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☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF

Title of each class

Trading Symbol(s)

Name of each exchange  on which registered

Common Stock, par value $0.001 per share

EWBC

The Nasdaq Global Select Market

Yes ☒ No ☐

Yes ☒ No ☐

Large accelerated filer

☒

Accelerated filer

☐

Non-accelerated filer

☐

Smaller reporting company

☐

Emerging growth company

☐

    If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

									Page
PART I — FINANCIAL INFORMATION									3
			Item 1.			Consolidated Financial Statements			3
						Consolidated Balance Sheet (Unaudited)			3
						Consolidated Statement of Income (Unaudited)			4
						Consolidated Statement of Comprehensive Income (Unaudited)			5
						Consolidated Statement of Changes in Stockholders’ Equity (Unaudited)			6
						Consolidated Statement of Cash Flows (Unaudited)			7
						Notes to Consolidated Financial Statements (Unaudited)			9
						1 — Basis of Presentation			9
						2 — Current Accounting Developments and Summary of Significant Accounting Policies			9
						3 — Fair Value Measurement and Fair Value of Financial Instruments			10
						4 — Assets Purchased under Resale Agreements and Sold under Repurchase Agreements			20
						5 — Securities			22
						6 — Derivatives			28
						7 — Loans Receivable and Allowance for Credit Losses			35
						8 — Investments in Qualified Affordable Housing Partnerships, Tax Credit and Other Investments, Net and Variable Interest Entities			45
						9 — Goodwill			47
						10 — Commitments and Contingencies			47
						11 — Stock Compensation Plans			49
						12 — Stockholders’ Equity and Earnings Per Share			51
						13 — Accumulated Other Comprehensive Income (Loss)			51
						14 — Business Segments			52
			Item 2.			Management’s Discussion and Analysis of Financial Condition and Results of Operations			55
			Item 3.			Quantitative and Qualitative Disclosures About Market Risk			97
			Item 4.			Controls and Procedures			97
PART II — OTHER INFORMATION									98
			Item 1.			Legal Proceedings			98
			Item 1A.			Risk Factors			98
			Item 2.			Unregistered Sales of Equity Securities and Use of Proceeds			98
			Item 6.			Exhibits			99
GLOSSARY OF ACRONYMS									100
SIGNATURE									101

						March 31, 2022						December 31, 2021
						(Unaudited)
ASSETS
Cash and due from banks						$	571,571					$	527,317
Interest-bearing cash with banks						3,277,129						3,385,618
Cash and cash equivalents						3,848,700						3,912,935
Interest-bearing deposits with banks						816,125						736,492
Assets purchased under resale agreements (“resale agreements”)						1,956,822						2,353,503
Securities:
Available-for-sale (“AFS”) debt securities, at fair value (amortized cost of $7,091,581 and $10,087,179)						6,729,431						9,965,353
Held-to-maturity (“HTM”) debt securities, at amortized cost (fair value of $2,815,968)						2,997,702						—
Loans held-for-sale						631						635
Loans held-for-investment (net of allowance for loan losses of $545,685 and $541,579)						42,944,997						41,152,202
Investments in qualified affordable housing partnerships, tax credit and other investments, net						607,985						628,263
Premises and equipment (net of accumulated depreciation of $141,422 and $139,358)						95,898						97,302
Goodwill						465,697						465,697
Operating lease right-of-use assets						102,491						98,632
Other assets						1,674,977						1,459,687
TOTAL						$	62,241,456					$	60,870,701
LIABILITIES
Deposits:
Noninterest-bearing						$	24,927,768					$	22,845,464
Interest-bearing						30,010,593						30,505,068
Total deposits						54,938,361						53,350,532
Federal Home Loan Bank (“FHLB”) advances						74,619						249,331
Assets sold under repurchase agreements (“repurchase agreements”)						300,000						300,000
Long-term debt and finance lease liabilities						152,227						151,997
Operating lease liabilities						109,656						105,534
Accrued expenses and other liabilities						963,137						876,089
Total liabilities						56,538,000						55,033,483
COMMITMENTS AND CONTINGENCIES (Note 10)
STOCKHOLDERS’ EQUITY
Common stock, $0.001 par value, 200,000,000 shares authorized; 168,375,288 and 167,790,645 shares issued						168						168
Additional paid-in capital						1,902,874						1,893,557
Retained earnings						4,863,721						4,683,659
Treasury stock, at cost 26,118,768 and 25,882,691 shares						(668,382)						(649,785)
Accumulated other comprehensive loss (“AOCI”), net of tax						(394,925)						(90,381)
Total stockholders’ equity						5,703,456						5,837,218
TOTAL						$	62,241,456					$	60,870,701

