XML 38 R28.htm IDEA: XBRL DOCUMENT v3.21.2

FAIR VALUES OF FINANCIAL INSTRUMENTS (Tables)

9 Months Ended

Sep. 30, 2021

Fair Value Disclosures [Abstract]

Fair Value Assets Measured on a Recurring Basis

The following table presents our financial assets and liabilities measured at fair value on a recurring basis as of the dates indicated:

												Fair Value Measurement Level
($ in thousands)						Carrying Value						Quoted Prices in Active Markets for Identical Assets (Level 1)						Significant Other Observable Inputs (Level 2)						Significant Unobservable Inputs (Level 3)
September 30, 2021
Assets
Securities available-for-sale:
SBA loan pools securities						$	15,421					$	—					$	15,421					$	—
U.S. government agency and U.S. government sponsored enterprise residential mortgage-backed securities						193,286						—						193,286						—
U.S. government agency and U.S. government sponsored enterprise collateralized mortgage obligations						255,305						—						255,305						—
Municipal securities						120,417						—						120,417						—
Non-agency residential mortgage-backed securities						154						—						154						—
Collateralized loan obligations						549,277						—						549,277						—
Corporate debt securities						169,508						—						169,508						—
Loans held-for-sale, carried at fair value						3,422						—						2,427						995
Derivative assets:
Interest rate swaps (1)						4,495						—						4,495						—
Foreign exchange contracts (1)						173						—						173						—
Liabilities
Derivative liabilities:
Interest rate swaps (2)						4,739						—						4,739						—
Foreign exchange contracts (2)						159						—						159						—
December 31, 2020
Assets
Securities available-for-sale:
SBA loan pools securities						$	17,354					$	—					$	17,354					$	—
U.S. government agency and U.S. government sponsored enterprise residential mortgage-backed securities						106,384						—						106,384						—
U.S. government agency and U.S. government sponsored enterprise collateralized mortgage obligations						211,831						—						211,831						—
Municipal securities						68,623						—						68,623						—
Non-agency residential mortgage-backed securities						160						—						160						—
Collateralized loan obligations						677,785						—						677,785						—
Corporate debt securities						149,294						—						149,294						—
Loans held-for-sale, carried at fair value						1,413						—						468						945
Derivative assets:
Interest rate swaps (1)						7,304						—						7,304						—
Foreign exchange contracts (1)						328						—						328						—
Liabilities
Derivative liabilities:
Interest rate swaps (2)						7,789						—						7,789						—
Foreign exchange contracts (2)						313						—						313						—

(1)Included in other assets in the Consolidated Statements of Financial Condition.

(2)Included in accrued expenses and other liabilities in the Consolidated Statements of Financial Condition.

Fair Value Liabilities Measured on a Recurring Basis

The following table presents our financial assets and liabilities measured at fair value on a recurring basis as of the dates indicated:

												Fair Value Measurement Level
($ in thousands)						Carrying Value						Quoted Prices in Active Markets for Identical Assets (Level 1)						Significant Other Observable Inputs (Level 2)						Significant Unobservable Inputs (Level 3)
September 30, 2021
Assets
Securities available-for-sale:
SBA loan pools securities						$	15,421					$	—					$	15,421					$	—
U.S. government agency and U.S. government sponsored enterprise residential mortgage-backed securities						193,286						—						193,286						—
U.S. government agency and U.S. government sponsored enterprise collateralized mortgage obligations						255,305						—						255,305						—
Municipal securities						120,417						—						120,417						—
Non-agency residential mortgage-backed securities						154						—						154						—
Collateralized loan obligations						549,277						—						549,277						—
Corporate debt securities						169,508						—						169,508						—
Loans held-for-sale, carried at fair value						3,422						—						2,427						995
Derivative assets:
Interest rate swaps (1)						4,495						—						4,495						—
Foreign exchange contracts (1)						173						—						173						—
Liabilities
Derivative liabilities:
Interest rate swaps (2)						4,739						—						4,739						—
Foreign exchange contracts (2)						159						—						159						—
December 31, 2020
Assets
Securities available-for-sale:
SBA loan pools securities						$	17,354					$	—					$	17,354					$	—
U.S. government agency and U.S. government sponsored enterprise residential mortgage-backed securities						106,384						—						106,384						—
U.S. government agency and U.S. government sponsored enterprise collateralized mortgage obligations						211,831						—						211,831						—
Municipal securities						68,623						—						68,623						—
Non-agency residential mortgage-backed securities						160						—						160						—
Collateralized loan obligations						677,785						—						677,785						—
Corporate debt securities						149,294						—						149,294						—
Loans held-for-sale, carried at fair value						1,413						—						468						945
Derivative assets:
Interest rate swaps (1)						7,304						—						7,304						—
Foreign exchange contracts (1)						328						—						328						—
Liabilities
Derivative liabilities:
Interest rate swaps (2)						7,789						—						7,789						—
Foreign exchange contracts (2)						313						—						313						—

(1)Included in other assets in the Consolidated Statements of Financial Condition.

(2)Included in accrued expenses and other liabilities in the Consolidated Statements of Financial Condition.

Reconciliation of Assets Measured at Fair Value on Recurring Basis

The following table presents a reconciliation of assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the periods indicated:

						Three Months Ended September 30,												Nine Months Ended September 30,
($ in thousands)						2021						2020						2021						2020
Loans repurchased from GNMA Loan Pools
Balance at beginning of period						$	941					$	16,685					$	945					$	19,233
Total gains (losses) (realized/unrealized):
Included in earnings—fair value adjustment						57						18						57						(1,351)
Sales, settlements, and other						(3)						(15,320)						(7)						(16,499)
Balance at end of period						$	995					$	1,383					$	995					$	1,383

Fair Value Option of Certain Assets

The following table presents the fair value and aggregate principal balance of certain assets under the fair value option:

						September 30, 2021																		December 31, 2020
($ in thousands)						Fair Value						Unpaid Principal Balance						Difference						Fair Value						Unpaid Principal Balance						Difference
Loans held-for-sale, carried at fair value:
Total loans						$	3,422					$	3,677					$	(255)					$	1,413					$	1,680					$	(267)
Nonaccrual loans (1)						698						747						(49)						654						750						(96)

(1)Includes loans guaranteed by the U.S. government of $189 thousand and $190 thousand at September 30, 2021 and December 31, 2020.

The following table presents changes in fair value related to initial measurement and subsequent changes in fair value included in earnings for these assets measured at fair value for the periods indicated:

						Three Months Ended September 30,												Nine Months Ended September 30,
($ in thousands)						2021						2020						2021						2020
Net gains (losses) from fair value changes:
Fair value adjustment for loans held-for-sale						$	160					$	24					$	180					$	(1,537)

Schedule of Assets and Liabilities Measured on Non-recurring Basis

The following table presents our financial assets and liabilities measured at fair value on a non-recurring basis as of the dates indicated:

												Fair Value Measurement Level
($ in thousands)						Carrying Value						Quoted Prices in Active Markets for Identical Assets (Level 1)						Significant Other Observable Inputs (Level 2)						Significant Unobservable Inputs (Level 3)
September 30, 2021
Assets
Collateral dependent loans:
Single family residential mortgage						$	2,319					$	—					$	—					$	2,319
SBA						3,925						—						—						3,925
December 31, 2020
Assets
Collateral dependent loans:
SBA						$	629					$	—					$	—					$	629

Schedule of Gains and (Losses) Recognized on Assets Measured at Fair Value on Non-recurring Basis

The following table presents the gains (losses) recognized on assets measured at fair value on a non-recurring basis for the periods indicated:

						Three Months Ended September 30,												Nine Months Ended September 30,
($ in thousands)						2021						2020						2021						2020
Collateral dependent loans:
Single family residential mortgage						$	—					$	(191)					$	(211)					$	(169)
Commercial and industrial						—						(2,285)						38						(9,707)
SBA						(1,377)						(533)						(1,886)						(1,722)
Commercial real estate						2						—						(138)						—

