EAST WEST BANCORP INC, 10-Q filed on 5/9/2024
Quarterly Report
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Cover Page - shares
 3 Months Ended
Mar. 31, 2024
Apr. 30, 2024
Cover [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Mar. 31, 2024  
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 $0.001 per share  
Trading Symbol EWBC  
Security Exchange Name NASDAQ  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   139,143,317
Entity Central Index Key 0001069157  
Current Fiscal Year End Date --12-31  
Document Fiscal Year Focus 2024  
Document Fiscal Period Focus Q1  
Amendment Flag false  
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CONSOLIDATED BALANCE SHEET - USD ($)
$ in Thousands
Mar. 31, 2024
Dec. 31, 2023
ASSETS    
Cash and due from banks $ 382,484 $ 444,793
Interest-bearing cash with banks 3,828,317 4,170,191
Cash and cash equivalents 4,210,801 4,614,984
Interest-bearing deposits with banks 24,593 10,498
Securities purchased under resale agreements (“resale agreements”) 485,000 785,000
Securities:    
Available-for-sale (“AFS”) debt securities, at fair value (amortized cost of $9,131,953 and $6,916,491) 8,400,468 6,188,337
Held-to-maturity (“HTM”) debt securities, at amortized cost (fair value of $2,414,478 and $2,453,971) 2,948,642 2,956,040
Loans held-for-sale 13,280 116
Loans held-for-investment (net of allowance for loan losses of $670,280 and $668,743) 51,322,224 51,542,039
Affordable housing partnership, tax credit and Community Reinvestment Act (“CRA”) investments, net 933,187 905,036
Premises and equipment (net of accumulated depreciation of $159,760 and $157,622) 83,989 86,370
Goodwill 465,697 465,697
Operating lease right-of-use assets 87,535 94,024
Other assets 1,900,254 1,964,743
TOTAL 70,875,670 69,612,884
Deposits:    
Noninterest-bearing 14,798,927 15,539,872
Interest-bearing 43,761,697 40,552,566
Total deposits 58,560,624 56,092,438
Short-term borrowings 19,173 0
Bank Term Funding Program (“BTFP”) borrowings 0 4,500,000
Federal Home Loan Bank (“FHLB”) advances 3,500,000 0
Long-term debt and finance lease liabilities 36,428 153,011
Operating lease liabilities 95,643 102,353
Accrued expenses and other liabilities 1,640,570 1,814,248
Total liabilities 63,852,438 62,662,050
COMMITMENTS AND CONTINGENCIES (Note 11)
STOCKHOLDERS’ EQUITY    
Common stock, $0.001 par value, 200,000,000 shares authorized; 169,835,469 and 169,372,230 shares issued 170 169
Additional paid-in capital 1,993,806 1,980,818
Retained earnings 6,662,919 6,465,230
Treasury stock, at cost 30,714,307 and 29,344,863 shares (970,930) (874,787)
Accumulated other comprehensive loss (“AOCI”), net of tax (662,733) (620,596)
Total stockholders’ equity 7,023,232 6,950,834
TOTAL $ 70,875,670 $ 69,612,884
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CONSOLIDATED BALANCE SHEET (Parenthetical) - USD ($)
$ in Thousands
Mar. 31, 2024
Dec. 31, 2023
ASSETS    
AFS debt securities, amortized cost $ 9,131,953 $ 6,916,491
HTM debt securities, fair value 2,414,478 2,453,971
Allowance for loan losses 670,280 668,743
Premises and equipment, accumulated depreciation $ 159,760 $ 157,622
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) 169,835,469 169,372,230
Treasury stock, shares (in shares) 30,714,307 29,344,863
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CONSOLIDATED STATEMENT OF INCOME - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
INTEREST AND DIVIDEND INCOME    
Loans receivable, including fees $ 866,389 $ 728,386
Debt securities 75,392 65,931
Resale agreements 6,115 4,503
Restricted equity securities 1,339 1,039
Interest-bearing cash and deposits with banks 74,382 35,647
Total interest and dividend income 1,023,617 835,506
INTEREST EXPENSE    
Deposits 406,199 216,794
Federal funds purchased and other short-term borrowings 42,106 8,825
FHLB advances 7,739 6,430
Securities sold under repurchase agreements (“repurchase agreements”) 35 1,052
Long-term debt and finance lease liabilities 2,399 2,544
Total interest expense 458,478 235,645
Net interest income before provision for credit losses 565,139 599,861
Provision for credit losses 25,000 20,000
Net interest income after provision for credit losses 540,139 579,861
NONINTEREST INCOME    
Deposit account fees 24,948 23,054
Lending fees 22,925 20,586
Foreign exchange income 11,469 11,309
Wealth management fees 8,592 6,304
Customer derivative income 3,750 2,564
Net losses on sales of loans (41) (22)
Net gains (losses) on AFS debt securities 49 (10,000)
Other investment income 2,815 1,921
Other income 4,481 4,262
Total noninterest income 78,988 59,978
NONINTEREST EXPENSE    
Compensation and employee benefits 141,812 129,654
Occupancy and equipment expense 15,230 15,587
Deposit insurance premiums and regulatory assessments 19,649 7,910
Deposit account expense 12,188 9,609
Computer software and data processing expenses 11,344 10,707
Other operating expense 33,445 34,870
Amortization of tax credit and CRA investments 13,207 10,110
Noninterest expense 246,875 218,447
INCOME BEFORE INCOME TAXES 372,252 421,392
INCOME TAX EXPENSE 87,177 98,953
NET INCOME $ 285,075 $ 322,439
EARNINGS PER SHARE (“EPS”)    
BASIC (in dollars per share) $ 2.04 $ 2.28
DILUTED (in dollars per share) $ 2.03 $ 2.27
WEIGHTED-AVERAGE NUMBER OF SHARES OUTSTANDING    
BASIC (in shares) 139,409 141,112
DILUTED (in shares) 140,261 141,913
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CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Statement of Comprehensive Income [Abstract]    
Net income $ 285,075 $ 322,439
Other comprehensive (loss) income, net of tax:    
Net changes in unrealized (losses) gains on AFS debt securities (2,317) 51,319
Amortization of unrealized losses on debt securities transferred from AFS to HTM 2,688 2,762
Net changes in unrealized (losses) gains on cash flow hedges (46,330) 28,613
Foreign currency translation adjustments 3,822 2,941
Other comprehensive (loss) income (42,137) 85,635
COMPREHENSIVE INCOME $ 242,938 $ 408,074
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CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS’ EQUITY - USD ($)
$ in Thousands
Total
Cumulative Effect, Period Of Adoption, Adjustment
Various Stock Compensation Plans And Agreements
Stock Repurchase Plan
Common Stock
Common Stock
Various Stock Compensation Plans And Agreements
Common Stock
Stock Repurchase Plan
Common Stock and Additional Paid-in Capital
Retained Earnings
Retained Earnings
Cumulative Effect, Period Of Adoption, Adjustment
Treasury Stock
Treasury Stock
Various Stock Compensation Plans And Agreements
Treasury Stock
Stock Repurchase Plan
AOCI, Net of Tax
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 the Stock Repurchase Program/various stock compensation plans and agreements (in shares)           (292,768)                
Repurchase of common stock pursuant to the Stock Repurchase Program/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)
Beginning balance (in shares) at Dec. 31, 2023         140,027,367                  
Beginning balance at Dec. 31, 2023 6,950,834             1,980,987 6,465,230   (874,787)     (620,596)
Beginning balance (Accounting Standards Update 2023-02) at Dec. 31, 2023 [2]   $ (9,482)               $ (9,482)        
Increase (Decrease) in Stockholders' Equity                            
Net income 285,075               285,075          
Other comprehensive loss (42,137)                         (42,137)
Issuance of common stock pursuant to various stock compensation plans and agreements (in shares)         463,239                  
Issuance of common stock pursuant to various stock compensation plans and agreements 12,989             12,989            
Repurchase of common stock pursuant to the Stock Repurchase Program/various stock compensation plans and agreements (in shares)           (187,593) (1,181,851)              
Repurchase of common stock pursuant to the Stock Repurchase Program/various stock compensation plans and agreements     $ (13,702) $ (82,441)               $ (13,702) $ (82,441)  
Cash dividends on common stock (77,904)               (77,904)          
Ending balance (in shares) at Mar. 31, 2024         139,121,162                  
Ending balance at Mar. 31, 2024 $ 7,023,232             $ 1,993,976 $ 6,662,919   $ (970,930)     $ (662,733)
[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.
[2] Represents the impact of the adoption of ASU 2023-02, Investments - Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method on January 1, 2024. Refer to Note 2 — Current Accounting Developments and Summary of Significant Accounting Policies in this Form 10-Q for additional information.
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CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS’ EQUITY (Parenthetical) - $ / shares
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Statement of Stockholders' Equity [Abstract]    
Dividends declared per common share (in dollars per share) $ 0.55 $ 0.48
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CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income $ 285,075 $ 322,439
Adjustments to reconcile net income to net cash provided by operating activities:    
Provision for credit losses 25,000 20,000
Depreciation and amortization 50,998 32,567
Amortization of premiums (accretion of discount), net 648 (4,497)
Stock compensation costs 12,988 11,075
Deferred income tax (benefit) expense (6,905) 609
Net losses on sales of loans 41 22
Net (gains) losses on AFS debt securities (49) 10,000
Loans held-for-sale:    
Originations and purchases (850) 0
Proceeds from sales and paydowns/payoffs of loans originally classified as held-for-sale 992 0
Distributions received from equity method investees 978 1,718
Net change in accrued interest receivable and other assets 75,815 (75,163)
Net change in accrued expenses and other liabilities (177,732) (93,948)
Other operating activities, net (760) (1,921)
Total adjustments (18,836) (99,538)
Net cash provided by operating activities 266,239 222,901
Net (increase) decrease in:    
Affordable housing partnership, tax credit and CRA investments (106,536) (27,358)
Interest-bearing deposits with banks (14,252) 128,772
Assets purchased under resale agreements:    
Proceeds from paydowns and maturities 300,000 150,629
Purchases 0 (12,725)
AFS debt securities:    
Proceeds from sales 537,195 0
Proceeds from repayments, maturities and redemptions 577,750 321,913
Purchases (3,337,121) (532,758)
HTM debt securities:    
Proceeds from repayments, maturities and redemptions 11,270 12,387
Loans held-for-investment:    
Proceeds from sales of loans originally classified as held-for-investment 241,907 179,237
Purchases (108,174) (155,016)
Other changes in loans held-for-investment, net 110,120 (695,646)
Redemption of trust preferred securities 3,558 0
Proceeds from sales of other real estate owned (“OREO”) and other foreclosed assets 0 1,976
Distributions received from equity method investees 847 2,244
Purchases of FHLB stock (84,294) 0
Other investing activities, net (3,846) (6,501)
Net cash used in investing activities (1,871,576) (632,846)
CASH FLOWS FROM FINANCING ACTIVITIES    
Net change in deposits 2,475,059 (1,246,189)
Net change in short-term borrowings (4,480,827) 4,500,017
FHLB advances:    
Proceeds 3,500,000 6,000,000
Repayment 0 (6,000,000)
Repurchase agreements:    
Repayment 0 (300,000)
Extinguishment cost 0 (3,872)
Long-term debt and lease liabilities:    
Repayment of junior subordinated debt and lease liabilities (116,798) (203)
Common stock:    
Stock tendered for payment of withholding taxes (13,702) (21,791)
Repurchase of common stocks pursuant to the stock repurchase program (82,441) 0
Cash dividends paid (79,304) (70,776)
Net cash provided by financing activities 1,201,987 2,857,186
Effect of exchange rate changes on cash and cash equivalents (833) 5,169
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS (404,183) 2,452,410
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 4,614,984 3,481,784
CASH AND CASH EQUIVALENTS, END OF PERIOD 4,210,801 5,934,194
Cash paid during the period for:    
Interest 600,438 227,504
Income taxes, net 38,619 0
Noncash investing and financing activities:    
Loans transferred from held-for-investment to held-for-sale 199,974 $ 160,476
Loans transferred to OREO and other foreclosed assets $ 5,551  
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Basis of Presentation
 3 Months Ended
Mar. 31, 2024
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, 2024, East West also has one wholly-owned subsidiary that is a statutory business trust (the “Trust”). In accordance with FASB Accounting Standards Codification (“ASC”) Topic 810, Consolidation, the Trust is 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 2023 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 estimates consider 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. Certain items on the Consolidated Financial Statements and notes for the prior periods have been reclassified to conform to the current presentation. 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.
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Current Accounting Developments and Summary of Significant Accounting Policies
 3 Months Ended
Mar. 31, 2024
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 2024
StandardRequired Date of AdoptionDescriptionEffect on Financial Statements
ASU 2023-02, Investments — Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method

January 1, 2024
ASU 2023-02 expands the scope of the proportional amortization method (“PAM”) to equity tax credit investment programs if certain conditions are met. Previously, PAM 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 PAM 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 adopted ASU 2023-02 on January 1, 2024, for all tax credit investments under a modified retrospective basis. The impact of the adoption decreased opening retained earnings on January 1, 2024 by $9 million.

The following standards were adopted on January 1, 2024, but they did not have a material impact on the Company’s Consolidated Financial Statements:

•ASU 2023-01, Leases (Topic 842): Common Control Arrangements
•ASU 2022-03, Fair Value Measurement (Topic 820) Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions
Significant Accounting Policies Update

Income Taxes — The Company has elected to apply PAM to qualifying affordable housing partnership, new markets, historic, production and renewable energy tax credit investments. Under PAM, the Company amortizes the initial cost of the investment in proportion to the income tax credits and other income tax benefits received, and recognizes the amortization in Income tax expense on the Consolidated Statement of Income.
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Fair Value Measurement and Fair Value of Financial Instruments
 3 Months Ended
Mar. 31, 2024
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 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 2023 Form 10-K.

Assets and Liabilities Measured at Fair Value on a Recurring Basis

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

Available-for-Sale Debt Securities — The fair value of AFS debt securities is generally determined by independent external pricing service providers who have experience in valuing these securities or by taking the average quoted market prices obtained from independent external brokers. The valuations provided by the third-party pricing service providers are based on observable market inputs, which include benchmark yields, reported trades, issuer spreads, benchmark securities, bids, offers, prepayment expectations and reference data obtained from market research publications. Inputs used by the third-party pricing service providers in valuing collateralized mortgage obligations and other securitization structures also include newly issued 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. The valuations provided by the brokers incorporate information from their trading desks, research and other market data.

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 furnished by third-party pricing service providers for each security category. On an annual basis, the Company assesses the reasonableness of broker pricing by reviewing the related pricing methodologies. This review includes corroborating pricing with market data, performing pricing input reviews under current market-related conditions, and investigating security pricing by instrument as needed.

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.

Equity Securities — Equity securities consisted of mutual funds as of both March 31, 2024 and December 31, 2023. The Company invested in these mutual funds for 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 — Interest rate contracts consist of interest rate swaps and options. 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 will 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 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. In addition, the Bank managed its foreign currency exposure in the net investment in its China subsidiary, East West Bank (China) Limited, a non-U.S. dollar (“USD”) functional currency subsidiary, with foreign currency non-deliverable forward contracts. 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 the spot 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 — Credit contracts utilized by the Company are comprised of credit risk participation agreements (“RPAs”) entered into by the Company with institutional counterparties. The fair value of the 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, credit contracts are classified as Level 2.

Equity Contracts — Equity contracts consist of warrants to purchase common or preferred stock of public and private companies, and any liability-classified contingently issuable shares of the Company. The fair value of the warrants is 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 equity 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 equity 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 equity 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 equity 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 equity volatility and liquidity discount assumptions is performed.

In connection with the Company’s acquisition of a 49.99% equity interest in Rayliant Global Advisors Limited (“Rayliant”) during the third quarter of 2023, the Company granted 349,138 shares of performance-based restricted stock units (“RSUs”) as part of its consideration, in addition to $95 million in cash. The vesting of these equity contracts on September 1, 2028, is contingent on Rayliant meeting certain financial performance targets during the performance period. The fair value of liability-classified equity contracts varies based on the operating revenue and operating EBITDA of Rayliant to be achieved during the future performance period, and these performance-based RSUs are expected to vest into a variable number of the Company’s common stock, ranging from 20% to 200% of the target performance-based RSUs granted. Due to the unobservable nature of the input assumptions, these equity contracts are classified as Level 3. For additional information on the equity contracts, refer to Note 6 — Derivatives to the Consolidated Financial Statements in this Form 10-Q.
Commodity Contracts — Commodity contracts consist of swaps and options referencing commodity products. 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, 2024 and December 31, 2023:
Assets and Liabilities Measured at Fair Value on a Recurring Basis
as of March 31, 2024
($ in thousands)
Level 1
Level 2
Level 3
Total
Fair Value
AFS debt securities:
U.S. Treasury securities$621,094 $— $— $621,094 
U.S. government agency and U.S. government-sponsored enterprise debt securities— 360,802 — 360,802 
U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities (1):
Commercial mortgage-backed securities— 455,619 — 455,619 
Residential mortgage-backed securities— 4,992,399 — 4,992,399 
Municipal securities— 258,495 — 258,495 
Non-agency mortgage-backed securities:
Commercial mortgage-backed securities— 333,996 — 333,996 
Residential mortgage-backed securities— 519,657 — 519,657 
Corporate debt securities— 502,647 — 502,647 
Foreign government bonds— 227,196 — 227,196 
Asset-backed securities— 40,712 — 40,712 
Collateralized loan obligations (“CLOs”)— 87,851 — 87,851 
Total AFS debt securities
$621,094 $7,779,374 $— $8,400,468 
Affordable housing partnership, tax credit and CRA investments, net:
Equity securities$20,402 $4,137 $— $24,539 
Total affordable housing partnership, tax credit and CRA investments, net
$20,402 $4,137 $— $24,539 
Derivative assets:
Interest rate contracts$— $484,794 $— $484,794 
Foreign exchange contracts— 60,499 — 60,499 
Equity contracts— — 330 330 
Commodity contracts— 76,615 — 76,615 
Gross derivative assets$— $621,908 $330 $622,238 
Netting adjustments (2)
$— $(489,262)$— $(489,262)
Net derivative assets$— $132,646 $330 $132,976 
Derivative liabilities:
Interest rate contracts$— $518,330 $— $518,330 
Foreign exchange contracts— 53,153 — 53,153 
Equity contracts (3)
— — 15,119 15,119 
Credit contracts— 16 — 16 
Commodity contracts— 106,930 — 106,930 
Gross derivative liabilities$— $678,429 $15,119 $693,548 
Netting adjustments (2)
$— $(134,963)$— $(134,963)
Net derivative liabilities$— $543,466 $15,119 $558,585 
Assets and Liabilities Measured at Fair Value on a Recurring Basis
as of December 31, 2023
($ in thousands)
Level 1
Level 2
Level 3
Total
Fair Value
AFS debt securities:
U.S. Treasury securities$1,060,375 $— $— $1,060,375 
U.S. government agency and U.S. government-sponsored enterprise debt securities— 364,446 — 364,446 
U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities (1):
Commercial mortgage-backed securities— 468,259 — 468,259 
Residential mortgage-backed securities— 1,727,594 — 1,727,594 
Municipal securities— 261,016 — 261,016 
Non-agency mortgage-backed securities:
Commercial mortgage-backed securities— 367,516 — 367,516 
Residential mortgage-backed securities— 553,671 — 553,671 
Corporate debt securities— 502,425 — 502,425 
Foreign government bonds— 227,874 — 227,874 
Asset-backed securities— 42,300 — 42,300 
CLOs— 612,861 — 612,861 
Total AFS debt securities
$1,060,375 $5,127,962 $— $6,188,337 
Affordable housing partnership, tax credit and CRA investments, net:
Equity securities$20,509 $4,150 $— $24,659 
Affordable housing partnership, tax credit and CRA investments, net
$20,509 $4,150 $— $24,659 
Derivative assets:
Interest rate contracts$— $473,907 $— $473,907 
Foreign exchange contracts— 57,072 — 57,072 
Credit contracts— 1 — 1 
Equity contracts— — 336 336 
Commodity contracts— 79,604 — 79,604 
Gross derivative assets$— $610,584 $336 $610,920 
Netting adjustments (2)
$— $(312,792)$— $(312,792)
Net derivative assets$— $297,792 $336 $298,128 
Derivative liabilities:
Interest rate contracts$— $433,936 $— $433,936 
Foreign exchange contracts— 42,564 — 42,564 
Equity contracts (3)
— — 15,119 15,119 
Credit contracts— 25 — 25 
Commodity contracts— 121,670 — 121,670 
Gross derivative liabilities$— $598,195 $15,119 $613,314 
Netting adjustments (2)
$— $(76,170)$— $(76,170)
Net derivative liabilities$— $522,025 $15,119 $537,144 
(1)Includes Government National Mortgage Association (“GNMA”) AFS debt securities totaling $4.4 billion and $1.2 billion of fair value as of March 31, 2024 and December 31, 2023, respectively.
(2)Represents the balance sheet netting of derivative assets and liabilities and related cash collateral under master netting agreements or similar agreements. See Note 6 — Derivatives to the Consolidated Financial Statements in this Form 10-Q for additional information.
(3)Equity contracts classified as derivative liabilities consist of performance-based RSUs granted as part of EWBC’s consideration in its investment in Rayliant.
For the three months ended March 31, 2024 and 2023, Level 3 fair value measurements that were measured on a recurring basis consisted of warrant equity contracts issued by private companies and liability-classified contingently issuable shares of the Company. The following table provides a reconciliation of the beginning and ending balances of these equity contracts for the three months ended March 31, 2024 and 2023:
Three Months Ended March 31,
($ in thousands)20242023
Derivative assets:
Equity contracts
Beginning balance$336 $323 
Total losses included in earnings (1)
(6)(46)
Ending balance$330 $277 
Derivative liabilities:
Equity contracts (2)
Beginning balance$15,119 $— 
Total gains (losses) included in earnings
— — 
Ending balance$15,119 $— 
(1)Includes unrealized losses recorded in Lending fees on the Consolidated Statement of Income.
(2)Equity contracts classified as derivative liabilities consist of performance-based RSUs granted as part of EWBC’s consideration in its investment in Rayliant.

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, 2024 and December 31, 2023. 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
March 31, 2024
Derivative assets:
Equity contracts$330 
Black-Scholes option pricing model
Equity volatility
39% — 50%
46 %
(1)
Liquidity discount47%47 %
Derivative liabilities:
Equity contracts (2)
$15,119 
Internal model
Payout % designated based on operating revenue and operating EBITDA of investee
84%84 %
December 31, 2023
Derivative assets:
Equity contracts$336 
Black-Scholes option pricing model
Equity volatility
37% — 48%
45 %
(1)
Liquidity discount47%47 %
Derivative liabilities:
Equity contracts (2)
$15,119 
Internal model
Payout % designated based on operating revenue and operating EBITDA of investee
84%84 %
(1)Weighted-average of inputs is calculated based on the fair value of equity contracts as of both March 31, 2024 and December 31, 2023.
(2)Equity contracts classified as derivative liabilities consist of performance-based RSUs granted as part of EWBC’s consideration in its investment in Rayliant.
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, affordable housing partnership, tax credit and CRA 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 affordable housing partnership, tax credit and CRA investments, from the 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 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.

Affordable Housing Partnership, Tax Credit and CRA Investments, Net — The Company conducts due diligence on its affordable housing partnership, tax credit and CRA 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 such as an acceptance of a deed-in-lieu of foreclosure. These OREO properties are recorded at estimated fair value less the costs to sell at the time of foreclosure or 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, loans held-for-sale 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, 2024 and December 31, 2023:
Assets Measured at Fair Value on a Nonrecurring Basis
as of March 31, 2024
($ in thousands)
Level 1
Level 2
Level 3
Fair Value Measurements
Loans held-for-investment:
Commercial:
Commercial and industrial (“C&I”)$— $— $25,914 $25,914 
Commercial real estate (“CRE”):
CRE— — 10,028 10,028 
Construction and land— — 12,236 12,236 
Total commercial— — 48,178 48,178 
Consumer:
Residential mortgage:
Single-family residential— — 116 116 
Total consumer— — 116 116 
Total loans held-for-investment$— $— $48,294 $48,294 
Assets Measured at Fair Value on a Nonrecurring Basis
as of December 31, 2023
($ in thousands)
Level 1
Level 2
Level 3
Fair Value Measurements
Loans held-for-investment:
Commercial:
C&I$— $— $22,035 $22,035 
CRE:
CRE— — 22,653 22,653 
Total commercial— — 44,688 44,688 
Consumer:
Residential mortgage:
Home equity lines of credit (“HELOCs”)
— — 1,204 1,204 
Total consumer— — 1,204 1,204 
Total loans held-for-investment$— $— $45,892 $45,892 
Affordable housing partnership, tax credit and CRA investments, net
$— $— $868 $868 
The following table presents the (decrease) increase in the fair value of certain assets held at the end of the respective reporting periods, for which a nonrecurring fair value adjustment was recognized for the three months ended March 31, 2024 and 2023:
Three Months Ended March 31,
($ in thousands)20242023
Loans held-for-investment:
Commercial:
C&I$(12,843)$(1,255)
CRE:
CRE(2,006)— 
Construction and land(1,224)— 
Total commercial(16,073)(1,255)
Consumer:
Residential mortgage:
Single-family residential(1,384)— 
Total consumer(1,384)— 
Total loans held-for-investment$(17,457)$(1,255)
Affordable housing partnership, tax credit and CRA investments, net
$— $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, 2024 and December 31, 2023:
($ in thousands)Fair Value Measurements (Level 3)Valuation TechniquesUnobservable InputsRange of InputsWeighted-Average of Inputs
March 31, 2024
Loans held-for-investment$6,917 Fair value of collateralDiscount
20%
20%
$8,471 Fair value of collateralContract valueNMNM
$32,906 Fair value of propertySelling cost
8%
8%
December 31, 2023
Loans held-for-investment$16,328 Fair value of collateralDiscount
15% — 75%
45%
(1)
$3,009 Fair value of collateralContract valueNMNM
$26,555 Fair value of propertySelling cost
8%
8%
Affordable housing partnership, tax credit and CRA investments, net
$868 Individual analysis of each investmentExpected future tax benefits and distributionsNMNM
NM — Not meaningful.
(1)Weighted-average of inputs is based on the relative fair value of the respective assets as of December 31, 2023.
Disclosures about the Fair Value of Financial Instruments

The following tables present the fair value estimates for financial instruments as of March 31, 2024 and December 31, 2023, 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 instruments are measured on an amortized cost basis on the Company’s Consolidated Balance Sheet.
March 31, 2024
($ in thousands)Carrying AmountLevel 1Level 2Level 3Estimated Fair Value
Financial assets:
Cash and cash equivalents$4,210,801 $4,210,801 $— $— $4,210,801 
Interest-bearing deposits with banks$24,593 $— $24,593 $— $24,593 
Resale agreements$485,000 $— $391,403 $— $391,403 
HTM debt securities$2,948,642 $485,400 $1,929,078 $— $2,414,478 
Restricted equity securities, at cost$164,402 $— $164,402 $— $164,402 
Loans held-for-sale$13,280 $— $13,280 $— $13,280 
Loans held-for-investment, net$51,322,224 $— $— $49,849,727 $49,849,727 
Mortgage servicing rights$6,234 $— $— $10,787 $10,787 
Accrued interest receivable$336,428 $— $336,428 $— $336,428 
Financial liabilities:
Demand, checking, savings and money market deposits$37,789,344 $— $37,789,344 $— $37,789,344 
Time deposits$20,771,280 $— $20,715,628 $— $20,715,628 
Short-term borrowings$19,173 $— $19,173 $— $19,173 
FHLB advances$3,500,000 $— $3,500,000 $— $3,500,000 
Long-term debt$31,768 $— $30,201 $— $30,201 
Accrued interest payable$63,470 $— $63,470 $— $63,470 
December 31, 2023
($ in thousands)Carrying AmountLevel 1Level 2Level 3Estimated Fair Value
Financial assets:
Cash and cash equivalents$4,614,984 $4,614,984 $— $— $4,614,984 
Interest-bearing deposits with banks$10,498 $— $10,498 $— $10,498 
Resale agreements$785,000 $— $699,056 $— $699,056 
HTM debt securities$2,956,040 $488,551 $1,965,420 $— $2,453,971 
Restricted equity securities, at cost$79,811 $— $79,811 $— $79,811 
Loans held-for-sale$116 $— $116 $— $116 
Loans held-for-investment, net$51,542,039 $— $— $50,256,565 $50,256,565 
Mortgage servicing rights$6,602 $— $— $9,470 $9,470 
Accrued interest receivable$331,490 $— $331,490 $— $331,490 
Financial liabilities:
Demand, checking, savings and money market deposits$38,048,974 $— $38,048,974 $— $38,048,974 
Time deposits$18,043,464 $— $18,004,951 $— $18,004,951 
BTFP borrowings
$4,500,000 $— $4,500,000 $— $4,500,000 
Long-term debt$148,249 $— $150,896 $— $150,896 
Accrued interest payable$205,430 $— $205,430 $— $205,430 
v3.24.1.u1
Securities Purchased under Resale Agreements
 3 Months Ended
Mar. 31, 2024
RESALE AND REPURCHASE AGREEMENTS [Abstract]  
Securities Purchased under Resale Agreements Securities Purchased under Resale Agreements
The Company’s resale agreements expose it to credit risk from 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 an efficient closeout of the transaction, liquidation and set-off of collateral against the net amount owed by the counterparty following a default. It is 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, 2024 and December 31, 2023.

Securities Purchased under Resale Agreements — Total securities purchased under resale agreements were $485 million and $785 million as of March 31, 2024 and December 31, 2023, respectively. The weighted-average yields were 3.39% and 2.50% for the three months ended March 31, 2024 and 2023, respectively.

Balance Sheet Offsetting

The Company’s resale and repurchase agreements are transacted under legally enforceable master netting 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 table presents the resale agreements included on the Consolidated Balance Sheet as of March 31, 2024 and December 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
($ in thousands)
Collateral Received (1)
Net Amount
Resale agreements as of March 31, 2024
$485,000 $— $485,000 $(404,004)$80,996 
Resale agreements as of December 31, 2023
$785,000 $— $785,000 $(715,358)$69,642 
(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.

In addition to the amounts included in the table 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.
v3.24.1.u1
Securities
 3 Months Ended
Mar. 31, 2024
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, 2024 and December 31, 2023:
March 31, 2024
($ in thousands)
Amortized Cost (1)
Gross Unrealized GainsGross Unrealized LossesFair Value
AFS debt securities:
U.S. Treasury securities$676,290 $— $(55,196)$621,094 
U.S. government agency and U.S. government-sponsored enterprise debt securities410,676 — (49,874)360,802 
U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities (2):
Commercial mortgage-backed securities513,159 129 (57,669)455,619 
Residential mortgage-backed securities5,229,549 4,212 (241,362)4,992,399 
Municipal securities296,360 47 (37,912)258,495 
Non-agency mortgage-backed securities:
Commercial mortgage-backed securities373,834 — (39,838)333,996 
Residential mortgage-backed securities609,705 — (90,048)519,657 
Corporate debt securities653,501 — (150,854)502,647 
Foreign government bonds238,592 605 (12,001)227,196 
Asset-backed securities41,287 — (575)40,712 
CLOs89,000 — (1,149)87,851 
Total AFS debt securities9,131,953 4,993 (736,478)8,400,468 
HTM debt securities:
U.S. Treasury securities530,921 — (45,521)485,400 
U.S. government agency and U.S. government-sponsored enterprise debt securities1,002,697 — (196,898)805,799 
U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities (3):
Commercial mortgage-backed securities491,842 — (93,850)397,992 
Residential mortgage-backed securities734,577 — (153,299)581,278 
Municipal securities188,605 — (44,596)144,009 
Total HTM debt securities2,948,642 — (534,164)2,414,478 
Total debt securities$12,080,595 $4,993 $(1,270,642)$10,814,946 
December 31, 2023
($ in thousands)
Amortized Cost (1)
Gross Unrealized GainsGross Unrealized LossesFair Value
AFS debt securities:
U.S. Treasury securities$1,112,587 $101 $(52,313)$1,060,375 
U.S. government agency and U.S. government-sponsored enterprise debt securities412,086 — (47,640)364,446 
U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities (2):
Commercial mortgage-backed securities531,377 158 (63,276)468,259 
Residential mortgage-backed securities1,956,927 380 (229,713)1,727,594 
Municipal securities297,283 75 (36,342)261,016 
Non-agency mortgage-backed securities:
Commercial mortgage-backed securities409,578 — (42,062)367,516 
Residential mortgage-backed securities643,335 — (89,664)553,671 
Corporate debt securities653,501 — (151,076)502,425 
Foreign government bonds239,333 69 (11,528)227,874 
Asset-backed securities43,234 — (934)42,300 
CLOs617,250 — (4,389)612,861 
Total AFS debt securities 6,916,491 783 (728,937)6,188,337 
HTM debt securities:
U.S. Treasury securities529,548 — (40,997)488,551 
U.S. government agency and U.S. government-sponsored enterprise debt securities1,001,836 — (186,904)814,932 
U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities (3):
Commercial mortgage-backed securities493,348 — (88,968)404,380 
Residential mortgage-backed securities742,436 — (142,119)600,317 
Municipal securities188,872 — (43,081)145,791 
Total HTM debt securities2,956,040 — (502,069)2,453,971 
Total debt securities$9,872,531 $783 $(1,231,006)$8,642,308 
(1)Amortized cost excludes accrued interest receivables which are presented within Other assets on the Consolidated Balance Sheet. As of March 31, 2024 and December 31, 2023, the accrued interest receivables were $40 million and $44 million, respectively. For the Company’s accounting policy related to debt securities’ accrued interest receivables, 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 2023 Form 10-K.
(2)Includes GNMA AFS debt securities totaling $4.5 billion of amortized cost and $4.4 billion of fair value as of March 31, 2024, and $1.3 billion of amortized cost and $1.2 billion of fair value as of December 31, 2023.
(3)Includes GNMA HTM debt securities totaling $91 million of amortized cost and $73 million of fair value as of March 31, 2024, and $92 million of amortized cost and $75 million of fair value of as of December 31, 2023.
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, 2024 and December 31, 2023.
March 31, 2024
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$— $— $621,094 $(55,196)$621,094 $(55,196)
U.S. government agency and U.S. government sponsored enterprise debt securities— — 360,802 (49,874)360,802 (49,874)
U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities:
Commercial mortgage-backed securities— — 450,965 (57,669)450,965 (57,669)
Residential mortgage-backed securities1,577,361 (4,504)1,642,455 (236,858)3,219,816 (241,362)
Municipal securities4,189 (6)252,268 (37,906)256,457 (37,912)
Non-agency mortgage-backed securities:
Commercial mortgage-backed securities— — 333,996 (39,838)333,996 (39,838)
Residential mortgage-backed securities— — 519,657 (90,048)519,657 (90,048)
Corporate debt securities— — 502,647 (150,854)502,647 (150,854)
Foreign government bonds18,567 (61)88,060 (11,940)106,627 (12,001)
Asset-backed securities— — 40,712 (575)40,712 (575)
CLOs— — 87,851 (1,149)87,851 (1,149)
Total AFS debt securities$1,600,117 $(4,571)$4,900,507 $(731,907)$6,500,624 $(736,478)
December 31, 2023
Less Than 12 Months12 Months or MoreTotal
($ in thousands)Fair ValueGross Unrealized LossesFair ValueGross Unrealized LossesFair ValueGross Unrealized Losses
AFS debt securities:
U.S. Treasury securities$— $— $623,978 $(52,313)$623,978 $(52,313)
U.S. government agency and U.S. government-sponsored enterprise debt securities— — 364,446 (47,640)364,446 (47,640)
U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities:
Commercial mortgage-backed securities— — 463,572 (63,276)463,572 (63,276)
Residential mortgage-backed securities9,402 (558)1,661,112 (229,155)1,670,514 (229,713)
Municipal securities2,825 (15)254,773 (36,327)257,598 (36,342)
Non-agency mortgage-backed securities:
Commercial mortgage-backed securities2,742 (4)364,774 (42,058)367,516 (42,062)
Residential mortgage-backed securities— — 553,671 (89,664)553,671 (89,664)
Corporate debt securities— — 502,425 (151,076)502,425 (151,076)
Foreign government bonds110,955 (144)88,616 (11,384)199,571 (11,528)
Asset-backed securities— — 42,300 (934)42,300 (934)
CLOs— — 612,861 (4,389)612,861 (4,389)
Total AFS debt securities$125,924 $(721)$5,532,528 $(728,216)$5,658,452 $(728,937)
As of March 31, 2024, the Company had 560 AFS debt securities in a gross unrealized loss position with no credit impairment, primarily consisting of 288 U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities, 66 corporate debt securities, and 95 non-agency mortgage-backed securities. In comparison, as of December 31, 2023, the Company had 547 AFS debt securities in a gross unrealized loss position with no credit impairment, primarily consisting of 255 U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities, 66 corporate debt securities, and 99 non-agency mortgage-backed 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 2023 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, 2024 were mainly comprised of the following:

•Corporate debt securities — The market value decline as of March 31, 2024 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 in 2023, these securities are nearly all rated investment grade by nationally recognized statistical rating organizations (“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.
•Non-agency mortgage-backed securities — The market value decline as of March 31, 2024 was primarily due to interest rate movement and spread widening. Since these securities are rated investment grade by NRSROs, or have high priority in the cash flow waterfall within the securitization structure, and the contractual payments have historically been on time, the Company believes the risk of credit losses on these securities is low.

As of both March 31, 2024 and December 31, 2023, 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, 2024 and December 31, 2023. In addition, there was no provision for credit losses recognized for the three months ended March 31, 2024 and 2023.

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 2023 Form 10-K.

The Company monitors the credit quality of the HTM debt securities using external credit ratings. As of March 31, 2024, 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 both March 31, 2024 and December 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 from the sales and impairment write-off of AFS debt securities and the related tax expense (benefit) included in earnings for the three months ended March 31, 2024 and 2023:
Three Months Ended March 31,
($ in thousands)20242023
Gross realized gains from sales
$49 $— 
Impairment write-off (1)
$— $(10,000)
Related tax expense (benefit)
$14 $(2,956)
(1)During the first quarter of 2023, the Company recognized a $10 million impairment write-off on a subordinated debt security 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, 2024 and 2023:
Three Months Ended March 31,
($ in thousands)20242023
Taxable interest$70,328 $61,049 
Nontaxable interest5,064 4,882 
Total interest income on debt securities$75,392 $65,931 
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, 2024. 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$34,901 $641,389 $— $— $676,290 
Fair value33,920 587,174 — — 621,094 
Weighted-average yield (1)
1.83 %1.17 %— %— %1.20 %
U.S. government agency and U.S. government-sponsored enterprise debt securities
Amortized cost51,238 94,159 127,833 137,446 410,676 
Fair value51,163 90,935 106,727 111,977 360,802 
Weighted-average yield (1)
4.94 %3.16 %1.60 %2.33 %2.62 %
U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities
Amortized cost3,219 36,135 137,555 5,565,799 5,742,708 
Fair value3,130 34,513 125,890 5,284,485 5,448,018 
Weighted-average yield (1) (2)
2.68 %3.15 %2.73 %5.32 %5.24 %
Municipal securities
Amortized cost2,240 34,998 9,621 249,501 296,360 
Fair value2,219 32,747 8,885 214,644 258,495 
Weighted-average yield (1) (2)
3.39 %2.23 %3.22 %2.23 %2.27 %
Non-agency mortgage-backed securities
Amortized cost82,941 46,116 — 854,482 983,539 
Fair value82,055 45,322 — 726,276 853,653 
Weighted-average yield (1)
3.67 %3.70 %— %2.54 %2.69 %
Corporate debt securities
Amortized cost— — 349,501 304,000 653,501 
Fair value— — 294,845 207,802 502,647 
Weighted-average yield (1)
— %— %3.50 %1.97 %2.79 %
Foreign government bonds
Amortized cost32,724 105,868 50,000 50,000 238,592 
Fair value32,665 106,471 49,640 38,420 227,196 
Weighted-average yield (1)
3.01 %2.28 %5.72 %1.50 %2.94 %
Asset-backed securities
Amortized cost— — — 41,287 41,287 
Fair value— — — 40,712 40,712 
Weighted-average yield (1)
— %— %— %6.06 %6.06 %
CLOs
Amortized cost— — 69,000 20,000 89,000 
Fair value— — 67,924 19,927 87,851 
Weighted-average yield (1)
— %— %7.10 %6.84 %7.04 %
Total AFS debt securities
Amortized cost$207,263 $958,665 $743,510 $7,222,515 $9,131,953 
Fair value$205,152 $897,162 $653,911 $6,644,243 $8,400,468 
Weighted-average yield (1)
3.55 %1.72 %3.51 %4.67 %4.24 %
($ 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$—$530,921$—$—$530,921
Fair value—485,400——485,400
Weighted-average yield (1)
— %1.05 %— %— %1.05 %
U.S. government agency and U.S. government-sponsored enterprise debt securities
Amortized cost——343,666659,0311,002,697
Fair value——291,586514,213805,799
Weighted-average yield (1)
— %— %1.90 %1.89 %1.90 %
U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities
Amortized cost—4,85294,5361,127,0311,226,419
Fair value—4,40179,571895,298979,270
Weighted-average yield (1) (2)
— %1.40 %1.59 %1.69 %1.68 %
Municipal securities
Amortized cost———188,605188,605
Fair value———144,009144,009
Weighted-average yield (1) (2)
— %— %— %1.99 %1.99 %
Total HTM debt securities
Amortized cost$—$535,773$438,202$1,974,667$2,948,642
Fair value$—$489,801$371,157$1,553,520$2,414,478
Weighted-average yield (1)
— %1.05 %1.83 %1.79 %1.66 %
(1)Weighted-average yields are computed based on amortized cost balances.
(2)Yields on tax-exempt securities are not presented on a tax-equivalent basis.

