Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2015 | Oct. 28, 2015 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2015 | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q3 | |
Trading Symbol | UMBF | |
Entity Registrant Name | UMB FINANCIAL CORP | |
Entity Central Index Key | 101,382 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 49,294,917 |
Consolidated Balance Sheets (Un
Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
ASSETS | ||
Loans: | $ 9,046,126 | $ 7,465,794 |
Allowance for loan losses | (78,030) | (76,140) |
Net loans | 8,968,096 | 7,389,654 |
Loans held for sale | 1,013 | 624 |
Securities: | ||
Available for sale | 6,671,745 | 6,911,936 |
Held to maturity (fair value of $611,382 and $304,112, respectively) | 588,478 | 278,054 |
Trading securities | 23,699 | 27,203 |
Other securities | 68,371 | 68,474 |
Total investment securities | 7,352,293 | 7,285,667 |
Federal funds sold and securities purchased under agreements to resell | 98,762 | 118,105 |
Interest-bearing due from banks | 847,077 | 1,539,386 |
Cash and due from banks | 339,592 | 444,299 |
Premises and equipment, net | 281,704 | 257,835 |
Accrued income | 87,863 | 79,297 |
Goodwill | 227,962 | 209,758 |
Other intangibles, net | 50,065 | 43,991 |
Other assets | 343,538 | 132,344 |
Total assets | 18,597,965 | 17,500,960 |
Deposits: | ||
Noninterest-bearing demand | 6,257,944 | 5,643,989 |
Interest-bearing demand and savings | 7,547,822 | 6,709,281 |
Time deposits under $100,000 | 465,629 | 424,925 |
Time deposits of $100,000 or more | 790,164 | 838,664 |
Total deposits | 15,061,559 | 13,616,859 |
Federal funds purchased and repurchase agreements | 1,342,600 | 2,025,132 |
Short-term debt | 5,000 | |
Long-term debt | 83,534 | 8,810 |
Accrued expenses and taxes | 168,716 | 180,074 |
Other liabilities | 35,699 | 26,327 |
Total liabilities | 16,697,108 | 15,857,202 |
SHAREHOLDERS' EQUITY | ||
Common stock, $1.00 par value; 80,000,000 shares authorized; 55,056,730 shares issued; and 49,296,991 and 45,532,188 shares outstanding, respectively | 55,057 | 55,057 |
Capital surplus | 1,015,383 | 894,602 |
Retained earnings | 1,016,206 | 963,911 |
Accumulated other comprehensive income | 26,530 | 11,006 |
Treasury stock, 5,759,739 and 9,524,542 shares, at cost, respectively | (212,319) | (280,818) |
Total shareholders' equity | 1,900,857 | 1,643,758 |
Total liabilities and shareholders' equity | $ 18,597,965 | $ 17,500,960 |
Consolidated Balance Sheets (U3
Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Statement of Financial Position [Abstract] | ||
Held to Maturity, Fair value | $ 611,382 | $ 304,112 |
Common stock, par value | $ 1 | $ 1 |
Common stock, shares authorized | 80,000,000 | 80,000,000 |
Common stock, shares issued | 55,056,730 | 55,056,730 |
Common stock, shares outstanding | 49,296,991 | 45,532,188 |
Treasury stock, shares | 5,759,739 | 9,524,542 |
Consolidated Statements of Inco
Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
INTEREST INCOME | ||||
Loans | $ 84,686 | $ 61,636 | $ 220,314 | $ 180,845 |
Securities: | ||||
Taxable interest | 18,498 | 18,884 | 56,469 | 56,866 |
Tax-exempt interest | 11,320 | 9,745 | 31,842 | 29,450 |
Total securities income | 29,818 | 28,629 | 88,311 | 86,316 |
Federal funds and resell agreements | 175 | 87 | 377 | 166 |
Interest-bearing due from banks | 475 | 426 | 1,761 | 2,015 |
Trading securities | 75 | 39 | 303 | 311 |
Total interest income | 115,229 | 90,817 | 311,066 | 269,653 |
INTEREST EXPENSE | ||||
Deposits | 3,863 | 3,015 | 10,433 | 9,166 |
Federal funds and repurchase agreements | 427 | 358 | 1,389 | 1,293 |
Other | 1,044 | (82) | 1,631 | 53 |
Total interest expense | 5,334 | 3,291 | 13,453 | 10,512 |
Net interest income | 109,895 | 87,526 | 297,613 | 259,141 |
Provision for loan losses | 2,500 | 4,500 | 10,500 | 14,000 |
Net interest income after provision for loan losses | 107,395 | 83,026 | 287,113 | 245,141 |
NONINTEREST INCOME | ||||
Trust and securities processing | 65,182 | 74,062 | 199,862 | 218,982 |
Trading and investment banking | 2,969 | 3,826 | 14,659 | 14,558 |
Service charges on deposit accounts | 21,663 | 21,634 | 64,829 | 63,819 |
Insurance fees and commissions | 480 | 911 | 1,636 | 2,246 |
Brokerage fees | 2,958 | 3,276 | 8,748 | 8,166 |
Bankcard fees | 17,624 | 17,121 | 51,842 | 49,929 |
Gain on sales of securities available for sale, net | 101 | 26 | 8,404 | 4,065 |
Equity (loss) earnings on alternative investments | (5,032) | 2,470 | (6,999) | 8,462 |
Other | 3,153 | 3,149 | 10,874 | 13,213 |
Total noninterest income | 109,098 | 126,475 | 353,855 | 383,440 |
NONINTEREST EXPENSE | ||||
Salaries and employee benefits | 104,733 | 90,041 | 302,855 | 268,454 |
Occupancy, net | 11,748 | 10,475 | 32,070 | 29,885 |
Equipment | 17,228 | 13,408 | 46,810 | 38,991 |
Supplies and services | 5,371 | 4,817 | 14,299 | 15,008 |
Marketing and business development | 5,766 | 6,057 | 16,914 | 16,966 |
Processing fees | 12,795 | 14,085 | 38,232 | 42,553 |
Legal and consulting | 8,648 | 4,496 | 18,943 | 12,500 |
Bankcard | 5,266 | 4,097 | 14,987 | 12,782 |
Amortization of other intangible assets | 3,483 | 3,043 | 8,807 | 9,219 |
Regulatory fees | 3,176 | 2,577 | 8,805 | 7,802 |
Contingency reserve | 0 | 0 | 0 | 20,272 |
Other | 7,065 | 8,055 | 18,934 | 24,851 |
Total noninterest expense | 185,279 | 161,151 | 521,656 | 499,283 |
Income before income taxes | 31,214 | 48,350 | 119,312 | 129,298 |
Income tax expense | 8,763 | 12,720 | 32,882 | 35,583 |
NET INCOME | $ 22,451 | $ 35,630 | $ 86,430 | $ 93,715 |
PER SHARE DATA | ||||
Net income - basic | $ 0.46 | $ 0.79 | $ 1.85 | $ 2.09 |
Net income - diluted | 0.46 | 0.78 | 1.84 | 2.06 |
Dividends | $ 0.235 | $ 0.225 | $ 0.705 | $ 0.675 |
Weighted average shares outstanding - basic | 48,577,282 | 44,890,309 | 46,619,428 | 44,819,125 |
Weighted average shares outstanding - diluted | 49,036,332 | 45,441,983 | 47,080,009 | 45,420,385 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Statement of Comprehensive Income [Abstract] | ||||
Net Income | $ 22,451 | $ 35,630 | $ 86,430 | $ 93,715 |
Unrealized gains (losses) on securities: | ||||
Change in unrealized holding gains (losses), net | 46,166 | (24,213) | 33,289 | 59,156 |
Less: Reclassifications adjustment for gains included in net income | (101) | (26) | (8,404) | (4,065) |
Change in unrealized gains (losses) on securities during the period | 46,065 | (24,239) | 24,885 | 55,091 |
Income tax (expense) benefit | (17,394) | 9,165 | (9,361) | (20,624) |
Other comprehensive income (loss) | 28,671 | (15,074) | 15,524 | 34,467 |
Comprehensive income | $ 51,122 | $ 20,556 | $ 101,954 | $ 128,182 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity (Unaudited) - USD ($) $ in Thousands | Total | Common Stock | Capital Surplus | Retained Earnings | Accumulated Other Comprehensive (Loss) Income | Treasury Stock |
Beginning Balance at Dec. 31, 2013 | $ 1,506,065 | $ 55,057 | $ 882,407 | $ 884,630 | $ (32,640) | $ (283,389) |
Total comprehensive income | 128,182 | 93,715 | 34,467 | |||
Dividends | (30,681) | (30,681) | ||||
Purchase of treasury stock | (3,858) | (3,858) | ||||
Issuance of equity awards | 490 | (2,624) | 3,114 | |||
Recognition of equity based compensation | 7,224 | 7,224 | ||||
Net tax benefit related to equity compensation plans | 1,507 | 1,507 | ||||
Sale of treasury stock | 699 | 455 | 244 | |||
Exercise of stock options | 5,721 | 2,384 | 3,337 | |||
Ending Balance at Sep. 30, 2014 | 1,615,349 | 55,057 | 891,353 | 947,664 | 1,827 | (280,552) |
Beginning Balance at Dec. 31, 2014 | 1,643,758 | 55,057 | 894,602 | 963,911 | 11,006 | (280,818) |
Total comprehensive income | 101,954 | 86,430 | 15,524 | |||
Dividends | (34,135) | (34,135) | ||||
Purchase of treasury stock | (6,172) | (6,172) | ||||
Issuance of equity awards | 459 | (4,180) | 4,639 | |||
Recognition of equity based compensation | 9,030 | 9,030 | ||||
Net tax benefit related to equity compensation plans | 732 | 732 | ||||
Sale of treasury stock | 790 | 475 | 315 | |||
Exercise of stock options | 4,704 | 2,089 | 2,615 | |||
Common stock issuance for acquisition | 179,737 | 112,635 | 67,102 | |||
Ending Balance at Sep. 30, 2015 | $ 1,900,857 | $ 55,057 | $ 1,015,383 | $ 1,016,206 | $ 26,530 | $ (212,319) |
Consolidated Statements of Cha7
Consolidated Statements of Changes in Shareholders' Equity (Unaudited) (Parenthetical) - $ / shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Statement of Stockholders' Equity [Abstract] | ||||
Dividends, per share | $ 0.235 | $ 0.225 | $ 0.705 | $ 0.675 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) $ in Thousands | 9 Months Ended | |
Sep. 30, 2015USD ($) | Sep. 30, 2014USD ($) | |
Operating Activities | ||
Net Income | $ 86,430 | $ 93,715 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Provision for loan losses | 10,500 | 14,000 |
Net accretion of premiums and discounts from acquisition | (1,255) | 0 |
Depreciation and amortization | 38,498 | 34,415 |
Deferred income tax benefit | (6,276) | (5,909) |
Net decrease (increase) in trading securities and other earning assets | 10,505 | (11,787) |
Gains on sales of securities available for sale, net | (8,404) | (4,065) |
Gains on sales of assets | (99) | (2,948) |
Amortization of securities premiums, net of discount accretion | 40,971 | 38,599 |
Originations of loans held for sale | (78,931) | (51,427) |
Net gains on sales of loans held for sale | (1,131) | (814) |
Proceeds from sales of loans held for sale | 79,673 | 51,880 |
Equity based compensation | 9,489 | 7,714 |
Changes in: | ||
Accrued income | (4,811) | 953 |
Accrued expenses and taxes | 146 | 21,465 |
Other assets and liabilities, net | (2,582) | (4,168) |
Net cash provided by operating activities | 172,723 | 181,623 |
Investing Activities | ||
Proceeds from maturities of securities held to maturity | 31,410 | 16,804 |
Proceeds from sales of securities available for sale | 782,789 | 410,580 |
Proceeds from maturities of securities available for sale | 925,017 | 1,034,231 |
Purchases of securities held to maturity | (341,773) | (58,573) |
Purchases of securities available for sale | (1,293,123) | (1,411,017) |
Net increase in loans | (604,895) | (596,221) |
Net decrease in fed funds sold and resell agreements | 29,675 | 21,763 |
Net decrease (increase) in interest bearing balances due from other financial institutions | 40,586 | (130,125) |
Purchases of premises and equipment | (42,100) | (35,219) |
Net cash activity from acquisitions and branch sales | 104,611 | (18,231) |
Proceeds from sales of premises and equipment | 147 | 5,014 |
Purchases of company-owned life insurance | (204,647) | (6,000) |
Net cash used in investing activities | (572,303) | (766,994) |
Financing Activities | ||
Net increase (decrease) in demand and savings deposits | 854,302 | (386,207) |
Net decrease in time deposits | (353,137) | (480,791) |
Net (decrease) increase in fed funds purchased and repurchase agreements | (682,532) | 128,591 |
Net decrease in short-term debt | (112,133) | (107) |
Proceeds from long-term debt | 3,320 | |
Repayment of long-term debt | (10,597) | (1,308) |
Payment of contingent consideration on acquisitions | (18,702) | (13,725) |
Cash dividends paid | (34,104) | (30,679) |
Net tax benefit related to equity compensation plans | 732 | 1,507 |
Proceeds from exercise of stock options and sales of treasury shares | 5,494 | 6,420 |
Purchases of treasury stock | (6,173) | (3,858) |
Net cash used in financing activities | (356,850) | (776,837) |
Decrease in cash and cash equivalents | (756,430) | (1,362,208) |
Cash and cash equivalents at beginning of period | 1,787,230 | 2,582,428 |
Cash and cash equivalents at end of period | 1,030,800 | 1,220,220 |
Supplemental Disclosures: | ||
Income taxes paid | 36,404 | 40,789 |
Total interest paid | 12,769 | $ 10,720 |
Transactions related to bank acquisitions | ||
Assets acquired | 1,321,453 | |
Liabilities assumed | $ 1,159,920 |
Financial Statement Presentatio
Financial Statement Presentation | 9 Months Ended |
Sep. 30, 2015 | |
Accounting Policies [Abstract] | |
Financial Statement Presentation | 1. Financial Statement Presentation The consolidated financial statements include the accounts of UMB Financial Corporation and its subsidiaries (collectively, the Company) after elimination of all intercompany transactions. In the opinion of management of the Company, all adjustments, which were of a normal recurring nature and necessary for a fair presentation of the financial position and results of operations have been made. The results of operations and cash flows for the interim periods presented may not be indicative of the results of the full year. The financial statements should be read in conjunction with Management’s Discussion and Analysis of Financial Condition and Results of Operations within this Form 10-Q filing and in conjunction with the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2014. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2015 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies The Company is a financial holding company, which offers a wide range of banking and other financial services to its customers through its branches and offices in the states of Missouri, Kansas, Colorado, Illinois, Oklahoma, Texas, Arizona, Nebraska, Pennsylvania, South Dakota, Indiana, Utah, Minnesota, California, and Wisconsin. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP) requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements. These estimates and assumptions also impact reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. A summary of the significant accounting policies to assist the reader in understanding the financial presentation is provided in the Notes to Consolidated Financial Statements in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2014. Cash and cash equivalents Cash and cash equivalents include Cash and due from banks and amounts due from the Federal Reserve Bank. Cash on hand, cash items in the process of collection, and amounts due from correspondent banks are included in Cash and due from banks. Amounts due from the Federal Reserve Bank are interest-bearing for all periods presented and are included in the Interest-bearing due from banks line on the Company’s Consolidated Balance Sheets. This table provides a summary of cash and cash equivalents as presented on the Consolidated Statements of Cash Flows as of September 30, 2015 and September 30, 2014 (in thousands) September 30, 2015 2014 Due from the Federal Reserve $ 691,208 $ 824,264 Cash and due from banks 339,592 395,956 Cash and cash equivalents at end of period $ 1,030,800 $ 1,220,220 Also included in the Interest-bearing due from banks line, but not considered cash and cash equivalents, are interest-bearing accounts held at other financial institutions, which totaled $155.9 million and $157.3 million at September 30, 2015 and September 30, 2014, respectively. Per Share Data Basic income per share is computed based on the weighted average number of shares of common stock outstanding during each period. Diluted quarterly per share data includes the dilutive effect of 459,050 and 551,674 shares issuable upon the exercise of options granted by the Company and outstanding at September 30, 2015 and 2014, respectively. Diluted year-to-date income per share includes the dilutive effect of 460,581 and 601,260 shares issuable upon the exercise of stock options granted by the Company and outstanding at September 30, 2015 and 2014, respectively. Options issued under employee benefits plans to purchase 461,905 shares of common stock were outstanding at September 30, 2015, but were not included in the computation of quarter-to-date and year-to-date diluted EPS because the options were anti-dilutive. Options issued under employee benefits plans to purchase 250,911 shares of common stock were outstanding at September 30, 2014, but were not included in the computation of quarter-to-date and year-to-date diluted EPS because the options were anti-dilutive. |
New Accounting Pronouncements
New Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2015 | |
Accounting Changes and Error Corrections [Abstract] | |
New Accounting Pronouncements | 3. New Accounting Pronouncements Accounting for Investments in Qualified Affordable Housing Projects Reclassification of Residential Real Estate Loans Revenue Recognition Repurchase-to-Maturity Transactions Stock Compensation Troubled Debt Restructurings by Creditors Going Concern Derivatives and Hedging Consolidation |
Loans and Allowance for Loan Lo
Loans and Allowance for Loan Losses | 9 Months Ended |
Sep. 30, 2015 | |
Receivables [Abstract] | |
Loans and Allowance for Loan Losses | 4. Loans and Allowance for Loan Losses Loan Origination/Risk Management The Company has certain lending policies and procedures in place that are designed to minimize the level of risk within the loan portfolio. Diversification of the loan portfolio manages the risk associated with fluctuations in economic conditions. Authority levels are established for the extension of credit to ensure consistency throughout the Company. It is necessary that policies, processes and practices implemented to control the risks of individual credit transactions and portfolio segments are sound and adhered to. The Company maintains an independent loan review department that reviews and validates the risk assessment on a continual basis. Management regularly evaluates the results of the loan reviews. The loan review process complements and reinforces the risk identification and assessment decisions made by lenders and credit personnel, as well as the Company’s policies and procedures. Commercial loans are underwritten after evaluating and understanding the borrower’s ability to operate profitably and prudently expand its business. Commercial loans are made based on the identified cash flows of the borrower and on the underlying collateral provided by the borrower. The cash flows of the borrower, however, may not be as expected and the collateral securing these loans may fluctuate in value. Most commercial loans are secured by the assets being financed or other business assets such as accounts receivable or inventory and may incorporate a personal guarantee. In the case of loans secured by accounts receivable, the availability of funds for the repayment of these loans may be substantially dependent on the ability of the borrower to collect amounts from its customers. Commercial credit cards are generally unsecured and are underwritten with criteria similar to commercial loans including an analysis of the borrower’s cash flow, available business capital, and overall credit-worthiness of the borrower. Asset-based loans are offered primarily in the form of revolving lines of credit to commercial borrowers that do not generally qualify for traditional bank financing. Asset-based loans are underwritten based primarily upon the value of the collateral pledged to secure the loan, rather than on the borrower’s general financial condition as traditionally reflected by cash flow, balance sheet strength, operating results, and credit bureau ratings. The Company utilizes pre-loan due diligence techniques, monitoring disciplines, and loan management practices common within the asset-based lending industry to underwrite loans to these borrowers. Factoring loans provide working capital through the purchase and/or financing of accounts receivable to borrowers in the transportation industry and to commercial borrowers that do not generally qualify for traditional bank financing. Commercial real estate loans are subject to underwriting standards and processes similar to commercial loans, in addition to those of real estate loans. These loans are viewed primarily as cash flow loans and secondarily as loans secured by real estate. Commercial real estate lending typically involves higher loan principal amounts, and the repayment of these loans is largely dependent on the successful operation of the property securing the loan or the business conducted on the property securing the loan. The Company requires that an appraisal of the collateral be made at origination and on an as-needed basis, in conformity with current market conditions and regulatory requirements. The underwriting standards address both owner and non-owner occupied real estate. Construction loans are underwritten using feasibility studies, independent appraisal reviews, sensitivity analysis or absorption and lease rates and financial analysis of the developers and property owners. Construction loans are based upon estimates of costs and value associated with the complete project. Construction loans often involve the disbursement of substantial funds with repayment substantially dependent on the success of the ultimate project. Sources of repayment for these types of loans may be pre-committed permanent loans, sales of developed property or an interim loan commitment from the Company until permanent financing is obtained. These loans are closely monitored by on-site inspections and are considered to have higher risks than other real estate loans due to their repayment being sensitive to interest rate changes, governmental regulation of real property, economic conditions, and the availability of long-term financing. Underwriting standards for residential real estate and home equity loans are based on the borrower’s loan-to-value percentage, collection remedies, and overall credit history. Consumer loans are underwritten based on the borrower’s repayment ability. The Company monitors delinquencies on all of its consumer loans and leases and periodically reviews the distribution of FICO scores relative to historical periods to monitor credit risk on its credit card loans. The underwriting and review practices combined with the relatively small loan amounts that are spread across many individual borrowers, minimizes risk. Consumer loans and leases that are 90 days past due or more are considered non-performing. Credit risk is a potential loss resulting from nonpayment of either the primary or secondary exposure. Credit risk is mitigated with formal risk management practices and a thorough initial credit-granting process including consistent underwriting standards and approval process. Control factors or techniques to minimize credit risk include knowing the client, understanding total exposure, analyzing the client and debtor’s financial capacity, and monitoring the client’s activities. Credit risk and portions of the portfolio risk are managed through concentration considerations, average risk ratings, and other aggregate characteristics. The loan portfolio is comprised of loans originated by the Company and purchased loans in connection with the Company’s acquisition of Marquette Financial Companies (Marquette) on May 31, 2015 (Acquisition Date). The purchased loans were recorded at estimated fair value at the Acquisition Date with no carryover of the related allowance. The purchased loans were segregated between those considered to be performing, non-purchased credit impaired loans (Non-PCI), and those with evidence of credit deterioration, purchased credit impaired loans (PCI). Purchased loans are considered impaired if there is evidence of credit deterioration and if it is probable, at acquisition, that all contractually required payments will not be collected. At Acquisition Date, gross loans from the Marquette acquisition had a fair value of $980.4 million split between Non-PCI loans totaling $972.6 million and PCI loans totaling $7.8 million. The gross contractually required principal and interest payments receivable for the Non-PCI loans and PCI loans totaled $983.9 million and $9.3 million, respectively. The fair value estimates for purchased loans are based on expected prepayments and the amount and timing of discounted expected principal, interest and other cash flows. Credit discounts representing the principal losses expected over the life of the loan are also a component of the initial fair value. In determining the Acquisition Date fair value of PCI loans, and in subsequent accounting, the Company generally aggregated purchased commercial, real estate, and consumer loans into pools of loans with common risk characteristics. The difference between the fair value of Non-PCI loans and contractual amounts due at the Acquisition Date is accreted into income over the estimated life of the loans. Contractual amounts due represent the total undiscounted amount of all uncollected principal and interest payments. Loans accounted for under ASC Topic 310-30 The excess of PCI loans’ contractual amounts due over the amount of undiscounted cash flows expected to be collected is referred to as the non-accretable difference. The non-accretable difference, which is neither accreted into income nor recorded on the consolidated balance sheet, reflects estimated future credit losses and uncollectible contractual interest expected to be incurred over the life of the PCI loans. The excess cash flows expected to be collected over the carrying amount of PCI loans is referred to as the accretable yield. This amount is accreted into interest income over the remaining life of the purchased loans or pools using the level yield method. The accretable yield is affected by changes in interest rate indices for variable rate loans, changes in prepayment speed assumptions, and changes in expected principal and interest payments over the estimated lives of the PCI loans. Each quarter the Company evaluates the remaining contractual amounts due and estimates cash flows expected to be collected over the life of the PCI loans. Contractual amounts due may increase or decrease for a variety of reasons, for example, when the contractual terms of the loan agreement are modified, when interest rates on variable rate loans change, or when principal and/or interest payments are received. Cash flows expected to be collected on PCI loans are estimated by incorporating several key assumptions similar to the initial estimate of fair value. These key assumptions include probability of default, loss given default, and the amount of actual prepayments after the Acquisition Date. Prepayments affect the estimated lives of loans and could change the amount of interest income, and possibly principal, expected to be collected. In re-forecasting future estimated cash flows, credit loss expectations are adjusted as necessary. The adjustments are based, in part, on actual loss severities recognized for each loan type, as well as changes in the probability of default. For periods in which estimated cash flows are not reforecasted, the prior reporting period’s estimated cash flows are adjusted to reflect the actual cash received and credit events that transpired during the current reporting period. Increases in expected cash flows of PCI loans subsequent to the Acquisition Date are recognized prospectively through adjustments of the yield on the loans or pools over their remaining lives, while decreases in expected cash flows are recognized as impairment through a provision for loan losses and an increase in the allowance. The PCI loans are accounted for in accordance with ASC Topic 310-30, Loans and Debt Securities Purchased with Deteriorated Credit Quality Information about the PCI loan portfolio subject to purchased credit impairment accounting guidance (ASC 310-30) as of May 31, 2015 is as follows (in thousands): At May 31, 2015 PCI Loans: Contractually required principal and interest at acquisition $ 9,282 Non-accretable difference (1,307 ) Expected cash flows at acquisition 7,975 Accretable yield (164 ) Fair value of purchased loans $ 7,811 Below is the composition of the net book value for the PCI loans accounted for under ASC 310-30 at September 30, 2015 (in thousands) At September 30, 2015 PCI Loans: Contractual cash flows $ 8,411 Non-accretable difference (1,307 ) Accretable yield (14 ) Loans accounted for under ASC 310-30 $ 7,090 Loan Aging Analysis This table provides a summary of loan classes and an aging of past due loans at September 30, 2015 and December 31, 2014 (in thousands): September 30, 2015 30-89 Greater Non- Accrual Total Due PCI Current Total Loans Loans Commercial: Commercial $ 15,787 $ 8 $ 29,098 $ 44,893 $ 2,497 $ 4,040,023 $ 4,087,413 Asset-based — — 830 830 — 217,836 218,666 Factoring — — 706 706 — 105,272 105,978 Commercial – credit card 396 42 32 470 — 143,256 143,726 Real estate: Real estate – construction 322 — 741 1,063 525 365,529 367,117 Real estate – commercial 2,391 562 9,948 12,901 1,744 2,477,234 2,491,879 Real estate – residential 690 — 1,236 1,926 — 472,509 474,435 Real estate – HELOC 227 — 3,360 3,587 — 715,452 719,039 Consumer: Consumer – credit card 2,182 1,653 586 4,421 — 279,917 284,338 Consumer – other 3,268 287 3,418 6,973 2,324 103,852 113,149 Leases — — — — — 40,386 40,386 Total loans $ 25,263 $ 2,552 $ 49,955 $ 77,770 $ 7,090 $ 8,961,266 $ 9,046,126 September 30, 2015 30-89 Greater Current Total Loans PCI Loans Commercial: Commercial $ — $ 2,497 $ — $ 2,497 Asset-based — — — — Factoring — — — — Commercial – credit card — — — — Real estate: Real estate – construction — 525 — 525 Real estate – commercial — 1,744 — 1,744 Real estate – residential — — — — Real estate – HELOC — — — — Consumer: Consumer – credit card — — — — Consumer – other 106 51 2,167 2,324 Leases — — — — Total PCI loans $ 106 $ 4,817 $ 2,167 $ 7,090 December 31, 2014 30-89 Days Greater Non- Accrual Total Current Total Loans Commercial: Commercial $ 2,509 $ 363 $ 13,114 $ 15,986 $ 3,798,023 $ 3,814,009 Commercial – credit card 267 147 37 451 115,258 115,709 Real estate: Real estate – construction 1,244 — 983 2,227 253,779 256,006 Real estate – commercial 1,727 61 12,037 13,825 1,852,476 1,866,301 Real estate – residential 828 113 562 1,503 318,324 319,827 Real estate – HELOC 1,371 — 19 1,390 642,196 643,586 Consumer: Consumer – credit card 2,268 2,303 560 5,131 305,165 310,296 Consumer – other 1,743 843 70 2,656 98,314 100,970 Leases — — — — 39,090 39,090 Total loans $ 11,957 $ 3,830 $ 27,382 $ 43,169 $ 7,422,625 $ 7,465,794 Loans are considered past due or delinquent when the contractual principal or interest due in accordance with the terms of the loan agreement remains unpaid after the due date of the scheduled payment. Non-accrual loans include troubled debt restructurings on non-accrual status. Loan delinquency for all loans is shown in the tables above at September 30, 2015 and December 31, 2014, respectively. Non-PCI loans that become nonperforming subsequent to acquisition are put on nonaccrual status and reported as nonperforming or past due using the same criteria applied to the originated loan portfolio. The Company has ceased the recognition of interest on loans with a carrying value of $50.0 million and $27.4 million at September 30, 2015 and December 31, 2014, respectively. Restructured loans totaled $35.3 million and $9.3 million at September 30, 2015 and December 31, 2014, respectively. Loans 90 days past due and still accruing interest totaled $2.6 million and $3.8 million at September 30, 2015 and December 31, 2014, respectively. There was an insignificant amount of interest recognized on impaired loans during 2015 and 2014. The Company sold residential real estate loans with proceeds of $79.7 million and $51.9 million in the secondary market without recourse during the nine-month periods ended September 30, 2015 and September 30, 2014, respectively. Credit Quality Indicators As part of the on-going monitoring of the credit quality of the Company’s loan portfolio, management tracks certain credit quality indicators including trends related to the risk grading of specified classes of loans, net charge-offs, non-performing loans, and general economic conditions. The Company utilizes a risk grading matrix to assign a rating to each of its commercial, asset-based, factoring, commercial real estate, and construction real estate loans. The loan rankings are summarized into the following categories: Non-watch list, Watch, Special Mention, and Substandard. Any loan not classified in one of the categories described below is considered to be a Non-watch list loan. A description of the general characteristics of the loan ranking categories is as follows: • Watch • Special Mention • Substandard All other classes of loans are generally evaluated and monitored based on payment activity. Non-performing loans include restructured loans on non-accrual and all other non-accrual loans. This table provides an analysis of the credit risk profile of each loan class excluded from ASC 310-30 at September 30, 2015 and December 31, 2014 (in thousands): Credit Exposure Credit Risk Profile by Risk Rating Originated and Non-PCI Loans Commercial Asset-based Factoring September 30, 2015 December 31, September 30, 2015 December 31, September 30, 2015 December 31, Non-watch list $ 3,798,138 $ 3,532,611 $ 194,028 $ — $ 105,978 $ — Watch 75,905 72,283 — — — — Special Mention 46,802 98,750 23,808 — — — Substandard 164,071 110,365 830 — — — Total $ 4,084,916 $ 3,814,009 $ 218,666 $ — $ 105,978 $ — Real estate – construction Real estate – commercial September 30, December 31, September 30, December 31, Non-watch list $ 364,464 $ 253,895 $ 2,411,729 $ 1,780,323 Watch 170 181 33,341 31,984 Special Mention — 756 16,273 8,691 Substandard 1,958 1,174 28,792 45,303 Total $ 366,592 $ 256,006 $ 2,490,135 $ 1,866,301 Credit Exposure Credit Risk Profile Based on Payment Activity Originated and Non-PCI Loans Commercial – credit card Real estate – residential Real estate – HELOC September 30, December 31, September 30, December 31, September 30, December 31, Performing $ 143,694 $ 115,672 $ 473,199 $ 319,265 $ 715,679 $ 643,567 Non-performing 32 37 1,236 562 3,360 19 Total $ 143,726 $ 115,709 $ 474,435 $ 319,827 $ 719,039 $ 643,586 Consumer – credit card Consumer – other Leases September 30, December 31, September 30, December 31, September 30, December 31, Performing $ 283,752 $ 309,736 $ 107,407 $ 100,900 $ 40,386 $ 39,090 Non-performing 586 560 3,418 70 — — Total $ 284,338 $ 310,296 $ 110,825 $ 100,970 $ 40,386 $ 39,090 This table provides an analysis of the credit risk profile of each loan class accounted for under ASC 310-30 at September 30, 2015 and December 31, 2014 (in thousands): Credit Exposure Credit Risk Profile by Risk Rating PCI Loans Commercial Real estate – construction Real estate – commercial September 30, December 31, September 30, December 31, September 30, December 31, Non-watch list $ 1,039 $ — $ — $ — $ — $ — Watch — — — — — — Special Mention — — — — — — Substandard 1,458 — 525 — 1,744 — Total $ 2,497 $ — $ 525 $ — $ 1,744 $ — Credit Exposure Credit Risk Profile Based on Payment Activity PCI Loans Consumer – other September 30, December 31, Performing $ 2,324 $ — Non-performing — — Total $ 2,324 $ — Allowance for Loan Losses The allowance for loan losses is a reserve established through a provision for loan losses charged to expense, which represents management’s judgment of inherent probable losses within the Company’s loan portfolio as of the balance sheet date. The allowance is necessary to reserve for estimated loan losses and risks inherent in the loan portfolio. Accordingly, the methodology is based on historical loss trends. The Company’s process for determining the appropriate level of the allowance for loan losses is designed to account for credit deterioration as it occurs. The provision for probable loan losses reflects loan quality trends, including the levels of and trends related to non-accrual loans, past due loans, potential problem loans, criticized loans and net charge-offs or recoveries, among other factors. The level of the allowance reflects management’s continuing evaluation of industry concentrations, specific credit risks, loan loss experience, current loan portfolio quality, present economic, political and regulatory conditions and estimated losses inherent in the current loan portfolio. Portions of the allowance may be allocated for specific loans; however, the entire allowance is available for any loan that, in management’s judgment, should be charged off. While management utilizes its best judgment and information available, the adequacy of the allowance is dependent upon a variety of factors beyond the Company’s control, including, among other things, the performance of the Company’s loan portfolio, the economy, changes in interest rates and changes in the regulatory environment. The Company’s allowance for loan losses consists of specific valuation allowances and general valuation allowances based on historical loan loss experience for similar loans with similar characteristics and trends, general economic conditions and other qualitative risk factors both internal and external to the Company. The allowances established for probable losses on specific loans are based on a regular analysis and evaluation of impaired loans. Loans are classified based on an internal risk grading process that evaluates the obligor’s ability to repay, the underlying collateral, if any, and the economic environment and industry in which the borrower operates. When a loan is considered impaired, the loan is analyzed to determine the need, if any, to specifically allocate a portion of the allowance for loan losses to the loan. Specific valuation allowances are determined by analyzing the borrower’s ability to repay amounts owed, collateral deficiencies, the relative risk ranking of the loan and economic conditions affecting the borrower’s industry. General valuation allowances are calculated based on the historical loss experience of specific types of loans including an evaluation of the time span and volume of the actual charge-off. The Company calculates historical loss ratios for pools of similar loans with similar characteristics based on the proportion of actual charge-offs experienced to the total population of loans in the pool. The historical loss ratios are updated based on actual charge-off experience. A valuation allowance is established for each pool of similar loans based upon the product of the historical loss ratio, time span to charge-off, and the total dollar amount of the loans in the pool. The Company’s pools of similar loans include similarly risk-graded groups of commercial loans, commercial real estate loans, commercial credit card, home equity loans, consumer real estate loans and consumer and other loans. The Company also considers a loan migration analysis for criticized loans. This analysis includes an assessment of the probability that a loan will move to a loss position based on its risk rating. The consumer credit card pool is evaluated based on delinquencies and credit scores. In addition, a portion of the allowance is determined by a review of qualitative factors by management. Generally, the unsecured portion of a commercial or commercial real estate loan is charged off when, after analyzing the borrower’s financial condition, it is determined that the borrower is incapable of servicing the debt, little or no prospect for near term improvement exists, and no realistic and significant strengthening action is pending. For collateral-dependent commercial or commercial real estate loans, an analysis is completed regarding the Company’s collateral position to determine if the amounts due from the borrower are in excess of the calculated current fair value of the collateral. Specific allocations of the allowance for loan losses are made for any collateral deficiency. If a collateral deficiency is ultimately deemed to be uncollectible, the amount is charged off. Revolving commercial loans (such as commercial credit cards) which are past due 90 cumulative days are classified as a loss and charged off. Generally, a consumer loan, or a portion thereof, is charged off in accordance with regulatory guidelines which provide that such loans be charged off when the Company becomes aware of the loss, such as from a triggering event that may include, but is not limited to, new information about a borrower’s intent and ability to repay the loan, bankruptcy, fraud, or death. However, the charge-off timeframe should not exceed the specified delinquency time frames, which state that closed-end retail loans (such as real estate mortgages, home equity loans and consumer installment loans) that become past due 120 cumulative days and open-end retail loans (such as home equity lines of credit and consumer credit cards) that become past due 180 cumulative days are classified as a loss and charged off. ALLOWANCE FOR LOAN LOSSES AND RECORDED INVESTMENT IN LOANS This table provides a rollforward of the allowance for loan losses by portfolio segment for the three and nine months ended September 30, 2015 (in thousands): Three Months Ended September 30, 2015 Commercial Real estate Consumer Leases Total Allowance for loan losses: Beginning balance $ 59,378 $ 8,892 $ 9,288 $ 163 $ 77,721 Charge-offs (1,124 ) (68 ) (2,263 ) — (3,455 ) Recoveries 488 133 643 — 1,264 Provision 540 448 1,525 (13 ) 2,500 Ending balance $ 59,282 $ 9,405 $ 9,193 $ 150 $ 78,030 Nine Months Ended September 30, 2015 Commercial Real estate Consumer Leases Total Allowance for loan losses: Beginning balance $ 55,349 $ 10,725 $ 9,921 $ 145 $ 76,140 Charge-offs (4,624 ) (168 ) (7,413 ) — (12,205 ) Recoveries 1,387 225 1,983 — 3,595 Provision 7,170 (1,377 ) 4,702 5 10,500 Ending balance $ 59,282 $ 9,405 $ 9,193 $ 150 $ 78,030 Ending balance: individually evaluated for impairment $ 2,504 $ 305 $ 31 $ — $ 2,840 Ending balance: collectively evaluated for impairment 56,778 9,100 9,162 150 75,190 Loans: Ending balance: loans $ 4,555,783 $ 4,052,470 $ 397,487 $ 40,386 $ 9,046,126 Ending balance: individually evaluated for impairment 52,450 8,957 3,365 — 64,772 Ending balance: collectively evaluated for impairment 4,503,333 4,043,513 394,122 40,386 8,981,354 This table provides a rollforward of the allowance for loan losses by portfolio segment for the three and nine months ended September 30, 2014 (in thousands): Three Months Ended September 30, 2014 Commercial Real estate Consumer Leases Total Allowance for loan losses: Beginning balance $ 52,433 $ 14,217 $ 10,074 $ 78 $ 76,802 Charge-offs (2,033 ) (57 ) (2,745 ) — (4,835 ) Recoveries 396 8 445 — 849 Provision 3,983 (1,515 ) 1,964 68 4,500 Ending balance $ 54,779 $ 12,653 $ 9,738 $ 146 $ 77,316 Nine Months Ended September 30, 2014 Commercial Real estate Consumer Leases Total Allowance for loan losses: Beginning balance $ 48,886 $ 15,342 $ 10,447 $ 76 $ 74,751 Charge-offs (4,980 ) (238 ) (8,881 ) — (14,099 ) Recoveries 664 25 1,975 — 2,664 Provision 10,209 (2,476 ) 6,197 70 14,000 Ending balance $ 54,779 $ 12,653 $ 9,738 $ 146 $ 77,316 Ending balance: individually evaluated for impairment $ 2,252 $ 1,368 $ — $ — $ 3,620 Ending balance: collectively evaluated for impairment 52,527 11,285 9,738 146 73,696 Loans: Ending balance: loans $ 3,669,298 $ 2,999,052 $ 395,613 $ 39,200 $ 7,103,163 Ending balance: individually evaluated for impairment 19,176 13,467 17 — 32,660 Ending balance: collectively evaluated for impairment 3,650,122 2,985,585 395,596 39,200 7,070,503 Impaired Loans This table provides an analysis of impaired loans by class at September 30, 2015 and December 31, 2014 (in thousands): As of September 30, 2015 Unpaid Recorded Recorded Total Related Average Recorded Commercial: Commercial $ 55,273 $ 29,137 $ 21,777 $ 50,914 $ 2,504 $ 28,658 Asset-based 860 830 — 830 — — Factoring 706 706 — 706 — — Commercial – credit card — — — — — — Real estate: Real estate – construction 1,189 741 120 861 49 935 Real estate – commercial 7,228 5,106 1,361 6,467 225 8,314 Real estate – residential 1,582 1,120 284 1,404 31 1,426 Real estate – HELOC 249 225 — 225 — 114 Consumer: Consumer – credit card — — — — — — Consumer – other 3,398 2,174 1,191 3,365 31 1,152 Leases — — — — — — Total $ 70,485 $ 40,039 $ 24,733 $ 64,772 $ 2,840 $ 40,599 As of December 31, 2014 Unpaid Recorded Recorded Total Related Average Recorded Commercial: Commercial $ 21,758 $ 13,928 $ 3,132 $ 17,060 $ 972 $ 16,022 Commercial – credit card — — — — — — Real estate: Real estate – construction 1,540 983 — 983 — 939 Real estate – commercial 9,546 4,454 3,897 8,351 935 11,298 Real estate – residential 1,083 909 — 909 — 1,006 Real estate – HELOC — — — — — — Consumer: Consumer – credit card — — — — — — Consumer – other 1 1 — 1 — 12 Leases — — — — — — Total $ 33,928 $ 20,275 $ 7,029 $ 27,304 $ 1,907 $ 29,277 PCI loans are not subject to individual evaluation for impairment and are not reported as impaired loans based on PCI loan accounting. Troubled Debt Restructurings A loan modification is considered a troubled debt restructuring (TDR) when a concession has been granted to a debtor experiencing financial difficulties. The Company’s modifications generally include interest rate adjustments, principal reductions, and amortization and maturity date extensions. These modifications allow the debtor short-term cash relief to allow them to improve their financial condition. The Company’s restructured loans are individually evaluated for impairment and evaluated as part of the allowance for loan losses as described above in the Allowance for Loan Losses section of this note. Purchased loans restructured after acquisition are not considered or reported as troubled debt restructurings if the loans evidenced credit deterioration as of the Acquisition Date and are accounted for in pools. For the period ended September 30, 2015, no purchased loans were modified as troubled debt restructurings after the Acquisition Date. The Company had $217 thousand in commitments to lend to borrowers with loan modifications classified as TDR’s. The Company monitors loan payments on an on-going basis to determine if a loan is considered to have a payment default. Determination of payment default involves analyzing the economic conditions that exist for each customer and their ability to generate positive cash flows during the loan term. During the nine month period ended September 30, 2015, the Company had one commercial real estate loan classified as a TDR with a payment default totaling $178 thousand. A specific valuation allowance for the full amount of this loan had previously been established within the Company’s allowance for loan losses, and this loan was charged off against the allowance for loan losses during the current period. This table provides a summary of loans restructured by class during the three and nine months ended September 30, 2015 (in thousands) Three Months Ended September 30, 2015 Nine Months Ended September 30, 2015 Number Pre- Modification Post- Modification Number Pre- Modification Post- Modification Troubled Debt Restructurings Commercial: Commercial 2 $ 8,675 $ 8,675 16 $ 28,138 $ 28,138 Asset-based — — — — — — Factoring — — — — — — Commercial – credit card — — — — — — Real estate: Real estate – construction — — — — — — Real estate – commercial — — — 1 261 261 Real estate – residential 1 261 261 1 121 121 Real estate – HELOC — — — — — — Consumer: Consumer – credit card — — — — — — Consumer – other — — — — — — Leases — — — — — — Total 3 $ 8,936 $ 8,936 18 $ 28,520 $ 28,520 This table provides a summary of loans restructured by class during the three and nine months ended September 30, 2014 (in thousands) Three Months Ended September 30, 2014 Nine Months Ended September 30, 2014 Number Pre- Modification Post- Modification Number Pre- Modification Post- Modification Troubled Debt Restructurings Commercial: Commercial — $ — $ — 1 $ 469 $ 469 Commercial – credit card — — — — — — Real estate: Real estate – construction — — — — — — Real estate – commercial 1 178 178 1 178 178 Real estate – residential 1 67 67 4 277 301 Real estate – HELOC — — — — — — Consumer: Consumer – credit card — — — — — — Consumer – other — — — — — — Leases — — — — — — Total 2 $ 245 $ 245 6 $ 924 $ 948 |
