Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Feb. 18, 2016 | Jun. 30, 2015 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2015 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | UMBF | ||
Entity Registrant Name | UMB FINANCIAL CORP | ||
Entity Central Index Key | 101,382 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 49,530,817 | ||
Entity Public Float | $ 2,482,162,139 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
ASSETS | ||
Loans | $ 9,430,761 | $ 7,465,794 |
Allowance for loan losses | (81,143) | (76,140) |
Net loans | 9,349,618 | 7,389,654 |
Loans held for sale | 589 | 624 |
Securities: | ||
Available for sale | 6,806,949 | 6,911,936 |
Held to maturity (fair value of $691,379 and $304,112, respectively) | 667,106 | 278,054 |
Trading securities | 29,617 | 27,203 |
Other securities | 65,198 | 68,474 |
Total investment securities | 7,568,870 | 7,285,667 |
Federal funds sold and securities purchased under agreements to resell | 173,627 | 118,105 |
Interest-bearing due from banks | 522,877 | 1,539,386 |
Cash and due from banks | 458,217 | 444,299 |
Premises and equipment, net | 281,471 | 257,835 |
Accrued income | 90,127 | 79,297 |
Goodwill | 228,346 | 209,758 |
Other intangibles, net | 46,782 | 43,991 |
Other assets | 373,721 | 132,344 |
Total assets | 19,094,245 | 17,500,960 |
Deposits: | ||
Noninterest-bearing demand | 6,306,895 | 5,643,989 |
Interest-bearing demand and savings | 7,529,972 | 6,709,281 |
Time deposits under $250,000 | 771,973 | 636,507 |
Time deposits of $250,000 or more | 483,912 | 627,082 |
Total deposits | 15,092,752 | 13,616,859 |
Federal funds purchased and repurchase agreements | 1,818,062 | 2,025,132 |
Short-term debt | 5,009 | |
Long-term debt | 86,070 | 8,810 |
Accrued expenses and taxes | 161,245 | 180,074 |
Other liabilities | 37,413 | 26,327 |
Total liabilities | 17,200,551 | 15,857,202 |
SHAREHOLDERS' EQUITY | ||
Common stock, $1.00 par value; 80,000,000 shares authorized, 55,056,730 shares issued and 49,396,366 and 45,532,188 shares outstanding, respectively | 55,057 | 55,057 |
Capital surplus | 1,019,889 | 894,602 |
Retained earnings | 1,033,990 | 963,911 |
Accumulated other comprehensive (loss) income, net | (3,718) | 11,006 |
Treasury stock, 5,660,364 and 9,524,542 shares, at cost, respectively | (211,524) | (280,818) |
Total shareholders' equity | 1,893,694 | 1,643,758 |
Total liabilities and shareholders' equity | $ 19,094,245 | $ 17,500,960 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Statement of Financial Position [Abstract] | ||
Held to Maturity, Fair value | $ 691,379 | $ 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 | 49,396,366 | 45,532,188 |
Treasury stock, shares | 5,660,364 | 9,524,542 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
INTEREST INCOME | |||
Loans | $ 308,325 | $ 245,278 | $ 229,665 |
Securities: | |||
Taxable interest | 75,327 | 76,204 | 75,202 |
Tax-exempt interest | 43,598 | 39,209 | 40,399 |
Total securities income | 118,925 | 115,413 | 115,601 |
Federal funds and resell agreements | 697 | 259 | 193 |
Interest-bearing due from banks | 2,356 | 2,525 | 1,918 |
Trading securities | 378 | 396 | 964 |
Total interest income | 430,681 | 363,871 | 348,341 |
INTEREST EXPENSE | |||
Deposits | 14,269 | 12,242 | 13,183 |
Federal funds and repurchase agreements | 1,785 | 1,616 | 1,739 |
Other | 2,560 | (42) | 150 |
Total interest expense | 18,614 | 13,816 | 15,072 |
Net interest income | 412,067 | 350,055 | 333,269 |
Provision for loan losses | 15,500 | 17,000 | 17,500 |
Net interest income after provision for loan losses | 396,567 | 333,055 | 315,769 |
NONINTEREST INCOME | |||
Trust and securities processing | 262,056 | 288,054 | 265,948 |
Trading and investment banking | 20,218 | 19,398 | 20,641 |
Service charges on deposit accounts | 86,460 | 85,299 | 84,133 |
Insurance fees and commissions | 2,530 | 3,011 | 3,727 |
Brokerage fees | 11,753 | 10,761 | 11,470 |
Bankcard fees | 69,211 | 67,250 | 62,031 |
Gains on sales of securities available for sale, net | 10,402 | 4,127 | 8,542 |
Equity (losses) earnings on alternative investments | (12,188) | 3,975 | 19,048 |
Other | 16,012 | 16,813 | 16,293 |
Total noninterest income | 466,454 | 498,688 | 491,833 |
NONINTEREST EXPENSE | |||
Salaries and employee benefits | 406,472 | 358,569 | 339,691 |
Occupancy, net | 43,861 | 40,197 | 39,291 |
Equipment | 63,533 | 53,609 | 49,207 |
Supplies and services | 18,579 | 20,411 | 20,387 |
Marketing and business development | 23,730 | 24,148 | 22,703 |
Processing fees | 51,328 | 56,049 | 57,791 |
Legal and consulting | 26,390 | 20,407 | 18,703 |
Bankcard | 20,288 | 19,594 | 18,381 |
Amortization of other intangible assets | 12,090 | 12,193 | 13,218 |
Regulatory fees | 12,125 | 10,445 | 9,129 |
Contingency reserve | 20,272 | ||
Other | 25,340 | 29,786 | 34,703 |
Total noninterest expense | 703,736 | 665,680 | 623,204 |
Income before income taxes | 159,285 | 166,063 | 184,398 |
Income tax expense | 43,212 | 45,408 | 50,433 |
Net income | $ 116,073 | $ 120,655 | $ 133,965 |
PER SHARE DATA | |||
Net income - basic | $ 2.46 | $ 2.69 | $ 3.25 |
Net income - diluted | $ 2.44 | $ 2.65 | $ 3.20 |
Weighted average shares outstanding - basic | 47,126,252 | 44,844,578 | 41,275,839 |
Weighted average shares outstanding - diluted | 47,579,334 | 45,445,283 | 41,838,580 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Statement of Comprehensive Income [Abstract] | |||
Net Income | $ 116,073 | $ 120,655 | $ 133,965 |
Unrealized (losses) gains on securities: | |||
Change in unrealized holding (losses) gains, net | (13,393) | 74,147 | (178,500) |
Less: Reclassifications adjustment for gains included in net income | (10,402) | (4,127) | (8,542) |
Change in unrealized (losses) gains on securities during the period | (23,795) | 70,020 | (187,042) |
Change in unrealized losses on derivative hedges | (10) | ||
Income tax benefit (expense) | 9,081 | (26,374) | 68,814 |
Other comprehensive (loss) income | (14,724) | 43,646 | (118,228) |
Comprehensive income | $ 101,349 | $ 164,301 | $ 15,737 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity - USD ($) $ in Thousands | Total | Common Stock | Capital Surplus | Retained Earnings | Accumulated Other Comprehensive (Loss) Income | Treasury Stock |
Beginning Balance at Dec. 31, 2012 | $ 1,279,345 | $ 55,057 | $ 732,069 | $ 787,015 | $ 85,588 | $ (380,384) |
Total comprehensive income | 15,737 | 133,965 | (118,228) | |||
Dividends | (36,350) | (36,350) | ||||
Purchase of treasury stock | (3,501) | (3,501) | ||||
Issuance of equity awards | 450 | (1,651) | 2,101 | |||
Recognition of equity based compensation | 7,936 | 7,936 | ||||
Net tax benefit related to equity compensation plans | 1,224 | 1,224 | ||||
Sale of treasury stock | 776 | 520 | 256 | |||
Exercise of stock options | 9,018 | 3,986 | 5,032 | |||
Common stock issuance | 231,430 | 138,323 | 93,107 | |||
Ending Balance at Dec. 31, 2013 | 1,506,065 | 55,057 | 882,407 | 884,630 | (32,640) | (283,389) |
Total comprehensive income | 164,301 | 120,655 | 43,646 | |||
Dividends | (41,374) | (41,374) | ||||
Purchase of treasury stock | (5,741) | (5,741) | ||||
Issuance of equity awards | 489 | (2,338) | 2,827 | |||
Recognition of equity based compensation | 9,172 | 9,172 | ||||
Net tax benefit related to equity compensation plans | 1,880 | 1,880 | ||||
Sale of treasury stock | 936 | 596 | 340 | |||
Exercise of stock options | 8,030 | 2,885 | 5,145 | |||
Ending Balance at Dec. 31, 2014 | 1,643,758 | 55,057 | 894,602 | 963,911 | 11,006 | (280,818) |
Total comprehensive income | 101,349 | 116,073 | (14,724) | |||
Dividends | (45,994) | (45,994) | ||||
Purchase of treasury stock | (8,457) | (8,457) | ||||
Issuance of equity awards | 459 | (3,278) | 3,737 | |||
Recognition of equity based compensation | 10,292 | 10,292 | ||||
Net tax benefit related to equity compensation plans | 944 | 944 | ||||
Sale of treasury stock | 1,056 | 611 | 445 | |||
Exercise of stock options | 10,550 | 4,083 | 6,467 | |||
Common stock issuance for acquisition | 179,737 | 112,635 | 67,102 | |||
Ending Balance at Dec. 31, 2015 | $ 1,893,694 | $ 55,057 | $ 1,019,889 | $ 1,033,990 | $ (3,718) | $ (211,524) |
Consolidated Statements of Cha7
Consolidated Statements of Changes in Shareholders' Equity (Parenthetical) - $ / shares | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Statement of Stockholders' Equity [Abstract] | |||||||||||
Dividends, per share | $ 0.245 | $ 0.235 | $ 0.235 | $ 0.235 | $ 0.235 | $ 0.225 | $ 0.225 | $ 0.225 | $ 0.95 | $ 0.91 | $ 0.87 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
OPERATING ACTIVITIES | |||
Net Income | $ 116,073 | $ 120,655 | $ 133,965 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Provision for loan losses | 15,500 | 17,000 | 17,500 |
Net accretion of premiums and discounts from acquisition | (2,727) | ||
Depreciation and amortization | 52,751 | 46,355 | 44,221 |
Deferred income tax (benefit) expense | (4,848) | (11,456) | (5,123) |
Net decrease (increase) in trading securities and other earning assets | 10,258 | (2,714) | 8,252 |
Gains on sales of securities available for sale | (10,402) | (4,127) | (8,542) |
Gains on sales of assets | (98) | (3,034) | (1,431) |
Amortization of securities premiums, net of discount accretion | 57,301 | 51,542 | 53,248 |
Originations of loans held for sale | (96,324) | (71,598) | (118,418) |
Net gains on sales of loans held for sale | (1,331) | (1,137) | (887) |
Proceeds from sales of loans held for sale | 97,690 | 73,468 | 121,825 |
Equity based compensation | 10,751 | 9,661 | 8,386 |
Changes in: | |||
Accrued income | (7,075) | (1,081) | (8,467) |
Accrued expenses and taxes | (4,503) | 40,345 | 61,092 |
Other assets and liabilities, net | (22,055) | (20,100) | (10,423) |
Net cash provided by operating activities | 210,961 | 243,779 | 295,198 |
INVESTING ACTIVITIES | |||
Proceeds from maturities of securities held to maturity | 59,775 | 25,270 | 34,033 |
Proceeds from sales of securities available for sale | 946,045 | 413,955 | 685,031 |
Proceeds from maturities of securities available for sale | 1,200,178 | 1,321,135 | 1,495,867 |
Purchases of securities held to maturity | (451,350) | (109,308) | (135,598) |
Purchases of securities available for sale | (1,923,747) | (1,859,692) | (2,238,238) |
Net increase in loans | (988,434) | (963,028) | (844,993) |
Net (increase) decrease in fed funds sold and resell agreements | (45,190) | (31,087) | 2,850 |
Net decrease (increase) in interest bearing balances due from other financial institutions | 34,473 | (164,415) | (10,160) |
Purchases of premises and equipment | (53,760) | (44,790) | (38,313) |
Net cash activity from acquisitions and branch sales | 95,351 | (18,231) | 26,087 |
Proceeds from sales of premises and equipment | 1,069 | 5,212 | 2,586 |
Purchases of bank-owned and company-owned life insurance | (204,647) | (6,000) | |
Net cash used in investing activities | (1,330,237) | (1,430,979) | (1,020,848) |
FINANCING ACTIVITIES | |||
Net increase in demand and savings deposits | 894,667 | 174,718 | 1,800,207 |
Net (decrease) increase in time deposits | (352,622) | (178,294) | 159,639 |
Net (decrease) increase in fed funds purchased and repurchase agreements | (207,070) | 441,914 | (204,052) |
Net decrease in short-term debt | (112,133) | (107) | (407) |
Proceeds from long-term debt | 2,500 | 5,320 | 1,000 |
Repayment of long-term debt | (10,816) | (1,565) | (1,310) |
Payment of contingent consideration on acquisitions | (21,494) | (13,725) | (16,172) |
Cash dividends paid | (45,967) | (41,364) | (36,168) |
Net tax benefit related to equity compensation plans | 944 | 1,880 | 1,224 |
Common stock issuance | 231,430 | ||
Proceeds from exercise of stock options and sales of treasury shares | 11,606 | 8,966 | 9,794 |
Purchases of treasury stock | (8,457) | (5,741) | (3,501) |
Net cash provided by financing activities | 151,158 | 392,002 | 1,941,684 |
(Decrease) increase in cash and cash equivalents | (968,118) | (795,198) | 1,216,034 |
Cash and cash equivalents at beginning of year | 1,787,230 | 2,582,428 | 1,366,394 |
Cash and cash equivalents at end of year | 819,112 | 1,787,230 | 2,582,428 |
Supplemental disclosures: | |||
Income taxes paid | 47,086 | 61,228 | 46,445 |
Total interest paid | 17,812 | $ 13,958 | $ 15,823 |
Transactions related to Marquette acquisition | |||
Assets acquired | 1,312,174 | ||
Liabilities assumed | $ 1,151,025 |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES UMB Financial Corporation is a bank 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 consolidated financial statements in conformity with accounting principles generally accepted in the United States of America 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 consolidated 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. Following is a summary of the more significant accounting policies to assist the reader in understanding the financial presentation. Consolidation The Company and its wholly owned subsidiaries are included in the Consolidated Financial Statements (references hereinafter to the “Company” in these Notes to Consolidated Financial Statements include wholly owned subsidiaries). Intercompany accounts and transactions have been eliminated in consolidation. Revenue Recognition Interest on loans and securities is recognized based on rate times the principal amount outstanding. This includes the impact of amortization of premiums and discounts. Interest accrual is discontinued when, in the opinion of management, the likelihood of collection becomes doubtful. Other noninterest income is recognized as services are performed or revenue-generating transactions are executed. 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 December 31, 2015 and 2014 (in thousands): Year Ended December 31, 2015 2014 Due from the Federal Reserve $ 360,895 $ 1,342,931 Cash and due from banks 458,217 444,299 Cash and cash equivalents at end of year $ 819,112 $ 1,787,230 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 $162.0 million and $196.5 million at December 31, 2015 and 2014, respectively. Loans and Loans Held for Sale Loans are classified by the portfolio segments of commercial, real estate, consumer, and leases. The portfolio segments are further disaggregated into the loan classes of commercial, asset-based, factoring, commercial credit card, real estate – construction, real estate – commercial, real estate – residential, real estate – HELOC, consumer – credit card, consumer – other, and leases. A loan is considered to be impaired when management believes it is probable that it will be unable to collect all principal and interest due according to the contractual terms of the loan. If a loan is impaired, the Company records a valuation allowance equal to the carrying amount of the loan in excess of the present value of the estimated future cash flows discounted at the loan’s effective rate, based on the loan’s observable market price or the fair value of the collateral if the loan is collateral dependent. A loan is accounted for as a troubled debt restructuring when a concession had been granted to a debtor experiencing financial difficulties. The Company’s modifications generally include interest rate adjustments, and amortization and maturity date extensions. These modifications allow the debtor short-term cash relief to allow them to improve their financial condition. Restructured loans are individually evaluated for impairment as part of the allowance for loan loss analysis. Loans, including those that are considered to be impaired and restructured, are evaluated regularly by management. Loans are considered delinquent when payment has not been received within 30 days of its contractual due date. Loans are placed on non-accrual status when the collection of interest or principal is 90 days or more past due, unless the loan is adequately secured and in the process of collection. When a loan is placed on non-accrual status, any interest previously accrued but not collected is reversed against current income. Loans may be returned to accrual status when all the principal and interest amounts contractually due are brought current and future payments are reasonably assured. Interest payments received on non-accrual loans are applied to principal unless the remaining principal balance has been determined to be fully collectible. The adequacy of the allowance for loan losses is based on management’s continuing evaluation of the pertinent factors underlying the quality of the loan portfolio, including actual loan loss experience, current economic conditions, detailed analysis of individual loans for which full collectability may not be assured, determination of the existence and realizable value of the collateral and guarantees securing such loans. The actual losses, notwithstanding such considerations, however, could differ from the amounts estimated by management. The Company maintains a reserve, separate from the allowance for loan losses, to address the risk of loss associated with loan contingencies, which is included in the Accrued expenses and taxes line item in the Consolidated Balance Sheets. In order to maintain the reserve for off-balance sheet items at an appropriate level, a provision to increase or reduce the reserve is included in the Company’s Consolidated Statements of Income. The level of the reserve will be adjusted as needed to maintain the reserve at a specified level in relation to contingent loan risk. The risk of loss arising from un-funded loan commitments has been assessed by dividing the contingencies into pools of similar loan commitments and by applying two factors to each pool. The gross amount of contingent exposure is first multiplied by a potential use factor to estimate the degree to which the unused commitments might reasonably be expected to be used in a time of high usage. The resultant figure is then multiplied by a factor to estimate the risk of loss assuming funding of these loans. The potential loss estimates for each segment of the portfolio are added to arrive at a total potential loss estimate that is used to set the reserve. Purchased loans are recorded at estimated fair value at the Acquisition Date with no carryover of the related allowance. Purchased loans are 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. See further information regarding the accounting for PCI loans in Note 3, “Loans and Allowance for Loan Losses,” on page 74. Loans held for sale are carried at the lower of aggregate cost or market value. Loan fees (net of certain direct loan origination costs) on loans held for sale are deferred until the related loans are sold or repaid. Gains or losses on loan sales are recognized at the time of sale and determined using the specific identification method. Securities Debt securities available for sale principally include U.S. Treasury and agency securities, Government Sponsored Entity (GSE) mortgage-backed securities, certain securities of state and political subdivisions, and corporates. Securities classified as available for sale are measured at fair value. Unrealized holding gains and losses are excluded from earnings and reported in Accumulated other comprehensive income (loss) (AOCI) until realized. Realized gains and losses on sales are computed by the specific identification method at the time of disposition and are shown separately as a component of noninterest income. Securities held to maturity are carried at amortized historical cost based on management’s intention, and the Company’s ability to hold them to maturity. The Company classifies certain securities of state and political subdivisions as held to maturity. Trading securities, acquired for subsequent sale to customers, are carried at fair value. Market adjustments, fees and gains or losses on the sale of trading securities are considered to be a normal part of operations and are included in trading and investment banking income. Equity-method investments The Company accounts for certain other investments using equity-method accounting. For non-marketable equity-method investments, the Company’s proportionate share of the income or loss is recognized on a one-quarter lag. When transparency in pricing exists, other investments are considered marketable equity-method investments. For marketable equity-method investments, the Company recognizes its proportionate share of income or loss as of the date of the Company’s Consolidated Financial Statements. Goodwill and Other Intangibles Goodwill is tested for impairment annually and more frequently whenever events or changes in circumstance indicate that it is more likely than not that the fair value of a reporting unit is less than its carrying value. To test goodwill for impairment, the Company performs a qualitative assessment of each reporting unit. If the Company determines, on the basis of qualitative factors, that the fair value of the reporting unit is more likely than not greater than the carrying amount, the two-step impairment test is not required. Otherwise, the Company compares the fair value of its reporting units to their carrying amounts to determine if an impairment is indicated. If an impairment is indicated, the implied fair value of the reporting unit’s goodwill is compared to its carrying amount. An impairment loss is measured as the excess of the carrying value of a reporting unit’s goodwill over its implied fair value. As a result of such impairment tests, the Company has not recognized an impairment charge. No goodwill impairments were recognized in 2015, 2014, or 2013. Other intangible assets are amortized over a period of up to 17 years and are evaluated for impairment when events or circumstances dictate. No intangible asset impairments were recognized in 2015, 2014, or 2013. The Company does not have any indefinite lived intangible assets. Premises and Equipment Premises and equipment are stated at cost less accumulated depreciation, which is computed primarily on the straight line method. Premises are depreciated over 15 to 40 year lives, while equipment is depreciated over lives of 3 to 20 years. Gains and losses from the sale of Premises and equipment are included in Other noninterest income. Impairment of Long-Lived Assets Long-lived assets, including Premises and equipment, are reviewed for impairment whenever events or changes in circumstances indicate the carrying amount of an asset or group of assets may not be recoverable. The impairment review includes a comparison of future cash flows expected to be generated by the asset or group of assets to their current carrying value. If the carrying value of the asset or group of assets exceeds expected cash flows (undiscounted and without interest charges), an impairment loss is recognized to the extent the carrying value exceeds fair value. No impairments were recognized in 2015, 2014, or 2013. Income Taxes The Company accounts for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method, deferred tax assets and liabilities are measured based on the differences between the financial statement and tax basis of assets and liabilities using enacted tax rates in effect for the periods in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date. The provision for deferred income taxes represents the change in the deferred income tax accounts during the year excluding the tax effect of the change in net unrealized gain (loss) on securities available for sale. The Company records deferred tax assets to the extent these assets will more likely than not be realized. All available evidence is considered in making such determination, including future reversals of existing taxable temporary differences, projected future taxable income, tax planning strategies and recent financial operations. A valuation allowance is recorded for the portion of deferred tax assets that do not meet the more-likely-than-not threshold, and any changes to the valuation allowance are recorded in income tax expense. The Company records the financial statement effects of an income tax position when it is more likely than not, based on the technical merits, that it will be sustained upon examination. A tax position that meets the more-likely-than-not recognition threshold is measured and recorded as the largest amount of tax benefit that is greater than 50 percent likely of being realized upon ultimate settlement with a taxing authority. Previously recognized tax positions are derecognized in the first period in which it is no longer more likely than not that the tax position will be sustained. The benefit associated with previously unrecognized tax positions are generally recognized in the first period in which the more-likely-than-not threshold is met at the reporting date, the tax matter is ultimately settled through negotiation or litigation or when the related statute of limitations for the relevant taxing authority to examine and challenge the tax position has expired. The recognition, derecognition and measurement of tax positions are based on management’s best judgment given the facts, circumstance and information available at the reporting date. The Company recognizes accrued interest related to unrecognized tax benefits in interest expense and penalties in other noninterest expense. Accrued interest and penalties are included within the related liability lines in the Consolidated Balance Sheets. For the year ended December 31, 2015, the Company has recognized an immaterial amount in interest and penalties related to the unrecognized tax benefits. Derivatives The Company records all derivatives on the Consolidated Balance Sheets at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether the Company has elected to designate a derivative in a hedging relationship and apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Currently, four of the Company’s derivatives are designated in qualifying hedging relationships. However, the remainder of the Company’s derivatives are not designated in qualifying hedging relationships, as the derivatives are not used to manage risks within the Company’s assets or liabilities. All changes in fair value of the Company’s non-designated derivatives are recognized directly in earnings. Changes in fair value of the Company’s fair value hedges are recognized directly in earnings. The effective portion of changes in fair value of the Company’s cash flow hedges are recognized in AOCI. The ineffective portion of changes in fair value of the cash flow hedges is recognized directly in the Company’s Consolidated Statements of Income. 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 year-to-date income per share includes the dilutive effect of 453,082, 600,705, and 562,741shares issuable upon the exercise of stock options and nonvested restricted shares granted by the Company at December 31, 2015, 2014, and 2013, respectively. Options issued under employee benefit plans to purchase 455,998, and 249,368 shares of common stock were outstanding at December 31, 2015, and 2014, respectively, but were not included in the computation of diluted earnings per share because the options were anti-dilutive. Accounting for Stock-Based Compensation The Company measures the cost of employee services received in exchange for an award of equity instruments based on the fair value of the award on the date of the grant. The grant date fair value is estimated using either an option-pricing model which is consistent with the terms of the award or an observed market price, if such a price exists. Such cost is generally recognized over the vesting period during which an employee is required to provide service in exchange for the award and, in some cases, when performance metrics are met. The Company also estimates the number of instruments that will ultimately be issued by applying a forfeiture rate to each grant. |
NEW ACCOUNTING PRONOUNCEMENTS
NEW ACCOUNTING PRONOUNCEMENTS | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Changes and Error Corrections [Abstract] | |
NEW ACCOUNTING PRONOUNCEMENTS | 2. 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 | 12 Months Ended |
Dec. 31, 2015 | |
Receivables [Abstract] | |
