Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2016 | Apr. 26, 2016 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | UMBF | |
Entity Registrant Name | UMB FINANCIAL CORP | |
Entity Central Index Key | 101,382 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 49,481,352 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
ASSETS | ||
Loans | $ 9,699,631 | $ 9,430,761 |
Allowance for loan losses | (80,398) | (81,143) |
Net loans | 9,619,233 | 9,349,618 |
Loans held for sale | 4,830 | 589 |
Investment securities: | ||
Available for sale | 6,883,312 | 6,806,949 |
Held to maturity (fair value of $859,328 and $691,379, respectively) | 804,652 | 667,106 |
Trading securities | 26,779 | 29,617 |
Other securities | 64,591 | 65,198 |
Total investment securities | 7,779,334 | 7,568,870 |
Federal funds sold and securities purchased under agreements to resell | 170,824 | 173,627 |
Interest-bearing due from banks | 401,961 | 522,877 |
Cash and due from banks | 325,446 | 458,217 |
Premises and equipment, net | 279,079 | 281,471 |
Accrued income | 90,002 | 90,127 |
Goodwill | 228,396 | 228,346 |
Other intangibles, net | 43,556 | 46,782 |
Other assets | 360,252 | 373,721 |
Total assets | 19,302,913 | 19,094,245 |
Deposits: | ||
Noninterest-bearing demand | 6,202,026 | 6,306,895 |
Interest-bearing demand and savings | 8,178,712 | 7,529,972 |
Time deposits under $250,000 | 727,709 | 771,973 |
Time deposits of $250,000 or more | 309,926 | 483,912 |
Total deposits | 15,418,373 | 15,092,752 |
Federal funds purchased and repurchase agreements | 1,681,723 | 1,818,062 |
Short-term debt | 5,006 | 5,009 |
Long-term debt | 85,238 | 86,070 |
Accrued expenses and taxes | 116,408 | 161,245 |
Other liabilities | 48,206 | 37,413 |
Total liabilities | 17,354,954 | 17,200,551 |
SHAREHOLDERS' EQUITY | ||
Common stock, $1.00 par value; 80,000,000 shares authorized, 55,056,730 shares issued, and 49,467,214 and 49,396,366 shares outstanding, respectively | 55,057 | 55,057 |
Capital surplus | 1,017,420 | 1,019,889 |
Retained earnings | 1,058,131 | 1,033,990 |
Accumulated other comprehensive income (loss), net | 32,468 | (3,718) |
Treasury stock, 5,589,516 and 5,660,364 shares, at cost, respectively | (215,117) | (211,524) |
Total shareholders' equity | 1,947,959 | 1,893,694 |
Total liabilities and shareholders' equity | $ 19,302,913 | $ 19,094,245 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Statement of Financial Position [Abstract] | ||
Held to Maturity, Fair value | $ 859,328 | $ 691,379 |
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 | 49,467,214 | 49,396,366 |
Treasury stock, shares | 5,589,516 | 5,660,364 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
INTEREST INCOME | ||
Loans | $ 90,544 | $ 64,232 |
Securities: | ||
Taxable interest | 19,357 | 18,808 |
Tax-exempt interest | 12,735 | 9,915 |
Total securities income | 32,092 | 28,723 |
Federal funds and resell agreements | 507 | 51 |
Interest-bearing due from banks | 891 | 852 |
Trading securities | 52 | 95 |
Total interest income | 124,086 | 93,953 |
INTEREST EXPENSE | ||
Deposits | 4,055 | 3,048 |
Federal funds and repurchase agreements | 1,230 | 492 |
Other | 909 | 55 |
Total interest expense | 6,194 | 3,595 |
Net interest income | 117,892 | 90,358 |
Provision for loan losses | 5,000 | 3,000 |
Net interest income after provision for loan losses | 112,892 | 87,358 |
NONINTEREST INCOME | ||
Trust and securities processing | 59,485 | 67,299 |
Trading and investment banking | 4,630 | 6,122 |
Service charges on deposit accounts | 21,461 | 21,541 |
Insurance fees and commissions | 1,497 | 570 |
Brokerage fees | 4,185 | 2,854 |
Bankcard fees | 18,016 | 16,183 |
Gain on sales of securities available for sale, net | 2,933 | 7,336 |
Equity losses on alternative investments | (381) | (842) |
Other | 4,524 | 4,144 |
Total noninterest income | 116,350 | 125,207 |
NONINTEREST EXPENSE | ||
Salaries and employee benefits | 107,150 | 98,537 |
Occupancy, net | 10,972 | 10,010 |
Equipment | 16,282 | 14,172 |
Supplies and services | 4,949 | 4,325 |
Marketing and business development | 4,441 | 4,618 |
Processing fees | 11,462 | 12,783 |
Legal and consulting | 4,799 | 4,378 |
Bankcard | 5,815 | 4,768 |
Amortization of other intangible assets | 3,226 | 2,755 |
Regulatory fees | 3,429 | 2,756 |
Other | 8,219 | 5,311 |
Total noninterest expense | 180,744 | 164,413 |
Income before income taxes | 48,498 | 48,152 |
Income tax expense | 12,253 | 14,387 |
NET INCOME | $ 36,245 | $ 33,765 |
PER SHARE DATA | ||
Net income - basic | $ 0.74 | $ 0.75 |
Net income - diluted | 0.74 | 0.74 |
Dividends | $ 0.245 | $ 0.235 |
Weighted average shares outstanding - basic | 48,756,433 | 45,000,831 |
Weighted average shares outstanding - diluted | 49,090,232 | 45,437,654 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Statement of Comprehensive Income [Abstract] | ||
Net income | $ 36,245 | $ 33,765 |
Unrealized gains on securities: | ||
Change in unrealized holding gains, net | 65,312 | 32,676 |
Less: Reclassifications adjustment for gains included in net income | (2,933) | (7,336) |
Change in unrealized gains on securities during the period | 62,379 | 25,340 |
Change in unrealized losses on derivative hedges | (4,140) | |
Income tax expense | (22,053) | (9,536) |
Other comprehensive income | 36,186 | 15,804 |
Comprehensive income | $ 72,431 | $ 49,569 |
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, 2014 | $ 1,643,758 | $ 55,057 | $ 894,602 | $ 963,911 | $ 11,006 | $ (280,818) |
Total comprehensive income | 49,569 | 33,765 | 15,804 | |||
Dividends | (10,753) | (10,753) | ||||
Purchase of treasury stock | (5,309) | (5,309) | ||||
Issuance of equity awards | 460 | (5,848) | 6,308 | |||
Recognition of equity based compensation | 2,609 | 2,609 | ||||
Net tax benefit related to equity compensation plans | 585 | 585 | ||||
Sale of treasury stock | 235 | 141 | 94 | |||
Exercise of stock options | 1,222 | 569 | 653 | |||
Ending Balance at Mar. 31, 2015 | 1,682,376 | 55,057 | 892,658 | 986,923 | 26,810 | (279,072) |
Beginning Balance at Dec. 31, 2015 | 1,893,694 | 55,057 | 1,019,889 | 1,033,990 | (3,718) | (211,524) |
Total comprehensive income | 72,431 | 36,245 | 36,186 | |||
Dividends | (12,104) | (12,104) | ||||
Purchase of treasury stock | (12,880) | (12,880) | ||||
Issuance of equity awards | 429 | (6,199) | 6,628 | |||
Recognition of equity based compensation | 2,347 | 2,347 | ||||
Net tax deficiency related to equity compensation plans | (34) | (34) | ||||
Sale of treasury stock | 263 | 123 | 140 | |||
Exercise of stock options | 3,813 | 1,294 | 2,519 | |||
Ending Balance at Mar. 31, 2016 | $ 1,947,959 | $ 55,057 | $ 1,017,420 | $ 1,058,131 | $ 32,468 | $ (215,117) |
Consolidated Statements of Cha7
Consolidated Statements of Changes in Shareholders' Equity (Parenthetical) - $ / shares | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Statement of Stockholders' Equity [Abstract] | ||
Dividends, per share | $ 0.245 | $ 0.235 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Operating Activities | ||
Net income | $ 36,245 | $ 33,765 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Provision for loan losses | 5,000 | 3,000 |
Net accretion of premiums and discounts from acquisition | (604) | |
Depreciation and amortization | 13,705 | 11,792 |
Deferred income tax benefit | (1,417) | (1,523) |
Net decrease (increase) in trading securities and other earning assets | 3,219 | (1,335) |
Gains on sales of securities available for sale | (2,933) | (7,336) |
(Gains) losses on sales of assets | (268) | 81 |
Amortization of securities premiums, net of discount accretion | 14,553 | 13,547 |
Originations of loans held for sale | (14,345) | (25,586) |
Net gains on sales of loans held for sale | (199) | (342) |
Proceeds from sales of loans held for sale | 10,303 | 23,411 |
Equity based compensation | 2,776 | 3,069 |
Changes in: | ||
Accrued income | 125 | (786) |
Accrued expenses and taxes | (40,439) | (25,614) |
Other assets and liabilities, net | 2,025 | (3,834) |
Net cash provided by operating activities | 27,746 | 22,309 |
Investing Activities | ||
Proceeds from maturities of securities held to maturity | 8,672 | 15,712 |
Proceeds from sales of securities available for sale | 282,031 | 466,422 |
Proceeds from maturities of securities available for sale | 391,494 | 338,956 |
Purchases of securities held to maturity | (146,670) | (84,631) |
Purchases of securities available for sale | (702,529) | (768,272) |
Net increase in loans | (274,053) | (33,928) |
Net decrease in fed funds sold and resell agreements | 2,803 | 93,726 |
Net decrease in interest bearing balances due from other financial institutions | 33,693 | 12,691 |
Purchases of premises and equipment | (8,499) | (14,854) |
Proceeds from sales of premises and equipment | 680 | 29 |
Net cash (used in) provided by investing activities | (412,378) | 25,851 |
Financing Activities | ||
Net increase (decrease) in demand and savings deposits | 543,871 | (66,491) |
Net decrease in time deposits | (217,851) | (394,080) |
Net increase in fed funds purchased and repurchase agreements | (136,339) | (306,052) |
Repayment of long-term debt | (1,092) | (1,210) |
Payment of contingent consideration on acquisitions | (3,031) | (18,702) |
Cash dividends paid | (12,082) | (10,716) |
Net tax (deficiency) benefit related to equity compensation plans | (34) | 585 |
Proceeds from exercise of stock options and sales of treasury shares | 4,076 | 1,457 |
Purchases of treasury stock | (12,880) | (5,309) |
Net cash provided by (used in) financing activities | 164,638 | (800,518) |
Decrease in cash and cash equivalents | (219,994) | (752,358) |
Cash and cash equivalents at beginning of period | 819,112 | 1,787,230 |
Cash and cash equivalents at end of period | 599,118 | 1,034,872 |
Supplemental Disclosures: | ||
Income taxes paid | 12,146 | 14,469 |
Total interest paid | $ 6,539 | $ 3,668 |
Financial Statement Presentatio
Financial Statement Presentation | 3 Months Ended |
Mar. 31, 2016 | |
Accounting Policies [Abstract] | |
Financial Statement Presentation | 1. Financial Statement Presentation The consolidated financial statements include the accounts of UMB Financial Corporation and its subsidiaries (collectively, the Company) after elimination of all intercompany transactions. In the opinion of management of the Company, all adjustments, which were of a normal recurring nature and necessary for a fair presentation of the financial position and results of operations have been made. The results of operations and cash flows for the interim periods presented may not be indicative of the results of the full year. The financial statements should be read in conjunction with “Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations” within this Quarterly Report on Form 10-Q and in conjunction with the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2015 filed with the Securities and Exchange Commission (SEC) on February 25, 2016 (the Form 10-K). |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2016 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies The Company is a financial holding company, which offers a wide range of banking and other financial services to its customers through its branches and offices in the states of Missouri, Kansas, Colorado, Illinois, Oklahoma, Texas, Arizona, Nebraska, Pennsylvania, South Dakota, Indiana, Utah, Minnesota, California, and Wisconsin. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP) requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements. These estimates and assumptions also impact reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. A summary of the significant accounting policies to assist the reader in understanding the financial presentation is provided in the Notes to Consolidated Financial Statements in the Form 10-K. 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 Statement of Cash Flows as of March 31, 2016 and March 31, 2015 (in thousands) March 31, 2016 2015 Due from the Federal Reserve $ 273,672 $ 585,557 Cash and due from banks 325,446 449,315 Cash and cash equivalents at end of period $ 599,118 $ 1,034,872 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 $128.3 million and $180.8 million at March 31, 2016 and March 31, 2015, respectively. Per Share Data Basic income per share is computed based on the weighted average number of shares of common stock outstanding during each period. Diluted income per share includes the dilutive effect of 333,799 and 436,823 shares of common stock issuable upon the exercise of outstanding stock options at March 31, 2016 and 2015, respectively. Options issued under employee benefit plans to purchase 660,802 and 498,488 shares of common stock were outstanding at March 31, 2016 and 2015, respectively, but were not included in the computation of diluted income per share because the options were anti-dilutive. |
New Accounting Pronouncements
New Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2016 | |
Accounting Changes and Error Corrections [Abstract] | |
New Accounting Pronouncements | 3. New Accounting Pronouncements Revenue Recognition Stock Compensation Going Concern Derivatives and Hedging Consolidation Financial Instruments Leases Extinguishments of Liabilities Derivatives and Hedging Stock Compensation |
Loans and Allowance for Loan Lo
Loans and Allowance for Loan Losses | 3 Months Ended |
Mar. 31, 2016 | |
Receivables [Abstract] | |
Loans and Allowance for Loan Losses | 4. Loans and Allowance for Loan Losses Loan Origination/Risk Management The Company has certain lending policies and procedures in place that are designed to minimize the level of risk within the loan portfolio. Diversification of the loan portfolio manages the risk associated with fluctuations in economic conditions. Authority levels are established for the extension of credit to ensure consistency throughout the Company. It is necessary that policies, processes and practices implemented to control the risks of individual credit transactions and portfolio segments are sound and adhered to. The Company maintains an independent loan review department that reviews and validates the risk assessment on a continual basis. Management regularly evaluates the results of the loan reviews. The loan review process complements and reinforces the risk identification and assessment decisions made by lenders and credit personnel, as well as the Company’s policies and procedures. Commercial loans are underwritten after evaluating and understanding the borrower’s ability to operate profitably and prudently expand its business. Commercial loans are made based on the identified cash flows of the borrower and on the underlying collateral provided by the borrower. The cash flows of the borrower, however, may not be as expected and the collateral securing these loans may fluctuate in value. Most commercial loans are secured by the assets being financed or other business assets such as accounts receivable or inventory and may incorporate a personal guarantee. In the case of loans secured by accounts receivable, the availability of funds for the repayment of these loans may be substantially dependent on the ability of the borrower to collect amounts from its customers. Commercial credit cards are generally unsecured and are underwritten with criteria similar to commercial loans including an analysis of the borrower’s cash flow, available business capital, and overall credit-worthiness of the borrower. Asset-based loans are offered primarily in the form of revolving lines of credit to commercial borrowers that do not generally qualify for traditional bank financing. Asset-based loans are underwritten based primarily upon the value of the collateral pledged to secure the loan, rather than on the borrower’s general financial condition as traditionally reflected by cash flow, balance sheet strength, operating results, and credit bureau ratings. The Company utilizes pre-loan due diligence techniques, monitoring disciplines, and loan management practices common within the asset-based lending industry to underwrite loans to these borrowers. Factoring loans provide working capital through the purchase and/or financing of accounts receivable to borrowers in the transportation industry and to commercial borrowers that do not generally qualify for traditional bank financing. Commercial real estate loans are subject to underwriting standards and processes similar to commercial loans, in addition to those of real estate loans. These loans are viewed primarily as cash flow loans and secondarily as loans secured by real estate. Commercial real estate lending typically involves higher loan principal amounts, and the repayment of these loans is largely dependent on the successful operation of the property securing the loan or the business conducted on the property securing the loan. The Company requires that an appraisal of the collateral be made at