XML 34 R20.htm IDEA: XBRL DOCUMENT
v3.22.4

Note 13 - Stockholders' Equity and Earnings Per Share | 12 Months Ended
--- | ---
Dec. 31, 2022
Notes to Financial Statements |
Earnings Per Share [Text Block] | 13. Stockholders’ Equity and Earnings per Share As a bank holding company, the Bancorp’s ability to pay dividends will depend upon the dividends it receives from the Bank and on the income it may generate from any other activities in which it may engage, either directly or through other subsidiaries. Under California banking law, the Bank may not, without regulatory approval, pay a cash dividend that exceeds the lesser of the Bank’s retained earnings or its net income for the last three fiscal years, less any cash distributions made during that period. Under this regulation, the amount of retained earnings available for cash dividends to the Company immediately after December 31, 2022, is restricted to approximately $296.2 million. The amount of retained earnings available for cash dividends is restricted to approximately $207.8 million for December 31,2021. Activity in accumulated other comprehensive income, net of tax, and reclassification out of accumulated other comprehensive income for the years ended December 31, 2022, and 2021 was as follows:
|  | 2022 |  |  | 2021 |
|  | Pre-tax |  |  | Tax expense/ (benefit) |  |  | Net-of-tax |  |  | Pre-tax |  |  | Tax expense/ (benefit) |  |  | Net-of-tax |
Beginning balance, loss, net of tax |  | (In thousands) |
Securities available-for-sale |  |  |  |  |  |  |  |  |  | $ | 211 |  |  |  |  |  |  |  |  |  |  | $ | 12,200 |
Cash flow hedge derivatives |  |  |  |  |  |  |  |  |  |  | (3,276 | ) |  |  |  |  |  |  |  |  |  |  | (6,890 | )
Total |  |  |  |  |  |  |  |  |  | $ | (3,065 | ) |  |  |  |  |  |  |  |  |  | $ | 5,310 |
Net unrealized gains/(losses) arising during the period |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Securities available-for-sale |  | $ | (149,124 | ) |  | $ | (44,081 | ) |  | $ | (105,043 | ) |  | $ | (16,167 | ) |  | $ | (4,779 | ) |  | $ | (11,388 | )
Cash flow hedge derivatives |  |  | 10,864 |  |  |  | 3,211 |  |  |  | 7,653 |  |  |  | 5,131 |  |  |  | 1,517 |  |  |  | 3,614 |
Total |  |  | (138,260 | ) |  |  | (40,870 | ) |  |  | (97,390 | ) |  |  | (11,036 | ) |  |  | (3,262 | ) |  |  | (7,774 | )
Reclassification adjustment for net gains in net income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Securities available-for-sale |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (853 | ) |  |  | (252 | ) |  |  | (601 | )
Cash flow hedge derivatives |  |  | (2,612 | ) |  |  | (772 | ) |  |  | (1,840 | ) |  |  | — |  |  |  | — |  |  |  | — |
Total |  |  | (2,612 | ) |  |  | (772 | ) |  |  | (1,840 | ) |  |  | (853 | ) |  |  | (252 | ) |  |  | (601 | )
Total other comprehensive income/(loss) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Securities available-for-sale |  |  | (149,124 | ) |  |  | (44,081 | ) |  |  | (105,043 | ) |  |  | (17,020 | ) |  |  | (5,031 | ) |  |  | (11,989 | )
Cash flow hedge derivatives |  |  | 8,252 |  |  |  | 2,439 |  |  |  | 5,813 |  |  |  | 5,131 |  |  |  | 1,517 |  |  |  | 3,614 |
Total |  | $ | (140,872 | ) |  | $ | (41,642 | ) |  | $ | (99,230 | ) |  | $ | (11,889 | ) |  | $ | (3,514 | ) |  | $ | (8,375 | )
Ending balance, gain/(loss), net of tax |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Securities available-for-sale |  |  |  |  |  |  |  |  |  | $ | (104,832 | ) |  |  |  |  |  |  |  |  |  | $ | 211 |
Cash flow hedge derivatives |  |  |  |  |  |  |  |  |  |  | 2,537 |  |  |  |  |  |  |  |  |  |  |  | (3,276 | )
Total |  |  |  |  |  |  |  |  |  | $ | (102,295 | ) |  |  |  |  |  |  |  |  |  | $ | (3,065 | )
The Board of Directors of the Bancorp is authorized to issue preferred stock in one or more series and to fix the voting powers, designations, preferences or other rights of the shares of each such class or series and the qualifications, limitations, and restrictions thereon. Any preferred stock issued by the Bancorp may rank prior to the Bancorp common stock as to dividend rights, liquidation preferences, or both, may have full or limited voting rights, and may be convertible into shares of the Bancorp common stock. There are no shares of preferred stock currently issued and outstanding. The following is the reconciliation of the numerators and denominators of the basic and diluted earnings per share computations for the years as indicated:
|  | Year Ended December 31, |
|  | 2022 |  |  | 2021 |  |  | 2020 |
|  |  |  |  |  |  |  |  |  | Per |  |  |  |  |  |  |  |  |  |  | Per |  |  |  |  |  |  |  |  |  |  | Per |
|  | Income |  |  | Shares |  |  | Share |  |  | Income |  |  | Shares |  |  | Share |  |  | Income |  |  | Shares |  |  | Share |
|  | (Numerator) |  |  | (Denominator) |  |  | Amount |  |  | (Numerator) |  |  | (Denominator) |  |  | Amount |  |  | (Numerator) |  |  | (Denominator) |  |  | Amount |
|  | (In thousands, except shares and per share data) |
Net income |  | $ | 360,642 |  |  |  |  |  |  |  |  |  |  | $ | 298,304 |  |  |  |  |  |  |  |  |  |  | $ | 228,860 |  |  |  |  |  |  |  |  |
Basic EPS, income |  | $ | 360,642 |  |  |  | 74,337,265 |  |  | $ | 4.85 |  |  | $ | 298,304 |  |  |  | 78,268,369 |  |  | $ | 3.81 |  |  | $ | 228,860 |  |  |  | 79,584,560 |  |  | $ | 2.88 |
Effect of dilutive stock options and RSU |  |  |  |  |  |  | 327,470 |  |  |  |  |  |  |  |  |  |  |  | 302,269 |  |  |  |  |  |  |  |  |  |  |  | 193,287 |  |  |  |  |
Diluted EPS, income |  | $ | 360,642 |  |  |  | 74,664,735 |  |  | $ | 4.83 |  |  | $ | 298,304 |  |  |  | 78,570,638 |  |  | $ | 3.80 |  |  | $ | 228,860 |  |  |  | 79,777,847 |  |  | $ | 2.87 |

X
- References No definition available. + Details
Name: | us-gaap_DisclosureTextBlockAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for earnings per share. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 3 -URI https://asc.fasb.org/extlink&oid=109243012&loc=SL65017193-207537 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (c) -URI https://asc.fasb.org/extlink&oid=124432515&loc=d3e3550-109257 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -URI https://asc.fasb.org/topic&trid=2144383 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 2 -URI https://asc.fasb.org/extlink&oid=124432515&loc=d3e3630-109257 + Details
Name: | us-gaap_EarningsPerShareTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration