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Section 1: 10-Q (10-Q)

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2020
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (D) OF THE SECURITIES EXCHANGE ACT OF 1934
Commission File Number: 000-50245
 HOPE BANCORP INC
(Exact name of registrant as specified in its charter)

Delaware
 
95-4849715
(State or other jurisdiction of incorporation or organization)
 
(I.R.S. Employer Identification No.)

3200 Wilshire Boulevard, Suite 1400
Los Angeles, California 90010
(Address of principal executives offices, including zip code)
(213) 639-1700
(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:
Common Stock
,
par value $0.001 per share
HOPE
NASDAQ Global Select Market
(Title of class)
(Trading Symbol)
(Name of exchange on which registered)
______________________________________________ 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes      No  
Indicate by check mark whether the registrant has submitted every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).    Yes      No  
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one):
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.    
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes     No  
As of May 6, 2020, there were 123,191,723 shares of Hope Bancorp, Inc. common stock outstanding.




Table of Contents
 
 
 
 
 
 
Page
 
 
 
 
Item 1.
 
 
Consolidated Statements of Financial Condition (Unaudited)
 
Consolidated Statements of Income (Unaudited)
 
Consolidated Statements of Comprehensive Income (Unaudited)
 
Consolidated Statements of Changes in Stockholders’ Equity (Unaudited)
 
Consolidated Statements of Cash Flows (Unaudited)
 
 
 
1. Hope Bancorp, Inc.
 
2. Basis of Presentation
 
3. Earnings Per Share (“EPS”)
 
4. Equity Investments
 
5. Securities Available for Sale
 
6. Loans Receivable and Allowance for Credit Losses
 
7. Leases
 
8. Deposits
 
9. Borrowings
 
10. Subordinated Debentures and Convertible Notes
 
11. Derivative Financial Instruments
 
12. Commitments and Contingencies
 
13. Goodwill, Intangible Assets, and Servicing Assets
 
14. Income Taxes
 
15. Fair Value Measurements
 
16. Stockholders’ Equity
 
17. Stock-Based Compensation
 
18. Regulatory Matters
 
19. Revenue Recognition
 
20. Subsequent Events
 
 
 
Item 2.
Item 3.
Item 4.
 
 
 
 
 
 
Item 1.
LEGAL PROCEEDINGS
Item 1A.
RISK FACTORS
Item 2.
UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
Item 3.
DEFAULTS UPON SENIOR SECURITIES
Item 4.
MINE SAFETY DISCLOSURES
Item 5.
OTHER INFORMATION
Item 6.
EXHIBITS
 
 
 
INDEX TO EXHIBITS
 
 
SIGNATURES


2


Forward-Looking Statements

Certain statements in this Quarterly Report on Form 10-Q may constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements relate to, among other things, expectations regarding the business environment in which we operate, projections of future performance, perceived opportunities in the market, and statements regarding our business strategies, objectives and vision. Forward-looking statements include, but are not limited to, statements preceded by, followed by or that include the words “will,” “believes,” “expects,” “anticipates,” “intends,” “plans,” “projects,” “forecasts,” “estimates” or similar expressions. With respect to any such forward-looking statements, the Company claims the protection provided for in the Private Securities Litigation Reform Act of 1995. These statements involve known and unknown risks, trends, uncertainties, and factors that are beyond the Company’s control or ability to predict. The Company’s actual results, performance or achievements may differ significantly from the results, performance or achievements expressed or implied in any forward-looking statements. The risks and uncertainties include: the COVID-19 pandemic and its impact on our financial position, results of operations, liquidity, and capitalization, liquidity risks; risk of significant non-earning assets, and net credit losses that could occur, particularly in times of weak economic conditions or times of rising interest rates; the failure of or changes to assumptions and estimates underlying the Company’s allowances for credit losses; and regulatory risks associated with current and future regulations. For additional information concerning these and other risk factors, see Part I, Item 1A. Risk Factors contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019 and Item 1A. Risk Factors in this Quarterly Report on Form 10-Q.
The Company does not undertake, and specifically disclaims any obligation, to update any forward-looking statements to reflect the occurrence of events or circumstances after the date of such statements except as required by law.