						Three Months Ended March 31,
						2022						2021
INTEREST AND DIVIDEND INCOME
Loans receivable, including fees						$	377,110					$	342,008
Debt securities						42,667						29,100
Resale agreements						8,383						6,099
Restricted equity securities						609						547
Interest-bearing cash and deposits with banks						3,260						3,632
Total interest and dividend income						432,029						381,386
INTEREST EXPENSE
Deposits						12,989						21,822
Short-term borrowings						9						42
FHLB advances						578						3,069
Repurchase agreements						2,016						1,978
Long-term debt and finance lease liabilities						824						780
Total interest expense						16,416						27,691
Net interest income before provision for credit losses						415,613						353,695
Provision for credit losses						8,000						—
Net interest income after provision for credit losses						407,613						353,695
NONINTEREST INCOME
Lending fees						19,438						18,357
Deposit account fees						20,315						15,383
Interest rate contracts and other derivative income						11,133						16,997
Foreign exchange income						12,699						9,526
Wealth management fees						6,052						6,911
Net gains on sales of loans						2,922						1,781
Gains on sales of AFS debt securities						1,278						192
Other investment income						1,627						925
Other income						4,279						2,794
Total noninterest income						79,743						72,866
NONINTEREST EXPENSE
Compensation and employee benefits						116,269						107,808
Occupancy and equipment expense						15,464						15,922
Deposit insurance premiums and regulatory assessments						4,717						3,876
Deposit account expense						4,693						3,892
Data processing						3,665						4,478
Computer software expense						7,294						7,159
Consulting expense						1,833						1,475
Legal expense						718						1,502
Other operating expense						20,897						19,607
Amortization of tax credit and other investments						13,900						25,358
Total noninterest expense						189,450						191,077
INCOME BEFORE INCOME TAXES						297,906						235,484
INCOME TAX EXPENSE						60,254						30,490
NET INCOME						$	237,652					$	204,994
EARNINGS PER SHARE (“EPS”)
BASIC						$	1.67					$	1.45
DILUTED						$	1.66					$	1.44
WEIGHTED-AVERAGE NUMBER OF SHARES OUTSTANDING
BASIC						142,025						141,646
DILUTED						143,223						142,844

						Three Months Ended March 31,
						2022						2021
Net income						$	237,652					$	204,994
Other comprehensive (loss) income, net of tax:
Net changes in unrealized losses on AFS debt securities						(169,270)						(133,448)
Net changes in unrealized losses on securities transferred from AFS to HTM						(110,680)						—
Net changes in unrealized (losses) gains on cash flow hedges						(24,723)						432
Foreign currency translation adjustments						129						(1,349)
Other comprehensive loss						(304,544)						(134,365)
COMPREHENSIVE (LOSS) INCOME						$	(66,892)					$	70,629

						Common Stock and Additional Paid-in Capital												Retained Earnings						Treasury Stock						AOCI, Net of Tax						Total Stockholders’ Equity
						Shares						Amount
BALANCE, JANUARY 1, 2021						141,565,229						$	1,858,519					$	4,000,414					$	(634,083)					$	44,325					$	5,269,175
Net income						—						—						204,994						—						—						204,994
Other comprehensive loss						—						—						—						—						(134,365)						(134,365)
Issuance of common stock pursuant to various stock compensation plans and agreements						475,733						7,582						—						—						—						7,582
Repurchase of common stock pursuant to various stock compensation plans and agreements						(197,926)						—						—						(14,983)						—						(14,983)
Cash dividends on common stock ($0.33 per share)						—						—						(47,376)						—						—						(47,376)
BALANCE, MARCH 31, 2021						141,843,036						$	1,866,101					$	4,158,032					$	(649,066)					$	(90,040)					$	5,285,027
BALANCE, JANUARY 1, 2022						141,907,954						$	1,893,725					$	4,683,659					$	(649,785)					$	(90,381)					$	5,837,218
Net income						—						—						237,652						—						—						237,652
Other comprehensive loss						—						—						—						—						(304,544)						(304,544)
Issuance of common stock pursuant to various stock compensation plans and agreements						588,114						9,317						—						—						—						9,317
Repurchase of common stock pursuant to various stock compensation plans and agreements						(239,548)						—						—						(18,597)						—						(18,597)
Cash dividends on common stock ($0.40 per share)						—						—						(57,590)						—						—						(57,590)
BALANCE, MARCH 31, 2022						142,256,520						$	1,903,042					$	4,863,721					$	(668,382)					$	(394,925)					$	5,703,456