origination and on an as-needed basis, in conformity with current market conditions and regulatory requirements. The underwriting standards address both owner and non-owner occupied real estate. Construction loans are underwritten using feasibility studies, independent appraisal reviews, sensitivity analysis or absorption and lease rates and financial analysis of the developers and property owners. Construction loans are based upon estimates of costs and value associated with the complete project. Construction loans often involve the disbursement of substantial funds with repayment substantially dependent on the success of the ultimate project. Sources of repayment for these types of loans may be pre-committed permanent loans, sales of developed property or an interim loan commitment from the Company until permanent financing is obtained. These loans are closely monitored by on-site inspections and are considered to have higher risks than other real estate loans due to their repayment being sensitive to interest rate changes, governmental regulation of real property, economic conditions, and the availability of long-term financing. Underwriting standards for residential real estate and home equity loans are based on the borrower’s loan-to-value percentage, collection remedies, and overall credit history. Consumer loans are underwritten based on the borrower’s repayment ability. The Company monitors delinquencies on all of its consumer loans and leases and periodically reviews the distribution of FICO scores relative to historical periods to monitor credit risk on its credit card loans. The underwriting and review practices combined with the relatively small loan amounts that are spread across many individual borrowers, minimizes risk. Consumer loans and leases that are 90 days past due or more are considered non-performing. Credit risk is a potential loss resulting from nonpayment of either the primary or secondary exposure. Credit risk is mitigated with formal risk management practices and a thorough initial credit-granting process including consistent underwriting standards and approval process. Control factors or techniques to minimize credit risk include knowing the client, understanding total exposure, analyzing the client and debtor’s financial capacity, and monitoring the client’s activities. Credit risk and portions of the portfolio risk are managed through concentration considerations, average risk ratings, and other aggregate characteristics. The loan portfolio is comprised of loans originated by the Company and loans purchased in connection with the Company’s acquisition of Marquette Financial Companies (Marquette) on May 31, 2015 (the Acquisition Date). The purchased loans were recorded at estimated fair value at the Acquisition Date with no carryover of the related allowance. The purchased loans were segregated between those considered to be performing, non-purchased credit impaired loans (Non-PCI), and those with evidence of credit deterioration, purchased credit impaired loans (PCI). Purchased loans are considered impaired if there is evidence of credit deterioration and if it is probable, at acquisition, that all contractually required payments will not be collected. At the Acquisition Date, gross loans from the Marquette acquisition had a fair value of $980.4 million split between Non-PCI loans totaling $972.6 million and PCI loans totaling $7.8 million. The gross contractually required principal and interest payments receivable for the Non-PCI loans and PCI loans totaled $983.9 million and $9.3 million, respectively. The fair value estimates for purchased loans are based on expected prepayments and the amount and timing of discounted expected principal, interest and other cash flows. Credit discounts representing the principal losses expected over the life of the loan are also a component of the initial fair value. In determining the Acquisition Date fair value of PCI loans, and in subsequent accounting, the Company generally aggregated purchased commercial, real estate, and consumer loans into pools of loans with common risk characteristics. The difference between the fair value of Non-PCI loans and contractual amounts due at the Acquisition Date is accreted into income over the estimated life of the loans. Contractual amounts due represent the total undiscounted amount of all uncollected principal and interest payments. Loans accounted for under ASC Topic 310-30 The excess of PCI loans’ contractual amounts due over the amount of undiscounted cash flows expected to be collected is referred to as the non-accretable difference. The non-accretable difference, which is neither accreted into income nor recorded on the consolidated balance sheet, reflects estimated future credit losses and uncollectible contractual interest expected to be incurred over the life of the PCI loans. The excess cash flows expected to be collected over the carrying amount of PCI loans is referred to as the accretable yield. This amount is accreted into interest income over the remaining life of the purchased loans or pools using the level yield method. The accretable yield is affected by changes in interest rate indices for variable rate loans, changes in prepayment speed assumptions, and changes in expected principal and interest payments over the estimated lives of the PCI loans. Each quarter the Company evaluates the remaining contractual amounts due and estimates cash flows expected to be collected over the life of the PCI loans. Contractual amounts due may increase or decrease for a variety of reasons, for example, when the contractual terms of the loan agreement are modified, when interest rates on variable rate loans change, or when principal and/or interest payments are received. Cash flows expected to be collected on PCI loans are estimated by incorporating several key assumptions similar to the initial estimate of fair value. These key assumptions include probability of default, loss given default, and the amount of actual prepayments after the Acquisition Date. Prepayments affect the estimated lives of loans and could change the amount of interest income, and possibly principal, expected to be collected. In re-forecasting future estimated cash flows, credit loss expectations are adjusted as necessary. The adjustments are based, in part, on actual loss severities recognized for each loan type, as well as changes in the probability of default. For periods in which estimated cash flows are not reforecasted, the prior reporting period’s estimated cash flows are adjusted to reflect the actual cash received and credit events that transpired during the current reporting period. Increases in expected cash flows of PCI loans subsequent to the Acquisition Date are recognized prospectively through adjustments of the yield on the loans or pools over their remaining lives, while decreases in expected cash flows are recognized as impairment through a provision for loan losses and an increase in the allowance. The PCI loans are accounted for in accordance with ASC Topic 310-30, Loans and Debt Securities Purchased with Deteriorated Credit Quality Below is the composition of the net book value for the PCI loans accounted for under ASC 310-30 at March 31, 2016 (in thousands) PCI Loans: At March 31, 2016 Contractual cash flows $ 3,302 Non-accretable difference (647 ) Accretable yield (118 ) Loans accounted for under ASC 310-30 $ 2,537 Loan Aging Analysis This table provides a summary of loan classes and an aging of past due loans at March 31, 2016 and December 31, 2015 (in thousands): March 31, 2016 30-89 Greater Non- Accrual Total Due PCI Current Total Loans Loans Commercial: Commercial $ 20,035 $ 465 $ 39,371 $ 59,871 $ — $ 4,287,197 $ 4,347,068 Asset-based — — — — — 212,669 212,669 Factoring — — — — — 88,534 88,534 Commercial – credit card 333 20 25 378 — 145,653 146,031 Real estate: Real estate –construction 1,033 906 232 2,171 — 495,333 497,504 Real estate – commercial 4,234 — 8,403 12,637 1,023 2,753,573 2,767,233 Real estate – residential 2,326 — 836 3,162 — 482,560 485,722 Real estate – HELOC 1,737 — 3,094 4,831 — 719,472 724,303 Consumer: Consumer – credit card 2,085 1,780 360 4,225 — 266,333 270,558 Consumer – other 6,594 145 2,613 9,352 1,514 106,105 116,971 Leases 49 — — 49 — 42,989 43,038 Total loans $ 38,426 $ 3,316 $ 54,934 $ 96,676 $ 2,537 $ 9,600,418 $ 9,699,631 March 31, 2016 30-89 Greater Current Total Loans PCI Loans Commercial: Commercial $ — $ — $ — $ — Asset-based — — — — Factoring — — — — Commercial – credit card — — — — Real estate: Real estate – construction — — — — Real estate – commercial — 1,023 — 1,023 Real estate – residential — — — — Real estate – HELOC — — — — Consumer: Consumer – credit card — — — — Consumer – other 75 35 1,404 1,514 Leases — — — — Total PCI loans $ 75 $ 1,058 $ 1,404 $ 2,537 December 31, 2015 30-89 Greater Non- Accrual Total Due 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 The Company sold residential real estate loans with proceeds of $10.3 million and $23.4 million in the secondary market without recourse during the periods ended March 31, 2016 and March 31, 2015, respectively. The Company has ceased the recognition of interest on loans with a carrying value of $54.9 million and $61.2 million at March 31, 2016 and December 31, 2015, respectively. Restructured loans totaled $46.0 million and $36.6 million at March 31, 2016 and December 31, 2015. Loans 90 days past due and still accruing interest amounted to $3.3 million and $7.3 million at March 31, 2016 and December 31, 2015, respectively. There was an insignificant amount of interest recognized on impaired loans during 2016 and 2015. 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 March 31, 2016 and December 31, 2015 (in thousands): Credit Exposure Credit Risk Profile by Risk Rating Originated and Non-PCI Loans Commercial Asset-based Factoring March 31, 2016 December 31, March 31, 2016 December 31, March 31, 2016 December 31, Non-watch list $ 3,968,381 $ 3,880,109 $ 179,027 $ 198,903 $ 88,089 $ 90,449 Watch 147,208 105,539 — — — — Special Mention 40,095 29,397 28,142 18,163 9 237 Substandard 191,384 190,691 5,500 2,178 436 — Total $ 4,347,068 $ 4,205,736 $ 212,669 $ 219,244 $ 88,534 $ 90,686 Real estate – construction Real estate – commercial March 31, 2016 December 31, March 31, 2016 December 31, Non-watch list $ 488,546 $ 415,258 $ 2,673,502 $ 2,561,401 Watch 4,346 370 37,764 51,774 Special Mention 3,835 — 19,426 22,544 Substandard 777 940 35,518 25,998 Total $ 497,504 $ 416,568 $ 2,766,210 $ 2,661,717 Credit Exposure Credit Risk Profile Based on Payment Activity Originated and Non-PCI Loans Commercial – credit card Real estate – residential Real estate – HELOC March 31, 2016 December 31, March 31, 2016 December 31, March 31, 2016 December 31, Performing $ 146,006 $ 125,348 $ 484,886 $ 491,427 $ 721,209 $ 726,439 Non-performing 25 13 836 800 3,094 3,524 Total $ 146,031 $ 125,361 $ 485,722 $ 492,227 $ 724,303 $ 729,963 Consumer – credit card Consumer – other Leases March 31, 2016 December 31, March 31, 2016 December 31, March 31, 2016 December 31, Performing $ 270,198 $ 291,102 $ 114,358 $ 152,180 $ 43,038 $ 41,857 Non-performing 360 468 2,613 2,597 — — Total $ 270,558 $ 291,570 $ 116,971 $ 154,777 $ 43,038 $ 41,857 This table provides an analysis of the credit risk profile of each loan class accounted for under ASC 310-30 at March 31, 2016 and December 31, 2015 (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 March 31, 2016 December 31, March 31, 2016 December 31, Non-watch list $ — $ — Performing $ 1,514 $ 2,001 Watch — — Non-performing — — Special Mention — — Total $ 1,514 $ 2,001 Substandard 1,023 1,055 Total $ 1,023 $ 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 estimated losses inherent in the current loan portfolio. Portions of the allowance may be allocated for specific loans; however, the entire allowance is available for any loan that, in management’s judgment, should be charged off. While management utilizes its best judgment and information available, the adequacy of the allowance is dependent upon a variety of factors beyond the Company’s control, including, among other things, the performance of the Company’s loan portfolio, the economy, changes in interest rates and changes in the regulatory environment. The Company’s allowance for loan losses consists of specific valuation allowances and general valuation allowances based on historical loan loss experience for similar loans with similar characteristics and trends, general economic conditions and other qualitative risk factors both internal and external to the Company. The allowances established for probable losses on specific loans are based on a regular analysis and evaluation of impaired loans. Loans are classified based on an internal risk grading process that evaluates the obligor’s ability to repay, the underlying collateral, if any, and the economic environment and industry in which the borrower operates. When a loan is considered impaired, the loan is analyzed to determine the need, if any, to specifically allocate a portion of the allowance for loan losses to the loan. Specific valuation allowances are determined by analyzing the borrower’s ability to repay amounts owed, collateral deficiencies, the relative risk ranking of the loan and economic conditions affecting the borrower’s industry. General valuation allowances are calculated based on the historical loss experience of specific types of loans including an evaluation of the time span and volume of the actual charge-off. The Company calculates historical loss ratios for pools of similar loans with similar characteristics based on the proportion of actual charge-offs experienced to the total population of loans in the pool. The historical loss ratios are updated based on actual charge-off experience. A valuation allowance is established for each pool of similar loans based upon the product of the historical loss ratio, time span to charge-off, and the total dollar amount of the loans in the pool. The Company’s pools of similar loans include similarly risk-graded groups of commercial loans, commercial real estate loans, commercial credit card, home equity loans, consumer real estate loans and consumer and other loans. The Company also considers a loan migration analysis for criticized loans. This analysis includes an assessment of the probability that a loan will move to a loss position based on its risk rating. The consumer credit card pool is evaluated based on delinquencies and credit scores. In addition, a portion of the allowance is determined by a review of qualitative factors by Management. Generally, the unsecured portion of a commercial or commercial real estate loan is charged off when, after analyzing the borrower’s financial condition, it is determined that the borrower is incapable of servicing the debt, little or no prospect for near term improvement exists, and no realistic and significant strengthening action is pending. For collateral dependent commercial or commercial real estate loans, an analysis is completed regarding the Company’s collateral position to determine if the amounts due from the borrower are in excess of the calculated current fair value of the collateral. Specific allocations of the allowance for loan losses are made for any collateral deficiency. If a collateral deficiency is ultimately deemed to be uncollectible, the amount is charged off. Revolving commercial loans (such as commercial credit cards) which are past due 90 cumulative days are classified as a loss and charged off. Generally, a consumer loan, or a portion thereof, is charged off in accordance with regulatory guidelines which provide that such loans be charged off when the Company becomes aware of the loss, such as from a triggering event that may include, but is not limited to, new information about a borrower’s intent and ability to repay the loan, bankruptcy, fraud, or death. However, the charge-off timeframe should not exceed the specified delinquency time frames, which state that closed-end retail loans (such as real estate mortgages, home equity loans and consumer installment loans) that become past due 120 cumulative days and open-end retail loans (such as home equity lines of credit and consumer credit cards) that become past due 180 cumulative days are classified as a loss and charged off. ALLOWANCE FOR LOAN LOSSES AND RECORDED INVESTMENT IN LOANS This table provides a rollforward of the allowance for loan losses by portfolio segment for three months ended March 31, 2016 (in thousands): Three Months Ended March 31, 2016 Commercial Real estate Consumer Leases Total Allowance for loan losses: Beginning balance $ 63,847 $ 8,220 $ 8,949 $ 127 $ 81,143 Charge-offs (5,075 ) (1,445 ) (2,515 ) — (9,035 ) Recoveries 2,489 144 657 — 3,290 Provision 47 2,990 1,969 (6 ) 5,000 Ending balance $ 61,308 $ 9,909 $ 9,060 $ 121 $ 