| Schedule of Compliance with Regulatory Capital Requirements Under Banking Regulations |
At June 30, 2024, the adjusted transition amounts that were deferred and are being phased in for regulatory capital purposes are as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Adjusted Transition Amounts | | Phase-In Amounts for the Year Ended | | Phase-In Amounts for the Year Ended | | Phase-In Amounts for the Six Months Ended | | Remaining Adjusted Transition Amounts to be Phased-In | | (Dollars in thousands) | | December 31, 2021 | | December 31, 2022 | | December 31, 2023 | | June 30, 2024 | | June 30, 2024 | | | | | | | | | | | | | Retained earnings | | $ | 836,351 | | | $ | (209,088) | | | $ | (209,088) | | | $ | (209,088) | | | $ | 209,087 | | | Allowance for credit losses | | 1,038,145 | | | (259,536) | | | (259,536) | | | (259,536) | | | 259,537 | | | Liability for unfunded commitments | | 104,377 | | | (26,094) | | | (26,094) | | | (26,095) | | | 26,094 | | | Deferred tax asset | | 306,171 | | | (76,542) | | | (76,542) | | | (76,543) | | | 76,544 | |
| | | | | | | | | | | | | | | | | | | | | | | | | (Dollars in thousands) | | Actual | | U.S. Basel III Minimum Requirements Plus Buffer(1)(2) | | Amount | Ratio | | Amount | | Ratio | As of June 30, 2024(3): | | | | | | | | | Common Equity Tier 1 Capital (to Risk-Weighted Assets) | | $ | 3,122,582 | | 13.4 | % | | $ | 1,631,764 | | > | 7.0 | % | | Tier 1 Capital (to Risk-Weighted Assets) | | $ | 3,122,582 | | 13.4 | % | | $ | 1,981,427 | | > | 8.5 | % | | Total Capital (to Risk-Weighted Assets) | | $ | 3,423,131 | | 14.7 | % | | $ | 2,447,645 | | > | 10.5 | % | | Tier 1 Capital (to Average Assets) | | $ | 3,122,582 | | 10.8 | % |
| $ | 1,154,807 | | > | 4.0 | % | | | | | | | | | As of December 31, 2023(3): | | | | | | | | | Common Equity Tier 1 Capital (to Risk-Weighted Assets) | | $ | 3,019,973 | | 12.3 | % | | $ | 1,719,621 | | > | 7.0 | % | | Tier 1 Capital (to Risk-Weighted Assets) | | $ | 3,019,973 | | 12.3 | % | | $ | 2,088,111 | | > | 8.5 | % | | Total Capital (to Risk-Weighted Assets) | | $ | 3,334,140 | | 13.6 | % | | $ | 2,579,432 | | > | 10.5 | % | | Tier 1 Capital (to Average Assets) | | $ | 3,019,973 | | 10.2 | % | | $ | 1,184,213 | | > | 4.0 | % |
(1) Reflects the U.S. Basel III minimum required ratio plus the applicable capital conservation buffer. (2) The Bank’s regulatory capital ratios also exceeded all applicable standards for the Bank to qualify as “well capitalized” under the prompt corrective action framework. (3) For both June 30, 2024 and December 31, 2023, the actual amounts and the actual ratios include the adjusted transition amounts discussed above that were phased in at the beginning of 2024 and 2023.
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