LOANS AND ALLOWANCE FOR LOAN LOSSES | 3. 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 credit risk program 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 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 on May 31, 2015. 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-PCI, and those with evidence of credit deterioration, 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 Sheets, 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): PCI Loans: At May 31, 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 December 31, 2015 (in thousands): PCI Loans: At December 31, Contractual cash flows $ 3,843 Non-accretable difference (647 ) Accretable yield (140 ) Loans accounted for under ASC 310-30 $ 3,056 Loan Aging Analysis This table provides a summary of loan classes and an aging of past due loans at December 31, 2015 and 2014 (in thousands): December 31, 2015 30-89 Due and Greater Due and Non-Accrual Total PCI Current Total Loans Loans Commercial: Commercial $ 5,821 $ 2,823 $ 43,841 $ 52,485 $ — $ 4,153,251 $ 4,205,736 Asset-based — — — — — 219,244 219,244 Factoring — — — — — 90,686 90,686 Commercial – credit card 614 24 13 651 — 124,710 125,361 Real estate: Real estate – construction 1,828 548 331 2,707 — 413,861 416,568 Real estate – commercial 2,125 1,630 9,578 13,333 1,055 2,648,384 2,662,772 Real estate – residential 612 35 800 1,447 — 490,780 492,227 Real estate – HELOC 129 — 3,524 3,653 — 726,310 729,963 Consumer: Consumer – credit card 2,256 2,089 468 4,813 — 286,757 291,570 Consumer – other 5,917 175 2,597 8,689 2,001 144,087 154,777 Leases — — — — — 41,857 41,857 Total loans $ 19,302 $ 7,324 $ 61,152 $ 87,778 $ 3,056 $ 9,339,927 $ 9,430,761 December 31, 2015 30-89 Greater Current Total Loans PCI Loans Commercial: Commercial $ — $ — $ — $ — Asset-based — — — — Factoring — — — — Commercial – credit card — — — — Real estate: Real estate – construction — — — — Real estate – commercial — 1,055 — 1,055 Real estate – residential — — — — Real estate – HELOC — — — — Consumer: Consumer – credit card — — — — Consumer – other 58 105 1,838 2,001 Leases — — — — Total PCI loans $ 58 $ 1,160 $ 1,838 $ 3,056 December 31, 2014 30-89 Due and Greater Due and 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 December 31, 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 $61.2 million and $27.4 million at December 31, 2015 and 2014, respectively. Restructured loans totaled $36.6 million and $9.3 million at December 31, 2015 and 2014, respectively. Loans 90 days past due and still accruing interest amounted to $7.3 million and $3.8 million at December 31, 2015 and 2014, respectively. There was an insignificant amount of interest recognized on impaired loans during 2015, 2014, and 2013. The Company sold residential real estate loans with proceeds of $97.7 million, $73.5 million, and $121.8 million in the secondary market without recourse during the periods ended December 31, 2015, 2014, and 2013, 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, 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 December 31, 2015 and December 31, 2014 (in thousands): Credit Exposure Credit Risk Profile by Risk Rating Originated and Non-PCI Loans Commercial Asset-based Factoring December 31, 2015 December 31, December 31, 2015 December 31, December 31, 2015 December 31, Non-watch list $ 3,880,109 $ 3,532,611 $ 198,903 $ — $ 90,449 $ — Watch 105,539 72,283 — — — — Special Mention 29,397 98,750 18,163 — 237 — Substandard 190,691 110,365 2,178 — — — Total $ 4,205,736 $ 3,814,009 $ 219,244 $ — $ 90,686 $ — Real estate – construction Real estate – commercial December 31, 2015 December December 31, 2015 December Non-watch list $ 415,258 $ 253,895 $ 2,561,401 $ 1,780,323 Watch 370 181 51,774 31,984 Special Mention — 756 22,544 8,691 Substandard 940 1,174 25,998 45,303 Total $ 416,568 $ 256,006 $ 2,661,717 $ 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 December 31, 2015 December 31, December 31, 2015 December 31, December 31, 2015 December 31, Performing $ 125,348 $ 115,672 $ 491,427 $ 319,265 $ 726,439 $ 643,567 Non-performing 13 37 800 562 3,524 19 Total $ 125,361 $ 115,709 $ 492,227 $ 319,827 $ 729,963 $ 643,586 Consumer – credit card Consumer – other Leases December 31, 2015 December 31, December 31,, 2015 December 31, December 31, 2015 December 31, Performing $ 291,102 $ 309,736 $ 152,180 $ 100,900 $ 41,857 $ 39,090 Non-performing 468 560 2,597 70 — — Total $ 291,570 $ 310,296 $ 154,777 $ 100,970 $ 41,857 $ 39,090 This table provides an analysis of the credit risk profile of each loan class accounted for under ASC 310-30 at December 31, 2015 and December 31, 2014 (in thousands): Credit Exposure Credit Risk Profile by Risk Rating PCI Loans Credit Risk Profile Based on Payment Activity PCI Loans Real estate – commercial Consumer – other December 31, 2015 December 31, December 31, 2015 December 31, Non-watch list $ — $ — Performing $ 2,001 $ — Watch — — Non-performing — — Special Mention — — Total $ 2,001 $ — Substandard 1,055 — Total $ 1,055 $ — 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 unidentified 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 year ended December 31, 2015 (in thousands): Year Ended December 31, 2015 Commercial Real estate Consumer Leases Total Allowance for loan losses: Beginning balance $ 55,349 $ 10,725 $ 9,921 $ 145 $ 76,140 Charge-offs (5,239 ) (214 ) (9,658 ) — (15,111 ) Recoveries 1,824 321 2,469 — 4,614 Provision 11,913 (2,612 ) 6,217 (18 ) 15,500 Ending Balance $ 63,847 $ 8,220 $ 8,949 $ 127 $ 81,143 Ending Balance: individually evaluated for impairment $ 5,668 $ 196 $ — $ — $ 5,864 Ending Balance: collectively evaluated for impairment 58,179 8,024 8,949 127 75,279 Ending Balance: PCI Loans — — — — — Loans: Ending Balance: loans $ 4,641,027 $ 4,301,530 $ 446,347 $ 41,857 $ 9,430,761 Ending Balance: individually evaluated for impairment 68,004 7,747 2,574 — 78,325 Ending Balance: collectively evaluated for impairment 4,573,023 4,292,728 441,772 41,857 9,349,380 Ending Balance: PCI Loans — 1,055 2,001 3,056 This table provides a rollforward of the allowance for loan losses by portfolio segment for the year ended December 31, 2014 (in thousands): Year Ended December 31, 2014 Commercial Real estate Consumer Leases Total Allowance for loan losses: Beginning balance $ 48,886 $ 15,342 $ 10,447 $ 76 $ 74,751 Charge-offs (7,307 ) (259 ) (11,427 ) — (18,993 ) Recoveries 848 44 2,490 — 3,382 Provision 12,922 (4,402 ) 8,411 69 17,000 Ending Balance $ 55,349 $ 10,725 $ 9,921 $ 145 $ 76,140 Ending Balance: individually evaluated for impairment $ 972 $ 935 $ — $ — $ 1,907 Ending Balance: collectively evaluated for impairment 54,377 9,790 9,921 145 74,233 Loans: Ending Balance: loans $ 3,929,718 $ 3,085,720 $ 411,266 $ 39,090 $ 7,465,794 Ending Balance: individually evaluated for impairment 17,060 10,243 1 — 27,304 Ending Balance: collectively evaluated for impairment 3,912,658 3,075,477 411,265 39,090 7,438,490 This table provides a rollforward of the allowance for loan losses by portfolio segment for the year ended December 31, 2013 (in thousands): Year Ended December 31, 2013 Commercial Real estate Consumer Leases Total Allowance for loan losses: Beginning balance $ 43,390 $ 15,506 $ 12,470 $ 60 $ 71,426 Charge-offs (4,748 ) (775 ) (12,131 ) — (17,654 ) Recoveries 867 77 2,535 — 3,479 Provision 9,377 534 7,573 16 17,500 Ending Balance $ 48,886 $ 15,342 $ 10,447 $ 76 $ 74,751 Ending Balance: individually evaluated for impairment $ 2,882 $ 1,370 $ — $ — $ 4,252 Ending Balance: collectively evaluated for impairment 46,004 13,972 10,447 76 70,499 Loans: Ending Balance: loans $ 3,404,773 $ 2,710,510 $ 381,248 $ 23,981 $ 6,520,512 Ending Balance: individually evaluated for impairment 14,635 15,543 11 — 30,189 Ending Balance: collectively evaluated for impairment 3,390,138 2,694,967 381,237 23,981 6,490,323 Impaired Loans This table provides an analysis of impaired loans by class for the year ended December 31, 2015 (in thousands): As of December 31, 2015 Unpaid Recorded Recorded Total Related Average Recorded Commercial: Commercial $ 72,739 $ 40,648 $ 27,356 $ 68,004 $ 5,668 $ 41,394 Asset-based — — — — — — Factoring — — — — — — Commercial – credit card — — — — — — Real estate: Real estate – construction 782 331 118 449 42 802 Real estate – commercial 7,117 4,891 1,275 6,166 154 7,768 Real estate – residential 1,054 939 — 939 — 1,433 Real estate – HELOC 214 193 — 193 — 162 Consumer: Consumer – credit card — — — — — — Consumer – other 2,574 2,574 — 2,574 — 1,795 Leases — — — — — — Total $ 84,480 $ 49,576 $ 28,749 $ 78,325 $ 5,864 $ 53,354 This table provides an analysis of impaired loans by class for the year ended December 31, 2014 (in thousands): 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 This table provides an analysis of impaired loans by class for the year ended December 31, 2013 (in thousands): As of December 31, 2013 Unpaid Recorded Recorded Total Related Average Recorded Commercial: Commercial $ 17,227 $ 3,228 $ 11,407 $ 14,635 $ 2,882 $ 14,791 Commercial – credit card — — — — — — Real estate: Real estate – construction 1,408 810 123 933 — 1,186 Real estate – commercial 14,686 5,305 8,218 13,523 94 10,506 Real estate – residential 1,317 1,087 — 1,087 1,276 1,122 Real estate – HELOC — — — — — — Consumer: Consumer – credit card — — — — — — Consumer – other 12 11 — 11 — 34 Leases — — — — — — Total $ 34,650 $ 10,441 $ 19,748 $ 30,189 $ 4,252 $ 27,639 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 had 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 loss 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 year ended December 31, 2015, no purchased loans were modified as troubled debt restructurings after the Acquisition Date. The Company had $582 thousand and $477 thousand in commitments to lend to borrowers with loan modifications classified as TDR’s as of December 31, 2015 and December 31, 2014, respectively. 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 year ended December 31, 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 years ended December 31, 2015 and 2014 (in thousands): Year Ended December 31, 2015 Year Ended December 31, 2014 Number Pre- Modification Post- Number Pre- Modification Post- Troubled Debt Restructurings Commercial: Commercial 21 $ 32,473 $ 32,473 1 $ 469 $ 469 Asset-based — — — — — — Factoring — — — — — — Commercial – credit card — — — — — — Real estate: Real estate – construction — — — — — — Real estate – commercial 1 261 261 1 178 178 Real estate – residential 1 121 121 4 277 301 Real estate – HELOC — — — — — — Consumer: Consumer – credit card — — — — — — Consumer – other — — — — — — Leases — — — — — — Total 23 $ 32,855 $ 32,855 6 $ 924 $ 948 |
SECURITIES
SECURITIES | 12 Months Ended |
Dec. 31, 2015 | |
Investments, Debt and Equity Securities [Abstract] | |
SECURITIES | 4. SECURITIES Securities Available for Sale This table provides detailed information about securities available for sale at December 31, 2015 and 2014 (in thousands): 2015 Amortized Gross Gross Fair Value U.S. Treasury $ 350,354 $ 1 $ (576 ) $ 349,779 U.S. Agencies 667,414 7 (1,032 ) 666,389 Mortgage-backed 3,598,115 12,420 (38,089 ) 3,572,446 State and political subdivisions 2,116,543 23,965 (2,095 ) 2,138,413 Corporates 80,585 — (663 ) 79,922 Total $ 6,813,011 $ 36,393 $ (42,455 ) $ 6,806,949 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 December 31, 2015 (in thousands): Amortized Fair Value Due in 1 year or less $ 998,269 $ 997,988 Due after 1 year through 5 years 1,278,055 1,285,822 Due after 5 years through 10 years 857,416 869,158 Due after 10 years 81,156 81,535 Total 3,214,896 3,234,503 Mortgage-backed securities 3,598,115 3,572,446 Total securities available for sale $ 6,813,011 $ 6,806,949 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. Proceeds from the sales of securities available for sale were $946.0 million, $414.0 million, and $685.0 million for 2015, 2014, and 2013, respectively. Securities transactions resulted in gross realized gains of $10.5 million for 2015, $4.1 million for 2014, and $8.7 million for 2013. The gross realized losses were $100 thousand for 2015, $11 thousand for 2014, and $200 thousand for 2013. Securities available for sale with a market value of $5.9 billion at December 31, 2015, and $5.7 billion at December 31, 2014, were pledged to secure U.S. Government deposits, other public deposits and certain trust deposits as required by law. Of this amount, securities with a market value of $1.6 billion at December 31, 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 December 31, 2015 and 2014 (in thousands). 2015 Less than 12 months 12 months or more Total Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized Description of Securities U.S. Treasury $ 344,556 $ (576 ) $ — $ — $ 344,556 $ (576 ) U.S. Agencies 615,993 (1,032 ) — — 615,993 (1,032 ) Mortgage-backed 2,056,316 (21,013 ) 426,959 (17,076 ) 2,483,275 (38,089 ) State and political subdivisions 479,197 (1,316 ) 60,324 (779 ) 539,521 (2,095 ) Corporates 29,126 (183 ) 50,796 (480 ) 79,922 (663 ) Total temporarily- impaired debt securities available for sale $ 3,525,188 $ (24,120 ) $ 538,079 $ (18,335 ) $ 4,063,267 $ (42,455 ) 2014 Less than 12 months 12 months or more Total Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized Description of Securities 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, GSE mortgage-backed securities, municipal securities, and corporates were caused by changes in the interest rate environment. 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 December 31, 2015. Securities Held to Maturity 2015 Amortized Net Fair Value State and political subdivisions $ 667,106 $ 24,273 $ 691,379 2014 State and political subdivisions $ 278,054 $ 26,058 $ 304,112 Fair Value Due in 1 year or less $ 17,893 Due after 1 year through 5 years 80,047 Due after 5 years through 10 years 384,117 Due after 10 years 209,322 Total securities held to maturity $ 691,379 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 2015, 2014, or 2013. Trading Securities The net unrealized gains on trading securities at December 31, 2015, 2014, and 2013 were $8 thousand, $101 thousand, and $151 thousand, respectively. Net unrealized gains/losses 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 stock and Federal Home Loan Bank stock and other securities at December 31, 2015 and 2014 (in thousands): 2015 Amortized Gross Gross Fair FRB and FHLB stock $ 33,215 $ — $ — $ 33,215 Other securities – marketable 5 7,159 — 7,164 Other securities – non-marketable 23,855 964 — 24,819 Total Federal Reserve Bank stock and other $ 57,075 $ 8,123 $ — $ 65,198 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 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 $7.2 million at December 31, 2015 and $16.7 million at December 31, 2014. The fair value of other non-marketable securities includes alternative investment securities of $2.0 million at December 31, 2015 and $8.5 million at December 31, 2014. Unrealized gains or losses on alternative investments are recognized in the Equity earnings on alternative investments line of the Company’s Consolidated Statements of Income. |
SECURITIES PURCHASED UNDER AGRE
SECURITIES PURCHASED UNDER AGREEMENTS TO RESELL | 12 Months Ended |
Dec. 31, 2015 | |
Banking and Thrift [Abstract] | |
SECURITIES PURCHASED UNDER AGREEMENTS TO RESELL | 5. SECURITIES PURCHASED UNDER AGREEMENTS TO RESELL The Company regularly enters into agreements for the purchase of securities with simultaneous agreements to resell (resell agreements). The agreements permit the Company to sell or repledge these securities. Resell agreements were $157.7 million and $95.5 million at December 31, 2015 and 2014, respectively. The Company obtains possession of collateral with a market value equal to or in excess of the principal amount loaned under resell agreements. |
LOANS TO OFFICERS AND DIRECTORS
LOANS TO OFFICERS AND DIRECTORS | 12 Months Ended |
Dec. 31, 2015 | |
Related Party Transactions [Abstract] | |
LOANS TO OFFICERS AND DIRECTORS | 6. LOANS TO OFFICERS AND DIRECTORS Certain executive officers and directors of the Company and the Bank, including companies in which those persons are principal holders of equity securities or are general partners, borrow in the normal course of business from the Bank. All such loans have been made on the same terms, including interest rates and collateral, as those prevailing at the same time for comparable transactions with unrelated parties. In addition, all such loans are current as to repayment terms. For the years 2015 and 2014, an analysis of activity with respect to such aggregate loans to related parties appears below (in thousands): Year Ended December 31, 2015 2014 Balance – beginning of year $ 541,507 $ 493,373 New loans 462,914 139,442 Repayments (294,336 ) (91,308 ) Balance – end of year $ 710,085 $ 541,507 |
GOODWILL AND OTHER INTANGIBLES
GOODWILL AND OTHER INTANGIBLES | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
GOODWILL AND OTHER INTANGIBLES | 7. GOODWILL AND OTHER INTANGIBLES Changes in the carrying amount of goodwill for the years ended December 31, 2015 and December 31, 2014 by operating 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 18,588 — — 18,588 Balances as of December 31, 2015 $ 161,341 $ 47,529 $ 19,476 $ 228,346 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 intangible assets that continue to be subject to amortization as of December 31, 2015 and 2014 (in thousands): As of December 31, 2015 Gross Carrying Accumulated Net Carrying Core deposit intangible assets $ 36,497 $ 33,613 $ 2,884 Core deposit intangible-Marquette acquisition 11,030 1,838 9,192 Customer relationships 104,560 73,496 31,064 Customer relationship-Marquette acquisition 2,900 338 2,562 Other intangible assets 3,247 2,841 406 Other intangible assets-Marquette acquisition 951 277 674 Total intangible assets $ 159,185 $ 112,403 $ 46,782 As of December 31, 2014 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 Amortization expense for the years ended December 31, 2015, 2014, and 2013 was $12.1 million, $12.2 million and $13.2 million, respectively. The following table discloses the estimated amortization expense of intangible assets in future years (in thousands): 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 |
PREMISES AND EQUIPMENT
PREMISES AND EQUIPMENT | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
PREMISES AND EQUIPMENT | 8. PREMISES AND EQUIPMENT Premises and equipment consisted of the following (in thousands): December 31, 2015 2014 Land $ 46,430 $ 43,798 Buildings and leasehold improvements 316,988 301,687 Equipment 138,127 120,745 Software 157,847 132,265 659,392 598,495 Accumulated depreciation (268,864 ) (246,457 ) Accumulated amortization (109,057 ) (94,203 ) Premises and equipment, net $ 281,471 $ 257,835 Rental and operating lease expenses were $14.6 million in 2015, $12.0 million in 2014, and $10.9 million in 2013. Bank premises and equipment depreciation and amortization expenses were $40.7 million in 2015, $34.2 million in 2014, and $31.0 million in 2013. Minimum future rental commitments as of December 31, 2015, for all non-cancelable operating leases are as follows (in thousands): 2016 $ 11,279 2017 10,433 2018 9,761 2019 8,684 2020 7,782 Thereafter 26,111 Total $ 74,050 |
BORROWED FUNDS
BORROWED FUNDS | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
BORROWED FUNDS | 9. BORROWED FUNDS The components of the Company’s short-term and long-term debt are as follows (in thousands): December 31, 2015 2014 Short-term debt: Federal Home Loan Bank 0.98% due 2016 $ 5,009 $ — Total short-term debt 5,009 — Long-term debt: Trust Preferred Securities: Marquette Capital Trust I subordinated debentures 1.65% due 2036 16,062 — Marquette Capital Trust II subordinated debentures 6.30% due 2036 16,741 — Marquette Capital Trust III subordinated debentures 2.09% due 2036 6,598 — Marquette Capital Trust IV subordinated debentures 2.11% due 2036 26,757 — Federal Home Loan Bank 1.88% due 2018 7,088 — Federal Home Loan Bank 2.74% due 2020 3,104 — Kansas Equity Fund IV, L.P. 0% due 2017 29 71 Kansas Equity Fund V, L.P. 0% due 2017 63 119 Kansas Equity Fund VI, L.P. 0% due 2017 110 239 Kansas Equity Fund IX, L.P. 0% due 2023 271 341 Kansas Equity Fund X, L.P. 0% due 2021 338 419 Kansas City Equity Fund 2007, L.L.C. 0% due 2016 — 86 Kansas City Equity Fund 2008, L.L.C. 0% due 2016 10 149 Kansas City Equity Fund 2009, L.L.C. 0% due 2017 144 371 St. Louis Equity Fund 2007 L.L.C. 0% due 2016 13 39 St. Louis Equity Fund 2008 L.L.C. 0% due 2016 10 160 St. Louis Equity Fund 2009 L.L.C. 0% due 2017 245 395 St. Louis Equity Fund 2012 L.L.C. 0% due 2020 322 402 St. Louis Equity Fund 2013 L.L.C. 0% due 2021 1,465 1,758 St. Louis Equity Fund 2014 L.L.C. 0% due 2022 1,814 1,819 St. Louis Equity Fund 2015, L.L.C. 0% due 2023 1,000 — MHEG Community Fund 41, L.P. 0% due 2024 920 957 MHEG Community Fund 43, L.P. 0% due 2026 1,482 1,485 MHEG Community Fund 45, L.P. 0% due 2027 1,484 — Total long-term debt 86,070 8,810 Total borrowed funds $ 91,079 $ 8,810 Aggregate annual repayments of short-term and long-term debt at December 31, 2015, are as follows (in thousands): 2016 $ 6,702 2017 1,601 2018 8,599 2019 1,412 2020 4,381 Thereafter 68,384 Total $ 91,079 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 previously issued trust preferred securities. The interest rate on the trust preferred securities issued by Marquette Capital Trust II was fixed at 6.30 percent until January 2016, and is reset each quarter at a variable rate tied to the three-month 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 Company is a member bank of the FHLB of Des Moines and FHLB of San Francisco. The Company became a member bank of the FHLB of Des Moines in March 2014. Through this relationship, the Company purchased $10.0 million of FHLB stock and has access to additional liquidity and funding sources through FHLB advances. The Company’s borrowing capacity is dependent upon the amount of collateral the Company places at the FHLB. On December 23, 2015, the FHLB issued a 30-day letter of credit of $150.0 million on behalf of the Company to secure public fund deposits, which expired on January 22, 2016. The letter of credit reduced the Company’s borrowing capacity with the FHLB from $559.7 million to $409.7 million as of December 31, 2015. The Company had no outstanding FHLB advances at FHLB of Des Moines as of December 31, 2015. As part of the Marquette acquisition, the Company acquired stock in the FHLB of San Francisco. This stock had a balance of $405 thousand as of December 31, 2015. FHLB San Francisco advances, which were acquired from Marquette, totaled $15.0 million at December 31, 2015. These advances have maturity dates between September 2016 and September 2020. The Company has a revolving line of credit with Wells Fargo Bank, N.A. which allows the Company to borrow up to $50.0 million for general working capital purposes. The interest rate applied to borrowed balances will be at the Company’s option either 1.00 percent above LIBOR or 1.75 percent below the prime rate on the date of an advance. The Company will also pay a 0.3 percent unused commitment fee for unused portions of the line of credit. The Company currently has no outstanding balance on this line of credit. The Company enters into sales of securities with simultaneous agreements to repurchase (repurchase agreements). 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 amounts received under these agreements represent short-term borrowings. The amount outstanding at December 31, 2015, was $1.8 billion (with accrued interest payable of $39 thousand). The amount outstanding at December 31, 2014, was $2.0 billion (with accrued interest payable of $10 thousand). The carrying amounts and market values of the securities and the related repurchase liabilities and weighted average interest rates of the repurchase liabilities (grouped by maturity of the repurchase agreements) were as follows as of December 31, 2015 (in thousands): Securities Market Repurchase Weighted Average Maturity of the Repurchase Liabilities On Demand $ 3,586 $ 3,579 0.04 % 2 to 30 days 1,769,270 1,747,028 0.30 Over 90 Days 604 600 0.00 Total $ 1,773,460 $ 1,751,207 0.30 % The table below presents the remaining contractual maturities of repurchase agreements outstanding at December 31, 2015, in addition to the various types of marketable securities that have been pledged as collateral for these borrowings (in thousands). As of December 31, 2015 Remaining Contractual Maturities of the Agreements On Demand 2-29 days Over 90 Days Total Repurchase agreements, secured by: U.S. Treasury $ — $ 171,533 $ — $ 171,533 U.S. Agency 3,579 1,575,495 600 1,579,674 Total repurchase agreements $ 3,579 $ 1,747,028 $ 600 $ 1,751,207 |
REGULATORY REQUIREMENTS
REGULATORY REQUIREMENTS | 12 Months Ended |
Dec. 31, 2015 | |
Banking and Thrift [Abstract] | |
REGULATORY REQUIREMENTS | 10. REGULATORY REQUIREMENTS Payment of dividends by the Bank to the parent company is subject to various regulatory restrictions. For national banks, the governing regulatory agency must approve the declaration of any dividends generally in excess of the sum of net income for that year and retained net income for the preceding two years. The Bank maintains a reserve balance with the Federal Reserve Bank as required by law. During 2015, this amount averaged $489.3 million, compared to $729.1 million in 2014. Through December 31, 2014, the Company and the Bank were subject to capital-adequacy standards that had originally been promulgated in 1989 and that were commonly known as Basel I. Under Basel I, total qualifying capital is divided into two tiers: more loss-absorbent tier 1 capital and less loss-absorbent tier 2 capital. The maximum amount of tier 2 capital that was able to be included in a banking organization’s qualifying total capital was limited to 100% of its tier 1 capital. Under Basel I, for all periods ending December 31, 2014 and prior, the Company and the Bank had been required to maintain, a minimum total risk-based capital ratio of total qualifying capital to RWAs of 8.0%, a minimum tier 1 risk-based capital ratio of tier 1 capital to RWAs of 4.0%, and a minimum tier 1 leverage ratio of tier 1 capital to average on-balance-sheet exposures of 4.0%. In July 2013, the FRB approved a final rule to implement in the United States the Basel III regulatory capital reforms from the Basel Committee on Banking Supervision and certain changes required by the Dodd-Frank Act. The final rule increases minimum requirements for both the quantity and quality of capital held by banking organizations. The rule includes a new minimum ratio of common equity tier 1 capital to risk-weighted assets of 4.5% and a common equity tier 1 capital conservation buffer of 2.5% of risk-weighted assets. The final rule also adjusted the methodology for calculating risk-weighted assets to enhance risk sensitivity. Beginning January 1, 2015, the Company was required to be compliant with revised minimum regulatory capital ratios and began the transitional period for definitions of regulatory capital and regulatory capital adjustments and deductions established under the final rule. Compliance with the risk-weighted asset calculations was required on January 1, 2015 and the Company is in compliance with the increased capital standards. At December 31, 2015, the Company is required to have minimum common equity tier 1, tier 1, and total capital ratios of 4.5%, 6.0% and 8.0%, respectively. The Company’s actual ratios at that date were 11.74%, 11.86% and 12.80%, respectively. The Company is required to have a minimum leverage ratio of 4.0%, and the leverage ratio at December 31, 2015, was 9.08%. As of December 31, 2015, the most recent notification from the OCC categorized the Bank as well capitalized under the regulatory framework for prompt corrective action. To be categorized as well-capitalized the Bank must maintain total risk-based, tier 1 risk-based, common equity tier 1, and tier 1 leverage ratios of 10.0%, 8.0%, 6.5%, and 5.0%, respectively. There are no conditions or events since that notification that management believes have changed the Bank’s category. In addition, under amendments to the BHCA introduced by the Dodd-Frank Act and commonly known as the Volcker Rule, the Company and its subsidiaries are subject to extensive limits on proprietary trading and on owning or sponsoring hedge funds and private-equity funds. The limits on proprietary trading are largely focused on purchases or sales of financial instruments by a banking entity as principal primarily for the purpose of short-term resale, benefitting from actual or expected short-term price movements, or realizing short-term arbitrage profits. The limits on owning or sponsoring hedge funds and private-equity funds are designed to ensure that banking entities generally maintain only small positions in managed or advised funds and are not exposed to significant losses arising directly or indirectly from them. The Volcker Rule also provides for increased capital charges, quantitative limits, rigorous compliance programs, and other restrictions on permitted proprietary trading and fund activities, including a prohibition on transactions with a covered fund that would constitute a covered transaction under Sections 23A and 23B of the Federal Reserve Act. The fund activities of the Company and its subsidiaries are in conformance with the Volcker Rule, which became effective July 21, 2015. Actual capital amounts as well as required and well-capitalized tier 1, total and tier 1 Leverage ratios as of December 31, for the Company and its banks are as follows (in thousands): 2015 Actual For Capital Adequacy To Be Well Capitalized Amount Ratio Amount Ratio Amount Ratio Common Equity Tier 1 Capital: UMB Financial Corporation $ 1,664,815 11.74 % $ 638,108 4.50 % $ N/A N/A % UMB Bank, n. a. 1,491,833 10.63 631,765 4.50 912,549 6.50 Tier 1 Capital: UMB Financial Corporation 1,681,222 11.86 850,810 6.00 N/A N/A UMB Bank, n. a. 1,491,833 10.63 842,353 6.00 1,123,138 8.00 Total Capital: UMB Financial Corporation 1,814,705 12.80 1,134,413 8.00 N/A N/A UMB Bank, n. a. 1,575,697 11.22 1,123,138 8.00 1,403,922 10.00 Tier 1 Leverage: UMB Financial Corporation 1,681,222 9.08 740,918 4.00 N/A N/A UMB Bank, n. a. 1,491,833 8.13 734,229 4.00 917,786 5.00 2014 Tier 1 Capital: UMB Financial Corporation $ 1,393,389 13.29 % $ 419,383 4.00 % $ N/A N/A % UMB Bank, n. a. 1,209,096 11.68 414,135 4.00 621,202 6.00 Total Capital: UMB Financial Corporation 1,471,631 14.04 838,766 8.00 N/A N/A UMB Bank, n. a. 1,287,338 12.43 828,270 8.00 1,035,337 10.00 Tier 1 Leverage: UMB Financial Corporation 1,393,389 8.72 639,476 4.00 N/A N/A UMB Bank, n. a. 1,209,096 7.63 634,187 4.00 792,733 5.00 |
EMPLOYEE BENEFITS
EMPLOYEE BENEFITS | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