80,398 Ending balance: individually evaluated for impairment $ 4,163 $ 1,210 $ — $ — $ 5,373 Ending balance: collectively evaluated for impairment 57,145 8,699 9,060 121 75,025 Ending Balance: PCI Loans — — — — — Loans: Ending balance: loans $ 4,794,302 $ 4,474,762 $ 387,529 $ 43,038 $ 9,699,631 Ending balance: individually evaluated for impairment 67,486 6,278 2,612 — 76,376 Ending balance: collectively evaluated for impairment 4,726,816 4,467,461 383,403 43,038 9,620,718 Ending Balance: PCI Loans — 1,023 1,514 — 2,537 ALLOWANCE FOR LOAN LOSSES AND RECORDED INVESTMENT IN LOANS This table provides a rollforward of the allowance for loan losses by portfolio segment for three months ended March 31, 2015 (in thousands): Three Months Ended March 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 (412 ) (32 ) (2,704 ) — (3,148 ) Recoveries 810 15 662 — 1,487 Provision (88 ) 1,204 1,901 (17 ) 3,000 Ending balance $ 55,659 $ 11,912 $ 9,780 $ 128 $ 77,479 Ending balance: individually evaluated for impairment $ 1,223 $ 2,925 $ — $ — $ 4,148 Ending balance: collectively evaluated for impairment 54,436 8,987 9,780 128 73,331 Loans: Ending balance: loans $ 3,938,523 $ 3,160,418 $ 360,550 $ 38,817 $ 7,498,308 Ending balance: individually evaluated for impairment 13,839 14,844 — — 28,683 Ending balance: collectively evaluated for impairment 3,924,684 3,145,574 360,550 38,817 7,469,625 Impaired Loans This table provides an analysis of impaired loans by class at March 31, 2016 and December 31, 2015 (in thousands): As of March 31, 2016 Unpaid Recorded Recorded Total Related Average Recorded Commercial: Commercial $ 72,511 $ 38,422 $ 29,064 $ 67,486 $ 4,163 $ 67,744 Asset-based — — — — — — Factoring — — — — — — Commercial – credit card — — — — — — Real estate: Real estate – construction 781 318 118 436 35 443 Real estate – commercial 7,098 3,375 1,365 4,740 1,175 5,453 Real estate – residential 961 899 — 899 — 919 Real estate – HELOC 231 203 — 203 — 198 Consumer: Consumer – credit card — — — — — — Consumer – other 2,594 2,594 — 2,594 — 2,584 Leases — — — — — — Total $ 84,176 $ 45,811 $ 30,547 $ 76,358 $ 5,373 $ 77,341 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 Troubled Debt Restructurings A loan modification is considered a troubled debt restructuring (TDR) when a concession has been granted to a debtor experiencing financial difficulties. The Company’s modifications generally include interest rate adjustments, principal reductions, and amortization and maturity date extensions. These modifications allow the debtor short-term cash relief to allow them to improve their financial condition. The Company’s restructured loans are individually evaluated for impairment and evaluated as part of the allowance for loan 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 three months ended March 31, 2016, no purchased loans were modified as troubled debt restructurings after the Acquisition Date. The Company had $823 thousand and $221 thousand in commitments to lend to borrowers with loan modifications classified as TDR’s as of March 31, 2016 and March 31, 2015, 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 three month period ended March 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 ALL, and this loan was charged off against the ALL during that period. This table provides a summary of loans restructured by class during the three months ended March 31, 2016 and 2015 (in thousands): Three Months Ended March 31, 2016 Three Months Ended March 31, 2015 Number Pre- Modification Post- Modification Number Pre- Modification Post- Modification Troubled Debt Restructurings Commercial: Commercial 2 $ 12,056 $ 12,056 — $ — $ — Asset-based Factoring Commercial – credit card — — — — — — Real estate: Real estate – construction — — — — — — Real estate – commercial — — — — — — Real estate – residential — — — — — — Real estate – HELOC — — — — — — Consumer: Consumer – credit card — — — — — — Consumer – other — — — — — — Leases — — — — — — Total 2 $ 12,056 $ 12,056 — $ — $ — |
Securities
Securities | 3 Months Ended |
Mar. 31, 2016 | |
Investments, Debt and Equity Securities [Abstract] | |
Securities | 5. Securities Securities Available for Sale This table provides detailed information about securities available for sale at March 31, 2016 and December 31, 2015 (in thousands): March 31, 2016 Amortized Gross Gross Fair Value U.S. Treasury $ 353,828 $ 442 $ (9 ) $ 354,261 U.S. Agencies 593,489 424 (144 ) 593,769 Mortgage-backed 3,645,006 35,170 (11,638 ) 3,668,538 State and political subdivisions 2,154,346 33,312 (1,056 ) 2,186,602 Corporates 80,313 30 (201 ) 80,142 Total $ 6,826,982 $ 69,378 $ (13,048 ) $ 6,883,312 Gross Gross Amortized Unrealized Unrealized Fair December 31, 2015 Cost Gains Losses 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 The following table presents contractual maturity information for securities available for sale at March 31, 2016 (in thousands): Amortized Fair Cost Value Due in 1 year or less $ 1,056,562 $ 1,057,412 Due after 1 year through 5 years 1,162,717 1,176,382 Due after 5 years through 10 years 849,567 866,783 Due after 10 years 113,130 114,197 Total 3,181,976 3,214,774 Mortgage-backed securities 3,645,006 3,668,538 Total securities available for sale $ 6,826,982 $ 6,883,312 Securities may be disposed of before contractual maturities due to sales by the Company or because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. For the three months ended March 31, 2016, proceeds from the sales of securities available for sale were $282.0 million compared to $466.4 million for the same period in 2015. Securities transactions resulted in gross realized gains of $2.9 million and $7.3 million for the three months ended March 31, 2016 and 2015. There were no gross realized losses for the three months ended March 31, 2016 and 2015. Securities available for sale with a market value of $5.7 billion at March 31, 2016 and $5.9 billion at December 31, 2015 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 $1.5 billion at March 31, 2016 and $1.6 billion at December 31, 2015 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 March 31, 2016 and December 31, 2015 (in thousands). March 31, 2016 Less than 12 months 12 months or more Total Description of Securities Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized U.S. Treasury $ 14,962 $ (9 ) $ — $ — $ 14,962 $ (9 ) U.S. Agencies 170,523 (144 ) — — 170,523 (144 ) Mortgage-backed 437,084 (2,352 ) 447,502 (9,286 ) 884,586 (11,638 ) State and political subdivisions 295,146 (906 ) 20,355 (150 ) 315,501 (1,056 ) Corporates 13,088 (14 ) 50,995 (187 ) 64,083 (201 ) Total temporarily-impaired debt securities available for sale $ 930,803 $ (3,425 ) $ 518,852 $ (9,623 ) $ 1,449,655 $ (13,048 ) December 31, 2015 Less than 12 months 12 months or more Total Description of Securities Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized U.S. Treasury $ 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 ) The unrealized losses in the Company’s investments in U.S. treasury obligations, U.S. government agencies, Government Sponsored Entity (GSE) mortgage-backed securities, municipal securities, and corporates were caused by changes in interest rates. The Company does not have the intent to sell these securities and does not believe it is more likely than not that the Company will be required to sell these securities before a recovery of amortized cost. The Company expects to recover its cost basis in the securities and does not consider these investments to be other-than-temporarily impaired at March 31, 2016. Securities Held to Maturity The table below provides detailed information for securities held to maturity at March 31, 2016 and December 31, 2015 (in thousands): Net Amortized Unrealized Fair March 31, 2016 Cost Gains Value State and political subdivisions $ 804,652 $ 54,676 $ 859,328 December 31, 2015 State and political subdivisions $ 667,106 $ 24,273 $ 691,379 The following table presents contractual maturity information for securities held to maturity at March 31, 2016 (in thousands): Amortized Fair Cost Value Due in 1 year or less $ 15,971 $ 17,056 Due after 1 year through 5 years 75,674 80,816 Due after 5 years through 10 years 463,546 495,044 Due after 10 years 249,461 266,412 Total securities held to maturity $ 804,652 $ 859,328 Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. There were no sales of securities held to maturity during the first three months of 2016 or 2015. Trading Securities The net unrealized gains on trading securities at March 31, 2016 and March 31, 2015 were $48 thousand and $30 thousand, respectively, and were included in trading and investment banking income on the consolidated statements of income. Other Securities The table below provides detailed information for Federal Reserve Bank (FRB) stock and Federal Home Loan Bank (FHLB) stock and other securities at March 31, 2016 and December 31, 2015 (in thousands): Gross Gross Amortized Unrealized Unrealized Fair March 31, 2016 Cost Gains Losses Value FRB and FHLB stock $ 33,667 $ — $ — $ 33,667 Other securities – marketable 4 6,768 — 6,772 Other securities – non-marketable 23,226 927 (1 ) 24,152 Total Other securities $ 56,897 $ 7,695 $ (1 ) $ 64,591 December 31, 2015 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 Other securities $ 57,075 $ 8,123 $ — $ 65,198 Investment in FRB stock is based on the capital structure of the investing bank, and investment in FHLB stock is mainly tied to the level of borrowings from the FHLB. These holdings are carried at cost. Other marketable and non-marketable securities include Prairie Capital Management (PCM) alternative investments in hedge funds and private equity funds, which are accounted for as equity-method investments. The fair value of other marketable securities includes alternative investment securities of $6.8 million at March 31, 2016 and $7.2 million at December 31, 2015. The fair value of other non-marketable securities includes alternative investment securities of $2.1 million at March 31, 2016 and $2.0 million at December 31, 2015. Unrealized gains or losses on alternative investments are recognized in the Equity (loss) earnings on alternative investments line of the Company’s Consolidated Statements of Income. |
Goodwill and Other Intangibles
Goodwill and Other Intangibles | 3 Months Ended |
Mar. 31, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangibles | 6. Goodwill and Other Intangibles Changes in the carrying amount of goodwill for the periods ended March 31, 2016 and December 31, 2015 by reportable segment are as follows (in thousands): Bank Institutional Asset Total Balances as of January 1, 2016 $ 161,341 $ 47,529 $ 19,476 $ 228,346 Acquisition of Marquette 50 — — 50 Balances as of March 31, 2016 $ 161,391 $ 47,529 $ 19,476 $ 228,396 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 Following are the finite-lived intangible assets that continue to be subject to amortization as of March 31, 2016 and December 31, 2015 (in thousands) As of March 31, 2016 Gross Carrying Accumulated Net Carrying Core deposit intangible assets $ 47,527 $ 36,433 $ 11,094 Customer relationships 107,460 75,902 31,558 Other intangible assets 4,198 3,294 904 Total intangible assets $ 159,185 $ 115,629 $ 43,556 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 Following is the aggregate amortization expense recognized in each period (in thousands): Three Months Ended March 31, 2016 2015 Aggregate amortization expense $ 3,226 $2,755 Estimated amortization expense of intangible assets on future years (in thousands): For the nine months ending December 31, 2016 $ 9,064 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 For the year ending December 31, 2021 3,101 |
Securities Sold Under Agreement
Securities Sold Under Agreements to Repurchase | 3 Months Ended |
Mar. 31, 2016 | |
Banking and Thrift [Abstract] | |
Securities Sold Under Agreements to Repurchase | 7. Securities Sold Under Agreements to Repurchase The Company utilizes repurchase agreements to facilitate the needs of customers and to facilitate secured short-term funding needs. Repurchase agreements are stated at the amount of cash received in connection with the transaction. The Company monitors collateral levels on a continuous basis and may be required to provide additional collateral based on the fair value of the underlying securities. Securities pledged as collateral under repurchase agreements are maintained with the Company’s safekeeping agents. The table below presents the remaining contractual maturities of repurchase agreements outstanding at March 31, 2016, in addition to the various types of marketable securities that have been pledged as collateral for these borrowings (in thousands). As of March 31, 2016 Remaining Contractual Maturities of the Agreements Overnight & Continuous Over 90 Days Total Repurchase agreements, secured by: U.S. Treasury $ 117,701 $ — $ 117,701 U.S. Agencies 1,496,723 3,100 1,499,823 Total repurchase agreements $ 1,614,424 $ 3,100 $ 1,617,524 |
Business Segment Reporting
Business Segment Reporting | 3 Months Ended |
Mar. 31, 2016 | |
Segment Reporting [Abstract] | |
Business Segment Reporting | 8. Business Segment Reporting The Company has strategically aligned its operations into the following three reportable segments (collectively, the Business Segments): Bank, Institutional Investment Management, and Asset Servicing. Senior executive officers regularly evaluate business segment financial results produced by the Company’s internal management reporting system in deciding how to allocate resources and assess performance for individual Business Segments. Previously, the Company had the following four Business Segments: Bank, Institutional Investment Management, Asset Servicing, and Payment Solutions. In the first quarter of 2016, the Company merged the Payments Solutions segment into the Bank segment to better reflect how the core businesses, products and services are being evaluated by management currently. The Company’s Payment Solutions leadership structure and financial performance assessments are now included in the Bank segment, and accordingly, the reportable segments were realigned to reflect these changes. For comparability purposes, amounts in all periods are based on methodologies in effect at March 31, 2016. 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 Institutional Investment Management Asset Servicing Business Segment Information Segment financial results were as follows (in thousands): Three Months Ended March 31, 2016 Bank Institutional Asset Total Net interest income $ 115,271 $ — $ 2,621 $ 117,892 Provision for loan losses 5,000 — — 5,000 Noninterest income 75,441 18,416 22,493 116,350 Noninterest expense 143,361 17,233 20,150 180,744 Income before taxes 42,351 1,183 4,964 48,498 Income tax expense 10,706 289 1,258 12,253 Net income $ 31,645 $ 894 $ 3,706 $ 36,245 Average assets $ 17,885,000 $ 63,000 $ 1,387,000 $ 19,335,000 Three Months Ended March 31, 2015 Bank Institutional Asset Total Net interest income $ 89,360 $ 1 $ 997 $ 90,358 Provision for loan losses 3,000 — — 3,000 Noninterest income 74,689 27,084 23,434 125,207 Noninterest expense 125,178 17,961 21,274 164,413 Income before taxes 35,871 9,124 3,157 48,152 Income tax expense 10,715 2,750 922 14,387 Net income $ 25,156 $ 6,374 $ 2,235 $ 33,765 Average assets $ 15,814,000 $ 75,000 $ 943,000 $ 16,832,000 |
Acquisition
Acquisition | 3 Months Ended |
Mar. 31, 2016 | |
Business Combinations [Abstract] | |
Acquisition | 9. Acquisition On May 31, 2015, the Company acquired 100% of the outstanding common shares of Marquette Financial Companies. Marquette was a privately held financial services company with a portfolio of businesses and operated 13 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 increased its presence in Arizona and Texas and supplemented the Company’s commercial-banking services with factoring and asset-based lending businesses. As of the close of trading on the Acquisition Date, the beneficial owners of Marquette received 9.2295 shares of the Company’s common stock for each share of Marquette common stock owned at that date (approximately 3.47 million shares total). The market value of the shares of the Company’s common stock issued at the effective time of the merger was approximately $179.7 million, based on the closing stock price of the Company’s common stock of $51.79 on May 29, 2015. The transaction was accounted for using the purchased method of accounting in accordance with FASB ASC Topic 805, Business Combinations The following table summarizes the net assets acquired (at fair value) and consideration transferred for Marquette ( in thousands, except for per share data): Fair Value May 31, 2015 Assets Loans $ 980,404 Investment securities 177,694 Cash and due from banks 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 14,135 Total liabilities assumed 1,151,075 Net identifiable assets acquired 161,099 Goodwill acquired 18,638 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 Marquette acquisition, the Company purchased $980.4 million of loans at fair value. All non-performing loans and select other classified loan relationships considered by management to be credit impaired are accounted for pursuant to ASC Topic 310-30, as previously discussed within Note 4, “Loans and Allowance for Loan Losses.” The Company assumed long-term debt obligations with an aggregate balance of $103.1 million and an aggregate fair value of $65.5 million as of the Acquisition Date payable to four unconsolidated trusts (Marquette Capital Trust I, Marquette Capital Trust II, Marquette Capital Trust III, and Marquette Capital Trust IV) that have issued trust preferred securities. Interest rates on trust preferred securities 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 results of Marquette are included in the results of the Company subsequent to the Acquisition Date. For the three months ended March 31, 2016, acquisition expenses recognized in Noninterest expense in the Company’s Consolidated Statements of Income totaled $3.0 million. This total included $828 thousand of severance in Salaries and employee benefits and $1.6 million in Legal and consulting fees. |
Commitments, Contingencies and
Commitments, Contingencies and Guarantees | 3 Months Ended |
Mar. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments, Contingencies and Guarantees | 10. Commitments, Contingencies and Guarantees In the normal course of business, the Company is party to financial instruments with off-balance-sheet risk in order to meet the financing needs of its customers and to reduce its own exposure to fluctuations in interest rates. These financial instruments include commitments to extend credit, commercial letters of credit, standby letters of credit, futures contracts, forward foreign exchange contracts and spot foreign exchange contracts. These instruments involve, to varying degrees, elements of credit and interest rate risk in excess of the amounts recognized in the consolidated balance sheet. The contract or notional amount of those instruments reflects the extent of involvement the Company has in particular classes of financial instruments. Many of the commitments expire without being drawn upon, therefore, the total amount of these commitments does not necessarily represent the future cash requirements of the Company. The Company’s exposure to credit loss in the event of nonperformance by the counterparty to the financial instruments for commitments to extend credit, commercial letters of credit, and standby letters of credit is represented by the contract or notional amount of those instruments. The Company uses the same credit policies in making commitments and conditional obligations as it does for on-balance-sheet instruments. The following table summarizes the Company’s off-balance sheet financial instruments. Contract or Notional Amount (in thousands): March 31, December 31, 2016 2015 Commitments to extend credit for loans (excluding credit card loans) $ 6,392,371 $ 6,671,794 Commitments to extend credit under credit card loans 3,049,160 2,986,581 Commercial letters of credit 9,706 11,541 Standby letters of credit 352,526 360,468 Futures contracts 500 — Forward contracts 42,078 75,611 Spot foreign exchange contracts 2,084 10,391 |
Derivatives and Hedging Activit
Derivatives and Hedging Activities | 3 Months Ended |
Mar. 31, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives and Hedging Activities | 11. Derivatives and Hedging Activities Risk Management Objective of Using Derivatives The Company is exposed to certain risks arising from both its business operations and economic conditions. The Company principally manages its exposures to a wide variety of business and operational risks through management of its core business activities. The Company manages economic risks, including interest rate, liquidity, and credit risk, primarily by managing the amount, sources, and duration of its assets and liabilities. Specifically, the Company enters into derivative financial instruments to manage exposures that arise from business activities that result in the receipt or payment of future known and uncertain cash amounts, the values of which are determined by interest rates. The Company’s derivative financial instruments are used to manage differences in the amount, timing, and duration of the Company’s known or expected cash receipts and its known or expected cash payments principally related to certain fixed rate assets and liabilities. The Company also has interest rate derivatives that result from a service provided to certain qualifying customers and, therefore, are not used to manage interest rate risk of the Company’s assets or liabilities. The Company has entered into an offsetting position for each of these derivative instruments with a matching instrument from another financial institution in order to minimize its net risk exposure resulting from such transactions. Fair Values of Derivative Instruments on the Consolidated Balance Sheet The table below presents the fair value of the Company’s derivative financial instruments as of March 31, 2016 and December 31, 2015. 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 March 31, 2016 and December 31, 2015 (in thousands) Asset Derivatives Liability Derivatives March 31, December 31, March 31, December 31, Fair value Interest Rate Products: Derivatives not designated as hedging instruments $ 18,882 $ 11,700 $ 19,455 $ 11,921 Derivatives designated as hedging instruments 605 603 4,671 337 Total $ 19,487 $ 12,303 $ 24,126 $ 12,258 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 March 31, 2016, 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. 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 March 31, 2016, 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 accumulated other comprehensive income (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 three months ended March 31, 2016, the Company recognized net losses of $4.1 million in AOCI for the effective portion of the change in fair value of these cash flow hedges. During the three months ended March 31, 2016, 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. As of March 31, 2016, the Company is hedging its exposure to the variability in future cash flows for forecasted transactions over a maximum period of 20.5 years. 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 March 31, 2016, the Company had 40 interest rate swaps with an aggregate notional amount of $511.8 million related to this program. During the three months ended March 31, 2016 and 2015, the Company recognized net losses of $352 thousand and $106 thousand, respectively, related to changes in the fair value of these swaps. 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 assets and liabilities as of March 31, 2016 and March 31, 2015 (in thousands) Amount of Gain (Loss) Recognized For the Three Months Ended March 31, 2016 2015 Interest Rate Products Derivatives not designated as hedging instruments $ (352 ) $ (106 ) Total $ (352 ) $ (106 ) Interest Rate Products Derivatives designated as hedging instruments Fair value adjustments on derivatives $ (193 ) $ (115 ) Fair value adjustments on hedged items 192 110 Total $ (1 ) $ (5 ) 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 assets and liabilities as of March 31, 2016 and March 31, 2015 (in thousands) Amount of Loss Recognized in Other For the Three Months Ended March 31, Derivatives in Cash Flow Hedging Relationships 2016 2015 Interest rate products Derivatives designed as cash flow hedging instruments $ (4,140 ) $ — Total $ (4,140 ) $ — 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 March 31, 2016 the termination value of derivatives in a net liability position, which includes accrued interest, related to these agreements was $24.6 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 March 31, 2016, it could have been required to settle its obligations under the agreements at the termination value. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 12. Fair Value Measurements The following table presents information about the Company’s assets measured at fair value on a recurring basis as of March 31, 2016, 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 March 31, 2016 and December 31, 2015 (in thousands): Fair Value Measurement As of March 31, 2016 Description March 31, Quoted Prices (Level 1) Significant Significant (Level 3) Assets U.S. Treasury $ 400 $ 400 $ $ — U.S. Agencies 2,077 — 2,077 — State and political subdivisions 6,294 — 6,294 — Trading - other 18,008 17,760 248 — Trading securities 26,779 18,160 8,619 — U.S. Treasury 354,261 354,261 — — U.S. Agencies 593,769 — 593,769 — Mortgage-backed 3,668,538 — 3,668,538 — State and political subdivisions 2,186,602 — 2,186,602 — Corporates 80,142 80,142 — — Available for sale securities 6,883,312 434,403 6,448,909 — Company-owned life insurance 31,137 — 31,137 — Bank-owned life insurance 204,736 — 204,736 — Derivatives 19,487 — 19,487 — Total $ 7,165,451 $ 452,563 $ 6,712,888 $ — Liabilities Deferred compensation $ 39,582 $ 39,582 $ — $ — Derivatives 24,126 — 24,126 — Total $ 63,708 $ 39,582 $ 24,126 $ — Fair Value Measurement as of December 31, 2015 Description December 31, Quoted Prices (Level 1) Significant (Level 2) Significant (Level 3) Assets U.S. Treasury $ 400 $ 400 $ — $ — U.S. Agencies 1,309 — 1,309 — 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 The following table reconciles the beginning and ending fair value of balances of the contingent consideration liability: Three Months Ended March 31, 2016 2015 Beginning Balance $ 17,718 $ 53,411 Payment of contingent considerations on acquisitions (17,784 ) (18,702 ) Fair value adjustments 66 (2,264 ) Ending Balance $ — $ 32,445 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 March 31, 2016 and December 31, 2015 (in thousands): Fair Value Measurement at March 31, 2016 Using Description March 31, Quoted Prices (Level 1) Significant (Level 2) Significant (Level 3) Total Gains (Losses) Recognized During the March 31 Impaired loans $ 25,174 $ — $ — $ 25,174 $ 491 Other real estate owned 100 — — 100 — Total $ 25,274 $ — $ — $ 25,274 $ 491 Fair Value Measurement at December 31, 2015 Using Description December 31, Quoted Prices (Level 1) Significant (Level 2) Significant (Level 3) Total Gains (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 ) 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 March, 31, 2016 and December 31, 2015 were as follows (in millions): Fair Value Measurement at March 31, 2016 Using Carrying Quoted Prices (Level 1) Significant (Level 2) Significant (Level 3) Total FINANCIAL ASSETS Cash and short-term investments $ 898.2 $ 733.6 $ 164.6 $ — $ 898.2 Securities available for sale 6,883.3 434.4 6,448.9 — 6,883.3 Securities held to maturity 804.7 — 859.3 — 859.3 Trading securities 26.8 18.2 8.6 — 26.8 Other securities 64.6 — 64.6 — 64.6 Loans (exclusive of allowance for loan loss) 9,704.5 — 9,779.7 — 9,779.7 Derivatives 19.5 — 19.5 — 19.5 FINANCIAL LIABILITIES Demand and savings deposits 14,380.7 14,380.7 — — 14,380.7 Time deposits 1,037.6 — 1,037.6 — 1,037.6 Other borrowings 1,686.7 64.2 1,622.5 — 1,686.7 Long-term debt 85.2 — 85.7 — 85.7 Derivatives 24.1 — 24.1 — 24.1 OFF-BALANCE SHEET ARRANGEMENTS Commitments to extend credit for loans 1.3 Commercial letters of credit 0.1 Standby letters of credit 0.6 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 Trading securities 29.6 18.1 11.5 — 29.6 Other securities 65.2 — 65.2 — 65.2 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 Cash and short-term investments Securities held to maturity Other securities Loans Demand and savings deposits Time deposits Other borrowings Long-term debt Other off-balance sheet instruments |
Summary of Significant Accoun21
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2016 | |
Accounting Policies [Abstract] | |
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 Statement of Cash Flows as of March 31, 2016 and March 31, 2015 (in thousands) March 31, 2016 2015 Due from the Federal Reserve $ 273,672 $ 585,557 Cash and due from banks 325,446 449,315 Cash and cash equivalents at end of period $ 599,118 $ 1,034,872 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 $128.3 million and $180.8 million at March 31, 2016 and March 31, 2015, respectively. |
Per Share Data | Per Share Data Basic income per share is computed based on the weighted average number of shares of common stock outstanding during each period. Diluted income per share includes the dilutive effect of 333,799 and 436,823 shares of common stock issuable upon the exercise of outstanding stock options at March 31, 2016 and 2015, respectively. Options issued under employee benefit plans to purchase 660,802 and 498,488 shares of common stock were outstanding at March 31, 2016 and 2015, respectively, but were not included in the computation of diluted income per share because the options were anti-dilutive. |
Summary of Significant Accoun22
Summary of Significant Accounting Policies (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Accounting Policies [Abstract] | |
Summary of Cash and Cash Equivalents | This table provides a summary of cash and cash equivalents as presented on the Consolidated Statement of Cash Flows as of March 31, 2016 and March 31, 2015 (in thousands) March 31, 2016 2015 Due from the Federal Reserve $ 273,672 $ 585,557 Cash and due from banks 325,446 449,315 Cash and cash equivalents at end of period $ 599,118 $ 1,034,872 |
Loans and Allowance for Loan 23
Loans and Allowance for Loan Losses (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Receivables [Abstract] | |
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 March 31, 2016 (in thousands) PCI Loans: At March 31, 2016 Contractual cash flows $ 3,302 Non-accretable difference (647 ) Accretable yield (118 ) Loans accounted for under ASC 310-30 $ 2,537 |
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 March 31, 2016 and December 31, 2015 (in thousands): March 31, 2016 30-89 Greater Non- Accrual Total Due PCI Current Total Loans Loans Commercial: Commercial $ 20,035 $ 465 $ 39,371 $ 59,871 $ — $ 4,287,197 $ 4,347,068 Asset-based — — — — — 212,669 212,669 Factoring — — — — — 88,534 88,534 Commercial – credit card 333 20 25 378 — 145,653 146,031 Real estate: Real estate –construction 1,033 906 232 2,171 — 495,333 497,504 Real estate – commercial 4,234 — 8,403 12,637 1,023 2,753,573 2,767,233 Real estate – residential 2,326 — 836 3,162 — 482,560 485,722 Real estate – HELOC 1,737 — 3,094 4,831 — 719,472 724,303 Consumer: Consumer – credit card 2,085 1,780 360 4,225 — 266,333 270,558 Consumer – other 6,594 145 2,613 9,352 1,514 106,105 116,971 Leases 49 — — 49 — 42,989 43,038 Total loans $ 38,426 $ 3,316 $ 54,934 $ 96,676 $ 2,537 $ 9,600,418 $ 9,699,631 March 31, 2016 30-89 Greater Current Total Loans PCI Loans Commercial: Commercial $ — $ — $ — $ — Asset-based — — — — Factoring — — — — Commercial – credit card — — — — Real estate: Real estate – construction — — — — Real estate – commercial — 1,023 — 1,023 Real estate – residential — — — — Real estate – HELOC — — — — Consumer: Consumer – credit card — — — — Consumer – other 75 35 1,404 1,514 Leases — — — — Total PCI loans $ 75 $ 1,058 $ 1,404 $ 2,537 December 31, 2015 30-89 Greater Non- Accrual Total Due 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 |