						Three Months Ended March 31,
						2022						2021
CASH FLOWS FROM OPERATING ACTIVITIES
Net income						$	237,652					$	204,994
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization						26,555						37,490
Amortization of premiums and accretion of discount, net						11,824						5,770
Stock compensation costs						8,433						7,817
Deferred income tax (expense) benefit						(7,083)						224
Provision for credit losses						8,000						—
Net gains on sales of loans						(2,922)						(1,781)
Gains on sales of AFS debt securities						(1,278)						(192)
Loans held-for-sale:
Originations and purchases						(447)						(5,718)
Proceeds from sales and paydowns/payoffs of loans originally classified as held-for-sale						461						7,644
Proceeds from distributions received from equity method investees						3,227						2,505
Net change in accrued interest receivable and other assets						(81,628)						185,503
Net change in accrued expenses and other liabilities						83,042						(101,574)
Other net operating activities						49						20
Total adjustments						48,233						137,708
Net cash provided by operating activities						285,885						342,702
CASH FLOWS FROM INVESTING ACTIVITIES
Net (increase) decrease in:
Investments in qualified affordable housing partnerships, tax credit and other investments						(32,853)						(52,756)
Interest-bearing deposits with banks						(79,633)						67,793
Resale agreements:
Proceeds from paydowns and maturities						554,932						223,952
Purchases						(158,251)						(923,990)
AFS debt securities:
Proceeds from sales						103,945						46,397
Proceeds from repayments, maturities and redemptions						446,301						473,808
Purchases						(746,855)						(2,969,640)
HTM debt securities:
Proceeds from repayments, maturities and redemptions						15,448						—
Loans held-for-investment:
Proceeds from sales of loans originally classified as held-for-investment						135,517						147,115
Purchases						(225,065)						(311,030)
Other changes in loans held-for-investment, net						(1,697,590)						(1,047,557)
Proceeds from distributions received from equity method investees						4,348						2,832
Other net investing activities						(2,758)						(2,870)
Net cash used in investing activities						(1,682,514)						(4,345,946)

						Three Months Ended March 31,
						2022						2021
CASH FLOWS FROM FINANCING ACTIVITIES
Net increase in deposits						1,584,344						4,690,658
Net decrease in short-term borrowings						(31)						(21,143)
FHLB advances:
Proceeds						100						—
Repayment						(175,100)						—
Long-term debt and lease liabilities:
Repayment of long-term debt and lease liabilities						(229)						(315)
Common stock:
Stocks tendered for payment of withholding taxes						(18,597)						(14,983)
Cash dividends paid						(58,900)						(48,213)
Net cash provided by financing activities						1,331,587						4,606,004
Effect of exchange rate changes on cash and cash equivalents						807						(1,598)
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS						(64,235)						601,162
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD						3,912,935						4,017,971
CASH AND CASH EQUIVALENTS, END OF PERIOD						$	3,848,700					$	4,619,133
SUPPLEMENTAL CASH FLOW INFORMATION
Cash paid during the period for:
Interest						$	20,881					$	29,680
Income tax refund						$	581					$	—
Noncash investing and financing activities:
Securities transferred from AFS to HTM debt securities						$	3,010,003					$	—
Loans transferred from held-for-investment to held-for-sale						$	133,217					$	145,872
Loans transferred to other real estate owned (“OREO”) and other foreclosed assets						$	—					$	10,360

Note 1 — Basis of Presentation

East West Bancorp, Inc. (referred to herein on an unconsolidated basis as “East West” and on a consolidated basis as the “Company”) is a registered bank holding company that offers a full range of banking services to individuals and businesses through its subsidiary bank, East West Bank and its subsidiaries (“East West Bank” or the “Bank”). The unaudited interim Consolidated Financial Statements in this Quarterly Report on Form 10-Q (“this Form 10-Q”) include the accounts of East West, East West Bank and East West’s subsidiaries. Intercompany transactions and accounts have been eliminated in consolidation. As of March 31, 2022, East West also has six wholly-owned subsidiaries that are statutory business trusts (the “Trusts”). In accordance with Financial Accounting Standards Board Accounting Standards Codification (“ASC”) Topic 810, Consolidation, the Trusts are not included on the Consolidated Financial Statements.