3


PART I
FINANCIAL INFORMATION

Item 1.
Financial Statements

HOPE BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
 
 
 
 
 
(Unaudited)
 
 
 
March 31,
2020
 
December 31,
2019
ASSETS
(Dollars in thousands, except share data)
Cash and cash equivalents:
 
 
 
Cash and due from banks
$
255,441

 
$
283,130

Interest bearing cash in other banks
546,592

 
415,437

Total cash and cash equivalents
802,033

 
698,567

Interest bearing deposits in other financial institutions
29,162

 
29,162

Securities available for sale, at fair value
1,718,702

 
1,715,987

Equity investments
49,569

 
49,090

Loans held for sale, at the lower of cost or fair value
8,281

 
54,271

Loans receivable, net of allowance for credit losses of $144,923 and $94,144 at March 31, 2020 and December 31, 2019, respectively
12,438,493

 
12,181,863

Other real estate owned (“OREO”), net
23,039

 
24,091

Federal Home Loan Bank (“FHLB”) stock, at cost
18,225

 
19,407

Premises and equipment, net
51,392

 
52,012

Accrued interest receivable
30,450

 
30,772

Deferred tax assets, net
28,911

 
31,663

Customers’ liabilities on acceptances
1,951

 
1,117

Bank owned life insurance (“BOLI”)
76,429

 
76,339

Investments in affordable housing partnerships
80,049

 
82,600

Operating lease right-of-use assets, net
56,696

 
58,593

Goodwill
464,450

 
464,450

Core deposit intangible assets, net
11,302

 
11,833

Servicing assets, net
14,847

 
16,417

Other assets
117,453

 
69,206

Total assets
$
16,021,434

 
$
15,667,440

 
 
 
 
(Continued)


4



HOPE BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
 
 
 
 
 
(Unaudited)
 
 
 
March 31,
2020
 
December 31,
2019
LIABILITIES AND STOCKHOLDERS’ EQUITY
(Dollars in thousands, except share data)
LIABILITIES:
 
 
 
Deposits:
 
 
 
Noninterest bearing
$
3,010,143

 
$
3,108,687

Interest bearing:
 
 
 
Money market and NOW accounts
4,851,000

 
3,985,556

Savings deposits
272,577

 
274,151

Time deposits
4,702,847

 
5,158,970

Total deposits
12,836,567

 
12,527,364

FHLB advances
675,000

 
625,000

Convertible notes, net
200,716

 
199,458

Subordinated debentures, net
103,318


103,035

Accrued interest payable
30,436

 
33,810

Acceptances outstanding
1,951

 
1,117

Operating lease liabilities
58,827

 
60,506

Commitments to fund investments in affordable housing partnerships
20,688

 
28,481

Other liabilities
75,843

 
52,658

Total liabilities
$
14,003,346

 
$
13,631,429

STOCKHOLDERS’ EQUITY:
 
 
 
Common stock, $0.001 par value; authorized 150,000,000 shares at March 31, 2020 and December 31, 2019: issued and outstanding 135,830,985 and 123,169,404 shares, respectively, at March 31, 2020, and issued and outstanding 135,702,090 and 125,756,543 shares, respectively, at December 31, 2019
$
136

 
$
136

Additional paid-in capital
1,429,275

 
1,428,066

Retained earnings
752,228

 
762,480

Treasury stock, at cost; 12,661,581 and 9,945,547 shares at March 31, 2020 and December 31, 2019
(200,000
)
 