Credit Risk Profile by Risk Rating | Credit Exposure Credit Risk Profile by Risk Rating Originated and Non-PCI Loans Commercial Asset-based Factoring March 31, 2016 December 31, March 31, 2016 December 31, March 31, 2016 December 31, Non-watch list $ 3,968,381 $ 3,880,109 $ 179,027 $ 198,903 $ 88,089 $ 90,449 Watch 147,208 105,539 — — — — Special Mention 40,095 29,397 28,142 18,163 9 237 Substandard 191,384 190,691 5,500 2,178 436 — Total $ 4,347,068 $ 4,205,736 $ 212,669 $ 219,244 $ 88,534 $ 90,686 Real estate – construction Real estate – commercial March 31, 2016 December 31, March 31, 2016 December 31, Non-watch list $ 488,546 $ 415,258 $ 2,673,502 $ 2,561,401 Watch 4,346 370 37,764 51,774 Special Mention 3,835 — 19,426 22,544 Substandard 777 940 35,518 25,998 Total $ 497,504 $ 416,568 $ 2,766,210 $ 2,661,717 Credit Exposure Credit Risk Profile by Risk Rating PCI Loans Real estate – commercial March 31, 2016 December 31, Non-watch list $ — $ — Watch — — Special Mention — — Substandard 1,023 1,055 Total $ 1,023 $ 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 March 31, 2016 December 31, March 31, 2016 December 31, March 31, 2016 December 31, Performing $ 146,006 $ 125,348 $ 484,886 $ 491,427 $ 721,209 $ 726,439 Non-performing 25 13 836 800 3,094 3,524 Total $ 146,031 $ 125,361 $ 485,722 $ 492,227 $ 724,303 $ 729,963 Consumer – credit card Consumer – other Leases March 31, 2016 December 31, March 31, 2016 December 31, March 31, 2016 December 31, Performing $ 270,198 $ 291,102 $ 114,358 $ 152,180 $ 43,038 $ 41,857 Non-performing 360 468 2,613 2,597 — — Total $ 270,558 $ 291,570 $ 116,971 $ 154,777 $ 43,038 $ 41,857 This table provides an analysis of the credit risk profile of each loan class accounted for under ASC 310-30 at March 31, 2016 and December 31, 2015 (in thousands): Credit Risk Profile Based on Payment Activity PCI Loans Consumer – other March 31, 2016 December 31, Performing $ 1,514 $ 2,001 Non-performing — — Total $ 1,514 $ 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 three months ended March 31, 2016 (in thousands): Three Months Ended March 31, 2016 Commercial Real estate Consumer Leases Total Allowance for loan losses: Beginning balance $ 63,847 $ 8,220 $ 8,949 $ 127 $ 81,143 Charge-offs (5,075 ) (1,445 ) (2,515 ) — (9,035 ) Recoveries 2,489 144 657 — 3,290 Provision 47 2,990 1,969 (6 ) 5,000 Ending balance $ 61,308 $ 9,909 $ 9,060 $ 121 $ 80,398 Ending balance: individually evaluated for impairment $ 4,163 $ 1,210 $ — $ — $ 5,373 Ending balance: collectively evaluated for impairment 57,145 8,699 9,060 121 75,025 Ending Balance: PCI Loans — — — — — Loans: Ending balance: loans $ 4,794,302 $ 4,474,762 $ 387,529 $ 43,038 $ 9,699,631 Ending balance: individually evaluated for impairment 67,486 6,278 2,612 — 76,376 Ending balance: collectively evaluated for impairment 4,726,816 4,467,461 383,403 43,038 9,620,718 Ending Balance: PCI Loans — 1,023 1,514 — 2,537 ALLOWANCE FOR LOAN LOSSES AND RECORDED INVESTMENT IN LOANS This table provides a rollforward of the allowance for loan losses by portfolio segment for three months ended March 31, 2015 (in thousands): Three Months Ended March 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 (412 ) (32 ) (2,704 ) — (3,148 ) Recoveries 810 15 662 — 1,487 Provision (88 ) 1,204 1,901 (17 ) 3,000 Ending balance $ 55,659 $ 11,912 $ 9,780 $ 128 $ 77,479 Ending balance: individually evaluated for impairment $ 1,223 $ 2,925 $ — $ — $ 4,148 Ending balance: collectively evaluated for impairment 54,436 8,987 9,780 128 73,331 Loans: Ending balance: loans $ 3,938,523 $ 3,160,418 $ 360,550 $ 38,817 $ 7,498,308 Ending balance: individually evaluated for impairment 13,839 14,844 — — 28,683 Ending balance: collectively evaluated for impairment 3,924,684 3,145,574 360,550 38,817 7,469,625 |
Analysis of Impaired Loans | This table provides an analysis of impaired loans by class at March 31, 2016 and December 31, 2015 (in thousands): As of March 31, 2016 Unpaid Recorded Recorded Total Related Average Recorded Commercial: Commercial $ 72,511 $ 38,422 $ 29,064 $ 67,486 $ 4,163 $ 67,744 Asset-based — — — — — — Factoring — — — — — — Commercial – credit card — — — — — — Real estate: Real estate – construction 781 318 118 436 35 443 Real estate – commercial 7,098 3,375 1,365 4,740 1,175 5,453 Real estate – residential 961 899 — 899 — 919 Real estate – HELOC 231 203 — 203 — 198 Consumer: Consumer – credit card — — — — — — Consumer – other 2,594 2,594 — 2,594 — 2,584 Leases — — — — — — Total $ 84,176 $ 45,811 $ 30,547 $ 76,358 $ 5,373 $ 77,341 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 |
Summary of Loans Restructured by Class | This table provides a summary of loans restructured by class during the three months ended March 31, 2016 and 2015 (in thousands): Three Months Ended March 31, 2016 Three Months Ended March 31, 2015 Number Pre- Modification Post- Modification Number Pre- Modification Post- Modification Troubled Debt Restructurings Commercial: Commercial 2 $ 12,056 $ 12,056 — $ — $ — Asset-based Factoring Commercial – credit card — — — — — — Real estate: Real estate – construction — — — — — — Real estate – commercial — — — — — — Real estate – residential — — — — — — Real estate – HELOC — — — — — — Consumer: Consumer – credit card — — — — — — Consumer – other — — — — — — Leases — — — — — — Total 2 $ 12,056 $ 12,056 — $ — $ — |
Securities (Tables)
Securities (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Securities Available for Sale | This table provides detailed information about securities available for sale at March 31, 2016 and December 31, 2015 (in thousands): March 31, 2016 Amortized Gross Gross Fair Value U.S. Treasury $ 353,828 $ 442 $ (9 ) $ 354,261 U.S. Agencies 593,489 424 (144 ) 593,769 Mortgage-backed 3,645,006 35,170 (11,638 ) 3,668,538 State and political subdivisions 2,154,346 33,312 (1,056 ) 2,186,602 Corporates 80,313 30 (201 ) 80,142 Total $ 6,826,982 $ 69,378 $ (13,048 ) $ 6,883,312 Gross Gross Amortized Unrealized Unrealized Fair December 31, 2015 Cost Gains Losses 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 |
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 March 31, 2016 and December 31, 2015 (in thousands). March 31, 2016 Less than 12 months 12 months or more Total Description of Securities Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized U.S. Treasury $ 14,962 $ (9 ) $ — $ — $ 14,962 $ (9 ) U.S. Agencies 170,523 (144 ) — — 170,523 (144 ) Mortgage-backed 437,084 (2,352 ) 447,502 (9,286 ) 884,586 (11,638 ) State and political subdivisions 295,146 (906 ) 20,355 (150 ) 315,501 (1,056 ) Corporates 13,088 (14 ) 50,995 (187 ) 64,083 (201 ) Total temporarily-impaired debt securities available for sale $ 930,803 $ (3,425 ) $ 518,852 $ (9,623 ) $ 1,449,655 $ (13,048 ) December 31, 2015 Less than 12 months 12 months or more Total Description of Securities Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized U.S. Treasury $ 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 ) |
Securities Held to Maturity | The table below provides detailed information for securities held to maturity at March 31, 2016 and December 31, 2015 (in thousands): Net Amortized Unrealized Fair March 31, 2016 Cost Gains Value State and political subdivisions $ 804,652 $ 54,676 $ 859,328 December 31, 2015 State and political subdivisions $ 667,106 $ 24,273 $ 691,379 |
Schedule of Federal Reserve Bank Stock and Federal Home Loan Bank Stock and Other Securities | The table below provides detailed information for Federal Reserve Bank (FRB) stock and Federal Home Loan Bank (FHLB) stock and other securities at March 31, 2016 and December 31, 2015 (in thousands): Gross Gross Amortized Unrealized Unrealized Fair March 31, 2016 Cost Gains Losses Value FRB and FHLB stock $ 33,667 $ — $ — $ 33,667 Other securities – marketable 4 6,768 — 6,772 Other securities – non-marketable 23,226 927 (1 ) 24,152 Total Other securities $ 56,897 $ 7,695 $ (1 ) $ 64,591 December 31, 2015 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 Other securities $ 57,075 $ 8,123 $ — $ 65,198 |
Available-for-sale Securities [Member] | |
Contractual Maturity Information | The following table presents contractual maturity information for securities available for sale at March 31, 2016 (in thousands): Amortized Fair Cost Value Due in 1 year or less $ 1,056,562 $ 1,057,412 Due after 1 year through 5 years 1,162,717 1,176,382 Due after 5 years through 10 years 849,567 866,783 Due after 10 years 113,130 114,197 Total 3,181,976 3,214,774 Mortgage-backed securities 3,645,006 3,668,538 Total securities available for sale $ 6,826,982 $ 6,883,312 |
Held-to-maturity Securities [Member] | |
Contractual Maturity Information | The following table presents contractual maturity information for securities held to maturity at March 31, 2016 (in thousands): Amortized Fair Cost Value Due in 1 year or less $ 15,971 $ 17,056 Due after 1 year through 5 years 75,674 80,816 Due after 5 years through 10 years 463,546 495,044 Due after 10 years 249,461 266,412 Total securities held to maturity $ 804,652 $ 859,328 |
Goodwill and Other Intangibles
Goodwill and Other Intangibles (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Changes in Carrying Amount of Goodwill | Changes in the carrying amount of goodwill for the periods ended March 31, 2016 and December 31, 2015 by reportable segment are as follows (in thousands): Bank Institutional Asset Total Balances as of January 1, 2016 $ 161,341 $ 47,529 $ 19,476 $ 228,346 Acquisition of Marquette 50 — — 50 Balances as of March 31, 2016 $ 161,391 $ 47,529 $ 19,476 $ 228,396 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 |
Changes in Intangible Assets | Following are the finite-lived intangible assets that continue to be subject to amortization as of March 31, 2016 and December 31, 2015 (in thousands) As of March 31, 2016 Gross Carrying Accumulated Net Carrying Core deposit intangible assets $ 47,527 $ 36,433 $ 11,094 Customer relationships 107,460 75,902 31,558 Other intangible assets 4,198 3,294 904 Total intangible assets $ 159,185 $ 115,629 $ 43,556 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 |
Aggregate Amortization Expense Recognized | Following is the aggregate amortization expense recognized in each period (in thousands): Three Months Ended March 31, 2016 2015 Aggregate amortization expense $ 3,226 $2,755 |
Estimated Amortization Expense of Intangible Assets | Estimated amortization expense of intangible assets on future years (in thousands): For the nine months ending December 31, 2016 $ 9,064 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 For the year ending December 31, 2021 3,101 |
Securities Sold Under Agreeme26
Securities Sold Under Agreements to Repurchase (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Repurchase Agreements | |
Remaining Contractual Maturities Of Repurchase Agreements | The table below presents the remaining contractual maturities of repurchase agreements outstanding at March 31, 2016, in addition to the various types of marketable securities that have been pledged as collateral for these borrowings (in thousands). As of March 31, 2016 Remaining Contractual Maturities of the Agreements Overnight & Continuous Over 90 Days Total Repurchase agreements, secured by: U.S. Treasury $ 117,701 $ — $ 117,701 U.S. Agencies 1,496,723 3,100 1,499,823 Total repurchase agreements $ 1,614,424 $ 3,100 $ 1,617,524 |
Business Segment Reporting (Tab
Business Segment Reporting (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Segment Reporting [Abstract] | |
Segment Financial Results | Segment financial results were as follows (in thousands): Three Months Ended March 31, 2016 Bank Institutional Asset Total Net interest income $ 115,271 $ — $ 2,621 $ 117,892 Provision for loan losses 5,000 — — 5,000 Noninterest income 75,441 18,416 22,493 116,350 Noninterest expense 143,361 17,233 20,150 180,744 Income before taxes 42,351 1,183 4,964 48,498 Income tax expense 10,706 289 1,258 12,253 Net income $ 31,645 $ 894 $ 3,706 $ 36,245 Average assets $ 17,885,000 $ 63,000 $ 1,387,000 $ 19,335,000 Three Months Ended March 31, 2015 Bank Institutional Asset Total Net interest income $ 89,360 $ 1 $ 997 $ 90,358 Provision for loan losses 3,000 — — 3,000 Noninterest income 74,689 27,084 23,434 125,207 Noninterest expense 125,178 17,961 21,274 164,413 Income before taxes 35,871 9,124 3,157 48,152 Income tax expense 10,715 2,750 922 14,387 Net income $ 25,156 $ 6,374 $ 2,235 $ 33,765 Average assets $ 15,814,000 $ 75,000 $ 943,000 $ 16,832,000 |
Acquisition (Tables)
Acquisition (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
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 14,135 Total liabilities assumed 1,151,075 Net identifiable assets acquired 161,099 Goodwill acquired 18,638 Net assets acquired $ 179,737 Consideration: Company’s common shares issued 3,470 Purchase price per share of the Company’s common stock $ 51.79 Fair value of total consideration transferred $ 179,737 |
Commitments, Contingencies an29
Commitments, Contingencies and Guarantees (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Notional Amount of Off-Balance Sheet Financial Instruments | The following table summarizes the Company’s off-balance sheet financial instruments. Contract or Notional Amount (in thousands): March 31, December 31, 2016 2015 Commitments to extend credit for loans (excluding credit card loans) $ 6,392,371 $ 6,671,794 Commitments to extend credit under credit card loans 3,049,160 2,986,581 Commercial letters of credit 9,706 11,541 Standby letters of credit 352,526 360,468 Futures contracts 500 — Forward contracts 42,078 75,611 Spot foreign exchange contracts 2,084 10,391 |
Derivatives and Hedging Activ30
Derivatives and Hedging Activities (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
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 March 31, 2016 and December 31, 2015 (in thousands) Asset Derivatives Liability Derivatives March 31, December 31, March 31, December 31, Fair value Interest Rate Products: Derivatives not designated as hedging instruments $ 18,882 $ 11,700 $ 19,455 $ 11,921 Derivatives designated as hedging instruments 605 603 4,671 337 Total $ 19,487 $ 12,303 $ 24,126 $ 12,258 |
Summary of Amount of Gain or Loss Recognized in Other Non-Interest Expense in Consolidated Statements of Income Related to Derivative Assets and Liabilities | 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 assets and liabilities as of March 31, 2016 and March 31, 2015 (in thousands) Amount of Gain (Loss) Recognized For the Three Months Ended March 31, 2016 2015 Interest Rate Products Derivatives not designated as hedging instruments $ (352 ) $ (106 ) Total $ (352 ) $ (106 ) Interest Rate Products Derivatives designated as hedging instruments Fair value adjustments on derivatives $ (193 ) $ (115 ) Fair value adjustments on hedged items 192 110 Total $ (1 ) $ (5 ) |
Summary of Amount of Gain or Loss Recognized in AOCI in Consolidated Statements of Comprehensive Income Related to Company's Derivative Assets and Liabilities | 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 assets and liabilities as of March 31, 2016 and March 31, 2015 (in thousands) Amount of Loss Recognized in Other For the Three Months Ended March 31, Derivatives in Cash Flow Hedging Relationships 2016 2015 Interest rate products Derivatives designed as cash flow hedging instruments $ (4,140 ) $ — Total $ (4,140 ) $ — |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
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 March 31, 2016 and December 31, 2015 (in thousands): Fair Value Measurement As of March 31, 2016 Description March 31, Quoted Prices (Level 1) Significant Significant (Level 3) Assets U.S. Treasury $ 400 $ 400 $ $ — U.S. Agencies 2,077 — 2,077 — State and political subdivisions 6,294 — 6,294 — Trading - other 18,008 17,760 248 — Trading securities 26,779 18,160 8,619 — U.S. Treasury 354,261 354,261 — — U.S. Agencies 593,769 — 593,769 — Mortgage-backed 3,668,538 — 3,668,538 — State and political subdivisions 2,186,602 — 2,186,602 — Corporates 80,142 80,142 — — Available for sale securities 6,883,312 434,403 6,448,909 — Company-owned life insurance 31,137 — 31,137 — Bank-owned life insurance 204,736 — 204,736 — Derivatives 19,487 — 19,487 — Total $ 7,165,451 $ 452,563 $ 6,712,888 $ — Liabilities Deferred compensation $ 39,582 $ 39,582 $ — $ — Derivatives 24,126 — 24,126 — Total $ 63,708 $ 39,582 $ 24,126 $ — Fair Value Measurement as of December 31, 2015 Description December 31, Quoted Prices (Level 1) Significant (Level 2) Significant (Level 3) Assets U.S. Treasury $ 400 $ 400 $ — $ — U.S. Agencies 1,309 — 1,309 — 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 |
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: Three Months Ended March 31, 2016 2015 Beginning Balance $ 17,718 $ 53,411 Payment of contingent considerations on acquisitions (17,784 ) (18,702 ) Fair value adjustments 66 (2,264 ) Ending Balance $ — $ 32,445 |
Assets Measured at Fair Value on Non-Recurring Basis | Assets measured at fair value on a non-recurring basis as of March 31, 2016 and December 31, 2015 (in thousands): Fair Value Measurement at March 31, 2016 Using Description March 31, Quoted Prices (Level 1) Significant (Level 2) Significant (Level 3) Total Gains (Losses) Recognized During the March 31 Impaired loans $ 25,174 $ — $ — $ 25,174 $ 491 Other real estate owned 100 — — 100 — Total $ 25,274 $ — $ — $ 25,274 $ 491 Fair Value Measurement at December 31, 2015 Using Description December 31, Quoted Prices (Level 1) Significant (Level 2) Significant (Level 3) Total Gains (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 ) |
Estimated Fair Value of Financial Instruments | The estimated fair value of the Company’s financial instruments at March, 31, 2016 and December 31, 2015 were as follows (in millions): Fair Value Measurement at March 31, 2016 Using Carrying Quoted Prices (Level 1) Significant (Level 2) Significant (Level 3) Total FINANCIAL ASSETS Cash and short-term investments $ 898.2 $ 733.6 $ 164.6 $ — $ 898.2 Securities available for sale 6,883.3 434.4 6,448.9 — 6,883.3 Securities held to maturity 804.7 — 859.3 — 859.3 Trading securities 26.8 18.2 8.6 — 26.8 Other securities 64.6 — 64.6 — 64.6 Loans (exclusive of allowance for loan loss) 9,704.5 — 9,779.7 — 9,779.7 Derivatives 19.5 — 19.5 — 19.5 FINANCIAL LIABILITIES Demand and savings deposits 14,380.7 14,380.7 — — 14,380.7 Time deposits 1,037.6 — 1,037.6 — 1,037.6 Other borrowings 1,686.7 64.2 1,622.5 — 1,686.7 Long-term debt 85.2 — 85.7 — 85.7 Derivatives 24.1 — 24.1 — 24.1 OFF-BALANCE SHEET ARRANGEMENTS Commitments to extend credit for loans 1.3 Commercial letters of credit 0.1 Standby letters of credit 0.6 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 Trading securities 29.6 18.1 11.5 — 29.6 Other securities 65.2 — 65.2 — 65.2 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 |
