2020 Q3 Form 10-Q Financial Statement

#000129970920000256 Filed on October 29, 2020

View on sec.gov

Income Statement

Concept 2020 Q3 2019 Q3
Revenue $149.9M $146.3M
YoY Change 2.42% 19.18%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $6.200M $5.224M
YoY Change 18.68% 73.21%
% of Gross Profit
Operating Expenses
YoY Change
Operating Profit
YoY Change
Interest Expense $22.56M $43.04M
YoY Change -47.58% 17.87%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income $75.84M $56.67M
YoY Change 33.82% 14.95%
Income Tax $22.81M $15.89M
% Of Pretax Income 30.08% 28.03%
Net Earnings $53.02M $40.79M
YoY Change 30.0% 10.71%
Net Earnings / Revenue 35.37% 27.87%
Basic Earnings Per Share $0.89 $0.66
Diluted Earnings Per Share $0.88 $0.66
COMMON SHARES
Basic Shares Outstanding 59.51M shares 61.25M shares
Diluted Shares Outstanding 59.51M shares 61.25M shares

Balance Sheet

Concept 2020 Q3 2019 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $1.122B $702.3M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill $71.22M $71.22M
YoY Change 0.0% 99.4%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets
YoY Change
TOTAL ASSETS
Total Short-Term Assets
Total Long-Term Assets
Total Assets $13.38B $11.77B
YoY Change 13.69% 20.21%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $369.0M $299.0M
YoY Change 23.41% 14850.0%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $316.0M $338.0M
YoY Change -6.51%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $369.0M $178.0M
YoY Change 107.3% 131.17%
LONG-TERM LIABILITIES
Long-Term Debt $454.0M $134.0M
YoY Change 238.81% 143.64%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $454.0M $134.0M
YoY Change 238.81% 143.64%
TOTAL LIABILITIES
Total Short-Term Liabilities $369.0M $178.0M
Total Long-Term Liabilities $454.0M $134.0M
Total Liabilities $12.15B $10.65B
YoY Change 13.99% 21.2%
SHAREHOLDERS EQUITY
Retained Earnings -$1.009B $866.9M
YoY Change -216.43% 22.42%
Common Stock $676.0K $668.0K
YoY Change 1.2% 1.21%
Preferred Stock
YoY Change
Treasury Stock (at cost) $210.6M $151.8M
YoY Change 38.7% 75.41%
Treasury Stock Shares 8.407M shares 5.549M shares
Shareholders Equity $1.237B $1.116B
YoY Change
Total Liabilities & Shareholders Equity $13.38B $11.77B
YoY Change 13.69% 20.21%

Cashflow Statement

Concept 2020 Q3 2019 Q3
OPERATING ACTIVITIES
Net Income $53.02M $40.79M
YoY Change 30.0% 10.71%
Depreciation, Depletion And Amortization $6.200M $5.224M
YoY Change 18.68% 73.21%
Cash From Operating Activities $66.29M $21.43M
YoY Change 209.32% -50.77%
INVESTING ACTIVITIES
Capital Expenditures -$1.800M -$3.200M
YoY Change -43.75% 0.0%
Acquisitions $0.00
YoY Change
Other Investing Activities -$314.3M -$400.2M
YoY Change -21.46% 17.6%
Cash From Investing Activities -$316.1M -$403.4M
YoY Change -21.64% 17.44%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $12.74M $0.00
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$578.5M $226.9M
YoY Change -354.98% 7.5%
NET CHANGE
Cash From Operating Activities $66.29M $21.43M
Cash From Investing Activities -$316.1M -$403.4M
Cash From Financing Activities -$578.5M $226.9M
Net Change In Cash -$828.4M -$155.0M
YoY Change 434.27% 74.44%
FREE CASH FLOW
Cash From Operating Activities $66.29M $21.43M
Capital Expenditures -$1.800M -$3.200M
Free Cash Flow $68.09M $24.63M
YoY Change 176.44% -47.29%

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OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
517000 USD
CY2019Q3 us-gaap Dividends Preferred Stock Cash
DividendsPreferredStockCash
77000 USD
CY2019Q3 ax Sharebased Compensation Requisite Service Period Recognitionand Stock Issued During Period Value Restricted Stock Award Netof Forfeitures
SharebasedCompensationRequisiteServicePeriodRecognitionandStockIssuedDuringPeriodValueRestrictedStockAwardNetofForfeitures
1964000 USD
CY2019Q3 us-gaap Stockholders Equity
StockholdersEquity
1116240000 USD
CY2020Q3 us-gaap Net Income Loss
NetIncomeLoss
53022000 USD
CY2019Q3 us-gaap Net Income Loss
NetIncomeLoss
40786000 USD
CY2020Q3 us-gaap Accretion Amortization Of Discounts And Premiums Investments
AccretionAmortizationOfDiscountsAndPremiumsInvestments
-49000 USD
CY2019Q3 us-gaap Accretion Amortization Of Discounts And Premiums Investments
AccretionAmortizationOfDiscountsAndPremiumsInvestments
-560000 USD
CY2020Q3 ax Amortization Accretion Of Premiums Discounts Loans
AmortizationAccretionOfPremiumsDiscountsLoans
1492000 USD
CY2019Q3 ax Amortization Accretion Of Premiums Discounts Loans
AmortizationAccretionOfPremiumsDiscountsLoans
517000 USD
CY2020Q3 us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
52000 USD
CY2019Q3 us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
52000 USD
CY2020Q3 us-gaap Operating Lease Right Of Use Asset Amortization Expense
OperatingLeaseRightOfUseAssetAmortizationExpense
2655000 USD
CY2019Q3 us-gaap Operating Lease Right Of Use Asset Amortization Expense
OperatingLeaseRightOfUseAssetAmortizationExpense
2638000 USD
CY2020Q3 us-gaap Share Based Compensation
ShareBasedCompensation
4415000 USD
CY2019Q3 us-gaap Share Based Compensation
ShareBasedCompensation
4961000 USD
CY2020Q3 us-gaap Provision For Loan Losses Expensed
ProvisionForLoanLossesExpensed
11800000 USD
CY2019Q3 us-gaap Provision For Loan Losses Expensed
ProvisionForLoanLossesExpensed
2700000 USD
CY2020Q3 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
-4264000 USD
CY2019Q3 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
78000 USD
CY2020Q3 us-gaap Payments For Origination And Purchases Of Loans Held For Sale
PaymentsForOriginationAndPurchasesOfLoansHeldForSale
440804000 USD
CY2019Q3 us-gaap Payments For Origination And Purchases Of Loans Held For Sale
PaymentsForOriginationAndPurchasesOfLoansHeldForSale
327812000 USD
CY2020Q3 ax Unrealized Gain Loss On Loans Held For Sale
UnrealizedGainLossOnLoansHeldForSale
1303000 USD
CY2019Q3 ax Unrealized Gain Loss On Loans Held For Sale
UnrealizedGainLossOnLoansHeldForSale
-6000 USD
CY2020Q3 ax Gain On Sales Of Loans Held For Sale
GainOnSalesOfLoansHeldForSale
19901000 USD
CY2019Q3 ax Gain On Sales Of Loans Held For Sale
GainOnSalesOfLoansHeldForSale
6616000 USD
CY2020Q3 us-gaap Proceeds From Sale Of Loans Held For Sale
ProceedsFromSaleOfLoansHeldForSale
424987000 USD
CY2019Q3 us-gaap Proceeds From Sale Of Loans Held For Sale
ProceedsFromSaleOfLoansHeldForSale
325968000 USD
CY2020Q3 us-gaap Mortgage Servicing Rights Msr Impairment Recovery
MortgageServicingRightsMSRImpairmentRecovery
1795000 USD
CY2019Q3 us-gaap Mortgage Servicing Rights Msr Impairment Recovery
MortgageServicingRightsMSRImpairmentRecovery
683000 USD
CY2020Q3 ax Gains Losses On Sale Of Other Real Estate And Foreclosed Assets
GainsLossesOnSaleOfOtherRealEstateAndForeclosedAssets
128000 USD
CY2019Q3 ax Gains Losses On Sale Of Other Real Estate And Foreclosed Assets
GainsLossesOnSaleOfOtherRealEstateAndForeclosedAssets
61000 USD
CY2020Q3 us-gaap Other Depreciation And Amortization
OtherDepreciationAndAmortization
6186000 USD
CY2019Q3 us-gaap Other Depreciation And Amortization
OtherDepreciationAndAmortization
5224000 USD
CY2020Q3 us-gaap Increase Decrease In Accrued Interest Receivable Net
IncreaseDecreaseInAccruedInterestReceivableNet
-118000 USD
CY2019Q3 us-gaap Increase Decrease In Accrued Interest Receivable Net
IncreaseDecreaseInAccruedInterestReceivableNet
1797000 USD
CY2020Q3 us-gaap Increase Decrease In Securities Borrowed
IncreaseDecreaseInSecuritiesBorrowed
41102000 USD
CY2019Q3 us-gaap Increase Decrease In Securities Borrowed
IncreaseDecreaseInSecuritiesBorrowed
144268000 USD
CY2020Q3 us-gaap Increase Decrease In Brokerage Receivables
IncreaseDecreaseInBrokerageReceivables
62859000 USD
CY2019Q3 us-gaap Increase Decrease In Brokerage Receivables
IncreaseDecreaseInBrokerageReceivables
91996000 USD
CY2020Q3 us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
-52134000 USD
CY2019Q3 us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
-17846000 USD
CY2020Q3 us-gaap Increase Decrease In Interest Payable Net
IncreaseDecreaseInInterestPayableNet
123000 USD
CY2019Q3 us-gaap Increase Decrease In Interest Payable Net
IncreaseDecreaseInInterestPayableNet
-247000 USD
CY2020Q3 us-gaap Increase Decrease In Securities Loaned Transactions
IncreaseDecreaseInSecuritiesLoanedTransactions
60031000 USD
CY2019Q3 us-gaap Increase Decrease In Securities Loaned Transactions
IncreaseDecreaseInSecuritiesLoanedTransactions
139514000 USD
CY2020Q3 us-gaap Increase Decrease In Payables To Broker Dealers
IncreaseDecreaseInPayablesToBrokerDealers
21814000 USD
CY2019Q3 us-gaap Increase Decrease In Payables To Broker Dealers
IncreaseDecreaseInPayablesToBrokerDealers
59897000 USD
CY2020Q3 us-gaap Increase Decrease In Other Accounts Payable And Accrued Liabilities
IncreaseDecreaseInOtherAccountsPayableAndAccruedLiabilities
-1037000 USD
CY2019Q3 us-gaap Increase Decrease In Other Accounts Payable And Accrued Liabilities
IncreaseDecreaseInOtherAccountsPayableAndAccruedLiabilities
-6168000 USD
CY2020Q3 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
66291000 USD
CY2019Q3 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
21431000 USD
CY2020Q3 us-gaap Payments To Acquire Marketable Securities
PaymentsToAcquireMarketableSecurities
22071000 USD
CY2019Q3 us-gaap Payments To Acquire Marketable Securities
PaymentsToAcquireMarketableSecurities
77901000 USD
CY2020Q3 ax Proceeds From Repayment Of Securities
ProceedsFromRepaymentOfSecurities
24984000 USD
CY2019Q3 ax Proceeds From Repayment Of Securities
ProceedsFromRepaymentOfSecurities
117772000 USD
CY2020Q3 ax Proceeds From Sale Of Regulatory Agencies Stock
ProceedsFromSaleOfRegulatoryAgenciesStock
0 USD
CY2019Q3 ax Proceeds From Sale Of Regulatory Agencies Stock
ProceedsFromSaleOfRegulatoryAgenciesStock
2000 USD
CY2020Q3 ax Origination Of Loans Net
OriginationOfLoansNet
1081681000 USD
CY2019Q3 ax Origination Of Loans Net
OriginationOfLoansNet
1429386000 USD
CY2020Q3 us-gaap Proceeds From Sale Of Finance Receivables
ProceedsFromSaleOfFinanceReceivables
9220000 USD
CY2019Q3 us-gaap Proceeds From Sale Of Finance Receivables
ProceedsFromSaleOfFinanceReceivables
4143000 USD
CY2020Q3 ax Payments To Acquire Mortgage Loans And Leases
PaymentsToAcquireMortgageLoansAndLeases
249131000 USD
CY2019Q3 ax Payments To Acquire Mortgage Loans And Leases
PaymentsToAcquireMortgageLoansAndLeases
32380000 USD
CY2020Q3 us-gaap Proceeds From Sale Of Foreclosed Assets
ProceedsFromSaleOfForeclosedAssets
487000 USD
CY2019Q3 us-gaap Proceeds From Sale Of Foreclosed Assets
ProceedsFromSaleOfForeclosedAssets
218000 USD
CY2020Q3 us-gaap Proceeds From Collection Of Finance Receivables
ProceedsFromCollectionOfFinanceReceivables
1003843000 USD
CY2019Q3 us-gaap Proceeds From Collection Of Finance Receivables
ProceedsFromCollectionOfFinanceReceivables
1017332000 USD
CY2020Q3 us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
1754000 USD
CY2019Q3 us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
3178000 USD
CY2020Q3 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-316103000 USD
CY2019Q3 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-403378000 USD