EMPLOYEE BENEFITS | 11. EMPLOYEE BENEFITS The Company has a discretionary noncontributory profit sharing plan, which features an employee stock ownership plan. This plan is for the benefit of substantially all eligible officers and employees of the Company and its subsidiaries. The Company has accrued and anticipates making a discretionary payment of $1.5 million in March 2016, for 2015. A $2.0 million contribution was paid in 2015, for 2014. A $2.9 million contribution was paid in 2014, for 2013. The Company has a qualified 401(k) profit sharing plan that permits participants to make contributions by salary deduction. The Company made a matching contribution to this plan of $5.7 million in 2015, for 2014 and $5.2 million in 2014, for 2013. The Company anticipates making a matching contribution of $6.9 million in March 2016, for 2015. The Company recognized $2.2 million, $2.0 million, and $2.0 million in expense related to outstanding stock options and $8.1 million, $7.2 million, and $5.9 million in expense related to outstanding restricted stock grants for the years ended December 31, 2015, 2014, and 2013, respectively. The Company had $5.2 million of unrecognized compensation expense related to the outstanding options and $16.9 million of unrecognized compensation expense related to outstanding restricted stock grants at December 31, 2015. 2002 Incentive Stock Option Plan On April 18, 2002, the shareholders of the Company approved the 2002 Incentive Stock Options Plan (the 2002 Plan), which provides incentive options to certain key employees to receive up to 2 million common shares of the Company. All options that are issued under the 2002 Plan terminate after 10 years (except for any option granted to a person holding more than 10 percent of the Company’s stock, in which case the option terminates after five years). All options issued prior to 2005, under the 2002 Plan, could not be exercised until at least four years and 11 months after the date they are granted. Options issued in 2006, 2007, and 2008 under the 2002 Plan, have a vesting schedule of 50 percent after three years; 75 percent after four years and 100 percent after four years and 11 months. Except under circumstances of death, disability or certain retirements, the options cannot be exercised after the grantee has left the employment of the Company or its subsidiaries. The exercise period for an option may be accelerated upon the optionee’s qualified disability, retirement or death. All options expire at the end of the exercise period. Prior to 2006, the Company made no recognition in the balance sheet of the options until such options were exercised and no amounts applicable thereto were reflected in net income as all options were granted at strike prices at the then current fair value of the underlying shares. For options granted after January 1, 2006, compensation expense is recognized on unvested options outstanding. Options are granted at exercise prices of no less than 100 percent of the fair market value of the underlying shares based on the fair value of the option at date of grant. On January 25, 2011, the Board amended and froze the 2002 Plan such that no shares of Company stock shall thereafter be available for grants under the 2002 Plan. Existing awards granted under the 2002 Plan will continue in accordance with their terms under the 2002 Plan. The plan expired without modification on April 17, 2012. The table below discloses the information relating to option activity in 2015, under the 2002 Plan: Number of Weighted Weighted Aggregate Stock Options Under the 2002 Plan Outstanding – December 31, 2014 258,475 $ 37.47 Granted — — Expired (10,190 ) 34.16 Exercised (67,849 ) 34.94 Outstanding – December 31, 2015 180,436 38.61 1.9 $ 1,433,385 Exercisable – December 31, 2015 180,436 38.61 Exercisable and expected to be exercisable – December 31, 2015 180,436 $ 38.61 1.9 $ 1,433,385 No options were granted under the 2002 Plan during 2015, 2014, or 2013. The total intrinsic value of options exercised during the year ended December 31, 2015, 2014, and 2013 was $1.1 million, $2.0 million, and $3.4 million, respectively. As of December 31, 2015, there was no unrecognized compensation cost related to the nonvested options. Long-Term Incentive Compensation Plan At the April 26, 2005, shareholders’ meeting, the shareholders of the Company approved the UMB Financial Corporation Long-Term Incentive Compensation Plan (LTIP) which became effective as of January 1, 2005. The LTIP permits the issuance to selected officers of the Company service-based restricted stock grants, performance-based restricted stock grants and non-qualified stock options. Service-based restricted stock grants contain a service requirement. The performance-based restricted grants contain performance and service requirements. The non-qualified stock option grants contain a service requirement. At the April 23, 2013 shareholders’ meeting, the shareholders of the Company approved amendments to the LTIP Plan, including increasing the number of shares of the Company’s stock reserved for issuance under the Plan from 5.25 million shares to 7.44 million shares. Additionally, the shareholders approved increasing the maximum benefits any one eligible employee may receive under the plan during any one fiscal year from $1 million to $2 million taking into account the value of all stock options and restricted stock received. The service-based restricted stock grants contain a service requirement with varying vesting schedules. The majority of these grants utilize a vesting schedule in which 50 percent of the shares vest after three years of service, 75 percent after four years of service and 100 percent after five years of service. Certain other grants utilize vesting schedules in which the grants vest ratably over the requisite service period or contain a three-year cliff vesting. The performance-based restricted stock grants contain a service and a performance requirement. The performance requirement is based on a predetermined performance requirement over a three year period. The service requirement portion is a three year cliff vesting. If the performance requirement is not met, the executives do not receive the shares. The dividends on service and performance-based restricted stock grants are treated as two separate transactions. First, cash dividends are paid on the restricted stock. Those cash dividends are then paid to purchase additional shares of restricted stock. Dividends earned as additional shares of restricted stock have the same terms as the associated grant. The dividends paid on the stock are recorded as a reduction to retained earnings (similar to all dividend transactions). The table below discloses the status of the service-based restricted shares during 2015: Number Weighted Average Service-Based Restricted Stock Nonvested – December 31, 2014 456,631 $ 48.57 Granted 269,267 51.33 Canceled (53,645 ) 50.76 Vested (137,634 ) 43.83 Nonvested – December 31, 2015 534,619 $ 50.95 As of December 31, 2015, there was $15.1 million of unrecognized compensation cost related to the nonvested shares. The cost is expected to be recognized over a period of 3.0 years. Total fair value of shares vested during the year ended December 31, 2015, 2014, and 2013 was $7.2 million, $5.6 million, and $4.3 million, respectively. The table below discloses the status of the performance-based restricted shares during 2015: Number Weighted Average Performance-Based Restricted Stock Nonvested – December 31, 2014 101,269 $ 47.26 Granted 45,216 51.42 Canceled (8,260 ) 50.75 Vested (36,291 ) 40.27 Nonvested – December 31, 2015 101,934 $ 51.27 As of December 31, 2014, there was $1.8 million of unrecognized compensation cost related to the nonvested shares. The cost is expected to be recognized over a period of 1.7 years. Total fair value of shares vested during the years ended December 31, 2015, 2014 and 2013, was $1.9 million, $2.3 million and $1.6 million, respectively. The non-qualified stock options carry a service requirement and will vest 50 percent after three years, 75 percent after four years and 100 percent after five years. The table below discloses the information relating to non-qualified option activity in 2015 under the LTIP: Number of Weighted Average Weighted Average Aggregate Stock Options Under the LTIP Outstanding – December 31, 2014 1,384,035 $ 44.03 Granted 252,828 51.42 Canceled (81,679 ) 49.22 Expired (7,346 ) 49.63 Exercised (208,091 ) 39.30 Outstanding – December 31, 2015 1,339,747 45.73 6.1 $ 1,100,209 Exercisable – December 31, 2015 540,163 39.69 Exercisable and expected to be exercisable – December 31, 2015 1,301,989 $ 45.61 6.1 $ 1,228,915 The Company uses the Black-Scholes pricing model to determine the fair value of its options. The assumptions for stock-based awards in the past three years utilized in the model are shown in the table below. 2015 2014 2013 Black-Scholes pricing model: Weighted average fair value of the granted option $ 11.95 $ 13.03 $ 10.18 Weighted average risk-free interest rate 1.62 % 1.77 % 1.49 % Expected option life in years 6.25 6.25 6.25 Expected volatility 26.73 % 24.87 % 26.36 % Expected dividend yield 1.74 % 1.53 % 1.83 % The expected option life is derived from historical exercise patterns and represents the amount of time that options granted are expected to be outstanding. The expected volatility is based on historical volatilities of the Company’s stock. The risk-free interest rate for periods within the contractual life of the option is based on the U.S. Treasury yield curve in effect at the time of grant. The weighted average grant-date fair value of options granted during the years 2015, 2014, and 2013 was $11.95, $13.03, and $10.18, respectively. The total intrinsic value of options exercised during the years ended December 31, 2015, 2014 and 2013, was $2.6 million, $3.7 million and $2.4 million, respectively. As of December 31, 2015, there was $5.2 million of unrecognized compensation cost related to the nonvested options. The cost is expected to be recognized over a period of 3.1 years. Cash received from options exercised under all share based compensation plans was $10.5 million, $8.0 million, and $9.0 million for the years ended December 31, 2015, 2014, and 2013, respectively. The tax benefit realized for stock options exercised was $0.9 million in 2015, $1.9 million in 2014, $1.2 million in 2013. The Company has no specific policy to repurchase common shares to mitigate the dilutive impact of options; however, the Company has historically made adequate discretionary purchases to satisfy stock option exercise activity. See a description of the Company’s share repurchase plan in Note 13, “Common Stock and Earnings Per Share,” in the Notes to the Consolidated Financial Statements provided in Item 8, page 100 of this report. |
BUSINESS SEGMENT REPORTING
BUSINESS SEGMENT REPORTING | 12 Months Ended |
Dec. 31, 2015 | |
Segment Reporting [Abstract] | |
BUSINESS SEGMENT REPORTING | 12. 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 December 31, 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 Line of business/segment financial results were as follows (in thousands): Year Ended December 31, 2015 Bank Payment Solutions Institutional Asset Total Net interest income $ 348,701 $ 58,288 $ 2 $ 5,076 $ 412,067 Provision for loan losses 8,541 6,959 — — 15,500 Noninterest income 188,444 91,326 95,097 91,587 466,454 Noninterest expense 446,656 106,016 71,413 79,651 703,736 Income before taxes 81,948 36,639 23,686 17,012 159,285 Income tax expense 22,127 10,043 6,490 4,552 43,212 Net income $ 59,821 $ 26,596 $ 17,196 $ 12,460 $ 116,073 Average assets $ 13,706,000 $ 3,044,000 $ 68,000 $ 968,000 $ 17,786,000 Year Ended December 31, 2014 Bank Payment Institutional Asset Total Net interest income $ 292,356 $ 52,251 $ (3 ) $ 5,451 $ 350,055 Provision for loan losses 9,175 7,825 — — 17,000 Noninterest income 194,223 84,478 131,225 88,762 498,688 Noninterest expense 404,203 93,915 92,048 75,514 665,680 Income before taxes 73,201 34,989 39,174 18,699 166,063 Income tax expense 24,095 7,791 10,093 3,429 45,408 Net income $ 49,106 $ 27,198 $ 29,081 $ 15,270 $ 120,655 Average assets $ 12,099,000 $ 2,456,000 $ 72,000 $ 1,372,000 $ 15,999,000 Year Ended December 31, 2013 Bank Payment Institutional Asset Total Net interest income $ 285,111 $ 45,832 $ (32 ) $ 2,358 $ 333,269 Provision for loan losses 5,535 11,965 — — 17,500 Noninterest income 210,535 74,223 126,442 80,633 491,833 Noninterest expense 375,328 86,748 88,337 72,791 623,204 Income before taxes 114,783 21,342 38,073 10,200 184,398 Income tax expense 27,533 7,525 10,723 4,652 50,433 Net income $ 87,250 $ 13,817 $ 27,350 $ 5,548 $ 133,965 Average assets $ 11,255,000 $ 1,736,000 $ 77,000 $ 1,963,000 $ 15,031,000 |
COMMON STOCK AND EARNINGS PER S
COMMON STOCK AND EARNINGS PER SHARE | 12 Months Ended |
Dec. 31, 2015 | |
Text Block [Abstract] | |
COMMON STOCK AND EARNINGS PER SHARE | 13. COMMON STOCK AND EARNINGS PER SHARE The following table summarizes the share transactions for the three years ended December 31, 2015: Shares Issued Shares in Treasury Balance December 31, 2012 55,056,730 (14,715,852 ) Common stock issuance 4,485,000 Purchase of Treasury Stock — (99,402 ) Sale of Treasury Stock — 14,661 Issued for stock options & restricted stock — 480,100 Balance December 31, 2013 55,056,730 (9,835,493 ) Purchase of Treasury Stock — (130,197 ) Sale of Treasury Stock — 15,320 Issued for stock options & restricted stock — 425,828 Balance December 31, 2014 55,056,730 (9,524,542 ) Common stock issuance for acquisition — 3,470,478 Purchase of Treasury Stock — (225,894 ) Sale of Treasury Stock — 19,695 Issued for stock options & restricted stock — 599,899 Balance December 31, 2015 55,056,730 (5,660,364 ) As noted in the table above, in 2013, the Company completed the issuance of 4.5 million shares of common stock with net proceeds of $231.4 million to be used for strategic growth purposes. In 2015, the Company issued 3.5 million shares to the owners of Marquette for the purchase of all of the outstanding shares of Marquette. The owners of Marquette as of the close of business on the Acquistion Date received 9.2295 shares of the Company’s common stock for each share of Marquette common stock owned at that date. 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 price of the Company’s stock of $51.79 per share on May 29, 2015. The Board approved a plan to repurchase up to 2 million shares of common stock annually at its 2012, 2013, 2014 and 2015 meetings. All open market share purchases under the share repurchase plans are intended to be within the scope of Rule 10b-18 promulgated under the Exchange Act. Rule 10b-18 provides a safe harbor for purchases in a given day if the Company satisfies the manner, timing and volume conditions of the rule when purchasing its own common shares. The Company has not made any repurchases other than through these plans. Basic earnings per share are computed by dividing income available to common shareholders by the weighted average number of shares outstanding during the year. Diluted earnings per share gives effect to all potential common shares that were outstanding during the year. The shares used in the calculation of basic and diluted earnings per share, are shown below: For the Years Ended December 31, 2015 2014 2013 Weighted average basic common shares outstanding 47,126,252 44,844,578 41,275,839 Dilutive effect of stock options and restricted stock 453,082 600,705 562,741 Weighted average diluted common shares outstanding 47,579,334 45,445,283 41,838,580 |
COMMITMENTS, CONTINGENCIES AND
COMMITMENTS, CONTINGENCIES AND GUARANTEES | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS, CONTINGENCIES AND GUARANTEES | 14. COMMITMENTS, CONTINGENCIES AND GUARANTEES In the normal course of business, the Company is a 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, and futures contracts. These instruments involve, to varying degrees, elements of credit and interest rate risk in excess of the amount recognized in the Consolidated Balance Sheets. The contract or notional amount of those instruments reflects the extent of involvement the Company has in particular classes of financial instruments. The Company’s exposure to credit loss in the event of nonperformance by the other party 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. Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the agreement. These conditions generally include, but are not limited to, each customer being current as to repayment terms of existing loans and no deterioration in the customer’s financial condition. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. The interest rate is generally a variable rate. If the commitment has a fixed interest rate, the rate is generally not set until such time as credit is extended. For credit card customers, the Company has the right to change or terminate terms or conditions of the credit card account at any time. Since a large portion of the commitments and unused credit card lines are never actually drawn upon, the total commitment amount does not necessarily represent future cash requirements. The Company evaluates each customer’s creditworthiness on an individual basis. The amount of collateral obtained, if deemed necessary by the Company upon extension of credit, is based on management’s credit evaluation. Collateral pledged by customers varies but may include accounts receivable, inventory, real estate, plant and equipment, stock, securities and certificates of deposit. Commercial letters of credit are issued specifically to facilitate trade or commerce. Under the terms of a commercial letter of credit, as a general rule, drafts will be drawn when the underlying transaction is consummated as intended. Standby letters of credit are conditional commitments issued by the Company payable upon the non-performance of a customer’s obligation to a third party. The Company issues standby letters of credit for terms ranging from three months to five years. The Company generally requires the customer to pledge collateral to support the letter of credit. The maximum liability to the Company under standby letters of credit at December 31, 2015 and 2014, was $360.5 million and $375.0 million, respectively. As of December 31, 2015 and 2014, standby letters of credit totaling $63.1 million and $54.6 million, respectively, were with related parties to the Company. The credit risk involved in issuing letters of credit is essentially the same as that involved in extending loan facilities. The Company holds collateral supporting those commitments when deemed necessary. Collateral varies but may include such items as those described for commitments to extend credit. Futures contracts are contracts for delayed delivery of securities or money market instruments in which the seller agrees to make delivery at a specified future date, of a specified instrument, at a specified yield. Risks arise from the possible inability of counterparties to meet the terms of their contracts and from movement in securities values and interest rates. Instruments used in trading activities are carried at market value and gains and losses on futures contracts are settled in cash daily. Any changes in the market value are recognized in trading and investment banking income. The Company uses contracts to offset interest rate risk on specific securities held in the trading portfolio. As of December 31, 2015 and 2014, there were no notional amounts outstanding for these contracts. Open futures contract positions average notional amount was $2.0 million and $0.9 million during the years ended December 31, 2015 and 2014, respectively. Net futures activity resulted in gains of $35 thousand and losses of $319 thousand and $131 thousand for 2015, 2014, and 2013, respectively. The Company controls the credit risk of its futures contracts through credit approvals, limits and monitoring procedures. The Company also enters into foreign exchange contracts on a limited basis. For operating purposes, the Company maintains certain balances in foreign banks. Foreign exchange contracts are purchased on a monthly basis to avoid foreign exchange risk on these foreign balances. The Company will also enter into foreign exchange contracts to facilitate foreign exchange needs of customers. The Company will enter into a contract to buy or sell a foreign currency at a future date only as part of a contract to sell or buy the foreign currency at the same future date to a customer. During 2015, contracts to purchase and to sell foreign currency averaged approximately $89.6 million compared to $51.8 million during 2014. The net gains on these foreign exchange contracts for 2015, 2014 and 2013 were $1.8 million, $1.7 million and $2.2 million, respectively. With respect to group concentrations of credit risk, most of the Company’s business activity is with customers in the states of Missouri, Kansas, Colorado, Oklahoma, Nebraska, Arizona, Illinois, and Texas. At December 31, 2015, the Company did not have any significant credit concentrations in any particular industry. The following table summarizes the Company’s off-balance sheet financial instruments as described above. Contract or Notional Amount (in thousands) 2015 2014 Commitments to extend credit for loans (excluding credit card loans) $ 6,671,794 $ 3,509,841 Commitments to extend credit under credit card loans 2,986,581 2,690,752 Commercial letters of credit 11,541 1,334 Standby letters of credit 360,468 375,003 Forward contracts 75,611 144,950 Spot foreign exchange contracts 10,391 14,721 |
ACQUISITIONS
ACQUISITIONS | 12 Months Ended |
Dec. 31, 2015 | |
Business Combinations [Abstract] | |
ACQUISITIONS | 15. ACQUISITIONS On May 31, 2015, the Company acquired all of the outstanding common shares of Marquette. 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 Company’s common stock issued at the effective time of the merger was approximately $179.7 million, based on the closing stock price of the Company’s common stock of $51.79 per share on May 29, 2015. The transaction was accounted for using the acquisition 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 95,351 Premises and equipment, net 11,508 Identifiable intangible assets 14,881 Other assets 32,336 Total assets acquired 1,312,174 Liabilities Noninterest-bearing deposits 226,161 Interest-bearing deposits 708,675 Short-term debt 112,133 Long-term debt 89,971 Other liabilities 14,085 Total liabilities assumed 1,151,025 Net identifiable assets acquired 161,149 Preliminary goodwill 18,588 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 3, “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 previously issued trust preferred securities. The interest rate on the trust preferred securities issued by Marquette Capital Trust II was fixed at 6.30 percent until January 2016, and is reset each quarter at a variable rate tied to the three-month 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 December 31, 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 year ended December 31, 2015, acquisition expenses recognized in Noninterest expense in the Company’s Consolidated Statements of Income totaled $9.8 million. This total included $2.4 million of severance in Salaries and employee benefits and $4.8 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 $9.8 million, net accretion of premiums and discounts of $2.7 million, and amortization of acquired identifiable intangibles of $2.5 million during the year ended December 31, 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 $888.8 million and $916.4 million for the years ended December 31, 2015 and December 31, 2014, respectively. Net income would have been approximately $123.3 million and $125.5 million, respectively, for the same periods. Basic earnings per share would have been $2.54 and $2.60 for the years ended December 31, 2015 and December 31, 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 accurately made. |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | 16. INCOME TAXES Income taxes as set forth below produce effective income tax rates of 27.1 percent in 2015, 27.3 percent in 2014, and 27.4 percent in 2013. These percentages are computed by dividing Income tax expense by Income before income taxes from the Consolidated Statements of Income. Amortization of investments in LIHTC partnerships were previously recorded as part of Other noninterest expense. Due to new accounting guidance, this amortization is now recorded in Income tax expense and was applied retrospectively to the 2013 and 2014 Consolidated Statements of Income. Income tax expense includes the following components (in thousands): Year Ended December 31, 2015 2014 2013 Current tax Federal $ 44,469 $ 54,560 $ 51,806 State 3,591 2,304 3,750 Total current tax expense 48,060 56,864 55,556 Deferred tax Federal (3,697 ) (11,448 ) (4,278 ) State (1,151 ) (8 ) (845 ) Total deferred tax (benefit) expense (4,848 ) (11,456 ) (5,123 ) Total tax expense $ 43,212 $ 45,408 $ 50,433 The reconciliation between the income tax expense and the amount computed by applying the statutory federal tax rate of 35% to income before income taxes is as follows (in thousands): Year Ended December 31, 2015 2014 2013 Statutory federal income tax expense $ 55,750 $ 58,122 $ 64,539 Tax-exempt interest income (15,405 ) (13,861 ) (14,146 ) State and local income taxes, net of federal tax benefits 1,599 1,403 1,887 Federal tax credits (688 ) (623 ) (1,704 ) Other 1,956 367 (143 ) Total tax expense $ 43,212 $ 45,408 $ 50,433 In preparing its tax returns, the Company is required to interpret tax laws and regulations to determine its taxable income. Periodically, the Company is subject to examinations by various taxing authorities that may give rise to differing interpretations of these laws. Upon examination, agreement of tax liabilities between the Company and the multiple tax jurisdictions in which the Company files tax returns may ultimately be different. In April 2015, the Internal Revenue Service (IRS) completed their audit of the Company’s 2012 federal tax return with no changes. The Company is currently not under federal audit by the IRS or in the examination process with any state taxing authorities. Deferred income taxes result from differences between the carrying value of assets and liabilities measured for financial reporting and the tax basis of assets and liabilities for income tax return purposes. The significant components of deferred tax assets and liabilities are reflected in the following table (in thousands): December 31, 2015 2014 Deferred tax assets: Net unrealized loss on securities available for sale $ 2,198 $ — Loans, principally due to allowance for loan losses 35,400 28,924 Stock-based compensation 7,363 7,109 Accrued expenses 33,012 24,747 Intangibles 2,432 7,254 Miscellaneous 4,196 3,551 Total deferred tax assets before valuation allowance 84,601 71,585 Valuation allowance (2,850 ) (3,417 ) Total deferred tax assets 81,751 68,168 Deferred tax liabilities: Net unrealized gain on securities available for sale — (6,879 ) Land, buildings and equipment (25,143 ) (24,002 ) Original issue discount (4,328 ) (4,311 ) Partnership investments (3,933 ) (7,838 ) Intangibles (14,209 ) — Miscellaneous (6,651 ) (6,183 ) Total deferred tax liabilities (54,264 ) (49,213 ) Net deferred tax asset $ 27,487 $ 18,955 The Company had various state net operating loss carryforwards of approximately $0.7 million as of December 31, 2015. These net operating losses expire at various times between 2016 and 2035. The Company has a full valuation allowance for these state net operating losses as they are not expected to be realized. In addition, the Company has a valuation allowance of $1.9 million to reduce certain other state deferred tax assets to the amount of tax benefit management believes it will more likely than not realize. The net deferred tax asset at December 31, 2015 and December 31, 2014 is included in the Other assets line of the Company’s Consolidated Balance Sheets. Liabilities Associated With Unrecognized Tax Benefits The Company and its subsidiaries file income tax returns in the U.S. federal jurisdiction and various states. With few exceptions, the Company is no longer subject to U.S. federal, state and local income tax examinations by tax authorities for tax years prior to 2012 in the jurisdictions in which it files. The gross amount of unrecognized tax benefits totaled $4.7 million and $4.0 million at December 31, 2015 and 2014, respectively. The total amount of unrecognized tax benefits, net of associated deferred tax benefit, that would impact the effective tax rate, if recognized, would be $3.0 million and $2.6 million at December 31, 2015 and December 31, 2014, respectively. The unrecognized tax benefit relates to state tax positions that have a corresponding federal tax benefit. While it is expected that the amount of unrecognized tax benefits will change in the next twelve months, the Company does not expect this change to have a material impact on the results of operations or the financial position of the Company. A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (in thousands): December 31, 2015 2014 Unrecognized tax benefits – opening balance $ 4,025 $ 4,997 Gross decreases – tax positions in prior period (31 ) (444 ) Gross increases – current-period tax positions 1,193 964 Lapse of statute of limitations (507 ) (1,492 ) Unrecognized tax benefits – ending balance $ 4,680 $ 4,025 |
DERIVATIVES AND HEDGING ACTIVIT
DERIVATIVES AND HEDGING ACTIVITIES | 12 Months Ended |
Dec. 31, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
DERIVATIVES AND HEDGING ACTIVITIES | 17. 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 table below presents the fair value of the Company’s derivative financial instruments as of December 31, 2015 and 2014. 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 December 31, 2015 and December 31, 2014 ( in thousands Asset Derivatives Liability Derivatives December 31, December 31, 2015 2014 2015 2014 Fair value Interest Rate Products: Derivatives not designated as hedging instruments $ 11,700 $ 7,138 $ 11,921 $ 7,250 Derivatives designated as hedging instruments 603 — 337 285 Total $ 12,303 $ 7,138 $ 12,258 $ 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 December 31, 2015, the Company had two interest rate swaps with a notional amount of $16.0 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. During the years ended December 31, 2015 and 2014, the Company recognized no losses and net losses of $27 thousand, respectively, in other noninterest expense related to hedge ineffectiveness. Cash Flow Hedges of Interest Rate Risk The Company is exposed to changes in the fair value of certain of its variable-rate liabilities due to changes in the benchmark interest rate, LIBOR. Interest rate swaps designated as cash flow hedges involve the receipt of variable amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. As of December 31, 2015, the Company had two interest rate swaps with a notional amount of $51.5 million that were designated as cash flow hedges of interest rate risk associated with the Company’s variable rate subordinated debentures issued by Marquette Capital Trusts III and IV. For derivatives designated and that qualify as cash flow hedges, the effective portion of changes in fair value is recorded in AOCI and is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. The ineffective portion of the change in fair value of the derivatives is recognized directly into earnings 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. During the year ended December 31, 2015, the Company recognized net losses of $10 thousand in AOCI for the effective portion of the change in fair value of these cash flow hedges. During the year ended December 31, 2015, the Company did not record any hedge ineffectiveness in earnings. Amounts reported in AOCI related to derivatives will be reclassified to Interest expense as interest payments are received or paid on the Company’s derivatives. The Company does not expect to reclassify any amounts from AOCI to Interest expense during the next 12 months as the Company’s derivatives are effective after December 2018. 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, which the Company implemented in 2010. 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 December 31, 2015, the Company had 40 interest rate swaps with an aggregate notional amount of $514.0 million related to this program. During the years ended December 31, 2015 and 2014, the Company recognized net losses of $110 thousand and $207 thousand, respectively, related to changes in the fair value of these swaps. As of December 31, 2015, the Company is hedging its exposure to the variability in future cash flows for forecasted transactions over a maximum period of 35 months. Effect of Derivative Instruments on the Consolidated Statements of Income and Consolidated Statements of Comprehensive Income This table provides a summary of the amount of gain or loss recognized in other noninterest expense in the Consolidated Statements of Income related to the Company’s derivative asset and liability as of December 31, 2015 and December 31, 2014 (in thousands): Amount of (Loss) Gain Recognized 2015 2014 Interest Rate Products Derivatives not designated as hedging instruments $ (110 ) $ (207 ) Total $ (110 ) $ (207 ) Interest Rate Products Derivatives designated as fair value hedging instruments Fair value adjustments on derivatives $ (234 ) $ (361 ) Fair value adjustments on hedged items 234 334 Total $ — $ (27 ) This table provides a summary of the amount of gain or loss recognized in AOCI in the Consolidated Statements of Comprehensive Income related to the Company’s derivative asset and liability as of December 31, 2015 and December 31, 2014 ( in thousands Amount of Loss Recognized in Other For the Year Ended December 31, Derivatives in Cash Flow Hedging Relationships 2015 2014 Interest rate products Derivatives designed as cash flow hedging instruments $ (10 ) $ — Total $ (10 ) $ — Credit-risk-related Contingent Features The Company has agreements with certain of its derivative counterparties that contain a provision where 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 December 31, 2015, the termination value of derivatives in a net liability position, which includes accrued interest, related to these agreements was $12.6 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 December 31, 2015, it could have been required to settle its obligations under the agreements at the termination value. |
DISCLOSURES ABOUT FAIR VALUE OF
DISCLOSURES ABOUT FAIR VALUE OF FINANCIAL INSTRUMENTS | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