Note 2 — Current Accounting Developments and Summary of Significant Accounting Policies

Recent Accounting Pronouncements

Standard			Required Date of Adoption			Description			Effect on Financial Statements
Standards Not Yet Adopted
Accounting Standards Update (“ASU”) 2022-02, Financial Instruments - Credit Losses (Topic 326): Trouble Debt Restructurings and the Vintage Disclosures			January 1, 2023			ASU 2022-02 eliminates the troubled debt restructuring (“TDRs”) accounting model for creditors and requires companies to apply the general loan modification guidance under ASC 310-20-35-9 through 35-11 to determine whether a modification made to a borrower results in a new loan or a continuation of the existing loan. In addition, companies are no longer required to use a discounted cash flow method to measure the allowance for credit losses as a result of a modification or restructuring with a borrower experiencing financial difficulty. The guidance also introduces new disclosure requirements related to restructuring of financing receivables made to debtors experiencing financial difficulty, and requires public companies to prospectively begin disclosing current-period gross write-off information by year of origination in the vintage disclosures.			The Company does not expect the adoption of this guidance to have a material impact on the Company’s Consolidated Financial Statements. The Company expects to adopt ASU 2022-02 on January 1, 2023.

Transfer between Categories of Debt Securities — Upon transfer of a debt security from the AFS to HTM category, the security’s new amortized cost is reset to fair value, reduced by any previous write-offs but excluding any allowance for credit losses. Unrealized gains or losses at the date of transfer of these securities continue to be reported in AOCI and are amortized into interest income over the remaining life of the securities as effective yield adjustments, in a manner consistent with the amortization or accretion of the original purchase premium or discount on the associated security. For transfers of securities from the AFS to HTM category, any allowance for credit losses that was previously recorded under the AFS model is reversed and an allowance for credit losses is subsequently recorded under the HTM debt security model. The reversal and re-establishment of the allowance for credit losses are recorded in provision for credit losses.

Held-to-Maturity Debt Securities — Debt securities that the Company has the intent and ability to hold until maturity are classified as HTM and are carried at amortized cost, net of allowance for credit losses. HTM debt securities are generally placed on nonaccrual status using factors similar to those described for loans. The amortized cost of the Company’s HTM debt securities excludes accrued interest, which is included in Other assets on the Consolidated Balance Sheet. The Company has made an accounting policy election not to recognize an allowance for credit losses for accrued interest receivables on HTM debt securities, as the Company reverses any accrued interest against interest income if a debt security is placed on nonaccrual status. Any cash collected on nonaccrual HTM securities is applied to reduce the security’s amortized cost basis and not as interest income. Generally, the Company returns an HTM security to accrual status when all delinquent interest and principal become current under the contractual terms of the security, and the collectability of remaining principal and interest is no longer doubtful.

Allowance for Credit Losses on Held-to-Maturity Debt Securities — For each major HTM debt security type, the allowance for credit losses is estimated collectively for groups of securities with similar risk characteristics. For securities that do not share similar risk characteristics, the losses are estimated individually. Debt securities that are either guaranteed or issued by the U.S. government or government-sponsored enterprises, are highly rated by major rating agencies, and have a long history of no credit losses are an example of such securities to which the Company applies a zero credit loss assumption. Any expected credit loss is provided through the allowance for credit losses on HTM debt securities and deducted from the amortized cost basis of the security, so that the balance sheet reflects the net amount the Company expects to collect.

Note 3 — Fair Value Measurement and Fair Value of Financial Instruments

•Level 1 — Valuation is based on quoted prices for identical instruments traded in active markets.

•Level 2 — Valuation is based on quoted prices for similar instruments traded in active markets; quoted prices for identical or similar instruments traded in markets that are not active; and model-derived valuations whose inputs are observable and can be corroborated by market data.