Securities
Securities | 9 Months Ended |
Sep. 30, 2015 | |
Investments, Debt and Equity Securities [Abstract] | |
Securities | 5. Securities Securities Available for Sale This table provides detailed information about securities available for sale at September 30, 2015 and December 31, 2014 (in thousands): September 30, 2015 Amortized Gross Gross Fair Value U.S. Treasury $ 351,767 $ 801 $ — $ 352,568 U.S. Agencies 711,381 1,188 (86 ) 712,483 Mortgage-backed 3,395,612 34,135 (14,172 ) 3,415,575 State and political subdivisions 2,089,507 24,257 (3,080 ) 2,110,684 Corporates 80,853 45 (463 ) 80,435 Total $ 6,629,120 $ 60,426 $ (17,801 ) $ 6,671,745 December 31, 2014 Amortized Gross Gross Fair Value U.S. Treasury $ 519,484 $ 501 $ (525 ) $ 519,460 U.S. Agencies 991,084 780 (1,175 ) 990,689 Mortgage-backed 3,276,009 28,470 (26,875 ) 3,277,604 State and political subdivisions 1,983,549 22,973 (5,165 ) 2,001,357 Corporates 124,096 — (1,270 ) 122,826 Total $ 6,894,222 $ 52,724 $ (35,010 ) $ 6,911,936 The following table presents contractual maturity information for securities available for sale at September 30, 2015 (in thousands): Amortized Fair Cost Value Due in 1 year or less $ 806,162 $ 807,367 Due after 1 year through 5 years 1,519,825 1,532,670 Due after 5 years through 10 years 846,257 855,142 Due after 10 years 61,264 60,991 Total 3,233,508 3,256,170 Mortgage-backed securities 3,395,612 3,415,575 Total securities available for sale $ 6,629,120 $ 6,671,745 Securities may be disposed of before contractual maturities due to sales by the Company or because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. For the nine months ended September 30, 2015, proceeds from the sales of securities available for sale were $782.8 million compared to $410.6 million for the same period in 2014. Securities transactions resulted in gross realized gains of $8.5 million and $4.1 million for the nine months ended September 30, 2015 and 2014, respectively. The gross realized losses for the nine months ended September 30, 2015 and 2014 were $48 thousand and $11 thousand, respectively. Securities available for sale with a market value of $5.3 billion at September 30, 2015 and $5.7 billion at December 31, 2014 were pledged to secure U.S. Government deposits, other public deposits, certain trust deposits, and sales of securities with simultaneous agreements to repurchase the securities at specified maturities (repurchase agreements). Of this amount, securities with a market value of $1.7 billion at September 30, 2015 and $1.2 billion at December 31, 2014 were pledged at the Federal Reserve Discount Window but were unencumbered as of those dates. The following table shows the Company’s available for sale investments’ gross unrealized losses and fair value, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, at September 30, 2015 and December 31, 2014 (in thousands): September 30, 2015 Less than 12 months 12 months or more Total Description of Securities Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized U.S. Treasury $ — $ — $ — $ — $ — $ — U.S. Agencies 72,409 (41 ) 36,955 (45 ) 109,364 (86 ) Mortgage-backed 621,731 (5,216 ) 383,140 (8,956 ) 1,004,871 (14,172 ) State and political subdivisions 331,467 (1,897 ) 69,275 (1,183 ) 400,742 (3,080 ) Corporates 15,764 (51 ) 50,959 (412 ) 66,723 (463 ) Total temporarily-impaired debt securities available for sale $ 1,041,371 $ (7,205 ) $ 540,329 $ (10,596 ) $ 1,581,700 $ (17,801 ) December 31, 2014 Less than 12 months 12 months or more Total Description of Securities Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized U.S. Treasury $ 236,591 $ (329 ) $ 14,863 $ (196 ) $ 251,454 $ (525 ) U.S. Agencies 387,999 (689 ) 81,593 (486 ) 469,592 (1,175 ) Mortgage-backed 727,142 (8,370 ) 616,044 (18,504 ) 1,343,186 (26,874 ) State and political subdivisions 401,934 (1,406 ) 226,678 (3,760 ) 628,612 (5,166 ) Corporates 36,655 (243 ) 86,171 (1,027 ) 122,826 (1,270 ) Total temporarily-impaired debt securities available for sale $ 1,790,321 $ (11,037 ) $ 1,025,349 $ (23,973 ) $ 2,815,670 $ (35,010 ) The unrealized losses in the Company’s investments in U.S. treasury obligations, U.S. government agencies, Government Sponsored Entity (GSE) mortgage-backed securities, municipal securities, and corporates were caused by changes in interest rates. The Company does not have the intent to sell these securities and does not believe it is more likely than not that the Company will be required to sell these securities before a recovery of amortized cost. The Company expects to recover its cost basis in the securities and does not consider these investments to be other-than-temporarily impaired at September 30, 2015. Securities Held to Maturity The table below provides detailed information for securities held to maturity at September 30, 2015 and December 31, 2014 (in thousands): September 30, 2015 Amortized Gross Gross Fair Value State and political subdivisions $ 588,478 $ 22,904 $ — $ 611,382 December 31, 2014 State and political subdivisions $ 278,054 $ 26,058 $ — $ 304,112 The following table presents contractual maturity information for securities held to maturity at September 30, 2015 (in thousands): Amortized Fair Value Due in 1 year or less $ 4,366 $ 4,536 Due after 1 year through 5 years 89,100 92,568 Due after 5 years through 10 years 339,631 352,850 Due after 10 years 155,381 161,428 Total securities held to maturity $ 588,478 $ 611,382 Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. There were no sales of securities held to maturity during the first nine months of 2015 or 2014. Trading Securities The net unrealized gains on trading securities at September 30, 2015 and September 30, 2014 were $8 thousand and $39 thousand, respectively, and were included in trading and investment banking income on the Consolidated Statements of Income. Other Securities The table below provides detailed information for Federal Reserve Bank (FRB) stock and Federal Home Loan Bank (FHLB) stock and other securities at September 30, 2015 and December 31, 2014 (in thousands): Gross Gross Amortized Unrealized Unrealized Fair September 30, 2015 Cost Gains Losses Value FRB and FHLB stock $ 34,006 $ — $ — $ 34,006 Other securities – marketable — 12,006 — 12,006 Other securities – non-marketable 20,867 1,571 (79 ) 22,359 Total Federal Reserve Bank stock and other $ 54,873 $ 13,577 $ (79 ) $ 68,371 December 31, 2014 FRB and FHLB stock $ 26,279 $ — $ — $ 26,279 Other securities – marketable — 16,668 — 16,668 Other securities – non-marketable 21,669 3,937 (79 ) 25,527 Total Federal Reserve Bank stock and other $ 47,948 $ 20,605 $ (79 ) $ 68,474 Investment in FRB stock is based on the capital structure of the investing bank, and investment in FHLB stock is mainly tied to the level of borrowings from the FHLB. These holdings are carried at cost. Other marketable and non-marketable securities include Prairie Capital Management (PCM) alternative investments in hedge funds and private equity funds, which are accounted for as equity-method investments. The fair value of other marketable securities includes alternative investment securities of $12.0 million at September 30, 2015 and $16.7 million at December 31, 2014. The fair value of other non-marketable securities includes alternative investment securities of $2.4 million at September 30, 2015 and $8.5 million at December 31, 2014. Unrealized gains or losses on alternative investments are recognized in the Equity (loss) earnings on alternative investments line of the Company’s Consolidated Statements of Income. |
Goodwill and Other Intangibles
Goodwill and Other Intangibles | 9 Months Ended |
Sep. 30, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangibles | 6. Goodwill and Other Intangibles Changes in the carrying amount of goodwill for the periods ended September 30, 2015 and December 31, 2014 by reportable segment are as follows (in thousands): Bank Institutional Asset Total Balances as of January 1, 2015 $ 142,753 $ 47,529 $ 19,476 $ 209,758 Acquisition of Marquette Financial Companies 18,204 — — 18,204 Balances as of September 30, 2015 $ 160,957 $ 47,529 $ 19,476 $ 227,962 Balances as of January 1, 2014 $ 142,753 $ 47,529 $ 19,476 $ 209,758 Balances as of December 31, 2014 $ 142,753 $ 47,529 $ 19,476 $ 209,758 Following are the finite-lived intangible assets that continue to be subject to amortization as of September 30, 2015 and December 31, 2014 (in thousands) As of September 30, 2015 Gross Carrying Accumulated Net Carrying Amount Core deposit intangible assets $ 36,497 $ 33,415 $ 3,082 Core deposit intangible-Marquette Acquisition 11,030 1,051 9,979 Customer relationships 104,560 71,519 33,041 Customer relationship-Marquette Acquisition 2,900 193 2,707 Other intangible assets 3,247 2,783 464 Other intangible assets-Marquette Acquisition 951 159 792 Total intangible assets $ 159,185 $ 109,120 $ 50,065 As of December 31, 2014 Gross Carrying Accumulated Net Carrying Amount Core deposit intangible assets $ 36,497 $ 32,721 $ 3,776 Customer relationships 104,560 64,980 39,580 Other intangible assets 3,247 2,612 635 Total intangible assets $ 144,304 $ 100,313 $ 43,991 Following is the aggregate amortization expense recognized in each period (in thousands) Three Months Ended Nine Months Ended 2015 2014 2015 2014 Aggregate amortization expense $ 3,483 $ 3,043 $ 8,807 $ 9,219 Estimated amortization expense of intangible assets in future years (in thousands): For the three months ending December 31, 2015 $ 3,283 For the year ending December 31, 2016 12,291 For the year ending December 31, 2017 10,180 For the year ending December 31, 2018 7,202 For the year ending December 31, 2019 5,822 For the year ending December 31, 2020 4,487 |
Securities Sold Under Agreement
Securities Sold Under Agreements to Repurchase | 9 Months Ended |
Sep. 30, 2015 | |
Banking and Thrift [Abstract] | |
Securities Sold Under Agreements to Repurchase | 7. Securities Sold Under Agreements to Repurchase The Company utilizes repurchase agreements to facilitate the needs of customers and to facilitate secured short-term funding needs. Repurchase agreements are stated at the amount of cash received in connection with the transaction. The Company monitors collateral levels on a continuous basis and may be required to provide additional collateral based on the fair value of the underlying securities. Securities pledged as collateral under repurchase agreements are maintained with the Company’s safekeeping agents. The table below presents the remaining contractual maturities of repurchase agreements outstanding at September 30, 2015, in addition to the various types of marketable securities that have been pledged as collateral for these borrowings (in thousands). As of September 30, 2015 Remaining Contractual Maturities of the Agreements Overnight & Continuous Over 90 Days Total Repurchase agreements, secured by: U.S. Treasury $ 206,883 $ — $ 206,883 U.S. Agencies 1,132,719 1,500 1,134,219 Total repurchase agreements $ 1,339,602 $ 1,500 $ 1,341,102 |
Business Segment Reporting
Business Segment Reporting | 9 Months Ended |
Sep. 30, 2015 | |
Segment Reporting [Abstract] | |
Business Segment Reporting | 8. Business Segment Reporting The Company has strategically aligned its operations into the following four reportable segments (collectively, “Business Segments”): Bank, Payment Solutions, Institutional Investment Management, and Asset Servicing. Business segment financial results produced by the Company’s internal management reporting system are evaluated regularly by senior executive officers in deciding how to allocate resources and assess performance for individual Business Segments. The management reporting system assigns balance sheet and income statement items to each business segment using methodologies that are refined on an ongoing basis. For comparability purposes, amounts in all periods presented are based on methodologies in effect at September 30, 2015. Previously reported results have been reclassified to conform to the current organizational structure. The following summaries provide information about the activities of each segment: The Bank Payment Solutions Institutional Investment Management Asset Servicing Business Segment Information Segment financial results were as follows (in thousands): Three Months Ended September 30, 2015 Bank Payment Institutional Asset Total Net interest income $ 93,960 $ 14,627 $ — $ 1,308 $ 109,895 Provision for loan losses 1,333 1,167 — — 2,500 Noninterest income 42,999 22,038 21,449 22,612 109,098 Noninterest expense 122,165 27,053 16,512 19,549 185,279 Income before taxes 13,461 8,445 4,937 4,371 31,214 Income tax expense 3,731 2,393 1,408 1,231 8,763 Net income $ 9,730 $ 6,052 $ 3,529 $ 3,140 $ 22,451 Average assets $ 14,120,000 $ 2,943,000 $ 66,000 $ 991,000 $ 18,120,000 Three Months Ended September 30, 2014 Bank Payment Institutional Asset Total Net interest income $ 72,893 $ 13,469 $ — $ 1,164 $ 87,526 Provision for loan losses 2,446 2,054 — — 4,500 Noninterest income 48,385 21,579 33,919 22,592 126,475 Noninterest expense 99,084 21,995 20,913 19,159 161,151 Income before taxes 19,748 10,999 13,006 4,597 48,350 Income tax expense 5,364 2,818 3,350 1,188 12,720 Net income $ 14,384 $ 8,181 $ 9,656 $ 3,409 $ 35,630 Average assets $ 11,752,000 $ 2,744,000 $ 72,000 $ 1,070,000 $ 15,638,000 Nine Months Ended September 30, 2015 Bank Payment Solutions Institutional Asset Total Net interest income $ 252,044 $ 42,260 $ 1 $ 3,308 $ 297,613 Provision for loan losses 5,545 4,955 — — 10,500 Noninterest income 142,099 68,469 74,217 69,070 353,855 Noninterest expense 329,951 78,131 52,768 60,806 521,656 Income before taxes 58,647 27,643 21,450 11,572 119,312 Income tax expense 16,037 7,770 5,921 3,154 32,882 Net income $ 42,610 $ 19,873 $ 15,529 $ 8,418 $ 86,430 Average assets $ 13,440,000 $ 2,998,000 $ 70,000 $ 952,000 $ 17,460,000 Nine Months Ended September 30, 2014 Bank Payment Institutional Asset Total Net interest income $ 216,495 $ 38,248 $ (3 ) $ 4,401 $ 259,141 Provision for loan losses 7,558 6,442 — — 14,000 Noninterest income 151,843 62,999 102,014 66,584 383,440 Noninterest expense 307,400 67,451 68,862 55,570 499,283 Income before taxes 53,380 27,354 33,149 15,415 129,298 Income tax expense 15,167 7,342 8,883 4,191 35,583 Net income $ 38,213 $ 20,012 $ 24,266 $ 11,224 $ 93,715 Average assets $ 12,023,000 $ 2,287,000 $ 72,000 $ 1,539,000 $ 15,921,000 |
Acquisition
Acquisition | 9 Months Ended |
Sep. 30, 2015 | |
Business Combinations [Abstract] | |
Acquisition | 9. Acquisition On May 31, 2015, the Company acquired 100% of the outstanding common shares of Marquette Financial Companies. Marquette was a privately held financial services company with a portfolio of businesses and operated thirteen branches in Arizona and Texas, two national commercial specialty-lending businesses focused on asset-based lending and accounts receivable factoring, as well as an asset-management firm. As a result of the acquisition, the Company expects to increase its presence in Arizona and Texas and supplement the Company’s commercial-banking services with factoring and asset-based lending businesses. As of the close of trading on the Acquisition Date, the beneficial owners of Marquette received 9.2295 shares of the Company’s common stock for each share of Marquette common stock owned at that date (approximately 3.47 million shares total). The market value of the shares of the Company’s common stock issued at the effective time of the merger was approximately $179.7 million, based on the closing stock price of $51.79 on May 29, 2015. The transaction was accounted for using the purchased method of accounting in accordance with FASB ASC Topic 805, Business Combinations The following table summarizes the net assets acquired (at fair value) and consideration transferred for Marquette ( in thousands, except for per share data): Fair Value May 31, 2015 Assets Loans $ 980,404 Investment securities 177,694 Cash and due from banks 104,610 Premises and equipment, net 11,508 Identifiable intangible assets 14,881 Other assets 32,356 Total assets acquired 1,321,453 Liabilities Noninterest-bearing deposits 235,426 Interest-bearing deposits 708,675 Short-term debt 112,133 Long-term debt 89,971 Other liabilities 13,715 Total liabilities assumed 1,159,920 Net identifiable assets acquired 161,533 Preliminary goodwill 18,204 Net assets acquired $ 179,737 Consideration: Company’s common shares issued 3,470 Purchase price per share of the Company’s common stock $ 51.79 Fair value of total consideration transferred $ 179,737 In the acquisition, the Company purchased $980.4 million of loans at fair value. All non-performing loans and select other classified loan relationships considered by management to be credit impaired are accounted for pursuant to ASC Topic 310-30, as previously discussed within Note 4, “Loans and Allowance for Loan Losses.” The Company assumed long-term debt obligations with an aggregate balance of $103.1 million and an aggregate fair value of $65.5 million as of the Acquisition Date payable to four unconsolidated trusts (Marquette Capital Trust I, Marquette Capital Trust II, Marquette Capital Trust III, and Marquette Capital Trust IV) that have issued trust preferred securities. The interest rate on the trust preferred securities issued by Marquette Capital Trust II are fixed at 6.30 percent until January 2016, and then reset each quarter at a variable rate tied to the three-month London Interbank Offered Rate (LIBOR) plus 133 basis points thereafter. Interest rates on trust preferred securities issued by the remaining three trusts are tied to the three-month LIBOR rate with spreads ranging from 133 basis points to 160 basis points and reset quarterly. The trust preferred securities have maturity dates ranging from January 2036 to September 2036. The amount of goodwill arising from the acquisition reflects the Company’s increased market share and related synergies that are expected to result from combining the operations of UMB and Marquette. All of the goodwill was assigned to the Bank segment. In accordance with ASC 350, Intangibles-Goodwill and Other The fair value of the acquired assets and liabilities noted in the table above is provisional pending receipt of the final valuation for those assets and liabilities. During the provisional period, which may last up to twelve months subsequent to the acquisition date, the Company will obtain additional information to refine the valuation of the acquired assets and liabilities. The Company expects that some adjustments to the fair value of the acquired assets and liabilities will be recorded after September 30, 2015, although such adjustments are not expected to be significant. The results of Marquette are included in the results of the Company subsequent to the Acquisition Date. For the nine months ended September 30, 2015, acquisition expenses recognized in Noninterest expense in the Company’s Consolidated Statements of Income totaled $6.0 million. This total included $1.4 million of severance in Salaries and employee benefits and $2.8 million in Legal and consulting fees. The following pro forma information combines the historical results of Marquette and the Company. The pro forma financial information does not include the potential impacts of possible business model changes, current market conditions, revenue enhancements, expense efficiencies, or other factors. The pro forma information below reflects adjustments made to exclude the impact of acquisition-related expenses of $6.0 million, net accretion of premiums and discounts of $1.3 million, and amortization of acquired identifiable intangibles of $1.4 million during the nine month period ended September 30, 2015. The pro forma information is theoretical in nature and not necessarily indicative of future consolidated results of operations of the Company or the consolidated results of operations which would have resulted had the Company acquired Marquette during the periods presented. If the Marquette acquisition had been completed on January 1, 2014, total revenue would have been approximately $669.1 million and $692.4 million for the nine month periods ended September 30, 2015 and September 30, 2014, respectively. Net income would have been approximately $90.3 million and $98.9 million, respectively, for the same periods. Basic earnings per share would have been $1.88 and $2.09 for the nine month periods ended September 30, 2015 and September 30, 2014, respectively The Company has determined that it is impractical to report the amounts of revenue and earnings of legacy Marquette since the Acquisition Date due to the integration of operations shortly after the Acquisition Date. Accordingly, reliable and separate complete revenue and earnings information is no longer available. In addition, such amounts would require significant estimates related to the proper allocation of merger cost savings that cannot be objectively made. |
Commitments, Contingencies and
Commitments, Contingencies and Guarantees | 9 Months Ended |
Sep. 30, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments, Contingencies and Guarantees | 10. Commitments, Contingencies and Guarantees In the normal course of business, the Company is party to financial instruments with off-balance-sheet risk in order to meet the financing needs of its customers and to reduce its own exposure to fluctuations in interest rates. These financial instruments include commitments to extend credit, commercial letters of credit, standby letters of credit, futures contracts, forward foreign exchange contracts and spot foreign exchange contracts. These instruments involve, to varying degrees, elements of credit and interest rate risk in excess of the amounts recognized in the consolidated balance sheet. The contract or notional amount of those instruments reflects the extent of involvement the Company has in particular classes of financial instruments. Many of the commitments expire without being drawn upon; therefore, the total amount of these commitments does not necessarily represent the future cash requirements of the Company. The Company’s exposure to credit loss in the event of nonperformance by the counterparty to the financial instruments for commitments to extend credit, commercial letters of credit, and standby letters of credit is represented by the contract or notional amount of those instruments. The Company uses the same credit policies in making commitments and conditional obligations as it does for on-balance sheet instruments. The following table summarizes the Company’s off-balance sheet financial instruments. Contract or Notional Amount (in thousands): September 30, December 31, Commitments to extend credit for loans (excluding credit card loans) $ 5,838,033 $ 3,509,841 Commitments to extend credit under credit card loans 2,910,148 2,690,752 Commercial letters of credit 4,655 1,334 Standby letters of credit 378,562 375,003 Futures contracts 1,000 — Forward foreign exchange contracts 53,766 144,950 Spot foreign exchange contracts 9,460 14,721 |