(163,820
)
Accumulated other comprehensive income, net
36,449

 
9,149

Total stockholders’ equity
2,018,088

 
2,036,011

Total liabilities and stockholders’ equity
$
16,021,434

 
$
15,667,440



See accompanying Notes to Consolidated Financial Statements (Unaudited)


5


HOPE BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
 
 
 
 
 
Three Months Ended March 31,
 
2020
 
2019
 
(Dollars in thousands, except per share data)
INTEREST INCOME:
 
 
 
Interest and fees on loans
$
154,230

 
$
158,136

Interest on securities
10,609

 
12,319

Interest on other investments
2,029

 
2,675

Total interest income
166,868

 
173,130

INTEREST EXPENSE:
 
 
 
Interest on deposits
41,113

 
46,847

Interest on FHLB advances
2,647

 
2,614

Interest on other borrowings and convertible notes
3,817

 
4,061

Total interest expense
47,577

 
53,522

NET INTEREST INCOME BEFORE PROVISION FOR CREDIT LOSSES
119,291

 
119,608

PROVISION FOR CREDIT LOSSES
28,000

 
3,000

NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES
91,291

 
116,608

NONINTEREST INCOME:
 
 
 
Service fees on deposit accounts
4,133

 
4,317

International service fees
790

 
933

Loan servicing fees, net
365

 
730

Wire transfer fees
998

 
1,089

Net gains on sales of other loans
1,855

 
741

Other income and fees
5,123

 
3,612

Total noninterest income
13,264

 
11,422

NONINTEREST EXPENSE:
 
 
 
Salaries and employee benefits
42,502

 
40,429

Occupancy
7,410

 
7,677

Furniture and equipment
4,259

 
3,446

Advertising and marketing
1,673

 
2,062

Data processing and communications
2,631

 
2,956

Professional fees
3,300

 
5,380

Investments in affordable housing partnerships expenses
2,551

 
2,881

FDIC assessments
1,559

 
1,551

Credit related expenses
1,662


678

OREO expense (income), net
843

 
(152
)
Other
3,750

 
3,925

Total noninterest expense
72,140

 
70,833

INCOME BEFORE INCOME TAXES
32,415

 
57,197

INCOME TAX PROVISION
6,462

 
14,439

NET INCOME
$
25,953

 
$
42,758

EARNINGS PER COMMON SHARE
 
 
 
Basic
$
0.21

 
$
0.34

Diluted
$
0.21

 
$
0.34


See accompanying Notes to Consolidated Financial Statements (Unaudited)

6


HOPE BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited)
 
 
 
 
 
Three Months Ended March 31,
 
2020
 
2019
 
(Dollars in thousands)
Net income
$
25,953

 
$
42,758

Other comprehensive income:
 
 
 
Change in unrealized net holding gains on securities available for sale
38,853

 
24,666

Tax effect
(11,553
)
 
(7,319
)
Other comprehensive income, net of tax
27,300

 
17,347

Total comprehensive income
$
53,253

 
$
60,105



See accompanying Notes to Consolidated Financial Statements (Unaudited)


7


HOPE BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY
(Unaudited)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Common stock
 
Additional paid-in capital
 
Retained
earnings
 
Treasury stock
 
Accumulated other comprehensive (loss) income, net
 
Total
stockholders’ equity
 
 
Shares
 
Amount
 
 
(Dollars in thousands, except share and per share data)
BALANCE, DECEMBER 31, 2018
 
126,639,912

 
$
136

 
$
1,423,405

 
$
662,375

 
$
(150,000
)
 
$
(32,705
)
 
$
1,903,211

Issuance of shares pursuant to various stock plans, net of forfeitures and tax withholding cancellations
 
(4,328
)
 

 
3

 
 
 
 
 
 
 
3

Stock-based compensation
 
 
 
 
 
621

 
 
 
 
 
 
 
621

Cash dividends declared on common stock ($0.14 per share)
 
 
 
 
 
 
 
(17,729
)
 
 
 
 
 