As of March 31, 2024 and December 31, 2023, AFS and HTM debt securities with carrying values of $5.8 billion and $7.0 billion, respectively, were pledged to secure borrowings, public deposits 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, 2024 and December 31, 2023:
($ in thousands)March 31, 2024December 31, 2023
Federal Reserve Bank of San Francisco (“FRBSF”) stock
$62,858 $62,561 
FHLB stock101,544 17,250 
Total restricted equity securities$164,402 $79,811 
v3.24.1.u1
Derivatives
 3 Months Ended
Mar. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivatives Derivatives
The Company uses derivative instruments to manage exposure to market risk, primarily interest rate and foreign currency risks, 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 2023 Form 10-K.
The following table presents the notional amounts and fair values of the Company’s derivatives as of March 31, 2024 and December 31, 2023. Certain derivative contracts are cleared though central clearing organizations where variation margin is applied daily as settlement to the fair values of the contracts. 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. 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 by $41 million and $47 million, respectively, as of March 31, 2024. In comparison, applying variation margin payments as settlement to LCH- and CME-cleared derivative transactions resulted in reductions in both the derivative asset and liability fair values by $43 million as of December 31, 2023. Total derivative asset and liability fair values are adjusted to reflect the effects of legally enforceable master netting agreements and cash collateral received or paid. The resulting net derivative asset and liability fair values are included in Other assets and Accrued expenses and other liabilities, respectively, on the Consolidated Balance Sheet.
March 31, 2024December 31, 2023
Fair ValueFair Value
($ in thousands)Notional Amount
Assets 
Liabilities 
Notional Amount
Assets 
Liabilities 
Derivatives designated as hedging instruments:
Cash flow hedges:
Interest rate contracts
$5,250,000 $15,707 $49,616 $5,250,000 $50,421 $13,124 
Net investment hedges:
Foreign exchange contracts
— — — 81,480 3,394 — 
Total derivatives designated as hedging instruments
$5,250,000 $15,707 $49,616 $5,331,480 $53,815 $13,124 
Derivatives not designated as hedging instruments:
Interest rate contracts
$16,910,462 $469,087 $468,714 $17,387,909 $423,486 $420,812 
Commodity contracts (1)
— 76,615 106,930 — 79,604 121,670 
Foreign exchange contracts4,898,429 60,499 53,153 5,827,149 53,678 42,564 
Credit contracts (2)
118,144 — 16 118,391 1 25 
Equity contracts
— 330 (3)15,119 (4)— 336 (3)15,119 (4)
Total derivatives not designated as hedging instruments$21,927,035 $606,531 $643,932 $23,333,449 $557,105 $600,190 
Gross derivative assets/liabilities$622,238 $693,548 $610,920 $613,314 
Less: Master netting agreements(132,555)(132,555)(75,534)(75,534)
Less: Cash collateral received(356,707)(2,408)(237,258)(636)
Net derivative assets/liabilities$132,976 $558,585 $298,128 $537,144 
(1)The notional amount of the Company’s commodity contracts totaled 18,468 thousand barrels of crude oil and 350,942 thousand units of natural gas, measured in million British thermal units (“MMBTUs”) as of March 31, 2024. In comparison, the notional amount of the Company’s commodity contracts totaled 18,631 thousand barrels of crude oil and 328,844 thousand MMBTUs of natural gas as of December 31, 2023.
(2)The notional amount of the credit contracts reflects the Company’s pro-rata share of the underlying derivative instruments in RPAs.
(3)The Company held warrant equity contracts in 11 private companies and one public company as of both March 31, 2024 and December 31, 2023.
(4)Equity contracts classified as derivative liabilities consist of 349,138 performance-based RSUs granted as part of EWBC’s consideration in its investment in Rayliant.

Derivatives Designated as Hedging Instruments

Cash Flow Hedges — The Company uses interest rate swaps to hedge the variability in interest amount 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, 2024, interest rate contracts in notional amounts of $5.3 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, 2024, the Company expects to reclassify an estimated $50 million of after-tax net losses on derivative instruments designated as cash flow hedges from AOCI into earnings during the next 12 months.
The following table presents the pre-tax changes in AOCI from cash flow hedges for the three months ended March 31, 2024 and 2023. The after-tax impact of cash flow hedges on AOCI is shown in Note 14 — Accumulated Other Comprehensive Income (Loss) to the Consolidated Financial Statements in this Form-10-Q.
Three Months Ended March 31,
($ in thousands)20242023
 (Losses) gains recognized in AOCI:
Interest rate contracts$(90,376)$29,843 
 (Losses) gains reclassified from AOCI into earnings:
Interest expense (for cash flow hedges on borrowings)$— $696 
Interest and dividend income (for cash flow hedges on loans)(24,605)(12,954)
Noninterest income— 1,614 
(1)
Total$(24,605)$(10,644)
(1)Represents the amounts in AOCI reclassified into earnings as a result that the forecasted cash flows were no longer probable to occur.

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 net investment hedge in place as of December 31, 2023 expired during the three months ended March 31, 2024. The following table presents the pre-tax gains or losses recognized in AOCI on net investment hedges for the three months ended March 31, 2024 and 2023:
Three Months Ended March 31,
($ in thousands)20242023
Gains (losses) recognized in AOCI
$586 $(1,076)

Derivatives Not Designated as Hedging Instruments

Customer-Related Positions and 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. 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, primarily foreign currency denominated deposits that it offers to its customers. A majority of the foreign exchange contracts had original maturities of one year or less as of both March 31, 2024 and December 31, 2023.
The following table presents the notional amounts and the gross fair values of the interest rate and foreign exchange derivatives entered into with customers and with third-party financial institutions as economic hedges to customers’ positions as of March 31, 2024 and December 31, 2023:
March 31, 2024December 31, 2023
Fair ValueFair Value
($ in thousands)Notional AmountAssetsLiabilitiesNotional AmountAssetsLiabilities
Customer-related positions:
Interest rate contracts:
Swaps$6,874,132 $9,521 $442,960 $6,835,822 $25,649 $377,388 
Written options1,287,121 — 11,909 1,522,531 — 12,756 
Collars and corridors281,117 130 3,371 322,732 440 4,481 
Subtotal8,442,370 9,651 458,240 8,681,085 26,089 394,625 
Foreign exchange contracts:
Forwards and spot643,298 4,124 7,548 956,618 9,466 6,756 
Swaps1,577,082 19,020 24,839 1,588,491 5,801 18,118 
Purchased options
129,000 2,580 — 136,000 1,839 — 
Subtotal2,349,380 25,724 32,387 2,681,109 17,106 24,874 
Total$10,791,750 $35,375 $490,627 $11,362,194 $43,195 $419,499 
Economic hedges:
Interest rate contracts:
Swaps$6,899,692 $444,094 $10,337 $6,861,561 $380,123 $25,731 
Purchased options1,287,283 11,962 — 1,522,531 12,783 — 
Collars and corridors281,117 3,380 137 322,732 4,491 456 
Subtotal8,468,092 459,436 10,474 8,706,824 397,397 26,187 
Foreign exchange contracts:
Forwards and spot33,003 42 18 148,003 292 94 
Swaps2,387,046 34,733 18,168 2,862,037 36,280 15,757 
Written options
129,000 — 2,580 136,000 — 1,839 
Subtotal2,549,049 34,775 20,766 3,146,040 36,572 17,690 
Total$11,017,141 $494,211 $31,240 $11,852,864 $433,969 $43,877 
The Company enters into energy commodity contracts with its customers in the oil and gas sector, which allow them to hedge against the risk of fluctuation in energy commodity prices. Offsetting contracts entered with third-party financial institutions are used as economic hedges to manage the Company’s exposure on its customer-related positions. The following table presents the notional amounts in units and the gross fair values of the commodity derivatives issued for customer-related positions and economic hedges as of March 31, 2024 and December 31, 2023:
March 31, 2024December 31, 2023
Fair ValueFair Value
($ and unit in thousands)Notional UnitsAssetsLiabilitiesNotional UnitsAssetsLiabilities
Customer-related positions:
Commodity contracts:
Crude oil:
Swaps3,608 Barrels$15,370 $685 3,277 Barrels$3,735 $15,445 
Collars5,576 Barrels11,901 115 5,966 Barrels1,820 5,103 
Subtotal9,184 Barrels27,271 800 9,243 Barrels5,555 20,548 
Natural gas:
Swaps127,102 MMBTUs1,420 70,028 118,325 MMBTUs438 73,793 
Collars47,953 MMBTUs672 17,107 45,854 MMBTUs21 20,400 
Written options1,976 MMBTUs132 33 1,874 MMBTUs— 233 
Subtotal177,031 MMBTUs2,224 87,168 166,053 MMBTUs459 94,426 
Total$29,495 $87,968 $6,014 $114,974 
Economic hedges:
Commodity contracts:
Crude oil:
Swaps3,708 Barrels$1,788 $12,997 3,422 Barrels$9,166 $4,924 
Collars5,576 Barrels1 4,902 5,966 Barrels1,685 1,467 
Subtotal9,284 Barrels1,789 17,899 9,388 Barrels10,851 6,391 
Natural gas:
Swaps124,582 MMBTUs37,170 629 116,463 MMBTUs49,941 305 
Collars47,353 MMBTUs8,120 318 44,454 MMBTUs12,565 — 
Purchased options1,976 MMBTUs41 116 1,874 MMBTUs233 — 
Subtotal173,911 MMBTUs45,331 1,063 162,791 MMBTUs62,739 305 
Total$47,120 $18,962 $73,590 $6,696 

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. All referenced entities of the protection sold RPAs were investment grade and the weighted-average remaining maturity was 2.6 years and 2.8 years as of March 31, 2024 and December 31, 2023, respectively. Assuming the underlying borrowers referenced in the interest rate contracts defaulted, the maximum exposure in the protection sold RPAs would be $82 thousand and $177 thousand as of March 31, 2024 and December 31, 2023, respectively.

As of both March 31, 2024 and December 31, 2023, the Company had one outstanding protection purchased RPA with notional amount of $25 million and minimal fair value.
Equity Contracts — As part of the loan origination process, the Company may obtain warrants to purchase the preferred and/or common stock of the 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. In connection with the Company’s investment in Rayliant during the third quarter of 2023, the Company granted performance-based RSUs as part of its consideration. The vesting of these equity contracts is contingent on Rayliant meeting certain financial performance targets during the future performance period. For additional information on these equity contracts, refer to Note 3 — Fair Value Measurement and Fair Value of Financial Instruments to the Consolidated Financial Statements in this Form 10-Q.

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, 2024 and 2023:
Three Months Ended March 31,
($ in thousands)
Classification on Consolidated Statement of Income
20242023
Derivatives not designated as hedging instruments:
Interest rate contracts
Customer derivative income
$484 $(2,484)
Foreign exchange contractsForeign exchange income12,780 10,442 
Credit contracts
Customer derivative income
(5)(5)
Equity contracts - warrants
Lending fees(6)(45)
Commodity contracts
Customer derivative income
134 6 
Net gains$13,387 $7,914 

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 of the credit rating of East West Bank to below investment grade. As of March 31, 2024, the aggregate fair value amounts of all derivative instruments with credit risk-related contingent features that were in a net liability position totaled $2 million, for which $2 million collateral was posted to cover these positions. In comparison, as of December 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 $9 thousand, for which no collateral was posted to cover these positions. In the event that the credit rating of East West Bank had been downgraded to below investment grade, the Company would have been required to post minimal additional collateral as of both March 31, 2024 and December 31, 2023.
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 over-collateralization are not shown:
($ in thousands)As of March 31, 2024
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$622,238 $(132,555)$(356,707)$132,976 $(99,877)$33,099 
 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$693,548 $(132,555)$(2,408)$558,585 $— $558,585 
($ in thousands)As of December 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$610,920 $(75,534)$(237,258)$298,128 $(246,259)$51,869 
 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$613,314 $(75,534)$(636)$537,144 $— $537,144 
(1)Includes $2 million and $3 million of gross fair value assets with counterparties that were not subject to enforceable master netting arrangements or similar agreements as of March 31, 2024 and December 31, 2023, respectively.
(2)Includes $17 million and $16 million of gross fair value liabilities with counterparties that were not subject to enforceable master netting arrangements or similar agreements as of March 31, 2024 and December 31, 2023, respectively.
(3)Gross cash collateral received under master netting arrangements or similar agreements was $362 million and $244 million as of March 31, 2024 and December 31, 2023, respectively. Of the gross cash collateral received, $357 million and $237 million were used to offset derivative assets as of March 31, 2024 and December 31, 2023, respectively.
(4)Gross cash collateral pledged under master netting arrangements or similar agreements was $3 million and $1 million as of March 31, 2024 and December 31, 2023, respectively. Of the gross cash collateral pledged, $2 million and $1 million were used to offset derivative liabilities as of March 31, 2024 and December 31, 2023, respectively.
(5)Represents the fair value of security collateral received or pledged limited to derivative assets or liabilities that are subject to enforceable master netting arrangements or similar agreements. U.S. GAAP does not permit the netting of noncash collateral on the Consolidated Balance Sheet but requires the disclosure of such amounts.

In addition to the amounts included in the tables above, the Company has balance sheet netting related to resale agreements. Refer to Note 4 — Securities Purchased under Resale 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.
v3.24.1.u1
Loans Receivable and Allowance for Credit Losses
 3 Months Ended
Mar. 31, 2024
Loans and Leases Receivable Disclosure [Abstract]  
Loans Receivable and Allowance for Credit Losses Loans Receivable and Allowance for Credit Losses
The following table presents the composition of the Company’s loans held-for-investment outstanding as of March 31, 2024 and December 31, 2023:
($ in thousands)March 31, 2024December 31, 2023
Commercial:
C&I$16,350,191 $16,581,079 
CRE:
CRE14,609,655 14,777,081 
Multifamily residential5,010,245 5,023,163 
Construction and land673,939 663,868 
Total CRE20,293,839 20,464,112 
Total commercial36,644,030 37,045,191 
Consumer:
Residential mortgage:
Single-family residential13,563,738 13,383,060 
HELOCs1,731,233 1,722,204 
Total residential mortgage15,294,971 15,105,264 
Other consumer53,503 60,327 
Total consumer15,348,474 15,165,591 
Total loans held-for-investment (1)
$51,992,504 $52,210,782 
Allowance for loan losses(670,280)(668,743)
Loans held-for-investment, net (1)
$51,322,224 $51,542,039 
(1)Includes $63 million and $71 million of net deferred loan fees and net unamortized premiums as of March 31, 2024 and December 31, 2023, respectively.

Accrued interest receivable on loans held-for-investment was $268 million and $267 million as of March 31, 2024 and December 31, 2023, respectively, and was included in Other assets on the Consolidated Balance Sheet. The interest income reversed was insignificant for both the three months ended March 31, 2024 and 2023. 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 2023 Form 10-K. The Company also has loans held-for-sale. For the Company’s accounting policy on loans held-for-sale, 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 2023 Form 10-K.

The Company’s FRBSF and FHLB borrowings are primarily secured by loans held-for-investment. Loans held-for-investment totaling $37.1 billion and $37.2 billion, respectively, were pledged to secure borrowings and provide additional borrowing capacity as of March 31, 2024 and December 31, 2023.

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 year-to-date 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, 2024
Term Loans by Origination Year
($ in thousands)20242023202220212020PriorRevolving Loans
Revolving Loans Converted to Term Loans (1)
Total
Commercial:
C&I:
Pass$494,511 $2,181,627 $1,390,042 $1,162,380 $290,790 $357,396 $9,858,874 $23,801 $15,759,421 
Criticized (accrual)15 80,137 146,122 126,563 8,378 61,936 118,657 — 541,808 
Criticized (nonaccrual)— 15,676 10,179 631 4,193 17,313 970 — 48,962 
Total C&I494,526 2,277,440 1,546,343 1,289,574 303,361 436,645 9,978,501 23,801 16,350,191 
Gross write-offs for the three months ended March 31, 2024 (2)
— 221 11,550 3,047 488 1,528 (56)
(3)
— 16,778 
CRE:
Pass310,715 2,415,104 3,940,346 2,125,414 1,412,088 3,815,741 90,300 48,880 14,158,588 
Criticized (accrual)— 66,187 54,141 26,402 53,926 200,610 — 14,795 416,061 
Criticized (nonaccrual)— 1,750 — — — 33,256 — — 35,006 
Subtotal CRE310,715 2,483,041 3,994,487 2,151,816 1,466,014 4,049,607 90,300 63,675 14,609,655 
Gross write-offs for the three months ended March 31, 2024
— — — — — 2,398 — — 2,398 
Multifamily residential:
Pass43,746 652,947 1,482,963 794,023 645,391 1,329,341 6,831 1,275 4,956,517 
Criticized (accrual)— 13,939 — 31,882 — 3,261 — — 49,082 
Criticized (nonaccrual)— — — — — 4,646 — — 4,646 
Subtotal multifamily residential43,746 666,886 1,482,963 825,905 645,391 1,337,248 6,831 1,275 5,010,245 
Gross write-offs for the three months ended March 31, 2024— — — — — 6 — — 6 
Construction and land:
Pass2,980 266,224 234,093 124,830 1,603 6,290 8,795 — 644,815 
Criticized (accrual)— — 16,888 — — — — — 16,888 
Criticized (nonaccrual)— — 12,236 — — — — — 12,236 
Subtotal construction and land2,980 266,224 263,217 124,830 1,603 6,290 8,795 — 673,939 
Gross write-offs for the three months ended March 31, 2024— — 1,224 — — — — — 1,224 
Total CRE357,441 3,416,151 5,740,667 3,102,551 2,113,008 5,393,145 105,926 64,950 20,293,839 
Total CRE gross write-offs for the three months ended March 31, 2024
— — 1,224 — — 2,404 — — 3,628 
Total commercial$851,967 $5,693,591 $7,287,010 $4,392,125 $2,416,369 $5,829,790 $10,084,427 $88,751 $36,644,030 
Total commercial gross write-offs for the three months ended March 31, 2024 (2)
$— $221 $12,774 $3,047 $488 $3,932 $(56)
(3)
$— $20,406 
March 31, 2024
Term Loans by Origination Year
($ in thousands)20242023202220212020PriorRevolving Loans
Revolving Loans Converted to Term Loans (1)
Total
Consumer:
Residential mortgage:
Single-family residential:
Pass (4)
$547,073 $3,077,628 $3,285,262 $2,236,107 $1,553,848 $2,814,348 $— $— $13,514,266 
Criticized (accrual)— 3,196 — 1,764 3,910 5,583 — — 14,453 
Criticized (nonaccrual) (4)
— 7,860 5,874 3,389 3,718 14,178 — — 35,019 
Subtotal single-family residential mortgage547,073 3,088,684 3,291,136 2,241,260 1,561,476 2,834,109 — — 13,563,738 
HELOCs:
Pass4,798 3,655 3,394 2,817 5,107 9,288 1,561,308 123,131 1,713,498 
Criticized (accrual)— 808 2,435 360 — 670 718 1,246 6,237 
Criticized (nonaccrual)— 65 518 219 — 5,906 — 4,790 11,498 
Subtotal HELOCs4,798 4,528 6,347 3,396 5,107 15,864 1,562,026 129,167 1,731,233 
Total residential mortgage551,871 3,093,212 3,297,483 2,244,656 1,566,583 2,849,973 1,562,026 129,167 15,294,971 
Other consumer:
Pass2,132 632 18,101 134 — 6,861 22,481 — 50,341 
Criticized (accrual)— — — — — — 3,000 — 3,000 
Criticized (nonaccrual)— — — — — — 162 — 162 
Total other consumer2,132 632 18,101 134 — 6,861 25,643 — 53,503 
Gross write-offs for the three months ended March 31, 2024 (2)
— — — — — — 2 — 2 
Total consumer$554,003 $3,093,844 $3,315,584 $2,244,790 $1,566,583 $2,856,834 $1,587,669 $129,167 $15,348,474 
Total consumer gross write-offs for the three months ended March 31, 2024 (2)
$— $— $— $— $— $— $2 $— $2 
Total loans held-for-investment:
Pass$1,405,955 $8,597,817 $10,354,201 $6,445,705 $3,908,827 $8,339,265 $11,548,589 $197,087 $50,797,446 
Criticized (accrual)15 164,267 219,586 186,971 66,214 272,060 122,375 16,041 1,047,529 
Criticized (nonaccrual)— 25,351 28,807 4,239 7,911 75,299 1,132 4,790 147,529 
Total$1,405,970 $8,787,435 $10,602,594 $6,636,915 $3,982,952 $8,686,624 $11,672,096 $217,918 $51,992,504 
Total loans held-for-investment gross write-offs for the three months ended March 31, 2024 (2)
$— $221 $12,774 $3,047 $488 $3,932 $(54)
(3)
$— $20,408 
December 31, 2023
Term Loans by Origination Year
($ in thousands)20232022202120202019PriorRevolving Loans
Revolving Loans Converted to Term Loans (1)
Total
Commercial:
C&I:
Pass$2,314,463 $1,628,560 $1,296,936 $331,982 $245,173 $164,159 $10,053,757 $20,143 $16,055,173 
Criticized (accrual)105,119 67,899 120,574 15,064 40,920 22,098 117,196 — 488,870 
Criticized (nonaccrual)2,104 7,916 131 4,819 2,979 18,137 950 — 37,036 
Total C&I2,421,686 1,704,375 1,417,641 351,865 289,072 204,394 10,171,903 20,143 16,581,079 
Gross write-offs for the year ended December 31, 2023 (2)
350 10,454 424 3,758 9,748 2,648 1,593 — 28,975 
CRE:
Pass2,492,915 4,086,385 2,216,257 1,428,724 1,600,844 2,494,382 92,851 62,771 14,475,129 
Criticized (accrual)36,855 34,485 30,336 48,250 24,437 104,340 — — 278,703 
Criticized (nonaccrual)— — — — 444 22,805 — — 23,249 
Subtotal CRE2,529,770 4,120,870 2,246,593 1,476,974 1,625,725 2,621,527 92,851 62,771 14,777,081 
Gross write-offs for the year ended December 31, 2023 (2)
— — — — — 1,329 — — 1,329 
Multifamily residential:
Pass665,780 1,481,161 808,333 612,408 498,491 857,713 8,690 1,281 4,933,857 
Criticized (accrual)— 3,356 54,614 — 693 25,974 — — 84,637 
Criticized (nonaccrual)— — — — — 4,669 — — 4,669 
Subtotal multifamily residential665,780 1,484,517 862,947 612,408 499,184 888,356 8,690 1,281 5,023,163 
Gross write-offs for the year ended December 31, 2023
— — — — — 3 — — 3 
Construction and land:
Pass209,775 280,151 120,724 39,928 808 5,501 6,981 — 663,868 
Subtotal construction and land209,775 280,151 120,724 39,928 808 5,501 6,981 — 663,868 
Total CRE3,405,325 5,885,538 3,230,264 2,129,310 2,125,717 3,515,384 108,522 64,052 20,464,112 
Total CRE gross write-offs for the year ended December 31, 2023 (2)
— — — — — 1,332 — — 1,332 
Total commercial$5,827,011 $7,589,913 $4,647,905 $2,481,175 $2,414,789 $3,719,778 $10,280,425 $84,195 $37,045,191 
Total commercial gross write-offs for the year ended December 31, 2023 (2)
350 10,454 424 3,758 9,748 3,980 1,593 — 30,307 
December 31, 2023
Term Loans by Origination Year
($ in thousands)20232022202120202019PriorRevolving Loans
Revolving Loans Converted to Term Loans (1)
Total
Consumer:
Residential mortgage:
Single-family residential:
Pass (4)
$3,188,830 $3,340,789 $2,279,802 $1,594,525 $980,686 $1,959,974 $— $— $13,344,606 
Criticized (accrual)2,680 4,471 566 1,440 1,503 4,167 — — 14,827 
Criticized (nonaccrual) (4)
4,466 837 3,902 2,081 3,626 8,715 — — 23,627 
Subtotal single-family residential mortgage3,195,976 3,346,097 2,284,270 1,598,046 985,815 1,972,856 — — 13,383,060 
HELOCs:
Pass3,641 3,882 1,734 3,153 729 9,251 1,551,074 126,280 1,699,744 
Criticized (accrual)565 1,219 1,872 101 185 1,470 2,548 1,089 9,049 
Criticized (nonaccrual)815 856 413 72 584 6,863 279 3,529 13,411 
Subtotal HELOCs5,021 5,957 4,019 3,326 1,498 17,584 1,553,901 130,898 1,722,204 
Gross write-offs for the year ended December 31, 2023 (2)
— — — — — 41 — 6 47 
Total residential mortgage3,200,997 3,352,054 2,288,289 1,601,372 987,313 1,990,440 1,553,901 130,898 15,105,264 
Total residential mortgage gross write-offs for the year ended December 31, 2023 (2)
— — — — — 41 — 6 47 
Other consumer:
Pass2,286 18,098 135 — — 13,244 26,432 — 60,195 
Criticized (nonaccrual)— — — — — — 132 — 132 
Total other consumer
2,286 18,098 135 — — 13,244 26,564 — 60,327 
Total consumer$3,203,283 $3,370,152 $2,288,424 $1,601,372 $987,313 $2,003,684 $1,580,465 $130,898 $15,165,591 
Total consumer gross write-offs for the year ended December 31, 2023 (2)
$— $— $— $— $— $41 $— $6 $47 
Total by Risk Rating:
Pass$8,877,690 $10,839,026 $6,723,921 $4,010,720 $3,326,731 $5,504,224 $11,739,785 $210,475 $51,232,572 
Criticized (accrual)145,219 111,430 207,962 64,855 67,738 158,049 119,744 1,089 876,086 
Criticized (nonaccrual)7,385 9,609 4,446 6,972 7,633 61,189 1,361 3,529 102,124 
Total
$9,030,294 $10,960,065 $6,936,329 $4,082,547 $3,402,102 $5,723,462 $11,860,890 $215,093 $52,210,782 
Total loans held-for-investment gross write-offs for the year ended December 31, 2023 (2)
$350 $10,454 $424 $3,758 $9,748 $4,021 $1,593 $6 $30,354 
(1)$7 million and $12 million of total commercial loans, comprised of C&I and CRE revolving loans, converted to term loans during the three months ended March 31, 2024 and 2023, respectively. During the three months ended March 31, 2024 and 2023, respectively, $15 million and $5 million of total consumer loans, comprised of HELOCs, converted to term loans.
(2)Excludes gross write-offs associated with loans the Company sold or settled.
(3)Represents the remaining unamortized deferred loan fee related to a zero balance loan with no previous charge-offs.
(4)As of both March 31, 2024 and December 31, 2023, $1 million of nonaccrual loans whose payments were guaranteed by the Federal Housing Administration were classified with a “Pass” rating.
Nonaccrual and Past Due Loans

Loans that are 90 or more days past due are generally placed on nonaccrual status unless the loan is well-collateralized and in the process of collection. Loans that are less than 90 days past due but have identified deficiencies, such as when the full collection of principal or interest becomes uncertain, are also placed on nonaccrual status. The following tables present the aging analysis of loans held-for-investment as of March 31, 2024 and December 31, 2023:
March 31, 2024
($ 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$16,281,903 $4,559 $14,767 $19,326 $48,962 $16,350,191 
CRE:
CRE14,555,923 18,726 — 18,726 35,006 14,609,655 
Multifamily residential5,005,231 368 — 368 4,646 5,010,245 
Construction and land661,703 — — — 12,236 673,939 
Total CRE20,222,857 19,094 — 19,094 51,888 20,293,839 
Total commercial36,504,760 23,653 14,767 38,420 100,850 36,644,030 
Consumer:
Residential mortgage:
Single-family residential13,478,789 33,911 15,369 49,280 35,669 13,563,738 
HELOCs1,699,628 13,877 6,230 20,107 11,498 1,731,233 
Total residential mortgage15,178,417 47,788 21,599 69,387 47,167 15,294,971 
Other consumer53,224 60 57 117 162 53,503 
Total consumer15,231,641 47,848 21,656 69,504 47,329 15,348,474 
Total$51,736,401 $71,501 $36,423 $107,924 $148,179 $51,992,504 
December 31, 2023
($ 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$16,508,394 $28,550 $7,099 $35,649 $37,036 $16,581,079 
CRE:
CRE14,750,315 1,719 1,798 3,517 23,249 14,777,081 
Multifamily residential5,017,897 597 — 597 4,669 5,023,163 
Construction and land650,617 13,251 — 13,251 — 663,868 
Total CRE20,418,829 15,567 1,798 17,365 27,918 20,464,112 
Total commercial36,927,223 44,117 8,897 53,014 64,954 37,045,191 
Consumer:
Residential mortgage:
Single-family residential13,313,455 29,285 15,943 45,228 24,377 13,383,060 
HELOCs1,687,301 12,266 9,226 21,492 13,411 1,722,204 
Total residential mortgage
15,000,756 41,551 25,169 66,720 37,788 15,105,264 
Other consumer56,930 3,123 142 3,265 132 60,327 
Total consumer15,057,686 44,674 25,311 69,985 37,920 15,165,591 
Total$51,984,909 $88,791 $34,208 $122,999 $102,874 $52,210,782 
The following table presents the amortized cost of loans on nonaccrual status for which there was no related allowance for loan losses as of both March 31, 2024 and December 31, 2023. Nonaccrual loans may not have an allowance for credit losses if the loan balances are well secured by collateral values and there is no loss expectation.
($ in thousands)March 31, 2024December 31, 2023
Commercial:
C&I$40,617 $33,089 
CRE34,431 22,653 
Multifamily residential4,235 4,235 
Construction and land12,236 — 
Total commercial91,519 59,977 
Consumer:
Single-family residential15,380 4,852 
HELOCs6,287 7,256 
Total consumer21,667 12,108 
Total nonaccrual loans with no related allowance for loan losses$113,186 $72,085 

Foreclosed Assets

The Company acquires assets from borrowers through loan restructurings, workouts, or foreclosures. Assets acquired may include real properties (e.g., 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 $17 million of foreclosed assets as of March 31, 2024, compared with $11 million as of December 31, 2023. 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 the consumer real estate loans that were in an active or suspended foreclosure process was $8 million as of both March 31, 2024 and December 31, 2023.
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 assist borrowers experiencing financial difficulty. The Company negotiates loan modifications on a case-by-case basis to achieve mutually agreeable terms that maximize loan collectability and meet the borrower’s financial needs. The Company considers various factors to identify borrowers experiencing financial difficulty. The primary factor for consumer borrowers is delinquency status. For commercial loan borrowers, these factors include credit risk ratings, the probability of loan risk rating downgrades, and overall risk profile changes. The modification may include, but is not limited to, payment deferrals, interest rate reductions, term extensions, principal forgiveness, or a combination of such modifications. Commercial loan borrowers that require immaterial modifications such as insignificant interest rate changes, short-term extensions (90 days or less) from the original maturity date, or temporary waivers or extensions of financial covenants which would not constitute material credit actions, are generally not considered to be experiencing financial difficulty and are not included in the disclosure. Insignificant payment deferrals (three months or less in the last 12 months) are also not included in the disclosure.
The following tables present the amortized cost of loans that were modified during the three months ended March 31, 2024 and 2023 by loan class and modification type:
Three Months Ended March 31, 2024
Modification Type
($ in thousands)Term ExtensionPayment Delay
Combination: Rate Reduction/ Payment Delay
Total
Modification as a % of Loan Class
Commercial:
C&I$4,013 $22,155 $— $26,168 0.16 %
CRE24,488 — 19,325 43,813 0.22 %
Total commercial28,501 22,155 19,325 69,981 
Consumer:
Single-family residential— 3,996 — 3,996 0.03 %
HELOCs— 5,501 517 6,018 0.35 %
Total consumer— 9,497 517 10,014 
Total$28,501 $31,652 $19,842 $79,995 
Three Months Ended March 31, 2023
Modification Type
($ in thousands)Term ExtensionPayment Delay
Combination: Rate Reduction/ Payment Delay
Total
Modification as a % of Loan Class
Commercial:
C&I$19,974 $14,364 $— $34,338 0.22 %
CRE543 — — 543 — %
Total commercial20,517 14,364 — 34,881 
Consumer:
HELOCs738 — — 738 0.04 %
Total consumer738 — — 738 
Total$21,255 $14,364 $— $35,619 

The following tables present the financial effects of the loan modifications for the three months ended March 31, 2024 and 2023 by loan class and modification type:
Financial Effects of Loan Modifications
Three Months Ended March 31, 2024
($ in thousands)Weighted-Average Interest Rate ReductionWeighted-Average Term Extension
(in years)		Weighted-Average Payment Delay
(in years)
Commercial:
C&I— 1.81.7
CRE2.75 %1.51.7
Consumer:
Single-family residential— 0.00.7
HELOCs0.25 %0.03.2
Financial Effects of Loan Modifications
Three Months Ended March 31, 2023
($ in thousands)Weighted-Average Interest Rate ReductionWeighted-Average Term Extension
(in years)		Weighted-Average Payment Delay
(in years)
Commercial:
C&I— 0.91.0
CRE— 2.00.0
Consumer:
HELOCs— 14.80.0

A modified loan may become delinquent and result in a payment default (generally 90 days past due) subsequent to modification. The following table presents information on loans that defaulted during the three months ended March 31, 2024 that received modifications during the 12 months preceding payment default:
Loans Modified Subsequently Defaulted
Three Months Ended March 31, 2024
($ in thousands)Term Extension
Payment Delay
Combination: Term Extension/ Payment Delay
Total
Commercial:
C&I$7,828 $— — $7,828 
Total commercial7,828 — — 7,828 
Consumer:
Single-family residential— 3,972 383 4,355 
Total consumer— 3,972 383 4,355 
Total$7,828 $3,972 $383 $12,183 

In comparison, there were no loans that received modifications, which subsequently defaulted during the three months ended March 31, 2023.

The Company closely monitors the performance of modified loans to borrowers experiencing financial difficulty to understand the effectiveness of its modification efforts. The following tables present the performance of loans that were modified in the twelve months ended March 31, 2024. For the comparative period, the amounts represent the performance of loans that were modified in the three months ended March 31, 2023, subsequent to the adoption of ASU 2022-02 on January 1, 2023:
Payment Performance as of March 31, 2024
($ in thousands)Current30 - 89 Days Past Due90+ Days Past DueTotal
Commercial:
C&I$75,193 $— $7,829 $83,022 
CRE
76,028 — — 76,028 
Total commercial151,221 — 7,829 159,050 
Consumer:
Single-family residential8,455 4,239 5,075 17,769 
HELOCs6,994 2,536 — 9,530 
Total consumer15,449 6,775 5,075 27,299 
Total$166,670 $6,775 $12,904 $186,349 
Payment Performance as of March 31, 2023
($ in thousands)Current30 - 89 Days Past Due
90+ Days Past Due
Total
Commercial:
C&I$27,393 $6,945 $— $34,338 
CRE
543 — — 543 
Total commercial27,936 6,945 — 34,881 
Consumer:
HELOCs738 — — 738 
Total consumer738 — — 738 
Total$28,674 $6,945 $— $35,619 

As of March 31, 2024 and December 31, 2023, commitments to lend additional funds to borrowers whose loans were modified were $10 million and $4 million, respectively.
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, 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 the loans extends beyond the reasonable and supportable forecast period, the Company will consider historical experience or long-run macroeconomic trends over the remaining life of the loans to estimate the allowance for loan losses.

There were no changes to the reasonable and supportable forecast period, except to the C&I segment, and no changes to the reversion to the historical loss experience method for the three months ended March 31, 2024 and 2023. The reasonable and supportable forecast period for the C&I segment changed from 11 quarters to eight quarters due to model redevelopment during the third quarter of 2023.
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 percentage, size at origination, delinquency status, sector and risk rating
Unemployment rate, Gross Domestic Product (“GDP”), and U.S. Treasury rates (1)
CRE, Multifamily residential, and Construction and landDelinquency status, maturity date, collateral value, property type, and geographic locationUnemployment rate, 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 Indices
Other consumerLoss rate approach
Immaterial (2)
(1)Macroeconomic variables were updated due to model redevelopment.
(2)Macroeconomic variables are included in the qualitative estimate.

Quantitative Component — 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 eight 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.

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.

Quantitative Component — 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 loan 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 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 criticized or 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, 2024, collateral-dependent commercial and consumer loans totaled $63 million and $23 million, respectively. In comparison, collateral-dependent commercial and consumer loans totaled $30 million and $12 million, respectively, as of December 31, 2023. The Company's collateral-dependent loans were secured by real estate. As of both March 31, 2024 and December 31, 2023, the collateral value of the properties securing the collateral-dependent loans, net of selling costs, exceeded the recorded value of the majority of the loans.
The following tables summarize the activity in the allowance for loan losses by portfolio segments for the three months ended March 31, 2024 and 2023:
Three Months Ended March 31, 2024
CommercialConsumer
CREResidential Mortgage
($ in thousands)C&ICREMultifamily ResidentialConstruction and LandSingle-Family ResidentialHELOCsOther ConsumerTotal
Allowance for loan losses, beginning of period$392,685 $170,592 $34,375 $10,469 $55,018 $3,947 $1,657 $668,743 
Provision for (reversal of) credit losses on loans
(a)275 18,939 3,032 1,574 899 (432)(132)24,155 
Gross charge-offs(20,998)(2,398)(6)(1,224)— — (58)(24,684)
Gross recoveries1,710 327 17 — 5 48 — 2,107 
Total net (charge-offs) recoveries(19,288)(2,071)11 (1,224)5 48 (58)(22,577)
Foreign currency translation adjustment(41)— — — — — — (41)
Allowance for loan losses, end of period$373,631 $187,460 $37,418 $10,819 $55,922 $3,563 $1,467 $670,280 
Three Months Ended March 31, 2023
CommercialConsumer
CREResidential Mortgage
($ 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 

In addition to the allowance for loan losses, the Company maintains an allowance for unfunded credit commitments. The Company has three general areas for which it provides the allowance for unfunded credit commitments: (1) recourse obligations for loans sold, (2) letters of credit, and (3) unfunded lending commitments. 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, 2024 and 2023:
Three Months Ended March 31,
($ in thousands)20242023
Unfunded credit facilities
Allowance for unfunded credit commitments, beginning of period$37,699 $26,264 
Provision for credit losses on unfunded credit commitments
(b)845 1,480 
Foreign currency translation adjustment— (3)
Allowance for unfunded credit commitments, end of period$38,544 $27,741 
Provision for credit losses(a) + (b)$25,000 $20,000 
The allowance for credit losses was $709 million as of March 31, 2024, an increase of $3 million, compared with $706 million as of December 31, 2023. The slight increase in the allowance for credit losses was primarily driven by the Company’s qualitative risk assessment and economic forecasts that reflected continued caution regarding inflation, the high interest rate environment and the CRE market outlook, while recognizing negative loan growth.

The Company considers multiple economic scenarios to develop the estimate of the allowance for loan losses. The scenarios may consist of a baseline forecast representing management's view of the most likely outcome, and downside or upside scenarios that reflect possible worsening or improving economic conditions. As of March 31, 2024, the Company assigned the same weightings to its baseline, upside and downside scenarios as compared with December 31, 2023. The current baseline economic forecast continues to reflect key risks such as high inflation, high interest rates, concerns over global conflicts and oil prices. Compared to December 2023, the March 2024 baseline forecast for GDP growth and unemployment rate showed a slight improvement in the near term (full year 2024) while longer-term forecasts (2025 and beyond) slightly worsened for GDP growth. The downside scenario assumed the economy falls into recession in the second quarter of 2024 as a result of an extended federal shutdown, global and domestic political tensions, high inflation, and increased unemployment. The upside scenario assumed a more optimistic economic outlook for 2024, including stronger growth, stable financial market, and full employment starting in the second quarter of 2024.
Loan Transfers, Sales and Purchases

The Company’s primary business focus is on directly originated loans. The Company also purchases loans and participates in loan financing with other banks. In the normal course of doing business, the Company also provides other financial institutions with the ability to participate in commercial loans that it originates, by selling loans to such institutions. Purchased loans may be transferred from held-for-investment to held-for-sale, and write-downs to allowance for loan losses are recorded, when appropriate. The following tables provide information on the carrying value of loans transferred, sold and purchased for the held-for-investment portfolio, during the three months ended March 31, 2024 and 2023:
Three Months Ended March 31, 2024
CommercialConsumer
Residential Mortgage
($ in thousands)C&ISingle-Family ResidentialTotal
Loans transferred from held-for-investment to held-for-sale (1)
$199,974 $— $199,974 
Sales (2)(3)
$187,202 $965 $188,167 
Purchases
$33,344 
(4)
$74,736 $108,080 
Three Months Ended March 31, 2023
CommercialConsumer
CRE
Residential Mortgage
($ 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)
$175,932 $3,600 $— $179,532 
Purchases
$22,683 
(4)
$— $131,999 $154,682 
(1)Includes write-downs of $1 million and $273 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, 2024, and 2023, respectively.
(2)Includes originated loans sold of $92 million and $111 million for the three months ended March 31, 2024 and 2023, respectively. Originated loans sold consisted primarily of C&I loans for both periods.
(3)Includes $96 million and $69 million of purchased loans sold in the secondary market for the three months ended March 31, 2024 and 2023, respectively.
(4)C&I loan purchases were comprised primarily of syndicated C&I term loans.
v3.24.1.u1
Affordable Housing Partnership, Tax Credit and Community Reinvestment Act Investments, Net
 3 Months Ended
Mar. 31, 2024
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 Affordable Housing Partnership, Tax Credit and Community Reinvestment Act Investments, Net
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 affordable housing regulatory requirements for a 15-year minimum compliance period. The Company also invests in small business investment companies and new markets tax credit projects that qualify for CRA consideration, as well as eligible projects that qualify for production, historic and renewable energy tax credits. Investments in new markets tax credits promote development in low-income communities, investments in production and 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.

The majority of affordable housing partnership, tax credit and CRA investments discussed above are variable interest entities where the Company is a limited partner in these investments, 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 investments 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.
The Company records its investments in qualifying affordable housing partnerships, net, using PAM. Following the adoption of ASU 2023-02 on January 1, 2024, the Company elects to account for its tax credit investments using PAM on a program-by-program basis if certain conditions are met. For the Company’s accounting policies on PAM, see Note 2 — Current Accounting Developments and Summary of Significant Accounting Policies — Significant Accounting Policies Update — Income Taxes to the Consolidated Financial Statements in this Form 10-Q. For 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 — Affordable Housing Partnerships, Tax Credit and Community Reinvestment Act Investments, Net to the Consolidated Financial Statements in this Form 10-Q.

The following table presents the investments and unfunded commitments of the Company’s affordable housing partnership, tax credit, and CRA investments, net as of March 31, 2024 and December 31, 2023:
March 31, 2024December 31, 2023
($ in thousands)Assets
Liabilities - Unfunded Commitments (1)
Assets
Liabilities - Unfunded Commitments (1)
PAM:
Affordable housing partnership investments
$432,073 $255,217 $419,785 $251,746 
Tax credit and CRA investments
228,901 117,022 — — 
Equity method of accounting and other:
Tax credits and CRA investments
272,213 147,147 485,251 298,990 
Total$933,187 $519,386 $905,036 $550,736 
(1)Included in Accrued expenses and other liabilities on the Consolidated Balance Sheet.

The following table presents additional information related to the investments in affordable housing partnership, tax credit and CRA investments for the three months ended March 31, 2024 and 2023:
Three Months Ended March 31,
($ in thousands)20242023
Tax credits and benefits(1):
PAM:
Affordable housing partnership investments
$18,419 $16,094 
Tax credit and CRA investments
27,149 — 
Equity method of accounting and other:
Tax credit and CRA investments12,594 14,498 
Total tax credits and benefits
$58,162 $30,592 
Amortization:
PAM:
Affordable housing partnership investments (2)
$13,869 $12,666 
Tax credit and CRA investments (3)
23,301 — 
Equity method of accounting and other:
Tax credit and CRA investments (4)
13,207 10,110 
Total amortization
$50,377 $22,776 
(1)Included in Income tax expense on the Consolidated Statement of Income for the three months ended March 31, 2024 and 2023.
(2)Amortization related to investments in qualified affordable housing partnerships under PAM was recorded in Income tax expense on the Consolidated Statement of Income for the three months ended March 31, 2024 and 2023.
(3)Due to the adoption of ASU 2023-02 on January 1, 2024, amortization related to qualifying tax credit investments under PAM was recorded in Income tax expense on the Consolidated Statement of Income for the three months ended March 31, 2024.
(4)Amortization related to tax credit and CRA investments was recognized in Amortization of tax credit and CRA investments as part of noninterest expense on the Consolidated Statement Income for the three months ended March 31, 2024 and 2023.

The Company also held equity securities without readily determinable fair values totaling $147 million and $146 million as of March 31, 2024 and December 31, 2023, respectively. Equity securities without readily determinable fair values are included in Other Assets and Affordable housing partnership, tax credit and CRA investments, net on the Consolidated Balance Sheet.
v3.24.1.u1
Goodwill
 3 Months Ended
Mar. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill Goodwill
Total goodwill was $466 million as of both March 31, 2024 and December 31, 2023. 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 test as of December 31, 2023, 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 2023 Form 10-K. The Company performed an analysis of goodwill during the first quarter of 2024 that consisted of a qualitative assessment to determine if it was 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, 2024.
The Company has an equity method investment in Rayliant and its carrying value was $110 million as of March 31, 2024, of which $101 million was comprised of equity method goodwill. For additional information on this investment, Note 7 - Investments in Qualified Affordable Housing Partnerships, Tax Credit and Other Investments, Net and Variable Interest Entities to the Consolidated Financial Statements in the Company’s 2023 Form 10-K.
v3.24.1.u1
Short-Term Borrowings and Long-Term Debt
 3 Months Ended
Mar. 31, 2024
Debt Disclosure [Abstract]  
Short-Term Borrowings and Long-Term Debt Short-Term Borrowings and Long-Term Debt
The following table presents details of the Company’s short-term and BTFP borrowings, FHLB advances, and long-term debt as of March 31, 2024 and December 31, 2023:
March 31, 2024December 31, 2023
($ in thousands)
Interest Rates
Maturity Dates
AmountAmount
Bank
Short-term borrowings
4.75% — 4.83%
April 2024
$19,173 $— 
BTFP borrowings
4.37%3/19/2024$— $4,500,000 
FHLB advances (1) — floating (2)
5.49% — 5.56%
2024 — 2025
$3,500,000 $— 
Parent company
Junior subordinated debt (3) — floating (2)
 7.14%
12/15/2035$31,768 $148,249 
(1)The weighted-average interest rates for FHLB advances were 5.52% as of March 31, 2024.
(2)Floating interest rates are based on the Secured Overnight Financing Rate plus the established spread.
(3)The weighted-average interest rates for junior subordinated debt were 7.14% and 6.87% as of March 31, 2024 and December 31, 2023, respectively.

The Bank’s available borrowing capacity from FHLB advances totaled $7.6 billion as of March 31, 2024. The Bank’s available borrowing capacity from the FHLB is derived from its portfolio of loans that are pledged to the FHLB, reduced by any outstanding FHLB advances. As of March 31, 2024, all advances were secured by real estate loans.

During the first quarter of 2024, the Company redeemed approximately $117 million of junior subordinated debt and repaid $4.5 billion of BTFP borrowings upon maturity. For additional information on the BTFP and junior subordinated debt, refer to Note 10 — Short-Term Borrowings and Long-Term Debt to the Consolidated Financial Statements in the Company’s 2023 Form 10-K.
v3.24.1.u1
Commitments and Contingencies
 3 Months Ended
Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and Contingencies
Commitments to Extend Credit — In the normal course of business, the Company provides loan commitments and letters of credit to customers on predetermined terms. These outstanding commitments to extend credit are not reflected in the accompanying Consolidated Financial Statements. While the Company does not anticipate losses from these transactions, commitments to extend credit are included in determining the appropriate level of allowance for unfunded credit commitments.
The following table presents the Company’s credit-related commitments as of March 31, 2024 and December 31, 2023:
March 31, 2024December 31, 2023
($ in thousands)Expire in One Year or Less
Expire After One Year Through Three Years
Expire After Three Years Through Five Years
Expire After Five YearsTotalTotal
Loan commitments$4,794,033 $3,622,191 $799,699 $151,877 $9,367,800 $9,141,447 
Commercial letters of credit and standby letters of credit (“SBLCs”)
1,025,797 434,373 143,006 1,140,456 2,743,632 2,610,761 
Total$5,819,830 $4,056,564 $942,705 $1,292,333 $12,111,432 $11,752,208 

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 commitment fees. 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, 2024, total letters of credit of $2.7 billion consisted of SBLCs of $2.7 billion and commercial letters of credit of $26 million. In comparison, as of December 31, 2023, total letters of credit of $2.6 billion consisted of SBLCs of $2.6 billion and commercial letters of credit of $24 million. As of both March 31, 2024 and December 31, 2023, substantially all letters of credit were graded “Pass” using 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, personal 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 $39 million and $38 million as of March 31, 2024 and December 31, 2023, 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, 2024 and December 31, 2023:
Maximum Potential Future PaymentsCarrying Value
March 31, 2024December 31, 2023March 31, 2024December 31, 2023
($ in thousands)Expire in One Year or Less
Expire 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$7 $17 $26 $5,363 $5,413 $5,888 $5,413 $5,888 
Multifamily residential loans sold or securitized with recourse— — 160 14,836 14,996 14,996 18,756 19,020 
Total $7 $17 $186 $20,199 $20,409 $20,884 $24,169 $24,908 
The Company’s recourse reserve related to these guarantees is included in the allowance for unfunded credit commitments and totaled $40 thousand as of both March 31, 2024 and December 31, 2023. 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, 2024, the Company does not believe there are any pending legal proceedings 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.
v3.24.1.u1
Stock Compensation Plans
 3 Months Ended
Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]  
Stock Compensation Plans Stock Compensation Plans
Pursuant to the Company’s 2021 Stock Incentive Plan, as amended, the Company may issue stock, stock options, restricted stock, RSUs including performance-based RSUs, stock purchase warrants, stock appreciation rights, phantom stock and dividend equivalents to eligible employees, non-employee directors, consultants, and other service providers of East West 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, 2024 and December 31, 2023.

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, 2024 and 2023:
Three Months Ended March 31,
($ in thousands)20242023
Stock compensation costs$12,988 $11,075 
Related net tax benefits for stock compensation plans$783 $8,290 

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 additional specified performance goals, referred to as “performance-based RSUs.” Performance-based RSUs are granted annually upon approval by the Company’s Compensation and Management Development 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 percent 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 information on 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 2023 Form 10-K.
The following table presents a summary of the activities for the Company’s time- and performance-based RSUs that were settled in shares for the three months ended March 31, 2024. 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, 2024
1,206,518 $74.29 276,223 $78.59 
Granted515,235 75.79 97,798 80.28 
Vested(299,381)71.68 (91,960)77.67 
Forfeited(12,163)75.24 — — 
Outstanding, March 31, 2024
1,410,209 $75.39 282,061 $79.48 

As of March 31, 2024, there were $51 million of unrecognized compensation costs related to unvested time-based RSUs expected to be recognized over a weighted-average period of 2.3 years, and $25 million of unrecognized compensation costs related to unvested performance-based RSUs expected to be recognized over a weighted-average period of 2.3 years.
v3.24.1.u1
Stockholders' Equity and Earnings Per Share
 3 Months Ended
Mar. 31, 2024
Stockholders' Equity and Earnings Per Share [Abstract]  
Stockholders' Equity and Earnings Per Share Stockholders’ Equity and Earnings Per Share
The following table presents the basic and diluted EPS calculations for the three months ended March 31, 2024 and 2023. For more information on the calculation of EPS, see Note 1 — Summary of Significant Accounting Policies — Significant Accounting Policies — Earnings Per Share to the Consolidated Financial Statements in the Company’s 2023 Form 10-K.
($ and shares in thousands, except per share data)Three months ended March 31,
20242023
Basic:
Net income$285,075 $322,439 
Weighted-average number of shares outstanding139,409 141,112 
Basic EPS$2.04 $2.28 
Diluted:
Net income$285,075 $322,439 
Weighted-average number of shares outstanding139,409 141,112 
Add: Dilutive impact of unvested RSUs
852 801 
Diluted weighted-average number of shares outstanding140,261 141,913 
Diluted EPS$2.03 $2.27 

Approximately 170 thousand and 417 thousand weighted-average shares of anti-dilutive RSUs were excluded from the diluted EPS computations for the three months ended March 31, 2024 and 2023, respectively.

Stock Repurchase Program — In 2020, the Company’s Board of Directors authorized a stock repurchase program to buy back up to $500 million of the Company’s common stock. For the three months ended March 31, 2024, the Company repurchased 1,181,851 shares at an average price of $69.76 per share at $82 million. The Company did not repurchase any shares during the three months ended March 31, 2023. As of March 31, 2024, the Company had approximately $89 million available for repurchases under its stock repurchase program.
v3.24.1.u1
Accumulated Other Comprehensive Income (Loss)
 3 Months Ended
Mar. 31, 2024
Equity [Abstract]  
Accumulated Other Comprehensive Income (Loss) Accumulated Other Comprehensive Income (Loss)
The following table presents the changes in the components of AOCI balances for the three months ended March 31, 2024 and 2023:
($ in thousands)
Debt Securities (1)
Cash Flow Hedges
Foreign Currency Translation Adjustments (2)
Total
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)
Balance, January 1, 2024$(601,881)$2,624 $(21,339)$(620,596)
Net unrealized (losses) gains arising during the period
(2,282)(63,662)3,822 (62,122)
Amounts reclassified from AOCI2,653 17,332 — 19,985 
Changes, net of tax371 (46,330)3,822 (42,137)
Balance, March 31, 2024
$(601,510)

$(43,706)$(17,517)$(662,733)
(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 was 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, 2024 and 2023:
Three Months Ended March 31,
20242023
($ in thousands)Before-TaxTax EffectNet-of-TaxBefore-TaxTax EffectNet-of-Tax
Debt securities:
Net unrealized (losses) gains on AFS debt securities arising during the period$(3,282)$1,000 $(2,282)$62,860 $(18,585)$44,275 
Reclassification adjustments:
Net realized (gains) losses on AFS debt securities reclassified into net income (1)
(49)14 (35)10,000 
(2)
(2,956)7,044 
Amortization of unrealized losses on transferred debt securities (3)
3,816 (1,128)2,688 3,921 (1,159)2,762 
Net change485 (114)371 76,781 (22,700)54,081 
Cash flow hedges:
Net unrealized (losses) gains arising during the period(90,376)26,714 (63,662)29,843 (8,757)21,086 
Net realized losses reclassified into net income (4)
24,605 (7,273)17,332 10,644 (3,117)7,527 
Net change(65,771)19,441 (46,330)40,487 (11,874)28,613 
Foreign currency translation adjustments, net of hedges:
Net unrealized gains arising during the period
3,995 (173)3,822 2,626 315 2,941 
Net change3,995 (173)3,822 2,626 315 2,941 
Other comprehensive (loss) income$(61,291)$19,154 $(42,137)$119,894 $(34,259)$85,635 
(1)Pre-tax amounts were reported in Net gains (losses) on AFS debt securities on the Consolidated Statement of Income.
(2)Represents the loss related to an AFS debt security that was written off in 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 in 2022.
(4)Pre-tax amounts related to cash flow hedges on variable rate loans and long-term borrowings, where applicable, were reported in Interest and dividend income and in Interest expense, respectively, on the Consolidated Statement of Income. In the first quarter of 2023, the pre-tax amount also included the terminated cash flow hedge where the forecasted cash flows were no longer probable to occur and was reported in Noninterest income on the Consolidated Statement of Income.
v3.24.1.u1
Business Segments
 3 Months Ended
Mar. 31, 2024
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.

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 platforms. 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 financing, 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, and the internal FTP process. The FTP 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 providing 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, 2024 and 2023:
($ in thousands)Consumer and Business BankingCommercial BankingOtherTotal
Three Months Ended March 31, 2024
Net interest income before provision for credit losses
$291,764 $260,349 $13,026 $565,139 
Provision for credit losses2,565 22,435 — 25,000 
Noninterest income25,542 46,466 6,980 78,988 
Noninterest expense119,300 106,307 21,268 246,875 
Segment income (loss) before income taxes
195,441 178,073 (1,262)372,252 
Segment net income$137,672 $125,581 $21,822 $285,075 
As of March 31, 2024
Segment assets$19,629,076 $35,049,899 $16,196,695 $70,875,670 
($ 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 taxes201,409 188,086 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 $67,244,898 
v3.24.1.u1
Pay vs Performance Disclosure - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Pay vs Performance Disclosure    
Net income $ 285,075 $ 322,439
v3.24.1.u1
Insider Trading Arrangements
 3 Months Ended
Mar. 31, 2024
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.24.1.u1
Current Accounting Developments and Summary of Significant Accounting Policies (Policies)
 3 Months Ended
Mar. 31, 2024
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, 2024, East West also has one wholly-owned subsidiary that is a statutory business trust (the “Trust”). In accordance with FASB Accounting Standards Codification (“ASC”) Topic 810, Consolidation, the Trust is 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 2023 Form 10-K.
Accounting Pronouncements
Accounting Pronouncements Adopted in 2024
StandardRequired Date of AdoptionDescriptionEffect on Financial Statements
ASU 2023-02, Investments — Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method

January 1, 2024
ASU 2023-02 expands the scope of the proportional amortization method (“PAM”) to equity tax credit investment programs if certain conditions are met. Previously, PAM 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 PAM 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 adopted ASU 2023-02 on January 1, 2024, for all tax credit investments under a modified retrospective basis. The impact of the adoption decreased opening retained earnings on January 1, 2024 by $9 million.
Income Taxes
Income Taxes — The Company has elected to apply PAM to qualifying affordable housing partnership, new markets, historic, production and renewable energy tax credit investments. Under PAM, the Company amortizes the initial cost of the investment in proportion to the income tax credits and other income tax benefits received, and recognizes the amortization in Income tax expense on the Consolidated Statement of Income.
Balance Sheet Offsetting The Company’s resale and repurchase agreements are transacted under legally enforceable master netting 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.
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, 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 the loans extends beyond the reasonable and supportable forecast period, the Company will consider historical experience or long-run macroeconomic trends over the remaining life of the loans to estimate the allowance for loan losses.

There were no changes to the reasonable and supportable forecast period, except to the C&I segment, and no changes to the reversion to the historical loss experience method for the three months ended March 31, 2024 and 2023. The reasonable and supportable forecast period for the C&I segment changed from 11 quarters to eight quarters due to model redevelopment during the third quarter of 2023.
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 percentage, size at origination, delinquency status, sector and risk rating
Unemployment rate, Gross Domestic Product (“GDP”), and U.S. Treasury rates (1)
CRE, Multifamily residential, and Construction and landDelinquency status, maturity date, collateral value, property type, and geographic locationUnemployment rate, 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 Indices
Other consumerLoss rate approach
Immaterial (2)
(1)Macroeconomic variables were updated due to model redevelopment.
(2)Macroeconomic variables are included in the qualitative estimate.

Quantitative Component — 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 eight 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.

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.

Quantitative Component — 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 loan 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 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 criticized or 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.
v3.24.1.u1
Current Accounting Developments and Summary of Significant Accounting Policies (Tables)
 3 Months Ended
Mar. 31, 2024
Accounting Policies [Abstract]  
Schedule of New Accounting Pronouncements Adopted and Recent Accounting Pronouncements
Accounting Pronouncements Adopted in 2024
StandardRequired Date of AdoptionDescriptionEffect on Financial Statements
ASU 2023-02, Investments — Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method