Derivatives and Hedging Activit
Derivatives and Hedging Activities | 9 Months Ended |
Sep. 30, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives and Hedging Activities | 11. Derivatives and Hedging Activities Risk Management Objective of Using Derivatives The Company is exposed to certain risks arising from both its business operations and economic conditions. The Company principally manages its exposures to a wide variety of business and operational risks through management of its core business activities. The Company manages economic risks, including interest rate, liquidity, and credit risk, primarily by managing the amount, sources, and duration of its assets and liabilities. Specifically, the Company enters into derivative financial instruments to manage exposures that arise from business activities that result in the receipt or payment of future known and uncertain cash amounts, the values of which are determined by interest rates. The Company’s derivative financial instruments are used to manage differences in the amount, timing, and duration of the Company’s known or expected cash receipts and its known or expected cash payments principally related to certain fixed rate assets and liabilities. The Company also has interest rate derivatives that result from a service provided to certain qualifying customers and, therefore, are not used to manage interest rate risk of the Company’s assets or liabilities. The Company has entered into an offsetting position for each of these derivative instruments with a matching instrument from another financial institution in order to minimize its net risk exposure resulting from such transactions. Fair Values of Derivative Instruments on the Consolidated Balance Sheets The Company’s derivative asset and derivative liability are located within Other assets and Other liabilities, respectively, on the Company’s Consolidated Balance Sheets. This table provides a summary of the fair value of the Company’s derivative assets and liabilities as of September 30, 2015 and December 31, 2014 (in thousands) Asset Derivatives Liability Derivatives Fair Value September 30, 2015 December 31, September 30, 2015 December 31, Interest Rate Products: Derivatives not designated as hedging instruments $ 13,986 $ 7,138 $ 14,307 $ 7,250 Derivatives designated as hedging instruments 753 — 415 285 Total $ 14,739 $ 7,138 $ 14,722 $ 7,535 Fair Value Hedges of Interest Rate Risk The Company is exposed to changes in the fair value of certain of its fixed rate assets and liabilities due to changes in the benchmark interest rate, LIBOR. Interest rate swaps designated as fair value hedges involve either making fixed rate payments to a counterparty in exchange for the Company receiving variable rate payments, or making variable rate payments to a counterparty in exchange for the Company receiving fixed rate payments, over the life of the agreements without the exchange of the underlying notional amount. As of September 30, 2015, the Company had two interest rate swaps with a notional amount of $16.1 million that were designated as fair value hedges of interest rate risk associated with the Company’s fixed rate loan assets and brokered time deposits. For derivatives designated and that qualify as fair value hedges, the gain or loss on the derivative as well as the offsetting loss or gain on the hedged item attributable to the hedged risk are recognized in earnings. The Company includes the gain or loss on the hedged items in the same line item as the offsetting loss or gain on the related derivatives. Non-designated Hedges The remainder of the Company’s derivatives are not designated in qualifying hedging relationships. Derivatives not designated as hedges are not speculative and result from a service the Company provides to certain customers. The Company executes interest rate swaps with commercial banking customers to facilitate their respective risk management strategies. Those interest rate swaps are simultaneously offset by interest rate swaps that the Company executes with a third party, such that the Company minimizes its net risk exposure resulting from such transactions. As the interest rate swaps associated with this program do not meet the strict hedge accounting requirements, changes in the fair value of both the customer swaps and the offsetting swaps are recognized directly in earnings. As of September 30, 2015, the Company had 36 interest rate swaps with an aggregate notional amount of $476.8 million related to this program. During the three and nine months ended September 30, 2015, the Company recognized $125 thousand and $211 thousand of net losses, respectively, related to changes in fair value of these swaps. During the three and nine months ended September 30, 2014, the Company recognized $133 thousand and $185 thousand of net losses, respectively, related to changes in the fair value of these swaps. Effect of Derivative Instruments on the Consolidated Statements of Income This table provides a summary of the amount of gain (loss) recognized in other noninterest expense in the Consolidated Statements of Income related to the Company’s derivative asset and liability for the three and nine months ended September 30, 2015 and September 30, 2014 (in thousands) Amount of (Loss) Gain Recognized For the Three Months Ended For the Nine Months Ended September 30, September 30, September 30, September 30, Interest Rate Products Derivatives not designated as hedging instruments $ (125 ) $ (133 ) $ (211 ) $ (185 ) Total $ (125 ) $ (133 ) $ (211 ) $ (185 ) Interest Rate Products Derivatives designated as hedging instruments Fair value adjustments on derivatives $ (178 ) $ 19 $ (172 ) $ (216 ) Fair value adjustments on hedged items 177 (20 ) 173 197 Total $ (1 ) $ (1 ) $ 1 $ (19 ) Credit-risk-related Contingent Features The Company has agreements with certain of its derivative counterparties that contain a provision that if the Company defaults on any of its indebtedness, including default where repayment of the indebtedness has not been accelerated by the lender, then the Company could also be declared in default on its derivative obligations. As of September 30, 2015 the termination value of derivatives in a net liability position, which includes accrued interest, related to these agreements was $15.0 million. The Company has minimum collateral posting thresholds with certain of its derivative counterparties and has not yet reached its minimum collateral posting threshold under these agreements. If the Company had breached any of these provisions at September 30, 2015, it could have been required to settle its obligations under the agreements at the termination value. |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 12. Fair Value Measurements The following table presents information about the Company’s assets measured at fair value on a recurring basis as of September 30, 2015, and indicates the fair value hierarchy of the valuation techniques utilized by the Company to determine such fair value. Fair values determined by Level 1 inputs utilize quoted prices in active markets for identical assets and liabilities that the Company has the ability to access. Fair values determined by Level 2 inputs utilize inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs include quoted prices for similar assets or liabilities in active markets, and inputs other than quoted prices that are observable for the asset or liability, such as interest rates and yield curves that are observable at commonly quoted intervals. Level 3 inputs are unobservable inputs for the asset or liability, and include situations where there is little, if any, market activity for the asset or liability. In certain cases, the inputs used to measure fair value may fall into different levels of the hierarchy. In such cases, the fair value is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Assets and liabilities measured at fair value on a recurring basis as of September 30, 2015 and December 31, 2014 (in thousands): Fair Value Measurement at September 30, 2015 Using Description September 30, Quoted Prices (Level 1) Significant Significant (Level 3) Assets U.S. Treasury $ 702 $ 702 $ — $ — U.S. Agencies 1,321 — 1,321 — Mortgage-backed 1,044 — 1,044 — State and political subdivisions 3,770 — 3,770 — Trading - other 16,862 16,862 — — Trading securities 23,699 17,564 6,135 — U.S. Treasury 352,568 352,568 — — U.S. Agencies 712,483 — 712,483 — Mortgage-backed 3,415,575 — 3,415,575 — State and political subdivisions 2,110,684 — 2,110,684 — Corporates 80,435 80,435 — — Available for sale securities 6,671,745 433,003 6,238,742 — Company-owned life insurance 31,252 — 31,252 — Bank-owned life insurance 201,213 — 201,213 — Derivatives 14,739 — 14,739 — Total $ 6,942,648 $ 450,567 $ 6,492,081 $ — Liabilities Deferred compensation $ 32,115 $ 32,115 $ — $ — Contingent consideration liability 31,232 — — 31,232 Derivatives 14,722 — 14,722 — Total $ 78,069 $ 32,115 $ 14,722 $ 31,232 Fair Value Measurement at December 31, 2014 Using Description December 31, Quoted Prices (Level 1) Significant (Level 2) Significant (Level 3) Assets U.S. Treasury $ 400 $ 400 $ — $ — U.S. Agencies 1,315 — 1,315 — Mortgage-backed — — — — State and political subdivisions 7,381 — 7,381 — Trading - other 18,107 18,106 1 — Trading securities 27,203 18,506 8,697 — U.S. Treasury 519,460 519,460 — — U.S. Agencies 990,689 — 990,689 — Mortgage-backed 3,277,604 — 3,277,604 — State and political subdivisions 2,001,357 — 2,001,357 — Corporates 122,826 122,826 — — Available for sale securities 6,911,936 642,286 6,269,650 — Company-owned life insurance 26,886 — 26,886 — Derivatives 7,138 — 7,138 — Total $ 6,973,163 $ 660,792 $ 6,312,371 $ — Liabilities Deferred compensation $ 26,885 $ 26,885 $ — $ — Contingent consideration liability 53,411 — — 53,411 Derivatives 7,535 — 7,535 — Total $ 87,831 $ 26,885 $ 7,535 $ 53,411 The following table reconciles the beginning and ending balances of the contingent consideration liability for the nine months ended September 30, 2015 and 2014 ( in thousands Nine Months Ended September 30, 2015 2014 Beginning balance $ 53,411 $ 46,201 Payment of contingent considerations on acquisitions (18,702 ) (13,725 ) Contingency reserve — 14,272 Fair value adjustments (3,477 ) 7,511 Ending balance $ 31,232 $ 54,259 During the nine month period ended September 30, 2014, the Company recorded contingency reserve expense of $20.3 million in its Consolidated Statements of Income related to the resolution of the PCM dispute. On June 30, 2014, the Company made a payment of $6.0 million, reducing the remaining contingency reserve to $14.3 million. The settlement agreement amends the original asset purchase agreement dated June 27, 2010, and subsequent to the settlement, the remaining contingency reserve liability has been included in the table above as additional contingent consideration recorded at fair value. Fair value adjustments made subsequent to settlement are included in the table above as fair value adjustments. The following table presents certain quantitative information about the significant unobservable input used in the fair value measurement for the contingent consideration liability measured at fair value on a recurring basis using significant unobservable inputs (Level 3): Description Valuation Techniques Significant Unobservable Inputs Range Liabilities Contingent consideration liability Discounted cash flows Revenue and expense growth percentage (1%) - 102% An increase in the revenue growth percentage may result in a significantly higher estimated fair value of the contingent consideration liability. Alternatively, a decrease in the revenue growth percentage may result in a significantly lower estimated fair value of the contingent consideration liability. Valuation methods for instruments measured at fair value on a recurring basis The following methods and assumptions were used to estimate the fair value of each class of financial instruments measured on a recurring basis: Trading Securities Securities Available for Sale and Investment Securities Company-owned Life Insurance Bank-owned Life Insurance Derivatives Deferred Compensation Contingent Consideration Liability Assets measured at fair value on a non-recurring basis as of September 30, 2015 and December 31, 2014 (in thousands): Fair Value Measurement at September 30, 2015 Using Description September 30, Quoted Prices (Level 1) Significant (Level 2) Significant (Level 3) Total (Losses) Gains Recognized During the Nine Impaired loans $ 21,893 $ — $ — $ 21,893 $ (933 ) Other real estate owned 2,520 — — 2,520 (9 ) Total $ 24,413 $ — $ — $ 24,413 $ (942 ) Fair Value Measurement at December 31, 2014 Using Description December 31, Quoted Prices (Level 1) Significant (Level 2) Significant (Level 3) Total Gains (Losses) Recognized During the Twelve Months Ended Impaired loans $ 5,122 $ — $ — $ 5,122 $ 2,345 Other real estate owned 208 — — 208 — Total $ 5,330 $ — $ — $ 5,330 $ 2,345 Valuation methods for instruments measured at fair value on a nonrecurring basis The following methods and assumptions were used to estimate the fair value of each class of financial instruments measured on a non-recurring basis: Impaired loans Other real estate owned Goodwill Fair value disclosures require disclosure of the fair value of financial assets and financial liabilities, including those financial assets and financial liabilities that are not measured and reported at fair value on a recurring basis or non-recurring basis. The estimated fair value of the Company’s financial instruments at September 30, 2015 and December 31, 2014 are as follows (in millions): Fair Value Measurement at September 30, 2015 Using Carrying Quoted Prices (Level 1) Significant (Level 2) Significant (Level 3) Total FINANCIAL ASSETS Cash and short-term investments $ 1,285.4 $ 1,202.4 $ 83.0 $ — $ 1,285.4 Securities available for sale 6,671.7 433.0 6,238.7 — 6,671.7 Securities held to maturity 588.5 — 611.4 — 611.4 Other securities 68.4 — 68.4 — 68.4 Trading securities 23.7 17.6 6.1 — 23.7 Loans (exclusive of allowance for loan loss) 9,047.1 — 9,074.0 — 9,074.0 Derivatives 14.7 — 14.7 — 14.7 FINANCIAL LIABILITIES Demand and savings deposits 13,805.8 13,805.8 — — 13,805.8 Time deposits 1,255.8 — 1,255.8 — 1,255.8 Other borrowings 1,347.6 1.5 1,346.1 — 1,347.6 Long-term debt 83.5 — 83.8 — 83.8 Derivatives 14.7 — 14.7 — 14.7 OFF-BALANCE SHEET ARRANGEMENTS Commitments to extend credit for loans 3.6 Commercial letters of credit 0.2 Standby letters of credit 1.9 Fair Value Measurement at December 31, 2014 Using Carrying Quoted Prices (Level 1) Significant (Level 2) Significant (Level 3) Total FINANCIAL ASSETS Cash and short-term investments $ 2,101.8 $ 2,006.3 $ 95.5 $ — $ 2,101.8 Securities available for sale 6,911.9 642.3 6,269.6 — 6,911.9 Securities held to maturity 278.1 — 304.1 — 304.1 Other securities 68.5 — 68.5 — 68.5 Trading securities 27.2 18.5 8.7 — 27.2 Loans (exclusive of allowance for loan loss) 7,466.4 — 7,483.3 — 7,483.3 Derivatives 7.1 — 7.1 — 7.1 FINANCIAL LIABILITIES Demand and savings deposits 12,353.3 12,353.3 — — 12,353.3 Time deposits 1,263.6 — 1,263.6 — 1,263.6 Other borrowings 2,025.1 42.0 1,983.1 — 2,025.1 Long-term debt 8.8 — 9.1 — 9.1 Derivatives 7.5 — 7.5 — 7.5 OFF-BALANCE SHEET ARRANGEMENTS Commitments to extend credit for loans 5.7 Commercial letters of credit 0.2 Standby letters of credit 2.4 Cash and short-term investments Securities held to maturity Other securities Loans Demand and savings deposits Time deposits Other borrowings Long-term debt Other off-balance sheet instruments |
Summary of Significant Accoun21
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2015 | |
Accounting Policies [Abstract] | |
Nature of Operations | The Company is a financial holding company, which offers a wide range of banking and other financial services to its customers through its branches and offices in the states of Missouri, Kansas, Colorado, Illinois, Oklahoma, Texas, Arizona, Nebraska, Pennsylvania, South Dakota, Indiana, Utah, Minnesota, California, and Wisconsin. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP) requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements. These estimates and assumptions also impact reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. A summary of the significant accounting policies to assist the reader in understanding the financial presentation is provided in the Notes to Consolidated Financial Statements in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2014. |
Cash and cash equivalents | Cash and cash equivalents Cash and cash equivalents include Cash and due from banks and amounts due from the Federal Reserve Bank. Cash on hand, cash items in the process of collection, and amounts due from correspondent banks are included in Cash and due from banks. Amounts due from the Federal Reserve Bank are interest-bearing for all periods presented and are included in the Interest-bearing due from banks line on the Company’s Consolidated Balance Sheets. This table provides a summary of cash and cash equivalents as presented on the Consolidated Statements of Cash Flows as of September 30, 2015 and September 30, 2014 (in thousands) September 30, 2015 2014 Due from the Federal Reserve $ 691,208 $ 824,264 Cash and due from banks 339,592 395,956 Cash and cash equivalents at end of period $ 1,030,800 $ 1,220,220 Also included in the Interest-bearing due from banks line, but not considered cash and cash equivalents, are interest-bearing accounts held at other financial institutions, which totaled $155.9 million and $157.3 million at September 30, 2015 and September 30, 2014, respectively. |
Per Share Data | Per Share Data Basic income per share is computed based on the weighted average number of shares of common stock outstanding during each period. Diluted quarterly per share data includes the dilutive effect of 459,050 and 551,674 shares issuable upon the exercise of options granted by the Company and outstanding at September 30, 2015 and 2014, respectively. Diluted year-to-date income per share includes the dilutive effect of 460,581 and 601,260 shares issuable upon the exercise of stock options granted by the Company and outstanding at September 30, 2015 and 2014, respectively. Options issued under employee benefits plans to purchase 461,905 shares of common stock were outstanding at September 30, 2015, but were not included in the computation of quarter-to-date and year-to-date diluted EPS because the options were anti-dilutive. Options issued under employee benefits plans to purchase 250,911 shares of common stock were outstanding at September 30, 2014, but were not included in the computation of quarter-to-date and year-to-date diluted EPS because the options were anti-dilutive. |
Summary of Significant Accoun22
Summary of Significant Accounting Policies (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Accounting Policies [Abstract] | |
Summary of Cash and Cash Equivalents | This table provides a summary of cash and cash equivalents as presented on the Consolidated Statements of Cash Flows as of September 30, 2015 and September 30, 2014 (in thousands) September 30, 2015 2014 Due from the Federal Reserve $ 691,208 $ 824,264 Cash and due from banks 339,592 395,956 Cash and cash equivalents at end of period $ 1,030,800 $ 1,220,220 |
Loans and Allowance for Loan 23
Loans and Allowance for Loan Losses (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Receivables [Abstract] | |
Schedule of PCI Loan Portfolio | Information about the PCI loan portfolio subject to purchased credit impairment accounting guidance (ASC 310-30) as of May 31, 2015 is as follows (in thousands): At May 31, 2015 PCI Loans: Contractually required principal and interest at acquisition $ 9,282 Non-accretable difference (1,307 ) Expected cash flows at acquisition 7,975 Accretable yield (164 ) Fair value of purchased loans $ 7,811 |
Schedule of Net Book Value for PCI Loans Accounted Under ASC 310-30 | Below is the composition of the net book value for the PCI loans accounted for under ASC 310-30 at September 30, 2015 (in thousands) At September 30, 2015 PCI Loans: Contractual cash flows $ 8,411 Non-accretable difference (1,307 ) Accretable yield (14 ) Loans accounted for under ASC 310-30 $ 7,090 |
Summary of Loan Classes and Aging of Past Due Loans | This table provides a summary of loan classes and an aging of past due loans at September 30, 2015 and December 31, 2014 (in thousands): September 30, 2015 30-89 Greater Non- Accrual Total Due PCI Current Total Loans Loans Commercial: Commercial $ 15,787 $ 8 $ 29,098 $ 44,893 $ 2,497 $ 4,040,023 $ 4,087,413 Asset-based — — 830 830 — 217,836 218,666 Factoring — — 706 706 — 105,272 105,978 Commercial – credit card 396 42 32 470 — 143,256 143,726 Real estate: Real estate – construction 322 — 741 1,063 525 365,529 367,117 Real estate – commercial 2,391 562 9,948 12,901 1,744 2,477,234 2,491,879 Real estate – residential 690 — 1,236 1,926 — 472,509 474,435 Real estate – HELOC 227 — 3,360 3,587 — 715,452 719,039 Consumer: Consumer – credit card 2,182 1,653 586 4,421 — 279,917 284,338 Consumer – other 3,268 287 3,418 6,973 2,324 103,852 113,149 Leases — — — — — 40,386 40,386 Total loans $ 25,263 $ 2,552 $ 49,955 $ 77,770 $ 7,090 $ 8,961,266 $ 9,046,126 September 30, 2015 30-89 Greater Current Total Loans PCI Loans Commercial: Commercial $ — $ 2,497 $ — $ 2,497 Asset-based — — — — Factoring — — — — Commercial – credit card — — — — Real estate: Real estate – construction — 525 — 525 Real estate – commercial — 1,744 — 1,744 Real estate – residential — — — — Real estate – HELOC — — — — Consumer: Consumer – credit card — — — — Consumer – other 106 51 2,167 2,324 Leases — — — — Total PCI loans $ 106 $ 4,817 $ 2,167 $ 7,090 December 31, 2014 30-89 Days Greater Non- Accrual Total Current Total Loans Commercial: Commercial $ 2,509 $ 363 $ 13,114 $ 15,986 $ 3,798,023 $ 3,814,009 Commercial – credit card 267 147 37 451 115,258 115,709 Real estate: Real estate – construction 1,244 — 983 2,227 253,779 256,006 Real estate – commercial 1,727 61 12,037 13,825 1,852,476 1,866,301 Real estate – residential 828 113 562 1,503 318,324 319,827 Real estate – HELOC 1,371 — 19 1,390 642,196 643,586 Consumer: Consumer – credit card 2,268 2,303 560 5,131 305,165 310,296 Consumer – other 1,743 843 70 2,656 98,314 100,970 Leases — — — — 39,090 39,090 Total loans $ 11,957 $ 3,830 $ 27,382 $ 43,169 $ 7,422,625 $ 7,465,794 |