•Level 3 — Valuation is based on significant unobservable inputs for determining the fair value of assets or liabilities. These significant unobservable inputs reflect assumptions that market participants may use in pricing the assets or liabilities.

Available-for-Sale Debt Securities — The fair value of AFS debt securities is generally determined by independent external pricing service providers who have experience in valuing these securities or by taking the average quoted market prices obtained from independent external brokers. The valuations provided by the third-party pricing service providers are based on observable market inputs, which include benchmark yields, reported trades, issuer spreads, benchmark securities, bids, offers, prepayment expectation and reference data obtained from market research publications. Inputs used by the third-party pricing service providers in valuing collateralized mortgage obligations and other securitization structures also include new issue data, monthly payment information, whole loan collateral performance, tranche evaluation and “To Be Announced” prices. In valuing securities issued by state and political subdivisions, inputs used by third-party pricing service providers also include material event notices.

Equity Securities — Equity securities consisted of mutual funds as of both March 31, 2022 and December 31, 2021. The Company invested in these mutual funds for Community Reinvestment Act (“CRA”) purposes. The Company uses net asset value (“NAV”) information to determine the fair value of these equity securities. When NAV is available periodically and the equity securities can be put back to the transfer agents at the publicly available NAV, the fair value of the equity securities is classified as Level 1. When NAV is available periodically but the equity securities may not be readily marketable at its periodic NAV in the secondary market, the fair value of these equity securities is classified as Level 2.

Interest Rate Contracts — The Company enters into interest rate swap and option contracts that are not designated as hedging instruments with its borrowers to lock in attractive intermediate and long-term interest rates, resulting in the customer obtaining a synthetic fixed-rate loan. To economically hedge against the interest rate risks in the products offered to its customers, the Company enters into mirrored offsetting interest rate contracts with third-party financial institutions. The Company also enters into interest rate swap contracts with institutional counterparties to hedge against certain variable interest rate borrowings and variable interest rate loans. These interest rate swap contracts with institutional counterparties were designated as cash flow hedges. The fair value of the interest rate swaps is determined using the market standard methodology of netting the discounted future fixed cash payments (or receipts) and the discounted expected variable cash receipts (or payments). The fair value of the interest rate options, which consist of floors and caps, is determined using the market standard methodology of discounting the future expected cash receipts that would occur if variable interest rates fall below (rise above) the strike rate of the floors (caps). In addition, to comply with the provisions of ASC 820, Fair Value Measurement, the Company incorporates credit valuation adjustments to appropriately reflect both its own and the respective counterparty’s nonperformance risk in the fair value measurements of its derivatives. The credit valuation adjustments associated with the Company’s derivatives utilize model-derived credit spreads, which are Level 3 inputs. Considering the observable nature of all other significant inputs utilized, the Company classifies these derivative instruments as Level 2.

Foreign Exchange Contracts — The Company enters into foreign exchange contracts to accommodate the business needs of its customers. For a majority of the foreign exchange contracts with its customers, the Company entered into offsetting foreign exchange contracts with third-party financial institutions to manage its exposure. The Company also utilizes foreign exchange contracts that are not designated as hedging instruments to mitigate the economic effect of fluctuations in certain foreign currency on-balance sheet assets and liabilities, primarily foreign currency denominated deposits that it offers to its customers. The fair value of foreign exchange contracts is determined at each reporting period based on changes in the foreign exchange rates. These are over-the-counter contracts where quoted market prices are not readily available. Valuation is measured using conventional valuation methodologies with observable market data. Due to the short-term nature of the majority of these contracts, the counterparties’ credit risks are considered nominal and result in no adjustments to the valuation of the foreign exchange contracts. Due to the observable nature of the inputs used in deriving the fair value of these contracts, the valuation of foreign exchange contracts is classified as Level 2. As of March 31, 2022 and December 31, 2021, the Bank held foreign currency non-deliverable forward contracts to hedge its net investment in its China subsidiary, East West Bank (China) Limited, a non-U.S. dollar (“USD”) functional currency subsidiary in China. These foreign currency non-deliverable forward contracts were designated as net investment hedges. The fair value of foreign currency non-deliverable forward contracts is determined by comparing the contracted foreign exchange rate to the current market foreign exchange rate. Key inputs of the current market exchange rate include spot rates and forward rates of the contractual currencies. Foreign exchange forward curves are used to determine which forward rate pertains to a specific maturity. Due to the observable nature of the inputs used in deriving the estimated fair value, these instruments are classified as Level 2.