Summary of Cash and Cash Equiva
Summary of Cash and Cash Equivalents (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 | Dec. 31, 2014 |
Accounting Policies [Abstract] | ||||
Due from the Federal Reserve | $ 273,672 | $ 585,557 | ||
Cash and due from banks | 325,446 | $ 458,217 | 449,315 | |
Cash and cash equivalents at end of period | $ 599,118 | $ 819,112 | $ 1,034,872 | $ 1,787,230 |
Summary of Significant Accoun33
Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Accounting Policies [Abstract] | ||
Interest bearing amounts held at other financial institutions | $ 128.3 | $ 180.8 |
Dilutive effect of common stock issuable upon exercise of outstanding options and nonvested restricted shares | 333,799 | 436,823 |
Anti-dilutive shares | 660,802 | 498,488 |
Loans and Allowance for Loan 34
Loans and Allowance for Loan Losses - Additional Information (Detail) - USD ($) | 3 Months Ended | |||
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | May. 31, 2015 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Carrying amount of loans | $ 2,537,000 | $ 3,056,000 | ||
Proceeds from sales of loans held for sale | 10,303,000 | $ 23,411,000 | ||
Non- Accrual Loans | 54,934,000 | 61,152,000 | ||
Loans modified as troubled debt restructurings | 46,000,000 | 36,600,000 | ||
Total Past Due | 96,676,000 | 87,778,000 | ||
Commitments to lend to borrowers with loan modifications classified as TDR's | 823,000 | 221,000 | ||
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 | 3,316,000 | 7,324,000 | ||
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 | 1,058,000 | $ 1,160,000 | ||
Loans Accounted for under ASC 310-30 [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Carrying amount of loans | 2,500,000 | |||
Outstanding balance of loans | 3,300,000 | |||
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] | ||||
Carrying amount of loans | 2,537,000 | |||
Outstanding balance of loans | $ 3,302,000 | |||
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 Net Book Value for
Schedule of Net Book Value for PCI Loans Accounted Under ASC 310-30 (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | 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 | $ 2,537 | $ 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 | 3,300 | |
Loans accounted for under ASC 310-30 | 2,500 | |
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 | 3,302 | |
Non-accretable difference | (647) | |
Accretable yield | (118) | |
Loans accounted for under ASC 310-30 | $ 2,537 |
Summary of Loan Classes and Agi
Summary of Loan Classes and Aging of Past Due Loans (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Non- Accrual Loans | $ 54,934 | $ 61,152 | |
Total Past Due | 96,676 | 87,778 | |
PCI Loans | 2,537 | 3,056 | |
Current | 9,600,418 | 9,339,927 | |
Total Loans | 9,699,631 | 9,430,761 | $ 7,498,308 |
Real estate - residential [Member] | Prime [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Non- Accrual Loans | 836 | 800 | |
Total Past Due | 3,162 | 1,447 | |
Current | 482,560 | 490,780 | |
Total Loans | 485,722 | 492,227 | |
Consumer [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
PCI Loans | 1,514 | ||
Total Loans | 387,529 | 360,550 | |
Leases [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Past Due | 49 | ||
Current | 42,989 | 41,857 | |
Total Loans | 43,038 | 41,857 | $ 38,817 |
30-89 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Past Due | 38,426 | 19,302 | |
30-89 Days Past Due [Member] | Real estate - residential [Member] | Prime [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Past Due | 2,326 | 612 | |
30-89 Days Past Due [Member] | Leases [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Past Due | 49 | ||
Greater than 90 days Past Due and Accruing [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Past Due | 3,316 | 7,324 | |
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 | ||
PCI loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Current | 1,404 | 1,838 | |
PCI loans | 30-89 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Past Due | 75 | 58 | |
PCI loans | Greater than 90 days Past Due and Accruing [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Past Due | 1,058 | 1,160 | |
Commercial [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Non- Accrual Loans | 39,371 | 43,841 | |
Total Past Due | 59,871 | 52,485 | |
Current | 4,287,197 | 4,153,251 | |
Total Loans | 4,347,068 | 4,205,736 | |
Commercial [Member] | 30-89 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Past Due | 20,035 | 5,821 | |
Commercial [Member] | Greater than 90 days Past Due and Accruing [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Past Due | 465 | 2,823 | |
Commercial - credit card [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Non- Accrual Loans | 25 | 13 | |
Total Past Due | 378 | 651 | |
Current | 145,653 | 124,710 | |
Total Loans | 146,031 | 125,361 | |
Commercial - credit card [Member] | 30-89 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Past Due | 333 | 614 | |
Commercial - credit card [Member] | Greater than 90 days Past Due and Accruing [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Past Due | 20 | 24 | |
Construction [Member] | Real estate [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Non- Accrual Loans | 232 | 331 | |
Total Past Due | 2,171 | 2,707 | |
Current | 495,333 | 413,861 | |
Total Loans | 497,504 | 416,568 | |
Construction [Member] | 30-89 Days Past Due [Member] | Real estate [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Past Due | 1,033 | 1,828 | |
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 | 906 | 548 | |
Real estate - commercial [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Non- Accrual Loans | 8,403 | 9,578 | |
Total Past Due | 12,637 | 13,333 | |
PCI Loans | 1,023 | 1,055 | |
Current | 2,753,573 | 2,648,384 | |
Total Loans | 2,767,233 | 2,662,772 | |
Real estate - commercial [Member] | 30-89 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Past Due | 4,234 | 2,125 | |
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 | ||
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 | 1,023 | 1,055 | |
Real estate - HELOC [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Non- Accrual Loans | 3,094 | 3,524 | |
Total Past Due | 4,831 | 3,653 | |
Current | 719,472 | 726,310 | |
Total Loans | 724,303 | 729,963 | |
Real estate - HELOC [Member] | 30-89 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Past Due | 1,737 | 129 | |
Credit card [Member] | Consumer [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Non- Accrual Loans | 360 | 468 | |
Total Past Due | 4,225 | 4,813 | |
Current | 266,333 | 286,757 | |
Total Loans | 270,558 | 291,570 | |
Credit card [Member] | 30-89 Days Past Due [Member] | Consumer [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Past Due | 2,085 | 2,256 | |
Credit card [Member] | Greater than 90 days Past Due and Accruing [Member] | Consumer [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Past Due | 1,780 | 2,089 | |
Other [Member] | Consumer [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Non- Accrual Loans | 2,613 | 2,597 | |
Total Past Due | 9,352 | 8,689 | |
PCI Loans | 1,514 | 2,001 | |
Current | 106,105 | 144,087 | |
Total Loans | 116,971 | 154,777 | |
Other [Member] | 30-89 Days Past Due [Member] | Consumer [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Past Due | 6,594 | 5,917 | |
Other [Member] | Greater than 90 days Past Due and Accruing [Member] | Consumer [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Past Due | 145 | 175 | |
Other [Member] | PCI loans | Consumer [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Current | 1,404 | 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 | 75 | 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 | 35 | 105 | |
Asset-based [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Current | 212,669 | 219,244 | |
Total Loans | 212,669 | 219,244 | |
Factoring [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Current | 88,534 | 90,686 | |
Total Loans | $ 88,534 | $ 90,686 |
Credit Risk Profile by Risk Rat
Credit Risk Profile by Risk Rating - Originated and Non-PCI Loans (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 |
Financing Receivable, Recorded Investment [Line Items] | |||
Credit Risk Profile by Risk Rating | $ 9,699,631 | $ 9,430,761 | $ 7,498,308 |
Commercial [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Credit Risk Profile by Risk Rating | 4,347,068 | 4,205,736 | |
Commercial [Member] | Originated and Non-PCI Loans [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Credit Risk Profile by Risk Rating | 4,347,068 | 4,205,736 | |
Commercial [Member] | Non-watch list [Member] | Originated and Non-PCI Loans [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Credit Risk Profile by Risk Rating | 3,968,381 | 3,880,109 | |
Commercial [Member] | Watch [Member] | Originated and Non-PCI Loans [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Credit Risk Profile by Risk Rating | 147,208 | 105,539 | |
Commercial [Member] | Special Mention [Member] | Originated and Non-PCI Loans [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Credit Risk Profile by Risk Rating | 40,095 | 29,397 | |
Commercial [Member] | Substandard [Member] | Originated and Non-PCI Loans [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Credit Risk Profile by Risk Rating | 191,384 | 190,691 | |
Asset-based [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Credit Risk Profile by Risk Rating | 212,669 | 219,244 | |
Asset-based [Member] | Originated and Non-PCI Loans [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Credit Risk Profile by Risk Rating | 212,669 | 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 | 179,027 | 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 | 28,142 | 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 | 5,500 | 2,178 | |
Factoring [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Credit Risk Profile by Risk Rating | 88,534 | 90,686 | |
Factoring [Member] | Originated and Non-PCI Loans [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Credit Risk Profile by Risk Rating | 88,534 | 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 | 88,089 | 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 | 9 | 237 | |
Factoring [Member] | Substandard [Member] | Originated and Non-PCI Loans [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Credit Risk Profile by Risk Rating | 436 | ||
Real estate - construction [Member] | Originated and Non-PCI Loans [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Credit Risk Profile by Risk Rating | 497,504 | 416,568 | |
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 | 488,546 | 415,258 | |
Real estate - construction [Member] | Watch [Member] | Originated and Non-PCI Loans [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Credit Risk Profile by Risk Rating | 4,346 | 370 | |
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 | 3,835 | ||
Real estate - construction [Member] | Substandard [Member] | Originated and Non-PCI Loans [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Credit Risk Profile by Risk Rating | 777 | 940 | |
Real estate - commercial [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Credit Risk Profile by Risk Rating | 2,767,233 | 2,662,772 | |
Real estate - commercial [Member] | Originated and Non-PCI Loans [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Credit Risk Profile by Risk Rating | 2,766,210 | 2,661,717 | |
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 | 2,673,502 | 2,561,401 | |
Real estate - commercial [Member] | Watch [Member] | Originated and Non-PCI Loans [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Credit Risk Profile by Risk Rating | 37,764 | 51,774 | |
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 | 19,426 | 22,544 | |
Real estate - commercial [Member] | Substandard [Member] | Originated and Non-PCI Loans [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Credit Risk Profile by Risk Rating | $ 35,518 | $ 25,998 |
Credit Risk Profile Based on Pa
Credit Risk Profile Based on Payment Activity - Originated and Non-PCI Loans (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 |
Financing Receivable, Recorded Investment [Line Items] | |||
Credit Risk Profile Based on Payment Activity | $ 9,699,631 | $ 9,430,761 | $ 7,498,308 |
Real estate - residential [Member] | Prime [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Credit Risk Profile Based on Payment Activity | 485,722 | 492,227 | |
Consumer [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Credit Risk Profile Based on Payment Activity | 387,529 | 360,550 | |
Leases [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Credit Risk Profile Based on Payment Activity | 43,038 | 41,857 | $ 38,817 |
Commercial - credit card [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Credit Risk Profile Based on Payment Activity | 146,031 | 125,361 | |
Real estate - HELOC [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Credit Risk Profile Based on Payment Activity | 724,303 | 729,963 | |
Credit card [Member] | Consumer [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Credit Risk Profile Based on Payment Activity | 270,558 | 291,570 | |
Other [Member] | Consumer [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Credit Risk Profile Based on Payment Activity | 116,971 | 154,777 | |
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 | 485,722 | 492,227 | |
Originated and Non-PCI Loans [Member] | Leases [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Credit Risk Profile Based on Payment Activity | 43,038 | 41,857 | |
Originated and Non-PCI Loans [Member] | Commercial - credit card [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Credit Risk Profile Based on Payment Activity | 146,031 | 125,361 | |
Originated and Non-PCI Loans [Member] | Real estate - HELOC [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Credit Risk Profile Based on Payment Activity | 724,303 | 729,963 | |
Originated and Non-PCI Loans [Member] | Credit card [Member] | Consumer [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Credit Risk Profile Based on Payment Activity | 270,558 | 291,570 | |
Originated and Non-PCI Loans [Member] | Other [Member] | Consumer [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Credit Risk Profile Based on Payment Activity | 116,971 | 154,777 | |
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 | 484,886 | 491,427 | |
Originated and Non-PCI Loans [Member] | Performing [Member] | Leases [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Credit Risk Profile Based on Payment Activity | 43,038 | 41,857 | |
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 | 146,006 | 125,348 | |
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 | 721,209 | 726,439 | |
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 | 270,198 | 291,102 | |
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 | 114,358 | 152,180 | |
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 | 836 | 800 | |
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 | 25 | 13 | |
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 | 3,094 | 3,524 | |
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 | 360 | 468 | |
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 | $ 2,613 | $ 2,597 |
Credit Risk Profile by Risk R39
Credit Risk Profile by Risk Rating - Loans Accounted for under ASC 310-30 (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 |
Financing Receivable, Recorded Investment [Line Items] | |||
Credit Risk Profile by Risk Rating | $ 9,699,631 | $ 9,430,761 | $ 7,498,308 |
Real estate - commercial [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Credit Risk Profile by Risk Rating | 2,767,233 | 2,662,772 | |
Real estate - commercial [Member] | Loans Accounted for under ASC 310-30 [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Credit Risk Profile by Risk Rating | 1,023 | 1,055 | |
Real estate - commercial [Member] | Substandard [Member] | Loans Accounted for under ASC 310-30 [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Credit Risk Profile by Risk Rating | $ 1,023 | $ 1,055 |
Credit Risk Profile Based on 40
Credit Risk Profile Based on Payment Activity - Loans Accounted for under ASC 310-30 (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 |