Credit Risk Profile by Risk Rating | Credit Exposure Credit Risk Profile by Risk Rating Originated and Non-PCI Loans Commercial Asset-based Factoring September 30, 2015 December 31, September 30, 2015 December 31, September 30, 2015 December 31, Non-watch list $ 3,798,138 $ 3,532,611 $ 194,028 $ — $ 105,978 $ — Watch 75,905 72,283 — — — — Special Mention 46,802 98,750 23,808 — — — Substandard 164,071 110,365 830 — — — Total $ 4,084,916 $ 3,814,009 $ 218,666 $ — $ 105,978 $ — Real estate – construction Real estate – commercial September 30, December 31, September 30, December 31, Non-watch list $ 364,464 $ 253,895 $ 2,411,729 $ 1,780,323 Watch 170 181 33,341 31,984 Special Mention — 756 16,273 8,691 Substandard 1,958 1,174 28,792 45,303 Total $ 366,592 $ 256,006 $ 2,490,135 $ 1,866,301 Credit Exposure Credit Risk Profile by Risk Rating PCI Loans Commercial Real estate – construction Real estate – commercial September 30, December 31, September 30, December 31, September 30, December 31, Non-watch list $ 1,039 $ — $ — $ — $ — $ — Watch — — — — — — Special Mention — — — — — — Substandard 1,458 — 525 — 1,744 — Total $ 2,497 $ — $ 525 $ — $ 1,744 $ — |
Credit Risk Profile Based on Payment Activity | Credit Exposure Credit Risk Profile Based on Payment Activity Originated and Non-PCI Loans Commercial – credit card Real estate – residential Real estate – HELOC September 30, December 31, September 30, December 31, September 30, December 31, Performing $ 143,694 $ 115,672 $ 473,199 $ 319,265 $ 715,679 $ 643,567 Non-performing 32 37 1,236 562 3,360 19 Total $ 143,726 $ 115,709 $ 474,435 $ 319,827 $ 719,039 $ 643,586 Consumer – credit card Consumer – other Leases September 30, December 31, September 30, December 31, September 30, December 31, Performing $ 283,752 $ 309,736 $ 107,407 $ 100,900 $ 40,386 $ 39,090 Non-performing 586 560 3,418 70 — — Total $ 284,338 $ 310,296 $ 110,825 $ 100,970 $ 40,386 $ 39,090 Credit Exposure Credit Risk Profile Based on Payment Activity PCI Loans Consumer – other September 30, December 31, Performing $ 2,324 $ — Non-performing — — Total $ 2,324 $ — |
Rollforward of Allowance for Loan Losses by Portfolio Segment | This table provides a rollforward of the allowance for loan losses by portfolio segment for the three and nine months ended September 30, 2015 (in thousands): Three Months Ended September 30, 2015 Commercial Real estate Consumer Leases Total Allowance for loan losses: Beginning balance $ 59,378 $ 8,892 $ 9,288 $ 163 $ 77,721 Charge-offs (1,124 ) (68 ) (2,263 ) — (3,455 ) Recoveries 488 133 643 — 1,264 Provision 540 448 1,525 (13 ) 2,500 Ending balance $ 59,282 $ 9,405 $ 9,193 $ 150 $ 78,030 Nine Months Ended September 30, 2015 Commercial Real estate Consumer Leases Total Allowance for loan losses: Beginning balance $ 55,349 $ 10,725 $ 9,921 $ 145 $ 76,140 Charge-offs (4,624 ) (168 ) (7,413 ) — (12,205 ) Recoveries 1,387 225 1,983 — 3,595 Provision 7,170 (1,377 ) 4,702 5 10,500 Ending balance $ 59,282 $ 9,405 $ 9,193 $ 150 $ 78,030 Ending balance: individually evaluated for impairment $ 2,504 $ 305 $ 31 $ — $ 2,840 Ending balance: collectively evaluated for impairment 56,778 9,100 9,162 150 75,190 Loans: Ending balance: loans $ 4,555,783 $ 4,052,470 $ 397,487 $ 40,386 $ 9,046,126 Ending balance: individually evaluated for impairment 52,450 8,957 3,365 — 64,772 Ending balance: collectively evaluated for impairment 4,503,333 4,043,513 394,122 40,386 8,981,354 This table provides a rollforward of the allowance for loan losses by portfolio segment for the three and nine months ended September 30, 2014 (in thousands): Three Months Ended September 30, 2014 Commercial Real estate Consumer Leases Total Allowance for loan losses: Beginning balance $ 52,433 $ 14,217 $ 10,074 $ 78 $ 76,802 Charge-offs (2,033 ) (57 ) (2,745 ) — (4,835 ) Recoveries 396 8 445 — 849 Provision 3,983 (1,515 ) 1,964 68 4,500 Ending balance $ 54,779 $ 12,653 $ 9,738 $ 146 $ 77,316 Nine Months Ended September 30, 2014 Commercial Real estate Consumer Leases Total Allowance for loan losses: Beginning balance $ 48,886 $ 15,342 $ 10,447 $ 76 $ 74,751 Charge-offs (4,980 ) (238 ) (8,881 ) — (14,099 ) Recoveries 664 25 1,975 — 2,664 Provision 10,209 (2,476 ) 6,197 70 14,000 Ending balance $ 54,779 $ 12,653 $ 9,738 $ 146 $ 77,316 Ending balance: individually evaluated for impairment $ 2,252 $ 1,368 $ — $ — $ 3,620 Ending balance: collectively evaluated for impairment 52,527 11,285 9,738 146 73,696 Loans: Ending balance: loans $ 3,669,298 $ 2,999,052 $ 395,613 $ 39,200 $ 7,103,163 Ending balance: individually evaluated for impairment 19,176 13,467 17 — 32,660 Ending balance: collectively evaluated for impairment 3,650,122 2,985,585 395,596 39,200 7,070,503 |
Analysis of Impaired Loans | This table provides an analysis of impaired loans by class at September 30, 2015 and December 31, 2014 (in thousands): As of September 30, 2015 Unpaid Recorded Recorded Total Related Average Recorded Commercial: Commercial $ 55,273 $ 29,137 $ 21,777 $ 50,914 $ 2,504 $ 28,658 Asset-based 860 830 — 830 — — Factoring 706 706 — 706 — — Commercial – credit card — — — — — — Real estate: Real estate – construction 1,189 741 120 861 49 935 Real estate – commercial 7,228 5,106 1,361 6,467 225 8,314 Real estate – residential 1,582 1,120 284 1,404 31 1,426 Real estate – HELOC 249 225 — 225 — 114 Consumer: Consumer – credit card — — — — — — Consumer – other 3,398 2,174 1,191 3,365 31 1,152 Leases — — — — — — Total $ 70,485 $ 40,039 $ 24,733 $ 64,772 $ 2,840 $ 40,599 As of December 31, 2014 Unpaid Recorded Recorded Total Related Average Recorded Commercial: Commercial $ 21,758 $ 13,928 $ 3,132 $ 17,060 $ 972 $ 16,022 Commercial – credit card — — — — — — Real estate: Real estate – construction 1,540 983 — 983 — 939 Real estate – commercial 9,546 4,454 3,897 8,351 935 11,298 Real estate – residential 1,083 909 — 909 — 1,006 Real estate – HELOC — — — — — — Consumer: Consumer – credit card — — — — — — Consumer – other 1 1 — 1 — 12 Leases — — — — — — Total $ 33,928 $ 20,275 $ 7,029 $ 27,304 $ 1,907 $ 29,277 |
Summary of Loans Restructured by Class | This table provides a summary of loans restructured by class during the three and nine months ended September 30, 2015 (in thousands) Three Months Ended September 30, 2015 Nine Months Ended September 30, 2015 Number Pre- Modification Post- Modification Number Pre- Modification Post- Modification Troubled Debt Restructurings Commercial: Commercial 2 $ 8,675 $ 8,675 16 $ 28,138 $ 28,138 Asset-based — — — — — — Factoring — — — — — — Commercial – credit card — — — — — — Real estate: Real estate – construction — — — — — — Real estate – commercial — — — 1 261 261 Real estate – residential 1 261 261 1 121 121 Real estate – HELOC — — — — — — Consumer: Consumer – credit card — — — — — — Consumer – other — — — — — — Leases — — — — — — Total 3 $ 8,936 $ 8,936 18 $ 28,520 $ 28,520 This table provides a summary of loans restructured by class during the three and nine months ended September 30, 2014 (in thousands) Three Months Ended September 30, 2014 Nine Months Ended September 30, 2014 Number Pre- Modification Post- Modification Number Pre- Modification Post- Modification Troubled Debt Restructurings Commercial: Commercial — $ — $ — 1 $ 469 $ 469 Commercial – credit card — — — — — — Real estate: Real estate – construction — — — — — — Real estate – commercial 1 178 178 1 178 178 Real estate – residential 1 67 67 4 277 301 Real estate – HELOC — — — — — — Consumer: Consumer – credit card — — — — — — Consumer – other — — — — — — Leases — — — — — — Total 2 $ 245 $ 245 6 $ 924 $ 948 |
Securities (Tables)
Securities (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Securities Available for Sale | This table provides detailed information about securities available for sale at September 30, 2015 and December 31, 2014 (in thousands): September 30, 2015 Amortized Gross Gross Fair Value U.S. Treasury $ 351,767 $ 801 $ — $ 352,568 U.S. Agencies 711,381 1,188 (86 ) 712,483 Mortgage-backed 3,395,612 34,135 (14,172 ) 3,415,575 State and political subdivisions 2,089,507 24,257 (3,080 ) 2,110,684 Corporates 80,853 45 (463 ) 80,435 Total $ 6,629,120 $ 60,426 $ (17,801 ) $ 6,671,745 December 31, 2014 Amortized Gross Gross Fair Value U.S. Treasury $ 519,484 $ 501 $ (525 ) $ 519,460 U.S. Agencies 991,084 780 (1,175 ) 990,689 Mortgage-backed 3,276,009 28,470 (26,875 ) 3,277,604 State and political subdivisions 1,983,549 22,973 (5,165 ) 2,001,357 Corporates 124,096 — (1,270 ) 122,826 Total $ 6,894,222 $ 52,724 $ (35,010 ) $ 6,911,936 |
Gross Unrealized Losses and Fair Value of Investment Securities Available for Sale | The following table shows the Company’s available for sale investments’ gross unrealized losses and fair value, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, at September 30, 2015 and December 31, 2014 (in thousands): September 30, 2015 Less than 12 months 12 months or more Total Description of Securities Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized U.S. Treasury $ — $ — $ — $ — $ — $ — U.S. Agencies 72,409 (41 ) 36,955 (45 ) 109,364 (86 ) Mortgage-backed 621,731 (5,216 ) 383,140 (8,956 ) 1,004,871 (14,172 ) State and political subdivisions 331,467 (1,897 ) 69,275 (1,183 ) 400,742 (3,080 ) Corporates 15,764 (51 ) 50,959 (412 ) 66,723 (463 ) Total temporarily-impaired debt securities available for sale $ 1,041,371 $ (7,205 ) $ 540,329 $ (10,596 ) $ 1,581,700 $ (17,801 ) December 31, 2014 Less than 12 months 12 months or more Total Description of Securities Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized U.S. Treasury $ 236,591 $ (329 ) $ 14,863 $ (196 ) $ 251,454 $ (525 ) U.S. Agencies 387,999 (689 ) 81,593 (486 ) 469,592 (1,175 ) Mortgage-backed 727,142 (8,370 ) 616,044 (18,504 ) 1,343,186 (26,874 ) State and political subdivisions 401,934 (1,406 ) 226,678 (3,760 ) 628,612 (5,166 ) Corporates 36,655 (243 ) 86,171 (1,027 ) 122,826 (1,270 ) Total temporarily-impaired debt securities available for sale $ 1,790,321 $ (11,037 ) $ 1,025,349 $ (23,973 ) $ 2,815,670 $ (35,010 ) |
Securities Held to Maturity | The table below provides detailed information for securities held to maturity at September 30, 2015 and December 31, 2014 (in thousands): September 30, 2015 Amortized Gross Gross Fair Value State and political subdivisions $ 588,478 $ 22,904 $ — $ 611,382 December 31, 2014 State and political subdivisions $ 278,054 $ 26,058 $ — $ 304,112 |
Schedule of Federal Reserve Bank Stock and Federal Home Loan Bank Stock and Other Securities | The table below provides detailed information for Federal Reserve Bank (FRB) stock and Federal Home Loan Bank (FHLB) stock and other securities at September 30, 2015 and December 31, 2014 (in thousands): Gross Gross Amortized Unrealized Unrealized Fair September 30, 2015 Cost Gains Losses Value FRB and FHLB stock $ 34,006 $ — $ — $ 34,006 Other securities – marketable — 12,006 — 12,006 Other securities – non-marketable 20,867 1,571 (79 ) 22,359 Total Federal Reserve Bank stock and other $ 54,873 $ 13,577 $ (79 ) $ 68,371 December 31, 2014 FRB and FHLB stock $ 26,279 $ — $ — $ 26,279 Other securities – marketable — 16,668 — 16,668 Other securities – non-marketable 21,669 3,937 (79 ) 25,527 Total Federal Reserve Bank stock and other $ 47,948 $ 20,605 $ (79 ) $ 68,474 |
Available-for-sale Securities [Member] | |
Contractual Maturity Information | The following table presents contractual maturity information for securities available for sale at September 30, 2015 (in thousands): Amortized Fair Cost Value Due in 1 year or less $ 806,162 $ 807,367 Due after 1 year through 5 years 1,519,825 1,532,670 Due after 5 years through 10 years 846,257 855,142 Due after 10 years 61,264 60,991 Total 3,233,508 3,256,170 Mortgage-backed securities 3,395,612 3,415,575 Total securities available for sale $ 6,629,120 $ 6,671,745 |
Held-to-maturity Securities [Member] | |
Contractual Maturity Information | The following table presents contractual maturity information for securities held to maturity at September 30, 2015 (in thousands): Amortized Fair Value Due in 1 year or less $ 4,366 $ 4,536 Due after 1 year through 5 years 89,100 92,568 Due after 5 years through 10 years 339,631 352,850 Due after 10 years 155,381 161,428 Total securities held to maturity $ 588,478 $ 611,382 |
Goodwill and Other Intangibles
Goodwill and Other Intangibles (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Changes in Carrying Amount of Goodwill | Changes in the carrying amount of goodwill for the periods ended September 30, 2015 and December 31, 2014 by reportable segment are as follows (in thousands): Bank Institutional Asset Total Balances as of January 1, 2015 $ 142,753 $ 47,529 $ 19,476 $ 209,758 Acquisition of Marquette Financial Companies 18,204 — — 18,204 Balances as of September 30, 2015 $ 160,957 $ 47,529 $ 19,476 $ 227,962 Balances as of January 1, 2014 $ 142,753 $ 47,529 $ 19,476 $ 209,758 Balances as of December 31, 2014 $ 142,753 $ 47,529 $ 19,476 $ 209,758 |
Changes in Intangible Assets | Following are the finite-lived intangible assets that continue to be subject to amortization as of September 30, 2015 and December 31, 2014 (in thousands) As of September 30, 2015 Gross Carrying Accumulated Net Carrying Amount Core deposit intangible assets $ 36,497 $ 33,415 $ 3,082 Core deposit intangible-Marquette Acquisition 11,030 1,051 9,979 Customer relationships 104,560 71,519 33,041 Customer relationship-Marquette Acquisition 2,900 193 2,707 Other intangible assets 3,247 2,783 464 Other intangible assets-Marquette Acquisition 951 159 792 Total intangible assets $ 159,185 $ 109,120 $ 50,065 As of December 31, 2014 Gross Carrying Accumulated Net Carrying Amount Core deposit intangible assets $ 36,497 $ 32,721 $ 3,776 Customer relationships 104,560 64,980 39,580 Other intangible assets 3,247 2,612 635 Total intangible assets $ 144,304 $ 100,313 $ 43,991 |
Aggregate Amortization Expense Recognized | Following is the aggregate amortization expense recognized in each period (in thousands) Three Months Ended Nine Months Ended 2015 2014 2015 2014 Aggregate amortization expense $ 3,483 $ 3,043 $ 8,807 $ 9,219 |
Estimated Amortization Expense of Intangible Assets | Estimated amortization expense of intangible assets in future years (in thousands): For the three months ending December 31, 2015 $ 3,283 For the year ending December 31, 2016 12,291 For the year ending December 31, 2017 10,180 For the year ending December 31, 2018 7,202 For the year ending December 31, 2019 5,822 For the year ending December 31, 2020 4,487 |
Securities Sold Under Agreeme26
Securities Sold Under Agreements to Repurchase (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Banking and Thrift [Abstract] | |
Remaining Contractual Maturities Of Repurchase Agreements | The table below presents the remaining contractual maturities of repurchase agreements outstanding at September 30, 2015, in addition to the various types of marketable securities that have been pledged as collateral for these borrowings (in thousands). As of September 30, 2015 Remaining Contractual Maturities of the Agreements Overnight & Continuous Over 90 Days Total Repurchase agreements, secured by: U.S. Treasury $ 206,883 $ — $ 206,883 U.S. Agencies 1,132,719 1,500 1,134,219 Total repurchase agreements $ 1,339,602 $ 1,500 $ 1,341,102 |
Business Segment Reporting (Tab
Business Segment Reporting (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Segment Reporting [Abstract] | |
Line of Business Segment Financial Results | Segment financial results were as follows (in thousands): Three Months Ended September 30, 2015 Bank Payment Institutional Asset Total Net interest income $ 93,960 $ 14,627 $ — $ 1,308 $ 109,895 Provision for loan losses 1,333 1,167 — — 2,500 Noninterest income 42,999 22,038 21,449 22,612 109,098 Noninterest expense 122,165 27,053 16,512 19,549 185,279 Income before taxes 13,461 8,445 4,937 4,371 31,214 Income tax expense 3,731 2,393 1,408 1,231 8,763 Net income $ 9,730 $ 6,052 $ 3,529 $ 3,140 $ 22,451 Average assets $ 14,120,000 $ 2,943,000 $ 66,000 $ 991,000 $ 18,120,000 Three Months Ended September 30, 2014 Bank Payment Institutional Asset Total Net interest income $ 72,893 $ 13,469 $ — $ 1,164 $ 87,526 Provision for loan losses 2,446 2,054 — — 4,500 Noninterest income 48,385 21,579 33,919 22,592 126,475 Noninterest expense 99,084 21,995 20,913 19,159 161,151 Income before taxes 19,748 10,999 13,006 4,597 48,350 Income tax expense 5,364 2,818 3,350 1,188 12,720 Net income $ 14,384 $ 8,181 $ 9,656 $ 3,409 $ 35,630 Average assets $ 11,752,000 $ 2,744,000 $ 72,000 $ 1,070,000 $ 15,638,000 Nine Months Ended September 30, 2015 Bank Payment Solutions Institutional Asset Total Net interest income $ 252,044 $ 42,260 $ 1 $ 3,308 $ 297,613 Provision for loan losses 5,545 4,955 — — 10,500 Noninterest income 142,099 68,469 74,217 69,070 353,855 Noninterest expense 329,951 78,131 52,768 60,806 521,656 Income before taxes 58,647 27,643 21,450 11,572 119,312 Income tax expense 16,037 7,770 5,921 3,154 32,882 Net income $ 42,610 $ 19,873 $ 15,529 $ 8,418 $ 86,430 Average assets $ 13,440,000 $ 2,998,000 $ 70,000 $ 952,000 $ 17,460,000 Nine Months Ended September 30, 2014 Bank Payment Institutional Asset Total Net interest income $ 216,495 $ 38,248 $ (3 ) $ 4,401 $ 259,141 Provision for loan losses 7,558 6,442 — — 14,000 Noninterest income 151,843 62,999 102,014 66,584 383,440 Noninterest expense 307,400 67,451 68,862 55,570 499,283 Income before taxes 53,380 27,354 33,149 15,415 129,298 Income tax expense 15,167 7,342 8,883 4,191 35,583 Net income $ 38,213 $ 20,012 $ 24,266 $ 11,224 $ 93,715 Average assets $ 12,023,000 $ 2,287,000 $ 72,000 $ 1,539,000 $ 15,921,000 |
Acquisition (Tables)
Acquisition (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Business Combinations [Abstract] | |
Summary of Net Assets Acquired (at Fair Value) and Consideration Transferred | The following table summarizes the net assets acquired (at fair value) and consideration transferred for Marquette ( in thousands, except for per share data): Fair Value May 31, 2015 Assets Loans $ 980,404 Investment securities 177,694 Cash and due from banks 104,610 Premises and equipment, net 11,508 Identifiable intangible assets 14,881 Other assets 32,356 Total assets acquired 1,321,453 Liabilities Noninterest-bearing deposits 235,426 Interest-bearing deposits 708,675 Short-term debt 112,133 Long-term debt 89,971 Other liabilities 13,715 Total liabilities assumed 1,159,920 Net identifiable assets acquired 161,533 Preliminary goodwill 18,204 Net assets acquired $ 179,737 Consideration: Company’s common shares issued 3,470 Purchase price per share of the Company’s common stock $ 51.79 Fair value of total consideration transferred $ 179,737 |
Commitments, Contingencies an29
Commitments, Contingencies and Guarantees (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Notional Amount of Off-Balance Sheet Financial Instruments | The following table summarizes the Company’s off-balance sheet financial instruments. Contract or Notional Amount (in thousands): September 30, December 31, Commitments to extend credit for loans (excluding credit card loans) $ 5,838,033 $ 3,509,841 Commitments to extend credit under credit card loans 2,910,148 2,690,752 Commercial letters of credit 4,655 1,334 Standby letters of credit 378,562 375,003 Futures contracts 1,000 — Forward foreign exchange contracts 53,766 144,950 Spot foreign exchange contracts 9,460 14,721 |
Derivatives and Hedging Activ30
Derivatives and Hedging Activities (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Summary of Fair Value of Derivative Assets and Liabilities | This table provides a summary of the fair value of the Company’s derivative assets and liabilities as of September 30, 2015 and December 31, 2014 (in thousands) Asset Derivatives Liability Derivatives Fair Value September 30, 2015 December 31, September 30, 2015 December 31, Interest Rate Products: Derivatives not designated as hedging instruments $ 13,986 $ 7,138 $ 14,307 $ 7,250 Derivatives designated as hedging instruments 753 — 415 285 Total $ 14,739 $ 7,138 $ 14,722 $ 7,535 |
Summary of Amount of Gain (Loss) Recognized in Other Non-Interest Expense in Consolidated Statements of Income Related to Derivative Asset and Liability | This table provides a summary of the amount of gain (loss) recognized in other noninterest expense in the Consolidated Statements of Income related to the Company’s derivative asset and liability for the three and nine months ended September 30, 2015 and September 30, 2014 (in thousands) Amount of (Loss) Gain Recognized For the Three Months Ended For the Nine Months Ended September 30, September 30, September 30, September 30, Interest Rate Products Derivatives not designated as hedging instruments $ (125 ) $ (133 ) $ (211 ) $ (185 ) Total $ (125 ) $ (133 ) $ (211 ) $ (185 ) Interest Rate Products Derivatives designated as hedging instruments Fair value adjustments on derivatives $ (178 ) $ 19 $ (172 ) $ (216 ) Fair value adjustments on hedged items 177 (20 ) 173 197 Total $ (1 ) $ (1 ) $ 1 $ (19 ) |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
Assets and Liabilities Measured at Fair Value on Recurring Basis | Assets and liabilities measured at fair value on a recurring basis as of September 30, 2015 and December 31, 2014 (in thousands): Fair Value Measurement at September 30, 2015 Using Description September 30, Quoted Prices (Level 1) Significant Significant (Level 3) Assets U.S. Treasury $ 702 $ 702 $ — $ — U.S. Agencies 1,321 — 1,321 — Mortgage-backed 1,044 — 1,044 — State and political subdivisions 3,770 — 3,770 — Trading - other 16,862 16,862 — — Trading securities 23,699 17,564 6,135 — U.S. Treasury 352,568 352,568 — — U.S. Agencies 712,483 — 712,483 — Mortgage-backed 3,415,575 — 3,415,575 — State and political subdivisions 2,110,684 — 2,110,684 — Corporates 80,435 80,435 — — Available for sale securities 6,671,745 433,003 6,238,742 — Company-owned life insurance 31,252 — 31,252 — Bank-owned life insurance 201,213 — 201,213 — Derivatives 14,739 — 14,739 — Total $ 6,942,648 $ 450,567 $ 6,492,081 $ — Liabilities Deferred compensation $ 32,115 $ 32,115 $ — $ — Contingent consideration liability 31,232 — — 31,232 Derivatives 14,722 — 14,722 — Total $ 78,069 $ 32,115 $ 14,722 $ 31,232 Fair Value Measurement at December 31, 2014 Using Description December 31, Quoted Prices (Level 1) Significant (Level 2) Significant (Level 3) Assets U.S. Treasury $ 400 $ 400 $ — $ — U.S. Agencies 1,315 — 1,315 — Mortgage-backed — — — — State and political subdivisions 7,381 — 7,381 — Trading - other 18,107 18,106 1 — Trading securities 27,203 18,506 8,697 — U.S. Treasury 519,460 519,460 — — U.S. Agencies 990,689 — 990,689 — Mortgage-backed 3,277,604 — 3,277,604 — State and political subdivisions 2,001,357 — 2,001,357 — Corporates 122,826 122,826 — — Available for sale securities 6,911,936 642,286 6,269,650 — Company-owned life insurance 26,886 — 26,886 — Derivatives 7,138 — 7,138 — Total $ 6,973,163 $ 660,792 $ 6,312,371 $ — Liabilities Deferred compensation $ 26,885 $ 26,885 $ — $ — Contingent consideration liability 53,411 — — 53,411 Derivatives 7,535 — 7,535 — Total $ 87,831 $ 26,885 $ 7,535 $ 53,411 |
Reconciliation of Beginning and Ending Balances of Contingent Consideration Liability | The following table reconciles the beginning and ending balances of the contingent consideration liability for the nine months ended September 30, 2015 and 2014 ( in thousands Nine Months Ended September 30, 2015 2014 Beginning balance $ 53,411 $ 46,201 Payment of contingent considerations on acquisitions (18,702 ) (13,725 ) Contingency reserve — 14,272 Fair value adjustments (3,477 ) 7,511 Ending balance $ 31,232 $ 54,259 |
Quantitative Information about Significant Unobservable Input used in Fair Value Measurement for Contingent Consideration Liability Measured at Fair Value on Recurring Basis | The following table presents certain quantitative information about the significant unobservable input used in the fair value measurement for the contingent consideration liability measured at fair value on a recurring basis using significant unobservable inputs (Level 3): Description Valuation Techniques Significant Unobservable Inputs Range Liabilities Contingent consideration liability Discounted cash flows Revenue and expense growth percentage (1%) - 102% |