January 1, 2024
ASU 2023-02 expands the scope of the proportional amortization method (“PAM”) to equity tax credit investment programs if certain conditions are met. Previously, PAM 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 PAM 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 adopted ASU 2023-02 on January 1, 2024, for all tax credit investments under a modified retrospective basis. The impact of the adoption decreased opening retained earnings on January 1, 2024 by $9 million.
v3.24.1.u1
Fair Value Measurement and Fair Value of Financial Instruments (Tables)
 3 Months Ended
Mar. 31, 2024
Fair Value Disclosures [Abstract]  
Schedule Of Financial Assets (Liabilities) Measured At Fair Value On a Recurring Basis
The following tables present financial assets and liabilities that are measured at fair value on a recurring basis as of March 31, 2024 and December 31, 2023:
Assets and Liabilities Measured at Fair Value on a Recurring Basis
as of March 31, 2024
($ in thousands)
Level 1
Level 2
Level 3
Total
Fair Value
AFS debt securities:
U.S. Treasury securities$621,094 $— $— $621,094 
U.S. government agency and U.S. government-sponsored enterprise debt securities— 360,802 — 360,802 
U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities (1):
Commercial mortgage-backed securities— 455,619 — 455,619 
Residential mortgage-backed securities— 4,992,399 — 4,992,399 
Municipal securities— 258,495 — 258,495 
Non-agency mortgage-backed securities:
Commercial mortgage-backed securities— 333,996 — 333,996 
Residential mortgage-backed securities— 519,657 — 519,657 
Corporate debt securities— 502,647 — 502,647 
Foreign government bonds— 227,196 — 227,196 
Asset-backed securities— 40,712 — 40,712 
Collateralized loan obligations (“CLOs”)— 87,851 — 87,851 
Total AFS debt securities
$621,094 $7,779,374 $— $8,400,468 
Affordable housing partnership, tax credit and CRA investments, net:
Equity securities$20,402 $4,137 $— $24,539 
Total affordable housing partnership, tax credit and CRA investments, net
$20,402 $4,137 $— $24,539 
Derivative assets:
Interest rate contracts$— $484,794 $— $484,794 
Foreign exchange contracts— 60,499 — 60,499 
Equity contracts— — 330 330 
Commodity contracts— 76,615 — 76,615 
Gross derivative assets$— $621,908 $330 $622,238 
Netting adjustments (2)
$— $(489,262)$— $(489,262)
Net derivative assets$— $132,646 $330 $132,976 
Derivative liabilities:
Interest rate contracts$— $518,330 $— $518,330 
Foreign exchange contracts— 53,153 — 53,153 
Equity contracts (3)
— — 15,119 15,119 
Credit contracts— 16 — 16 
Commodity contracts— 106,930 — 106,930 
Gross derivative liabilities$— $678,429 $15,119 $693,548 
Netting adjustments (2)
$— $(134,963)$— $(134,963)
Net derivative liabilities$— $543,466 $15,119 $558,585 
Assets and Liabilities Measured at Fair Value on a Recurring Basis
as of December 31, 2023
($ in thousands)
Level 1
Level 2
Level 3
Total
Fair Value
AFS debt securities:
U.S. Treasury securities$1,060,375 $— $— $1,060,375 
U.S. government agency and U.S. government-sponsored enterprise debt securities— 364,446 — 364,446 
U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities (1):
Commercial mortgage-backed securities— 468,259 — 468,259 
Residential mortgage-backed securities— 1,727,594 — 1,727,594 
Municipal securities— 261,016 — 261,016 
Non-agency mortgage-backed securities:
Commercial mortgage-backed securities— 367,516 — 367,516 
Residential mortgage-backed securities— 553,671 — 553,671 
Corporate debt securities— 502,425 — 502,425 
Foreign government bonds— 227,874 — 227,874 
Asset-backed securities— 42,300 — 42,300 
CLOs— 612,861 — 612,861 
Total AFS debt securities
$1,060,375 $5,127,962 $— $6,188,337 
Affordable housing partnership, tax credit and CRA investments, net:
Equity securities$20,509 $4,150 $— $24,659 
Affordable housing partnership, tax credit and CRA investments, net
$20,509 $4,150 $— $24,659 
Derivative assets:
Interest rate contracts$— $473,907 $— $473,907 
Foreign exchange contracts— 57,072 — 57,072 
Credit contracts— 1 — 1 
Equity contracts— — 336 336 
Commodity contracts— 79,604 — 79,604 
Gross derivative assets$— $610,584 $336 $610,920 
Netting adjustments (2)
$— $(312,792)$— $(312,792)
Net derivative assets$— $297,792 $336 $298,128 
Derivative liabilities:
Interest rate contracts$— $433,936 $— $433,936 
Foreign exchange contracts— 42,564 — 42,564 
Equity contracts (3)
— — 15,119 15,119 
Credit contracts— 25 — 25 
Commodity contracts— 121,670 — 121,670 
Gross derivative liabilities$— $598,195 $15,119 $613,314 
Netting adjustments (2)
$— $(76,170)$— $(76,170)
Net derivative liabilities$— $522,025 $15,119 $537,144 
(1)Includes Government National Mortgage Association (“GNMA”) AFS debt securities totaling $4.4 billion and $1.2 billion of fair value as of March 31, 2024 and December 31, 2023, respectively.
(2)Represents the balance sheet netting of derivative assets and liabilities and related cash collateral under master netting agreements or similar agreements. See Note 6 — Derivatives to the Consolidated Financial Statements in this Form 10-Q for additional information.
(3)Equity contracts classified as derivative liabilities consist of performance-based RSUs granted as part of EWBC’s consideration in its investment in Rayliant.
Reconciliation Of The Beginning And Ending Balances Of Equity Contracts Measured At Fair Value On a Recurring Basis Using Significant Unobservable Inputs (Level 3) The following table provides a reconciliation of the beginning and ending balances of these equity contracts for the three months ended March 31, 2024 and 2023:
Three Months Ended March 31,
($ in thousands)20242023
Derivative assets:
Equity contracts
Beginning balance$336 $323 
Total losses included in earnings (1)
(6)(46)
Ending balance$330 $277 
Derivative liabilities:
Equity contracts (2)
Beginning balance$15,119 $— 
Total gains (losses) included in earnings
— — 
Ending balance$15,119 $— 
(1)Includes unrealized losses recorded in Lending fees on the Consolidated Statement of Income.
(2)Equity contracts classified as derivative liabilities consist of performance-based RSUs granted as part of EWBC’s consideration in its investment in Rayliant.
Schedule Of Quantitative Information About Significant Unobservable Inputs Used In The Valuation Of Level 3 Fair Value Measurements
The following table presents quantitative information about the significant unobservable inputs used in the valuation of Level 3 fair value measurements as of March 31, 2024 and December 31, 2023. The significant unobservable inputs presented in the table below are those that the Company considers significant to the fair value of the Level 3 assets. The Company considers unobservable inputs to be significant if, by their exclusion, the fair value of the Level 3 assets would be impacted by a predetermined percentage change.
($ in thousands)Fair Value Measurements (Level 3)Valuation TechniqueUnobservable InputsRange of Inputs
Weighted-Average of Inputs
March 31, 2024
Derivative assets:
Equity contracts$330 
Black-Scholes option pricing model
Equity volatility
39% — 50%
46 %
(1)
Liquidity discount47%47 %
Derivative liabilities:
Equity contracts (2)
$15,119 
Internal model
Payout % designated based on operating revenue and operating EBITDA of investee
84%84 %
December 31, 2023
Derivative assets:
Equity contracts$336 
Black-Scholes option pricing model
Equity volatility
37% — 48%
45 %
(1)
Liquidity discount47%47 %
Derivative liabilities:
Equity contracts (2)
$15,119 
Internal model
Payout % designated based on operating revenue and operating EBITDA of investee
84%84 %
(1)Weighted-average of inputs is calculated based on the fair value of equity contracts as of both March 31, 2024 and December 31, 2023.
(2)Equity contracts classified as derivative liabilities consist of performance-based RSUs granted as part of EWBC’s consideration in its investment in Rayliant.
The following table presents the quantitative information about the significant unobservable inputs used in the valuation of Level 3 fair value measurements that are measured on a nonrecurring basis as of March 31, 2024 and December 31, 2023:
($ in thousands)Fair Value Measurements (Level 3)Valuation TechniquesUnobservable InputsRange of InputsWeighted-Average of Inputs
March 31, 2024
Loans held-for-investment$6,917 Fair value of collateralDiscount
20%
20%
$8,471 Fair value of collateralContract valueNMNM
$32,906 Fair value of propertySelling cost
8%
8%
December 31, 2023
Loans held-for-investment$16,328 Fair value of collateralDiscount
15% — 75%
45%
(1)
$3,009 Fair value of collateralContract valueNMNM
$26,555 Fair value of propertySelling cost
8%
8%
Affordable housing partnership, tax credit and CRA investments, net
$868 Individual analysis of each investmentExpected future tax benefits and distributionsNMNM
NM — Not meaningful.
(1)Weighted-average of inputs is based on the relative fair value of the respective assets as of December 31, 2023.
Schedule Of Carrying Amounts Of Assets That Were Still Held And Had Fair Value Adjustments Measured On a Nonrecurring Basis
The following tables present the carrying amounts of assets that were still held and had fair value adjustments measured on a nonrecurring basis as of March 31, 2024 and December 31, 2023:
Assets Measured at Fair Value on a Nonrecurring Basis
as of March 31, 2024
($ in thousands)
Level 1
Level 2
Level 3
Fair Value Measurements
Loans held-for-investment:
Commercial:
Commercial and industrial (“C&I”)$— $— $25,914 $25,914 
Commercial real estate (“CRE”):
CRE— — 10,028 10,028 
Construction and land— — 12,236 12,236 
Total commercial— — 48,178 48,178 
Consumer:
Residential mortgage:
Single-family residential— — 116 116 
Total consumer— — 116 116 
Total loans held-for-investment$— $— $48,294 $48,294 
Assets Measured at Fair Value on a Nonrecurring Basis
as of December 31, 2023
($ in thousands)
Level 1
Level 2
Level 3
Fair Value Measurements
Loans held-for-investment:
Commercial:
C&I$— $— $22,035 $22,035 
CRE:
CRE— — 22,653 22,653 
Total commercial— — 44,688 44,688 
Consumer:
Residential mortgage:
Home equity lines of credit (“HELOCs”)
— — 1,204 1,204 
Total consumer— — 1,204 1,204 
Total loans held-for-investment$— $— $45,892 $45,892 
Affordable housing partnership, tax credit and CRA investments, net
$— $— $868 $868 
Schedule Of Increase (Decrease) In Fair Value Of Assets For Which a Fair Value Adjustment Was Recognized, Nonrecurring Basis
The following table presents the (decrease) increase in the fair value of certain assets held at the end of the respective reporting periods, for which a nonrecurring fair value adjustment was recognized for the three months ended March 31, 2024 and 2023:
Three Months Ended March 31,
($ in thousands)20242023
Loans held-for-investment:
Commercial:
C&I$(12,843)$(1,255)
CRE:
CRE(2,006)— 
Construction and land(1,224)— 
Total commercial(16,073)(1,255)
Consumer:
Residential mortgage:
Single-family residential(1,384)— 
Total consumer(1,384)— 
Total loans held-for-investment$(17,457)$(1,255)
Affordable housing partnership, tax credit and CRA investments, net
$— $174 
Schedule Of The Carrying And Fair Value Estimates Per The Fair Value Hierarchy Of Financial Instruments Measured On a Nonrecurring Basis
The following tables present the fair value estimates for financial instruments as of March 31, 2024 and December 31, 2023, excluding financial instruments recorded at fair value on a recurring basis as they are included in the tables presented elsewhere in this Note. The carrying amounts in the following tables are recorded on the Consolidated Balance Sheet under the indicated captions, except for accrued interest receivable, restricted equity securities, at cost, and mortgage servicing rights that are included in Other assets, and accrued interest payable which is included in Accrued expenses and other liabilities. These financial instruments are measured on an amortized cost basis on the Company’s Consolidated Balance Sheet.
March 31, 2024
($ in thousands)Carrying AmountLevel 1Level 2Level 3Estimated Fair Value
Financial assets:
Cash and cash equivalents$4,210,801 $4,210,801 $— $— $4,210,801 
Interest-bearing deposits with banks$24,593 $— $24,593 $— $24,593 
Resale agreements$485,000 $— $391,403 $— $391,403 
HTM debt securities$2,948,642 $485,400 $1,929,078 $— $2,414,478 
Restricted equity securities, at cost$164,402 $— $164,402 $— $164,402 
Loans held-for-sale$13,280 $— $13,280 $— $13,280 
Loans held-for-investment, net$51,322,224 $— $— $49,849,727 $49,849,727 
Mortgage servicing rights$6,234 $— $— $10,787 $10,787 
Accrued interest receivable$336,428 $— $336,428 $— $336,428 
Financial liabilities:
Demand, checking, savings and money market deposits$37,789,344 $— $37,789,344 $— $37,789,344 
Time deposits$20,771,280 $— $20,715,628 $— $20,715,628 
Short-term borrowings$19,173 $— $19,173 $— $19,173 
FHLB advances$3,500,000 $— $3,500,000 $— $3,500,000 
Long-term debt$31,768 $— $30,201 $— $30,201 
Accrued interest payable$63,470 $— $63,470 $— $63,470 
December 31, 2023
($ in thousands)Carrying AmountLevel 1Level 2Level 3Estimated Fair Value
Financial assets:
Cash and cash equivalents$4,614,984 $4,614,984 $— $— $4,614,984 
Interest-bearing deposits with banks$10,498 $— $10,498 $— $10,498 
Resale agreements$785,000 $— $699,056 $— $699,056 
HTM debt securities$2,956,040 $488,551 $1,965,420 $— $2,453,971 
Restricted equity securities, at cost$79,811 $— $79,811 $— $79,811 
Loans held-for-sale$116 $— $116 $— $116 
Loans held-for-investment, net$51,542,039 $— $— $50,256,565 $50,256,565 
Mortgage servicing rights$6,602 $— $— $9,470 $9,470 
Accrued interest receivable$331,490 $— $331,490 $— $331,490 
Financial liabilities:
Demand, checking, savings and money market deposits$38,048,974 $— $38,048,974 $— $38,048,974 
Time deposits$18,043,464 $— $18,004,951 $— $18,004,951 
BTFP borrowings
$4,500,000 $— $4,500,000 $— $4,500,000 
Long-term debt$148,249 $— $150,896 $— $150,896 
Accrued interest payable$205,430 $— $205,430 $— $205,430 
v3.24.1.u1
Securities Purchased under Resale Agreements (Tables)
 3 Months Ended
Mar. 31, 2024
RESALE AND REPURCHASE AGREEMENTS [Abstract]  
Schedule Of Balance Sheet Offsetting For Resale And Repurchase Agreements
The following table presents the resale agreements included on the Consolidated Balance Sheet as of March 31, 2024 and December 31, 2023:
Gross Amounts of Recognized Assets
Gross Amounts Offset on the Consolidated Balance Sheet
Net Amounts of Assets Presented on the Consolidated Balance Sheet
Gross Amounts  Not Offset on the Consolidated  Balance Sheet
($ in thousands)
Collateral Received (1)
Net Amount
Resale agreements as of March 31, 2024
$485,000 $— $485,000 $(404,004)$80,996 
Resale agreements as of December 31, 2023
$785,000 $— $785,000 $(715,358)$69,642 
(1)Represents the fair value of assets the Company has received under resale agreements, limited for table presentation purposes to the amount of the recognized asset due from each counterparty. The application of collateral cannot reduce the net position below zero. Therefore, excess collateral, if any, is not reflected above.
v3.24.1.u1
Securities (Tables)
 3 Months Ended
Mar. 31, 2024
Investments, Debt and Equity Securities [Abstract]  
Schedule of Debt Securities, Available-for-Sale
The following tables present the amortized cost, gross unrealized gains and losses and fair value by major categories of AFS and HTM debt securities as of March 31, 2024 and December 31, 2023:
March 31, 2024
($ in thousands)
Amortized Cost (1)
Gross Unrealized GainsGross Unrealized LossesFair Value
AFS debt securities:
U.S. Treasury securities$676,290 $— $(55,196)$621,094 
U.S. government agency and U.S. government-sponsored enterprise debt securities410,676 — (49,874)360,802 
U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities (2):
Commercial mortgage-backed securities513,159 129 (57,669)455,619 
Residential mortgage-backed securities5,229,549 4,212 (241,362)4,992,399 
Municipal securities296,360 47 (37,912)258,495 
Non-agency mortgage-backed securities:
Commercial mortgage-backed securities373,834 — (39,838)333,996 
Residential mortgage-backed securities609,705 — (90,048)519,657 
Corporate debt securities653,501 — (150,854)502,647 
Foreign government bonds238,592 605 (12,001)227,196 
Asset-backed securities41,287 — (575)40,712 
CLOs89,000 — (1,149)87,851 
Total AFS debt securities9,131,953 4,993 (736,478)8,400,468 
HTM debt securities:
U.S. Treasury securities530,921 — (45,521)485,400 
U.S. government agency and U.S. government-sponsored enterprise debt securities1,002,697 — (196,898)805,799 
U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities (3):
Commercial mortgage-backed securities491,842 — (93,850)397,992 
Residential mortgage-backed securities734,577 — (153,299)581,278 
Municipal securities188,605 — (44,596)144,009 
Total HTM debt securities2,948,642 — (534,164)2,414,478 
Total debt securities$12,080,595 $4,993 $(1,270,642)$10,814,946 
December 31, 2023
($ in thousands)
Amortized Cost (1)
Gross Unrealized GainsGross Unrealized LossesFair Value
AFS debt securities:
U.S. Treasury securities$1,112,587 $101 $(52,313)$1,060,375 
U.S. government agency and U.S. government-sponsored enterprise debt securities412,086 — (47,640)364,446 
U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities (2):
Commercial mortgage-backed securities531,377 158 (63,276)468,259 
Residential mortgage-backed securities1,956,927 380 (229,713)1,727,594 
Municipal securities297,283 75 (36,342)261,016 
Non-agency mortgage-backed securities:
Commercial mortgage-backed securities409,578 — (42,062)367,516 
Residential mortgage-backed securities643,335 — (89,664)553,671 
Corporate debt securities653,501 — (151,076)502,425 
Foreign government bonds239,333 69 (11,528)227,874 
Asset-backed securities43,234 — (934)42,300 
CLOs617,250 — (4,389)612,861 
Total AFS debt securities 6,916,491 783 (728,937)6,188,337 
HTM debt securities:
U.S. Treasury securities529,548 — (40,997)488,551 
U.S. government agency and U.S. government-sponsored enterprise debt securities1,001,836 — (186,904)814,932 
U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities (3):
Commercial mortgage-backed securities493,348 — (88,968)404,380 
Residential mortgage-backed securities742,436 — (142,119)600,317 
Municipal securities188,872 — (43,081)145,791 
Total HTM debt securities2,956,040 — (502,069)2,453,971 
Total debt securities$9,872,531 $783 $(1,231,006)$8,642,308 
(1)Amortized cost excludes accrued interest receivables which are presented within Other assets on the Consolidated Balance Sheet. As of March 31, 2024 and December 31, 2023, the accrued interest receivables were $40 million and $44 million, respectively. For the Company’s accounting policy related to debt securities’ accrued interest receivables, 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 2023 Form 10-K.
(2)Includes GNMA AFS debt securities totaling $4.5 billion of amortized cost and $4.4 billion of fair value as of March 31, 2024, and $1.3 billion of amortized cost and $1.2 billion of fair value as of December 31, 2023.
(3)Includes GNMA HTM debt securities totaling $91 million of amortized cost and $73 million of fair value as of March 31, 2024, and $92 million of amortized cost and $75 million of fair value of as of December 31, 2023.
Schedule of Debt Securities, Held-to-Maturity
The following tables present the amortized cost, gross unrealized gains and losses and fair value by major categories of AFS and HTM debt securities as of March 31, 2024 and December 31, 2023:
March 31, 2024
($ in thousands)
Amortized Cost (1)
Gross Unrealized GainsGross Unrealized LossesFair Value
AFS debt securities:
U.S. Treasury securities$676,290 $— $(55,196)$621,094 
U.S. government agency and U.S. government-sponsored enterprise debt securities410,676 — (49,874)360,802 
U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities (2):
Commercial mortgage-backed securities513,159 129 (57,669)455,619 
Residential mortgage-backed securities5,229,549 4,212 (241,362)4,992,399 
Municipal securities296,360 47 (37,912)258,495 
Non-agency mortgage-backed securities:
Commercial mortgage-backed securities373,834 — (39,838)333,996 
Residential mortgage-backed securities609,705 — (90,048)519,657 
Corporate debt securities653,501 — (150,854)502,647 
Foreign government bonds238,592 605 (12,001)227,196 
Asset-backed securities41,287 — (575)40,712 
CLOs89,000 — (1,149)87,851 
Total AFS debt securities9,131,953 4,993 (736,478)8,400,468 
HTM debt securities:
U.S. Treasury securities530,921 — (45,521)485,400 
U.S. government agency and U.S. government-sponsored enterprise debt securities1,002,697 — (196,898)805,799 
U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities (3):
Commercial mortgage-backed securities491,842 — (93,850)397,992 
Residential mortgage-backed securities734,577 — (153,299)581,278 
Municipal securities188,605 — (44,596)144,009 
Total HTM debt securities2,948,642 — (534,164)2,414,478 
Total debt securities$12,080,595 $4,993 $(1,270,642)$10,814,946 
December 31, 2023
($ in thousands)
Amortized Cost (1)
Gross Unrealized GainsGross Unrealized LossesFair Value
AFS debt securities:
U.S. Treasury securities$1,112,587 $101 $(52,313)$1,060,375 
U.S. government agency and U.S. government-sponsored enterprise debt securities412,086 — (47,640)364,446 
U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities (2):
Commercial mortgage-backed securities531,377 158 (63,276)468,259 
Residential mortgage-backed securities1,956,927 380 (229,713)1,727,594 
Municipal securities297,283 75 (36,342)261,016 
Non-agency mortgage-backed securities:
Commercial mortgage-backed securities409,578 — (42,062)367,516 
Residential mortgage-backed securities643,335 — (89,664)553,671 
Corporate debt securities653,501 — (151,076)502,425 
Foreign government bonds239,333 69 (11,528)227,874 
Asset-backed securities43,234 — (934)42,300 
CLOs617,250 — (4,389)612,861 
Total AFS debt securities 6,916,491 783 (728,937)6,188,337 
HTM debt securities:
U.S. Treasury securities529,548 — (40,997)488,551 
U.S. government agency and U.S. government-sponsored enterprise debt securities1,001,836 — (186,904)814,932 
U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities (3):
Commercial mortgage-backed securities493,348 — (88,968)404,380 
Residential mortgage-backed securities742,436 — (142,119)600,317 
Municipal securities188,872 — (43,081)145,791 
Total HTM debt securities2,956,040 — (502,069)2,453,971 
Total debt securities$9,872,531 $783 $(1,231,006)$8,642,308 
(1)Amortized cost excludes accrued interest receivables which are presented within Other assets on the Consolidated Balance Sheet. As of March 31, 2024 and December 31, 2023, the accrued interest receivables were $40 million and $44 million, respectively. For the Company’s accounting policy related to debt securities’ accrued interest receivables, 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 2023 Form 10-K.
(2)Includes GNMA AFS debt securities totaling $4.5 billion of amortized cost and $4.4 billion of fair value as of March 31, 2024, and $1.3 billion of amortized cost and $1.2 billion of fair value as of December 31, 2023.
(3)Includes GNMA HTM debt securities totaling $91 million of amortized cost and $73 million of fair value as of March 31, 2024, and $92 million of amortized cost and $75 million of fair value of as of December 31, 2023.
Schedule of Debt Securities, Available-for-Sale, Unrealized Loss Position, Fair Value
The following tables present the fair value and the associated gross unrealized losses of the Company’s AFS debt securities, aggregated by investment category and the length of time that the securities have been in a continuous unrealized loss position as of March 31, 2024 and December 31, 2023.
March 31, 2024
Less Than 12 Months12 Months or MoreTotal
($ in thousands)Fair ValueGross Unrealized LossesFair ValueGross Unrealized LossesFair ValueGross Unrealized Losses
AFS debt securities:
U.S. Treasury securities$— $— $621,094 $(55,196)$621,094 $(55,196)
U.S. government agency and U.S. government sponsored enterprise debt securities— — 360,802 (49,874)360,802 (49,874)
U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities:
Commercial mortgage-backed securities— — 450,965 (57,669)450,965 (57,669)
Residential mortgage-backed securities1,577,361 (4,504)1,642,455 (236,858)3,219,816 (241,362)
Municipal securities4,189 (6)252,268 (37,906)256,457 (37,912)
Non-agency mortgage-backed securities:
Commercial mortgage-backed securities— — 333,996 (39,838)333,996 (39,838)
Residential mortgage-backed securities— — 519,657 (90,048)519,657 (90,048)
Corporate debt securities— — 502,647 (150,854)502,647 (150,854)
Foreign government bonds18,567 (61)88,060 (11,940)106,627 (12,001)
Asset-backed securities— — 40,712 (575)40,712 (575)
CLOs— — 87,851 (1,149)87,851 (1,149)
Total AFS debt securities$1,600,117 $(4,571)$4,900,507 $(731,907)$6,500,624 $(736,478)
December 31, 2023
Less Than 12 Months12 Months or MoreTotal
($ in thousands)Fair ValueGross Unrealized LossesFair ValueGross Unrealized LossesFair ValueGross Unrealized Losses
AFS debt securities:
U.S. Treasury securities$— $— $623,978 $(52,313)$623,978 $(52,313)
U.S. government agency and U.S. government-sponsored enterprise debt securities— — 364,446 (47,640)364,446 (47,640)
U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities:
Commercial mortgage-backed securities— — 463,572 (63,276)463,572 (63,276)
Residential mortgage-backed securities9,402 (558)1,661,112 (229,155)1,670,514 (229,713)
Municipal securities2,825 (15)254,773 (36,327)257,598 (36,342)
Non-agency mortgage-backed securities:
Commercial mortgage-backed securities2,742 (4)364,774 (42,058)367,516 (42,062)
Residential mortgage-backed securities— — 553,671 (89,664)553,671 (89,664)
Corporate debt securities— — 502,425 (151,076)502,425 (151,076)
Foreign government bonds110,955 (144)88,616 (11,384)199,571 (11,528)
Asset-backed securities— — 42,300 (934)42,300 (934)
CLOs— — 612,861 (4,389)612,861 (4,389)
Total AFS debt securities$125,924 $(721)$5,532,528 $(728,216)$5,658,452 $(728,937)
Schedule of the Gross Realized Gains and Tax Expense, Available-for-Sale
The following table presents the gross realized gains from the sales and impairment write-off of AFS debt securities and the related tax expense (benefit) included in earnings for the three months ended March 31, 2024 and 2023:
Three Months Ended March 31,
($ in thousands)20242023
Gross realized gains from sales
$49 $— 
Impairment write-off (1)
$— $(10,000)
Related tax expense (benefit)
$14 $(2,956)
(1)During the first quarter of 2023, the Company recognized a $10 million impairment write-off on a subordinated debt security as a component of noninterest income in the Company’s Consolidated Statement of Income.
Schedule of Composition of Interest Income on Debt Securities
The following table presents the composition of interest income on debt securities for the three months ended March 31, 2024 and 2023:
Three Months Ended March 31,
($ in thousands)20242023
Taxable interest$70,328 $61,049 
Nontaxable interest5,064 4,882 
Total interest income on debt securities$75,392 $65,931 
Schedule Of Contractual Maturities And Weighted Average Yields Of AFS And HTM Debt Securities
The following tables present the contractual maturities, amortized cost, fair value and weighted-average yields of AFS and HTM debt securities as of March 31, 2024. Expected maturities will differ from contractual maturities on certain securities as the issuers and borrowers of the underlying collateral may have the right to call or prepay obligations with or without prepayment penalties.
($ 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$34,901 $641,389 $— $— $676,290 
Fair value33,920 587,174 — — 621,094 
Weighted-average yield (1)
1.83 %1.17 %— %— %1.20 %
U.S. government agency and U.S. government-sponsored enterprise debt securities
Amortized cost51,238 94,159 127,833 137,446 410,676 
Fair value51,163 90,935 106,727 111,977 360,802 
Weighted-average yield (1)
4.94 %3.16 %1.60 %2.33 %2.62 %
U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities
Amortized cost3,219 36,135 137,555 5,565,799 5,742,708 
Fair value3,130 34,513 125,890 5,284,485 5,448,018 
Weighted-average yield (1) (2)
2.68 %3.15 %2.73 %5.32 %5.24 %
Municipal securities
Amortized cost2,240 34,998 9,621 249,501 296,360 
Fair value2,219 32,747 8,885 214,644 258,495 
Weighted-average yield (1) (2)
3.39 %2.23 %3.22 %2.23 %2.27 %
Non-agency mortgage-backed securities
Amortized cost82,941 46,116 — 854,482 983,539 
Fair value82,055 45,322 — 726,276 853,653 
Weighted-average yield (1)
3.67 %3.70 %— %2.54 %2.69 %
Corporate debt securities
Amortized cost— — 349,501 304,000 653,501 
Fair value— — 294,845 207,802 502,647 
Weighted-average yield (1)
— %— %3.50 %1.97 %2.79 %
Foreign government bonds
Amortized cost32,724 105,868 50,000 50,000 238,592 
Fair value32,665 106,471 49,640 38,420 227,196 
Weighted-average yield (1)
3.01 %2.28 %5.72 %1.50 %2.94 %
Asset-backed securities
Amortized cost— — — 41,287 41,287 
Fair value— — — 40,712 40,712 
Weighted-average yield (1)
— %— %— %6.06 %6.06 %
CLOs
Amortized cost— — 69,000 20,000 89,000 
Fair value— — 67,924 19,927 87,851 
Weighted-average yield (1)
— %— %7.10 %6.84 %7.04 %
Total AFS debt securities
Amortized cost$207,263 $958,665 $743,510 $7,222,515 $9,131,953 
Fair value$205,152 $897,162 $653,911 $6,644,243 $8,400,468 
Weighted-average yield (1)
3.55 %1.72 %3.51 %4.67 %4.24 %
($ 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$—$530,921$—$—$530,921
Fair value—485,400——485,400
Weighted-average yield (1)
— %1.05 %— %— %1.05 %
U.S. government agency and U.S. government-sponsored enterprise debt securities
Amortized cost——343,666659,0311,002,697
Fair value——291,586514,213805,799
Weighted-average yield (1)
— %— %1.90 %1.89 %1.90 %
U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities
Amortized cost—4,85294,5361,127,0311,226,419
Fair value—4,40179,571895,298979,270
Weighted-average yield (1) (2)
— %1.40 %1.59 %1.69 %1.68 %
Municipal securities
Amortized cost———188,605188,605
Fair value———144,009144,009
Weighted-average yield (1) (2)
— %— %— %1.99 %1.99 %
Total HTM debt securities
Amortized cost$—$535,773$438,202$1,974,667$2,948,642
Fair value$—$489,801$371,157$1,553,520$2,414,478
Weighted-average yield (1)
— %1.05 %1.83 %1.79 %1.66 %
(1)Weighted-average yields are computed based on amortized cost balances.
(2)Yields on tax-exempt securities are not presented on a tax-equivalent basis.
Schedule Of Restricted Equity Securities
The following table presents the restricted equity securities included in Other assets on the Consolidated Balance Sheet as of March 31, 2024 and December 31, 2023:
($ in thousands)March 31, 2024December 31, 2023
Federal Reserve Bank of San Francisco (“FRBSF”) stock
$62,858 $62,561 
FHLB stock101,544 17,250 
Total restricted equity securities$164,402 $79,811 
v3.24.1.u1
Derivatives (Tables)
 3 Months Ended
Mar. 31, 2024
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, 2024 and December 31, 2023. Certain derivative contracts are cleared though central clearing organizations where variation margin is applied daily as settlement to the fair values of the contracts. 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. 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 by $41 million and $47 million, respectively, as of March 31, 2024. In comparison, applying variation margin payments as settlement to LCH- and CME-cleared derivative transactions resulted in reductions in both the derivative asset and liability fair values by $43 million as of December 31, 2023. Total derivative asset and liability fair values are adjusted to reflect the effects of legally enforceable master netting agreements and cash collateral received or paid. The resulting net derivative asset and liability fair values are included in Other assets and Accrued expenses and other liabilities, respectively, on the Consolidated Balance Sheet.
March 31, 2024December 31, 2023
Fair ValueFair Value
($ in thousands)Notional Amount
Assets 
Liabilities 
Notional Amount
Assets 
Liabilities 
Derivatives designated as hedging instruments:
Cash flow hedges:
Interest rate contracts
$5,250,000 $15,707 $49,616 $5,250,000 $50,421 $13,124 
Net investment hedges:
Foreign exchange contracts
— — — 81,480 3,394 — 
Total derivatives designated as hedging instruments
$5,250,000 $15,707 $49,616 $5,331,480 $53,815 $13,124 
Derivatives not designated as hedging instruments:
Interest rate contracts
$16,910,462 $469,087 $468,714 $17,387,909 $423,486 $420,812 
Commodity contracts (1)
— 76,615 106,930 — 79,604 121,670 
Foreign exchange contracts4,898,429 60,499 53,153 5,827,149 53,678 42,564 
Credit contracts (2)
118,144 — 16 118,391 1 25 
Equity contracts
— 330 (3)15,119 (4)— 336 (3)15,119 (4)
Total derivatives not designated as hedging instruments$21,927,035 $606,531 $643,932 $23,333,449 $557,105 $600,190 
Gross derivative assets/liabilities$622,238 $693,548 $610,920 $613,314 
Less: Master netting agreements(132,555)(132,555)(75,534)(75,534)
Less: Cash collateral received(356,707)(2,408)(237,258)(636)
Net derivative assets/liabilities$132,976 $558,585 $298,128 $537,144 
(1)The notional amount of the Company’s commodity contracts totaled 18,468 thousand barrels of crude oil and 350,942 thousand units of natural gas, measured in million British thermal units (“MMBTUs”) as of March 31, 2024. In comparison, the notional amount of the Company’s commodity contracts totaled 18,631 thousand barrels of crude oil and 328,844 thousand MMBTUs of natural gas as of December 31, 2023.
(2)The notional amount of the credit contracts reflects the Company’s pro-rata share of the underlying derivative instruments in RPAs.
(3)The Company held warrant equity contracts in 11 private companies and one public company as of both March 31, 2024 and December 31, 2023.
(4)Equity contracts classified as derivative liabilities consist of 349,138 performance-based RSUs granted as part of EWBC’s consideration in its investment in Rayliant.
The following table presents the notional amounts and the gross fair values of the interest rate and foreign exchange derivatives entered into with customers and with third-party financial institutions as economic hedges to customers’ positions as of March 31, 2024 and December 31, 2023:
March 31, 2024December 31, 2023
Fair ValueFair Value
($ in thousands)Notional AmountAssetsLiabilitiesNotional AmountAssetsLiabilities
Customer-related positions:
Interest rate contracts:
Swaps$6,874,132 $9,521 $442,960 $6,835,822 $25,649 $377,388 
Written options1,287,121 — 11,909 1,522,531 — 12,756 
Collars and corridors281,117 130 3,371 322,732 440 4,481 
Subtotal8,442,370 9,651 458,240 8,681,085 26,089 394,625 
Foreign exchange contracts:
Forwards and spot643,298 4,124 7,548 956,618 9,466 6,756 
Swaps1,577,082 19,020 24,839 1,588,491 5,801 18,118 
Purchased options
129,000 2,580 — 136,000 1,839 — 
Subtotal2,349,380 25,724 32,387 2,681,109 17,106 24,874 
Total$10,791,750 $35,375 $490,627 $11,362,194 $43,195 $419,499 
Economic hedges:
Interest rate contracts:
Swaps$6,899,692 $444,094 $10,337 $6,861,561 $380,123 $25,731 
Purchased options1,287,283 11,962 — 1,522,531 12,783 — 
Collars and corridors281,117 3,380 137 322,732 4,491 456 
Subtotal8,468,092 459,436 10,474 8,706,824 397,397 26,187 
Foreign exchange contracts:
Forwards and spot33,003 42 18 148,003 292 94 
Swaps2,387,046 34,733 18,168 2,862,037 36,280 15,757 
Written options
129,000 — 2,580 136,000 — 1,839 
Subtotal2,549,049 34,775 20,766 3,146,040 36,572 17,690 
Total$11,017,141 $494,211 $31,240 $11,852,864 $433,969 $43,877 
The Company enters into energy commodity contracts with its customers in the oil and gas sector, which allow them to hedge against the risk of fluctuation in energy commodity prices. Offsetting contracts entered with third-party financial institutions are used as economic hedges to manage the Company’s exposure on its customer-related positions. The following table presents the notional amounts in units and the gross fair values of the commodity derivatives issued for customer-related positions and economic hedges as of March 31, 2024 and December 31, 2023:
March 31, 2024December 31, 2023
Fair ValueFair Value
($ and unit in thousands)Notional UnitsAssetsLiabilitiesNotional UnitsAssetsLiabilities
Customer-related positions:
Commodity contracts:
Crude oil:
Swaps3,608 Barrels$15,370 $685 3,277 Barrels$3,735 $15,445 
Collars5,576 Barrels11,901 115 5,966 Barrels1,820 5,103 
Subtotal9,184 Barrels27,271 800 9,243 Barrels5,555 20,548 
Natural gas:
Swaps127,102 MMBTUs1,420 70,028 118,325 MMBTUs438 73,793 
Collars47,953 MMBTUs672 17,107 45,854 MMBTUs21 20,400 
Written options1,976 MMBTUs132 33 1,874 MMBTUs— 233 
Subtotal177,031 MMBTUs2,224 87,168 166,053 MMBTUs459 94,426 
Total$29,495 $87,968 $6,014 $114,974 
Economic hedges:
Commodity contracts:
Crude oil:
Swaps3,708 Barrels$1,788 $12,997 3,422 Barrels$9,166 $4,924 
Collars5,576 Barrels1 4,902 5,966 Barrels1,685 1,467 
Subtotal9,284 Barrels1,789 17,899 9,388 Barrels10,851 6,391 
Natural gas:
Swaps124,582 MMBTUs37,170 629 116,463 MMBTUs49,941 305 
Collars47,353 MMBTUs8,120 318 44,454 MMBTUs12,565 — 
Purchased options1,976 MMBTUs41 116 1,874 MMBTUs233 — 
Subtotal173,911 MMBTUs45,331 1,063 162,791 MMBTUs62,739 305 
Total$47,120 $18,962 $73,590 $6,696 
Schedule Of Pre-Tax Changes In AOCI From Cash Flows Hedges
The following table presents the pre-tax changes in AOCI from cash flow hedges for the three months ended March 31, 2024 and 2023. The after-tax impact of cash flow hedges on AOCI is shown in Note 14 — Accumulated Other Comprehensive Income (Loss) to the Consolidated Financial Statements in this Form-10-Q.
Three Months Ended March 31,
($ in thousands)20242023
 (Losses) gains recognized in AOCI:
Interest rate contracts$(90,376)$29,843 
 (Losses) gains reclassified from AOCI into earnings:
Interest expense (for cash flow hedges on borrowings)$— $696 
Interest and dividend income (for cash flow hedges on loans)(24,605)(12,954)
Noninterest income— 1,614 
(1)
Total$(24,605)$(10,644)
(1)Represents the amounts in AOCI reclassified into earnings as a result that the forecasted cash flows were no longer probable to occur.
Tabular Disclosure Of Gains and Losses On Derivative Instruments Qualified And Designated In Net Investment Hedges The following table presents the pre-tax gains or losses recognized in AOCI on net investment hedges for the three months ended March 31, 2024 and 2023:
Three Months Ended March 31,
($ in thousands)20242023
Gains (losses) recognized in AOCI
$586 $(1,076)
Schedule Of The Net (Losses) Gains Recognized On The Company’s Consolidated Statement of Income Related To Derivatives Not Designated as Hedging Instruments
The following table presents the net gains (losses) recognized on the Company’s Consolidated Statement of Income related to derivatives not designated as hedging instruments for the three months ended March 31, 2024 and 2023:
Three Months Ended March 31,
($ in thousands)
Classification on Consolidated Statement of Income
20242023
Derivatives not designated as hedging instruments:
Interest rate contracts
Customer derivative income
$484 $(2,484)
Foreign exchange contractsForeign exchange income12,780 10,442 
Credit contracts
Customer derivative income
(5)(5)
Equity contracts - warrants
Lending fees(6)(45)
Commodity contracts
Customer derivative income
134 6 
Net gains$13,387 $7,914 
Schedule Of Gross Derivative Fair Values, The Balance Sheet Netting Adjustments And The Resulting Net Fair Values Recorded On The Consolidated Balance Sheet, As Well As The Cash and Non-Cash Collateral Associated With Master Netting Arrangements
The following tables present the gross derivative fair values, the balance sheet netting adjustments, and the resulting net fair values recorded on the Consolidated Balance Sheet, as well as the cash and noncash collateral associated with master netting arrangements. The gross amounts of derivative assets and liabilities are presented after the application of variation margin payments as settlements to the fair values of contracts cleared through central clearing organizations, where applicable. The collateral amounts in the following tables are limited to the outstanding balances of the related asset or liability. Therefore, instances of over-collateralization are not shown:
($ in thousands)As of March 31, 2024
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$622,238 $(132,555)$(356,707)$132,976 $(99,877)$33,099 
 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$693,548 $(132,555)$(2,408)$558,585 $— $558,585 
($ in thousands)As of December 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$610,920 $(75,534)$(237,258)$298,128 $(246,259)$51,869 
 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$613,314 $(75,534)$(636)$537,144 $— $537,144 
(1)Includes $2 million and $3 million of gross fair value assets with counterparties that were not subject to enforceable master netting arrangements or similar agreements as of March 31, 2024 and December 31, 2023, respectively.
(2)Includes $17 million and $16 million of gross fair value liabilities with counterparties that were not subject to enforceable master netting arrangements or similar agreements as of March 31, 2024 and December 31, 2023, respectively.
(3)Gross cash collateral received under master netting arrangements or similar agreements was $362 million and $244 million as of March 31, 2024 and December 31, 2023, respectively. Of the gross cash collateral received, $357 million and $237 million were used to offset derivative assets as of March 31, 2024 and December 31, 2023, respectively.
(4)Gross cash collateral pledged under master netting arrangements or similar agreements was $3 million and $1 million as of March 31, 2024 and December 31, 2023, respectively. Of the gross cash collateral pledged, $2 million and $1 million were used to offset derivative liabilities as of March 31, 2024 and December 31, 2023, respectively.
(5)Represents the fair value of security collateral received or pledged limited to derivative assets or liabilities that are subject to enforceable master netting arrangements or similar agreements. U.S. GAAP does not permit the netting of noncash collateral on the Consolidated Balance Sheet but requires the disclosure of such amounts.
v3.24.1.u1
Loans Receivable and Allowance for Credit Losses (Tables)
 3 Months Ended
Mar. 31, 2024
Loans and Leases Receivable Disclosure [Abstract]  
Schedule Of Composition Of Loans Held-For-Investment
The following table presents the composition of the Company’s loans held-for-investment outstanding as of March 31, 2024 and December 31, 2023:
($ in thousands)March 31, 2024December 31, 2023
Commercial:
C&I$16,350,191 $16,581,079 
CRE:
CRE14,609,655 14,777,081 
Multifamily residential5,010,245 5,023,163 
Construction and land673,939 663,868 
Total CRE20,293,839 20,464,112 
Total commercial36,644,030 37,045,191 
Consumer:
Residential mortgage:
Single-family residential13,563,738 13,383,060 
HELOCs1,731,233 1,722,204 
Total residential mortgage15,294,971 15,105,264 
Other consumer53,503 60,327 
Total consumer15,348,474 15,165,591 
Total loans held-for-investment (1)
$51,992,504 $52,210,782 
Allowance for loan losses(670,280)(668,743)
Loans held-for-investment, net (1)
$51,322,224 $51,542,039 
(1)Includes $63 million and $71 million of net deferred loan fees and net unamortized premiums as of March 31, 2024 and December 31, 2023, respectively.
Schedule Of Loans Held-For-Investment By Loan Portfolio Segments, Internal Risk Ratings, Gross Write-Offs And Vintage Year
The following tables summarize the Company’s loans held-for-investment and year-to-date gross write-offs by loan portfolio segments, internal risk ratings and vintage year as of the periods presented. The vintage year is the year of loan origination, renewal or major modification. Revolving loans that are converted to term loans presented in the tables below are excluded from term loans by vintage year columns.
March 31, 2024
Term Loans by Origination Year
($ in thousands)20242023202220212020PriorRevolving Loans
Revolving Loans Converted to Term Loans (1)
Total
Commercial:
C&I:
Pass$494,511 $2,181,627 $1,390,042 $1,162,380 $290,790 $357,396 $9,858,874 $23,801 $15,759,421 
Criticized (accrual)15 80,137 146,122 126,563 8,378 61,936 118,657 — 541,808 
Criticized (nonaccrual)— 15,676 10,179 631 4,193 17,313 970 — 48,962 
Total C&I494,526 2,277,440 1,546,343 1,289,574 303,361 436,645 9,978,501 23,801 16,350,191 
Gross write-offs for the three months ended March 31, 2024 (2)
— 221 11,550 3,047 488 1,528 (56)
(3)
— 16,778 
CRE:
Pass310,715 2,415,104 3,940,346 2,125,414 1,412,088 3,815,741 90,300 48,880 14,158,588 
Criticized (accrual)— 66,187 54,141 26,402 53,926 200,610 — 14,795 416,061 
Criticized (nonaccrual)— 1,750 — — — 33,256 — — 35,006 
Subtotal CRE310,715 2,483,041 3,994,487 2,151,816 1,466,014 4,049,607 90,300 63,675 14,609,655 
Gross write-offs for the three months ended March 31, 2024
— — — — — 2,398 — — 2,398 
Multifamily residential:
Pass43,746 652,947 1,482,963 794,023 645,391 1,329,341 6,831 1,275 4,956,517 
Criticized (accrual)— 13,939 — 31,882 — 3,261 — — 49,082 
Criticized (nonaccrual)— — — — — 4,646 — — 4,646 
Subtotal multifamily residential43,746 666,886 1,482,963 825,905 645,391 1,337,248 6,831 1,275 5,010,245 
Gross write-offs for the three months ended March 31, 2024— — — — — 6 — — 6 
Construction and land:
Pass2,980 266,224 234,093 124,830 1,603 6,290 8,795 — 644,815 
Criticized (accrual)— — 16,888 — — — — — 16,888 
Criticized (nonaccrual)— — 12,236 — — — — — 12,236 
Subtotal construction and land2,980 266,224 263,217 124,830 1,603 6,290 8,795 — 673,939 
Gross write-offs for the three months ended March 31, 2024— — 1,224 — — — — — 1,224 
Total CRE357,441 3,416,151 5,740,667 3,102,551 2,113,008 5,393,145 105,926 64,950 20,293,839 
Total CRE gross write-offs for the three months ended March 31, 2024
— — 1,224 — — 2,404 — — 3,628 
Total commercial$851,967 $5,693,591 $7,287,010 $4,392,125 $2,416,369 $5,829,790 $10,084,427 $88,751 $36,644,030 
Total commercial gross write-offs for the three months ended March 31, 2024 (2)
$— $221 $12,774 $3,047 $488 $3,932 $(56)
(3)
$— $20,406 
March 31, 2024
Term Loans by Origination Year
($ in thousands)20242023202220212020PriorRevolving Loans
Revolving Loans Converted to Term Loans (1)
Total
Consumer:
Residential mortgage:
Single-family residential:
Pass (4)
$547,073 $3,077,628 $3,285,262 $2,236,107 $1,553,848 $2,814,348 $— $— $13,514,266 
Criticized (accrual)— 3,196 — 1,764 3,910 5,583 — — 14,453 
Criticized (nonaccrual) (4)
— 7,860 5,874 3,389 3,718 14,178 — — 35,019 
Subtotal single-family residential mortgage547,073 3,088,684 3,291,136 2,241,260 1,561,476 2,834,109 — — 13,563,738 
HELOCs:
Pass4,798 3,655 3,394 2,817 5,107 9,288 1,561,308 123,131 1,713,498 
Criticized (accrual)— 808 2,435 360 — 670 718 1,246 6,237 
Criticized (nonaccrual)— 65 518 219 — 5,906 — 4,790 11,498 
Subtotal HELOCs4,798 4,528 6,347 3,396 5,107 15,864 1,562,026 129,167 1,731,233 
Total residential mortgage551,871 3,093,212 3,297,483 2,244,656 1,566,583 2,849,973 1,562,026 129,167 15,294,971 
Other consumer:
Pass2,132 632 18,101 134 — 6,861 22,481 — 50,341 
Criticized (accrual)— — — — — — 3,000 — 3,000 
Criticized (nonaccrual)— — — — — — 162 — 162 
Total other consumer2,132 632 18,101 134 — 6,861 25,643 — 53,503 
Gross write-offs for the three months ended March 31, 2024 (2)
— — — — — — 2 — 2 
Total consumer$554,003 $3,093,844 $3,315,584 $2,244,790 $1,566,583 $2,856,834 $1,587,669 $129,167 $15,348,474 
Total consumer gross write-offs for the three months ended March 31, 2024 (2)
$— $— $— $— $— $— $2 $— $2 
Total loans held-for-investment:
Pass$1,405,955 $8,597,817 $10,354,201 $6,445,705 $3,908,827 $8,339,265 $11,548,589 $197,087 $50,797,446 
Criticized (accrual)15 164,267 219,586 186,971 66,214 272,060 122,375 16,041 1,047,529 
Criticized (nonaccrual)— 25,351 28,807 4,239 7,911 75,299 1,132 4,790 147,529 
Total$1,405,970 $8,787,435 $10,602,594 $6,636,915 $3,982,952 $8,686,624 $11,672,096 $217,918 $51,992,504 
Total loans held-for-investment gross write-offs for the three months ended March 31, 2024 (2)
$— $221 $12,774 $3,047 $488 $3,932 $(54)
(3)
$— $20,408 
December 31, 2023
Term Loans by Origination Year
($ in thousands)20232022202120202019PriorRevolving Loans
Revolving Loans Converted to Term Loans (1)
Total
Commercial:
C&I:
Pass$2,314,463 $1,628,560 $1,296,936 $331,982 $245,173 $164,159 $10,053,757 $20,143 $16,055,173 
Criticized (accrual)105,119 67,899 120,574 15,064 40,920 22,098 117,196 — 488,870 
Criticized (nonaccrual)2,104 7,916 131 4,819 2,979 18,137 950 — 37,036 
Total C&I2,421,686 1,704,375 1,417,641 351,865 289,072 204,394 10,171,903 20,143 16,581,079 
Gross write-offs for the year ended December 31, 2023 (2)
350 10,454 424 3,758 9,748 2,648 1,593 — 28,975 
CRE:
Pass2,492,915 4,086,385 2,216,257 1,428,724 1,600,844 2,494,382 92,851 62,771 14,475,129 
Criticized (accrual)36,855 34,485 30,336 48,250 24,437 104,340 — — 278,703 
Criticized (nonaccrual)— — — — 444 22,805 — — 23,249 
Subtotal CRE2,529,770 4,120,870 2,246,593 1,476,974 1,625,725 2,621,527 92,851 62,771 14,777,081 
Gross write-offs for the year ended December 31, 2023 (2)
— — — — — 1,329 — — 1,329 
Multifamily residential:
Pass665,780 1,481,161 808,333 612,408 498,491 857,713 8,690 1,281 4,933,857 
Criticized (accrual)— 3,356 54,614 — 693 25,974 — — 84,637 
Criticized (nonaccrual)— — — — — 4,669 — — 4,669 
Subtotal multifamily residential665,780 1,484,517 862,947 612,408 499,184 888,356 8,690 1,281 5,023,163 
Gross write-offs for the year ended December 31, 2023
— — — — — 3 — — 3 
Construction and land:
Pass209,775 280,151 120,724 39,928 808 5,501 6,981 — 663,868 
Subtotal construction and land209,775 280,151 120,724 39,928 808 5,501 6,981 — 663,868 
Total CRE3,405,325 5,885,538 3,230,264 2,129,310 2,125,717 3,515,384 108,522 64,052 20,464,112 
Total CRE gross write-offs for the year ended December 31, 2023 (2)
— — — — — 1,332 — — 1,332 
Total commercial$5,827,011 $7,589,913 $4,647,905 $2,481,175 $2,414,789 $3,719,778 $10,280,425 $84,195 $37,045,191 
Total commercial gross write-offs for the year ended December 31, 2023 (2)
350 10,454 424 3,758 9,748 3,980 1,593 — 30,307 
December 31, 2023
Term Loans by Origination Year
($ in thousands)20232022202120202019PriorRevolving Loans
Revolving Loans Converted to Term Loans (1)
Total
Consumer:
Residential mortgage:
Single-family residential:
Pass (4)
$3,188,830 $3,340,789 $2,279,802 $1,594,525 $980,686 $1,959,974 $— $— $13,344,606 
Criticized (accrual)2,680 4,471 566 1,440 1,503 4,167 — — 14,827 
Criticized (nonaccrual) (4)
4,466 837 3,902 2,081 3,626 8,715 — — 23,627 
Subtotal single-family residential mortgage3,195,976 3,346,097 2,284,270 1,598,046 985,815 1,972,856 — — 13,383,060 
HELOCs:
Pass3,641 3,882 1,734 3,153 729 9,251 1,551,074 126,280 1,699,744 
Criticized (accrual)565 1,219 1,872 101 185 1,470 2,548 1,089 9,049 
Criticized (nonaccrual)815 856 413 72 584 6,863 279 3,529 13,411 
Subtotal HELOCs5,021 5,957 4,019 3,326 1,498 17,584 1,553,901 130,898 1,722,204 
Gross write-offs for the year ended December 31, 2023 (2)
— — — — — 41 — 6 47 
Total residential mortgage3,200,997 3,352,054 2,288,289 1,601,372 987,313 1,990,440 1,553,901 130,898 15,105,264 
Total residential mortgage gross write-offs for the year ended December 31, 2023 (2)
— — — — — 41 — 6 47 
Other consumer:
Pass2,286 18,098 135 — — 13,244 26,432 — 60,195 
Criticized (nonaccrual)— — — — — — 132 — 132 
Total other consumer
2,286 18,098 135 — — 13,244 26,564 — 60,327 
Total consumer$3,203,283 $3,370,152 $2,288,424 $1,601,372 $987,313 $2,003,684 $1,580,465 $130,898 $15,165,591 
Total consumer gross write-offs for the year ended December 31, 2023 (2)
$— $— $— $— $— $41 $— $6 $47 
Total by Risk Rating:
Pass$8,877,690 $10,839,026 $6,723,921 $4,010,720 $3,326,731 $5,504,224 $11,739,785 $210,475 $51,232,572 
Criticized (accrual)145,219 111,430 207,962 64,855 67,738 158,049 119,744 1,089 876,086 
Criticized (nonaccrual)7,385 9,609 4,446 6,972 7,633 61,189 1,361 3,529 102,124 
Total
$9,030,294 $10,960,065 $6,936,329 $4,082,547 $3,402,102 $5,723,462 $11,860,890 $215,093 $52,210,782 
Total loans held-for-investment gross write-offs for the year ended December 31, 2023 (2)
$350 $10,454 $424 $3,758 $9,748 $4,021 $1,593 $6 $30,354 
(1)$7 million and $12 million of total commercial loans, comprised of C&I and CRE revolving loans, converted to term loans during the three months ended March 31, 2024 and 2023, respectively. During the three months ended March 31, 2024 and 2023, respectively, $15 million and $5 million of total consumer loans, comprised of HELOCs, converted to term loans.
(2)Excludes gross write-offs associated with loans the Company sold or settled.
(3)Represents the remaining unamortized deferred loan fee related to a zero balance loan with no previous charge-offs.
(4)As of both March 31, 2024 and December 31, 2023, $1 million of nonaccrual loans whose payments were guaranteed by the Federal Housing Administration were classified with a “Pass” rating.
Schedule Of Aging Analysis Of Loans The following tables present the aging analysis of loans held-for-investment as of March 31, 2024 and December 31, 2023:
March 31, 2024
($ 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$16,281,903 $4,559 $14,767 $19,326 $48,962 $16,350,191 
CRE:
CRE14,555,923 18,726 — 18,726 35,006 14,609,655 
Multifamily residential5,005,231 368 — 368 4,646 5,010,245 
Construction and land661,703 — — — 12,236 673,939 
Total CRE20,222,857 19,094 — 19,094 51,888 20,293,839 
Total commercial36,504,760 23,653 14,767 38,420 100,850 36,644,030 
Consumer:
Residential mortgage:
Single-family residential13,478,789 33,911 15,369 49,280 35,669 13,563,738 
HELOCs1,699,628 13,877 6,230 20,107 11,498 1,731,233 
Total residential mortgage15,178,417 47,788 21,599 69,387 47,167 15,294,971 
Other consumer53,224 60 57 117 162 53,503 
Total consumer15,231,641 47,848 21,656 69,504 47,329 15,348,474 
Total$51,736,401 $71,501 $36,423 $107,924 $148,179 $51,992,504 
December 31, 2023
($ 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$16,508,394 $28,550 $7,099 $35,649 $37,036 $16,581,079 
CRE:
CRE14,750,315 1,719 1,798 3,517 23,249 14,777,081 
Multifamily residential5,017,897 597 — 597 4,669 5,023,163 
Construction and land650,617 13,251 — 13,251 — 663,868 
Total CRE20,418,829 15,567 1,798 17,365 27,918 20,464,112 
Total commercial36,927,223 44,117 8,897 53,014 64,954 37,045,191 
Consumer:
Residential mortgage:
Single-family residential13,313,455 29,285 15,943 45,228 24,377 13,383,060 
HELOCs1,687,301 12,266 9,226 21,492 13,411 1,722,204 
Total residential mortgage
15,000,756 41,551 25,169 66,720 37,788 15,105,264 
Other consumer56,930 3,123 142 3,265 132 60,327 
Total consumer15,057,686 44,674 25,311 69,985 37,920 15,165,591 
Total$51,984,909 $88,791 $34,208 $122,999 $102,874 $52,210,782 
Schedule Of Amortized Cost Of Loans On Nonaccrual Status With No Related Allowance For Loan Losses
The following table presents the amortized cost of loans on nonaccrual status for which there was no related allowance for loan losses as of both March 31, 2024 and December 31, 2023. Nonaccrual loans may not have an allowance for credit losses if the loan balances are well secured by collateral values and there is no loss expectation.
($ in thousands)March 31, 2024December 31, 2023
Commercial:
C&I$40,617 $33,089 
CRE34,431 22,653 
Multifamily residential4,235 4,235 
Construction and land12,236 — 
Total commercial91,519 59,977 
Consumer:
Single-family residential15,380 4,852 
HELOCs6,287 7,256 
Total consumer21,667 12,108 
Total nonaccrual loans with no related allowance for loan losses$113,186 $72,085 
Summary Of Modified Loans/TDRs
The following tables present the amortized cost of loans that were modified during the three months ended March 31, 2024 and 2023 by loan class and modification type:
Three Months Ended March 31, 2024
Modification Type
($ in thousands)Term ExtensionPayment Delay
Combination: Rate Reduction/ Payment Delay
Total
Modification as a % of Loan Class
Commercial:
C&I$4,013 $22,155 $— $26,168 0.16 %
CRE24,488 — 19,325 43,813 0.22 %
Total commercial28,501 22,155 19,325 69,981 
Consumer:
Single-family residential— 3,996 — 3,996 0.03 %
HELOCs— 5,501 517 6,018 0.35 %
Total consumer— 9,497 517 10,014 
Total$28,501 $31,652 $19,842 $79,995 
Three Months Ended March 31, 2023
Modification Type
($ in thousands)Term ExtensionPayment Delay
Combination: Rate Reduction/ Payment Delay
Total
Modification as a % of Loan Class
Commercial:
C&I$19,974 $14,364 $— $34,338 0.22 %
CRE543 — — 543 — %
Total commercial20,517 14,364 — 34,881 
Consumer:
HELOCs738 — — 738 0.04 %
Total consumer738 — — 738 
Total$21,255 $14,364 $— $35,619 