CY2020Q3 us-gaap Increase Decrease In Deposits
IncreaseDecreaseInDeposits
-781036000 USD
CY2019Q3 us-gaap Increase Decrease In Deposits
IncreaseDecreaseInDeposits
231352000 USD
CY2020Q3 us-gaap Proceeds From Federal Home Loan Bank Borrowings
ProceedsFromFederalHomeLoanBankBorrowings
0 USD
CY2019Q3 us-gaap Proceeds From Federal Home Loan Bank Borrowings
ProceedsFromFederalHomeLoanBankBorrowings
60000000 USD
CY2020Q3 us-gaap Repayments Of Federal Home Loan Bank Borrowings
RepaymentsOfFederalHomeLoanBankBorrowings
0 USD
CY2019Q3 us-gaap Repayments Of Federal Home Loan Bank Borrowings
RepaymentsOfFederalHomeLoanBankBorrowings
5000000 USD
CY2020Q3 ax Proceeds From Repayments Of Federal Home Loan Bank Other Advances
ProceedsFromRepaymentsOfFederalHomeLoanBankOtherAdvances
0 USD
CY2019Q3 ax Proceeds From Repayments Of Federal Home Loan Bank Other Advances
ProceedsFromRepaymentsOfFederalHomeLoanBankOtherAdvances
21000000 USD
CY2020Q3 us-gaap Proceeds From Payments For In Securities Sold Under Agreements To Repurchase
ProceedsFromPaymentsForInSecuritiesSoldUnderAgreementsToRepurchase
45600000 USD
CY2019Q3 us-gaap Proceeds From Payments For In Securities Sold Under Agreements To Repurchase
ProceedsFromPaymentsForInSecuritiesSoldUnderAgreementsToRepurchase
-35300000 USD
CY2020Q3 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
2693000 USD
CY2019Q3 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
2997000 USD
CY2020Q3 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
12742000 USD
CY2019Q3 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
0 USD
CY2020Q3 us-gaap Payments Of Dividends Preferred Stock And Preference Stock
PaymentsOfDividendsPreferredStockAndPreferenceStock
77000 USD
CY2019Q3 us-gaap Payments Of Dividends Preferred Stock And Preference Stock
PaymentsOfDividendsPreferredStockAndPreferenceStock
154000 USD
CY2020Q3 us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
2598000 USD
CY2019Q3 us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
0 USD
CY2020Q3 us-gaap Proceeds From Issuance Of Subordinated Long Term Debt
ProceedsFromIssuanceOfSubordinatedLongTermDebt
175000000 USD
CY2019Q3 us-gaap Proceeds From Issuance Of Subordinated Long Term Debt
ProceedsFromIssuanceOfSubordinatedLongTermDebt
0 USD
CY2020Q3 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-578546000 USD
CY2019Q3 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
226901000 USD
CY2020Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-828358000 USD
CY2019Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-155046000 USD
CY2020Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
1950519000 USD
CY2019Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
857368000 USD
CY2020Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
1122161000 USD
CY2019Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
702322000 USD
CY2020Q3 us-gaap Interest Paid Net
InterestPaidNet
22316000 USD
CY2019Q3 us-gaap Interest Paid Net
InterestPaidNet
42200000 USD
CY2020Q3 us-gaap Income Taxes Paid
IncomeTaxesPaid
16318000 USD
CY2019Q3 us-gaap Income Taxes Paid
IncomeTaxesPaid
9653000 USD
CY2020Q3 ax Transfers To Other Real Estate And Repossessed Vehicles
TransfersToOtherRealEstateAndRepossessedVehicles
350000 USD
CY2019Q3 ax Transfers To Other Real Estate And Repossessed Vehicles
TransfersToOtherRealEstateAndRepossessedVehicles
152000 USD
CY2020Q3 us-gaap Transfer Of Portfolio Loans And Leases To Held For Sale1
TransferOfPortfolioLoansAndLeasesToHeldForSale1
2189000 USD
CY2019Q3 us-gaap Transfer Of Portfolio Loans And Leases To Held For Sale1
TransferOfPortfolioLoansAndLeasesToHeldForSale1
40025000 USD
CY2020Q3 us-gaap Transfer Of Loans Held For Sale To Portfolio Loans1
TransferOfLoansHeldForSaleToPortfolioLoans1
27379000 USD
CY2019Q3 us-gaap Transfer Of Loans Held For Sale To Portfolio Loans1
TransferOfLoansHeldForSaleToPortfolioLoans1
0 USD
CY2020Q3 ax Sale Of Loans Cash Not Received
SaleOfLoansCashNotReceived
0 USD
CY2019Q3 ax Sale Of Loans Cash Not Received
SaleOfLoansCashNotReceived
39184000 USD
CY2020Q3 ax Operating Lease Liability Obtained In Exchange For Right Of Use Asset
OperatingLeaseLiabilityObtainedInExchangeForRightOfUseAsset
0 USD
CY2019Q3 ax Operating Lease Liability Obtained In Exchange For Right Of Use Asset
OperatingLeaseLiabilityObtainedInExchangeForRightOfUseAsset
79746000 USD
CY2020Q3 ax Noncash Or Part Noncash Adoption Of Accounting Standards Update Impact On Retained Earnings
NoncashOrPartNoncashAdoptionOfAccountingStandardsUpdateImpactOnRetainedEarnings
37088000 USD
CY2019Q3 ax Noncash Or Part Noncash Adoption Of Accounting Standards Update Impact On Retained Earnings
NoncashOrPartNoncashAdoptionOfAccountingStandardsUpdateImpactOnRetainedEarnings
0 USD
CY2020Q3 us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
As a result of the change from adopting Accounting Standard Update (“ASU”) 2016-13, “Measurement of Credit Losses on Financial Instruments” and all subsequent amendments that modified ASU 2016-13 (collectively, “ASC 326”) on July 1, 2020, the Company updated categorization of the loan portfolio. For comparability purposes, certain reclassifications have been made to the presentation of loan categories as of June 30, 2020 and as of and for the three months then ended September 30, 2019 to conform with current presentation adopted under ASC 326. The Company reclassified its loan categories to align with the segments adopted for the measurement of credit losses under ASC 326. The reclassification had no impact on the total loan balances or the allowance for credit losses - loans.