(17,729
)
Comprehensive income:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income
 
 
 
 
 
 
 
42,758

 
 
 
 
 
42,758

Other comprehensive income
 
 
 
 
 
 
 
 
 
 
 
17,347

 
17,347

BALANCE, MARCH 31, 2019
 
126,635,584

 
$
136

 
$
1,424,029

 
$
687,404

 
$
(150,000
)
 
$
(15,358
)
 
$
1,946,211

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
BALANCE, DECEMBER 31, 2019
 
125,756,543

 
$
136

 
$
1,428,066

 
$
762,480

 
$
(163,820
)
 
$
9,149

 
$
2,036,011

CECL day 1 impact
 
 
 
 
 
 
 
(26,729
)
 
 
 
 
 
(26,729
)
CECL day 1 impact tax adjustment
 
 
 
 
 
 
 
7,947

 
 
 
 
 
7,947

Issuance of shares pursuant to various stock plans, net of forfeitures and tax withholding cancellations
 
128,895

 

 

 
 
 
 
 
 
 

Stock-based compensation
 
 
 
 
 
1,209

 
 
 
 
 
 
 
1,209

Cash dividends declared on common stock ($0.14 per share)
 
 
 
 
 
 
 
(17,423
)
 
 
 
 
 
(17,423
)
Comprehensive income:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income
 
 
 
 
 
 
 
25,953

 
 
 
 
 
25,953

Other comprehensive income
 
 
 
 
 
 
 
 
 
 
 
27,300

 
27,300

Repurchase of treasury stock
 
(2,716,034
)
 
 
 
 
 
 
 
(36,180
)
 
 
 
(36,180
)
BALANCE, MARCH 31, 2020
 
123,169,404

 
$
136

 
$
1,429,275

 
$
752,228

 
$
(200,000
)
 
$
36,449

 
$
2,018,088




See accompanying Notes to Consolidated Financial Statements (Unaudited)


8


HOPE BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
 
 
 
 
 
Three Months Ended March 31,
 
2020
 
2019
 
(Dollars in thousands)
CASH FLOWS FROM OPERATING ACTIVITIES
 
 
 
Net income
$
25,953

 
$
42,758

Adjustments to reconcile net income to net cash from operating activities:
 
 
 
Discount accretion, net of depreciation and amortization
(2,497
)
 
1,494

Stock-based compensation expense
1,990

 
815

Provision for credit losses
28,000

 
3,000

Provision for unfunded loan commitments
610

 

Valuation adjustment of OREO
765

 
60

Net gains on sales other loans
(1,855
)
 
(741
)
Earnings on BOLI
(90
)
 
(367
)
Net change in fair value of derivatives
(561
)
 
(39
)
Net losses on sale and disposal of premises and equipment

 
13

Net losses (gains) on sales of OREO
61

 
(3
)
Net change in fair value of equity investments with readily determinable fair value
(354
)
 
(912
)
Losses on investments in affordable housing partnership
2,480

 
2,886

Net change in deferred income taxes
(853
)
 
4,241

Proceeds from sales of loans held for sale
74,660

 
36,919

Originations of loans held for sale
(33,061
)
 
(17,465
)
Originations of servicing assets
(377
)
 
(327
)
Net change in accrued interest receivable
322

 
(2,606
)
Net change in other assets
(42,527
)
 
3,782

Net change in accrued interest payable
(3,374
)
 
6,137

Net change in other liabilities
22,575

 
(6,813
)
Net cash provided by operating activities
71,867

 
72,832

CASH FLOWS FROM INVESTING ACTIVITIES
 
 
 
Purchases of interest bearing deposits in other financial institutions
(2,205
)
 
(3,430
)
Redemption of interest bearing deposits in other financial institutions
2,205

 
2,698

Purchase of securities available for sale
(56,355
)
 

Proceeds from matured, called, or paid-down securities available for sale
90,594

 
50,923

Proceeds from sales of other loans held for sale previously classified as held for investment
1,053