The following tables present the financial effects of the loan modifications for the three months ended March 31, 2024 and 2023 by loan class and modification type:
Financial Effects of Loan Modifications
Three Months Ended March 31, 2024
($ in thousands)Weighted-Average Interest Rate ReductionWeighted-Average Term Extension
(in years)		Weighted-Average Payment Delay
(in years)
Commercial:
C&I— 1.81.7
CRE2.75 %1.51.7
Consumer:
Single-family residential— 0.00.7
HELOCs0.25 %0.03.2
Financial Effects of Loan Modifications
Three Months Ended March 31, 2023
($ in thousands)Weighted-Average Interest Rate ReductionWeighted-Average Term Extension
(in years)		Weighted-Average Payment Delay
(in years)
Commercial:
C&I— 0.91.0
CRE— 2.00.0
Consumer:
HELOCs— 14.80.0
The following table presents information on loans that defaulted during the three months ended March 31, 2024 that received modifications during the 12 months preceding payment default:
Loans Modified Subsequently Defaulted
Three Months Ended March 31, 2024
($ in thousands)Term Extension
Payment Delay
Combination: Term Extension/ Payment Delay
Total
Commercial:
C&I$7,828 $— — $7,828 
Total commercial7,828 — — 7,828 
Consumer:
Single-family residential— 3,972 383 4,355 
Total consumer— 3,972 383 4,355 
Total$7,828 $3,972 $383 $12,183 
Financing Receivable, Modified, Payment Performance
The Company closely monitors the performance of modified loans to borrowers experiencing financial difficulty to understand the effectiveness of its modification efforts. The following tables present the performance of loans that were modified in the twelve months ended March 31, 2024. For the comparative period, the amounts represent the performance of loans that were modified in the three months ended March 31, 2023, subsequent to the adoption of ASU 2022-02 on January 1, 2023:
Payment Performance as of March 31, 2024
($ in thousands)Current30 - 89 Days Past Due90+ Days Past DueTotal
Commercial:
C&I$75,193 $— $7,829 $83,022 
CRE
76,028 — — 76,028 
Total commercial151,221 — 7,829 159,050 
Consumer:
Single-family residential8,455 4,239 5,075 17,769 
HELOCs6,994 2,536 — 9,530 
Total consumer15,449 6,775 5,075 27,299 
Total$166,670 $6,775 $12,904 $186,349 
Payment Performance as of March 31, 2023
($ in thousands)Current30 - 89 Days Past Due
90+ Days Past Due
Total
Commercial:
C&I$27,393 $6,945 $— $34,338 
CRE
543 — — 543 
Total commercial27,936 6,945 — 34,881 
Consumer:
HELOCs738 — — 738 
Total consumer738 — — 738 
Total$28,674 $6,945 $— $35,619 
Financing Receivable Credit Quality Indicators, Key Credit Risk Characteristics and Macroeconomic Variables
The following table provides key credit risk characteristics and macroeconomic variables that the Company uses to estimate the expected credit losses by portfolio segment:
Portfolio SegmentRisk CharacteristicsMacroeconomic Variables
C&IAge percentage, size at origination, delinquency status, sector and risk rating
Unemployment rate, Gross Domestic Product (“GDP”), and U.S. Treasury rates (1)
CRE, Multifamily residential, and Construction and landDelinquency status, maturity date, collateral value, property type, and geographic locationUnemployment rate, GDP, and U.S. Treasury rates
Single-family residential and HELOCsFICO score, delinquency status, maturity date, collateral value, and geographic locationUnemployment rate, GDP, and Home Price Indices
Other consumerLoss rate approach
Immaterial (2)
(1)Macroeconomic variables were updated due to model redevelopment.
(2)Macroeconomic variables are included in the qualitative estimate.
Summary Of Activity In The Allowance For Credit Losses
The following tables summarize the activity in the allowance for loan losses by portfolio segments for the three months ended March 31, 2024 and 2023:
Three Months Ended March 31, 2024
CommercialConsumer
CREResidential Mortgage
($ in thousands)C&ICREMultifamily ResidentialConstruction and LandSingle-Family ResidentialHELOCsOther ConsumerTotal
Allowance for loan losses, beginning of period$392,685 $170,592 $34,375 $10,469 $55,018 $3,947 $1,657 $668,743 
Provision for (reversal of) credit losses on loans
(a)275 18,939 3,032 1,574 899 (432)(132)24,155 
Gross charge-offs(20,998)(2,398)(6)(1,224)— — (58)(24,684)
Gross recoveries1,710 327 17 — 5 48 — 2,107 
Total net (charge-offs) recoveries(19,288)(2,071)11 (1,224)5 48 (58)(22,577)
Foreign currency translation adjustment(41)— — — — — — (41)
Allowance for loan losses, end of period$373,631 $187,460 $37,418 $10,819 $55,922 $3,563 $1,467 $670,280 
Three Months Ended March 31, 2023
CommercialConsumer
CREResidential Mortgage
($ 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 $619,893 
The following table summarizes the activities in the allowance for unfunded credit commitments for the three months ended March 31, 2024 and 2023:
Three Months Ended March 31,
($ in thousands)20242023
Unfunded credit facilities
Allowance for unfunded credit commitments, beginning of period$37,699 $26,264 
Provision for credit losses on unfunded credit commitments
(b)845 1,480 
Foreign currency translation adjustment— (3)
Allowance for unfunded credit commitments, end of period$38,544 $27,741 
Provision for credit losses(a) + (b)$25,000 $20,000 
Schedule Of Carrying Value Of Loans Transferred, Loans Sold and Purchased For the Held-For-Investment Portfolio The following tables provide information on the carrying value of loans transferred, sold and purchased for the held-for-investment portfolio, during the three months ended March 31, 2024 and 2023:
Three Months Ended March 31, 2024
CommercialConsumer
Residential Mortgage
($ in thousands)C&ISingle-Family ResidentialTotal
Loans transferred from held-for-investment to held-for-sale (1)
$199,974 $— $199,974 
Sales (2)(3)
$187,202 $965 $188,167 
Purchases
$33,344 
(4)
$74,736 $108,080 
Three Months Ended March 31, 2023
CommercialConsumer
CRE
Residential Mortgage
($ 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)
$175,932 $3,600 $— $179,532 
Purchases
$22,683 
(4)
$— $131,999 $154,682 
(1)Includes write-downs of $1 million and $273 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, 2024, and 2023, respectively.
(2)Includes originated loans sold of $92 million and $111 million for the three months ended March 31, 2024 and 2023, respectively. Originated loans sold consisted primarily of C&I loans for both periods.
(3)Includes $96 million and $69 million of purchased loans sold in the secondary market for the three months ended March 31, 2024 and 2023, respectively.
(4)C&I loan purchases were comprised primarily of syndicated C&I term loans.
v3.24.1.u1
Affordable Housing Partnership, Tax Credit and Community Reinvestment Act Investments, Net (Tables)
 3 Months Ended
Mar. 31, 2024
Investments in Qualified Affordable Housing Partnerships, Tax Credit and Other Investments, Net and Variable Interest Entities [Abstract]  
Schedule of Affordable Housing, Tax Credit and CRA Investments, Net and Related Unfunded Commitments
The following table presents the investments and unfunded commitments of the Company’s affordable housing partnership, tax credit, and CRA investments, net as of March 31, 2024 and December 31, 2023:
March 31, 2024December 31, 2023
($ in thousands)Assets
Liabilities - Unfunded Commitments (1)
Assets
Liabilities - Unfunded Commitments (1)
PAM:
Affordable housing partnership investments
$432,073 $255,217 $419,785 $251,746 
Tax credit and CRA investments
228,901 117,022 — — 
Equity method of accounting and other:
Tax credits and CRA investments
272,213 147,147 485,251 298,990 
Total$933,187 $519,386 $905,036 $550,736 
(1)Included in Accrued expenses and other liabilities on the Consolidated Balance Sheet.
Schedule of Additional Information related to the Affordable Housing, Tax Credit and CRA Investments, Net
The following table presents additional information related to the investments in affordable housing partnership, tax credit and CRA investments for the three months ended March 31, 2024 and 2023:
Three Months Ended March 31,
($ in thousands)20242023
Tax credits and benefits(1):
PAM:
Affordable housing partnership investments
$18,419 $16,094 
Tax credit and CRA investments
27,149 — 
Equity method of accounting and other:
Tax credit and CRA investments12,594 14,498 
Total tax credits and benefits
$58,162 $30,592 
Amortization:
PAM:
Affordable housing partnership investments (2)
$13,869 $12,666 
Tax credit and CRA investments (3)
23,301 — 
Equity method of accounting and other:
Tax credit and CRA investments (4)
13,207 10,110 
Total amortization
$50,377 $22,776 
(1)Included in Income tax expense on the Consolidated Statement of Income for the three months ended March 31, 2024 and 2023.
(2)Amortization related to investments in qualified affordable housing partnerships under PAM was recorded in Income tax expense on the Consolidated Statement of Income for the three months ended March 31, 2024 and 2023.
(3)Due to the adoption of ASU 2023-02 on January 1, 2024, amortization related to qualifying tax credit investments under PAM was recorded in Income tax expense on the Consolidated Statement of Income for the three months ended March 31, 2024.
(4)Amortization related to tax credit and CRA investments was recognized in Amortization of tax credit and CRA investments as part of noninterest expense on the Consolidated Statement Income for the three months ended March 31, 2024 and 2023.
v3.24.1.u1
Short-Term Borrowings and Long-Term Debt (Tables)
 3 Months Ended
Mar. 31, 2024
Debt Disclosure [Abstract]  
Schedule of Debt The following table presents details of the Company’s short-term and BTFP borrowings, FHLB advances, and long-term debt as of March 31, 2024 and December 31, 2023:
March 31, 2024December 31, 2023
($ in thousands)
Interest Rates
Maturity Dates
AmountAmount
Bank
Short-term borrowings
4.75% — 4.83%
April 2024
$19,173 $— 
BTFP borrowings
4.37%3/19/2024$— $4,500,000 
FHLB advances (1) — floating (2)
5.49% — 5.56%
2024 — 2025
$3,500,000 $— 
Parent company
Junior subordinated debt (3) — floating (2)
 7.14%
12/15/2035$31,768 $148,249 
(1)The weighted-average interest rates for FHLB advances were 5.52% as of March 31, 2024.
(2)Floating interest rates are based on the Secured Overnight Financing Rate plus the established spread.
(3)The weighted-average interest rates for junior subordinated debt were 7.14% and 6.87% as of March 31, 2024 and December 31, 2023, respectively.
v3.24.1.u1
Commitments and Contingencies (Tables)
 3 Months Ended
Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]  
Schedule of Credit-Related Commitments
The following table presents the Company’s credit-related commitments as of March 31, 2024 and December 31, 2023:
March 31, 2024December 31, 2023
($ in thousands)Expire in One Year or Less
Expire After One Year Through Three Years
Expire After Three Years Through Five Years
Expire After Five YearsTotalTotal
Loan commitments$4,794,033 $3,622,191 $799,699 $151,877 $9,367,800 $9,141,447 
Commercial letters of credit and standby letters of credit (“SBLCs”)
1,025,797 434,373 143,006 1,140,456 2,743,632 2,610,761 
Total$5,819,830 $4,056,564 $942,705 $1,292,333 $12,111,432 $11,752,208 
Schedule of Guarantees Outstanding The following table presents the carrying amounts of loans sold or securitized with recourse and the maximum potential future payments as of March 31, 2024 and December 31, 2023:
Maximum Potential Future PaymentsCarrying Value
March 31, 2024December 31, 2023March 31, 2024December 31, 2023
($ in thousands)Expire in One Year or Less
Expire 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$7 $17 $26 $5,363 $5,413 $5,888 $5,413 $5,888 
Multifamily residential loans sold or securitized with recourse— — 160 14,836 14,996 14,996 18,756 19,020 
Total $7 $17 $186 $20,199 $20,409 $20,884 $24,169 $24,908 
v3.24.1.u1
Stock Compensation Plans (Tables)
 3 Months Ended
Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]  
Summary of Stock Compensation Expense and Related Net Tax (Deficiency) Benefit
The following table presents a summary of the total share-based compensation expense and the related net tax benefits associated with the Company’s various employee share-based compensation plans for the three months ended March 31, 2024 and 2023:
Three Months Ended March 31,
($ in thousands)20242023
Stock compensation costs$12,988 $11,075 
Related net tax benefits for stock compensation plans$783 $8,290 
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- and performance-based RSUs that were settled in shares for the three months ended March 31, 2024. 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, 2024
1,206,518 $74.29 276,223 $78.59 
Granted515,235 75.79 97,798 80.28 
Vested(299,381)71.68 (91,960)77.67 
Forfeited(12,163)75.24 — — 
Outstanding, March 31, 2024
1,410,209 $75.39 282,061 $79.48 
v3.24.1.u1
Stockholders' Equity and Earnings Per Share (Tables)
 3 Months Ended
Mar. 31, 2024
Stockholders' Equity and Earnings Per Share [Abstract]  
Schedule of Earnings Per Share Calculations
The following table presents the basic and diluted EPS calculations for the three months ended March 31, 2024 and 2023. For more information on the calculation of EPS, see Note 1 — Summary of Significant Accounting Policies — Significant Accounting Policies — Earnings Per Share to the Consolidated Financial Statements in the Company’s 2023 Form 10-K.
($ and shares in thousands, except per share data)Three months ended March 31,
20242023
Basic:
Net income$285,075 $322,439 
Weighted-average number of shares outstanding139,409 141,112 
Basic EPS$2.04 $2.28 
Diluted:
Net income$285,075 $322,439 
Weighted-average number of shares outstanding139,409 141,112 
Add: Dilutive impact of unvested RSUs
852 801 
Diluted weighted-average number of shares outstanding140,261 141,913 
Diluted EPS$2.03 $2.27 
v3.24.1.u1
Accumulated Other Comprehensive Income (Loss) (Tables)
 3 Months Ended
Mar. 31, 2024
Equity [Abstract]  
Schedule Of The Changes In Components Of Accumulated Other Comprehensive Income (Loss) Balances
The following table presents the changes in the components of AOCI balances for the three months ended March 31, 2024 and 2023:
($ in thousands)
Debt Securities (1)
Cash Flow Hedges
Foreign Currency Translation Adjustments (2)
Total
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)
Balance, January 1, 2024$(601,881)$2,624 $(21,339)$(620,596)
Net unrealized (losses) gains arising during the period
(2,282)(63,662)3,822 (62,122)
Amounts reclassified from AOCI2,653 17,332 — 19,985 
Changes, net of tax371 (46,330)3,822 (42,137)
Balance, March 31, 2024
$(601,510)