Assets Measured at Fair Value on Non-Recurring Basis | Assets measured at fair value on a non-recurring basis as of September 30, 2015 and December 31, 2014 (in thousands): Fair Value Measurement at September 30, 2015 Using Description September 30, Quoted Prices (Level 1) Significant (Level 2) Significant (Level 3) Total (Losses) Gains Recognized During the Nine Impaired loans $ 21,893 $ — $ — $ 21,893 $ (933 ) Other real estate owned 2,520 — — 2,520 (9 ) Total $ 24,413 $ — $ — $ 24,413 $ (942 ) Fair Value Measurement at December 31, 2014 Using Description December 31, Quoted Prices (Level 1) Significant (Level 2) Significant (Level 3) Total Gains (Losses) Recognized During the Twelve Months Ended Impaired loans $ 5,122 $ — $ — $ 5,122 $ 2,345 Other real estate owned 208 — — 208 — Total $ 5,330 $ — $ — $ 5,330 $ 2,345 |
Estimated Fair Value of Financial Instruments | The estimated fair value of the Company’s financial instruments at September 30, 2015 and December 31, 2014 are as follows (in millions): Fair Value Measurement at September 30, 2015 Using Carrying Quoted Prices (Level 1) Significant (Level 2) Significant (Level 3) Total FINANCIAL ASSETS Cash and short-term investments $ 1,285.4 $ 1,202.4 $ 83.0 $ — $ 1,285.4 Securities available for sale 6,671.7 433.0 6,238.7 — 6,671.7 Securities held to maturity 588.5 — 611.4 — 611.4 Other securities 68.4 — 68.4 — 68.4 Trading securities 23.7 17.6 6.1 — 23.7 Loans (exclusive of allowance for loan loss) 9,047.1 — 9,074.0 — 9,074.0 Derivatives 14.7 — 14.7 — 14.7 FINANCIAL LIABILITIES Demand and savings deposits 13,805.8 13,805.8 — — 13,805.8 Time deposits 1,255.8 — 1,255.8 — 1,255.8 Other borrowings 1,347.6 1.5 1,346.1 — 1,347.6 Long-term debt 83.5 — 83.8 — 83.8 Derivatives 14.7 — 14.7 — 14.7 OFF-BALANCE SHEET ARRANGEMENTS Commitments to extend credit for loans 3.6 Commercial letters of credit 0.2 Standby letters of credit 1.9 Fair Value Measurement at December 31, 2014 Using Carrying Quoted Prices (Level 1) Significant (Level 2) Significant (Level 3) Total FINANCIAL ASSETS Cash and short-term investments $ 2,101.8 $ 2,006.3 $ 95.5 $ — $ 2,101.8 Securities available for sale 6,911.9 642.3 6,269.6 — 6,911.9 Securities held to maturity 278.1 — 304.1 — 304.1 Other securities 68.5 — 68.5 — 68.5 Trading securities 27.2 18.5 8.7 — 27.2 Loans (exclusive of allowance for loan loss) 7,466.4 — 7,483.3 — 7,483.3 Derivatives 7.1 — 7.1 — 7.1 FINANCIAL LIABILITIES Demand and savings deposits 12,353.3 12,353.3 — — 12,353.3 Time deposits 1,263.6 — 1,263.6 — 1,263.6 Other borrowings 2,025.1 42.0 1,983.1 — 2,025.1 Long-term debt 8.8 — 9.1 — 9.1 Derivatives 7.5 — 7.5 — 7.5 OFF-BALANCE SHEET ARRANGEMENTS Commitments to extend credit for loans 5.7 Commercial letters of credit 0.2 Standby letters of credit 2.4 |
Summary of Cash and Cash Equiva
Summary of Cash and Cash Equivalents (Detail) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Dec. 31, 2013 |
Accounting Policies [Abstract] | ||||
Due from the Federal Reserve | $ 691,208 | $ 824,264 | ||
Cash and due from banks | 339,592 | $ 444,299 | 395,956 | |
Cash and cash equivalents at end of period | $ 1,030,800 | $ 1,787,230 | $ 1,220,220 | $ 2,582,428 |
Summary of Significant Accoun33
Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Accounting Policies [Abstract] | ||||
Interest bearing amounts held at other financial institutions | $ 155.9 | $ 157.3 | $ 155.9 | $ 157.3 |
Dilutive effect of common stock issuable upon exercise of options, shares | 459,050 | 551,674 | 460,581 | 601,260 |
Anti-dilutive shares | 461,905 | 250,911 |
Loans and Allowance for Loan 34
Loans and Allowance for Loan Losses - Additional Information (Detail) - USD ($) | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | May. 31, 2015 | Dec. 31, 2014 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Carrying amount of loans | $ 7,090,000 | |||
Non- Accrual Loans | 49,955,000 | $ 27,382,000 | ||
Loans modified as troubled debt restructurings | 35,300,000 | 9,300,000 | ||
Total Past Due | 77,770,000 | 43,169,000 | ||
Proceeds from sales of loans held for sale | 79,673,000 | $ 51,880,000 | ||
Commitments to lend to borrowers with loan modifications classified as TDR's | 217,000 | |||
Default payment of troubled restructuring, commercial real estate loan | 178,000 | |||
Greater than 90 days Past Due and Accruing [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Total Past Due | 2,552,000 | $ 3,830,000 | ||
PCI loans [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Loans modified as troubled debt restructurings | 0 | |||
PCI loans [Member] | Greater than 90 days Past Due and Accruing [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Total Past Due | 4,817,000 | |||
Loans Accounted for under ASC 310-30 [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Carrying amount of loans | 7,100,000 | |||
Outstanding balance of loans | 8,400,000 | |||
Marquette [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Loans purchased at fair value | $ 980,400,000 | |||
Marquette [Member] | Non-PCI loans [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Loans purchased at fair value | 972,600,000 | |||
Contractually required principal and interest at acquisition | 983,900,000 | |||
Marquette [Member] | PCI loans [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Loans purchased at fair value | 7,800,000 | |||
Contractually required principal and interest at acquisition | 9,300,000 | |||
Marquette [Member] | Loans Accounted for under ASC 310-30 [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Loans purchased at fair value | 7,811,000 | |||
Contractually required principal and interest at acquisition | $ 9,282,000 | |||
Carrying amount of loans | 7,090,000 | |||
Outstanding balance of loans | $ 8,411,000 | |||
Revolving Commercial Loans [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Number of days past due to consider loan as a loss and charged off | 90 days | |||
Closed-End Retail Loans [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Number of days past due to consider loan as a loss and charged off | 120 days | |||
Open-End Retail Loans [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Number of days past due to consider loan as a loss and charged off | 180 days |
Schedule of PCI Loan Portfolio
Schedule of PCI Loan Portfolio (Detail) - Marquette [Member] - USD ($) $ in Thousands | May. 31, 2015 | Sep. 30, 2015 |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities Acquired During Period [Line Items] | ||
Fair value of purchased loans | $ 980,400 | |
Loans Accounted for under ASC 310-30 [Member] | ||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities Acquired During Period [Line Items] | ||
Contractually required principal and interest at acquisition | 9,282 | |
Non-accretable difference | (1,307) | $ (1,307) |
Expected cash flows at acquisition | 7,975 | |
Accretable yield | (164) | $ (14) |
Fair value of purchased loans | $ 7,811 |
Schedule of Net Book Value for
Schedule of Net Book Value for PCI Loans Accounted Under ASC 310-30 (Detail) - USD ($) $ in Thousands | May. 31, 2015 | Sep. 30, 2015 |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities Acquired During Period [Line Items] | ||
Loans accounted for under ASC 310-30 | $ 7,090 | |
Loans Accounted for under ASC 310-30 [Member] | ||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities Acquired During Period [Line Items] | ||
Contractual cash flows | 8,400 | |
Loans accounted for under ASC 310-30 | 7,100 | |
Marquette [Member] | Loans Accounted for under ASC 310-30 [Member] | ||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities Acquired During Period [Line Items] | ||
Contractual cash flows | 8,411 | |
Non-accretable difference | $ (1,307) | (1,307) |
Accretable yield | $ (164) | (14) |
Loans accounted for under ASC 310-30 | $ 7,090 |
Summary of Loan Classes and Agi
Summary of Loan Classes and Aging of Past Due Loans (Detail) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 | Sep. 30, 2014 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Non- Accrual Loans | $ 49,955 | $ 27,382 | |
Total Past Due | 77,770 | 43,169 | |
PCI Loans | 7,090 | ||
Current | 8,961,266 | 7,422,625 | |
Total Loans | 9,046,126 | 7,465,794 | $ 7,103,163 |
Real estate - residential [Member] | Prime [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Non- Accrual Loans | 1,236 | 562 | |
Total Past Due | 1,926 | 1,503 | |
Current | 472,509 | 318,324 | |
Total Loans | 474,435 | 319,827 | |
Consumer [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Loans | 397,487 | 395,613 | |
Leases [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Current | 40,386 | 39,090 | |
Total Loans | 40,386 | 39,090 | $ 39,200 |
30-89 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Past Due | 25,263 | 11,957 | |
30-89 Days Past Due [Member] | Real estate - residential [Member] | Prime [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Past Due | 690 | 828 | |
Greater than 90 days Past Due and Accruing [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Past Due | 2,552 | 3,830 | |
Greater than 90 days Past Due and Accruing [Member] | Real estate - residential [Member] | Prime [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Past Due | 113 | ||
PCI loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Current | 2,167 | ||
PCI loans [Member] | 30-89 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Past Due | 106 | ||
PCI loans [Member] | Greater than 90 days Past Due and Accruing [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Past Due | 4,817 | ||
Commercial [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Non- Accrual Loans | 29,098 | 13,114 | |
Total Past Due | 44,893 | 15,986 | |
PCI Loans | 2,497 | ||
Current | 4,040,023 | 3,798,023 | |
Total Loans | 4,087,413 | 3,814,009 | |
Commercial [Member] | 30-89 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Past Due | 15,787 | 2,509 | |
Commercial [Member] | Greater than 90 days Past Due and Accruing [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Past Due | 8 | 363 | |
Commercial [Member] | PCI loans [Member] | Greater than 90 days Past Due and Accruing [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Past Due | 2,497 | ||
Commercial - credit card [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Non- Accrual Loans | 32 | 37 | |
Total Past Due | 470 | 451 | |
Current | 143,256 | 115,258 | |
Total Loans | 143,726 | 115,709 | |
Commercial - credit card [Member] | 30-89 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Past Due | 396 | 267 | |
Commercial - credit card [Member] | Greater than 90 days Past Due and Accruing [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Past Due | 42 | 147 | |
Construction [Member] | Real estate [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Non- Accrual Loans | 741 | 983 | |
Total Past Due | 1,063 | 2,227 | |
PCI Loans | 525 | ||
Current | 365,529 | 253,779 | |
Total Loans | 367,117 | 256,006 | |
Construction [Member] | 30-89 Days Past Due [Member] | Real estate [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Past Due | 322 | 1,244 | |
Construction [Member] | PCI loans [Member] | Greater than 90 days Past Due and Accruing [Member] | Real estate [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Past Due | 525 | ||
Real estate - commercial [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Non- Accrual Loans | 9,948 | 12,037 | |
Total Past Due | 12,901 | 13,825 | |
PCI Loans | 1,744 | ||
Current | 2,477,234 | 1,852,476 | |
Total Loans | 2,491,879 | 1,866,301 | |
Real estate - commercial [Member] | 30-89 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Past Due | 2,391 | 1,727 | |
Real estate - commercial [Member] | Greater than 90 days Past Due and Accruing [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Past Due | 562 | 61 | |
Real estate - commercial [Member] | PCI loans [Member] | Greater than 90 days Past Due and Accruing [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Past Due | 1,744 | ||
Real estate - HELOC [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Non- Accrual Loans | 3,360 | 19 | |
Total Past Due | 3,587 | 1,390 | |
Current | 715,452 | 642,196 | |
Total Loans | 719,039 | 643,586 | |
Real estate - HELOC [Member] | 30-89 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Past Due | 227 | 1,371 | |
Credit card [Member] | Consumer [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Non- Accrual Loans | 586 | 560 | |
Total Past Due | 4,421 | 5,131 | |
Current | 279,917 | 305,165 | |
Total Loans | 284,338 | 310,296 | |
Credit card [Member] | 30-89 Days Past Due [Member] | Consumer [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Past Due | 2,182 | 2,268 | |
Credit card [Member] | Greater than 90 days Past Due and Accruing [Member] | Consumer [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Past Due | 1,653 | 2,303 | |
Other [Member] | Consumer [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Non- Accrual Loans | 3,418 | 70 | |
Total Past Due | 6,973 | 2,656 | |
PCI Loans | 2,324 | ||
Current | 103,852 | 98,314 | |
Total Loans | 113,149 | 100,970 | |
Other [Member] | 30-89 Days Past Due [Member] | Consumer [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Past Due | 3,268 | 1,743 | |
Other [Member] | Greater than 90 days Past Due and Accruing [Member] | Consumer [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Past Due | 287 | $ 843 | |
Other [Member] | PCI loans [Member] | Consumer [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Current | 2,167 | ||
Other [Member] | PCI loans [Member] | 30-89 Days Past Due [Member] | Consumer [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Past Due | 106 | ||
Other [Member] | PCI loans [Member] | Greater than 90 days Past Due and Accruing [Member] | Consumer [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Past Due | 51 | ||
Asset-based [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Non- Accrual Loans | 830 | ||
Total Past Due | 830 | ||
Current | 217,836 | ||
Total Loans | 218,666 | ||
Factoring [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Non- Accrual Loans | 706 | ||
Total Past Due | 706 | ||
Current | 105,272 | ||
Total Loans | $ 105,978 |
Credit Risk Profile by Risk Rat
Credit Risk Profile by Risk Rating - Originated and Non-PCI Loans (Detail) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 | Sep. 30, 2014 |
Financing Receivable, Recorded Investment [Line Items] | |||
Credit Risk Profile by Risk Rating | $ 9,046,126 | $ 7,465,794 | $ 7,103,163 |
Commercial [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Credit Risk Profile by Risk Rating | 4,087,413 | 3,814,009 | |
Commercial [Member] | Originated and Non-PCI Loans [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Credit Risk Profile by Risk Rating | 4,084,916 | 3,814,009 | |
Commercial [Member] | Non-watch list [Member] | Originated and Non-PCI Loans [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Credit Risk Profile by Risk Rating | 3,798,138 | 3,532,611 | |
Commercial [Member] | Watch [Member] | Originated and Non-PCI Loans [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Credit Risk Profile by Risk Rating | 75,905 | 72,283 | |
Commercial [Member] | Special Mention [Member] | Originated and Non-PCI Loans [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Credit Risk Profile by Risk Rating | 46,802 | 98,750 | |
Commercial [Member] | Substandard [Member] | Originated and Non-PCI Loans [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Credit Risk Profile by Risk Rating | 164,071 | 110,365 | |
Asset-based [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Credit Risk Profile by Risk Rating | 218,666 | ||
Asset-based [Member] | Originated and Non-PCI Loans [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Credit Risk Profile by Risk Rating | 218,666 | ||
Asset-based [Member] | Non-watch list [Member] | Originated and Non-PCI Loans [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Credit Risk Profile by Risk Rating | 194,028 | ||
Asset-based [Member] | Special Mention [Member] | Originated and Non-PCI Loans [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Credit Risk Profile by Risk Rating | 23,808 | ||
Asset-based [Member] | Substandard [Member] | Originated and Non-PCI Loans [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Credit Risk Profile by Risk Rating | 830 | ||
Factoring [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Credit Risk Profile by Risk Rating | 105,978 | ||
Factoring [Member] | Originated and Non-PCI Loans [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Credit Risk Profile by Risk Rating | 105,978 | ||
Factoring [Member] | Non-watch list [Member] | Originated and Non-PCI Loans [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Credit Risk Profile by Risk Rating | 105,978 | ||
Real estate - construction [Member] | Originated and Non-PCI Loans [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Credit Risk Profile by Risk Rating | 366,592 | 256,006 | |
Real estate - construction [Member] | Non-watch list [Member] | Originated and Non-PCI Loans [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Credit Risk Profile by Risk Rating | 364,464 | 253,895 | |
Real estate - construction [Member] | Watch [Member] | Originated and Non-PCI Loans [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Credit Risk Profile by Risk Rating | 170 | 181 | |
Real estate - construction [Member] | Special Mention [Member] | Originated and Non-PCI Loans [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Credit Risk Profile by Risk Rating | 756 | ||
Real estate - construction [Member] | Substandard [Member] | Originated and Non-PCI Loans [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Credit Risk Profile by Risk Rating | 1,958 | 1,174 | |
Real estate - commercial [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Credit Risk Profile by Risk Rating | 2,491,879 | 1,866,301 | |
Real estate - commercial [Member] | Originated and Non-PCI Loans [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Credit Risk Profile by Risk Rating | 2,490,135 | 1,866,301 | |
Real estate - commercial [Member] | Non-watch list [Member] | Originated and Non-PCI Loans [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Credit Risk Profile by Risk Rating | 2,411,729 | 1,780,323 | |
Real estate - commercial [Member] | Watch [Member] | Originated and Non-PCI Loans [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Credit Risk Profile by Risk Rating | 33,341 | 31,984 | |
Real estate - commercial [Member] | Special Mention [Member] | Originated and Non-PCI Loans [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Credit Risk Profile by Risk Rating | 16,273 | 8,691 | |
Real estate - commercial [Member] | Substandard [Member] | Originated and Non-PCI Loans [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Credit Risk Profile by Risk Rating | $ 28,792 | $ 45,303 |
Credit Risk Profile Based on Pa
Credit Risk Profile Based on Payment Activity - Originated and Non-PCI Loans (Detail) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 | Sep. 30, 2014 |
Financing Receivable, Recorded Investment [Line Items] | |||
Credit Risk Profile Based on Payment Activity | $ 9,046,126 | $ 7,465,794 | $ 7,103,163 |
Consumer [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Credit Risk Profile Based on Payment Activity | 397,487 | 395,613 | |
Leases [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Credit Risk Profile Based on Payment Activity | 40,386 | 39,090 | $ 39,200 |
Leases [Member] | Originated and Non-PCI Loans [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Credit Risk Profile Based on Payment Activity | 40,386 | 39,090 | |
Real estate - residential [Member] | Prime [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Credit Risk Profile Based on Payment Activity | 474,435 | 319,827 | |
Real estate - residential [Member] | Originated and Non-PCI Loans [Member] | Prime [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Credit Risk Profile Based on Payment Activity | 474,435 | 319,827 | |
Performing [Member] | Leases [Member] | Originated and Non-PCI Loans [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Credit Risk Profile Based on Payment Activity | 40,386 | 39,090 | |
Performing [Member] | Real estate - residential [Member] | Originated and Non-PCI Loans [Member] | Prime [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Credit Risk Profile Based on Payment Activity | 473,199 | 319,265 | |
Non-performing [Member] | Real estate - residential [Member] | Originated and Non-PCI Loans [Member] | Prime [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Credit Risk Profile Based on Payment Activity | 1,236 | 562 | |
Credit card [Member] | Consumer [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Credit Risk Profile Based on Payment Activity | 284,338 | 310,296 | |
Credit card [Member] | Consumer [Member] | Originated and Non-PCI Loans [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Credit Risk Profile Based on Payment Activity | 284,338 | 310,296 | |
Credit card [Member] | Performing [Member] | Consumer [Member] | Originated and Non-PCI Loans [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Credit Risk Profile Based on Payment Activity | 283,752 | 309,736 | |
Credit card [Member] | Non-performing [Member] | Consumer [Member] | Originated and Non-PCI Loans [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Credit Risk Profile Based on Payment Activity | 586 | 560 | |
Other [Member] | Consumer [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Credit Risk Profile Based on Payment Activity | 113,149 | 100,970 | |
Other [Member] | Consumer [Member] | Originated and Non-PCI Loans [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Credit Risk Profile Based on Payment Activity | 110,825 | 100,970 | |
Other [Member] | Performing [Member] | Consumer [Member] | Originated and Non-PCI Loans [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Credit Risk Profile Based on Payment Activity | 107,407 | 100,900 | |
Other [Member] | Non-performing [Member] | Consumer [Member] | Originated and Non-PCI Loans [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Credit Risk Profile Based on Payment Activity | 3,418 | 70 | |
Commercial - credit card [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Credit Risk Profile Based on Payment Activity | 143,726 | 115,709 | |
Commercial - credit card [Member] | Originated and Non-PCI Loans [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Credit Risk Profile Based on Payment Activity | 143,726 | 115,709 | |
Commercial - credit card [Member] | Performing [Member] | Originated and Non-PCI Loans [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Credit Risk Profile Based on Payment Activity | 143,694 | 115,672 | |
Commercial - credit card [Member] | Non-performing [Member] | Originated and Non-PCI Loans [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Credit Risk Profile Based on Payment Activity | 32 | 37 | |
Real estate - HELOC [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Credit Risk Profile Based on Payment Activity | 719,039 | 643,586 | |
Real estate - HELOC [Member] | Originated and Non-PCI Loans [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Credit Risk Profile Based on Payment Activity | 719,039 | 643,586 | |
