR recognition and measurement, which was adopted on a modified retrospective approach.

This adoption increased the allowance for loan losses on TDRs as of December 31, 2022 by $6.0 million and decreased opening retained earnings on January 1, 2023 by $4.3 million after-tax. Disclosures as of March 31, 2023 are presented in accordance with this guidance while prior period amounts are reported in accordance with previously applicable GAAP.

Recent Accounting Pronouncements Yet to be Adopted

StandardRequired Date of AdoptionDescriptionEffect on Financial Statements
Standards Not Yet Adopted
ASU 2023-01, Leases (Topic 842): Common Control Arrangements
January 1, 2024

Early adoption is permitted		ASU 2023-01 amends the accounting for leasehold improvements for leases between entities under common control arrangements. The guidance requires leasehold improvements associated with leases between companies under common control to be amortized by a lessee over the economic life of the leasehold improvements, regardless of the lease term or, until the lessee ceases to control the use of the underlying asset through a lease, at which time the remaining value of the leasehold improvement would be accounted for as a transfer between companies under common control through an adjustment to equity.

The amendments in this guidance may be applied retrospectively to the beginning of the period in which the entity first applied Topic 842 or prospectively (1) to all new leasehold improvements recognized on or after the date the entity first applies the amendments, or (2) to all new and existing leasehold improvements recognized on or after the date the entity first applies the amendments.		The Company does not expect the adoption of this guidance to have a material impact on the Company’s Consolidated Financial Statements. The Company expects to adopt ASU 2023-01 on January 1, 2024 on a prospective basis.
ASU 2023-02, Investments — Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method
January 1, 2024

Early adoption is permitted
ASU 2023-02 expands the scope of the proportional amortization method to equity tax credit investment programs if certain conditions are met. Previously, the proportional amortization method could only be used for investments in low-income housing tax credit structures. Under this guidance, companies are able to elect, on a tax credit program-by-tax credit program basis, to apply the proportional amortization method to all equity investments meeting the criteria in ASC 323-740-25-1.

The amendments in this guidance must be applied on a modified retrospective or a retrospective basis.
The Company is currently evaluating the impact of this guidance on the Company’s Consolidated Financial Statements.
Significant Accounting Policies Update

Loan Modifications — Certain loans are modified in the normal course of business for competitive reasons or in conjunction with the Company’s loss mitigation activities. Upon the adoption of ASU 2022-02, the Company applies the general loan modification guidance provided in ASC 310-20 to all loan modifications, including modifications made for borrowers experiencing financial difficulty. Under the general loan modification guidance, a modification is treated as a new loan only if the following two conditions are met: (1) the terms of the new loan are at least as favorable to the Company as the terms for comparable loans to other customers with similar collection risks; and (2) modifications to the terms of the original loan are more than minor. If either condition is not met, the modification is accounted for as the continuation of the existing loan with any effect of the modification treated as a prospective adjustment to the loan’s effective interest rate. A modification may vary by program and by borrower-specific characteristics, and may include rate reductions, principal forgiveness, term extensions, and payment delays, and is intended to minimize the company’s economic loss and to avoid foreclosure or repossession of collateral. The Company applies the same credit loss methodology it uses for similar loans that were not modified. For the Company’s accounting policy related to the loan modifications’ allowance for loan losses, see Note 7 — Loans Receivable and Allowance for Credit Losses — Allowance for Credit Losses to the Consolidated Financial Statements in this Form 10-Q.
v3.23.1
Fair Value Measurement and Fair Value of Financial Instruments
 3 Months Ended
Mar. 31, 2023
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 the Company’s 2022 Form 10-K for additional information.

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 March 31, 2023 and December 31, 2022. 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 March 31, 2023 and December 31, 2022, 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-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. Due to the observable nature of all other significant inputs used in deriving the estimated fair value, 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 March 31, 2023 and December 31, 2022, the warrants included on the Consolidated Financial Statements were from both 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 Company enters into offsetting commodity contracts with third-party financial institutions to manage its exposure. 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 March 31, 2023 and December 31, 2022:
Assets and Liabilities Measured at Fair Value on a Recurring Basis
as of March 31, 2023
($ in thousands)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$916,982 $— $— $916,982 
U.S. government agency and U.S. government-sponsored enterprise debt securities— 463,860 — 463,860 
U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities:
Commercial mortgage-backed securities— 497,115 — 497,115 
Residential mortgage-backed securities— 1,772,082 — 1,772,082 
Municipal securities— 266,015 — 266,015 
Non-agency mortgage-backed securities:
Commercial mortgage-backed securities— 396,723 — 396,723 
Residential mortgage-backed securities— 638,409 — 638,409 
Corporate debt securities— 516,253 — 516,253 
Foreign government bonds— 185,883 — 185,883 
Asset-backed securities— 46,307 — 46,307 
Collateralized loan obligations (“CLOs”)— 601,239 — 601,239 
Total AFS debt securities
$916,982 $5,383,886 $— $6,300,868 
Investments in tax credit and other investments:
Equity securities$20,204 $4,217 $— $24,421 
Total investments in tax credit and other investments
$20,204 $4,217 $— $24,421 
Derivative assets:
Interest rate contracts$— $415,000 $— $415,000 
Foreign exchange contracts— 34,050 — 34,050 
Equity contracts— — 277 277 
Commodity contracts— 178,075 — 178,075 
Gross derivative assets$— $627,125 $277 $627,402 
Netting adjustments (1)
$— $(365,127)$— $(365,127)
Net derivative assets$— $261,998 $277 $262,275 
Derivative liabilities:
Interest rate contracts$— $462,411 $— $462,411 
Foreign exchange contracts— 32,791 — 32,791 
Credit contracts— 29 — 29 
Commodity contracts— 186,599 — 186,599 
Gross derivative liabilities$— $681,830 $— $681,830 
Netting adjustments (1)
$— $(169,849)$— $(169,849)
Net derivative liabilities$— $511,981 $— $511,981 
Assets and Liabilities Measured at Fair Value on a Recurring Basis
as of December 31, 2022
($ in thousands)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 
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 $— $644,519 
(1)Represents balance sheet netting of derivative assets and liabilities and related cash collateral under master netting agreements or similar agreements. See Note 6 — Derivatives to the Consolidated Financial Statements in this Form 10-Q for additional information.
For the three months ended March 31, 2023 and 2022, Level 3 fair value measurements that were measured on a recurring basis consisted of equity contracts issued by private companies. The following table provides a reconciliation of the beginning and ending balances of these equity contracts for the three months ended March 31, 2023 and 2022:
Three Months Ended March 31,
($ in thousands)20232022
Equity contracts
Beginning balance$323 $215 
Total (losses) gains included in earnings (1)
(46)3 
Issuances— 91 
Ending balance$277 $309 
(1)Includes unrealized (losses) gains recorded in Lending fees on the Consolidated Statement of Income.

The following table presents quantitative information about the significant unobservable inputs used in the valuation of Level 3 fair value measurements as of March 31, 2023 and December 31, 2022. 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 TechniqueUnobservable InputsRange of Inputs
Weighted-Average of Inputs (1)
March 31, 2023
Derivative assets:
Equity contracts$277 
Black-Scholes option pricing model
Equity volatility
43% — 53%
47%
Liquidity discount47%47%
December 31, 2022
Derivative assets:
Equity contracts$323 
Black-Scholes option pricing model
Equity volatility
42% — 60%
54%
Liquidity discount47%47%
(1)Weighted-average of inputs is calculated based on the fair value of equity contracts as of both March 31, 2023 and December 31, 2022.

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 investment entity’s quarterly financial statements and annual tax returns, 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 the investment was made. The Company assesses its tax credit and other investments for possible other-than-temporary impairment 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;
•the potential for tax credit recapture; 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 March 31, 2023 and December 31, 2022:
Assets Measured at Fair Value on a Nonrecurring Basis
as of March 31, 2023
($ in thousands)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:
Commercial and industrial (“C&I”)$— $— $15,235 $15,235 
Total commercial— — 15,235 15,235 
Total loans held-for-investment$— $— $15,235 $15,235 
Assets Measured at Fair Value on a Nonrecurring Basis
as of December 31, 2022
($ in thousands)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 $40,011 
Commercial real estate (“CRE”):
CRE— — 31,380 31,380 
Total commercial— — 71,391 71,391 
Consumer:
Residential mortgage:
Home equity lines of credit (“HELOCs”)— — 1,223 1,223 
Total consumer— — 1,223 1,223 
Total loans held-for-investment$— $— $72,614 $72,614 

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 three months ended March 31, 2023 and 2022:
Three Months Ended March 31,
($ in thousands)20232022
Loans held-for-investment:
Commercial:
C&I$(1,255)$(10,424)
CRE:
CRE— 2,864 
Total commercial(1,255)(7,560)
Consumer:
Residential mortgage:
HELOCs— 3 
Total consumer— 3 
Total loans held-for-investment$(1,255)$(7,557)
Investments in tax credit and other investments$174 $— 
The following table presents the quantitative information about the significant unobservable inputs used in the valuation of Level 3 fair value measurements that are measured on a nonrecurring basis as of March 31, 2023 and December 31, 2022:
($ in thousands)Fair Value Measurements (Level 3)Valuation TechniquesUnobservable InputsRange of Inputs
Weighted-Average of Inputs (1)
March 31, 2023
Loans held-for-investment$15,235 Fair value of collateralDiscount
15% — 81%
35%
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%
(1)Weighted-average of inputs is based on the relative fair value of the respective assets as of March 31, 2023 and December 31, 2022.

Disclosures about the Fair Value of Financial Instruments

The following tables present the fair value estimates for financial instruments as of March 31, 2023 and December 31, 2022, 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.
March 31, 2023
($ in thousands)Carrying AmountLevel 1Level 2Level 3Estimated Fair Value
Financial assets:
Cash and cash equivalents$5,934,194 $5,934,194 $— $— $5,934,194 
Interest-bearing deposits with banks$10,249 $— $10,249 $— $10,249 
Resale agreements$654,288 $— $568,683 $— $568,683 
HTM debt securities$2,993,421 $481,611 $2,021,063 $— $2,502,674 
Restricted equity securities, at cost$78,872 $— $78,872 $— $78,872 
Loans held-for-sale$6,861 $— $6,861 $— $6,861 
Loans held-for-investment, net$48,298,155 $— $— $47,344,680 $47,344,680 
Mortgage servicing rights$5,879 $— $— $10,648 $10,648 
Accrued interest receivable$279,795 $— $279,795 $— $279,795 
Financial liabilities:
Demand, checking, savings and money market deposits$38,643,576 $— $38,643,576 $— $38,643,576 
Time deposits$16,093,826 $— $16,008,054 $— $16,008,054 
Short-term borrowings$4,500,000 $— $4,500,000 $— $4,500,000 
Long-term debt$148,022 $— $144,059 $— $144,059 
Accrued interest payable$45,339 $— $45,339 $— $45,339 
December 31, 2022
($ in thousands)Carrying AmountLevel 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 
v3.23.1
Assets Purchased under Resale Agreements and Sold under Repurchase Agreements
 3 Months Ended
Mar. 31, 2023
RESALE AND REPURCHASE AGREEMENTS [Abstract]  
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 March 31, 2023 and December 31, 2022.

Securities Purchased under Resale Agreements — Total securities purchased under resale agreements were $635.0 million as of March 31, 2023, and $760.0 million as of December 31, 2022. The weighted-average yields were 2.50% and 1.63% for the three months ended March 31, 2023 and 2022, respectively.

Loans Purchased under Resale Agreements — Total loans purchased under resale agreements were $19.3 million as of March 31, 2023, and $32.2 million as of December 31, 2022. The weighted-average yields were 7.12% and 1.60% for the three months ended March 31, 2023 and 2022, respectively.

Assets Sold under Repurchase Agreements — Gross repurchase agreements were $300.0 million as of December 31, 2022. During the first quarter of 2023, all previously outstanding repurchase agreements were extinguished and the Company recorded $3.9 million of charges related to the extinguishment of $300.0 million of repurchase agreements. In comparison, no extinguishment charges were recorded for the three months ended March 31, 2022. The weighted-average interest rates were 4.00% and 2.62% for the three months ended March 31, 2023 and 2022, respectively.
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 March 31, 2023 and December 31, 2022:
($ in thousands)March 31, 2023
Gross
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
AssetsCollateral Received
Resale agreements$654,288 $— $654,288 $(574,103)
(1)
$80,185 
Gross
Amounts
of Recognized
Liabilities		Gross Amounts
Offset on the
Consolidated
Balance Sheet		Net Amounts of
Liabilities Presented
on the Consolidated
Balance Sheet		Gross Amounts Not Offset on the
Consolidated Balance Sheet		Net
Amount
LiabilitiesCollateral Pledged
Repurchase agreements$— $— $— $— $— 
($ in thousands)December 31, 2022
Gross
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
AssetsNet
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)
$— 
(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 6 — Derivatives to the Consolidated Financial Statements in this Form 10-Q for additional information.
v3.23.1
Securities
 3 Months Ended
Mar. 31, 2023
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 March 31, 2023 and December 31, 2022:
March 31, 2023
($ in thousands)Amortized CostGross Unrealized GainsGross Unrealized LossesFair Value
AFS debt securities:
U.S. Treasury securities$976,615 $37 $(59,670)$916,982 
U.S. government agency and U.S. government-sponsored enterprise debt securities515,639 — (51,779)463,860 
U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities:
Commercial mortgage-backed securities564,145 — (67,030)497,115 
Residential mortgage-backed securities1,997,737 46 (225,701)1,772,082 
Municipal securities305,125 47 (39,157)266,015 
Non-agency mortgage-backed securities:
Commercial mortgage-backed securities441,795 157 (45,229)396,723 
Residential mortgage-backed securities743,977 — (105,568)638,409 
Corporate debt securities663,502 — (147,249)516,253 
Foreign government bonds198,517 195 (12,829)185,883 
Asset-backed securities47,938 — (1,631)46,307 
CLOs617,250 — (16,011)601,239 
Total AFS debt securities7,072,240 482 (771,854)6,300,868 
HTM debt securities:
U.S. Treasury securities525,432 — (43,821)481,611 
U.S. government agency and U.S. government-sponsored enterprise debt securities999,855 — (193,514)806,341 
U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities:
Commercial mortgage-backed securities505,492 — (83,532)421,960 
Residential mortgage-backed securities773,135 — (134,969)638,166 
Municipal securities189,507 — (34,911)154,596 
Total HTM debt securities2,993,421 — (490,747)2,502,674 
Total debt securities$10,065,661 $482 $(1,262,601)$8,803,542 
December 31, 2022
($ in thousands)Amortized CostGross Unrealized GainsGross Unrealized LossesFair 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 securities303,884 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 securities 6,879,225 498 (844,730)6,034,993 
HTM debt securities:
U.S. Treasury securities$524,081 $— $(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 

As of March 31, 2023 and December 31, 2022, the amortized cost of debt securities excluded accrued interest receivables of $39.1 million and $41.8 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 — 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 the Company’s 2022 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 March 31, 2023 and December 31, 2022.
March 31, 2023
Less Than 12 Months12 Months or MoreTotal
($ in thousands)Fair ValueGross Unrealized LossesFair ValueGross Unrealized LossesFair ValueGross Unrealized Losses
AFS debt securities:
U.S. Treasury securities$201,775 $(52)$616,680 $(59,618)$818,455 $(59,670)
U.S. government agency and U.S. government sponsored enterprise debt securities207,936 (1,021)255,924 (50,758)463,860 (51,779)
U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities:
Commercial mortgage-backed securities37,222 (1,722)459,893 (65,308)497,115 (67,030)
Residential mortgage-backed securities23,200 (721)1,741,855 (224,980)1,765,055 (225,701)
Municipal securities2,053 (24)256,240 (39,133)258,293 (39,157)
Non-agency mortgage-backed securities:
Commercial mortgage-backed securities6,833 (151)380,497 (45,078)387,330 (45,229)
Residential mortgage-backed securities332 (15)638,077 (105,553)638,409 (105,568)
Corporate debt securities48,026 (3,976)468,227 (143,273)516,253 (147,249)
Foreign government bonds71,392 (512)37,683 (12,317)109,075 (12,829)
Asset-backed securities— — 46,307 (1,631)46,307 (1,631)
CLOs— — 601,239 (16,011)601,239 (16,011)
Total AFS debt securities$598,769 $(8,194)$5,502,622 $(763,660)$6,101,391 $(771,854)
December 31, 2022
Less Than 12 Months12 Months or MoreTotal
($ in thousands)Fair ValueGross Unrealized LossesFair ValueGross Unrealized LossesFair ValueGross 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)
As of March 31, 2023, the Company had 555 AFS debt securities in a gross unrealized loss position with no credit impairment, primarily consisting of 259 U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities, 100 non-agency mortgage-backed securities, 67 corporate debt securities, and 17 U.S. Treasury securities. In comparison, 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.

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

The Company evaluates each AFS debt security where the fair value declines 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 the Company’s 2022 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 debt and mortgage-backed securities are issued, guaranteed, or otherwise supported by the U.S. government and have a zero credit loss assumption. The remaining securities that were in an unrealized loss position as of March 31, 2023 were mainly comprised of the following:

•Non-agency mortgage-backed securities — The market value decline as of March 31, 2023, was primarily due to interest rate movement and spread widening. Since these securities are rated investment grade by nationally recognized statistical rating organizations (“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 March 31, 2023 was primarily due to interest rate movement and spread widening. A portion of the corporate debt securities is comprised of subordinated debt securities issued by U.S. banks. Despite the reduction of the market value of these securities after the banking sector disruption during the first quarter of 2023, these securities are nearly all rated investment grade by NRSROs or issued by well-capitalized financial institutions with strong profitability. The contractual payments from these corporate debt securities have been and are expected to be received on time. The Company will continue to monitor the market developments in the banking sector and the credit performance of these securities.

As of both March 31, 2023 and December 31, 2022, the Company intended to hold the AFS debt securities with unrealized losses through the anticipated recovery period and it was more-likely-than-not that the Company would 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 provided against these securities as of both March 31, 2023 and December 31, 2022. In addition, there was no provision for credit losses recognized for the three months ended March 31, 2023 and 2022.

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 the Company’s 2022 Form 10-K.

The Company monitors the credit quality of the HTM debt securities using external credit ratings. As of March 31, 2023, 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 March 31, 2023. 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 the gross realized gains and tax expense related to the sales and impairment write-off of AFS debt securities included in earnings for the three months ended March 31, 2023 and 2022:
Three Months Ended March 31,
($ in thousands)20232022
Gross realized gains from sales$— $1,278 
Impairment write-off (1)
$10,000 $— 
Related tax (benefit) expense $(2,956)$378 
(1)During the first quarter of 2023, the Company fully wrote down a subordinated debt security and recorded the impairment loss as a component of noninterest income in the Company’s Consolidated Statement of Income.

Interest Income

The following table presents the composition of interest income on debt securities for the three months ended March 31, 2023 and 2022:
Three Months Ended March 31,
($ in thousands)20232022
Taxable interest$61,049 $38,204 
Nontaxable interest4,882 4,463 
Total interest income on debt securities$65,931 $42,667 
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 March 31, 2023. 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$300,316 $676,299 $— $— $976,615 
Fair value300,302 616,680 — — 916,982 
Weighted-average yield (1)
4.57 %1.20 %— %— %2.24 %
U.S. government agency and U.S. government-sponsored enterprise debt securities
Amortized cost100,000 148,135 100,000 167,504 515,639 
Fair value99,798 143,681 83,478 136,903 463,860 
Weighted-average yield (1)
4.97 %3.72 %1.26 %2.10 %2.96 %
U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities
Amortized cost— 31,502 154,131 2,376,249 2,561,882 
Fair value— 30,182 141,815 2,097,200 2,269,197 
Weighted-average yield (1) (2)
— %3.22 %2.67 %3.39 %3.34 %
Municipal securities
Amortized cost2,304 37,282 10,778 254,761 305,125 
Fair value2,287 34,889 9,610 219,229 266,015 
Weighted-average yield (1) (2)
2.21 %2.46 %2.73 %2.24 %2.28 %
Non-agency mortgage-backed securities
Amortized cost71,090 139,963 19,881 954,838 1,185,772 
Fair value70,089 134,268 19,290 811,485 1,035,132 
Weighted-average yield (1)
7.23 %4.42 %0.84 %2.61 %3.07 %
Corporate debt securities
Amortized cost10,000 — 349,502 304,000 663,502 
Fair value9,817 — 294,170 212,266 516,253 
Weighted average yield (1)
3.49 %— %3.48 %1.97 %2.79 %
Foreign government bonds
Amortized cost62,096 36,421 50,000 50,000 198,517 
Fair value62,280 36,390 49,530 37,683 185,883 
Weighted-average yield (1)
3.19 %2.35 %4.94 %1.50 %3.05 %
Asset-backed securities
Amortized cost— — — 47,938 47,938 
Fair value— — — 46,307 46,307 
Weighted-average yield (1)
— %— %— %5.59 %5.59 %
CLOs
Amortized cost— — 319,000 298,250 617,250 
Fair value— — 310,154 291,085 601,239 
Weighted average yield (1)
— %— %5.93 %5.99 %5.96 %
Total AFS debt securities
Amortized cost$545,806 $1,069,602 $1,003,292 $4,453,540 $7,072,240 
Fair value$544,573 $996,090 $908,047 $3,852,158 $6,300,868 
Weighted-average yield (1)
4.80 %2.11 %3.93 %3.19 %3.25 %
($ 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$—$525,432$—$—$525,432
Fair value—481,611——481,611
Weighted-average yield (1)
— %1.05 %— %— %1.05 %
U.S. government agency and U.S. government-sponsored enterprise debt securities
Amortized cost——280,289719,566999,855
Fair value——240,780565,561806,341
Weighted-average yield (1)
— %— %1.92 %1.89 %1.90 %
U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities
Amortized cost——95,6931,182,9341,278,627
Fair value——81,608978,5181,060,126
Weighted-average yield (1) (2)
— %— %1.56 %1.67 %1.66 %
Municipal securities
Amortized cost———189,507189,507
Fair value———154,596154,596
Weighted-average yield (1) (2)
— %— %— %1.98 %1.98 %
Total HTM debt securities
Amortized cost$—$525,432$375,982$2,092,007$2,993,421
Fair value$—$481,611$322,388$1,698,675$2,502,674
Weighted-average yield (1)
— %1.05 %1.83 %1.77 %1.65 %
(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 March 31, 2023 and December 31, 2022, AFS and HTM debt securities with carrying values of $7.34 billion and $794.2 million, respectively, were pledged to secure borrowings, 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 March 31, 2023 and December 31, 2022:
($ in thousands)March 31, 2023December 31, 2022
Federal Reserve Bank of San Francisco (“FRBSF”) stock$61,622 $61,374 
FHLB stock17,250 17,250 
Total restricted equity securities$78,872 $78,624 
v3.23.1
Derivatives
 3 Months Ended
Mar. 31, 2023
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 of the Company’s 2022 Form 10-K.
The following table presents the notional amounts and fair values of the Company’s derivatives as of March 31, 2023 and December 31, 2022. 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.
March 31, 2023December 31, 2022
Fair ValueFair Value
($ in thousands)Notional AmountDerivative Assets Derivative Liabilities Notional AmountDerivative Assets Derivative Liabilities 
Derivatives designated as hedging instruments:
Cash flow hedges:
Interest rate contracts
$3,250,000 $27,535 $3,861 $3,450,000 $13,455 $19,687 
Net investment hedges:
Foreign exchange contracts
81,480 — 253 84,832 5,590 — 
Total derivatives designated as hedging instruments
$3,331,480 $27,535 $4,114 $3,534,832 $19,045 $19,687 
Derivatives not designated as hedging instruments:
Interest rate contracts
$17,568,116 $387,465 $458,550 $16,932,414 $426,828 $564,829 
Commodity contracts— (1)178,075 186,599 — (1)261,613 258,608 
Foreign exchange contracts3,887,403 34,050 32,538 2,982,891 47,519 44,117 
Credit contracts109,566 (2)— 29 140,950 (2)— 23 
Equity contracts
— (3)277 — — (3)323 — 
Total derivatives not designated as hedging instruments$21,565,085 $599,867 $677,716 $20,056,255 $736,283 $867,577 
Gross derivative assets/liabilities$627,402 $681,830 $755,328 $887,264 
Less: Master netting agreements(169,849)(169,849)(242,745)(242,745)
Less: Cash collateral received(195,278)— (372,038)— 
Net derivative assets/liabilities$262,275 $511,981 $140,545 $644,519 
(1)The notional amount of the Company’s commodity contracts totaled 24,954 thousand barrels of crude oil and 266,047 thousand units of natural gas, measured in million British thermal units (“MMBTUs”) as of March 31, 2023. In comparison, the notional amount of the Company’s commodity contracts totaled 12,005 thousand barrels of crude oil and 247,704 thousand MMBTUs of natural gas as of December 31, 2022.
(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 11 private companies as of March 31, 2023. In comparison, the Company held equity contracts in one public company and 13 private companies as of December 31, 2022.

Derivatives Designated as Hedging Instruments

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 March 31, 2023, interest rate contracts in notional amounts of $3.25 billion were designated as cash flow hedges to convert certain variable-rate loans from floating-rate payments to fixed-rate payments. 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 item as the hedged cash flows. Considering the interest rates, yield curve and notional amount as of March 31, 2023, the Company expects to reclassify an estimated $56.1 million of after-tax net losses on derivative instruments designated as cash flow hedges from AOCI into earnings during the next 12 months.

In the first quarter of 2023, the Company prepaid the variable-rate borrowing where an interest rate swap contract in notional amount of $200.0 million was designated as a cash flow hedge. The interest rate swap was terminated at the same date the borrowing was prepaid. Pre-tax gains in the amount of $696 thousand were reclassified from AOCI to Interest expense before the termination of the hedge and the remaining gains in the amount of $1.6 million in AOCI were immediately recognized into Noninterest income upon the termination of the hedge as the forecasted interest payments on the borrowing were no longer probable to occur.
The following table presents the pre-tax changes in AOCI from cash flow hedges for the three months ended March 31, 2023 and 2022. The after-tax impact of cash flow hedges on AOCI is shown in Note 14 — Accumulated Other Comprehensive Income (Loss) to the Consolidated Financial Statements in this Form-10-Q.
Three Months Ended March 31,
($ in thousands)20232022
 Gains (losses) recognized in AOCI:
Interest rate contracts$29,843 $(32,609)
 Gains (losses) reclassified from AOCI into earnings:
Interest expense (for cash flow hedges on borrowings)696 (173)
Interest and dividend income (for cash flow hedges on loans)(12,954)2,273 
Noninterest income1,614 (1)— 
Total$(10,644)$2,100 
(1)Represents the reclassification of the remaining AOCI into earnings for the terminated cash flow hedge where the forecasted cash flows were no longer probable of occurring.

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 Chinese Renminbi (“RMB”). The following table presents the pre-tax losses recognized in AOCI on net investment hedges for the three months ended March 31, 2023 and 2022:
Three Months Ended March 31,
($ in thousands)20232022
Losses recognized in AOCI$(1,076)$(1,571)

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 into by the Company are cleared though 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 the London Clearing House (“LCH”) and the Chicago Mercantile Exchange (“CME”) resulted in reductions in the derivative asset and liability fair values of $94.0 million and $3.8 million, respectively, as of March 31, 2023. 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 $163.4 million and $12.1 million, respectively, as of December 31, 2022.

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 March 31, 2023 and December 31, 2022.
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 March 31, 2023 and December 31, 2022:
March 31, 2023December 31, 2022
Fair ValueFair Value
($ in thousands)Notional AmountAssetsLiabilitiesNotional AmountAssetsLiabilities
Customer-related positions:
Interest rate contracts:
Swaps$6,776,171 $8,537 $416,483 $6,656,491 $1,438 $521,719 
Written options1,693,002 — 24,329 1,548,158 — 30,904 
Collars and corridors269,340 252 7,341 215,773 — 8,924 
Subtotal8,738,513 8,789 448,153 8,420,422 1,438 561,547 
Foreign exchange contracts:
Forwards and spot1,439,521 9,866 18,300 993,588 17,009 18,090 
Swaps514,659 5,808 2,683 623,143 6,629 12,178 
Other127,000 1,876 — 121,631 2,070 245 
Subtotal2,081,180 17,550 20,983 1,738,362 25,708 30,513 
Total$10,819,693 $26,339 $469,136 $10,158,784 $27,146 $592,060 
Other economic hedges:
Interest rate contracts:
Swaps$6,803,027 $345,976 $9,209 $6,683,828 $384,201 $2,047 
Purchased options1,725,119 25,321 — 1,580,275 32,233 — 
Written options32,117 — 925 32,117 — 1,235 
Collars and corridors269,340 7,379 263 215,772 8,956 — 
Subtotal8,829,603 378,676 10,397 8,511,992 425,390 3,282 
Foreign exchange contracts:
Forwards and spot67,680 72 120 77,998 3,050 87 
Swaps1,611,543 16,428 9,559 1,044,900 18,516 11,447 
Other127,000 — 1,876 121,631 245 2,070 
Subtotal1,806,223 16,500 11,555 1,244,529 21,811 13,604 
Total$10,635,826 $395,176 $21,952 $9,756,521 $447,201 $16,886 
The following table presents the notional amounts in units and the gross fair values of the commodity derivatives issued for customer-related positions and other economic hedges as of March 31, 2023 and December 31, 2022:
March 31, 2023December 31, 2022
Fair ValueFair Value
($ and unit in thousands)Notional UnitsAssetsLiabilitiesNotional UnitsAssetsLiabilities
Customer-related positions:
Commodity contracts:
Crude oil:
Swaps7,443 Barrels$18,072 $8,088 2,465 Barrels$39,955 $6,178 
Collars4,597 Barrels6,337 4,528 3,011 Barrels16,038 2,630 
Written options— Barrels— — — Barrels558 — 
Subtotal12,040 Barrels24,409 12,616 5,476 Barrels56,551 8,808 
Natural gas:
Swaps99,111 MMBTUs50,825 71,736 92,590 MMBTUs112,314 73,208 
Collars34,015 MMBTUs1,003 29,501 32,072 MMBTUs2,217 18,317 
Written options367 MMBTUs— 49 — MMBTUs— — 
Subtotal133,493 MMBTUs51,828 101,286 124,662 MMBTUs114,531 91,525 
Total$76,237 $113,902 $171,082 $100,333 
Other economic hedges:
Commodity contracts:
Crude oil:
Swaps7,539 Barrels$8,900 $16,016 2,587 Barrels$6,935 $36,060 
Collars5,375 Barrels2,900 5,531 3,942 Barrels1,378 12,856 
Purchased options— Barrels— — — Barrels— 516 
Subtotal12,914 Barrels11,800 21,547 6,529 Barrels8,313 49,432 
Natural gas:
Swaps98,891 MMBTUs66,395 50,147 91,900 MMBTUs69,767 106,883 
Collars33,296 MMBTUs23,594 1,003 31,142 MMBTUs12,451 1,960 
Purchased options367 MMBTUs49 — — MMBTUs— — 
Subtotal132,554 MMBTUs90,038 51,150 123,042 MMBTUs82,218 108,843 
Total$101,838 $72,697 $90,531 $158,275 

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 Company’s normal credit review and monitoring process. The majority of the referenced entities of the protection sold RPAs were investment grade and the weighted-average remaining maturity was 2.7 years and 2.4 years, respectively, as of March 31, 2023 and December 31, 2022. Assuming that the underlying borrowers referenced in the interest rate contracts defaulted, the Company would not have any current exposure in the protection sold RPAs as of both March 31, 2023 and December 31, 2022. The Company did not have any outstanding protection purchased RPAs as of both March 31, 2023 and December 31, 2022.

Equity Contracts — As part of the loan origination process, the Company may obtain warrants to purchase preferred and/or common stock of their borrowers’ companies, which are mainly in the technology and life sciences sectors. 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 three months ended March 31, 2023 and 2022:
Classification on
Consolidated
Statement of Income		Three Months Ended March 31,
($ in thousands)20232022
Derivatives not designated as hedging instruments:
Interest rate contractsInterest rate contracts and other derivative income$(2,484)$7,585 
Foreign exchange contractsForeign exchange income10,442 7,322 
Credit contractsInterest rate contracts and other derivative income(5)74 
Equity contractsLending fees(45)94 
Commodity contractsInterest rate contracts and other derivative income6 (49)
Net gains$7,914 $15,026 

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 an event primarily relates to a downgrade in the credit rating of East West Bank to below investment grade. As of March 31, 2023, the aggregate fair value amounts of all derivative instruments with credit-risk-related contingent features that were in a net liability position totaled zero, and no collateral was posted to cover these positions. In comparison, 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, of which $1.1 million of collateral was posted to cover these positions. If the credit rating of East West Bank had been downgraded to below investment grade, the Company would have been required to post minimal additional collateral as of both March 31, 2023 and December 31, 2022.

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 March 31, 2023
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$627,402 $(169,849)$(195,278)$262,275 $(233,746)$28,529 
 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$681,830 $(169,849)$— $511,981 $— $511,981 
($ 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 SheetNet 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 
(1)Includes $287 thousand and $2.1 million of gross fair value assets with counterparties that were not subject to enforceable master netting arrangements or similar agreements as of March 31, 2023 and December 31, 2022, respectively.
(2)Includes $15 thousand and $566 thousand of gross fair value liabilities with counterparties that were not subject to enforceable master netting arrangements or similar agreements as of March 31, 2023 and December 31, 2022, respectively.
(3)Gross cash collateral received under master netting arrangements or similar agreements was $205.7 million and $384.9 million as of March 31, 2023 and December 31, 2022, respectively. Of the gross cash collateral received, $195.3 million and $372.0 million were used to offset against derivative assets as of March 31, 2023 and December 31, 2022, respectively.
(4)Gross cash collateral pledged under master netting arrangements or similar agreements was $200 thousand and $490 thousand as of March 31, 2023 and December 31, 2022, respectively. None of the collateral was used to offset against derivative liabilities as of both March 31, 2023 and December 31, 2022.
(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 the disclosure of such amounts.

In addition to the amounts included in the tables above, the Company has balance sheet netting related to resale and repurchase agreements. Refer to Note 4 — Assets Purchased under Resale Agreements and Sold under Repurchase Agreements to the Consolidated Financial Statements in this Form 10-Q for additional information. Refer to Note 3 — Fair Value Measurement and Fair Value of Financial Instruments to the Consolidated Financial Statements in this Form 10-Q for fair value measurement disclosures on derivatives.
v3.23.1
Loans Receivable and Allowance for Credit Losses
 3 Months Ended
Mar. 31, 2023
Loans and Leases Receivable Disclosure [Abstract]  
Loans Receivable and Allowance for Credit Losses Loans Receivable and Allowance for Credit LossesLoans Receivable and Allowance for Credit Losses
The following table presents the composition of the Company’s loans held-for-investment outstanding as of March 31, 2023 and December 31, 2022:
($ in thousands)March 31, 2023December 31, 2022
Commercial:
C&I$15,641,840 $15,711,095 
CRE:
CRE14,019,136 13,857,870 
Multifamily residential4,682,280 4,573,068 
Construction and land731,394 638,420 
Total CRE19,432,810 19,069,358 
Total commercial35,074,650 34,780,453 
Consumer:
Residential mortgage:
Single-family residential11,786,998 11,223,027 
HELOCs1,988,881 2,122,655 
Total residential mortgage13,775,879 13,345,682 
Other consumer67,519 76,295 
Total consumer13,843,398 13,421,977 
Total loans held-for-investment (1)
$48,918,048 $48,202,430 
Allowance for loan losses(619,893)(595,645)
Loans held-for-investment, net (1)
$48,298,155 $47,606,785 
(1)Includes $(75.4) million and $(70.4) million of net deferred loan fees and net unamortized premiums as of March 31, 2023 and December 31, 2022, respectively.