Credit Contracts — The Company may periodically enter into credit risk participation agreements (“RPAs”) to manage the credit exposure on interest rate contracts associated with the syndicated loans. The Company may enter into protection sold or protection purchased RPAs with institutional counterparties. The fair value of RPAs is calculated by determining the total expected asset or liability exposure of the derivatives to the borrowers and applying the borrowers’ credit spread to that exposure. Total expected exposure incorporates both the current and potential future exposure of the derivatives, derived from using observable inputs, such as yield curves and volatilities. Since the majority of the inputs used to value the RPAs are observable, RPAs are classified as Level 2.

Equity Contracts — As part of the loan origination process, the Company periodically obtains warrants to purchase preferred and/or common stock of technology and life sciences companies to which it provides loans. As of March 31, 2022 and December 31, 2021, the warrants included on the Consolidated Financial Statements were from both public and private companies. The Company values these warrants based on the Black-Scholes option pricing model. For warrants from public companies, the model uses the underlying stock price, stated strike price, warrant expiration date, risk-free interest rate based on a duration-matched U.S. Treasury rate, and market-observable company-specific option volatility as inputs to value the warrants. Due to the observable nature of the inputs used in deriving the estimated fair value, warrants from public companies are classified as Level 2. For warrants from private companies, the model uses inputs such as the offering price observed in the most recent round of funding, stated strike price, warrant expiration date, risk-free interest rate based on duration-matched U.S. Treasury rate and option volatility. The Company applies proxy volatilities based on the industry sectors of the private companies. The model values are then adjusted for a general lack of liquidity due to the private nature of the underlying companies. Since both option volatility and liquidity discount assumptions are subject to management’s judgment, measurement uncertainty is inherent in the valuation of private company warrants. Due to the unobservable nature of the option volatility and liquidity discount assumptions used in deriving the estimated fair value, warrants from private companies are classified as Level 3. On a quarterly basis, the changes in the fair value of warrants from private companies are reviewed for reasonableness, and a measurement of uncertainty analysis on the option volatility and liquidity discount assumptions is performed.

Commodity Contracts — The Company enters into energy commodity contracts in the form of swaps and options with its oil and gas loan customers to allow them to hedge against the risk of fluctuation in energy commodity prices. The fair value of the commodity option contracts is determined using the Black-Scholes model and assumptions that include expectations of future commodity price and volatility. The future commodity contract price is derived from observable inputs such as the market price of the commodity. Commodity swaps are structured as an exchange of fixed cash flows for floating cash flows. The fair value of the commodity swaps is determined using the market standard methodology of netting the discounted future fixed cash payments (or receipts) and the discounted expected variable cash receipts (or payments) based on the market prices of the commodity. The fixed cash flows are predetermined based on the known volumes and fixed price as specified in the swap agreement. The floating cash flows are correlated with the change of forward commodity prices, which is derived from market corroborated futures settlement prices. As a result, the Company classifies these derivative instruments as Level 2 due to the observable nature of the significant inputs utilized.

($ in thousands)						Assets and Liabilities Measured at Fair Value on a Recurring Basis as of March 31, 2022
						Quoted Prices in Active Markets for Identical Assets (Level 1)						Significant Other Observable Inputs (Level 2)						Significant Unobservable Inputs (Level 3)						Total Fair Value
AFS debt securities:
U.S. Treasury securities						$	637,974					$	—					$	—					$	637,974
U.S. government agency and U.S. government-sponsored enterprise debt securities						—						304,395						—						304,395
U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities:
Commercial mortgage-backed securities						—						600,323						—						600,323
Residential mortgage-backed securities						—						2,068,485						—						2,068,485
Municipal securities						—						298,659						—						298,659
Non-agency mortgage-backed securities:
Commercial mortgage-backed securities						—						445,325						—						445,325
Residential mortgage-backed securities						—						806,782						—						806,782
Corporate debt securities						—						630,512						—						630,512
Foreign government bonds						—						253,811						—						253,811
Asset-backed securities						—						71,362						—						71,362
Collateralized loan obligations (“CLOs”)						—						611,803						—						611,803
Total AFS debt securities						$	637,974					$	6,091,457					$	—					$	6,729,431
Investments in tax credit and other investments:
Equity securities						$	21,137					$	4,357					$	—					$	25,494
Total investments in tax credit and other investments						$	21,137					$	4,357					$	—					$	25,494
Derivative assets:
Interest rate contracts						$	—					$	188,101					$	—					$	188,101
Foreign exchange contracts						—						16,122						—						16,122
Equity contracts						—						5						309						314
Commodity contracts						—						484,563						—						484,563
Gross derivative assets						$	—					$	688,791					$	309					$	689,100
Netting adjustments (1)						$	—					$	(190,316)					$	—					$	(190,316)
Net derivative assets						$	—					$	498,475					$	309					$	498,784
Derivative liabilities:
Interest rate contracts						$	—					$	236,569					$	—					$	236,569
Foreign exchange contracts						—						12,035						—						12,035
Credit contracts						—						67						—						67
Commodity contracts						—						443,358						—						443,358
Gross derivative liabilities						$	—					$	692,029					$	—					$	692,029
Netting adjustments (1)						$	—					$	(435,081)					$	—					$	(435,081)
Net derivative liabilities						$	—					$	256,948					$	—					$	256,948

($ in thousands)						Assets and Liabilities Measured at Fair Value on a Recurring Basis as of December 31, 2021
						Quoted Prices in Active Markets for Identical Assets (Level 1)						Significant Other Observable Inputs (Level 2)						Significant Unobservable Inputs (Level 3)						Total Fair Value
AFS debt securities:
U.S. Treasury securities						$	1,032,681					$	—					$	—					$	1,032,681
U.S. government agency and U.S. government-sponsored enterprise debt securities						—						1,301,971						—						1,301,971
U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities:
Commercial mortgage-backed securities						—						1,228,980						—						1,228,980
Residential mortgage-backed securities						—						2,928,283						—						2,928,283
Municipal securities						—						523,158						—						523,158
Non-agency mortgage-backed securities:
Commercial mortgage-backed securities						—						496,443						—						496,443
Residential mortgage-backed securities						—						881,931						—						881,931
Corporate debt securities						—						649,665						—						649,665
Foreign government bonds						—						257,733						—						257,733
Asset-backed securities						—						74,558						—						74,558
CLOs						—						589,950						—						589,950
Total AFS debt securities						$	1,032,681					$	8,932,672					$	—					$	9,965,353
Investments in tax credit and other investments:
Equity securities						$	22,130					$	4,474					$	—					$	26,604
Total investments in tax credit and other investments						$	22,130					$	4,474					$	—					$	26,604
Derivative assets:
Interest rate contracts						$	—					$	240,222					$	—					$	240,222
Foreign exchange contracts						—						21,033						—						21,033
Equity contracts						—						5						215						220
Commodity contracts						—						222,709						—						222,709
Gross derivative assets						$	—					$	483,969					$	215					$	484,184
Netting adjustments (1)						$	—					$	(100,953)					$	—					$	(100,953)
Net derivative assets						$	—					$	383,016					$	215					$	383,231
Derivative liabilities:
Interest rate contracts						$	—					$	179,962					$	—					$	179,962
Foreign exchange contracts						—						15,501						—						15,501
Credit contracts						—						141						—						141
Commodity contracts						—						194,567						—						194,567
Gross derivative liabilities						$	—					$	390,171					$	—					$	390,171
Netting adjustments (1)						$	—					$	(232,727)					$	—					$	(232,727)
Net derivative liabilities						$	—					$	157,444					$	—					$	157,444

(1)Represents balance sheet netting of derivative assets and liabilities and related cash collateral under master netting agreements or similar agreements. See Note 6 — Derivatives to the Consolidated Financial Statements in this Form 10-Q for additional information.

($ in thousands)						Three Months Ended March 31,
						2022						2021
Equity contracts
Beginning balance						$	215					$	273
Total gains (losses) included in earnings (1)						3						(1)
Issuances						91						—
Ending balance						$	309					$	272

(1)Includes unrealized gains (losses) recorded in Lending fees on the Consolidated Statement of Income.