 
33,644

Net change in loans receivable
(300,852
)
 
22,561

Proceeds from sales of OREO
946

 
1,632

Purchase of FHLB stock
(974
)
 
(155
)
Redemption of FHLB stock
2,156

 
4,036

Purchase of premises and equipment
(1,398
)
 
(1,541
)
Proceeds from BOLI death benefits

 
256

Investments in affordable housing partnerships
(7,793
)
 
(5,798
)
Net cash (used in) provided by investing activities
(272,623
)
 
104,826

CASH FLOWS FROM FINANCING ACTIVITIES
 
 
 
Net change in deposits
309,203

 
93,540

Proceeds from FHLB advances
800,000

 
175,000

Repayment of FHLB advances
(750,000
)
 
(275,000
)
Purchase of treasury stock
(36,777
)
 

Cash dividends paid on common stock
(17,423
)
 
(17,729
)
Taxes paid in net settlement of restricted stock
(781
)
 
(194
)
Issuance of additional stock pursuant to various stock plans

 
3

Net cash provided by (used in) financing activities
304,222

 
(24,380
)
NET CHANGE IN CASH AND CASH EQUIVALENTS
103,466

 
153,278

CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD
698,567

 
459,606

CASH AND CASH EQUIVALENTS, END OF PERIOD
$
802,033

 
$
612,884

 
 
 
 
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
 
 
 
Interest paid
$
49,410

 
$
47,182

Income taxes paid
$
1,777

 
$
1,730

 
 
 
 
SUPPLEMENTAL DISCLOSURES OF NON-CASH ACTIVITIES
 
 
 
Transfer from loans receivable to OREO
$
979

 
$

Transfer from loans receivable to loans held for sale
$
1,002

 
$
33,390

Transfer from loans held for sale to loans receivable
$
1,451

 
$
5,181

Lease liabilities arising from obtaining right-of-use assets
$

 
$
62,833



See accompanying Notes to Consolidated Financial Statements (Unaudited)


9


HOPE BANCORP, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)




1.
Hope Bancorp, Inc.
Hope Bancorp, Inc. (“Hope Bancorp” on a parent-only basis and the “Company” on a consolidated basis), headquartered in Los Angeles, California, is the holding company for Bank of Hope (the “Bank”). As of March 31, 2020, the Bank operated branches in California, Washington, Texas, Illinois, Alabama, Virginia, New Jersey, and New York, loan production offices in Colorado, Texas, Oregon, Washington, Georgia, New Jersey, Southern California, and Northern California, and a representative office in Seoul, South Korea. The Company is a corporation organized under the laws of the state of Delaware and a bank holding company registered under the Bank Holding Company Act of 1956, as amended.

2.
Basis of Presentation
The consolidated financial statements included herein have been prepared without an audit, pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”), except for the Consolidated Statement of Financial Condition as of December 31, 2019 which was from the audited financial statements included in the Company’s 2019 Annual Report on Form 10-K. Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted pursuant to such SEC rules and regulations.
The consolidated financial statements include the accounts of Hope Bancorp and its wholly owned subsidiaries, principally Bank of Hope. All intercompany transactions and balances have been eliminated in consolidation. The Company has made all adjustments, that in the opinion of management, are necessary to fairly present the Company’s financial position at March 31, 2020 and December 31, 2019 and the results of operations for the three months ended March 31, 2020 and 2019. Certain reclassifications have been made to prior period amounts to conform to the current year presentation. The results of operations for the interim periods are not necessarily indicative of results to be anticipated for the full year.
The preparation of consolidated financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ significantly from those estimates.
The global pandemic resulting from the outbreak of the novel strain of coronavirus (“COVID-19”) has substantially and negatively impacted the United States economy, disrupted global supply chains, considerably lowered equity market valuations, created significant volatility and disruption in financial markets, and materially increased unemployment levels. In addition, the pandemic has resulted in temporary closures of countless businesses and the institution of social distancing and sheltering in place requirements in most states and communities. The Company could experience a material adverse effect on its business as a result of the impact of the COVID-19 pandemic, and the resulting governmental actions to curtail its spread. It is at least reasonably possible that information which was available at the date of the financial statements will change in the near term due to the COVID-19 pandemic and that the effect of the change could be material to the financial statements. The extent to which the COVID-19 pandemic will impact the Company’s estimates and assumptions is highly uncertain and the Company is unable to make an estimate, at this time.
These unaudited consolidated financial statements should be read along with the audited consolidated financial statements and accompanying notes included in the Company’s 2019 Annual Report on Form 10-K.