Loans held-for-investment accrued interest receivable was $221.6 million and $208.4 million as of March 31, 2023 and December 31, 2022, respectively, and was included in Other assets on the Consolidated Balance Sheet. The interest income reversed was insignificant for the three months ended March 31, 2023 and 2022. For the Company’s accounting policy on accrued interest receivable related to loans held-for-investment, see Note 1 — Summary of Significant Accounting Policies — Significant Accounting Policies — Loans Held-for-Investment to the Consolidated Financial Statements of the Company’s 2022 Form 10-K.

The Company’s FRBSF and FHLB borrowings are primarily secured by loans held-for-investment. Loans held-for-investment totaling $34.17 billion and $28.30 billion, respectively, were pledged to secure borrowings and provide additional borrowing capacity as of March 31, 2023 and December 31, 2022.

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 and current-period gross write-offs by loan portfolio segments, internal risk ratings and vintage year as of the periods presented. The vintage year is the year of loan 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.
March 31, 2023
Term Loans by Origination Year
($ in thousands)20232022202120202019PriorRevolving Loans
Revolving Loans Converted to Term Loans (1)
Total
Commercial:
C&I:
Pass$674,825 $2,578,285 $1,783,684 $521,410 $333,681 $253,687 $9,060,947 $20,446 $15,226,965 
Criticized (accrual)2 76,947 90,595 30,558 33,825 9,511 129,690 — 371,128 
Criticized (nonaccrual)300 18,197 1,773 10,335 — 13,142 — — 43,747 
Total C&I675,127 2,673,429 1,876,052 562,303 367,506 276,340 9,190,637 20,446 15,641,840 
YTD gross write-offs (3)
185 68 72 — — 1,553 — — 1,878 
CRE:
Pass468,751 4,143,097 2,386,362 1,470,520 1,724,371 3,216,726 163,308 54,385 13,627,520 
Criticized (accrual)— — 53,948 155,649 55,225 106,071 1,455 — 372,348 
Criticized (nonaccrual)— 171 18,692 — — 405 — — 19,268 
Subtotal CRE468,751 4,143,268 2,459,002 1,626,169 1,779,596 3,323,202 164,763 54,385 14,019,136 
YTD gross write-offs— — — — — 6 — — 6 
Multifamily residential:
Pass159,286 1,498,094 882,113 633,118 515,423 951,669 9,253 1,301 4,650,257 
Criticized (accrual)— — — — 704 31,160 — — 31,864 
Criticized (nonaccrual)— — — — — 159 — — 159 
Subtotal multifamily residential159,286 1,498,094 882,113 633,118 516,127 982,988 9,253 1,301 4,682,280 
Construction and land:
Pass47,883 329,458 268,980 34,007 1,245 3,011 12,087 — 696,671 
Criticized (accrual)— 13,151 — — — 21,572 — — 34,723 
Criticized (nonaccrual)— — — — — — — — — 
Subtotal construction and land47,883 342,609 268,980 34,007 1,245 24,583 12,087 — 731,394 
Total CRE675,920 5,983,971 3,610,095 2,293,294 2,296,968 4,330,773 186,103 55,686 19,432,810 
YTD gross write-offs
— — — — — 6 — — 6 
Total commercial$1,351,047 $8,657,400 $5,486,147 $2,855,597 $2,664,474 $4,607,113 $9,376,740 $76,132 $35,074,650 
YTD total commercial gross write-offs (3)
$185 $68 $72 $— $— $1,559 $— $— $1,884 
March 31, 2023
Term Loans by Origination Year
($ in thousands)20232022202120202019PriorRevolving Loans
Revolving Loans Converted to Term Loans (1)
Total
Consumer:
Residential mortgage:
Single-family residential:
Pass (2)
$789,902 $3,504,956 $2,414,724 $1,728,663 $1,075,516 $2,246,626 $— $— $11,760,387 
Criticized (accrual)— — 629 733 2,436 3,100 — — 6,898 
Criticized (nonaccrual) (2)
— 142 676 1,006 3,240 14,649 — — 19,713 
Subtotal single-family residential mortgage789,902 3,505,098 2,416,029 1,730,402 1,081,192 2,264,375 — — 11,786,998 
HELOCs:
Pass— 1,683 1,183 4,240 2,351 10,592 1,835,459 119,520 1,975,028 
Criticized (accrual)— — 223 655 — 2,905 488 537 4,808 
Criticized (nonaccrual)— — 6 183 69 4,965 191 3,631 9,045 
Subtotal HELOCs— 1,683 1,412 5,078 2,420 18,462 1,836,138 123,688 1,988,881 
Total residential mortgage789,902 3,506,781 2,417,441 1,735,480 1,083,612 2,282,837 1,836,138 123,688 13,775,879 
Other consumer:
Pass889 16,824 137 5,356 — 7,229 36,715 — 67,150 
Criticized (accrual)3 — — — — — — — 3 
Criticized (nonaccrual)— — — — — — 366 — 366 
Total other consumer892 16,824 137 5,356 — 7,229 37,081 — 67,519 
YTD gross write-offs— — — — — — 40 — 40 
Total consumer$790,794 $3,523,605 $2,417,578 $1,740,836 $1,083,612 $2,290,066 $1,873,219 $123,688 $13,843,398 
YTD total consumer gross write-offs (3)
$— $— $— $— $— $— $40 $— $40 
Total loans held-for-investment:
Pass$2,141,536 $12,072,397 $7,737,183 $4,397,314 $3,652,587 $6,689,540 $11,117,769 $195,652 $48,003,978 
Criticized (accrual)5 90,098 145,395 187,595 92,190 174,319 131,633 537 821,772 
Criticized (nonaccrual)300 18,510 21,147 11,524 3,309 33,320 557 3,631 92,298 
Total$2,141,841 $12,181,005 $7,903,725 $4,596,433 $3,748,086 $6,897,179 $11,249,959 $199,820 $48,918,048 
YTD total loans held-for-investment gross write-offs (3)
$185 $68 $72 $— $— $1,559 $40 $— $1,924 
December 31, 2022
Term Loans by Origination Year
($ in thousands)20222021202020192018PriorRevolving Loans
Revolving Loans Converted to Term Loans (1)
Total
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 commercial
$8,898,251 $5,745,996 $3,020,575 $2,761,676 $2,111,867 $2,719,920 $9,462,895 $59,273 $34,780,453 
Consumer:
Residential mortgage:
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 
Subtotal 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 consumer
17,091 137 5,356 — — 15,808 37,903 — 76,295 
Total consumer$3,566,646 $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:
Pass$12,365,799 $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 
(1)$12.2 million of total commercial loans, primarily comprised of CRE revolving loans and $5.1 million of total consumer loans, comprised of HELOC revolving loans converted to term loans during the three months ended March 31, 2023. In comparison, no commercial or consumer loans were converted to term loans during the three months ended March 31, 2022.
(2)As of March 31, 2023 and December 31, 2022, $827 thousand and $818 thousand, respectively, of nonaccrual loans whose payments are guaranteed by the Federal Housing Administration were classified with a “Pass” rating.
(3)Excludes current-period gross write-offs associated with loans the Company sold or settled.
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 loans held-for-investment as of March 31, 2023 and December 31, 2022:
March 31, 2023
($ in thousands)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$15,589,505 $4,758 $3,830 $8,588 $43,747 $15,641,840 
CRE:
CRE13,998,080 1,304 484 1,788 19,268 14,019,136 
Multifamily residential4,681,411 391 319 710 159 4,682,280 
Construction and land723,240 — 8,154 8,154 — 731,394 
Total CRE19,402,731 1,695 8,957 10,652 19,427 19,432,810 
Total commercial34,992,236 6,453 12,787 19,240 63,174 35,074,650 
Consumer:
Residential mortgage:
Single-family residential11,740,953 17,964 7,541 25,505 20,540 11,786,998 
HELOCs1,969,546 5,485 4,805 10,290 9,045 1,988,881 
Total residential mortgage13,710,499 23,449 12,346 35,795 29,585 13,775,879 
Other consumer67,008 89 56 145 366 67,519 
Total consumer13,777,507 23,538 12,402 35,940 29,951 13,843,398 
Total$48,769,743 $29,991 $25,189 $55,180 $93,125 $48,918,048 
December 31, 2022
($ in thousands)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 mortgage
13,285,657 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 $48,202,430 
The following table presents the amortized cost of loans on nonaccrual status for which there was no related allowance for loan losses as of both March 31, 2023 and December 31, 2022. Nonaccrual loans may not have an allowance for credit losses if the loan balances are well-secured by the collateral value and there is no loss expectation.
($ in thousands)March 31, 2023December 31, 2022
Commercial:
C&I$16,227 $11,398 
CRE18,693 22,944 
Total commercial34,920 34,342 
Consumer:
Single-family residential7,206 2,998 
HELOCs5,050 7,245 
Total consumer12,256 10,243 
Total nonaccrual loans with no related allowance for loan losses$47,176 $44,585 

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 of foreclosed assets as of both March 31, 2023 and December 31, 2022. The Company commences the foreclosure process on consumer mortgage loans after a borrower becomes more than 120 days delinquent in accordance with the CFPB guidelines. The carrying value of consumer real estate loans that were in an active or suspended foreclosure process was $8.4 million and $7.5 million as of March 31, 2023 and December 31, 2022, respectively.
Loan Modifications to Borrowers Experiencing Financial Difficulty

As part of the Company’s loss mitigation efforts, the Company may agree to modify the contractual terms of a loan to a borrower experiencing financial difficulty. In addition to loan modifications, the Company also provides other loss mitigation options to assist borrowers who are experiencing financial difficulties. The Company offers restructurings mainly in the form of payment deferrals and term extensions. Upon the adoption of ASU 2022-02, which was effective as of January 1, 2023, the Company applies the loan refinancing and restructuring guidance provided in ASU 310-20 to determine whether a modification made to a borrower results in a new loan or a continuation of an existing loan. See Note 2 — Current Accounting Developments and Summary of Significant Accounting Policies — Significant Accounting Policies Update — Loan Modifications to the Consolidated Financial Statements in this Form 10-Q for additional information. The disclosures below provide information on loan modifications to borrowers experiencing financial difficulty. Loans that were both modified and paid off or charged-off during the period, resulting in an amortized cost balance of zero at the end of each period, were excluded from the disclosures below.
The following table presents the amortized cost of modified loans and the financial effects of the modifications for the three months ended March 31, 2023 by loan class and modification type:
For the Three Months Ended March 31, 2023
Modification TypeFinancial Effects of
Loan Modifications
($ in thousands)Term ExtensionPayment DelayTotalModification as a % of Loan ClassWeighted-Average Term Extension
(in years)		Weighted-Average Payment Delay
(in years)
Commercial:
C&I$19,974 $14,364 $34,338 0.22 %0.9 years1.0 year
CRE:
CRE543 — 543 0.00 %2.0 years
Total commercial20,517 14,364 34,881 
Consumer:
Residential mortgage:
HELOCs738 — 738 0.04 %14.8 years
Total consumer738 — 738 
Total$21,255 $14,364 $35,619 

The Company tracks the performance of modified loans. A modified loan may become delinquent and may result in a payment default (generally 90 days past due) subsequent to modification. There were no loans that received a modification during the three months ended March 31, 2023 that subsequently defaulted.

The following table presents the performance of loans that were modified during the three months ended March 31, 2023.
Payment Performance as of March 31, 2023
($ in thousands)Current30 - 89 Days
Past Due		90+ Days
Past Due		Total
Commercial:
C&I$27,393 $6,945 $— $34,338 
CRE:
CRE543 — — 543 
Total commercial27,936 6,945 — 34,881 
Consumer:
Residential mortgage:
HELOCs738 — — 738 
Total consumer738 — — 738 
Total$28,674 $6,945 $— $35,619 

As of March 31, 2023, there were no additional commitments to lend to borrowers whose loans were modified.

Troubled Debt Restructurings Prior to the Adoption of ASU 2022-02

Prior to the adoption of ASU 2022-02, the Company accounted for a modification to the contractual terms of a loan that resulted in granting a concession to a borrower experiencing financial difficulties as a TDR. ASU 2022-02 eliminated TDR accounting prospectively for all restructurings occurring on or after January 1, 2023.
The following table presents the additions to TDRs for the three months ended March 31, 2022:
Loans Modified as TDRs During the three months ended March 31, 2022
($ in thousands)Number of LoansPre-Modification Outstanding Recorded Investment
Post-Modification Outstanding Recorded Investment (1)
Financial Impact (2)
Commercial:
C&I1 $17,179 $9,224 $7,545 
Total1 $17,179 $9,224 $7,545 
(1)Includes subsequent payments after modification and reflects the balance as of March 31, 2022.
(2)Includes charge-offs since the modification date.

The following table presents the TDR post-modification outstanding balances by the primary modification type for the three months ended March 31, 2022:
Modification Type
During the Three Months Ended March 31, 2022
($ in thousands)
Principal (1)
Total
Commercial:
C&I$9,224 $9,224 
Total$9,224 $9,224 
(1)Includes principal deferments that modify the terms of the loan from principal and interest payments to interest payments only.

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 three months ended March 31, 2022 that were modified as TDRs during the 12 months preceding payment default:
Loans Modified as TDRs that Subsequently Defaulted During the Three Months Ended March 31, 2022
($ in thousands)Number of LoansRecorded Investment
Commercial:
C&I1 $3,250 
Total1 $3,250 

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

The Company has a current expected credit losses 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 or the reasonable and supportable forecast period and reversion to the historical loss experience method for the three months ended March 31, 2023 and 2022.

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&IAge, size and spread at origination, and risk rating
Volatility Index and BBB yield to 10-year U.S. Treasury spread
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 consumerLoss rate approach
Immaterial (1)
(1)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 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; or (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 March 31, 2023, collateral-dependent commercial and consumer loans totaled $18.7 million and $12.3 million, respectively. In comparison, collateral-dependent commercial and consumer loans totaled $47.4 million and $13.4 million, respectively, as of December 31, 2022. The collateral-dependent loans decreased from December 31, 2022, predominantly driven by the adoption of ASU 2022-02 related to the elimination of TDR guidance. The Company's collateral-dependent loans were secured by real estate. As of both March 31, 2023 and December 31, 2022, the collateral value of the properties securing the collateral-dependent loans, net of selling costs, exceeded the recorded value of the loans.
The following tables summarize the activity in the allowance for loan losses by portfolio segments for the three months ended March 31, 2023 and 2022:
Three Months Ended March 31, 2023
CommercialConsumer
CREResidential Mortgage
($ in thousands)C&ICREMultifamily ResidentialConstruction and LandSingle-Family ResidentialHELOCsOther ConsumerTotal
Allowance for loan losses, December 31, 2022$371,700 $149,864 $23,373 $9,109 $35,564 $4,475 $1,560 $595,645 
Impact of ASU 2022-02 adoption5,683 337 6 — 1 1 — 6,028 
Allowance for loan losses, January 1, 2023377,383 150,201 23,379 9,109 35,565 4,476 1,560 601,673 
(Reversal of) provision for credit losses on loans(a)(678)4,676 1,135 210 12,442 580 155 18,520 
Gross charge-offs(1,900)(6)— — — (91)(40)(2,037)
Gross recoveries1,211 196 12 3 — 6 — 1,428 
Total net (charge-offs) recoveries(689)190 12 3 — (85)(40)(609)
Foreign currency translation adjustment309 — — — — — — 309 
Allowance for loan losses, end of period$376,325 $155,067 $24,526 $9,322 $48,007 $4,971 $1,675 $619,893 
Three Months Ended March 31, 2022
CommercialConsumer
CREResidential Mortgage
($ in thousands)C&ICREMultifamily ResidentialConstruction and LandSingle-Family ResidentialHELOCsOther ConsumerTotal
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)9,262 (3,493)9,657 (4,506)926 299 107 12,252 
Gross charge-offs(11,188)(398)(1)— — — (46)(11,633)
Gross recoveries3,002 55 120 54 124 14 — 3,369 
Total net (charge-offs) recoveries(8,186)(343)119 54 124 14 (46)(8,264)
Foreign currency translation adjustment118 — — — — — — 118 
Allowance for loan losses, end of period$339,446 $147,104 $24,176 $11,016 $18,210 $3,748 $1,985 $545,685 

The allowance for unfunded credit commitments is maintained at a level that management believes to be sufficient to absorb estimated expected credit losses related to unfunded credit facilities. See Note 11 — Commitments and Contingencies to the Consolidated Financial Statements in this Form 10-Q for additional information related to unfunded credit commitments. The following table summarizes the activities in the allowance for unfunded credit commitments for the three months ended March 31, 2023 and 2022:
Three Months Ended March 31,
($ in thousands)20232022
Unfunded credit facilities
Allowance for unfunded credit commitments, beginning of period$26,264 $27,514 
Provision for (reversal of) credit losses on unfunded credit commitments(b)1,480 (4,252)
Foreign currency translation adjustment(3)— 
Allowance for unfunded credit commitments, end of period$27,741 $23,262 
Provision for credit losses(a) + (b)$20,000 $8,000 
The allowance for credit losses was $647.6 million as of March 31, 2023, an increase of $25.7 million, compared with $621.9 million as of December 31, 2022. The increase in the allowance for credit losses was primarily driven by the current economic outlook as well as loan growth. The current economic outlook reflected ongoing concerns with inflation, global supply chain disruptions and rising interest rates.

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, respectively. As of March 31, 2023, the Company did not assign a weighting to its upside scenario. Instead, it assigned a slightly higher weighting to its downside scenario, while maintaining the same weighting to its baseline scenario, compared with the weightings assigned as of December 31, 2022. Management remains cautious regarding the economic outlook given the persistently high level of inflation, rising interest rates, the recent strain to the financial system, and continued concerns on global oil prices and supply-chain issues. The baseline GDP growth forecast for the first two quarters of 2023 rose to 2.5% and 1.0%, compared with 0.1% and 0.7% in the December 2022 forecast. Additionally, the GDP growth forecast for the second half of 2023 has been lowered compared with the December 2022 forecast. GDP growth for the full year 2024, was lowered to 1.9% from the previous 2.0% forecasted as of December 31, 2022, reflecting an expected GDP slow-down as interest-sensitive spending weakens amid elevated interest rates. Average unemployment rates are expected to remain stable at 3.5% for 2023. However, job market softening is expected in 2024 and 2025. Compared with the baseline scenario, the downside scenario assumes that the combination of increasing supply shortages, political tensions between China and Taiwan, recent bank failures, still-elevated inflation, and the Federal Reserve’s decision to keep the federal funds rate elevated will lead to a recession in the second quarter of 2023.
Loans Held-for-Sale

Loans held-for-sale consisted of $6.9 million and $25.6 million of C&I loans as of March 31, 2023 and December 31, 2022, respectively. Refer to Note 1 — Summary of Significant Accounting Policies — Significant Accounting Policies — Loans Held-for-Sale to the Consolidated Financial Statements in the Company’s 2022 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 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, sold and purchased for the held-for-investment portfolio, during the three months ended March 31, 2023 and 2022:
Three Months Ended March 31, 2023
CommercialConsumer
Residential Mortgage
($ in thousands)C&ICRESingle-Family ResidentialTotal
Loans transferred from held-for-investment to held-for-sale (1)
$156,876 $3,600 $— $160,476 
Sales (2)(3)(4)
$175,932 $3,600 $— $179,532 
Purchases (5)
$22,683 $— $131,999 $154,682 
Three Months Ended March 31, 2022
CommercialConsumer
Residential Mortgage
($ in thousands)C&ICRESingle-Family ResidentialTotal
Loans transferred from held-for-investment to held-for-sale (1)
$111,437 $21,780 $— $133,217 
Sales (2)(3)(4)
$107,474 $21,780 $451 $129,705 
Purchases (5)
$110,596 $— $114,375 $224,971 
(1)Includes write-downs of $273 thousand and $59 thousand to the allowance for loan losses related to loans transferred from held-for-investment to held-for-sale for the three months ended March 31, 2023 and 2022, respectively.
(2)Includes originated loans sold of $111.0 million and $112.3 million for the three months ended March 31, 2023 and 2022, respectively. Originated loans sold consisted primarily of C&I loans for both periods.
(3)Includes $68.5 million and $17.4 million of purchased loans sold in the secondary market for the three months ended March 31, 2023 and 2022, respectively.
(4)Net (losses) gains on sales of loans were $(22) thousand and $2.9 million for the three months ended March 31, 2023 and 2022, respectively.
(5)C&I loan purchases were comprised primarily of syndicated C&I term loans.
v3.23.1
Investments in Qualified Affordable Housing Partnerships, Tax Credit and Other Investments, Net and Variable Interest Entities
 3 Months Ended
Mar. 31, 2023
Investments in Qualified Affordable Housing Partnerships, Tax Credit and Other Investments, Net and Variable Interest Entities [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 on 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 to the Consolidated Financial Statements in the Company’s 2022 Form 10-K for additional details. For a discussion on the Company’s impairment evaluation and monitoring process of tax credit investments, refer to Note 3 — Fair Value Measurement and Fair Value of Financial Instruments — Investments in Qualified Affordable Housing Partnerships, Tax Credit and Other Investments, Net to the Consolidated Financial Statements in this Form 10-Q.

The following table presents investments and unfunded commitments of the Company’s qualified affordable housing partnerships, tax credit, and other investments as of March 31, 2023 and December 31, 2022:
March 31, 2023December 31, 2022
($ in thousands)Assets
Liabilities - Unfunded Commitments (1)
Assets
Liabilities - Unfunded Commitments (1)
Investments in qualified affordable housing partnerships, net$388,926 $241,371 $413,253 $266,654 
Investments in tax credit and other investments, net352,428 190,010 350,003 185,797 
Total$741,354 $431,381 $763,256 $452,451 
(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 $24.4 million and $24.0 million as of March 31, 2023 and December 31, 2022, respectively. The Company invests in these mutual funds for CRA purposes. The Company also held equity securities without readily determinable fair values totaling $36.0 million and $36.5 million as of March 31, 2023 and December 31, 2022, respectively.
The following table presents additional information related to the investments in qualified affordable housing partnerships, tax credit and other investments for the three months ended March 31, 2023 and 2022:
Three Months Ended March 31,
($ in thousands)20232022
Investments in qualified housing partnerships, net
Tax credits and other tax benefits recognized$16,094 $12,830 
Amortization expense included in income tax expense$12,666 $10,025 
Investments in tax credit and other investments, net
Amortization of tax credit and other investments (1)
$10,110 $13,900 
Unrealized gains (losses) on equity securities with readily determinable values$361 $(1,161)
(1)Includes $174 thousand in impairment recovery related to the $3.7 million cash settlement received from the Company’s investment in DC Solar that was previously written off.

Variable Interest Entities
The majority of both the investments in affordable housing partnerships and tax credit and other investments discussed above are variable interest entities (“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.
v3.23.1
Goodwill
 3 Months Ended
Mar. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill GoodwillTotal goodwill was $465.7 million as of both March 31, 2023 and December 31, 2022. 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. Based on the Company’s annual goodwill impairment testing as of December 31, 2022, there was no impairment. 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 the Company’s 2022 Form 10-K. Given the recent volatility in the banking industry, the Company performed an analysis of goodwill during the first quarter of 2023 that consisted of a qualitative assessment to determine if it is more likely than not that the carrying values of each reporting unit exceeded their estimated fair values. The results of this analysis indicated that no impairment of goodwill existed as of March 31, 2023.
v3.23.1
Short-Term Borrowings and Long-Term Debt
 3 Months Ended
Mar. 31, 2023
Debt Disclosure [Abstract]  
Short-Term Borrowings and Long-Term Debt Short-Term Borrowings and Long-Term Debt
Short-Term Borrowings — Bank Term Funding Program

As of March 31, 2023, the Company’s short-term borrowings consisted of funds from the BTFP. In March 2023, the Federal Reserve announced the creation of the BTFP, which was designed to provide additional liquidity to U.S. depository institutions. The advances will be limited to the par value of eligible collateral pledged by the borrower, for a term of up to one year. U.S. federally insured depository institutions can request advances under the BTFP until at least March 11, 2024.

The following table presents details of the Company’s short-term borrowings as of March 31, 2023. The Company pledged eligible U.S. government agency and U.S. government-sponsored enterprise debt and mortgage-backed securities, and U.S. Treasury securities as collateral for the borrowings under the BTFP. As of March 31, 2023, the face amount of the Company’s pledged securities to the BTFP totaled $4.84 billion with a remaining borrowing capacity of $339.0 million. There were no short-term borrowings as of December 31, 2022.
March 31, 2023
($ in thousands)Interest RateMaturity DateAmount
Short-term borrowings4.37%3/19/2024$4,500,000 
Long-Term Debt — Junior Subordinated Debt

Long-term debt totaled $148.0 million as of both March 31, 2023 and December 31, 2022. The interest rates on the junior subordinated debt are based on LIBOR plus the applicable stated margin. The junior subordinated debt had a weighted-average interest rate of 6.39% and 3.49% as of March 31, 2023 and December 31, 2022, respectively, with remaining maturities ranging between 11.6 years and 14.5 years as of March 31, 2023. For additional information on the junior subordinated debt, refer to Note 10 — Federal Home Loan Bank Advances and Long-Term Debt to the Consolidated Financial Statements in the Company’s 2022 Form 10-K.
v3.23.1
Commitments and Contingencies
 3 Months Ended
Mar. 31, 2023
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and Contingencies
Commitments to Extend Credit — In the normal course of 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 allowance for unfunded credit commitments, and outstanding commercial letters of credit and standby letters of credit (“SBLCs”).

The following table presents the Company’s credit-related commitments as of March 31, 2023 and December 31, 2022:
March 31, 2023December 31, 2022
($ in thousands)Expire in One Year or LessExpire After One Year
Through Three Years		Expire After Three Year
Through Five Years		Expire After Five YearsTotalTotal
Loan commitments$2,984,815 $2,391,830 $1,091,375 $2,076,229 $8,544,249 $8,211,571 
Commercial letters of credit and SBLCs703,038 567,135 84,709 1,075,196 2,430,078 2,291,966 
Total$3,687,853 $2,958,965 $1,176,084 $3,151,425 $10,974,327 $10,503,537 

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 March 31, 2023, total letters of credit of $2.43 billion consisted of SBLCs of $2.40 billion and commercial letters of credit of $29.6 million. In comparison, 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 both March 31, 2023 and December 31, 2022, 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 risk. 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 $27.7 million and $26.2 million as of March 31, 2023 and December 31, 2022, respectively.
Guarantees — From time to time, the Company sells or securitizes single-family and multifamily residential loans with recourse in the ordinary course of business. The Company is obligated to repurchase up to the recourse component of the loans if the loans default. The following table presents the carrying amounts of loans sold or securitized with recourse and the maximum potential future payments as of March 31, 2023 and December 31, 2022:
Maximum Potential Future PaymentsCarrying Value
March 31,
2023		December 31,
2022		March 31,
2023		December 31,
2022
($ in thousands)Expire in One Year or LessExpire After One Year
Through Three Years		Expire After Three Years
Through Five Years		Expire After Five YearsTotalTotalTotalTotal
Single-family residential loans sold or securitized with recourse$37 $67 $— $6,404 $6,508 $6,781 $6,508 $6,781 
Multifamily residential loans sold or securitized with recourse— — — 14,996 14,996 14,996 21,016 21,320 
Total $37 $67 $— $21,400 $21,504 $21,777 $27,524 $28,101 

The Company’s recourse reserve related to these guarantees is included in the allowance for unfunded credit commitments and totaled $36 thousand and $37 thousand as of March 31, 2023 and December 31, 2022, 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 ordinary course of its 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.

While it is impossible to ascertain the ultimate resolution or range of financial liability, based on information known to the Company, as of March 31, 2023, the Company does not believe there is any pending legal proceeding to which the Company is a party that, individually or in the aggregate, would reasonably be expected to have a material adverse effect on the Company’s financial condition. In light of the inherent uncertainty in legal proceedings, however, there can be no assurance that the ultimate resolution will not exceed established reserves and it is possible that the outcome of a particular matter, or a combination of matters, may be material to the Company’s financial condition for a particular period, depending upon the size of the loss and the Company’s income for that particular period.

Other Commitments — The Company has commitments to invest in qualified affordable housing partnerships, tax credit and other investments as discussed in Note 8 — 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-Q. As of March 31, 2023 and December 31, 2022, these commitments were $431.4 million and $452.5 million, respectively. These commitments are included in Accrued expenses and other liabilities on the Consolidated Balance Sheet.
v3.23.1
Stock Compensation Plans
 3 Months Ended
Mar. 31, 2023
Share-Based Payment Arrangement [Abstract]  
Stock Compensation Plans Stock Compensation PlansPursuant to the Company’s 2021 Stock Incentive Plan, as amended, the Company may issue stock, stock options, restricted stock, restricted stock units (“RSUs”) including performance-based RSUs, stock purchase warrants, stock appreciation rights, phantom stock and dividend equivalents to eligible employees, non-employee directors, consultants, and other service providers of the Company and its subsidiaries. The Company has granted RSUs as its primary incentive awards. There were no outstanding awards other than RSUs as of both March 31, 2023 and December 31, 2022.
The following table presents a summary of the total share-based compensation expense and the related net tax benefits associated with the Company’s various employee share-based compensation plans for the three months ended March 31, 2023 and 2022:
Three Months Ended March 31,
($ in thousands)20232022
Stock compensation costs$11,075 $8,433 
Related net tax benefits for stock compensation plans$8,290 $5,159 

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 in shares of the Company’s common stock. Dividends are accrued during the vesting period and 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 vest 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 of the Company’s 2022 Form 10-K.

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 three months ended March 31, 2023. The number of 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 ValueSharesWeighted-Average Grant Date Fair Value
Outstanding, January 1, 2023
1,296,866 $60.77 332,510 $60.40 
Granted479,758 74.53 96,271 57.50 
Vested(462,248)42.35 (152,558)39.39 
Forfeited(9,280)70.26 — — 
Outstanding, March 31, 2023
1,305,096 $72.28 276,223 $70.99 

As of March 31, 2023, there were $41.8 million of unrecognized compensation costs related to unvested time-based RSUs expected to be recognized over a weighted-average period of 2.2 years, and $24.1 million of unrecognized compensation costs related to unvested performance-based RSUs expected to be recognized over a weighted-average period of 2.3 years.
v3.23.1
Stockholders' Equity and Earnings Per Share
 3 Months Ended
Mar. 31, 2023
Stockholders' Equity and Earnings Per Share [Abstract]  
Stockholders' Equity and Earnings Per Share Stockholders’ Equity and Earnings Per Share
The following table presents the basic and diluted EPS calculations for the three months ended March 31, 2023 and 2022. For more information on the calculation of EPS, see Note 1 — Summary of Significant Accounting Policies — Significant Accounting Policies — Earnings Per Share to the Consolidated Financial Statements of the Company’s 2022 Form 10-K.
Three Months Ended March 31,
($ and shares in thousands, except per share data)20232022
Basic:
Net income$322,439 $237,652 
Weighted-average number of shares outstanding141,112 142,025 
Basic EPS$2.28 $1.67 
Diluted:
Net income$322,439 $237,652 
Weighted-average number of shares outstanding 141,112 142,025 
Add: Dilutive impact of unvested RSUs801 1,198 
Diluted weighted-average number of shares outstanding141,913 143,223 
Diluted EPS$2.27 $1.66 

Approximately 417 thousand and 123 thousand weighted-average shares of anti-dilutive RSUs were excluded from the diluted EPS computations for the three months ended March 31, 2023 and 2022, respectively.
v3.23.1
Accumulated Other Comprehensive Income (Loss)
 3 Months Ended
Mar. 31, 2023
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 three months ended March 31, 2023 and 2022:
($ in thousands)
Debt Securities (1)
Cash Flow Hedges
Foreign Currency Translation Adjustments (2)
Total
Balance, January 1, 2022$(85,703)$257 $(4,935)$(90,381)
Net unrealized (losses) gains arising during the period(281,361)(23,227)129 (304,459)
Amounts reclassified from AOCI1,411 (1,496)— (85)
Changes, net of tax(279,950)(24,723)129 (304,544)
Balance, March 31, 2022
$(365,653)$(24,466)$(4,806)$(394,925)
Balance, January 1, 2023$(694,815)$(49,531)$(21,283)$(765,629)
Net unrealized gains arising during the period44,275 21,086 2,941 68,302 
Amounts reclassified from AOCI9,806 7,527 — 17,333 
Changes, net of tax54,081 28,613 2,941 85,635 
Balance, March 31, 2023
$(640,734)

$(20,918)$(18,342)$(679,994)
(1)Includes after-tax unamortized losses related to AFS debt securities that were transferred to HTM in 2022.
(2)Represents foreign currency translation adjustments related to the Company’s net investment in non-U.S. operations, including related hedges. The functional currency and reporting currency of the Company’s foreign subsidiary is RMB and USD, respectively.
The following table presents the components of other comprehensive income (loss), reclassifications to net income and the related tax effects for the three months ended March 31, 2023 and 2022:
Three Months Ended March 31,
20232022
($ in thousands)Before-TaxTax EffectNet-of-TaxBefore-TaxTax EffectNet-of-Tax
Debt securities:
Net unrealized gains (losses) arising during the period$62,860 $(18,585)$44,275 $(399,462)$118,101 $(281,361)
Reclassification adjustments:
Net realized losses (gains) reclassified into net income (1)
10,000 
(2)
(2,956)7,044 (1,278)378 (900)
Amortization of unrealized losses on transferred securities (3)
3,921 (1,159)2,762 3,281 (970)2,311 
Net change76,781 (22,700)54,081 (397,459)117,509 (279,950)
Cash flow hedges:
Net unrealized gains (losses) arising during the period29,843 (8,757)21,086 (32,609)9,382 (23,227)
Net realized losses (gains) reclassified into net income (4)
10,644 (3,117)7,527 (2,100)604 (1,496)
Net change40,487 (11,874)28,613 (34,709)9,986 (24,723)
Foreign currency translation adjustments, net of hedges:
Net unrealized gains (losses) arising during the period2,626 315 2,941 (322)451 129 
Net change2,626 315 2,941 (322)451 129 
Other comprehensive income (loss)$119,894 $(34,259)$85,635 $(432,490)$127,946 $(304,544)
(1)Pre-tax amounts were reported in Net realized (losses) gains on AFS debt securities on the Consolidated Statement of Income.
(2)Represents the full write-off of an impaired subordinated debt security during the first quarter of 2023.
(3)Represents unrealized losses amortized over the remaining lives of securities that were transferred from the AFS to HTM portfolio.
(4)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.
v3.23.1
Business Segments
 3 Months Ended
Mar. 31, 2023
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 three months ended March 31, 2023 and 2022:
($ in thousands)Consumer and Business BankingCommercial BankingOtherTotal
Three Months Ended March 31, 2023
Net interest income before provision for credit losses$304,242 $236,723 $58,896 $599,861 
Provision for credit losses15,012 4,988 — 20,000 
Noninterest income (loss)26,002 43,599 (9,623)59,978 
Noninterest expense113,823 87,248 17,376 218,447 
Segment income before income taxes 201,409 188,086 31,897 421,392 
Segment net income$142,247 $134,457 $45,735 $322,439 
As of March 31, 2023
Segment assets$17,880,525 $33,647,465 $15,716,908 $67,244,898 
($ in thousands)Consumer and Business BankingCommercial BankingOtherTotal
Three Months Ended March 31, 2022
Net interest income (loss) before provision for credit losses$213,214 $208,077 $(5,678)$415,613 
Provision for credit losses3,104 4,896 — 8,000 
Noninterest income25,199 49,077 5,467 79,743 
Noninterest expense96,095 73,395 19,960 189,450 
Segment income (loss) before income taxes139,214 178,863 (20,171)297,906 
Segment net income$99,164 $127,507 $10,981 $237,652 
As of March 31, 2022
Segment assets$15,338,579 $30,199,416 $16,703,461 $62,241,456 
v3.23.1
Current Accounting Developments and Summary of Significant Accounting Policies (Policies)
 3 Months Ended
Mar. 31, 2023
Accounting Policies [Abstract]  
Consolidation East West Bancorp, Inc. 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 unaudited interim Consolidated Financial Statements in this Form 10-Q include the accounts of East West, East West Bank and East West’s subsidiaries. Intercompany transactions and accounts have been eliminated in consolidation. As of March 31, 2023, East West also has six wholly-owned subsidiaries that are statutory business trusts (the “Trusts”). In accordance with FASB Accounting Standards Codification (“ASC”) Topic 810, Consolidation, the Trusts are not included on the Consolidated Financial Statements.
Basis of Presentation The unaudited interim Consolidated Financial Statements are presented in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”), applicable guidelines prescribed by regulatory authorities and general practices in the banking industry. While the unaudited interim Consolidated Financial Statements reflect all adjustments that, in the opinion of management, are necessary for fair presentation, they primarily serve to update the most recently filed annual report on Form 10-K, and may not include all the information and notes necessary to constitute a complete set of financial statements. Accordingly, they should be read in conjunction with the audited Consolidated Financial Statements and notes thereto included in the Company’s 2022 Form 10-K.
Recent Accounting Pronouncements Loan Modifications — Certain loans are modified in the normal course of business for competitive reasons or in conjunction with the Company’s loss mitigation activities. Upon the adoption of ASU 2022-02, the Company applies the general loan modification guidance provided in ASC 310-20 to all loan modifications, including modifications made for borrowers experiencing financial difficulty. Under the general loan modification guidance, a modification is treated as a new loan only if the following two conditions are met: (1) the terms of the new loan are at least as favorable to the Company as the terms for comparable loans to other customers with similar collection risks; and (2) modifications to the terms of the original loan are more than minor. If either condition is not met, the modification is accounted for as the continuation of the existing loan with any effect of the modification treated as a prospective adjustment to the loan’s effective interest rate. A modification may vary by program and by borrower-specific characteristics, and may include rate reductions, principal forgiveness, term extensions, and payment delays, and is intended to minimize the company’s economic loss and to avoid foreclosure or repossession of collateral. The Company applies the same credit loss methodology it uses for similar loans that were not modified.
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.
Variable Interest Entities Variable Interest EntitiesThe majority of both the investments in affordable housing partnerships and tax credit and other investments discussed above are variable interest entities (“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.
Goodwill 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.
Litigation Litigation — The Company is a party to various legal actions arising in the ordinary course of its 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.
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.
Allowance for Credit Losses
Allowance for Credit Losses

The Company has a current expected credit losses 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 or the reasonable and supportable forecast period and reversion to the historical loss experience method for the three months ended March 31, 2023 and 2022.