$(43,706)$(17,517)$(662,733)
(1)Includes after-tax unamortized losses related to AFS debt securities that were transferred to HTM in 2022.
(2)Represents foreign currency translation adjustments related to the Company’s net investment in non-U.S. operations, including related hedges. The functional currency and reporting currency of the Company’s foreign subsidiary was RMB and USD, respectively.
Schedule Of Components Of Other Comprehensive Income (Loss), Reclassifications To Net Income And The Related Tax Effects
The following table presents the components of other comprehensive income (loss), reclassifications to net income and the related tax effects for the three months ended March 31, 2024 and 2023:
Three Months Ended March 31,
20242023
($ in thousands)Before-TaxTax EffectNet-of-TaxBefore-TaxTax EffectNet-of-Tax
Debt securities:
Net unrealized (losses) gains on AFS debt securities arising during the period$(3,282)$1,000 $(2,282)$62,860 $(18,585)$44,275 
Reclassification adjustments:
Net realized (gains) losses on AFS debt securities reclassified into net income (1)
(49)14 (35)10,000 
(2)
(2,956)7,044 
Amortization of unrealized losses on transferred debt securities (3)
3,816 (1,128)2,688 3,921 (1,159)2,762 
Net change485 (114)371 76,781 (22,700)54,081 
Cash flow hedges:
Net unrealized (losses) gains arising during the period(90,376)26,714 (63,662)29,843 (8,757)21,086 
Net realized losses reclassified into net income (4)
24,605 (7,273)17,332 10,644 (3,117)7,527 
Net change(65,771)19,441 (46,330)40,487 (11,874)28,613 
Foreign currency translation adjustments, net of hedges:
Net unrealized gains arising during the period
3,995 (173)3,822 2,626 315 2,941 
Net change3,995 (173)3,822 2,626 315 2,941 
Other comprehensive (loss) income$(61,291)$19,154 $(42,137)$119,894 $(34,259)$85,635 
(1)Pre-tax amounts were reported in Net gains (losses) on AFS debt securities on the Consolidated Statement of Income.
(2)Represents the loss related to an AFS debt security that was written off in the first quarter of 2023.
(3)Represents unrealized losses amortized over the remaining lives of securities that were transferred from the AFS to HTM portfolio in 2022.
(4)Pre-tax amounts related to cash flow hedges on variable rate loans and long-term borrowings, where applicable, were reported in Interest and dividend income and in Interest expense, respectively, on the Consolidated Statement of Income. In the first quarter of 2023, the pre-tax amount also included the terminated cash flow hedge where the forecasted cash flows were no longer probable to occur and was reported in Noninterest income on the Consolidated Statement of Income.
v3.24.1.u1
Business Segments (Tables)
 3 Months Ended
Mar. 31, 2024
Segment Reporting [Abstract]  
Schedule Of Operating Results And Other Key Financial Measures For The Individual Operating Segments
The following tables present the operating results and other key financial measures for the individual operating segments as of and for the three months ended March 31, 2024 and 2023:
($ in thousands)Consumer and Business BankingCommercial BankingOtherTotal
Three Months Ended March 31, 2024
Net interest income before provision for credit losses
$291,764 $260,349 $13,026 $565,139 
Provision for credit losses2,565 22,435 — 25,000 
Noninterest income25,542 46,466 6,980 78,988 
Noninterest expense119,300 106,307 21,268 246,875 
Segment income (loss) before income taxes
195,441 178,073 (1,262)372,252 
Segment net income$137,672 $125,581 $21,822 $285,075 
As of March 31, 2024
Segment assets$19,629,076 $35,049,899 $16,196,695 $70,875,670 
($ 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 taxes201,409 188,086 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 $67,244,898 
v3.24.1.u1
Basis of Presentation (Details)
Mar. 31, 2024
trust
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Number of wholly-owned subsidiaries that are statutory business trusts (the Trusts) 1
v3.24.1.u1
Current Accounting Developments and Summary of Significant Accounting Policies (Details) - USD ($)
$ in Thousands
Mar. 31, 2024
Jan. 01, 2024
Dec. 31, 2023
New Accounting Pronouncements or Change in Accounting Principle [Line Items]      
Retained earnings $ (6,662,919)   $ (6,465,230)
Accounting Standards Update 2023-02      
New Accounting Pronouncements or Change in Accounting Principle [Line Items]      
Retained earnings   $ (9,000)  
v3.24.1.u1
Fair Value Measurement and Fair Value of Financial Instruments - Narrative (Details) - Rayliant Global Advisors Limited
$ in Millions
 3 Months Ended
Sep. 30, 2023
USD ($)
shares
Schedule of Equity Method Investments [Line Items]  
Equity method investment, ownership (percent) 49.99%
Number of shares (in shares) | shares 349,138
Payments to acquire equity method investments | $ $ 95
Performance-based RSUs | Minimum  
Schedule of Equity Method Investments [Line Items]  
Shares based upon Rayliant’s achievement of specified financial performance conditions (as percentage) 20.00%
Performance-based RSUs | Maximum  
Schedule of Equity Method Investments [Line Items]  
Shares based upon Rayliant’s achievement of specified financial performance conditions (as percentage) 200.00%
v3.24.1.u1
Fair Value Measurement and Fair Value of Financial Instruments - Financial Assets and Liabilities Measurement on Recurring Basis (Details) - USD ($)
$ in Thousands
Mar. 31, 2024
Dec. 31, 2023
Affordable housing partnership, tax credit and CRA investments, net:    
Total affordable housing partnership, tax credit and CRA investments, net $ 933,187 $ 905,036
Derivative    
Derivative assets - Fair value 622,238 610,920
Net derivative assets 132,976 298,128
Derivative liabilities - Fair value 693,548 613,314
Net derivative liabilities 558,585 537,144
Fair Value 8,400,468 6,188,337
Government National Mortgage Association (GNMA)    
Derivative    
Fair Value 4,400,000 1,200,000
U.S. Treasury securities    
Derivative    
Fair Value 621,094 1,060,375
U.S. government agency and U.S. government-sponsored enterprise debt securities    
Derivative    
Fair Value 360,802 364,446
U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities - Commercial mortgage-backed securities    
Derivative    
Fair Value 455,619 468,259
U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities - Residential mortgage-backed securities    
Derivative    
Fair Value 4,992,399 1,727,594
Municipal securities    
Derivative    
Fair Value 258,495 261,016
Non-agency commercial mortgage-backed securities    
Derivative    
Fair Value 333,996 367,516
Non-agency residential mortgage-backed securities    
Derivative    
Fair Value 519,657 553,671
Corporate debt securities    
Derivative    
Fair Value 502,647 502,425
Foreign government bonds    
Derivative    
Fair Value 227,196 227,874
Asset-backed securities    
Derivative    
Fair Value 40,712 42,300
Collateralized loan obligations (“CLOs”)    
Derivative    
Fair Value 87,851 612,861
Fair Value, Measurements, Recurring    
Available-for-sale debt securities    
Fair Value 8,400,468 6,188,337
Affordable housing partnership, tax credit and CRA investments, net:    
Equity securities 24,539 24,659
Total affordable housing partnership, tax credit and CRA investments, net 24,539 24,659
Derivative    
Derivative assets - Fair value 622,238 610,920
Netting adjustments (489,262) (312,792)
Net derivative assets 132,976 298,128
Derivative liabilities - Fair value 693,548 613,314
Netting adjustments (134,963) (76,170)
Net derivative liabilities 558,585 537,144
Fair Value, Measurements, Recurring | Interest rate contracts    
Derivative    
Derivative assets - Fair value 484,794 473,907
Derivative liabilities - Fair value 518,330 433,936
Fair Value, Measurements, Recurring | Foreign exchange contracts    
Derivative    
Derivative assets - Fair value 60,499 57,072
Derivative liabilities - Fair value 53,153 42,564
Fair Value, Measurements, Recurring | Equity contracts    
Derivative    
Derivative assets - Fair value 330 336
Derivative liabilities - Fair value 15,119 15,119
Fair Value, Measurements, Recurring | Commodity contracts    
Derivative    
Derivative assets - Fair value 76,615 79,604
Derivative liabilities - Fair value 106,930 121,670
Fair Value, Measurements, Recurring | Credit contracts    
Derivative    
Derivative assets - Fair value   1
Derivative liabilities - Fair value 16 25
Fair Value, Measurements, Recurring | U.S. Treasury securities    
Available-for-sale debt securities    
Fair Value 621,094 1,060,375
Fair Value, Measurements, Recurring | U.S. government agency and U.S. government-sponsored enterprise debt securities    
Available-for-sale debt securities    
Fair Value 360,802 364,446
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 455,619 468,259
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 4,992,399 1,727,594
Fair Value, Measurements, Recurring | Municipal securities    
Available-for-sale debt securities    
Fair Value 258,495 261,016
Fair Value, Measurements, Recurring | Non-agency commercial mortgage-backed securities    
Available-for-sale debt securities    
Fair Value 333,996 367,516
Fair Value, Measurements, Recurring | Non-agency residential mortgage-backed securities    
Available-for-sale debt securities    
Fair Value 519,657 553,671
Fair Value, Measurements, Recurring | Corporate debt securities    
Available-for-sale debt securities    
Fair Value 502,647 502,425
Fair Value, Measurements, Recurring | Foreign government bonds    
Available-for-sale debt securities    
Fair Value 227,196 227,874
Fair Value, Measurements, Recurring | Asset-backed securities    
Available-for-sale debt securities    
Fair Value 40,712 42,300
Fair Value, Measurements, Recurring | Collateralized loan obligations (“CLOs”)    
Available-for-sale debt securities    
Fair Value 87,851 612,861
Level 1 | Fair Value, Measurements, Recurring    
Available-for-sale debt securities    
Fair Value 621,094 1,060,375
Affordable housing partnership, tax credit and CRA investments, net:    
Equity securities 20,402 20,509
Total affordable housing partnership, tax credit and CRA investments, net 20,402 20,509
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
Level 1 | Fair Value, Measurements, Recurring | Interest rate contracts    
Derivative    
Derivative assets - Fair value 0 0
Derivative liabilities - Fair value 0 0
Level 1 | Fair Value, Measurements, Recurring | Foreign exchange contracts    
Derivative    
Derivative assets - Fair value 0 0
Derivative liabilities - Fair value 0 0
Level 1 | Fair Value, Measurements, Recurring | Equity contracts    
Derivative    
Derivative assets - Fair value 0 0
Derivative liabilities - Fair value 0 0
Level 1 | Fair Value, Measurements, Recurring | Commodity contracts    
Derivative    
Derivative assets - Fair value 0 0
Derivative liabilities - Fair value 0 0
Level 1 | Fair Value, Measurements, Recurring | Credit contracts    
Derivative    
Derivative assets - Fair value   0
Derivative liabilities - Fair value 0 0
Level 1 | Fair Value, Measurements, Recurring | U.S. Treasury securities    
Available-for-sale debt securities    
Fair Value 621,094 1,060,375
Level 1 | Fair Value, Measurements, Recurring | U.S. government agency and U.S. government-sponsored enterprise debt securities    
Available-for-sale debt securities    
Fair Value 0 0
Level 1 | 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 0 0
Level 1 | 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 0 0
Level 1 | Fair Value, Measurements, Recurring | Municipal securities    
Available-for-sale debt securities    
Fair Value 0 0
Level 1 | Fair Value, Measurements, Recurring | Non-agency commercial mortgage-backed securities    
Available-for-sale debt securities    
Fair Value 0 0
Level 1 | Fair Value, Measurements, Recurring | Non-agency residential mortgage-backed securities    
Available-for-sale debt securities    
Fair Value 0 0
Level 1 | Fair Value, Measurements, Recurring | Corporate debt securities    
Available-for-sale debt securities    
Fair Value 0 0
Level 1 | Fair Value, Measurements, Recurring | Foreign government bonds    
Available-for-sale debt securities    
Fair Value 0 0
Level 1 | Fair Value, Measurements, Recurring | Asset-backed securities    
Available-for-sale debt securities    
Fair Value 0 0
Level 1 | Fair Value, Measurements, Recurring | Collateralized loan obligations (“CLOs”)    
Available-for-sale debt securities    
Fair Value 0 0
Level 2 | Fair Value, Measurements, Recurring    
Available-for-sale debt securities    
Fair Value 7,779,374 5,127,962
Affordable housing partnership, tax credit and CRA investments, net:    
Equity securities 4,137 4,150
Total affordable housing partnership, tax credit and CRA investments, net 4,137 4,150
Derivative    
Derivative assets - Fair value 621,908 610,584
Netting adjustments (489,262) (312,792)
Net derivative assets 132,646 297,792
Derivative liabilities - Fair value 678,429 598,195
Netting adjustments (134,963) (76,170)
Net derivative liabilities 543,466 522,025
Level 2 | Fair Value, Measurements, Recurring | Interest rate contracts    
Derivative    
Derivative assets - Fair value 484,794 473,907
Derivative liabilities - Fair value 518,330 433,936
Level 2 | Fair Value, Measurements, Recurring | Foreign exchange contracts    
Derivative    
Derivative assets - Fair value 60,499 57,072
Derivative liabilities - Fair value 53,153 42,564
Level 2 | Fair Value, Measurements, Recurring | Equity contracts    
Derivative    
Derivative assets - Fair value 0 0
Derivative liabilities - Fair value 0 0
Level 2 | Fair Value, Measurements, Recurring | Commodity contracts    
Derivative    
Derivative assets - Fair value 76,615 79,604
Derivative liabilities - Fair value 106,930 121,670
Level 2 | Fair Value, Measurements, Recurring | Credit contracts    
Derivative    
Derivative assets - Fair value   1
Derivative liabilities - Fair value 16 25
Level 2 | Fair Value, Measurements, Recurring | U.S. Treasury securities    
Available-for-sale debt securities    
Fair Value 0 0
Level 2 | Fair Value, Measurements, Recurring | U.S. government agency and U.S. government-sponsored enterprise debt securities    
Available-for-sale debt securities    
Fair Value 360,802 364,446
Level 2 | 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 455,619 468,259
Level 2 | 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 4,992,399 1,727,594
Level 2 | Fair Value, Measurements, Recurring | Municipal securities    
Available-for-sale debt securities    
Fair Value 258,495 261,016
Level 2 | Fair Value, Measurements, Recurring | Non-agency commercial mortgage-backed securities    
Available-for-sale debt securities    
Fair Value 333,996 367,516
Level 2 | Fair Value, Measurements, Recurring | Non-agency residential mortgage-backed securities    
Available-for-sale debt securities    
Fair Value 519,657 553,671
Level 2 | Fair Value, Measurements, Recurring | Corporate debt securities    
Available-for-sale debt securities    
Fair Value 502,647 502,425
Level 2 | Fair Value, Measurements, Recurring | Foreign government bonds    
Available-for-sale debt securities    
Fair Value 227,196 227,874
Level 2 | Fair Value, Measurements, Recurring | Asset-backed securities    
Available-for-sale debt securities    
Fair Value 40,712 42,300
Level 2 | Fair Value, Measurements, Recurring | Collateralized loan obligations (“CLOs”)    
Available-for-sale debt securities    
Fair Value 87,851 612,861
Level 3 | Fair Value, Measurements, Recurring    
Available-for-sale debt securities    
Fair Value 0 0
Affordable housing partnership, tax credit and CRA investments, net:    
Equity securities 0 0
Total affordable housing partnership, tax credit and CRA investments, net 0 0
Derivative    
Derivative assets - Fair value 330 336
Netting adjustments 0 0
Net derivative assets 330 336
Derivative liabilities - Fair value 15,119 15,119
Netting adjustments 0 0
Net derivative liabilities 15,119 15,119
Level 3 | Fair Value, Measurements, Recurring | Interest rate contracts    
Derivative    
Derivative assets - Fair value 0 0
Derivative liabilities - Fair value 0 0
Level 3 | Fair Value, Measurements, Recurring | Foreign exchange contracts    
Derivative    
Derivative assets - Fair value 0 0
Derivative liabilities - Fair value 0 0
Level 3 | Fair Value, Measurements, Recurring | Equity contracts    
Derivative    
Derivative assets - Fair value 330 336
Derivative liabilities - Fair value 15,119 15,119
Level 3 | Fair Value, Measurements, Recurring | Commodity contracts    
Derivative    
Derivative assets - Fair value 0 0
Derivative liabilities - Fair value 0 0
Level 3 | Fair Value, Measurements, Recurring | Credit contracts    
Derivative    
Derivative assets - Fair value   0
Derivative liabilities - Fair value 0 0
Level 3 | Fair Value, Measurements, Recurring | U.S. Treasury securities    
Available-for-sale debt securities    
Fair Value 0 0
Level 3 | Fair Value, Measurements, Recurring | U.S. government agency and U.S. government-sponsored enterprise debt securities    
Available-for-sale debt securities    
Fair Value 0 0
Level 3 | 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 0 0
Level 3 | 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 0 0
Level 3 | Fair Value, Measurements, Recurring | Municipal securities    
Available-for-sale debt securities    
Fair Value 0 0
Level 3 | Fair Value, Measurements, Recurring | Non-agency commercial mortgage-backed securities    
Available-for-sale debt securities    
Fair Value 0 0
Level 3 | Fair Value, Measurements, Recurring | Non-agency residential mortgage-backed securities    
Available-for-sale debt securities    
Fair Value 0 0
Level 3 | Fair Value, Measurements, Recurring | Corporate debt securities    
Available-for-sale debt securities    
Fair Value 0 0
Level 3 | Fair Value, Measurements, Recurring | Foreign government bonds    
Available-for-sale debt securities    
Fair Value 0 0
Level 3 | Fair Value, Measurements, Recurring | Asset-backed securities    
Available-for-sale debt securities    
Fair Value 0 0
Level 3 | Fair Value, Measurements, Recurring | Collateralized loan obligations (“CLOs”)    
Available-for-sale debt securities    
Fair Value $ 0 $ 0
v3.24.1.u1
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, 2024
Mar. 31, 2023
Derivative liabilities:    
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] Lending fees  
Equity contracts | Level 3 | Fair Value, Measurements, Recurring    
Derivative assets:    
Beginning balance $ 336 $ 323
Total losses included in earnings (6) (46)
Ending balance 330 277
Derivative liabilities:    
Beginning balance 15,119 0
Total gains (losses) included in earnings 0 0
Ending balance $ 15,119 $ 0
v3.24.1.u1
Fair Value Measurement and Fair Value of Financial Instruments - Quantitative Information for Significant Unobservable Inputs (Details) - USD ($)
$ in Thousands
Mar. 31, 2024
Dec. 31, 2023
Derivative Assets    
Derivative assets - Fair value $ 622,238 $ 610,920
Derivative Liabilities    
Derivative liabilities - Fair value 693,548 613,314
Fair Value, Measurements, Recurring    
Derivative Assets    
Derivative assets - Fair value 622,238 610,920
Derivative Liabilities    
Derivative liabilities - Fair value 693,548 613,314
Fair Value, Measurements, Nonrecurring    
Derivative Liabilities    
Loans held-for-investment, fair value disclosure 48,294 45,892
Fair Value, Measurements, Nonrecurring | Tax credit investments    
Derivative Liabilities    
Affordable housing partnership, tax credit and CRA investments, net   868
Level 3 | Fair Value, Measurements, Recurring    
Derivative Assets    
Derivative assets - Fair value 330 336
Derivative Liabilities    
Derivative liabilities - Fair value 15,119 15,119
Level 3 | Fair Value, Measurements, Nonrecurring    
Derivative Liabilities    
Loans held-for-investment, fair value disclosure 48,294 45,892
Level 3 | Fair Value, Measurements, Nonrecurring | Tax credit investments    
Derivative Liabilities    
Affordable housing partnership, tax credit and CRA investments, net   868
Level 3 | Fair Value, Measurements, Nonrecurring | Fair value of collateral    
Derivative Liabilities    
Loans held-for-investment, fair value disclosure 6,917 16,328
Level 3 | Fair Value, Measurements, Nonrecurring | Fair value of collateral    
Derivative Liabilities    
Loans held-for-investment, fair value disclosure 8,471 3,009
Level 3 | Fair Value, Measurements, Nonrecurring | Individual analysis of each investment | Tax credit investments    
Derivative Liabilities    
Affordable housing partnership, tax credit and CRA investments, net   868
Level 3 | Fair Value, Measurements, Nonrecurring | Fair value of property    
Derivative Liabilities    
Loans held-for-investment, fair value disclosure $ 32,906 $ 26,555
Level 3 | Fair Value, Measurements, Nonrecurring | Selling cost | Fair value of property    
Derivative Liabilities    
Loans held-for-investment, measurement input 8.00% 8.00%
Level 3 | Fair Value, Measurements, Nonrecurring | Minimum | Discount | Fair value of collateral    
Derivative Liabilities    
Loans held-for-investment, measurement input 20.00% 15.00%
Level 3 | Fair Value, Measurements, Nonrecurring | Maximum | Discount | Fair value of collateral    
Derivative Liabilities    
Loans held-for-investment, measurement input   75.00%
Level 3 | Fair Value, Measurements, Nonrecurring | Weighted Average | Discount | Fair value of collateral    
Derivative Liabilities    
Loans held-for-investment, measurement input 20.00% 45.00%
Level 3 | Fair Value, Measurements, Nonrecurring | Weighted Average | Selling cost | Fair value of property    
Derivative Liabilities    
Loans held-for-investment, measurement input 8.00% 8.00%
Equity contracts | Fair Value, Measurements, Recurring    
Derivative Assets    
Derivative assets - Fair value $ 330 $ 336
Derivative Liabilities    
Derivative liabilities - Fair value 15,119 15,119
Equity contracts | Level 3 | Fair Value, Measurements, Recurring    
Derivative Assets    
Derivative assets - Fair value 330 336
Derivative Liabilities    
Derivative liabilities - Fair value $ 15,119 $ 15,119
Equity contracts | Level 3 | Fair Value, Measurements, Recurring | Liquidity discount    
Derivative Liabilities    
Measurement input 47.00% 47.00%
Equity contracts | Level 3 | Fair Value, Measurements, Recurring | Payout % designated based on operating revenue and operating EBITDA of investee    
Derivative Liabilities    
Measurement input 84.00% 84.00%
Equity contracts | Level 3 | Fair Value, Measurements, Recurring | Minimum | Equity volatility | Black-Scholes option pricing model    
Derivative Liabilities    
Measurement input 39.00% 37.00%
Equity contracts | Level 3 | Fair Value, Measurements, Recurring | Maximum | Equity volatility | Black-Scholes option pricing model    
Derivative Liabilities    
Measurement input 50.00% 48.00%
Equity contracts | Level 3 | Fair Value, Measurements, Recurring | Weighted Average | Equity volatility | Black-Scholes option pricing model    
Derivative Liabilities    
Measurement input 46.00% 45.00%
Equity contracts | Level 3 | Fair Value, Measurements, Recurring | Weighted Average | Liquidity discount    
Derivative Liabilities    
Measurement input 47.00% 47.00%
Equity contracts | Level 3 | Fair Value, Measurements, Recurring | Weighted Average | Payout % designated based on operating revenue and operating EBITDA of investee    
Derivative Liabilities    
Measurement input 84.00% 84.00%
v3.24.1.u1
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, 2024
Dec. 31, 2023
Fair Value, Assets Measured on a Nonrecurring Basis    
Loans held-for-investment, fair value disclosure $ 48,294 $ 45,892
Tax credit investments    
Fair Value, Assets Measured on a Nonrecurring Basis    
Affordable housing partnership, tax credit and CRA investments, net   868
Commercial lending    
Fair Value, Assets Measured on a Nonrecurring Basis    
Loans held-for-investment, fair value disclosure 48,178 44,688
Commercial lending | Commercial and industrial (“C&I”)    
Fair Value, Assets Measured on a Nonrecurring Basis    
Loans held-for-investment, fair value disclosure 25,914 22,035
Commercial lending | CRE    
Fair Value, Assets Measured on a Nonrecurring Basis    
Loans held-for-investment, fair value disclosure 10,028 22,653
Commercial lending | Construction and land    
Fair Value, Assets Measured on a Nonrecurring Basis    
Loans held-for-investment, fair value disclosure 12,236  
Consumer lending    
Fair Value, Assets Measured on a Nonrecurring Basis    
Loans held-for-investment, fair value disclosure 116 1,204
Consumer lending | Single Family Residential    
Fair Value, Assets Measured on a Nonrecurring Basis    
Loans held-for-investment, fair value disclosure 116  
Consumer lending | HELOCs    
Fair Value, Assets Measured on a Nonrecurring Basis    
Loans held-for-investment, fair value disclosure   1,204
Level 1    
Fair Value, Assets Measured on a Nonrecurring Basis    
Loans held-for-investment, fair value disclosure 0 0
Level 1 | Tax credit investments    
Fair Value, Assets Measured on a Nonrecurring Basis    
Affordable housing partnership, tax credit and CRA investments, net   0
Level 1 | Commercial lending    
Fair Value, Assets Measured on a Nonrecurring Basis    
Loans held-for-investment, fair value disclosure 0 0
Level 1 | Commercial lending | Commercial and industrial (“C&I”)    
Fair Value, Assets Measured on a Nonrecurring Basis    
Loans held-for-investment, fair value disclosure 0 0
Level 1 | Commercial lending | CRE    
Fair Value, Assets Measured on a Nonrecurring Basis    
Loans held-for-investment, fair value disclosure 0 0
Level 1 | Commercial lending | Construction and land    
Fair Value, Assets Measured on a Nonrecurring Basis    
Loans held-for-investment, fair value disclosure 0  
Level 1 | Consumer lending    
Fair Value, Assets Measured on a Nonrecurring Basis    
Loans held-for-investment, fair value disclosure 0 0
Level 1 | Consumer lending | Single Family Residential    
Fair Value, Assets Measured on a Nonrecurring Basis    
Loans held-for-investment, fair value disclosure 0  
Level 1 | Consumer lending | HELOCs    
Fair Value, Assets Measured on a Nonrecurring Basis    
Loans held-for-investment, fair value disclosure   0
Level 2    
Fair Value, Assets Measured on a Nonrecurring Basis    
Loans held-for-investment, fair value disclosure 0 0
Level 2 | Tax credit investments    
Fair Value, Assets Measured on a Nonrecurring Basis    
Affordable housing partnership, tax credit and CRA investments, net   0
Level 2 | Commercial lending    
Fair Value, Assets Measured on a Nonrecurring Basis    
Loans held-for-investment, fair value disclosure 0 0
Level 2 | Commercial lending | Commercial and industrial (“C&I”)    
Fair Value, Assets Measured on a Nonrecurring Basis    
Loans held-for-investment, fair value disclosure 0 0
Level 2 | Commercial lending | CRE    
Fair Value, Assets Measured on a Nonrecurring Basis    
Loans held-for-investment, fair value disclosure 0 0
Level 2 | Commercial lending | Construction and land    
Fair Value, Assets Measured on a Nonrecurring Basis    
Loans held-for-investment, fair value disclosure 0  
Level 2 | Consumer lending    
Fair Value, Assets Measured on a Nonrecurring Basis    
Loans held-for-investment, fair value disclosure 0 0
Level 2 | Consumer lending | Single Family Residential    
Fair Value, Assets Measured on a Nonrecurring Basis    
Loans held-for-investment, fair value disclosure 0  
Level 2 | Consumer lending | HELOCs    
Fair Value, Assets Measured on a Nonrecurring Basis    
Loans held-for-investment, fair value disclosure   0
Level 3    
Fair Value, Assets Measured on a Nonrecurring Basis    
Loans held-for-investment, fair value disclosure 48,294 45,892
Level 3 | Tax credit investments    
Fair Value, Assets Measured on a Nonrecurring Basis    
Affordable housing partnership, tax credit and CRA investments, net   868
Level 3 | Commercial lending    
Fair Value, Assets Measured on a Nonrecurring Basis    
Loans held-for-investment, fair value disclosure 48,178 44,688
Level 3 | Commercial lending | Commercial and industrial (“C&I”)    
Fair Value, Assets Measured on a Nonrecurring Basis    
Loans held-for-investment, fair value disclosure 25,914 22,035
Level 3 | Commercial lending | CRE    
Fair Value, Assets Measured on a Nonrecurring Basis    
Loans held-for-investment, fair value disclosure 10,028 22,653
Level 3 | Commercial lending | Construction and land    
Fair Value, Assets Measured on a Nonrecurring Basis    
Loans held-for-investment, fair value disclosure 12,236  
Level 3 | Consumer lending    
Fair Value, Assets Measured on a Nonrecurring Basis    
Loans held-for-investment, fair value disclosure 116 1,204
Level 3 | Consumer lending | Single Family Residential    
Fair Value, Assets Measured on a Nonrecurring Basis    
Loans held-for-investment, fair value disclosure $ 116  
Level 3 | Consumer lending | HELOCs    
Fair Value, Assets Measured on a Nonrecurring Basis    
Loans held-for-investment, fair value disclosure   $ 1,204
v3.24.1.u1
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, 2024
Mar. 31, 2023
Loans held-for-investment    
Fair Value, Assets Measured on a Nonrecurring Basis    
Increase (decrease) in value of assets $ (17,457) $ (1,255)
Loans held-for-investment | Commercial lending    
Fair Value, Assets Measured on a Nonrecurring Basis    
Increase (decrease) in value of assets (16,073) (1,255)
Loans held-for-investment | Commercial lending | Commercial and industrial (“C&I”)    
Fair Value, Assets Measured on a Nonrecurring Basis    
Increase (decrease) in value of assets (12,843) (1,255)
Loans held-for-investment | Commercial lending | CRE    
Fair Value, Assets Measured on a Nonrecurring Basis    
Increase (decrease) in value of assets (2,006) 0
Loans held-for-investment | Commercial lending | Construction and land    
Fair Value, Assets Measured on a Nonrecurring Basis    
Increase (decrease) in value of assets (1,224) 0
Loans held-for-investment | Consumer lending    
Fair Value, Assets Measured on a Nonrecurring Basis    
Increase (decrease) in value of assets (1,384) 0
Loans held-for-investment | Consumer lending | Single Family Residential    
Fair Value, Assets Measured on a Nonrecurring Basis    
Increase (decrease) in value of assets (1,384) 0
Tax credit investments    
Fair Value, Assets Measured on a Nonrecurring Basis    
Increase (decrease) in value of assets $ 0 $ 174
v3.24.1.u1
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, 2024
Dec. 31, 2023
Financial assets:    
Cash and cash equivalents $ 4,210,801 $ 4,614,984
Interest-bearing deposits with banks 24,593 10,498
Securities purchased under resale agreements (“resale agreements”) 485,000 785,000
HTM debt securities 2,948,642 2,956,040
Restricted equity securities, at cost 164,402 79,811
Financial liabilities:    
Federal Home Loan Bank (“FHLB”) advances 3,500,000 0
Carrying Amount    
Financial assets:    
Cash and cash equivalents 4,210,801 4,614,984
Interest-bearing deposits with banks 24,593 10,498
Securities purchased under resale agreements (“resale agreements”) 485,000 785,000
HTM debt securities 2,948,642 2,956,040
Restricted equity securities, at cost 164,402 79,811
Loans held-for-sale 13,280 116
Loans held-for-investment, net 51,322,224 51,542,039
Mortgage servicing rights 6,234 6,602
Accrued interest receivable 336,428 331,490
Financial liabilities:    
Demand, checking, savings and money market deposits 37,789,344 38,048,974
Time deposits 20,771,280 18,043,464
Short-term borrowings 19,173  
Federal Home Loan Bank (“FHLB”) advances 3,500,000  
BTFP borrowings   4,500,000
Long-term debt 31,768 148,249
Accrued interest payable 63,470 205,430
Estimated Fair Value    
Financial assets:    
Cash and cash equivalents 4,210,801 4,614,984
Interest-bearing deposits with banks 24,593 10,498
Securities purchased under resale agreements (“resale agreements”) 391,403 699,056
HTM debt securities 2,414,478 2,453,971
Restricted equity securities, at cost 164,402 79,811
Loans held-for-sale 13,280 116
Loans held-for-investment, net 49,849,727 50,256,565
Mortgage servicing rights 10,787 9,470
Accrued interest receivable 336,428 331,490
Financial liabilities:    
Demand, checking, savings and money market deposits 37,789,344 38,048,974
Time deposits 20,715,628 18,004,951
Short-term borrowings 19,173  
Federal Home Loan Bank (“FHLB”) advances 3,500,000  
BTFP borrowings   4,500,000
Long-term debt 30,201 150,896
Accrued interest payable 63,470 205,430
Estimated Fair Value | Level 1    
Financial assets:    
Cash and cash equivalents 4,210,801 4,614,984
Interest-bearing deposits with banks 0 0
Securities purchased under resale agreements (“resale agreements”) 0 0
HTM debt securities 485,400 488,551
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
Short-term borrowings 0  
Federal Home Loan Bank (“FHLB”) advances 0  
BTFP 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 24,593 10,498
Securities purchased under resale agreements (“resale agreements”) 391,403 699,056
HTM debt securities 1,929,078 1,965,420
Restricted equity securities, at cost 164,402 79,811
Loans held-for-sale 13,280 116
Loans held-for-investment, net 0 0
Mortgage servicing rights 0 0
Accrued interest receivable 336,428 331,490
Financial liabilities:    
Demand, checking, savings and money market deposits 37,789,344 38,048,974
Time deposits 20,715,628 18,004,951
Short-term borrowings 19,173  
Federal Home Loan Bank (“FHLB”) advances 3,500,000  
BTFP borrowings   4,500,000
Long-term debt 30,201 150,896
Accrued interest payable 63,470 205,430
Estimated Fair Value | Level 3    
Financial assets:    
Cash and cash equivalents 0 0
Interest-bearing deposits with banks 0 0
Securities purchased under resale agreements (“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 49,849,727 50,256,565
Mortgage servicing rights 10,787 9,470
Accrued interest receivable 0 0
Financial liabilities:    
Demand, checking, savings and money market deposits 0 0
Time deposits 0 0
Short-term borrowings 0  
Federal Home Loan Bank (“FHLB”) advances 0  
BTFP borrowings   0
Long-term debt 0 0
Accrued interest payable $ 0 $ 0
v3.24.1.u1
Securities Purchased under Resale Agreements - Resale Agreements (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Dec. 31, 2023
RESALE AND REPURCHASE AGREEMENTS      
Gross resale agreements $ 485,000   $ 785,000
Average yield 3.39% 2.50%  
v3.24.1.u1
Securities Purchased under Resale Agreements - Balance Sheet Offsetting (Details) - USD ($)
$ in Thousands
Mar. 31, 2024
Dec. 31, 2023
Resale Agreements    
Gross Amounts of Recognized Assets $ 485,000 $ 785,000
Gross Amounts Offset on the Consolidated Balance Sheet 0 0
Securities Purchased under Agreements to Resell, Total 485,000 785,000
Securities Purchased under Agreements to Resell Gross Amounts Not Offset [Abstract]    
Gross Amounts  Not Offset on the Collateral Received (404,004) (715,358)
Net Amount $ 80,996 $ 69,642
v3.24.1.u1
Securities - Schedule of Debt Securities (Details) - USD ($)
$ in Thousands
Mar. 31, 2024
Dec. 31, 2023
AFS debt securities:    
Amortized Cost $ 9,131,953 $ 6,916,491
Gross Unrealized Gains 4,993 783
Gross Unrealized Losses (736,478) (728,937)
Fair Value 8,400,468 6,188,337
HTM debt securities:    
Amortized Cost 2,948,642 2,956,040
Gross Unrealized Gains 0 0
Gross Unrealized Losses (534,164) (502,069)
Fair Value 2,414,478 2,453,971
Total debt securities    
Amortized Cost 12,080,595 9,872,531
Gross Unrealized Gains 4,993 783
Gross Unrealized Losses (1,270,642) (1,231,006)
Fair Value 10,814,946 8,642,308
AFS and HTM, accrued interest 40,000 44,000
Government National Mortgage Association (GNMA)    
AFS debt securities:    
Amortized Cost 4,500,000 1,300,000
Fair Value 4,400,000 1,200,000
HTM debt securities:    
Amortized Cost 91,000 92,000
Fair Value 73,000 75,000
U.S. Treasury securities    
AFS debt securities:    
Amortized Cost 676,290 1,112,587
Gross Unrealized Gains 0 101
Gross Unrealized Losses (55,196) (52,313)
Fair Value 621,094 1,060,375
HTM debt securities:    
Amortized Cost 530,921 529,548
Gross Unrealized Gains 0 0
Gross Unrealized Losses (45,521) (40,997)
Fair Value 485,400 488,551
U.S. government agency and U.S. government-sponsored enterprise debt securities    
AFS debt securities:    
Amortized Cost 410,676 412,086
Gross Unrealized Gains 0 0
Gross Unrealized Losses (49,874) (47,640)
Fair Value 360,802 364,446
HTM debt securities:    
Amortized Cost 1,002,697 1,001,836
Gross Unrealized Gains 0 0
Gross Unrealized Losses (196,898) (186,904)
Fair Value 805,799 814,932
U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities - Commercial mortgage-backed securities    
AFS debt securities:    
Amortized Cost 513,159 531,377
Gross Unrealized Gains 129 158
Gross Unrealized Losses (57,669) (63,276)
Fair Value 455,619 468,259
HTM debt securities:    
Amortized Cost 491,842 493,348
Gross Unrealized Gains 0 0
Gross Unrealized Losses (93,850) (88,968)
Fair Value 397,992 404,380
U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities - Residential mortgage-backed securities    
AFS debt securities:    
Amortized Cost 5,229,549 1,956,927
Gross Unrealized Gains 4,212 380
Gross Unrealized Losses (241,362) (229,713)
Fair Value 4,992,399 1,727,594
HTM debt securities:    
Amortized Cost 734,577 742,436
Gross Unrealized Gains 0 0
Gross Unrealized Losses (153,299) (142,119)
Fair Value 581,278 600,317
Municipal securities    
AFS debt securities:    
Amortized Cost 296,360 297,283
Gross Unrealized Gains 47 75
Gross Unrealized Losses (37,912) (36,342)
Fair Value 258,495 261,016
HTM debt securities:    
Amortized Cost 188,605 188,872
Gross Unrealized Gains 0 0
Gross Unrealized Losses (44,596) (43,081)
Fair Value 144,009 145,791
Non-agency commercial mortgage-backed securities    
AFS debt securities:    
Amortized Cost 373,834 409,578
Gross Unrealized Gains 0 0
Gross Unrealized Losses (39,838) (42,062)
Fair Value 333,996 367,516
Non-agency residential mortgage-backed securities    
AFS debt securities:    
Amortized Cost 609,705 643,335
Gross Unrealized Gains 0 0
Gross Unrealized Losses (90,048) (89,664)
Fair Value 519,657 553,671
Corporate debt securities    
AFS debt securities:    
Amortized Cost 653,501 653,501
Gross Unrealized Gains 0 0
Gross Unrealized Losses (150,854) (151,076)
Fair Value 502,647 502,425
Foreign government bonds    
AFS debt securities:    
Amortized Cost 238,592 239,333
Gross Unrealized Gains 605 69
Gross Unrealized Losses (12,001) (11,528)
Fair Value 227,196 227,874
Asset-backed securities    
AFS debt securities:    
Amortized Cost 41,287 43,234
Gross Unrealized Gains 0 0
Gross Unrealized Losses (575) (934)
Fair Value 40,712 42,300
Collateralized loan obligations (“CLOs”)    
AFS debt securities:    
Amortized Cost 89,000 617,250
Gross Unrealized Gains 0 0
Gross Unrealized Losses (1,149) (4,389)
Fair Value $ 87,851 $ 612,861
v3.24.1.u1
Securities - Narrative (Details)
 3 Months Ended
Mar. 31, 2024
USD ($)
security
Mar. 31, 2023
USD ($)
Dec. 31, 2023
USD ($)
security
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items]      
Number of available-for-sale debt securities in an unrealized loss position | security 560   547
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   0
Asset Pledged as Collateral      
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items]      
AFS and HTM debt securities carrying value | $ $ 5,800,000,000   $ 7,000,000,000
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 288   255
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 95   99
Corporate debt securities      
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items]      
Number of available-for-sale debt securities in an unrealized loss position | security 66   66
v3.24.1.u1
Securities - Continuous Unrealized Losses (Details) - USD ($)
$ in Thousands
Mar. 31, 2024
Dec. 31, 2023
Schedule of Available-for-sale Debt Securities    
Available-for-sale debt securities, Less than 12 Months, Fair Value $ 1,600,117 $ 125,924
Available-for-sale debt securities, Gross Unrealized Loss, Less than 12 Months (4,571) (721)
Available-for-sale debt securities, 12 Months or More, Fair Value 4,900,507 5,532,528
Available-for-sale debt securities, Gross Unrealized Loss, 12 Months or More (731,907) (728,216)
Available-for-sale debt securities fair value, Total 6,500,624 5,658,452
Available-for-sale debt securities, Gross Unrealized Loss, Total (736,478) (728,937)
U.S. Treasury securities    
Schedule of Available-for-sale Debt Securities    
Available-for-sale debt securities, Less than 12 Months, Fair Value 0 0
Available-for-sale debt securities, Gross Unrealized Loss, Less than 12 Months 0 0
Available-for-sale debt securities, 12 Months or More, Fair Value 621,094 623,978
Available-for-sale debt securities, Gross Unrealized Loss, 12 Months or More (55,196) (52,313)
Available-for-sale debt securities fair value, Total 621,094 623,978
Available-for-sale debt securities, Gross Unrealized Loss, Total (55,196) (52,313)
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 0 0
Available-for-sale debt securities, Gross Unrealized Loss, Less than 12 Months 0 0
Available-for-sale debt securities, 12 Months or More, Fair Value 360,802 364,446
Available-for-sale debt securities, Gross Unrealized Loss, 12 Months or More (49,874) (47,640)
Available-for-sale debt securities fair value, Total 360,802 364,446
Available-for-sale debt securities, Gross Unrealized Loss, Total (49,874) (47,640)
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 0 0
Available-for-sale debt securities, Gross Unrealized Loss, Less than 12 Months 0 0
Available-for-sale debt securities, 12 Months or More, Fair Value 450,965 463,572
Available-for-sale debt securities, Gross Unrealized Loss, 12 Months or More (57,669) (63,276)
Available-for-sale debt securities fair value, Total 450,965 463,572
Available-for-sale debt securities, Gross Unrealized Loss, Total (57,669) (63,276)
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 1,577,361 9,402
Available-for-sale debt securities, Gross Unrealized Loss, Less than 12 Months (4,504) (558)
Available-for-sale debt securities, 12 Months or More, Fair Value 1,642,455 1,661,112
Available-for-sale debt securities, Gross Unrealized Loss, 12 Months or More (236,858) (229,155)
Available-for-sale debt securities fair value, Total 3,219,816 1,670,514
Available-for-sale debt securities, Gross Unrealized Loss, Total (241,362) (229,713)
Municipal securities    
Schedule of Available-for-sale Debt Securities    
Available-for-sale debt securities, Less than 12 Months, Fair Value 4,189 2,825
Available-for-sale debt securities, Gross Unrealized Loss, Less than 12 Months (6) (15)
Available-for-sale debt securities, 12 Months or More, Fair Value 252,268 254,773
Available-for-sale debt securities, Gross Unrealized Loss, 12 Months or More (37,906) (36,327)
Available-for-sale debt securities fair value, Total 256,457 257,598
Available-for-sale debt securities, Gross Unrealized Loss, Total (37,912) (36,342)
Non-agency commercial mortgage-backed securities    
Schedule of Available-for-sale Debt Securities    
Available-for-sale debt securities, Less than 12 Months, Fair Value 0 2,742
Available-for-sale debt securities, Gross Unrealized Loss, Less than 12 Months 0 (4)
Available-for-sale debt securities, 12 Months or More, Fair Value 333,996 364,774
Available-for-sale debt securities, Gross Unrealized Loss, 12 Months or More (39,838) (42,058)
Available-for-sale debt securities fair value, Total 333,996 367,516
Available-for-sale debt securities, Gross Unrealized Loss, Total (39,838) (42,062)
Non-agency residential mortgage-backed securities    
Schedule of Available-for-sale Debt Securities    
Available-for-sale debt securities, Less than 12 Months, Fair Value 0 0
Available-for-sale debt securities, Gross Unrealized Loss, Less than 12 Months 0 0
Available-for-sale debt securities, 12 Months or More, Fair Value 519,657 553,671
Available-for-sale debt securities, Gross Unrealized Loss, 12 Months or More (90,048) (89,664)
Available-for-sale debt securities fair value, Total 519,657 553,671
Available-for-sale debt securities, Gross Unrealized Loss, Total (90,048) (89,664)
Corporate debt securities    
Schedule of Available-for-sale Debt Securities    
Available-for-sale debt securities, Less than 12 Months, Fair Value 0 0
Available-for-sale debt securities, Gross Unrealized Loss, Less than 12 Months 0 0
Available-for-sale debt securities, 12 Months or More, Fair Value 502,647 502,425
Available-for-sale debt securities, Gross Unrealized Loss, 12 Months or More (150,854) (151,076)
Available-for-sale debt securities fair value, Total 502,647 502,425
Available-for-sale debt securities, Gross Unrealized Loss, Total (150,854) (151,076)
Foreign government bonds    
Schedule of Available-for-sale Debt Securities    
Available-for-sale debt securities, Less than 12 Months, Fair Value 18,567 110,955
Available-for-sale debt securities, Gross Unrealized Loss, Less than 12 Months (61) (144)
Available-for-sale debt securities, 12 Months or More, Fair Value 88,060 88,616
Available-for-sale debt securities, Gross Unrealized Loss, 12 Months or More (11,940) (11,384)
Available-for-sale debt securities fair value, Total 106,627 199,571
Available-for-sale debt securities, Gross Unrealized Loss, Total (12,001) (11,528)
Asset-backed securities    
Schedule of Available-for-sale Debt Securities    
Available-for-sale debt securities, Less than 12 Months, Fair Value 0 0
Available-for-sale debt securities, Gross Unrealized Loss, Less than 12 Months 0 0
Available-for-sale debt securities, 12 Months or More, Fair Value 40,712 42,300
Available-for-sale debt securities, Gross Unrealized Loss, 12 Months or More (575) (934)
Available-for-sale debt securities fair value, Total 40,712 42,300
Available-for-sale debt securities, Gross Unrealized Loss, Total (575) (934)
Collateralized loan obligations (“CLOs”)    
Schedule of Available-for-sale Debt Securities    
Available-for-sale debt securities, Less than 12 Months, Fair Value 0 0
Available-for-sale debt securities, Gross Unrealized Loss, Less than 12 Months 0 0
Available-for-sale debt securities, 12 Months or More, Fair Value 87,851 612,861
Available-for-sale debt securities, Gross Unrealized Loss, 12 Months or More (1,149) (4,389)
Available-for-sale debt securities fair value, Total 87,851 612,861
Available-for-sale debt securities, Gross Unrealized Loss, Total $ (1,149) $ (4,389)
v3.24.1.u1
Securities - Gross Realized Gains and Losses (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Investments, Debt and Equity Securities [Abstract]    
Gross realized gains from sales $ 49 $ 0
Impairment write-off 0 (10,000)
Related tax expense (benefit) $ 14 (2,956)
Available-for-sale, impairment write-off on subordinated debt   $ (10,000)
v3.24.1.u1
Securities - Composition of Interest Income on Debt Securities (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Investments, Debt and Equity Securities [Abstract]    
Taxable interest $ 70,328 $ 61,049
Nontaxable interest 5,064 4,882
Total interest income on debt securities $ 75,392 $ 65,931
v3.24.1.u1
Securities - Scheduled Contractual Maturities of AFS (Details) - USD ($)
$ in Thousands
Mar. 31, 2024
Dec. 31, 2023
Amortized cost    
Within One Year $ 207,263  
After One Year through Five Years 958,665  
After Five Years through Ten Years 743,510  
After Ten Years 7,222,515  
Amortized Cost 9,131,953 $ 6,916,491
Fair value    
Within One Year 205,152  
After One Year through Five Years 897,162  
After Five Years through Ten Years 653,911  
After Ten Years 6,644,243  
Total $ 8,400,468  
Weighted Average Yield    
Within One Year 3.55%  
After One Year through Five Years 1.72%  
After Five Years through Ten Years 3.51%  
After Ten Years 4.67%  
Total 4.24%  
U.S. Treasury securities    
Amortized cost    
Within One Year $ 34,901  
After One Year through Five Years 641,389  
After Five Years through Ten Years 0  
After Ten Years 0  
Amortized Cost 676,290  
Fair value    
Within One Year 33,920  
After One Year through Five Years 587,174  
After Five Years through Ten Years 0  
After Ten Years 0  
Total $ 621,094  
Weighted Average Yield    
Within One Year 1.83%  
After One Year through Five Years 1.17%  
After Five Years through Ten Years 0.00%  
After Ten Years 0.00%  
Total 1.20%  
U.S. government-sponsored enterprises debt securities    
Amortized cost    
Within One Year $ 51,238  
After One Year through Five Years 94,159  
After Five Years through Ten Years 127,833  
After Ten Years 137,446  
Amortized Cost 410,676  
Fair value    
Within One Year 51,163  
After One Year through Five Years 90,935  
After Five Years through Ten Years 106,727  
After Ten Years 111,977  
Total $ 360,802  
Weighted Average Yield    
Within One Year 4.94%  
After One Year through Five Years 3.16%  
After Five Years through Ten Years 1.60%  
After Ten Years 2.33%  
Total 2.62%  
U.S. government agency and U.S. government sponsored enterprise mortgage-backed securities    
Amortized cost    
Within One Year $ 3,219  
After One Year through Five Years 36,135  
After Five Years through Ten Years 137,555  
After Ten Years 5,565,799  
Amortized Cost 5,742,708  
Fair value    
Within One Year 3,130  
After One Year through Five Years 34,513  