Financing Receivable, Recorded Investment [Line Items] | |||
Credit Risk Profile Based on Payment Activity | $ 9,699,631 | $ 9,430,761 | $ 7,498,308 |
Consumer [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Credit Risk Profile Based on Payment Activity | 387,529 | $ 360,550 | |
Other [Member] | Consumer [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Credit Risk Profile Based on Payment Activity | 116,971 | 154,777 | |
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 | 1,514 | 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 | $ 1,514 | $ 2,001 |
Rollforward of Allowance for Lo
Rollforward of Allowance for Loan Losses by Portfolio Segment (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Beginning balance | $ 81,143 | $ 76,140 | |
Charge-offs | (9,035) | (3,148) | |
Recoveries | 3,290 | 1,487 | |
Provision | 5,000 | 3,000 | |
Ending balance | 80,398 | 77,479 | |
Ending balance: individually evaluated for impairment | 5,373 | 4,148 | $ 5,864 |
Ending balance: collectively evaluated for impairment | 75,025 | 73,331 | |
Ending Balance: PCI Loans | 0 | ||
Total Loans | 9,699,631 | 7,498,308 | 9,430,761 |
Ending balance: individually evaluated for impairment | 76,376 | 28,683 | |
Ending balance: collectively evaluated for impairment | 9,620,718 | 7,469,625 | |
Ending Balance: PCI Loans | 2,537 | 3,056 | |
Commercial [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Beginning balance | 63,847 | 55,349 | |
Charge-offs | (5,075) | (412) | |
Recoveries | 2,489 | 810 | |
Provision | 47 | (88) | |
Ending balance | 61,308 | 55,659 | |
Ending balance: individually evaluated for impairment | 4,163 | 1,223 | |
Ending balance: collectively evaluated for impairment | 57,145 | 54,436 | |
Ending Balance: PCI Loans | 0 | ||
Total Loans | 4,794,302 | 3,938,523 | |
Ending balance: individually evaluated for impairment | 67,486 | 13,839 | |
Ending balance: collectively evaluated for impairment | 4,726,816 | 3,924,684 | |
Real Estate [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Beginning balance | 8,220 | 10,725 | |
Charge-offs | (1,445) | (32) | |
Recoveries | 144 | 15 | |
Provision | 2,990 | 1,204 | |
Ending balance | 9,909 | 11,912 | |
Ending balance: individually evaluated for impairment | 1,210 | 2,925 | |
Ending balance: collectively evaluated for impairment | 8,699 | 8,987 | |
Ending Balance: PCI Loans | 0 | ||
Total Loans | 4,474,762 | 3,160,418 | |
Ending balance: individually evaluated for impairment | 6,278 | 14,844 | |
Ending balance: collectively evaluated for impairment | 4,467,461 | 3,145,574 | |
Ending Balance: PCI Loans | 1,023 | ||
Consumer [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Beginning balance | 8,949 | 9,921 | |
Charge-offs | (2,515) | (2,704) | |
Recoveries | 657 | 662 | |
Provision | 1,969 | 1,901 | |
Ending balance | 9,060 | 9,780 | |
Ending balance: collectively evaluated for impairment | 9,060 | 9,780 | |
Ending Balance: PCI Loans | 0 | ||
Total Loans | 387,529 | 360,550 | |
Ending balance: individually evaluated for impairment | 2,612 | ||
Ending balance: collectively evaluated for impairment | 383,403 | 360,550 | |
Ending Balance: PCI Loans | 1,514 | ||
Leases [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Beginning balance | 127 | 145 | |
Provision | (6) | (17) | |
Ending balance | 121 | 128 | |
Ending balance: collectively evaluated for impairment | 121 | 128 | |
Ending Balance: PCI Loans | 0 | ||
Total Loans | 43,038 | 38,817 | $ 41,857 |
Ending balance: collectively evaluated for impairment | $ 43,038 | $ 38,817 |
Analysis of Impaired Loans by C
Analysis of Impaired Loans by Class (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Unpaid Principal Balance | $ 84,176 | $ 84,480 | |
Recorded Investment with No Allowance | 45,811 | 49,576 | |
Recorded Investment with Allowance | 30,547 | 28,749 | |
Total Recorded Investment | 76,358 | 78,325 | |
Related Allowance | 5,373 | 5,864 | $ 4,148 |
Average Recorded Investment | 77,341 | 53,354 | |
Real estate - residential [Member] | Prime [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Unpaid Principal Balance | 961 | 1,054 | |
Recorded Investment with No Allowance | 899 | 939 | |
Total Recorded Investment | 899 | 939 | |
Average Recorded Investment | 919 | 1,433 | |
Commercial [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Unpaid Principal Balance | 72,511 | 72,739 | |
Recorded Investment with No Allowance | 38,422 | 40,648 | |
Recorded Investment with Allowance | 29,064 | 27,356 | |
Total Recorded Investment | 67,486 | 68,004 | |
Related Allowance | 4,163 | 5,668 | |
Average Recorded Investment | 67,744 | 41,394 | |
Construction [Member] | Real estate [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Unpaid Principal Balance | 781 | 782 | |
Recorded Investment with No Allowance | 318 | 331 | |
Recorded Investment with Allowance | 118 | 118 | |
Total Recorded Investment | 436 | 449 | |
Related Allowance | 35 | 42 | |
Average Recorded Investment | 443 | 802 | |
Real estate - commercial [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Unpaid Principal Balance | 7,098 | 7,117 | |
Recorded Investment with No Allowance | 3,375 | 4,891 | |
Recorded Investment with Allowance | 1,365 | 1,275 | |
Total Recorded Investment | 4,740 | 6,166 | |
Related Allowance | 1,175 | 154 | |
Average Recorded Investment | 5,453 | 7,768 | |
Real estate - HELOC [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Unpaid Principal Balance | 231 | 214 | |
Recorded Investment with No Allowance | 203 | 193 | |
Total Recorded Investment | 203 | 193 | |
Average Recorded Investment | 198 | 162 | |
Other [Member] | Consumer [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Unpaid Principal Balance | 2,594 | 2,574 | |
Recorded Investment with No Allowance | 2,594 | 2,574 | |
Total Recorded Investment | 2,594 | 2,574 | |
Average Recorded Investment | $ 2,584 | $ 1,795 |
Summary of Loans Restructured b
Summary of Loans Restructured by Class (Detail) $ in Thousands | 3 Months Ended |
Mar. 31, 2016USD ($)Contract | |
Financing Receivable, Modifications [Line Items] | |
Number of Contracts | Contract | 2 |
Pre-Modification Outstanding Recorded Investment | $ 12,056 |
Post-Modification Outstanding Recorded Investment | $ 12,056 |
Commercial [Member] | |
Financing Receivable, Modifications [Line Items] | |
Number of Contracts | Contract | 2 |
Pre-Modification Outstanding Recorded Investment | $ 12,056 |
Post-Modification Outstanding Recorded Investment | $ 12,056 |
Securities Available for Sale (
Securities Available for Sale (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Schedule of Available-for-sale Securities [Line Items] | ||
Securities available for sale, Amortized Cost | $ 6,826,982 | $ 6,813,011 |
Securities available for sale, Gross Unrealized Gains | 69,378 | 36,393 |
Securities available for sale, Gross Unrealized Losses | (13,048) | (42,455) |
Total securities available for sale, Fair Value | 6,883,312 | 6,806,949 |
U.S. Treasury | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities available for sale, Amortized Cost | 353,828 | 350,354 |
Securities available for sale, Gross Unrealized Gains | 442 | 1 |
Securities available for sale, Gross Unrealized Losses | (9) | (576) |
Total securities available for sale, Fair Value | 354,261 | 349,779 |
U.S. Agencies | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities available for sale, Amortized Cost | 593,489 | 667,414 |
Securities available for sale, Gross Unrealized Gains | 424 | 7 |
Securities available for sale, Gross Unrealized Losses | (144) | (1,032) |
Total securities available for sale, Fair Value | 593,769 | 666,389 |
Mortgage-backed [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities available for sale, Amortized Cost | 3,645,006 | 3,598,115 |
Securities available for sale, Gross Unrealized Gains | 35,170 | 12,420 |
Securities available for sale, Gross Unrealized Losses | (11,638) | (38,089) |
Total securities available for sale, Fair Value | 3,668,538 | 3,572,446 |
State and political subdivisions [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities available for sale, Amortized Cost | 2,154,346 | 2,116,543 |
Securities available for sale, Gross Unrealized Gains | 33,312 | 23,965 |
Securities available for sale, Gross Unrealized Losses | (1,056) | (2,095) |
Total securities available for sale, Fair Value | 2,186,602 | 2,138,413 |
Corporates [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities available for sale, Amortized Cost | 80,313 | 80,585 |
Securities available for sale, Gross Unrealized Gains | 30 | |
Securities available for sale, Gross Unrealized Losses | (201) | (663) |
Total securities available for sale, Fair Value | $ 80,142 | $ 79,922 |
Summary of Contractual Maturity
Summary of Contractual Maturity Information for Securities Available for Sale (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Investments, Debt and Equity Securities [Abstract] | ||
Due in 1 year or less, Amortized Cost | $ 1,056,562 | |
Due after 1 year through 5 years, Amortized Cost | 1,162,717 | |
Due after 5 years through 10 years, Amortized Cost | 849,567 | |
Due after 10 years, Amortized Cost | 113,130 | |
Total, Amortized Cost | 3,181,976 | |
Mortgage-backed securities, Amortized Cost | 3,645,006 | |
Securities available for sale, Amortized Cost | 6,826,982 | $ 6,813,011 |
Due in 1 year or less, Fair Value | 1,057,412 | |
Due after 1 year through 5 years, Fair Value | 1,176,382 | |
Due after 5 years through 10 years, Fair Value | 866,783 | |
Due after 10 years, Fair Value | 114,197 | |
Total, Fair Value | 3,214,774 | |
Mortgage-backed securities, Fair Value | 3,668,538 | |
Total securities available for sale, Fair Value | $ 6,883,312 | $ 6,806,949 |
Securities - Additional Informa
Securities - Additional Information (Detail) - USD ($) | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | |
Schedule of Trading Securities and Other Trading Assets [Line Items] | |||
Proceeds from sales of securities available for sale | $ 282,031,000 | $ 466,422,000 | |
Gross realized gains from securities | 2,900,000 | 7,300,000 | |
Gross realized losses from securities | 0 | 0 | |
Sales of securities held to maturity | 0 | 0 | |
Unrealized gains on trading securities | 48,000 | $ 30,000 | |
Fair value of other marketable securities | 6,800,000 | $ 7,200,000 | |
Fair value of other non-marketable securities | 2,100,000 | 2,000,000 | |
U.S. Government and Other Public Deposit [Member] | |||
Schedule of Trading Securities and Other Trading Assets [Line Items] | |||
Pledged securities for deposits | 5,700,000,000 | 5,900,000,000 | |
Federal Reserve Discount Window [Member] | |||
Schedule of Trading Securities and Other Trading Assets [Line Items] | |||
Pledged securities for deposits | $ 1,500,000,000 | $ 1,600,000,000 |
Gross Unrealized Losses and Fai
Gross Unrealized Losses and Fair Value of Investment Securities Available for Sale (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Gain (Loss) on Investments [Line Items] | ||
Less than 12 months, Fair Value | $ 930,803 | $ 3,525,188 |
Less than 12 months, Unrealized Losses | (3,425) | (24,120) |
12 months or more, Fair Value | 518,852 | 538,079 |
12 months or more, Unrealized Losses | (9,623) | (18,335) |
Total Fair Value | 1,449,655 | 4,063,267 |
Total Unrealized Losses | (13,048) | (42,455) |
U.S. Treasury | ||
Gain (Loss) on Investments [Line Items] | ||
Less than 12 months, Fair Value | 14,962 | 344,556 |
Less than 12 months, Unrealized Losses | (9) | (576) |
Total Fair Value | 14,962 | 344,556 |
Total Unrealized Losses | (9) | (576) |
U.S. Agencies | ||
Gain (Loss) on Investments [Line Items] | ||
Less than 12 months, Fair Value | 170,523 | 615,993 |
Less than 12 months, Unrealized Losses | (144) | (1,032) |
Total Fair Value | 170,523 | 615,993 |
Total Unrealized Losses | (144) | (1,032) |
Mortgage-backed [Member] | ||
Gain (Loss) on Investments [Line Items] | ||
Less than 12 months, Fair Value | 437,084 | 2,056,316 |
Less than 12 months, Unrealized Losses | (2,352) | (21,013) |
12 months or more, Fair Value | 447,502 | 426,959 |
12 months or more, Unrealized Losses | (9,286) | (17,076) |
Total Fair Value | 884,586 | 2,483,275 |
Total Unrealized Losses | (11,638) | (38,089) |
State and political subdivisions [Member] | ||
Gain (Loss) on Investments [Line Items] | ||
Less than 12 months, Fair Value | 295,146 | 479,197 |
Less than 12 months, Unrealized Losses | (906) | (1,316) |
12 months or more, Fair Value | 20,355 | 60,324 |
12 months or more, Unrealized Losses | (150) | (779) |
Total Fair Value | 315,501 | 539,521 |
Total Unrealized Losses | (1,056) | (2,095) |
Corporates [Member] | ||
Gain (Loss) on Investments [Line Items] | ||
Less than 12 months, Fair Value | 13,088 | 29,126 |
Less than 12 months, Unrealized Losses | (14) | (183) |
12 months or more, Fair Value | 50,995 | 50,796 |
12 months or more, Unrealized Losses | (187) | (480) |
Total Fair Value | 64,083 | 79,922 |
Total Unrealized Losses | $ (201) | $ (663) |
Securities Held to Maturity (De
Securities Held to Maturity (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Investments, Debt and Equity Securities [Abstract] | ||
Held to Maturity, Amortized Cost | $ 804,652 | $ 667,106 |
Held to Maturity, Net Unrealized Gains | 54,676 | 24,273 |
Held to Maturity, Fair value | $ 859,328 | $ 691,379 |
Contractual Maturity Informatio
Contractual Maturity Information for Securities Held to Maturity (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Investments, Debt and Equity Securities [Abstract] | ||
Due in 1 year or less, Amortized Cost | $ 15,971 | |
Due after 1 year through 5 years, Amortized Cost | 75,674 | |
Due after 5 years through 10 years, Amortized Cost | 463,546 | |
Due after 10 years, Amortized Cost | 249,461 | |
Held to Maturity, Amortized Cost | 804,652 | $ 667,106 |
Due in 1 year or less, Fair Value | 17,056 | |
Due after 1 year through 5 years, Fair Value | 80,816 | |
Due after 5 years through 10 years, Fair Value | 495,044 | |
Due after 10 years, Fair Value | 266,412 | |
Total securities held to maturity, Fair Value | $ 859,328 | $ 691,379 |
Schedule of Federal Reserve Ban
Schedule of Federal Reserve Bank Stock and Federal Home Loan Bank Stock and Other Securities (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Schedule of Other Securities [Line Items] | ||
Fair Value | $ 64,600 | $ 65,200 |
Federal Reserve Bank Stock and Other Securities [Member] | ||
Schedule of Other Securities [Line Items] | ||
Amortized Cost | 56,897 | 57,075 |
Gross Unrealized Gains | 7,695 | 8,123 |
Gross Unrealized Losses | (1) | |
Fair Value | 64,591 | 65,198 |
Federal Reserve Bank Stock and Other Securities [Member] | Other securities - non-marketable [Member] | ||
Schedule of Other Securities [Line Items] | ||
Amortized Cost | 23,226 | 23,855 |
Gross Unrealized Gains | 927 | 964 |
Gross Unrealized Losses | (1) | |
Fair Value | 24,152 | 24,819 |
Federal Reserve Bank Stock and Other Securities [Member] | Other securities - marketable [Member] | ||
Schedule of Other Securities [Line Items] | ||
Amortized Cost | 4 | 5 |
Gross Unrealized Gains | 6,768 | 7,159 |
Fair Value | 6,772 | 7,164 |
Federal Reserve Bank Stock and Other Securities [Member] | FRB and FHLB stock [Member] | ||
Schedule of Other Securities [Line Items] | ||
Amortized Cost | 33,667 | 33,215 |
Fair Value | $ 33,667 | $ 33,215 |
Changes in Carrying Amount of G
Changes in Carrying Amount of Goodwill (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2016 | Dec. 31, 2015 | |
Goodwill And Other Intangible Assets [Line Items] | ||
Beginning Balance | $ 228,346 | $ 209,758 |
Acquisition of Marquette | 50 | 18,588 |
Ending Balance | 228,396 | 228,346 |
Bank [Member] | ||
Goodwill And Other Intangible Assets [Line Items] | ||
Beginning Balance | 161,341 | 142,753 |
Acquisition of Marquette | 50 | 18,588 |
Ending Balance | 161,391 | 161,341 |
Institutional Investment Management [Member] | ||
Goodwill And Other Intangible Assets [Line Items] | ||
Beginning Balance | 47,529 | 47,529 |
Ending Balance | 47,529 | 47,529 |
Asset Servicing [Member] | ||
Goodwill And Other Intangible Assets [Line Items] | ||
Beginning Balance | 19,476 | 19,476 |
Ending Balance | $ 19,476 | $ 19,476 |
Changes In Intangible Assets (D
Changes In Intangible Assets (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 159,185 | $ 159,185 |
Accumulated Amortization | 115,629 | 112,403 |
Net Carrying Amount | 43,556 | 46,782 |
Core deposit intangible assets [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 47,527 | 36,497 |
Accumulated Amortization | 36,433 | 33,613 |
Net Carrying Amount | 11,094 | 2,884 |
Customer relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 107,460 | 104,560 |
Accumulated Amortization | 75,902 | 73,496 |
Net Carrying Amount | 31,558 | 31,064 |
Other intangible assets [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 4,198 | 3,247 |
Accumulated Amortization | 3,294 | 2,841 |