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&IAge, size and spread at origination, and risk rating
Volatility Index and BBB yield to 10-year U.S. Treasury spread
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 consumerLoss rate approach
Immaterial (1)
(1)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 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; or (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.
v3.23.1
Current Accounting Developments and Summary of Significant Accounting Policies (Tables)
 3 Months Ended
Mar. 31, 2023
Accounting Policies [Abstract]  
Schedule of New Accounting Pronouncements Adopted and Recent Accounting Pronouncements
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, 2023

Early adoption is permitted
ASU 2022-02 eliminates the
•accounting guidance for troubled debt restructurings (“TDR”), and requires the Company to apply the loan refinancing and restructuring guidance to determine whether a modification made to a loan results in a new loan or a continuation of an existing loan and
•requirement to use a discounted cash flow method to measure receivables.

The guidance also requires
•enhanced disclosures for certain loan refinancings and restructurings by creditors when the borrower is experiencing financial difficulty and
•disclosures of current period gross charge-offs by year of loan origination (vintage) for financing receivables and net investments in leases within the scope of ASC 326-20: Financial Instruments — Credit Losses — Measured at Amortized Cost.
The Company adopted ASU 2022-02 on January 1, 2023 on a prospective basis, except for the guidance related to the elimination of TDR recognition and measurement, which was adopted on a modified retrospective approach.

This adoption increased the allowance for loan losses on TDRs as of December 31, 2022 by $6.0 million and decreased opening retained earnings on January 1, 2023 by $4.3 million after-tax. Disclosures as of March 31, 2023 are presented in accordance with this guidance while prior period amounts are reported in accordance with previously applicable GAAP.

Recent Accounting Pronouncements Yet to be Adopted

StandardRequired Date of AdoptionDescriptionEffect on Financial Statements
Standards Not Yet Adopted
ASU 2023-01, Leases (Topic 842): Common Control Arrangements
January 1, 2024

Early adoption is permitted		ASU 2023-01 amends the accounting for leasehold improvements for leases between entities under common control arrangements. The guidance requires leasehold improvements associated with leases between companies under common control to be amortized by a lessee over the economic life of the leasehold improvements, regardless of the lease term or, until the lessee ceases to control the use of the underlying asset through a lease, at which time the remaining value of the leasehold improvement would be accounted for as a transfer between companies under common control through an adjustment to equity.

The amendments in this guidance may be applied retrospectively to the beginning of the period in which the entity first applied Topic 842 or prospectively (1) to all new leasehold improvements recognized on or after the date the entity first applies the amendments, or (2) to all new and existing leasehold improvements recognized on or after the date the entity first applies the amendments.		The Company does not expect the adoption of this guidance to have a material impact on the Company’s Consolidated Financial Statements. The Company expects to adopt ASU 2023-01 on January 1, 2024 on a prospective basis.
ASU 2023-02, Investments — Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method
January 1, 2024

Early adoption is permitted
ASU 2023-02 expands the scope of the proportional amortization method to equity tax credit investment programs if certain conditions are met. Previously, the proportional amortization method could only be used for investments in low-income housing tax credit structures. Under this guidance, companies are able to elect, on a tax credit program-by-tax credit program basis, to apply the proportional amortization method to all equity investments meeting the criteria in ASC 323-740-25-1.

The amendments in this guidance must be applied on a modified retrospective or a retrospective basis.
The Company is currently evaluating the impact of this guidance on the Company’s Consolidated Financial Statements.
v3.23.1
Fair Value Measurement and Fair Value of Financial Instruments (Tables)
 3 Months Ended
Mar. 31, 2023
Fair Value Disclosures [Abstract]  
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 March 31, 2023 and December 31, 2022:
Assets and Liabilities Measured at Fair Value on a Recurring Basis
as of March 31, 2023
($ in thousands)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$916,982 $— $— $916,982 
U.S. government agency and U.S. government-sponsored enterprise debt securities— 463,860 — 463,860 
U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities:
Commercial mortgage-backed securities— 497,115 — 497,115 
Residential mortgage-backed securities— 1,772,082 — 1,772,082 
Municipal securities— 266,015 — 266,015 
Non-agency mortgage-backed securities:
Commercial mortgage-backed securities— 396,723 — 396,723 
Residential mortgage-backed securities— 638,409 — 638,409 
Corporate debt securities— 516,253 — 516,253 
Foreign government bonds— 185,883 — 185,883 
Asset-backed securities— 46,307 — 46,307 
Collateralized loan obligations (“CLOs”)— 601,239 — 601,239 
Total AFS debt securities
$916,982 $5,383,886 $— $6,300,868 
Investments in tax credit and other investments:
Equity securities$20,204 $4,217 $— $24,421 
Total investments in tax credit and other investments
$20,204 $4,217 $— $24,421 
Derivative assets:
Interest rate contracts$— $415,000 $— $415,000 
Foreign exchange contracts— 34,050 — 34,050 
Equity contracts— — 277 277 
Commodity contracts— 178,075 — 178,075 
Gross derivative assets$— $627,125 $277 $627,402 
Netting adjustments (1)
$— $(365,127)$— $(365,127)
Net derivative assets$— $261,998 $277 $262,275 
Derivative liabilities:
Interest rate contracts$— $462,411 $— $462,411 
Foreign exchange contracts— 32,791 — 32,791 
Credit contracts— 29 — 29 
Commodity contracts— 186,599 — 186,599 
Gross derivative liabilities$— $681,830 $— $681,830 
Netting adjustments (1)
$— $(169,849)$— $(169,849)
Net derivative liabilities$— $511,981 $— $511,981 
Assets and Liabilities Measured at Fair Value on a Recurring Basis
as of December 31, 2022
($ in thousands)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 
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 $— $644,519 
(1)Represents balance sheet netting of derivative assets and liabilities and related cash collateral under master netting agreements or similar agreements. See Note 6 — Derivatives to the Consolidated Financial Statements in this Form 10-Q for additional information.
Reconciliation Of The Beginning And Ending Balances Of Equity Contracts Measured At Fair Value On a Recurring Basis Using Significant Unobservable Inputs (Level 3) The following table provides a reconciliation of the beginning and ending balances of these equity contracts for the three months ended March 31, 2023 and 2022:
Three Months Ended March 31,
($ in thousands)20232022
Equity contracts
Beginning balance$323 $215 
Total (losses) gains included in earnings (1)
(46)3 
Issuances— 91 
Ending balance$277 $309 
(1)Includes unrealized (losses) gains recorded in Lending fees on the Consolidated Statement of Income.
Schedule Of Quantitative Information About Significant Unobservable Inputs Used In The Valuation Of Level 3 Fair Value Measurements
The following table presents quantitative information about the significant unobservable inputs used in the valuation of Level 3 fair value measurements as of March 31, 2023 and December 31, 2022. The significant unobservable inputs presented in the table below are those that the Company considers significant to the fair value of the Level 3 assets. The Company considers unobservable inputs to be significant if, by their exclusion, the fair value of the Level 3 assets would be impacted by a predetermined percentage change.
($ in thousands)Fair Value Measurements (Level 3)Valuation TechniqueUnobservable InputsRange of Inputs
Weighted-Average of Inputs (1)
March 31, 2023
Derivative assets:
Equity contracts$277 
Black-Scholes option pricing model
Equity volatility
43% — 53%
47%
Liquidity discount47%47%
December 31, 2022
Derivative assets:
Equity contracts$323 
Black-Scholes option pricing model
Equity volatility
42% — 60%
54%
Liquidity discount47%47%
(1)Weighted-average of inputs is calculated based on the fair value of equity contracts as of both March 31, 2023 and December 31, 2022.
The following table presents the quantitative information about the significant unobservable inputs used in the valuation of Level 3 fair value measurements that are measured on a nonrecurring basis as of March 31, 2023 and December 31, 2022:
($ in thousands)Fair Value Measurements (Level 3)Valuation TechniquesUnobservable InputsRange of Inputs
Weighted-Average of Inputs (1)
March 31, 2023
Loans held-for-investment$15,235 Fair value of collateralDiscount
15% — 81%
35%
December 31, 2022
Loans held-for-investment$23,322 Discounted cash flowsDiscount
4% — 6%
4%
$17,912 Fair value of collateralDiscount
15% — 75%
37%
$31,380 Fair value of propertySelling cost
8%
8%
(1)Weighted-average of inputs is based on the relative fair value of the respective assets as of March 31, 2023 and December 31, 2022.
Schedule Of Carrying Amounts Of Assets That Were Still Held And Had Fair Value Adjustments Measured On a Nonrecurring Basis
The following tables present the carrying amounts of assets that were still held and had fair value adjustments measured on a nonrecurring basis as of March 31, 2023 and December 31, 2022:
Assets Measured at Fair Value on a Nonrecurring Basis
as of March 31, 2023
($ in thousands)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:
Commercial and industrial (“C&I”)$— $— $15,235 $15,235 
Total commercial— — 15,235 15,235 
Total loans held-for-investment$— $— $15,235 $15,235 
Assets Measured at Fair Value on a Nonrecurring Basis
as of December 31, 2022
($ in thousands)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 $40,011 
Commercial real estate (“CRE”):
CRE— — 31,380 31,380 
Total commercial— — 71,391 71,391 
Consumer:
Residential mortgage:
Home equity lines of credit (“HELOCs”)— — 1,223 1,223 
Total consumer— — 1,223 1,223 
Total loans held-for-investment$— $— $72,614 $72,614 
Schedule Of Increase (Decrease) In Fair Value Of Assets For Which a Fair Value Adjustment Was Recognized, Nonrecurring Basis
The following table presents the increase (decrease) in the fair value of certain assets held at the end of the respective reporting periods, for which a nonrecurring fair value adjustment was recognized for the three months ended March 31, 2023 and 2022:
Three Months Ended March 31,
($ in thousands)20232022
Loans held-for-investment:
Commercial:
C&I$(1,255)$(10,424)
CRE:
CRE— 2,864 
Total commercial(1,255)(7,560)
Consumer:
Residential mortgage:
HELOCs— 3 
Total consumer— 3 
Total loans held-for-investment$(1,255)$(7,557)
Investments in tax credit and other investments$174 $— 
Schedule Of The Carrying And Fair Value Estimates Per The Fair Value Hierarchy Of Financial Instruments Measured On a Nonrecurring Basis
The following tables present the fair value estimates for financial instruments as of March 31, 2023 and December 31, 2022, excluding financial instruments recorded at fair value on a recurring basis as they are included in the tables presented elsewhere in this Note. The carrying amounts in the following tables are recorded on the Consolidated Balance Sheet under the indicated captions, except for accrued interest receivable, restricted equity securities, at cost, and mortgage servicing rights that are included in Other assets, and accrued interest payable which is included in Accrued expenses and other liabilities. These financial assets and liabilities are measured on an amortized cost basis on the Company’s Consolidated Balance Sheet.
March 31, 2023
($ in thousands)Carrying AmountLevel 1Level 2Level 3Estimated Fair Value
Financial assets:
Cash and cash equivalents$5,934,194 $5,934,194 $— $— $5,934,194 
Interest-bearing deposits with banks$10,249 $— $10,249 $— $10,249 
Resale agreements$654,288 $— $568,683 $— $568,683 
HTM debt securities$2,993,421 $481,611 $2,021,063 $— $2,502,674 
Restricted equity securities, at cost$78,872 $— $78,872 $— $78,872 
Loans held-for-sale$6,861 $— $6,861 $— $6,861 
Loans held-for-investment, net$48,298,155 $— $— $47,344,680 $47,344,680 
Mortgage servicing rights$5,879 $— $— $10,648 $10,648 
Accrued interest receivable$279,795 $— $279,795 $— $279,795 
Financial liabilities:
Demand, checking, savings and money market deposits$38,643,576 $— $38,643,576 $— $38,643,576 
Time deposits$16,093,826 $— $16,008,054 $— $16,008,054 
Short-term borrowings$4,500,000 $— $4,500,000 $— $4,500,000 
Long-term debt$148,022 $— $144,059 $— $144,059 
Accrued interest payable$45,339 $— $45,339 $— $45,339 
December 31, 2022
($ in thousands)Carrying AmountLevel 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 $— $37,198 
v3.23.1
Assets Purchased under Resale Agreements and Sold under Repurchase Agreements (Tables)
 3 Months Ended
Mar. 31, 2023
RESALE AND REPURCHASE AGREEMENTS [Abstract]  
Schedule Of Balance Sheet Offsetting For Resale And Repurchase Agreements
The following tables present the resale and repurchase agreements included on the Consolidated Balance Sheet as of March 31, 2023 and December 31, 2022:
($ in thousands)March 31, 2023
Gross
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
AssetsCollateral Received
Resale agreements$654,288 $— $654,288 $(574,103)
(1)
$80,185 
Gross
Amounts
of Recognized
Liabilities		Gross Amounts
Offset on the
Consolidated
Balance Sheet		Net Amounts of
Liabilities Presented
on the Consolidated
Balance Sheet		Gross Amounts Not Offset on the
Consolidated Balance Sheet		Net
Amount
LiabilitiesCollateral Pledged
Repurchase agreements$— $— $— $— $— 
($ in thousands)December 31, 2022
Gross
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
AssetsNet
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)
$— 
(1)Represents the fair value of assets the Company has received under resale agreements, limited for table presentation purposes to the amount of the recognized asset due from each counterparty. The application of collateral cannot reduce the net position below zero. Therefore, excess collateral, if any, is not reflected above.
(2)Represents the fair value of assets the Company has pledged under repurchase agreements, limited for table presentation purposes to the amount of the recognized liability due to each counterparty. The application of collateral cannot reduce the net position below zero. Therefore, excess collateral, if any, is not reflected above.
v3.23.1
Securities (Tables)
 3 Months Ended
Mar. 31, 2023
Investments, Debt and Equity Securities [Abstract]  
Debt Securities
The following tables present the amortized cost, gross unrealized gains and losses and fair value by major categories of AFS and HTM debt securities as of March 31, 2023 and December 31, 2022:
March 31, 2023
($ in thousands)Amortized CostGross Unrealized GainsGross Unrealized LossesFair Value
AFS debt securities:
U.S. Treasury securities$976,615 $37 $(59,670)$916,982 
U.S. government agency and U.S. government-sponsored enterprise debt securities515,639 — (51,779)463,860 
U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities:
Commercial mortgage-backed securities564,145 — (67,030)497,115 
Residential mortgage-backed securities1,997,737 46 (225,701)1,772,082 
Municipal securities305,125 47 (39,157)266,015 
Non-agency mortgage-backed securities:
Commercial mortgage-backed securities441,795 157 (45,229)396,723 
Residential mortgage-backed securities743,977 — (105,568)638,409 
Corporate debt securities663,502 — (147,249)516,253 
Foreign government bonds198,517 195 (12,829)185,883 
Asset-backed securities47,938 — (1,631)46,307 
CLOs617,250 — (16,011)601,239 
Total AFS debt securities7,072,240 482 (771,854)6,300,868 
HTM debt securities:
U.S. Treasury securities525,432 — (43,821)481,611 
U.S. government agency and U.S. government-sponsored enterprise debt securities999,855 — (193,514)806,341 
U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities:
Commercial mortgage-backed securities505,492 — (83,532)421,960 
Residential mortgage-backed securities773,135 — (134,969)638,166 
Municipal securities189,507 — (34,911)154,596 
Total HTM debt securities2,993,421 — (490,747)2,502,674 
Total debt securities$10,065,661 $482 $(1,262,601)$8,803,542 
December 31, 2022
($ in thousands)Amortized CostGross Unrealized GainsGross Unrealized LossesFair 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 securities303,884 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 securities 6,879,225 498 (844,730)6,034,993 
HTM debt securities:
U.S. Treasury securities$524,081 $— $(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)$8,490,164 
Debt Securities
The following tables present the amortized cost, gross unrealized gains and losses and fair value by major categories of AFS and HTM debt securities as of March 31, 2023 and December 31, 2022:
March 31, 2023
($ in thousands)Amortized CostGross Unrealized GainsGross Unrealized LossesFair Value
AFS debt securities:
U.S. Treasury securities$976,615 $37 $(59,670)$916,982 
U.S. government agency and U.S. government-sponsored enterprise debt securities515,639 — (51,779)463,860 
U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities:
Commercial mortgage-backed securities564,145 — (67,030)497,115 
Residential mortgage-backed securities1,997,737 46 (225,701)1,772,082 
Municipal securities305,125 47 (39,157)266,015 
Non-agency mortgage-backed securities:
Commercial mortgage-backed securities441,795 157 (45,229)396,723 
Residential mortgage-backed securities743,977 — (105,568)638,409 
Corporate debt securities663,502 — (147,249)516,253 
Foreign government bonds198,517 195 (12,829)185,883 
Asset-backed securities47,938 — (1,631)46,307 
CLOs617,250 — (16,011)601,239 
Total AFS debt securities7,072,240 482 (771,854)6,300,868 
HTM debt securities:
U.S. Treasury securities525,432 — (43,821)481,611 
U.S. government agency and U.S. government-sponsored enterprise debt securities999,855 — (193,514)806,341 
U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities:
Commercial mortgage-backed securities505,492 — (83,532)421,960 
Residential mortgage-backed securities773,135 — (134,969)638,166 
Municipal securities189,507 — (34,911)154,596 
Total HTM debt securities2,993,421 — (490,747)2,502,674 
Total debt securities$10,065,661 $482 $(1,262,601)$8,803,542 
December 31, 2022
($ in thousands)Amortized CostGross Unrealized GainsGross Unrealized LossesFair 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 securities303,884 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 securities 6,879,225 498 (844,730)6,034,993 
HTM debt securities:
U.S. Treasury securities$524,081 $— $(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)$8,490,164 
Debt Securities, Available-for-Sale, Unrealized Loss Position, Fair Value
The following tables present the fair value and the associated gross unrealized losses of the Company’s AFS debt securities, aggregated by investment category and the length of time that the securities have been in a continuous unrealized loss position as of March 31, 2023 and December 31, 2022.
March 31, 2023
Less Than 12 Months12 Months or MoreTotal
($ in thousands)Fair ValueGross Unrealized LossesFair ValueGross Unrealized LossesFair ValueGross Unrealized Losses
AFS debt securities:
U.S. Treasury securities$201,775 $(52)$616,680 $(59,618)$818,455 $(59,670)
U.S. government agency and U.S. government sponsored enterprise debt securities207,936 (1,021)255,924 (50,758)463,860 (51,779)
U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities:
Commercial mortgage-backed securities37,222 (1,722)459,893 (65,308)497,115 (67,030)
Residential mortgage-backed securities23,200 (721)1,741,855 (224,980)1,765,055 (225,701)
Municipal securities2,053 (24)256,240 (39,133)258,293 (39,157)
Non-agency mortgage-backed securities:
Commercial mortgage-backed securities6,833 (151)380,497 (45,078)387,330 (45,229)
Residential mortgage-backed securities332 (15)638,077 (105,553)638,409 (105,568)
Corporate debt securities48,026 (3,976)468,227 (143,273)516,253 (147,249)
Foreign government bonds71,392 (512)37,683 (12,317)109,075 (12,829)
Asset-backed securities— — 46,307 (1,631)46,307 (1,631)
CLOs— — 601,239 (16,011)601,239 (16,011)
Total AFS debt securities$598,769 $(8,194)$5,502,622 $(763,660)$6,101,391 $(771,854)
December 31, 2022
Less Than 12 Months12 Months or MoreTotal
($ in thousands)Fair ValueGross Unrealized LossesFair ValueGross Unrealized LossesFair ValueGross 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 $(844,730)
Schedule Of The Gross Realized Gains And Tax Expense Related To The Sales And Impairment Write-Off Of AFS Debt Securities
The following table presents the gross realized gains and tax expense related to the sales and impairment write-off of AFS debt securities included in earnings for the three months ended March 31, 2023 and 2022:
Three Months Ended March 31,
($ in thousands)20232022
Gross realized gains from sales$— $1,278 
Impairment write-off (1)
$10,000 $— 
Related tax (benefit) expense $(2,956)$378 
(1)During the first quarter of 2023, the Company fully wrote down a subordinated debt security and recorded the impairment loss as a component of noninterest income in the Company’s Consolidated Statement of Income.
Schedule of Composition of Interest Income on Debt Securities
The following table presents the composition of interest income on debt securities for the three months ended March 31, 2023 and 2022:
Three Months Ended March 31,
($ in thousands)20232022
Taxable interest$61,049 $38,204 
Nontaxable interest4,882 4,463 
Total interest income on debt securities$65,931 $42,667 
Schedule Of Contractual Maturities And Weighted Average Yields Of AFS And HTM Debt Securities
The following tables present the contractual maturities, amortized cost, fair value and weighted average yields of AFS and HTM debt securities as of March 31, 2023. Expected maturities will differ from contractual maturities on certain securities as the issuers and borrowers of the underlying collateral may have the right to call or prepay obligations with or without prepayment penalties.
($ 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$300,316 $676,299 $— $— $976,615 
Fair value300,302 616,680 — — 916,982 
Weighted-average yield (1)
4.57 %1.20 %— %— %2.24 %
U.S. government agency and U.S. government-sponsored enterprise debt securities
Amortized cost100,000 148,135 100,000 167,504 515,639 
Fair value99,798 143,681 83,478 136,903 463,860 
Weighted-average yield (1)
4.97 %3.72 %1.26 %2.10 %2.96 %
U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities
Amortized cost— 31,502 154,131 2,376,249 2,561,882 
Fair value— 30,182 141,815 2,097,200 2,269,197 
Weighted-average yield (1) (2)
— %3.22 %2.67 %3.39 %3.34 %
Municipal securities
Amortized cost2,304 37,282 10,778 254,761 305,125 
Fair value2,287 34,889 9,610 219,229 266,015 
Weighted-average yield (1) (2)
2.21 %2.46 %2.73 %2.24 %2.28 %
Non-agency mortgage-backed securities
Amortized cost71,090 139,963 19,881 954,838 1,185,772 
Fair value70,089 134,268 19,290 811,485 1,035,132 
Weighted-average yield (1)
7.23 %4.42 %0.84 %2.61 %3.07 %
Corporate debt securities
Amortized cost10,000 — 349,502 304,000 663,502 
Fair value9,817 — 294,170 212,266 516,253 
Weighted average yield (1)
3.49 %— %3.48 %1.97 %2.79 %
Foreign government bonds
Amortized cost62,096 36,421 50,000 50,000 198,517 
Fair value62,280 36,390 49,530 37,683 185,883 
Weighted-average yield (1)
3.19 %2.35 %4.94 %1.50 %3.05 %
Asset-backed securities
Amortized cost— — — 47,938 47,938 
Fair value— — — 46,307 46,307 
Weighted-average yield (1)
— %— %— %5.59 %5.59 %
CLOs
Amortized cost— — 319,000 298,250 617,250 
Fair value— — 310,154 291,085 601,239 
Weighted average yield (1)
— %— %5.93 %5.99 %5.96 %
Total AFS debt securities
Amortized cost$545,806 $1,069,602 $1,003,292 $4,453,540 $7,072,240 
Fair value$544,573 $996,090 $908,047 $3,852,158 $6,300,868 
Weighted-average yield (1)
4.80 %2.11 %3.93 %3.19 %3.25 %
($ 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$—$525,432$—$—$525,432
Fair value—481,611——481,611
Weighted-average yield (1)
— %1.05 %— %— %1.05 %
U.S. government agency and U.S. government-sponsored enterprise debt securities
Amortized cost——280,289719,566999,855
Fair value——240,780565,561806,341
Weighted-average yield (1)
— %— %1.92 %1.89 %1.90 %
U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities
Amortized cost——95,6931,182,9341,278,627
Fair value——81,608978,5181,060,126
Weighted-average yield (1) (2)
— %— %1.56 %1.67 %1.66 %
Municipal securities
Amortized cost———189,507189,507
Fair value———154,596154,596
Weighted-average yield (1) (2)
— %— %— %1.98 %1.98 %
Total HTM debt securities
Amortized cost$—$525,432$375,982$2,092,007$2,993,421
Fair value$—$481,611$322,388$1,698,675$2,502,674
Weighted-average yield (1)
— %1.05 %1.83 %1.77 %1.65 %
(1)Weighted-average yields are computed based on amortized cost balances.
(2)Yields on tax-exempt securities are not presented on a tax-equivalent basis.
Schedule Of Restricted Equity Securities
The following table presents the restricted equity securities included in Other assets on the Consolidated Balance Sheet as of March 31, 2023 and December 31, 2022:
($ in thousands)March 31, 2023December 31, 2022
Federal Reserve Bank of San Francisco (“FRBSF”) stock$61,622 $61,374 
FHLB stock17,250 17,250 
Total restricted equity securities$78,872 $78,624 
v3.23.1
Derivatives (Tables)
 3 Months Ended
Mar. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule Of Notional And Gross Fair Values Of Derivatives
The following table presents the notional amounts and fair values of the Company’s derivatives as of March 31, 2023 and December 31, 2022. The fair values are presented on a gross basis prior to the application of bilateral collateral and master netting agreements, but after the application of variation margin payments as settlement to fair values of contracts cleared through central clearing organizations. Total derivative asset and liability fair values are adjusted to reflect the effects of legally enforceable master netting agreements and cash collateral received or paid. The resulting net derivative asset and liability fair values are included in Other assets and Accrued expenses and other liabilities, respectively, on the Consolidated Balance Sheet.
March 31, 2023December 31, 2022
Fair ValueFair Value
($ in thousands)Notional AmountDerivative Assets Derivative Liabilities Notional AmountDerivative Assets Derivative Liabilities 
Derivatives designated as hedging instruments:
Cash flow hedges:
Interest rate contracts
$3,250,000 $27,535 $3,861 $3,450,000 $13,455 $19,687 
Net investment hedges:
Foreign exchange contracts
81,480 — 253 84,832 5,590 — 
Total derivatives designated as hedging instruments
$3,331,480 $27,535 $4,114 $3,534,832 $19,045 $19,687 
Derivatives not designated as hedging instruments:
Interest rate contracts
$17,568,116 $387,465 $458,550 $16,932,414 $426,828 $564,829 
Commodity contracts— (1)178,075 186,599 — (1)261,613 258,608 
Foreign exchange contracts3,887,403 34,050 32,538 2,982,891 47,519 44,117 
Credit contracts109,566 (2)— 29 140,950 (2)— 23 
Equity contracts
— (3)277 — — (3)323 — 
Total derivatives not designated as hedging instruments$21,565,085 $599,867 $677,716 $20,056,255 $736,283 $867,577 
Gross derivative assets/liabilities$627,402 $681,830 $755,328 $887,264 
Less: Master netting agreements(169,849)(169,849)(242,745)(242,745)
Less: Cash collateral received(195,278)— (372,038)— 
Net derivative assets/liabilities$262,275 $511,981 $140,545 $644,519 
(1)The notional amount of the Company’s commodity contracts totaled 24,954 thousand barrels of crude oil and 266,047 thousand units of natural gas, measured in million British thermal units (“MMBTUs”) as of March 31, 2023. In comparison, the notional amount of the Company’s commodity contracts totaled 12,005 thousand barrels of crude oil and 247,704 thousand MMBTUs of natural gas as of December 31, 2022.
(2)Notional amount for credit contracts reflects the Company’s pro-rata share of the derivative instruments in RPAs.
(3)The Company held equity contracts in one public company and 11 private companies as of March 31, 2023. In comparison, the Company held equity contracts in one public company and 13 private companies as of December 31, 2022.
The following table presents the notional amounts and the gross fair values of the interest rate and foreign exchange derivatives issued for customer-related positions and other economic hedges as of March 31, 2023 and December 31, 2022:
March 31, 2023December 31, 2022
Fair ValueFair Value
($ in thousands)Notional AmountAssetsLiabilitiesNotional AmountAssetsLiabilities
Customer-related positions:
Interest rate contracts:
Swaps$6,776,171 $8,537 $416,483 $6,656,491 $1,438 $521,719 
Written options1,693,002 — 24,329 1,548,158 — 30,904 
Collars and corridors269,340 252 7,341 215,773 — 8,924 
Subtotal8,738,513 8,789 448,153 8,420,422 1,438 561,547 
Foreign exchange contracts:
Forwards and spot1,439,521 9,866 18,300 993,588 17,009 18,090 
Swaps514,659 5,808 2,683 623,143 6,629 12,178 
Other127,000 1,876 — 121,631 2,070 245 
Subtotal2,081,180 17,550 20,983 1,738,362 25,708 30,513 
Total$10,819,693 $26,339 $469,136 $10,158,784 $27,146 $592,060 
Other economic hedges:
Interest rate contracts:
Swaps$6,803,027 $345,976 $9,209 $6,683,828 $384,201 $2,047 
Purchased options1,725,119 25,321 — 1,580,275 32,233 — 
Written options32,117 — 925 32,117 — 1,235 
Collars and corridors269,340 7,379 263 215,772 8,956 — 
Subtotal8,829,603 378,676 10,397 8,511,992 425,390 3,282 
Foreign exchange contracts:
Forwards and spot67,680 72 120 77,998 3,050 87 
Swaps1,611,543 16,428 9,559 1,044,900 18,516 11,447 
Other127,000 — 1,876 121,631 245 2,070 
Subtotal1,806,223 16,500 11,555 1,244,529 21,811 13,604 
Total$10,635,826 $395,176 $21,952 $9,756,521 $447,201 $16,886 
The following table presents the notional amounts in units and the gross fair values of the commodity derivatives issued for customer-related positions and other economic hedges as of March 31, 2023 and December 31, 2022:
March 31, 2023December 31, 2022
Fair ValueFair Value
($ and unit in thousands)Notional UnitsAssetsLiabilitiesNotional UnitsAssetsLiabilities
Customer-related positions:
Commodity contracts:
Crude oil:
Swaps7,443 Barrels$18,072 $8,088 2,465 Barrels$39,955 $6,178 
Collars4,597 Barrels6,337 4,528 3,011 Barrels16,038 2,630 
Written options— Barrels— — — Barrels558 — 
Subtotal12,040 Barrels24,409 12,616 5,476 Barrels56,551 8,808 
Natural gas:
Swaps99,111 MMBTUs50,825 71,736 92,590 MMBTUs112,314 73,208 
Collars34,015 MMBTUs1,003 29,501 32,072 MMBTUs2,217 18,317 
Written options367 MMBTUs— 49 — MMBTUs— — 
Subtotal133,493 MMBTUs51,828 101,286 124,662 MMBTUs114,531 91,525 
Total$76,237 $113,902 $171,082 $100,333 
Other economic hedges:
Commodity contracts:
Crude oil:
Swaps7,539 Barrels$8,900 $16,016 2,587 Barrels$6,935 $36,060 
Collars5,375 Barrels2,900 5,531 3,942 Barrels1,378 12,856 
Purchased options— Barrels— — — Barrels— 516 
Subtotal12,914 Barrels11,800 21,547 6,529 Barrels8,313 49,432 
Natural gas:
Swaps98,891 MMBTUs66,395 50,147 91,900 MMBTUs69,767 106,883 
Collars33,296 MMBTUs23,594 1,003 31,142 MMBTUs12,451 1,960 
Purchased options367 MMBTUs49 — — MMBTUs— — 
Subtotal132,554 MMBTUs90,038 51,150 123,042 MMBTUs82,218 108,843 
Total$101,838 $72,697 $90,531 $158,275 
Schedule Of Pre-Tax Changes In AOCI From Cash Flows Hedges
The following table presents the pre-tax changes in AOCI from cash flow hedges for the three months ended March 31, 2023 and 2022. The after-tax impact of cash flow hedges on AOCI is shown in Note 14 — Accumulated Other Comprehensive Income (Loss) to the Consolidated Financial Statements in this Form-10-Q.
Three Months Ended March 31,
($ in thousands)20232022
 Gains (losses) recognized in AOCI:
Interest rate contracts$29,843 $(32,609)
 Gains (losses) reclassified from AOCI into earnings:
Interest expense (for cash flow hedges on borrowings)696 (173)
Interest and dividend income (for cash flow hedges on loans)(12,954)2,273 
Noninterest income1,614 (1)— 
Total$(10,644)$2,100 
(1)Represents the reclassification of the remaining AOCI into earnings for the terminated cash flow hedge where the forecasted cash flows were no longer probable of occurring.
Tabular Disclosure Of Gains and Losses On Derivative Instruments Qualified And Designated In Net Investment Hedges The following table presents the pre-tax losses recognized in AOCI on net investment hedges for the three months ended March 31, 2023 and 2022:
Three Months Ended March 31,
($ in thousands)20232022
Losses recognized in AOCI$(1,076)$(1,571)
Schedule Of The Net (Losses) Gains Recognized On The Company’s Consolidated Statement 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 three months ended March 31, 2023 and 2022:
Classification on
Consolidated
Statement of Income		Three Months Ended March 31,
($ in thousands)20232022
Derivatives not designated as hedging instruments:
Interest rate contractsInterest rate contracts and other derivative income$(2,484)$7,585 
Foreign exchange contractsForeign exchange income10,442 7,322 
Credit contractsInterest rate contracts and other derivative income(5)74 
Equity contractsLending fees(45)94 
Commodity contractsInterest rate contracts and other derivative income6 (49)
Net gains$7,914 $15,026 
Schedule Of Gross Derivative Fair Values, The Balance Sheet Netting Adjustments And The Resulting Net Fair Values Recorded On The Consolidated Balance Sheet, As Well As The Cash and Non-Cash Collateral Associated With Master Netting Arrangements
The following tables present the gross derivative fair values, the balance sheet netting adjustments and the resulting net fair values recorded on the Consolidated Balance Sheet, as well as the cash and noncash collateral associated with master netting arrangements. The gross amounts of derivative assets and liabilities are presented after the application of variation margin payments as settlements to the fair values of contracts cleared through central clearing organizations, where applicable. The collateral amounts in the following tables are limited to the outstanding balances of the related asset or liability. Therefore, instances of overcollateralization are not shown:
($ in thousands)As of March 31, 2023
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$627,402 $(169,849)$(195,278)$262,275 $(233,746)$28,529 
 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$681,830 $(169,849)$— $511,981 $— $511,981 
($ 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 SheetNet 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 
(1)Includes $287 thousand and $2.1 million of gross fair value assets with counterparties that were not subject to enforceable master netting arrangements or similar agreements as of March 31, 2023 and December 31, 2022, respectively.
(2)Includes $15 thousand and $566 thousand of gross fair value liabilities with counterparties that were not subject to enforceable master netting arrangements or similar agreements as of March 31, 2023 and December 31, 2022, respectively.
(3)Gross cash collateral received under master netting arrangements or similar agreements was $205.7 million and $384.9 million as of March 31, 2023 and December 31, 2022, respectively. Of the gross cash collateral received, $195.3 million and $372.0 million were used to offset against derivative assets as of March 31, 2023 and December 31, 2022, respectively.
(4)Gross cash collateral pledged under master netting arrangements or similar agreements was $200 thousand and $490 thousand as of March 31, 2023 and December 31, 2022, respectively. None of the collateral was used to offset against derivative liabilities as of both March 31, 2023 and December 31, 2022.
(5)Represents the fair value of security collateral received or pledged limited to derivative assets or liabilities that are subject to enforceable master netting arrangements or similar agreements. U.S. GAAP does not permit the netting of noncash collateral on the Consolidated Balance Sheet but requires the disclosure of such amounts.
v3.23.1
Loans Receivable and Allowance for Credit Losses (Tables)
 3 Months Ended
Mar. 31, 2023
Loans and Leases Receivable Disclosure [Abstract]  
Schedule Of Composition Of Loans Held-For-Investment
The following table presents the composition of the Company’s loans held-for-investment outstanding as of March 31, 2023 and December 31, 2022:
($ in thousands)March 31, 2023December 31, 2022
Commercial:
C&I$15,641,840 $15,711,095 
CRE:
CRE14,019,136 13,857,870 
Multifamily residential4,682,280 4,573,068 
Construction and land731,394 638,420 
Total CRE19,432,810 19,069,358 
Total commercial35,074,650 34,780,453 
Consumer:
Residential mortgage:
Single-family residential11,786,998 11,223,027 
HELOCs1,988,881 2,122,655 
Total residential mortgage13,775,879 13,345,682 
Other consumer67,519 76,295 
Total consumer13,843,398 13,421,977 
Total loans held-for-investment (1)
$48,918,048 $48,202,430 
Allowance for loan losses(619,893)(595,645)
Loans held-for-investment, net (1)
$48,298,155 $47,606,785 
(1)Includes $(75.4) million and $(70.4) million of net deferred loan fees and net unamortized premiums as of March 31, 2023 and December 31, 2022, respectively.
Schedule Of Loans Held-For-Investment By Loan Portfolio Segments, Internal Risk Ratings, Gross Write-Offs And Vintage Year
The following tables summarize the Company’s loans held-for-investment and current-period gross write-offs by loan portfolio segments, internal risk ratings and vintage year as of the periods presented. The vintage year is the year of loan origination, renewal or major modification. Revolving loans that are converted to term loans presented in the tables below are excluded from term loans by vintage year columns.
March 31, 2023
Term Loans by Origination Year
($ in thousands)20232022202120202019PriorRevolving Loans
Revolving Loans Converted to Term Loans (1)
Total
Commercial:
C&I:
Pass$674,825 $2,578,285 $1,783,684 $521,410 $333,681 $253,687 $9,060,947 $20,446 $15,226,965 
Criticized (accrual)2 76,947 90,595 30,558 33,825 9,511 129,690 — 371,128 
Criticized (nonaccrual)300 18,197 1,773 10,335 — 13,142 — — 43,747 
Total C&I675,127 2,673,429 1,876,052 562,303 367,506 276,340 9,190,637 20,446 15,641,840 
YTD gross write-offs (3)
185 68 72 — — 1,553 — — 1,878 
CRE:
Pass468,751 4,143,097 2,386,362 1,470,520 1,724,371 3,216,726 163,308 54,385 13,627,520 
Criticized (accrual)— — 53,948 155,649 55,225 106,071 1,455 — 372,348 
Criticized (nonaccrual)— 171 18,692 — — 405 — — 19,268 
Subtotal CRE468,751 4,143,268 2,459,002 1,626,169 1,779,596 3,323,202 164,763 54,385 14,019,136 
YTD gross write-offs— — — — — 6 — — 6 
Multifamily residential:
Pass159,286 1,498,094 882,113 633,118 515,423 951,669 9,253 1,301 4,650,257 
Criticized (accrual)— — — — 704 31,160 — — 31,864 
Criticized (nonaccrual)— — — — — 159 — — 159 
Subtotal multifamily residential159,286 1,498,094 882,113 633,118 516,127 982,988 9,253 1,301 4,682,280 
Construction and land:
Pass47,883 329,458 268,980 34,007 1,245 3,011 12,087 — 696,671 
Criticized (accrual)— 13,151 — — — 21,572 — — 34,723 
Criticized (nonaccrual)— — — — — — — — — 
Subtotal construction and land47,883 342,609 268,980 34,007 1,245 24,583 12,087 — 731,394 
Total CRE675,920 5,983,971 3,610,095 2,293,294 2,296,968 4,330,773 186,103 55,686 19,432,810 
YTD gross write-offs
— — — — — 6 — — 6 
Total commercial$1,351,047 $8,657,400 $5,486,147 $2,855,597 $2,664,474 $4,607,113 $9,376,740 $76,132 $35,074,650 
YTD total commercial gross write-offs (3)
$185 $68 $72 $— $— $1,559 $— $— $1,884 
March 31, 2023
Term Loans by Origination Year
($ in thousands)20232022202120202019PriorRevolving Loans
Revolving Loans Converted to Term Loans (1)
Total
Consumer:
Residential mortgage:
Single-family residential:
Pass (2)
$789,902 $3,504,956 $2,414,724 $1,728,663 $1,075,516 $2,246,626 $— $— $11,760,387 
Criticized (accrual)— — 629 733 2,436 3,100 — — 6,898 
Criticized (nonaccrual) (2)
— 142 676 1,006 3,240 14,649 — — 19,713 
Subtotal single-family residential mortgage789,902 3,505,098 2,416,029 1,730,402 1,081,192 2,264,375 — — 11,786,998 
HELOCs:
Pass— 1,683 1,183 4,240 2,351 10,592 1,835,459 119,520 1,975,028 
Criticized (accrual)— — 223 655 — 2,905 488 537 4,808 
Criticized (nonaccrual)— — 6 183 69 4,965 191 3,631 9,045 
Subtotal HELOCs— 1,683 1,412 5,078 2,420 18,462 1,836,138 123,688 1,988,881 
Total residential mortgage789,902 3,506,781 2,417,441 1,735,480 1,083,612 2,282,837 1,836,138 123,688 13,775,879 
Other consumer:
Pass889 16,824 137 5,356 — 7,229 36,715 — 67,150 
Criticized (accrual)3 — — — — — — — 3 
Criticized (nonaccrual)— — — — — — 366 — 366 
Total other consumer892 16,824 137 5,356 — 7,229 37,081 — 67,519 
YTD gross write-offs— — — — — — 40 — 40 
Total consumer$790,794 $3,523,605 $2,417,578 $1,740,836 $1,083,612 $2,290,066 $1,873,219 $123,688 $13,843,398 
YTD total consumer gross write-offs (3)
$— $— $— $— $— $— $40 $— $40 
Total loans held-for-investment:
Pass$2,141,536 $12,072,397 $7,737,183 $4,397,314 $3,652,587 $6,689,540 $11,117,769 $195,652 $48,003,978 
Criticized (accrual)5 90,098 145,395 187,595 92,190 174,319 131,633 537 821,772 
Criticized (nonaccrual)300 18,510 21,147 11,524 3,309 33,320 557 3,631 92,298 
Total$2,141,841 $12,181,005 $7,903,725 $4,596,433 $3,748,086 $6,897,179 $11,249,959 $199,820 $48,918,048 
YTD total loans held-for-investment gross write-offs (3)
$185 $68 $72 $— $— $1,559 $40 $— $1,924 
December 31, 2022
Term Loans by Origination Year
($ in thousands)20222021202020192018PriorRevolving Loans
Revolving Loans Converted to Term Loans (1)
Total
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 commercial
$8,898,251 $5,745,996 $3,020,575 $2,761,676 $2,111,867 $2,719,920 $9,462,895 $59,273 $34,780,453 
Consumer:
Residential mortgage:
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 
Subtotal 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 consumer
17,091 137 5,356 — — 15,808 37,903 — 76,295 
Total consumer$3,566,646 $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:
Pass$12,365,799 $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 
(1)$12.2 million of total commercial loans, primarily comprised of CRE revolving loans and $5.1 million of total consumer loans, comprised of HELOC revolving loans converted to term loans during the three months ended March 31, 2023. In comparison, no commercial or consumer loans were converted to term loans during the three months ended March 31, 2022.
(2)As of March 31, 2023 and December 31, 2022, $827 thousand and $818 thousand, respectively, of nonaccrual loans whose payments are guaranteed by the Federal Housing Administration were classified with a “Pass” rating.
(3)Excludes current-period gross write-offs associated with loans the Company sold or settled.
Schedule Of Aging Analysis Of Loans The following tables present the aging analysis of loans held-for-investment as of March 31, 2023 and December 31, 2022:
March 31, 2023
($ in thousands)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$15,589,505 $4,758 $3,830 $8,588 $43,747 $15,641,840 
CRE:
CRE13,998,080 1,304 484 1,788 19,268 14,019,136 
Multifamily residential4,681,411 391 319 710 159 4,682,280 
Construction and land723,240 — 8,154 8,154 — 731,394 
Total CRE19,402,731 1,695 8,957 10,652 19,427 19,432,810 
Total commercial34,992,236 6,453 12,787 19,240 63,174 35,074,650 
Consumer:
Residential mortgage:
Single-family residential11,740,953 17,964 7,541 25,505 20,540 11,786,998 
HELOCs1,969,546 5,485 4,805 10,290 9,045 1,988,881 
Total residential mortgage13,710,499 23,449 12,346 35,795 29,585 13,775,879 
Other consumer67,008 89 56 145 366 67,519 
Total consumer13,777,507 23,538 12,402 35,940 29,951 13,843,398 
Total$48,769,743 $29,991 $25,189 $55,180 $93,125 $48,918,048 
December 31, 2022
($ in thousands)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 mortgage
13,285,657 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 $48,202,430 
Schedule Of Amortized Cost Of Loans On Nonaccrual Status With No Related Allowance For Loan Losses
The following table presents the amortized cost of loans on nonaccrual status for which there was no related allowance for loan losses as of both March 31, 2023 and December 31, 2022. Nonaccrual loans may not have an allowance for credit losses if the loan balances are well-secured by the collateral value and there is no loss expectation.
($ in thousands)March 31, 2023December 31, 2022
Commercial:
C&I$16,227 $11,398 
CRE18,693 22,944 
Total commercial34,920 34,342 
Consumer:
Single-family residential7,206 2,998 
HELOCs5,050 7,245 
Total consumer12,256 10,243 
Total nonaccrual loans with no related allowance for loan losses$47,176 $44,585 
Summary Of Modified Loans/TDRs
The following table presents the amortized cost of modified loans and the financial effects of the modifications for the three months ended March 31, 2023 by loan class and modification type:
For the Three Months Ended March 31, 2023
Modification TypeFinancial Effects of
Loan Modifications
($ in thousands)Term ExtensionPayment DelayTotalModification as a % of Loan ClassWeighted-Average Term Extension
(in years)		Weighted-Average Payment Delay
(in years)
Commercial:
C&I$19,974 $14,364 $34,338 0.22 %0.9 years1.0 year
CRE:
CRE543 — 543 0.00 %2.0 years
Total commercial20,517 14,364 34,881 
Consumer:
Residential mortgage:
HELOCs738 — 738 0.04 %14.8 years
Total consumer738 — 738 
Total$21,255 $14,364 $35,619 
The following table presents the additions to TDRs for the three months ended March 31, 2022:
Loans Modified as TDRs During the three months ended March 31, 2022
($ in thousands)Number of LoansPre-Modification Outstanding Recorded Investment
Post-Modification Outstanding Recorded Investment (1)
Financial Impact (2)
Commercial:
C&I1 $17,179 $9,224 $7,545 
Total1 $17,179 $9,224 $7,545 
(1)Includes subsequent payments after modification and reflects the balance as of March 31, 2022.
(2)Includes charge-offs since the modification date.