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Adopted Accounting Pronouncements
In June 2016, the Financial Accounting Standards Board (“FASB”) issued ASU 2016-13, “Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments”, also referred to as “CECL”. The FASB subsequently issued ASU 2018-19, ASU 2019-04, ASU 2019-05, ASU 2019-10, ASU 2019-11 and ASU 2020-02 to provide additional clarification, implementation, codification improvements, transition guidance, and adoption guidance related to ASU 2016-13. ASU 2016-13 requires the measurement of all expected credit losses for financial assets carried at amortized cost held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. On January 1, 2020, the Company adopted CECL using the modified retrospective approach. The adoption of the standard resulted in changes to the Company’s loan and allowance policies. Refer to Note 1 to the Consolidated Financial Statements in the Company’s 2019 Annual Report on Form 10-K regarding additional significant accounting policies, including accounting policies in effect prior to the adoption of CECL.
Upon adoption of CECL accounting standard on January 1, 2020, the Company recognized a day 1 increase of its Allowance for Credit Losses (“ACL”) of $26.2 million. The Company adopted CECL without electing the fair value option on eligible financial instruments. Internal controls related to the CECL ACL calculation were finalized prior to adoption. The increase in the ACL was largely driven by longer duration CRE loans due to the capture of lifetime expected credit losses under CECL. On January 1, 2020, the Company also recorded a cumulative-effect adjustment, net of taxes, totaling $18.8 million to decrease retained earnings. In accordance with the revised regulatory CECL transition guidance, the Company has elected to defer the regulatory capital impact of the adoption of CECL for two years, at which time the impact will be phased-in over a three year period. The Company did not record an ACL on its available for sale securities upon adoption of CECL or as of March 31, 2020.
The Company adopted CECL using the prospective transition approach for purchased credit deteriorated (“PCD”) assets which were previously classified as purchased credit impaired (“PCI”) and accounted for under ASC 310-30. In accordance with CECL standard, the Company did not reassess whether PCI assets met the definition of PCD assets as of the date of the adoption of CECL. On January 1, 2020, the amortized cost basis of the PCD assets of $95.0 million were adjusted to reflect the ACL for loans. The remaining noncredit discount of $29.2 million at March 31, 2020, based on the adjusted amortized cost basis will be accreted into interest income at the effective interest rate over the life of the PCD loans.
Under the CECL ACL methodology, losses are estimated for life of loans split out into three different periods. The initial period uses a forecast of two years for its portfolio segments using economic scenarios from an independent third party to estimate losses. Subsequent to the forecast period, a one year reversion period is used which connects the forecast period to last period of historical loss estimates.
In January 2017, the FASB issued ASU 2017-04, “Intangibles: Goodwill and Other: Simplifying the Test for Goodwill Impairment”. ASU 2017-04 will amend and simplify current goodwill impairment testing to eliminate Step 2 from the current provisions. Under the new guidance, an entity performs the goodwill impairment test by comparing the fair value of a reporting unit with its carrying value and recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value. An entity still has the option to perform the quantitative assessment for a reporting unit to determine if a quantitative impairment test is necessary. ASU 2017-04 has been adopted for interim and annual goodwill impairment tests in fiscal years beginning January 1, 2020. The Company performed a qualitative assessment during the interim period ended March 31, 2020, and determined that goodwill was not impaired as of that date. The adoption of ASU 2017-04 did not have a material impact on the Company’s consolidated financial statements.
In August 2018, the FASB issued ASU 2018-13, “Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement”. ASU 2018-13 modifies the disclosure requirements for fair value measurements by removing, modifying, or adding certain disclosures. ASU 2018-13 removes the disclosure requirement detailing the amount of and reasons for transfers between Level 1 and Level 2, and the valuation processes for Level 3 fair value measurements. In addition, ASU 2018-13 modifies the disclosure requirements for investments in certain entities that calculate net asset value. Lastly, ASU 2018-13 adds a disclosure requirement for changes in unrealized gains and losses for the period included in other comprehensive income for recurring Level 3 fair value measurements held at the end of the reporting period and the range and weighted average of significant unobservable inputs used to develop Level 3 measurements. ASU 2018-13 is effective annual periods in fiscal years beginning January 1, 2020, including interim periods within those annual periods. Early adoption is permitted upon the issuance of ASU 2018-13. The removed and modified disclosures will be adopted on a retrospective basis, and the new disclosures will be adopted on a prospective basis. The adoption of ASU 2018-13 did not have a material impact on the Company’s consolidated financial statements.