CY2020Q3 us-gaap Financing Receivable Allowance For Credit Losses
FinancingReceivableAllowanceForCreditLosses
75807000 USD
CY2020Q3 us-gaap Financing Receivable Allowance For Credit Losses Policy For Uncollectible Amounts
FinancingReceivableAllowanceForCreditLossesPolicyForUncollectibleAmounts
<div style="margin-top:12pt;text-align:justify;text-indent:27pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Allowance for Credit Losses. </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The allowance for credit losses (“ACL”) is a valuation account that offsets the amortized cost basis of loans and net investment in leases. Under ASC 326, amortized cost is the basis on which the ACL is determined. Amortized cost is principal outstanding, net of any purchase premiums and discounts and net of any deferred loan fees and costs. </span></div><div style="margin-bottom:3pt;margin-top:6pt;text-align:justify;text-indent:27pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Credit losses are charged off when the Company believes that collectability of at least some portion of outstanding principal is unlikely. These charge-offs are recorded as a reversal, thereby reducing, the allowance for credit losses. Recoveries on loans previously charged off are recorded as a provision to, thereby increasing, the allowance for credit losses. The allowance for credit losses is maintained at a level needed to absorb expected credit losses over the contractual life, considering the effects of prepayments, of the loan portfolio as of the reporting date. Determining the adequacy of the allowance is complex and requires judgment by Management about the effect of matters that are inherently uncertain. As such, a future assessment of current conditions may require material adjustments to the allowance.</span></div><div style="margin-bottom:3pt;margin-top:6pt;text-align:justify;text-indent:27pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:115%">The Company’s process for determining expected life-time credit losses entails a loan-level, model-based approach and requires consideration of a broad range of relevant information relating to historical loss experience, current economic conditions and reasonable and supportable forecasts. </span></div><div style="margin-bottom:3pt;margin-top:6pt;text-indent:27pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:107%">A credit loss is estimated for all loans. Consequently, the Company stratifies the full loan population into segments sharing similar characteristics to perform the evaluation of the credit loss collectively. </span></div><div style="margin-bottom:3pt;margin-top:6pt;text-indent:27pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:107%">The Company defines a segment as the level at which the Company develops a systematic methodology to determine the allowance for credit losses. Additionally, the Company can further stratify loans of similar type, risk attributes and methods for monitoring credit risk. The Company categorizes the loan portfolio into six segments: Single Family - Mortgage &amp; Warehouse, Multifamily and Commercial Mortgage, Commercial Real Estate, Commercial &amp; Industrial - Non Real Estate, Auto &amp; Consumer and Other – refer to </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:107%">Note 4 – “Loans &amp; Allowance for Credit Losses” </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:107%">for further detail of the segments and classes within.</span></div><div style="margin-bottom:3pt;margin-top:6pt;text-indent:27pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:115%">The method for estimating expected life-time credit losses includes, among other things, the following main components: 1) The use of a probability of default (“PD”)/loss given default (“LGD”) model; 2) defining a number of economic scenarios across the benign to adverse spectrum; 3) an initial and reasonable forecast period of one year for all loan segments; and 4) a reversion period of 18 months using a linear transition to historical loss rates for each loan pool. After the reversion period, the historical loss rate is applied over the remaining contractual life of loan. </span></div><div style="margin-bottom:3pt;margin-top:6pt;text-indent:27pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:107%">Given the inherent limitations of a solely quantitative model, qualitative adjustments are included to arrive at the ending calculated loss amount in order to account for data points not captured from quantitative inputs alone. </span></div><div style="margin-bottom:3pt;margin-top:6pt;text-align:justify;text-indent:27pt"><span><br/></span></div><div style="margin-bottom:3pt;margin-top:6pt;text-align:justify;text-indent:27pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:107%">Qualitative criteria we consider includes, among other things, the following:</span></div><div style="padding-left:36pt;text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:107%">•</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:107%;padding-left:14.5pt">Regulatory and Legal - matters that may impact the timeliness and/or amounts of repayments;</span></div><div style="padding-left:36pt;text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:107%">•</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:107%;padding-left:14.5pt">Concentration - portfolio composition and loan concentration;</span></div><div style="padding-left:36pt;text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:107%">•</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:107%;padding-left:14.5pt">Collateral Dependency - changes in collateral values;</span></div><div style="padding-left:36pt;text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:107%">•</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:107%;padding-left:14.5pt">Lending/Underwriting Standards - current lending policies and the effects of any new policies;</span></div><div style="padding-left:36pt;text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:107%">•</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:107%;padding-left:14.5pt">Nature and Volume - loan production volume and mix;</span></div><div style="padding-left:36pt;text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:107%">•</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:107%;padding-left:14.5pt">Loan Trends - credit performance trends, including a borrower’s financial condition and credit rating.</span></div><div style="margin-bottom:3pt;margin-top:6pt;text-align:justify;text-indent:27pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:107%">On a quarterly basis, Management convenes a Credit Review meeting in which current information and trends are collectively assessed to forecast future economic impact for purposes of assessing the adequacy of the ACL. The forecasted direction and magnitude of change with respect to future economic conditions is then assessed against the estimate in the model.</span></div><div style="margin-bottom:3pt;margin-top:6pt;text-align:justify;text-indent:27pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:107%">Accrued Interest. </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:107%">Accrued interest receivable is excluded from amortized cost and is presented separately in “Other Assets” on the unaudited Condensed Consolidated Balance Sheets. Additionally, the Company does not estimate an allowance for credit losses on accrued interest receivable as the Company has a policy to charge off accrued interest deemed uncollectible in a timely manner. When a loan is placed on non-accrual status, which occurs when a borrower becomes delinquent by 90 days, interest previously accrued but not collected is reversed against current period interest income.</span></div><div style="margin-bottom:3pt;margin-top:6pt;text-align:justify;text-indent:27pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:107%">Individually Assessed Loans. </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:107%">Credit loss is estimated for any individual loan on a collective basis, unless an individual loan’s credit characteristics has deteriorated below a range of the overall group, in which case the loan would then be individually assessed. Individually assessed loans are measured for credit loss based on present value of future expected cash flows, discounted at the loan’s effective interest rate or the fair value of the collateral, less estimated selling costs, if the loan is collateral-dependent.</span></div><div style="margin-bottom:3pt;margin-top:6pt;text-align:justify;text-indent:27pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:107%">Available-for-Sale Debt Securities. </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:107%">Unrealized credit losses will be recognized through an allowance for credit losses instead of an adjustment to amortized cost basis, eliminating the other-than-temporary impairment concept. For available-for-sale debt securities in an unrealized loss position, the Company first assesses whether it intends to sell, or it is more likely than not, that it will be required to sell the security before recovery of its amortized cost basis. If either criteria regarding intent or requirement to sell is met, the security’s amortized cost basis is written down to fair value through earnings. For available-for-sale debt securities that do not meet the above conditions, the Company evaluates at the individual security level whether the decline in fair value has resulted from credit losses or other factors. In making this assessment, Management considers the extent to which fair value is less than amortized cost and unfavorable conditions specifically related to the security, among other factors. If this assessment indicates that a credit loss exists, the present value of cash flows expected to be collected from the security are compared to the amortized cost basis of the security. If the present value of cash flows expected to be collected is less than the amortized cost basis, a credit loss exists and an allowance for credit losses is recognized for the credit loss, limited by the amount that the fair value is less than the amortized cost basis. All other changes in fair value of the security that have not been recognized through an allowance for credit losses are recognized in other comprehensive income. Changes in the allowance for credit losses, if any, are recognized as a provision for (or reversal of) credit losses. Losses are charged against the allowance when management believes an available-for-sale investment security is uncollectible or when either of the criteria regarding intent or requirement to sell is met. </span></div><div style="margin-bottom:3pt;margin-top:6pt;text-align:justify;text-indent:27pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:107%">Loan Commitments. </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:107%">Loans commitments not unconditionally cancellable are subject to an estimate of credit loss under a current expected credit loss model. The Company’s process for determining the estimate of credit loss on loan commitments is the same as it is on loans. Refer to detail of Allowance on Credit Losses above.</span></div>
CY2020Q3 us-gaap Financing Receivable Allowance For Credit Losses
FinancingReceivableAllowanceForCreditLosses
75807000 USD
CY2020Q3 us-gaap Off Balance Sheet Credit Loss Liability
OffBalanceSheetCreditLossLiability
323000 USD
CY2020Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-1009299000 USD
CY2020Q3 us-gaap Loans Receivable Held For Sale Amount
LoansReceivableHeldForSaleAmount
89454000 USD
CY2020Q2 us-gaap Loans Receivable Held For Sale Amount
LoansReceivableHeldForSaleAmount
51995000 USD
CY2020Q3 ax Loans Held For Sale Contractual Balance Including Accrued Interest
LoansHeldForSaleContractualBalanceIncludingAccruedInterest
0 USD
CY2020Q2 ax Loans Held For Sale Contractual Balance Including Accrued Interest
LoansHeldForSaleContractualBalanceIncludingAccruedInterest
49700000 USD
CY2020Q3 ax Loans Held For Sale Fair Value Adjustment
LoansHeldForSaleFairValueAdjustment
89454000 USD
CY2020Q2 ax Loans Held For Sale Fair Value Adjustment
LoansHeldForSaleFairValueAdjustment
2295000 USD
CY2020Q3 ax Loans Held For Sale Interest Income
LoansHeldForSaleInterestIncome
382000 USD
CY2019Q3 ax Loans Held For Sale Interest Income
LoansHeldForSaleInterestIncome
305000 USD
CY2020Q3 ax Loans Held For Sale Change In Fair Value
LoansHeldForSaleChangeInFairValue
6885000 USD
CY2019Q3 ax Loans Held For Sale Change In Fair Value
LoansHeldForSaleChangeInFairValue
475000 USD
CY2020Q3 ax Loans Held For Sale Change In Fair Value Total
LoansHeldForSaleChangeInFairValueTotal
7267000 USD
CY2019Q3 ax Loans Held For Sale Change In Fair Value Total
LoansHeldForSaleChangeInFairValueTotal
780000 USD
CY2020Q3 us-gaap Trading Securities
TradingSecurities
423000 USD
CY2020Q3 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
202578000 USD
CY2020Q3 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
2364000 USD
CY2020Q3 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
1011000 USD
CY2020Q3 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
203931000 USD
CY2020Q2 us-gaap Trading Securities
TradingSecurities
105000 USD
CY2020Q2 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
188059000 USD
CY2020Q2 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
1703000 USD
CY2020Q2 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
2135000 USD
CY2020Q2 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
187627000 USD
CY2020Q3 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position Less Than12 Months
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPositionLessThan12Months
0 USD
CY2020Q3 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position Less Than12 Months Accumulated Loss
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPositionLessThan12MonthsAccumulatedLoss
0 USD
CY2020Q3 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position12 Months Or Longer
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPosition12MonthsOrLonger
7370000 USD
CY2020Q3 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position12 Months Or Longer Accumulated Loss
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPosition12MonthsOrLongerAccumulatedLoss
1011000 USD
CY2020Q3 us-gaap Debt Securities Available For Sale Unrealized Loss Position
DebtSecuritiesAvailableForSaleUnrealizedLossPosition
7370000 USD
CY2020Q3 us-gaap Debt Securities Available For Sale Unrealized Loss Position Accumulated Loss
DebtSecuritiesAvailableForSaleUnrealizedLossPositionAccumulatedLoss
1011000 USD
CY2020Q2 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position Less Than12 Months
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPositionLessThan12Months
139968000 USD
CY2020Q2 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position Less Than12 Months Accumulated Loss
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPositionLessThan12MonthsAccumulatedLoss
1069000 USD