DISCLOSURES ABOUT FAIR VALUE OF FINANCIAL INSTRUMENTS | 18. DISCLOSURES ABOUT FAIR VALUE OF FINANCIAL INSTRUMENTS The following table presents information about the Company’s assets measured at fair value on a recurring basis as of December 31, 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 December 31, 2015 and 2014 (in thousands): Fair Value Measurement at Reporting Date Using Description December 31, Quoted Prices in (Level 1) Significant (Level 2) Significant (Level 3) Assets U.S. Treasury $ 400 $ 400 $ — $ — U.S. Agencies 1,309 — 1,309 — Mortgage-backed — — — — State and political subdivisions 10,200 — 10,200 — Trading – other 17,708 17,708 — — Trading securities 29,617 18,108 11,509 — U.S. Treasury 349,779 349,779 — — U.S. Agencies 666,389 — 666,389 — Mortgage-backed 3,572,446 — 3,572,446 — State and political subdivisions 2,138,413 — 2,138,413 — Corporates 79,922 79,922 — — Available for sale securities 6,806,949 429,701 6,377,248 — Company-owned life insurance 31,205 — 31,205 — Bank-owned life insurance 202,991 — 202,991 Derivatives 12,303 — 12,303 — Total $ 7,083,065 $ 447,809 $ 6,635,256 $ — Liabilities Deferred compensation $ 32,937 $ 32,937 $ — $ — Contingent consideration liability 17,718 — — 17,718 Derivatives 12,258 — 12,258 — Total $ 62,913 $ 32,937 $ 12,258 $ 17,718 Fair Value Measurement at Reporting Date Using Description December 31, Quoted Prices in (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 fair value of balances of the contingent consideration liability: December 31, 2015 2014 Beginning balance $ 53,411 $ 46,201 Contingency reserve — 14,272 Payment of contingent consideration on acquisitions (32,685 ) (13,725 ) Income from fair value adjustments (3,008 ) — Expense from fair value adjustments — 6,663 Ending balance $ 17,718 $ 53,411 During the year ended December 31, 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 expense from fair value adjustments. The remaining contingency reserve liability related to this settlement agreement was fully paid in 2015. 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 Assets measured at fair value on a non-recurring basis as of December 31, 2015 and 2014 (in thousands): Fair Value Measurement at December 31, Description December 31, Quoted (Level 1) Significant (Level 2) Significant (Level 3) Total (Losses) Recognized During the Impaired loans $ 22,885 $ — $ — $ 22,885 $ (3,957 ) Other real estate owned 3,269 — — 3,269 — Total $ 26,154 $ — $ — $ 26,154 $ (3,957 ) Fair Value Measurement at December 31, Description December 31, Quoted (Level 1) Significant (Level 2) Significant (Level 3) Total Gains Recognized During the 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 December, 31, 2015 and 2014 are as follows (in millions): Fair Value Measurement at December 31, 2015 Using Carrying Quoted Prices (Level 1) Significant (Level 2) Significant (Level 3) Total FINANCIAL ASSETS Cash and short-term investments $ 1,154.7 $ 997.0 $ 157.7 $ — $ 1,154.7 Securities available for sale 6,806.9 429.7 6,377.2 — 6,806.9 Securities held to maturity 667.1 — 691.4 — 691.4 Other securities 65.2 — 65.2 — 65.2 Trading securities 29.6 18.1 11.5 — 29.6 Loans (exclusive of allowance for loan loss) 9,431.3 — 9,452.1 — 9,452.1 Derivatives 12.3 — 12.3 — 12.3 FINANCIAL LIABILITIES Demand and savings deposits 13,836.9 13,836.9 — — 13,836.9 Time deposits 1,255.9 — 1,255.9 — 1,255.9 Other borrowings 1,823.1 66.9 1,756.2 — 1,823.1 Long-term debt 86.1 — 86.4 — 86.4 Derivatives 12.3 — 12.3 — 12.3 OFF-BALANCE SHEET ARRANGEMENTS Commitments to extend credit for loans 4.9 Commercial letters of credit 0.3 Standby letters of credit 2.6 Fair Value Measurement at December 31, 2014 Using Carrying Quoted (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 |
PARENT COMPANY FINANCIAL INFORM
PARENT COMPANY FINANCIAL INFORMATION | 12 Months Ended |
Dec. 31, 2015 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
PARENT COMPANY FINANCIAL INFORMATION | 19. PARENT COMPANY FINANCIAL INFORMATION UMB FINANCIAL CORPORATION December 31, 2015 2014 BALANCE SHEETS (in thousands) ASSETS Investment in subsidiaries: Banks $ 1,596,292 $ 1,312,575 Non-banks 214,181 187,329 Total investment in subsidiaries 1,810,473 1,499,904 Goodwill on purchased affiliates 5,011 5,011 Cash 74,432 80,958 Securities available for sale and other 79,635 65,628 Total assets $ 1,969,551 $ 1,651,501 LIABILITIES AND SHAREHOLDERS’ EQUITY Long-term debt $ 66,158 $ — Accrued expenses and other 9,699 7,743 Total liabilities 75,857 7,743 Shareholders’ equity 1,893,694 1,643,758 Total liabilities and shareholders’ equity $ 1,969,551 $ 1,651,501 STATEMENTS OF INCOME AND COMPREHENSIVE INCOME ( in thousands ) Year Ended December 31, 2015 2014 2013 INCOME Dividends and income received from subsidiaries $ 27,913 $ 31,000 $ 54,750 Service fees from subsidiaries 44,350 35,206 33,443 Other 891 2,504 387 Total income 73,154 68,710 88,580 EXPENSE Salaries and employee benefits 41,019 33,556 32,223 Other 22,051 17,037 9,198 Total expense 63,070 50,593 41,421 Income before income taxes and equity in undistributed earnings of subsidiaries 10,084 18,117 47,159 Income tax benefit (5,301 ) (5,227 ) (4,307 ) Income before equity in undistributed earnings of subsidiaries 15,385 23,344 51,466 Equity in undistributed earnings of subsidiaries: Banks 95,942 94,833 64,674 Non-Banks 4,746 2,478 17,825 Net income $ 116,073 $ 120,655 $ 133,965 Other comprehensive (loss) income (14,724 ) 43,646 (118,228 ) Comprehensive income $ 101,349 $ 164,301 $ 15,737 Year Ended December 31, 2015 2014 2013 STATEMENTS OF CASH FLOWS (in thousands) OPERATING ACTIVITIES Net income $ 116,073 $ 120,655 $ 133,965 Adjustments to reconcile net income to cash used in operating activities: Equity in earnings of subsidiaries (128,601 ) (128,311 ) (137,249 ) Dividends received from subsidiaries 27,913 31,000 — Net decrease in securities available for sale 211 6,397 6,181 Equity based compensation 10,751 9,661 — Other 220 (9,071 ) (8,467 ) Net cash provided by (used in) operating activities 26,567 30,331 (5,570 ) INVESTING ACTIVITIES Net capital investment in subsidiaries (16,513 ) (24,200 ) (156,000 ) Net cash activity from acquisition 24,962 — — Dividends received from subsidiaries — — 54,750 Net capital proceeds (expenditures) for premises and equipment 332 154 (406 ) Net cash provided by (used in) investing activities 8,781 (24,046 ) (101,656 ) FINANCING ACTIVITIES Proceeds from short-term debt — — — Cash dividends paid (45,967 ) (41,364 ) (36,168 ) Common stock issuance — — 231,430 Other 4,093 5,105 15,903 Net cash (used in) provided by financing activities (41,874 ) (36,259 ) 211,165 Net (decrease) increase in cash (6,526 ) (29,974 ) 103,939 Cash and cash equivalents at beginning of period 80,958 110,932 6,993 Cash and cash equivalents at end of period $ 74,432 $ 80,958 $ 110,932 |
SUMMARY OF OPERATING RESULTS BY
SUMMARY OF OPERATING RESULTS BY QUARTER | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
SUMMARY OF OPERATING RESULTS BY QUARTER | 20. SUMMARY OF OPERATING RESULTS BY QUARTER (unaudited) (in thousands except per share data) Three Months Ended 2015 March 31 June 30 Sept 30 Dec 31 Interest income $ 93,953 101,884 115,229 119,615 Interest expense 3,595 4,524 5,334 5,161 Net interest income 90,358 97,360 109,895 114,454 Provision for loan losses 3,000 5,000 2,500 5,000 Noninterest income 125,207 119,550 109,098 112,599 Noninterest expense 164,413 171,964 185,279 182,080 Income tax expense 14,387 9,732 8,763 10,330 Net income $ 33,765 30,214 22,451 29,643 2014 March 31 June 30 Sept 30 Dec 31 Interest income $ 89,047 $ 89,789 $ 90,817 $ 94,218 Interest expense 3,602 3,619 3,291 3,304 Net interest income 85,445 86,170 87,526 90,914 Provision for loan losses 4,500 5,000 4,500 3,000 Noninterest income 122,964 134,001 126,475 115,248 Noninterest expense 171,931 166,201 161,151 166,397 Income tax expense 8,565 14,298 12,720 9,825 Net income $ 23,413 $ 34,672 $ 35,630 $ 26,940 Per Share Three Months Ended 2015 March 31 June 30 Sept 30 Dec 31 Net income – basic $ 0.75 0.65 0.46 0.61 Net income – diluted 0.74 0.65 0.46 0.60 Dividend 0.235 0.235 0.235 0.245 Book value 36.76 37.68 38.56 38.34 Per Share 2014 March 31 June 30 Sept 30 Dec 31 Net income – basic $ 0.52 $ 0.77 $ 0.79 $ 0.60 Net income – diluted 0.52 0.76 0.78 0.59 Dividend 0.225 0.225 0.225 0.235 Book value 33.94 35.21 35.51 36.10 |
SUMMARY OF SIGNIFICANT ACCOUN29
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Nature of Operations | UMB Financial Corporation is a bank 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 consolidated financial statements in conformity with accounting principles generally accepted in the United States of America 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 consolidated 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. Following is a summary of the more significant accounting policies to assist the reader in understanding the financial presentation. |
Consolidation | Consolidation The Company and its wholly owned subsidiaries are included in the Consolidated Financial Statements (references hereinafter to the “Company” in these Notes to Consolidated Financial Statements include wholly owned subsidiaries). Intercompany accounts and transactions have been eliminated in consolidation. |
Revenue Recognition | Revenue Recognition Interest on loans and securities is recognized based on rate times the principal amount outstanding. This includes the impact of amortization of premiums and discounts. Interest accrual is discontinued when, in the opinion of management, the likelihood of collection becomes doubtful. Other noninterest income is recognized as services are performed or revenue-generating transactions are executed. |
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 December 31, 2015 and 2014 (in thousands): Year Ended December 31, 2015 2014 Due from the Federal Reserve $ 360,895 $ 1,342,931 Cash and due from banks 458,217 444,299 Cash and cash equivalents at end of year $ 819,112 $ 1,787,230 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 $162.0 million and $196.5 million at December 31, 2015 and 2014, respectively. |
Loans and Loans Held for Sale | Loans and Loans Held for Sale Loans are classified by the portfolio segments of commercial, real estate, consumer, and leases. The portfolio segments are further disaggregated into the loan classes of commercial, asset-based, factoring, commercial credit card, real estate – construction, real estate – commercial, real estate – residential, real estate – HELOC, consumer – credit card, consumer – other, and leases. A loan is considered to be impaired when management believes it is probable that it will be unable to collect all principal and interest due according to the contractual terms of the loan. If a loan is impaired, the Company records a valuation allowance equal to the carrying amount of the loan in excess of the present value of the estimated future cash flows discounted at the loan’s effective rate, based on the loan’s observable market price or the fair value of the collateral if the loan is collateral dependent. A loan is accounted for as a troubled debt restructuring when a concession had been granted to a debtor experiencing financial difficulties. The Company’s modifications generally include interest rate adjustments, and amortization and maturity date extensions. These modifications allow the debtor short-term cash relief to allow them to improve their financial condition. Restructured loans are individually evaluated for impairment as part of the allowance for loan loss analysis. Loans, including those that are considered to be impaired and restructured, are evaluated regularly by management. Loans are considered delinquent when payment has not been received within 30 days of its contractual due date. Loans are placed on non-accrual status when the collection of interest or principal is 90 days or more past due, unless the loan is adequately secured and in the process of collection. When a loan is placed on non-accrual status, any interest previously accrued but not collected is reversed against current income. Loans may be returned to accrual status when all the principal and interest amounts contractually due are brought current and future payments are reasonably assured. Interest payments received on non-accrual loans are applied to principal unless the remaining principal balance has been determined to be fully collectible. The adequacy of the allowance for loan losses is based on management’s continuing evaluation of the pertinent factors underlying the quality of the loan portfolio, including actual loan loss experience, current economic conditions, detailed analysis of individual loans for which full collectability may not be assured, determination of the existence and realizable value of the collateral and guarantees securing such loans. The actual losses, notwithstanding such considerations, however, could differ from the amounts estimated by management. The Company maintains a reserve, separate from the allowance for loan losses, to address the risk of loss associated with loan contingencies, which is included in the Accrued expenses and taxes line item in the Consolidated Balance Sheets. In order to maintain the reserve for off-balance sheet items at an appropriate level, a provision to increase or reduce the reserve is included in the Company’s Consolidated Statements of Income. The level of the reserve will be adjusted as needed to maintain the reserve at a specified level in relation to contingent loan risk. The risk of loss arising from un-funded loan commitments has been assessed by dividing the contingencies into pools of similar loan commitments and by applying two factors to each pool. The gross amount of contingent exposure is first multiplied by a potential use factor to estimate the degree to which the unused commitments might reasonably be expected to be used in a time of high usage. The resultant figure is then multiplied by a factor to estimate the risk of loss assuming funding of these loans. The potential loss estimates for each segment of the portfolio are added to arrive at a total potential loss estimate that is used to set the reserve. Purchased loans are recorded at estimated fair value at the Acquisition Date with no carryover of the related allowance. Purchased loans are 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. See further information regarding the accounting for PCI loans in Note 3, “Loans and Allowance for Loan Losses,” on page 74. Loans held for sale are carried at the lower of aggregate cost or market value. Loan fees (net of certain direct loan origination costs) on loans held for sale are deferred until the related loans are sold or repaid. Gains or losses on loan sales are recognized at the time of sale and determined using the specific identification method. |
Securities | Securities Debt securities available for sale principally include U.S. Treasury and agency securities, Government Sponsored Entity (GSE) mortgage-backed securities, certain securities of state and political subdivisions, and corporates. Securities classified as available for sale are measured at fair value. Unrealized holding gains and losses are excluded from earnings and reported in Accumulated other comprehensive income (loss) (AOCI) until realized. Realized gains and losses on sales are computed by the specific identification method at the time of disposition and are shown separately as a component of noninterest income. Securities held to maturity are carried at amortized historical cost based on management’s intention, and the Company’s ability to hold them to maturity. The Company classifies certain securities of state and political subdivisions as held to maturity. Trading securities, acquired for subsequent sale to customers, are carried at fair value. Market adjustments, fees and gains or losses on the sale of trading securities are considered to be a normal part of operations and are included in trading and investment banking income. |
Equity-method investments | Equity-method investments The Company accounts for certain other investments using equity-method accounting. For non-marketable equity-method investments, the Company’s proportionate share of the income or loss is recognized on a one-quarter lag. When transparency in pricing exists, other investments are considered marketable equity-method investments. For marketable equity-method investments, the Company recognizes its proportionate share of income or loss as of the date of the Company’s Consolidated Financial Statements. |
Goodwill and Other Intangibles | Goodwill and Other Intangibles Goodwill is tested for impairment annually and more frequently whenever events or changes in circumstance indicate that it is more likely than not that the fair value of a reporting unit is less than its carrying value. To test goodwill for impairment, the Company performs a qualitative assessment of each reporting unit. If the Company determines, on the basis of qualitative factors, that the fair value of the reporting unit is more likely than not greater than the carrying amount, the two-step impairment test is not required. Otherwise, the Company compares the fair value of its reporting units to their carrying amounts to determine if an impairment is indicated. If an impairment is indicated, the implied fair value of the reporting unit’s goodwill is compared to its carrying amount. An impairment loss is measured as the excess of the carrying value of a reporting unit’s goodwill over its implied fair value. As a result of such impairment tests, the Company has not recognized an impairment charge. No goodwill impairments were recognized in 2015, 2014, or 2013. Other intangible assets are amortized over a period of up to 17 years and are evaluated for impairment when events or circumstances dictate. No intangible asset impairments were recognized in 2015, 2014, or 2013. The Company does not have any indefinite lived intangible assets. |
Premises and Equipment | Premises and Equipment Premises and equipment are stated at cost less accumulated depreciation, which is computed primarily on the straight line method. Premises are depreciated over 15 to 40 year lives, while equipment is depreciated over lives of 3 to 20 years. Gains and losses from the sale of Premises and equipment are included in Other noninterest income. |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets Long-lived assets, including Premises and equipment, are reviewed for impairment whenever events or changes in circumstances indicate the carrying amount of an asset or group of assets may not be recoverable. The impairment review includes a comparison of future cash flows expected to be generated by the asset or group of assets to their current carrying value. If the carrying value of the asset or group of assets exceeds expected cash flows (undiscounted and without interest charges), an impairment loss is recognized to the extent the carrying value exceeds fair value. No impairments were recognized in 2015, 2014, or 2013. |
Income Taxes | Income Taxes The Company accounts for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method, deferred tax assets and liabilities are measured based on the differences between the financial statement and tax basis of assets and liabilities using enacted tax rates in effect for the periods in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date. The provision for deferred income taxes represents the change in the deferred income tax accounts during the year excluding the tax effect of the change in net unrealized gain (loss) on securities available for sale. The Company records deferred tax assets to the extent these assets will more likely than not be realized. All available evidence is considered in making such determination, including future reversals of existing taxable temporary differences, projected future taxable income, tax planning strategies and recent financial operations. A valuation allowance is recorded for the portion of deferred tax assets that do not meet the more-likely-than-not threshold, and any changes to the valuation allowance are recorded in income tax expense. The Company records the financial statement effects of an income tax position when it is more likely than not, based on the technical merits, that it will be sustained upon examination. A tax position that meets the more-likely-than-not recognition threshold is measured and recorded as the largest amount of tax benefit that is greater than 50 percent likely of being realized upon ultimate settlement with a taxing authority. Previously recognized tax positions are derecognized in the first period in which it is no longer more likely than not that the tax position will be sustained. The benefit associated with previously unrecognized tax positions are generally recognized in the first period in which the more-likely-than-not threshold is met at the reporting date, the tax matter is ultimately settled through negotiation or litigation or when the related statute of limitations for the relevant taxing authority to examine and challenge the tax position has expired. The recognition, derecognition and measurement of tax positions are based on management’s best judgment given the facts, circumstance and information available at the reporting date. The Company recognizes accrued interest related to unrecognized tax benefits in interest expense and penalties in other noninterest expense. Accrued interest and penalties are included within the related liability lines in the Consolidated Balance Sheets. For the year ended December 31, 2015, the Company has recognized an immaterial amount in interest and penalties related to the unrecognized tax benefits. |
Derivatives | Derivatives The Company records all derivatives on the Consolidated Balance Sheets at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether the Company has elected to designate a derivative in a hedging relationship and apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Currently, four of the Company’s derivatives are designated in qualifying hedging relationships. However, the remainder of the Company’s derivatives are not designated in qualifying hedging relationships, as the derivatives are not used to manage risks within the Company’s assets or liabilities. All changes in fair value of the Company’s non-designated derivatives are recognized directly in earnings. Changes in fair value of the Company’s fair value hedges are recognized directly in earnings. The effective portion of changes in fair value of the Company’s cash flow hedges are recognized in AOCI. The ineffective portion of changes in fair value of the cash flow hedges is recognized directly in the Company’s Consolidated Statements of Income. |
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 year-to-date income per share includes the dilutive effect of 453,082, 600,705, and 562,741shares issuable upon the exercise of stock options and nonvested restricted shares granted by the Company at December 31, 2015, 2014, and 2013, respectively. Options issued under employee benefit plans to purchase 455,998, and 249,368 shares of common stock were outstanding at December 31, 2015, and 2014, respectively, but were not included in the computation of diluted earnings per share because the options were anti-dilutive. |
Accounting for Stock-Based Compensation | Accounting for Stock-Based Compensation The Company measures the cost of employee services received in exchange for an award of equity instruments based on the fair value of the award on the date of the grant. The grant date fair value is estimated using either an option-pricing model which is consistent with the terms of the award or an observed market price, if such a price exists. Such cost is generally recognized over the vesting period during which an employee is required to provide service in exchange for the award and, in some cases, when performance metrics are met. The Company also estimates the number of instruments that will ultimately be issued by applying a forfeiture rate to each grant. |
SUMMARY OF SIGNIFICANT ACCOUN30
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Dec. 31, 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 December 31, 2015 and 2014 (in thousands): Year Ended December 31, 2015 2014 Due from the Federal Reserve $ 360,895 $ 1,342,931 Cash and due from banks 458,217 444,299 Cash and cash equivalents at end of year $ 819,112 $ 1,787,230 |
LOANS AND ALLOWANCE FOR LOAN 31
LOANS AND ALLOWANCE FOR LOAN LOSSES (Tables) | 12 Months Ended |
Dec. 31, 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): PCI Loans: At May 31, 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 December 31, 2015 (in thousands): PCI Loans: At December 31, Contractual cash flows $ 3,843 Non-accretable difference (647 ) Accretable yield (140 ) Loans accounted for under ASC 310-30 $ 3,056 |
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 December 31, 2015 and 2014 (in thousands): December 31, 2015 30-89 Due and Greater Due and Non-Accrual Total PCI Current Total Loans Loans Commercial: Commercial $ 5,821 $ 2,823 $ 43,841 $ 52,485 $ — $ 4,153,251 $ 4,205,736 Asset-based — — — — — 219,244 219,244 Factoring — — — — — 90,686 90,686 Commercial – credit card 614 24 13 651 — 124,710 125,361 Real estate: Real estate – construction 1,828 548 331 2,707 — 413,861 416,568 Real estate – commercial 2,125 1,630 9,578 13,333 1,055 2,648,384 2,662,772 Real estate – residential 612 35 800 1,447 — 490,780 492,227 Real estate – HELOC 129 — 3,524 3,653 — 726,310 729,963 Consumer: Consumer – credit card 2,256 2,089 468 4,813 — 286,757 291,570 Consumer – other 5,917 175 2,597 8,689 2,001 144,087 154,777 Leases — — — — — 41,857 41,857 Total loans $ 19,302 $ 7,324 $ 61,152 $ 87,778 $ 3,056 $ 9,339,927 $ 9,430,761 December 31, 2015 30-89 Greater Current Total Loans PCI Loans Commercial: Commercial $ — $ — $ — $ — Asset-based — — — — Factoring — — — — Commercial – credit card — — — — Real estate: Real estate – construction — — — — Real estate – commercial — 1,055 — 1,055 Real estate – residential — — — — Real estate – HELOC — — — — Consumer: Consumer – credit card — — — — Consumer – other 58 105 1,838 2,001 Leases — — — — Total PCI loans $ 58 $ 1,160 $ 1,838 $ 3,056 December 31, 2014 30-89 Due and Greater Due and 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 December 31, 2015 December 31, December 31, 2015 December 31, December 31, 2015 December 31, Non-watch list $ 3,880,109 $ 3,532,611 $ 198,903 $ — $ 90,449 $ — Watch 105,539 72,283 — — — — Special Mention 29,397 98,750 18,163 — 237 — Substandard 190,691 110,365 2,178 — — — Total $ 4,205,736 $ 3,814,009 $ 219,244 $ — $ 90,686 $ — Real estate – construction Real estate – commercial December 31, 2015 December December 31, 2015 December Non-watch list $ 415,258 $ 253,895 $ 2,561,401 $ 1,780,323 Watch 370 181 51,774 31,984 Special Mention — 756 22,544 8,691 Substandard 940 1,174 25,998 45,303 Total $ 416,568 $ 256,006 $ 2,661,717 $ 1,866,301 Credit Exposure Credit Risk Profile by Risk Rating PCI Loans Real estate – commercial December 31, 2015 December 31, Non-watch list $ — $ — Watch — — Special Mention — — Substandard 1,055 — Total $ 1,055 $ — |
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 December 31, 2015 December 31, December 31, 2015 December 31, December 31, 2015 December 31, Performing $ 125,348 $ 115,672 $ 491,427 $ 319,265 $ 726,439 $ 643,567 Non-performing 13 37 800 562 3,524 19 Total $ 125,361 $ 115,709 $ 492,227 $ 319,827 $ 729,963 $ 643,586 Consumer – credit card Consumer – other Leases December 31, 2015 December 31, December 31,, 2015 December 31, December 31, 2015 December 31, Performing $ 291,102 $ 309,736 $ 152,180 $ 100,900 $ 41,857 $ 39,090 Non-performing 468 560 2,597 70 — — Total $ 291,570 $ 310,296 $ 154,777 $ 100,970 $ 41,857 $ 39,090 Credit Risk Profile Based on Payment Activity PCI Loans Consumer – other December 31, 2015 December 31, Performing $ 2,001 $ — Non-performing — — Total $ 2,001 $ — |
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 year ended December 31, 2015 (in thousands): Year Ended December 31, 2015 Commercial Real estate Consumer Leases Total Allowance for loan losses: Beginning balance $ 55,349 $ 10,725 $ 9,921 $ 145 $ 76,140 Charge-offs (5,239 ) (214 ) (9,658 ) — (15,111 ) Recoveries 1,824 321 2,469 — 4,614 Provision 11,913 (2,612 ) 6,217 (18 ) 15,500 Ending Balance $ 63,847 $ 8,220 $ 8,949 $ 127 $ 81,143 Ending Balance: individually evaluated for impairment $ 5,668 $ 196 $ — $ — $ 5,864 Ending Balance: collectively evaluated for impairment 58,179 8,024 8,949 127 75,279 Ending Balance: PCI Loans — — — — — Loans: Ending Balance: loans $ 4,641,027 $ 4,301,530 $ 446,347 $ 41,857 $ 9,430,761 Ending Balance: individually evaluated for impairment 68,004 7,747 2,574 — 78,325 Ending Balance: collectively evaluated for impairment 4,573,023 4,292,728 441,772 41,857 9,349,380 Ending Balance: PCI Loans — 1,055 2,001 3,056 This table provides a rollforward of the allowance for loan losses by portfolio segment for the year ended December 31, 2014 (in thousands): Year Ended December 31, 2014 Commercial Real estate Consumer Leases Total Allowance for loan losses: Beginning balance $ 48,886 $ 15,342 $ 10,447 $ 76 $ 74,751 Charge-offs (7,307 ) (259 ) (11,427 ) — (18,993 ) Recoveries 848 44 2,490 — 3,382 Provision 12,922 (4,402 ) 8,411 69 17,000 Ending Balance $ 55,349 $ 10,725 $ 9,921 $ 145 $ 76,140 Ending Balance: individually evaluated for impairment $ 972 $ 935 $ — $ — $ 1,907 Ending Balance: collectively evaluated for impairment 54,377 9,790 9,921 145 74,233 Loans: Ending Balance: loans $ 3,929,718 $ 3,085,720 $ 411,266 $ 39,090 $ 7,465,794 Ending Balance: individually evaluated for impairment 17,060 10,243 1 — 27,304 Ending Balance: collectively evaluated for impairment 3,912,658 3,075,477 411,265 39,090 7,438,490 This table provides a rollforward of the allowance for loan losses by portfolio segment for the year ended December 31, 2013 (in thousands): Year Ended December 31, 2013 Commercial Real estate Consumer Leases Total Allowance for loan losses: Beginning balance $ 43,390 $ 15,506 $ 12,470 $ 60 $ 71,426 Charge-offs (4,748 ) (775 ) (12,131 ) — (17,654 ) Recoveries 867 77 2,535 — 3,479 Provision 9,377 534 7,573 16 17,500 Ending Balance $ 48,886 $ 15,342 $ 10,447 $ 76 $ 74,751 Ending Balance: individually evaluated for impairment $ 2,882 $ 1,370 $ — $ — $ 4,252 Ending Balance: collectively evaluated for impairment 46,004 13,972 10,447 76 70,499 Loans: Ending Balance: loans $ 3,404,773 $ 2,710,510 $ 381,248 $ 23,981 $ 6,520,512 Ending Balance: individually evaluated for impairment 14,635 15,543 11 — 30,189 Ending Balance: collectively evaluated for impairment 3,390,138 2,694,967 381,237 23,981 6,490,323 |
Analysis of Impaired Loans | This table provides an analysis of impaired loans by class for the year ended December 31, 2015 (in thousands): As of December 31, 2015 Unpaid Recorded Recorded Total Related Average Recorded Commercial: Commercial $ 72,739 $ 40,648 $ 27,356 $ 68,004 $ 5,668 $ 41,394 Asset-based — — — — — — Factoring — — — — — — Commercial – credit card — — — — — — Real estate: Real estate – construction 782 331 118 449 42 802 Real estate – commercial 7,117 4,891 1,275 6,166 154 7,768 Real estate – residential 1,054 939 — 939 — 1,433 Real estate – HELOC 214 193 — 193 — 162 Consumer: Consumer – credit card — — — — — — Consumer – other 2,574 2,574 — 2,574 — 1,795 Leases — — — — — — Total $ 84,480 $ 49,576 $ 28,749 $ 78,325 $ 5,864 $ 53,354 This table provides an analysis of impaired loans by class for the year ended December 31, 2014 (in thousands): 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 This table provides an analysis of impaired loans by class for the year ended December 31, 2013 (in thousands): As of December 31, 2013 Unpaid Recorded Recorded Total Related Average Recorded Commercial: Commercial $ 17,227 $ 3,228 $ 11,407 $ 14,635 $ 2,882 $ 14,791 Commercial – credit card — — — — — — Real estate: Real estate – construction 1,408 810 123 933 — 1,186 Real estate – commercial 14,686 5,305 8,218 13,523 94 10,506 Real estate – residential 1,317 1,087 — 1,087 1,276 1,122 Real estate – HELOC — — — — — — Consumer: Consumer – credit card — — — — — — Consumer – other 12 11 — 11 — 34 Leases — — — — — — Total $ 34,650 $ 10,441 $ 19,748 $ 30,189 $ 4,252 $ 27,639 |
Summary of Loans Restructured by Class | This table provides a summary of loans restructured by class during the years ended December 31, 2015 and 2014 (in thousands): Year Ended December 31, 2015 Year Ended December 31, 2014 Number Pre- Modification Post- Number Pre- Modification Post- Troubled Debt Restructurings Commercial: Commercial 21 $ 32,473 $ 32,473 1 $ 469 $ 469 Asset-based — — — — — — Factoring — — — — — — Commercial – credit card — — — — — — Real estate: Real estate – construction — — — — — — Real estate – commercial 1 261 261 1 178 178 Real estate – residential 1 121 121 4 277 301 Real estate – HELOC — — — — — — Consumer: Consumer – credit card — — — — — — Consumer – other — — — — — — Leases — — — — — — Total 23 $ 32,855 $ 32,855 6 $ 924 $ 948 |
SECURITIES (Tables)