Real estate - HELOC [Member] | Performing [Member] | Originated and Non-PCI Loans [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Credit Risk Profile Based on Payment Activity | 715,679 | 643,567 | |
Real estate - HELOC [Member] | Non-performing [Member] | Originated and Non-PCI Loans [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Credit Risk Profile Based on Payment Activity | $ 3,360 | $ 19 |
Credit Risk Profile by Risk R40
Credit Risk Profile by Risk Rating - Loans Accounted for under ASC 310-30 (Detail) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 | Sep. 30, 2014 |
Financing Receivable, Recorded Investment [Line Items] | |||
Credit Risk Profile by Risk Rating | $ 9,046,126 | $ 7,465,794 | $ 7,103,163 |
Commercial [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Credit Risk Profile by Risk Rating | 4,087,413 | 3,814,009 | |
Commercial [Member] | Loans Accounted for under ASC 310-30 [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Credit Risk Profile by Risk Rating | 2,497 | ||
Commercial [Member] | Non-watch list [Member] | Loans Accounted for under ASC 310-30 [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Credit Risk Profile by Risk Rating | 1,039 | ||
Commercial [Member] | Substandard [Member] | Loans Accounted for under ASC 310-30 [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Credit Risk Profile by Risk Rating | 1,458 | ||
Construction [Member] | Real estate [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Credit Risk Profile by Risk Rating | 367,117 | 256,006 | |
Construction [Member] | Real estate [Member] | Loans Accounted for under ASC 310-30 [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Credit Risk Profile by Risk Rating | 525 | ||
Construction [Member] | Substandard [Member] | Real estate [Member] | Loans Accounted for under ASC 310-30 [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Credit Risk Profile by Risk Rating | 525 | ||
Real estate - commercial [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Credit Risk Profile by Risk Rating | 2,491,879 | $ 1,866,301 | |
Real estate - commercial [Member] | Loans Accounted for under ASC 310-30 [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Credit Risk Profile by Risk Rating | 1,744 | ||
Real estate - commercial [Member] | Substandard [Member] | Loans Accounted for under ASC 310-30 [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Credit Risk Profile by Risk Rating | $ 1,744 |
Credit Risk Profile Based on 41
Credit Risk Profile Based on Payment Activity - Loans Accounted for under ASC 310-30 (Detail) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 | Sep. 30, 2014 |
Financing Receivable, Recorded Investment [Line Items] | |||
Credit Risk Profile Based on Payment Activity | $ 9,046,126 | $ 7,465,794 | $ 7,103,163 |
Consumer [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Credit Risk Profile Based on Payment Activity | 397,487 | $ 395,613 | |
Other [Member] | Consumer [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Credit Risk Profile Based on Payment Activity | 113,149 | $ 100,970 | |
Other [Member] | Consumer [Member] | Loans Accounted for under ASC 310-30 [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Credit Risk Profile Based on Payment Activity | 2,324 | ||
Other [Member] | Performing [Member] | Consumer [Member] | Loans Accounted for under ASC 310-30 [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Credit Risk Profile Based on Payment Activity | $ 2,324 |
Rollforward of Allowance for Lo
Rollforward of Allowance for Loan Losses by Portfolio Segment (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Beginning balance | $ 77,721 | $ 76,802 | $ 76,140 | $ 74,751 | |
Charge-offs | (3,455) | (4,835) | (12,205) | (14,099) | |
Recoveries | 1,264 | 849 | 3,595 | 2,664 | |
Provision | 2,500 | 4,500 | 10,500 | 14,000 | |
Ending balance | 78,030 | 77,316 | 78,030 | 77,316 | |
Ending balance: individually evaluated for impairment | 2,840 | 3,620 | 2,840 | 3,620 | $ 1,907 |
Ending balance: collectively evaluated for impairment | 75,190 | 73,696 | 75,190 | 73,696 | |
Total Loans | 9,046,126 | 7,103,163 | 9,046,126 | 7,103,163 | 7,465,794 |
Ending balance: individually evaluated for impairment | 64,772 | 32,660 | 64,772 | 32,660 | |
Ending balance: collectively evaluated for impairment | 8,981,354 | 7,070,503 | 8,981,354 | 7,070,503 | |
Commercial [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Beginning balance | 59,378 | 52,433 | 55,349 | 48,886 | |
Charge-offs | (1,124) | (2,033) | (4,624) | (4,980) | |
Recoveries | 488 | 396 | 1,387 | 664 | |
Provision | 540 | 3,983 | 7,170 | 10,209 | |
Ending balance | 59,282 | 54,779 | 59,282 | 54,779 | |
Ending balance: individually evaluated for impairment | 2,504 | 2,252 | 2,504 | 2,252 | |
Ending balance: collectively evaluated for impairment | 56,778 | 52,527 | 56,778 | 52,527 | |
Total Loans | 4,555,783 | 3,669,298 | 4,555,783 | 3,669,298 | |
Ending balance: individually evaluated for impairment | 52,450 | 19,176 | 52,450 | 19,176 | |
Ending balance: collectively evaluated for impairment | 4,503,333 | 3,650,122 | 4,503,333 | 3,650,122 | |
Real Estate [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Beginning balance | 8,892 | 14,217 | 10,725 | 15,342 | |
Charge-offs | (68) | (57) | (168) | (238) | |
Recoveries | 133 | 8 | 225 | 25 | |
Provision | 448 | (1,515) | (1,377) | (2,476) | |
Ending balance | 9,405 | 12,653 | 9,405 | 12,653 | |
Ending balance: individually evaluated for impairment | 305 | 1,368 | 305 | 1,368 | |
Ending balance: collectively evaluated for impairment | 9,100 | 11,285 | 9,100 | 11,285 | |
Total Loans | 4,052,470 | 2,999,052 | 4,052,470 | 2,999,052 | |
Ending balance: individually evaluated for impairment | 8,957 | 13,467 | 8,957 | 13,467 | |
Ending balance: collectively evaluated for impairment | 4,043,513 | 2,985,585 | 4,043,513 | 2,985,585 | |
Consumer [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Beginning balance | 9,288 | 10,074 | 9,921 | 10,447 | |
Charge-offs | (2,263) | (2,745) | (7,413) | (8,881) | |
Recoveries | 643 | 445 | 1,983 | 1,975 | |
Provision | 1,525 | 1,964 | 4,702 | 6,197 | |
Ending balance | 9,193 | 9,738 | 9,193 | 9,738 | |
Ending balance: individually evaluated for impairment | 31 | 31 | |||
Ending balance: collectively evaluated for impairment | 9,162 | 9,738 | 9,162 | 9,738 | |
Total Loans | 397,487 | 395,613 | 397,487 | 395,613 | |
Ending balance: individually evaluated for impairment | 3,365 | 17 | 3,365 | 17 | |
Ending balance: collectively evaluated for impairment | 394,122 | 395,596 | 394,122 | 395,596 | |
Leases [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Beginning balance | 163 | 78 | 145 | 76 | |
Provision | (13) | 68 | 5 | 70 | |
Ending balance | 150 | 146 | 150 | 146 | |
Ending balance: collectively evaluated for impairment | 150 | 146 | 150 | 146 | |
Total Loans | 40,386 | 39,200 | 40,386 | 39,200 | $ 39,090 |
Ending balance: collectively evaluated for impairment | $ 40,386 | $ 39,200 | $ 40,386 | $ 39,200 |
Analysis of Impaired Loans by C
Analysis of Impaired Loans by Class (Detail) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Unpaid Principal Balance | $ 70,485 | $ 33,928 | |
Recorded Investment with No Allowance | 40,039 | 20,275 | |
Recorded Investment with Allowance | 24,733 | 7,029 | |
Total Recorded Investment | 64,772 | 27,304 | |
Related Allowance | 2,840 | 1,907 | $ 3,620 |
Average Recorded Investment | 40,599 | 29,277 | |
Real estate - residential [Member] | Prime [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Unpaid Principal Balance | 1,582 | 1,083 | |
Recorded Investment with No Allowance | 1,120 | 909 | |
Recorded Investment with Allowance | 284 | ||
Total Recorded Investment | 1,404 | 909 | |
Related Allowance | 31 | ||
Average Recorded Investment | 1,426 | 1,006 | |
Consumer [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Related Allowance | 31 | ||
Commercial [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Unpaid Principal Balance | 55,273 | 21,758 | |
Recorded Investment with No Allowance | 29,137 | 13,928 | |
Recorded Investment with Allowance | 21,777 | 3,132 | |
Total Recorded Investment | 50,914 | 17,060 | |
Related Allowance | 2,504 | 972 | |
Average Recorded Investment | 28,658 | 16,022 | |
Construction [Member] | Real estate [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Unpaid Principal Balance | 1,189 | 1,540 | |
Recorded Investment with No Allowance | 741 | 983 | |
Recorded Investment with Allowance | 120 | ||
Total Recorded Investment | 861 | 983 | |
Related Allowance | 49 | ||
Average Recorded Investment | 935 | 939 | |
Real estate - commercial [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Unpaid Principal Balance | 7,228 | 9,546 | |
Recorded Investment with No Allowance | 5,106 | 4,454 | |
Recorded Investment with Allowance | 1,361 | 3,897 | |
Total Recorded Investment | 6,467 | 8,351 | |
Related Allowance | 225 | 935 | |
Average Recorded Investment | 8,314 | 11,298 | |
Real estate - HELOC [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Unpaid Principal Balance | 249 | ||
Recorded Investment with No Allowance | 225 | ||
Total Recorded Investment | 225 | ||
Average Recorded Investment | 114 | ||
Other [Member] | Consumer [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Unpaid Principal Balance | 3,398 | 1 | |
Recorded Investment with No Allowance | 2,174 | 1 | |
Recorded Investment with Allowance | 1,191 | ||
Total Recorded Investment | 3,365 | 1 | |
Related Allowance | 31 | ||
Average Recorded Investment | 1,152 | $ 12 | |
Asset-based [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Unpaid Principal Balance | 860 | ||
Recorded Investment with No Allowance | 830 | ||
Total Recorded Investment | 830 | ||
Factoring [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Unpaid Principal Balance | 706 | ||
Recorded Investment with No Allowance | 706 | ||
Total Recorded Investment | $ 706 |
Summary of Loans Restructured b
Summary of Loans Restructured by Class (Detail) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015USD ($)Contract | Sep. 30, 2014USD ($)Contract | Sep. 30, 2015USD ($)Contract | Sep. 30, 2014USD ($)Contract | |
Financing Receivable, Modifications [Line Items] | ||||
Number of Contracts | Contract | 3 | 2 | 18 | 6 |
Pre-Modification Outstanding Recorded Investment | $ 8,936 | $ 245 | $ 28,520 | $ 924 |
Post-Modification Outstanding Recorded Investment | $ 8,936 | $ 245 | $ 28,520 | $ 948 |
Commercial [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Contracts | Contract | 2 | 16 | 1 | |
Pre-Modification Outstanding Recorded Investment | $ 8,675 | $ 28,138 | $ 469 | |
Post-Modification Outstanding Recorded Investment | $ 8,675 | $ 28,138 | $ 469 | |
Real estate - commercial [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Contracts | Contract | 1 | 1 | 1 | |
Pre-Modification Outstanding Recorded Investment | $ 178 | $ 261 | $ 178 | |
Post-Modification Outstanding Recorded Investment | $ 178 | $ 261 | $ 178 | |
Real Estate Loan [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Contracts | Contract | 1 | 1 | 1 | 4 |
Pre-Modification Outstanding Recorded Investment | $ 261 | $ 67 | $ 121 | $ 277 |
Post-Modification Outstanding Recorded Investment | $ 261 | $ 67 | $ 121 | $ 301 |
Securities Available for Sale (
Securities Available for Sale (Detail) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Schedule of Available-for-sale Securities [Line Items] | ||
Securities available for sale, Amortized Cost | $ 6,629,120 | $ 6,894,222 |
Securities available for sale, Gross Unrealized Gains | 60,426 | 52,724 |
Securities available for sale, Gross Unrealized Losses | (17,801) | (35,010) |
Total securities available for sale, Fair Value | 6,671,745 | 6,911,936 |
U.S. Treasury | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities available for sale, Amortized Cost | 351,767 | 519,484 |
Securities available for sale, Gross Unrealized Gains | 801 | 501 |
Securities available for sale, Gross Unrealized Losses | (525) | |
Total securities available for sale, Fair Value | 352,568 | 519,460 |
U.S. Agencies | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities available for sale, Amortized Cost | 711,381 | 991,084 |
Securities available for sale, Gross Unrealized Gains | 1,188 | 780 |
Securities available for sale, Gross Unrealized Losses | (86) | (1,175) |
Total securities available for sale, Fair Value | 712,483 | 990,689 |
Mortgage-backed [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities available for sale, Amortized Cost | 3,395,612 | 3,276,009 |
Securities available for sale, Gross Unrealized Gains | 34,135 | 28,470 |
Securities available for sale, Gross Unrealized Losses | (14,172) | (26,875) |
Total securities available for sale, Fair Value | 3,415,575 | 3,277,604 |
State and political subdivisions [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities available for sale, Amortized Cost | 2,089,507 | 1,983,549 |
Securities available for sale, Gross Unrealized Gains | 24,257 | 22,973 |
Securities available for sale, Gross Unrealized Losses | (3,080) | (5,165) |
Total securities available for sale, Fair Value | 2,110,684 | 2,001,357 |
Corporates [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities available for sale, Amortized Cost | 80,853 | 124,096 |
Securities available for sale, Gross Unrealized Gains | 45 | 0 |
Securities available for sale, Gross Unrealized Losses | (463) | (1,270) |
Total securities available for sale, Fair Value | $ 80,435 | $ 122,826 |
Summary of Contractual Maturity
Summary of Contractual Maturity Information for Securities Available for Sale (Detail) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Investments, Debt and Equity Securities [Abstract] | ||
Due in 1 year or less, Amortized Cost | $ 806,162 | |
Due after 1 year through 5 years, Amortized Cost | 1,519,825 | |
Due after 5 years through 10 years, Amortized Cost | 846,257 | |
Due after 10 years, Amortized Cost | 61,264 | |
Total, Amortized Cost | 3,233,508 | |
Mortgage-backed securities, Amortized Cost | 3,395,612 | |
Securities available for sale, Amortized Cost | 6,629,120 | $ 6,894,222 |
Due in 1 year or less, Fair Value | 807,367 | |
Due after 1 year through 5 years, Fair Value | 1,532,670 | |
Due after 5 years through 10 years, Fair Value | 855,142 | |
Due after 10 years, Fair Value | 60,991 | |
Total, Fair Value | 3,256,170 | |
Mortgage-backed securities, Fair Value | 3,415,575 | |
Total securities available for sale, Fair Value | $ 6,671,745 | $ 6,911,936 |
Securities - Additional Informa
Securities - Additional Information (Detail) - USD ($) | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | |
Schedule of Trading Securities and Other Trading Assets [Line Items] | |||
Proceeds from sales of securities available for sale | $ 782,789,000 | $ 410,580,000 | |
Gross realized gains from securities | 8,500,000 | 4,100,000 | |
Gross realized losses from securities | 48,000 | 11,000 | |
Sales of securities held to maturity | 0 | 0 | |
Unrealized gains on trading securities | 8,000 | $ 39,000 | |
Fair value of other marketable securities | 12,000,000 | $ 16,700,000 | |
Fair value of other non-marketable securities | 2,400,000 | 8,500,000 | |
U.S. Government and Other Public Deposit [Member] | |||
Schedule of Trading Securities and Other Trading Assets [Line Items] | |||
Pledged securities for deposits | 5,300,000,000 | 5,700,000,000 | |
Federal Reserve Discount Window [Member] | |||
Schedule of Trading Securities and Other Trading Assets [Line Items] | |||
Pledged securities for deposits | $ 1,700,000,000 | $ 1,200,000,000 |
Gross Unrealized Losses and Fai
Gross Unrealized Losses and Fair Value of Investment Securities Available for Sale (Detail) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Gain (Loss) on Investments [Line Items] | ||
Less than 12 months, Fair Value | $ 1,041,371 | $ 1,790,321 |
Less than 12 months, Unrealized Losses | (7,205) | (11,037) |
12 months or more, Fair Value | 540,329 | 1,025,349 |
12 months or more, Unrealized Losses | (10,596) | (23,973) |
Total Fair Value | 1,581,700 | 2,815,670 |
Total Unrealized Losses | (17,801) | (35,010) |
U.S. Treasury | ||
Gain (Loss) on Investments [Line Items] | ||
Less than 12 months, Fair Value | 236,591 | |
Less than 12 months, Unrealized Losses | (329) | |
12 months or more, Fair Value | 14,863 | |
12 months or more, Unrealized Losses | (196) | |
Total Fair Value | 251,454 | |
Total Unrealized Losses | (525) | |
U.S. Agencies | ||
Gain (Loss) on Investments [Line Items] | ||
Less than 12 months, Fair Value | 72,409 | 387,999 |
Less than 12 months, Unrealized Losses | (41) | (689) |
12 months or more, Fair Value | 36,955 | 81,593 |
12 months or more, Unrealized Losses | (45) | (486) |
Total Fair Value | 109,364 | 469,592 |
Total Unrealized Losses | (86) | (1,175) |
Mortgage-backed [Member] | ||
Gain (Loss) on Investments [Line Items] | ||
Less than 12 months, Fair Value | 621,731 | 727,142 |
Less than 12 months, Unrealized Losses | (5,216) | (8,370) |
12 months or more, Fair Value | 383,140 | 616,044 |
12 months or more, Unrealized Losses | (8,956) | (18,504) |
Total Fair Value | 1,004,871 | 1,343,186 |
Total Unrealized Losses | (14,172) | (26,874) |
State and political subdivisions [Member] | ||
Gain (Loss) on Investments [Line Items] | ||
Less than 12 months, Fair Value | 331,467 | 401,934 |
Less than 12 months, Unrealized Losses | (1,897) | (1,406) |
12 months or more, Fair Value | 69,275 | 226,678 |
12 months or more, Unrealized Losses | (1,183) | (3,760) |
Total Fair Value | 400,742 | 628,612 |
Total Unrealized Losses | (3,080) | (5,166) |
Corporates [Member] | ||
Gain (Loss) on Investments [Line Items] | ||
Less than 12 months, Fair Value | 15,764 | 36,655 |
Less than 12 months, Unrealized Losses | (51) | (243) |
12 months or more, Fair Value | 50,959 | 86,171 |
12 months or more, Unrealized Losses | (412) | (1,027) |
Total Fair Value | 66,723 | 122,826 |
Total Unrealized Losses | $ (463) | $ (1,270) |
Securities Held to Maturity (De
Securities Held to Maturity (Detail) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Held to Maturity, Amortized Cost | $ 588,478 | $ 278,054 |
Held to Maturity, Fair value | 611,382 | 304,112 |
State and political subdivisions [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held to Maturity, Amortized Cost | 588,478 | 278,054 |
Held to Maturity, Gross Unrealized Gains | 22,904 | 26,058 |
Held to Maturity, Gross Unrealized Losses | 0 | 0 |
Held to Maturity, Fair value | $ 611,382 | $ 304,112 |
Contractual Maturity Informatio
Contractual Maturity Information for Securities Held to Maturity (Detail) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Investments, Debt and Equity Securities [Abstract] | ||
Due in 1 year or less, Amortized Cost | $ 4,366 | |
Due after 1 year through 5 years, Amortized Cost | 89,100 | |
Due after 5 years through 10 years, Amortized Cost | 339,631 | |
Due after 10 years, Amortized Cost | 155,381 | |
Held to Maturity, Amortized Cost | 588,478 | $ 278,054 |
Due in 1 year or less, Fair Value | 4,536 | |
Due after 1 year through 5 years, Fair Value | 92,568 | |
Due after 5 years through 10 years, Fair Value | 352,850 | |
Due after 10 years, Fair Value | 161,428 | |
Total securities held to maturity, Fair Value | $ 611,382 | $ 304,112 |
Schedule of Federal Reserve Ban
Schedule of Federal Reserve Bank Stock and Federal Home Loan Bank Stock and Other Securities (Detail) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Schedule of Other Securities [Line Items] | ||
Fair Value | $ 68,371 | $ 68,474 |
Federal Reserve Bank Stock and Other Securities [Member] | ||
Schedule of Other Securities [Line Items] | ||
Amortized Cost | 54,873 | 47,948 |
Gross Unrealized Gains | 13,577 | 20,605 |
Gross Unrealized Losses | (79) | (79) |
Fair Value | 68,371 | 68,474 |
Federal Reserve Bank Stock and Other Securities [Member] | Other securities - non-marketable [Member] | ||
Schedule of Other Securities [Line Items] | ||
Amortized Cost | 20,867 | 21,669 |
Gross Unrealized Gains | 1,571 | 3,937 |
Gross Unrealized Losses | (79) | (79) |
Fair Value | 22,359 | 25,527 |
Federal Reserve Bank Stock and Other Securities [Member] | Other securities - marketable [Member] | ||
Schedule of Other Securities [Line Items] | ||
Amortized Cost | 0 | 0 |
Gross Unrealized Gains | 12,006 | 16,668 |
Gross Unrealized Losses | 0 | 0 |
Fair Value | 12,006 | 16,668 |
Federal Reserve Bank Stock and Other Securities [Member] | FRB and FHLB stock [Member] | ||
Schedule of Other Securities [Line Items] | ||
Amortized Cost | 34,006 | 26,279 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | 0 |
Fair Value | $ 34,006 | $ 26,279 |
Changes in Carrying Amount of G
Changes in Carrying Amount of Goodwill (Detail) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2015 | Dec. 31, 2014 | |
Goodwill And Other Intangible Assets [Line Items] | ||
Beginning Balance | $ 209,758 | $ 209,758 |
Acquisition of Marquette Financial Companies | 18,204 | 0 |
Ending Balance | 227,962 | 209,758 |
Bank [Member] | ||
Goodwill And Other Intangible Assets [Line Items] | ||
Beginning Balance | 142,753 | 142,753 |
Acquisition of Marquette Financial Companies | 18,204 | 0 |
Ending Balance | 160,957 | 142,753 |
Institutional Investment Management [Member] | ||
Goodwill And Other Intangible Assets [Line Items] | ||
Beginning Balance | 47,529 | 47,529 |
Acquisition of Marquette Financial Companies | 0 | |
Ending Balance | 47,529 | 47,529 |
Asset Servicing [Member] | ||
Goodwill And Other Intangible Assets [Line Items] | ||
Beginning Balance | 19,476 | 19,476 |
Acquisition of Marquette Financial Companies | 0 | |
Ending Balance | $ 19,476 | $ 19,476 |
Changes In Intangible Assets (D
Changes In Intangible Assets (Detail) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 159,185 | $ 144,304 |
Accumulated Amortization | 109,120 | 100,313 |
Net Carrying Amount | 50,065 | 43,991 |
Core deposit intangible assets [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 36,497 | 36,497 |
Accumulated Amortization | 33,415 | 32,721 |
Net Carrying Amount | 3,082 | 3,776 |
Customer relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 104,560 | 104,560 |
Accumulated Amortization | 71,519 | 64,980 |
Net Carrying Amount | 33,041 | 39,580 |
Other intangible assets [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 3,247 | 3,247 |
Accumulated Amortization | 2,783 | 2,612 |
Net Carrying Amount | 464 | $ 635 |
Core deposit intangible-Marquette Acquisition [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 11,030 | |
Accumulated Amortization | 1,051 | |
Net Carrying Amount | 9,979 | |
Customer relationships - Marquette Acquisition [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 2,900 | |
Accumulated Amortization | 193 | |
Net Carrying Amount | 2,707 | |
Other intangible assets - Marquette Acquisition [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 951 | |
Accumulated Amortization | 159 | |
Net Carrying Amount | $ 792 |
Aggregate Amortization Expense
Aggregate Amortization Expense Recognized (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||||
Aggregate amortization expense | $ 3,483 | $ 3,043 | $ 8,807 | $ 9,219 |
Estimated Amortization Expense
Estimated Amortization Expense of Intangible Assets (Detail) $ in Thousands | Sep. 30, 2015USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
For the three months ending December 31, 2015 | $ 3,283 |
For the year ending December 31, 2016 | 12,291 |
For the year ending December 31, 2017 | 10,180 |