Carrying Amounts and Estimated Fair Values of Financial Instruments

Estimated Fair Values of Financial Instruments

The following table presents the carrying amounts and estimated fair values of financial assets and liabilities as of the dates indicated:

						Carrying Amount						Fair Value Measurement Level
($ in thousands)												Level 1						Level 2						Level 3						Total
September 30, 2021
Financial assets
Cash and cash equivalents						$	185,840					$	185,840					$	—					$	—					$	185,840
Securities available-for-sale						1,303,368						—						1,303,368						—						1,303,368
Federal Home Loan Bank and other bank stock						44,604						—						44,604						—						44,604
Loans held-for-sale, carried at fair value						3,422						—						2,427						995						3,422
Loans receivable, net of allowance for credit losses						6,155,051						—						—						6,235,625						6,235,625
Accrued interest receivable						30,546						30,546						—						—						30,546
Derivative assets						4,668						—						4,668						—						4,668
Financial liabilities
Deposits						6,543,225						—						—						6,543,653						6,543,653
Advances from Federal Home Loan Bank						405,738						—						437,111						—						437,111
Other borrowings						100,000						—						100,000						—						100,000
Long-term debt						256,706						—						274,493						—						274,493
Derivative liabilities						4,898						—						4,898						—						4,898
Accrued interest payable						6,645						6,645						—						—						6,645
December 31, 2020
Financial assets
Cash and cash equivalents						$	220,819					$	220,819					$	—					$	—					$	220,819
Securities available-for-sale						1,231,431						—						1,231,431						—						1,231,431
Federal Home Loan Bank and other bank stock						44,506						—						44,506						—						44,506
Loans held-for-sale						1,413						—						468						945						1,413
Loans receivable, net of allowance for credit losses						5,817,375						—						—						5,936,708						5,936,708
Accrued interest receivable						29,445						29,445						—						—						29,445
Derivative assets						7,632						—						7,632						—						7,632
Financial liabilities
Deposits						6,085,800						—						—						6,087,714						6,087,714
Advances from Federal Home Loan Bank						539,795						—						585,416						—						585,416
Long-term debt						256,315						—						273,230						—						273,230
Derivative liabilities						8,102						—						8,102						—						8,102
Accrued interest payable						3,714						3,714						—						—						3,714

X

- Definition

Fair Value, Assets Measured on Nonrecurring Basis, Schedule of Gain (Losses) [Table Text Block]

+ References

No definition available.

+ Details

Name:	banc_FairValueAssetsMeasuredOnNonrecurringBasisScheduleOfGainLossesTableTextBlock
Namespace Prefix:	banc_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of assets and liabilities by class, including financial instruments measured at fair value that are classified in shareholders' equity, if any, that are measured at fair value on a nonrecurring basis in periods after initial recognition (for example, impaired assets). Disclosures may include, but are not limited to: (a) the fair value measurements recorded and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements are categorized in their entirety (levels 1, 2, 3).

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (bbb)
-URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258

+ Details

Name:	us-gaap_FairValueAssetsMeasuredOnNonrecurringBasisTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258

+ Details

Name:	us-gaap_FairValueAssetsMeasuredOnRecurringBasisTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19279-110258

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258

+ Details

Name:	us-gaap_FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=123594938&loc=d3e13467-108611

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258

+ Details

Name:	us-gaap_FairValueByBalanceSheetGroupingTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- References

No definition available.

+ Details

Name:	us-gaap_FairValueDisclosuresAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). Where the quoted price in an active market for the identical liability is not available, the Level 1 input is the quoted price of an identical liability when traded as an asset.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258

+ Details

Name:	us-gaap_FairValueLiabilitiesMeasuredOnRecurringBasisTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of information about asset and liability measured at fair value under fair value option.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=123596393&loc=d3e14210-108612

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 30
-URI http://asc.fasb.org/extlink&oid=123596393&loc=d3e14172-108612

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 32
-URI http://asc.fasb.org/extlink&oid=123596393&loc=d3e14217-108612

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 28
-URI http://asc.fasb.org/extlink&oid=123596393&loc=d3e14064-108612

+ Details

Name:	us-gaap_FairValueOptionQuantitativeDisclosuresTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration