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Dispositions and Held-for-Sale | 12 Months Ended
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Dec. 31, 2017
Dispositions And Held-For-Sale Classification [Abstract] |
Dispositions and Held-for-Sale | Dispositions and Held-for-Sale Dispositions In the first quarter of 2017, the Company completed the sale and leaseback of a commercial property in San Francisco, California for cash consideration of $120.6 million and entered into a leaseback with the buyer for part of the property, consisting of a retail branch and office facilities. The net book value of the property was $31.6 million at the time of the sale, resulting in a pre-tax gain of $85.4 million after considering $3.6 million in selling costs. As the leaseback is an operating lease, $71.7 million of the gain was recognized on the closing date, and $13.7 million was deferred and will be recognized over the term of the lease agreement. The first quarter 2017 diluted EPS impact from the sale of the commercial property was $0.28 per share, net of tax. In the third quarter of 2017, the Company sold the insurance brokerage business of its subsidiary, East West Insurance Services, Inc. (“EWIS”), for $4.3 million, and recorded a pre-tax gain of $3.8 million. The third quarter 2017 diluted EPS impact from the sale of the Company’s insurance brokerage business was $0.02 per share, net of tax. EWIS remains a subsidiary of East West and continues to maintain its insurance broker license. Held-for-Sale The Company reports a business as held-for-sale when management has approved or received approval to sell the business and is committed to a formal plan, the business is available for immediate sale, the business is being actively marketed, the sale is anticipated to occur during the next 12 months and certain other specific criteria are met. A business classified as held-for-sale is recorded at the lower of its carrying amount or estimated fair value less costs to sell. If the carrying amount of the business exceeds its estimated fair value, a loss is recognized. Depreciation and amortization expense is not recorded on the assets of a business after it is classified as held-for-sale. On November 11, 2017, the Bank entered into a Purchase and Assumption Agreement to sell all of its eight Desert Community Bank (“DCB”) branches located in the High Desert area of Southern California, and related assets and liabilities to Flagstar Bank, a wholly-owned subsidiary of Flagstar Bancorp, Inc. All regulatory approvals necessary for this transaction have been received, and the sale is expected to be completed in the first quarter of 2018. DCB is reported under the “Retail Banking” operating segment. The Company determined that this transaction met the criteria for held-for-sale as of December 31, 2017. The branch assets classified as held-for-sale as of December 31, 2017 related to the DCB Purchase and Assumption Agreement were mainly comprised of $78.1 million in loans held-for-sale and $8.0 million in premises and equipment held-for-sale, net. The branch liability held-for-sale was comprised of $605.1 million in deposits held-for-sale as of December 31, 2017.

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