After Five Years through Ten Years 125,890  
After Ten Years 5,284,485  
Total $ 5,448,018  
Weighted Average Yield    
Within One Year 2.68%  
After One Year through Five Years 3.15%  
After Five Years through Ten Years 2.73%  
After Ten Years 5.32%  
Total 5.24%  
Municipal securities    
Amortized cost    
Within One Year $ 2,240  
After One Year through Five Years 34,998  
After Five Years through Ten Years 9,621  
After Ten Years 249,501  
Amortized Cost 296,360  
Fair value    
Within One Year 2,219  
After One Year through Five Years 32,747  
After Five Years through Ten Years 8,885  
After Ten Years 214,644  
Total $ 258,495  
Weighted Average Yield    
Within One Year 3.39%  
After One Year through Five Years 2.23%  
After Five Years through Ten Years 3.22%  
After Ten Years 2.23%  
Total 2.27%  
Non-agency mortgage-backed securities    
Amortized cost    
Within One Year $ 82,941  
After One Year through Five Years 46,116  
After Five Years through Ten Years 0  
After Ten Years 854,482  
Amortized Cost 983,539  
Fair value    
Within One Year 82,055  
After One Year through Five Years 45,322  
After Five Years through Ten Years 0  
After Ten Years 726,276  
Total $ 853,653  
Weighted Average Yield    
Within One Year 3.67%  
After One Year through Five Years 3.70%  
After Five Years through Ten Years 0.00%  
After Ten Years 2.54%  
Total 2.69%  
Corporate debt securities    
Amortized cost    
Within One Year $ 0  
After One Year through Five Years 0  
After Five Years through Ten Years 349,501  
After Ten Years 304,000  
Amortized Cost 653,501  
Fair value    
Within One Year 0  
After One Year through Five Years 0  
After Five Years through Ten Years 294,845  
After Ten Years 207,802  
Total $ 502,647  
Weighted Average Yield    
Within One Year 0.00%  
After One Year through Five Years 0.00%  
After Five Years through Ten Years 3.50%  
After Ten Years 1.97%  
Total 2.79%  
Foreign government bonds    
Amortized cost    
Within One Year $ 32,724  
After One Year through Five Years 105,868  
After Five Years through Ten Years 50,000  
After Ten Years 50,000  
Amortized Cost 238,592  
Fair value    
Within One Year 32,665  
After One Year through Five Years 106,471  
After Five Years through Ten Years 49,640  
After Ten Years 38,420  
Total $ 227,196  
Weighted Average Yield    
Within One Year 3.01%  
After One Year through Five Years 2.28%  
After Five Years through Ten Years 5.72%  
After Ten Years 1.50%  
Total 2.94%  
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 41,287  
Amortized Cost 41,287  
Fair value    
Within One Year 0  
After One Year through Five Years 0  
After Five Years through Ten Years 0  
After Ten Years 40,712  
Total $ 40,712  
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 6.06%  
Total 6.06%  
Collateralized loan obligations (“CLOs”)    
Amortized cost    
Within One Year $ 0  
After One Year through Five Years 0  
After Five Years through Ten Years 69,000  
After Ten Years 20,000  
Amortized Cost 89,000  
Fair value    
Within One Year 0  
After One Year through Five Years 0  
After Five Years through Ten Years 67,924  
After Ten Years 19,927  
Total $ 87,851  
Weighted Average Yield    
Within One Year 0.00%  
After One Year through Five Years 0.00%  
After Five Years through Ten Years 7.10%  
After Ten Years 6.84%  
Total 7.04%  
v3.24.1.u1
Securities - Scheduled Contractual Maturities of HTM Debt Securities (Details)
$ in Thousands
Mar. 31, 2024
USD ($)
Amortized cost  
Within One Year $ 0
After One Year through Five Years 535,773
After Five Years through Ten Years 438,202
After Ten Years 1,974,667
Total 2,948,642
Fair value  
Within One Year 0
After One Year through Five Years 489,801
After Five Years through Ten Years 371,157
After Ten Years 1,553,520
Total $ 2,414,478
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 1.79%
Total 1.66%
U.S. Treasury securities  
Amortized cost  
Within One Year $ 0
After One Year through Five Years 530,921
After Five Years through Ten Years 0
After Ten Years 0
Total 530,921
Fair value  
Within One Year 0
After One Year through Five Years 485,400
After Five Years through Ten Years 0
After Ten Years 0
Total $ 485,400
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 343,666
After Ten Years 659,031
Total 1,002,697
Fair value  
Within One Year 0
After One Year through Five Years 0
After Five Years through Ten Years 291,586
After Ten Years 514,213
Total $ 805,799
Weighted Average Yield  
Within One Year 0.00%
After One Year through Five Years 0.00%
After Five Years through Ten Years 1.90%
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 4,852
After Five Years through Ten Years 94,536
After Ten Years 1,127,031
Total 1,226,419
Fair value  
Within One Year 0
After One Year through Five Years 4,401
After Five Years through Ten Years 79,571
After Ten Years 895,298
Total $ 979,270
Weighted Average Yield  
Within One Year 0.00%
After One Year through Five Years 1.40%
After Five Years through Ten Years 1.59%
After Ten Years 1.69%
Total 1.68%
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 188,605
Total 188,605
Fair value  
Within One Year 0
After One Year through Five Years 0
After Five Years through Ten Years 0
After Ten Years 144,009
Total $ 144,009
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 1.99%
Total 1.99%
v3.24.1.u1
Securities - Restricted Equity Securities (Details) - USD ($)
$ in Thousands
Mar. 31, 2024
Dec. 31, 2023
Investments, Debt and Equity Securities [Abstract]    
Federal Reserve Bank of San Francisco (“FRBSF”) stock $ 62,858 $ 62,561
FHLB stock 101,544 17,250
Total restricted equity securities $ 164,402 $ 79,811
v3.24.1.u1
Derivatives - Narrative (Details)
 3 Months Ended 12 Months Ended
Mar. 31, 2024
USD ($)
Contract
Dec. 31, 2023
USD ($)
Contract
Derivative [Line Items]    
Gross amounts recognized $ 622,238,000 $ 610,920,000
Derivative liabilities - Fair value 693,548,000 613,314,000
Derivative instruments designated as hedging instruments    
Derivative [Line Items]    
Gross amounts recognized 15,707,000 53,815,000
Derivative liabilities - Fair value 49,616,000 13,124,000
Notional amount 5,250,000,000 5,331,480,000
Derivatives not designated as hedging instruments    
Derivative [Line Items]    
Gross amounts recognized 606,531,000 557,105,000
Derivative liabilities - Fair value 643,932,000 600,190,000
Notional amount 21,927,035,000 23,333,449,000
Interest rate contracts | Derivatives not designated as hedging instruments    
Derivative [Line Items]    
Gross amounts recognized 469,087,000 423,486,000
Derivative liabilities - Fair value 468,714,000 420,812,000
Notional amount 16,910,462,000 17,387,909,000
Interest rate contracts | Derivatives not designated as hedging instruments | LCH    
Derivative [Line Items]    
Gross amounts recognized 41,000,000 43,000,000
Derivative liabilities - Fair value 47,000,000 43,000,000
Interest rate contracts | Cash Flow Hedging | Derivative instruments designated as hedging instruments    
Derivative [Line Items]    
Gross amounts recognized 15,707,000 50,421,000
Derivative liabilities - Fair value 49,616,000 13,124,000
Notional amount 5,250,000,000 5,250,000,000
Net unrealized losses, net of tax, recorded in AOCI expected to be reclassified into earnings during next 12 months 50,000,000  
Foreign exchange contracts | Derivatives not designated as hedging instruments    
Derivative [Line Items]    
Gross amounts recognized 60,499,000 53,678,000
Derivative liabilities - Fair value 53,153,000 42,564,000
Notional amount $ 4,898,429,000 $ 5,827,149,000
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]    
Gross amounts recognized $ 0 $ 1,000
Derivative liabilities - Fair value 16,000 25,000
Notional amount $ 118,144,000 $ 118,391,000
Credit contracts | Derivatives not designated as hedging instruments | RPAs    
Derivative [Line Items]    
Weighted average remaining maturity of outstanding RPAs 2 years 7 months 6 days 2 years 9 months 18 days
Maximum exposure of RPAs with protection sold $ 82,000 $ 177,000
Credit contracts | Derivatives not designated as hedging instruments | Long    
Derivative [Line Items]    
Notional amount $ 25,000,000 $ 25,000,000
Number of instruments held | Contract 1 1
Credit-risk-related contingent features    
Derivative [Line Items]    
Aggregate fair value of derivative instruments in net liability position $ 2,000,000 $ 9,000
Collateral posted 2,000,000 $ 0
Commercial Banking | Interest rate contracts | Cash Flow Hedging | Derivative instruments designated as hedging instruments    
Derivative [Line Items]    
Notional amount $ 5,300,000,000  
v3.24.1.u1
Derivatives - Notional and Fair Values (Details)
MMBTU in Thousands, Boe in Thousands, $ in Thousands
 3 Months Ended 12 Months Ended
Mar. 31, 2024
USD ($)
MMBTU
Boe
company
shares
Dec. 31, 2023
USD ($)
Boe
MMBTU
company
Derivative Assets    
Derivative assets - Fair value $ 622,238 $ 610,920
Less: Master Netting Arrangements (132,555) (75,534)
Less: Cash collateral received (356,707) (237,258)
Net derivative assets 132,976 298,128
Derivative Liabilities    
Gross amounts recognized 693,548 613,314
Less: Master Netting Arrangements (132,555) (75,534)
Amount used to offset against derivative liabilities (2,408) (636)
Net derivative liabilities $ 558,585 $ 537,144
Performance-Based RSUs | Rayliant Global Advisors Limited    
Derivative Liabilities    
Derivative liability granted number of shares | shares 349,138  
Crude oil    
Derivative Liabilities    
Derivative, nonmonetary notional amount, energy measure | Boe 18,468 18,631
Natural gas    
Derivative Liabilities    
Derivative, nonmonetary notional amount, energy measure | MMBTU 350,942 328,844
Derivative instruments designated as hedging instruments    
Derivative Instruments    
Notional amount $ 5,250,000 $ 5,331,480
Derivative Assets    
Derivative assets - Fair value 15,707 53,815
Derivative Liabilities    
Gross amounts recognized 49,616 13,124
Derivatives not designated as hedging instruments    
Derivative Instruments    
Notional amount 21,927,035 23,333,449
Derivative Assets    
Derivative assets - Fair value 606,531 557,105
Derivative Liabilities    
Gross amounts recognized 643,932 600,190
Interest rate contracts | Derivatives not designated as hedging instruments    
Derivative Instruments    
Notional amount 16,910,462 17,387,909
Derivative Assets    
Derivative assets - Fair value 469,087 423,486
Derivative Liabilities    
Gross amounts recognized 468,714 420,812
Interest rate contracts | Cash Flow Hedging | Derivative instruments designated as hedging instruments    
Derivative Instruments    
Notional amount 5,250,000 5,250,000
Derivative Assets    
Derivative assets - Fair value 15,707 50,421
Derivative Liabilities    
Gross amounts recognized 49,616 13,124
Foreign exchange contracts | Derivatives not designated as hedging instruments    
Derivative Instruments    
Notional amount 4,898,429 5,827,149
Derivative Assets    
Derivative assets - Fair value 60,499 53,678
Derivative Liabilities    
Gross amounts recognized 53,153 42,564
Foreign exchange contracts | Net Investment Hedging | Derivative instruments designated as hedging instruments    
Derivative Instruments    
Notional amount 0 81,480
Derivative Assets    
Derivative assets - Fair value 0 3,394
Derivative Liabilities    
Gross amounts recognized 0 0
Commodity contracts | Derivatives not designated as hedging instruments    
Derivative Instruments    
Notional amount 0 0
Derivative Assets    
Derivative assets - Fair value 76,615 79,604
Derivative Liabilities    
Gross amounts recognized 106,930 121,670
Credit contracts | Derivatives not designated as hedging instruments    
Derivative Instruments    
Notional amount 118,144 118,391
Derivative Assets    
Derivative assets - Fair value 0 1
Derivative Liabilities    
Gross amounts recognized 16 25
Equity contracts | Derivatives not designated as hedging instruments    
Derivative Instruments    
Notional amount 0 0
Derivative Assets    
Derivative assets - Fair value 330 336
Derivative Liabilities    
Gross amounts recognized $ 15,119 $ 15,119
Public Companies | Derivatives not designated as hedging instruments    
Derivative Liabilities    
Number of companies that issued the equity (issuers portion only) | company 1 1
Private Companies | Derivatives not designated as hedging instruments    
Derivative Liabilities    
Number of companies that issued the equity (issuers portion only) | company 11 11
v3.24.1.u1
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, 2024
Mar. 31, 2023
Interest rate contracts | Cash Flow Hedging    
Derivative [Line Items]    
(Losses) gains recognized in AOCI: $ (90,376) $ 29,843
(Losses) gains reclassified from AOCI into earnings: (24,605) (10,644)
Interest rate contracts | Cash Flow Hedging | Interest expense (for cash flow hedges on borrowings)    
Derivative [Line Items]    
(Losses) gains reclassified from AOCI into earnings: 0 696
Interest rate contracts | Cash Flow Hedging | Interest and dividend income (for cash flow hedges on loans)    
Derivative [Line Items]    
(Losses) gains reclassified from AOCI into earnings: (24,605) (12,954)
Interest rate contracts | Cash Flow Hedging | Noninterest income    
Derivative [Line Items]    
(Losses) gains reclassified from AOCI into earnings: 0 1,614
Foreign exchange contracts | Net Investment Hedging    
Derivative [Line Items]    
Gains (losses) recognized in AOCI $ 586 $ (1,076)
v3.24.1.u1
Derivatives - Derivatives Not Designated as Hedging Instruments (Details)
MMBTU in Thousands, Boe in Thousands, $ in Thousands
 3 Months Ended 12 Months Ended
Mar. 31, 2024
USD ($)
MMBTU
Boe
Dec. 31, 2023
USD ($)
Boe
MMBTU
Derivative [Line Items]    
Gross amounts recognized $ 622,238 $ 610,920
Derivative liabilities - Fair value $ 693,548 $ 613,314
Crude oil    
Derivative [Line Items]    
Derivative, nonmonetary notional amount, energy measure | Boe 18,468 18,631
Natural gas    
Derivative [Line Items]    
Derivative, nonmonetary notional amount, energy measure | MMBTU 350,942 328,844
Customer-related positions:    
Derivative [Line Items]    
Notional amount $ 10,791,750 $ 11,362,194
Gross amounts recognized 35,375 43,195
Derivative liabilities - Fair value 490,627 419,499
Other economic hedges:    
Derivative [Line Items]    
Notional amount 11,017,141 11,852,864
Gross amounts recognized 494,211 433,969
Derivative liabilities - Fair value 31,240 43,877
Interest rate contracts | Customer-related positions:    
Derivative [Line Items]    
Notional amount 8,442,370 8,681,085
Gross amounts recognized 9,651 26,089
Derivative liabilities - Fair value 458,240 394,625
Interest rate contracts | Other economic hedges:    
Derivative [Line Items]    
Notional amount 8,468,092 8,706,824
Gross amounts recognized 459,436 397,397
Derivative liabilities - Fair value 10,474 26,187
Interest rate contracts | Swaps | Customer-related positions:    
Derivative [Line Items]    
Notional amount 6,874,132 6,835,822
Gross amounts recognized 9,521 25,649
Derivative liabilities - Fair value 442,960 377,388
Interest rate contracts | Swaps | Other economic hedges:    
Derivative [Line Items]    
Notional amount 6,899,692 6,861,561
Gross amounts recognized 444,094 380,123
Derivative liabilities - Fair value 10,337 25,731
Interest rate contracts | Written options | Customer-related positions:    
Derivative [Line Items]    
Notional amount 1,287,121 1,522,531
Gross amounts recognized 0 0
Derivative liabilities - Fair value 11,909 12,756
Interest rate contracts | Collars and corridors | Customer-related positions:    
Derivative [Line Items]    
Notional amount 281,117 322,732
Gross amounts recognized 130 440
Derivative liabilities - Fair value 3,371 4,481
Interest rate contracts | Collars and corridors | Other economic hedges:    
Derivative [Line Items]    
Notional amount 281,117 322,732
Gross amounts recognized 3,380 4,491
Derivative liabilities - Fair value 137 456
Interest rate contracts | Purchased options | Other economic hedges:    
Derivative [Line Items]    
Notional amount 1,287,283 1,522,531
Gross amounts recognized 11,962 12,783
Derivative liabilities - Fair value 0 0
Foreign exchange contracts | Customer-related positions:    
Derivative [Line Items]    
Notional amount 2,349,380 2,681,109
Gross amounts recognized 25,724 17,106
Derivative liabilities - Fair value 32,387 24,874
Foreign exchange contracts | Other economic hedges:    
Derivative [Line Items]    
Notional amount 2,549,049 3,146,040
Gross amounts recognized 34,775 36,572
Derivative liabilities - Fair value 20,766 17,690
Foreign exchange contracts | Swaps | Customer-related positions:    
Derivative [Line Items]    
Notional amount 1,577,082 1,588,491
Gross amounts recognized 19,020 5,801
Derivative liabilities - Fair value 24,839 18,118
Foreign exchange contracts | Swaps | Other economic hedges:    
Derivative [Line Items]    
Notional amount 2,387,046 2,862,037
Gross amounts recognized 34,733 36,280
Derivative liabilities - Fair value 18,168 15,757
Foreign exchange contracts | Written options | Other economic hedges:    
Derivative [Line Items]    
Notional amount 129,000 136,000
Gross amounts recognized 0 0
Derivative liabilities - Fair value 2,580 1,839
Foreign exchange contracts | Forwards and spot | Customer-related positions:    
Derivative [Line Items]    
Notional amount 643,298 956,618
Gross amounts recognized 4,124 9,466
Derivative liabilities - Fair value 7,548 6,756
Foreign exchange contracts | Forwards and spot | Other economic hedges:    
Derivative [Line Items]    
Notional amount 33,003 148,003
Gross amounts recognized 42 292
Derivative liabilities - Fair value 18 94
Foreign exchange contracts | Purchased options | Customer-related positions:    
Derivative [Line Items]    
Notional amount 129,000 136,000
Gross amounts recognized 2,580 1,839
Derivative liabilities - Fair value 0 0
Commodity contracts | Customer-related positions:    
Derivative [Line Items]    
Gross amounts recognized 29,495 6,014
Derivative liabilities - Fair value 87,968 114,974
Commodity contracts | Customer-related positions: | Crude oil    
Derivative [Line Items]    
Gross amounts recognized 27,271 5,555
Derivative liabilities - Fair value $ 800 $ 20,548
Derivative, nonmonetary notional amount, energy measure | Boe 9,184 9,243
Commodity contracts | Customer-related positions: | Natural gas    
Derivative [Line Items]    
Gross amounts recognized $ 2,224 $ 459
Derivative liabilities - Fair value $ 87,168 $ 94,426
Derivative, nonmonetary notional amount, energy measure | MMBTU 177,031 166,053
Commodity contracts | Other economic hedges:    
Derivative [Line Items]    
Gross amounts recognized $ 47,120 $ 73,590
Derivative liabilities - Fair value 18,962 6,696
Commodity contracts | Other economic hedges: | Crude oil    
Derivative [Line Items]    
Gross amounts recognized 1,789 10,851
Derivative liabilities - Fair value $ 17,899 $ 6,391
Derivative, nonmonetary notional amount, energy measure | Boe 9,284 9,388
Commodity contracts | Other economic hedges: | Natural gas    
Derivative [Line Items]    
Gross amounts recognized $ 45,331 $ 62,739
Derivative liabilities - Fair value $ 1,063 $ 305
Derivative, nonmonetary notional amount, energy measure | MMBTU 173,911 162,791
Commodity contracts | Swaps | Customer-related positions: | Crude oil    
Derivative [Line Items]    
Gross amounts recognized $ 15,370 $ 3,735
Derivative liabilities - Fair value $ 685 $ 15,445
Derivative, nonmonetary notional amount, energy measure | Boe 3,608 3,277
Commodity contracts | Swaps | Customer-related positions: | Natural gas    
Derivative [Line Items]    
Gross amounts recognized $ 1,420 $ 438
Derivative liabilities - Fair value $ 70,028 $ 73,793
Derivative, nonmonetary notional amount, energy measure | MMBTU 127,102 118,325
Commodity contracts | Swaps | Other economic hedges: | Crude oil    
Derivative [Line Items]    
Gross amounts recognized $ 1,788 $ 9,166
Derivative liabilities - Fair value $ 12,997 $ 4,924
Derivative, nonmonetary notional amount, energy measure | Boe 3,708 3,422
Commodity contracts | Swaps | Other economic hedges: | Natural gas    
Derivative [Line Items]    
Gross amounts recognized $ 37,170 $ 49,941
Derivative liabilities - Fair value $ 629 $ 305
Derivative, nonmonetary notional amount, energy measure | MMBTU 124,582 116,463
Commodity contracts | Written options | Customer-related positions: | Natural gas    
Derivative [Line Items]    
Gross amounts recognized $ 132 $ 0
Derivative liabilities - Fair value $ 33 $ 233
Derivative, nonmonetary notional amount, energy measure | MMBTU 1,976 1,874
Commodity contracts | Purchased options | Other economic hedges: | Natural gas    
Derivative [Line Items]    
Gross amounts recognized $ 41 $ 233
Derivative liabilities - Fair value $ 116 $ 0
Derivative, nonmonetary notional amount, energy measure | MMBTU 1,976 1,874
Commodity contracts | Collars | Customer-related positions: | Crude oil    
Derivative [Line Items]    
Gross amounts recognized $ 11,901 $ 1,820
Derivative liabilities - Fair value $ 115 $ 5,103
Derivative, nonmonetary notional amount, energy measure | Boe 5,576 5,966
Commodity contracts | Collars | Customer-related positions: | Natural gas    
Derivative [Line Items]    
Gross amounts recognized $ 672 $ 21
Derivative liabilities - Fair value $ 17,107 $ 20,400
Derivative, nonmonetary notional amount, energy measure | MMBTU 47,953 45,854
Commodity contracts | Collars | Other economic hedges: | Crude oil    
Derivative [Line Items]    
Gross amounts recognized $ 1 $ 1,685
Derivative liabilities - Fair value $ 4,902 $ 1,467
Derivative, nonmonetary notional amount, energy measure | Boe 5,576 5,966
Commodity contracts | Collars | Other economic hedges: | Natural gas    
Derivative [Line Items]    
Gross amounts recognized $ 8,120 $ 12,565
Derivative liabilities - Fair value $ 318 $ 0
Derivative, nonmonetary notional amount, energy measure | MMBTU 47,353 44,454
v3.24.1.u1
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, 2024
Mar. 31, 2023
Derivative Instruments, Gain (Loss) [Line Items]    
Net gains $ 13,387 $ 7,914
Interest rate contracts | Customer derivative income    
Derivative Instruments, Gain (Loss) [Line Items]    
Net gains 484 (2,484)
Foreign exchange contracts | Foreign exchange income    
Derivative Instruments, Gain (Loss) [Line Items]    
Net gains 12,780 10,442
Credit contracts | Customer derivative income    
Derivative Instruments, Gain (Loss) [Line Items]    
Net gains (5) (5)
Equity contracts | Lending fees    
Derivative Instruments, Gain (Loss) [Line Items]    
Net gains (6) (45)
Commodity contracts | Customer derivative income    
Derivative Instruments, Gain (Loss) [Line Items]    
Net gains $ 134 $ 6
v3.24.1.u1
Derivatives - Offsetting of Derivatives (Details) - USD ($)
$ in Thousands
Mar. 31, 2024
Dec. 31, 2023
Derivative assets    
Derivative assets - Fair value $ 622,238 $ 610,920
Less: Master netting agreements (132,555) (75,534)
Less: Cash collateral received (356,707) (237,258)
Net derivative assets 132,976 298,128
Less: Security Collateral Received (99,877) (246,259)
Net Amount 33,099 51,869
Contracts not subject to master netting arrangements, gross amounts recognized 2,000 3,000
Derivative, cash collateral received, including amount offset by fair value assets, and excess cash amount (362,000) (244,000)
Derivative liabilities    
Gross amounts recognized 693,548 613,314
Less: Master netting agreements (132,555) (75,534)
Less: Cash collateral received (2,408) (636)
Net derivative liabilities 558,585 537,144
Less: Security Collateral Pledged 0 0
Net Amount 558,585 537,144
Contracts not subject to master netting arrangements, gross amounts recognized 17,000 16,000
Derivative, cash collateral posted against derivative liabilities, including amount offset the derivative fair value liabilities, and excess cash amount $ 3,000 $ 1,000
Derivative Asset, Statement of Financial Position [Extensible Enumeration] Other assets Other assets
Derivative Liability, Statement of Financial Position [Extensible Enumeration] Accrued expenses and other liabilities Accrued expenses and other liabilities
v3.24.1.u1
Loans Receivable and Allowance for Credit Losses - Composition of Loans Held-for-Investment (Details) - USD ($)
$ in Thousands
Mar. 31, 2024
Dec. 31, 2023
Mar. 31, 2023
Jan. 01, 2023
Dec. 31, 2022
LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES          
Loans held-for-investment $ 51,992,504 $ 52,210,782      
Allowance for loan losses (670,280) (668,743) $ (619,893) $ (601,673) $ (595,645)
Loans held-for-investment, net 51,322,224 51,542,039      
Net deferred loan fees and net unamortized premiums (63,000) (71,000)      
Commercial lending          
LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES          
Loans held-for-investment 36,644,030 37,045,191      
Commercial lending | Commercial and industrial (“C&I”)          
LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES          
Loans held-for-investment 16,350,191 16,581,079      
Allowance for loan losses (373,631) (392,685) (376,325) (377,383) (371,700)
Commercial lending | CRE          
LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES          
Loans held-for-investment 14,609,655 14,777,081      
Allowance for loan losses (187,460) (170,592) (155,067) (150,201) (149,864)
Commercial lending | Real estate loan | Multifamily residential          
LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES          
Loans held-for-investment 5,010,245 5,023,163      
Allowance for loan losses (37,418) (34,375) (24,526) (23,379) (23,373)
Commercial lending | Construction and land          
LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES          
Loans held-for-investment 673,939 663,868      
Allowance for loan losses (10,819) (10,469) (9,322) (9,109) (9,109)
Commercial lending | Total CRE          
LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES          
Loans held-for-investment 20,293,839 20,464,112      
Consumer lending          
LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES          
Loans held-for-investment 15,348,474 15,165,591      
Consumer lending | Real estate loan | Single-family residential          
LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES          
Loans held-for-investment 13,563,738 13,383,060      
Allowance for loan losses (55,922) (55,018) (48,007) (35,565) (35,564)
Consumer lending | HELOCs          
LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES          
Loans held-for-investment 1,731,233 1,722,204      
Allowance for loan losses (3,563) (3,947) (4,971) (4,476) (4,475)
Consumer lending | Total residential mortgage          
LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES          
Loans held-for-investment 15,294,971 15,105,264      
Consumer lending | Other consumer          
LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES          
Loans held-for-investment 53,503 60,327      
Allowance for loan losses $ (1,467) $ (1,657) $ (1,675) $ (1,560) $ (1,560)
v3.24.1.u1
Loans Receivable and Allowance for Credit Losses - Composition of Loans Held-for-Investment- Narrative (Details) - USD ($)
$ in Thousands
Mar. 31, 2024
Dec. 31, 2023
LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES    
Accrued interest receivable $ 268,000 $ 267,000
Total 51,992,504 52,210,782
Asset Pledged as Collateral    
LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES    
Total $ 37,100,000 $ 37,200,000
v3.24.1.u1
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 12 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Dec. 31, 2023
Financing Receivable, Vintage Year/Credit Quality Indicator [Line Items]      
Current Fiscal Year $ 1,405,970   $ 9,030,294
One Year before Current Fiscal Year 8,787,435   10,960,065
Two Years before Current Fiscal Year 10,602,594   6,936,329
Three Years before Current Fiscal Year 6,636,915   4,082,547
Four Years before Current Fiscal Year 3,982,952   3,402,102
Prior 8,686,624   5,723,462
Revolving Loans 11,672,096   11,860,890
Revolving Loans Converted to Term Loans 217,918   215,093
Total 51,992,504   52,210,782
YTD gross write-offs Total 1,000 $ 273  
Pass      
Financing Receivable, Vintage Year/Credit Quality Indicator [Line Items]      
Current Fiscal Year 1,405,955   8,877,690
One Year before Current Fiscal Year 8,597,817   10,839,026
Two Years before Current Fiscal Year 10,354,201   6,723,921
Three Years before Current Fiscal Year 6,445,705   4,010,720
Four Years before Current Fiscal Year 3,908,827   3,326,731
Prior 8,339,265   5,504,224
Revolving Loans 11,548,589   11,739,785
Revolving Loans Converted to Term Loans 197,087   210,475
Total 50,797,446   51,232,572
Pass | Federal Housing Administration Loan      
Financing Receivable, Vintage Year/Credit Quality Indicator [Line Items]      
Total Nonaccrual Loans 1,000   1,000
Criticized (accrual)      
Financing Receivable, Vintage Year/Credit Quality Indicator [Line Items]      
Current Fiscal Year 15   145,219
One Year before Current Fiscal Year 164,267   111,430
Two Years before Current Fiscal Year 219,586   207,962
Three Years before Current Fiscal Year 186,971   64,855
Four Years before Current Fiscal Year 66,214   67,738
Prior 272,060   158,049
Revolving Loans 122,375   119,744
Revolving Loans Converted to Term Loans 16,041   1,089
Total 1,047,529   876,086
Criticized (nonaccrual)      
Financing Receivable, Vintage Year/Credit Quality Indicator [Line Items]      
Current Fiscal Year 0   7,385
One Year before Current Fiscal Year 25,351   9,609
Two Years before Current Fiscal Year 28,807   4,446
Three Years before Current Fiscal Year 4,239   6,972
Four Years before Current Fiscal Year 7,911   7,633
Prior 75,299   61,189
Revolving Loans 1,132   1,361
Revolving Loans Converted to Term Loans 4,790   3,529
Total 147,529   102,124
YTD gross write-offs      
Financing Receivable, Vintage Year/Credit Quality Indicator [Line Items]      
YTD gross write-offs Current Fiscal Year 0   350
YTD gross write-offs One Year before Current Fiscal Year 221   10,454
YTD gross write-offs Two Years before Current Fiscal Year 12,774   424
YTD gross write-offs Three Years before Current Fiscal Year 3,047   3,758
YTD gross write-offs Four Years before Current Fiscal Year 488   9,748
YTD gross write-offs Prior 3,932   4,021
YTD gross write-offs Revolving Loans     1,593
YTD gross write-offs, including adjustments (54)    
YTD gross write-offs Revolving Loans Converted to Term Loans 0   6
YTD gross write-offs Total 20,408   30,354
Consumer Loan      
Financing Receivable, Vintage Year/Credit Quality Indicator [Line Items]      
Converted to term loan 15,000 5,000  
Commercial lending      
Financing Receivable, Vintage Year/Credit Quality Indicator [Line Items]      
Current Fiscal Year 851,967   5,827,011
One Year before Current Fiscal Year 5,693,591   7,589,913
Two Years before Current Fiscal Year 7,287,010   4,647,905
Three Years before Current Fiscal Year 4,392,125   2,481,175
Four Years before Current Fiscal Year 2,416,369   2,414,789
Prior 5,829,790   3,719,778
Revolving Loans 10,084,427   10,280,425
Revolving Loans Converted to Term Loans 88,751   84,195
Total 36,644,030   37,045,191
Converted to term loan 7,000 $ 12,000  
Commercial lending | YTD gross write-offs      
Financing Receivable, Vintage Year/Credit Quality Indicator [Line Items]      
YTD gross write-offs Current Fiscal Year 0   350
YTD gross write-offs One Year before Current Fiscal Year 221   10,454
YTD gross write-offs Two Years before Current Fiscal Year 12,774   424
YTD gross write-offs Three Years before Current Fiscal Year 3,047   3,758
YTD gross write-offs Four Years before Current Fiscal Year 488   9,748
YTD gross write-offs Prior 3,932   3,980
YTD gross write-offs Revolving Loans     1,593
YTD gross write-offs, including adjustments (56)    
YTD gross write-offs Revolving Loans Converted to Term Loans 0   0
YTD gross write-offs Total 20,406   30,307
Commercial lending | Commercial and industrial (“C&I”)      
Financing Receivable, Vintage Year/Credit Quality Indicator [Line Items]      
Current Fiscal Year 494,526   2,421,686
One Year before Current Fiscal Year 2,277,440   1,704,375
Two Years before Current Fiscal Year 1,546,343   1,417,641
Three Years before Current Fiscal Year 1,289,574   351,865
Four Years before Current Fiscal Year 303,361   289,072
Prior 436,645   204,394
Revolving Loans 9,978,501   10,171,903
Revolving Loans Converted to Term Loans 23,801   20,143
Total 16,350,191   16,581,079
Commercial lending | Commercial and industrial (“C&I”) | Pass      
Financing Receivable, Vintage Year/Credit Quality Indicator [Line Items]      
Current Fiscal Year 494,511   2,314,463
One Year before Current Fiscal Year 2,181,627   1,628,560
Two Years before Current Fiscal Year 1,390,042   1,296,936
Three Years before Current Fiscal Year 1,162,380   331,982
Four Years before Current Fiscal Year 290,790   245,173
Prior 357,396   164,159
Revolving Loans 9,858,874   10,053,757
Revolving Loans Converted to Term Loans 23,801   20,143
Total 15,759,421   16,055,173
Commercial lending | Commercial and industrial (“C&I”) | Criticized (accrual)      
Financing Receivable, Vintage Year/Credit Quality Indicator [Line Items]      
Current Fiscal Year 15   105,119
One Year before Current Fiscal Year 80,137   67,899
Two Years before Current Fiscal Year 146,122   120,574
Three Years before Current Fiscal Year 126,563   15,064
Four Years before Current Fiscal Year 8,378   40,920
Prior 61,936   22,098
Revolving Loans 118,657   117,196
Revolving Loans Converted to Term Loans 0   0
Total 541,808   488,870
Commercial lending | Commercial and industrial (“C&I”) | Criticized (nonaccrual)      
Financing Receivable, Vintage Year/Credit Quality Indicator [Line Items]      
Current Fiscal Year 0   2,104
One Year before Current Fiscal Year 15,676   7,916
Two Years before Current Fiscal Year 10,179   131
Three Years before Current Fiscal Year 631   4,819
Four Years before Current Fiscal Year 4,193   2,979
Prior 17,313   18,137
Revolving Loans 970   950
Revolving Loans Converted to Term Loans 0   0
Total 48,962   37,036
Commercial lending | Commercial and industrial (“C&I”) | YTD gross write-offs      
Financing Receivable, Vintage Year/Credit Quality Indicator [Line Items]      
YTD gross write-offs Current Fiscal Year 0   350
YTD gross write-offs One Year before Current Fiscal Year 221   10,454
YTD gross write-offs Two Years before Current Fiscal Year 11,550   424
YTD gross write-offs Three Years before Current Fiscal Year 3,047   3,758
YTD gross write-offs Four Years before Current Fiscal Year 488   9,748
YTD gross write-offs Prior 1,528   2,648
YTD gross write-offs Revolving Loans     1,593
YTD gross write-offs, including adjustments (56)    
YTD gross write-offs Revolving Loans Converted to Term Loans 0   0
YTD gross write-offs Total 16,778   28,975
Commercial lending | CRE      
Financing Receivable, Vintage Year/Credit Quality Indicator [Line Items]      
Current Fiscal Year 310,715   2,529,770
One Year before Current Fiscal Year 2,483,041   4,120,870
Two Years before Current Fiscal Year 3,994,487   2,246,593
Three Years before Current Fiscal Year 2,151,816   1,476,974
Four Years before Current Fiscal Year 1,466,014   1,625,725
Prior 4,049,607   2,621,527
Revolving Loans 90,300   92,851
Revolving Loans Converted to Term Loans 63,675   62,771
Total 14,609,655   14,777,081
Commercial lending | CRE | Pass      
Financing Receivable, Vintage Year/Credit Quality Indicator [Line Items]      
Current Fiscal Year 310,715   2,492,915
One Year before Current Fiscal Year 2,415,104   4,086,385
Two Years before Current Fiscal Year 3,940,346   2,216,257
Three Years before Current Fiscal Year 2,125,414   1,428,724
Four Years before Current Fiscal Year 1,412,088   1,600,844
Prior 3,815,741   2,494,382
Revolving Loans 90,300   92,851
Revolving Loans Converted to Term Loans 48,880   62,771
Total 14,158,588   14,475,129
Commercial lending | CRE | Criticized (accrual)      
Financing Receivable, Vintage Year/Credit Quality Indicator [Line Items]      
Current Fiscal Year 0   36,855
One Year before Current Fiscal Year 66,187   34,485
Two Years before Current Fiscal Year 54,141   30,336
Three Years before Current Fiscal Year 26,402   48,250
Four Years before Current Fiscal Year 53,926   24,437
Prior 200,610   104,340
Revolving Loans 0   0
Revolving Loans Converted to Term Loans 14,795   0
Total 416,061   278,703
Commercial lending | CRE | Criticized (nonaccrual)      
Financing Receivable, Vintage Year/Credit Quality Indicator [Line Items]      
Current Fiscal Year 0   0
One Year before Current Fiscal Year 1,750   0
Two Years before Current Fiscal Year 0   0
Three Years before Current Fiscal Year 0   0
Four Years before Current Fiscal Year 0   444
Prior 33,256   22,805
Revolving Loans 0   0
Revolving Loans Converted to Term Loans 0   0
Total 35,006   23,249
Commercial lending | CRE | YTD gross write-offs      
Financing Receivable, Vintage Year/Credit Quality Indicator [Line Items]      
YTD gross write-offs Current Fiscal Year 0   0
YTD gross write-offs One Year before Current Fiscal Year 0   0
YTD gross write-offs Two Years before Current Fiscal Year 0   0
YTD gross write-offs Three Years before Current Fiscal Year 0   0
YTD gross write-offs Four Years before Current Fiscal Year 0   0
YTD gross write-offs Prior 2,398   1,329
YTD gross write-offs Revolving Loans 0   0
YTD gross write-offs Revolving Loans Converted to Term Loans 0   0
YTD gross write-offs Total 2,398   1,329
Commercial lending | Real estate loan | Multifamily residential      
Financing Receivable, Vintage Year/Credit Quality Indicator [Line Items]      
Current Fiscal Year 43,746   665,780
One Year before Current Fiscal Year 666,886   1,484,517
Two Years before Current Fiscal Year 1,482,963   862,947
Three Years before Current Fiscal Year 825,905   612,408
Four Years before Current Fiscal Year 645,391   499,184
Prior 1,337,248   888,356
Revolving Loans 6,831   8,690
Revolving Loans Converted to Term Loans 1,275   1,281
Total 5,010,245   5,023,163
Commercial lending | Real estate loan | Pass | Multifamily residential      
Financing Receivable, Vintage Year/Credit Quality Indicator [Line Items]      
Current Fiscal Year 43,746   665,780
One Year before Current Fiscal Year 652,947   1,481,161
Two Years before Current Fiscal Year 1,482,963   808,333
Three Years before Current Fiscal Year 794,023   612,408
Four Years before Current Fiscal Year 645,391   498,491
Prior 1,329,341   857,713
Revolving Loans 6,831   8,690
Revolving Loans Converted to Term Loans 1,275   1,281
Total 4,956,517   4,933,857
Commercial lending | Real estate loan | Criticized (accrual) | Multifamily residential      
Financing Receivable, Vintage Year/Credit Quality Indicator [Line Items]      
Current Fiscal Year 0   0
One Year before Current Fiscal Year 13,939   3,356
Two Years before Current Fiscal Year 0   54,614
Three Years before Current Fiscal Year 31,882   0
Four Years before Current Fiscal Year 0   693
Prior 3,261   25,974
Revolving Loans 0   0
Revolving Loans Converted to Term Loans 0   0
Total 49,082   84,637
Commercial lending | Real estate loan | Criticized (nonaccrual) | Multifamily residential      
Financing Receivable, Vintage Year/Credit Quality Indicator [Line Items]      
Current Fiscal Year 0   0
One Year before Current Fiscal Year 0   0
Two Years before Current Fiscal Year 0   0
Three Years before Current Fiscal Year 0   0
Four Years before Current Fiscal Year 0   0
Prior 4,646   4,669
Revolving Loans 0   0
Revolving Loans Converted to Term Loans 0   0
Total 4,646   4,669
Commercial lending | Real estate loan | YTD gross write-offs | Multifamily residential      
Financing Receivable, Vintage Year/Credit Quality Indicator [Line Items]      
YTD gross write-offs Current Fiscal Year 0   0
YTD gross write-offs One Year before Current Fiscal Year 0   0
YTD gross write-offs Two Years before Current Fiscal Year 0   0
YTD gross write-offs Three Years before Current Fiscal Year 0   0
YTD gross write-offs Four Years before Current Fiscal Year 0   0
YTD gross write-offs Prior 6   3
YTD gross write-offs Revolving Loans 0   0
YTD gross write-offs Revolving Loans Converted to Term Loans 0   0
YTD gross write-offs Total 6   3
Commercial lending | Construction and land      
Financing Receivable, Vintage Year/Credit Quality Indicator [Line Items]      
Current Fiscal Year 2,980   209,775
One Year before Current Fiscal Year 266,224   280,151
Two Years before Current Fiscal Year 263,217   120,724
Three Years before Current Fiscal Year 124,830   39,928
Four Years before Current Fiscal Year 1,603   808
Prior 6,290   5,501
Revolving Loans 8,795   6,981
Revolving Loans Converted to Term Loans 0   0
Total 673,939   663,868
Commercial lending | Construction and land | Pass      
Financing Receivable, Vintage Year/Credit Quality Indicator [Line Items]      
Current Fiscal Year 2,980   209,775
One Year before Current Fiscal Year 266,224   280,151
Two Years before Current Fiscal Year 234,093   120,724
Three Years before Current Fiscal Year 124,830   39,928
Four Years before Current Fiscal Year 1,603   808
Prior 6,290   5,501
Revolving Loans 8,795   6,981
Revolving Loans Converted to Term Loans 0   0
Total 644,815   663,868
Commercial lending | Construction and land | Criticized (accrual)      
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 16,888    
Three Years before Current Fiscal Year 0    
Four Years before Current Fiscal Year 0    
Prior 0    
Revolving Loans 0    
Revolving Loans Converted to Term Loans 0    
Total 16,888    
Commercial lending | Construction and land | Criticized (nonaccrual)      
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 12,236    
Three Years before Current Fiscal Year 0    
Four Years before Current Fiscal Year 0    
Prior 0    
Revolving Loans 0    
Revolving Loans Converted to Term Loans 0    
Total 12,236    
Commercial lending | Construction and land | YTD gross write-offs      
Financing Receivable, Vintage Year/Credit Quality Indicator [Line Items]      
YTD gross write-offs Current Fiscal Year 0    
YTD gross write-offs One Year before Current Fiscal Year 0    
YTD gross write-offs Two Years before Current Fiscal Year 1,224    
YTD gross write-offs Three Years before Current Fiscal Year 0    
YTD gross write-offs Four Years before Current Fiscal Year 0    
YTD gross write-offs Prior 0    
YTD gross write-offs Revolving Loans 0    
YTD gross write-offs Revolving Loans Converted to Term Loans 0    
YTD gross write-offs Total 1,224    
Commercial lending | Total CRE      
Financing Receivable, Vintage Year/Credit Quality Indicator [Line Items]      
Current Fiscal Year 357,441   3,405,325
One Year before Current Fiscal Year 3,416,151   5,885,538
Two Years before Current Fiscal Year 5,740,667   3,230,264
Three Years before Current Fiscal Year 3,102,551   2,129,310
Four Years before Current Fiscal Year 2,113,008   2,125,717
Prior 5,393,145   3,515,384
Revolving Loans 105,926   108,522
Revolving Loans Converted to Term Loans 64,950   64,052
Total 20,293,839   20,464,112
Commercial lending | Total CRE | YTD gross write-offs      
Financing Receivable, Vintage Year/Credit Quality Indicator [Line Items]      
YTD gross write-offs Current Fiscal Year 0   0
YTD gross write-offs One Year before Current Fiscal Year 0   0
YTD gross write-offs Two Years before Current Fiscal Year 1,224   0
YTD gross write-offs Three Years before Current Fiscal Year 0   0
YTD gross write-offs Four Years before Current Fiscal Year 0   0
YTD gross write-offs Prior 2,404   1,332
YTD gross write-offs Revolving Loans 0   0
YTD gross write-offs Revolving Loans Converted to Term Loans 0   0
YTD gross write-offs Total 3,628   1,332
Consumer lending      
Financing Receivable, Vintage Year/Credit Quality Indicator [Line Items]      
Current Fiscal Year 554,003   3,203,283
One Year before Current Fiscal Year 3,093,844   3,370,152
Two Years before Current Fiscal Year 3,315,584   2,288,424
Three Years before Current Fiscal Year 2,244,790   1,601,372
Four Years before Current Fiscal Year 1,566,583   987,313
Prior 2,856,834   2,003,684
Revolving Loans 1,587,669   1,580,465
Revolving Loans Converted to Term Loans 129,167   130,898
Total 15,348,474   15,165,591
Consumer lending | YTD gross write-offs      
Financing Receivable, Vintage Year/Credit Quality Indicator [Line Items]      
YTD gross write-offs Current Fiscal Year 0   0
YTD gross write-offs One Year before Current Fiscal Year 0   0
YTD gross write-offs Two Years before Current Fiscal Year 0   0
YTD gross write-offs Three Years before Current Fiscal Year 0   0
YTD gross write-offs Four Years before Current Fiscal Year 0   0
YTD gross write-offs Prior 0   41
YTD gross write-offs Revolving Loans 2   0
YTD gross write-offs Revolving Loans Converted to Term Loans 0   6
YTD gross write-offs Total 2   47
Consumer lending | Real estate loan | Single-family residential      
Financing Receivable, Vintage Year/Credit Quality Indicator [Line Items]      
Current Fiscal Year 547,073   3,195,976
One Year before Current Fiscal Year 3,088,684   3,346,097
Two Years before Current Fiscal Year 3,291,136   2,284,270
Three Years before Current Fiscal Year 2,241,260   1,598,046
Four Years before Current Fiscal Year 1,561,476   985,815
Prior 2,834,109   1,972,856
Revolving Loans 0   0
Revolving Loans Converted to Term Loans 0   0
Total 13,563,738   13,383,060
Consumer lending | Real estate loan | Pass | Single-family residential      
Financing Receivable, Vintage Year/Credit Quality Indicator [Line Items]      
Current Fiscal Year 547,073   3,188,830
One Year before Current Fiscal Year 3,077,628   3,340,789
Two Years before Current Fiscal Year 3,285,262   2,279,802
Three Years before Current Fiscal Year 2,236,107   1,594,525
Four Years before Current Fiscal Year 1,553,848   980,686
Prior 2,814,348   1,959,974
Revolving Loans 0   0
Revolving Loans Converted to Term Loans 0   0
Total 13,514,266   13,344,606
Consumer lending | Real estate loan | Criticized (accrual) | Single-family residential      
Financing Receivable, Vintage Year/Credit Quality Indicator [Line Items]      
Current Fiscal Year 0   2,680
One Year before Current Fiscal Year 3,196   4,471
Two Years before Current Fiscal Year 0   566
Three Years before Current Fiscal Year 1,764   1,440
Four Years before Current Fiscal Year 3,910   1,503
Prior 5,583   4,167
Revolving Loans 0   0
Revolving Loans Converted to Term Loans 0   0
Total 14,453   14,827
Consumer lending | Real estate loan | Criticized (nonaccrual) | Single-family residential      
Financing Receivable, Vintage Year/Credit Quality Indicator [Line Items]      
Current Fiscal Year 0   4,466
One Year before Current Fiscal Year 7,860   837
Two Years before Current Fiscal Year 5,874   3,902
Three Years before Current Fiscal Year 3,389   2,081
Four Years before Current Fiscal Year 3,718   3,626
Prior 14,178   8,715
Revolving Loans 0   0
Revolving Loans Converted to Term Loans 0   0
Total 35,019   23,627
Consumer lending | HELOCs      
Financing Receivable, Vintage Year/Credit Quality Indicator [Line Items]      
Current Fiscal Year 4,798   5,021
One Year before Current Fiscal Year 4,528   5,957
Two Years before Current Fiscal Year 6,347   4,019
Three Years before Current Fiscal Year 3,396   3,326
Four Years before Current Fiscal Year 5,107   1,498
Prior 15,864   17,584
Revolving Loans 1,562,026   1,553,901
Revolving Loans Converted to Term Loans 129,167   130,898
Total 1,731,233   1,722,204
Consumer lending | HELOCs | Pass      
Financing Receivable, Vintage Year/Credit Quality Indicator [Line Items]      
Current Fiscal Year 4,798   3,641
One Year before Current Fiscal Year 3,655   3,882
Two Years before Current Fiscal Year 3,394   1,734
Three Years before Current Fiscal Year 2,817   3,153
Four Years before Current Fiscal Year 5,107   729
Prior 9,288   9,251
Revolving Loans 1,561,308   1,551,074
Revolving Loans Converted to Term Loans 123,131   126,280
Total 1,713,498   1,699,744
Consumer lending | HELOCs | Criticized (accrual)      
Financing Receivable, Vintage Year/Credit Quality Indicator [Line Items]      
Current Fiscal Year 0   565
One Year before Current Fiscal Year 808   1,219
Two Years before Current Fiscal Year 2,435   1,872
Three Years before Current Fiscal Year 360   101
Four Years before Current Fiscal Year 0   185
Prior 670   1,470
Revolving Loans 718   2,548
Revolving Loans Converted to Term Loans 1,246   1,089
Total 6,237   9,049
Consumer lending | HELOCs | Criticized (nonaccrual)      
Financing Receivable, Vintage Year/Credit Quality Indicator [Line Items]      
Current Fiscal Year 0   815
One Year before Current Fiscal Year 65   856
Two Years before Current Fiscal Year 518   413
Three Years before Current Fiscal Year 219   72
Four Years before Current Fiscal Year 0   584
Prior 5,906   6,863
Revolving Loans 0   279
Revolving Loans Converted to Term Loans 4,790   3,529
Total 11,498   13,411
Consumer lending | HELOCs | YTD gross write-offs      
Financing Receivable, Vintage Year/Credit Quality Indicator [Line Items]      
YTD gross write-offs Current Fiscal Year     0
YTD gross write-offs One Year before Current Fiscal Year     0
YTD gross write-offs Two Years before Current Fiscal Year     0
YTD gross write-offs Three Years before Current Fiscal Year     0