SECURITIES (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Securities Available for Sale | This table provides detailed information about securities available for sale at December 31, 2015 and 2014 (in thousands): 2015 Amortized Gross Gross Fair Value U.S. Treasury $ 350,354 $ 1 $ (576 ) $ 349,779 U.S. Agencies 667,414 7 (1,032 ) 666,389 Mortgage-backed 3,598,115 12,420 (38,089 ) 3,572,446 State and political subdivisions 2,116,543 23,965 (2,095 ) 2,138,413 Corporates 80,585 — (663 ) 79,922 Total $ 6,813,011 $ 36,393 $ (42,455 ) $ 6,806,949 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 December 31, 2015 and 2014 (in thousands). 2015 Less than 12 months 12 months or more Total Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized Description of Securities U.S. Treasury $ 344,556 $ (576 ) $ — $ — $ 344,556 $ (576 ) U.S. Agencies 615,993 (1,032 ) — — 615,993 (1,032 ) Mortgage-backed 2,056,316 (21,013 ) 426,959 (17,076 ) 2,483,275 (38,089 ) State and political subdivisions 479,197 (1,316 ) 60,324 (779 ) 539,521 (2,095 ) Corporates 29,126 (183 ) 50,796 (480 ) 79,922 (663 ) Total temporarily- impaired debt securities available for sale $ 3,525,188 $ (24,120 ) $ 538,079 $ (18,335 ) $ 4,063,267 $ (42,455 ) 2014 Less than 12 months 12 months or more Total Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized Description of Securities 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 | 2015 Amortized Net Fair Value State and political subdivisions $ 667,106 $ 24,273 $ 691,379 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 stock and Federal Home Loan Bank stock and other securities at December 31, 2015 and 2014 (in thousands): 2015 Amortized Gross Gross Fair FRB and FHLB stock $ 33,215 $ — $ — $ 33,215 Other securities – marketable 5 7,159 — 7,164 Other securities – non-marketable 23,855 964 — 24,819 Total Federal Reserve Bank stock and other $ 57,075 $ 8,123 $ — $ 65,198 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 |
Held-to-maturity Securities [Member] | |
Contractual Maturity Information | Fair Value Due in 1 year or less $ 17,893 Due after 1 year through 5 years 80,047 Due after 5 years through 10 years 384,117 Due after 10 years 209,322 Total securities held to maturity $ 691,379 |
Available-for-sale Securities [Member] | |
Contractual Maturity Information | The following table presents contractual maturity information for securities available for sale at December 31, 2015 (in thousands): Amortized Fair Value Due in 1 year or less $ 998,269 $ 997,988 Due after 1 year through 5 years 1,278,055 1,285,822 Due after 5 years through 10 years 857,416 869,158 Due after 10 years 81,156 81,535 Total 3,214,896 3,234,503 Mortgage-backed securities 3,598,115 3,572,446 Total securities available for sale $ 6,813,011 $ 6,806,949 |
LOANS TO OFFICERS AND DIRECTO33
LOANS TO OFFICERS AND DIRECTORS (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Related Party Transactions [Abstract] | |
Activity with Respect to Aggregate Loans to Related Parties | For the years 2015 and 2014, an analysis of activity with respect to such aggregate loans to related parties appears below (in thousands): Year Ended December 31, 2015 2014 Balance – beginning of year $ 541,507 $ 493,373 New loans 462,914 139,442 Repayments (294,336 ) (91,308 ) Balance – end of year $ 710,085 $ 541,507 |
GOODWILL AND OTHER INTANGIBLES
GOODWILL AND OTHER INTANGIBLES (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Changes in Carrying Amount of Goodwill | Changes in the carrying amount of goodwill for the years ended December 31, 2015 and December 31, 2014 by operating 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 18,588 — — 18,588 Balances as of December 31, 2015 $ 161,341 $ 47,529 $ 19,476 $ 228,346 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 intangible assets that continue to be subject to amortization as of December 31, 2015 and 2014 (in thousands): As of December 31, 2015 Gross Carrying Accumulated Net Carrying Core deposit intangible assets $ 36,497 $ 33,613 $ 2,884 Core deposit intangible-Marquette acquisition 11,030 1,838 9,192 Customer relationships 104,560 73,496 31,064 Customer relationship-Marquette acquisition 2,900 338 2,562 Other intangible assets 3,247 2,841 406 Other intangible assets-Marquette acquisition 951 277 674 Total intangible assets $ 159,185 $ 112,403 $ 46,782 As of December 31, 2014 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 |
Estimated Amortization Expense of Intangible Assets | The following table discloses the estimated amortization expense of intangible assets in future years (in thousands): 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 |
PREMISES AND EQUIPMENT (Tables)
PREMISES AND EQUIPMENT (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
Components of Premises and Equipment | Premises and equipment consisted of the following (in thousands): December 31, 2015 2014 Land $ 46,430 $ 43,798 Buildings and leasehold improvements 316,988 301,687 Equipment 138,127 120,745 Software 157,847 132,265 659,392 598,495 Accumulated depreciation (268,864 ) (246,457 ) Accumulated amortization (109,057 ) (94,203 ) Premises and equipment, net $ 281,471 $ 257,835 |
Minimum Future Rental Commitments for all Non-cancelable Operating Leases | Minimum future rental commitments as of December 31, 2015, for all non-cancelable operating leases are as follows (in thousands): 2016 $ 11,279 2017 10,433 2018 9,761 2019 8,684 2020 7,782 Thereafter 26,111 Total $ 74,050 |
BORROWED FUNDS (Tables)
BORROWED FUNDS (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Components of Short-Term and Long Term Debt | The components of the Company’s short-term and long-term debt are as follows (in thousands): December 31, 2015 2014 Short-term debt: Federal Home Loan Bank 0.98% due 2016 $ 5,009 $ — Total short-term debt 5,009 — Long-term debt: Trust Preferred Securities: Marquette Capital Trust I subordinated debentures 1.65% due 2036 16,062 — Marquette Capital Trust II subordinated debentures 6.30% due 2036 16,741 — Marquette Capital Trust III subordinated debentures 2.09% due 2036 6,598 — Marquette Capital Trust IV subordinated debentures 2.11% due 2036 26,757 — Federal Home Loan Bank 1.88% due 2018 7,088 — Federal Home Loan Bank 2.74% due 2020 3,104 — Kansas Equity Fund IV, L.P. 0% due 2017 29 71 Kansas Equity Fund V, L.P. 0% due 2017 63 119 Kansas Equity Fund VI, L.P. 0% due 2017 110 239 Kansas Equity Fund IX, L.P. 0% due 2023 271 341 Kansas Equity Fund X, L.P. 0% due 2021 338 419 Kansas City Equity Fund 2007, L.L.C. 0% due 2016 — 86 Kansas City Equity Fund 2008, L.L.C. 0% due 2016 10 149 Kansas City Equity Fund 2009, L.L.C. 0% due 2017 144 371 St. Louis Equity Fund 2007 L.L.C. 0% due 2016 13 39 St. Louis Equity Fund 2008 L.L.C. 0% due 2016 10 160 St. Louis Equity Fund 2009 L.L.C. 0% due 2017 245 395 St. Louis Equity Fund 2012 L.L.C. 0% due 2020 322 402 St. Louis Equity Fund 2013 L.L.C. 0% due 2021 1,465 1,758 St. Louis Equity Fund 2014 L.L.C. 0% due 2022 1,814 1,819 St. Louis Equity Fund 2015, L.L.C. 0% due 2023 1,000 — MHEG Community Fund 41, L.P. 0% due 2024 920 957 MHEG Community Fund 43, L.P. 0% due 2026 1,482 1,485 MHEG Community Fund 45, L.P. 0% due 2027 1,484 — Total long-term debt 86,070 8,810 Total borrowed funds $ 91,079 $ 8,810 |
Aggregate Annual Repayments of Short-Term and Long-Term Debt | Aggregate annual repayments of short-term and long-term debt at December 31, 2015, are as follows (in thousands): 2016 $ 6,702 2017 1,601 2018 8,599 2019 1,412 2020 4,381 Thereafter 68,384 Total $ 91,079 |
Remaining Contractual Maturities Of Repurchase Agreements | The carrying amounts and market values of the securities and the related repurchase liabilities and weighted average interest rates of the repurchase liabilities (grouped by maturity of the repurchase agreements) were as follows as of December 31, 2015 (in thousands): Securities Market Repurchase Weighted Average Maturity of the Repurchase Liabilities On Demand $ 3,586 $ 3,579 0.04 % 2 to 30 days 1,769,270 1,747,028 0.30 Over 90 Days 604 600 0.00 Total $ 1,773,460 $ 1,751,207 0.30 % |
Repurchase Agreements | |
Remaining Contractual Maturities Of Repurchase Agreements | The table below presents the remaining contractual maturities of repurchase agreements outstanding at December 31, 2015, in addition to the various types of marketable securities that have been pledged as collateral for these borrowings (in thousands). As of December 31, 2015 Remaining Contractual Maturities of the Agreements On Demand 2-29 days Over 90 Days Total Repurchase agreements, secured by: U.S. Treasury $ — $ 171,533 $ — $ 171,533 U.S. Agency 3,579 1,575,495 600 1,579,674 Total repurchase agreements $ 3,579 $ 1,747,028 $ 600 $ 1,751,207 |
REGULATORY REQUIREMENTS (Tables
REGULATORY REQUIREMENTS (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Banking and Thrift [Abstract] | |
Actual Capital Amounts as well as Required and Well-Capitalized Tier One, Total and Tier One Leverage Ratios | Actual capital amounts as well as required and well-capitalized tier 1, total and tier 1 Leverage ratios as of December 31, for the Company and its banks are as follows (in thousands): 2015 Actual For Capital Adequacy To Be Well Capitalized Amount Ratio Amount Ratio Amount Ratio Common Equity Tier 1 Capital: UMB Financial Corporation $ 1,664,815 11.74 % $ 638,108 4.50 % $ N/A N/A % UMB Bank, n. a. 1,491,833 10.63 631,765 4.50 912,549 6.50 Tier 1 Capital: UMB Financial Corporation 1,681,222 11.86 850,810 6.00 N/A N/A UMB Bank, n. a. 1,491,833 10.63 842,353 6.00 1,123,138 8.00 Total Capital: UMB Financial Corporation 1,814,705 12.80 1,134,413 8.00 N/A N/A UMB Bank, n. a. 1,575,697 11.22 1,123,138 8.00 1,403,922 10.00 Tier 1 Leverage: UMB Financial Corporation 1,681,222 9.08 740,918 4.00 N/A N/A UMB Bank, n. a. 1,491,833 8.13 734,229 4.00 917,786 5.00 2014 Tier 1 Capital: UMB Financial Corporation $ 1,393,389 13.29 % $ 419,383 4.00 % $ N/A N/A % UMB Bank, n. a. 1,209,096 11.68 414,135 4.00 621,202 6.00 Total Capital: UMB Financial Corporation 1,471,631 14.04 838,766 8.00 N/A N/A UMB Bank, n. a. 1,287,338 12.43 828,270 8.00 1,035,337 10.00 Tier 1 Leverage: UMB Financial Corporation 1,393,389 8.72 639,476 4.00 N/A N/A UMB Bank, n. a. 1,209,096 7.63 634,187 4.00 792,733 5.00 |
EMPLOYEE BENEFITS (Tables)
EMPLOYEE BENEFITS (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Status of Service Based Restricted Shares | The table below discloses the status of the service-based restricted shares during 2015: Number Weighted Average Service-Based Restricted Stock Nonvested – December 31, 2014 456,631 $ 48.57 Granted 269,267 51.33 Canceled (53,645 ) 50.76 Vested (137,634 ) 43.83 Nonvested – December 31, 2015 534,619 $ 50.95 |
Status of Performance Based Restricted Shares | The table below discloses the status of the performance-based restricted shares during 2015: Number Weighted Average Performance-Based Restricted Stock Nonvested – December 31, 2014 101,269 $ 47.26 Granted 45,216 51.42 Canceled (8,260 ) 50.75 Vested (36,291 ) 40.27 Nonvested – December 31, 2015 101,934 $ 51.27 |
Assumptions for Stock-Based Awards | The Company uses the Black-Scholes pricing model to determine the fair value of its options. The assumptions for stock-based awards in the past three years utilized in the model are shown in the table below. 2015 2014 2013 Black-Scholes pricing model: Weighted average fair value of the granted option $ 11.95 $ 13.03 $ 10.18 Weighted average risk-free interest rate 1.62 % 1.77 % 1.49 % Expected option life in years 6.25 6.25 6.25 Expected volatility 26.73 % 24.87 % 26.36 % Expected dividend yield 1.74 % 1.53 % 1.83 % |
2002 Plan [Member] | |
Information Relating to Option Activity | The table below discloses the information relating to option activity in 2015, under the 2002 Plan: Number of Weighted Weighted Aggregate Stock Options Under the 2002 Plan Outstanding – December 31, 2014 258,475 $ 37.47 Granted — — Expired (10,190 ) 34.16 Exercised (67,849 ) 34.94 Outstanding – December 31, 2015 180,436 38.61 1.9 $ 1,433,385 Exercisable – December 31, 2015 180,436 38.61 Exercisable and expected to be exercisable – December 31, 2015 180,436 $ 38.61 1.9 $ 1,433,385 |
Long-Term Incentive Compensation Plan (LTIP) [Member] | |
Information Relating to Option Activity | The table below discloses the information relating to non-qualified option activity in 2015 under the LTIP: Number of Weighted Average Weighted Average Aggregate Stock Options Under the LTIP Outstanding – December 31, 2014 1,384,035 $ 44.03 Granted 252,828 51.42 Canceled (81,679 ) 49.22 Expired (7,346 ) 49.63 Exercised (208,091 ) 39.30 Outstanding – December 31, 2015 1,339,747 45.73 6.1 $ 1,100,209 Exercisable – December 31, 2015 540,163 39.69 Exercisable and expected to be exercisable – December 31, 2015 1,301,989 $ 45.61 6.1 $ 1,228,915 |
BUSINESS SEGMENT REPORTING (Tab
BUSINESS SEGMENT REPORTING (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Segment Reporting [Abstract] | |
Line of Business Segment Financial Results | Line of business/segment financial results were as follows (in thousands): Year Ended December 31, 2015 Bank Payment Solutions Institutional Asset Total Net interest income $ 348,701 $ 58,288 $ 2 $ 5,076 $ 412,067 Provision for loan losses 8,541 6,959 — — 15,500 Noninterest income 188,444 91,326 95,097 91,587 466,454 Noninterest expense 446,656 106,016 71,413 79,651 703,736 Income before taxes 81,948 36,639 23,686 17,012 159,285 Income tax expense 22,127 10,043 6,490 4,552 43,212 Net income $ 59,821 $ 26,596 $ 17,196 $ 12,460 $ 116,073 Average assets $ 13,706,000 $ 3,044,000 $ 68,000 $ 968,000 $ 17,786,000 Year Ended December 31, 2014 Bank Payment Institutional Asset Total Net interest income $ 292,356 $ 52,251 $ (3 ) $ 5,451 $ 350,055 Provision for loan losses 9,175 7,825 — — 17,000 Noninterest income 194,223 84,478 131,225 88,762 498,688 Noninterest expense 404,203 93,915 92,048 75,514 665,680 Income before taxes 73,201 34,989 39,174 18,699 166,063 Income tax expense 24,095 7,791 10,093 3,429 45,408 Net income $ 49,106 $ 27,198 $ 29,081 $ 15,270 $ 120,655 Average assets $ 12,099,000 $ 2,456,000 $ 72,000 $ 1,372,000 $ 15,999,000 Year Ended December 31, 2013 Bank Payment Institutional Asset Total Net interest income $ 285,111 $ 45,832 $ (32 ) $ 2,358 $ 333,269 Provision for loan losses 5,535 11,965 — — 17,500 Noninterest income 210,535 74,223 126,442 80,633 491,833 Noninterest expense 375,328 86,748 88,337 72,791 623,204 Income before taxes 114,783 21,342 38,073 10,200 184,398 Income tax expense 27,533 7,525 10,723 4,652 50,433 Net income $ 87,250 $ 13,817 $ 27,350 $ 5,548 $ 133,965 Average assets $ 11,255,000 $ 1,736,000 $ 77,000 $ 1,963,000 $ 15,031,000 |
COMMON STOCK AND EARNINGS PER40
COMMON STOCK AND EARNINGS PER SHARE (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Text Block [Abstract] | |
Summary of Share Transactions | The following table summarizes the share transactions for the three years ended December 31, 2015: Shares Issued Shares in Treasury Balance December 31, 2012 55,056,730 (14,715,852 ) Common stock issuance 4,485,000 Purchase of Treasury Stock — (99,402 ) Sale of Treasury Stock — 14,661 Issued for stock options & restricted stock — 480,100 Balance December 31, 2013 55,056,730 (9,835,493 ) Purchase of Treasury Stock — (130,197 ) Sale of Treasury Stock — 15,320 Issued for stock options & restricted stock — 425,828 Balance December 31, 2014 55,056,730 (9,524,542 ) Common stock issuance for acquisition — 3,470,478 Purchase of Treasury Stock — (225,894 ) Sale of Treasury Stock — 19,695 Issued for stock options & restricted stock — 599,899 Balance December 31, 2015 55,056,730 (5,660,364 ) |
Shares Used in Calculation of Basic and Diluted Earnings | The shares used in the calculation of basic and diluted earnings per share, are shown below: For the Years Ended December 31, 2015 2014 2013 Weighted average basic common shares outstanding 47,126,252 44,844,578 41,275,839 Dilutive effect of stock options and restricted stock 453,082 600,705 562,741 Weighted average diluted common shares outstanding 47,579,334 45,445,283 41,838,580 |
COMMITMENTS, CONTINGENCIES AN41
COMMITMENTS, CONTINGENCIES AND GUARANTEES (Tables) | 12 Months Ended |
Dec. 31, 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 as described above. Contract or Notional Amount (in thousands) 2015 2014 Commitments to extend credit for loans (excluding credit card loans) $ 6,671,794 $ 3,509,841 Commitments to extend credit under credit card loans 2,986,581 2,690,752 Commercial letters of credit 11,541 1,334 Standby letters of credit 360,468 375,003 Forward contracts 75,611 144,950 Spot foreign exchange contracts 10,391 14,721 |
ACQUISITIONS (Tables)
ACQUISITIONS (Tables) | 12 Months Ended |
Dec. 31, 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 95,351 Premises and equipment, net 11,508 Identifiable intangible assets 14,881 Other assets 32,336 Total assets acquired 1,312,174 Liabilities Noninterest-bearing deposits 226,161 Interest-bearing deposits 708,675 Short-term debt 112,133 Long-term debt 89,971 Other liabilities 14,085 Total liabilities assumed 1,151,025 Net identifiable assets acquired 161,149 Preliminary goodwill 18,588 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 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Components of Income Tax Expense (Benefit) | Income tax expense includes the following components (in thousands): Year Ended December 31, 2015 2014 2013 Current tax Federal $ 44,469 $ 54,560 $ 51,806 State 3,591 2,304 3,750 Total current tax expense 48,060 56,864 55,556 Deferred tax Federal (3,697 ) (11,448 ) (4,278 ) State (1,151 ) (8 ) (845 ) Total deferred tax (benefit) expense (4,848 ) (11,456 ) (5,123 ) Total tax expense $ 43,212 $ 45,408 $ 50,433 |
Reconciliation Between Income Tax Expense and Amount Computed by Applying Federal Statutory Tax Rate | The reconciliation between the income tax expense and the amount computed by applying the statutory federal tax rate of 35% to income before income taxes is as follows (in thousands): Year Ended December 31, 2015 2014 2013 Statutory federal income tax expense $ 55,750 $ 58,122 $ 64,539 Tax-exempt interest income (15,405 ) (13,861 ) (14,146 ) State and local income taxes, net of federal tax benefits 1,599 1,403 1,887 Federal tax credits (688 ) (623 ) (1,704 ) Other 1,956 367 (143 ) Total tax expense $ 43,212 $ 45,408 $ 50,433 |
Components of Deferred Tax Assets and Liabilities | The significant components of deferred tax assets and liabilities are reflected in the following table (in thousands): December 31, 2015 2014 Deferred tax assets: Net unrealized loss on securities available for sale $ 2,198 $ — Loans, principally due to allowance for loan losses 35,400 28,924 Stock-based compensation 7,363 7,109 Accrued expenses 33,012 24,747 Intangibles 2,432 7,254 Miscellaneous 4,196 3,551 Total deferred tax assets before valuation allowance 84,601 71,585 Valuation allowance (2,850 ) (3,417 ) Total deferred tax assets 81,751 68,168 Deferred tax liabilities: Net unrealized gain on securities available for sale — (6,879 ) Land, buildings and equipment (25,143 ) (24,002 ) Original issue discount (4,328 ) (4,311 ) Partnership investments (3,933 ) (7,838 ) Intangibles (14,209 ) — Miscellaneous (6,651 ) (6,183 ) Total deferred tax liabilities (54,264 ) (49,213 ) Net deferred tax asset $ 27,487 $ 18,955 |
Reconciliation of Unrecognized Tax Benefits | A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (in thousands): December 31, 2015 2014 Unrecognized tax benefits – opening balance $ 4,025 $ 4,997 Gross decreases – tax positions in prior period (31 ) (444 ) Gross increases – current-period tax positions 1,193 964 Lapse of statute of limitations (507 ) (1,492 ) Unrecognized tax benefits – ending balance $ 4,680 $ 4,025 |
DERIVATIVES AND HEDGING ACTIV44
DERIVATIVES AND HEDGING ACTIVITIES (Tables) | 12 Months Ended |
Dec. 31, 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 December 31, 2015 and December 31, 2014 ( in thousands Asset Derivatives Liability Derivatives December 31, December 31, 2015 2014 2015 2014 Fair value Interest Rate Products: Derivatives not designated as hedging instruments $ 11,700 $ 7,138 $ 11,921 $ 7,250 Derivatives designated as hedging instruments 603 — 337 285 Total $ 12,303 $ 7,138 $ 12,258 $ 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 or loss recognized in other noninterest expense in the Consolidated Statements of Income related to the Company’s derivative asset and liability as of December 31, 2015 and December 31, 2014 (in thousands): Amount of (Loss) Gain Recognized 2015 2014 Interest Rate Products Derivatives not designated as hedging instruments $ (110 ) $ (207 ) Total $ (110 ) $ (207 ) Interest Rate Products Derivatives designated as fair value hedging instruments Fair value adjustments on derivatives $ (234 ) $ (361 ) Fair value adjustments on hedged items 234 334 Total $ — $ (27 ) |
Summary of Amount of Gain or Loss Recognized in AOCI in Consolidated Statements of Comprehensive Income Related to Company's Derivative Asset and Liability | This table provides a summary of the amount of gain or loss recognized in AOCI in the Consolidated Statements of Comprehensive Income related to the Company’s derivative asset and liability as of December 31, 2015 and December 31, 2014 ( in thousands Amount of Loss Recognized in Other For the Year Ended December 31, Derivatives in Cash Flow Hedging Relationships 2015 2014 Interest rate products Derivatives designed as cash flow hedging instruments $ (10 ) $ — Total $ (10 ) $ — |
DISCLOSURES ABOUT FAIR VALUE 45
DISCLOSURES ABOUT FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables) | 12 Months Ended |
Dec. 31, 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 December 31, 2015 and 2014 (in thousands): Fair Value Measurement at Reporting Date Using Description December 31, Quoted Prices in (Level 1) Significant (Level 2) Significant (Level 3) Assets U.S. Treasury $ 400 $ 400 $ — $ — U.S. Agencies 1,309 — 1,309 — Mortgage-backed — — — — State and political subdivisions 10,200 — 10,200 — Trading – other 17,708 17,708 — — Trading securities 29,617 18,108 11,509 — U.S. Treasury 349,779 349,779 — — U.S. Agencies 666,389 — 666,389 — Mortgage-backed 3,572,446 — 3,572,446 — State and political subdivisions 2,138,413 — 2,138,413 — Corporates 79,922 79,922 — — Available for sale securities 6,806,949 429,701 6,377,248 — Company-owned life insurance 31,205 — 31,205 — Bank-owned life insurance 202,991 — 202,991 Derivatives 12,303 — 12,303 — Total $ 7,083,065 $ 447,809 $ 6,635,256 $ — Liabilities Deferred compensation $ 32,937 $ 32,937 $ — $ — Contingent consideration liability 17,718 — — 17,718 Derivatives 12,258 — 12,258 — Total $ 62,913 $ 32,937 $ 12,258 $ 17,718 Fair Value Measurement at Reporting Date Using Description December 31, Quoted Prices in (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 Fair Value of Balances of Contingent Consideration Liability | The following table reconciles the beginning and ending fair value of balances of the contingent consideration liability: December 31, 2015 2014 Beginning balance $ 53,411 $ 46,201 Contingency reserve — 14,272 Payment of contingent consideration on acquisitions (32,685 ) (13,725 ) Income from fair value adjustments (3,008 ) — Expense from fair value adjustments — 6,663 Ending balance $ 17,718 $ 53,411 |
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 December 31, 2015 and 2014 (in thousands): Fair Value Measurement at December 31, Description December 31, Quoted (Level 1) Significant (Level 2) Significant (Level 3) Total (Losses) Recognized During the Impaired loans $ 22,885 $ — $ — $ 22,885 $ (3,957 ) Other real estate owned 3,269 — — 3,269 — Total $ 26,154 $ — $ — $ 26,154 $ (3,957 ) Fair Value Measurement at December 31, Description December 31, Quoted (Level 1) Significant (Level 2) Significant (Level 3) Total Gains Recognized During the 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 December, 31, 2015 and 2014 are as follows (in millions): Fair Value Measurement at December 31, 2015 Using Carrying Quoted Prices (Level 1) Significant (Level 2) Significant (Level 3) Total FINANCIAL ASSETS Cash and short-term investments $ 1,154.7 $ 997.0 $ 157.7 $ — $ 1,154.7 Securities available for sale 6,806.9 429.7 6,377.2 — 6,806.9 Securities held to maturity 667.1 — 691.4 — 691.4 Other securities 65.2 — 65.2 — 65.2 Trading securities 29.6 18.1 11.5 — 29.6 Loans (exclusive of allowance for loan loss) 9,431.3 — 9,452.1 — 9,452.1 Derivatives 12.3 — 12.3 — 12.3 FINANCIAL LIABILITIES Demand and savings deposits 13,836.9 13,836.9 — — 13,836.9 Time deposits 1,255.9 — 1,255.9 — 1,255.9 Other borrowings 1,823.1 66.9 1,756.2 — 1,823.1 Long-term debt 86.1 — 86.4 — 86.4 Derivatives 12.3 — 12.3 — 12.3 OFF-BALANCE SHEET ARRANGEMENTS Commitments to extend credit for loans 4.9 Commercial letters of credit 0.3 Standby letters of credit 2.6 Fair Value Measurement at December 31, 2014 Using Carrying Quoted (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 |
PARENT COMPANY FINANCIAL INFO46
PARENT COMPANY FINANCIAL INFORMATION (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Schedule of Parent Company Balance Sheets | December 31, 2015 2014 BALANCE SHEETS (in thousands) ASSETS Investment in subsidiaries: Banks $ 1,596,292 $ 1,312,575 Non-banks 214,181 187,329 Total investment in subsidiaries 1,810,473 1,499,904 Goodwill on purchased affiliates 5,011 5,011 Cash 74,432 80,958 Securities available for sale and other 79,635 65,628 Total assets $ 1,969,551 $ 1,651,501 LIABILITIES AND SHAREHOLDERS’ EQUITY Long-term debt $ 66,158 $ — Accrued expenses and other 9,699 7,743 Total liabilities 75,857 7,743 Shareholders’ equity 1,893,694 1,643,758 Total liabilities and shareholders’ equity $ 1,969,551 $ 1,651,501 |
Schedule of Parent Company Statements of Income and Comprehensive Income | STATEMENTS OF INCOME AND COMPREHENSIVE INCOME ( in thousands ) Year Ended December 31, 2015 2014 2013 INCOME Dividends and income received from subsidiaries $ 27,913 $ 31,000 $ 54,750 Service fees from subsidiaries 44,350 35,206 33,443 Other 891 2,504 387 Total income 73,154 68,710 88,580 EXPENSE Salaries and employee benefits 41,019 33,556 32,223 Other 22,051 17,037 9,198 Total expense 63,070 50,593 41,421 Income before income taxes and equity in undistributed earnings of subsidiaries 10,084 18,117 47,159 Income tax benefit (5,301 ) (5,227 ) (4,307 ) Income before equity in undistributed earnings of subsidiaries 15,385 23,344 51,466 Equity in undistributed earnings of subsidiaries: Banks 95,942 94,833 64,674 Non-Banks 4,746 2,478 17,825 Net income $ 116,073 $ 120,655 $ 133,965 Other comprehensive (loss) income (14,724 ) 43,646 (118,228 ) Comprehensive income $ 101,349 $ 164,301 $ 15,737 |
Schedule of Parent Company Statements of Cash Flows | Year Ended December 31, 2015 2014 2013 STATEMENTS OF CASH FLOWS (in thousands) OPERATING ACTIVITIES Net income $ 116,073 $ 120,655 $ 133,965 Adjustments to reconcile net income to cash used in operating activities: Equity in earnings of subsidiaries (128,601 ) (128,311 ) (137,249 ) Dividends received from subsidiaries 27,913 31,000 — Net decrease in securities available for sale 211 6,397 6,181 Equity based compensation 10,751 9,661 — Other 220 (9,071 ) (8,467 ) Net cash provided by (used in) operating activities 26,567 30,331 (5,570 ) INVESTING ACTIVITIES Net capital investment in subsidiaries (16,513 ) (24,200 ) (156,000 ) Net cash activity from acquisition 24,962 — — Dividends received from subsidiaries — — 54,750 Net capital proceeds (expenditures) for premises and equipment 332 154 (406 ) Net cash provided by (used in) investing activities 8,781 (24,046 ) (101,656 ) FINANCING ACTIVITIES Proceeds from short-term debt — — — Cash dividends paid (45,967 ) (41,364 ) (36,168 ) Common stock issuance — — 231,430 Other 4,093 5,105 15,903 Net cash (used in) provided by financing activities (41,874 ) (36,259 ) 211,165 Net (decrease) increase in cash (6,526 ) (29,974 ) 103,939 Cash and cash equivalents at beginning of period 80,958 110,932 6,993 Cash and cash equivalents at end of period $ 74,432 $ 80,958 $ 110,932 |
SUMMARY OF OPERATING RESULTS 47
SUMMARY OF OPERATING RESULTS BY QUARTER (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Summary of Operating Results By Quarter | SUMMARY OF OPERATING RESULTS BY QUARTER (unaudited) (in thousands except per share data) Three Months Ended 2015 March 31 June 30 Sept 30 Dec 31 Interest income $ 93,953 101,884 115,229 119,615 Interest expense 3,595 4,524 5,334 5,161 Net interest income 90,358 97,360 109,895 114,454 Provision for loan losses 3,000 5,000 2,500 5,000 Noninterest income 125,207 119,550 109,098 112,599 Noninterest expense 164,413 171,964 185,279 182,080 Income tax expense 14,387 9,732 8,763 10,330 Net income $ 33,765 30,214 22,451 29,643 2014 March 31 June 30 Sept 30 Dec 31 Interest income $ 89,047 $ 89,789 $ 90,817 $ 94,218 Interest expense 3,602 3,619 3,291 3,304 Net interest income 85,445 86,170 87,526 90,914 Provision for loan losses 4,500 5,000 4,500 3,000 Noninterest income 122,964 134,001 126,475 115,248 Noninterest expense 171,931 166,201 161,151 166,397 Income tax expense 8,565 14,298 12,720 9,825 Net income $ 23,413 $ 34,672 $ 35,630 $ 26,940 Per Share Three Months Ended 2015 March 31 June 30 Sept 30 Dec 31 Net income – basic $ 0.75 0.65 0.46 0.61 Net income – diluted 0.74 0.65 0.46 0.60 Dividend 0.235 0.235 0.235 0.245 Book value 36.76 37.68 38.56 38.34 Per Share 2014 March 31 June 30 Sept 30 Dec 31 Net income – basic $ 0.52 $ 0.77 $ 0.79 $ 0.60 Net income – diluted 0.52 0.76 0.78 0.59 Dividend 0.225 0.225 0.225 0.235 Book value 33.94 35.21 35.51 36.10 |
Summary of Cash and Cash Equiva
Summary of Cash and Cash Equivalents (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Accounting Policies [Abstract] | ||||
Due from the Federal Reserve | $ 360,895 | $ 1,342,931 | ||
Cash and due from banks | 458,217 | 444,299 | ||
Cash and cash equivalents at end of year | $ 819,112 | $ 1,787,230 | $ 2,582,428 | $ 1,366,394 |
Summary of Significant Accoun49
Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Summary Of Significant Accounting Policies [Line Items] | |||
Interest bearing amounts held at other financial institutions | $ 162,000,000 | $ 196,500,000 | |
Days loan should be past due after contractual due date to be considered as delinquent loan | 30 days | ||
Days in which collection of interest or principal should be past to be placed on non-accrual status | 90 days | ||
Goodwill impairment | $ 0 | 0 | $ 0 |
Impairment of intangible assets | 0 | 0 | 0 |
Impairment charges | $ 0 | $ 0 | $ 0 |
Dilutive effect of common stock issuable upon exercise of options and nonvested restricted shares | 453,082 | 600,705 | 562,741 |
Anti-dilutive shares | 455,998 | 249,368 | |
Minimum [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Tax benefit, Percentage | 50.00% | ||
Maximum [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Amortizable intangible assets, amortization period | 17 years | ||
Premises [Member] | Minimum [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Property, plant and equipment, depreciation period | 15 years | ||
Premises [Member] | Maximum [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Property, plant and equipment, depreciation period | 40 years | ||
Equipment [Member] | Minimum [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Property, plant and equipment, depreciation period | 3 years | ||
Equipment [Member] | Maximum [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Property, plant and equipment, depreciation period | 20 years |
Loans and Allowance for Loan 50
Loans and Allowance for Loan Losses - Additional Information (Detail) - USD ($) | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | May. 31, 2015 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Carrying amount of loans | $ 3,056,000 | |||