Net Carrying Amount | $ 904 | 406 |
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 |
Aggregate Amortization Expense
Aggregate Amortization Expense Recognized (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Aggregate amortization expense | $ 3,226 | $ 2,755 |
Estimated Amortization Expense
Estimated Amortization Expense of Intangible Assets (Detail) $ in Thousands | Mar. 31, 2016USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
For the nine months ending December 31, 2016 | $ 9,064 |
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 |
For the year ending December 31, 2021 | $ 3,101 |
Remaining Contractual Maturitie
Remaining Contractual Maturities Of Repurchase Agreements (Detail) $ in Thousands | Mar. 31, 2016USD ($) |
Assets Sold under Agreements to Repurchase [Line Items] | |
Total repurchase agreements | $ 1,617,524 |
U.S. Treasury | |
Assets Sold under Agreements to Repurchase [Line Items] | |
Total repurchase agreements | 117,701 |
U.S. Agencies | |
Assets Sold under Agreements to Repurchase [Line Items] | |
Total repurchase agreements | 1,499,823 |
Maturity Overnight and Continuous | |
Assets Sold under Agreements to Repurchase [Line Items] | |
Total repurchase agreements | 1,614,424 |
Maturity Overnight and Continuous | U.S. Treasury | |
Assets Sold under Agreements to Repurchase [Line Items] | |
Total repurchase agreements | 117,701 |
Maturity Overnight and Continuous | U.S. Agencies | |
Assets Sold under Agreements to Repurchase [Line Items] | |
Total repurchase agreements | 1,496,723 |
Over 90 Days [Member] | |
Assets Sold under Agreements to Repurchase [Line Items] | |
Total repurchase agreements | 3,100 |
Over 90 Days [Member] | U.S. Agencies | |
Assets Sold under Agreements to Repurchase [Line Items] | |
Total repurchase agreements | $ 3,100 |
Business Segment Reporting - Ad
Business Segment Reporting - Additional Information (Detail) - Segment | 3 Months Ended | 12 Months Ended |
Mar. 31, 2016 | Dec. 31, 2015 | |
Segment Reporting [Abstract] | ||
Number of reportable segments | 3 | 4 |
Schedule of Segment Financial R
Schedule of Segment Financial Results (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Segment Reporting Information [Line Items] | ||
Net interest income | $ 117,892 | $ 90,358 |
Provision for loan losses | 5,000 | 3,000 |
Noninterest income | 116,350 | 125,207 |
Noninterest expense | 180,744 | 164,413 |
Income before income taxes | 48,498 | 48,152 |
Income tax expense | 12,253 | 14,387 |
Net income | 36,245 | 33,765 |
Average assets | 19,335,000 | 16,832,000 |
Bank [Member] | ||
Segment Reporting Information [Line Items] | ||
Net interest income | 115,271 | 89,360 |
Provision for loan losses | 5,000 | 3,000 |
Noninterest income | 75,441 | 74,689 |
Noninterest expense | 143,361 | 125,178 |
Income before income taxes | 42,351 | 35,871 |
Income tax expense | 10,706 | 10,715 |
Net income | 31,645 | 25,156 |
Average assets | 17,885,000 | 15,814,000 |
Institutional Investment Management [Member] | ||
Segment Reporting Information [Line Items] | ||
Net interest income | 1 | |
Noninterest income | 18,416 | 27,084 |
Noninterest expense | 17,233 | 17,961 |
Income before income taxes | 1,183 | 9,124 |
Income tax expense | 289 | 2,750 |
Net income | 894 | 6,374 |
Average assets | 63,000 | 75,000 |
Asset Servicing [Member] | ||
Segment Reporting Information [Line Items] | ||
Net interest income | 2,621 | 997 |
Noninterest income | 22,493 | 23,434 |
Noninterest expense | 20,150 | 21,274 |
Income before income taxes | 4,964 | 3,157 |
Income tax expense | 1,258 | 922 |
Net income | 3,706 | 2,235 |
Average assets | $ 1,387,000 | $ 943,000 |
Acquisitions - Additional Infor
Acquisitions - Additional Information (Detail) $ / shares in Units, $ in Thousands | May. 31, 2015USD ($)Branchshares | Mar. 31, 2016USD ($) | Mar. 31, 2015USD ($) | May. 29, 2015$ / shares |
Business Acquisition [Line Items] | ||||
Salaries and employee benefits | $ 107,150 | $ 98,537 | ||
Legal and consulting | 4,799 | $ 4,378 | ||
Marquette [Member] | ||||
Business Acquisition [Line Items] | ||||
Percentage of outstanding common shares acquired in the acquisition | 100.00% | |||
Conversion of Company's common stock due to merger | shares | 9.2295 | |||
Company's common shares issued | shares | 3,470,000 | |||
Market value common stock issued | $ 179,700 | |||
Closing stock price | $ / shares | $ 51.79 | |||
Loans purchased at fair value | 980,400 | |||
Long-term debt | 89,971 | |||
Fair value of acquired identifiable intangible assets | 14,900 | |||
Acquisition-related costs | 3,000 | |||
Salaries and employee benefits | 828 | |||
Legal and consulting | $ 1,600 | |||
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 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 | |||
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 | Mar. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Business Acquisition [Line Items] | ||||
Goodwill acquired | $ 228,396 | $ 228,346 | $ 209,758 | |
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 | 14,135 | |||
Total liabilities assumed | 1,151,075 | |||
Net identifiable assets acquired | 161,099 | |||
Goodwill acquired | 18,638 | |||
Net assets acquired | $ 179,737 | |||
Company's common shares issued | 3,470 | |||
Purchase price per share of the Company's common stock | $ 51.79 | |||
Fair value of total consideration transferred | $ 179,737 |
Notional Amount of Off-Balance
Notional Amount of Off-Balance Sheet Financial Instruments (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
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 | $ 6,392,371 | $ 6,671,794 |
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 | 3,049,160 | 2,986,581 |
Commercial letters of credit [Member] | ||
Commitments and Contingencies Disclosure [Line Items] | ||
Contract or notional amount of off-balance sheet financial instruments | 9,706 | 11,541 |
Standby letters of credit [Member] | ||
Commitments and Contingencies Disclosure [Line Items] | ||
Contract or notional amount of off-balance sheet financial instruments | 352,526 | 360,468 |
Futures contracts [Member] | ||
Commitments and Contingencies Disclosure [Line Items] | ||
Contract or notional amount of off-balance sheet financial instruments | 500 | |
Forward foreign exchange contracts [Member] | ||
Commitments and Contingencies Disclosure [Line Items] | ||
Contract or notional amount of off-balance sheet financial instruments | 42,078 | 75,611 |
Spot foreign exchange contracts [Member] | ||
Commitments and Contingencies Disclosure [Line Items] | ||
Contract or notional amount of off-balance sheet financial instruments | $ 2,084 | $ 10,391 |
Summary of Fair Value of Deriva
Summary of Fair Value of Derivative Assets and Liabilities (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives, Fair value | $ 19,487 | $ 12,303 |
Liability Derivatives, Fair value | 24,126 | 12,258 |
Derivatives not Designated as Hedging Instruments [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives, Fair value | 18,882 | 11,700 |
Liability Derivatives, Fair value | 19,455 | 11,921 |
Derivatives Designated as Hedging Instruments [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives, Fair value | 605 | 603 |
Liability Derivatives, Fair value | $ 4,671 | $ 337 |
Derivatives and Hedging Activ62
Derivatives and Hedging Activities - Additional Information (Detail) | 3 Months Ended | |
Mar. 31, 2016USD ($)Derivative | Mar. 31, 2015USD ($) | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Termination value of derivatives in net liability position | $ 24,600,000 | |
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 | $ (4,140,000) | |
Interest rate hedging exposure to variability in future cash flows for forecasted transactions, maximum period | 20 years 6 months | |
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 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 | |
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 | $ 511,800,000 | |
Number of interest rate swaps | Derivative | 40 | |
Gain (Loss) related to changes in fair value of swaps | $ (352,000) | $ (106,000) |
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 | (1,000) | (5,000) |
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 | (4,140,000) | |
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 | 192,000 | 110,000 |
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 | $ (352,000) | $ (106,000) |
Summary of Amount of Gain or Lo
Summary of Amount of Gain or Loss Recognized in Other Non-Interest Expense in Consolidated Statements of Income Related to Derivative Assets and Liabilities (Detail) - Interest Rate Products [Member] - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Derivatives not Designated as Hedging Instruments [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (loss) on derivative instruments | $ (352) | $ (106) |
Derivatives Designated as Hedging Instruments [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (loss) on derivative instruments | (1) | (5) |
Derivatives Designated as Hedging Instruments [Member] | Fair value adjustments on derivatives [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (loss) on derivative instruments | (193) | (115) |
Derivatives Designated as Hedging Instruments [Member] | Fair Value Hedging [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (loss) on derivative instruments | $ 192 | $ 110 |
Summary of Amount of Gain or 64
Summary of Amount of Gain or Loss Recognized in AOCI in Consolidated Statements of Comprehensive Income Related to Company's Derivative Assets and Liabilities (Detail) - Derivatives Designated as Hedging Instruments [Member] - Cash Flow Hedging [Member] $ in Thousands | 3 Months Ended |
Mar. 31, 2016USD ($) | |
Derivative Instruments, Gain (Loss) [Line Items] | |
Amount of Loss Recognized in other Comprehensive Income on Derivatives (Effective Portion) | $ (4,140) |
Interest Rate Products [Member] | |
Derivative Instruments, Gain (Loss) [Line Items] | |
Amount of Loss Recognized in other Comprehensive Income on Derivatives (Effective Portion) | $ (4,140) |
Assets and Liabilities Measured
Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 | Dec. 31, 2014 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Trading securities | $ 26,779 | $ 29,617 | ||
Available for sale securities | 6,883,312 | 6,806,949 | ||
Derivatives | 19,487 | 12,303 | ||
Contingent consideration liability | 17,718 | $ 32,445 | $ 53,411 | |
Derivatives | 24,126 | 12,258 | ||
Fair Value Measurement, Recurring [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Trading securities | 26,779 | 29,617 | ||
Available for sale securities | 6,883,312 | 6,806,949 | ||
Company-owned life insurance | 31,137 | 31,205 | ||
Bank-owned life insurance | 204,736 | 202,991 | ||
Derivatives | 19,487 | 12,303 | ||
Total | 7,165,451 | 7,083,065 | ||
Deferred compensation | 39,582 | 32,937 | ||
Contingent consideration liability | 17,718 | |||
Derivatives | 24,126 | 12,258 | ||
Total | 63,708 | 62,913 | ||
Fair Value Measurement, Recurring [Member] | Trading - other [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Trading securities | 18,008 | 17,708 | ||
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 | 354,261 | 349,779 | ||
Fair Value Measurement, Recurring [Member] | U.S. Agencies | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Trading securities | 2,077 | 1,309 | ||
Available for sale securities | 593,769 | 666,389 | ||
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 | 3,668,538 | 3,572,446 | ||
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 | 6,294 | 10,200 | ||
Available for sale securities | 2,186,602 | 2,138,413 | ||
Fair Value Measurement, Recurring [Member] | Corporates [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available for sale securities | 80,142 | 79,922 | ||
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 | 18,200 | 18,100 | ||
Available for sale securities | 434,400 | 429,700 | ||
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 | 18,160 | 18,108 | ||
Available for sale securities | 434,403 | 429,701 | ||
Total | 452,563 | 447,809 | ||
Deferred compensation | 39,582 | 32,937 | ||
Total | 39,582 | 32,937 | ||
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 | 17,760 | 17,708 | ||
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 | 354,261 | 349,779 | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Fair Value Measurement, Recurring [Member] | Corporates [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available for sale securities | 80,142 | 79,922 | ||
Significant Other Observable Inputs (Level 2) [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Trading securities | 8,600 | 11,500 | ||
Available for sale securities | 6,448,900 | 6,377,200 | ||
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 | 8,619 | 11,509 | ||
Available for sale securities | 6,448,909 | 6,377,248 | ||
Company-owned life insurance | 31,137 | 31,205 | ||
Bank-owned life insurance | 204,736 | 202,991 | ||
Derivatives | 19,487 | 12,303 | ||
Total | 6,712,888 | 6,635,256 | ||
Derivatives | 24,126 | 12,258 | ||
Total | 24,126 | 12,258 | ||
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 | 248 | |||
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 | 2,077 | 1,309 | ||
Available for sale securities | 593,769 | 666,389 | ||
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 | 3,668,538 | 3,572,446 | ||
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 | 6,294 | 10,200 | ||
Available for sale securities | $ 2,186,602 | 2,138,413 | ||
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 | |||
Total | $ 17,718 |
Reconciliation of Beginning and
Reconciliation of Beginning and Ending Fair Value of Balances of Contingent Consideration Liability (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Fair Value Disclosures [Abstract] | ||
Beginning Balance | $ 17,718 | $ 53,411 |
Payment of contingent considerations on acquisitions | (17,784) | (18,702) |
Fair value adjustments | $ 66 | (2,264) |
Ending Balance | $ 32,445 |
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 | 3 Months Ended | 12 Months Ended |
Mar. 31, 2016 | Dec. 31, 2015 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value | $ 25,274 | $ 26,154 |
Total Gains (Losses) Recognized | 491 | (3,957) |
Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value | 25,274 | 26,154 |
Impaired loans [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value | 25,174 | 22,885 |
Total Gains (Losses) Recognized | 491 | (3,957) |
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 | 25,174 | 22,885 |
Other real estate owned [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value | 100 | 3,269 |
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 | $ 100 | $ 3,269 |
Estimated Fair Value of Financi
Estimated Fair Value of Financial Instruments (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and short-term investments | $ 898,200 | $ 1,154,700 |
Securities available for sale | 6,883,312 | 6,806,949 |
Securities held to maturity | 804,652 | 667,106 |
Trading securities | 26,779 | 29,617 |
Other securities | 64,600 | 65,200 |
Loans (exclusive of allowance for loan loss) | 9,704,500 | 9,431,300 |
Derivatives | 19,500 | 12,300 |
Demand and savings deposits | 14,380,700 | 13,836,900 |
Time deposits | 1,037,600 | 1,255,900 |
Other borrowings | 1,686,700 | 1,823,100 |
Long-term debt | 85,238 | 86,070 |
Derivatives | 24,100 | 12,300 |
Total Estimated Fair Value [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and short-term investments | 898,200 | 1,154,700 |
Securities available for sale | 6,883,300 | 6,806,900 |
Securities held to maturity | 859,300 | 691,400 |
Trading securities | 26,800 | 29,600 |
Other securities | 64,600 | 65,200 |
Loans (exclusive of allowance for loan loss) | 9,779,700 | 9,452,100 |
Derivatives | 19,500 | 12,300 |
Demand and savings deposits | 14,380,700 | 13,836,900 |
Time deposits | 1,037,600 | 1,255,900 |
Other borrowings | 1,686,700 | 1,823,100 |
Long-term debt | 85,700 | 86,400 |
Derivatives | 24,100 | 12,300 |
Commitments to extend credit for loans | 1,300 | 4,900 |
Commercial letters of credit | 100 | 300 |
Standby letters of credit | 600 | 2,600 |
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 | 733,600 | 997,000 |
Securities available for sale | 434,400 | 429,700 |
Trading securities | 18,200 | 18,100 |
Demand and savings deposits | 14,380,700 | 13,836,900 |
Other borrowings | 64,200 | 66,900 |
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 | 164,600 | 157,700 |
Securities available for sale | 6,448,900 | 6,377,200 |
Securities held to maturity | 859,300 | 691,400 |
Trading securities | 8,600 | 11,500 |
Other securities | 64,600 | 65,200 |
Loans (exclusive of allowance for loan loss) | 9,779,700 | 9,452,100 |
Derivatives | 19,500 | 12,300 |
Time deposits | 1,037,600 | 1,255,900 |
Other borrowings | 1,622,500 | 1,756,200 |
Long-term debt | 85,700 | 86,400 |
Derivatives | $ 24,100 | $ 12,300 |