CY2020Q2 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position12 Months Or Longer
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPosition12MonthsOrLonger
8980000 USD
CY2020Q2 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position12 Months Or Longer Accumulated Loss
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPosition12MonthsOrLongerAccumulatedLoss
1066000 USD
CY2020Q2 us-gaap Debt Securities Available For Sale Unrealized Loss Position
DebtSecuritiesAvailableForSaleUnrealizedLossPosition
148948000 USD
CY2020Q2 us-gaap Debt Securities Available For Sale Unrealized Loss Position Accumulated Loss
DebtSecuritiesAvailableForSaleUnrealizedLossPositionAccumulatedLoss
2135000 USD
CY2020Q3 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position12 Months Or Longer Number Of Positions
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPosition12MonthsOrLongerNumberOfPositions
9 security
CY2020Q3 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position Less Than12 Months Number Of Positions
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPositionLessThan12MonthsNumberOfPositions
0 security
CY2020Q2 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position12 Months Or Longer Number Of Positions
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPosition12MonthsOrLongerNumberOfPositions
10 security
CY2020Q2 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position Less Than12 Months Number Of Positions
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPositionLessThan12MonthsNumberOfPositions
4 security
CY2019Q3 ax Debt Securities Availableforsale Numberof Positions Sold
DebtSecuritiesAvailableforsaleNumberofPositionsSold
0 security
CY2020Q3 ax Debt Securities Availableforsale Numberof Positions
DebtSecuritiesAvailableforsaleNumberofPositions
0 security
CY2020Q3 ax Accumulated Other Comprehensive Income Loss Other Than Temporary Impairment Available For Sale Debt Securities Net Unrealized Gains
AccumulatedOtherComprehensiveIncomeLossOtherThanTemporaryImpairmentAvailableForSaleDebtSecuritiesNetUnrealizedGains
1353000 USD
CY2020Q2 ax Accumulated Other Comprehensive Income Loss Other Than Temporary Impairment Available For Sale Debt Securities Net Unrealized Gains
AccumulatedOtherComprehensiveIncomeLossOtherThanTemporaryImpairmentAvailableForSaleDebtSecuritiesNetUnrealizedGains
-432000 USD
CY2020Q3 ax Accumulated Other Comprehensive Income Loss Otherthan Temporary Impairment Not Credit Loss Before Tax Availablefor Sale Debt Securities
AccumulatedOtherComprehensiveIncomeLossOtherthanTemporaryImpairmentNotCreditLossBeforeTaxAvailableforSaleDebtSecurities
845000 USD
CY2020Q2 ax Accumulated Other Comprehensive Income Loss Otherthan Temporary Impairment Not Credit Loss Before Tax Availablefor Sale Debt Securities
AccumulatedOtherComprehensiveIncomeLossOtherthanTemporaryImpairmentNotCreditLossBeforeTaxAvailableforSaleDebtSecurities
845000 USD
CY2020Q3 ax Accumulated Other Comprehensive Income Loss Investment Securities Before Tax
AccumulatedOtherComprehensiveIncomeLossInvestmentSecuritiesBeforeTax
508000 USD
CY2020Q2 ax Accumulated Other Comprehensive Income Loss Investment Securities Before Tax
AccumulatedOtherComprehensiveIncomeLossInvestmentSecuritiesBeforeTax
-1277000 USD
CY2020Q3 ax Accumulated Other Comprehensive Income Loss Investment Securities Tax Expense Benefit
AccumulatedOtherComprehensiveIncomeLossInvestmentSecuritiesTaxExpenseBenefit
163000 USD
CY2020Q2 ax Accumulated Other Comprehensive Income Loss Investment Securities Tax Expense Benefit
AccumulatedOtherComprehensiveIncomeLossInvestmentSecuritiesTaxExpenseBenefit
-340000 USD
CY2020Q3 ax Accumulated Other Comprehensive Income Loss Investment Securities Net Of Tax
AccumulatedOtherComprehensiveIncomeLossInvestmentSecuritiesNetOfTax
345000 USD
CY2020Q2 ax Accumulated Other Comprehensive Income Loss Investment Securities Net Of Tax
AccumulatedOtherComprehensiveIncomeLossInvestmentSecuritiesNetOfTax
-937000 USD
CY2020Q3 us-gaap Financing Receivable Before Allowance For Credit Loss And Fee
FinancingReceivableBeforeAllowanceForCreditLossAndFee
11055178000 USD
CY2020Q2 us-gaap Financing Receivable Before Allowance For Credit Loss And Fee
FinancingReceivableBeforeAllowanceForCreditLossAndFee
10703442000 USD
CY2020Q3 us-gaap Financing Receivable Allowance For Credit Losses
FinancingReceivableAllowanceForCreditLosses
132915000 USD
CY2020Q2 us-gaap Financing Receivable Allowance For Credit Losses
FinancingReceivableAllowanceForCreditLosses
75807000 USD
CY2020Q3 us-gaap Financing Receivable Unamortized Loan Commitment Origination Fee And Premium Discount
FinancingReceivableUnamortizedLoanCommitmentOriginationFeeAndPremiumDiscount
3187000 USD
CY2020Q2 us-gaap Financing Receivable Unamortized Loan Commitment Origination Fee And Premium Discount
FinancingReceivableUnamortizedLoanCommitmentOriginationFeeAndPremiumDiscount
3714000 USD
CY2020Q3 us-gaap Notes Receivable Net
NotesReceivableNet
10925450000 USD
CY2020Q2 us-gaap Notes Receivable Net
NotesReceivableNet
10631349000 USD
CY2020Q2 us-gaap Financing Receivable Allowance For Credit Losses
FinancingReceivableAllowanceForCreditLosses
75807000 USD
CY2020Q3 us-gaap Provision For Loan Losses Expensed
ProvisionForLoanLossesExpensed
11800000 USD
CY2020Q3 us-gaap Financing Receivable Allowance For Credit Losses Write Offs
FinancingReceivableAllowanceForCreditLossesWriteOffs
2438000 USD
CY2020Q3 us-gaap Financing Receivable Allowance For Credit Losses Recovery
FinancingReceivableAllowanceForCreditLossesRecovery
446000 USD
CY2020Q3 us-gaap Financing Receivable Allowance For Credit Losses
FinancingReceivableAllowanceForCreditLosses
132915000 USD
CY2019Q2 us-gaap Financing Receivable Allowance For Credit Losses
FinancingReceivableAllowanceForCreditLosses
57085000 USD
CY2019Q3 us-gaap Provision For Loan Losses Expensed
ProvisionForLoanLossesExpensed
2700000 USD
CY2019Q3 us-gaap Financing Receivable Allowance For Credit Losses Write Offs
FinancingReceivableAllowanceForCreditLossesWriteOffs
1077000 USD
CY2019Q3 us-gaap Financing Receivable Allowance For Credit Losses Recovery
FinancingReceivableAllowanceForCreditLossesRecovery
519000 USD
CY2019Q3 us-gaap Financing Receivable Allowance For Credit Losses
FinancingReceivableAllowanceForCreditLosses
59227000 USD
CY2020Q3 ax Financing Receivable Nonaccrual With Allowance
FinancingReceivableNonaccrualWithAllowance
113236000 USD
CY2020Q3 us-gaap Financing Receivable Nonaccrual No Allowance
FinancingReceivableNonaccrualNoAllowance
58872000 USD
CY2020Q3 us-gaap Financing Receivable Recorded Investment Nonaccrual Status
FinancingReceivableRecordedInvestmentNonaccrualStatus
172108000 USD
CY2020Q3 ax Financing Receivable Ratio Of Nonaccrual Loans To All Loans
FinancingReceivableRatioOfNonaccrualLoansToAllLoans
0.0156
CY2020Q3 us-gaap Financing Receivable Nonaccrual Interest Income
FinancingReceivableNonaccrualInterestIncome
0 USD
CY2020Q3 us-gaap Financing Receivable Before Allowance For Credit Loss And Fee
FinancingReceivableBeforeAllowanceForCreditLossAndFee
11055178000 USD
CY2020Q2 us-gaap Financing Receivable Before Allowance For Credit Loss And Fee
FinancingReceivableBeforeAllowanceForCreditLossAndFee
10703442000 USD