The following table presents the TDR post-modification outstanding balances by the primary modification type for the three months ended March 31, 2022:
Modification Type
During the Three Months Ended March 31, 2022
($ in thousands)
Principal (1)
Total
Commercial:
C&I$9,224 $9,224 
Total$9,224 $9,224 
(1)Includes principal deferments that modify the terms of the loan from principal and interest payments to interest payments only.
Financing Receivable, Modified, Subsequent Default The following table presents information on loans that entered into default during the three months ended March 31, 2022 that were modified as TDRs during the 12 months preceding payment default:
Loans Modified as TDRs that Subsequently Defaulted During the Three Months Ended March 31, 2022
($ in thousands)Number of LoansRecorded Investment
Commercial:
C&I1 $3,250 
Total1 $3,250 
Financing Receivable Credit Quality Indicators, Key Credit Risk Characteristics and Macroeconomic Variables
The following table provides key credit risk characteristics and macroeconomic variables that the Company uses to estimate the expected credit losses by portfolio segment:
Portfolio SegmentRisk CharacteristicsMacroeconomic Variables
C&IAge, size and spread at origination, and risk rating
Volatility Index and BBB yield to 10-year U.S. Treasury spread
CRE, Multifamily residential, and Construction and landDelinquency status, maturity date, collateral value, property type, and geographic locationUnemployment rate, Gross Domestic Product (“GDP”), and U.S. Treasury rates
Single-family residential and HELOCsFICO score, delinquency status, maturity date, collateral value, and geographic locationUnemployment rate, GDP, and home price index
Other consumerLoss rate approach
Immaterial (1)
(1)Macroeconomic variables are included in the qualitative estimate.
Summary Of Activity In The Allowance For Credit Losses
The following tables summarize the activity in the allowance for loan losses by portfolio segments for the three months ended March 31, 2023 and 2022:
Three Months Ended March 31, 2023
CommercialConsumer
CREResidential Mortgage
($ in thousands)C&ICREMultifamily ResidentialConstruction and LandSingle-Family ResidentialHELOCsOther ConsumerTotal
Allowance for loan losses, December 31, 2022$371,700 $149,864 $23,373 $9,109 $35,564 $4,475 $1,560 $595,645 
Impact of ASU 2022-02 adoption5,683 337 6 — 1 1 — 6,028 
Allowance for loan losses, January 1, 2023377,383 150,201 23,379 9,109 35,565 4,476 1,560 601,673 
(Reversal of) provision for credit losses on loans(a)(678)4,676 1,135 210 12,442 580 155 18,520 
Gross charge-offs(1,900)(6)— — — (91)(40)(2,037)
Gross recoveries1,211 196 12 3 — 6 — 1,428 
Total net (charge-offs) recoveries(689)190 12 3 — (85)(40)(609)
Foreign currency translation adjustment309 — — — — — — 309 
Allowance for loan losses, end of period$376,325 $155,067 $24,526 $9,322 $48,007 $4,971 $1,675 $619,893 
Three Months Ended March 31, 2022
CommercialConsumer
CREResidential Mortgage
($ in thousands)C&ICREMultifamily ResidentialConstruction and LandSingle-Family ResidentialHELOCsOther ConsumerTotal
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)9,262 (3,493)9,657 (4,506)926 299 107 12,252 
Gross charge-offs(11,188)(398)(1)— — — (46)(11,633)
Gross recoveries3,002 55 120 54 124 14 — 3,369 
Total net (charge-offs) recoveries(8,186)(343)119 54 124 14 (46)(8,264)
Foreign currency translation adjustment118 — — — — — — 118 
Allowance for loan losses, end of period$339,446 $147,104 $24,176 $11,016 $18,210 $3,748 $1,985 $545,685 
The following table summarizes the activities in the allowance for unfunded credit commitments for the three months ended March 31, 2023 and 2022:
Three Months Ended March 31,
($ in thousands)20232022
Unfunded credit facilities
Allowance for unfunded credit commitments, beginning of period$26,264 $27,514 
Provision for (reversal of) credit losses on unfunded credit commitments(b)1,480 (4,252)
Foreign currency translation adjustment(3)— 
Allowance for unfunded credit commitments, end of period$27,741 $23,262 
Provision for credit losses(a) + (b)$20,000 $8,000 
Schedule Of Carrying Value Of Loans Transferred, Loans Sold and Purchased For the Held-For-Investment Portfolio The following tables provide information on the carrying value of loans transferred, sold and purchased for the held-for-investment portfolio, during the three months ended March 31, 2023 and 2022:
Three Months Ended March 31, 2023
CommercialConsumer
Residential Mortgage
($ in thousands)C&ICRESingle-Family ResidentialTotal
Loans transferred from held-for-investment to held-for-sale (1)
$156,876 $3,600 $— $160,476 
Sales (2)(3)(4)
$175,932 $3,600 $— $179,532 
Purchases (5)
$22,683 $— $131,999 $154,682 
Three Months Ended March 31, 2022
CommercialConsumer
Residential Mortgage
($ in thousands)C&ICRESingle-Family ResidentialTotal
Loans transferred from held-for-investment to held-for-sale (1)
$111,437 $21,780 $— $133,217 
Sales (2)(3)(4)
$107,474 $21,780 $451 $129,705 
Purchases (5)
$110,596 $— $114,375 $224,971 
(1)Includes write-downs of $273 thousand and $59 thousand to the allowance for loan losses related to loans transferred from held-for-investment to held-for-sale for the three months ended March 31, 2023 and 2022, respectively.
(2)Includes originated loans sold of $111.0 million and $112.3 million for the three months ended March 31, 2023 and 2022, respectively. Originated loans sold consisted primarily of C&I loans for both periods.
(3)Includes $68.5 million and $17.4 million of purchased loans sold in the secondary market for the three months ended March 31, 2023 and 2022, respectively.
(4)Net (losses) gains on sales of loans were $(22) thousand and $2.9 million for the three months ended March 31, 2023 and 2022, respectively.
(5)C&I loan purchases were comprised primarily of syndicated C&I term loans.
Financing Receivable, Modified, Payment Performance
The following table presents the performance of loans that were modified during the three months ended March 31, 2023.
Payment Performance as of March 31, 2023
($ in thousands)Current30 - 89 Days
Past Due		90+ Days
Past Due		Total
Commercial:
C&I$27,393 $6,945 $— $34,338 
CRE:
CRE543 — — 543 
Total commercial27,936 6,945 — 34,881 
Consumer:
Residential mortgage:
HELOCs738 — — 738 
Total consumer738 — — 738 
Total$28,674 $6,945 $— $35,619 
v3.23.1
Investments in Qualified Affordable Housing Partnerships, Tax Credit and Other Investments, Net and Variable Interest Entities (Tables)
 3 Months Ended
Mar. 31, 2023
Investments in Qualified Affordable Housing Partnerships, Tax Credit and Other Investments, Net and Variable Interest Entities [Abstract]  
Schedule of Investment in Affordable Housing and Tax Credit and Other Investments, Net and Related Unfunded Commitments
The following table presents investments and unfunded commitments of the Company’s qualified affordable housing partnerships, tax credit, and other investments as of March 31, 2023 and December 31, 2022:
March 31, 2023December 31, 2022
($ in thousands)Assets
Liabilities - Unfunded Commitments (1)
Assets
Liabilities - Unfunded Commitments (1)
Investments in qualified affordable housing partnerships, net$388,926 $241,371 $413,253 $266,654 
Investments in tax credit and other investments, net352,428 190,010 350,003 185,797 
Total$741,354 $431,381 $763,256 $452,451 
(1)Included in Accrued expenses and other liabilities on the Consolidated Balance Sheet.
Schedule of Amortization of Affordable Housing and Tax Credit and Other Investments
The following table presents additional information related to the investments in qualified affordable housing partnerships, tax credit and other investments for the three months ended March 31, 2023 and 2022:
Three Months Ended March 31,
($ in thousands)20232022
Investments in qualified housing partnerships, net
Tax credits and other tax benefits recognized$16,094 $12,830 
Amortization expense included in income tax expense$12,666 $10,025 
Investments in tax credit and other investments, net
Amortization of tax credit and other investments (1)
$10,110 $13,900 
Unrealized gains (losses) on equity securities with readily determinable values$361 $(1,161)
(1)Includes $174 thousand in impairment recovery related to the $3.7 million cash settlement received from the Company’s investment in DC Solar that was previously written off.
v3.23.1
Short-Term Borrowings and Long-Term Debt (Tables)
 3 Months Ended
Mar. 31, 2023
Debt Disclosure [Abstract]  
Schedule of Short-Term Borrowings
The following table presents details of the Company’s short-term borrowings as of March 31, 2023. The Company pledged eligible U.S. government agency and U.S. government-sponsored enterprise debt and mortgage-backed securities, and U.S. Treasury securities as collateral for the borrowings under the BTFP. As of March 31, 2023, the face amount of the Company’s pledged securities to the BTFP totaled $4.84 billion with a remaining borrowing capacity of $339.0 million. There were no short-term borrowings as of December 31, 2022.
March 31, 2023
($ in thousands)Interest RateMaturity DateAmount
Short-term borrowings4.37%3/19/2024$4,500,000 
v3.23.1
Commitments and Contingencies (Tables)
 3 Months Ended
Mar. 31, 2023
Commitments and Contingencies Disclosure [Abstract]  
Schedule of Credit-Related Commitments
The following table presents the Company’s credit-related commitments as of March 31, 2023 and December 31, 2022:
March 31, 2023December 31, 2022
($ in thousands)Expire in One Year or LessExpire After One Year
Through Three Years		Expire After Three Year
Through Five Years		Expire After Five YearsTotalTotal
Loan commitments$2,984,815 $2,391,830 $1,091,375 $2,076,229 $8,544,249 $8,211,571 
Commercial letters of credit and SBLCs703,038 567,135 84,709 1,075,196 2,430,078 2,291,966 
Total$3,687,853 $2,958,965 $1,176,084 $3,151,425 $10,974,327 $10,503,537 
Schedule of Guarantees Outstanding The following table presents the carrying amounts of loans sold or securitized with recourse and the maximum potential future payments as of March 31, 2023 and December 31, 2022:
Maximum Potential Future PaymentsCarrying Value
March 31,
2023		December 31,
2022		March 31,
2023		December 31,
2022
($ in thousands)Expire in One Year or LessExpire After One Year
Through Three Years		Expire After Three Years
Through Five Years		Expire After Five YearsTotalTotalTotalTotal
Single-family residential loans sold or securitized with recourse$37 $67 $— $6,404 $6,508 $6,781 $6,508 $6,781 
Multifamily residential loans sold or securitized with recourse— — — 14,996 14,996 14,996 21,016 21,320 
Total $37 $67 $— $21,400 $21,504 $21,777 $27,524 $28,101 
v3.23.1
Stock Compensation Plans (Tables)
 3 Months Ended
Mar. 31, 2023
Share-Based Payment Arrangement [Abstract]  
Summary of Stock Compensation Expense and Related Net Tax Benefit
The following table presents a summary of the total share-based compensation expense and the related net tax benefits associated with the Company’s various employee share-based compensation plans for the three months ended March 31, 2023 and 2022:
Three Months Ended March 31,
($ in thousands)20232022
Stock compensation costs$11,075 $8,433 
Related net tax benefits for stock compensation plans$8,290 $5,159 
Summary of Activity 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 three months ended March 31, 2023. The number of 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 ValueSharesWeighted-Average Grant Date Fair Value
Outstanding, January 1, 2023
1,296,866 $60.77 332,510 $60.40 
Granted479,758 74.53 96,271 57.50 
Vested(462,248)42.35 (152,558)39.39 
Forfeited(9,280)70.26 — — 
Outstanding, March 31, 2023
1,305,096 $72.28 276,223 $70.99 
v3.23.1
Stockholders' Equity and Earnings Per Share (Tables)
 3 Months Ended
Mar. 31, 2023
Stockholders' Equity and Earnings Per Share [Abstract]  
Schedule of Earnings Per Share Calculations
The following table presents the basic and diluted EPS calculations for the three months ended March 31, 2023 and 2022. For more information on the calculation of EPS, see Note 1 — Summary of Significant Accounting Policies — Significant Accounting Policies — Earnings Per Share to the Consolidated Financial Statements of the Company’s 2022 Form 10-K.
Three Months Ended March 31,
($ and shares in thousands, except per share data)20232022
Basic:
Net income$322,439 $237,652 
Weighted-average number of shares outstanding141,112 142,025 
Basic EPS$2.28 $1.67 
Diluted:
Net income$322,439 $237,652 
Weighted-average number of shares outstanding 141,112 142,025 
Add: Dilutive impact of unvested RSUs801 1,198 
Diluted weighted-average number of shares outstanding141,913 143,223 
Diluted EPS$2.27 $1.66 
v3.23.1
Accumulated Other Comprehensive Income (Loss) (Tables)
 3 Months Ended
Mar. 31, 2023
Equity [Abstract]  
Schedule Of The Changes In Components Of Accumulated Other Comprehensive Income (Loss) Balances
The following table presents the changes in the components of AOCI balances for the three months ended March 31, 2023 and 2022:
($ in thousands)
Debt Securities (1)
Cash Flow Hedges
Foreign Currency Translation Adjustments (2)
Total
Balance, January 1, 2022$(85,703)$257 $(4,935)$(90,381)
Net unrealized (losses) gains arising during the period(281,361)(23,227)129 (304,459)
Amounts reclassified from AOCI1,411 (1,496)— (85)
Changes, net of tax(279,950)(24,723)129 (304,544)
Balance, March 31, 2022
$(365,653)$(24,466)$(4,806)$(394,925)
Balance, January 1, 2023$(694,815)$(49,531)$(21,283)$(765,629)
Net unrealized gains arising during the period44,275 21,086 2,941 68,302 
Amounts reclassified from AOCI9,806 7,527 — 17,333 
Changes, net of tax54,081 28,613 2,941 85,635 
Balance, March 31, 2023
$(640,734)