Non- Accrual Loans | 61,152,000 | $ 27,382,000 | ||
Loans modified as troubled debt restructurings | 36,600,000 | 9,300,000 | ||
Total Past Due | 87,778,000 | 43,169,000 | ||
Proceeds from sales of loans held for sale | 97,690,000 | 73,468,000 | $ 121,825,000 | |
Commitments to lend to borrowers with loan modifications classified as TDR's | 582,000 | 477,000 | ||
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 | 7,324,000 | $ 3,830,000 | ||
PCI loans | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Loans modified as troubled debt restructurings | 0 | |||
PCI loans | Greater than 90 days Past Due and Accruing [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Total Past Due | 1,160,000 | |||
Loans Accounted for under ASC 310-30 [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Carrying amount of loans | 3,100,000 | |||
Outstanding balance of loans | 3,800,000 | |||
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 | ||||
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 | 3,056,000 | |||
Outstanding balance of loans | $ 3,843,000 | |||
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 | Dec. 31, 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) | $ (647) |
Expected cash flows at acquisition | 7,975 | |
Accretable yield | (164) | $ (140) |
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 | Dec. 31, 2015 |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities Acquired During Period [Line Items] | ||
Loans accounted for under ASC 310-30 | $ 3,056 | |
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 | 3,800 | |
Loans accounted for under ASC 310-30 | 3,100 | |
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 | 3,843 | |
Non-accretable difference | $ (1,307) | (647) |
Accretable yield | $ (164) | (140) |
Loans accounted for under ASC 310-30 | $ 3,056 |
Summary of Loan Classes and Agi
Summary of Loan Classes and Aging of Past Due Loans (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Non- Accrual Loans | $ 61,152 | $ 27,382 | |
Total Past Due | 87,778 | 43,169 | |
PCI Loans | 3,056 | ||
Current | 9,339,927 | 7,422,625 | |
Total Loans | 9,430,761 | 7,465,794 | $ 6,520,512 |
Real estate - residential [Member] | Prime [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Non- Accrual Loans | 800 | 562 | |
Total Past Due | 1,447 | 1,503 | |
Current | 490,780 | 318,324 | |
Total Loans | 492,227 | 319,827 | |
Consumer [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Loans | 446,347 | 411,266 | 381,248 |
Leases [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Current | 41,857 | 39,090 | |
Total Loans | 41,857 | 39,090 | $ 23,981 |
30-89 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Past Due | 19,302 | 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 | 612 | 828 | |
Greater than 90 days Past Due and Accruing [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Past Due | 7,324 | 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 | 35 | 113 | |
PCI loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Current | 1,838 | ||
PCI loans | 30-89 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Past Due | 58 | ||
PCI loans | Greater than 90 days Past Due and Accruing [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Past Due | 1,160 | ||
Commercial [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Non- Accrual Loans | 43,841 | 13,114 | |
Total Past Due | 52,485 | 15,986 | |
Current | 4,153,251 | 3,798,023 | |
Total Loans | 4,205,736 | 3,814,009 | |
Commercial [Member] | 30-89 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Past Due | 5,821 | 2,509 | |
Commercial [Member] | Greater than 90 days Past Due and Accruing [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Past Due | 2,823 | 363 | |
Commercial - credit card [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Non- Accrual Loans | 13 | 37 | |
Total Past Due | 651 | 451 | |
Current | 124,710 | 115,258 | |
Total Loans | 125,361 | 115,709 | |
Commercial - credit card [Member] | 30-89 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Past Due | 614 | 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 | 24 | 147 | |
Construction [Member] | Real estate [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Non- Accrual Loans | 331 | 983 | |
Total Past Due | 2,707 | 2,227 | |
Current | 413,861 | 253,779 | |
Total Loans | 416,568 | 256,006 | |
Construction [Member] | 30-89 Days Past Due [Member] | Real estate [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Past Due | 1,828 | 1,244 | |
Construction [Member] | Greater than 90 days Past Due and Accruing [Member] | Real estate [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Past Due | 548 | ||
Real estate - commercial [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Non- Accrual Loans | 9,578 | 12,037 | |
Total Past Due | 13,333 | 13,825 | |
PCI Loans | 1,055 | ||
Current | 2,648,384 | 1,852,476 | |
Total Loans | 2,662,772 | 1,866,301 | |
Real estate - commercial [Member] | 30-89 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Past Due | 2,125 | 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 | 1,630 | 61 | |
Real estate - commercial [Member] | PCI loans | Greater than 90 days Past Due and Accruing [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Past Due | 1,055 | ||
Real estate - HELOC [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Non- Accrual Loans | 3,524 | 19 | |
Total Past Due | 3,653 | 1,390 | |
Current | 726,310 | 642,196 | |
Total Loans | 729,963 | 643,586 | |
Real estate - HELOC [Member] | 30-89 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Past Due | 129 | 1,371 | |
Credit card [Member] | Consumer [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Non- Accrual Loans | 468 | 560 | |
Total Past Due | 4,813 | 5,131 | |
Current | 286,757 | 305,165 | |
Total Loans | 291,570 | 310,296 | |
Credit card [Member] | 30-89 Days Past Due [Member] | Consumer [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Past Due | 2,256 | 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 | 2,089 | 2,303 | |
Other [Member] | Consumer [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Non- Accrual Loans | 2,597 | 70 | |
Total Past Due | 8,689 | 2,656 | |
PCI Loans | 2,001 | ||
Current | 144,087 | 98,314 | |
Total Loans | 154,777 | 100,970 | |
Other [Member] | 30-89 Days Past Due [Member] | Consumer [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Past Due | 5,917 | 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 | 175 | $ 843 | |
Other [Member] | PCI loans | Consumer [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Current | 1,838 | ||
Other [Member] | PCI loans | 30-89 Days Past Due [Member] | Consumer [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Past Due | 58 | ||
Other [Member] | PCI loans | Greater than 90 days Past Due and Accruing [Member] | Consumer [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Past Due | 105 | ||
Asset-based [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Current | 219,244 | ||
Total Loans | 219,244 | ||
Factoring [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Current | 90,686 | ||
Total Loans | $ 90,686 |
Credit Risk Profile by Risk Rat
Credit Risk Profile by Risk Rating - Originated and Non-PCI Loans (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Financing Receivable, Recorded Investment [Line Items] | |||
Credit Risk Profile by Risk Rating | $ 9,430,761 | $ 7,465,794 | $ 6,520,512 |
Real estate - construction [Member] | Originated and Non-PCI Loans [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Credit Risk Profile by Risk Rating | 416,568 | 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 | 415,258 | 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 | 370 | 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 | 940 | 1,174 | |
Real estate - commercial [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Credit Risk Profile by Risk Rating | 2,662,772 | 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 | 2,661,717 | 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 | 2,561,401 | 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 | 51,774 | 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 | 22,544 | 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 | 25,998 | 45,303 | |
Commercial [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Credit Risk Profile by Risk Rating | 4,205,736 | 3,814,009 | |
Commercial [Member] | Originated and Non-PCI Loans [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Credit Risk Profile by Risk Rating | 4,205,736 | 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 | 3,880,109 | 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 | 105,539 | 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 | 29,397 | 98,750 | |
Commercial [Member] | Substandard [Member] | Originated and Non-PCI Loans [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Credit Risk Profile by Risk Rating | 190,691 | $ 110,365 | |
Asset-based [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Credit Risk Profile by Risk Rating | 219,244 | ||
Asset-based [Member] | Originated and Non-PCI Loans [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Credit Risk Profile by Risk Rating | 219,244 | ||
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 | 198,903 | ||
Asset-based [Member] | Special Mention [Member] | Originated and Non-PCI Loans [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Credit Risk Profile by Risk Rating | 18,163 | ||
Asset-based [Member] | Substandard [Member] | Originated and Non-PCI Loans [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Credit Risk Profile by Risk Rating | 2,178 | ||
Factoring [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Credit Risk Profile by Risk Rating | 90,686 | ||
Factoring [Member] | Originated and Non-PCI Loans [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Credit Risk Profile by Risk Rating | 90,686 | ||
Factoring [Member] | Non-watch list [Member] | Originated and Non-PCI Loans [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Credit Risk Profile by Risk Rating | 90,449 | ||
Factoring [Member] | Special Mention [Member] | Originated and Non-PCI Loans [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Credit Risk Profile by Risk Rating | $ 237 |
Credit Risk Profile Based on Pa
Credit Risk Profile Based on Payment Activity - Originated and Non-PCI Loans (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Financing Receivable, Recorded Investment [Line Items] | |||
Credit Risk Profile Based on Payment Activity | $ 9,430,761 | $ 7,465,794 | $ 6,520,512 |
Real estate - residential [Member] | Prime [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Credit Risk Profile Based on Payment Activity | 492,227 | 319,827 | |
Consumer [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Credit Risk Profile Based on Payment Activity | 446,347 | 411,266 | 381,248 |
Leases [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Credit Risk Profile Based on Payment Activity | 41,857 | 39,090 | $ 23,981 |
Commercial - credit card [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Credit Risk Profile Based on Payment Activity | 125,361 | 115,709 | |
Real estate - HELOC [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Credit Risk Profile Based on Payment Activity | 729,963 | 643,586 | |
Credit card [Member] | Consumer [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Credit Risk Profile Based on Payment Activity | 291,570 | 310,296 | |
Other [Member] | Consumer [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Credit Risk Profile Based on Payment Activity | 154,777 | 100,970 | |
Originated and Non-PCI Loans [Member] | Real estate - residential [Member] | Prime [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Credit Risk Profile Based on Payment Activity | 492,227 | 319,827 | |
Originated and Non-PCI Loans [Member] | Leases [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Credit Risk Profile Based on Payment Activity | 41,857 | 39,090 | |
Originated and Non-PCI Loans [Member] | Commercial - credit card [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Credit Risk Profile Based on Payment Activity | 125,361 | 115,709 | |
Originated and Non-PCI Loans [Member] | Real estate - HELOC [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Credit Risk Profile Based on Payment Activity | 729,963 | 643,586 | |
Originated and Non-PCI Loans [Member] | Credit card [Member] | Consumer [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Credit Risk Profile Based on Payment Activity | 291,570 | 310,296 | |
Originated and Non-PCI Loans [Member] | Other [Member] | Consumer [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Credit Risk Profile Based on Payment Activity | 154,777 | 100,970 | |
Originated and Non-PCI Loans [Member] | Performing [Member] | Real estate - residential [Member] | Prime [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Credit Risk Profile Based on Payment Activity | 491,427 | 319,265 | |
Originated and Non-PCI Loans [Member] | Performing [Member] | Leases [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Credit Risk Profile Based on Payment Activity | 41,857 | 39,090 | |
Originated and Non-PCI Loans [Member] | Performing [Member] | Commercial - credit card [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Credit Risk Profile Based on Payment Activity | 125,348 | 115,672 | |
Originated and Non-PCI Loans [Member] | Performing [Member] | Real estate - HELOC [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Credit Risk Profile Based on Payment Activity | 726,439 | 643,567 | |
Originated and Non-PCI Loans [Member] | Performing [Member] | Credit card [Member] | Consumer [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Credit Risk Profile Based on Payment Activity | 291,102 | 309,736 | |
Originated and Non-PCI Loans [Member] | Performing [Member] | Other [Member] | Consumer [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Credit Risk Profile Based on Payment Activity | 152,180 | 100,900 | |
Originated and Non-PCI Loans [Member] | Non-performing [Member] | Real estate - residential [Member] | Prime [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Credit Risk Profile Based on Payment Activity | 800 | 562 | |
Originated and Non-PCI Loans [Member] | Non-performing [Member] | Commercial - credit card [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Credit Risk Profile Based on Payment Activity | 13 | 37 | |
Originated and Non-PCI Loans [Member] | Non-performing [Member] | Real estate - HELOC [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Credit Risk Profile Based on Payment Activity | 3,524 | 19 | |
Originated and Non-PCI Loans [Member] | Non-performing [Member] | Credit card [Member] | Consumer [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Credit Risk Profile Based on Payment Activity | 468 | 560 | |
Originated and Non-PCI Loans [Member] | Non-performing [Member] | Other [Member] | Consumer [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Credit Risk Profile Based on Payment Activity | $ 2,597 | $ 70 |
Credit Risk Profile by Risk R56
Credit Risk Profile by Risk Rating - Loans Accounted for under ASC 310-30 (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Financing Receivable, Recorded Investment [Line Items] | |||
Credit Risk Profile by Risk Rating | $ 9,430,761 | $ 7,465,794 | $ 6,520,512 |
Commercial [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Credit Risk Profile by Risk Rating | 4,205,736 | $ 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 | 1,055 | ||
Commercial [Member] | Substandard [Member] | Loans Accounted for under ASC 310-30 [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Credit Risk Profile by Risk Rating | $ 1,055 |
Credit Risk Profile Based on 57
Credit Risk Profile Based on Payment Activity - Loans Accounted for under ASC 310-30 (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Financing Receivable, Recorded Investment [Line Items] | |||
Credit Risk Profile Based on Payment Activity | $ 9,430,761 | $ 7,465,794 | $ 6,520,512 |
Consumer [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Credit Risk Profile Based on Payment Activity | 446,347 | 411,266 | $ 381,248 |
Other [Member] | Consumer [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Credit Risk Profile Based on Payment Activity | 154,777 | $ 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 | 2,001 | ||
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 | $ 2,001 |
Rollforward of Allowance for Lo
Rollforward of Allowance for Loan Losses by Portfolio Segment (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Beginning balance | $ 76,140 | $ 74,751 | $ 71,426 |
Charge-offs | (15,111) | (18,993) | (17,654) |
Recoveries | 4,614 | 3,382 | 3,479 |
Provision | 15,500 | 17,000 | 17,500 |
Ending Balance | 81,143 | 76,140 | 74,751 |
Ending Balance: individually evaluated for impairment | 5,864 | 1,907 | 4,252 |
Ending Balance: collectively evaluated for impairment | 75,279 | 74,233 | 70,499 |
Ending Balance: PCI Loans | (3,056) | ||
Total Loans | 9,430,761 | 7,465,794 | 6,520,512 |
Ending Balance: individually evaluated for impairment | 78,325 | 27,304 | 30,189 |
Ending Balance: collectively evaluated for impairment | 9,349,380 | 7,438,490 | 6,490,323 |
Ending Balance: PCI Loans | 3,056 | ||
Commercial [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Beginning balance | 55,349 | 48,886 | 43,390 |
Charge-offs | (5,239) | (7,307) | (4,748) |
Recoveries | 1,824 | 848 | 867 |
Provision | 11,913 | 12,922 | 9,377 |
Ending Balance | 63,847 | 55,349 | 48,886 |
Ending Balance: individually evaluated for impairment | 5,668 | 972 | 2,882 |
Ending Balance: collectively evaluated for impairment | 58,179 | 54,377 | 46,004 |
Total Loans | 4,641,027 | 3,929,718 | 3,404,773 |
Ending Balance: individually evaluated for impairment | 68,004 | 17,060 | 14,635 |
Ending Balance: collectively evaluated for impairment | 4,573,023 | 3,912,658 | 3,390,138 |
Real Estate [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Beginning balance | 10,725 | 15,342 | 15,506 |
Charge-offs | (214) | (259) | (775) |
Recoveries | 321 | 44 | 77 |
Provision | (2,612) | (4,402) | 534 |
Ending Balance | 8,220 | 10,725 | 15,342 |
Ending Balance: individually evaluated for impairment | 196 | 935 | 1,370 |
Ending Balance: collectively evaluated for impairment | 8,024 | 9,790 | 13,972 |
Ending Balance: PCI Loans | (1,055) | ||
Total Loans | 4,301,530 | 3,085,720 | 2,710,510 |
Ending Balance: individually evaluated for impairment | 7,747 | 10,243 | 15,543 |
Ending Balance: collectively evaluated for impairment | 4,292,728 | 3,075,477 | 2,694,967 |
Ending Balance: PCI Loans | 1,055 | ||
Consumer [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Beginning balance | 9,921 | 10,447 | 12,470 |
Charge-offs | (9,658) | (11,427) | (12,131) |
Recoveries | 2,469 | 2,490 | 2,535 |
Provision | 6,217 | 8,411 | 7,573 |
Ending Balance | 8,949 | 9,921 | 10,447 |
Ending Balance: collectively evaluated for impairment | 8,949 | 9,921 | 10,447 |
Ending Balance: PCI Loans | (2,001) | ||
Total Loans | 446,347 | 411,266 | 381,248 |
Ending Balance: individually evaluated for impairment | 2,574 | 1 | 11 |
Ending Balance: collectively evaluated for impairment | 441,772 | 411,265 | 381,237 |
Ending Balance: PCI Loans | 2,001 | ||
Leases [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Beginning balance | 145 | 76 | 60 |
Provision | (18) | 69 | 16 |
Ending Balance | 127 | 145 | 76 |
Ending Balance: collectively evaluated for impairment | 127 | 145 | 76 |
Total Loans | 41,857 | 39,090 | 23,981 |
Ending Balance: collectively evaluated for impairment | $ 41,857 | $ 39,090 | $ 23,981 |
Analysis of Impaired Loans by C
Analysis of Impaired Loans by Class (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Unpaid Principal Balance | $ 84,480 | $ 33,928 | $ 34,650 |
Recorded Investment with No Allowance | 49,576 | 20,275 | 10,441 |
Recorded Investment with Allowance | 28,749 | 7,029 | 19,748 |
Total Recorded Investment | 78,325 | 27,304 | 30,189 |
Related Allowance | 5,864 | 1,907 | 4,252 |
Average Recorded Investment | 53,354 | 29,277 | 27,639 |
Real estate - residential [Member] | Prime [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Unpaid Principal Balance | 1,054 | 1,083 | 1,317 |
Recorded Investment with No Allowance | 939 | 909 | 1,087 |
Total Recorded Investment | 939 | 909 | 1,087 |
Related Allowance | 1,276 | ||
Average Recorded Investment | 1,433 | 1,006 | 1,122 |
Commercial [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Unpaid Principal Balance | 72,739 | 21,758 | 17,227 |
Recorded Investment with No Allowance | 40,648 | 13,928 | 3,228 |
Recorded Investment with Allowance | 27,356 | 3,132 | 11,407 |
Total Recorded Investment | 68,004 | 17,060 | 14,635 |
Related Allowance | 5,668 | 972 | 2,882 |
Average Recorded Investment | 41,394 | 16,022 | 14,791 |
Construction [Member] | Real estate [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Unpaid Principal Balance | 782 | 1,540 | 1,408 |
Recorded Investment with No Allowance | 331 | 983 | 810 |
Recorded Investment with Allowance | 118 | 123 | |
Total Recorded Investment | 449 | 983 | 933 |
Related Allowance | 42 | ||
Average Recorded Investment | 802 | 939 | 1,186 |
Real estate - commercial [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Unpaid Principal Balance | 7,117 | 9,546 | 14,686 |
Recorded Investment with No Allowance | 4,891 | 4,454 | 5,305 |
Recorded Investment with Allowance | 1,275 | 3,897 | 8,218 |
Total Recorded Investment | 6,166 | 8,351 | 13,523 |
Related Allowance | 154 | 935 | 94 |
Average Recorded Investment | 7,768 | 11,298 | 10,506 |
Real estate - HELOC [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Unpaid Principal Balance | 214 | ||
Recorded Investment with No Allowance | 193 | ||
Total Recorded Investment | 193 | ||
Average Recorded Investment | 162 | ||
Other [Member] | Consumer [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Unpaid Principal Balance | 2,574 | 1 | 12 |
Recorded Investment with No Allowance | 2,574 | 1 | 11 |
Total Recorded Investment | 2,574 | 1 | 11 |
Average Recorded Investment | $ 1,795 | $ 12 | $ 34 |
Summary of Loans Restructured b
Summary of Loans Restructured by Class (Detail) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015USD ($)Contract | Dec. 31, 2014USD ($)Contract | |
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | Contract | 23 | 6 |
Pre-Modification Outstanding Recorded Investment | $ 32,855 | $ 924 |
Post-Modification Outstanding Recorded Investment | $ 32,855 | $ 948 |
Commercial [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | Contract | 21 | 1 |
Pre-Modification Outstanding Recorded Investment | $ 32,473 | $ 469 |
Post-Modification Outstanding Recorded Investment | $ 32,473 | $ 469 |
Real estate - commercial [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | Contract | 1 | 1 |
Pre-Modification Outstanding Recorded Investment | $ 261 | $ 178 |
Post-Modification Outstanding Recorded Investment | $ 261 | $ 178 |
Real Estate Loan [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | Contract | 1 | 4 |
Pre-Modification Outstanding Recorded Investment | $ 121 | $ 277 |
Post-Modification Outstanding Recorded Investment | $ 121 | $ 301 |
Securities Available for Sale (
Securities Available for Sale (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Schedule of Available-for-sale Securities [Line Items] | ||
Securities available for sale, Amortized Cost | $ 6,813,011 | $ 6,894,222 |
Securities available for sale, Gross Unrealized Gains | 36,393 | 52,724 |
Securities available for sale, Gross Unrealized Losses | (42,455) | (35,010) |
Total securities available for sale, Fair Value | 6,806,949 | 6,911,936 |
U.S. Treasury | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities available for sale, Amortized Cost | 350,354 | 519,484 |
Securities available for sale, Gross Unrealized Gains | 1 | 501 |
Securities available for sale, Gross Unrealized Losses | (576) | (525) |
Total securities available for sale, Fair Value | 349,779 | 519,460 |
U.S. Agencies | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities available for sale, Amortized Cost | 667,414 | 991,084 |
Securities available for sale, Gross Unrealized Gains | 7 | 780 |
Securities available for sale, Gross Unrealized Losses | (1,032) | (1,175) |
Total securities available for sale, Fair Value | 666,389 | 990,689 |
Mortgage-backed [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities available for sale, Amortized Cost | 3,598,115 | 3,276,009 |
Securities available for sale, Gross Unrealized Gains | 12,420 | 28,470 |
Securities available for sale, Gross Unrealized Losses | (38,089) | (26,875) |
Total securities available for sale, Fair Value | 3,572,446 | 3,277,604 |
State and political subdivisions [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities available for sale, Amortized Cost | 2,116,543 | 1,983,549 |
Securities available for sale, Gross Unrealized Gains | 23,965 | 22,973 |
Securities available for sale, Gross Unrealized Losses | (2,095) | (5,165) |
Total securities available for sale, Fair Value | 2,138,413 | 2,001,357 |
Corporates [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities available for sale, Amortized Cost | 80,585 | 124,096 |
Securities available for sale, Gross Unrealized Losses | (663) | (1,270) |
Total securities available for sale, Fair Value | $ 79,922 | $ 122,826 |
Summary of Contractual Maturity
Summary of Contractual Maturity Information for Securities Available for Sale (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Investments, Debt and Equity Securities [Abstract] | ||
Due in 1 year or less, Amortized Cost | $ 998,269 | |
Due after 1 year through 5 years, Amortized Cost | 1,278,055 | |
Due after 5 years through 10 years, Amortized Cost | 857,416 | |
Due after 10 years, Amortized Cost | 81,156 | |
Total, Amortized Cost | 3,214,896 | |
Mortgage-backed securities, Amortized Cost | 3,598,115 | |
Securities available for sale, Amortized Cost | 6,813,011 | $ 6,894,222 |
Due in 1 year or less, Fair Value | 997,988 | |
Due after 1 year through 5 years, Fair Value | 1,285,822 | |
Due after 5 years through 10 years, Fair Value | 869,158 | |
Due after 10 years, Fair Value | 81,535 | |
Total, Fair Value | 3,234,503 | |
Mortgage-backed securities, Fair Value | 3,572,446 | |
Total securities available for sale, Fair Value | $ 6,806,949 | $ 6,911,936 |
Securities - Additional Informa
Securities - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Schedule of Trading Securities and Other Trading Assets [Line Items] | |||
Proceeds from sales of securities available for sale | $ 946,045,000 | $ 413,955,000 | $ 685,031,000 |
Gross realized gains from securities | 10,500,000 | 4,100,000 | 8,700,000 |
Gross realized losses from securities | 100,000 | 11,000 | 200,000 |
Sales of securities held to maturity | 0 | 0 | 0 |
Unrealized gains on trading securities | 8,000 | 101,000 | $ 151,000 |
Fair value of other marketable securities | 7,200,000 | 16,700,000 | |
Fair value of other non-marketable securities | 2,000,000 | 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 | 5,900,000,000 | 5,700,000,000 | |
Federal Reserve Discount Window [Member] | |||
Schedule of Trading Securities and Other Trading Assets [Line Items] | |||
Pledged securities for deposits | $ 1,600,000,000 | $ 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 | Dec. 31, 2015 | Dec. 31, 2014 |
Gain (Loss) on Investments [Line Items] | ||
Less than 12 months, Fair Value | $ 3,525,188 | $ 1,790,321 |
Less than 12 months, Unrealized Losses | (24,120) | (11,037) |
12 months or more, Fair Value | 538,079 | 1,025,349 |
12 months or more, Unrealized Losses | (18,335) | (23,973) |
Total Fair Value | 4,063,267 | 2,815,670 |
Total Unrealized Losses | (42,455) | (35,010) |
U.S. Treasury | ||
Gain (Loss) on Investments [Line Items] | ||
Less than 12 months, Fair Value | 344,556 | 236,591 |
Less than 12 months, Unrealized Losses | (576) | (329) |
12 months or more, Fair Value | 14,863 | |
12 months or more, Unrealized Losses | (196) | |
Total Fair Value | 344,556 | 251,454 |
Total Unrealized Losses | (576) | (525) |
U.S. Agencies | ||
Gain (Loss) on Investments [Line Items] | ||
Less than 12 months, Fair Value | 615,993 | 387,999 |
Less than 12 months, Unrealized Losses | (1,032) | (689) |
12 months or more, Fair Value | 81,593 | |
12 months or more, Unrealized Losses | (486) | |
Total Fair Value | 615,993 | 469,592 |
Total Unrealized Losses | (1,032) | (1,175) |
Mortgage-backed [Member] | ||
Gain (Loss) on Investments [Line Items] | ||
Less than 12 months, Fair Value | 2,056,316 | 727,142 |
Less than 12 months, Unrealized Losses | (21,013) | (8,370) |
12 months or more, Fair Value | 426,959 | 616,044 |
12 months or more, Unrealized Losses | (17,076) | (18,504) |
Total Fair Value | 2,483,275 | 1,343,186 |
Total Unrealized Losses | (38,089) | (26,874) |
State and political subdivisions [Member] | ||
Gain (Loss) on Investments [Line Items] | ||
Less than 12 months, Fair Value | 479,197 | 401,934 |
Less than 12 months, Unrealized Losses | (1,316) | (1,406) |
12 months or more, Fair Value | 60,324 | 226,678 |
12 months or more, Unrealized Losses | (779) | (3,760) |
Total Fair Value | 539,521 | 628,612 |
Total Unrealized Losses | (2,095) | (5,166) |
Corporates [Member] | ||
Gain (Loss) on Investments [Line Items] | ||
Less than 12 months, Fair Value | 29,126 | 36,655 |
Less than 12 months, Unrealized Losses | (183) | (243) |
12 months or more, Fair Value | 50,796 | 86,171 |
12 months or more, Unrealized Losses | (480) | (1,027) |
Total Fair Value | 79,922 | 122,826 |
Total Unrealized Losses | $ (663) | $ (1,270) |
Securities Held to Maturity (De
Securities Held to Maturity (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Investments, Debt and Equity Securities [Abstract] | ||
Held to Maturity, Amortized Cost | $ 667,106 | $ 278,054 |
Held to Maturity, Net Unrealized Gains | 24,273 | 26,058 |
Held to Maturity, Fair value | $ 691,379 | $ 304,112 |
Contractual Maturity Informatio
Contractual Maturity Information for Securities Held to Maturity (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Investments, Debt and Equity Securities [Abstract] | ||
Due in 1 year or less, Fair Value | $ 17,893 | |
Due after 1 year through 5 years, Fair Value | 80,047 | |
Due after 5 years through 10 years, Fair Value | 384,117 | |
Due after 10 years, Fair Value | 209,322 | |
Total securities held to maturity, Fair Value | $ 691,379 | $ 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 | Dec. 31, 2015 | Dec. 31, 2014 |
Schedule of Other Securities [Line Items] | ||
Fair Value | $ 65,200 | $ 68,500 |
Federal Reserve Bank Stock and Other Securities [Member] | ||
Schedule of Other Securities [Line Items] | ||
Amortized Cost | 57,075 | 47,948 |
Gross Unrealized Gains | 8,123 | 20,605 |
Gross Unrealized Losses | (79) | |
Fair Value | 65,198 | 68,474 |
Federal Reserve Bank Stock and Other Securities [Member] | Other securities - non-marketable [Member] | ||
Schedule of Other Securities [Line Items] | ||
Amortized Cost | 23,855 | 21,669 |
Gross Unrealized Gains | 964 | 3,937 |
Gross Unrealized Losses | (79) | |
Fair Value | 24,819 | 25,527 |
Federal Reserve Bank Stock and Other Securities [Member] | Other securities - marketable [Member] | ||
Schedule of Other Securities [Line Items] | ||
Amortized Cost | 5 | |
Gross Unrealized Gains | 7,159 | 16,668 |
Fair Value | 7,164 | 16,668 |
Federal Reserve Bank Stock and Other Securities [Member] | FRB and FHLB stock [Member] | ||
Schedule of Other Securities [Line Items] | ||
Amortized Cost | 33,215 | 26,279 |
Fair Value | $ 33,215 | $ 26,279 |
Securities Purchased Under Ag68
Securities Purchased Under Agreements to Resell - Additional Information (Detail) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Disclosure of Repurchase Agreements [Abstract] | ||