CY2020Q3 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Credit Quality Indicators</span></div><div style="margin-top:5pt;text-align:justify;text-indent:27pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company categorizes loans and leases into risk categories based on relevant information about the ability of borrowers to service their debt such as: current financial information, historical payment experience, credit documentation, public information and current economic trends, among other factors. The Company analyzes loans and leases individually by classifying the loans and leases based on credit risk. The Company uses the following definitions for risk ratings.</span></div><div style="margin-top:9pt;text-align:justify;text-indent:27pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Pass.</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> Loans and leases classified as pass are well protected by the current net worth and paying capacity of the obligor or by the fair value, less cost to acquire and sell, of any underlying collateral in a timely manner.</span></div><div style="margin-top:9pt;text-align:justify;text-indent:27pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Special Mention</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">. Loans and leases classified as special mention have a potential weakness that deserves management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the loan or lease or of the institution’s credit position at some future date.</span></div><div style="margin-top:9pt;text-align:justify;text-indent:27pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Substandard</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">. Loans and leases classified as substandard are inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged, if any. Loans and leases so classified have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the institution will sustain some loss if the deficiencies are not corrected.</span></div><div style="margin-top:9pt;text-align:justify;text-indent:27pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Doubtful</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">. Loans and leases classified as doubtful have all the weaknesses inherent in those classified as substandard, with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions, and values, highly questionable and improbable.</span></div><div style="margin-top:9pt;text-align:justify;text-indent:27pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company reviews and grades loans and leases following a continuous review process, featuring coverage of all loan and lease types and business lines at least quarterly. Continuous reviewing provides more effective risk monitoring because it immediately tests for potential impacts caused by changes in personnel, policy, products or underwriting standards.</span></div>
CY2020Q3 us-gaap Financing Receivable Originated In Current Fiscal Year
FinancingReceivableOriginatedInCurrentFiscalYear
674618000 USD
CY2020Q3 us-gaap Financing Receivable Originated In Fiscal Year Before Latest Fiscal Year
FinancingReceivableOriginatedInFiscalYearBeforeLatestFiscalYear
3241119000 USD
CY2020Q3 us-gaap Financing Receivable Originated Two Years Before Latest Fiscal Year
FinancingReceivableOriginatedTwoYearsBeforeLatestFiscalYear
2057765000 USD
CY2020Q3 us-gaap Financing Receivable Originated Three Years Before Latest Fiscal Year
FinancingReceivableOriginatedThreeYearsBeforeLatestFiscalYear
1339608000 USD
CY2020Q3 us-gaap Financing Receivable Originated Four Years Before Latest Fiscal Year
FinancingReceivableOriginatedFourYearsBeforeLatestFiscalYear
859299000 USD
CY2020Q3 us-gaap Financing Receivable Originated Five Or More Years Before Latest Fiscal Year
FinancingReceivableOriginatedFiveOrMoreYearsBeforeLatestFiscalYear
1358386000 USD
CY2020Q3 us-gaap Financing Receivable Revolving
FinancingReceivableRevolving
1396437000 USD
CY2020Q3 us-gaap Financing Receivable Revolving Converted To Term Loan
FinancingReceivableRevolvingConvertedToTermLoan
127946000 USD
CY2020Q3 us-gaap Financing Receivable Before Allowance For Credit Loss And Fee
FinancingReceivableBeforeAllowanceForCreditLossAndFee
11055178000 USD
CY2020Q3 ax Financing Receivable Ratio Of Grade Class To Gross Loans Year One Originated Current Fiscal Year
FinancingReceivableRatioOfGradeClassToGrossLoansYearOneOriginatedCurrentFiscalYear
0.0610
CY2020Q3 ax Financing Receivable Ratio Of Grade Class To Gross Loans Year Two Originated Fiscal Year Before Current Fiscal Year
FinancingReceivableRatioOfGradeClassToGrossLoansYearTwoOriginatedFiscalYearBeforeCurrentFiscalYear
0.2932
CY2020Q3 ax Financing Receivable Ratio Of Grade Class To Gross Loans Year Three Originated Two Years Before Current Fiscal Year
FinancingReceivableRatioOfGradeClassToGrossLoansYearThreeOriginatedTwoYearsBeforeCurrentFiscalYear
0.1861
CY2020Q3 ax Financing Receivable Ratio Of Grade Class To Gross Loans Year Four Originated Three Years Before Current Fiscal Year
FinancingReceivableRatioOfGradeClassToGrossLoansYearFourOriginatedThreeYearsBeforeCurrentFiscalYear
0.1212
CY2020Q3 ax Financing Receivable Ratio Of Grade Class To Gross Loans Year Five Originated Four Years Before Current Fiscal Year
FinancingReceivableRatioOfGradeClassToGrossLoansYearFiveOriginatedFourYearsBeforeCurrentFiscalYear
0.0777
CY2020Q3 ax Financing Receivable Ratio Of Grade Class To Gross Loans Originated More Than Five Years Before Current Fiscal Year
FinancingReceivableRatioOfGradeClassToGrossLoansOriginatedMoreThanFiveYearsBeforeCurrentFiscalYear
0.1229
CY2020Q3 ax Financing Receivable Ratio Of Grade Class To Gross Loans Revolving
FinancingReceivableRatioOfGradeClassToGrossLoansRevolving
0.1263
CY2020Q3 ax Financing Receivable Ratio Of Grade Class To Gross Loans Revolving Converted To Term Loan
FinancingReceivableRatioOfGradeClassToGrossLoansRevolvingConvertedToTermLoan
0.0116
CY2020Q3 ax Financing Receivable Ratio Of Grade Class To Gross Loans
FinancingReceivableRatioOfGradeClassToGrossLoans
1.000
CY2020Q3 us-gaap Financing Receivable Recorded Investment Past Due
FinancingReceivableRecordedInvestmentPastDue
198658000 USD
CY2020Q3 ax Financing Receivable Recorded Investment Past Due As A Percent Of Gross Loans
FinancingReceivableRecordedInvestmentPastDueAsAPercentOfGrossLoans
0.0180
CY2020Q2 us-gaap Financing Receivable Recorded Investment Past Due
FinancingReceivableRecordedInvestmentPastDue
122355000 USD
CY2020Q2 ax Financing Receivable Recorded Investment Past Due As A Percent Of Gross Loans
FinancingReceivableRecordedInvestmentPastDueAsAPercentOfGrossLoans
0.0113
CY2020Q2 us-gaap Financing Receivable Allowance For Credit Losses
FinancingReceivableAllowanceForCreditLosses
75807000 USD
CY2020Q2 us-gaap Off Balance Sheet Credit Loss Liability
OffBalanceSheetCreditLossLiability
323000 USD
CY2020Q2 ax Financing Receivable And Off Balance Sheet Liability Allowance For Credit Loss
FinancingReceivableAndOffBalanceSheetLiabilityAllowanceForCreditLoss
76130000 USD
CY2020Q3 us-gaap Provision For Loan Losses Expensed
ProvisionForLoanLossesExpensed
11800000 USD
CY2020Q3 us-gaap Off Balance Sheet Credit Loss Liability Credit Loss Expense Reversal
OffBalanceSheetCreditLossLiabilityCreditLossExpenseReversal
700000 USD
CY2020Q3 ax Financing Receivable And Off Balance Sheet Liability Credit Loss Expense Reversal
FinancingReceivableAndOffBalanceSheetLiabilityCreditLossExpenseReversal
12500000 USD
CY2020Q3 us-gaap Financing Receivable Allowance For Credit Losses Write Offs
FinancingReceivableAllowanceForCreditLossesWriteOffs
2438000 USD
CY2020Q3 ax Off Balance Sheet Credit Loss Liability Writeoff
OffBalanceSheetCreditLossLiabilityWriteoff
0 USD
CY2020Q3 ax Financing Receivable And Off Balance Sheet Liability Allowance For Credit Loss Writeoff
FinancingReceivableAndOffBalanceSheetLiabilityAllowanceForCreditLossWriteoff
2438000 USD
CY2020Q3 us-gaap Financing Receivable Allowance For Credit Losses Recovery