$(20,918)$(18,342)$(679,994)
(1)Includes after-tax unamortized losses related to AFS debt securities that were transferred to HTM in 2022.
(2)Represents foreign currency translation adjustments related to the Company’s net investment in non-U.S. operations, including related hedges. The functional currency and reporting currency of the Company’s foreign subsidiary is RMB and USD, respectively.
Schedule Of Components Of Other Comprehensive Income (Loss), Reclassifications To Net Income And The Related Tax Effects
The following table presents the components of other comprehensive income (loss), reclassifications to net income and the related tax effects for the three months ended March 31, 2023 and 2022:
Three Months Ended March 31,
20232022
($ in thousands)Before-TaxTax EffectNet-of-TaxBefore-TaxTax EffectNet-of-Tax
Debt securities:
Net unrealized gains (losses) arising during the period$62,860 $(18,585)$44,275 $(399,462)$118,101 $(281,361)
Reclassification adjustments:
Net realized losses (gains) reclassified into net income (1)
10,000 
(2)
(2,956)7,044 (1,278)378 (900)
Amortization of unrealized losses on transferred securities (3)
3,921 (1,159)2,762 3,281 (970)2,311 
Net change76,781 (22,700)54,081 (397,459)117,509 (279,950)
Cash flow hedges:
Net unrealized gains (losses) arising during the period29,843 (8,757)21,086 (32,609)9,382 (23,227)
Net realized losses (gains) reclassified into net income (4)
10,644 (3,117)7,527 (2,100)604 (1,496)
Net change40,487 (11,874)28,613 (34,709)9,986 (24,723)
Foreign currency translation adjustments, net of hedges:
Net unrealized gains (losses) arising during the period2,626 315 2,941 (322)451 129 
Net change2,626 315 2,941 (322)451 129 
Other comprehensive income (loss)$119,894 $(34,259)$85,635 $(432,490)$127,946 $(304,544)
(1)Pre-tax amounts were reported in Net realized (losses) gains on AFS debt securities on the Consolidated Statement of Income.
(2)Represents the full write-off of an impaired subordinated debt security during the first quarter of 2023.
(3)Represents unrealized losses amortized over the remaining lives of securities that were transferred from the AFS to HTM portfolio.
(4)Pre-tax amounts related to cash flow hedges on CRE loans and long-term borrowings were reported in Interest and dividend income and in Interest expense, respectively, on the Consolidated Statement of Income.
v3.23.1
Business Segments (Tables)
 3 Months Ended
Mar. 31, 2023
Segment Reporting [Abstract]  
Schedule Of Operating Results And Other Key Financial Measures For The Individual Operating Segments
The following tables present the operating results and other key financial measures for the individual operating segments as of and for the three months ended March 31, 2023 and 2022:
($ in thousands)Consumer and Business BankingCommercial BankingOtherTotal
Three Months Ended March 31, 2023
Net interest income before provision for credit losses$304,242 $236,723 $58,896 $599,861 
Provision for credit losses15,012 4,988 — 20,000 
Noninterest income (loss)26,002 43,599 (9,623)59,978 
Noninterest expense113,823 87,248 17,376 218,447 
Segment income before income taxes 201,409 188,086 31,897 421,392 
Segment net income$142,247 $134,457 $45,735 $322,439 
As of March 31, 2023
Segment assets$17,880,525 $33,647,465 $15,716,908 $67,244,898 
($ in thousands)Consumer and Business BankingCommercial BankingOtherTotal
Three Months Ended March 31, 2022
Net interest income (loss) before provision for credit losses$213,214 $208,077 $(5,678)$415,613 
Provision for credit losses3,104 4,896 — 8,000 
Noninterest income25,199 49,077 5,467 79,743 
Noninterest expense96,095 73,395 19,960 189,450 
Segment income (loss) before income taxes139,214 178,863 (20,171)297,906 
Segment net income$99,164 $127,507 $10,981 $237,652 
As of March 31, 2022
Segment assets$15,338,579 $30,199,416 $16,703,461 $62,241,456 
v3.23.1
Basis of Presentation (Details)
$ in Thousands
 3 Months Ended
Mar. 31, 2023
USD ($)
trust
Mar. 31, 2022
USD ($)
Organization, Consolidation and Presentation of Financial Statements [Abstract]    
Number of wholly-owned subsidiaries that are statutory business trusts (the Trusts) | trust 6  
Net change in short-term borrowings | $ $ 4,500,017 $ (31)
v3.23.1
Current Accounting Developments and Summary of Significant Accounting Policies (Details) - USD ($)
$ in Thousands
Mar. 31, 2023
Jan. 01, 2023
Dec. 31, 2022
Mar. 31, 2022
Dec. 31, 2021
New Accounting Pronouncements or Change in Accounting Principle [Line Items]          
Allowance for loan losses $ 619,893 $ 601,673 $ 595,645 $ 545,685 $ 541,579
Retained earnings $ (5,832,291)   (5,582,546)    
Accounting Standards Update 2022-02          
New Accounting Pronouncements or Change in Accounting Principle [Line Items]          
Allowance for loan losses     $ (6,000)    
Retained earnings   $ (4,300)      
v3.23.1
Fair Value Measurement and Fair Value of Financial Instruments - Financial Assets and Liabilities Measurement on Recurring Basis (Details) - USD ($)
$ in Thousands
Mar. 31, 2023
Dec. 31, 2022
Equity Securities, FV-NI and with Readily Determinable Fair Value [Abstract]    
Total investments in tax credit and other investments $ 741,354 $ 763,256
Derivative    
Derivative assets - Fair value 627,402 755,328
Net derivative assets 262,275 140,545
Derivative liabilities - Fair value 681,830 887,264
Net derivative liabilities 511,981 644,519
Fair Value, Measurements, Recurring    
Available-for-sale debt securities    
Fair Value 6,300,868 6,034,993
Equity Securities, FV-NI and with Readily Determinable Fair Value [Abstract]    
Equity securities 24,421 23,954
Total investments in tax credit and other investments 24,421 23,954
Derivative    
Derivative assets - Fair value 627,402 755,328
Netting adjustments (365,127) (614,783)
Net derivative assets 262,275 140,545
Derivative liabilities - Fair value 681,830 887,264
Netting adjustments (169,849) (242,745)
Net derivative liabilities 511,981 644,519
Fair Value, Measurements, Recurring | Interest rate contracts    
Derivative    
Derivative assets - Fair value 415,000 440,283
Derivative liabilities - Fair value 462,411 584,516
Fair Value, Measurements, Recurring | Foreign exchange contracts    
Derivative    
Derivative assets - Fair value 34,050 53,109
Derivative liabilities - Fair value 32,791 44,117
Fair Value, Measurements, Recurring | Equity contracts    
Derivative    
Derivative assets - Fair value 277 323
Fair Value, Measurements, Recurring | Credit contracts    
Derivative    
Derivative liabilities - Fair value 29 23
Fair Value, Measurements, Recurring | Commodity contracts    
Derivative    
Derivative assets - Fair value 178,075 261,613
Derivative liabilities - Fair value 186,599 258,608
Fair Value, Measurements, Recurring | U.S. Treasury securities    
Available-for-sale debt securities    
Fair Value 916,982 606,203
Fair Value, Measurements, Recurring | U.S. government agency and U.S. government-sponsored enterprise debt securities    
Available-for-sale debt securities    
Fair Value 463,860 461,607
Fair Value, Measurements, Recurring | U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities - Commercial mortgage-backed securities    
Available-for-sale debt securities    
Fair Value 497,115 500,269
Fair Value, Measurements, Recurring | U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities - Residential mortgage-backed securities    
Available-for-sale debt securities    
Fair Value 1,772,082 1,762,195
Fair Value, Measurements, Recurring | Municipal securities    
Available-for-sale debt securities    
Fair Value 266,015 257,099
Fair Value, Measurements, Recurring | Non-agency commercial mortgage-backed securities    
Available-for-sale debt securities    
Fair Value 396,723 398,329
Fair Value, Measurements, Recurring | Non-agency residential mortgage-backed securities    
Available-for-sale debt securities    
Fair Value 638,409 649,224
Fair Value, Measurements, Recurring | Corporate debt securities    
Available-for-sale debt securities    
Fair Value 516,253 526,274
Fair Value, Measurements, Recurring | Foreign government bonds    
Available-for-sale debt securities    
Fair Value 185,883 227,053
Fair Value, Measurements, Recurring | Asset-backed securities    
Available-for-sale debt securities    
Fair Value 46,307 49,076
Fair Value, Measurements, Recurring | Collateralized loan obligations (“CLOs”)    
Available-for-sale debt securities    
Fair Value 601,239 597,664
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1)    
Available-for-sale debt securities    
Fair Value 916,982 606,203
Equity Securities, FV-NI and with Readily Determinable Fair Value [Abstract]    
Equity securities 20,204 19,777
Total investments in tax credit and other investments 20,204 19,777
Derivative    
Derivative assets - Fair value 0 0
Netting adjustments 0 0
Net derivative assets 0 0
Derivative liabilities - Fair value 0 0
Netting adjustments 0 0
Net derivative liabilities 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) | Equity contracts    
Derivative    
Derivative assets - 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) | 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    
Available-for-sale debt securities    
Fair Value 916,982 606,203
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    
Available-for-sale debt securities    
Fair Value 0 0
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities - Commercial mortgage-backed securities    
Available-for-sale debt securities    
Fair Value 0 0
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities - Residential mortgage-backed securities    
Available-for-sale debt securities    
Fair Value 0 0
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Municipal securities    
Available-for-sale debt securities    
Fair Value 0 0
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Non-agency commercial mortgage-backed securities    
Available-for-sale debt securities    
Fair Value 0 0
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Non-agency residential mortgage-backed securities    
Available-for-sale debt securities    
Fair Value 0 0
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Corporate debt securities    
Available-for-sale debt securities    
Fair Value 0 0
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Foreign government bonds    
Available-for-sale debt securities    
Fair Value 0 0
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Asset-backed securities    
Available-for-sale debt securities    
Fair Value 0 0
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Collateralized loan obligations (“CLOs”)    
Available-for-sale debt securities    
Fair Value 0 0
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2)    
Available-for-sale debt securities    
Fair Value 5,383,886 5,428,790
Equity Securities, FV-NI and with Readily Determinable Fair Value [Abstract]    
Equity securities 4,217 4,177
Total investments in tax credit and other investments 4,217 4,177
Derivative    
Derivative assets - Fair value 627,125 755,005
Netting adjustments (365,127) (614,783)
Net derivative assets 261,998 140,222
Derivative liabilities - Fair value 681,830 887,264
Netting adjustments (169,849) (242,745)
Net derivative liabilities 511,981 644,519
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Interest rate contracts    
Derivative    
Derivative assets - Fair value 415,000 440,283
Derivative liabilities - Fair value 462,411 584,516
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Foreign exchange contracts    
Derivative    
Derivative assets - Fair value 34,050 53,109
Derivative liabilities - Fair value 32,791 44,117
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Equity contracts    
Derivative    
Derivative assets - Fair value 0 0
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Credit contracts    
Derivative    
Derivative liabilities - Fair value 29 23
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Commodity contracts    
Derivative    
Derivative assets - Fair value 178,075 261,613
Derivative liabilities - Fair value 186,599 258,608
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | U.S. Treasury securities    
Available-for-sale debt securities    
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    
Available-for-sale debt securities    
Fair Value 463,860 461,607
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities - Commercial mortgage-backed securities    
Available-for-sale debt securities    
Fair Value 497,115 500,269
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities - Residential mortgage-backed securities    
Available-for-sale debt securities    
Fair Value 1,772,082 1,762,195
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Municipal securities    
Available-for-sale debt securities    
Fair Value 266,015 257,099
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Non-agency commercial mortgage-backed securities    
Available-for-sale debt securities    
Fair Value 396,723 398,329
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Non-agency residential mortgage-backed securities    
Available-for-sale debt securities    
Fair Value 638,409 649,224
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Corporate debt securities    
Available-for-sale debt securities    
Fair Value 516,253 526,274
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Foreign government bonds    
Available-for-sale debt securities    
Fair Value 185,883 227,053
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Asset-backed securities    
Available-for-sale debt securities    
Fair Value 46,307 49,076
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Collateralized loan obligations (“CLOs”)    
Available-for-sale debt securities    
Fair Value 601,239 597,664
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3)    
Available-for-sale debt securities    
Fair Value 0 0
Equity Securities, FV-NI and with Readily Determinable Fair Value [Abstract]    
Equity securities 0 0
Total investments in tax credit and other investments 0 0
Derivative    
Derivative assets - Fair value 277 323
Netting adjustments 0 0
Net derivative assets 277 323
Derivative liabilities - Fair value 0 0
Netting adjustments 0 0
Net derivative liabilities 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) | Equity contracts    
Derivative    
Derivative assets - Fair value 277 323
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) | 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    
Available-for-sale debt securities    
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    
Available-for-sale debt securities    
Fair Value 0 0
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities - Commercial mortgage-backed securities    
Available-for-sale debt securities    
Fair Value 0 0
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities - Residential mortgage-backed securities    
Available-for-sale debt securities    
Fair Value 0 0
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | Municipal securities    
Available-for-sale debt securities    
Fair Value 0 0
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | Non-agency commercial mortgage-backed securities    
Available-for-sale debt securities    
Fair Value 0 0
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | Non-agency residential mortgage-backed securities    
Available-for-sale debt securities    
Fair Value 0 0
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | Corporate debt securities    
Available-for-sale debt securities    
Fair Value 0 0
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | Foreign government bonds    
Available-for-sale debt securities    
Fair Value 0 0
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | Asset-backed securities    
Available-for-sale debt securities    
Fair Value 0 0
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | Collateralized loan obligations (“CLOs”)    
Available-for-sale debt securities    
Fair Value $ 0 $ 0
v3.23.1
Fair Value Measurement and Fair Value of Financial Instruments - Reconciliation of Assets and Liabilities Measured on Recurring Basis (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]    
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] Lending fees Lending fees
Fair Value, Measurements, Recurring | Level 3 | Equity contracts    
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]    
Beginning balance $ 323 $ 215
Total (losses) gains included in earnings (46) 3
Issuances 0 91
Ending balance $ 277 $ 309
v3.23.1
Fair Value Measurement and Fair Value of Financial Instruments - Quantitative Information for Significant Unobservable Inputs (Details) - USD ($)
$ in Thousands
Mar. 31, 2023
Dec. 31, 2022
Quantitative information    
Derivative assets - Fair value $ 627,402 $ 755,328
Fair Value, Measurements, Recurring    
Quantitative information    
Derivative assets - Fair value 627,402 755,328
Fair Value, Measurements, Nonrecurring    
Quantitative information    
Loans held-for-investment, fair value disclosure 15,235 72,614
Level 3 | Fair Value, Measurements, Recurring    
Quantitative information    
Derivative assets - Fair value 277 323
Level 3 | Fair Value, Measurements, Nonrecurring    
Quantitative information    
Loans held-for-investment, fair value disclosure 15,235 72,614
Level 3 | Discounted cash flows | Fair Value, Measurements, Nonrecurring    
Quantitative information    
Loans held-for-investment, fair value disclosure   23,322
Level 3 | Fair value of collateral | Fair Value, Measurements, Nonrecurring    
Quantitative information    
Loans held-for-investment, fair value disclosure $ 15,235 17,912
Level 3 | Fair value of property | Fair Value, Measurements, Nonrecurring    
Quantitative information    
Loans held-for-investment, fair value disclosure   $ 31,380
Discount | Level 3 | Discounted cash flows | Fair Value, Measurements, Nonrecurring | Minimum    
Quantitative information    
Loans held-for-investment, measurement input   4.00%
Discount | Level 3 | Discounted cash flows | Fair Value, Measurements, Nonrecurring | Maximum    
Quantitative information    
Loans held-for-investment, measurement input   6.00%
Discount | Level 3 | Discounted cash flows | Fair Value, Measurements, Nonrecurring | Weighted Average    
Quantitative information    
Loans held-for-investment, measurement input   4.00%
Discount | Level 3 | Fair value of collateral | Fair Value, Measurements, Nonrecurring | Minimum    
Quantitative information    
Loans held-for-investment, measurement input 15.00% 15.00%
Discount | Level 3 | Fair value of collateral | Fair Value, Measurements, Nonrecurring | Maximum    
Quantitative information    
Loans held-for-investment, measurement input 81.00% 75.00%
Discount | Level 3 | Fair value of collateral | Fair Value, Measurements, Nonrecurring | Weighted Average    
Quantitative information    
Loans held-for-investment, measurement input 35.00% 37.00%
Selling cost | Level 3 | Fair value of property | Fair Value, Measurements, Nonrecurring    
Quantitative information    
Loans held-for-investment, measurement input   8.00%
Selling cost | Level 3 | Fair value of property | Fair Value, Measurements, Nonrecurring | Weighted Average    
Quantitative information    
Loans held-for-investment, measurement input   8.00%
Equity contracts | Fair Value, Measurements, Recurring    
Quantitative information    
Derivative assets - Fair value $ 277 $ 323
Equity contracts | Level 3 | Fair Value, Measurements, Recurring    
Quantitative information    
Derivative assets - Fair value $ 277 $ 323
Equity contracts | Equity volatility | Level 3 | Black-Scholes option pricing model | Fair Value, Measurements, Recurring | Minimum    
Quantitative information    
Measurement input 43.00% 42.00%
Equity contracts | Equity volatility | Level 3 | Black-Scholes option pricing model | Fair Value, Measurements, Recurring | Maximum    
Quantitative information    
Measurement input 53.00% 60.00%
Equity contracts | Equity volatility | Level 3 | Black-Scholes option pricing model | Fair Value, Measurements, Recurring | Weighted Average    
Quantitative information    
Measurement input 47.00% 54.00%
Equity contracts | Liquidity discount | Level 3 | Fair Value, Measurements, Recurring    
Quantitative information    
Measurement input 47.00% 47.00%
Equity contracts | Liquidity discount | Level 3 | Fair Value, Measurements, Recurring | Weighted Average    
Quantitative information    
Measurement input 47.00% 47.00%
v3.23.1
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
Mar. 31, 2023
Dec. 31, 2022
Fair Value, Assets Measured on a Nonrecurring Basis    
Loans held-for-investment, fair value disclosure $ 15,235 $ 72,614
Commercial lending    
Fair Value, Assets Measured on a Nonrecurring Basis    
Loans held-for-investment, fair value disclosure 15,235 71,391
Consumer lending    
Fair Value, Assets Measured on a Nonrecurring Basis    
Loans held-for-investment, fair value disclosure   1,223
Quoted Prices in Active Markets for Identical Assets (Level 1)    
Fair Value, Assets Measured on a Nonrecurring Basis    
Loans held-for-investment, fair value disclosure 0 0
Quoted Prices in Active Markets for Identical Assets (Level 1) | Commercial lending    
Fair Value, Assets Measured on a Nonrecurring Basis    
Loans held-for-investment, fair value disclosure 0 0
Quoted Prices in Active Markets for Identical Assets (Level 1) | Consumer lending    
Fair Value, Assets Measured on a Nonrecurring Basis    
Loans held-for-investment, fair value disclosure   0
Significant Other Observable Inputs (Level 2)    
Fair Value, Assets Measured on a Nonrecurring Basis    
Loans held-for-investment, fair value disclosure 0 0
Significant Other Observable Inputs (Level 2) | Commercial lending    
Fair Value, Assets Measured on a Nonrecurring Basis    
Loans held-for-investment, fair value disclosure 0 0
Significant Other Observable Inputs (Level 2) | Consumer lending    
Fair Value, Assets Measured on a Nonrecurring Basis    
Loans held-for-investment, fair value disclosure   0
Significant Unobservable Inputs (Level 3)    
Fair Value, Assets Measured on a Nonrecurring Basis    
Loans held-for-investment, fair value disclosure 15,235 72,614
Significant Unobservable Inputs (Level 3) | Commercial lending    
Fair Value, Assets Measured on a Nonrecurring Basis    
Loans held-for-investment, fair value disclosure 15,235 71,391
Significant Unobservable Inputs (Level 3) | Consumer lending    
Fair Value, Assets Measured on a Nonrecurring Basis    
Loans held-for-investment, fair value disclosure   1,223
Commercial and industrial (“C&I”) | Commercial lending    
Fair Value, Assets Measured on a Nonrecurring Basis    
Loans held-for-investment, fair value disclosure 15,235 40,011
Commercial and industrial (“C&I”) | Quoted Prices in Active Markets for Identical Assets (Level 1) | Commercial lending    
Fair Value, Assets Measured on a Nonrecurring Basis    
Loans held-for-investment, fair value disclosure 0 0
Commercial and industrial (“C&I”) | Significant Other Observable Inputs (Level 2) | Commercial lending    
Fair Value, Assets Measured on a Nonrecurring Basis    
Loans held-for-investment, fair value disclosure 0 0
Commercial and industrial (“C&I”) | Significant Unobservable Inputs (Level 3) | Commercial lending    
Fair Value, Assets Measured on a Nonrecurring Basis    
Loans held-for-investment, fair value disclosure $ 15,235 40,011
CRE | Commercial lending    
Fair Value, Assets Measured on a Nonrecurring Basis    
Loans held-for-investment, fair value disclosure   31,380
CRE | Quoted Prices in Active Markets for Identical Assets (Level 1) | Commercial lending    
Fair Value, Assets Measured on a Nonrecurring Basis    
Loans held-for-investment, fair value disclosure   0
CRE | Significant Other Observable Inputs (Level 2) | Commercial lending    
Fair Value, Assets Measured on a Nonrecurring Basis    
Loans held-for-investment, fair value disclosure   0
CRE | Significant Unobservable Inputs (Level 3) | Commercial lending    
Fair Value, Assets Measured on a Nonrecurring Basis    
Loans held-for-investment, fair value disclosure   31,380
HELOCs | Consumer lending    
Fair Value, Assets Measured on a Nonrecurring Basis    
Loans held-for-investment, fair value disclosure   1,223
HELOCs | Quoted Prices in Active Markets for Identical Assets (Level 1) | Consumer lending    
Fair Value, Assets Measured on a Nonrecurring Basis    
Loans held-for-investment, fair value disclosure   0
HELOCs | Significant Other Observable Inputs (Level 2) | Consumer lending    
Fair Value, Assets Measured on a Nonrecurring Basis    
Loans held-for-investment, fair value disclosure   0
HELOCs | Significant Unobservable Inputs (Level 3) | Consumer lending    
Fair Value, Assets Measured on a Nonrecurring Basis    
Loans held-for-investment, fair value disclosure   $ 1,223
v3.23.1
Fair Value Measurement and Fair Value of Financial Instruments - Increase (Decrease) in Fair Value of Assets Measured on a Nonrecurring Basis (Details) - Fair Value, Measurements, Nonrecurring - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Loans held-for-investment    
Fair Value, Assets Measured on a Nonrecurring Basis    
Increase (decrease) in value of assets $ (1,255) $ (7,557)
Tax credit investments    
Fair Value, Assets Measured on a Nonrecurring Basis    
Increase (decrease) in value of assets 174 0
Commercial lending | Loans held-for-investment    
Fair Value, Assets Measured on a Nonrecurring Basis    
Increase (decrease) in value of assets (1,255) (7,560)
Commercial lending | Commercial and industrial (“C&I”) | Loans held-for-investment    
Fair Value, Assets Measured on a Nonrecurring Basis    
Increase (decrease) in value of assets (1,255) (10,424)
Commercial lending | CRE | Loans held-for-investment    
Fair Value, Assets Measured on a Nonrecurring Basis    
Increase (decrease) in value of assets 0 2,864
Consumer lending | Loans held-for-investment    
Fair Value, Assets Measured on a Nonrecurring Basis    
Increase (decrease) in value of assets 0 3
Consumer lending | HELOCs | Loans held-for-investment    
Fair Value, Assets Measured on a Nonrecurring Basis    
Increase (decrease) in value of assets $ 0 $ 3
v3.23.1
Fair Value Measurement and Fair Value of Financial Instruments - Carrying and Fair Value Estimates per the Fair Value Hierarchy of Financial Instruments Measured on a Nonrecurring Basis (Details) - USD ($)
$ in Thousands
Mar. 31, 2023
Dec. 31, 2022
Financial assets:    
Cash and cash equivalents $ 5,934,194 $ 3,481,784
Interest-bearing deposits with banks 10,249 139,021
Resale agreements 654,288 792,192
HTM debt securities 2,993,421 3,001,868
Restricted equity securities, at cost 78,872 78,624
Financial liabilities:    
Repurchase agreements 0 300,000
Carrying Amount    
Financial assets:    
Cash and cash equivalents 5,934,194 3,481,784
Interest-bearing deposits with banks 10,249 139,021
Resale agreements 654,288 792,192
HTM debt securities 2,993,421 3,001,868
Restricted equity securities, at cost 78,872 78,624
Loans held-for-sale 6,861 25,644
Loans held-for-investment, net 48,298,155 47,606,785
Mortgage servicing rights 5,879 6,235
Accrued interest receivable 279,795 263,430
Financial liabilities:    
Demand, checking, savings and money market deposits 38,643,576 42,637,316
Time deposits 16,093,826 13,330,533
Repurchase agreements   300,000
Short-term borrowings 4,500,000  
Long-term debt 148,022 147,950
Accrued interest payable 45,339 37,198
Estimated Fair Value    
Financial assets:    
Cash and cash equivalents 5,934,194 3,481,784
Interest-bearing deposits with banks 10,249 139,021
Resale agreements 568,683 693,656
HTM debt securities 2,502,674 2,455,171
Restricted equity securities, at cost 78,872 78,624
Loans held-for-sale 6,861 25,644
Loans held-for-investment, net 47,344,680 46,670,690
Mortgage servicing rights 10,648 10,917
Accrued interest receivable 279,795 263,430
Financial liabilities:    
Demand, checking, savings and money market deposits 38,643,576 42,637,316
Time deposits 16,008,054 13,228,777
Repurchase agreements   304,097
Short-term borrowings 4,500,000  
Long-term debt 144,059 143,483
Accrued interest payable 45,339 37,198
Estimated Fair Value | Level 1    
Financial assets:    
Cash and cash equivalents 5,934,194 3,481,784
Interest-bearing deposits with banks 0 0
Resale agreements 0 0
HTM debt securities 481,611 471,469
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
Repurchase agreements   0
Short-term borrowings 0  
Long-term debt 0 0
Accrued interest payable 0 0
Estimated Fair Value | Level 2    
Financial assets:    
Cash and cash equivalents 0 0
Interest-bearing deposits with banks 10,249 139,021
Resale agreements 568,683 693,656
HTM debt securities 2,021,063 1,983,702
Restricted equity securities, at cost 78,872 78,624
Loans held-for-sale 6,861 25,644
Loans held-for-investment, net 0 0
Mortgage servicing rights 0 0
Accrued interest receivable 279,795 263,430
Financial liabilities:    
Demand, checking, savings and money market deposits 38,643,576 42,637,316
Time deposits 16,008,054 13,228,777
Repurchase agreements   304,097
Short-term borrowings 4,500,000  
Long-term debt 144,059 143,483
Accrued interest payable 45,339 37,198
Estimated Fair Value | 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 0
Restricted equity securities, at cost 0 0
Loans held-for-sale 0 0
Loans held-for-investment, net 47,344,680 46,670,690
Mortgage servicing rights 10,648 10,917
Accrued interest receivable 0 0
Financial liabilities:    
Demand, checking, savings and money market deposits 0 0
Time deposits 0 0
Repurchase agreements   0
Short-term borrowings 0  
Long-term debt 0 0
Accrued interest payable $ 0 $ 0
v3.23.1
Assets Purchased under Resale Agreements and Sold under Repurchase Agreements - Resale Agreements (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Dec. 31, 2022
Offsetting Assets [Line Items]      
Gross resale agreements $ 635.0   $ 760.0
Average yield 2.50% 1.63%  
Loans purchased under agreements to resell $ 19.3   $ 32.2
Loans Purchased Under Resale Agreements      
Offsetting Assets [Line Items]      
Weighted-average yields 7.12% 1.60%  
v3.23.1
Assets Purchased under Resale Agreements and Sold under Repurchase Agreements - Repurchase Agreements (Details) - USD ($)
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Dec. 31, 2022
Amount of securities sold under repurchase agreements      
Gross repurchase agreements $ 0   $ 300,000,000
Average rate paid 4.00% 2.62%  
Repurchase agreements’ extinguishment cost $ 3,872,000 $ 0  
Extinguishment of Securities Sold Under Agreements To Repurchase, Amount $ 300,000,000    
v3.23.1
Assets Purchased under Resale Agreements and Sold under Repurchase Agreements - Balance Sheet Offsetting (Details) - USD ($)
$ in Thousands
Mar. 31, 2023
Dec. 31, 2022
Assets, Resale Agreements    
Gross Amounts of Recognized Assets $ 654,288 $ 792,192
Gross Amounts Offset on the Consolidated Balance Sheet 0 0
Net Amounts of Assets Presented on the Consolidated Balance Sheet 654,288 792,192
Assets Purchased under Agreements to Resell Gross Amounts Not Offset [Abstract]    
Collateral Received (574,103) (701,790)
Net Amount 80,185 90,402
Liabilities, Repurchase Agreements    
Gross Amounts of Recognized Liabilities 0 300,000
Gross Amounts Offset on the Consolidated Balance Sheet 0 0
Net Amounts of Liabilities Presented on the Consolidated Balance Sheet 0 300,000
Assets Sold under Agreements to Repurchase Gross Amounts Not Offset [Abstract]    
Collateral Pledged 0 (300,000)
Net Amount $ 0 $ 0
v3.23.1
Securities - Schedule of Debt Securities (Details) - USD ($)
$ in Thousands
Mar. 31, 2023
Dec. 31, 2022
AFS debt securities:    
Amortized Cost $ 7,072,240 $ 6,879,225
Gross Unrealized Gains 482 498
Gross Unrealized Losses (771,854) (844,730)
Fair Value 6,300,868 6,034,993
HTM debt securities:    
Amortized Cost 2,993,421 3,001,868
Gross Unrealized Gains 0 0
Gross Unrealized Losses (490,747) (546,697)
Fair Value 2,502,674 2,455,171
Total debt securities    
Amortized Cost 10,065,661 9,881,093
Gross Unrealized Gains 482 498
Gross Unrealized Losses (1,262,601) (1,391,427)
Fair Value 8,803,542 8,490,164
U.S. Treasury securities    
AFS debt securities:    
Amortized Cost 976,615 676,306
Gross Unrealized Gains 37 0
Gross Unrealized Losses (59,670) (70,103)
Fair Value 916,982 606,203
HTM debt securities:    
Amortized Cost 525,432 524,081
Gross Unrealized Gains 0 0
Gross Unrealized Losses (43,821) (52,612)
Fair Value 481,611 471,469
U.S. government agency and U.S. government-sponsored enterprise debt securities    
AFS debt securities:    
Amortized Cost 515,639 517,806
Gross Unrealized Gains 0 67
Gross Unrealized Losses (51,779) (56,266)
Fair Value 463,860 461,607
HTM debt securities:    
Amortized Cost 999,855 998,972
Gross Unrealized Gains 0 0
Gross Unrealized Losses (193,514) (209,560)
Fair Value 806,341 789,412
U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities - Commercial mortgage-backed securities    
AFS debt securities:    
Amortized Cost 564,145 577,392
Gross Unrealized Gains 0 0
Gross Unrealized Losses (67,030) (77,123)
Fair Value 497,115 500,269
HTM debt securities:    
Amortized Cost 505,492 506,965
Gross Unrealized Gains 0 0
Gross Unrealized Losses (83,532) (98,566)
Fair Value 421,960 408,399
U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities - Residential mortgage-backed securities    
AFS debt securities:    
Amortized Cost 1,997,737 2,011,054
Gross Unrealized Gains 46 41
Gross Unrealized Losses (225,701) (248,900)
Fair Value 1,772,082 1,762,195
HTM debt securities:    
Amortized Cost 773,135 782,141
Gross Unrealized Gains 0 0
Gross Unrealized Losses (134,969) (148,230)
Fair Value 638,166 633,911
Municipal securities    
AFS debt securities:    
Amortized Cost 305,125 303,884
Gross Unrealized Gains 47 3
Gross Unrealized Losses (39,157) (46,788)
Fair Value 266,015 257,099
HTM debt securities:    
Amortized Cost 189,507 189,709
Gross Unrealized Gains 0 0
Gross Unrealized Losses (34,911) (37,729)
Fair Value 154,596 151,980
Non-agency commercial mortgage-backed securities    
AFS debt securities:    
Amortized Cost 441,795 447,512
Gross Unrealized Gains 157 213
Gross Unrealized Losses (45,229) (49,396)
Fair Value 396,723 398,329
Non-agency residential mortgage-backed securities    
AFS debt securities:    
Amortized Cost 743,977 762,202
Gross Unrealized Gains 0 0
Gross Unrealized Losses (105,568) (112,978)
Fair Value 638,409 649,224
Corporate debt securities    
AFS debt securities:    
Amortized Cost 663,502 673,502
Gross Unrealized Gains 0 0
Gross Unrealized Losses (147,249) (147,228)
Fair Value 516,253 526,274
Foreign government bonds    
AFS debt securities:    
Amortized Cost 198,517 241,165
Gross Unrealized Gains 195 174
Gross Unrealized Losses (12,829) (14,286)
Fair Value 185,883 227,053
Asset-backed securities    
AFS debt securities:    
Amortized Cost 47,938 51,152
Gross Unrealized Gains 0 0
Gross Unrealized Losses (1,631) (2,076)
Fair Value 46,307 49,076
Collateralized loan obligations (“CLOs”)    
AFS debt securities:    
Amortized Cost 617,250 617,250
Gross Unrealized Gains 0 0
Gross Unrealized Losses (16,011) (19,586)
Fair Value $ 601,239 $ 597,664
v3.23.1
Securities - Narrative (Details)
 3 Months Ended
Mar. 31, 2023
USD ($)
security
Mar. 31, 2022
USD ($)
Dec. 31, 2022
USD ($)
security
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items]      
AFS and HTM, accrued interest $ 39,100,000   $ 41,800,000
Available-for-sale debt securities fair value, Total $ 6,101,391,000   $ 5,783,741,000
Number of available-for-sale debt securities in an unrealized loss position | security 555   559
Debt Securities, AFS, allowance for credit loss $ 0   $ 0
Provision (reversal of provision) for credit losses 0 $ 0  
HTM securities allowance for credit loss 0    
Asset Pledged as Collateral      
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items]      
AFS and HTM debt securities carrying value $ 7,340,000,000   $ 794,200,000
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 259   263
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   100
Corporate debt securities      