($ in thousands)						Fair Value Measurements (Level 3)						Valuation Technique						Unobservable Inputs						Range of Inputs						Weighted- Average of Inputs (1)
March 31, 2022
Derivative assets:
Equity contracts						$	309					Black-Scholes option pricing model						Equity volatility						41% — 57%						48%
																		Liquidity discount						47%						47%
December 31, 2021
Derivative assets:
Equity contracts						$	215					Black-Scholes option pricing model						Equity volatility						44% — 54%						49%
																		Liquidity discount						47%						47%

(1)Weighted-average of inputs is calculated based on the fair value of equity contracts as of March 31, 2022 and December 31, 2021.

Individually Evaluated Loans Held-For-Investment — Individually evaluated loans held-for-investment are classified as Level 3 assets. The following two methods are used to derive the fair value of individually evaluated loans held-for-investment:

•Discounted cash flow valuation techniques that consist of developing an expected stream of cash flows over the life of the loans, and then calculating the present value of the loans by discounting the expected cash flows at a designated discount rate.

•When the repayment of an individually evaluated loan is dependent on the sale of the collateral, the fair value of the loan is determined based on the fair value of the underlying collateral, which may take the form of real estate, inventory, equipment, contracts or guarantees. The fair value of the underlying collateral is generally based on third-party appraisals, or an internal valuation if a third-party appraisal is not required by regulations, or unavailable. An internal valuation utilizes one or more valuation techniques such as the income, market and/or cost approaches.

Investments in Qualified Affordable Housing Partnerships, Tax Credit and Other Investments, Net — The Company conducts due diligence on its investments in qualified affordable housing partnerships, tax credit and other investments prior to the initial investment date and through the placed-in-service date. After these investments are either acquired or placed into service, the Company continues its periodic monitoring process to ensure book values are realizable and that there is no significant tax credit recapture risk. This monitoring process includes the quarterly review of the financial statements, the annual review of tax returns of the investment entity, the annual review of the financial statements of the guarantor (if any) and a comparison of the actual performance of the investment against the financial projections prepared at the time when the investment was made. The Company assesses its tax credit and other investments for possible other-than-temporary impairment (“OTTI”) on an annual basis or when events or circumstances suggest that the carrying amount of the investments may not be realizable. These circumstances can include, but are not limited to the following factors:

•expected future cash flows that are less than the carrying amount of the investment;

•changes in the economic, market or technological environment that could adversely affect the investee’s operations; and

•other factors that raise doubt about the investee’s ability to continue as a going concern, such as negative cash flows from operations and the continuing prospects of the underlying operations of the investment.

Other Real Estate Owned — The Company’s OREO represents properties acquired through foreclosure, or through full or partial satisfaction of loans held-for-investment. These OREO properties are recorded at estimated fair value less the costs to sell at the time of foreclosure and at the lower of cost or estimated fair value less the costs to sell subsequent to acquisition. On a monthly basis, the current fair market value of each OREO property is reviewed to ensure that the current carrying value is appropriate. OREO properties are classified as Level 3.

Other Nonperforming Assets — Other nonperforming assets are recorded at fair value upon transfers from loans to foreclosed assets. Subsequently, foreclosed assets are recorded at the lower of carrying value or fair value. Fair value is based on independent market prices, appraised values of the collateral or management’s estimates of the foreclosed asset. The Company records an impairment when the foreclosed asset’s fair value declines below its carrying value. The fair value measurement of other nonperforming assets is classified within one of the three levels in a valuation hierarchy based upon the observability of inputs to the valuation as of the measurement date.

($ in thousands)						Assets Measured at Fair Value on a Nonrecurring Basis as of March 31, 2022
						Quoted Prices in Active Markets for Identical Assets (Level 1)						Significant Other Observable Inputs (Level 2)						Significant Unobservable Inputs (Level 3)						Fair Value Measurements
Loans held-for-investment:
Commercial:
Commercial and industrial (“C&I”)						$	—					$	—					$	78,354					$	78,354
Commercial real estate (“CRE”):
CRE						—						—						24,186						24,186
Total commercial						—						—						102,540						102,540
Consumer:
Residential mortgage:
Home equity lines of credit (“HELOCs”)						—						—						1,097						1,097
Total consumer						—						—						1,097						1,097
Total loans held-for-investment						$	—					$	—					$	103,637					$	103,637