FinancingReceivableAllowanceForCreditLossesRecovery
446000 USD
CY2020Q3 ax Off Balance Sheet Credit Loss Liability Recovery
OffBalanceSheetCreditLossLiabilityRecovery
0 USD
CY2020Q3 ax Financing Receivable And Off Balance Sheet Liability Allowance For Credit Loss Recovery
FinancingReceivableAndOffBalanceSheetLiabilityAllowanceForCreditLossRecovery
446000 USD
CY2020Q3 us-gaap Financing Receivable Allowance For Credit Losses
FinancingReceivableAllowanceForCreditLosses
132915000 USD
CY2020Q3 us-gaap Off Balance Sheet Credit Loss Liability
OffBalanceSheetCreditLossLiability
6723000 USD
CY2020Q3 ax Financing Receivable And Off Balance Sheet Liability Allowance For Credit Loss
FinancingReceivableAndOffBalanceSheetLiabilityAllowanceForCreditLoss
139638000 USD
CY2019Q2 us-gaap Financing Receivable Allowance For Credit Losses
FinancingReceivableAllowanceForCreditLosses
57085000 USD
CY2019Q2 us-gaap Off Balance Sheet Credit Loss Liability
OffBalanceSheetCreditLossLiability
227000 USD
CY2019Q2 ax Financing Receivable And Off Balance Sheet Liability Allowance For Credit Loss
FinancingReceivableAndOffBalanceSheetLiabilityAllowanceForCreditLoss
57312000 USD
CY2019Q3 us-gaap Provision For Loan Losses Expensed
ProvisionForLoanLossesExpensed
2700000 USD
CY2019Q3 us-gaap Off Balance Sheet Credit Loss Liability Credit Loss Expense Reversal
OffBalanceSheetCreditLossLiabilityCreditLossExpenseReversal
0 USD
CY2019Q3 ax Financing Receivable And Off Balance Sheet Liability Credit Loss Expense Reversal
FinancingReceivableAndOffBalanceSheetLiabilityCreditLossExpenseReversal
2700000 USD
CY2019Q3 us-gaap Financing Receivable Allowance For Credit Losses Write Offs
FinancingReceivableAllowanceForCreditLossesWriteOffs
1077000 USD
CY2019Q3 ax Off Balance Sheet Credit Loss Liability Writeoff
OffBalanceSheetCreditLossLiabilityWriteoff
0 USD
CY2019Q3 ax Financing Receivable And Off Balance Sheet Liability Allowance For Credit Loss Writeoff
FinancingReceivableAndOffBalanceSheetLiabilityAllowanceForCreditLossWriteoff
1077000 USD
CY2019Q3 us-gaap Financing Receivable Allowance For Credit Losses Recovery
FinancingReceivableAllowanceForCreditLossesRecovery
519000 USD
CY2019Q3 ax Off Balance Sheet Credit Loss Liability Recovery
OffBalanceSheetCreditLossLiabilityRecovery
0 USD
CY2019Q3 ax Financing Receivable And Off Balance Sheet Liability Allowance For Credit Loss Recovery
FinancingReceivableAndOffBalanceSheetLiabilityAllowanceForCreditLossRecovery
519000 USD
CY2019Q3 us-gaap Financing Receivable Allowance For Credit Losses
FinancingReceivableAllowanceForCreditLosses
59227000 USD
CY2019Q3 us-gaap Off Balance Sheet Credit Loss Liability
OffBalanceSheetCreditLossLiability
227000 USD
CY2019Q3 ax Financing Receivable And Off Balance Sheet Liability Allowance For Credit Loss
FinancingReceivableAndOffBalanceSheetLiabilityAllowanceForCreditLoss
59454000 USD
CY2020Q3 us-gaap Net Income Loss
NetIncomeLoss
53022000 USD
CY2019Q3 us-gaap Net Income Loss
NetIncomeLoss
40786000 USD
CY2020Q3 us-gaap Dividends Preferred Stock
DividendsPreferredStock
77000 USD
CY2019Q3 us-gaap Dividends Preferred Stock
DividendsPreferredStock
77000 USD
CY2020Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
52945000 USD
CY2019Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
40709000 USD
CY2020Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
59509320 shares
CY2019Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
61246664 shares
CY2020Q3 ax Qualifying Shares Basic
QualifyingSharesBasic
59509320 shares
CY2019Q3 ax Qualifying Shares Basic
QualifyingSharesBasic
61246664 shares
CY2020Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.89
CY2019Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.66
CY2020Q3 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
52945000 USD
CY2019Q3 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
40709000 USD
CY2020Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
59509320 shares
CY2019Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
61246664 shares
CY2020Q3 ax Dilutive Common Shares Issued And Outstanding
DilutiveCommonSharesIssuedAndOutstanding
59926784 shares
CY2019Q3 ax Dilutive Common Shares Issued And Outstanding
DilutiveCommonSharesIssuedAndOutstanding
61779525 shares
CY2020Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.88
CY2019Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.66
CY2020Q3 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
7043000 USD
CY2020Q3 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
9548000 USD
CY2020Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
9820000 USD
CY2020Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
9422000 USD
CY2020Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
8791000 USD
CY2020Q3 ax Lessee Operating Lease Liability To Be Paid After Year Four
LesseeOperatingLeaseLiabilityToBePaidAfterYearFour
41968000 USD
CY2020Q3 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
86592000 USD
CY2020Q3 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
11030000 USD
CY2020Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
75562000 USD
CY2015Q4 us-gaap Loss Contingency New Claims Filed Number
LossContingencyNewClaimsFiledNumber
2 claim
CY2017Q3 us-gaap Loss Contingency Pending Claims Number
LossContingencyPendingClaimsNumber
6 claim
CY2020Q3 ax Loss Contingency Pending Claims Consolidated Number
LossContingencyPendingClaimsConsolidatedNumber
4 claim
CY2015Q4 us-gaap Loss Contingency New Claims Filed Number
LossContingencyNewClaimsFiledNumber
2 claim
CY2020Q3 ax Loans And Leases Receivable Related Parties Number Of Loans Additions
LoansAndLeasesReceivableRelatedPartiesNumberOfLoansAdditions
2 loan
CY2020Q3 us-gaap Loans And Leases Receivable Related Parties Additions
LoansAndLeasesReceivableRelatedPartiesAdditions
1000000.0 USD
CY2020Q3 ax Loansand Leases Receivable Related Parties Numberof Loans Refinances
LoansandLeasesReceivableRelatedPartiesNumberofLoansRefinances
0 loan
CY2019Q3 ax Loans And Leases Receivable Related Parties Number Of Loans Additions
LoansAndLeasesReceivableRelatedPartiesNumberOfLoansAdditions
1 loan
CY2019Q3 us-gaap Loans And Leases Receivable Related Parties Additions
LoansAndLeasesReceivableRelatedPartiesAdditions
550000 USD
CY2019Q3 ax Loansand Leases Receivable Related Parties Numberof Loans Refinances
LoansandLeasesReceivableRelatedPartiesNumberofLoansRefinances
0 loan
CY2020Q3 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
2 segment
CY2020Q3 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
2 segment
CY2020Q3 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
127327000 USD
CY2020Q3 us-gaap Provision For Loan Losses Expensed
ProvisionForLoanLossesExpensed
11800000 USD
CY2020Q3 us-gaap Noninterest Income
NoninterestIncome
35855000 USD
CY2020Q3 us-gaap Noninterest Expense
NoninterestExpense
75546000 USD
CY2020Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
75836000 USD
CY2019Q3 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
103303000 USD
CY2019Q3 us-gaap Provision For Loan Losses Expensed
ProvisionForLoanLossesExpensed
2700000 USD
CY2019Q3 us-gaap Noninterest Income
NoninterestIncome
21536000 USD
CY2019Q3 us-gaap Noninterest Expense
NoninterestExpense
65467000 USD
CY2019Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
56672000 USD
CY2020Q3 us-gaap Goodwill
Goodwill
71222000 USD
CY2020Q3 us-gaap Assets
Assets
13382238000 USD
CY2020Q2 us-gaap Goodwill
Goodwill
71222000 USD
CY2020Q2 us-gaap Assets
Assets
13851900000 USD

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