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items]      
Available-for-sale debt securities fair value, Total $ 516,253,000   $ 526,274,000
Number of available-for-sale debt securities in an unrealized loss position | security 67   68
U.S. government-sponsored enterprises debt securities      
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items]      
Available-for-sale debt securities fair value, Total $ 463,860,000   $ 311,539,000
U.S. Treasury securities      
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items]      
Available-for-sale debt securities fair value, Total $ 818,455,000   $ 606,203,000
Number of available-for-sale debt securities in an unrealized loss position | security 17   15
v3.23.1
Securities - Continuous Unrealized Losses (Details) - USD ($)
$ in Thousands
Mar. 31, 2023
Dec. 31, 2022
Schedule of Available-for-sale Debt Securities    
Available-for-sale debt securities, Less than 12 Months, Fair Value $ 598,769 $ 1,451,466
Available-for-sale debt securities, Gross Unrealized Loss, Less than 12 Months (8,194) (104,682)
Available-for-sale debt securities, 12 Months or More, Fair Value 5,502,622 4,332,275
Available-for-sale debt securities, Gross Unrealized Loss, 12 Months or More (763,660) (740,048)
Available-for-sale debt securities fair value, Total 6,101,391 5,783,741
Available-for-sale debt securities, Gross Unrealized Loss, Total (771,854) (844,730)
U.S. Treasury securities    
Schedule of Available-for-sale Debt Securities    
Available-for-sale debt securities, Less than 12 Months, Fair Value 201,775 131,843
Available-for-sale debt securities, Gross Unrealized Loss, Less than 12 Months (52) (8,761)
Available-for-sale debt securities, 12 Months or More, Fair Value 616,680 474,360
Available-for-sale debt securities, Gross Unrealized Loss, 12 Months or More (59,618) (61,342)
Available-for-sale debt securities fair value, Total 818,455 606,203
Available-for-sale debt securities, Gross Unrealized Loss, Total (59,670) (70,103)
U.S. government agency and U.S. government-sponsored enterprise debt securities    
Schedule of Available-for-sale Debt Securities    
Available-for-sale debt securities, Less than 12 Months, Fair Value 207,936 97,403
Available-for-sale debt securities, Gross Unrealized Loss, Less than 12 Months (1,021) (6,902)
Available-for-sale debt securities, 12 Months or More, Fair Value 255,924 214,136
Available-for-sale debt securities, Gross Unrealized Loss, 12 Months or More (50,758) (49,364)
Available-for-sale debt securities fair value, Total 463,860 311,539
Available-for-sale debt securities, Gross Unrealized Loss, Total (51,779) (56,266)
U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities - Commercial mortgage-backed securities    
Schedule of Available-for-sale Debt Securities    
Available-for-sale debt securities, Less than 12 Months, Fair Value 37,222 252,144
Available-for-sale debt securities, Gross Unrealized Loss, Less than 12 Months (1,722) (30,029)
Available-for-sale debt securities, 12 Months or More, Fair Value 459,893 248,125
Available-for-sale debt securities, Gross Unrealized Loss, 12 Months or More (65,308) (47,094)
Available-for-sale debt securities fair value, Total 497,115 500,269
Available-for-sale debt securities, Gross Unrealized Loss, Total (67,030) (77,123)
U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities - Residential mortgage-backed securities    
Schedule of Available-for-sale Debt Securities    
Available-for-sale debt securities, Less than 12 Months, Fair Value 23,200 307,536
Available-for-sale debt securities, Gross Unrealized Loss, Less than 12 Months (721) (20,346)
Available-for-sale debt securities, 12 Months or More, Fair Value 1,741,855 1,448,658
Available-for-sale debt securities, Gross Unrealized Loss, 12 Months or More (224,980) (228,554)
Available-for-sale debt securities fair value, Total 1,765,055 1,756,194
Available-for-sale debt securities, Gross Unrealized Loss, Total (225,701) (248,900)
Municipal securities    
Schedule of Available-for-sale Debt Securities    
Available-for-sale debt securities, Less than 12 Months, Fair Value 2,053 95,655
Available-for-sale debt securities, Gross Unrealized Loss, Less than 12 Months (24) (10,194)
Available-for-sale debt securities, 12 Months or More, Fair Value 256,240 159,439
Available-for-sale debt securities, Gross Unrealized Loss, 12 Months or More (39,133) (36,594)
Available-for-sale debt securities fair value, Total 258,293 255,094
Available-for-sale debt securities, Gross Unrealized Loss, Total (39,157) (46,788)
Non-agency commercial mortgage-backed securities    
Schedule of Available-for-sale Debt Securities    
Available-for-sale debt securities, Less than 12 Months, Fair Value 6,833 106,184
Available-for-sale debt securities, Gross Unrealized Loss, Less than 12 Months (151) (3,309)
Available-for-sale debt securities, 12 Months or More, Fair Value 380,497 282,301
Available-for-sale debt securities, Gross Unrealized Loss, 12 Months or More (45,078) (46,087)
Available-for-sale debt securities fair value, Total 387,330 388,485
Available-for-sale debt securities, Gross Unrealized Loss, Total (45,229) (49,396)
Non-agency residential mortgage-backed securities    
Schedule of Available-for-sale Debt Securities    
Available-for-sale debt securities, Less than 12 Months, Fair Value 332 22,715
Available-for-sale debt securities, Gross Unrealized Loss, Less than 12 Months (15) (1,546)
Available-for-sale debt securities, 12 Months or More, Fair Value 638,077 626,509
Available-for-sale debt securities, Gross Unrealized Loss, 12 Months or More (105,553) (111,432)
Available-for-sale debt securities fair value, Total 638,409 649,224
Available-for-sale debt securities, Gross Unrealized Loss, Total (105,568) (112,978)
Corporate debt securities    
Schedule of Available-for-sale Debt Securities    
Available-for-sale debt securities, Less than 12 Months, Fair Value 48,026 173,595
Available-for-sale debt securities, Gross Unrealized Loss, Less than 12 Months (3,976) (17,907)
Available-for-sale debt securities, 12 Months or More, Fair Value 468,227 352,679
Available-for-sale debt securities, Gross Unrealized Loss, 12 Months or More (143,273) (129,321)
Available-for-sale debt securities fair value, Total 516,253 526,274
Available-for-sale debt securities, Gross Unrealized Loss, Total (147,249) (147,228)
Foreign government bonds    
Schedule of Available-for-sale Debt Securities    
Available-for-sale debt securities, Less than 12 Months, Fair Value 71,392 107,576
Available-for-sale debt securities, Gross Unrealized Loss, Less than 12 Months (512) (429)
Available-for-sale debt securities, 12 Months or More, Fair Value 37,683 36,143
Available-for-sale debt securities, Gross Unrealized Loss, 12 Months or More (12,317) (13,857)
Available-for-sale debt securities fair value, Total 109,075 143,719
Available-for-sale debt securities, Gross Unrealized Loss, Total (12,829) (14,286)
Asset-backed securities    
Schedule of Available-for-sale Debt Securities    
Available-for-sale debt securities, Less than 12 Months, Fair Value 0 12,450
Available-for-sale debt securities, Gross Unrealized Loss, Less than 12 Months 0 (524)
Available-for-sale debt securities, 12 Months or More, Fair Value 46,307 36,626
Available-for-sale debt securities, Gross Unrealized Loss, 12 Months or More (1,631) (1,552)
Available-for-sale debt securities fair value, Total 46,307 49,076
Available-for-sale debt securities, Gross Unrealized Loss, Total (1,631) (2,076)
Collateralized loan obligations (“CLOs”)    
Schedule of Available-for-sale Debt Securities    
Available-for-sale debt securities, Less than 12 Months, Fair Value 0 144,365
Available-for-sale debt securities, Gross Unrealized Loss, Less than 12 Months 0 (4,735)
Available-for-sale debt securities, 12 Months or More, Fair Value 601,239 453,299
Available-for-sale debt securities, Gross Unrealized Loss, 12 Months or More (16,011) (14,851)
Available-for-sale debt securities fair value, Total 601,239 597,664
Available-for-sale debt securities, Gross Unrealized Loss, Total $ (16,011) $ (19,586)
v3.23.1
Securities - Gross Realized Gains and Losses (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Investments, Debt and Equity Securities [Abstract]    
Gross realized gains from sales $ 0 $ 1,278
Impairment write-off 10,000 0
Related tax (benefit) expense $ (2,956) $ 378
v3.23.1
Securities - Scheduled Contractual Maturities of AFS (Details) - USD ($)
$ in Thousands
Mar. 31, 2023
Dec. 31, 2022
Amortized cost    
Within One Year $ 545,806  
After One Year through Five Years 1,069,602  
After Five Years through Ten Years 1,003,292  
After Ten Years 4,453,540  
Amortized Cost 7,072,240 $ 6,879,225
Fair value    
Within One Year 544,573  
After One Year through Five Years 996,090  
After Five Years through Ten Years 908,047  
After Ten Years 3,852,158  
Total $ 6,300,868  
Weighted Average Yield    
Within One Year 4.80%  
After One Year through Five Years 2.11%  
After Five Years through Ten Years 3.93%  
After Ten Years 3.19%  
Total 3.25%  
U.S. Treasury securities    
Amortized cost    
Within One Year $ 300,316  
After One Year through Five Years 676,299  
After Five Years through Ten Years 0  
After Ten Years 0  
Amortized Cost 976,615  
Fair value    
Within One Year 300,302  
After One Year through Five Years 616,680  
After Five Years through Ten Years 0  
After Ten Years 0  
Total $ 916,982  
Weighted Average Yield    
Within One Year 4.57%  
After One Year through Five Years 1.20%  
After Five Years through Ten Years 0.00%  
After Ten Years 0.00%  
Total 2.24%  
U.S. government-sponsored enterprises debt securities    
Amortized cost    
Within One Year $ 100,000  
After One Year through Five Years 148,135  
After Five Years through Ten Years 100,000  
After Ten Years 167,504  
Amortized Cost 515,639  
Fair value    
Within One Year 99,798  
After One Year through Five Years 143,681  
After Five Years through Ten Years 83,478  
After Ten Years 136,903  
Total $ 463,860  
Weighted Average Yield    
Within One Year 4.97%  
After One Year through Five Years 3.72%  
After Five Years through Ten Years 1.26%  
After Ten Years 2.10%  
Total 2.96%  
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 31,502  
After Five Years through Ten Years 154,131  
After Ten Years 2,376,249  
Amortized Cost 2,561,882  
Fair value    
Within One Year 0  
After One Year through Five Years 30,182  
After Five Years through Ten Years 141,815  
After Ten Years 2,097,200  
Total $ 2,269,197  
Weighted Average Yield    
Within One Year 0.00%  
After One Year through Five Years 3.22%  
After Five Years through Ten Years 2.67%  
After Ten Years 3.39%  
Total 3.34%  
Municipal securities    
Amortized cost    
Within One Year $ 2,304  
After One Year through Five Years 37,282  
After Five Years through Ten Years 10,778  
After Ten Years 254,761  
Amortized Cost 305,125  
Fair value    
Within One Year 2,287  
After One Year through Five Years 34,889  
After Five Years through Ten Years 9,610  
After Ten Years 219,229  
Total $ 266,015  
Weighted Average Yield    
Within One Year 2.21%  
After One Year through Five Years 2.46%  
After Five Years through Ten Years 2.73%  
After Ten Years 2.24%  
Total 2.28%  
Non-agency mortgage-backed securities    
Amortized cost    
Within One Year $ 71,090  
After One Year through Five Years 139,963  
After Five Years through Ten Years 19,881  
After Ten Years 954,838  
Amortized Cost 1,185,772  
Fair value    
Within One Year 70,089  
After One Year through Five Years 134,268  
After Five Years through Ten Years 19,290  
After Ten Years 811,485  
Total $ 1,035,132  
Weighted Average Yield    
Within One Year 7.23%  
After One Year through Five Years 4.42%  
After Five Years through Ten Years 0.84%  
After Ten Years 2.61%  
Total 3.07%  
Corporate debt securities    
Amortized cost    
Within One Year $ 10,000  
After One Year through Five Years 0  
After Five Years through Ten Years 349,502  
After Ten Years 304,000  
Amortized Cost 663,502  
Fair value    
Within One Year 9,817  
After One Year through Five Years 0  
After Five Years through Ten Years 294,170  
After Ten Years 212,266  
Total $ 516,253  
Weighted Average Yield    
Within One Year 3.49%  
After One Year through Five Years 0.00%  
After Five Years through Ten Years 3.48%  
After Ten Years 1.97%  
Total 2.79%  
Foreign government bonds    
Amortized cost    
Within One Year $ 62,096  
After One Year through Five Years 36,421  
After Five Years through Ten Years 50,000  
After Ten Years 50,000  
Amortized Cost 198,517  
Fair value    
Within One Year 62,280  
After One Year through Five Years 36,390  
After Five Years through Ten Years 49,530  
After Ten Years 37,683  
Total $ 185,883  
Weighted Average Yield    
Within One Year 3.19%  
After One Year through Five Years 2.35%  
After Five Years through Ten Years 4.94%  
After Ten Years 1.50%  
Total 3.05%  
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 47,938  
Amortized Cost 47,938  
Fair value    
Within One Year 0  
After One Year through Five Years 0  
After Five Years through Ten Years 0  
After Ten Years 46,307  
Total $ 46,307  
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 5.59%  
Total 5.59%  
Collateralized loan obligations (“CLOs”)    
Amortized cost    
Within One Year $ 0  
After One Year through Five Years 0  
After Five Years through Ten Years 319,000  
After Ten Years 298,250  
Amortized Cost 617,250  
Fair value    
Within One Year 0  
After One Year through Five Years 0  
After Five Years through Ten Years 310,154  
After Ten Years 291,085  
Total $ 601,239  
Weighted Average Yield    
Within One Year 0.00%  
After One Year through Five Years 0.00%  
After Five Years through Ten Years 5.93%  
After Ten Years 5.99%  
Total 5.96%  
v3.23.1
Securities - Composition of Interest Income on Debt Securities (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Investments, Debt and Equity Securities [Abstract]    
Taxable interest $ 61,049 $ 38,204
Nontaxable interest 4,882 4,463
Total interest income on debt securities $ 65,931 $ 42,667
v3.23.1
Securities - Scheduled Contractual Maturities of HTM Debt Securities (Details)
$ in Thousands
Mar. 31, 2023
USD ($)
Amortized cost  
Within One Year $ 0
After One Year through Five Years 525,432
After Five Years through Ten Years 375,982
After Ten Years 2,092,007
Total 2,993,421
Fair value  
Within One Year 0
After One Year through Five Years 481,611
After Five Years through Ten Years 322,388
After Ten Years 1,698,675
Total $ 2,502,674
Weighted Average Yield  
Within One Year 0.00%
After One Year through Five Years 1.05%
After Five Years through Ten Years 1.83%
After Ten Years 1.77%
Total 1.65%
U.S. Treasury securities  
Amortized cost  
Within One Year $ 0
After One Year through Five Years 525,432
After Five Years through Ten Years 0
After Ten Years 0
Total 525,432
Fair value  
Within One Year 0
After One Year through Five Years 481,611
After Five Years through Ten Years 0
After Ten Years 0
Total $ 481,611
Weighted Average Yield  
Within One Year 0.00%
After One Year through Five Years 1.05%
After Five Years through Ten Years 0.00%
After Ten Years 0.00%
Total 1.05%
U.S. government-sponsored enterprises debt securities  
Amortized cost  
Within One Year $ 0
After One Year through Five Years 0
After Five Years through Ten Years 280,289
After Ten Years 719,566
Total 999,855
Fair value  
Within One Year 0
After One Year through Five Years 0
After Five Years through Ten Years 240,780
After Ten Years 565,561
Total $ 806,341
Weighted Average Yield  
Within One Year 0.00%
After One Year through Five Years 0.00%
After Five Years through Ten Years 1.92%
After Ten Years 1.89%
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 0
After Five Years through Ten Years 95,693
After Ten Years 1,182,934
Total 1,278,627
Fair value  
Within One Year 0
After One Year through Five Years 0
After Five Years through Ten Years 81,608
After Ten Years 978,518
Total $ 1,060,126
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 1.67%
Total 1.66%
Municipal securities  
Amortized cost  
Within One Year $ 0
After One Year through Five Years 0
After Five Years through Ten Years 0
After Ten Years 189,507
Total 189,507
Fair value  
Within One Year 0
After One Year through Five Years 0
After Five Years through Ten Years 0
After Ten Years 154,596
Total $ 154,596
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%
v3.23.1
Securities - Restricted Equity Securities (Details) - USD ($)
$ in Thousands
Mar. 31, 2023
Dec. 31, 2022
Investments, Debt and Equity Securities [Abstract]    
Federal Reserve Bank of San Francisco (“FRBSF”) stock $ 61,622 $ 61,374
FHLB stock 17,250 17,250
Total restricted equity securities $ 78,872 $ 78,624
v3.23.1
Derivatives - Notional and Fair Values (Details)
MMBTU in Thousands, Boe in Thousands, $ in Thousands
 3 Months Ended 12 Months Ended
Mar. 31, 2023
USD ($)
MMBTU
Boe
company
Dec. 31, 2022
USD ($)
Boe
MMBTU
company
Derivative Assets    
Derivative assets - Fair value $ 627,402 $ 755,328
Less: Master Netting Arrangements (169,849) (242,745)
Less: Cash collateral received (195,278) (372,038)
Net derivative assets 262,275 140,545
Derivative Liabilities    
Gross amounts recognized 681,830 887,264
Less: Master Netting Arrangements (169,849) (242,745)
Amount used to offset against derivative liabilities 0 0
Net derivative liabilities $ 511,981 $ 644,519
Crude oil    
Derivative Liabilities    
Derivative, nonmonetary notional amount, energy measure | Boe 24,954 12,005
Natural gas    
Derivative Liabilities    
Derivative, nonmonetary notional amount, energy measure | MMBTU 266,047 247,704
Derivative instruments designated as hedging instruments    
Derivative Instruments    
Notional amount $ 3,331,480 $ 3,534,832
Derivative Assets    
Derivative assets - Fair value 27,535 19,045
Derivative Liabilities    
Gross amounts recognized 4,114 19,687
Derivatives not designated as hedging instruments    
Derivative Instruments    
Notional amount 21,565,085 20,056,255
Derivative Assets    
Derivative assets - Fair value 599,867 736,283
Derivative Liabilities    
Gross amounts recognized 677,716 867,577
Interest rate contracts | Derivatives not designated as hedging instruments    
Derivative Instruments    
Notional amount 17,568,116 16,932,414
Derivative Assets    
Derivative assets - Fair value 387,465 426,828
Derivative Liabilities    
Gross amounts recognized 458,550 564,829
Interest rate contracts | Cash Flow Hedging | Derivative instruments designated as hedging instruments    
Derivative Instruments    
Notional amount 3,250,000 3,450,000
Derivative Assets    
Derivative assets - Fair value 27,535 13,455
Derivative Liabilities    
Gross amounts recognized 3,861 19,687
Foreign exchange contracts | Derivatives not designated as hedging instruments    
Derivative Instruments    
Notional amount 3,887,403 2,982,891
Derivative Assets    
Derivative assets - Fair value 34,050 47,519
Derivative Liabilities    
Gross amounts recognized 32,538 44,117
Foreign exchange contracts | Net Investment Hedging | Derivative instruments designated as hedging instruments    
Derivative Instruments    
Notional amount 81,480 84,832
Derivative Assets    
Derivative assets - Fair value 0 5,590
Derivative Liabilities    
Gross amounts recognized 253 0
Commodity contracts | Derivatives not designated as hedging instruments    
Derivative Instruments    
Notional amount 0 0
Derivative Assets    
Derivative assets - Fair value 178,075 261,613
Derivative Liabilities    
Gross amounts recognized 186,599 258,608
Credit contracts | Derivatives not designated as hedging instruments    
Derivative Instruments    
Notional amount 109,566 140,950
Derivative Assets    
Derivative assets - Fair value 0 0
Derivative Liabilities    
Gross amounts recognized 29 23
Equity contracts | Derivatives not designated as hedging instruments    
Derivative Instruments    
Notional amount 0 0
Derivative Assets    
Derivative assets - Fair value 277 323
Derivative Liabilities    
Gross amounts recognized $ 0 $ 0
Equity, Public Companies | Derivatives not designated as hedging instruments    
Derivative Liabilities    
Number of companies that issued the equity (issuers portion only) | company 1 1
Equity, Private Companies | Derivatives not designated as hedging instruments    
Derivative Liabilities    
Number of companies that issued the equity (issuers portion only) | company 11 13
v3.23.1
Derivatives - Narrative (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Dec. 31, 2022
Derivative [Line Items]      
Gross amounts recognized $ 627,402   $ 755,328
Derivative liabilities - Fair value 681,830   887,264
Derivative instruments designated as hedging instruments      
Derivative [Line Items]      
Notional amount 3,331,480   3,534,832
Gross amounts recognized 27,535   19,045
Derivative liabilities - Fair value 4,114   19,687
Derivatives not designated as hedging instruments      
Derivative [Line Items]      
Notional amount 21,565,085   20,056,255
Gross amounts recognized 599,867   736,283
Derivative liabilities - Fair value 677,716   867,577
Interest rate swap | Cash Flow Hedging | Derivative instruments designated as hedging instruments | Interest expense (for cash flow hedges on borrowings)      
Derivative [Line Items]      
Gains (losses) reclassified from AOCI into earnings: 696    
Interest rate contracts | Derivatives not designated as hedging instruments      
Derivative [Line Items]      
Notional amount 17,568,116   16,932,414
Gross amounts recognized 387,465   426,828
Derivative liabilities - Fair value 458,550   564,829
Interest rate contracts | Derivatives not designated as hedging instruments | LCH      
Derivative [Line Items]      
Gross amounts recognized 94,000   163,400
Derivative liabilities - Fair value 3,800   12,100
Interest rate contracts | Cash Flow Hedging | Derivative instruments designated as hedging instruments      
Derivative [Line Items]      
Notional amount 3,250,000   3,450,000
Net unrealized losses, net of tax, recorded in AOCI expected to be reclassified into earnings during next 12 months 56,100    
Gains (losses) reclassified from AOCI into earnings: (10,644) $ 2,100  
Gross amounts recognized 27,535   13,455
Derivative liabilities - Fair value 3,861   19,687
Interest rate contracts | Cash Flow Hedging | Derivative instruments designated as hedging instruments | Interest expense (for cash flow hedges on borrowings)      
Derivative [Line Items]      
Gains (losses) reclassified from AOCI into earnings:   $ (173)  
Foreign exchange contracts | Derivatives not designated as hedging instruments      
Derivative [Line Items]      
Notional amount 3,887,403   2,982,891
Gross amounts recognized 34,050   47,519
Derivative liabilities - Fair value $ 32,538   $ 44,117
Foreign exchange contracts | Derivatives not designated as hedging instruments | Maximum      
Derivative [Line Items]      
Original maturity (in years) 1 year   1 year
Credit contracts | Derivatives not designated as hedging instruments      
Derivative [Line Items]      
Notional amount $ 109,566   $ 140,950
Gross amounts recognized 0   0
Derivative liabilities - Fair value $ 29   $ 23
Credit contracts | Derivatives not designated as hedging instruments | RPAs - protection sold      
Derivative [Line Items]      
Weighted average remaining maturity of outstanding RPAs 2 years 8 months 12 days   2 years 4 months 24 days
Credit-risk-related contingent features      
Derivative [Line Items]      
Aggregate fair value of derivative instruments in net liability position $ 0   $ 2,600
Collateral posted 0   $ 1,100
Commercial Banking | Interest rate swap | Cash Flow Hedging | Derivative instruments designated as hedging instruments      
Derivative [Line Items]      
Notional amount 200,000    
Commercial Banking | Interest rate contracts | Cash Flow Hedging | Derivative instruments designated as hedging instruments      
Derivative [Line Items]      
Notional amount $ 3,250,000    
v3.23.1
Derivatives - Gains (Losses) in Cash Flow Hedge and Net Investment Hedge (Details) - Derivative instruments designated as hedging instruments - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Interest rate contracts | Cash Flow Hedging    
Derivative [Line Items]    
Gains (losses) recognized in AOCI: $ 29,843 $ (32,609)
Gains (losses) reclassified from AOCI into earnings: (10,644) 2,100
Interest rate contracts | Cash Flow Hedging | Interest expense (for cash flow hedges on borrowings)    
Derivative [Line Items]    
Gains (losses) reclassified from AOCI into earnings:   (173)
Interest rate contracts | Cash Flow Hedging | Interest and dividend income (for cash flow hedges on loans)    
Derivative [Line Items]    
Gains (losses) reclassified from AOCI into earnings: (12,954) 2,273
Interest rate contracts | Cash Flow Hedging | Noninterest income    
Derivative [Line Items]    
Gains (losses) reclassified from AOCI into earnings:   0
Foreign exchange contracts | Net Investment Hedging    
Derivative [Line Items]    
Losses recognized in AOCI (1,076) $ (1,571)
Interest rate swap | Cash Flow Hedging | Interest expense (for cash flow hedges on borrowings)    
Derivative [Line Items]    
Gains (losses) reclassified from AOCI into earnings: 696  
Interest rate swap | Cash Flow Hedging | Noninterest income    
Derivative [Line Items]    
Gains (losses) reclassified from AOCI into earnings: $ 1,614  
v3.23.1
Derivatives - Derivatives Not Designated as Hedging Instruments (Details)
MMBTU in Thousands, Boe in Thousands, $ in Thousands
 3 Months Ended 12 Months Ended
Mar. 31, 2023
USD ($)
MMBTU
Boe
Dec. 31, 2022
USD ($)
Boe
MMBTU
Derivative [Line Items]    
Gross amounts recognized $ 627,402 $ 755,328
Derivative liabilities - Fair value $ 681,830 $ 887,264
Crude oil    
Derivative [Line Items]    
Derivative, nonmonetary notional amount, energy measure | Boe 24,954 12,005
Natural gas    
Derivative [Line Items]    
Derivative, nonmonetary notional amount, energy measure | MMBTU 266,047 247,704
Customer-related positions:    
Derivative [Line Items]    
Notional amount $ 10,819,693 $ 10,158,784
Gross amounts recognized 26,339 27,146
Derivative liabilities - Fair value 469,136 592,060
Other economic hedges:    
Derivative [Line Items]    
Notional amount 10,635,826 9,756,521
Gross amounts recognized 395,176 447,201
Derivative liabilities - Fair value 21,952 16,886
Interest rate contracts | Customer-related positions:    
Derivative [Line Items]    
Notional amount 8,738,513 8,420,422
Gross amounts recognized 8,789 1,438
Derivative liabilities - Fair value 448,153 561,547
Interest rate contracts | Other economic hedges:    
Derivative [Line Items]    
Notional amount 8,829,603 8,511,992
Gross amounts recognized 378,676 425,390
Derivative liabilities - Fair value 10,397 3,282
Interest rate contracts | Swaps | Customer-related positions:    
Derivative [Line Items]    
Notional amount 6,776,171 6,656,491
Gross amounts recognized 8,537 1,438
Derivative liabilities - Fair value 416,483 521,719
Interest rate contracts | Swaps | Other economic hedges:    
Derivative [Line Items]    
Notional amount 6,803,027 6,683,828
Gross amounts recognized 345,976 384,201
Derivative liabilities - Fair value 9,209 2,047
Interest rate contracts | Written options | Customer-related positions:    
Derivative [Line Items]    
Notional amount 1,693,002 1,548,158
Gross amounts recognized 0 0
Derivative liabilities - Fair value 24,329 30,904
Interest rate contracts | Written options | Other economic hedges:    
Derivative [Line Items]    
Notional amount 32,117 32,117
Gross amounts recognized 0 0
Derivative liabilities - Fair value 925 1,235
Interest rate contracts | Collars and corridors | Customer-related positions:    
Derivative [Line Items]    
Notional amount 269,340 215,773
Gross amounts recognized 252 0
Derivative liabilities - Fair value 7,341 8,924
Interest rate contracts | Collars and corridors | Other economic hedges:    
Derivative [Line Items]    
Notional amount 269,340 215,772
Gross amounts recognized 7,379 8,956
Derivative liabilities - Fair value 263 0
Interest rate contracts | Purchased options | Other economic hedges:    
Derivative [Line Items]    
Notional amount 1,725,119 1,580,275
Gross amounts recognized 25,321 32,233
Derivative liabilities - Fair value 0 0
Foreign exchange contracts | Customer-related positions:    
Derivative [Line Items]    
Notional amount 2,081,180 1,738,362
Gross amounts recognized 17,550 25,708
Derivative liabilities - Fair value 20,983 30,513
Foreign exchange contracts | Other economic hedges:    
Derivative [Line Items]    
Notional amount 1,806,223 1,244,529
Gross amounts recognized 16,500 21,811
Derivative liabilities - Fair value 11,555 13,604
Foreign exchange contracts | Swaps | Customer-related positions:    
Derivative [Line Items]    
Notional amount 514,659 623,143
Gross amounts recognized 5,808 6,629
Derivative liabilities - Fair value 2,683 12,178
Foreign exchange contracts | Swaps | Other economic hedges:    
Derivative [Line Items]    
Notional amount 1,611,543 1,044,900
Gross amounts recognized 16,428 18,516
Derivative liabilities - Fair value 9,559 11,447
Foreign exchange contracts | Forwards and spot | Customer-related positions:    
Derivative [Line Items]    
Notional amount 1,439,521 993,588
Gross amounts recognized 9,866 17,009
Derivative liabilities - Fair value 18,300 18,090
Foreign exchange contracts | Forwards and spot | Other economic hedges:    
Derivative [Line Items]    
Notional amount 67,680 77,998
Gross amounts recognized 72 3,050
Derivative liabilities - Fair value 120 87
Foreign exchange contracts | Other | Customer-related positions:    
Derivative [Line Items]    
Notional amount 127,000 121,631
Gross amounts recognized 1,876 2,070
Derivative liabilities - Fair value 0 245
Foreign exchange contracts | Other | Other economic hedges:    
Derivative [Line Items]    
Notional amount 127,000 121,631
Gross amounts recognized 0 245
Derivative liabilities - Fair value 1,876 2,070
Commodity contracts | Customer-related positions:    
Derivative [Line Items]    
Gross amounts recognized 76,237 171,082
Derivative liabilities - Fair value $ 113,902 $ 100,333
Commodity contracts | Customer-related positions: | Crude oil    
Derivative [Line Items]    
Derivative, nonmonetary notional amount, energy measure | Boe 12,040 5,476
Gross amounts recognized $ 24,409 $ 56,551
Derivative liabilities - Fair value $ 12,616 $ 8,808
Commodity contracts | Customer-related positions: | Natural gas    
Derivative [Line Items]    
Derivative, nonmonetary notional amount, energy measure | MMBTU 133,493 124,662
Gross amounts recognized $ 51,828 $ 114,531
Derivative liabilities - Fair value 101,286 91,525
Commodity contracts | Other economic hedges:    
Derivative [Line Items]    
Gross amounts recognized 101,838 90,531
Derivative liabilities - Fair value $ 72,697 $ 158,275
Commodity contracts | Other economic hedges: | Crude oil    
Derivative [Line Items]    
Derivative, nonmonetary notional amount, energy measure | Boe 12,914 6,529
Gross amounts recognized $ 11,800 $ 8,313
Derivative liabilities - Fair value $ 21,547 $ 49,432
Commodity contracts | Other economic hedges: | Natural gas    
Derivative [Line Items]    
Derivative, nonmonetary notional amount, energy measure | MMBTU 132,554 123,042
Gross amounts recognized $ 90,038 $ 82,218
Derivative liabilities - Fair value $ 51,150 $ 108,843
Commodity contracts | Swaps | Customer-related positions: | Crude oil    
Derivative [Line Items]    
Derivative, nonmonetary notional amount, energy measure | Boe 7,443 2,465
Gross amounts recognized $ 18,072 $ 39,955
Derivative liabilities - Fair value $ 8,088 $ 6,178
Commodity contracts | Swaps | Customer-related positions: | Natural gas    
Derivative [Line Items]    
Derivative, nonmonetary notional amount, energy measure | MMBTU 99,111 92,590
Gross amounts recognized $ 50,825 $ 112,314
Derivative liabilities - Fair value $ 71,736 $ 73,208
Commodity contracts | Swaps | Other economic hedges: | Crude oil    
Derivative [Line Items]    
Derivative, nonmonetary notional amount, energy measure | Boe 7,539 2,587
Gross amounts recognized $ 8,900 $ 6,935
Derivative liabilities - Fair value $ 16,016 $ 36,060
Commodity contracts | Swaps | Other economic hedges: | Natural gas    
Derivative [Line Items]    
Derivative, nonmonetary notional amount, energy measure | MMBTU 98,891 91,900
Gross amounts recognized $ 66,395 $ 69,767
Derivative liabilities - Fair value $ 50,147 $ 106,883
Commodity contracts | Written options | Customer-related positions: | Crude oil    
Derivative [Line Items]    
Derivative, nonmonetary notional amount, energy measure | Boe 0 0
Gross amounts recognized $ 0 $ 558
Derivative liabilities - Fair value $ 0 $ 0
Commodity contracts | Written options | Customer-related positions: | Natural gas    
Derivative [Line Items]    
Derivative, nonmonetary notional amount, energy measure | MMBTU 367 0
Gross amounts recognized $ 0 $ 0
Derivative liabilities - Fair value $ 49 $ 0
Commodity contracts | Purchased options | Other economic hedges: | Crude oil    
Derivative [Line Items]    
Derivative, nonmonetary notional amount, energy measure | Boe 0 0
Gross amounts recognized $ 0 $ 0
Derivative liabilities - Fair value $ 0 $ 516
Commodity contracts | Purchased options | Other economic hedges: | Natural gas    
Derivative [Line Items]    
Derivative, nonmonetary notional amount, energy measure | MMBTU 367 0
Gross amounts recognized $ 49 $ 0
Derivative liabilities - Fair value $ 0 $ 0
Commodity contracts | Collars | Customer-related positions: | Crude oil    
Derivative [Line Items]    
Derivative, nonmonetary notional amount, energy measure | Boe 4,597 3,011
Gross amounts recognized $ 6,337 $ 16,038
Derivative liabilities - Fair value $ 4,528 $ 2,630
Commodity contracts | Collars | Customer-related positions: | Natural gas    
Derivative [Line Items]    
Derivative, nonmonetary notional amount, energy measure | MMBTU 34,015 32,072
Gross amounts recognized $ 1,003 $ 2,217
Derivative liabilities - Fair value $ 29,501 $ 18,317
Commodity contracts | Collars | Other economic hedges: | Crude oil    
Derivative [Line Items]    
Derivative, nonmonetary notional amount, energy measure | Boe 5,375 3,942
Gross amounts recognized $ 2,900 $ 1,378
Derivative liabilities - Fair value $ 5,531 $ 12,856
Commodity contracts | Collars | Other economic hedges: | Natural gas    
Derivative [Line Items]    
Derivative, nonmonetary notional amount, energy measure | MMBTU 33,296 31,142
Gross amounts recognized $ 23,594 $ 12,451
Derivative liabilities - Fair value $ 1,003 $ 1,960
v3.23.1
Derivatives - Net Gains (Losses) on Derivatives Not Designated as Hedging Instruments (Details) - Derivatives not designated as hedging instruments - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Derivative Instruments, Gain (Loss) [Line Items]    
Net gains (losses) recognized for derivative not designated as hedging instruments $ 7,914 $ 15,026
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 (2,484) 7,585
Foreign exchange contracts | Foreign exchange income    
Derivative Instruments, Gain (Loss) [Line Items]    
Net gains (losses) recognized for derivative not designated as hedging instruments 10,442 7,322
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 (5) 74
Equity contracts | Lending fees    
Derivative Instruments, Gain (Loss) [Line Items]    
Net gains (losses) recognized for derivative not designated as hedging instruments (45) 94
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 $ 6 $ (49)
v3.23.1
Derivatives - Offsetting of Derivatives (Details) - USD ($)
$ in Thousands
Mar. 31, 2023
Dec. 31, 2022
Derivative assets    
Derivative assets - Fair value $ 627,402 $ 755,328
Less: Master netting agreements (169,849) (242,745)
Less: Cash collateral received (195,278) (372,038)
Net derivative assets 262,275 140,545
Less: Security Collateral Received (233,746) (60,567)
Net Amount 28,529 79,978
Contracts not subject to master netting arrangements, gross amounts recognized 287 2,100
Derivative, cash collateral received, including amount offset by fair value assets, and excess cash amount (205,700) (384,900)