For the year ending December 31, 2018 | 7,202 |
For the year ending December 31, 2019 | 5,822 |
For the year ending December 31, 2020 | $ 4,487 |
Remaining Contractual Maturitie
Remaining Contractual Maturities Of Repurchase Agreements (Detail) $ in Thousands | Sep. 30, 2015USD ($) |
Assets Sold under Agreements to Repurchase [Line Items] | |
Total repurchase agreements | $ 1,341,102 |
U.S. Treasury | |
Assets Sold under Agreements to Repurchase [Line Items] | |
Total repurchase agreements | 206,883 |
U.S. Agencies | |
Assets Sold under Agreements to Repurchase [Line Items] | |
Total repurchase agreements | 1,134,219 |
Maturity Overnight and Continuous | |
Assets Sold under Agreements to Repurchase [Line Items] | |
Total repurchase agreements | 1,339,602 |
Maturity Overnight and Continuous | U.S. Treasury | |
Assets Sold under Agreements to Repurchase [Line Items] | |
Total repurchase agreements | 206,883 |
Maturity Overnight and Continuous | U.S. Agencies | |
Assets Sold under Agreements to Repurchase [Line Items] | |
Total repurchase agreements | 1,132,719 |
Over 90 Days | |
Assets Sold under Agreements to Repurchase [Line Items] | |
Total repurchase agreements | 1,500 |
Over 90 Days | U.S. Agencies | |
Assets Sold under Agreements to Repurchase [Line Items] | |
Total repurchase agreements | $ 1,500 |
Business Segment Reporting - Ad
Business Segment Reporting - Additional Information (Detail) | 9 Months Ended |
Sep. 30, 2015Segment | |
Segment Reporting [Abstract] | |
Number of reportable segments | 4 |
Schedule of Segment Financial R
Schedule of Segment Financial Results (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Segment Reporting Information [Line Items] | ||||
Net interest income | $ 109,895 | $ 87,526 | $ 297,613 | $ 259,141 |
Provision for loan losses | 2,500 | 4,500 | 10,500 | 14,000 |
Noninterest income | 109,098 | 126,475 | 353,855 | 383,440 |
Noninterest expense | 185,279 | 161,151 | 521,656 | 499,283 |
Income before income taxes | 31,214 | 48,350 | 119,312 | 129,298 |
Income tax expense | 8,763 | 12,720 | 32,882 | 35,583 |
Net Income | 22,451 | 35,630 | 86,430 | 93,715 |
Average assets | 18,120,000 | 15,638,000 | 17,460,000 | 15,921,000 |
Bank [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net interest income | 93,960 | 72,893 | 252,044 | 216,495 |
Provision for loan losses | 1,333 | 2,446 | 5,545 | 7,558 |
Noninterest income | 42,999 | 48,385 | 142,099 | 151,843 |
Noninterest expense | 122,165 | 99,084 | 329,951 | 307,400 |
Income before income taxes | 13,461 | 19,748 | 58,647 | 53,380 |
Income tax expense | 3,731 | 5,364 | 16,037 | 15,167 |
Net Income | 9,730 | 14,384 | 42,610 | 38,213 |
Average assets | 14,120,000 | 11,752,000 | 13,440,000 | 12,023,000 |
Payment Solutions [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net interest income | 14,627 | 13,469 | 42,260 | 38,248 |
Provision for loan losses | 1,167 | 2,054 | 4,955 | 6,442 |
Noninterest income | 22,038 | 21,579 | 68,469 | 62,999 |
Noninterest expense | 27,053 | 21,995 | 78,131 | 67,451 |
Income before income taxes | 8,445 | 10,999 | 27,643 | 27,354 |
Income tax expense | 2,393 | 2,818 | 7,770 | 7,342 |
Net Income | 6,052 | 8,181 | 19,873 | 20,012 |
Average assets | 2,943,000 | 2,744,000 | 2,998,000 | 2,287,000 |
Institutional Investment Management [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net interest income | 0 | 0 | 1 | (3) |
Provision for loan losses | 0 | 0 | 0 | 0 |
Noninterest income | 21,449 | 33,919 | 74,217 | 102,014 |
Noninterest expense | 16,512 | 20,913 | 52,768 | 68,862 |
Income before income taxes | 4,937 | 13,006 | 21,450 | 33,149 |
Income tax expense | 1,408 | 3,350 | 5,921 | 8,883 |
Net Income | 3,529 | 9,656 | 15,529 | 24,266 |
Average assets | 66,000 | 72,000 | 70,000 | 72,000 |
Asset Servicing [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net interest income | 1,308 | 1,164 | 3,308 | 4,401 |
Provision for loan losses | 0 | 0 | 0 | 0 |
Noninterest income | 22,612 | 22,592 | 69,070 | 66,584 |
Noninterest expense | 19,549 | 19,159 | 60,806 | 55,570 |
Income before income taxes | 4,371 | 4,597 | 11,572 | 15,415 |
Income tax expense | 1,231 | 1,188 | 3,154 | 4,191 |
Net Income | 3,140 | 3,409 | 8,418 | 11,224 |
Average assets | $ 991,000 | $ 1,070,000 | $ 952,000 | $ 1,539,000 |
Acquisitions - Additional Infor
Acquisitions - Additional Information (Detail) $ / shares in Units, $ in Thousands | May. 31, 2015USD ($)Branchshares | Sep. 30, 2015USD ($) | Sep. 30, 2014USD ($) | Sep. 30, 2015USD ($)$ / shares | Sep. 30, 2014USD ($)$ / shares | May. 29, 2015$ / shares |
Business Acquisition [Line Items] | ||||||
Salaries and employee benefits | $ 104,733 | $ 90,041 | $ 302,855 | $ 268,454 | ||
Legal and consulting | $ 8,648 | $ 4,496 | 18,943 | 12,500 | ||
Marquette [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Percentage of outstanding common shares acquired in the acquisition | 100.00% | |||||
Conversion of Company's common stock due to merger | shares | 9.2295 | |||||
Company's common shares issued | shares | 3,470,000 | |||||
Market value common stock issued | $ 179,700 | |||||
Closing stock price | $ / shares | $ 51.79 | |||||
Loans purchased at fair value | 980,400 | |||||
Long-term debt | 89,971 | |||||
Fair value of acquired identifiable intangible assets | 14,900 | |||||
Acquisition-related costs | 6,000 | |||||
Salaries and employee benefits | 1,400 | |||||
Legal and consulting | 2,800 | |||||
Revenue, Pro forma | 669,100 | 692,400 | ||||
Earnings, Pro forma | $ 90,300 | $ 98,900 | ||||
Basic earnings per share, Pro forma | $ / shares | $ 1.88 | $ 2.09 | ||||
Marquette [Member] | Core deposit intangible assets [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Fair value of acquired identifiable intangible assets | 11,000 | |||||
Marquette [Member] | Customer Lists [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Fair value of acquired identifiable intangible assets | 2,900 | |||||
Marquette [Member] | Noncompete Agreements [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Fair value of acquired identifiable intangible assets | 1,000 | |||||
Marquette [Member] | Acquired Intangible Assets [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Amortization expenses | $ 1,400 | |||||
Marquette [Member] | Marquette Capital Trust I, Marquette Capital Trust II, Marquette Capital Trust III And Marquette Capital Trust IV [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Long-term debt | 103,100 | |||||
Long-term debt acquired at fair value | $ 65,500 | |||||
Marquette [Member] | Trust Preferred Securities [Member] | Marquette Capital Trust II [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Interest rate of trust preferred securities till January 2016 | 6.30% | |||||
Interest rate description of trust preferred securities | (LIBOR) rate plus 133 basis points | |||||
Interest rate of trust preferred securities | 1.33% | |||||
Marquette [Member] | Trust Preferred Securities [Member] | Marquette Capital Trust I, Marquette Capital Trust III And Marquette Capital Trust IV [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Interest rate description of trust preferred securities | LIBOR rate with spreads ranging from 133 basis points | |||||
Minimum [Member] | Marquette [Member] | Trust Preferred Securities [Member] | Marquette Capital Trust I, Marquette Capital Trust III And Marquette Capital Trust IV [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Interest rate of trust preferred securities | 1.33% | |||||
Maximum [Member] | Marquette [Member] | Trust Preferred Securities [Member] | Marquette Capital Trust I, Marquette Capital Trust III And Marquette Capital Trust IV [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Interest rate of trust preferred securities | 1.60% | |||||
Commercial Specialty Lending Business [Member] | Marquette [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Number of branches | Branch | 2 | |||||
Premiums and Discounts [Member] | Marquette [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Amortization expenses | $ 1,300 | |||||
Arizona And Texas [Member] | Marquette [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Number of branches | Branch | 13 |
Summary of Net Assets Acquired
Summary of Net Assets Acquired (at Fair Value) and Consideration Transferred (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | May. 31, 2015 | Sep. 30, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Business Acquisition [Line Items] | ||||
Total assets acquired | $ 1,321,453 | |||
Total liabilities assumed | 1,159,920 | |||
Preliminary goodwill | $ 227,962 | $ 209,758 | $ 209,758 | |
Marquette [Member] | ||||
Business Acquisition [Line Items] | ||||
Loans | $ 980,404 | |||
Investment securities | 177,694 | |||
Cash and due from banks | 104,610 | |||
Premises and equipment, net | 11,508 | |||
Identifiable intangible assets | 14,881 | |||
Other assets | 32,356 | |||
Total assets acquired | 1,321,453 | |||
Noninterest-bearing deposits | 235,426 | |||
Interest-bearing deposits | 708,675 | |||
Short-term debt | 112,133 | |||
Long-term debt | 89,971 | |||
Other liabilities | 13,715 | |||
Total liabilities assumed | 1,159,920 | |||
Net identifiable assets acquired | 161,533 | |||
Preliminary goodwill | 18,204 | |||
Net assets acquired | $ 179,737 | |||
Company's common shares issued | 3,470 | |||
Purchase price per share of the Company's common stock | $ 51.79 | |||
Fair value of total consideration transferred | $ 179,737 |
Notional Amount of Off-Balance
Notional Amount of Off-Balance Sheet Financial Instruments (Detail) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Commitments to extend credit for loans (excluding credit card loans) [Member] | ||
Commitments and Contingencies Disclosure [Line Items] | ||
Contract or notional amount of off-balance sheet financial instruments | $ 5,838,033 | $ 3,509,841 |
Commitments to extend credit under credit card loans [Member] | ||
Commitments and Contingencies Disclosure [Line Items] | ||
Contract or notional amount of off-balance sheet financial instruments | 2,910,148 | 2,690,752 |
Commercial letters of credit [Member] | ||
Commitments and Contingencies Disclosure [Line Items] | ||
Contract or notional amount of off-balance sheet financial instruments | 4,655 | 1,334 |
Standby letters of credit [Member] | ||
Commitments and Contingencies Disclosure [Line Items] | ||
Contract or notional amount of off-balance sheet financial instruments | 378,562 | 375,003 |
Futures contracts [Member] | ||
Commitments and Contingencies Disclosure [Line Items] | ||
Contract or notional amount of off-balance sheet financial instruments | 1,000 | 0 |
Forward foreign exchange contracts [Member] | ||
Commitments and Contingencies Disclosure [Line Items] | ||
Contract or notional amount of off-balance sheet financial instruments | 53,766 | 144,950 |
Spot foreign exchange contracts [Member] | ||
Commitments and Contingencies Disclosure [Line Items] | ||
Contract or notional amount of off-balance sheet financial instruments | $ 9,460 | $ 14,721 |
Summary of Fair Value of Deriva
Summary of Fair Value of Derivative Assets and Liabilities (Detail) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives, Fair value | $ 14,739 | $ 7,138 |
Liability Derivatives, Fair value | 14,722 | 7,535 |
Derivatives not Designated as Hedging Instruments [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives, Fair value | 13,986 | 7,138 |
Liability Derivatives, Fair value | 14,307 | 7,250 |
Derivatives Designated as Hedging Instruments [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives, Fair value | 753 | 0 |
Liability Derivatives, Fair value | $ 415 | $ 285 |
Derivatives and Hedging Activ63
Derivatives and Hedging Activities - Additional Information (Detail) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015USD ($)Derivative | Sep. 30, 2014USD ($) | Sep. 30, 2015USD ($)Derivative | Sep. 30, 2014USD ($) | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Termination value of derivatives in net liability position | $ 15,000,000 | $ 15,000,000 | ||
Interest Rate Swap [Member] | Derivatives Designated as Hedging Instruments [Member] | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Notional amount of interest rate swaps | $ 16,100,000 | $ 16,100,000 | ||
Number of interest rate swaps | Derivative | 2 | 2 | ||
Interest Rate Swap [Member] | Derivatives not Designated as Hedging Instruments [Member] | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Notional amount of interest rate swaps | $ 476,800,000 | $ 476,800,000 | ||
Number of interest rate swaps | Derivative | 36 | 36 | ||
Gain (Loss) related to changes in fair value of swaps | $ (125,000) | $ (133,000) | $ (211,000) | $ (185,000) |
Summary of Amount of Gain (Loss
Summary of Amount of Gain (Loss) Recognized in Other Non-Interest Expense in Consolidated Statements of Income Related to Derivative Asset and Liability (Detail) - Interest Rate Products [Member] - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Derivatives not Designated as Hedging Instruments [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (loss) on derivative instruments | $ (125) | $ (133) | $ (211) | $ (185) |
Derivatives Designated as Hedging Instruments [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (loss) on derivative instruments | (1) | (1) | 1 | (19) |
Derivatives Designated as Hedging Instruments [Member] | Fair value adjustments on derivatives [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (loss) on derivative instruments | (178) | 19 | (172) | (216) |
Derivatives Designated as Hedging Instruments [Member] | Fair Value Hedging [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (loss) on derivative instruments | $ 177 | $ (20) | $ 173 | $ 197 |
Assets and Liabilities Measured
Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Dec. 31, 2013 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Trading securities | $ 23,699 | $ 27,203 | ||
Available for sale securities | 6,671,745 | 6,911,936 | ||
Derivatives | 14,739 | 7,138 | ||
Contingent consideration liability | 31,232 | 53,411 | $ 54,259 | $ 46,201 |
Derivatives | 14,722 | 7,535 | ||
Fair Value Measurement, Recurring [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Trading securities | 23,699 | 27,203 | ||
Available for sale securities | 6,671,745 | 6,911,936 | ||
Company-owned life insurance | 31,252 | 26,886 | ||
Bank-owned life insurance | 201,213 | |||
Derivatives | 14,739 | 7,138 | ||
Total | 6,942,648 | 6,973,163 | ||
Deferred compensation | 32,115 | 26,885 | ||
Contingent consideration liability | 31,232 | 53,411 | ||
Derivatives | 14,722 | 7,535 | ||
Total | 78,069 | 87,831 | ||
Fair Value Measurement, Recurring [Member] | Trading - other [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Trading securities | 16,862 | 18,107 | ||
Fair Value Measurement, Recurring [Member] | U.S. Treasury | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Trading securities | 702 | 400 | ||
Available for sale securities | 352,568 | 519,460 | ||
Fair Value Measurement, Recurring [Member] | U.S. Agencies | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Trading securities | 1,321 | 1,315 | ||
Available for sale securities | 712,483 | 990,689 | ||
Fair Value Measurement, Recurring [Member] | Mortgage-backed [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Trading securities | 1,044 | |||
Available for sale securities | 3,415,575 | 3,277,604 | ||
Fair Value Measurement, Recurring [Member] | State and political subdivisions [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Trading securities | 3,770 | 7,381 | ||
Available for sale securities | 2,110,684 | 2,001,357 | ||
Fair Value Measurement, Recurring [Member] | Corporates [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available for sale securities | 80,435 | 122,826 | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Trading securities | 17,600 | 18,500 | ||
Available for sale securities | 433,000 | 642,300 | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Fair Value Measurement, Recurring [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Trading securities | 17,564 | 18,506 | ||
Available for sale securities | 433,003 | 642,286 | ||
Total | 450,567 | 660,792 | ||
Deferred compensation | 32,115 | 26,885 | ||
Total | 32,115 | 26,885 | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Fair Value Measurement, Recurring [Member] | Trading - other [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Trading securities | 16,862 | 18,106 | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Fair Value Measurement, Recurring [Member] | U.S. Treasury | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Trading securities | 702 | 400 | ||
Available for sale securities | 352,568 | 519,460 | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Fair Value Measurement, Recurring [Member] | Corporates [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available for sale securities | 80,435 | 122,826 | ||
Significant Other Observable Inputs (Level 2) [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Trading securities | 6,100 | 8,700 | ||
Available for sale securities | 6,238,700 | 6,269,600 | ||
Significant Other Observable Inputs (Level 2) [Member] | Fair Value Measurement, Recurring [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Trading securities | 6,135 | 8,697 | ||
Available for sale securities | 6,238,742 | 6,269,650 | ||
Company-owned life insurance | 31,252 | 26,886 | ||
Bank-owned life insurance | 201,213 | |||
Derivatives | 14,739 | 7,138 | ||
Total | 6,492,081 | 6,312,371 | ||
Derivatives | 14,722 | 7,535 | ||
Total | 14,722 | 7,535 | ||
Significant Other Observable Inputs (Level 2) [Member] | Fair Value Measurement, Recurring [Member] | Trading - other [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Trading securities | 1 | |||
Significant Other Observable Inputs (Level 2) [Member] | Fair Value Measurement, Recurring [Member] | U.S. Agencies | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Trading securities | 1,321 | 1,315 | ||
Available for sale securities | 712,483 | 990,689 | ||
Significant Other Observable Inputs (Level 2) [Member] | Fair Value Measurement, Recurring [Member] | Mortgage-backed [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Trading securities | 1,044 | |||
Available for sale securities | 3,415,575 | 3,277,604 | ||
Significant Other Observable Inputs (Level 2) [Member] | Fair Value Measurement, Recurring [Member] | State and political subdivisions [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Trading securities | 3,770 | 7,381 | ||
Available for sale securities | 2,110,684 | 2,001,357 | ||
Significant Unobservable Inputs (Level 3) [Member] | Fair Value Measurement, Recurring [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Contingent consideration liability | 31,232 | 53,411 | ||
Total | $ 31,232 | $ 53,411 |
Reconciliation of Beginning and
Reconciliation of Beginning and Ending Balances of Contingent Consideration Liability (Detail) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Fair Value Disclosures [Abstract] | ||
Beginning balance | $ 53,411 | $ 46,201 |
Payment of contingent considerations on acquisitions | (18,702) | (13,725) |
Contingency reserve | 14,272 | |
Fair value adjustments | (3,477) | 7,511 |
Ending balance | $ 31,232 | $ 54,259 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) - USD ($) $ in Thousands | Jun. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 |
Fair Value Disclosures [Abstract] | |||||
Contingency reserve expense | $ 0 | $ 0 | $ 0 | $ 20,272 | |
Payment made for reducing contingency reserve | $ 6,000 | ||||
Remaining contingency reserve | $ 14,272 | $ 14,272 |
Quantitative Information about
Quantitative Information about Significant Unobservable Input used in Fair Value Measurement for Contingent Consideration Liability Measured at Fair Value on Recurring Basis (Detail) - Significant Unobservable Inputs (Level 3) [Member] | 9 Months Ended |
Sep. 30, 2015 | |
Minimum [Member] | |
Business Acquisition, Contingent Consideration [Line Items] | |
Revenue and expense growth percentage | (1.00%) |
Maximum [Member] | |
Business Acquisition, Contingent Consideration [Line Items] | |
Revenue and expense growth percentage | 102.00% |
Assets Measured at Fair Value o
Assets Measured at Fair Value on Non-Recurring Basis (Detail) - Fair Value, Measurements, Non-Recurring [Member] - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2015 | Dec. 31, 2014 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value | $ 24,413 | $ 5,330 |
Total Gains (Losses) Recognized | (942) | 2,345 |
Impaired loans [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value | 21,893 | 5,122 |
Total Gains (Losses) Recognized | (933) | 2,345 |
Other real estate owned [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value | 2,520 | 208 |
Total Gains (Losses) Recognized | (9) | |
Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value | 24,413 | 5,330 |
Significant Unobservable Inputs (Level 3) [Member] | Impaired loans [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value | 21,893 | 5,122 |
Significant Unobservable Inputs (Level 3) [Member] | Other real estate owned [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value | $ 2,520 | $ 208 |
Estimated Fair Value of Financi
Estimated Fair Value of Financial Instruments (Detail) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and short-term investments | $ 1,285,400 | $ 2,101,800 |
Securities available for sale | 6,671,745 | 6,911,936 |
Securities held to maturity | 588,478 | 278,054 |
Other securities | 68,371 | 68,474 |
Trading securities | 23,699 | 27,203 |
Loans (exclusive of allowance for loan loss) | 9,047,100 | 7,466,400 |
Derivatives | 14,700 | 7,100 |
Demand and savings deposits | 13,805,800 | 12,353,300 |
Time deposits | 1,255,800 | 1,263,600 |
Other borrowings | 1,347,600 | 2,025,100 |
Long-term debt | 83,534 | 8,810 |
Derivatives | 14,700 | 7,500 |
Total Estimated Fair Value [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and short-term investments | 1,285,400 | 2,101,800 |
Securities available for sale | 6,671,745 | 6,911,900 |
Securities held to maturity | 611,400 | 304,100 |
Other securities | 68,400 | 68,500 |
Trading securities | 23,700 | 27,200 |
Loans (exclusive of allowance for loan loss) | 9,074,000 | 7,483,300 |
Derivatives | 14,700 | 7,100 |
Demand and savings deposits | 13,805,800 | 12,353,300 |
Time deposits | 1,255,800 | 1,263,600 |
Other borrowings | 1,347,600 | 2,025,100 |
Long-term debt | 83,800 | 9,100 |
Derivatives | 14,700 | 7,500 |
Commitments to extend credit for loans | 3,600 | 5,700 |
Commercial letters of credit | 200 | 200 |
Standby letters of credit | 1,900 | 2,400 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and short-term investments | 1,202,400 | 2,006,300 |
Securities available for sale | 433,000 | 642,300 |
Trading securities | 17,600 | 18,500 |
Demand and savings deposits | 13,805,800 | 12,353,300 |
Other borrowings | 1,500 | 42,000 |
Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and short-term investments | 83,000 | 95,500 |
Securities available for sale | 6,238,700 | 6,269,600 |
Securities held to maturity | 611,400 | 304,100 |
Other securities | 68,400 | 68,500 |
Trading securities | 6,100 | 8,700 |
Loans (exclusive of allowance for loan loss) | 9,074,000 | 7,483,300 |
Derivatives | 14,700 | 7,100 |
Time deposits | 1,255,800 | 1,263,600 |
Other borrowings | 1,346,100 | 1,983,100 |
Long-term debt | 83,800 | 9,100 |
Derivatives | $ 14,700 | $ 7,500 |