Securities purchased under agreements to resell | $ 157.7 | $ 95.5 |
Loans to Officers and Directo69
Loans to Officers and Directors - Activity with Respect to Aggregate Loans to Related Parties (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Related Party Transactions [Abstract] | ||
Balance - beginning of year | $ 541,507 | $ 493,373 |
New loans | 462,914 | 139,442 |
Repayments | (294,336) | (91,308) |
Balance - end of year | $ 710,085 | $ 541,507 |
Changes in Carrying Amount of G
Changes in Carrying Amount of Goodwill (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Goodwill And Other Intangible Assets [Line Items] | ||
Beginning Balance | $ 209,758 | $ 209,758 |
Acquisition of Marquette | 18,588 | |
Ending Balance | 228,346 | $ 209,758 |
Bank [Member] | ||
Goodwill And Other Intangible Assets [Line Items] | ||
Beginning Balance | 142,753 | $ 142,753 |
Acquisition of Marquette | 18,588 | |
Ending Balance | 161,341 | $ 142,753 |
Institutional Investment Management [Member] | ||
Goodwill And Other Intangible Assets [Line Items] | ||
Beginning Balance | 47,529 | $ 47,529 |
Acquisition of Marquette | ||
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 | ||
Ending Balance | $ 19,476 | $ 19,476 |
Changes In Intangible Assets (D
Changes In Intangible Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 159,185 | $ 144,304 |
Accumulated Amortization | 112,403 | 100,313 |
Net Carrying Amount | 46,782 | 43,991 |
Core deposit intangible assets [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 36,497 | 36,497 |
Accumulated Amortization | 33,613 | 32,721 |
Net Carrying Amount | 2,884 | 3,776 |
Customer relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 104,560 | 104,560 |
Accumulated Amortization | 73,496 | 64,980 |
Net Carrying Amount | 31,064 | 39,580 |
Other intangible assets [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 3,247 | 3,247 |
Accumulated Amortization | 2,841 | 2,612 |
Net Carrying Amount | 406 | $ 635 |
Core deposit intangible-Marquette Acquisition [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 11,030 | |
Accumulated Amortization | 1,838 | |
Net Carrying Amount | 9,192 | |
Customer relationships - Marquette Acquisition [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 2,900 | |
Accumulated Amortization | 338 | |
Net Carrying Amount | 2,562 | |
Other intangible assets - Marquette Acquisition [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 951 | |
Accumulated Amortization | 277 | |
Net Carrying Amount | $ 674 |
Goodwill and Other Intangible72
Goodwill and Other Intangibles - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Amortization expense | $ 12,090 | $ 12,193 | $ 13,218 |
Estimated Amortization Expense
Estimated Amortization Expense of Intangible Assets (Detail) $ in Thousands | Dec. 31, 2015USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
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 |
Components of Premises and Equi
Components of Premises and Equipment (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Property, Plant and Equipment [Abstract] | ||
Land | $ 46,430 | $ 43,798 |
Buildings and leasehold improvements | 316,988 | 301,687 |
Equipment | 138,127 | 120,745 |
Software | 157,847 | 132,265 |
Premises and equipment, gross | 659,392 | 598,495 |
Accumulated depreciation | (268,864) | (246,457) |
Accumulated amortization | (109,057) | (94,203) |
Premises and equipment, net | $ 281,471 | $ 257,835 |
Premises and Equipment - Additi
Premises and Equipment - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Property, Plant and Equipment [Abstract] | |||
Consolidated rental and operating lease expenses | $ 14.6 | $ 12 | $ 10.9 |
Consolidated bank premises and equipment depreciation and amortization expenses | $ 40.7 | $ 34.2 | $ 31 |
Minimum Future Rental Commitmen
Minimum Future Rental Commitments for all Non-cancelable Operating Leases (Detail) $ in Thousands | Dec. 31, 2015USD ($) |
Property, Plant and Equipment [Abstract] | |
2,016 | $ 11,279 |
2,017 | 10,433 |
2,018 | 9,761 |
2,019 | 8,684 |
2,020 | 7,782 |
Thereafter | 26,111 |
Total | $ 74,050 |
Components of Short-Term and Lo
Components of Short-Term and Long-Term Debt (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Debt Instrument [Line Items] | ||
Short-term debt | $ 5,009 | |
Long-term debt | 86,070 | $ 8,810 |
Total borrowed funds | 91,079 | 8,810 |
Federal Home Loan Bank 0.98% due 2016 [Member] | ||
Debt Instrument [Line Items] | ||
Short-term debt | 5,009 | |
Marquette Capital Trust I subordinated debentures 1.65% due 2036 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | 16,062 | |
Marquette Capital Trust II subordinated debentures 6.30% due 2036 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | 16,741 | |
Marquette Capital Trust III subordinated debentures 2.09% due 2036 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | 6,598 | |
Marquette Capital Trust IV subordinated debentures 2.11% due 2036 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | 26,757 | |
Federal Home Loan Bank 1.88% due 2018 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | 7,088 | |
Federal Home Loan Bank 2.74% due 2020 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | 3,104 | |
Kansas Equity Fund IV, L.P. 0% due 2017 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | 29 | 71 |
Kansas Equity Fund V, L.P. 0% due 2017 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | 63 | 119 |
Kansas Equity Fund VI, L.P. 0% due 2017 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | 110 | 239 |
Kansas Equity Fund IX, L.P. 0% due 2023 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | 271 | 341 |
Kansas Equity Fund X, L.P. 0% due 2021 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | 338 | 419 |
Kansas City Equity Fund 2007, L.L.C. 0% due 2016 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | 86 | |
Kansas City Equity Fund 2008, L.L.C. 0% due 2016 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | 10 | 149 |
Kansas City Equity Fund 2009, L.L.C. 0% due 2017 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | 144 | 371 |
St. Louis Equity Fund 2007 L.L.C. 0% due 2016 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | 13 | 39 |
St. Louis Equity Fund 2008 L.L.C. 0% due 2016 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | 10 | 160 |
St. Louis Equity Fund 2009 L.L.C. 0% due 2017 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | 245 | 395 |
St. Louis Equity Fund 2012 L.L.C. 0% due 2020 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | 322 | 402 |
St. Louis Equity Fund 2013 L.L.C. 0% due 2021 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | 1,465 | 1,758 |
St. Louis Equity Fund 2014 L.L.C. 0% due 2022 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | 1,814 | 1,819 |
St. Louis Equity Fund 2015 L.L.C. 0% due 2023 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | 1,000 | |
MHEG Community Fund 41, L.P. 0% due 2024 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | 920 | 957 |
MHEG Community Fund 43, L.P. 0% due 2026 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | 1,482 | $ 1,485 |
MHEG Community Fund 45, L.P. 0% due 2027 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 1,484 |
Components of Short-Term and 78
Components of Short-Term and Long-Term Debt (Parenthetical) (Detail) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Federal Home Loan Bank 0.98% due 2016 [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, interest rate | 0.98% | 0.98% |
Debt instrument, maturity year | 2,016 | 2,016 |
Marquette Capital Trust I subordinated debentures 1.65% due 2036 [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, interest rate | 1.65% | 1.65% |
Debt instrument, maturity year | 2,036 | 2,036 |
Marquette Capital Trust II subordinated debentures 6.30% due 2036 [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, interest rate | 6.30% | 6.30% |
Debt instrument, maturity year | 2,036 | 2,036 |
Marquette Capital Trust III subordinated debentures 2.09% due 2036 [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, interest rate | 2.09% | 2.09% |
Debt instrument, maturity year | 2,036 | 2,036 |
Marquette Capital Trust IV subordinated debentures 2.11% due 2036 [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, interest rate | 2.11% | 2.11% |
Debt instrument, maturity year | 2,036 | 2,036 |
Federal Home Loan Bank 1.88% due 2018 [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, interest rate | 1.88% | 1.88% |
Debt instrument, maturity year | 2,018 | 2,018 |
Federal Home Loan Bank 2.74% due 2020 [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, interest rate | 2.74% | 2.74% |
Debt instrument, maturity year | 2,020 | 2,020 |
Kansas Equity Fund IV, L.P. 0% due 2017 [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, interest rate | 0.00% | 0.00% |
Debt instrument, maturity year | 2,017 | 2,017 |
Kansas Equity Fund V, L.P. 0% due 2017 [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, interest rate | 0.00% | 0.00% |
Debt instrument, maturity year | 2,017 | 2,017 |
Kansas Equity Fund VI, L.P. 0% due 2017 [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, interest rate | 0.00% | 0.00% |
Debt instrument, maturity year | 2,017 | 2,017 |
Kansas Equity Fund IX, L.P. 0% due 2023 [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, interest rate | 0.00% | 0.00% |
Debt instrument, maturity year | 2,023 | 2,023 |
Kansas Equity Fund X, L.P. 0% due 2021 [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, interest rate | 0.00% | 0.00% |
Debt instrument, maturity year | 2,021 | 2,021 |
Kansas City Equity Fund 2007, L.L.C. 0% due 2016 [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, interest rate | 0.00% | 0.00% |
Debt instrument, maturity year | 2,016 | 2,016 |
Kansas City Equity Fund 2008, L.L.C. 0% due 2016 [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, interest rate | 0.00% | 0.00% |
Debt instrument, maturity year | 2,016 | 2,016 |
Kansas City Equity Fund 2009, L.L.C. 0% due 2017 [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, interest rate | 0.00% | 0.00% |
Debt instrument, maturity year | 2,017 | 2,017 |
St. Louis Equity Fund 2007 L.L.C. 0% due 2016 [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, interest rate | 0.00% | 0.00% |
Debt instrument, maturity year | 2,016 | 2,016 |
St. Louis Equity Fund 2008 L.L.C. 0% due 2016 [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, interest rate | 0.00% | 0.00% |
Debt instrument, maturity year | 2,016 | 2,016 |
St. Louis Equity Fund 2009 L.L.C. 0% due 2017 [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, interest rate | 0.00% | 0.00% |
Debt instrument, maturity year | 2,017 | 2,017 |
St. Louis Equity Fund 2012 L.L.C. 0% due 2020 [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, interest rate | 0.00% | 0.00% |
Debt instrument, maturity year | 2,020 | 2,020 |
St. Louis Equity Fund 2013 L.L.C. 0% due 2021 [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, interest rate | 0.00% | 0.00% |
Debt instrument, maturity year | 2,021 | 2,021 |
St. Louis Equity Fund 2014 L.L.C. 0% due 2022 [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, interest rate | 0.00% | 0.00% |
Debt instrument, maturity year | 2,022 | 2,022 |
St. Louis Equity Fund 2015 L.L.C. 0% due 2023 [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, interest rate | 0.00% | 0.00% |
Debt instrument, maturity year | 2,023 | 2,023 |
MHEG Community Fund 41, L.P. 0% due 2024 [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, interest rate | 0.00% | 0.00% |
Debt instrument, maturity year | 2,024 | 2,024 |
MHEG Community Fund 43, L.P. 0% due 2026 [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, interest rate | 0.00% | 0.00% |
Debt instrument, maturity year | 2,026 | 2,026 |
MHEG Community Fund 45, L.P. 0% due 2027 [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, interest rate | 0.00% | 0.00% |
Debt instrument, maturity year | 2,027 | 2,027 |
Aggregate Annual Repayments of
Aggregate Annual Repayments of Long-Term Debt (Detail) $ in Thousands | Dec. 31, 2015USD ($) |
Maturities of Long-term Debt [Abstract] | |
2,016 | $ 6,702 |
2,017 | 1,601 |
2,018 | 8,599 |
2,019 | 1,412 |
2,020 | 4,381 |
Thereafter | 68,384 |
Total | $ 91,079 |
Borrowed Funds - Additional Inf
Borrowed Funds - Additional Information (Detail) - USD ($) | May. 31, 2015 | Dec. 31, 2015 | Dec. 23, 2015 | Dec. 31, 2014 |
Debt Instrument [Line Items] | ||||
Payments to acquire federal home loan bank stock | $ 10,000,000 | |||
Federal home loan bank maturity period | 30 days | |||
Securities sold under agreements to repurchase | $ 1,751,207,000 | $ 2,000,000,000 | ||
Accrued interest payable | 39,000 | $ 10,000 | ||
Marquette [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term debt | $ 89,971,000 | |||
Federal home loan bank amount outstanding | 405,000 | |||
Marquette [Member] | Marquette Capital Trust I, Marquette Capital Trust II, Marquette Capital Trust III And Marquette Capital Trust IV [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term debt | 103,100,000 | |||
Long-term debt acquired at fair value | $ 65,500,000 | |||
Marquette [Member] | Federal Home Loan Bank of San Francisco | ||||
Debt Instrument [Line Items] | ||||
Federal home loan bank amount outstanding | $ 15,000,000 | |||
Federal home loan bank amount advances, due date earliest | 2,016 | |||
Federal home loan bank amount advances, due date last | 2,020 | |||
Marquette [Member] | Trust Preferred Securities [Member] | Marquette Capital Trust II subordinated debentures 6.30% due 2036 [Member] | ||||
Debt Instrument [Line Items] | ||||
Interest rate of trust preferred securities till January 2016 | 6.30% | |||
Interest rate based on LIBOR | LIBOR 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] | ||||
Debt Instrument [Line Items] | ||||
Interest rate based on LIBOR | LIBOR rate with spreads ranging from 133 basis points | |||
FHLB [Member] | ||||
Debt Instrument [Line Items] | ||||
Issuance of letter of credit | $ 150,000,000 | |||
Federal home loan bank amount outstanding | $ 0 | |||
Minimum [Member] | Marquette [Member] | Trust Preferred Securities [Member] | Marquette Capital Trust I, Marquette Capital Trust III And Marquette Capital Trust IV [Member] | ||||
Debt Instrument [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] | ||||
Debt Instrument [Line Items] | ||||
Interest rate of trust preferred securities | 1.60% | |||
Letter of Credit [Member] | FHLB [Member] | ||||
Debt Instrument [Line Items] | ||||
Borrowing capacity | 559,700,000 | |||
Letter of Credit [Member] | Reduced Borrowing Limit [Member] | FHLB [Member] | ||||
Debt Instrument [Line Items] | ||||
Borrowing capacity | $ 409,700,000 | |||
Wells Fargo Bank 1.25% due 2012 [Member] | ||||
Debt Instrument [Line Items] | ||||
Interest rate based on LIBOR | 1.00 percent above LIBOR | |||
Borrowing capacity | $ 50,000,000 | |||
Debt instrument, interest rate based on prime lending rate | 1.75 percent below the prime | |||
Revolving line of credit, commitment fee for unused portion | 0.30% |
Carrying Amounts and Market Val
Carrying Amounts and Market Values of Securities and Related Repurchase Liabilities and Weighted Average Interest Rates of Repurchase Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Assets Sold under Agreements to Repurchase [Line Items] | ||
Securities Market Value | $ 1,773,460 | |
Repurchase Liabilities | $ 1,751,207 | $ 2,000,000 |
Weighted Average Interest Rate | 0.30% | |
On Demand [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Securities Market Value | $ 3,586 | |
Repurchase Liabilities | $ 3,579 | |
Weighted Average Interest Rate | 0.04% | |
2 to 29 days [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Securities Market Value | $ 1,769,270 | |
Repurchase Liabilities | $ 1,747,028 | |
Weighted Average Interest Rate | 0.30% | |
Over 90 Days [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Securities Market Value | $ 604 | |
Repurchase Liabilities | $ 600 | |
Weighted Average Interest Rate | 0.00% |
Remaining Contractual Maturitie
Remaining Contractual Maturities Of Repurchase Agreements (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Assets Sold under Agreements to Repurchase [Line Items] | ||
Total repurchase agreements | $ 1,751,207 | $ 2,000,000 |
U.S. Treasury | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Total repurchase agreements | 171,533 | |
U.S. Agencies | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Total repurchase agreements | 1,579,674 | |
On Demand [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Total repurchase agreements | 3,579 | |
On Demand [Member] | U.S. Agencies | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Total repurchase agreements | 3,579 | |
2 to 29 days [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Total repurchase agreements | 1,747,028 | |
2 to 29 days [Member] | U.S. Treasury | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Total repurchase agreements | 171,533 | |
2 to 29 days [Member] | U.S. Agencies | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Total repurchase agreements | 1,575,495 | |
Over 90 Days [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Total repurchase agreements | 600 | |
Over 90 Days [Member] | U.S. Agencies | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Total repurchase agreements | $ 600 |
Regulatory Requirements - Addit
Regulatory Requirements - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Regulatory Requirements [Line Items] | ||
Reserve balance with Federal Reserve Bank maintained by affiliate bank | $ 489.3 | $ 729.1 |
Tier 1 Capital For Capital Adequacy Purposes, Ratio | 6.00% | 4.00% |
Total Capital For Capital Adequacy Purposes, Ratio | 8.00% | 8.00% |
Tier 1 Leverage for Capital Adequacy Purposes, Ratio | 4.00% | 4.00% |
Total Capital, Actual Ratio | 12.80% | |
Tier 1 Capital, Actual Ratio | 11.86% | |
Tier 1 Leverage, Actual Ratio | 9.08% | |
Tier 1 Capital To Be Well Capitalized Under Prompt Corrective Action Provisions, Ratio | 10.00% | |
Tier 1 Capital To Be Well Capitalized Under Prompt Corrective Action Provisions, Ratio | 8.00% | |
Tier 1 Leverage To Be Well Capitalized Under Prompt Corrective Action Provisions, Ratio | 5.00% | |
Common Equity Tier One Capital [Member] | ||
Regulatory Requirements [Line Items] | ||
Tier 1 Capital For Capital Adequacy Purposes, Ratio | 4.50% | |
Total Capital, Actual Ratio | 4.50% | |
Common equity capital conservation buffer to risk weighted asset | 2.50% | |
Tier 1 Capital, Actual Ratio | 11.74% | |
Tier 1 Capital To Be Well Capitalized Under Prompt Corrective Action Provisions, Ratio | 6.50% |
Actual Capital Amounts as well
Actual Capital Amounts as well as Required and Well-Capitalized Tier One, Total and Tier One Leverage Ratios (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Tier 1 Capital, Actual Ratio | 11.86% | |
Tier 1 Capital For Capital Adequacy Purposes, Ratio | 6.00% | 4.00% |
Tier 1 Capital To Be Well Capitalized Under Prompt Corrective Action Provisions, Ratio | 8.00% | |
Total Capital, Actual Ratio | 12.80% | |
Total Capital For Capital Adequacy Purposes, Ratio | 8.00% | 8.00% |
Total Capital To Be Well Capitalized Under Prompt Corrective Action Provisions, Ratio | 10.00% | |
Tier 1 Leverage, Actual Ratio | 9.08% | |
Tier 1 Leverage for Capital Adequacy Purposes, Ratio | 4.00% | 4.00% |
Tier 1 Leverage To Be Well Capitalized Under Prompt Corrective Action Provisions, Ratio | 5.00% | |
Common Equity Tier One Capital [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Tier 1 Capital, Actual Ratio | 11.74% | |
Tier 1 Capital For Capital Adequacy Purposes, Ratio | 4.50% | |
Tier 1 Capital To Be Well Capitalized Under Prompt Corrective Action Provisions, Ratio | 6.50% | |
Total Capital, Actual Ratio | 4.50% | |
UMB Financial Corporation [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Tier 1 Capital, Actual Amount | $ 1,681,222 | $ 1,393,389 |
Tier 1 Capital, Actual Ratio | 11.86% | 13.29% |
Tier 1 Capital For Capital Adequacy Purposes, Amount | $ 850,810 | $ 419,383 |
Tier 1 Capital For Capital Adequacy Purposes, Ratio | 6.00% | 4.00% |
Total Capital, Actual Amount | $ 1,814,705 | $ 1,471,631 |
Total Capital, Actual Ratio | 12.80% | 14.04% |
Total Capital For Capital Adequacy Purposes, Amount | $ 1,134,413 | $ 838,766 |
Total Capital For Capital Adequacy Purposes, Ratio | 8.00% | 8.00% |
Tier 1 Leverage, Actual Amount | $ 1,681,222 | $ 1,393,389 |
Tier 1 Leverage, Actual Ratio | 9.08% | 8.72% |
Tier 1 Leverage For Capital Adequacy Purposes, Amount | $ 740,918 | $ 639,476 |
Tier 1 Leverage for Capital Adequacy Purposes, Ratio | 4.00% | 4.00% |
UMB Financial Corporation [Member] | Common Equity Tier One Capital [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Tier 1 Capital, Actual Amount | $ 1,664,815 | |
Tier 1 Capital, Actual Ratio | 11.74% | |
Tier 1 Capital For Capital Adequacy Purposes, Amount | $ 638,108 | |
Tier 1 Capital For Capital Adequacy Purposes, Ratio | 4.50% | |
UMB Bank [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Tier 1 Capital, Actual Amount | $ 1,491,833 | $ 1,209,096 |
Tier 1 Capital, Actual Ratio | 10.63% | 11.68% |
Tier 1 Capital For Capital Adequacy Purposes, Amount | $ 842,353 | $ 414,135 |
Tier 1 Capital For Capital Adequacy Purposes, Ratio | 6.00% | 4.00% |
Tier 1 Capital To Be Well Capitalized Under Prompt Corrective Action Provisions, Amount | $ 1,123,138 | $ 621,202 |
Tier 1 Capital To Be Well Capitalized Under Prompt Corrective Action Provisions, Ratio | 8.00% | 6.00% |
Total Capital, Actual Amount | $ 1,575,697 | $ 1,287,338 |
Total Capital, Actual Ratio | 11.22% | 12.43% |
Total Capital For Capital Adequacy Purposes, Amount | $ 1,123,138 | $ 828,270 |
Total Capital For Capital Adequacy Purposes, Ratio | 8.00% | 8.00% |
Total Capital To Be Well Capitalized Under Prompt Corrective Action Provisions, Amount | $ 1,403,922 | $ 1,035,337 |
Total Capital To Be Well Capitalized Under Prompt Corrective Action Provisions, Ratio | 10.00% | 10.00% |
Tier 1 Leverage, Actual Amount | $ 1,491,833 | $ 1,209,096 |
Tier 1 Leverage, Actual Ratio | 8.13% | 7.63% |
Tier 1 Leverage For Capital Adequacy Purposes, Amount | $ 734,229 | $ 634,187 |
Tier 1 Leverage for Capital Adequacy Purposes, Ratio | 4.00% | 4.00% |
Tier 1 Leverage To Be Well Capitalized Under Prompt Corrective Action Provisions, Amount | $ 917,786 | $ 792,733 |
Tier 1 Leverage To Be Well Capitalized Under Prompt Corrective Action Provisions, Ratio | 5.00% | 5.00% |
UMB Bank [Member] | Common Equity Tier One Capital [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Tier 1 Capital, Actual Amount | $ 1,491,833 | |
Tier 1 Capital, Actual Ratio | 10.63% | |
Tier 1 Capital For Capital Adequacy Purposes, Amount | $ 631,765 | |
Tier 1 Capital For Capital Adequacy Purposes, Ratio | 4.50% | |
Tier 1 Capital To Be Well Capitalized Under Prompt Corrective Action Provisions, Amount | $ 912,549 | |
Tier 1 Capital To Be Well Capitalized Under Prompt Corrective Action Provisions, Ratio | 6.50% |
Employee Benefits - Additional
Employee Benefits - Additional Information (Detail) - USD ($) | Apr. 23, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Accrued contributions related to discretionary noncontributory profit sharing plan | $ 1,500,000 | |||
Contributions paid related to discretionary noncontributory profit sharing plan | 2,000,000 | $ 2,900,000 | ||
401(k) profit sharing contributions paid | 5,700,000 | $ 5,200,000 | ||
Accrued 401(k) profit sharing contribution | $ 6,900,000 | |||
Weighted average grant-date fair value of options granted | $ 11.95 | $ 13.03 | $ 10.18 | |
2002 Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Unrecognized compensation expense | $ 0 | |||
Common shares authorized for grant to employees | 2,000,000 | |||
Plan effective period, in years | 10 years | |||
Exercise price of options as percentage of fair market value at grant date, minimum | 100.00% | |||
Plan expiration date | Apr. 17, 2012 | |||
Total intrinsic value of options exercised | $ 1,100,000 | $ 2,000,000 | $ 3,400,000 | |
Options granted | 0 | 0 | 0 | |
Long-Term Incentive Compensation Plan (LTIP) [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Unrecognized compensation expense | $ 5,200,000 | |||
Total intrinsic value of options exercised | $ 2,600,000 | $ 3,700,000 | $ 2,400,000 | |
Options granted | 252,828 | |||
Cost is expected to be recognized, (in years) | 3 years 1 month 6 days | |||
Weighted average grant-date fair value of options granted | $ 11.95 | $ 13.03 | $ 10.18 | |
Cash received from options exercised | $ 10,500,000 | $ 8,000,000 | $ 9,000,000 | |
Tax benefit realized for stock options exercised | $ 900,000 | 1,900,000 | 1,200,000 | |
Long-Term Incentive Compensation Plan (LTIP) [Member] | Prior Maximum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares of stock reserved | 5,250,000 | |||
Benefits received by eligible employee | $ 1,000,000 | |||
Long-Term Incentive Compensation Plan (LTIP) [Member] | Maximum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares of stock reserved | 7,440,000 | |||
Benefits received by eligible employee | $ 2,000,000 | |||
Options Granted to Person Holding More Than 10 Percent of Stock [Member] | 2002 Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Plan effective period, in years | 5 years | |||
Options issued prior to 2005 [Member] | 2002 Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Time Period for 100% Vesting | 4 years 11 months | |||
Options Issued in 2006, 2007 and 2008 [Member] | 2002 Plan [Member] | After Three Years [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting schedule | Options issued in 2006, 2007, and 2008 under the 2002 Plan, have a vesting schedule of 50 percent after three years | |||
Options Issued in 2006, 2007 and 2008 [Member] | 2002 Plan [Member] | After Four Years [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting schedule | 75 percent after four years | |||
Options Issued in 2006, 2007 and 2008 [Member] | 2002 Plan [Member] | Four Years And Eleven Months [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting schedule | 100 percent after four years and 11 months | |||
Performance Based Restricted Stock Unit [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Performance requirement period | 3 years | |||
Nonqualified Stock Option Plan [Member] | Long-Term Incentive Compensation Plan (LTIP) [Member] | After Three Years [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting schedule | 50 percent after three years | |||
Nonqualified Stock Option Plan [Member] | Long-Term Incentive Compensation Plan (LTIP) [Member] | After Four Years [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting schedule | 75 percent after four years | |||
Nonqualified Stock Option Plan [Member] | Long-Term Incentive Compensation Plan (LTIP) [Member] | After Five Years [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting schedule | 100 percent after five years | |||
Employee Stock Option [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Recognized expense | $ 2,200,000 | 2,000,000 | 2,000,000 | |
Unrecognized compensation expense | 5,200,000 | |||
Restricted Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Recognized expense | 8,100,000 | 7,200,000 | 5,900,000 | |
Unrecognized compensation expense | $ 16,900,000 | |||
Service Based Restricted Stock [Member] | After Three Years [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting schedule | 50 percent of the shares vest after three years of service | |||
Service Based Restricted Stock [Member] | After Four Years [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting schedule | 75 percent after four years of service | |||
Service Based Restricted Stock [Member] | After Five Years [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting schedule | 100 percent after five years of service | |||
Service Based Restricted Stock [Member] | Long-Term Incentive Compensation Plan (LTIP) [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Unrecognized compensation expense | $ 15,100,000 | |||
Cost is expected to be recognized, (in years) | 3 years | |||
Total fair value of shares vested | $ 7,200,000 | 5,600,000 | 4,300,000 | |
Performance Based Restricted Stock [Member] | Long-Term Incentive Compensation Plan (LTIP) [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Unrecognized compensation expense | 1,800,000 | |||
Cost is expected to be recognized, (in years) | 1 year 8 months 12 days | |||
Total fair value of shares vested | $ 1,900,000 | $ 2,300,000 | $ 1,600,000 |
Information Relating to Option
Information Relating to Option Activity (Detail) | 12 Months Ended |
Dec. 31, 2015USD ($)$ / sharesshares | |
Long-Term Incentive Compensation Plan (LTIP) [Member] | |
Number of Shares | |
Outstanding, Beginning Balance | 1,384,035 |
Granted | 252,828 |
Canceled | (81,679) |
Expired | (7,346) |
Exercised | (208,091) |
Outstanding, Ending Balance | 1,339,747 |
Exercisable | 540,163 |
Exercisable and expected to be exercisable | 1,301,989 |
Weighted Average Price Per Share | |
Outstanding, Beginning Balance | $ / shares | $ 44.03 |
Granted | $ / shares | 51.42 |
Canceled | $ / shares | 49.22 |
Exercised | $ / shares | 39.30 |
Outstanding, Ending Balance | $ / shares | 45.73 |
Exercisable | $ / shares | 39.69 |
Exercisable and expected to be exercisable | $ / shares | $ 45.61 |
Weighted Average Remaining Contractual Term | |
Outstanding | 6 years 1 month 6 days |
Exercisable and expected to be exercisable | 6 years 1 month 6 days |
Aggregate Intrinsic Value | |
Outstanding | $ | $ 1,100,209 |
Exercisable and expected to be exercisable | $ | $ 1,228,915 |
2002 Plan [Member] | |
Number of Shares | |
Outstanding, Beginning Balance | 258,475 |
Expired | (10,190) |
Exercised | (67,849) |
Outstanding, Ending Balance | 180,436 |
Exercisable | 180,436 |
Exercisable and expected to be exercisable | 180,436 |
Weighted Average Price Per Share | |
Outstanding, Beginning Balance | $ / shares | $ 37.47 |
Expired | $ / shares | 34.16 |
Exercised | $ / shares | 34.94 |
Outstanding, Ending Balance | $ / shares | 38.61 |
Exercisable | $ / shares | 38.61 |
Exercisable and expected to be exercisable | $ / shares | $ 38.61 |
Weighted Average Remaining Contractual Term | |
Outstanding | 1 year 10 months 24 days |
Exercisable and expected to be exercisable | 1 year 10 months 24 days |
Aggregate Intrinsic Value | |
Outstanding | $ | $ 1,433,385 |
Exercisable and expected to be exercisable | $ | $ 1,433,385 |
Status of Service Based Restric
Status of Service Based Restricted Shares (Detail) - Service Based Restricted Stock [Member] | 12 Months Ended |
Dec. 31, 2015$ / sharesshares | |
Number of Shares | |
Nonvested, Beginning Balance | shares | 456,631 |
Granted | shares | 269,267 |
Canceled | shares | (53,645) |
Vested | shares | (137,634) |
Nonvested, Ending Balance | shares | 534,619 |
Weighted Average Grant Date Fair Value | |
Nonvested, Beginning Balance | $ / shares | $ 48.57 |
Granted | $ / shares | 51.33 |
Canceled | $ / shares | 50.76 |
Vested | $ / shares | 43.83 |
Nonvested, Ending Balance | $ / shares | $ 50.95 |
Status of Performance Based Res
Status of Performance Based Restricted Shares (Detail) - Performance Based Restricted Stock Unit [Member] | 12 Months Ended |
Dec. 31, 2015$ / sharesshares | |
Number of Shares | |
Nonvested, Beginning Balance | shares | 101,269 |
Granted | shares | 45,216 |
Canceled | shares | (8,260) |
Vested | shares | (36,291) |
Nonvested, Ending Balance | shares | 101,934 |
Weighted Average Grant Date Fair Value | |
Nonvested, Beginning Balance | $ / shares | $ 47.26 |
Granted | $ / shares | 51.42 |
Canceled | $ / shares | 50.75 |
Vested | $ / shares | 40.27 |
Nonvested, Ending Balance | $ / shares | $ 51.27 |
Assumptions for Stock-Based Awa