Amount used to offset against derivative assets (195,278) (372,038)
Derivative liabilities    
Gross amounts recognized 681,830 887,264
Less: Master netting agreements (169,849) (242,745)
Less: Cash collateral received 0 0
Net derivative liabilities 511,981 644,519
Less: Security Collateral Pledged 0 (38,438)
Net Amount 511,981 606,081
Contracts not subject to master netting arrangements, gross amounts recognized 15 566
Derivative, cash collateral posted against derivative liabilities, including amount offset the derivative fair value liabilities, and excess cash amount 200 490
Amount used to offset against derivative liabilities $ 0 $ 0
v3.23.1
Loans Receivable and Allowance for Credit Losses - Composition of Loans Held-for-Investment (Details) - USD ($)
$ in Thousands
Mar. 31, 2023
Jan. 01, 2023
Dec. 31, 2022
Mar. 31, 2022
Dec. 31, 2021
LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES          
Loans held-for-investment $ 48,918,048   $ 48,202,430    
Allowance for loan losses (619,893) $ (601,673) (595,645) $ (545,685) $ (541,579)
Loans held-for-investment, net 48,298,155   47,606,785    
Net deferred loan fees and net unamortized premiums (75,400)   (70,400)    
Commercial lending          
LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES          
Loans held-for-investment 35,074,650   34,780,453    
Commercial lending | Commercial and industrial (“C&I”)          
LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES          
Loans held-for-investment 15,641,840   15,711,095    
Allowance for loan losses (376,325) (377,383)   (339,446) (338,252)
Commercial lending | CRE          
LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES          
Loans held-for-investment 14,019,136   13,857,870    
Allowance for loan losses (155,067) (150,201)   (147,104) (150,940)
Commercial lending | Real estate loan | Multifamily residential          
LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES          
Loans held-for-investment 4,682,280   4,573,068    
Allowance for loan losses (24,526) (23,379)   (24,176) (14,400)
Commercial lending | Construction and land          
LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES          
Loans held-for-investment 731,394   638,420    
Allowance for loan losses (9,322) (9,109)   (11,016) (15,468)
Commercial lending | Total CRE          
LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES          
Loans held-for-investment 19,432,810   19,069,358    
Consumer lending          
LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES          
Loans held-for-investment 13,843,398   13,421,977    
Consumer lending | Real estate loan | Single-family residential          
LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES          
Loans held-for-investment 11,786,998   11,223,027    
Allowance for loan losses (48,007) (35,565)   (18,210) (17,160)
Consumer lending | HELOCs          
LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES          
Loans held-for-investment 1,988,881   2,122,655    
Allowance for loan losses (4,971) (4,476)   (3,748) (3,435)
Consumer lending | Total residential mortgage          
LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES          
Loans held-for-investment 13,775,879   13,345,682    
Consumer lending | Other consumer          
LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES          
Loans held-for-investment 67,519   $ 76,295    
Allowance for loan losses $ (1,675) $ (1,560)   $ (1,985) $ (1,924)
v3.23.1
Loans Receivable and Allowance for Credit Losses - Composition of Loans Held-for-Investment- Narrative (Details) - USD ($)
$ in Thousands
Mar. 31, 2023
Dec. 31, 2022
LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES    
Accrued interest receivable $ 221,600 $ 208,400
Loans held-for-investment 48,918,048 48,202,430
Asset Pledged as Collateral    
LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES    
Loans held-for-investment $ 34,170,000 $ 28,300,000
v3.23.1
Loans Receivable and Allowance for Credit Losses - Credit Risk Ratings , Vintage Years and/or Gross Write-offs for Loans Held-for-Investment by Portfolio Segment (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Dec. 31, 2022
Financing Receivable, Vintage Year/Credit Quality Indicator [Line Items]      
Loans held-for-investment $ 48,918,048   $ 48,202,430
Revolving Loans Converted to Term Loans 199,820   191,523
Revolving Loans 11,249,959   11,460,495
Prior 6,897,179   4,261,980
Four Years before Current Fiscal Year 3,748,086   2,936,646
Three Years before Current Fiscal Year 4,596,433   3,871,740
Two Years before Current Fiscal Year 7,903,725   4,810,435
One Year before Current Fiscal Year 12,181,005   8,204,714
Converted to term loan   $ 0  
Current Fiscal Year 2,141,841   12,464,897
Writeoff 273 $ 59  
Pass      
Financing Receivable, Vintage Year/Credit Quality Indicator [Line Items]      
Loans held-for-investment 48,003,978   47,306,450
Revolving Loans Converted to Term Loans 195,652   169,958
Revolving Loans 11,117,769   11,359,948
Prior 6,689,540   4,158,181
Four Years before Current Fiscal Year 3,652,587   2,786,218
Three Years before Current Fiscal Year 4,397,314   3,791,578
Two Years before Current Fiscal Year 7,737,183   4,590,045
One Year before Current Fiscal Year 12,072,397   8,084,723
Current Fiscal Year 2,141,536   12,365,799
Pass | Federal Housing Administration Loan      
Financing Receivable, Vintage Year/Credit Quality Indicator [Line Items]      
Financing receivable, recorded investment, 90 days past due and still accruing, classified as pass 827   818
Criticized (accrual)      
Financing Receivable, Vintage Year/Credit Quality Indicator [Line Items]      
Loans held-for-investment 821,772   797,272
Revolving Loans Converted to Term Loans 537   17,795
Revolving Loans 131,633   99,447
Prior 174,319   76,117
Four Years before Current Fiscal Year 92,190   142,072
Three Years before Current Fiscal Year 187,595   76,486
Two Years before Current Fiscal Year 145,395   208,970
One Year before Current Fiscal Year 90,098   96,150
Current Fiscal Year 5   80,235
Criticized (nonaccrual)      
Financing Receivable, Vintage Year/Credit Quality Indicator [Line Items]      
Loans held-for-investment 92,298   98,708
Revolving Loans Converted to Term Loans 3,631   3,770
Revolving Loans 557   1,100
Prior 33,320   27,682
Four Years before Current Fiscal Year 3,309   8,356
Three Years before Current Fiscal Year 11,524   3,676
Two Years before Current Fiscal Year 21,147   11,420
One Year before Current Fiscal Year 18,510   23,841
Current Fiscal Year 300   18,863
YTD gross write-offs (3)      
Financing Receivable, Vintage Year/Credit Quality Indicator [Line Items]      
Current Fiscal Year 185    
One Year before Current Fiscal Year 68    
Two Years before Current Fiscal Year 72    
Three Years before Current Fiscal Year 0    
Four Years before Current Fiscal Year 0    
Revolving Loans 40    
Revolving Loans Converted to Term Loans 0    
Writeoff 1,924    
Financing Receivable, Originated, More than Five Years before Current Fiscal Year, Writeoff 1,559    
HELOCs      
Financing Receivable, Vintage Year/Credit Quality Indicator [Line Items]      
Converted to term loan 5,100    
Commercial lending      
Financing Receivable, Vintage Year/Credit Quality Indicator [Line Items]      
Loans held-for-investment 35,074,650   34,780,453
Revolving Loans Converted to Term Loans 76,132   59,273
Revolving Loans 9,376,740   9,462,895
Prior 4,607,113   2,719,920
Four Years before Current Fiscal Year 2,664,474   2,111,867
Three Years before Current Fiscal Year 2,855,597   2,761,676
Two Years before Current Fiscal Year 5,486,147   3,020,575
One Year before Current Fiscal Year 8,657,400   5,745,996
Converted to term loan 12,200    
Current Fiscal Year 1,351,047   8,898,251
Commercial lending | YTD gross write-offs (3)      
Financing Receivable, Vintage Year/Credit Quality Indicator [Line Items]      
Current Fiscal Year 185    
One Year before Current Fiscal Year 68    
Two Years before Current Fiscal Year 72    
Three Years before Current Fiscal Year 0    
Four Years before Current Fiscal Year 0    
Revolving Loans 0    
Revolving Loans Converted to Term Loans 0    
Writeoff 1,884    
Financing Receivable, Originated, More than Five Years before Current Fiscal Year, Writeoff 1,559    
Commercial lending | Commercial and industrial (“C&I”)      
Financing Receivable, Vintage Year/Credit Quality Indicator [Line Items]      
Loans held-for-investment 15,641,840   15,711,095
Revolving Loans Converted to Term Loans 20,446   20,548
Revolving Loans 9,190,637   9,275,389
Prior 276,340   120,853
Four Years before Current Fiscal Year 367,506   170,234
Three Years before Current Fiscal Year 562,303   426,477
Two Years before Current Fiscal Year 1,876,052   682,520
One Year before Current Fiscal Year 2,673,429   2,092,308
Current Fiscal Year 675,127   2,922,766
Commercial lending | Commercial and industrial (“C&I”) | Pass      
Financing Receivable, Vintage Year/Credit Quality Indicator [Line Items]      
Loans held-for-investment 15,226,965   15,339,612
Revolving Loans Converted to Term Loans 20,446   20,548
Revolving Loans 9,060,947   9,177,401
Prior 253,687   97,605
Four Years before Current Fiscal Year 333,681   143,970
Three Years before Current Fiscal Year 521,410   392,013
Two Years before Current Fiscal Year 1,783,684   623,026
One Year before Current Fiscal Year 2,578,285   2,053,215
Current Fiscal Year 674,825   2,831,834
Commercial lending | Commercial and industrial (“C&I”) | Criticized (accrual)      
Financing Receivable, Vintage Year/Credit Quality Indicator [Line Items]      
Loans held-for-investment 371,128   321,055
Revolving Loans Converted to Term Loans 0   0
Revolving Loans 129,690   97,988
Prior 9,511   12,933
Four Years before Current Fiscal Year 33,825   20,646
Three Years before Current Fiscal Year 30,558   34,221
Two Years before Current Fiscal Year 90,595   48,761
One Year before Current Fiscal Year 76,947   34,296
Current Fiscal Year 2   72,210
Commercial lending | Commercial and industrial (“C&I”) | Criticized (nonaccrual)      
Financing Receivable, Vintage Year/Credit Quality Indicator [Line Items]      
Loans held-for-investment 43,747   50,428
Revolving Loans Converted to Term Loans 0   0
Revolving Loans 0   0
Prior 13,142   10,315
Four Years before Current Fiscal Year 0   5,618
Three Years before Current Fiscal Year 10,335   243
Two Years before Current Fiscal Year 1,773   10,733
One Year before Current Fiscal Year 18,197   4,797
Current Fiscal Year 300   18,722
Commercial lending | Commercial and industrial (“C&I”) | YTD gross write-offs (3)      
Financing Receivable, Vintage Year/Credit Quality Indicator [Line Items]      
Current Fiscal Year 185    
One Year before Current Fiscal Year 68    
Two Years before Current Fiscal Year 72    
Three Years before Current Fiscal Year 0    
Four Years before Current Fiscal Year 0    
Revolving Loans 0    
Revolving Loans Converted to Term Loans 0    
Writeoff 1,878    
Financing Receivable, Originated, More than Five Years before Current Fiscal Year, Writeoff 1,553    
Commercial lending | CRE      
Financing Receivable, Vintage Year/Credit Quality Indicator [Line Items]      
Loans held-for-investment 14,019,136   13,857,870
Revolving Loans Converted to Term Loans 54,385   38,725
Revolving Loans 164,763   167,108
Prior 3,323,202   1,946,298
Four Years before Current Fiscal Year 1,779,596   1,562,842
Three Years before Current Fiscal Year 1,626,169   1,811,774
Two Years before Current Fiscal Year 2,459,002   1,664,574
One Year before Current Fiscal Year 4,143,268   2,484,251
Current Fiscal Year 468,751   4,182,298
Commercial lending | CRE | Pass      
Financing Receivable, Vintage Year/Credit Quality Indicator [Line Items]      
Loans held-for-investment 13,627,520   13,429,540
Revolving Loans Converted to Term Loans 54,385   22,009
Revolving Loans 163,308   165,653
Prior 3,216,726   1,909,925
Four Years before Current Fiscal Year 1,724,371   1,471,710
Three Years before Current Fiscal Year 1,470,520   1,771,679
Two Years before Current Fiscal Year 2,386,362   1,505,150
One Year before Current Fiscal Year 4,143,097   2,404,634
Current Fiscal Year 468,751   4,178,780
Commercial lending | CRE | Criticized (accrual)      
Financing Receivable, Vintage Year/Credit Quality Indicator [Line Items]      
Loans held-for-investment 372,348   405,086
Revolving Loans Converted to Term Loans 0   16,716
Revolving Loans 1,455   1,455
Prior 106,071   32,173
Four Years before Current Fiscal Year 55,225   91,132
Three Years before Current Fiscal Year 155,649   40,095
Two Years before Current Fiscal Year 53,948   159,424
One Year before Current Fiscal Year 0   60,573
Current Fiscal Year 0   3,518
Commercial lending | CRE | Criticized (nonaccrual)      
Financing Receivable, Vintage Year/Credit Quality Indicator [Line Items]      
Loans held-for-investment 19,268   23,244
Revolving Loans Converted to Term Loans 0   0
Revolving Loans 0   0
Prior 405   4,200
Four Years before Current Fiscal Year 0   0
Three Years before Current Fiscal Year 0   0
Two Years before Current Fiscal Year 18,692   0
One Year before Current Fiscal Year 171   19,044
Current Fiscal Year 0   0
Commercial lending | CRE | YTD gross write-offs (3)      
Financing Receivable, Vintage Year/Credit Quality Indicator [Line Items]      
Current Fiscal Year 0    
One Year before Current Fiscal Year 0    
Two Years before Current Fiscal Year 0    
Three Years before Current Fiscal Year 0    
Four Years before Current Fiscal Year 0    
Revolving Loans 0    
Revolving Loans Converted to Term Loans 0    
Writeoff 6    
Financing Receivable, Originated, More than Five Years before Current Fiscal Year, Writeoff 6    
Commercial lending | Real estate loan | Multifamily residential      
Financing Receivable, Vintage Year/Credit Quality Indicator [Line Items]      
Loans held-for-investment 4,682,280   4,573,068
Revolving Loans Converted to Term Loans 1,301   0
Revolving Loans 9,253   11,325
Prior 982,988   652,538
Four Years before Current Fiscal Year 516,127   354,320
Three Years before Current Fiscal Year 633,118   520,321
Two Years before Current Fiscal Year 882,113   641,677
One Year before Current Fiscal Year 1,498,094   892,598
Current Fiscal Year 159,286   1,500,289
Commercial lending | Real estate loan | Pass | Multifamily residential      
Financing Receivable, Vintage Year/Credit Quality Indicator [Line Items]      
Loans held-for-investment 4,650,257   4,540,840
Revolving Loans Converted to Term Loans 1,301   0
Revolving Loans 9,253   11,325
Prior 951,669   625,293
Four Years before Current Fiscal Year 515,423   350,044
Three Years before Current Fiscal Year 633,118   519,614
Two Years before Current Fiscal Year 882,113   641,677
One Year before Current Fiscal Year 1,498,094   892,598
Current Fiscal Year 159,286   1,500,289
Commercial lending | Real estate loan | Criticized (accrual) | Multifamily residential      
Financing Receivable, Vintage Year/Credit Quality Indicator [Line Items]      
Loans held-for-investment 31,864   32,059
Revolving Loans Converted to Term Loans 0   0
Revolving Loans 0   0
Prior 31,160   27,076
Four Years before Current Fiscal Year 704   4,276
Three Years before Current Fiscal Year 0   707
Two Years before Current Fiscal Year 0   0
One Year before Current Fiscal Year 0   0
Current Fiscal Year 0   0
Commercial lending | Real estate loan | Criticized (nonaccrual) | Multifamily residential      
Financing Receivable, Vintage Year/Credit Quality Indicator [Line Items]      
Loans held-for-investment 159   169
Revolving Loans Converted to Term Loans 0   0
Revolving Loans 0   0
Prior 159   169
Four Years before Current Fiscal Year 0   0
Three Years before Current Fiscal Year 0   0
Two Years before Current Fiscal Year 0   0
One Year before Current Fiscal Year 0   0
Current Fiscal Year 0   0
Commercial lending | Construction and land      
Financing Receivable, Vintage Year/Credit Quality Indicator [Line Items]      
Loans held-for-investment 731,394   638,420
Revolving Loans Converted to Term Loans 0   0
Revolving Loans 12,087   9,073
Prior 24,583   231
Four Years before Current Fiscal Year 1,245   24,471
Three Years before Current Fiscal Year 34,007   3,104
Two Years before Current Fiscal Year 268,980   31,804
One Year before Current Fiscal Year 342,609   276,839
Current Fiscal Year 47,883   292,898
Commercial lending | Construction and land | Pass      
Financing Receivable, Vintage Year/Credit Quality Indicator [Line Items]      
Loans held-for-investment 696,671   612,250
Revolving Loans Converted to Term Loans 0   0
Revolving Loans 12,087   9,073
Prior 3,011   231
Four Years before Current Fiscal Year 1,245   2,805
Three Years before Current Fiscal Year 34,007   3,104
Two Years before Current Fiscal Year 268,980   31,804
One Year before Current Fiscal Year 329,458   276,839
Current Fiscal Year 47,883   288,394
Commercial lending | Construction and land | Criticized (accrual)      
Financing Receivable, Vintage Year/Credit Quality Indicator [Line Items]      
Loans held-for-investment 34,723   26,170
Revolving Loans Converted to Term Loans 0   0
Revolving Loans 0   0
Prior 21,572   0
Four Years before Current Fiscal Year 0   21,666
Three Years before Current Fiscal Year 0   0
Two Years before Current Fiscal Year 0   0
One Year before Current Fiscal Year 13,151   0
Current Fiscal Year 0   4,504
Commercial lending | Construction and land | Criticized (nonaccrual)      
Financing Receivable, Vintage Year/Credit Quality Indicator [Line Items]      
Loans held-for-investment 0   0
Revolving Loans Converted to Term Loans 0   0
Revolving Loans 0   0
Prior 0   0
Four Years before Current Fiscal Year 0   0
Three Years before Current Fiscal Year 0   0
Two Years before Current Fiscal Year 0   0
One Year before Current Fiscal Year 0   0
Current Fiscal Year 0   0
Commercial lending | Total CRE      
Financing Receivable, Vintage Year/Credit Quality Indicator [Line Items]      
Loans held-for-investment 19,432,810   19,069,358
Revolving Loans Converted to Term Loans 55,686   38,725
Revolving Loans 186,103   187,506
Prior 4,330,773   2,599,067
Four Years before Current Fiscal Year 2,296,968   1,941,633
Three Years before Current Fiscal Year 2,293,294   2,335,199
Two Years before Current Fiscal Year 3,610,095   2,338,055
One Year before Current Fiscal Year 5,983,971   3,653,688
Current Fiscal Year 675,920   5,975,485
Commercial lending | Total CRE | YTD gross write-offs (3)      
Financing Receivable, Vintage Year/Credit Quality Indicator [Line Items]      
Current Fiscal Year 0    
One Year before Current Fiscal Year 0    
Two Years before Current Fiscal Year 0    
Three Years before Current Fiscal Year 0    
Four Years before Current Fiscal Year 0    
Revolving Loans 0    
Revolving Loans Converted to Term Loans 0    
Writeoff 6    
Financing Receivable, Originated, More than Five Years before Current Fiscal Year, Writeoff 6    
Consumer lending      
Financing Receivable, Vintage Year/Credit Quality Indicator [Line Items]      
Loans held-for-investment 13,843,398   13,421,977
Revolving Loans Converted to Term Loans 123,688   132,250
Revolving Loans 1,873,219   1,997,600
Prior 2,290,066   1,542,060
Four Years before Current Fiscal Year 1,083,612   824,779
Three Years before Current Fiscal Year 1,740,836   1,110,064
Two Years before Current Fiscal Year 2,417,578   1,789,860
One Year before Current Fiscal Year 3,523,605   2,458,718
Current Fiscal Year 790,794   3,566,646
Consumer lending | YTD gross write-offs (3)      
Financing Receivable, Vintage Year/Credit Quality Indicator [Line Items]      
Current Fiscal Year 0    
One Year before Current Fiscal Year 0    
Two Years before Current Fiscal Year 0    
Three Years before Current Fiscal Year 0    
Four Years before Current Fiscal Year 0    
Revolving Loans 40    
Revolving Loans Converted to Term Loans 0    
Writeoff 40    
Financing Receivable, Originated, More than Five Years before Current Fiscal Year, Writeoff 0    
Consumer lending | Real estate loan | Single-family residential      
Financing Receivable, Vintage Year/Credit Quality Indicator [Line Items]      
Loans held-for-investment 11,786,998   11,223,027
Revolving Loans Converted to Term Loans 0   0
Revolving Loans 0   0
Prior 2,264,375   1,512,448
Four Years before Current Fiscal Year 1,081,192   823,237
Three Years before Current Fiscal Year 1,730,402   1,106,630
Two Years before Current Fiscal Year 2,416,029   1,776,685
One Year before Current Fiscal Year 3,505,098   2,454,992
Current Fiscal Year 789,902   3,549,035
Consumer lending | Real estate loan | Pass | Single-family residential      
Financing Receivable, Vintage Year/Credit Quality Indicator [Line Items]      
Loans held-for-investment 11,760,387   11,197,795
Revolving Loans Converted to Term Loans 0   0
Revolving Loans 0   0
Prior 2,246,626   1,500,359
Four Years before Current Fiscal Year 1,075,516   817,164
Three Years before Current Fiscal Year 1,728,663   1,101,965
Two Years before Current Fiscal Year 2,414,724   1,775,696
One Year before Current Fiscal Year 3,504,956   2,453,717
Current Fiscal Year 789,902   3,548,894
Consumer lending | Real estate loan | Criticized (accrual) | Single-family residential      
Financing Receivable, Vintage Year/Credit Quality Indicator [Line Items]      
Loans held-for-investment 6,898   11,810
Revolving Loans Converted to Term Loans 0   0
Revolving Loans 0   0
Prior 3,100   3,935
Four Years before Current Fiscal Year 2,436   4,352
Three Years before Current Fiscal Year 733   1,463
Two Years before Current Fiscal Year 629   785
One Year before Current Fiscal Year 0   1,275
Current Fiscal Year 0   0
Consumer lending | Real estate loan | Criticized (nonaccrual) | Single-family residential      
Financing Receivable, Vintage Year/Credit Quality Indicator [Line Items]      
Loans held-for-investment 19,713   13,422
Revolving Loans Converted to Term Loans 0   0
Revolving Loans 0   0
Prior 14,649   8,154
Four Years before Current Fiscal Year 3,240   1,721
Three Years before Current Fiscal Year 1,006   3,202
Two Years before Current Fiscal Year 676   204
One Year before Current Fiscal Year 142   0
Current Fiscal Year 0   141
Consumer lending | HELOCs      
Financing Receivable, Vintage Year/Credit Quality Indicator [Line Items]      
Loans held-for-investment 1,988,881   2,122,655
Revolving Loans Converted to Term Loans 123,688   132,250
Revolving Loans 1,836,138   1,959,697
Prior 18,462   13,804
Four Years before Current Fiscal Year 2,420   1,542
Three Years before Current Fiscal Year 5,078   3,434
Two Years before Current Fiscal Year 1,412   7,819
One Year before Current Fiscal Year 1,683   3,589
Current Fiscal Year 0   520
Consumer lending | HELOCs | Pass      
Financing Receivable, Vintage Year/Credit Quality Indicator [Line Items]      
Loans held-for-investment 1,975,028   2,110,220
Revolving Loans Converted to Term Loans 119,520   127,401
Revolving Loans 1,835,459   1,958,692
Prior 10,592   8,960
Four Years before Current Fiscal Year 2,351   525
Three Years before Current Fiscal Year 4,240   3,203
Two Years before Current Fiscal Year 1,183   7,336
One Year before Current Fiscal Year 1,683   3,583
Current Fiscal Year 0   520
Consumer lending | HELOCs | Criticized (accrual)      
Financing Receivable, Vintage Year/Credit Quality Indicator [Line Items]      
Loans held-for-investment 4,808   1,089
Revolving Loans Converted to Term Loans 537   1,079
Revolving Loans 488   4
Prior 2,905   0
Four Years before Current Fiscal Year 0   0
Three Years before Current Fiscal Year 655   0
Two Years before Current Fiscal Year 223   0
One Year before Current Fiscal Year 0   6
Current Fiscal Year 0   0
Consumer lending | HELOCs | Criticized (nonaccrual)      
Financing Receivable, Vintage Year/Credit Quality Indicator [Line Items]      
Loans held-for-investment 9,045   11,346
Revolving Loans Converted to Term Loans 3,631   3,770
Revolving Loans 191   1,001
Prior 4,965   4,844
Four Years before Current Fiscal Year 69   1,017
Three Years before Current Fiscal Year 183   231
Two Years before Current Fiscal Year 6   483
One Year before Current Fiscal Year 0   0
Current Fiscal Year 0   0
Consumer lending | Total residential mortgage      
Financing Receivable, Vintage Year/Credit Quality Indicator [Line Items]      
Loans held-for-investment 13,775,879   13,345,682
Revolving Loans Converted to Term Loans 123,688   132,250
Revolving Loans 1,836,138   1,959,697
Prior 2,282,837   1,526,252
Four Years before Current Fiscal Year 1,083,612   824,779
Three Years before Current Fiscal Year 1,735,480   1,110,064
Two Years before Current Fiscal Year 2,417,441   1,784,504
One Year before Current Fiscal Year 3,506,781   2,458,581
Current Fiscal Year 789,902   3,549,555
Consumer lending | Other consumer      
Financing Receivable, Vintage Year/Credit Quality Indicator [Line Items]      
Loans held-for-investment 67,519   76,295
Revolving Loans Converted to Term Loans 0   0
Revolving Loans 37,081   37,903
Prior 7,229   15,808
Four Years before Current Fiscal Year 0   0
Three Years before Current Fiscal Year 5,356   0
Two Years before Current Fiscal Year 137   5,356
One Year before Current Fiscal Year 16,824   137
Current Fiscal Year 892   17,091
Consumer lending | Other consumer | Pass      
Financing Receivable, Vintage Year/Credit Quality Indicator [Line Items]      
Loans held-for-investment 67,150   76,193
Revolving Loans Converted to Term Loans 0   0
Revolving Loans 36,715   37,804
Prior 7,229   15,808
Four Years before Current Fiscal Year 0   0
Three Years before Current Fiscal Year 5,356   0
Two Years before Current Fiscal Year 137   5,356
One Year before Current Fiscal Year 16,824   137
Current Fiscal Year 889   17,088
Consumer lending | Other consumer | Criticized (accrual)      
Financing Receivable, Vintage Year/Credit Quality Indicator [Line Items]      
Loans held-for-investment 3   3
Revolving Loans Converted to Term Loans 0   0
Revolving Loans 0   0
Prior 0   0
Four Years before Current Fiscal Year 0   0
Three Years before Current Fiscal Year 0   0
Two Years before Current Fiscal Year 0   0
One Year before Current Fiscal Year 0   0
Current Fiscal Year 3   3
Consumer lending | Other consumer | Criticized (nonaccrual)      
Financing Receivable, Vintage Year/Credit Quality Indicator [Line Items]      
Loans held-for-investment 366   99
Revolving Loans Converted to Term Loans 0   0
Revolving Loans 366   99
Prior 0   0
Four Years before Current Fiscal Year 0   0
Three Years before Current Fiscal Year 0   0
Two Years before Current Fiscal Year 0   0
One Year before Current Fiscal Year 0   0
Current Fiscal Year 0   $ 0
Consumer lending | Other consumer | YTD gross write-offs (3)      
Financing Receivable, Vintage Year/Credit Quality Indicator [Line Items]      
Current Fiscal Year 0    
One Year before Current Fiscal Year 0    
Two Years before Current Fiscal Year 0    
Three Years before Current Fiscal Year 0    
Four Years before Current Fiscal Year 0    
Revolving Loans 40    
Revolving Loans Converted to Term Loans 0    
Writeoff 40    
Financing Receivable, Originated, More than Five Years before Current Fiscal Year, Writeoff $ 0    
v3.23.1
Loans Receivable and Allowance for Credit Losses - Aging Analysis on Loans Held-for-Investment (Details) - USD ($)
$ in Thousands
Mar. 31, 2023
Dec. 31, 2022
Current, Past Due or Nonaccrual Loans    
Total Nonaccrual Loans $ 93,125 $ 99,526
Financing Receivable, Excluding Accrued Interest, Modified, after 12 Months 48,918,048 48,202,430
Current Accruing Loans    
Current, Past Due or Nonaccrual Loans    
Financing Receivable, Excluding Accrued Interest, Modified, after 12 Months 48,769,743 48,040,733
Total Accruing Past Due Loans    
Current, Past Due or Nonaccrual Loans    
Financing Receivable, Excluding Accrued Interest, Modified, after 12 Months 55,180 62,171
Accruing Loans 30-59 Days Past Due    
Current, Past Due or Nonaccrual Loans    
Financing Receivable, Excluding Accrued Interest, Modified, after 12 Months 29,991 42,677
Accruing Loans 60-89 Days Past Due    
Current, Past Due or Nonaccrual Loans    
Financing Receivable, Excluding Accrued Interest, Modified, after 12 Months 25,189 19,494
Commercial lending    
Current, Past Due or Nonaccrual Loans    
Total Nonaccrual Loans 63,174 73,841
Financing Receivable, Excluding Accrued Interest, Modified, after 12 Months 35,074,650 34,780,453
Commercial lending | Current Accruing Loans    
Current, Past Due or Nonaccrual Loans    
Financing Receivable, Excluding Accrued Interest, Modified, after 12 Months 34,992,236 34,682,072
Commercial lending | Total Accruing Past Due Loans    
Current, Past Due or Nonaccrual Loans    
Financing Receivable, Excluding Accrued Interest, Modified, after 12 Months 19,240 24,540
Commercial lending | Accruing Loans 30-59 Days Past Due    
Current, Past Due or Nonaccrual Loans    
Financing Receivable, Excluding Accrued Interest, Modified, after 12 Months 6,453 21,345
Commercial lending | Accruing Loans 60-89 Days Past Due    
Current, Past Due or Nonaccrual Loans    
Financing Receivable, Excluding Accrued Interest, Modified, after 12 Months 12,787 3,195
Commercial lending | Commercial and industrial (“C&I”)    
Current, Past Due or Nonaccrual Loans    
Total Nonaccrual Loans 43,747 50,428
Financing Receivable, Excluding Accrued Interest, Modified, after 12 Months 15,641,840 15,711,095
Commercial lending | Commercial and industrial (“C&I”) | Current Accruing Loans    
Current, Past Due or Nonaccrual Loans    
Financing Receivable, Excluding Accrued Interest, Modified, after 12 Months 15,589,505 15,651,312
Commercial lending | Commercial and industrial (“C&I”) | Total Accruing Past Due Loans    
Current, Past Due or Nonaccrual Loans    
Financing Receivable, Excluding Accrued Interest, Modified, after 12 Months 8,588 9,355
Commercial lending | Commercial and industrial (“C&I”) | Accruing Loans 30-59 Days Past Due    
Current, Past Due or Nonaccrual Loans    
Financing Receivable, Excluding Accrued Interest, Modified, after 12 Months 4,758 6,482
Commercial lending | Commercial and industrial (“C&I”) | Accruing Loans 60-89 Days Past Due    
Current, Past Due or Nonaccrual Loans    
Financing Receivable, Excluding Accrued Interest, Modified, after 12 Months 3,830 2,873
Commercial lending | CRE    
Current, Past Due or Nonaccrual Loans    
Total Nonaccrual Loans 19,268 23,244
Financing Receivable, Excluding Accrued Interest, Modified, after 12 Months 14,019,136 13,857,870
Commercial lending | CRE | Current Accruing Loans    
Current, Past Due or Nonaccrual Loans    
Financing Receivable, Excluding Accrued Interest, Modified, after 12 Months 13,998,080 13,820,441
Commercial lending | CRE | Total Accruing Past Due Loans    
Current, Past Due or Nonaccrual Loans    
Financing Receivable, Excluding Accrued Interest, Modified, after 12 Months 1,788 14,185
Commercial lending | CRE | Accruing Loans 30-59 Days Past Due    
Current, Past Due or Nonaccrual Loans    
Financing Receivable, Excluding Accrued Interest, Modified, after 12 Months 1,304 14,185
Commercial lending | CRE | Accruing Loans 60-89 Days Past Due    
Current, Past Due or Nonaccrual Loans    
Financing Receivable, Excluding Accrued Interest, Modified, after 12 Months 484 0
Commercial lending | Real estate loan | Multifamily residential    
Current, Past Due or Nonaccrual Loans    
Total Nonaccrual Loans 159 169
Financing Receivable, Excluding Accrued Interest, Modified, after 12 Months 4,682,280 4,573,068
Commercial lending | Real estate loan | Current Accruing Loans | Multifamily residential    
Current, Past Due or Nonaccrual Loans    
Financing Receivable, Excluding Accrued Interest, Modified, after 12 Months 4,681,411 4,571,899
Commercial lending | Real estate loan | Total Accruing Past Due Loans | Multifamily residential    
Current, Past Due or Nonaccrual Loans    
Financing Receivable, Excluding Accrued Interest, Modified, after 12 Months 710 1,000
Commercial lending | Real estate loan | Accruing Loans 30-59 Days Past Due | Multifamily residential    
Current, Past Due or Nonaccrual Loans    
Financing Receivable, Excluding Accrued Interest, Modified, after 12 Months 391 678
Commercial lending | Real estate loan | Accruing Loans 60-89 Days Past Due | Multifamily residential    
Current, Past Due or Nonaccrual Loans    
Financing Receivable, Excluding Accrued Interest, Modified, after 12 Months 319 322
Commercial lending | Construction and land    
Current, Past Due or Nonaccrual Loans    
Total Nonaccrual Loans 0 0
Financing Receivable, Excluding Accrued Interest, Modified, after 12 Months 731,394 638,420
Commercial lending | Construction and land | Current Accruing Loans    
Current, Past Due or Nonaccrual Loans    
Financing Receivable, Excluding Accrued Interest, Modified, after 12 Months 723,240 638,420
Commercial lending | Construction and land | Total Accruing Past Due Loans    
Current, Past Due or Nonaccrual Loans    
Financing Receivable, Excluding Accrued Interest, Modified, after 12 Months 8,154 0
Commercial lending | Construction and land | Accruing Loans 30-59 Days Past Due    
Current, Past Due or Nonaccrual Loans    
Financing Receivable, Excluding Accrued Interest, Modified, after 12 Months 0 0
Commercial lending | Construction and land | Accruing Loans 60-89 Days Past Due    
Current, Past Due or Nonaccrual Loans    
Financing Receivable, Excluding Accrued Interest, Modified, after 12 Months 8,154 0
Commercial lending | Total CRE    
Current, Past Due or Nonaccrual Loans    
Total Nonaccrual Loans 19,427 23,413
Financing Receivable, Excluding Accrued Interest, Modified, after 12 Months 19,432,810 19,069,358
Commercial lending | Total CRE | Current Accruing Loans    
Current, Past Due or Nonaccrual Loans    
Financing Receivable, Excluding Accrued Interest, Modified, after 12 Months 19,402,731 19,030,760
Commercial lending | Total CRE | Total Accruing Past Due Loans    
Current, Past Due or Nonaccrual Loans    
Financing Receivable, Excluding Accrued Interest, Modified, after 12 Months 10,652 15,185
Commercial lending | Total CRE | Accruing Loans 30-59 Days Past Due    
Current, Past Due or Nonaccrual Loans    
Financing Receivable, Excluding Accrued Interest, Modified, after 12 Months 1,695 14,863
Commercial lending | Total CRE | Accruing Loans 60-89 Days Past Due    
Current, Past Due or Nonaccrual Loans    
Financing Receivable, Excluding Accrued Interest, Modified, after 12 Months 8,957 322
Consumer lending    
Current, Past Due or Nonaccrual Loans    
Total Nonaccrual Loans 29,951 25,685
Financing Receivable, Excluding Accrued Interest, Modified, after 12 Months 13,843,398 13,421,977
Consumer lending | Current Accruing Loans    
Current, Past Due or Nonaccrual Loans    
Financing Receivable, Excluding Accrued Interest, Modified, after 12 Months 13,777,507 13,358,661
Consumer lending | Total Accruing Past Due Loans    
Current, Past Due or Nonaccrual Loans    
Financing Receivable, Excluding Accrued Interest, Modified, after 12 Months 35,940 37,631
Consumer lending | Accruing Loans 30-59 Days Past Due    
Current, Past Due or Nonaccrual Loans    
Financing Receivable, Excluding Accrued Interest, Modified, after 12 Months 23,538 21,332
Consumer lending | Accruing Loans 60-89 Days Past Due    
Current, Past Due or Nonaccrual Loans    
Financing Receivable, Excluding Accrued Interest, Modified, after 12 Months 12,402 16,299
Consumer lending | Real estate loan | Single-family residential    
Current, Past Due or Nonaccrual Loans    
Total Nonaccrual Loans 20,540 14,240
Financing Receivable, Excluding Accrued Interest, Modified, after 12 Months 11,786,998 11,223,027
Consumer lending | Real estate loan | Current Accruing Loans | Single-family residential    
Current, Past Due or Nonaccrual Loans    
Financing Receivable, Excluding Accrued Interest, Modified, after 12 Months 11,740,953 11,183,134
Consumer lending | Real estate loan | Total Accruing Past Due Loans | Single-family residential    
Current, Past Due or Nonaccrual Loans    
Financing Receivable, Excluding Accrued Interest, Modified, after 12 Months 25,505 25,653