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In August 2018, the FASB issued ASU 2018-15, Intangibles - Goodwill and Other - Internal Use Software (Subtopic 250-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract (a consensus of the FASB Emerging Issues Task Force)”. ASU 2018-15 requires an entity in a cloud computing arrangement (i.e., hosting arrangement) that is a service contract to follow the internal-use software guidance in ASC 350-40 to determine which implementation costs to capitalize as assets or expense as incurred. Capitalized implementation costs should be presented in the same line item on the balance sheet as amounts prepaid for the hosted service, if any (generally as an “other asset”). The capitalized costs will be amortized over the term of the hosting arrangement, with the amortization expense being presented in the same income statement line item as the fees paid for the hosted service. The Company adopted ASU 2018-15 on January 1, 2020. The adoption of ASU 2018-15 did not have a material impact on the Company’s consolidated financial statements.
Pending Accounting Pronouncements
In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform: Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The amendments provide temporary, optional guidance to ease the potential burden in accounting for reference rate reform. The amendments provide optional expedients and exceptions for applying GAAP to transactions affected by reference rate reform if certain criteria are met. The amendments primarily include relief related to contract modifications and hedging relationships, as well as providing a one-time election for the sale or transfer of debt securities classified as held-to-maturity. This guidance is effective immediately and the amendments may be applied prospectively through December 31, 2022. The Company is currently in the process of evaluating ASU 2020-04 and determining the impact to the Company’s consolidated financial statements.

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3.    Earnings Per Share (“EPS”)
Basic EPS does not reflect the possibility of dilution that could result from the issuance of additional shares of common stock upon exercise or conversion of outstanding equity awards or convertible notes and is computed by dividing net income by the weighted average number of common shares outstanding for the period. Diluted EPS reflects the potential dilution that could occur if stock options, convertible notes, or other contracts to issue common stock were exercised or converted to common stock that would then share in earnings. For the three months ended March 31, 2020 and 2019, stock options and restricted shares awards of 660,995 and 969,871 shares of common stock, respectively, were excluded in computing diluted earnings per common share because they were anti-dilutive.
The Company previously issued $217.5 million in convertible senior notes maturing on May 15, 2038. The convertible notes can be converted into the Company’s shares of common stock at an initial rate of 45.0760 shares per $1,000 principal amount of the notes (See footnote 10 “Subordinated Debentures and Convertible Notes” for additional information regarding convertible notes issued). For the three months ended March 31, 2020 and 2019, shares related to the convertible notes issued were not included in the C