Assumptions for Stock-Based Awards (Detail) - $ / shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Weighted average fair value of the granted option | $ 11.95 | $ 13.03 | $ 10.18 |
Weighted average risk-free interest rate | 1.62% | 1.77% | 1.49% |
Expected option life in years | 6 years 3 months | 6 years 3 months | 6 years 3 months |
Expected volatility | 26.73% | 24.87% | 26.36% |
Expected dividend yield | 1.74% | 1.53% | 1.83% |
Business Segment Reporting - Ad
Business Segment Reporting - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 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 | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Segment Reporting Information [Line Items] | |||||||||||
Net interest income | $ 114,454 | $ 109,895 | $ 97,360 | $ 90,358 | $ 90,914 | $ 87,526 | $ 86,170 | $ 85,445 | $ 412,067 | $ 350,055 | $ 333,269 |
Provision for loan losses | 5,000 | 2,500 | 5,000 | 3,000 | 3,000 | 4,500 | 5,000 | 4,500 | 15,500 | 17,000 | 17,500 |
Noninterest income | 112,599 | 109,098 | 119,550 | 125,207 | 115,248 | 126,475 | 134,001 | 122,964 | 466,454 | 498,688 | 491,833 |
Noninterest expense | 182,080 | 185,279 | 171,964 | 164,413 | 166,397 | 161,151 | 166,201 | 171,931 | 703,736 | 665,680 | 623,204 |
Income before income taxes | 159,285 | 166,063 | 184,398 | ||||||||
Income tax expense | 10,330 | 8,763 | 9,732 | 14,387 | 9,825 | 12,720 | 14,298 | 8,565 | 43,212 | 45,408 | 50,433 |
Net Income | $ 29,643 | $ 22,451 | $ 30,214 | $ 33,765 | $ 26,940 | $ 35,630 | $ 34,672 | $ 23,413 | 116,073 | 120,655 | 133,965 |
Average assets | 17,786,000 | 15,999,000 | 15,031,000 | ||||||||
Bank [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net interest income | 348,701 | 292,356 | 285,111 | ||||||||
Provision for loan losses | 8,541 | 9,175 | 5,535 | ||||||||
Noninterest income | 188,444 | 194,223 | 210,535 | ||||||||
Noninterest expense | 446,656 | 404,203 | 375,328 | ||||||||
Income before income taxes | 81,948 | 73,201 | 114,783 | ||||||||
Income tax expense | 22,127 | 24,095 | 27,533 | ||||||||
Net Income | 59,821 | 49,106 | 87,250 | ||||||||
Average assets | 13,706,000 | 12,099,000 | 11,255,000 | ||||||||
Payment Solutions [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net interest income | 58,288 | 52,251 | 45,832 | ||||||||
Provision for loan losses | 6,959 | 7,825 | 11,965 | ||||||||
Noninterest income | 91,326 | 84,478 | 74,223 | ||||||||
Noninterest expense | 106,016 | 93,915 | 86,748 | ||||||||
Income before income taxes | 36,639 | 34,989 | 21,342 | ||||||||
Income tax expense | 10,043 | 7,791 | 7,525 | ||||||||
Net Income | 26,596 | 27,198 | 13,817 | ||||||||
Average assets | 3,044,000 | 2,456,000 | 1,736,000 | ||||||||
Institutional Investment Management [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net interest income | 2 | (3) | (32) | ||||||||
Noninterest income | 95,097 | 131,225 | 126,442 | ||||||||
Noninterest expense | 71,413 | 92,048 | 88,337 | ||||||||
Income before income taxes | 23,686 | 39,174 | 38,073 | ||||||||
Income tax expense | 6,490 | 10,093 | 10,723 | ||||||||
Net Income | 17,196 | 29,081 | 27,350 | ||||||||
Average assets | 68,000 | 72,000 | 77,000 | ||||||||
Asset Servicing [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net interest income | 5,076 | 5,451 | 2,358 | ||||||||
Noninterest income | 91,587 | 88,762 | 80,633 | ||||||||
Noninterest expense | 79,651 | 75,514 | 72,791 | ||||||||
Income before income taxes | 17,012 | 18,699 | 10,200 | ||||||||
Income tax expense | 4,552 | 3,429 | 4,652 | ||||||||
Net Income | 12,460 | 15,270 | 5,548 | ||||||||
Average assets | $ 968,000 | $ 1,372,000 | $ 1,963,000 |
Summary of Share Transactions (
Summary of Share Transactions (Detail) - shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Earnings Per Share [Abstract] | |||
Shares in Treasury, Beginning Balance | (9,524,542) | (9,835,493) | (14,715,852) |
Common stock issuance for acquisition | 3,470,478,000 | ||
Common stock issuance | 4,485,000 | ||
Purchase of Treasury Stock | (225,894) | (130,197) | (99,402) |
Sale of Treasury Stock | 19,695 | 15,320 | 14,661 |
Issued for stock options & restricted stock | 599,899 | 425,828 | 480,100 |
Shares in Treasury, Ending Balance | (5,660,364) | (9,524,542) | (9,835,493) |
Shares Issued, Beginning Balance | 55,056,730 | 55,056,730 | 55,056,730 |
Shares Issued, Ending Balance | 55,056,730 | 55,056,730 | 55,056,730 |
Common Stock and Earnings Per93
Common Stock and Earnings Per Share - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2012 | |
Earnings Per Share [Abstract] | ||||
Common stock, issuance shares | 4,485,000 | |||
Common stock with net proceeds | $ 231,430 | |||
Conversion of Company's common stock due to merger | 9.2295 | |||
Company's common shares issued | 3,500,000 | |||
Market value common stock issued | $ 179,700 | |||
Closing stock price | $ 51.79 | |||
Common stock share repurchase program, number of shares authorized to be repurchased | 2,000,000 | 2,000,000 | 2,000,000 | 2,000,000 |
Shares Used in Calculation of B
Shares Used in Calculation of Basic and Diluted Earnings (Detail) - shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Earnings Per Share [Abstract] | |||
Weighted average basic common shares outstanding | 47,126,252 | 44,844,578 | 41,275,839 |
Dilutive effect of stock options and restricted stock | 453,082 | 600,705 | 562,741 |
Weighted average diluted common shares outstanding | 47,579,334 | 45,445,283 | 41,838,580 |
Commitments, Contingencies an95
Commitments, Contingencies and Guarantees - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Commitments and Contingencies Disclosure [Line Items] | |||
Average notional amount of open futures contract | $ 2,000,000 | $ 900,000 | |
Net futures activity resulted in gains and losses | 35,000 | 319,000 | $ 131,000 |
Notional amount outstanding | 0 | 0 | |
Average of contracts to purchase and to sell foreign currency | 89,600,000 | 51,800,000 | |
Net gains on foreign exchange contracts | 1,800,000 | 1,700,000 | $ 2,200,000 |
Maximum [Member] | |||
Commitments and Contingencies Disclosure [Line Items] | |||
Standby letters of credit | $ 360,500,000 | 375,000,000 | |
Standby letters of credit term | 5 years | ||
Minimum [Member] | |||
Commitments and Contingencies Disclosure [Line Items] | |||
Standby letters of credit term | 3 months | ||
Related Parties [Member] | |||
Commitments and Contingencies Disclosure [Line Items] | |||
Standby letters of credit | $ 63,100,000 | $ 54,600,000 |
Notional Amount of Off-Balance
Notional Amount of Off-Balance Sheet Financial Instruments (Detail) - USD ($) $ in Thousands | Dec. 31, 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 | $ 6,671,794 | $ 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 | 2,986,581 | 2,690,752 |
Commercial letters of credit [Member] | ||
Commitments and Contingencies Disclosure [Line Items] | ||
Contract or notional amount of off-balance sheet financial instruments | 11,541 | 1,334 |
Standby letters of credit [Member] | ||
Commitments and Contingencies Disclosure [Line Items] | ||
Contract or notional amount of off-balance sheet financial instruments | 360,468 | 375,003 |
Forward foreign exchange contracts [Member] | ||
Commitments and Contingencies Disclosure [Line Items] | ||
Contract or notional amount of off-balance sheet financial instruments | 75,611 | 144,950 |
Spot foreign exchange contracts [Member] | ||
Commitments and Contingencies Disclosure [Line Items] | ||
Contract or notional amount of off-balance sheet financial instruments | $ 10,391 | $ 14,721 |
Acquisitions - Additional Infor
Acquisitions - Additional Information (Detail) $ / shares in Units, $ in Thousands | May. 31, 2015USD ($)Branchshares | Dec. 31, 2015USD ($)$ / sharesshares | Dec. 31, 2014USD ($)$ / shares | Dec. 31, 2013USD ($) | May. 29, 2015$ / shares |
Business Acquisition [Line Items] | |||||
Conversion of Company's common stock due to merger | shares | 9.2295 | ||||
Company's common shares issued | shares | 3,500,000 | ||||
Market value common stock issued | $ 179,700 | ||||
Closing stock price | $ / shares | $ 51.79 | ||||
Salaries and employee benefits | $ 406,472 | $ 358,569 | $ 339,691 | ||
Legal and consulting | 26,390 | 20,407 | $ 18,703 | ||
Marquette [Member] | |||||
Business Acquisition [Line Items] | |||||
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 | 9,800 | ||||
Salaries and employee benefits | 2,400 | ||||
Legal and consulting | 4,800 | ||||
Revenue, Pro forma | 888,800 | 916,400 | |||
Earnings, Pro forma | $ 123,300 | $ 125,500 | |||
Basic earnings per share, Pro forma | $ / shares | $ 2.54 | $ 2.60 | |||
Marquette [Member] | Acquired Intangible Assets [Member] | |||||
Business Acquisition [Line Items] | |||||
Amortization expenses | $ 2,500 | ||||
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] | 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 subordinated debentures 6.30% due 2036 [Member] | |||||
Business Acquisition [Line Items] | |||||
Interest rate of trust preferred securities till January 2016 | 6.30% | ||||
Interest rate description of trust preferred securities | LIBOR 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 | $ 2,700 | ||||
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 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Business Acquisition [Line Items] | ||||
Total assets acquired | $ 1,312,174 | |||
Total liabilities assumed | 1,151,025 | |||
Preliminary goodwill | $ 228,346 | $ 209,758 | $ 209,758 | |
Company's common shares issued | 3,500 | |||
Marquette [Member] | ||||
Business Acquisition [Line Items] | ||||
Loans | $ 980,404 | |||
Investment securities | 177,694 | |||
Cash and due from banks | 95,351 | |||
Premises and equipment, net | 11,508 | |||
Identifiable intangible assets | 14,881 | |||
Other assets | 32,336 | |||
Total assets acquired | 1,312,174 | |||
Noninterest-bearing deposits | 226,161 | |||
Interest-bearing deposits | 708,675 | |||
Short-term debt | 112,133 | |||
Long-term debt | 89,971 | |||
Other liabilities | 14,085 | |||
Total liabilities assumed | 1,151,025 | |||
Net identifiable assets acquired | 161,149 | |||
Preliminary goodwill | 18,588 | |||
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 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Taxes [Line Items] | |||
Effective income tax rates | 27.10% | 27.30% | 27.40% |
Statutory federal tax rate | 35.00% | ||
State net operating loss carry forwards | $ 700 | ||
Change in valuation allowance, unrealized deferred tax assets | 1,900 | ||
Gross amount of unrecognized tax benefits | 4,680 | $ 4,025 | $ 4,997 |
Total amount of unrecognized tax benefits, net of associated deferred tax benefit that would impact effective tax rate, if recognized | $ 3,000 | $ 2,600 | |
Minimum [Member] | |||
Income Taxes [Line Items] | |||
State net operating loss carry forwards, expiration year | 2,016 | ||
Maximum [Member] | |||
Income Taxes [Line Items] | |||
State net operating loss carry forwards, expiration year | 2,035 |
Components of Income Tax Expens
Components of Income Tax Expense (Benefit) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Current tax | |||||||||||
Federal | $ 44,469 | $ 54,560 | $ 51,806 | ||||||||
State | 3,591 | 2,304 | 3,750 | ||||||||
Total current tax expense | 48,060 | 56,864 | 55,556 | ||||||||
Deferred tax | |||||||||||
Federal | (3,697) | (11,448) | (4,278) | ||||||||
State | (1,151) | (8) | (845) | ||||||||
Total deferred tax (benefit) expense | (4,848) | (11,456) | (5,123) | ||||||||
Total tax expense | $ 10,330 | $ 8,763 | $ 9,732 | $ 14,387 | $ 9,825 | $ 12,720 | $ 14,298 | $ 8,565 | $ 43,212 | $ 45,408 | $ 50,433 |
Reconciliation Between Income T
Reconciliation Between Income Tax Expense and Amount Computed by Applying Federal Statutory Tax Rate (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Disclosure [Abstract] | |||||||||||
Statutory federal income tax expense | $ 55,750 | $ 58,122 | $ 64,539 | ||||||||
Tax-exempt interest income | (15,405) | (13,861) | (14,146) | ||||||||
State and local income taxes, net of federal tax benefits | 1,599 | 1,403 | 1,887 | ||||||||
Federal tax credits | (688) | (623) | (1,704) | ||||||||
Other | 1,956 | 367 | (143) | ||||||||
Total tax expense | $ 10,330 | $ 8,763 | $ 9,732 | $ 14,387 | $ 9,825 | $ 12,720 | $ 14,298 | $ 8,565 | $ 43,212 | $ 45,408 | $ 50,433 |
Components of Deferred Tax Asse
Components of Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Deferred tax assets: | ||
Net unrealized loss on securities available for sale | $ 2,198 | |
Loans, principally due to allowance for loan losses | 35,400 | $ 28,924 |
Stock-based compensation | 7,363 | 7,109 |
Accrued expenses | 33,012 | 24,747 |
Intangibles | 2,432 | 7,254 |
Miscellaneous | 4,196 | 3,551 |
Total deferred tax assets before valuation allowance | 84,601 | 71,585 |
Valuation allowance | (2,850) | (3,417) |
Total deferred tax assets | 81,751 | 68,168 |
Deferred tax liabilities: | ||
Net unrealized gain on securities available for sale | (6,879) | |
Land, buildings and equipment | (25,143) | (24,002) |
Original issue discount | (4,328) | (4,311) |
Partnership investments | (3,933) | (7,838) |
Intangibles | (14,209) | |
Miscellaneous | (6,651) | (6,183) |
Total deferred tax liabilities | (54,264) | (49,213) |
Net deferred tax asset | $ 27,487 | $ 18,955 |
Reconciliation of Unrecognized
Reconciliation of Unrecognized Tax Benefits (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax Disclosure [Abstract] | ||
Unrecognized tax benefits - opening balance | $ 4,025 | $ 4,997 |
Gross decreases - tax positions in prior period | (31) | (444) |
Gross increases - current-period tax positions | 1,193 | 964 |
Lapse of statute of limitations | (507) | (1,492) |
Unrecognized tax benefits - ending balance | $ 4,680 | $ 4,025 |
Summary of Fair Value of Deriva
Summary of Fair Value of Derivative Assets and Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives, Fair value | $ 12,303 | $ 7,138 |
Liability Derivatives, Fair value | 12,258 | 7,535 |
Derivatives not Designated as Hedging Instruments [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives, Fair value | 11,700 | 7,138 |
Liability Derivatives, Fair value | 11,921 | 7,250 |
Derivatives Designated as Hedging Instruments [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives, Fair value | 603 | |
Liability Derivatives, Fair value | $ 337 | $ 285 |
Derivatives and Hedging Acti105
Derivatives and Hedging Activities - Additional Information (Detail) | 12 Months Ended | |
Dec. 31, 2015USD ($)Derivative | Dec. 31, 2014USD ($) | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Termination value of derivatives in net liability position | $ 12,600,000 | |
Derivatives Designated as Hedging Instruments [Member] | Cash Flow Hedging [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Effective portion of change in fair value of cash flow hedges | (10,000) | |
Interest Rate Swap [Member] | Derivatives Designated as Hedging Instruments [Member] | Fair Value Hedging [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Notional amount of interest rate swaps | $ 16,000,000 | |
Number of interest rate swaps | Derivative | 2 | |
Gain (Loss) related to changes in fair value of swaps | $ 0 | $ (27,000) |
Interest Rate Swap [Member] | Derivatives Designated as Hedging Instruments [Member] | Cash Flow Hedging [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Notional amount of interest rate swaps | $ 51,500,000 | |
Number of interest rate swaps | Derivative | 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 | $ 514,000,000 | |
Number of interest rate swaps | Derivative | 40 | |
Gain (Loss) related to changes in fair value of swaps | $ (110,000) | (207,000) |
Interest Rate Products [Member] | Derivatives Designated as Hedging Instruments [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Gain (Loss) related to changes in fair value of swaps | (27,000) | |
Interest Rate Products [Member] | Derivatives Designated as Hedging Instruments [Member] | Fair Value Hedging [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Gain (Loss) related to changes in fair value of swaps | 234,000 | 334,000 |
Interest Rate Products [Member] | Derivatives Designated as Hedging Instruments [Member] | Cash Flow Hedging [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Effective portion of change in fair value of cash flow hedges | (10,000) | |
Interest Rate Products [Member] | Derivatives not Designated as Hedging Instruments [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Gain (Loss) related to changes in fair value of swaps | $ (110,000) | $ (207,000) |
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 | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Derivatives not Designated as Hedging Instruments [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (loss) on derivative instruments | $ (110) | $ (207) |
Derivatives Designated as Hedging Instruments [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (loss) on derivative instruments | (27) | |
Derivatives Designated as Hedging Instruments [Member] | Fair value adjustments on derivatives [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (loss) on derivative instruments | (234) | (361) |
Derivatives Designated as Hedging Instruments [Member] | Fair Value Hedging [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (loss) on derivative instruments | $ 234 | $ 334 |
Summary of Amount of Gain or Lo
Summary of Amount of Gain or Loss Recognized in AOCI in Consolidated Statements of Comprehensive Income Related to Company's Derivative Asset and Liability (Detail) - Derivatives Designated as Hedging Instruments [Member] - Cash Flow Hedging [Member] $ in Thousands | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Derivative Instruments, Gain (Loss) [Line Items] | |
Amount of Loss Recognized in other Comprehensive Income on Derivatives (Effective Portion) | $ (10) |
Interest Rate Products [Member] | |
Derivative Instruments, Gain (Loss) [Line Items] | |
Amount of Loss Recognized in other Comprehensive Income on Derivatives (Effective Portion) | $ (10) |
Assets and Liabilities Measured
Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Trading securities | $ 29,617 | $ 27,203 | |
Available for sale securities | 6,806,949 | 6,911,936 | |
Derivatives | 12,303 | 7,138 | |
Contingent consideration liability | 17,718 | 53,411 | $ 46,201 |
Derivatives | 12,258 | 7,535 | |
Fair Value Measurement, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Trading securities | 29,617 | 27,203 | |
Available for sale securities | 6,806,949 | 6,911,936 | |
Company-owned life insurance | 31,205 | 26,886 | |
Bank-owned life insurance | 202,991 | ||
Derivatives | 12,303 | 7,138 | |
Total | 7,083,065 | 6,973,163 | |
Deferred compensation | 32,937 | 26,885 | |
Contingent consideration liability | 17,718 | 53,411 | |
Derivatives | 12,258 | 7,535 | |
Total | 62,913 | 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 | 17,708 | 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 | 400 | 400 | |
Available for sale securities | 349,779 | 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 | 1,309 | 1,315 | |
Available for sale securities | 666,389 | 990,689 | |
Fair Value Measurement, Recurring [Member] | Mortgage-backed [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available for sale securities | 3,572,446 | 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 | 10,200 | 7,381 | |
Available for sale securities | 2,138,413 | 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 | 79,922 | 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 | 18,100 | 18,500 | |
Available for sale securities | 429,700 | 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 | 18,108 | 18,506 | |
Available for sale securities | 429,701 | 642,286 | |
Total | 447,809 | 660,792 | |
Deferred compensation | 32,937 | 26,885 | |
Total | 32,937 | 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 | 17,708 | 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 | 400 | 400 | |
Available for sale securities | 349,779 | 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 | 79,922 | 122,826 | |
Significant Other Observable Inputs (Level 2) [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Trading securities | 11,500 | 8,700 | |
Available for sale securities | 6,377,200 | 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 | 11,509 | 8,697 | |
Available for sale securities | 6,377,248 | 6,269,650 | |
Company-owned life insurance | 31,205 | 26,886 | |
Bank-owned life insurance | 202,991 | ||
Derivatives | 12,303 | 7,138 | |
Total | 6,635,256 | 6,312,371 | |
Derivatives | 12,258 | 7,535 | |
Total | 12,258 | 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 | 1,309 | 1,315 | |
Available for sale securities | 666,389 | 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] | |||
Available for sale securities | 3,572,446 | 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 | 10,200 | 7,381 | |
Available for sale securities | 2,138,413 | 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 | 17,718 | 53,411 | |
Total | $ 17,718 | $ 53,411 |
Reconciliation of Beginning and
Reconciliation of Beginning and Ending Fair Value of Balances of Contingent Consideration Liability (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Fair Value Disclosures [Abstract] | ||
Beginning balance | $ 53,411 | $ 46,201 |
Contingency reserve | 14,272 | |
Payment of contingent consideration on acquisitions | (32,685) | (13,725) |
Income from fair value adjustments | (3,008) | |
Expense from fair value adjustments | 6,663 | |
Ending balance | $ 17,718 | $ 53,411 |
Disclosures about Fair Value110
Disclosures about Fair Value of Financial Instruments - Additional Information (Detail) - USD ($) $ in Thousands | Jun. 30, 2014 | Dec. 31, 2014 |
Fair Value Disclosures [Abstract] | ||
Contingency reserve expense | $ 20,272 | |
Payment made for reducing contingency reserve | $ 6,000 | |
Remaining contingency reserve | $ 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] | 12 Months Ended |
Dec. 31, 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 | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value | $ 26,154 | $ 5,330 |
Total Gains (Losses) Recognized | (3,957) | 2,345 |
Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value | 26,154 | 5,330 |
Impaired loans [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value | 22,885 | 5,122 |
Total Gains (Losses) Recognized | (3,957) | 2,345 |
Impaired loans [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value | 22,885 | 5,122 |
Other real estate owned [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value | 3,269 | 208 |
Other real estate owned [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value | $ 3,269 | $ 208 |
Estimated Fair Value of Financi
Estimated Fair Value of Financial Instruments (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and short-term investments | $ 1,154,700 | $ 2,101,800 |
Securities available for sale | 6,806,949 | 6,911,936 |
Securities held to maturity | 667,106 | 278,054 |
Other securities | 65,200 | 68,500 |
Trading securities | 29,617 | 27,203 |
Loans (exclusive of allowance for loan loss) | 9,431,300 | 7,466,400 |
Derivatives | 12,300 | 7,100 |
Demand and savings deposits | 13,836,900 | 12,353,300 |
Time deposits | 1,255,900 | 1,263,600 |
Other borrowings | 1,823,100 | 2,025,100 |
Long-term debt | 86,070 | 8,810 |
Derivatives | 12,300 | 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 | 1,154,700 | 2,101,800 |
Securities available for sale | 6,806,900 | 6,911,900 |
Securities held to maturity | 691,400 | 304,100 |
Other securities | 65,200 | 68,500 |
Trading securities | 29,600 | 27,203 |
Loans (exclusive of allowance for loan loss) | 9,452,100 | 7,483,300 |
Derivatives | 12,300 | 7,100 |
Demand and savings deposits | 13,836,900 | 12,353,300 |
Time deposits | 1,255,900 | 1,263,600 |
Other borrowings | 1,823,100 | 2,025,100 |
Long-term debt | 86,400 | 9,100 |
Derivatives | 12,300 | 7,500 |
Commitments to extend credit for loans | 4,900 | 5,700 |
Commercial letters of credit | 300 | 200 |
Standby letters of credit | 2,600 | 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 | 997,000 | 2,006,300 |
Securities available for sale | 429,700 | 642,300 |
Trading securities | 18,100 | 18,500 |
Demand and savings deposits | 13,836,900 | 12,353,300 |
Other borrowings | 66,900 | 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 | 157,700 | 95,500 |
Securities available for sale | 6,377,200 | 6,269,600 |
Securities held to maturity | 691,400 | 304,100 |
Other securities | 65,200 | 68,500 |
Trading securities | 11,500 | 8,700 |
Loans (exclusive of allowance for loan loss) | 9,452,100 | 7,483,300 |
Derivatives | 12,300 | 7,100 |
Time deposits | 1,255,900 | 1,263,600 |
Other borrowings | 1,756,200 | 1,983,100 |
Long-term debt | 86,400 | 9,100 |
Derivatives | $ 12,300 | $ 7,500 |
Schedule of Parent Company Bala
Schedule of Parent Company Balance Sheets (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
ASSETS | ||||
Goodwill on purchased affiliates | $ 228,346 | $ 209,758 | $ 209,758 | |
Securities available for sale and other | 7,568,870 | 7,285,667 | ||
Total assets | 19,094,245 | 17,500,960 | ||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||
Long-term debt | 86,070 | 8,810 | ||
Total liabilities | 17,200,551 | 15,857,202 | ||
Shareholders' equity | 1,893,694 | 1,643,758 | $ 1,506,065 | $ 1,279,345 |
Total liabilities and shareholders' equity | 19,094,245 | 17,500,960 | ||
Parent Company [Member] | ||||
ASSETS | ||||
Investment in subsidiaries: Banks | 1,596,292 | 1,312,575 | ||
Investment in subsidiaries: Non-banks | 214,181 | 187,329 | ||
Total investment in subsidiaries | 1,810,473 | 1,499,904 | ||
Goodwill on purchased affiliates | 5,011 | 5,011 | ||
Cash | 74,432 | 80,958 | ||
Securities available for sale and other | 79,635 | 65,628 | ||
Total assets | 1,969,551 | 1,651,501 | ||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||
Long-term debt | 66,158 | |||
Accrued expenses and other | 9,699 | 7,743 | ||
Total liabilities | 75,857 | 7,743 | ||
Shareholders' equity | 1,893,694 | 1,643,758 | ||
Total liabilities and shareholders' equity | $ 1,969,551 | $ 1,651,501 |
Schedule of Parent Company Stat
Schedule of Parent Company Statements of Income and Comprehensive Income (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
EXPENSE | |||||||||||
Salaries and employee benefits | $ 406,472 | $ 358,569 | $ 339,691 | ||||||||
Income tax benefit | $ 10,330 | $ 8,763 | $ 9,732 | $ 14,387 | $ 9,825 | $ 12,720 | $ 14,298 | $ 8,565 | 43,212 | 45,408 | 50,433 |
Net income | $ 29,643 | $ 22,451 | $ 30,214 | $ 33,765 | $ 26,940 | $ 35,630 | $ 34,672 | $ 23,413 | 116,073 | 120,655 | 133,965 |
Other comprehensive (loss) income | (14,724) | 43,646 | (118,228) | ||||||||
Comprehensive income | 101,349 | 164,301 | 15,737 | ||||||||
Parent Company [Member] | |||||||||||
INCOME | |||||||||||
Dividends and income received from subsidiaries | 27,913 | 31,000 | 54,750 | ||||||||
Service fees from subsidiaries | 44,350 | 35,206 | 33,443 | ||||||||
Other | 891 | 2,504 | 387 | ||||||||
Total income | 73,154 | 68,710 | 88,580 | ||||||||
EXPENSE | |||||||||||
Salaries and employee benefits | 41,019 | 33,556 | 32,223 | ||||||||
Other | 22,051 | 17,037 | 9,198 | ||||||||
Total expense | 63,070 | 50,593 | 41,421 | ||||||||
Income before income taxes and equity in undistributed earnings of subsidiaries | 10,084 | 18,117 | 47,159 | ||||||||
Income tax benefit | (5,301) | (5,227) | (4,307) | ||||||||
Income before equity in undistributed earnings of subsidiaries | 15,385 | 23,344 | 51,466 | ||||||||
Banks | 95,942 | 94,833 | 64,674 | ||||||||
Non-Banks | 4,746 | 2,478 | 17,825 | ||||||||
Net income | 116,073 | 120,655 | 133,965 | ||||||||
Other comprehensive (loss) income | (14,724) | 43,646 | (118,228) | ||||||||
Comprehensive income | $ 101,349 | $ 164,301 | $ 15,737 |
Schedule of Parent Company S116
Schedule of Parent Company Statements of Cash Flows (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
OPERATING ACTIVITIES | |||||||||||
Net Income | $ 29,643 | $ 22,451 | $ 30,214 | $ 33,765 | $ 26,940 | $ 35,630 | $ 34,672 | $ 23,413 | $ 116,073 | $ 120,655 | $ 133,965 |
Equity based compensation | 10,751 | 9,661 | 8,386 | ||||||||
Other | (22,055) | (20,100) | (10,423) | ||||||||
FINANCING ACTIVITIES | |||||||||||
Cash dividends paid | (45,967) | (41,364) | (36,168) | ||||||||
Common stock issuance | 231,430 | ||||||||||
(Decrease) increase in cash and cash equivalents | (968,118) | (795,198) | 1,216,034 | ||||||||
Cash and cash equivalents at beginning of year | 1,787,230 | 2,582,428 | 1,787,230 | 2,582,428 | 1,366,394 | ||||||
Cash and cash equivalents at end of year | 819,112 | 1,787,230 | 819,112 | 1,787,230 | 2,582,428 | ||||||
Parent Company [Member] | |||||||||||
OPERATING ACTIVITIES | |||||||||||
Net Income | 116,073 | 120,655 | 133,965 | ||||||||
Equity in earnings of subsidiaries | (128,601) | (128,311) | (137,249) | ||||||||
Dividends received from subsidiaries | 27,913 | 31,000 | |||||||||
Net decrease in securities available for sale | 211 | 6,397 | 6,181 | ||||||||
Equity based compensation | 10,751 | 9,661 | |||||||||
Other | 220 | (9,071) | (8,467) | ||||||||
Net cash provided by (used in) operating activities | 26,567 | 30,331 | (5,570) | ||||||||
INVESTING ACTIVITIES | |||||||||||
Net capital investment in subsidiaries | (16,513) | (24,200) | (156,000) | ||||||||
Net cash activity from acquisition | 24,962 | ||||||||||
Dividends received from subsidiaries | 54,750 | ||||||||||
Net capital proceeds (expenditures) for premises and equipment | 332 | 154 | (406) | ||||||||
Net cash provided by (used in) investing activities | 8,781 | (24,046) | (101,656) | ||||||||
FINANCING ACTIVITIES | |||||||||||
Proceeds from short-term debt | 0 | 0 | 0 | ||||||||
Cash dividends paid | (45,967) | (41,364) | (36,168) | ||||||||
Common stock issuance | 231,430 | ||||||||||
Other | 4,093 | 5,105 | 15,903 | ||||||||
Net cash (used in) provided by financing activities | (41,874) | (36,259) | 211,165 | ||||||||
(Decrease) increase in cash and cash equivalents | (6,526) | (29,974) | 103,939 | ||||||||
Cash and cash equivalents at beginning of year | $ 80,958 | $ 110,932 | 80,958 | 110,932 | 6,993 | ||||||
Cash and cash equivalents at end of year | $ 74,432 | $ 80,958 | $ 74,432 | $ 80,958 | $ 110,932 |
Summary of Operating Results117
Summary of Operating Results by Quarter (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Interest income | $ 119,615 | $ 115,229 | $ 101,884 | $ 93,953 | $ 94,218 | $ 90,817 | $ 89,789 | $ 89,047 | $ 430,681 | $ 363,871 | $ 348,341 |
Interest expense | 5,161 | 5,334 | 4,524 | 3,595 | 3,304 | 3,291 | 3,619 | 3,602 | 18,614 | 13,816 | 15,072 |
Net interest income | 114,454 | 109,895 | 97,360 | 90,358 | 90,914 | 87,526 | 86,170 | 85,445 | 412,067 | 350,055 | 333,269 |
Provision for loan losses | 5,000 | 2,500 | 5,000 | 3,000 | 3,000 | 4,500 | 5,000 | 4,500 | 15,500 | 17,000 | 17,500 |
Noninterest income | 112,599 | 109,098 | 119,550 | 125,207 | 115,248 | 126,475 | 134,001 | 122,964 | 466,454 | 498,688 | 491,833 |
Noninterest expense | 182,080 | 185,279 | 171,964 | 164,413 | 166,397 | 161,151 | 166,201 | 171,931 | 703,736 | 665,680 | 623,204 |
Income tax expense | 10,330 | 8,763 | 9,732 | 14,387 | 9,825 | 12,720 | 14,298 | 8,565 | 43,212 | 45,408 | 50,433 |
Net income | $ 29,643 | $ 22,451 | $ 30,214 | $ 33,765 | $ 26,940 | $ 35,630 | $ 34,672 | $ 23,413 | $ 116,073 | $ 120,655 | $ 133,965 |
Net income - basic | $ 0.61 | $ 0.46 | $ 0.65 | $ 0.75 | $ 0.60 | $ 0.79 | $ 0.77 | $ 0.52 | $ 2.46 | $ 2.69 | $ 3.25 |
Net income - diluted | 0.60 | 0.46 | 0.65 | 0.74 | 0.59 | 0.78 | 0.76 | 0.52 | 2.44 | 2.65 | 3.20 |
Dividend | 0.245 | 0.235 | 0.235 | 0.235 | 0.235 | 0.225 | 0.225 | 0.225 | $ 0.95 | $ 0.91 | $ 0.87 |
Book value | $ 38.34 | $ 38.56 | $ 37.68 | $ 36.76 | $ 36.10 | $ 35.51 | $ 35.21 | $ 33.94 |