YTD gross write-offs Four Years before Current Fiscal Year     0
YTD gross write-offs Prior     41
YTD gross write-offs Revolving Loans     0
YTD gross write-offs Revolving Loans Converted to Term Loans     6
YTD gross write-offs Total     47
Consumer lending | Total residential mortgage      
Financing Receivable, Vintage Year/Credit Quality Indicator [Line Items]      
Current Fiscal Year 551,871   3,200,997
One Year before Current Fiscal Year 3,093,212   3,352,054
Two Years before Current Fiscal Year 3,297,483   2,288,289
Three Years before Current Fiscal Year 2,244,656   1,601,372
Four Years before Current Fiscal Year 1,566,583   987,313
Prior 2,849,973   1,990,440
Revolving Loans 1,562,026   1,553,901
Revolving Loans Converted to Term Loans 129,167   130,898
Total 15,294,971   15,105,264
Consumer lending | Total residential mortgage | YTD gross write-offs      
Financing Receivable, Vintage Year/Credit Quality Indicator [Line Items]      
YTD gross write-offs Current Fiscal Year     0
YTD gross write-offs One Year before Current Fiscal Year     0
YTD gross write-offs Two Years before Current Fiscal Year     0
YTD gross write-offs Three Years before Current Fiscal Year     0
YTD gross write-offs Four Years before Current Fiscal Year     0
YTD gross write-offs Prior     41
YTD gross write-offs Revolving Loans     0
YTD gross write-offs Revolving Loans Converted to Term Loans     6
YTD gross write-offs Total     47
Consumer lending | Other consumer      
Financing Receivable, Vintage Year/Credit Quality Indicator [Line Items]      
Current Fiscal Year 2,132   2,286
One Year before Current Fiscal Year 632   18,098
Two Years before Current Fiscal Year 18,101   135
Three Years before Current Fiscal Year 134   0
Four Years before Current Fiscal Year 0   0
Prior 6,861   13,244
Revolving Loans 25,643   26,564
Revolving Loans Converted to Term Loans 0   0
Total 53,503   60,327
Consumer lending | Other consumer | Pass      
Financing Receivable, Vintage Year/Credit Quality Indicator [Line Items]      
Current Fiscal Year 2,132   2,286
One Year before Current Fiscal Year 632   18,098
Two Years before Current Fiscal Year 18,101   135
Three Years before Current Fiscal Year 134   0
Four Years before Current Fiscal Year 0   0
Prior 6,861   13,244
Revolving Loans 22,481   26,432
Revolving Loans Converted to Term Loans 0   0
Total 50,341   60,195
Consumer lending | Other consumer | Criticized (accrual)      
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    
Prior 0    
Revolving Loans 3,000    
Revolving Loans Converted to Term Loans 0    
Total 3,000    
Consumer lending | Other consumer | Criticized (nonaccrual)      
Financing Receivable, Vintage Year/Credit Quality Indicator [Line Items]      
Current Fiscal Year 0   0
One Year before Current Fiscal Year 0   0
Two Years before Current Fiscal Year 0   0
Three Years before Current Fiscal Year 0   0
Four Years before Current Fiscal Year 0   0
Prior 0   0
Revolving Loans 162   132
Revolving Loans Converted to Term Loans 0   0
Total 162   $ 132
Consumer lending | Other consumer | YTD gross write-offs      
Financing Receivable, Vintage Year/Credit Quality Indicator [Line Items]      
YTD gross write-offs Current Fiscal Year 0    
YTD gross write-offs One Year before Current Fiscal Year 0    
YTD gross write-offs Two Years before Current Fiscal Year 0    
YTD gross write-offs Three Years before Current Fiscal Year 0    
YTD gross write-offs Four Years before Current Fiscal Year 0    
YTD gross write-offs Prior 0    
YTD gross write-offs Revolving Loans 2    
YTD gross write-offs Revolving Loans Converted to Term Loans 0    
YTD gross write-offs Total $ 2    
v3.24.1.u1
Loans Receivable and Allowance for Credit Losses - Aging Analysis on Loans Held-for-Investment (Details) - USD ($)
$ in Thousands
Mar. 31, 2024
Dec. 31, 2023
Current, Past Due or Nonaccrual Loans    
Total $ 51,992,504 $ 52,210,782
Current Accruing Loans    
Current, Past Due or Nonaccrual Loans    
Total 51,736,401 51,984,909
Total Accruing Past Due Loans    
Current, Past Due or Nonaccrual Loans    
Total 107,924 122,999
Accruing Loans 30-59 Days Past Due    
Current, Past Due or Nonaccrual Loans    
Total 71,501 88,791
Accruing Loans 60-89 Days Past Due    
Current, Past Due or Nonaccrual Loans    
Total 36,423 34,208
Nonperforming Financial Instruments    
Current, Past Due or Nonaccrual Loans    
Total 148,179 102,874
Commercial lending    
Current, Past Due or Nonaccrual Loans    
Total 36,644,030 37,045,191
Commercial lending | Current Accruing Loans    
Current, Past Due or Nonaccrual Loans    
Total 36,504,760 36,927,223
Commercial lending | Total Accruing Past Due Loans    
Current, Past Due or Nonaccrual Loans    
Total 38,420 53,014
Commercial lending | Accruing Loans 30-59 Days Past Due    
Current, Past Due or Nonaccrual Loans    
Total 23,653 44,117
Commercial lending | Accruing Loans 60-89 Days Past Due    
Current, Past Due or Nonaccrual Loans    
Total 14,767 8,897
Commercial lending | Nonperforming Financial Instruments    
Current, Past Due or Nonaccrual Loans    
Total 100,850 64,954
Commercial lending | Commercial and industrial (“C&I”)    
Current, Past Due or Nonaccrual Loans    
Total 16,350,191 16,581,079
Commercial lending | Commercial and industrial (“C&I”) | Current Accruing Loans    
Current, Past Due or Nonaccrual Loans    
Total 16,281,903 16,508,394
Commercial lending | Commercial and industrial (“C&I”) | Total Accruing Past Due Loans    
Current, Past Due or Nonaccrual Loans    
Total 19,326 35,649
Commercial lending | Commercial and industrial (“C&I”) | Accruing Loans 30-59 Days Past Due    
Current, Past Due or Nonaccrual Loans    
Total 4,559 28,550
Commercial lending | Commercial and industrial (“C&I”) | Accruing Loans 60-89 Days Past Due    
Current, Past Due or Nonaccrual Loans    
Total 14,767 7,099
Commercial lending | Commercial and industrial (“C&I”) | Nonperforming Financial Instruments    
Current, Past Due or Nonaccrual Loans    
Total 48,962 37,036
Commercial lending | CRE    
Current, Past Due or Nonaccrual Loans    
Total 14,609,655 14,777,081
Commercial lending | CRE | Current Accruing Loans    
Current, Past Due or Nonaccrual Loans    
Total 14,555,923 14,750,315
Commercial lending | CRE | Total Accruing Past Due Loans    
Current, Past Due or Nonaccrual Loans    
Total 18,726 3,517
Commercial lending | CRE | Accruing Loans 30-59 Days Past Due    
Current, Past Due or Nonaccrual Loans    
Total 18,726 1,719
Commercial lending | CRE | Accruing Loans 60-89 Days Past Due    
Current, Past Due or Nonaccrual Loans    
Total 0 1,798
Commercial lending | CRE | Nonperforming Financial Instruments    
Current, Past Due or Nonaccrual Loans    
Total 35,006 23,249
Commercial lending | Real estate loan | Multifamily residential    
Current, Past Due or Nonaccrual Loans    
Total 5,010,245 5,023,163
Commercial lending | Real estate loan | Current Accruing Loans | Multifamily residential    
Current, Past Due or Nonaccrual Loans    
Total 5,005,231 5,017,897
Commercial lending | Real estate loan | Total Accruing Past Due Loans | Multifamily residential    
Current, Past Due or Nonaccrual Loans    
Total 368 597
Commercial lending | Real estate loan | Accruing Loans 30-59 Days Past Due | Multifamily residential    
Current, Past Due or Nonaccrual Loans    
Total 368 597
Commercial lending | Real estate loan | Accruing Loans 60-89 Days Past Due | Multifamily residential    
Current, Past Due or Nonaccrual Loans    
Total 0 0
Commercial lending | Real estate loan | Nonperforming Financial Instruments | Multifamily residential    
Current, Past Due or Nonaccrual Loans    
Total 4,646 4,669
Commercial lending | Construction and land    
Current, Past Due or Nonaccrual Loans    
Total 673,939 663,868
Commercial lending | Construction and land | Current Accruing Loans    
Current, Past Due or Nonaccrual Loans    
Total 661,703 650,617
Commercial lending | Construction and land | Total Accruing Past Due Loans    
Current, Past Due or Nonaccrual Loans    
Total 0 13,251
Commercial lending | Construction and land | Accruing Loans 30-59 Days Past Due    
Current, Past Due or Nonaccrual Loans    
Total 0 13,251
Commercial lending | Construction and land | Accruing Loans 60-89 Days Past Due    
Current, Past Due or Nonaccrual Loans    
Total 0 0
Commercial lending | Construction and land | Nonperforming Financial Instruments    
Current, Past Due or Nonaccrual Loans    
Total 12,236 0
Commercial lending | Total CRE    
Current, Past Due or Nonaccrual Loans    
Total 20,293,839 20,464,112
Commercial lending | Total CRE | Current Accruing Loans    
Current, Past Due or Nonaccrual Loans    
Total 20,222,857 20,418,829
Commercial lending | Total CRE | Total Accruing Past Due Loans    
Current, Past Due or Nonaccrual Loans    
Total 19,094 17,365
Commercial lending | Total CRE | Accruing Loans 30-59 Days Past Due    
Current, Past Due or Nonaccrual Loans    
Total 19,094 15,567
Commercial lending | Total CRE | Accruing Loans 60-89 Days Past Due    
Current, Past Due or Nonaccrual Loans    
Total 0 1,798
Commercial lending | Total CRE | Nonperforming Financial Instruments    
Current, Past Due or Nonaccrual Loans    
Total 51,888 27,918
Consumer lending    
Current, Past Due or Nonaccrual Loans    
Total 15,348,474 15,165,591
Consumer lending | Current Accruing Loans    
Current, Past Due or Nonaccrual Loans    
Total 15,231,641 15,057,686
Consumer lending | Total Accruing Past Due Loans    
Current, Past Due or Nonaccrual Loans    
Total 69,504 69,985
Consumer lending | Accruing Loans 30-59 Days Past Due    
Current, Past Due or Nonaccrual Loans    
Total 47,848 44,674
Consumer lending | Accruing Loans 60-89 Days Past Due    
Current, Past Due or Nonaccrual Loans    
Total 21,656 25,311
Consumer lending | Nonperforming Financial Instruments    
Current, Past Due or Nonaccrual Loans    
Total 47,329 37,920
Consumer lending | Real estate loan | Single-family residential    
Current, Past Due or Nonaccrual Loans    
Total 13,563,738 13,383,060
Consumer lending | Real estate loan | Current Accruing Loans | Single-family residential    
Current, Past Due or Nonaccrual Loans    
Total 13,478,789 13,313,455
Consumer lending | Real estate loan | Total Accruing Past Due Loans | Single-family residential    
Current, Past Due or Nonaccrual Loans    
Total 49,280 45,228
Consumer lending | Real estate loan | Accruing Loans 30-59 Days Past Due | Single-family residential    
Current, Past Due or Nonaccrual Loans    
Total 33,911 29,285
Consumer lending | Real estate loan | Accruing Loans 60-89 Days Past Due | Single-family residential    
Current, Past Due or Nonaccrual Loans    
Total 15,369 15,943
Consumer lending | Real estate loan | Nonperforming Financial Instruments | Single-family residential    
Current, Past Due or Nonaccrual Loans    
Total 35,669 24,377
Consumer lending | HELOCs    
Current, Past Due or Nonaccrual Loans    
Total 1,731,233 1,722,204
Consumer lending | HELOCs | Current Accruing Loans    
Current, Past Due or Nonaccrual Loans    
Total 1,699,628 1,687,301
Consumer lending | HELOCs | Total Accruing Past Due Loans    
Current, Past Due or Nonaccrual Loans    
Total 20,107 21,492
Consumer lending | HELOCs | Accruing Loans 30-59 Days Past Due    
Current, Past Due or Nonaccrual Loans    
Total 13,877 12,266
Consumer lending | HELOCs | Accruing Loans 60-89 Days Past Due    
Current, Past Due or Nonaccrual Loans    
Total 6,230 9,226
Consumer lending | HELOCs | Nonperforming Financial Instruments    
Current, Past Due or Nonaccrual Loans    
Total 11,498 13,411
Consumer lending | Total residential mortgage    
Current, Past Due or Nonaccrual Loans    
Total 15,294,971 15,105,264
Consumer lending | Total residential mortgage | Current Accruing Loans    
Current, Past Due or Nonaccrual Loans    
Total 15,178,417 15,000,756
Consumer lending | Total residential mortgage | Total Accruing Past Due Loans    
Current, Past Due or Nonaccrual Loans    
Total 69,387 66,720
Consumer lending | Total residential mortgage | Accruing Loans 30-59 Days Past Due    
Current, Past Due or Nonaccrual Loans    
Total 47,788 41,551
Consumer lending | Total residential mortgage | Accruing Loans 60-89 Days Past Due    
Current, Past Due or Nonaccrual Loans    
Total 21,599 25,169
Consumer lending | Total residential mortgage | Nonperforming Financial Instruments    
Current, Past Due or Nonaccrual Loans    
Total 47,167 37,788
Consumer lending | Other consumer    
Current, Past Due or Nonaccrual Loans    
Total 53,503 60,327
Consumer lending | Other consumer | Current Accruing Loans    
Current, Past Due or Nonaccrual Loans    
Total 53,224 56,930
Consumer lending | Other consumer | Total Accruing Past Due Loans    
Current, Past Due or Nonaccrual Loans    
Total 117 3,265
Consumer lending | Other consumer | Accruing Loans 30-59 Days Past Due    
Current, Past Due or Nonaccrual Loans    
Total 60 3,123
Consumer lending | Other consumer | Accruing Loans 60-89 Days Past Due    
Current, Past Due or Nonaccrual Loans    
Total 57 142
Consumer lending | Other consumer | Nonperforming Financial Instruments    
Current, Past Due or Nonaccrual Loans    
Total $ 162 $ 132
v3.24.1.u1
Loans Receivable and Allowance for Credit Losses - Amortized Cost of Loans on Nonaccrual Status (Details) - USD ($)
$ in Thousands
Mar. 31, 2024
Dec. 31, 2023
Financing Receivable, Nonaccrual [Line Items]    
Total nonaccrual loans with no related allowance for loan losses $ 113,186 $ 72,085
Commercial lending    
Financing Receivable, Nonaccrual [Line Items]    
Total nonaccrual loans with no related allowance for loan losses 91,519 59,977
Commercial lending | Commercial and industrial (“C&I”)    
Financing Receivable, Nonaccrual [Line Items]    
Total nonaccrual loans with no related allowance for loan losses 40,617 33,089
Commercial lending | CRE    
Financing Receivable, Nonaccrual [Line Items]    
Total nonaccrual loans with no related allowance for loan losses 34,431 22,653
Commercial lending | Real estate loan | Multifamily residential    
Financing Receivable, Nonaccrual [Line Items]    
Total nonaccrual loans with no related allowance for loan losses 4,235 4,235
Commercial lending | Construction and land    
Financing Receivable, Nonaccrual [Line Items]    
Total nonaccrual loans with no related allowance for loan losses 12,236 0
Consumer lending    
Financing Receivable, Nonaccrual [Line Items]    
Total nonaccrual loans with no related allowance for loan losses 21,667 12,108
Consumer lending | Real estate loan | Single-family residential    
Financing Receivable, Nonaccrual [Line Items]    
Total nonaccrual loans with no related allowance for loan losses 15,380 4,852
Consumer lending | HELOCs    
Financing Receivable, Nonaccrual [Line Items]    
Total nonaccrual loans with no related allowance for loan losses $ 6,287 $ 7,256
v3.24.1.u1
Loans Receivable and Allowance for Credit Losses - Loans Receivable Narrative (Details) - USD ($)
$ in Millions
Mar. 31, 2024
Dec. 31, 2023
Foreclosed assets    
Other assets, foreclosed assets $ 17 $ 11
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 $ 8
v3.24.1.u1
Loans Receivable and Allowance for Credit Losses - Modifications of Outstanding Balance (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Loans Modified as TDRs    
Total $ 79,995 $ 35,619
Term Extension    
Loans Modified as TDRs    
Total 28,501 21,255
Payment Delay    
Loans Modified as TDRs    
Total 31,652 14,364
Rate Reduction /Payment Delay    
Loans Modified as TDRs    
Total 19,842 0
Commercial lending    
Loans Modified as TDRs    
Total 69,981 34,881
Commercial lending | Term Extension    
Loans Modified as TDRs    
Total 28,501 20,517
Commercial lending | Payment Delay    
Loans Modified as TDRs    
Total 22,155 14,364
Commercial lending | Rate Reduction /Payment Delay    
Loans Modified as TDRs    
Total 19,325 0
Commercial lending | Commercial and industrial (“C&I”)    
Loans Modified as TDRs    
Total $ 26,168 $ 34,338
Modification as a % of Loan Class 0.16% 0.22%
Commercial lending | Commercial and industrial (“C&I”) | Term Extension    
Loans Modified as TDRs    
Total $ 4,013 $ 19,974
Commercial lending | Commercial and industrial (“C&I”) | Payment Delay    
Loans Modified as TDRs    
Total 22,155 14,364
Commercial lending | Commercial and industrial (“C&I”) | Rate Reduction /Payment Delay    
Loans Modified as TDRs    
Total 0 0
Commercial lending | CRE    
Loans Modified as TDRs    
Total $ 43,813 $ 543
Modification as a % of Loan Class 0.22% 0.00%
Commercial lending | CRE | Term Extension    
Loans Modified as TDRs    
Total $ 24,488 $ 543
Commercial lending | CRE | Payment Delay    
Loans Modified as TDRs    
Total 0 0
Commercial lending | CRE | Rate Reduction /Payment Delay    
Loans Modified as TDRs    
Total 19,325 0
Consumer lending    
Loans Modified as TDRs    
Total 10,014 738
Consumer lending | Term Extension    
Loans Modified as TDRs    
Total 0 738
Consumer lending | Payment Delay    
Loans Modified as TDRs    
Total 9,497 0
Consumer lending | Rate Reduction /Payment Delay    
Loans Modified as TDRs    
Total 517 0
Consumer lending | HELOCs    
Loans Modified as TDRs    
Total $ 6,018 $ 738
Modification as a % of Loan Class 0.35% 0.04%
Consumer lending | HELOCs | Term Extension    
Loans Modified as TDRs    
Total $ 0 $ 738
Consumer lending | HELOCs | Payment Delay    
Loans Modified as TDRs    
Total 5,501 0
Consumer lending | HELOCs | Rate Reduction /Payment Delay    
Loans Modified as TDRs    
Total 517 $ 0
Consumer lending | Real estate loan | Single-family residential    
Loans Modified as TDRs    
Total $ 3,996  
Modification as a % of Loan Class 0.03%  
Consumer lending | Real estate loan | Term Extension | Single-family residential    
Loans Modified as TDRs    
Total $ 0  
Consumer lending | Real estate loan | Payment Delay | Single-family residential    
Loans Modified as TDRs    
Total 3,996  
Consumer lending | Real estate loan | Rate Reduction /Payment Delay | Single-family residential    
Loans Modified as TDRs    
Total $ 0  
v3.24.1.u1
Loans Receivable and Allowance for Credit Losses - Financial Effects of Loan Modifications (Details)
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Commercial lending | Commercial and industrial (“C&I”) | Term Extension    
Loans Modified as TDRs    
Weighted average of loans (in years) 1 year 9 months 18 days 10 months 24 days
Commercial lending | Commercial and industrial (“C&I”) | Payment Delay    
Loans Modified as TDRs    
Weighted average of loans (in years) 1 year 8 months 12 days 1 year
Commercial lending | CRE | Term Extension    
Loans Modified as TDRs    
Weighted average of loans (in years) 1 year 6 months 2 years
Commercial lending | CRE | Payment Delay    
Loans Modified as TDRs    
Weighted average of loans (in years) 1 year 8 months 12 days 0 years
Commercial lending | CRE | Interest Rate Below Market Reduction    
Loans Modified as TDRs    
Weighted-Average Interest Rate Reduction 2.75%  
Consumer lending | HELOCs | Term Extension    
Loans Modified as TDRs    
Weighted average of loans (in years) 0 years 14 years 9 months 18 days
Consumer lending | HELOCs | Payment Delay    
Loans Modified as TDRs    
Weighted average of loans (in years) 3 years 2 months 12 days 0 years
Consumer lending | HELOCs | Interest Rate Below Market Reduction    
Loans Modified as TDRs    
Weighted-Average Interest Rate Reduction 0.25% 0.00%
Consumer lending | Real estate loan | Term Extension | Single-family residential    
Loans Modified as TDRs    
Weighted average of loans (in years) 0 years  
Consumer lending | Real estate loan | Payment Delay | Single-family residential    
Loans Modified as TDRs    
Weighted average of loans (in years) 8 months 12 days  
Consumer lending | Real estate loan | Interest Rate Below Market Reduction | Single-family residential    
Loans Modified as TDRs    
Weighted-Average Interest Rate Reduction 0.00%  
v3.24.1.u1
Loans Receivable and Allowance for Credit Losses - Loans Modification (Details) - USD ($)
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Loans Modified Subsequently Defaulted $ 12,183,000 $ 0
Term Extension    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Loans Modified Subsequently Defaulted 7,828,000  
Payment Delay    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Loans Modified Subsequently Defaulted 3,972,000  
Rate Reduction /Payment Delay    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Loans Modified Subsequently Defaulted 383,000  
Commercial lending    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Loans Modified Subsequently Defaulted 7,828,000  
Commercial lending | Term Extension    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Loans Modified Subsequently Defaulted 7,828,000  
Commercial lending | Payment Delay    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Loans Modified Subsequently Defaulted 0  
Commercial lending | Rate Reduction /Payment Delay    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Loans Modified Subsequently Defaulted 0  
Commercial lending | Commercial and industrial (“C&I”)    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Loans Modified Subsequently Defaulted 7,828,000  
Commercial lending | Commercial and industrial (“C&I”) | Term Extension    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Loans Modified Subsequently Defaulted 7,828,000  
Commercial lending | Commercial and industrial (“C&I”) | Payment Delay    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Loans Modified Subsequently Defaulted 0  
Commercial lending | Commercial and industrial (“C&I”) | Rate Reduction /Payment Delay    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Loans Modified Subsequently Defaulted 0  
Consumer lending    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Loans Modified Subsequently Defaulted 4,355,000  
Consumer lending | Term Extension    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Loans Modified Subsequently Defaulted 0  
Consumer lending | Payment Delay    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Loans Modified Subsequently Defaulted 3,972,000  
Consumer lending | Rate Reduction /Payment Delay    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Loans Modified Subsequently Defaulted 383,000  
Consumer lending | Real estate loan | Single-family residential    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Loans Modified Subsequently Defaulted 4,355,000  
Consumer lending | Real estate loan | Term Extension | Single-family residential    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Loans Modified Subsequently Defaulted 0  
Consumer lending | Real estate loan | Payment Delay | Single-family residential    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Loans Modified Subsequently Defaulted 3,972,000  
Consumer lending | Real estate loan | Rate Reduction /Payment Delay | Single-family residential    
Financing Receivable, Troubled Debt Restructuring [Line Items]    
Loans Modified Subsequently Defaulted $ 383,000  
v3.24.1.u1
Loans Receivable and Allowance for Credit Losses - Loans Modification Narrative (Details) - USD ($)
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Loans and Leases Receivable Disclosure [Abstract]    
Loans Modified Subsequently Defaulted $ 12,183,000 $ 0
v3.24.1.u1
Loans Receivable and Allowance for Credit Losses - Payment Status Recorded Investment (Details) - USD ($)
$ in Thousands
Mar. 31, 2024
Dec. 31, 2023
Mar. 31, 2023
Financing Receivable Allowance for Credit Losses      
Financing receivable, modified, accumulated $ 186,349   $ 35,619
Commitment to lend 10,000 $ 4,000  
Current Accruing Loans      
Financing Receivable Allowance for Credit Losses      
Financing receivable, modified, accumulated 166,670   28,674
30 - 89 Days Past Due      
Financing Receivable Allowance for Credit Losses      
Financing receivable, modified, accumulated 6,775   6,945
90+ Days Past Due      
Financing Receivable Allowance for Credit Losses      
Financing receivable, modified, accumulated 12,904   0
Commercial lending      
Financing Receivable Allowance for Credit Losses      
Financing receivable, modified, accumulated 159,050   34,881
Commercial lending | Current Accruing Loans      
Financing Receivable Allowance for Credit Losses      
Financing receivable, modified, accumulated 151,221   27,936
Commercial lending | 30 - 89 Days Past Due      
Financing Receivable Allowance for Credit Losses      
Financing receivable, modified, accumulated 0   6,945
Commercial lending | 90+ Days Past Due      
Financing Receivable Allowance for Credit Losses      
Financing receivable, modified, accumulated 7,829   0
Commercial lending | Commercial and industrial (“C&I”)      
Financing Receivable Allowance for Credit Losses      
Financing receivable, modified, accumulated 83,022   34,338
Commercial lending | Commercial and industrial (“C&I”) | Current Accruing Loans      
Financing Receivable Allowance for Credit Losses      
Financing receivable, modified, accumulated 75,193   27,393
Commercial lending | Commercial and industrial (“C&I”) | 30 - 89 Days Past Due      
Financing Receivable Allowance for Credit Losses      
Financing receivable, modified, accumulated 0   6,945
Commercial lending | Commercial and industrial (“C&I”) | 90+ Days Past Due      
Financing Receivable Allowance for Credit Losses      
Financing receivable, modified, accumulated 7,829   0
Commercial lending | CRE      
Financing Receivable Allowance for Credit Losses      
Financing receivable, modified, accumulated 76,028   543
Commercial lending | CRE | Current Accruing Loans      
Financing Receivable Allowance for Credit Losses      
Financing receivable, modified, accumulated 76,028   543
Commercial lending | CRE | 30 - 89 Days Past Due      
Financing Receivable Allowance for Credit Losses      
Financing receivable, modified, accumulated 0   0
Commercial lending | CRE | 90+ Days Past Due      
Financing Receivable Allowance for Credit Losses      
Financing receivable, modified, accumulated 0   0
Consumer lending      
Financing Receivable Allowance for Credit Losses      
Financing receivable, modified, accumulated 27,299   738
Consumer lending | Current Accruing Loans      
Financing Receivable Allowance for Credit Losses      
Financing receivable, modified, accumulated 15,449   738
Consumer lending | 30 - 89 Days Past Due      
Financing Receivable Allowance for Credit Losses      
Financing receivable, modified, accumulated 6,775   0
Consumer lending | 90+ Days Past Due      
Financing Receivable Allowance for Credit Losses      
Financing receivable, modified, accumulated 5,075   0
Consumer lending | Real estate loan | Single-family residential      
Financing Receivable Allowance for Credit Losses      
Financing receivable, modified, accumulated 17,769    
Consumer lending | Real estate loan | Current Accruing Loans | Single-family residential      
Financing Receivable Allowance for Credit Losses      
Financing receivable, modified, accumulated 8,455    
Consumer lending | Real estate loan | 30 - 89 Days Past Due | Single-family residential      
Financing Receivable Allowance for Credit Losses      
Financing receivable, modified, accumulated 4,239    
Consumer lending | Real estate loan | 90+ Days Past Due | Single-family residential      
Financing Receivable Allowance for Credit Losses      
Financing receivable, modified, accumulated 5,075    
Consumer lending | HELOCs      
Financing Receivable Allowance for Credit Losses      
Financing receivable, modified, accumulated 9,530   738
Consumer lending | HELOCs | Current Accruing Loans      
Financing Receivable Allowance for Credit Losses      
Financing receivable, modified, accumulated 6,994   738
Consumer lending | HELOCs | 30 - 89 Days Past Due      
Financing Receivable Allowance for Credit Losses      
Financing receivable, modified, accumulated 2,536   0
Consumer lending | HELOCs | 90+ Days Past Due      
Financing Receivable Allowance for Credit Losses      
Financing receivable, modified, accumulated $ 0   $ 0
v3.24.1.u1
Loans Receivable and Allowance for Credit Losses - Allowance for Credit Losses Narrative (Details)
$ in Millions
 3 Months Ended
Mar. 31, 2024
USD ($)
qtr
Dec. 31, 2023
USD ($)
Sep. 30, 2023
qtr
Jun. 30, 2023
qtr
Financing Receivable Allowance for Credit Losses        
Life time loss rate, period span | qtr 8      
Allowance for credit losses | $ $ 709 $ 706    
Increase in allowance for credit losses | $ $ 3      
Commercial and industrial (“C&I”)        
Financing Receivable Allowance for Credit Losses        
Life time loss rate, period span | qtr     8 11
v3.24.1.u1
Loans Receivable and Allowance for Credit Losses - Collateral-Dependent Loans Narrative (Details) - USD ($)
$ in Millions
Mar. 31, 2024
Dec. 31, 2023
Commercial lending    
Financing Receivable Allowance for Credit Losses    
Collateral dependent loan $ 63 $ 30
Consumer lending    
Financing Receivable Allowance for Credit Losses    
Collateral dependent loan $ 23 $ 12
v3.24.1.u1
Loans Receivable and Allowance for Credit Losses - Summary of Activities in Allowance for Loan Losses (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Dec. 31, 2022
Allowance for loan losses      
Allowance for loan losses, start of period $ 668,743 $ 595,645  
(Reversal of) provision for credit losses on loans 24,155 18,520  
Gross charge-offs (24,684) (2,037)  
Gross recoveries 2,107 1,428  
Total net (charge-offs) recoveries (22,577) (609)  
Foreign currency translation adjustment (41) 309  
Allowance for loan losses, end of period 670,280 619,893  
Commercial lending | Commercial and industrial (“C&I”)      
Allowance for loan losses      
Allowance for loan losses, start of period 392,685 371,700  
(Reversal of) provision for credit losses on loans 275 (678)  
Gross charge-offs (20,998) (1,900)  
Gross recoveries 1,710 1,211  
Total net (charge-offs) recoveries (19,288) (689)  
Foreign currency translation adjustment (41) 309  
Allowance for loan losses, end of period 373,631 376,325  
Commercial lending | CRE      
Allowance for loan losses      
Allowance for loan losses, start of period 170,592 149,864  
(Reversal of) provision for credit losses on loans 18,939 4,676  
Gross charge-offs (2,398) (6)  
Gross recoveries 327 196  
Total net (charge-offs) recoveries (2,071) 190  
Foreign currency translation adjustment 0 0  
Allowance for loan losses, end of period 187,460 155,067  
Commercial lending | Residential loan | Multifamily residential      
Allowance for loan losses      
Allowance for loan losses, start of period 34,375 23,373  
(Reversal of) provision for credit losses on loans 3,032 1,135  
Gross charge-offs (6) 0  
Gross recoveries 17 12  
Total net (charge-offs) recoveries 11 12  
Foreign currency translation adjustment 0 0  
Allowance for loan losses, end of period 37,418 24,526  
Commercial lending | Construction and land      
Allowance for loan losses      
Allowance for loan losses, start of period 10,469 9,109  
(Reversal of) provision for credit losses on loans 1,574 210  
Gross charge-offs (1,224) 0  
Gross recoveries 0 3  
Total net (charge-offs) recoveries (1,224) 3  
Foreign currency translation adjustment 0 0  
Allowance for loan losses, end of period 10,819 9,322  
Consumer lending | Residential loan | Single-family residential      
Allowance for loan losses      
Allowance for loan losses, start of period 55,018 35,564  
(Reversal of) provision for credit losses on loans 899 12,442  
Gross charge-offs 0 0  
Gross recoveries 5 0  
Total net (charge-offs) recoveries 5 0  
Foreign currency translation adjustment 0 0  
Allowance for loan losses, end of period 55,922 48,007  
Consumer lending | HELOCs      
Allowance for loan losses      
Allowance for loan losses, start of period 3,947 4,475  
(Reversal of) provision for credit losses on loans (432) 580  
Gross charge-offs 0 (91)  
Gross recoveries 48 6  
Total net (charge-offs) recoveries 48 (85)  
Foreign currency translation adjustment 0 0  
Allowance for loan losses, end of period 3,563 4,971  
Consumer lending | Other consumer      
Allowance for loan losses      
Allowance for loan losses, start of period 1,657 1,560  
(Reversal of) provision for credit losses on loans (132) 155  
Gross charge-offs (58) (40)  
Gross recoveries 0 0  
Total net (charge-offs) recoveries (58) (40)  
Foreign currency translation adjustment 0 0  
Allowance for loan losses, end of period $ 1,467 $ 1,675  
Accounting Standards Update 2022-02      
Allowance for loan losses      
Impact of ASU 2022-02 adoption     $ 6,028
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
v3.24.1.u1
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, 2024
Mar. 31, 2023
Allowance for unfunded credit reserves    
Allowance for unfunded credit commitments, beginning of period $ 38,000  
Allowance for unfunded credit commitments, end of period 39,000  
Provision for credit losses 25,000 $ 20,000
Unfunded Credit Commitments    
Allowance for unfunded credit reserves    
Allowance for unfunded credit commitments, beginning of period 37,699 26,264
Provision for credit losses on unfunded credit commitments 845 1,480
Foreign currency translation adjustment 0 (3)
Allowance for unfunded credit commitments, end of period $ 38,544 $ 27,741
v3.24.1.u1
Loans Receivable and Allowance for Credit Losses - Loan Purchases, Sales and Transfers (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Loans Receivable and Allowance for Credit Losses    
Loans transferred from held-for-investment to held-for-sale $ 199,974 $ 160,476
Sales 188,167 179,532
Purchases 108,080 154,682
Writeoff 1,000 273
Originated    
Loans Receivable and Allowance for Credit Losses    
Sales 92,000 111,000
Loans sold in secondary market | Purchased    
Loans Receivable and Allowance for Credit Losses    
Sales 96,000 69,000
Commercial lending | Commercial and industrial (“C&I”)    
Loans Receivable and Allowance for Credit Losses    
Loans transferred from held-for-investment to held-for-sale 199,974 156,876
Sales 187,202 175,932
Purchases 33,344 22,683
Commercial lending | CRE    
Loans Receivable and Allowance for Credit Losses    
Loans transferred from held-for-investment to held-for-sale   3,600
Sales   3,600
Purchases   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 965 0
Purchases $ 74,736 $ 131,999
v3.24.1.u1
Affordable Housing Partnership, Tax Credit and Community Reinvestment Act Investments, Net -Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2024
Dec. 31, 2023
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  
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 $ 147 $ 146
v3.24.1.u1
Affordable Housing Partnership, Tax Credit and Community Reinvestment Act Investments, Net - Schedule of Investments and Unfunded Commitments (Details) - USD ($)
$ in Thousands
Mar. 31, 2024
Dec. 31, 2023
Assets    
PAM - Affordable housing partnership investments $ 432,073 $ 419,785
PAM Tax credits and CRA investors 228,901 0
Tax credits and CRA investments 272,213 485,251
Total 933,187 905,036
Liabilities - Unfunded Commitments    
PAM - Affordable housing partnership investments 255,217 251,746
PAM - Tax Credit and CRA Investments 117,022 0
Tax credits and CRA investments 147,147 298,990
Total $ 519,386 $ 550,736
v3.24.1.u1
Affordable Housing Partnership, Tax Credit and Community Reinvestment Act Investments, Net - Summary of Additional Information Related to the Investments (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Tax credits and benefits    
PAM - Affordable housing partnership investments $ 18,419 $ 16,094
PAM - Tax credit and CRA investments 27,149 0
Equity Method Accounting and Other [Abstract]    
Tax credit and CRA Investments 12,594 14,498
Total tax credits and benefits 58,162 30,592
Amortization    
PAM - Affordable housing partnership investments 13,869 12,666
PAM - Tax credit and CRA investments 23,301 0
Equity Method Accounting and Other [Abstract]    
Tax credit and CRA Investments 13,207 10,110
Total amortization $ 50,377 $ 22,776
v3.24.1.u1
Goodwill (Details) - USD ($)
 3 Months Ended 12 Months Ended
Mar. 31, 2024
Dec. 31, 2023
Goodwill [Line Items]    
Goodwill $ 465,697,000 $ 465,697,000
Goodwill impairment 0 $ 0
Rayliant Global Advisors Limited    
Goodwill [Line Items]    
Equity securities without readily determinable fair values 110,000,000  
Equity method investment, difference between carrying amount and underlying equity $ 101,000,000  
v3.24.1.u1
Short-Term Borrowings and Long-Term Debt - Short-Term Borrowings and FHLB Advances (Details) - USD ($)
$ in Thousands
Mar. 31, 2024
Dec. 31, 2023
Short-Term Debt [Line Items]    
Short-term borrowings $ 19,173 $ 0
FHLB Advances - floating $ 3,500,000 0
Weighted-average contractual interest rates for FHLB advances 5.52%  
Bank Term Funding Program    
Short-Term Debt [Line Items]    
Interest rate short-term borrowings 4.37%  
Short-term borrowings $ 0 $ 4,500,000
Parent Company | Junior Subordinated Debt    
Short-Term Debt [Line Items]    
Weighted-average rate (as a percent) 7.14% 6.87%
Long-term debt total $ 31,768 $ 148,249
Minimum    
Short-Term Debt [Line Items]    
Interest rate short-term borrowings 4.75%  
Interest Rates 5.49%  
Maximum    
Short-Term Debt [Line Items]    
Interest rate short-term borrowings 4.83%  
Interest Rates 5.56%  
v3.24.1.u1
Short-Term Borrowings and Long-Term Debt - Narrative (Details)
$ in Millions
 3 Months Ended
Mar. 31, 2024
USD ($)
Debt Instrument [Line Items]  
FHLB advances borrowing capacity $ 7,600
Repayments of borrowing 4,500
Junior Subordinated Debt  
Debt Instrument [Line Items]  
Repayments of subordinated debt $ 117
v3.24.1.u1
Commitments and Contingencies - Credit-Related Commitments (Details) - USD ($)
$ in Thousands
Mar. 31, 2024
Dec. 31, 2023
Loan commitments    
Commitments to Extend Credit    
Expire in One Year or Less $ 4,794,033  
Expire After One Year Through Three Years 3,622,191  
Expire After Three Years Through Five Years 799,699  
Expire After Five Years 151,877  
Total 9,367,800 $ 9,141,447
Commercial letters of credit and standby letters of credit (“SBLCs”)    
Commitments to Extend Credit    
Expire in One Year or Less 1,025,797  
Expire After One Year Through Three Years 434,373  
Expire After Three Years Through Five Years 143,006  
Expire After Five Years 1,140,456  
Total 2,743,632 2,610,761
Commitments to Extend Credit    
Commitments to Extend Credit    
Expire in One Year or Less 5,819,830  
Expire After One Year Through Three Years 4,056,564  
Expire After Three Years Through Five Years 942,705  
Expire After Five Years 1,292,333  
Total $ 12,111,432 $ 11,752,208
v3.24.1.u1
Commitments and Contingencies - Narrative (Details) - USD ($)
$ in Thousands
Mar. 31, 2024
Dec. 31, 2023
Commitments to Extend Credit    
Letters of credit $ 2,700,000 $ 2,600,000
Allowance for unfunded credit commitments 39,000 38,000
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 40 40
Standby Letters of Credit    
Commitments to Extend Credit    
Letters of credit 2,700,000 2,600,000
Commercial Letters of Credit    
Commitments to Extend Credit    
Letters of credit $ 26,000 $ 24,000
v3.24.1.u1
Commitments and Contingencies - Guarantees Outstanding (Details) - Loans Sold or Securitized With Recourse - Loans Sold or Securitized with Recourse - USD ($)
$ in Thousands
Mar. 31, 2024
Dec. 31, 2023
Guarantor obligation, maximum potential future payment [Abstract]    
Expire in One Year or Less $ 7  
Expire After One Year Through Three Years 17  
Expire After Three Years Through Five Years 186  
Expire After Five Years 20,199  
Total 20,409 $ 20,884
Carrying Value 24,169 24,908
Single Family Residential    
Guarantor obligation, maximum potential future payment [Abstract]    
Expire in One Year or Less 7  
Expire After One Year Through Three Years 17  
Expire After Three Years Through Five Years 26  
Expire After Five Years 5,363  
Total 5,413 5,888
Carrying Value 5,413 5,888
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 160  
Expire After Five Years 14,836  
Total 14,996 14,996
Carrying Value $ 18,756 $ 19,020
v3.24.1.u1
Stock Compensation Plans - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2024
Dec. 31, 2023
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 $ 25  
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 $ 51  
Weighted average period to recognize unrecognized compensation cost 2 years 3 months 18 days  
Two Thousand And Twenty One Stock Incentive Plan    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Stock options outstanding (in shares) 0 0
v3.24.1.u1
Stock Compensation Plans - Summary of Total Share-Based Compensation Expense and Related Net Tax (Deficiencies) Benefits (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Share-Based Payment Arrangement [Abstract]    
Stock compensation costs $ 12,988 $ 11,075
Related net tax benefits for stock compensation plans $ 783 $ 8,290
v3.24.1.u1
Stock Compensation Plans - Summary of Activity for Time-Based and Performance-Based RSUs (Details)
 3 Months Ended
Mar. 31, 2024
$ / shares
shares
Time-Based RSUs  
Shares  
Outstanding, at beginning of period (in shares) | shares 1,206,518
Granted (in shares) | shares 515,235
Vested (in shares) | shares (299,381)
Forfeited (in shares) | shares (12,163)
Outstanding, at end of period (in shares) | shares 1,410,209
Weighted-Average Grant Date Fair Value  
Outstanding, at beginning of period (in dollars per share) | $ / shares $ 74.29
Granted (in dollars per share) | $ / shares 75.79
Vested (in dollars per share) | $ / shares 71.68
Forfeited (in dollars per share) | $ / shares 75.24
Outstanding, at end of period (in dollars per share) | $ / shares $ 75.39
Performance-Based RSUs  
Shares  
Outstanding, at beginning of period (in shares) | shares 276,223
Granted (in shares) | shares 97,798
Vested (in shares) | shares (91,960)
Forfeited (in shares) | shares 0
Outstanding, at end of period (in shares) | shares 282,061
Weighted-Average Grant Date Fair Value  
Outstanding, at beginning of period (in dollars per share) | $ / shares $ 78.59
Granted (in dollars per share) | $ / shares 80.28
Vested (in dollars per share) | $ / shares 77.67
Forfeited (in dollars per share) | $ / shares 0
Outstanding, at end of period (in dollars per share) | $ / shares $ 79.48
v3.24.1.u1
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, 2024
Mar. 31, 2023
Basic:    
Net income $ 285,075 $ 322,439
Weighted-average number of shares outstanding (in shares) 139,409 141,112
Basic EPS (in dollars per share) $ 2.04 $ 2.28
Diluted:    
Net income $ 285,075 $ 322,439
Weighted-average number of shares outstanding (in shares) 139,409 141,112
Add: Dilutive impact of unvested RSUs (in shares) 852 801
Diluted weighted-average number of shares outstanding (in shares) 140,261 141,913
Diluted EPS (in dollars per share) $ 2.03 $ 2.27
v3.24.1.u1
Stockholders' Equity and Earnings Per Share - Narrative (Details) - USD ($)
$ / shares in Units, $ in Millions
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Dec. 31, 2020
Stockholders' Equity and Earnings Per Share [Line Items]      
Stock repurchase program, amount authorized     $ 500
Repurchased by company (in shares) 1,181,851    
Average price (in dollars per share) $ 69.76    
Repurchase of common stock pursuant to the stock repurchase program $ 82    
Available for repurchase amount $ 89    
RSUs      
Stockholders' Equity and Earnings Per Share [Line Items]      
Weighted-average anti-dilutive shares (in shares) 170,000 417,000  
v3.24.1.u1
Accumulated Other Comprehensive Income (Loss) - Components of AOCI (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
AOCI Attributable to Parent, Net of Tax [Roll Forward]    
Beginning balance $ 6,950,834 $ 5,984,612
Other comprehensive (loss) income (42,137) 85,635
Ending balance 7,023,232 6,309,331
Debt Securities    
AOCI Attributable to Parent, Net of Tax [Roll Forward]    
Beginning balance (601,881) (694,815)
Net unrealized (losses) gains arising during the period (2,282) 44,275
Amounts reclassified from AOCI 2,653 9,806
Other comprehensive (loss) income 371 54,081
Ending balance (601,510) (640,734)
Cash Flow Hedges    
AOCI Attributable to Parent, Net of Tax [Roll Forward]    
Beginning balance 2,624 (49,531)
Net unrealized (losses) gains arising during the period (63,662) 21,086
Amounts reclassified from AOCI 17,332 7,527
Other comprehensive (loss) income (46,330) 28,613
Ending balance (43,706) (20,918)
Foreign Currency Translation Adjustments    
AOCI Attributable to Parent, Net of Tax [Roll Forward]    
Beginning balance (21,339) (21,283)
Net unrealized (losses) gains arising during the period 3,822 2,941
Amounts reclassified from AOCI 0 0
Other comprehensive (loss) income 3,822 2,941
Ending balance (17,517) (18,342)
AOCI, Net of Tax    
AOCI Attributable to Parent, Net of Tax [Roll Forward]    
Beginning balance (620,596) (765,629)
Net unrealized (losses) gains arising during the period (62,122) 68,302
Amounts reclassified from AOCI 19,985 17,333
Other comprehensive (loss) income (42,137) 85,635
Ending balance $ (662,733) $ (679,994)
v3.24.1.u1
Accumulated Other Comprehensive Income (Loss) - Components of Other Comprehensive Income (Loss) (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Before-Tax    
Net change $ (61,291) $ 119,894
Tax Effect    
Net change 19,154 (34,259)
Net-of-Tax    
Other comprehensive (loss) income (42,137) 85,635
Debt Securities    
Before-Tax    
Net unrealized (losses) gains on AFS debt securities arising during the period (3,282) 62,860
Net realized losses (gains) on AFS debt securities reclassified into net income (49) 10,000
Amortization of unrealized losses on transferred securities 3,816 3,921
Net change 485 76,781
Tax Effect    
Net unrealized (losses) gains on AFS debt securities arising during the period 1,000 (18,585)
Net realized losses (gains) on AFS debt securities reclassified into net income 14 (2,956)
Amortization of unrealized losses on transferred securities (1,128) (1,159)
Net change (114) (22,700)
Net-of-Tax    
Net unrealized (losses) gains on AFS debt securities arising during the period (2,282) 44,275
Net realized losses (gains) on AFS debt securities reclassified into net income (35) 7,044
Amortization of unrealized losses on transferred securities 2,688 2,762
Net unrealized (losses) gains arising during the period (2,282) 44,275
Net realized losses reclassified into net income 2,653 9,806
Other comprehensive (loss) income 371 54,081
Cash Flow Hedges    
Before-Tax    
Net unrealized (losses) gains arising during the period (90,376) 29,843
Net realized losses reclassified into net income 24,605 10,644
Net change (65,771) 40,487
Tax Effect    
Net unrealized (losses) gains arising during the period 26,714 (8,757)
Net realized losses reclassified into net income (7,273) (3,117)
Net change 19,441 (11,874)
Net-of-Tax    
Net unrealized (losses) gains arising during the period (63,662) 21,086
Net realized losses reclassified into net income 17,332 7,527
Other comprehensive (loss) income (46,330) 28,613
Foreign Currency Translation Adjustments    
Before-Tax    
Net unrealized (losses) gains arising during the period 3,995 2,626
Net change 3,995 2,626
Tax Effect    
Net unrealized (losses) gains arising during the period (173) 315
Net change (173) 315
Net-of-Tax    
Net unrealized (losses) gains arising during the period 3,822 2,941
Net realized losses reclassified into net income 0 0
Other comprehensive (loss) income $ 3,822 $ 2,941
v3.24.1.u1
Business Segments - Narrative (Details)
 3 Months Ended
Mar. 31, 2024
segment
Segment Reporting [Abstract]  
Number of reportable segments 3
Number of core segments 2
v3.24.1.u1
Business Segments - Operating Results and Other Key Financial Measures (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Dec. 31, 2023
Segment Reporting Information      
Net interest income before provision for credit losses $ 565,139 $ 599,861  
Provision for credit losses 25,000 20,000  
Noninterest income (loss) 78,988 59,978  
Noninterest expense 246,875 218,447  
INCOME BEFORE INCOME TAXES 372,252 421,392  
Segment net income 285,075 322,439  
Segment assets 70,875,670 67,244,898 $ 69,612,884
Consumer and Business Banking      
Segment Reporting Information      
Net interest income before provision for credit losses 291,764 304,242  
Provision for credit losses 2,565 15,012  
Noninterest income (loss) 25,542 26,002  
Noninterest expense 119,300 113,823  
INCOME BEFORE INCOME TAXES 195,441 201,409  
Segment net income 137,672 142,247  
Segment assets 19,629,076 17,880,525  
Commercial Banking      
Segment Reporting Information      
Net interest income before provision for credit losses 260,349 236,723  
Provision for credit losses 22,435 4,988  
Noninterest income (loss) 46,466 43,599  
Noninterest expense 106,307 87,248  
INCOME BEFORE INCOME TAXES 178,073 188,086  
Segment net income 125,581 134,457  
Segment assets 35,049,899 33,647,465  
Other      
Segment Reporting Information      
Net interest income before provision for credit losses 13,026 58,896  
Provision for credit losses 0 0  
Noninterest income (loss) 6,980 (9,623)  
Noninterest expense 21,268 17,376  
INCOME BEFORE INCOME TAXES (1,262) 31,897  
Segment net income 21,822 45,735  
Segment assets $ 16,196,695 $ 15,716,908