Consumer lending | Real estate loan | Accruing Loans 30-59 Days Past Due | Single-family residential    
Current, Past Due or Nonaccrual Loans    
Financing Receivable, Excluding Accrued Interest, Modified, after 12 Months 17,964 13,523
Consumer lending | Real estate loan | Accruing Loans 60-89 Days Past Due | Single-family residential    
Current, Past Due or Nonaccrual Loans    
Financing Receivable, Excluding Accrued Interest, Modified, after 12 Months 7,541 12,130
Consumer lending | HELOCs    
Current, Past Due or Nonaccrual Loans    
Total Nonaccrual Loans 9,045 11,346
Financing Receivable, Excluding Accrued Interest, Modified, after 12 Months 1,988,881 2,122,655
Consumer lending | HELOCs | Current Accruing Loans    
Current, Past Due or Nonaccrual Loans    
Financing Receivable, Excluding Accrued Interest, Modified, after 12 Months 1,969,546 2,102,523
Consumer lending | HELOCs | Total Accruing Past Due Loans    
Current, Past Due or Nonaccrual Loans    
Financing Receivable, Excluding Accrued Interest, Modified, after 12 Months 10,290 8,786
Consumer lending | HELOCs | Accruing Loans 30-59 Days Past Due    
Current, Past Due or Nonaccrual Loans    
Financing Receivable, Excluding Accrued Interest, Modified, after 12 Months 5,485 7,700
Consumer lending | HELOCs | Accruing Loans 60-89 Days Past Due    
Current, Past Due or Nonaccrual Loans    
Financing Receivable, Excluding Accrued Interest, Modified, after 12 Months 4,805 1,086
Consumer lending | Total residential mortgage    
Current, Past Due or Nonaccrual Loans    
Total Nonaccrual Loans 29,585 25,586
Financing Receivable, Excluding Accrued Interest, Modified, after 12 Months 13,775,879 13,345,682
Consumer lending | Total residential mortgage | Current Accruing Loans    
Current, Past Due or Nonaccrual Loans    
Financing Receivable, Excluding Accrued Interest, Modified, after 12 Months 13,710,499 13,285,657
Consumer lending | Total residential mortgage | Total Accruing Past Due Loans    
Current, Past Due or Nonaccrual Loans    
Financing Receivable, Excluding Accrued Interest, Modified, after 12 Months 35,795 34,439
Consumer lending | Total residential mortgage | Accruing Loans 30-59 Days Past Due    
Current, Past Due or Nonaccrual Loans    
Financing Receivable, Excluding Accrued Interest, Modified, after 12 Months 23,449 21,223
Consumer lending | Total residential mortgage | Accruing Loans 60-89 Days Past Due    
Current, Past Due or Nonaccrual Loans    
Financing Receivable, Excluding Accrued Interest, Modified, after 12 Months 12,346 13,216
Consumer lending | Other consumer    
Current, Past Due or Nonaccrual Loans    
Total Nonaccrual Loans 366 99
Financing Receivable, Excluding Accrued Interest, Modified, after 12 Months 67,519 76,295
Consumer lending | Other consumer | Current Accruing Loans    
Current, Past Due or Nonaccrual Loans    
Financing Receivable, Excluding Accrued Interest, Modified, after 12 Months 67,008 73,004
Consumer lending | Other consumer | Total Accruing Past Due Loans    
Current, Past Due or Nonaccrual Loans    
Financing Receivable, Excluding Accrued Interest, Modified, after 12 Months 145 3,192
Consumer lending | Other consumer | Accruing Loans 30-59 Days Past Due    
Current, Past Due or Nonaccrual Loans    
Financing Receivable, Excluding Accrued Interest, Modified, after 12 Months 89 109
Consumer lending | Other consumer | Accruing Loans 60-89 Days Past Due    
Current, Past Due or Nonaccrual Loans    
Financing Receivable, Excluding Accrued Interest, Modified, after 12 Months $ 56 $ 3,083
v3.23.1
Loans Receivable and Allowance for Credit Losses - Amortized Cost of Loans on Nonaccrual Status (Details) - USD ($)
$ in Thousands
Mar. 31, 2023
Dec. 31, 2022
Financing Receivable, Nonaccrual [Line Items]    
Total nonaccrual loans with no related allowance for loan losses $ 47,176 $ 44,585
Commercial lending    
Financing Receivable, Nonaccrual [Line Items]    
Total nonaccrual loans with no related allowance for loan losses 34,920 34,342
Commercial lending | Commercial and industrial (“C&I”)    
Financing Receivable, Nonaccrual [Line Items]    
Total nonaccrual loans with no related allowance for loan losses 16,227 11,398
Commercial lending | CRE    
Financing Receivable, Nonaccrual [Line Items]    
Total nonaccrual loans with no related allowance for loan losses 18,693 22,944
Consumer lending    
Financing Receivable, Nonaccrual [Line Items]    
Total nonaccrual loans with no related allowance for loan losses 12,256 10,243
Consumer lending | Real estate loan | Single-family residential    
Financing Receivable, Nonaccrual [Line Items]    
Total nonaccrual loans with no related allowance for loan losses 7,206 2,998
Consumer lending | HELOCs    
Financing Receivable, Nonaccrual [Line Items]    
Total nonaccrual loans with no related allowance for loan losses $ 5,050 $ 7,245
v3.23.1
Loans Receivable and Allowance for Credit Losses - Loans Receivable Narrative (Details) - USD ($)
$ in Thousands
Mar. 31, 2023
Dec. 31, 2022
Foreclosed assets    
Other assets, foreclosed assets $ 270 $ 270
Residential real estate properties    
Foreclosed assets    
Recorded investment in consumer mortgage loans secured by residential real estate properties for which formal foreclosure proceedings were in process $ 8,400 $ 7,500
v3.23.1
Loans Receivable and Allowance for Credit Losses - Modifications of Outstanding Balance (Details)
$ in Thousands
 3 Months Ended
Mar. 31, 2023
USD ($)
Loans Modified as TDRs  
Total $ 35,619
Term Extension  
Loans Modified as TDRs  
Total 21,255
Payment Delay  
Loans Modified as TDRs  
Total 14,364
Commercial lending  
Loans Modified as TDRs  
Total 34,881
Commercial lending | Term Extension  
Loans Modified as TDRs  
Total 20,517
Commercial lending | Payment Delay  
Loans Modified as TDRs  
Total 14,364
Commercial lending | Commercial and industrial (“C&I”)  
Loans Modified as TDRs  
Total $ 34,338
Modification as a % of Loan Class 0.22%
Commercial lending | Commercial and industrial (“C&I”) | Term Extension  
Loans Modified as TDRs  
Total $ 19,974
Weighted average of loans (in years) 10 months 24 days
Commercial lending | Commercial and industrial (“C&I”) | Payment Delay  
Loans Modified as TDRs  
Total $ 14,364
Weighted average of loans (in years) 1 year
Commercial lending | CRE  
Loans Modified as TDRs  
Total $ 543
Modification as a % of Loan Class 0.00%
Commercial lending | CRE | Term Extension  
Loans Modified as TDRs  
Total $ 543
Weighted average of loans (in years) 2 years
Commercial lending | CRE | Payment Delay  
Loans Modified as TDRs  
Total $ 0
Consumer lending  
Loans Modified as TDRs  
Total 738
Consumer lending | Term Extension  
Loans Modified as TDRs  
Total 738
Consumer lending | Payment Delay  
Loans Modified as TDRs  
Total 0
Consumer lending | HELOCs  
Loans Modified as TDRs  
Total $ 738
Modification as a % of Loan Class 0.04%
Consumer lending | HELOCs | Term Extension  
Loans Modified as TDRs  
Total $ 738
Weighted average of loans (in years) 14 years 9 months 18 days
Consumer lending | HELOCs | Payment Delay  
Loans Modified as TDRs  
Total $ 0
v3.23.1
Loans Receivable and Allowance for Credit Losses - Loans Modification Narrative (Details)
 3 Months Ended
Mar. 31, 2023
USD ($)
Loans and Leases Receivable Disclosure [Abstract]  
Recorded Investments Modification loans $ 0
v3.23.1
Loans Receivable and Allowance for Credit Losses - Payment Status Recorded Investment (Details)
$ in Thousands
Mar. 31, 2023
USD ($)
Financing Receivable Allowance for Credit Losses  
Financing Receivable, Modified, Accumulated $ 35,619
Current Accruing Loans  
Financing Receivable Allowance for Credit Losses  
Financing Receivable, Modified, Accumulated 28,674
30 - 89 Days Past Due  
Financing Receivable Allowance for Credit Losses  
Financing Receivable, Modified, Accumulated 6,945
90+ Days Past Due  
Financing Receivable Allowance for Credit Losses  
Financing Receivable, Modified, Accumulated 0
Commercial lending  
Financing Receivable Allowance for Credit Losses  
Financing Receivable, Modified, Accumulated 34,881
Commercial lending | Current Accruing Loans  
Financing Receivable Allowance for Credit Losses  
Financing Receivable, Modified, Accumulated 27,936
Commercial lending | 30 - 89 Days Past Due  
Financing Receivable Allowance for Credit Losses  
Financing Receivable, Modified, Accumulated 6,945
Commercial lending | 90+ Days Past Due  
Financing Receivable Allowance for Credit Losses  
Financing Receivable, Modified, Accumulated 0
Commercial lending | Commercial and industrial (“C&I”)  
Financing Receivable Allowance for Credit Losses  
Financing Receivable, Modified, Accumulated 34,338
Commercial lending | Commercial and industrial (“C&I”) | Current Accruing Loans  
Financing Receivable Allowance for Credit Losses  
Financing Receivable, Modified, Accumulated 27,393
Commercial lending | Commercial and industrial (“C&I”) | 30 - 89 Days Past Due  
Financing Receivable Allowance for Credit Losses  
Financing Receivable, Modified, Accumulated 6,945
Commercial lending | Commercial and industrial (“C&I”) | 90+ Days Past Due  
Financing Receivable Allowance for Credit Losses  
Financing Receivable, Modified, Accumulated 0
Commercial lending | CRE  
Financing Receivable Allowance for Credit Losses  
Financing Receivable, Modified, Accumulated 543
Commercial lending | CRE | Current Accruing Loans  
Financing Receivable Allowance for Credit Losses  
Financing Receivable, Modified, Accumulated 543
Commercial lending | CRE | 30 - 89 Days Past Due  
Financing Receivable Allowance for Credit Losses  
Financing Receivable, Modified, Accumulated 0
Commercial lending | CRE | 90+ Days Past Due  
Financing Receivable Allowance for Credit Losses  
Financing Receivable, Modified, Accumulated 0
Consumer lending  
Financing Receivable Allowance for Credit Losses  
Financing Receivable, Modified, Accumulated 738
Consumer lending | Current Accruing Loans  
Financing Receivable Allowance for Credit Losses  
Financing Receivable, Modified, Accumulated 738
Consumer lending | 30 - 89 Days Past Due  
Financing Receivable Allowance for Credit Losses  
Financing Receivable, Modified, Accumulated 0
Consumer lending | 90+ Days Past Due  
Financing Receivable Allowance for Credit Losses  
Financing Receivable, Modified, Accumulated 0
Consumer lending | HELOCs  
Financing Receivable Allowance for Credit Losses  
Financing Receivable, Modified, Accumulated 738
Consumer lending | HELOCs | Current Accruing Loans  
Financing Receivable Allowance for Credit Losses  
Financing Receivable, Modified, Accumulated 738
Consumer lending | HELOCs | 30 - 89 Days Past Due  
Financing Receivable Allowance for Credit Losses  
Financing Receivable, Modified, Accumulated 0
Consumer lending | HELOCs | 90+ Days Past Due  
Financing Receivable Allowance for Credit Losses  
Financing Receivable, Modified, Accumulated $ 0
v3.23.1
Loans Receivable and Allowance for Credit Losses - Additions to TDRs (Details)
$ in Thousands
 3 Months Ended
Mar. 31, 2022
USD ($)
loan
Current, Past Due or Nonaccrual Loans  
Post-modification outstanding recorded investment $ 9,224
Financial Impact $ 7,545
Financing Receivable, Modifications, Number of Contracts | loan 1
Financing Receivable, Troubled Debt Restructuring, Premodification $ 17,179
Commercial lending | Commercial and industrial (“C&I”)  
Current, Past Due or Nonaccrual Loans  
Post-modification outstanding recorded investment 9,224
Financial Impact $ 7,545
Financing Receivable, Modifications, Number of Contracts | loan 1
Financing Receivable, Troubled Debt Restructuring, Premodification $ 17,179
v3.23.1
Loans Receivable and Allowance for Credit Losses - Loans Modified that Subsequently Defaulted (Details)
 3 Months Ended
Mar. 31, 2023
USD ($)
Mar. 31, 2022
USD ($)
loan
Dec. 31, 2022
USD ($)
Financing Receivable, Troubled Debt Restructuring [Line Items]      
Post-modification outstanding recorded investment   $ 9,224,000  
Recorded Investments Modification loans $ 0    
Number of Loans | loan   1  
Recorded Investment   $ 3,250,000  
Commitment to lend $ 0   $ 16,200,000
Principal Forgiveness      
Financing Receivable, Troubled Debt Restructuring [Line Items]      
Post-modification outstanding recorded investment   9,224,000  
Commercial lending | Commercial and industrial (“C&I”)      
Financing Receivable, Troubled Debt Restructuring [Line Items]      
Post-modification outstanding recorded investment   $ 9,224,000  
Number of Loans | loan   1  
Recorded Investment   $ 3,250,000  
Commercial lending | Commercial and industrial (“C&I”) | Principal Forgiveness      
Financing Receivable, Troubled Debt Restructuring [Line Items]      
Post-modification outstanding recorded investment   $ 9,224,000  
v3.23.1
Loans Receivable and Allowance for Credit Losses - Collateral-Dependent Loans Narrative (Details) - USD ($)
$ in Millions
Mar. 31, 2023
Dec. 31, 2022
Commercial lending    
Financing Receivable Allowance for Credit Losses    
Collateral dependent loan $ 18.7 $ 47.4
Consumer lending    
Financing Receivable Allowance for Credit Losses    
Collateral dependent loan $ 12.3 $ 13.4
v3.23.1
Loans Receivable and Allowance for Credit Losses - Summary of Activities in Allowance for Loan Losses (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Dec. 31, 2022
Allowance for loan losses      
Allowance for loan losses, December 31, 2022     $ 595,645
Allowance for loan losses, December 31, 2022 $ 595,645 $ 541,579  
Provision for (reversal of) credit losses on loans 18,520 12,252  
Gross charge-offs (2,037) (11,633)  
Gross recoveries 1,428 3,369  
Total net (charge-offs) recoveries (609) (8,264)  
Foreign currency translation adjustment 309 118  
Allowance for loan losses, end of period 619,893 545,685  
Commercial lending | Commercial and industrial (“C&I”)      
Allowance for loan losses      
Allowance for loan losses, December 31, 2022     371,700
Allowance for loan losses, December 31, 2022   338,252  
Provision for (reversal of) credit losses on loans (678) 9,262  
Gross charge-offs (1,900) (11,188)  
Gross recoveries 1,211 3,002  
Total net (charge-offs) recoveries (689) (8,186)  
Foreign currency translation adjustment 309 118  
Allowance for loan losses, end of period 376,325 339,446  
Commercial lending | CRE      
Allowance for loan losses      
Allowance for loan losses, December 31, 2022     149,864
Allowance for loan losses, December 31, 2022   150,940  
Provision for (reversal of) credit losses on loans 4,676 (3,493)  
Gross charge-offs (6) (398)  
Gross recoveries 196 55  
Total net (charge-offs) recoveries 190 (343)  
Foreign currency translation adjustment 0 0  
Allowance for loan losses, end of period 155,067 147,104  
Commercial lending | Residential loan | Multifamily residential      
Allowance for loan losses      
Allowance for loan losses, December 31, 2022     23,373
Allowance for loan losses, December 31, 2022   14,400  
Provision for (reversal of) credit losses on loans 1,135 9,657  
Gross charge-offs 0 (1)  
Gross recoveries 12 120  
Total net (charge-offs) recoveries 12 119  
Foreign currency translation adjustment 0 0  
Allowance for loan losses, end of period 24,526 24,176  
Commercial lending | Construction and land      
Allowance for loan losses      
Allowance for loan losses, December 31, 2022     9,109
Allowance for loan losses, December 31, 2022   15,468  
Provision for (reversal of) credit losses on loans 210 (4,506)  
Gross charge-offs 0 0  
Gross recoveries 3 54  
Total net (charge-offs) recoveries 3 54  
Foreign currency translation adjustment 0 0  
Allowance for loan losses, end of period 9,322 11,016  
Consumer lending | Residential loan | Single-family residential      
Allowance for loan losses      
Allowance for loan losses, December 31, 2022     35,564
Allowance for loan losses, December 31, 2022   17,160  
Provision for (reversal of) credit losses on loans 12,442 926  
Gross charge-offs 0 0  
Gross recoveries 0 124  
Total net (charge-offs) recoveries 0 124  
Foreign currency translation adjustment 0 0  
Allowance for loan losses, end of period 48,007 18,210  
Consumer lending | HELOCs      
Allowance for loan losses      
Allowance for loan losses, December 31, 2022     4,475
Allowance for loan losses, December 31, 2022   3,435  
Provision for (reversal of) credit losses on loans 580 299  
Gross charge-offs (91) 0  
Gross recoveries 6 14  
Total net (charge-offs) recoveries (85) 14  
Foreign currency translation adjustment 0 0  
Allowance for loan losses, end of period 4,971 3,748  
Consumer lending | Other consumer      
Allowance for loan losses      
Allowance for loan losses, December 31, 2022     1,560
Allowance for loan losses, December 31, 2022   1,924  
Provision for (reversal of) credit losses on loans 155 107  
Gross charge-offs (40) (46)  
Gross recoveries 0 0  
Total net (charge-offs) recoveries (40) (46)  
Foreign currency translation adjustment 0 0  
Allowance for loan losses, end of period 1,675 $ 1,985  
Accounting Standards Update 2022-02      
Allowance for loan losses      
Impact of ASU 2022-02 adoption     6,028
Allowance for loan losses, December 31, 2022 $ (6,000)    
Accounting Standards Update 2022-02 | Commercial lending | Commercial and industrial (“C&I”)      
Allowance for loan losses      
Impact of ASU 2022-02 adoption     5,683
Accounting Standards Update 2022-02 | Commercial lending | CRE      
Allowance for loan losses      
Impact of ASU 2022-02 adoption     337
Accounting Standards Update 2022-02 | Commercial lending | Residential loan | Multifamily residential      
Allowance for loan losses      
Impact of ASU 2022-02 adoption     6
Accounting Standards Update 2022-02 | Commercial lending | Construction and land      
Allowance for loan losses      
Impact of ASU 2022-02 adoption     0
Accounting Standards Update 2022-02 | Consumer lending | Residential loan | Single-family residential      
Allowance for loan losses      
Impact of ASU 2022-02 adoption     1
Accounting Standards Update 2022-02 | Consumer lending | HELOCs      
Allowance for loan losses      
Impact of ASU 2022-02 adoption     1
Accounting Standards Update 2022-02 | Consumer lending | Other consumer      
Allowance for loan losses      
Impact of ASU 2022-02 adoption     $ 0
v3.23.1
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
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Allowance for unfunded credit reserves    
Allowance for unfunded credit commitments, beginning of period $ 26,200  
Allowance for unfunded credit commitments, end of period 27,700  
Provision for credit losses 20,000 $ 8,000
Unfunded Credit Commitments    
Allowance for unfunded credit reserves    
Allowance for unfunded credit commitments, beginning of period 26,264 27,514
Provision for (reversal of) credit losses on unfunded credit commitments 1,480 (4,252)
Foreign currency translation adjustment (3) 0
Allowance for unfunded credit commitments, end of period $ 27,741 $ 23,262
v3.23.1
Loans Receivable and Allowance for Credit Losses - Allowance for Credit Losses Narrative (Details)
$ in Millions
 3 Months Ended
Mar. 31, 2023
USD ($)
qtr
Dec. 31, 2022
USD ($)
Financing Receivable Allowance for Credit Losses    
Life time loss rate, period span | qtr 11  
Allowance for credit losses $ 647.6 $ 621.9
Increase in allowance for credit losses $ 25.7  
US Treasury Spread    
Financing Receivable Allowance for Credit Losses    
Credit derivative, term 10 years  
v3.23.1
Loans Receivable and Allowance for Credit Losses- Loan Purchases, Sales And Transfers Narrative (Details) - USD ($)
$ in Millions
Mar. 31, 2023
Dec. 31, 2022
Commercial and industrial (“C&I”)    
LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES    
Loans held-for-sale $ 6.9 $ 25.6
v3.23.1
Loans Receivable and Allowance for Credit Losses - Loan Purchases, Sales and Transfers (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Loans Receivable and Allowance for Credit Losses    
Loans transferred from held-for-investment to held-for-sale $ 160,476 $ 133,217
Sales 179,532 129,705
Purchases 154,682 224,971
Writeoff 273 59
Net (losses) gains on sales of loans (22) 2,922
C&I and CRE | Originated    
Loans Receivable and Allowance for Credit Losses    
Sales 111,000 112,300
Loans sold in secondary market | Purchased    
Loans Receivable and Allowance for Credit Losses    
Sales 68,500 17,400
Commercial lending | Commercial and industrial (“C&I”)    
Loans Receivable and Allowance for Credit Losses    
Loans transferred from held-for-investment to held-for-sale 156,876 111,437
Sales 175,932 107,474
Purchases 22,683 110,596
Commercial lending | CRE    
Loans Receivable and Allowance for Credit Losses    
Loans transferred from held-for-investment to held-for-sale 3,600 21,780
Sales 3,600 21,780
Purchases 0 0
Consumer lending | Real estate loan | Single-family residential    
Loans Receivable and Allowance for Credit Losses    
Loans transferred from held-for-investment to held-for-sale 0 0
Sales 0 451
Purchases $ 131,999 $ 114,375
v3.23.1
Investments in Qualified Affordable Housing Partnerships, Tax Credit and Other Investments, Net and Variable Interest Entities -Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2023
Dec. 31, 2022
Investments in Tax Credit and Other Investments, Net [Line Items]    
Minimum compliance period for qualified affordable housing partnerships to fully utilize the tax credits (in years) 15 years  
Tax credit investments    
Investments in Tax Credit and Other Investments, Net [Line Items]    
Equity securities $ 24.4 $ 24.0
Investments in Tax Credit and Other Investments and Other Assets    
Investments in Tax Credit and Other Investments, Net [Line Items]    
Equity securities without readily determinable fair values $ 36.0 $ 36.5
v3.23.1
Investments in Qualified Affordable Housing Partnerships, Tax Credit and Other Investments, Net and Variable Interest Entities - Schedule of Investments and Unfunded Commitments (Details) - USD ($)
$ in Thousands
Mar. 31, 2023
Dec. 31, 2022
Assets    
Investments in qualified affordable housing partnerships, net $ 388,926 $ 413,253
Investments in tax credit and other investments, net 352,428 350,003
Total 741,354 763,256
Liabilities - Unfunded Commitments    
Investments in qualified affordable housing partnerships, net - liabilities unfunded commitments 241,371 266,654
Investments in tax credit and other investments, net - liabilities unfunded commitments 190,010 185,797
Total $ 431,381 $ 452,451
v3.23.1
Investments in Qualified Affordable Housing Partnerships, Tax Credit and Other Investments, Net and Variable Interest Entities - Summary of Additional Information Related to the Investments (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Investments in qualified housing partnerships, net    
Tax credits and other tax benefits recognized $ 16,094 $ 12,830
Amortization expense included in income tax expense 12,666 10,025
Investments in tax credit and other investments, net    
Amortization of tax credit and other investments (1) 10,110 13,900
Unrealized gains (losses) on equity securities with readily determinable values 361 $ (1,161)
DC Solar    
Investments in tax credit and other investments, net    
Impairment recoveries 174  
Cash settlement $ 3,700  
v3.23.1
Goodwill (Details) - USD ($)
$ in Thousands
Mar. 31, 2023
Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]    
Goodwill $ 465,697 $ 465,697
v3.23.1
Short-Term Borrowings and Long-Term Debt - Schedule of Short-Term Borrowings (Details) - USD ($)
$ in Thousands
Mar. 31, 2023
Dec. 31, 2022
Short-Term Debt [Line Items]    
Interest Rate 4.37%  
Short-term borrowings $ 4,500,000 $ 0
Asset Pledged as Collateral with Right | Notes Payable, Other Payables    
Short-Term Debt [Line Items]    
Short-term borrowings 4,840,000  
Unused borrowing capacity, amount $ 339,000  
v3.23.1
Short-Term Borrowings and Long-Term Debt - Long-term Debt (Details) - Subordinated Debt - USD ($)
$ in Millions
Mar. 31, 2023
Dec. 31, 2022
Debt Instrument [Line Items]    
Long-term debt total $ 148.0 $ 148.0
Weighted-average rate (as a percent) 6.39% 3.49%
Maximum    
Debt Instrument [Line Items]    
Long-term debt remaining maturities (in years) 14 years 6 months  
Minimum    
Debt Instrument [Line Items]    
Long-term debt remaining maturities (in years) 11 years 7 months 6 days  
v3.23.1
Commitments and Contingencies - Credit-Related Commitments (Details) - USD ($)
$ in Thousands
Mar. 31, 2023
Dec. 31, 2022
Loan commitments    
Commitments to Extend Credit    
Expire in One Year or Less $ 2,984,815  
Expire After One Year Through Three Years 2,391,830  
Expire After Three Year Through Five Years 1,091,375  
Expire After Five Years 2,076,229  
Total 8,544,249 $ 8,211,571
Commercial letters of credit and SBLCs    
Commitments to Extend Credit    
Expire in One Year or Less 703,038  
Expire After One Year Through Three Years 567,135  
Expire After Three Year Through Five Years 84,709  
Expire After Five Years 1,075,196  
Total 2,430,078 2,291,966
Commitments to Extend Credit    
Commitments to Extend Credit    
Expire in One Year or Less 3,687,853  
Expire After One Year Through Three Years 2,958,965  
Expire After Three Year Through Five Years 1,176,084  
Expire After Five Years 3,151,425  
Total $ 10,974,327 $ 10,503,537
v3.23.1
Commitments and Contingencies - Narrative (Details) - USD ($)
$ in Thousands
Mar. 31, 2023
Dec. 31, 2022
Commitments to Extend Credit    
Letters of credit $ 2,430,000 $ 2,290,000
Allowance for unfunded credit commitments 27,700 26,200
Accrued expenses and other liabilities    
Other Commitments    
Unfunded commitments for investments in AHP and other tax credit investments 431,400 452,500
Loans Sold or Securitized With Recourse | Single Family and Multi-family Residential Loans | Loans Sold or Securitized with Recourse    
Commitments to Extend Credit    
Allowance for unfunded credit commitments 36 37
Standby Letters of Credit    
Commitments to Extend Credit    
Letters of credit 2,400,000 2,270,000
Commercial Letters of Credit    
Commitments to Extend Credit    
Letters of credit $ 29,600 $ 21,600
v3.23.1
Commitments and Contingencies - Guarantees Outstanding (Details) - Loans Sold or Securitized With Recourse - Loans Sold or Securitized with Recourse - USD ($)
$ in Thousands
Mar. 31, 2023
Dec. 31, 2022
Guarantor obligation, maximum potential future payment [Abstract]    
Expire in One Year or Less $ 37  
Expire After One Year Through Three Years 67  
Expire After Three Years Through Five Years 0  
Expire After Five Years 21,400  
Total 21,504 $ 21,777
Carrying Value 27,524 28,101
Single Family Residential    
Guarantor obligation, maximum potential future payment [Abstract]    
Expire in One Year or Less 37  
Expire After One Year Through Three Years 67  
Expire After Three Years Through Five Years 0  
Expire After Five Years 6,404  
Total 6,508 6,781
Carrying Value 6,508 6,781
Multifamily residential    
Guarantor obligation, maximum potential future payment [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 $ 21,016 $ 21,320
v3.23.1
Stock Compensation Plans - Summary of Total Share-Based Compensation Expense and Related Net Tax Benefits (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Share-Based Payment Arrangement [Abstract]    
Stock compensation costs $ 11,075 $ 8,433
Related net tax benefits for stock compensation plans $ 8,290 $ 5,159
v3.23.1
Stock Compensation Plans - Narrative (Details)
$ in Millions
 3 Months Ended
Mar. 31, 2023
USD ($)
RSUs | Cliff  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Vesting period (in years) 3 years
Performance-Based RSUs  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Total unrecognized compensation cost $ 24.1
Weighted average period to recognize unrecognized compensation cost 2 years 3 months 18 days
Performance-Based RSUs | Minimum  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Potential for awards to vest (as a percent) 0.00%
Performance-Based RSUs | Maximum  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Potential for awards to vest (as a percent) 200.00%
Performance-Based RSUs | Cliff  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Vesting period (in years) 3 years
Time-Based RSUs  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Total unrecognized compensation cost $ 41.8
Weighted average period to recognize unrecognized compensation cost 2 years 2 months 12 days
v3.23.1
Stock Compensation Plans - Summary of Activity for Time-Based and Performance-Based RSUs (Details)
 3 Months Ended
Mar. 31, 2023
$ / shares
shares
Time-Based RSUs  
Shares  
Outstanding, at beginning of period (in shares) | shares 1,296,866
Granted (in shares) | shares 479,758
Vested (in shares) | shares (462,248)
Forfeited (in shares) | shares (9,280)
Outstanding, at end of period (in shares) | shares 1,305,096
Weighted-Average Grant Date Fair Value  
Outstanding, at beginning of period (in dollars per share) | $ / shares $ 60.77
Granted (in dollars per share) | $ / shares 74.53
Vested (in dollars per share) | $ / shares 42.35
Forfeited (in dollars per share) | $ / shares 70.26
Outstanding, at end of period (in dollars per share) | $ / shares $ 72.28
Performance-Based RSUs  
Shares  
Outstanding, at beginning of period (in shares) | shares 332,510
Granted (in shares) | shares 96,271
Vested (in shares) | shares (152,558)
Forfeited (in shares) | shares 0
Outstanding, at end of period (in shares) | shares 276,223
Weighted-Average Grant Date Fair Value  
Outstanding, at beginning of period (in dollars per share) | $ / shares $ 60.40
Granted (in dollars per share) | $ / shares 57.50
Vested (in dollars per share) | $ / shares 39.39
Forfeited (in dollars per share) | $ / shares 0
Outstanding, at end of period (in dollars per share) | $ / shares $ 70.99
v3.23.1
Stockholders' Equity and Earnings Per Share - Earnings Per Share Calculation (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Basic:    
Net income $ 322,439 $ 237,652
Weighted-average number of shares outstanding (in shares) 141,112 142,025
Basic EPS (in dollars per share) $ 2.28 $ 1.67
Diluted:    
Net income $ 322,439 $ 237,652
Weighted-average number of shares outstanding (in shares) 141,112 142,025
Add: Dilutive impact of unvested RSUs (in shares) 801 1,198
Diluted weighted-average number of shares outstanding (in shares) 141,913 143,223
Diluted EPS (in dollars per share) $ 2.27 $ 1.66
v3.23.1
Stockholders' Equity and Earnings Per Share - Narrative (Details) - shares
shares in Thousands
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
RSUs    
Stockholders' Equity and Earnings Per Share [Line Items]    
Weighted-average anti-dilutive shares (in shares) 417 123
v3.23.1
Accumulated Other Comprehensive Income (Loss) - Components of AOCI (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
AOCI Attributable to Parent, Net of Tax [Roll Forward]    
Beginning balance $ 5,984,612 $ 5,837,218
Other comprehensive income (loss) 85,635 (304,544)
Ending balance 6,309,331 5,703,456
Debt Securities    
AOCI Attributable to Parent, Net of Tax [Roll Forward]    
Beginning balance (694,815) (85,703)
Net unrealized (losses) gains arising during the period 44,275 (281,361)
Amounts reclassified from AOCI 9,806 1,411
Other comprehensive income (loss) 54,081 (279,950)
Ending balance (640,734) (365,653)
Cash Flow Hedges    
AOCI Attributable to Parent, Net of Tax [Roll Forward]    
Beginning balance (49,531) 257
Net unrealized (losses) gains arising during the period 21,086 (23,227)
Amounts reclassified from AOCI 7,527 (1,496)
Other comprehensive income (loss) 28,613 (24,723)
Ending balance (20,918) (24,466)
Foreign Currency Translation Adjustments    
AOCI Attributable to Parent, Net of Tax [Roll Forward]    
Beginning balance (21,283) (4,935)
Net unrealized (losses) gains arising during the period 2,941 129
Amounts reclassified from AOCI 0 0
Other comprehensive income (loss) 2,941 129
Ending balance (18,342) (4,806)
AOCI, Net of Tax    
AOCI Attributable to Parent, Net of Tax [Roll Forward]    
Beginning balance (765,629) (90,381)
Net unrealized (losses) gains arising during the period 68,302 (304,459)
Amounts reclassified from AOCI 17,333 (85)
Other comprehensive income (loss) 85,635 (304,544)
Ending balance $ (679,994) $ (394,925)
v3.23.1
Accumulated Other Comprehensive Income (Loss) - Components of Other Comprehensive Income (Loss) (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Before-Tax    
Net change $ 119,894 $ (432,490)
Tax Effect    
Net change (34,259) 127,946
Net-of-Tax    
Other comprehensive income (loss) 85,635 (304,544)
Debt Securities    
Before-Tax    
Net unrealized gains (losses) arising during the period 62,860 (399,462)
Net realized gains reclassified into net income 10,000 (1,278)
Amortization of unrealized losses on transferred securities 3,921 3,281
Net change 76,781 (397,459)
Tax Effect    
Net unrealized losses arising during the period (18,585) 118,101
Net realized gains reclassified into net income (2,956) 378
Amortization of unrealized losses on transferred securities (1,159) (970)
Net change (22,700) 117,509
Net-of-Tax    
Net unrealized gains (losses) arising during the period 44,275 (281,361)
Net realized gains reclassified into net income 7,044 (900)
Amortization of unrealized losses on transferred securities 2,762 2,311
Net realized losses (gains) reclassified into net income 9,806 1,411
Other comprehensive income (loss) 54,081 (279,950)
Cash Flow Hedges    
Before-Tax    
Net unrealized gains (losses) arising during the period 29,843 (32,609)
Net realized losses (gains) reclassified into net income 10,644 (2,100)
Net change 40,487 (34,709)
Tax Effect    
Net unrealized losses arising during the period (8,757) 9,382
Net realized losses (gains) reclassified into net income (3,117) 604
Net change (11,874) 9,986
Net-of-Tax    
Net unrealized gains (losses) arising during the period 21,086 (23,227)
Net realized losses (gains) reclassified into net income 7,527 (1,496)
Other comprehensive income (loss) 28,613 (24,723)
Foreign Currency Translation Adjustments    
Before-Tax    
Net unrealized gains (losses) arising during the period 2,626 (322)
Net change 2,626 (322)
Tax Effect    
Net unrealized losses arising during the period 315 451
Net change 315 451
Net-of-Tax    
Net unrealized gains (losses) arising during the period 2,941 129
Net realized losses (gains) reclassified into net income 0 0
Other comprehensive income (loss) $ 2,941 $ 129
v3.23.1
Business Segments - Narrative (Details)
 3 Months Ended
Mar. 31, 2023
segment
Segment Reporting [Abstract]  
Number of core segments 2
Number of reportable segments 3
v3.23.1
Business Segments - Operating Results and Other Key Financial Measures (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Dec. 31, 2022
Segment Reporting Information      
Net interest income before provision for credit losses $ 599,861 $ 415,613  
Provision for credit losses 20,000 8,000  
Noninterest income (loss) 59,978 79,743  
Noninterest expense 218,447 189,450  
INCOME BEFORE INCOME TAXES 421,392 297,906  
Segment net income 322,439 237,652  
Segment assets 67,244,898 62,241,456 $ 64,112,150
Consumer and Business Banking      
Segment Reporting Information      
Net interest income before provision for credit losses 304,242 213,214  
Provision for credit losses 15,012 3,104  
Noninterest income (loss) 26,002 25,199  
Noninterest expense 113,823 96,095  
INCOME BEFORE INCOME TAXES 201,409 139,214  
Segment net income 142,247 99,164  
Segment assets 17,880,525 15,338,579  
Commercial Banking      
Segment Reporting Information      
Net interest income before provision for credit losses 236,723 208,077  
Provision for credit losses 4,988 4,896  
Noninterest income (loss) 43,599 49,077  
Noninterest expense 87,248 73,395  
INCOME BEFORE INCOME TAXES 188,086 178,863  
Segment net income 134,457 127,507  
Segment assets 33,647,465 30,199,416  
Other      
Segment Reporting Information      
Net interest income before provision for credit losses 58,896 (5,678)  
Provision for credit losses 0 0  
Noninterest income (loss) (9,623) 5,467  
Noninterest expense 17,376 19,960  
INCOME BEFORE INCOME TAXES 31,897 (20,171)  
Segment net income 45,735 10,981  
Segment assets $ 15,716,908 $ 16,703,461